Business News

5 things you need to know today

1. The coalition is planning to fast track tax cuts for businesses with revenue up to $50 million. The scheduled tax rate drop from 27.5% to 25% currently set for 2026-27 would be brought forward five years.

2. The FAANGs have taken a tumble overnight, with Facebook (-4.13%), Amazon (6.15%), Apple (-4.63%), Netflix (-8.38%) and Alphabet (-4.63%) all contributing to a 4.08% drop on the NASDAQ.

3. The Dow Jones had its third biggest fall ever on Wednesday, down 832 points or 3.15%, while the S&P 500 was down 3.29%.

4. Experts are warning Hurricane Michael could be the worst storm to ever hit Florida, with around 30 million people in six US states in the hurricane's path. Winds of up to 250km/h have been recorded.

5. Avocado prices are expected to fall according to a report by the ABC, with a 30% increase in supply compared to last year helping to meet demand.

Published on: Thursday, October 11, 2018

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