🗞 Can't grow a beard?

Good morning. A quick roundup of the week’s (not so important) headlines that didn't make our daily news:

• We can no longer use the term Bennifer.

• The new 'Ice Bucket Challenge' is the act of letting AI analyse and then roast your social media platform.

• A Wyoming Mayor candidate promises to let an AI chatbot make all decisions.

• Taliban sacks hundreds of men because they can’t grow beards.

Have a great Friday.

All the headlines and more below...

AUSTRALIAN NEWS

Retirement and work blend is the way of the future

• More than 75% of older Australians are open to working beyond retirement age, with many concerned about running out of money due to high inflation and longer lifespans. LINK

• The government has agreed in principle to a new aged care funding model, including an exemption for people on home care waiting lists from the new user-pays fee structure. LINK

• ASIC's budget is set to decline in real terms over the next 4 years, with funding expected to fall. LINK

• Aussie house sellers recorded an average gross profit of $326,000 in the past FY, driven by strong price gains despite rising interest rates. LINK

GLOBAL NEWS

Divers find bodies during search of superyacht wreckage

• Divers have recovered 5 bodies, including those of tech entrepreneur Mike Lynch and his daughter, from the wreckage of a superyacht that sank off Sicily. LINK

• Hedge funds are backing a rapid rebound in Japanese stocks despite a recent crash, betting on a strong recovery. LINK

COMPANY NEWS

Fried chicken margins shredded as costs bite Collins Foods

• Collins Foods, which operates KFC and Taco Bell, warned of slowing chicken sales and falling profit margins due to rising staff, energy, and store costs. LINK

• Zoom raised its annual revenue forecast, driven by strong demand for its AI-powered collaboration tools. LINK

• PwC China expects a 6-month business ban starting in September due to its audit of collapsed property developer Evergrande. LINK

• The ACCC has warned Qantas and Virgin Australia against price gouging on routes where they previously competed with Rex. LINK

• MA Financial Group reported stronger-than-expected interim results and flagged a boost in earnings as its investment in residential property lender MA Money and other initiatives pay off. LINK

• NAB will raise the maximum variable rewards for its home lending bankers to 80% of their base salary, following similar moves by CBA and Westpac. LINK

• Experience Co reported that skydiving operations in Queenstown are recovering faster than similar businesses in Australia. LINK

• The Reject Shop is showing signs of recovery with better homeware offers, but rising in-store theft and supply chain costs continue to impact profit. LINK

• Realestate.com.au has introduced AI-powered tools to allow homeowners to digitally renovate their properties. LINK

• Ford is retreating from some of its all-electric vehicle plans due to losses in its EV division, instead prioritising hybrid technology. LINK

• Superloop has halved its losses as its revenue jumped nearly 30%, benefitting from customers leaving tier 1 telcos for cheaper options amid the cost-of-living crisis. LINK

• Uber will shut down its Carshare service on September 12 due to rising operational costs and will instead focus on car rentals. LINK

• Nvidia is nearing a record high as investors anticipate strong earnings driven by continued spending on AI infrastructure and services. LINK

• Insignia paused its dividend and reported a $185.3M annual loss, largely due to remediation costs from the Hayne royal commission. LINK

• Bank of Queensland will cut 400 jobs and end its franchise owner-manager model as part of a $160M restructuring effort. LINK

• Super Retail Group is cautiously optimistic about sales growth in the FY25 after posting record sales of $3.9B in FY24. LINK

• Medibank has warned that private health cover could become unaffordable as it missed its key policy growth forecast due to stiff competition from cheaper rivals. LINK

• UniSuper and its CIO are being sued by a former investment manager for alleged bullying and illegal terminations. LINK

THE ODD PICK

Couple sues Atlanta hospital for allegedly losing part of patient's skull following brain surgery

CHART OF THE DAY

Weighing the value of a product versus their own values, young consumers don’t care about the importance of sustainability in their purchases

COUNTRY OF THE WEEK

Ukraine’s Independence Day

Today is Ukraine's Independence Day—a phrase that feels bittersweet given the current circumstances. How well do you know the resilient, war-torn country?

1. What is the capital city of Ukraine?

2. What is the name of the nuclear power plant in Ukraine where the 1986 disaster occurred?

3. What is the official language of Ukraine?

4. Ukraine is known for being one of the largest producers of which agricultural product?

5. Which Ukrainian dish is a popular soup made from beets, giving it a distinctive red colour?

Answers below

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ANSWERS

1. Kyiv
2. Chernobyl
3. Ukrainian
4. Wheat
5. Borscht