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Yahoo Finance's Friday morning wrap

Pensioners will score a slight bonus. Image: Getty

Good morning.

Here’s everything you need to know in finance today.

ASX: The ASX is expected to bounce at the open, after a mixed leave from overseas overnight. The Aussie dollar is buying 68.18 US cents, down from 68.45 US cents on Thursday.

Wall Street: The Dow Jones Industrial Average finished 0.08 per cent lower, the S&P 500 was up 0.22 per cent and the Nasdaq Composite was up 0.75 per cent.

The S&P 500 and the Nasdaq rose following strong reports from tech companies like Microsoft and PayPal.

Success starts young: Millionaire entrepreneur Tina Tower bought her first home at 18 and started her business by 20, despite facing childhood challenges. Here’s how she did it.

Income tax cuts for farmers: As Australia’s drought crisis lengthens, the government is mulling ways to take the pressure off farmers. The coalition has asked Treasury to model the suspension of income and corporate tax collections.

Decisions, decisions: Is a credit card or Afterpay better for you? It’s an ongoing debate, that’s for sure, and we have the answers.

Rockpool: Fine dining group Rockpool has been accused of short-changing workers by around $10 million, with the case due to reach court in Melbourne today. Maurice Blackburn Lawyers has lodged a complaint against Rockpool with the Fair Work Ombudsman, describing it as one of the “most egregious cases of wage theft” in Australian history.

Warning: After dropping $50 into 100,000 Australians accounts, the CommBank has had to issue a warning to all other customers: be careful of scammers. The bank has reminded Australians that it won’t be asking for their details to drop the money in and the process will be automatic. Anyone purportedly from the bank who is asking for details should be treated with suspicion.

And, pension changes: Changes to the pension deeming rate, while quoted as delivering a benefit of up to $40.50 a fortnight for couples, will deliver on average an extra $12.06 extra for couples. In fact, only 1 per cent of pensioners will receive that full benefit.

Have a great day.

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