Business News

5 things you need to know today

  • The actions of a former chief-of-staff to the National Australia Bank boss and the role of a long-serving corporate supplier are at the centre of a police investigation into allegations of corporate fraud worth tens of millions of dollars. Detectives raided properties in North Sydney, Milsons Point and Potts Point on Tuesday over allegations a NAB employee obtained commissions for approving over-inflated invoices to an executive events firm, Human Group, well in excess of what they should be.

  • Stock markets around the world have rallied after Chinese President Xi Jinping promised to reduce import tariffs, easing concerns about a trade war erupting between China and the United States. The Dow Jones surged 429 points after trade war fears were calmed.

  • Facebook CEO Mark Zuckerberg has begun a two-day crongressional inquisition with a public apology for a privacy scandal that has roiled the social media giant he founded more than a decade ago. This was the first time Zuckerberg has gone before the congress.

  • Australia has warned Vanuatu against any moves to allow a greater Chinese military presence in the Pacific nation. Vanuatu has angrily denied it is in talks with Beijing about a Chinese military base being built in the Pacific country. Prime Minister Malcolm Turnbull said that was crucial for maintaining peace in the region. "We would view with great concern the establishment of any foreign military bases in those Pacific Island countries and neighbours of ours," Mr Turnbull said.

  • In markets,  Dow Jones +1.8% at 24,408, S&P 500 +1.7% at 2,657, Nasdaq +2.1% at 7,094. Over to Europe, the FTSE +1% at 7,267, DAX +1.1% at 12,397, Euro Stoxx 50 +0.7% at 3,439.

Published on: Wednesday, April 11, 2018

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