10 things you need to know this morning in Australia

Ryan Pierse/Getty ImagesImpersonators of Donald Trump and Kim Jong Un pose during the Opening Ceremony of the PyeongChang 2018 Winter Olympic Games.

Good morning.

1. The Trump, Kim Jong Un summit kicks off in Singapore today. The White House has released the full schedule for the historic meeting, and revealed who will be in the room. The process is set to begin with a one-on-one meeting between Trump and Kim, and it will be followed by a meeting with some aides present and then a working lunch with even more people. Here’s what you need to know.

2. US stocks tick higher ahead of the summit as markets shook off a contentious trade feud between the US and its closest allies over the weekend at a G7 meeting in Quebec. US 10-year Treasury yield ticked higher ahead of the meeting between Trump and Kim, and a Federal Reserve meeting later this week. The US dollar was largely unchanged against a basket of peers. More here.

3. Scott Morrison thinks the economic fallout from Australia’s property downturn will be contained. The federal treasurer says the run-up in Australian house prices over recent years was “not the function of some sort of investor bubble, or some finance bubble” and blames “sclerotic regulatory systems” for holding back construction volumes and preventing supply from meeting the demand when property prices started rising. The treasurer made the comments in an extended interview with Business Insider discussing the state of the economy following another strong set of GDP data which showed growth ran at 3.1% in the year to March.

4. Apple has banned mining cryptocurrency on iPhones. The new rules are laid out in the company’s latest version of the App Store Ts & Cs. It comes after unscrupulous programmers have sneakily inserted software that mines cryptocurrency in unrelated advertisements and apps. Meanwhile Apple will continue to permit cryptocurrency apps, including wallets, exchanges, and software that mines cryptocurrency on a server.

5. Tesla’s first “full self-driving features” are coming in August. CEO Elon Musk made the announcement over the weekend, and while didn’t say which self-driving features would be included, he indicated the update would allow Tesla vehicles to perform better in areas where lanes merge on highways. Along with that news, Musk said the Roadster’s “SpaceX” package will replace the back seats with rockets. Yes, that means it is advised that the car would not be suited for urban areas. Tesla shares surged more than 3% off the back of the announcements.

6. Speaking of Musk, people are torching things they shouldn’t with his new flamethrowers. Musk’s Boring Company has gotten its $US500 flamethrowers into the hands of consumers for the first time. Musk’s Ts & Cs for the “Not-a-Flamethrower” include directions to avoid unintentionally burning things down. But it did recommend using them for crème brûlée – so these people obliged.

7. Fallout 76, Halo Infinite, and Cyberpunk 2077 are just some of the new games which were discussed in the first two days of E3 2018 — the biggest gaming convention of the year. If you missed any of the pressers, or if you just want a refresher on the highlights, here are the 7 biggest announcements made during the first weekend of the convention.

8. The FIFA World Cup is now just three days away from kick off, and to make the hosting country seem welcoming Russian workers are undergoing training to learn how to smile. Fact. With Russia expecting 1.5 million tourists during the championships, it hoping to tackle the stereotype that its people are unfriendly. Meanwhile Goldman Sachs used AI to simulate one million possible World Cup outcomes — and arrived at a clear winner: Brazil.

Screen Shot 2018 06 11 at 8.35.24 AMGoldman Sachs

9. Uh oh. The world is running out of sand. We literally have tons of it on beaches, deserts, and under the ocean, but we’re using it up faster than the planet can make it. Worldwide, we go through 50 billion tons of sand every year. That is twice the amount produced by every river in the world. If you’ve noticed a change in your favourite beach, you’re not alone. Up to 90% of the world’s beaches have shrunk an average of 40 metres since 2008. More here.

10. TKO. Australia’s Jeff Horn was defeated by American boxer Terence Crawford with a technical knockout in Las Vegas yesterday, meaning Horn’s reign as the welterweight world champion is over. The American dominated the contest from start to finish, before Horn was knocked down in the ninth. While bloody and bruised, requiring 26 stitches after the match, Horn remains adamant he can still mix it with the best after the defeat. “I’m disappointed but I’m not hurt at all, these things happen,” he said. “It’s my first loss as a professional, I can keep going, I can rebuild.”

Have a great day.

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