🗞️ Quicksand

Good morning. Saudi Arabia’s now eight-year-old Neom project - a futuristic, carbon-neutral, 105-mile-long linear city envisioned by Crown Prince Mohammed bin Salman - has become a financial sinkhole.

The project which had an initial cost estimate of US$500 billion is now projected to cost US$8.8 trillion. The timeline has also pushed from 25 years to 50 years meaning the Crown Prince may not even see the finish.

Makes some of our local cost blowouts look pretty reasonable.

All the headlines and more below...

AUSTRALIAN NEWS

V2G, which can turn EVs into giant home batteries, is coming to some cars in 2025

• Australian households with rooftop solar will soon use electric vehicles for grid power storage and sales. LINK

• Melbourne's apartment market faces structural challenges due to record construction costs and rising taxes. LINK

• NSW small businesses struggle with backdated payroll tax bills whilst facing rising interest rates and medical costs. LINK

• The AU government has extended $150 energy bill subsidies for households and small businesses until FY25. LINK

• Australian petrol stations report declining snack sales as cost-of-living pressures affect consumer spending. LINK

GLOBAL NEWS

US tech giants lobby Trump to tackle Australian social media rules

• US tech giants including Meta, Google, Apple and Amazon have urged the Trump administration to target Australia's media laws, claiming they cost US firms over $222M annually. LINK

• Government debt interest payments across OECD countries have reached 3.3% of GDP. LINK

• The Bank of England has maintained UK interest rates at 4.5% amid slow economic growth. LINK

COMPANY NEWS

Pop Mart expands to reach mainstream shoppers

• Pop Mart is expanding globally with 500 stores and 2,300 vending machines through limited-edition drops and blind-box collectibles. LINK

• Bankwest launches a simplified digital banking campaign targeting Australians in their 30s and 40s. LINK 

• Hackers claim to have stolen login credentials from Oracle's cloud services, affecting Australian companies and government agencies. LINK 

• Tesla is building a retro-futuristic diner with electric vehicle charging stations in Los Angeles whilst facing increased public scrutiny. LINK

• Beast Industries is developing a creator marketplace to help influencers build brands following Feastables' success. LINK

• Westpac aims to increase its institutional loan book from $100B to $125B by FY26 through defence industry lending. LINK

• Meta has won an arbitration case to block a former employee's tell-all memoir about the company. LINK

• The ACCC's supermarket inquiry found Woolworths and Coles wield too much power as an oligopoly whilst making 20 recommendations to improve competition rather than recommending divestiture. LINK

• Nvidia will invest hundreds of billions in US chip manufacturing over 4 years due to Trump-era tariffs. LINK

• Australia's big four banks are implementing agentic AI to improve efficiency whilst CBA leads the initiative. LINK

• Accenture reported declining US government work revenue due to Elon Musk's cost-cutting initiatives under the Trump administration. LINK

• Tesla's Shanghai factory shipments fell 49% in February amid declining Chinese sales. LINK

• Notion is targeting Australian businesses for Asia-Pacific growth as inefficiencies cost the economy $228B annually. LINK

CHART OF THE DAY

Where people are (un)happiest with their lives

ONE MORE SCROLL

Editor’s Pick: The ozone hole is healing, thanks to a global reduction of CFCs.

Draft Pick: Oscar Piastri wins Formula 1 Chinese Grand Prix, Lewis Hamilton, Charles Leclerc and Pierre Gasly disqualified.

Odd Pick: Anti-vaxx mum whose daughter died from measles says disease 'wasn't that bad'.

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TRIVIA

God save the queen

Queen Elizabeth I died on this day back in 1603 which inspired us to do a Queen-based trivia. See if you can get 5 from 5 to start your week:

1. Which animated movie features a queen with ice powers?
A. Brave
B. Tangled
C. Moana
D. Frozen

2. What pop icon is known as the “Queen of Pop”?
A. Britney Spears
B. Beyoncé
C. Madonna
D. Lady Gaga

3. What colour does the Queen in a standard deck of playing cards not wear?
A. Red
B. Black
C. Blue
D. Yellow

4. Which queen ruled England for over 63 years, becoming one of the longest-reigning monarchs in British history before Queen Elizabeth II?
A. Queen Anne
B. Queen Victoria
C. Queen Mary I
D. Queen Elizabeth I

5. What card game is named after a queen and involves removing cards in pairs that total 13?
A. Solitaire
B. Queen’s Court
C. Pyramid
D. Royal Flush

Answers below

OUR SOCIALS

ANSWERS

1. Frozen
2. Madonna
3. Blue
4. Queen Victoria
5. Pyramid

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