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Published on: Tuesday, December 12, 2017

  • ANZ has sold its life insurance and consumer credit business OnePath Life to international insurance giant Zurich for $2.85 billion. ANZ said the sale completes the “simplification” of its wealth division in Australia. The takeover will result in Zurich becoming Australia’s largest retail life insurer as measured by premiums, with more than 1.5 million customers, according to the Swiss insurer said. The transaction follows ANZ’s sale of its OnePath pensions and investments unit to IOOF Holdings in October for $975 million.
  • Retail Food Group's shares plunged more than 27% hitting a five-year low in the wake of a Fairfax Media investigation that revealed hundreds of Donut King, Brumby's and Gloria Jean's stores were going to the wall. The company's market value shed hundreds of millions of dollars on Monday as shareholders dumped their stock after claims that RFG charges franchisees with crippling costs and was driving a stable of brands into the ground.
  • Theres growing pressure to expel senator Sam Dastyari over his controversial ties to Chinese billionaire Huang Xiangmo. Opposition leader Bill Shorten could end the Sam Dastyari situation within days, amid the ongoing controversy about his own links to China and the billionaire.

  • Bitcoin has landed on Wall Street! Futures on the world's most popular cryptocurrency surged as much as 26% in their debut session on Cboe Global Markets' exchange. Initial volume exceeded dealers' expectations, while traffic on Cboe's website was so heavy that it caused delays and temporary outages. The website's problems had no impact on trading systems. Bitcoin's spot price rose.

  • Queensland's Liberal National Party (LNP) will choose on Tuesday from a trio of contenders vying to lead the party after its state election loss. The winning candidate will face the challenge of bouncing back from the worst election result for Queensland's main conservative force in more than two decades
  • Overnight, the Dow Jones index, rose 0.1% to 24,355, the S&P 500 gained 0.2% at 2,657, and the Nasdaq was up 0.4% at 6,867. In Europe, the FTSE was up 0.8% to 7,453, the German DAX was down 0.2% at 13,124. The Euro Stoxx 50 finished lower at 0.3% at 3,582. The ASX SPI 200 finished up 0.2% at 6,016 and the ASX 200 (Monday's close) closed higher 0.1% at 5,998.

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