Good morning. You might have to get your own coffee at work as graduate jobs slowly disappear with the emergence of AI.

AI will now summarise law cases, automate reporting for accountants and produce power point presentations for consultants - all jobs that were performed by graduates. It's OK though because new jobs are emerging though....right?

All the headlines and more below...

AUSTRALIAN NEWS

Card payment surcharges should be banned for debit and credit payments, RBA says

• The RBA has proposed banning surcharges on Eftpos, Mastercard and Visa card payments to save consumers an estimated $1.2B annually. LINK 

• The ASX 200 index reached a record close of 8,630.3 as tech and healthcare sectors drove gains. LINK

• Commercial property investment has increased 57% year-on-year as wealthy and lower-income investors enter the market. LINK

• The proposed Melbourne data centres could consume annual drinking water for 330,000 people. LINK

• Australian-Chinese relations have strengthened under PM Albanese with improved diplomatic ties and reduced trade barriers. LINK

• Australian venture capital firms have completed $2.9B in start-up exits during FY25's first half, signalling a revival in tech dealmaking. LINK

• The Department of Employment has warned that NDIS-funded jobs growth is negatively impacting productivity. LINK

• Australian superannuation sector must improve retiree services as only 33% of people over 45 feel financially prepared. LINK

• Prime Minister Albanese characterised his meeting with President Xi as constructive despite China dismissing concerns about military drills. LINK

GLOBAL NEWS

Crypto bills set to advance this week take industry closer to mainstream

• The US Congress is preparing major cryptocurrency bills during "crypto week" to support stablecoin adoption whilst Bitcoin surges above US$120,000. LINK

• China's economy grew 5.2% in Q2 FY24 despite weak exports and low consumer confidence. LINK

• Bitcoin reached US$123,153 as investors anticipate major US crypto legislation. LINK

• Artificial intelligence is transforming the workforce by automating junior roles whilst challenging traditional career development pathways. LINK

COMPANY NEWS

Starbucks to shift to 4-day work from office

• Starbucks will require corporate staff to work 4 days in office to support cultural rebuilding. LINK

• A Deloitte survey shows 64% of finance departments now use AI while most CFOs develop comprehensive strategies. LINK

• Meta is offering up to $150M per recruit to attract top AI talent whilst leading the global race for super-intelligent software. LINK

• Rio Tinto has selected longtime Australian executive Simon Trott as CEO starting August FY25. LINK

• Bupa faces an Australian Nursing and Midwifery Federation dispute over aged care rostering changes. LINK

• Meta will invest hundreds of billions into AI data centres as its Prometheus facility prepares for 2026 launch. LINK

• Hub24 reported $5.3B in Q4 net inflows while annual funds under administration rose 30% to $136.4B. LINK

• Nine Entertainment is expanding its Stan workforce after acquiring EPL broadcasting rights. LINK

• AI-powered platforms like Perplexity and OpenAI are challenging Chrome in the US$300B search market. LINK

• MLC Investments is partnering with TAL and Challenger to launch a retirement superannuation product with digital tools. LINK

• oOh!media lost its Auckland Transport contract affecting 4% of FY24 revenue. LINK

• TSMC projects Q2 profit of US$12.9B as AI chip demand surges despite tariff challenges. LINK

• BHP estimates $65M in legal fees for a UK lawsuit over a Brazilian dam disaster. LINK

CHART OF THE DAY

Continental shift: The world's most populous countries

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Odd Pick: Meet the daredevils who take on the Grand Canyon's most terrifying job.

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TRIVIA

You have a 12-hour digital clock. If you look at it at a random time, what is the probability that the time will contain the digit 1?

Answer below

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ANSWER

There is a ½ probability the clock will contain the digit 1.

All the times starting with 1:XY, 10:XY, 11:XY and 12:XY contain a 1. This accounts for 4 hours. For the remaining 8 hours, the digit 1 appears in the minutes 1, 10-19, 21, 31, 41 and 51. This adds up to 15 minutes per hour of the remaining 8 hours, which is 2 hours.

Summing these values, we get the digit 1 appearing for 6 hours, which is 50% of the time on the 12-hour clock - a nice, round answer!

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