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5 things you need to know today

  • Amazon’s Australian country manager Rocco Braeuniger revealed yesterday that Amazon would launch its retail platforms – its first party offer and Amazon Marketplace – simultaneously in Australia "very soon". Amazon has also confirmed that it is preparing to invest $700 million in Australia over the next five years and is willing to sacrifice short-term returns for long-term success. "Let me tell you we are getting really, really really close," Braeuniger told about 500 potential customers at Amazon's first seller summit in Sydney.
  • Federal Court Justice Stephen Rares yesterday formally handed Yindjibarndi traditional owners exclusive native title rights which has opened the legal doors for the Yindjibarndi people to seek compensation from Andrew Forrest's company Fortescue Metals Group (FMG) for the use of their land. The native title holders have urged Andrew Forrest to abandon plans to appeal the decision. Forrest has previously described an uncapped compensation deal with the Yindjibarndi Aboriginal Corporation as "mining welfare".
  • It is understood Royal Dutch Shell has sold the remainder of its stake in Woodside Petroleum following a $2.3 billion selldown on Monday. In the early hours of this morning it is understood Royal Dutch Shell offloaded its remaining $1.2 billion stake in the Perth-based oil and gas producer.
  • Aldi Australia chief executive, Tom Daunt, has said it is generating sales growth of more than 10% in 2017. Sales have also exceeded the $8 billion mark. He said heavy price cutting by much larger rival Woolworths has had little impact on the Aldi business, and signaled there is still room for another 100 stores in its local network.  "I think we'll trade just as well with them here, as not," Daunt said of the imminent Amazon launch.
  • Overnight in the US, the Dow Jones was up 0.1% at 23,440, as was the S&P 500 at 2,585, while the Nasdaq also rose 0.1% to 6,758. In Europe, the FTSE 100 fell 0.2% to 7,415, and the German DAX dropped 0.4% to 13,074.

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Published on: Tuesday, November 14, 2017

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