🗞️ Disney, Expedia, & Woolies Goes Vegan

Good morning. The Snoop Dogg Olympics have come to a close after 2 weeks of entertainment. Here's a quick wrap of the quirkier things you may have missed:

• An Egyptian fencer shared that she is 7 months pregnant.

• 61-year-old Ni Xia Lian became the oldest table tennis player ever to secure a win, gaining a standing ovation.

• A Norwegian swimmer declared himself to be the muffin man posting multiple videos about the village muffins.

• And Snoop Dogg did it all... from turning badminton commentary into a rap to wearing the full dressage kit at the Equestrian. His Olympics in photos is worth a look here. He is estimated to have earned $9 million over the 2 weeks - more than 95% of athletes combined...

All the headlines and more below...

PARIS OLYMPICS 2024

• Matthew Richardson and Matthew Glaetzer picked up Silver and Bronze in the Men's cycling keirin.

• The Australian Opals won Bronze in the Women's basketball against Belgium.

AUSTRALIAN NEWS

Sydney’s inner west takes national sale crown for third week in a row

• A 6-bedroom, 6-bathroom home in Strathfield, Sydney, sold for $12.25M, well above its $9M price guide, with Strathfield marking Australia’s top weekend sale for the 3rd consecutive week. LINK

• The federal government's crackdown on overseas students has led to a spike in refugee visa applications. LINK

• Prime CBD retail precincts in Sydney and Melbourne are being driven by robust tourism and international brands, and outperforming office markets with much lower vacancy rates. LINK

• Some retailers in Melbourne's CBD are closing stores due to declining sales and high costs. LINK

• Economists predict the RBA will cut interest rates 3 times in 2025, starting in February. LINK

• Law students are prioritising practical experience and career opportunities when choosing degrees. LINK

GLOBAL NEWS

Multinationals sound alarm over weak demand in China

• Multinational companies like Volkswagen, AB InBev and L’Oreal are reporting weak demand in China, exacerbated by a slowing economy and increased domestic competition. LINK

• China’s consumer prices rose slightly faster than expected in July due to weather disruptions, while producer deflation persisted, reflecting weak domestic demand. LINK

COMPANY NEWS

Disney unveils 'Avatar', 'Indiana Jones', 'Monsters, Inc.' and ‘Villain’ attractions

• Disney announced plans for 4 new cruise ships and 6 new themed lands, including a Disney villains land at Walt Disney World and a doubled Avengers Campus in California. LINK

• Disney plans to spend at least $1B annually over the next 5 years in the UK, Europe, the Middle East and Africa to produce movies and TV shows. LINK

• REA Group (Realestate.com.au) is outperforming Domain in annual results. LINK

• Magellan's shareholders are worried after $800M in funds were withdrawn from the Magellan Global Fund in July. LINK

• News Corp is looking to sell its 65% stake in Foxtel amid declining pay TV dominance and rising interest in streaming services. LINK

• QBE's premium increases are slowing due to heightened competition and tighter household budgets, despite doubling after-tax profits in H1 2024. LINK

• Amazon has partnered with TikTok and Pinterest to let their users buy products on its platform without leaving the social media apps. LINK

• ANZ Bank commissioned a shareholder survey on perceptions of the bank despite being embroiled in a $14B bond trading scandal under investigation by ASIC. LINK

• Woolworths has entered the vegan meat market, offering discount options from Flexitarian Foods. LINK

• Regional Express (Rex) owes $500M to creditors, with 4800 entities affected, including 600 employees who were let go. LINK

• Nick Scali reported a 20.9% decline in full-year net profit to $80.6M due to rising costs and supply issues affecting its operations in Britain. LINK

• Meta’s chatbot, installed on Instagram and WhatsApp, struggled with basic mathematical calculations. LINK

• Expedia beat Q2 profit expectations, driven by sustained demand for international travel. LINK

• Japan’s Fujitsu is reportedly selling its Australian data centre portfolio, valued between $500M and $1B, including facilities in Western Sydney, Melbourne and other locations. LINK

• Google has partnered with Meta to target teenagers with ads whilst circumventing Google’s own policies against advertising to children. LINK

CHART OF THE DAY

What keeps your boss's boss's boss's boss up at night?

TRIVIA

It’s Game Time

It's a sad day as we bid farewell to the Olympic chat for another 4 years. To wrap things up, here’s some final Olympic trivia to enjoy (or to happily say goodbye to if you haven't been following the games):

1. Which city is hosting the 2028 games?

2. What is the name of the river that the triathletes and marathon swimmers competed in this year?

3. What country was the controversial female boxer from, who was on the podium over the weekend?

4. How old was Arisa Trew, the Australian gold medallist in the Skateboarding Park event?

5. Who were Australia’s opening ceremony flag bearers?

Answers below

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ANSWERS

1. Los Angeles
2. Seine River
3. Algeria
4. 14 years old
5. Jessica Fox and Eddie Ockenden