10 things you need to know this morning in Australia

The railway bridge in Genoa, Italy. Picture: Getty Images

Good morning.

1. On markets today, Warren Buffet increased his stake in Goldman Sachs. George Soros made a big bet on Spotify and Pandora. A new study shows Trump’s trade war probably won’t achieve one of its biggest goals. And while global markets stabilised after Turkey’s crisis didn’t spread to other emerging economies, contagion fears persist. That steadiness in the lira helped the S&P500 rose for the first time in five sessions and the US dollar march higher. Cryptos crumbled.

2. Amazon opened its Sydney warehouse and it’s a monster the size of six football fields. That’s twice the size of Melbourne’s. Ha.

3. Let’s talk about your wages. Recently, the RBA has been claiming wage growth has troughed. At 11.30am, we’ll find out when the June figures are released. Don’t hold your breath. Instead, start thinking about how you might get into one of these top 5 emerging jobs in Australia.

4. This is a horrific before-and-after:

Genoa italy bridge collapseTwitter/Google Maps/Business Insider

At least 26 people are reported dead after an 80m section of that railway bridge in the Italian city of Genoa collapsed. Local reports have the toll at 35 and climbing, with at least 33 vehicles plunging 50m to the ground in the collapse. One of them got stuck on a pillar 30m down, so there’s at least one miraculous tale from a 33-year-old former pro footballer who survived. We’ll be updating this one all day.

5. The founders of dating app Tinder have filed a jaw-dropping lawsuit against their own parent company IAC. Aside from the claim of $US2 billion, there are claims Tinder’s former CEO “groped and sexually harassed” Tinder’s vice president of marketing, and that IAC allegedly faked Tinder’s financial figures to avoid having to pay the app’s founders.

6. On Monday, US President Donald Trump signed into law a $US717 billion defence spending bill. (It sounds better if you say a trillion Aussie dollars.) For starters, that gives the US Navy cash to splash on game-changing missiles, such as those hypersonic ones China has already. Lockheed Martin already has the contract in its hands. Closer to China, Japan has re-activated an elite amphibious unit that hasn’t been seen in action since WWII.

7. Team Trump will sue former White House aide Omarosa Manigault Newman, who claims in her book that he used the worst racial slur against a black contestant on “the Apprentice”. Trump definitely called Manigault Newman “crazed, crying lowlife” and a “dog” on Twitter overnight. Back here in Australia, in 2018, our newest senator used his maiden speech to drop a reference to “the final solution” when talking about immigration:

Stay classy, Australian politics.

8. In Elon Musk news today, Tesla is facing a third lawsuit in the wake of Musk’s “going private” Tweet, with some investors claiming they “suffered significant losses” as it became clear Musk actually hadn’t secured the funding. The Tesla board has formed an independent committee of three directors to assess Musk’s proposal, but Matthew DeBord reckons there may be an X-factor that could push it along a good ways – Tesla’s Q3 and Q4 reports.

9. Blogger Sean goes by the name “The Money Wizard”. He’s a 28-year-old financial analyst who’s already saved more than $US250,000. Even if he never invests another cent, he will retire with “$US1.6 million to $US2.2 million”. And he’s using Warren Buffett’s favourite investing strategy to do it.

10. England all-rounder Ben Stokes was cleared of affray after he was accused of throwing “15 punches in one minute” during a brawl outside a nightclub in September last year. With his knighthood now all but assured, Stokes’ immediate cricket career and £750,000 salary, are however, still in doubt, as England’s Cricket Disciplinary Commission now gets to apply cricket’s new “Steve Smith test”.

BONUS ITEM: In other jammy English sporting news, here they are making it through to the U20 Women’s World Cup quarter final:

Have a great day.

You can get 10 things direct to your inbox each morning by punching your details into the form below.

Business Insider Emails & Alerts

Site highlights each day to your inbox.

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