🗞️ D.O.G.E

Good morning. Elon Musk will lead the Department of Government Efficiency (DOGE). If you were thinking that sounds made up, you would be correct.

Trump said this newly created department “will pave the way for my administration to dismantle government bureaucracy, slash excess regulations, cut wasteful expenditures, and restructure federal agencies”.

Most cynical people would say this appointment conflicts with running his many businesses given those businesses have often run afoul of the very rules he would be advising on. Tesla shares are up about 30% since election day and Doge coin is up 143.9%...

All the headlines and more below...

PODCAST

🎧 Your morning wrap on-the-go LINK

AUSTRALIAN NEWS

Tobacco has by far had the biggest price rises since 1984

• Australian tobacco prices have increased by over 4,200% over the past 40 years due to heavy taxation, significantly outpacing inflation of other commodities. LINK

• Australian borrowers are facing mounting pressure to meet loan interest payments, with increasing mortgage delinquencies. LINK

• Public sector wages in Australia have grown faster than private sector pay for the first time since 2020, while overall annual wage growth declined to 3.5% from 4.1% in June. LINK

• Australian wages have risen 3.5% annually in Q3, outpacing inflation at 2.8% for the 4th consecutive quarter. LINK

• Up to 10,000 nurses and midwives across NSW have begun a 24-hour strike demanding a 15% pay rise, causing hundreds of elective surgery cancellations. LINK

• Up to 100,000 juvenile Sydney rock oysters have been stolen from Narooma, prompting a NSW Police investigation into suspects potentially connected to the oyster industry. LINK

GLOBAL NEWS

Flights to and from Bali cancelled after volcanic eruption creates thick ash cloud

• Indonesian volcanic eruptions have caused flight cancellations to and from Bali due to thick ash clouds, resulting in 9 deaths and mass evacuations. LINK

• Donald Trump plans to urge Australia to take a stronger stance against China's assertiveness in the Indo-Pacific. LINK

• Germany will hold early elections in February 2025 after Chancellor Olaf Scholz's coalition collapsed following the firing of the finance minister. LINK

• Experts predict record-breaking toy sales this Christmas, with the £30 "fart blaster" leading consumer preferences as shoppers seek affordable options amid rising living costs. LINK

COMPANY NEWS

Coles to trial AI-powered trolleys in Australia-first move

• Coles is launching a first-of-its-kind trial of AI-powered shopping trolleys in Australia. LINK

• Meta and NIB have received CHOICE Shonky Awards for inadequate scam response and discriminatory premium charges against single parents. LINK

• CBA has reported that operating income grew by 3.5% and expenses increased 3% while maintaining stable mortgage delinquencies at 0.65%. LINK

• Medibank has reported strong quarterly growth in both resident and non-resident insurance segments, targeting over 15% annual organic profit growth. LINK

• Life360 has reported an 18% rise in Q3 revenue to $92.9M, with a 32% growth in member base. LINK

• Insignia Financial has announced plans to achieve $200M in annual cost savings by 2030. LINK

• James Hardie has reported a 23% drop in first-half net profit to US$238.7M, while net sales remained flat at US$1.95B. LINK

• Optus’ new CEO has announced plans for a company reset to enhance customer service. LINK

• ANZ Banking Group is creating new risk manager and regulatory relations roles to address regulatory concerns. LINK

• Samsung Electronics shares have fallen to a 4-year low amid concerns over potential US tariffs under Donald Trump's administration and lagging AI chip market performance. LINK

• Nvidia and SoftBank have launched the world's first AI and 5G telecom network, enabling concurrent AI and 5G workloads for autonomous vehicle support and robotics control. LINK

• Qatar's proposed 25% equity stake in Virgin Australia, along with a wet lease agreement, has promised new pilot jobs through expanded Doha flights. LINK

• Nuix shares have dropped 22% after the company attributed weaker first-half results to non-linear sales patterns. LINK 

• Apple is preparing to announce a wall-mounted AI-powered display, code-named J490, capable of controlling appliances and handling video conferencing. LINK

• Netflix's ad-supported tier has reached 70 million global users, doubling in 6 months and now comprising over half of new sign-ups in available regions. LINK

• Amazon Web Services is offering US$110M in free computing credits using its Trainium AI chips to researchers, aiming to challenge Nvidia's dominance in AI model development. LINK

• On, supported by Roger Federer, has increased its annual sales forecast after surpassing quarterly revenue estimates due to strong holiday demand for new running shoes. LINK

• Shopify forecasted stronger sales growth driven by its integration of AI-powered tools, attracting more merchants despite cautious consumer spending. LINK

• Visa is expanding its 'flexible repayment’ feature to the US and UAE, allowing a single card to access multiple funding accounts. LINK

CHART OF THE DAY

The road to net zero

ONE MORE SCROLL

Editor’s Pick: Spirit Airlines and JetBlue planes struck by gunfire in Haiti.

Draft Pick: Socceroos seek to build on newfound momentum in crunch clash with Saudi Arabia tonight.

Odd Pick: Hackers demand France’s Schneider Electric pay a $125K ransom in baguettes.

TRIVIA

Moonwalking

Apollo 12 launched on this day back in 1969 so we thought we would delve into some space-based questions:

1. What is the average travel time to the moon: 3, 6, 9 or 12 days?

2. What is at the centre of the Milky Way?

3. What colour is the hottest kind of star?

4. Which Apollo mission landed on the moon first?

5. Who were the 3 astronauts on the first mission?

Answers below

OUR SOCIALS

ANSWERS

1. 3 days
2. Black hole
3. Blue
4. Apollo 11
5. Edwin 'Buzz' Aldrin, Neil Armstrong, Michael Collins

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