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5 things you need to know today

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Published on: Wednesday, December 20, 2017

  • The nation's banks have agreed to a dramatic overheaul in how they charge card holders. Changes to the banking industry’s code of practice will see unsolicited credit card limit increases banned, with banks vowing to make it easier for customers to cancel their credit cards. They also say they’ll stop charging statement fees, and borrowers will be alerted when their interest-free period is about to end.

  • The Republican-controlled US House of Representatives has approved the most sweeping overhaul of the US tax system in three decades. The changes could be signed into law by President Donald Trump as soon as Wednesday, if both chambers of Congress approve it.

  • The bloodbath continued on Tuesday for Retail Food Group, with the shares falling 25 per cent after the franchisor of propular food brands including Gloria Jeans, Donut King and Brumby's slashed earnings for the first half by 34 per cent.

  • Five new faces have been promoted to Cabinet by the Prime Minister while three others were ousted in a wider-than-expected reshuffle that has sparked ructions and allegations of payback from some Nationals MPs.

  • Overnight, the Dow Jones index, remained flat at 24,786, the S&P 500 fell 0.2% at 2,684, and the Nasdaq was up 0.8% at 6,994. In Europe, the FTSE rose 0.1% to 7,544, the German DAX was down 0.7% at 13,216. The ASX SPI 200 finished up lower on 0.2% at 6,063.


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