Business News

5 things you need to know today

  • Former finance professor and Macquarie Bank executive Dr Tony Castagna is behind bars after a Supreme Court jury found him guilty of tax evasion, money laundering and dealing with the proceeds of crime. Castagna, 70, is facing a maximum jail term of 25 years after the jury found that over a nine-year period up until 2008 he deliberately and dishonestly concealed from the Australian Tax Office millions of dollars in fees and bonuses he received while working as a consultant to Macquarie Bank.

  • Sports broadcaster Darrell Eastlake has died, aged 75. Mr Eastlake passed away on Thursday morning in a nursing home on the NSW Central Coast after suffering from Alzheimer's disease. Eastlake worked in television and radio for more than 40 years.

  • Trump appears to be backing out of the TPP if his latest Tweet is anything to go by. The US President tweeted: "While Japan and South Korea would like us to go back into TPP, I don’t like the deal for the United States. Too many contingencies and no way to get out if it doesn’t work. Bilateral deals are far more efficient, profitable and better for OUR workers. Look how bad WTO is to U.S." It comes five days after he told top advisers to look into reentering the deal.

  • The warm weather is making it tough for retailers to sell their winter stock, with one Sydney business owner calling it her "worst winter" ever. Official Bureau of Meteorology figures show temperature records have been smashed in New South Wales, Victoria and South Australia. Winter stock has been out on the floor since February and few people are buying.

  • There was a surge in metal and oil prices overnight — even as Wall Street's rally began to deflate. Overnight in the US the Dow Jones finished 0.2% lower at 24,748 the  S&P 500 +0.1% at 2,709 and the Nasdaq +0.2% at 7,295. Over to Europe, the FTSE +1.3% at 7,317, the German DAX flat at 12,591 and the Euro Stoxx 50 +0.4% at 3,493.

Published on: Thursday, April 19, 2018

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