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In The News

5 things you need to know today

  • NBN yesterday announced that it is immediately halting the rollout of super-fast broadband delivered over pay television cables due to mounting issues with service dropouts. NBN chief executive Bill Morrow said poor experience with the hybrid fibre-coaxial rollout, which currently provides cable internet and Foxtel, resulted from the lower frequency band NBN was using. Customers scheduled to be connected to the National Broadband Network via HFC technology, but are not yet connected, will face a delay of six-to-nine months. In an announcement in the market Telstra said that the delay would delay a proportion of the payments to Telstra from NBN into future periods.
  • Pressure is mounting on Prime Minister Malcolm Turnbull to allow a commission of inquiry into the banks after rebel Nationals MPs secured the numbers in both houses of Parliament to establish their own inquiry. A commission of inquiry became almost certain after a second lower house Nationals MP said he would cross the floor to provide the numbers necessary to support the private member's bill being pushed by Senator Barry O’Sullivan.
  • The Federal Court in Brisbane ended a long-running wages dispute on Monday by finding more than 4,000 trainee electricians were underpaid under an expired state award that paid them less than $9 an hour for almost four years. The apprentices should have been paid under federal awards.The Electrical Trades Union says that lost wage claims could amount to sums totalling between $100 and $200 million.
  • Mentoring start up Mentorloop has finalised a $725,000 capital raise bringing the total funds raised for the software platform to $1 million.  Mentorloop, which enables businesses to start, run and measure mentoring programs, will use the funds to accelerate its growth including a partnership with the Australian Olympic Committee. It was launched last year by 35-year-old friends Lucy Lloyd and Heidi Holmes.
  • In the US overnight, the Dow Jones was up 0.1% at 23,581, the S&P 500 was flat at 2,601, and the Nasdaq dropped 0.2% to 6,879. In Europe, the FTSE 100 fell 0.4% to 7,384, and the German DAX lost 0.5% to close at 13,000.


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Published on: Tuesday, November 28, 2017

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