24 February 2020
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5 things you need to know today

AP Photo/Alastair Grant

5 things you need to know today

Switzer Daily
5 February 2020

1. In a statement following the Reserve Bank's decision to keep interest rates on hold at 0.75%, Governor Philip Lowe said: "In the short term, the bushfires and the coronavirus outbreak will temporarily weigh on domestic growth".

2. The Reserve Bank is considering mandating that 'tap and go' transactions be processed through the EFTPOS network rather than through Visa and Mastercard as part of its review into payments regulation, potentially saving retailers around $500 million in fees each year according to the AFR.

3. Donald Trump will deliver the annual State of the Union address to Congress on Tuesday night (Wednesday 1pm AEDT) ahead of a final vote by the Senate on whether to convict or acquit the president on two articles of impeachment set to take place the following day.

4. Boris Johnson has brought forward a plan to ban the sale of new petrol, diesel and hybrid cars in Britain from 2040 to 2035 at the latest ahead of the 2020 United Nations Climate Change Conference in Glasgow later this year. "We have to deal with our CO2 emissions, and that is why the UK is calling for us to get to net zero as soon as possible, to get every country to announce credible targets to get there – that’s what we want from Glasgow," Johnson said.

5. Wall Street stocks surged on Tuesday, pushing the Dow Jones 407.82 points or 1.44% higher to 28,807.63. The S&P 500 moved 48.67 points or 1.50% higher to 3,297.59 and the Nasdaq climbed 194.57 points or 2.10% to 9,467.97.

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