The 10 most important things in the world right now

Russian female officers attend the Victory Day military parade to celebrate the 72nd anniversary of the victory in WWII in Red Square on May 9, in Moscow. (Photo by Mikhail Svetlov/Getty Images)

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

1. Donald Trump fired FBI director James Comey. The man US Democrats blame for losing the election lost his job on the recommendation of Attorney General Jeff Sessions and his deputy Rod Rosenstein, who concluded the FBI suffered “substantial damage” to its credibility in the past year as a result of Comey’s actions during an investigation into Hillary Clinton.

2. The New York Times editorial board eviscerated Trump over the firing. “This is a tense and uncertain time in the nation’s history,” the board wrote. “The president of the United States, who is no more above the law than any other citizen, has now decisively crippled the FBI’s ability to carry out an investigation of him and his associates.”

3. Theresa May wants to bring back fox hunting to Britain. On the campaign trail for the June 8 election, the prime minister said she’d “always been in favour” of hunting and intends to honour the Tory party’s commitment to allowing parliament a free vote on the issue.

4. Billions in EU funding for small UK businesses is about to get shut off. The EU has earmarked £3.6 billion ($AU6.34 billion) in regional development funds for UK firms until 2020, but nothing beyond 2021, according to a report from the Federation of Small Businesses.

5. A British man linked to ISIS militant “Jihadi John” has been convicted of terror offenses in Turkey. Aine Lesley Davis was arrested in 2015 and is believed to have left the UK to join the Islamic State in 2013.

6. South Korea’s new president is already making big moves — including reconsidering the US THAAD anti-missile system. Former human rights lawyer Moon Jae-in, 64, was elected on Tuesday following the impeachment and detention of former president Park Geun-hye on corruption charges.

7. Now China is testing missiles in a signal to the US. The new type of missile was aimed towards waters west of the Korean peninsula, China’s defence ministry announced on Tuesday, but did not say what kind. While the PLA did not say it, most observers concluded it’s a signal to South Korea and the US over the THAAD system.

8. Two of the biggest questions hanging over Uber’s legal fight with Google are “likely” be decided this week. These questions relate to whether Waymo will win a preliminary injunction to ban Uber from using its trade secrets and halting parts of its research, and Uber’s argument that the case should not be heard in open courts in the first place.  

9. The Australian budget went after the nation’s biggest banks, wiping $AU18 billion off their market value. Speculation on the new levy, which is expected to raise $6 billion over four years, wiped $AU10 billion from the market value of the five banks before the budget, and a further $4 billion on Wednesday. The banks have now launched a war of words against the government.

10. The Qantas CEO was hit with a pie in the face over his support for marriage equality. Alan Joyce was about to speak at a business breakfast in front of 500 people when a 67-year-old man covered the openly gay CEO in cream pie in protest against the company’s pro-marriage equality stand. Joyce plans to press charges against the “devout” Christian.

And finally…

The 24 major cities with the highest salaries in the world

You can get 10 things straight to your inbox each afternoon by entering your details in the form below.

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.