Business News

5 things you need to know today

  • The US has revealed a time for the historic meeting between Donald Trump and Kim Jong-un. The White House has reported that the pair will meet at 9am Singapore time (11am AEST) on June 12. The announcement of the timing for the first meeting between the two leaders came just three days after Mr Trump hosted a senior North Korean delegation at the White House bearing a letter from Mr Kim.
  • A volcano in Guatemala which has erupted has killed at least 62 people after a new explosion hampers rescue efforts. Rescue workers struggled in perilous conditions to find bodies under rivers of ash and mud that swept down from Guatemala's Fuego volcano. The eruption of Fuego on Sunday was the biggest in more than four decades, forcing the closure of Guatemala's main international airport and dumping ash on thousands of hectares of coffee farms on the volcano's slopes.
  • The Australian dollar has jumped to a six-week high (76.3 US cents) thanks to some better-than-expected company profit and retail sales figures. The nation's retail turnover lifted 0.4% to $26.6 billion in April (seasonally adjusted), against expectations of a 0.3% increase. It was driven by cafes, restaurants and take-away (+1.3%), according to the latest data from the Bureau of Statistics (ABS) but was offset somewhat by lacklustre department store (-0.9%), clothing, footwear and personal accessory sales (-0.8%).
  • The Commonwealth Bank has agreed to pay the biggest fine in Australian corporate history for breaches of anti-money laundering and counter-terrorism financing laws that resulted in millions of dollars flowing through to drug importers. CBA will pay $700 million plus legal costs after federal financial intelligence agency AUSTRAC last year accused the bank of serious and systemic failures to report suspicious deposits, transfers and accounts.
  • In markets the Dow Jones finished 0.72% higher at 24813,69, the Nasdaq also closed higher at 0.69%, 7606.46 and the S&P 500 closed +0.45% at 2746.87. Over to Europe, the FTSE closed +0.51% at 7741.29, the German DAX +0.37% at 12770.75.

Published on: Tuesday, June 05, 2018

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