Business News

6 things you need to know today

  1. Australia lost overnight to Peru in the World Cup 2-0 in Sochi. The loss ends both Australia’s campaign and Coach Bert van Marwijk's tenure. Australia needed a win over Peru and for France to defeat Denmark, which also did not happen.
  2. The US Supreme Court on Tuesday upheld Donald Trump’s travel ban targeting several Muslim-majority countries, rejecting the argument that it represented unconstitutional religious discrimination. The decision confirmed broad presidential powers over immigration and national security policy.
  3. The US is also pressing allies to end all imports of Iranian oil by a November 4 deadline, following the President’s decision in May to leave the 2015 Iran Nuclear deal.  Oil prices rose on expectations the announcement will tighten energy markets more than expected.
  4. Opposition leader Bill Shorten confirmed yesterday that Labor, if elected, would repeal existing company tax cuts for businesses with turnovers capped at $50 million. The decision would affect at least 20,000 medium-sized businesses employing about 1.5 million workers. Shorten said Labor was still to decide whether it would limit tax cuts to businesses with turnovers capped at $2 million or $10 million. The move was widely criticised by business.
  5. Former Australian Competition and Consumer Commission chair Allan Fels has welcomed the Commonwealth Bank’s decision to split its wealth arm from the rest of the bank but said it does not remove the need for a ban on financial institutions owning financial advice businesses. He said there would be growing commercial pressure on financial institutions that still have large-scale adviser networks to deal with the conflicts of interest in the model.
  6. Overnight in the US, the Dow was up 0.12% to 24,283.11, the Nasdaq rose 0.39% to 7,561.63 and the S&P was up 0.22% to 2,723.06. In Europe, the FTSE 100 was up 0.37% to 7,537.92, the French CAC 40 fell 0.05% to 5,281.29, and the German Dax fell 0.29% to 12,234.34.

 

Published on: Wednesday, June 27, 2018

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