10 things you need to know this morning in Australia

Wolf of Wall Street/ IMDb

Good morning!

1. A group of investigative journalists have uncovered what they describe as a $US9 billion money-laundering operation. The operation was reportedly orchestrated by Russia’s largest private investment bank, Troika Dialog, and involves big names like Citigroup, Raiffeisen, and Deutsche Bank. The story was reported by the Organised Crime and Corruption Reporting Project and the Lithuanian news site 15min.

2. Here is your 10-second guide to today’s Australian GDP report, which will be released later today. The report has significant implications for unemployment, inflation, investment, household incomes and government tax receipts in the future.

3. The last Blockbuster in Australia is shutting down later this month, meaning there will only be one left in the world. The movie rental chain was founded in Dallas, Texas, in 1985, but it’s struggled to maintain relevance in the age of Netflix and Amazon.

4. Hillary Clinton, the former US secretary of state and 2016 Democratic presidential nominee, has revealed that she has no plans to run for president in the 2020 election. “I’m not running, but I’m going to keep working, and speaking, and standing up for what I believe,” Clinton said in an interview with News 12.

5. The five-star lifestyle of arrested former NAB employee Rosemary Rogers has been revealed in a 35-page charge sheet, The Australian Financial Review reports. Rogers has been charged with dozens of bribery and fraud charges in a scam that’s allegedly worth $11 million.

6. Tesla shares plunged to a five-month low after China’s Caixin news service reported the country had suspended customs clearances on some Model 3 imports. Officials in Shanghai reported “various irregularities” in 1,600 Model 3’s that were due to be delivered in the country.

7. Kylie Jenner has been crowned the youngest self-made billionaire. The “self-made” part is causing outrage online, with many claiming she was born into wealth. Elsewhere, Trump jumped 51 spots in the ranking, despite not getting any richer.

8. The price of iron ore fell on Tuesday as China cut its GDP target. The Commonwealth Bank believes that the benchmark iron ore price may rise slightly in the coming months.

9. A report found that 40% of 2,830 AI startups in Europe do not use AI programs in their products. Startups have been saying they use AI in a bid to attract investment and make their products sound more intelligent than they actually are.

10. A US venture capital investor is reluctant to invest in Australian startup founders because she’s concerned that they pay themselves too much. Laurel Touby, who runs New York-based VC firm Supernode Ventures, says founders need to be prepared to suffer to succeed.

BONUS: Lego has unveiled a folding phone of its own, mocking Asian tech giants Samsung and Huawei in the process.

Have a great Wednesday.

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.