🗞️ BrutalGPT

Good morning. If you have upgraded to Apple 18.1, you might have noticed some AI notifications pop up on your phone which summarises notifications for you.

While this can be quite handy, it can also be a little brutal - like this summary of someone being broken up with: "Apology for the subpar communication; life busy; not ready for a relationship."

The AI notifications can also miss the context; for example, when someone's Mum texted them, "That hike almost killed me," the son was notified: "Mum tried to commit suicide."

All the headlines and more below...

PODCAST

🎧 Your morning wrap on-the-go LINK

AUSTRALIAN NEWS

Young Australians cut back in cost-of-living crisis while older people shop more

• Young Australians aged 18-29 are reducing spending due to cost-of-living pressures, while older generations maintain higher spending levels. LINK

• Sydney's rail network will cease operations from Thursday to Sunday after union rejection of partial service proposal. LINK

• The AFR’s Top 100 Accounting Firms survey for 2024 reveals AI-adopting firms like BlueRock and McGrathNicol achieved 50% higher growth rates compared to non-AI users. LINK

• The ATO urges businesses to question tax advice following the PwC scandal. LINK

• The RBA board has ruled out early 2025 interest rate cuts, as the slowdown in the job market may have stalled or reversed. LINK 

• Postgraduate education demand in Australia has increased by 18% since 2018, driven by workers seeking flexible, industry-aligned qualifications. LINK

• Cash purchases of residential properties have surged by 14% to $138B across NSW, Victoria and Queensland, with 141,000 properties sold without bank loans in FY24. LINK

• Companies are implementing "stealth sackings," dismissing employees for minor infractions to reduce costs. LINK

• Australians' anxiety and social division have reached record levels due to cost of living, interest rates and migration concerns. LINK

• Finance executives have expressed caution regarding AI implementation, emphasising the need to measure productivity gains to justify investments. LINK

GLOBAL NEWS

Global employers boost hiring towards year end

• Global professional hiring has increased by 8.9% in October, with strong growth in retail, technology and healthcare sectors, particularly in Canada and Mexico. LINK

• Prime Minister Anthony Albanese has committed to strengthening China relations while protecting national interests, following the removal of trade restrictions on $22B of exports. LINK

COMPANY NEWS

Australian hardware chain Bunnings breached privacy with facial recognition tool, regulator says

• Bunnings has breached privacy laws by using facial recognition technology to scan hundreds of thousands of customers across 63 stores without consent, as ruled by the Australian Privacy Commissioner, who has ordered the retailer to halt the practice and destroy collected data. LINK

• The Fair Work Commission has ruled that former Tabcorp CEO Adam Rytenskild can pursue an unfair dismissal case, claiming forced resignation under duress following inappropriate remarks allegations. LINK

• Channel 7 has discontinued its Gold Coast nightly news bulletin. LINK

• HESTA will compensate members affected by March 2020 valuation changes following APRA's concerns about decision-making during Covid-19. LINK

• Microsoft's carbon emissions have surged by 30% amid its AI expansion, prompting the company to address environmental impact by constructing US data centres using timber instead of steel and concrete. LINK

• KMD Brands has reported a 5.8% decline in first-quarter sales, with Rip Curl and Kathmandu sales dropping by 6.7% and 2.7% respectively, while New Zealand sales decreased by 15.4%. LINK

• Etihad has terminated its codeshare and frequent flyer partnership with Virgin Australia as Qatar Airways positions to potentially replace the alliance. LINK

• The ACCC has launched an investigation into Woolworths' supplier rebate practices, questioning executives about rebate targets and alleged deceptive discounting practices. LINK

• Amazon, with 7,500 employees in Australia, has highlighted concerns over tech worker shortages, emphasising the need for increased STEM awareness and mentorship. LINK

• AI startup Perplexity, backed by Jeff Bezos and Nvidia, has launched a shopping hub with Shopify integration to challenge Google's search dominance. LINK

• Nestlé has announced plans to boost growth under new CEO Laurent Freixe, increasing marketing spend to 9% of sales while targeting CHF2.5B in cost cuts by 2027. LINK

• TechnologyOne reported unexpected earnings growth and dividend increases driven by its new sales model and UK expansion. LINK

• Mineral Resources faces governance questions after a $45M transaction was revealed by media rather than company disclosure, raising concerns about board transparency. LINK

CHART OF THE DAY

2024 on track to be the warmest year on record

ONE MORE SCROLL

Editor’s Pick: Tourists will dress up and ‘fight’ at the Colosseum – and Romans are furious.

Draft Pick: Socceroos World Cup chances take huge blow with 2-2 draw with Bahrain this morning.

Odd Pick: Cruise company offers Americans a four-year escape from the Trump presidency.

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BRAINTEASER

Microsoft

On this day back in 1985, Microsoft released Windows 1. Microsoft has grown to become one of the biggest in the world with a market cap greater than US$3 trillion. Microsoft owns a lot of products and subsidiaries. Which of the below do they own?

1. LinkedIn

2. Block Inc

3. Skype

4. Flight Simulator

5. Minecraft

6. GitHub

Answers below

OUR SOCIALS

ANSWERS

1. LinkedIn - Yes
2. Block Inc - No
3. Skype - Yes
4. Flight Simulator - No
5. Minecraft - Yes
6. GitHub - Yes

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