Business News

5 things you need to know today

1. Australia's economic growth could be cut in half if China reduces its demand for the export of iron ore, coal, LNG, education and tourism according to Goldman Sachs.

2. AMP has told its advisers that "if it's grey, we pay" and that it will automatically refund customers who paid an averege of $400 or less for advice, the AFR reported. "Where you can demonstrate that you were actively servicing your clients, but the standard of evidence required by ASIC does not support this, AMP will compensate the client on your behalf," an AMP document obtained by the AFR reads.

3. "A couple" of officials from the US Federal Reserve called on interest rates to be cut by 50 basis points according to the recently released minutes from a July 30-31 meeting. The minutes also noted: "In their discussion of the outlook for monetary policy beyond this meeting, participants generally favored an approach in which policy would be guided by incoming information and its implications for the economic outlook and that avoided any appearance of following a pre-set course."

4. 31 of Australia's top 300 companies are set to report their results today according to the AFR.

5. The Dow Jones gained 0.93% to 26,202.73 on Wednesday, the S&P 500 rose by 0.82% to 2,924.43 and the Nasdaq lifted 0.90% to 8,020.21.

Published on: Thursday, August 22, 2019

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