10 things you need to know this morning in Australia

Champion effort, that. Picture: Getty Images

Good morning.

1. The reality that FIFA executives live in is not our reality. Well, it is – a fake one, created by people being funny on the internet. And former FIFA VP Jack Warner, arrested last week on a variety of conspiracy charges, didn’t get the joke when he cited an article claiming FIFA had rescheduled a special Summer World Cup to begin in the US immediately.

“If FIFA is so bad, why is it the USA wants to keep the FIFA World Cup? Why is it they began games on May 27th? May 27th, two days before FIFA elections.”

They hadn’t, Jack. That’s an Onion headline you’ve grabbed there, written for laffs. Incredibly, Warner’s rant then got even more ludicrous.

2. Local stocks are holding up, rising more than 1% Friday on the back of strong gains in the banks and the miners. That’s a great effort in the context of what was happening in Shanghai during the day, where the Composite fell another 4% but rebounded late. Even though the futures indicate a down day again today the market is unlikely to fall without an offshore catalyst. And there are more important local data points this week than is usual.

3. It’s the biggest week on the Australia data calendar in years: RBA, GDP, retail sales, the trade balance and all the partials that feed into the Q1 GDP release. To get you up to speed, here’s your 10-second guide to today’s China manufacturing PMI report for May. And here’s Westpac’s excellent weekly diary of all the key data and events.

4. Learn to code. Chances are you’ll be better at your job, and we’re not talking about just computer scientists or engineers. At the very least, you’ll be better able to tell developers what you really need to help you at work, but here’s five very good reasons to put the Mandarin lessons on hold.

5. Zomato is here. The Indian startup launched in Australia this morning and boasts 25,000 listing from Sydney and Melbourne restaurants. All your locals should be there too, as it bought Urbanspoon and transported their reviews across as well, but they’re now in a much fresher and easy to use format. They’ll be updating their Aussie database every 90 days, and plan to move into online ordering and delivery.

6. Here’s an interesting chart:

That’s what it looks like when more than $111 billion is pulled out of the US stock market by “professional” investors. At the same stage in 2013 and 2014, that was an inflow of $127 billion and $76 billion respectively…

7. Remember Craig Thomson? The former Labor member for Dobell has been consigned to history as the MP who blew more than $5000 of union money on prostitutes. But he’s doing OK now, representing Australia in China. The SMH reports “a small mining consultancy” hired him to write and deliver a speech at a raw materials summit in Qingdao, eastern China, and he did it so well, he’s been invited back for two more. He told Fairfax Media he had not been given a company credit card for his trip.

8. Rate cut tomorrow? It’s not necessary, says the “Shadow RBA board” made up of finance experts and former RBA board members. But the language used by Shadow board chair Dr Timo Henckel in his “statement” could have easily accompanied either of the RBA’s past two cuts, and there’s also a strong concern about rising house prices in there as well. Here’s what he had to say this morning.

9. Life begins at 40, so don’t stuff it up right from the start by bringing all your bad habits from your 30s. Here’s 10 changes to make in your 30s that will set you up for lifelong success, including getting some decent sleep for the first time since you were 15.

10. The founder of Silk Road, the online marketplace for drugs and other things you shouldn’t buy, was sentenced on Saturday – to life in prison. Ross Ulbricht, 31, pleaded with the court to “leave me my old age” but got no sypmathy. At all, not even parole. Here’s why he’ll die in prison and here’s Henry Blodget on why that’s a ridiculously harsh sentence.

BONUS ITEM: Drones are dangerous, hmmkay? Especially when you try to grab their blades, like hunky Latino popster Enrique Iglesias did mid-concert, and nearly lost a couple of fingers.


NOW WATCH: Briefing videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

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