The 10 most important things in the world right now

Get excited. Qantas will make Foxtel, Netflix and Spotify available when it starts to roll out its free in-flight wi-fi on domestic flights later this month. Source: Supplied.

Hello! Here’s what you need to know on Wednesday.

1. Trump’s team had plenty of talks with the Russians. It wasn’t just former National Security Adviser Michael Flynn, who resigned yesterday. Intercepted calls allegedly show the Trump campaign had multiple contacts with senior Russian intelligence officials before the election, which makes the scope of suggestions by Congress Republicans for a probe into Flynn suddenly much trickier.

2. Australia’s biggest bank made another record profit. The Commonwealth Bank made $4.91 billion (£3.02 billion) in six months to Dec 2016, but its CFO warned rising populism shows times have changed and companies need to adapt.

3. It could be the end for Japanese conglomerate Toshiba. Losses on its Westinghouse nuclear energy business led to forecasts of a full year ¥712.5 billion (£7 billion) writedown and the resignation of chairman Shigenori Shiga. That means negative shareholder equity of ¥150 billion (£1 billion) when Japan’s financial year ends in March.

4. Federal Reserve Chair Janet Yellen thinks restricting immigration would have a negative impact on the US economy. “Immigration has been an important source of labour force growth. So slowing the pace of immigration probably would slow the growth rate of the economy,” she said.

5. She also said that waiting too long to raise interest rates is “unwise” and could cause a recession. The Fed has indicated that there could be three rate increases in 2017.

6. The US Navy spotted a Russian spy ship off the coast of Delaware. The timing of the incident coincided with Flynn’s resignation for reportedly having inappropriate conversations with Russia.

7. Russia secretly deployed nuclear cruise missiles that violate a treaty with the US. The missiles have a range that would allow Russia to hit European capitals from its homeland. Meanwhile, Russia denies US claims that Russian jets also came close to a US Navy destroyer in the Black Sea.

8. Kim Jong Un’s half brother has been murdered in Malaysia. It’s not yet how Kim Jong Nam was killed after falling in at Kuala Lumpur airport, however the US suspects North Korean agents were involved.

9. Australian pizza chain Domino’s is becoming a global powerhouse. The company, which also operates in Europe and Japan, posted a record profit, up 32.5%, after selling more than $1.16 billion (£710 million) of pizza globally last year.

10. The EU Commission has killed off Britain’s hopes of sealing separate bilateral deals with other EU countries while it negotiates the terms of Brexit. Meanwhile, Deutsche Bank thinks the pound could fall by another 16%.

BONUS ITEM: A New Zealand beach has been closed amid fears of hundreds of “exploding whales”. 650 pilot whales beach themselves in New Zealand over the weekend and now there are fears that the carcasses could spontaneously explode caused by gas build-up.

And finally…

These are the watches worn by some of the most powerful men in finance

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