10 things you need to know this morning in Australia

Victor VIRGILE/Gamma-Rapho via Getty ImagesDonatella Versace.

Good morning.

1. The chairman of the ABC tried to get former managing director Michelle Guthrie to sack the national broadcaster’s chief economics correspondent Emma Alberici in an attempt to assuage the federal government. Fairfax reports board chair Justin Milne emailed Guthrie in May saying: “We are tarred with her brush. I think it’s simple. Get rid of her. We need to save the ABC – not Emma. There is no guarantee they [the Coalition] will lose the next election.” More here.

2. Donald Trump launched a broadside aimed at China’s trade policies and economic practices during a speech to the UN General Assembly, saying China’s trade and economic policies “cannot be tolerated” anymore. Meanwhile, Trump attracted laughs from world leaders when he claimed his administration had accomplished more than any other in US history.

3. The Australian dollar had a sleepy session on Tuesday, moving sideways against most of the major crosses with the exception of the British pound. The lack of movement reflects caution ahead of the US Fed’s interest rate decision at 4am AEST on Thursday. At 7am AEST, the Aussie was down 0.04% to 0.7249.

Investing.comAUD/USD Hourly Chart

4. Devils and Details. The biggest thing happening in global finance this year is the slow but steady shift in the policies of the world’s biggest central banks, as they start lifting interest rates and withdrawing stimulus through asset purchasing programs. To talk about how this works and how it will affect markets, we’re joined on this week’s episode of the Devils and Details podcast by Iain Stealey, London-based managing director at JP Morgan Asset Management and head of global aggregate strategies for bonds, currencies and commodities at the worldwide wealth manager. Search “Devils and Details” wherever you get your podcasts, find it online here, or listen in below.

5. Michael Kors agreed to buy Versace. The deal has an enterprise value of 1.83 billion euros ($AU2.97 billion). Michael Kors will change its name to Capri Holdings once the deal closes. Versace fans are terrified that the deal will “kill” the fashion brand. Here’s what the companies say will actually change.

6. Now looks like a good time to rent a better home in Sydney. Home prices in the city have fallen by 6.1% over the past year. Property listings are also significantly higher than a year ago and there’s also a record supply of homes on the way, indicating that it’s currently a buyer’s market. With the proportion of rental properties sitting vacant also rising, it looks like Sydney is a renter’s market, too.

7. Cryptos’ latest mini-rally ran out of steam, with Bitcoin down 3% to around $US6,400 after pushing towards $US7,000 earlier this week. Falls among major alt-coins were led by EOS and Ripple, which had previously ripped higher over the weekend. More markets news here.

8. The founders of Instagram are leaving. CEO Kevin Systrom and CTO Mike Krieger announced Monday that they are departing the photo-sharing social network. The news follows months of turmoil and scandals for Facebook, and reportedly comes amid tension between the founders and Facebook CEO Mark Zuckerberg, and their exits couldn’t come at a worse time for the tech giant. Here’s how Systrom got his start and built Instagram into what it is today.

9. Google might get rid of the controversial automatic login feature in the Chrome browser after some security researchers called it a threat to privacy. The way it works is that any time someone logs in to one of Google’s properties, such as YouTube or Gmail, they will automatically get signed into Chrome – and it keeps track of your browsing history and other information, according to security analyst Matthew Green.

10. Looking to do an MBA? We’ve got the list of the 50 best programs in the world, ranked by QS Quacquarelli Symonds. Its 2019 Global MBA Ranking evaluates 251 of the best business schools in the world based on employability, alumni outcomes, students’ return on investment, thought leadership, and diversity. Here they are.

BONUS ITEM: Watch this gamer beat ‘Super Mario Bros’ in under five minutes and set a new world record in the process.

Have a great day.

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