29 March 2024
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5 Things you need to know today

Switzer Daily
27 May 2022

1. NAB launches BNPL platform with no late fees
If companies like Zip and Afterpay weren’t already having a hard enough time, there’s a new kid on the block in the BNPL space, and this kid reckons they won’t charge any late fees, account fees or interest.

“The bank will allow customers to spend up to $1,000 via a virtual credit card embedded in their app and then let them pay the money back over four fortnightly instalments,” Yahoo! Finance reports.

2. US to shape global order around Beijing, according to Secretary of State
Secretary of State Antony Blinken has aimed directly at Xi Jinping after remarks about the Chinese President’s performance leading the world’s second-largest economy.

“Under President Xi, the ruling Chinese Communist Party has become more repressive at home and more aggressive abroad,” Blinken said on Thursday in a speech laying out the Biden administration’s approach toward China. “We cannot rely on Beijing to change its trajectory. So we will shape the strategic environment around Beijing to advance our vision for an open, inclusive international system.”

3. All about the sanctions
While at first, it seemed Russian leader Vladimir Putin may have had the world’s global food crisis front of mind when proposing to open Ukraine seaports, his willingness to facilitate grain and fertiliser exports comes at the cost of lifting sanctions imposed on Russia.

The US rejects Russia’s proposal that measures to ease food exports hit by the war should be linked to the removal of sanctions, White House Press Secretary Karine Jean-Pierre told reporters. 

Sanctions imposed by the US and allies are “not preventing the export of Ukrainian or Russian agriculture, including food and fertilizer, nor are they preventing the ordinary transactions that are necessary for these exports such as banking or shipping,” Jean-Pierre said. There’s been no discussion of removing the sanctions, she said.

4. Appen’s $1.2bn deal dead in the water
Former ASX-listed tech market darling Appen has been left high and dry by its Canadian suitor Telus International, less than 10 hours after the company announced the unsolicited $1.2 billion non-binding indicative bid. (AFR). The multibillion-dollar Canadian customer experience and IT services company did not provide any reason for the sudden backflip.

5. ASX to rise on US tech bounce
ASX futures were up 69 points or 0.97% to 7176 near 6.30am AEST, with the AUD +0.07% to 70.94 US cents.

On Wall St: Dow +1.6% S&P 500 +2% Nasdaq +2.7%.

In Europe: Stoxx 50 +1.7% FTSE +0.6% CAC +1.8% DAX +1.6%.

2-year yield: US -0.02% (2.47%) Australia -0.01% (2.34%). 10-year yield: US -0.01% (2.74%) Australia -0.04% (3.20%).

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