Business News

6 things you need to know today

  • Law firm Maurice Blackburn and litigation funder IMF Bentham yesterday filed a statement of claim in the Federal Court in Melbourne saying the CBA board knew of potential breaches in the second half of 2015 and failed to inform shareholders for two years. This follows Australian Transaction Reports and Analysis Centre (AUSTRAC) accusations that the bank failed to comply with the laws on almost 54,000 occasions between November 2012 and September 2015. The company share price dropped significantly after the AUSTRAC action was launched and the class action will argue shareholders deserve compensation for these losses.
  • Australia Post has launched a new delivery program ahead of the arrival of Amazon in Australia. Shipster will offer free deliver for a small monthly fee. Already 40 Australian retailers have signed up to Shipster.
  • Chief executive of Domino’s Pizza Don Meij, said yesterday that the company has returned $5.4 million in underpaid wages and superannuation to its employees over the past four years under a national audit of its stores that is due to finish in December. He said only one of the pizza chain's stores had been referred for further examination after evidence of wage underpayments.
  • According to the Australian Institute of Petroleum, the national average Australian price of unleaded petrol was steady at 130.5 cents a litre last week. Prices fell in four capital cities. In all southern and eastern capital cities, prices are off the high points in respective discounting cycles. In the September quarter, petrol fell by around 2.5 per cent and will reduce the consumer price index by 0.1 percentage points.
  • The share price of Mantra Group yesterday reached a 17-month high after it received a $1.2 billion takeover offer from Paris-based Accor Hotels. The French multinational has made an indicative and non-binding proposal at $3.96 per share — or $4.02 per share (when including Mantra's final dividend of 6 cents, which was paid in 2017). The company closed yesterday at $3.76.
  • Overnight the Dow Jones was mostly flat at 22,761, the S&P500 fell 0.2% to 2,545, and the Nasdaq was also down 0.2% at 6,580. In Europe, the FTSE 100 was also down 0.2% at 7,508, and the German DAX rose 0.2% to close at 12,976. At 7.30am this morning the ASX SPI 200 futures was down 0.3% at 5,703.


Published on: Tuesday, October 10, 2017

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