10 things you need to know this morning in Australia

WWIII can wait – Tomatina! Picture: Getty Images

Good morning.

1. To markets, and the US dollar caught a bid after US GDP data was revised upwards and payroll numbers showed a healthy gain. The Aussie dollar is hovering above US79 cents ahead of a big day of domestic and Chinese data. The biggest will be the latest report card on Australian business investment with the release of private-sector capital expenditure (CAPEX) figures for the June quarter. David Scutt has the 10-second preview here.

2. Malcolm Turnbull had his say on North Korea, and it was concise:

“If he starts a war the reality, however, is he will lose it instantly. It would be a suicide note on his part.”

Donald Trump did it with a tweet:

And the US Navy decided to show once again how it could shoot down medium-range missiles with ease, in a video.

3. Nick Kyrgios was bundled out of the first round of the US Open by fellow Aussie John Millman. Obviously, there was swearing and arguing with the chair umpire. Cricket fans were also swearing after Australia lost a Test match to Bangladesh for the first time. But if they’re worried about what that means for this year’s Ashes, some comic relief can be found in the fact England also just lost a Test match to the West Indies.

4. Happy birthday Warren Buffett. He celebrated it by buying the largest stake in Bank of America. Here’s the best investment advice he’s gathered in 87 years and here’s why you should listen to it – if you’d bought $1000 worth of shares in his company back in 1964, you’d be $14 million richer right now. (And 57 years older.) It’s also a great time to revisit his brilliant explanation of how bubbles are formed.

5. “Retail is one industry in which employment is likely to vanish.” That’s the prediction from Oxford University’s policy school, which teamed up with Citi to put out a 100-page report on the watershed moment retail faces as automation steps up and eats 80% of the jobs. And it’s coming much quicker than you think.

6. A CNN reporter got a hands-on experience with what four inches of rain an hour can do to traffic in Texas:

And if you want to see what 51 inches of rain can do to a suburb, drones have the best views:
There’s more video here. And while trying not to be alarmist, there’s another hurricane forming off the coast and it could possibly join up with a “tropical disturbance” showing signs of forming in the Gulf of Mexico.

7. Penelope Gazin and Kate Dwyer founded an art marketplace and kept getting emails from their developers starting with lines like “OK, girls…” So they invited Keith Mann on-board as an extra founder and put him in charge of dev requests, and immediately the replies were more along the lines of “OK, bro, yeah, let’s brainstorm!” And he was cheap, too – because Keith Mann doesn’t exist. “It was like night and day,” Dwyer said about the change in response speed.

8. Here’s another way to get things done. Don’t encourage your employees to send emails through managers. If you do at SpaceX, instead of encouraging them to go directly to the person who can fix the problem immediately, Elon Musk will fire you. Here’s the email that ends with: “No kidding.”

9. In Future of Cars news, 17 engineers left Apple for self-driving startup Zoox. We took Nissan’s Tesla Autopilot challenger out for a spin ahead of its rollout in the new Leaf model. Honda announced it will release two electric cars by 2018. And BMW just unveiled an electric Mini concept which could hit the road in 2019.

10. Australia’s best scientists in 2017 have their Eureka Awards. We have all the winners here, including robot farmers, skin patchs which tell you get inside, and diamond-powered lasers which shoot down drones. And Australia’s one-armed bricklayer robot and a $4000 skateboard stole the show at the iAwards.

BONUS ITEM: The future of cars in 2100 is boats:

Have a great day.

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