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5 things you need to know today

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Published on: Friday, February 22, 2019

1. Labor will today announce it plans to introduce a 1.1% upfront fee paid by lenders to mortgage brokers, double the current fee to account for the removal of trail commissions. Up to $2 million in compensation will be available to consumers and small businesses that are victims of misconduct by financial services.

2. China has blocked the import of coal from Australia to one of its biggest ports, Dalian in the north of the country, as well as four nearby ports. The Australian reported that about $2.1 billion of termal coal was exported from Australia to these ports last year.

3. The Australian dollar fell over 1% yesterday and reached as low as 70.68 US cents, before recovering slightly this morning to currently trade at 70.96 US cents.

4. Officials from the United States and China meeting in Washington this week have reportedly outlined the main components of a potential deal between the two countries. Reuters reported that the six key issues were "forced technology transfer and cyber theft, intellectual property rights, services, currency, agriculture and non-tariff barriers to trade".

5. Wall Street stocks were down overnight, with the Dow Jones slipping 0.40% and the S&P 500 falling 0.35%. The Nasdaq also ended its eight-day winning streak after falling 0.39%.


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