🗞️ Kill switch

Good morning. A lot of people would love to get revenge on their former employer post being terminated.

David Lu decided this in advance of termination and utilised his skills as a software developer accordingly. David implemented a 'kill switch' that would lock out all users if his credentials in the company's directory were disabled.

Post his termination from the company and the 'kill switch' activation, thousands of employees were impacted and the business faced hundreds of thousand of dollars of losses. David now faces up to 10 years in prison which we assume was not worth the revenge act.

All the headlines and more below...

GENERAL PICK

• An economist’s perspective on last night’s federal budget. LINK

AUSTRALIAN NEWS

Australian supermarkets see lower price hikes than other nations

• Australian supermarkets have shown lower price increases than the UK, US, Canada and New Zealand. LINK

• Proposed Brisbane Olympics plans have sparked fierce backlash online with a new $3.7B stadium at Victoria Park with 60,000 seats whilst reversing previous plans to upgrade existing venues. LINK 

• Social media influencers joined Australia's federal budget lock-up for the first time to expand economic policy discourse. LINK

• Coastal property values have surged up to 500% over 30 years despite rising storm and cyclone risks. LINK

• The Australian government has prioritised local technology sector benefits in federal procurement to support domestic industries. LINK

• Australian retirees are leaving behind unspent wealth due to savings concerns despite having adequate funds. LINK

• Regional independent supermarkets are struggling as Coles and Woolworths capture two-thirds of grocery sales. LINK

• Homebuilders face increased insolvency risks as demand rises while small businesses remain vulnerable due to weak cash reserves. LINK

• Australian mask manufacturers warn of sector collapse without government support as cheaper imports flood the market. LINK

GLOBAL NEWS

New Zealand hit with an earthquake

• A magnitude 6.7 earthquake struck off New Zealand’s South Island. LINK

• US business activity grew in March whilst manufacturing declined and economic confidence dropped. LINK

• Global investment data shows 95% of active funds underperform their benchmarks over 15 years. LINK

• UK consumer confidence is falling as spending reduces ahead of government budget cuts. LINK

• New US tariffs have been implemented on car imports and pharmaceutical goods. LINK

COMPANY NEWS

BYD posts surpasses Tesla in revenue after unveiling 5-minute supercharger for electric vehicles

• BYD has surpassed Tesla in FY24 revenue with US$107B as hybrid car demand increased. LINK

• PwC has settled a multimillion-dollar lawsuit with a former partner over leaked government tax documents. LINK

• ANU executives admitted to a $60M overestimation in the FY24 budget deficit. LINK

• A journalist has sued Seven Network for allegedly breaching a confidential settlement deed. LINK

• Slater and Gordon has referred findings of its forensic investigation into a malicious email to Victoria Police, discovering a former employee may have been responsible for the attack. LINK

• American personal genomics and biotechnology company 23andMe has filed for bankruptcy whilst planning to sell its assets. LINK

• PwC delivered a $60M tech project for AMP Bank by minimising software customisation. LINK

• Intrepid Travel has reported $626M in FY24 revenue due to Asian reopening and European expansion. LINK

CHART OF THE DAY

Leaders underestimate employees’ AI use

ONE MORE SCROLL

Editor’s Pick: A page that rates cute dogs.

Odd Pick: Why cockroaches are so resilient.

TOGETHER WITH

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BRAINTEASER

I took the above photo of the night sky. There were precisely 13 stars in the frame of my camera when I took the photo. However, as I clicked the button to take the photo, a bird happened to leave some droppings on my camera’s lens that formed the shape of a star, indistinguishable from the other stars. Which of the stars in the photo is actually a bird’s droppings?

Answer below

OUR SOCIALS

ANSWER

The supposed star, surrounded by the red circle below, is actually a bird’s droppings.
The dark part of the Moon blocks all the stars behind it. It therefore follows that it’s not possible for there to be a star in this section of the Moon and it must be the bird’s droppings!

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