🗞️ Bangers and mash

Good morning. It's Friday and we wish everyone in Melbourne a happy long weekend!

Here is your recap of some weekly stories that didn't make our email:

• British Prime Minister, Keir Starmer, accidentally said, “return the sausages” instead of “return the hostages” which has created some great bangers.

• Venezuela issued an arrest warrant for Argentina’s president on Monday. In a Harvey Spector-like response, Argentina issued an arrest warrant for Venezuela's president on the same day.

• Inflation is 2021's version of Covid where it gets blamed for everything. This time it's the reason why pandas are being removed from a Finland Zoo.

• And in a move no one will notice, Coca-Cola ditched Spiced Cola only months after it hit the shelves.

All the headlines and more below...

AUSTRALIAN NEWS

RSPCA records an increase in animal cruelty in WA's South West region

• The RSPCA has recorded an increase in animal cruelty reports in Western Australia's South West region, with 467 incidents reported in FY24. LINK

• Private credit now accounts for over 10% of business lending in Australia, with non-bank lenders stepping in as big banks pull back from industries facing borrower stress. LINK

• Surgeons, with an average income of $480,000, are among the most likely to use negative gearing to offset property investment losses. LINK

• Australia's job vacancies dropped 5.2% in the August quarter, the 9th consecutive decline. LINK

• A record number of Australian homes have surpassed the $1M value mark, with over 36% of suburbs now boasting million-dollar medians, a significant increase since the start of Covid-19. LINK

• Melbourne's Metro Rail Tunnel project has experienced an $837M budget blowout, bringing the total cost to $13.48B, with the state government blaming global factors such as the pandemic and international conflicts. LINK

• Allegations have surfaced that some dentists in Australia are taking advantage of young patients by performing unnecessary procedures and charging hidden fees without proper consent. LINK

• Australia is lagging behind on mine electrification around the shift from diesel-powered to electric mining equipment. LINK

• The era of hot-desking is coming to an end, with top companies shifting back to more spacious offices. LINK

• Australia tops the list as the most "burnt out" nation globally, with 1 in 2 Australians suffering from excessive stress and burnout.

GLOBAL NEWS

Top Chinese vape firms research nicotine alternatives

• Top Chinese vape firms are researching nicotine alternatives, such as 6-methyl nicotine. LINK

• Global debt has reached a record US$312T, driven by borrowing in the US and China. LINK

• China has pledged more stimulus, including increased fiscal spending and "forceful" interest rate cuts, to stabilise the property sector and boost economic growth. LINK

• The OECD forecasts global growth to stabilise at 3.2% this year as the impact of central bank rate hikes fades. LINK

• Caroline Ellison, ex-girlfriend of Sam Bankman-Fried, was sentenced to 2 years in prison for her role in the FTX fraud. LINK

COMPANY NEWS

Meta unveils AR glasses prototype, Zuckerberg's 'time machine' to future

• Meta unveiled its augmented-reality glasses prototype, Orion, showcasing new AI chatbot capabilities and a Quest mixed-reality headset. LINK

• Spaceship has been acquired by eToro for $80M, giving the stockbroking platform entry into the lucrative Australian superannuation sector. LINK

• The Essential Ingredient, a gourmet food supplier and cooking appliance seller, has collapsed into administration, due to an inability to recover from the difficult trading period during Covid-19. LINK

• Star Entertainment has slashed $1B off the value of its casinos and recorded a $1.7B loss, as it scrambles to find new funding and cut costs. LINK

• Qantas has admitted to misleading customers by selling tickets for ghost flights. LINK

• Qantas engineers have begun rolling strikes, demanding higher wages, though the airline expects no flight disruptions as contingencies are in place. LINK

• Resimax has boosted its housing estate pipeline by $8B, with new projects in Melbourne's growth corridors aimed at providing affordable land lots for homeowners. LINK

• The ACCC has cleared a $1.3B deal between Stockland and Lendlease, allowing the purchase of several housing estates as part of Lendlease’s restructuring efforts. LINK

• PayPal will allow US merchants to buy, hold and sell cryptocurrency from their business accounts. LINK

• Uber and Chinese self-driving technology firm WeRide have partnered to launch robotaxis in the UAE. LINK

• H&M scrapped its 2024 margin target as markdowns and rising costs hurt profits, with third-quarter earnings falling short amid tough competition from Zara and Shein. LINK

• OpenAI is set to restructure into a for-profit benefit corporation, giving CEO Sam Altman equity for the first time, with the potential company valuation reaching $150 billion. LINK

• Google has filed a complaint to the European Commission, accusing Microsoft of anti-competitive practices in the cloud computing market related to its Azure platform. LINK

• Blackstone has confirmed a $13B investment in an AI data centre in northeast England, a project that will create 4,000 jobs. LINK

CHART OF THE DAY

Popular Genres in Popular Film

ONE MORE SCROLL

Odd Pick: Marseille museum opens up naturist exhibition to nude visitors - but only if they wear shoes.

Draft Pick: Everything you need to know about the AFL final on Saturday.

Editor’s Pick: Average GDP growth rates for the next 10 years.

TRIVIA

Just a small town girl, living in a lonely world...

It's Friday night so there's a chance someone will end up at karaoke tonight. Can you name the next line in these karaoke classics?

1. "Just a small town girl, living in a lonely world..."

2. "Is this the real life? Is this just fantasy? Caught in a landslide..."

3. "I got my first real six-string, bought it at the five-and-dime..."

4. "You are my fire, the one desire..."

5. "At first I was afraid, I was petrified..."

Answers below

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ANSWERS

1. "She took the midnight train going anywhere." (Journey - "Don't Stop Believin'")
2. "No escape from reality." (Queen - "Bohemian Rhapsody")
3. "Played it 'til my fingers bled." (Bryan Adams - "Summer of '69")
4. "Believe when I say, I want it that way." (Backstreet Boys - "I Want It That Way")
5. "Kept thinking I could never live without you by my side." (Gloria Gaynor - "I Will Survive")

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