Myer has hit back at Solomon Lew.
Myer has hit back at Solomon Lew.

Myer slams ‘hostile’ Lew

THE Australian share market is expected to open lower after falls in base metals prices, and Wall Street spending most of its session in negative territory. At 0700 AEST on Thursday, the Australian share price futures index was down 12 points, or 0.2 per cent, at 6,024 points.

Meanwhile, the Australian dollar is higher on the back of higher US stocks. At 0700 AEST, the local currency was worth 75.61 US cents, from 75.33 US cents on Wednesday.

WORLD FINANCE UPDATE:

WASHINGTON - Most Federal Reserve policymakers think it likely another interest rate increase would be warranted "soon" if the US economic outlook remains intact, minutes of the central bank's last policy meeting show.

WASHINGTON - US President Donald Trump has signalled a new direction in US-China trade talks and says any deal would need "a different structure", fuelling uncertainty over current negotiations and sending US stocks lower.

WASHINGTON - US President Donald Trump, who has repeatedly pledged to revive American manufacturing, says that "big news" was coming that would be welcomed by US car workers but he gave no details.

NEW YORK - Comcast Corp has confirmed for the first time it is preparing a higher, all-cash offer for the businesses that Twenty-First Century Fox has agreed to sell to Walt Disney Co.

BEIJING - China is handling customs processes as normal for imports of Australian wines, the Chinese Foreign Ministry says after Treasury Wine Estates claimed it faced delays getting some products into the country.

WEDNESDAY HIGHLIGHTS:

AACO - Australia's largest cattle and beef producer is mothballing its unprofitable abattoir in the Northern Territory, creating uncertainty for around 220 workers.

OPTUS JOBS - Optus is slashing about 200 jobs nationwide as it pulls the plug on its Virgin Mobile brand.

RBA LOWE - A rapid increase in debt within China's financial system is among the largest risks the Australian economy is facing, the head of the Reserve Bank says.

OPTUS - Optus will pay $1.5 million in penalties for pressuring customers to move to the national broadband network sooner than required and misleading some of them about NBN service options.

MYER - Myer has called Solomon Lew's continued criticism of the department store chain "hostile and obstructive", claiming the retail veteran is aiming to destabilise a competitor.

SANTOS - Santos shares have fallen after the oil and gas producer rejected a $US10.9 billion takeover offer from US private equity firm Harbour Energy and terminated their negotiations.

DAVID JONES - David Jones boss John Dixon has been effectively fired after the department store's South African owner scrapped his role as part of a leadership restructure.

CBA - Commonwealth Bank has agreed to sell its stake in Chinese life insurer BoComm Life for $668 million.

SEALINK - Shares in the operator of Captain Cook Cruises and ferries to Queensland's Fraser and North Stradbroke islands have soared after the company said it has rejected a $480 million million takeover proposal.

GETSWIFT - Law firm Phi Finney McDonald will take on the sole class action against software developer GetSwift after a Federal Court justice found it had a more "preferable" funding proposal than two competing actions.

CONSTRUCTION DONE - The amount of construction work done in the March quarter rose by only 0.2 per cent, with a surge in public infrastructure projects barely enough to offset a decline in completed building projects.


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