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5 things you need to know today

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Published on: Wednesday, July 18, 2018

• US President Trump has said he misspoke at a press conference on Monday in Helsinki with Russia’s Vladmir Putin. He said he had meant to say he saw no reason why it was ‘not’ Russia that meddled – rather than the opposite. Trump now says he accepts US intelligence agencies' conclusion that Russia interfered in the 2016 election, following a wave of criticism from Monday’s comments.

Japan and the EU have signed a trade deal that removes nearly all bilateral tariffs on products, creating one of the biggest free-trade zones in the world. European Council President Donald Tusk said that the deal sent a clear message against protectionism.

Cosmetics giant Lush Australia has said that it’s deeply sorry after underpaying 5000 of its staff members by more than $2 million in wages. The company has blamed its outdated payroll system for the error and says it plans to repay the $2 million.

Analysts say that Coles will face a $1 billion bill if it wants to catch up with its major competitors following its demerger from Wesfarmers. Store refurbishment and new automated distribution centres will need implementing if its to catch up with rival Woolworths.

The Nasdaq hit a record high overnight, lifting by 0.6% to hit 7,855, following big boosts from Facebook, Google and Amazon. The Dow Jones rose 0.2% to 25,120 and the S&P 500 also lifted 0.4% to 2,810. Meanwhile in Europe, the FTSE rose 0.3% to 7,626 and the DAX rose 0.8% to 12,662.

 


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