🗞️ Decillion dollars

Good morning. Russia, everyone's favourite country right now, has ordered Google to pay a fine of $2,000,000,000,000,000,000,000,000,000,000,000,000,000 Russian rubles after it removed state run and pro-government ads from YouTube.

To put that in perspective, that’s US$2.5 decillion, the equivalent of a trillion times a trillion times a trillion or an undecillion Russian rubles (which we had never heard of).

The fine is a lot greater than the world's total GDP, estimated at US$110 trillion, and given Google has a stock market value of ~US$2 trillion, we've got a feeling this fine might go unpaid.

All the headlines and more below...

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AUSTRALIAN NEWS

1 in 2 Gen Z want to be social media influencers

• More than half of Gen Z aspire to be social media influencers, but the saturation means fewer can pursue it as a full-time career. LINK

• A new report by Australia's leading climate agencies reveals that Australians can expect more frequent and intense heatwaves and dangerous fire risks due to a 1.5°C rise in temperature over the past century. LINK

• Rising temperatures have reduced snowfall and decreased snow days in Australian alpine regions, threatening the future of the country's ski industry. LINK

• Remote Indigenous Australians are paying more than double the prices for everyday groceries compared to those in capital cities. LINK

• Halloween retail spending in Australia continues to grow, with costumes and trick-or-treating remaining major contributors. LINK

• NAB chief Andrew Irvine warns that the housing crisis and regulatory compliance costs are key obstacles to SME growth. LINK

GLOBAL NEWS

At least 95 killed in Spanish flash flooding

• A catastrophic storm in Valencia, Spain resulted in flash floods that killed at least 95 people, as a year's worth of rain fell in just 8 hours. LINK

• QR codes are becoming a popular payment method globally, driven by their success in India and China, and now gaining traction in Australia. LINK

COMPANY NEWS

Amazon workers 'appalled' by AWS CEO’s return to office remarks, urge policy reversal

• More than 500 Amazon employees have petitioned AWS CEO Matt Garman to reverse a full return-to-office policy, disputing his claim that it has widespread support and arguing that it misrepresents their experiences. LINK

• The ACCC is suing Optus for allegedly engaging in unconscionable conduct by selling unwanted phone products to vulnerable customers and then pursuing them for resulting debts. LINK

• Coles is focusing on fewer but deeper discounts as customers are increasingly shopping at multiple retailers and opting for home-branded products to find better deals. LINK

• Coles’ quarterly revenue increased by 2.9% to $10.55B, driven by a 3.5% rise in supermarket sales to $9.51B, despite a 4.4% decline in liquor sales, as the company plans to invest in a new automated distribution centre. LINK

• ABN Group, Australia's second-largest builder, anticipates a 5% decrease in housing starts for FY25 due to weakness in the Victorian market. LINK AFR

• Canva's valuation has surged to nearly $50B following a significant share sale by existing investors. LINK

• Regional Express is selling its Australian Airline Pilot Academy in Wagga Wagga, potentially raising $17M. LINK

• RACQ Insurance experienced a 30% increase in customer grievances due to skyrocketing premiums and poor claims handling, as highlighted by complaints from their 1.7 million members. LINK

• Microsoft's strong earnings saw a 22% revenue increase in its Azure cloud division, fuelled by AI-driven growth. LINK

• Meta reported a 19% increase in quarterly sales but warned of increased infrastructure costs due to AI. LINK

• Corporate Travel Management warns that its Europe revenue growth, which accounts for 20% of its group revenues is at risk due to reduced government travel budgets, despite overall revenue growth expected elsewhere. LINK CB

• Wesfarmers highlights challenging Q1 trading conditions due to weak residential construction, minor decreases in Kmart sales metrics, and losses in the chemicals sector from low global lithium prices, despite positive sales in Bunnings. LINK

• JB Hi-Fi reported a 4.9% sales growth in Q3, driven by a 19.6% increase in New Zealand and supported by a steady 5.3% rise at its appliance chain The Good Guys. LINK

• Google executives have expressed concerns about overpaying Australian news publishers under the media bargaining code. LINK

• Shein and Temu are expected to see increased Christmas spending from Australians, with a 30% jump in monthly customers and a combined $2B in annual sales. LINK

• Coca-Cola raised its annual forecast after surpassing Q3 organic revenue growth expectations, driven by strong demand across energy, coffee and sparkling drinks. LINK

• Booking Holdings exceeded Q3 profit and revenue expectations due to strong international travel demand, particularly in Europe, which compensated for a domestic travel slump in the US and China. LINK

CHART OF THE DAY

Biggest Spenders by Country

ONE MORE SCROLL

Editor’s Pick: How the tiny Caribbean island of Anguilla has turned the AI boom into a digital gold mine.

Odd Pick: Funeral home in Poland apologises after corpse falls out of a hearse and into traffic.

TRIVIA

Were you paying attention?

We finish week 3 of HSC exams with five Biology questions. How much attention did you pay in Science class back in the day?

1. What is the process by which plants convert sunlight into energy?

   A) Respiration

   B) Fermentation

   C) Photosynthesis

2. What is the function of red blood cells?

   A) To carry oxygen throughout the body

   B) To fight infection

   C) To store nutrients

3. What is the smallest unit of life?

   A) Atom

   B) Cell

   C) Molecule

4. What is the largest organ in the human body?

   A) Liver

   B) Brain

   C) Skin

5. Which process involves the division of a cell's nucleus to produce two identical daughter cells?

   A) Meiosis
   B) Photosynthesis

   C) Mitosis

Answers below

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ANSWERS

1. C) Photosynthesis
2. A) To carry oxygen throughout the body
3. B) Cell
4. C) Skin
5. C) Mitosis

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