10 things you need to know in Australia this morning

Oof. Picture: Getty Images

1. TPG made a $1.4 billion bid for iiNet earlier this month, but yeah, about that. TPG shares rocketed by more than 18% on the day of the announcement and now some iiNet shareholders – well, its biggest – say the deal was “appallingly incompetent”. Paul Hannan, head of BT Investment Management, said it was “absurd” that strategic assets from iiNet’s network were cut in “for a bog standard 25 per cent premium”. That will make for some interesting meetings with investors and shareholders this week.

2. To the markets, where general good feeling about US and Europe stocks and a weakening US dollar should drive Asian and Australian markets higher this week. The ASX looks set to take out the 6,000 level and the question has to be asked if the global backdrop is enough to push it the 13% it needs to travel to hit the all-time high it hit pre-GFC.

3. The chances are there for the Aussie, amongst other assets, to extend toward 0.7950/70. The US dollar bulls won’t give up though, and there’s no guarantee the US dollar rally has ended. But it’s something traders will be wary of.

4. There’s no ambiguity about iron ore though. It made another new low for this cycle with June 62% Fe, CFR China (TSI) Swap Futures dropping $1.53 a tonne to $51.83 on Friday. That’s the lowest level since the depths of the GFC.

index mundi – iron ore

5. Netflix Australia launches tomorrow from $8.99 a month. The Australian version of Netflix will include all three seasons of House of Cards as well as the first two seasons of Orange is the New Black before the third season is released globally on June 12. There’s a longer list of what you’ll get here. Oh, and if you bought a 4K TV, you’ll have to pay $14.99 a month to enjoy Netflix properly. Bet they didn’t tell you that at the telly shop.

6. Lee Kuan Yew, the ‘founding father of Singapore’, has died. He was Singapore’s first prime minister, ruling it for 30 years, and he died after an illness aged 91.

7. Sir Mixalot was right – men like big butts. And psychologists in the US have found an underlying reason for modern men’s preference for women with a 45.5 degree curve from back to buttocks. The scientists say this angle is better able to support, provide for and carry out multiple pregnancies.

8. It was a big weekend for ball game fans. The AFL is just under two weeks away from kicking off season 2015, but Swans fans’ hearts were in their mouths when Buddy Franklin was stretchered off during yesterday’s narrow NAB Cup win over GWS. It was Franklin’s only seven minutes of footy so far this year, and it ended with a head clash with teammate Gary Rohan and a trip to hospital. If it were an NRL game, he’d be back on in 5 – doctors claim they’re scared of being sacked if they report coaches for sending concussed players back out.

9. The Waratahs still trail the Brumbies on the Australian conference ladder, but they put three tries to one on in a strong 28-13 win in Sydney yesterday. But all the focus was on allegations of a homophobic slur, after Brumbies flanker David Pocock told referee Craig Joubert he heard a NSW forward use the word “f…..t”. “There could be gay players out there,” Pocock said. Overseas, an intense Six Nations tournament wrapped up with Ireland taking the title for the second year running.

10. Liverpool captain Steven Gerrard played a disappointing last match against his greatest rival Manchester United before he heads to LA Galaxy. He was red-carded less than a minute into the second half for a stamp on Ander Herrera, then watched on as Juan Mata put the Reds to the sword 2-1 with a double. And the Socceroos will be without Tim Cahill when they take on world champions Germany in a friendly in Europe Thursday. Cahill played a whole match for Shanghai Shenhua on the weekend, but is deemed “unfit”. But Tomi Juric, who missed the weekend’s match against the Jets with a groin complaint, has to play for the Socceroos because coach Ange Postecoglou says so.

BONUS ITEM: The Fixer, aka Christopher Pyne, has found a new home on board the ill-fated Death Star, and he just seems to fit right in.

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