10 things you need to know this morning in Australia

Francois Hollande and Angela Merkel meeting in Paris overnight. Photo: Getty Images

Good morning! Here’s what’s happening as we start Tuesday.

1. First there was “Grexit” and “Greferendum”. Now welcome to “Grimbo”. It’s the shorthand for “Greek economic and financial limbo” coined by Citi analysts and it’s where the country now finds itself after Sunday’s referendum rejecting the bailout terms set by Greece’s creditors. In a joint press conference in Paris, German Chancellor Angela Merkel and French President Francois Hollande said there was room for negotiation with the Greek government, so Greece may yet retain its place in the euro. The little we do know is that Yanis Varoufakis is no longer the finance minister, the ECB is not going to give Greece any more cash, and the country’s banks will be closed until at least Thursday.

2. On the markets overnight, US stocks only fell a bit but commodities have been hammered as investors reassess the global economic growth outlook. Iron ore has been tanking, and oil prices got crushed too. This, along with continued uncertainty about what’s happening with China’s stock market, could be decisive in ASX trading today. The RBA issues its monthly interest rate statement at 2.30pm Sydney time and with no change expected the market will be watching for any change in tone on the outlook.

3. A new report from the Productivity Commission suggests that in the national interest you should ditch those plans for early retirement.

4. Nick Kyrgios is out of Wimbledon after a bizarre performance in which he basically stopped playing for an entire game after getting upset over a double fault that cost him the game. He pretty much played the entire game like this:

More here.

5. Another reason to ignore opinion polls. Online betting site Paddy Power made the catastrophically dumb decision to pay out bets on a “Yes” vote in the Greek referendum before the vote was held on the weekend, because they thought it was a gimme based on the opinion polls. The No vote came in at over 60%, but Paddy Power told Bloomberg that it was “feeling a little red faced after calling the Greek referendum wildly wrong”. Soc Gen noted that “like with the Scottish referendum and the UK general election, the polling companies’ predictions have proved wrong”. More here.

6. A group of HSBC employees in London have been fired after making a mock ISIS beheading video at a karting track day. They made a seven-second clip showing five people in black jumpsuits and face masks chanting while a man kneels before them in an orange jumpsuit.

7. Is Safari becoming “the new Internet Explorer”? In what equates to the tech version of being called “the new Cherry Coke”, Apple’s web browser is drawing some fire because it’s not updating the software regularly enough to keep up with standard tools like APIs that developers use when building stuff. It runs the risk of developers abandoning testing their products on it altogether. More here.

8. Australia ranks 2nd in the world for female entrepreneurship, according to the 2015 Global Women Entrepreneur Leaders scorecard. The study looked at obstacles to high-impact female entrepreneurship across 31 countries, on grounds like the leadership pipeline and gender access. Australia comes joint second with Canada behind the US, and just behind Sweden.

9. The war for the future of car power. Toyota has just unveiled Prius successor the Mirai, a hydrogen fuel-cell-powered vehicle that’s now the longest-range zero-emission car in the world, with a 312-mile range over Tesla’s 270 miles on the Model S. Whereas the Tesla uses power from the grid, the Mirai needs investment in a network of hydrogen stations. Details here.

10. Twitter wants to know your birthday and is ramping up its efforts to get to know its readers after launching new ad targeting capabilities last week. The social networking platform, which is struggling under leadership turmoil and evaporating user growth, will now place balloons on your profile when it’s your birthday.

That’ll bring the crowds back.

Have a great day. I’m on Twitter.

Business Insider Emails & Alerts

Site highlights each day to your inbox.

NOW WATCH: Briefing videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.