1. Malcolm Turnbull’s government is crumbling. Nine ministers, including four members of Cabinet, have resigned after yesterday’s vote on the Liberal Party leadership. Turnbull has only accepted the resignations of two ministers — challenger Peter Dutton and International Development Minister Concetta Fierravanti-Wells. Other MPs are threatening to quit their seats or move to the crossbench if Dutton becomes Liberal Party leader. It reveals how deeply divided the Liberals are right now. Meanwhile, Dutton is expected to make another attempt to seize the leadership, possibly as early as tomorrow.
2. US stocks rose to a new record high for the first time since January before closing slightly lower. But after political uncertainty sparked heavy falls on the ASX yesterday, futures traders have marked the local index down by another 19 points this morning.
3. Australian bank economists are continuing to push back their forecasts for the next RBA rate hike. CBA now expects rates to stay on hold until November 2019, while Westpac forecasts no change all the way to 2020. Both banks cited low inflationary pressures and stability risks in the housing market as the core reasons for their revised view. Sam Jacobs has more.
4. Paul Manafort, the former chairman of US President Donald Trump’s campaign, has been found guilty by jury of eight counts of tax fraud, bank fraud, and failure to report foreign bank accounts. He hasn’t been sentenced yet, but legal experts speculated that Manafort could spend years in prison. Just minutes after the decision, Michael Cohen, Trump’s longtime lawyer, signed a plea deal with prosecutors, pleading guilty to eight federal crimes. He was released on a $US500,000 bond and is set to be sentenced December 12. Meanwhile, Trump has attempted to distance himself from Manafort saying, “It doesn’t involve me, but it’s a very sad thing that happened.”
5. That’s a lot of formula. a2 Milk reported net profit after tax of $NZ195.7 million, up 116% as sales of its infant formula surge in China and in Australia. Total revenue was $NZ922.7 million, 68% higher. The company says its share of the massive China market grew to 5.1% and in Australia to almost a third (32%). The company is now distributing to 10,000 stores in China and 6000 in the US.
6. This video shows the moment the highway bridge collapsed in Italy, killing 43 people. Shot from different angles on the bridge, it shows the bridge’s usual day-to-day traffic, and workers in hi-vis jackets, until the moment the bridge gives way around 11am local time.
7. Missed connections, claims of phone theft, and a weekend at Elon’s. American rapper Azealia Banks and Tesla CEO Elon Musk’s lives have become entangled after Banks spent the weekend at one of Musk’s properties earlier in August and made a series of claims about the billionaire on social media. Banks claimed Musk ignored her when she visited his house, misrepresented their interaction, and has taken control of her phone. Here’s everything we know about the timeline of how things have gone down between Banks and Musk.
8. The US has deported a 95-year-old Nazi concentration camp guard who was living in Queens. Jakiw Palij had worked at the Trawniki labour camp, where thousands of Jews were murdered in World War II. He was granted US citizenship in 1959 after lying about his Nazi service to immigration officers. US Attorney General Jeff Sessions said: “The United States will never be a safe haven for those who have participated in atrocities, war crimes, and human-rights abuses.” Palij’s case will now be part of an investigation at a Nazi crimes investigation unit in Ludwigsburg, Germany.
9. Coconut oil is “pure poison”, according to a Harvard professor. In a video titled “Coconut Oil and other Nutritional Errors”, professor Karen Michels says the oil is “one of the worst foods you can eat”. It has garnered 400,000 hits, and comes after the American Heart Association advised people to avoid coconut oil.
10. Meet Igorek, a 4-metre tall, 4.5-tonne golden robot created by the Russian maker of the AK-47. The robot, which looks like something straight out of the movie “Aliens”, was revealed at the Army-2018 Forum in Moscow on Tuesday. Kalashnikov Concern says its promising design uses “anthropomorphic complex” to solve engineering and combat tasks. Here’s a look:
BONUS ITEM: Your morning dose of banjo-driven goosebumps:
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