Business News

5 things you need to know today

  • Department store Myer has shown its CEO the exit just days after a string of profit warnings. The board approached Richard Umbers after the company issued its third warning since July.Shares hit a fresh all-time low on the news and the tumble continued as brokers downgraded the stock following the announcement. Myer's first-half profit was expected to come in between $37 million and $41 million, down from $63 million in the same period a year earlier.
  • The Commonwealth Bank has banned its customers from buying bitcoin on credit cards after the recent plunge in the cryptocurrency's value, saying such purchases are no longer "appropriate." The crackdown comes amid concern among banks overseas that further sharp falls in the price of bitcoin could leave some customers with large debts, creating extra risk for banks.
  • At least 20 people have been injured after a person went on a shooting spree throughout a high school in Florida. Marjory Stoneman Douglas High School had been placed on a "code red" and there have been several reports of fatalities. The high school has about 3,200 students in grades 9 through to 12. The gunman is believed to have been a former student of the school.
  • The Australian dollar has jumped above US 79 cents with the US currency remaining weak after US inflation figures came in higher than expected. The key event risk for the Australian currency on Thursday would be the Australian Bureau of Statistics' labour force data, due out at 1130 AEDT.
  • Overnight in markets, The Dow Jones rose 1.1% at 24,905, the S&P 500 also finished 1.3% higher at 2,698, Nasdaq 1.9% at 7,143. Over to Europe, the FTSE rose 0.6% at 7,213, the German DAX +1.2% at 12,339,and the Euro Stoxx 50 +0.9% at 3,369.

Published on: Thursday, February 15, 2018

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