🗞️ Fyre Fest

Good morning. This headline shouldn't be real: Fyre Festival 2 is happening.

The infamous initial Fyre Festival was billed as a luxury concert experience, where guests would stay in Bahamian villas and dance on the beach to live performances from Blink-182 and Disclosure. Instead, attendees were met with no clean water, no accommodation, no performances and no refunds — leading to Billy McFarland’s fraud conviction, a $26 million fine and a 6-year prison sentence.

Fyre Festival 2 sounds much more promising... Billy McFarland still doesn’t know where it’s going to be. Who's performing. Or when it will be. But he says it will definitely happen.

After all, he’s already sold tickets for $549.89 (bargain).

All the headlines and more below...

AUSTRALIAN NEWS

Queensland Council of Social Services report finds parents skip meals to feed their children

• Many parents are skipping meals to feed their children, with 3 out of 5 families operating on a deficit budget to afford basic necessities. LINK

• One-third of first-home buyers in Australia used federal assistance to buy homes in FY24. LINK

• Productivity in Australia's public service and government-funded sectors, including health and education, has hit an 18-year low. LINK

• Regional universities in Australia have been instructed to stop enrolling the majority of their overseas students at metropolitan campuses. LINK

• Medicine shortages in Australia are putting pregnant women at risk, with doctors warning that critical obstetric medicines are in short supply. LINK

• Australia’s hospitality sector is grappling with a severe skills shortage, compounded by a cost-of-living crisis that is making it difficult for businesses to attract staff. LINK

• Contactless payment systems in Australia have become more expensive. LINK

• The ACCC chair has called for a ban on strata insurance commissions after Australia's largest strata insurance broker, Steadfast Group, was caught misleading clients. LINK

GLOBAL NEWS

Oil rebounds from week of heavy losses as storm approaches US Gulf Coast

• Oil prices jumped, recovering from a selloff, as a potential hurricane system threatened the US Gulf Coast. LINK

• China's deflation risks are growing as weak consumer demand drives core inflation to its lowest level in 3 years. LINK

• China's digital ad spend continues to surge, with 82% of all advertising in the country now appearing on digital platforms, far surpassing rates in Australia and other global markets. LINK

• Iron ore prices dropped below US$90 per tonne as China's economic slowdown and growing US recession fears caused turbulence in commodity markets. LINK

COMPANY NEWS

Afterpay invests in brand marketing to power growth

• Afterpay is investing heavily in brand marketing to drive growth with a campaign aimed at broadening awareness beyond fashion and beauty. LINK

• Domino's is facing a shareholder class action over allegations that it misled investors about its expected performance in the Japanese market in 2021. LINK

• Westpac has appointed Anthony Miller as its new CEO, replacing Peter King, as the bank seeks to move on from its governance crisis while focusing on expanding its business lending. LINK

• Smiggle boss John Cheston has been fired by Solomon Lew for misconduct after he was poached by rival Lovisa. LINK

• Star Entertainment has appointed former Crown Melbourne COO Mark Mackay to lead its Gold Coast property. LINK

• Myer has brought in Boston Consulting Group to review the retailer, focusing on strategies to improve product offerings and compete with both traditional and online rivals. LINK

• APRA repeatedly warned ANZ executives in 2022 and 2023 about cultural failings and a lack of clear risk management. LINK

• Foxtel is facing the challenge of refinancing its $1.2B debt amid News Corp's attempts to sell its 65% stake. LINK

• ARB Corporation, Australia's largest 4WD parts specialist, has expanded its presence in the US market with a US$30M deal to acquire 42 retail stores. LINK

• Panasonic's energy unit is preparing for high-capacity EV battery production. LINK

THE ODD PICK

Common food dye turns live mice transparent

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BRAINTEASER

What time is it?

It's Tuesday so your brain should be in peak problem solving mode. Can you get the brain teaser below?

You look at the clock and it shows 3:15. If the clock is reflected in a mirror, what time will the reflection show?

Answer below

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ANSWER

8:45

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