10 things you need to know this morning in Australia

Oscar-nominated Margot Robbie at the Australian premiere of ‘I, Tonya’ in Sydney yesterday. Photo: Brook Mitchell/Getty Images

Good Morning. The Wednesday cometh.

1. The TPP is back. Australia is among 11 nations that plan to sign the revised Trans-Pacific Partnership trade deal after Donald Trump kiboshed US participation and Canada dramatically pulled out of the pact last November. Australian trade minister Steve Ciobo said a new deal had been done following talks in Tokyo, and 98% of tariffs in the free-trade zone will go, including on seafood, wine, sheep meat, cotton wool and manufactured goods, while Australia will have bilateral deals with Canada and Mexico. It’s also good news for Australian beef or cheese exporters, who need to practice saying “konichiwa”.

2. Commodities copped a battering overnight. Copper and iron ore fell, 2% and 3% respectively, the Australian dollar too, along with bond yields amid steady demand. But the ASX is expected to have another good day after US stocks posted another record high, with the tech-focused NASDAQ leading the way.

3. Elon Musk has the ultimate executive KPI. Tesla has announced a new compensation plan for its CEO and he won’t receive single dollar unless he manages to increase the company’s value more than ten-fold to a market cap of $US650 billion. BI’s Matthew DeBord labelled the plan “delusional” and “the most extreme formulation of the ‘shareholder value’ theory ever offered in the history of business”. As he points out, Tesla has rarely made money in 14 years and would have to take over the auto industry to make the proposal worth it. But if Musk nails it, he’ll take home $US70 billion. Just imagine boards across Silicon Valley going down this path.

4. Sydney’s train strike looks set to be called off. The NSW government and unions struck a deal last night, which will prevent Monday’s 24-hour strike assuming workers vote in favour of the offer today. It will also end overtime bans due to kick in this Thursday, but authorities are warning that even if the deal is accepted, it may be too late to change rosters tomorrow and delays may occur ahead of the Australia Day long weekend. We’ll know the result of the vote by around noon today.

5. Goldman Sachs says market risk is at “extreme levels”. Risk appetite has reached its highest level on record, the global investment bank found, which “leads to questions about future returns”. The firm reiterated its overweight position on stocks, and its underweight view on bonds, for both 3- and 12-month time horizons, but other traders have noted that they’ve never seen client cash levels so low. Things could get really interesting this year.

6. Did you buy a bong using bitcoin? Then congrats, you’re probably a millennial. We spoke to TD Ameritrade CEO Tim Hockey about investing, markets, and millennials, who he says are leading an investment revolution. Investments accounts by under 35s jumped 72% annually, and Hockey says the firm has seen an explosion of interest in cryptocurrencies, cannabis stocks, and ETFs, particularly from millennials.

7. This is Caffe Florian, a bar and restaurant in Venice’s St Mark’s Square.

Caffe Florian in Venice. Photo: Simon Thomsen

Business Insider dined there just before Christmas, paying around $25 for our 10-year-old daughter’s iced chocolate. A club sandwich will set you back roughly the same amount. A gin and tonic? $30. Yes, it’s expensive, but Florian first opened in 1720 and sitting in Venice, amid that history was priceless. But it’s a bargian compared to a nearby restaurant, where four Japanese tourists were presented with a bill for €1,100 ($AU1,700) for a meal of four steaks, fried fish, and mineral water. They subsequently complained to police. Another tour group were charged €350 ($AU550) for seafood pasta at a nearby establishment and the mayor of Venice has promised to investigate what he called a “shameful episode”, saying the city will “do all we can to punish those responsible”.

8. Do you know what a Xoogler is? Then you’ve probably work/worked at Google (pronounced “Zoogler”, it’s an ex Google employee). Here are 19 words only Googlers understand.

9. Nadal is out of the Australian Open. The Spaniard was down a break at 0-2 in the fifth set of his quarter-final match against sixth seed Marin Cilic and was hobbling when he retired injured. After the match, the World No. 1 appeared to blame the tour organisers, saying “I don’t know if they have to think a little bit about the health of the players”. Cilic now faces unseeded British player Kyle Edmund for a place in the final.

Meanwhile, Danish second seed Caroline Wozniacki made her second AO women’s semi-final, defeating Suarez Navarro at around 1.30am last night and will now take on Elise Mertens.

10. Apple’s latest expensive toy, the Homepod speaker, goes on sale February 9, after a two-month delay. It’s priced at $AU500, but won’t do half the things the voice-activated Amazon Alexa and Google Assistant do for much less money. Still, it looks nice-ish.

BONUS ITEM: The next Warnie? Leg-spinner Lloyd Pope, 18, nicknamed “Wizard” by teammates because he can spin the ball both ways, became a cult hero yesterday after he pulled the Australian U19 World Cup one day side back from the precipice and put them into the semi-finals with a record-breaking devastating spell that earned him figures of 8-35 with balls like this:

Have a great day and see you tomorrow to end of the working week.

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