10 things you need to know this morning in Australia

ibighit/YouTubeBTS’ ‘IDOL.’

Good morning.

1. The Australian dollar continued to climb on Monday, adding to Friday’s substantial gains. A breakthrough in trade negotiations between the United States and Mexico helped to drive gains in risk assets, including the Aussie. At 7am in Sydney, it was up 0.30% to 0.7346.

Investing.comAUD/USD Hourly Chart

2. The Victorian Government just revealed “the biggest public transport project in Australian history”: a massive underground suburban rail network will be built linking every major rail line in Melbourne and the new airport rail. The Age reports the project is expected to carry 400,000 passengers a day, take 200,000 cars off the roads and create 20,000 jobs. Work will get under way by 2022.

3. Malcolm Turnbull will quit federal parliament on Friday. The ousted PM, who has been the member for Wentworth in Sydney’s east for 14 years, said:

“I have a strong view which I’ve made very clear publicly so it comes as no surprise, that former prime ministers are best out of parliament not in it, and I think recent events best underline the value of that observation. And so, accordingly, on Friday, I will resign from the House of Representatives.”

His decision will trigger a by-election. While a date for that vote is yet to be confirmed, Tony Abbott’s sister Christine Foster has already put up her hand as a candidate.

4. David Katz, 24, from Baltimore, Maryland has been identified by police as the gunman who killed two people and injured many others in a shooting at gaming tournament in the US. It’s unclear what Katz’s motive was and whether he knew any of the victims. He died of a self-inflicted gunshot wound at the scene. Elijah Clayton and Taylor Robertson have been identified as the two victims.

5. Toyota is reportedly investing $680 million in Uber. The investment round values Uber at – whoa – $98 billion. The partnership reportedly centres around developing self-driving car technology, an area where Uber has struggled.

6. How much leave do you get at work? Until recently it has been rare for employers to offer anything more than the statutory amount (the legal minimum required under law). But now there’s a movement to get a little more creative, add a couple of days here and there in the form of birthday days off, official mental health days or just a couple of extra days as a form of inducement to come to work for a particular company. Some even offer unlimited annual leave — fully paid. Chris Pash has more on that here.

7. “Woohoo!”. That was the reaction a board member had when Elon Musk announced he no longer wanted to take Tesla private. The decision came after a tumultuous few weeks in which Musk and Tesla scrambled to recover from a tweet in which Musk said he was considering taking Tesla private at $US420 a share and that there was “funding secured”. Despite Musk walking back on those plans, Wall Street says the company’s credibility has taken a hit, and are more worried about Tesla’s financials than ever.

8. The rise of online retail has changed how inflation behaves, according to Harvard. Retail prices, which were once somewhat resistant to external economic shocks, are now more closely tied to market changes such as oil price and currency fluctuations. And e-retailers such as Amazon are using technology and scale to immediately adjust prices in response to such shocks. “Changes in the way these pricing decisions are made can have a much more persistent effect on inflation dynamics than a one-time reduction in markups,” says HBS associate professor Alberto Cavallo.

9. That’s awkward. Pro golfer Padraig Harrington was caught trying to take a leak after a shot at the D+D Real Czech Masters on the European Tour over the weekend. When he realised the camera was still on him, he hilariously pleaded with the cameraperson to “go away”. Meanwhile all the announcers could do was laugh.

10. A South Korean boy band just beat Taylor Swift for the biggest video debut in YouTube’s history. BTS’ video for its single “IDOL” earned a record 45 million views in the first 24 hours of its release, beating the 2017 debut of Swift’s “Look What You Made Me Do”, which earned 43.2 million views in 24 hours. Here’s a look at it:

Have a great day.

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