10 things you need to know this morning in Australia

MIKE NELSON/AFP/Getty ImagesWe’re finding it hard to imagine Brin, Page or Schmidt dressed up like this for Burning Man.

Good morning.

1. The Australian dollar has run out of puff, falling modestly on Tuesday after succumbing to profit-taking following two days of solid gains. Strategists at the NAB put the weakness down to disappointment over progress in trade negotiations between the US and China. At 7am AEST, the Aussie was down 0.18% to 0.7337.

Investing.comAUD/USD Hourly Chart

2. Donald Trump has doubled down on his criticism of Google, saying it’s “taking advantage of a lot of people”. It came hours after he claimed Google had “rigged” search results to suppress conservative media outlets. He has also warned tech companies such as Google, Facebook, and Twitter – which have been accused of anti-conservative bias by some groups – to “be careful”. Google denies the accusation, saying search was “not used to set a political agenda and we don’t bias our results toward any political ideology”. Meanwhile, the US President wasn’t wrong to take aim at Google’s control. He was just doing it for the wrong reason. Here’s what we mean.

3. On the topic of Trump, his trade war could cost Australia 60,000 jobs, according to new economic modelling by KPMG. An all-out US-China trade war could also shave real wages by $16 per week for the average worker. Yikes! See more on KPMG Australia’s paper — Trade Wars: There are no winners here.

4. Shoes of Prey, one of Australia’s original startup successes, is on the brink of collapse. Yesterday, co-founder Jodie Fox announced the company was hitting the pause button while it actively assesses “all our options to either sell, or at a later date, reboot the business with substantial changes”. As a result, the company is ceasing normal trading operations, refunding customers and cutting staff. It comes after the search for a buyer has yet to eventuate and Blue Sky wrote down the unit value of its investment from $1 in the March 31 quarterly report to 12.93¢ — a loss of almost 87%. It’s a sad day in startup land.

5. North Korea is derailing peace talks with a letter that threatens more missile tests and nuclear activities. In response, Trump canceled US Secretary of State Mike Pompeo’s trip there. The US is frustrated by North Korea’s failure to move forward on denuclearisation of the Korean Peninsula, while North Korea is irritated by Washington’s unwillingness to sign a peace treaty ending the Korean War. US Secretary of Defence Jim Mattis left the door open Tuesday for the possible resumption of joint war games with South Korea.

6. The crypto rally continues. Bitcoin is back above $US7,000 this morning. Yesterday’s gains were led by Dash, which is making a push into Venezuela amid the collapse of the country’s fiat currency, the bolivar. Sam Jacobs has more on that here.

7. Charge ’em up. Sydney Tesla owners, rejoice! You can now access the company’s unique mobile technician service, as well as a new Service and Delivery centre and another Supercharger in Alexandria. The company is also expanding its Supercharger network across the country.

8. Google went to Burning Man to find its next CEO. Yep, true story. Nearly two decades ago, Sergey Brin and Larry Page, the cofounders of Google, went to Burning Man with Eric Schmidt to see if he had what it takes to become CEO. Ultimately Schmidt landed the job because he proved he could cut loose at Black Rock Desert, where Burning Man is held. More here.

9. How many hours sleep did you get last night? We hope it was at least the full eight because it turns out not getting enough sleep seems to be even more deadly than we thought.

10. From a beer droid to a watchband toolkit — we’ve got you covered for a gift this Father’s Day. Here’s the ultimate list to help you find your dad the best present this year.

BONUS ITEM: Say hello to the “the holy grail” of the car collector world: the Ferrari 250 GTO. Like it? Well, unless you’ve got $US48.4 million, this 1962 model is out of your price range. We’ll just leave you with a photo to salivate over.

RM Sotheby’s/Darin SchnabelThe 1962 Ferrari 250 GTO that sold for $US48.4 million at an auction on Saturday.

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