Business News

6 things you need to know today

  • NAB is joining other major banks in a retreat from wealth management, selling off its $3 million MLC subsidiary, as the Hayne Royal Commission hears more evidence of misconduct within the big banks. NAB chief executive, Andrew Thornburn said MLC could be sold as "a one-stop-shop" for wealth advice, but recognised the royal commission could derail those plans by forcing financial planners to operate separately from companies. 

  • Fashion retailer Esprit, the go-to store for Australian teenagers in the 1980's and '90s has finally lost its spirit. US-founded, Hong Kong-listed Esprit Holdings is pulling the plug on its Australian and New Zealand operations, closing 67 stores and factory outlets, after a 64% plunge in sales during thr past seven years. 

  • Donald Trump has admitted to reimbursing Stormy Daniels hush money payment. Trump has reversed his denial tht he had any knowledge of the $US130,000 payment made to Stormy Daniels. On Twitter, Mr Trump said Mr Cohen received a monthly retainer "from which he entered into, through reimbursement, a private contract between two parties, known as a non-disclosure agreement".

  • A serious network issue is preventing people from being able to call the triple zero emergency number across Australia for the second time this week. A cable cut early on Friday morning caused phone issues for Telstra customers across the country and, by 8am, there were still intermittent interruptions to emergency calls in NSW, Victoria and Western Australia. NSW Police said people requiring emergency assistance were urged to still call triple zero in the first instance, and if they could not get through, then they should call the national Police Assistance Line on 131 444.

  • Wall Street ended its day mostly lower, with disappointing earnings from big-name companies like Tesla offset by solid economic figures. Tesla's chief Elon Musk refused to answer "boring" Wall Street questions about finances, sent the electrice vehicle maker's shares down as much as 7%. 

  • In markets, the Dow Jones finished flat at 23,930. The S&P 500 -0.2% at 2,630 and the Nasdaq -0.2% at 7,088. Over to Europe, the FTSE finished lower,  -0.5% at 7,503. The German DAX -0.9% at 12,690, and the Euro Stoxx 50 -0.7% at 3,529.

Published on: Friday, May 04, 2018

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