🗞️ LinkedIn's latest INmate

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Good morning. LinkedIn often feels like a platform for not so subtle brags about your career trajectory. Which makes the LinkedIn post from former Executive at the now bankrupt FTX cryptocurrency exchange, Ryan Salame, all the more entertaining.

“I’m happy to share that I’m starting a new position as Inmate at FCI Cumberland!” he wrote, alongside the LinkedIn graphic of a cherry falling off a cupcake and people jumping into the air.

Salame was sentenced to seven and a half years in prison in May after he pleaded guilty to making tens of millions of dollars’ worth of unlawful campaign donations to causes supported by his boss, the equally honourable, Sam Bankman-Fried.

All the headlines and more below...

AUSTRALIAN NEWS

Amazon and MIT study shows how robots will save workers 6 weeks a year

• An Amazon and MIT study found that 91% of Australian workers experienced positive workplace changes due to robots, with 79% recognising the relevance of automation to their jobs. LINK 

• Vacancy rates on affluent suburban retail strips have plummeted to 2.3% over 2 years, as the rise of remote work drives local shopping and revitalisation of these areas. LINK

• Small businesses are imposing excessive debit and credit card surcharges on customers to accumulate Qantas Frequent Flyer points. LINK

• Contrary to popular belief, research shows that Millennials and Gen Z workers in Australia are actually switching jobs less frequently than previous generations. LINK

• Workers affected by non-compete clauses earn, on average, 4% less than their peers who are free to switch jobs, with lower-skilled workers experiencing a wage decline of approximately 10% after 5 years. LINK

• Amid a severe teacher shortage in Victoria, university students training to be teachers are reconsidering their careers after witnessing alarming behaviours in secondary schools. LINK

• Melbourne's CBD office vacancy rate has reached 20%, prompting landlords to offer significant rent discounts in a market struggling with the lasting impacts of the pandemic and remote work trends. LINK

• Efforts to impose weekly hour limits on entry-level investment bankers face challenges due to the inherent competitiveness of the industry. LINK

GLOBAL NEWS

Indonesia asks Apple, Google to block Temu to protect small merchants

• Indonesia has requested Apple and Google to remove Chinese e-commerce platform Temu from their app stores to protect local small and medium-sized enterprises. LINK

• After 2 challenging years, resource funds are rebounding as managers seize opportunities from China's stimulus and the US Federal Reserve's rate cut. LINK

• Sector-focused ETFs, particularly those tied to US tech stocks, have outperformed broader market ETFs in Australia. LINK

COMPANY NEWS

SpaceX’s Starship rocket lands booster in dramatic catch of the day

• SpaceX successfully “caught” its Super Heavy booster at the launchpad that it was launched from on Sunday morning. LINK

• Atlassian’s AI head emphasises that while employees using AI tools save an average of 20 hours a month, the focus should be on enhancing productivity and meaningful work rather than simply redistributing time for work-life balance. LINK

• Coles has initiated a significant restructure to enhance grocery availability by introducing new executive roles for improved supplier collaboration, better forecasting of customer demand, and investing $1.4B in automated distribution and fulfilment centres. LINK

• Virgin Australia reported an 18% increase in earnings to $519M, marking its second consecutive yearly profit after over a decade of losses, contrasting with a 17% decline in earnings at rival Qantas. LINK

• ASIC is investigating allegations that ANZ Bank manipulated the bond market and misreported over $50B in trading turnover related to a $14B government bond deal. LINK

• Web Travel Group has warned investors of a worse than expected hit to its revenue margins as it feels the pinch from the collapse of FTI Group and lacklustre demand for major sporting events over the European summer. LINK

• Perpetual plans to implement significant cost-cutting measures and refine the business model following the firm's recent sale of its corporate trust and wealth divisions to private equity firm KKR. LINK

• TPG Telecom announced a $5.25B sale of its fibre and fixed network assets to Vocus Group, which will include TPG's enterprise, government and wholesale business, while TPG retains its mobile and retail operations. LINK

• Blackstone injected nearly $500M into Crown Resorts following a $450M penalty by AUSTRAC. LINK

• Optus has launched a campaign featuring deals across its services, including unlimited data weekends and early phone upgrades. LINK

CHART OF THE DAY

How the EU voted on Chinese EV Tariffs

ONE MORE SCROLL

Editor’s Pick: Third Trump assassination attempt thwarted, US police say.

Draft Pick: Women’s marathon world record smashed by nearly 2 minutes in Chicago.

Odd Pick: ‘It’s mindblowing’: US meteorologists face death threats as hurricane conspiracies surge.

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TRIVIA

National Mushroom Day

It's national mushroom day today which we are very excited about. In celebration, can you identify which of the below are mushrooms and which words we made up? Good luck!

1. Shiitake

2. Enoki

3. Grimble

4. Frungler

5. Maitake

6. Porcini

Answers below

OUR SOCIALS

ANSWERS

1. Mushroom
2. Mushroom
3. Made-up
4. Made-up
5. Mushroom
6. Mushroom

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