Business News

6 things you need to know today

  • Facebook has had its worst trading day in five years, with about $US35 billion wiped off its total market value overnight. The social media company's share price fell by 6.8% as its chief executive Mark Zuckerberg faces calls from US and European politicians to explain an enormous data breach. European and US politicians have called for investigations into reports that a consultancy that worked on US President Donald Trump's campaign gained access to data on 50 million users.
  • Former Sex and the City star Cynthia Nixon who played Miranda in the series, has announced she will run for governor of the state of New York, challenging Andrew Cuomo for the Democratic nomination. Nixon who is 51, has never sought office before, but has become increasingly involved in liberal politics, especially on issues such as public school funding. If elected, she'd be the first female governor of New York and the first openly gay governor of any state.
  • The second week of the banking royal commission has seen the ANZ and Commonwealth Bank grilled by the commission as executives were interrogated. ANZ stood accused of breaking responsible lending laws, by taking no steps to verify the living expenses declared by mortgage applicants. Later CBA came under fire for aggressively selling credit card insurance to pensioners, students and unemployed people who did not meet the eligibility requirements to make a claim.
  • A Ukrainian military pilot blamed by Russia over the 2014 downing of Malaysian Airlines flight MH17 has killed himself. Captain Vladislav Voloshin, 29, was found dead at his home having suffered gunshot wounds. His death is being treated under the "premeditated murder" section of Ukraine's penal code.
  • There's good news for the firefighters. NSW is set to cop "heavy falls" today which will snap the warm spell that lingered over the weekend. Tuesday's forecast top of 27 degrees will make way for three days of about 23-24 degrees, with rainfall totals mounting as a low-pressure trough moves in. Wednesday could see Sydney collect 15-25 millimetres and Thursday 25-45 millimetres, the bureau said.
  • Tech stocks have lead a Wall Street sell-off and in markets the Dow Jones finished 1.4% lower at 24,611, S&P 500 also lower at 1.4% at 2,713, and the Nasdaq -1.8% at 7,344. Over to Europe, the FTSE closed 1.7% lower at 7,043, the German DAX -1.4% at 12,217, Euro Stoxx 50 -1.3% at 3,393.

Published on: Tuesday, March 20, 2018

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