10 things you need to know this morning in Australia

Getty ImagesElon Musk.

Good morning!

1. Goldman Sachs economists said the worst of the US and China’s economic slump is over and that the global economy may have already hit rock bottom. Jan Hatzius and Sven Jari Stehn, wrote in a note that while global growth “remains soft,” there were “some signs that we are moving past the bottom.”

2. It’s CAPEX day! One of the key components of Australian economic growth that’ll be influential on the future direction of RBA interest rates will be out today. The key number you’re looking for is a 1% increase in investment intentions — a number like 0.8% will be very bad news. David Scutt has the preview here.

3. President Donald Trump told North Korean leader Kim Jong Un that he’s a “great leader” as the two met in Hanoi, Vietnam. It’s an interesting compliment for Trump to give seeing as Jong Un was threatening the US with nuclear destruction not so long ago.

(Photo by Michael Dodge/Getty Images)Cardinal George Pell leaves County Court on February 26, 2019 in Melbourne, Australia.

4. Pell update: He’s been in jail overnight, and we’ll soon find out how long he’ll stay there.

5. Pakistan’s Civil Aviation Authority has closed the country’s airspace to all commercial flights after the military said it shot down two Indian jets. The airspace shut down comes amid mounting tensions between the two nuclear rivals.

6. Australia will stick to its decision to ban Huawei from the 5G telecommunications network even if the US backs down, according to The Australian Financial Review. Foreign Minister Marise Payne said: “Australia has made our decision in relation to 5G, it’s a decision we made in the context of protecting Australia’s national security, using the strong advice of intelligence agencies.”

7. Nintendo announced a huge lineup of new games coming to its Switch console in 2019. Games include a brand-new Pokémon, a major Mario sequel, and an adorable new Yoshi project.

8. Tesla CEO Elon Musk has indicated in a cryptic tweet that Tesla will unveil its next vehicle, the Model Y crossover SUV, this year. The vehicle will be the automaker’s second SUV and will be built on the same platform as Tesla’s most recent vehicle, the Model 3 sedan. The company’s shares soared as much as 5.8% on the back of the news, the biggest intraday jump in more than seven weeks.

9. Rio Tinto delivered its highest net profit since 2010 and record cash returns to shareholders of $13.5 billion. It’s riding high and it has just discovered what appears to be an enormous copper deposit in Western Australia.

10. IBM has apologised after an engineer found racial slurs embedded in its job application page, The Register reports. Among those listed were options including “yellow” and “mulato [sic],” an offensive, outdated Spanish word used to describe a person with a white and black parent.

BONUS: Elon Musk’s erratic Twitter behaviour escalated when he changed his name to “Elon Tusk”. He added an elephant emoji to the end.

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