🗞️ Mayor Quimby

Good morning. On Friday in the US, Donald Trump doubled down on his outlandish reports about Haitians in Springfield. A reminder of his now famous quote, “They're eating the dogs, the people that came in, they're eating the cats.”

Mayor Quimby Springfield Police have confirmed there have been no credible reports of pets being eaten. So where did this come from?

The claims come from the dregs of social media where a Facebook page claims that their neighbour’s daughter’s friend had lost her cat and found it hanging from a branch. Who would have thought that some rogue BBQ chat could turn into global news.

All the headlines and more below...

AUSTRALIAN NEWS

Snow communities hopeful for bumper 2025 season after another warm winter

• Snow communities in Victoria are hopeful for a better 2025 ski season after another warm winter and early end to this year's season. LINK

• Infrastructure deals are picking up again as economic growth stabilises and interest rates peak. LINK

• Government spending surged by $70B, possibly underestimated by Treasury, which may prolong inflation and delay interest rate cuts. LINK

• Grandparents are increasingly stepping in to ease financial pressures, with many funding homes, education and holidays for cash-strapped families as part of the growing "bank of nan and pop" economy. LINK

• Australia launches a national asbestos removal push to safely dispose of more than 6 million tonnes of asbestos from buildings. LINK

• Banned vocational colleges in Australia have controversially been allocated thousands of international student places for 2025 under a cap system. LINK

• House price growth is expected to soften through the rest of the year as more listings, weaker auction clearance rates and a slowdown in growth are creating a buyer's market. LINK

GLOBAL NEWS

Carmakers scale down electrification plans as EV demand slows

• Global automakers are scaling back electrification plans due to slowing demand for EVs, with increased competition from cheaper Chinese rivals exacerbating the situation. LINK

• Social media bosses in the UK could face jail if their platforms fail to prevent revenge porn and deep-fake images from being shared under new online safety laws. LINK

• Britain requires its banks, telcos and social media platforms to place scam victim assistance at the forefront of their websites to combat rising fraud losses. LINK

• The European Central Bank cut interest rates by 0.25% as inflation slows. LINK

• India accuses Samsung and Xiaomi of colluding with Amazon and Flipkart to launch exclusive products on their platforms. LINK

• The gold price has surged, but mining stocks have not kept pace, with gold equities underperforming by about 45% since 2020. LINK

• Global equity funds saw a second week of outflows, driven by concerns over the US economy. LINK

• US consumer loan delinquencies are starting to plateau after rising earlier this year. LINK

COMPANY NEWS

OpenAI launches new series of AI models with 'reasoning' abilities

• OpenAI launches its new 'Strawberry' AI models, enhancing its ability to solve complex problems in science, coding and maths. LINK

• Star Entertainment faces a potential loss of its Sydney casino licence or a fine of up to $100M following breaches of anti-money laundering protocols. LINK

• Mastercard has acquired threat intelligence company Recorded Future for US$2.65B, enhancing its capabilities to combat cyber threats amid increasing online fraud. LINK

• Law firm Hogan Lovells is closing its Australian office as part of a global restructure. LINK

• Chinese regulators have suspended PwC's China unit for 6 months over its audit of troubled property developer Evergrande. LINK

• Adobe’s earnings forecast disappointed investors amid fierce competition in AI-powered design software. LINK

• Amazon will invest an additional US$2.1B in its Delivery Service Partner program, with a US$660M increase going towards higher driver wages and other benefits. LINK

• Microsoft's productivity software services, including Word and Excel, recovered after an outage on Thursday. LINK

• ANZ's CEO dismissed the recent trading scandal on its bond trading floor as a media-driven conspiracy, stating that the issues are unrelated and overblown. LINK

• eToro has agreed to shut down most of its cryptocurrency trading services as part of a settlement with the US SEC. LINK

• Metcash, the IGA owner, warns investors of tough trading conditions ahead, although supermarket sales remain relatively strong. LINK

• Sony is in advanced talks to acquire the music rights to Pink Floyd for about $500M. LINK

THE ODD PICK

Soccer player injured after ‘pretty hefty sneeze’

CHART OF THE DAY

G20 emission intensities aren't decreasing fast enough to meet climate goals

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TRIVIA

Millionaire Hot Seat

Here's our Who Wants to Be a Millionaire tester to see if you would walk away with any money. Answer the 3 questions below to prove you could get to $100,000.

Question 1 ($1,000): What is the primary ingredient in hommus?
A) Lentils
B) Chickpeas
C) Black beans
D) Peas

Question 2 ($10,000): Who is the author of "Pride and Prejudice"?
A) Charlotte Brontë
B) Mary Shelley
C) Jane Austen
D) Emily Brontë

Question 3 ($100,000): The Falkland Islands are closest to which continent?
A) Africa
B) South America
C) Asia
D) Europe

Answers below

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ANSWERS

1. B) Chickpeas
2. C) Jane Austen
3. B) South America

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