Business News

5 things you need to know today

1. BHP reported an underlying profit of US$9.47 billion for the year ended June 30, down 2% from the last financial year. The company also announced a final dividend of US$0.78, the biggest in the company's history.

2. Treasurer Josh Frydenberg yesterday announced an 'implementation road map' for the recommendations stemming from the Hayne royal commission. Following earlier reports that all legislation would be introduced to parliament by the end of 2020, the road map indicates that over a third of the recommendations would be implemented or be before parliament by the end of the year, growing to more than 90% by mid-2020.

3. Donald Trump has called on the US Federal Reserve to cut rates by "at least 100 basis points" and to do so "over a fairly short period of time" in a tweet. "If that happened, our Economy would be even better, and the World Economy would be greatly and quickly enhanced-good for everyone!" the President said on Twitter.

4. The AFR reported that Australia's inverted yield curve has incorrectly predicted a recession at least five times in the last 30 years.

5. Wall Street has kicked off the week on a positive note, with the Dow Jones gaining 0.96% to 26,135.79, the S&P 500 closing 1.21% higher on 2,923.65 and the Nasdaq rising 1.35% to 8,002.81.

Published on: Tuesday, August 20, 2019

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