oBike leaves Melbourne amid new fines, first-time home loans down 8%, and more top new

The news Australian professionals are talking about now, curated by LinkedIn’s editors. Join the conversation in the comments below.

Controversial bicycle sharing company oBike is leaving Melbourne rather than cop new fines. The Singaporean bike-sharing system allows users to leave a rented bike anywhere, to be found and collected via GPS bluetooth, but users left bikes blocking roads, and parks. The city introduced a $3000 company fine if a bike blocked a street for more than two hours and the company pulled out of the city. The company also had its Adelaide operating licence revoked but remains in Sydney.

First time home-loan sales have dropped 8% since March while property investor loan sales hit a six-year low. New data from the Australian Bureau of Statistics found overall Australian home loan approvals dropped 1.4% in April, to a value of $10.75bn. Investment bank UBS warned a “disorderly” housing correction was due with capital city house prices already falling and credit conditions set to tighten in the wake of the Banking Royal Commission.

President Trump and North Korean leader Kim Jong Un have agreed to total denuclearisation and peace on the Korean Peninsula in exchange for U.S. security guarantees. "President Trump committed to provide security guarantees to the DPRK, and Chairman Kim Jong Un reaffirmed his firm and unwavering commitment to complete denuclearisation of the Korean Peninsula," reads the agreement signed by the pair at their historic summit ion Tuesday. The news had a modest positive effect on global markets including Australia.

Chinese phone company Huawei will reportedly win a Perth infrastructure contract despite security concerns. The Australian Financial Review reports Huawei will win a $120m contract to build a new 4G communications system for Perth's metropolitan rail system despite strong objections from national security experts. The system will control a driverless train network and the Home Affairs Department has reportedly sought to limit how Huawei interacts with other state government services.

Australian business conditions and confidence fell sharply in May. The NAB Business Survey showed businesses in New South Wales and Victoria were the least confident. While retail had a modest improvement, it remained the weakest sector. Online eyewear stockist Vision Direct said some retailers failed to adapt.

Idea of the Day:  Honest and clear communication is a key component to growing your career, says ActOne Group CEO Janice Bryant Howroyd. And that means bringing your whole self to the conversation.

“Communication is not merely talking…it’s listening, seeing, and being invested.”

What's your take? Join the conversations on today's stories in the comments.

— Cayla Dengate & Natalie MacDonald

This article has been changed. Earlier: Tech company Unlockd has collapsed and it’s blaming its demise on Google.