Business News

5 things you need to know today

  • North Korea has suspended high-level talks with South Korea scheduled for Wednesday due to US-South Korean military exercises and warned that a summit next month between its leader Kim Jong-un and US President Donald Trump could be in jeopardy. North Korea's official Korean Central News Agency called the US-South Korean "Max Thunder" air combat drills, which it said involved US stealth fighters and B-52 bombers, a "provocation" that went against the trend of warming North-South ties.

  • Up to 200,000 of Australia's lowest paid employees will be bumped into the middle income tax bracket and lose more than one-third of every extra dollar they earn if the Fair Work Commission grants a fraction of the ACTU's annual pay claim. While pay packets would be reduced, business would have the full force of the ACTU's claim, to lift the minimum wage by 7.2%. The ACTU argues that the equivalent $50 a week pay rise would create up to 50,000 jobs.

  • Twitter is cleaning up their timeline by hiding tweets "disruptive" to online conversations. Much like Instagram, Twitter will now roll out a tweak to its algorithm that will obscure tweets categorised, so they are no immediately seen by users .Twitter will hide or push down "disruptive" tweets without waiting for them to be reported. The tweets will not be deleted if they don't violate the site's term of use: They will still be visible if the user clicks "Show more replies" in a conversation, or if they select to see unfiltered search results.

  • The ALP has made a bold pledge to prioritise budget repair by posting bigger surpluses over the next four years, unveiling a bold economic message for voters who cannot be won by tax cuts alone. Labor treasury spokesman Chris Bowen will issue the pledge today in a crucial response to the budget that offers smaller tax cuts over a decade but promises more action to pay down Commonwealth debt. Mr Bowen will commit the opposition to producing a better line at the next campaign to beat the Turnbull government

  • Wall Street experienced its worst day in three weeks after a surge in interest rates sparked a wave of selling. The Dow Jones Industrial Average fell by 193 points, or 0.8%, to 24,706 — snapping its eight-day winning streak. The S&P 500 and Nasdaq indexes also tumbled sharply, down 0.7 and 0.8%  respectively. In Europe, the FTSE +0.2% at 7,723, the German DAX -0.1% at 12,970 and the  Euro Stoxx 50 flat at 3,564.

Published on: Wednesday, May 16, 2018

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