Business News

5 things you need to know today

  • Bank confessions have reached new lows and the big four banks along with Suncorp and BOQ have been cowed by the Hayne royal commission, after confessing fresh examples of poor behaviour, including fraud, incorrectly taking the homes of customers and overcharging customers on debts, the commission heard yesterday. 
  • Toys 'R' Us Australia and its baby goods offshoot Babies 'R' Us have fallen into voluntary administration two months after their US parent warned the Australian businesses were heading into liquidation. In a statement on Monday, insolvency and restructuring firm McGrathNicol said the final bidder had withdrawn its offer, prompting directors to pull the plug. Toys 'R' Us have 44 stores in Australia and employs 2701 people on a permanent basis.
  • One Nation leader Pauline Hanson has effectively withdrawn her party's support for the Federal Government's proposed company tax cuts. Senator Hanson struck a deal with the Coalition in March to support the tax cuts in exchange for an apprenticeship pilot program for young Australians. The One Nation leader, who controls three votes in the Senate has said that no money has been put aside for the program. The Queensland senator has now introduced a new suite of demands in return for her support, including scaling back the nation's immigration intake.
  • Dozens of people have died in Pakistan where a severe heatwave has coincided with the start of Ramadan. The southern city of Karachi, with a population of 15 million, is sweltering in temperatures hitting 44 degrees Celsius. Up to 100 people have died from heatstroke over the weekend while abstaining from all food and water during daylight hours as part of Ramadan.
  • Australian shares are expected to drift lower, even though Wall Street was boosted by subsiding US-China trade tensions. The Dow Jones index made the biggest gains jumping 298 points, or 1.2%, to 25,013. The S&P 500 rose 0.7%, while the Nasdaq lifted by 0.5%. Over to Europe, the FTSE +1% at 7,859, the German DAX  was closed for a public holiday and the Euro Stoxx 50 -0.5% at 3,574.

Published on: Sunday, May 20, 2018

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