10 things you need to know this morning in Australia

TwitterChrissy Teigen with her ’emotional support casserole.’

Good morning.

1. The Dow gains nearly 400 points. The rally was fuelled by tech gains, stabilising treasury yields and Warren Buffett. His comments on airlines sent the sector higher and Berkshire Hathaway’s tax gains from the recently passed reform law sent its shares up as well. Tech stocks also got a boost, with Netflix reaching a record high above $300 for the first time. The streaming stock has outperformed the rest of the FAANGs in 2018 so far.

2. Amazon Australia is rolling out Fulfilment by Amazon — its service that allows retailers to have products stored and shipped to local customers by Amazon. The service is part of Amazon’s continuing rollout of its retail product suite after the US giant launched its full retail offering in December. Still to come from Amazon Australia is Prime, an annual membership with free two-day shipping and other benefits. This is expected mid-2018.

3. Trump is thinking about a huge 25% steel tariff, and it has Australian companies sweating. The tax is the harshest of three possible actions from Department of Commerce recommendations, and would likely spark retaliatory action from other countries or even a trade war. Australia’s trade delegation to the US over recent days, led by Prime Minister Malcolm Turnbull, pressed its case for an exemption for Australian steel but it’s still unclear whether Australian companies might secure an exemption from any tariff.

4. Boo! Wall Street is terrified of cryptocurrencies, and Bank of America’s latest regulatory filing shows just how scared they are. The bank mentioned cryptocurrencies three times in the risks section of its prospectus, saying it could undermine many of the firm’s core businesses if it can’t keep up with innovation.

5. Barnaby Joyce is under investigation. While an investigation ordered by Prime Minister Malcolm Turnbull into the former Deputy Prime Minister’s possible breaches of the ministerial code of conduct has been dropped, Joyce will still be probed over his parliamentary expenses. Yesterday, Joyce joined the backbench in the House of Representatives for Questions after veterans affairs minister Michael McCormack was voted in as the new leader of the National Party and Deputy Prime Minister of Australia. This photo says it all.

Michael Masters/Getty ImagesBarnaby Joyce watches on during Question Time at Parliament House on February 26, 2018.

6. Eh. The Galaxy S9 is officially here but it’s not much different from last year’s Galaxy S8. Not only does the new flagship Galaxy phone feel a lot like the old one, but the smartest piece of the smartphone is a decades-old component. Here 6 reasons you should buy last year’s Galaxy S8 instead of the new Galaxy S9.

7. One of Tesla’s biggest advantages could become its biggest problem. Last week, some general reds flags were raised about a spike in demand for its Model S and X vehicles, and they were red because Tesla will have to ask S and X buyers to wait for their vehicles, in some cases for a year and half. It builds on the company’s calls for years that demand isn’t a problem – production is.

8. Nervous munchies. US model Chrissy Teigen flew with an “emotional support casserole” on an American Airlines flight over the weekend after asking the airline on Twitter if it was OK. It comes at a time when airlines have faced controversy around how they handle emotional support animals, with recent incidents including a dog that bit a passenger, an emotional support peacock that was denied boarding, and a customer who claimed she was encouraged to flush her hamster down the toilet.

9. US CDC health expert is mysteriously missing after going home sick. His parents reported Timothy Cunningham missing after he didn’t show up at work for several days in a row. His wallet and pet dog were found in his house but there was no evidence of foul play. He had been deployed on emergencies, including Superstorm Sandy, Ebola, and Zika, but recently didn’t seem like his usual self. His family says it feels like “a horrible ‘Black Mirror’ episode”.

10. Is this my plane? A United Airlines passenger was arrested after opening the emergency exit and sliding down the chute while the plane was boarding. The man, who was aboard flight 1640 from Newark to Tampa Bay, claimed that he had boarded the wrong flight before he was arrested, but United confirmed the man had boarded the correct flight. The plane was evacuated after the incident and passengers were moved to another aircraft.

Have a great day.

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