Good morning. Greece has a deal.
1. Belgium’s prime minister simply tweeted the word “agreement” last night following an EU Council meeting. Here’s all the details of what’s required, and no doubt a lot of Greeks are going to be very, very unhappy about the slash and burn treatment they’re facing. The reforms to Greece’s economy will have to be passed by the parliament in Athens by Wednesday, but there’s already trouble brewing with the junior coalition party in Greece’s government saying it won’t be part of the deal. Here’s a few more updates:
- Even a bailout deal can’t revive Greece’s shattered banking system
- The ECB isn’t giving Greece any new cash just yet
- Greece came ridiculously close to leaving the euro this weekend
2. While we’re on the subject of having no money, Rapper 50 Cent is worth zero cents. That’s the line taking over social media after Curtis Jackson filed for Chapter 11 bankruptcy protection. In 2007, he was thought to be worth nearly half a billion after selling his minority stake in Vitamin Water to Coca-Cola. As recently as May, Forbes claimed he was worth $US155 million, so how has he managed to lose it all? It might have something to do with being sued just three days ago…
3. So if it makes you feel better, here are 8 other rich and famous people who filed for bankruptcy.
4. On the local market, it looks like ignition time on the open this morning with as strong lead from futures overnight. The UK market is up on the back of the banks, so they are likely to be strong contenders as well today. That makes sense because if Shanghai has stopped falling and been underpinned by government action and if Greece is no-longer the clear and present danger that it was, then a relief rally where traders seek to find the right “level” for the market would be usual. Having bounced off the bottom of the uptrend channel stretching back to 2012 recently, traders have a convergence of fundamentals and technicals right here at the moment. Greg McKenna says 5,575 is the level to watch in the physical.
5. On forex markets, the US dollar strengthened on news of the Greek agreement, but US dollar buying and general weakness across the board has got traders suddenly selling Aussie dollars again. Last night the Aussie traded down to a low of 0.7380 while the euro slipped back below 1.10. Increasingly, Aussie dollar forecasts are being downgraded – here’s why.
6. Australia’s best shake looks to be Epic Freak Shakes from Canberra cafe Pâtissez. Because this:
Pâtissez opened just seven weeks ago, and social media is bring hordes of customers in for its $12.50 brownie, salted caramel and Nutella inspired creations. The Canberra Times reports wait times of up to 45 minutes, and given they’re as big as your head, even Vincent Vega would think a $12.50 shake is pretty effing good.
7. Bad news for beef farmers – Indonesia has cut Australia’s live cattle export quota by 80%. Alison Penfold, the CEO of Live Exports Australia, told ABC Newsradio the quote for live cattle exports had been cut from 250,000 to just 50,000 head of cattle for the current quarter ending September 30.
8. Apple is the greatest money-maker, ever. Despite shipping just 18.3% of smartphones globally in Q1 of 2015, it is taking the vast, vast majority of profits in the industry. About 92%, in fact. But it could lose one fan in BI’s Dave Smith soon. Here’s his plea to Apple to stop filling his phone with undeletable apps.
9. AFL legend James Hird crashed his bike and may not be able to coach Essendon this weekend. Hird’s been on a fitness campaign recently and was determined to ride his bike home despite heavy rain in Melbourne at 5.30pm. He came off near his Toorak home and was taken to hospital severely concussed in an ambulance. The club will release details on his condition later later today.
10. We’ve got pictures of the tunnel which Mexican drug lord “El Chapo” used to escape from prison last weekend, on a motorbike, on rails. And bonus pics of the tunnel he had built under his bathtub, where he was caught in 2014. He really is the master of tunnels.
BONUS ITEM: Huge hat-tip to Mashable, which found this formation that looks like Pluto. On Pluto.
— Mashable (@mashable) July 13, 2015
Have a great day.
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