🗞️ Barbie goes blind

Good morning. Feel like everyone is heading to Bali at the moment? Aside from the allure of Bintangs, beaches and 'finding yourself' while at a yoga retreat, it may be because airfares fell 17% in H1 of 2024

Flight Centre said that average global airfares had fallen for 4 quarters in a row making it that little bit cheaper to get out of the Australian winter.

When it feels like everything is going up but the temperatures - a late winter holiday seems quite attractive. 

All the headlines and more below...

AUSTRALIAN NEWS

An exodus from NZ means there are more Kiwis here than ever before

• New Zealanders moving to Australia hit a record high, with over 700,000 Kiwis now living in Australia due to better job opportunities and residency pathways. LINK

• Tech giants in Australia must now report their efforts to tackle online child sexual abuse every 6 months. LINK

• The Aussie women’s water polo team has confirmed 5 positive cases of Covid-19 before the Games commencement. LINK

• Melbourne’s office vacancy rate hit 19.6% as tenants move to newer, more efficient towers, leaving older buildings empty and obsolete. LINK

• Australia's telcos are giving away free mobile phones and gift vouchers to shift customers off 3G ahead of the network shutdown. LINK

• NSW teachers to get AI training as part of proposals to use AI ethically and protect copyrighted works. LINK

• Australian universities are digitising to enhance the student experience and create new revenue sources amid reduced government funding and caps on international students. LINK

• The Brisbane 2032 Olympic Games stadium is yet to have a business case due to clashes between federal, state and council governments. LINK

• The recent cold snap has driven up energy prices and highlights the need for gas and coal, as power generation from wind fell in the June quarter. LINK

• New gas exploration permits have been approved off SA, Victoria and Tasmania coasts to boost Australia’s east-coast energy supply. LINK

• Australia’s mortgage market sees a rise in new loans and a decline in refinancing activity as the market adjusts to the expiry of fixed-rate loans. LINK

• Funeral costs are rising faster than inflation, prompting families to seek ways to lower expenses without compromising on the grieving process. LINK

GLOBAL NEWS

North Korean trash balloons land near South Korea's presidential complex

• North Korea continues to float trash balloons over the south border, landing near South Korea’s presidential complex. LINK

• Travel to Bali has become cheaper with airfares falling by 17.7% in H1 2024, the biggest drop among international destinations from Australia. LINK

• Spot Ethereum ETFs have begun trading after receiving SEC approval. LINK

• Typhoon Gaemi is hurtling towards Taiwan, cancelling flights and shut down schools, offices and financial markets, after having triggered severe floods and landslides in the Philippines. LINK

• A Canadian women’s football team staff member was detained by police for using a drone to spy on the New Zealand team’s training sessions. LINK

• Ahead of the Olympics, Chinese swimmers have been drug tested more than 600 times in 2024, far more than any other country. LINK

• Global AI investment is rising despite concerns over bias, with 68% of executives fearing AI bias could lead to "embarrassing outcomes”. LINK

• The Russian government is considering a ban on diesel exports due to rising domestic prices. LINK

• UK grocery sales grew 3.6% YoY over the 4 weeks to July 13, driven by hot weather, the Euro 2024 soccer championship, and promotions on branded goods. LINK

• Thailand to hand out US$14B cash stimulus in a bet to revive its economy. LINK

COMPANY NEWS

‘A positive step forward’: Mattel launches first blind Barbie

• Mattel debuts its first-ever blind Barbie. LINK

• Apple is likely to introduce a foldable iPhone by 2026. LINK

• Deloitte Australia reports the highest number of ethics breaches in 3 years, with 144 staff disciplined in 2024. LINK

• TPG Telecom email customers will be charged up to $95 annually starting September after their accounts were transferred to a Norwegian company. LINK

• Spotify posted a record quarterly profit, slightly ahead of expectations. LINK

• Meta Platforms has released the largest version of its Llama 3 AI models with multilingual skills and improved coding and math. LINK

• LVMH missed its Q2 2024 sales estimates due to a slowdown in the Chinese market. LINK

• ANZ’s $14B bond sale is under ASIC investigation for suspected illegality around insider trading. LINK

• Visa's Q2 2024 revenue growth fell short of targets as steep borrowing costs limited consumer spending. LINK

• Visa prevented 80 million fraudulent transactions worth $40B globally last year through investments in technology, including AI. LINK

• Perpetual clients pulled almost $8B from the company’s funds just before the sale of its wealth division. LINK

• Deutsche Bank posted its first loss in 4 years in Q2 2024, after setting aside €1.3B for an investor lawsuit. LINK

• Coca-Cola raised its annual sales and profit forecasts, driven by price hikes and strong demand in international markets. LINK

• Rolls-Royce is developing a smaller version of its Ultrafan engine demonstrator for next-generation narrow-body jets. LINK

• Alphabet beat Q2 profit estimates due to a rise in digital advertising sales and strong demand for its cloud computing services. LINK

• Tesla reported its lowest profit margin in over 5 years and missed Q2 earnings targets as price cuts and increased spending on AI projects affected margins. LINK

CHART OF THE DAY

China’s Chicken Feet Suppliers

• They're a staple on dim sum menus and a beloved street food, but a recent spike in chicken feet prices may soon make them inaccessible to many Chinese consumers.

• Wholesale prices have surged by approximately 10% since Brazil halted chicken exports to China last weekend due to a virus outbreak.

• Despite China producing chicken feet domestically, the country remains dependent on imports, bringing in around $2.3B worth last year.

BRAINTEASER

It’s Game Time

How quickly can you solve this brainteaser? 

At a zoo there are snakes, horses and eagles.

Snakes have no legs, horses have 4 legs, and eagles have 2 legs.

There are 9 of these animals altogether, with 10 legs in total.

What is the highest number of snakes that can be at the zoo?

Answers below

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ANSWERS

6 snakes (2 horses and 1 eagle)