Business News

6 things you need to know today

  • Telstra has seen its first half profits fall by 6% after sales revenue flatlined and the impact of the NBN and writedown of its video streaming business took its toll. The net profit came in at $1.7 billion from the first half, down from the $1.8 billion reported this time last year. On an underlying basis, profits rose 9.5% to $2 billion.

  • Booming employment conditions have continued into the new year with another 16,000 new jobs created in January. The jobs growth helped edge down the employment rate from 5.6% at the end of 2017 to 5.5% according to new data from the ABS. Participation rates for females in the workplace also hit a record high of 60.5%.

  • Queensland-based insurer Suncorp is stressing to shareholders that the future is brighter, after unveiling a 16% drop in ­interim profit as natural disasters and strategic investments bite into its earnings. The margin on the group’s ­insurance business fell from 11.2%  to 8% over the period, exacerbated by a spike in claims from a hailstorm that hit Victoria in late December.

  • Malcolm Turnball has banned ministers from having sex with their staff and has sent Barnaby Joyce on leave suggesting that he 'consider his position' in an attempt to end the embarrassment that is crippling Mr Turnballs government. Mr Turnball announcing that the ministerial code of conduct had been re-written to forbid a minister engaging in sexual relations with staff, regardless of their marital status.

  • Santos has struck a $100 million deal to supply gas to New Century Resources at a price of about $9 per gigajoule over four years.The gas supply agreement is for gas to supply power for the mothballed Century Zinc mine near Mt Isa, which New Century has plans to restart in 2019 as the world’s fifth-biggest producing zinc mine.

  • Overnight in markets, The Dow Jones rose 1.2% at 25,200, the S&P 500 also finished 1.2% higher at 2,731, Nasdaq 1.6% at 7,256. Over to Europe, the FTSE rose 0.3% at 7,235, the German DAX +0.1% at 12,346,and the Euro Stoxx 50 +0.5% at 3,387.

Published on: Friday, February 16, 2018

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