Business News

5 things you need to know today

  • Barnaby Joyce has been granted extended leave until after the winter break. The backbencher's decision to take leave follows criticism of accepting payment for a television interview worth up to $150,000.  

  • Roseanne, the top new show of the TV season, was cancelled by the American ABC network on Tuesday in the wake of star Roseanne Barr making a racial slur on social media about a member of the Obama administration. Barr made the slur in response to a tweet about Valerie Jarrett, an Obama adviser between 2009 and 2017. She said Jarrett looks as if the Muslim Brotherhood and Planet of the Apes "had a baby."

  • A Sydney man charged over the importation of 60 kilograms of cocaine into Australia has been found dead in his cell. Dimitrios Mavris was being held at Surry Hills police station since he was arrested at Sydney Airport last Wednesday. The 48-year-old was accused of hiding $20 million worth of cocaine among frozen fish in shipping containers sent from Peru. He was found dead last week, less than 48 hours after being arrested.

  • Optus has confirmed it will be slashing 400 jobs, however there are no plans to close any of its retail stores. A company spokesperson said that the reason for the job cuts is to remove duplication and establish a more sustainable cost base. Last week, Optus announced it would close its subsidiary brand Virgin Mobile — which will result in 200 job losses and 36 store closures.
  • Australian shares are likely to drop sharply at the open, as global markets reacted negatively to political turmoil in Italy. The Dow Jones finished -1.6% at 24,361, S&P 500 -1.2% at 2,690, Nasdaq 0.5% at 7,397. Over to Europe, the FTSE finished  -1.3% at 7,633, the German DAX -1.5% at 12,667 and the Euro Stoxx 50 -1.6% at 3,428.

Published on: Wednesday, May 30, 2018

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