Business News

6 things you need to know today

  • Online grocery delivery company Aussie Farmers Direct went into administration and ceased trading on Monday blaming the competitive might of Coles and Woolworths. The collapse leaves 260 employees out of work and some of the almost 100 franchisees who bought into the business facing financial stress after spending large sums of money buying specialised delivery trucks. Aussie Farmers Direct was a trailblazer in grocery delivery when it started shipping fresh vegetables, meat, bread and dairy to customers’ doors in 2005.

  • Retail Food Group's (RFG) shares sank to a 10-year low on Monday, as investors reacted negatively to a series of pessimistic announcements. The troubled company which owns the Gloria Jean's, Michel's Patisserie, Donut King, Brumby's Bakery and Crust Pizza Bar franchises, plans to shut down up to 200 of its stores by mid-2019. RFG did not specify how many stores from each of its franchises would be closed down.

  • Australia's commodity forecaster expects farmer incomes will fall this financial year as production levels take a hit due to poor seasonal conditions. The Australian Bureau of Agricultural and Resource Economics and Sciences (ABARES) outlook, shows farm production is expected to fall 5% to $59 billion this financial year.

  • Cricket Australia (CA) is investigating an incident involving David Warner after video footage emerged of the Australia vice-captain having a heated exchange with South Africa's Quinton de Kock during the tea break on day four of the first Test in Durban. Warner attracted criticism when he unleashed a spray at centurion Aiden Markram, who was involved in the run out of de Villiers.

  • Margot Robbie missed out on an Oscar Monday night, the win for Best Actress instead going to Frances McDormand for Three Billboards Outside Ebbing. This year a total of five Australian were nominated for Oscars, with Robbie the highest profile contender.

  • Australian shares are set to rebound as fears about a trade war triggered by United States President Donald Trump began to ease. The Dow Jones finished +1.4% at 24,874, S&P 500 +1.1% at 2,721 and the Nasdaq +1% at 7,331. Over to Europe, the FTSE finished +0.7% at 7,116, the German DAX +1.5% at 12,091, Euro Stoxx 50 +1.1% at 3,360.

Published on: Tuesday, March 06, 2018

blog comments powered by Disqus

New on Switzer