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Good morning. After 151 trillion litres of water poured onto Florida two weeks ago during Hurricane Helene, equivalent to 619 days of nonstop Niagara Falls flow, the state was in no condition for another disaster. Yesterday Hurricane Milton landed and has caused devastation across the state. Here's what we know so far:

• At least 12 people have been confirmed dead and 3.4 million people without electricity.

• 11 million people were at risk of flash and river flooding and a record number of tornadoes caused widespread damage.

• A stadium roof has been ripped off while alligators have been spotted swimming the streets.

• And it's America so Majorie Taylor Green, far-right congresswoman, has blamed the Democrats saying 'they control the weather'.

Some images of the destruction are here and you can follow live updates here. No complaints if you find it 'a little cold' for your bbq this weekend.

All the headlines and more below...

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🎧 Your morning wrap on-the-go LINK

AUSTRALIAN NEWS

Over Two-Thirds Of Large Aussie Companies are Cutting Salaries & Laying Off Staff

• Up to 70% of Australian companies are cutting costs through salary reductions and layoffs, with one-third of contractors losing their job in the past 6-8 months. LINK

• The ATO's transparency report on R&D tax credits highlights unexpected beneficiaries, particularly in the gambling and pokies sectors. LINK

• Labor has delayed a bill to cap international student numbers, leaving universities and colleges uncertain about enrolment plans. LINK

• Workplace distractions significantly reduce productivity in the office, while well-supervised remote work can boost productivity by up to 28%. LINK

• The rapid expansion of the $49B NDIS is draining workers from more efficient industries, now employing 15% of Australia's workforce. LINK

• The ACCC anticipates that 80% of mergers will be cleared within 20 days under new legislation requiring quicker reviews of proposed mergers and acquisitions. LINK

• The Australian government has launched a 'Ransomware Playbook' to aid in managing ransom attacks, coinciding with new legislation requiring companies to report ransom payments or face fines up to $15,000. LINK

• A recent survey reveals that 23% of Australians celebrating Christmas plan to cook and entertain more at home this year. LINK

• The Australian ETF industry has surged to $220B, driven by robust investor inflows totalling $23.3B YTD and strong global sharemarket performance. LINK

• Investor demand for defence-related stocks is rising due to increased military spending and geopolitical tensions. LINK

• The value of Australia's leading wine brands, including Jacob’s Creek and Wolf Blass, has dropped by almost $600M as the industry struggles to attract younger consumers who prefer ready-to-drink spirits. LINK

• Proposed legislation aims to reform Sydney Airport by increasing access to take-off and landing slots for new airlines and addressing slot misuse. LINK

• There are currently a record 370 non-residential cranes across Australia as of Q3 2024, while residential cranes fell to a 2-year low. LINK

• While most men support equal opportunities for all workers, many express concerns that job appointments may not always prioritise merit. LINK

GLOBAL NEWS

Hurricane Milton leaves trail of destruction across Florida

• Hurricane Milton marched across Florida on Thursday, whipping up deadly tornadoes, destroying homes and knocking out power for nearly 2 million people. LINK

• China will resume imports of Australian rock lobster. LINK

• Physics Nobel laureate Brian Hinton cautioned that AI advancements pose significant risks despite their positive potential, warning of possible human subjugation. LINK

COMPANY NEWS

Coinbase the official Crypto Partner for the 2024 Nike Melbourne Marathon Festival

• Coinbase is sponsoring the Melbourne Marathon, offering participants $20 in Bitcoin and allowing them to record their results on a blockchain while providing digital trophies and performance metrics. LINK

• Chemist Warehouse is tackling its credit card transaction costs by implementing a new NAB-backed QR code payment system. LINK

• Former Super Retail co-company secretary alleges in court that the company and CEO engaged in misconduct, including the deletion of emails and attempts to intimidate her to suppress whistleblower reports. LINK

• Guzman y Gomez reported first-quarter sales of nearly $280M as the company continues to expand with 194 stores in Australia. LINK

• Amazon announced new AI tools and augmented reality features at its Delivering the Future event, aiming to reduce delivery times and costs by 25% and enhance customer experience in product discovery and virtual try-ons. LINK

• KPMG reported that 45% of its start-up portfolio now focuses on climate technology, a significant rise from 14% just 2 years ago. LINK

• Amazon will integrate Apple TV+ into its Prime Video service in the US. LINK

CHART OF THE DAY

2023-2028 World Economy Growth Contribution

ONE MORE SCROLL

Editor’s Pick: Taylor Swift is now the richest female musician in the world.

Draft Pick: Spanish legend Rafael Nadal confirms his retirement from tennis.

Odd Pick: Controversial haunted house where staff physically assaults patrons is still open, despite backlash.

QUIZ

Which university is ranked #1 globally?

This week Times Higher Education released their global university rankings. Can you put the top 5 Australian universities in order based on their ranking?

• Australian National University

• University of Sydney

• University of Queensland

• University of Melbourne

• Monash University

And for a bonus 5 points, which global university was ranked #1?

Answers below

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ANSWERS

University of Melbourne (39th)
Monash University (58th)
University of Sydney (61st)
Australian National University (73rd)
University of Queensland (77th)

Oxford University came out on top in the global standings, followed by MIT, Harvard, Princeton and Cambridge.

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