A CommBank branch in Melbourne. Picture: Robert Cianflone/Getty Images
A CommBank branch in Melbourne. Picture: Robert Cianflone/Getty Images

CBA admits ‘unacceptable’ failures

THE Australian share market is expected to open flat after Wall Street stocks handed back earlier gains following a report of an FBI raid on the office of Donald Trump's lawyer. At 0700 AEST on Tuesday, the Australian share price futures index was flat at 5,793.

Meanwhile, the Australian dollar is slightly higher, in line with similar gains on Wall Street. At 0700 AEST, the local currency was worth 76.98 US cents, up from 76.92 US cents on Monday.

WORLD FINANCE UPDATE:

WASHINGTON - US President Donald Trump has complained yet again about "STUPID TRADE" with China, doing little to calm investors anxious about the escalating trade conflict between the two economic superpowers.

WASHINGTON - US President Donald Trump has acknowledged that farmers could be adversely affected by the escalating tariff dispute with China, but promised to make it up to them, saying they "will be better off than they ever were".

WASHINGTON - The US budget deficit will balloon over the next few years mainly because of deep tax cuts approved in December by Republicans in the US Congress and President Donald Trump, the nonpartisan Congressional Budget Office says.

FRANKFURT - A warning strike called by a German labour union has led to the cancellation of hundreds of Lufthansa flights on Tuesday, the airline says.

WASHINGTON - Facebook Inc chief executive Mark Zuckerberg has met US lawmakers individually and told US Congress in written testimony that the social media network should have done more to prevent itself and its members' data being misused.

WASHINGTON - The Federal Bureau of Investigation has raided the offices of US President Donald Trump's personal lawyer Michael Cohen, The New York Times reports.

LOS ANGELES - Apple Inc says it has achieved its goal of powering all of the company's facilities with renewable energy, a milestone that includes all of its data centres, offices and retail stores in 43 countries.

MONDAY HIGHLIGHTS:

GODFREYS - The 99-year-old co-founder of vacuum cleaner business Godfreys Group has launched a bid to buy back the struggling business and take it private.

ATLAS IRON - Atlas Iron shares have surged after the junior miner agreed to a $280 million takeover offer by rival iron ore miner Mineral Resources.

CBA COMYN - New Commonwealth Bank CEO Matt Comyn has warned there are difficult times ahead as his institution faces up to a series of failures he has labelled "unacceptable".

SHEEP EXPORTS - The death of 2400 sheep on a live export ship has led to renewed calls for an end to the live export trade but farmers say the trade is too important to warrant a halt.

MACQUARIE ATLAS - Macquarie Atlas Roads will be renamed Atlas Arteria once it has separated its management from the Macquarie Group.

ELDERS - Agribusiness Elders has decided to sell its underperforming feedlot and processing assets in Indonesia, and will extend its agricultural chemicals business and livestock agency operations in Australia.

MOSSGREEN - The administrators of failed auction house Mossgreen have failed in a bid to charge antiques and collectibles owners more than $1 million to reclaim thousands of items still held by the business.

HOUSING PRICES - Home prices in Australia's two largest housing markets of Sydney and Melbourne are falling, and more falls are expected later in the year.



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