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10 things you need to know this morning in Australia

Sharon Masige

Good morning!

1. China says US trade war talks will resume in October. The announcement came after last weekend's new round of tariff hikes by both sides in a fight over trade and technology.

2. Stocks surged on Thursday after the US and China announced the talks in October. Investors are hoping the countries will strike a deal.

3. A former Amazon executive believes Australia retailers like Bunnings and The Good Guys have what it takes to beat it at its own game. Jon Reily told Business Insider Australia that with Amazon expected to take several more years to hit its strides in the Australian market, retailers are able to get ahead of the curve and outmuscle it before it finds its footing.

4. Twitter CEO Jack Dorsey helps unveil new Square terminals in Australia. Dorsey - who owns the payment service - was in Melbourne on Thursday amid the rollout.

5. Australians are hanging onto their homes much longer. Research from CoreLogic found Australians are holding on to their homes for nearly four years longer than they were 10 years ago, with homeowners in Victoria being the worst offenders.

6. New Zealand could legalise recreational marijuana in 2020. Jacinda Ardern’s government announced in May that it would hold a referendum in November 2020 which could see cannabis legalised for recreational use and Australian company Greenfield MC could reap the rewards.

7. Elon Musk slams Porche's new Tesla rival. Musk tweeted about Porsche’s Taycan Turbo electric sports car on Thursday, appearing to poke fun at the vehicle’s name. However, Musk was later roasted by Twitter users for his own definitions.

8. Facebook launched its dating service, Facebook Dating, in the US. The US is the 20th country to get access to in-app service since it was unveiled in 2018.

9. WeWork could delay its IPO. WeWork’s parent company, The We Company, is eyeing a valuation of about $US20 billion in its initial public offering, according to reports from Bloomberg and The Wall Street Journal - a drop in value of about 50% from its most recent private valuation. A delay could also be on the cards.

10. Slack plummets on its inaugural earnings report. Slack reported its first quarterly earnings as a public company on Wednesday, citing a larger-than-expected operating profit loss in the second quarter.


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