10 things you need to know in Australia this morning

Welcome to the near future. Picture: Keiichi Matsuda

Good morning.

1. Wreckage from EgyptAir Flight MS804 has not been found near Greece’s Karpathos Island. EgyptAir has retracted its statement that Greek officials had located pieces of plastic and two life jackets in the Mediterranean Sea, near where a transponder signal from the plane was emitted sometime before it fell off the radar yesterday with 66 people on board. Greek officials now say that nothing was found, and that the plane is still considered missing. Here’s what we do know so far about the latest unexplained airline tragedy.

2. To markets and Australian stocks closed down again yesterday to finish at 5323. Overseas stocks followed the same path, with the DAX and FTSE dropping 1.48% and 1.82% respectively. The fall in US stocks was milder while everyone waits for a clearer signal from Fed members about where US rates will head next month. So the SPI 200 June contract is just 6 points lower this morning and the Aussie is resisting moves to drive it down, hovering at 0.7223 this morning. Iron ore got hit for six.

3. Since the day it first shared a ride for someone, Uber has been wrestling with its drivers over the terms of their employment. Here’s our first official look at its ultimate solution:

This from Uber’s announcement blog post:

The car, a hybrid Ford Fusion, will be collecting mapping data as well as testing its self-driving capabilities.

4. The “Chinese Wall” is considered one of the most important rules in finance. It’s supposed to exist between the research and underwriting arms of banks so those who research companies and advise clients don’t know about the bank’s investing arm’s involvement with those companies and vice versa. So yesterday when Goldman Sachs started the day by telling everyone Tesla was a buy, then in the afternoon announced it was raising $US1.4 billion for Tesla, questions were asked. Whether GS is innocent or not, here’s why it looks bad for Goldman Sachs.

5. Deutsche Bank’s annual “Mapping the World’s Prices” report for 2016 is out. Here’s what an iPhone 6 costs in 27 countries, where Australia fares surprisingly well compared to some European countries. And it doesn’t look good for all those Olympics fans about to lose their iPhones in Rio in August.

6. Reality is changing. Yesterday we saw Myer launch the “world’s first” virtual reality department store. It’s giving away 1000 sets of cardboard goggles a day which let customers wander through a Myer store from the comfort of their bed and buy things with little more than a loving gaze. Wow! Except designer and filmmaker Keiichi Matsuda has a new film out showing what kind of a living hell we might be signing ourselves up for. One where the world looks like Times Square:

7. “We have never witnessed such an extraordinary action during a Federal election campaign” were some choice words in a statement from shadow attorney-general Mark Dreyfus last night. He was referring to a raid on Labor offices by AFP staff related to leaks which led to stories published in Fairfax Media in February. Dreyfus said there was “no doubt there would be many, many documents that would be of major embarrassment to Malcolm Turnbull” involved.

8. Apple fans who live in “significant” stores now don’t have to buy all their stuff with noisy rabble. San Francisco is the first city to get the new “Genius Grove”, which features a quieter, calmer space to marvel over innovation than the regular “Genius Bars” customer in poorer cities have to endure.

9. Meanwhile, as we noted here yesterday, Google seems to have run out of ideas. Except for this one flagged at its key I/O developers conference – it’s new plan to cripple the iPhone app store model and rule the mobile world.

10. And in space news, NASA’s Mars rover has measured something in the air that scientists can’t explain, but before we all about rushing off to terraform the Red Planet and live there, there’s new evidence to suggest that the planet was devastated by 130-metre high tsunamis.

BONUS ITEM: What you would do too if you were an air US Air Force pilot. Every day:

A video posted by US Air Force (@afboomoperator) on

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