Ruslan Kogan, founder of online retailer Kogan. Mr Kogan has been named in the 2014 Australian BRW Rich 200 list.
Ruslan Kogan, founder of online retailer Kogan. Mr Kogan has been named in the 2014 Australian BRW Rich 200 list. AAP Image - Click PR

Kogan plays down Amazon threat

THE Australian share market looks set to open fractionally lower after Wall Street and Europe's key indexes fell as investors weighed the fate of the Republicans' tax overhaul plan and disappointing company results. At 0700 AEDT on Monday, the share price futures index was down four points, or 0.7 per cent, at 5,959.

Meanwhile, the Australian dollar has slipped slightly against its also weakened US counterpart. The local currency was trading at 75.67 US cents at 0700 AEDT on Monday, from 75.70 on Friday.

WORLD FINANCE UPDATE:

LONDON - Britain will submit its proposals on how to settle its financial obligations to the European Union before an EU Council meeting next month, finance minister Philip Hammond says.

JAKARTA - Indonesia is evacuating villages that authorities say are occupied by armed separatists after a string of shootings near a huge copper mine operated by Freeport McMoRan.

NEW YORK CITY - Investors are shrugging off any concern over Tesla over- stretching its production and financial resources with the unveiling of new futuristic semi-trucks and a pricey sports car, with its shares advancing.

FRIDAY HIGHLIGHTS:

TABCORP - The $11 billion merger of gaming giants Tabcorp and Tatts Group is again clear to proceed, with the Australian Competition Tribunal giving the deal a green light, subject to one condition.

KOGAN - Kogan chief executive and founder Ruslan Kogan has tried to reassure investors that the business will benefit, rather than suffer, from the arrival of Amazon in Australia.

DOMAIN - Domain is overvalued at $2 billion and the property advertiser's share price is "excessive", analysts have said.

MYER - Sales at David Jones sales slid by more than five per cent so far this financial year, the department store's South African owners have reported, indicating a potentially worse performance than rival Myer.

ACCC RED BALLOON - Red Balloon has paid $43,200 in penalties after allegedly breaching new consumer laws by charging "excessive" surcharges to some credit card customers when they made payments online.

WHITEHAWK - Current baby boomer bosses are putting their companies at risk of online crime and fraud with a lack of understanding preventing them from putting in place appropriate protection, a former intelligence director says.

News Corp Australia


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