Business News

5 things you need to know today

  • More than 200,000 pensioners would lose money under Labor's plan to abolish cash refunds for some shareholders, shadow treasurer Chris Bowen has said. The Opposition wants to save more than $5 billion a year through overhauling Australia's system of franking credits. The credits are equivalent to the amount of tax paid by the company before distributing profits to shareholders.

  • US President Donald Trump has unceremoniously fired Secretary of State Rex Tillerson via Twitter after a series of public rifts on foreign policy. Trump has named CIA Director Mike Pompeo as his replacement. Mr Tillerson's spokesman said he only learned he was out of a job when he saw the president's tweet thanking him for his service as top US diplomat. Speaking to reporters outside the White House on Tuesday, Mr Trump said his differences with Mr Tillerson came down to personal "chemistry".

  • Fears of a trade war between the US and China are solidifying into something real as Trump prepares new tariffs and trade restrictions on China. That follows the President's annoucenment of US tariffs on steep and aluminium. According to Reuters, the tariffs would apply to $US60 billion worth of Chinese goods.

  • In the US, consumer prices (CPI) rose 0.2% in February, in line with expectations and alleviating some inflation fears inflation. On a year-by-year basis, the consumer price index rose 2.2 percent, a bit ahead of the 2.1% increase reported in January.

  • Wall street spooked by Trump sacking Tillerson and tech stocks slide. In markets, the Dow Jones -0.7% at 25,007, S&P 500 -0.6% at 2,765, Nasdaq -1% at 7,511. Over to Europe, the  FTSE -1.1% at 7,139, DAX -1.6% at 12,221, and the Euro Stoxx 50 -0.9% at 3,397.

Published on: Wednesday, March 14, 2018

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