Business News

5 things you need to know today

  • Tesla chief executive Elon Musk has slashed 9% of its workforce in an attempt to cut costs and become more profitable, without endangering the production ramp up for its Model 3 sedans. These job losses will mainly be in salaried positions, which leaves factory workers, who are paid by the hour, safe from this round of job cuts.
  • The Summit between Kim Jong-un and Trump was considered to be moderately successful with lots of photo opportunities and positive rhetoric but with not a lot of detail. Their 13-second hand shake provided a window of opportunities for photographers to take what could be a once-in-a-lifetime photo.
  • Bitcoin tumbled to its lowest level since February as the meltdown in the world's largest digital currency accelerates, renewing concern about the long-term viability of the much hyped alternative to traditional currencies. The price of the digital coin fell as low as $US6,498, bringing the slide for the year to more than 50 per cent. It's down from a record high of $US19,511 reached in December, the culmination of the more than 1,400 per cent surge seen in 2017 as Bitcoin burst on to the mainstream.
  • Food delivery company Foodora will face allegations that it engaged in sham contracting that resulted in the underpayment of workers who were classified as contractors instead of employees. National workplace watchdog, the Fair Work Ombudsman, is questioning whether online platform workers are in fact employees not contractors, as Foodora has claimed. The Ombudsman has launched legal action in the Federal Court that relates to two bicycle delivery riders who delivered food and drinks to customers in Melbourne and a delivery driver who delivered food and drinks by car to customers in Sydney.
  • Although US President Donald Trump claims he held a "tremendous" and "historic" summit with North Korean leader Kim Jong-un, global stock markets were not convinced. The Dow Jones index ended its day flat at 25,321 points, while the broader S&P 500 gained 0.2%. Over to Europe, the FTSE -0.4% at 7,704, the German DAX remained flat at 12,842 and the Euro Stoxx 50 -0.2% at 3,475.

Published on: Wednesday, June 13, 2018

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