🗞️ Down to 10

Good morning. Glasgow is saving the Commonwealth Games but like the guest list at your wedding, their were some ruthless cuts.

Only 10 sports have made it in for the 2026 Games with Bowls and 3x3 Basketball making the inclusions list while Sevens, Hockey and Diving were three of the many to miss out.

The full list of who made it and who didn't is here. Is this the beginning of the end for the Commonwealth Games?

All the headlines and more below...

AUSTRALIAN NEWS

Labour shortages put homes for 30,000 Sydneysiders on ice

• Labour shortages and a tripling of builder insolvencies have delayed the construction of homes for approximately 30,000 Sydneysiders, with approved dwelling projects in Sydney increasing by 18% to over 12,000 that have yet to commence. LINK

• A joint select committee on social media has recommended a social media levy/tax and a government relief package for struggling media organisations in response to Meta's withdrawal from the News Media Bargaining Code. LINK

• Year 12 students applying for university this year will be assigned to courses using the "deferred acceptance" algorithm. LINK

• Office tower values, have already dropped over 20% in the past 2 years—losing 21% in Sydney and 27% in Melbourne—and could decline further due to high interest rates, weak tenant demand and the growing trend of flexible work. LINK

• Drones are playing a crucial role in Australia's energy transition by enhancing efficiency and innovation in the industry. LINK

• 42 self-managed superannuation funds in Australia, each with over $100M in assets, collectively receive more than $140M annually in tax breaks. LINK

• Australia's top 5 data centre operators plan to invest an additional $26B in local assets. LINK

• Voluntary administration appointments in Australia surged by 14.5% in FY24, reaching 1,492. LINK

GLOBAL NEWS

Singapore gives early green light to Mike Cannon-Brookes’ Sun Cable

• Singapore has granted early approval for Mike Cannon-Brookes' ambitious $40B Sun Cable project, which aims to construct a solar plant in northern Australia and transmit electricity to Singapore via an undersea cable. LINK

• Donald Trump is now relying on wealthy backers, including billionaires like Elon Musk and Miriam Adelson, for his third White House bid, having raised $514.7M from major donors compared to only $260M from small-dollar contributors. LINK

• Bernard Arnault, Europe’s richest man, is increasing his investments in sports following a successful run at the Olympics. LINK

• In Portugal, a study by McKinsey suggests that retraining 1.3 million workers in generative AI could enable the country to close its productivity gap with the EU by 2030. LINK

• Gold prices have surged to historic highs, reaching $2,740.37 per ounce as investors seek safe-haven assets amid geopolitical tensions and an uncertain macroeconomic environment - silver has also risen. LINK

• Russian government Apple iPhone purchases in the first 9 months of 2024 surged to 6.9 million rubles, quadrupling the amount spent in the same period of the previous year. LINK

• The US is finalising rules to ban certain investments in AI in China and require notification to the Treasury Department. LINK

COMPANY NEWS

Luxury fashion retailer Harrolds collapses, owing millions

• Luxury fashion retailer Harrolds has collapsed after nearly 40 years in business, entering liquidation while reportedly owing millions to various local and global fashion brands. LINK

• McDonald’s clarified that it does not endorse political candidates and remains neutral in political matters after hosting Trump in their drive-thru. LINK

• Microsoft is launching autonomous AI agents, allowing customers to create their own or choose from 10 pre-built bots to manage tasks like client queries and sales lead identification. LINK

• Online home loan platform Unloan transitions into a division of CBA, with revenue growth projected at 400% in 2023 and expected to rise an additional 250% thereafter. LINK

• Meta is restarting its facial recognition technology on Facebook to combat "celeb bait" scams. LINK

• Fintech giant Stripe is set to acquire crypto startup Bridge, a stablecoin infrastructure provider, in a deal reportedly valued at $1.1B. LINK

• HSBC is merging its commercial and investment banking units to streamline operations and reduce costs. LINK

• Bacardi plans to capitalise on Australia's growing appreciation for high-quality tequila and premium spirits, launching the $200 Grey Goose Altius brand. LINK

• Transurban's CEO defended the company's inflation-linked toll road contracts given the benefits of reduced fuel costs, lower carbon emissions and significant travel time savings for motorists. LINK

• AV company Audinate has postponed its revenue targets for FY25 due to weaker customer demand and challenging market conditions. LINK

• Medibank has partnered with Canadian tech firm League, utilising its AI-driven platform to enhance digital health services for customers. LINK

• SAP reported a 27% increase in Q3 cloud revenue to €4.35B, attributed to strong sales of its Cloud ERP Suite and a growing integration of AI in contracts. LINK

• Westpac announced that its net profit for FY24 will be impacted by $123M due to notable items related to unrealised fair value losses and net ineffectiveness on qualifying hedges. LINK

• CSL has halted studies on 3 therapies due to late-stage setbacks and US regulatory concerns. LINK

• The Pharmacy Guild wants the ACCC to block the $8.8B merger between Sigma Healthcare and Chemist Warehouse, as it would give the combined entity control over more than half of the pharmacy sector's revenue. LINK

CHART OF THE DAY

The S&P has more than tripled over the past decade

ONE MORE SCROLL

Editor’s Pick: Elon Musk is giving away US$1M a day to encourage people to vote for Donald Trump.

Draft Pick: The NBA season starts this morning. Here is your season preview.

Odd Pick: Boss laid off member of staff because she came back from maternity leave pregnant again.

TRIVIA

HSC Modern History

Today HSC students will be taking on Modern History, along with other subjects. Can you get the 5 Modern History trivia questions correct below?

1. Who was the first democratically elected president of South Africa after the end of apartheid?

2. What event in 1941 brought the United States into World War II?

3. What year did the Soviet Union officially dissolve?

4. Who was the leader of Iraq during the Gulf War in 1991?

5. Which US President resigned from office in 1974 due to the Watergate scandal?

Answers below

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ANSWERS

1. Nelson Mandela
2. Attack on Pearl Harbor
3. 1991
4. Saddam Hussein
5. Richard Nixon

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