Business News

5 things you need to know today

  • Global markets are facing the prospect of volatility as Italy's political crisis threatens the stability of the eurozone. In Europe, yields on the Italian, Spanish, Portuguese and Greek bonds have surged, raising borrowing costs and widening the gap between German bunds to the most its been in almost five years. 
  • Movie producer Harvey Weinstein has been indicted on charges of rape in the first and third degrees, and criminal sexual act in the first degree. Weinstein has been accused of sexual misconduct by more than 70 women, with some allegations dating back decades. His indictment by a grand jury follows his arrest and court appearance last Friday and denies having had non-consensual sex.
  • US President Donald Trump has signed legislation aimed at helping people with deadly diseases try experimental treatments, calling it a fundamental freedom that will offer hope and save lives. The bill called the Right to Try, allows terminal patients to try unproven drugs.
  • Thredbo has banned tobogganing at its resort a week out from the start of the snow season. A statement on Thredbo's website says the ban is to "maximise safety for guest, employees and resort property".The resort said the use of tobogganing and "miscellaneous snow sliding equipment" at the snowfield had increased risk of a collision with another sled, vehicle, skier or snowboarder; loss of control of the equipment; falling off of the equipment, and collision with natural and man-made objects.
  • In markets, an apparent calming of Italy's political crisis has led to a recovery in global stock markets overnight. The Dow Jones index jumped 306 points, or 1.3% to 24,668, the S&P 500 lifted 1.3%, and the Nasdaq gained 0.9%. Over to Europe, FTSE +0.75% at 7,690, DAX +0.9% at 12,784 and the Euro Stoxx 50 remained flat at 3,431.

Published on: Thursday, May 31, 2018

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