🗞️ Rich and miserable

Good morning. Money doesn't buy happiness. Unless you are CEO of LVMH, Bernard Arnault, who once quoted, “As long as I’m not the richest man in the world, I won’t really be happy.”

Arnault is likely in a state of depression following a US$54 billion drop in wealth, plummeting all the way down to a measly, 5th richest person in the world.

Before you rush out to buy an overpriced Louis Vuitton bag in support, he's still worth $177 billion, which should just keep him afloat in this high interest environment.

All the headlines and more below...

AUSTRALIAN NEWS

‘Paying whatever it takes’: Prestige home prices jump 20% a year in Perth

• Prestige home prices in Perth have jumped 20% in the past year, fuelled by international and east coast buyers. LINK

• A Victoria anti-corruption inquiry found that Melbourne fire brigade employees accessed senior executives' emails to leak sensitive information. LINK

• Australia’s Prime Minister has confirmed that negative gearing and capital gains tax reforms are under review by Treasury. LINK

• Government spending in Australia has surged to levels comparable to the mining boom in the early 2000s. LINK

• Poor communication at work has significant costs, with Atlassian research showing that unclear emails cause employees to waste a full workweek each year trying to interpret them. LINK

• Australia's inflation dropped to 2.7% in August, slowing to a 3-year low due to electricity rebates, but core inflation remains above target, keeping rate cuts off the near-term agenda. LINK

• Remote work and work-from-home arrangements are being redefined, with flexibility in location emerging as a key factor for many workers. LINK

• Rising income and living costs are increasingly concerning older Australians, with a new study showing that many retirees believe they need an extra $10,000 annually to meet basic needs. LINK

GLOBAL NEWS

Thailand kicks off first phase of $14 bln "digital wallet" stimulus scheme

• Thailand has launched the first phase of its $14B digital wallet stimulus scheme, aimed at distributing 10,000 baht each to millions of welfare card holders and disabled people to boost economic activity. LINK

• China tested an intercontinental ballistic missile in the Pacific Ocean, in a provocative move as the US convened world leaders at the UN. LINK

• Travel has been found to be a key factor in staying youthful, with new research showing physical and mental benefits that extend to keeping people looking younger. LINK

• Australia and New Zealand dollars hit multi-month highs on the back of China's stimulus efforts, while the yuan strengthened to its highest level in over a year. LINK

• UK employers offered the lowest pay rises since June 2022, with a median raise of 4%. LINK

• OPEC has raised its long-term demand forecast for oil, driven by growth in developing regions like India, Africa and the Middle East, with no peak in demand expected this decade. LINK

COMPANY NEWS

Streaming powerhouse to launch in Australia next year

• Warner Bros. Discovery has confirmed the launch of its Max streaming platform in Australia by early 2025, challenging Foxtel with HBO content like Succession and Game of Thrones. LINK

• Macquarie was fined for failing to prevent dodgy energy deals, despite being warned a dozen times about suspicious electricity futures transactions following Russia’s invasion of Ukraine. LINK

• Qube has sued over 20 of its own employees for damages after a wage dispute escalated, accusing union members of unlawfully blocking ship services. LINK

• TikTok will shut down its music streaming service beginning November 28, in win for Apple and Spotify. LINK 

• PwC Australia has sacked 6 staff members for data breaches as it continues to deal with the fallout from its involvement in a tax scandal. LINK

• Qantas engineers are set to strike on Thursday as the company faces significant challenges in wage talks. LINK

• WiseTech founder has called for a ban on ransomware payments, arguing it would significantly reduce cyberattacks on private companies in Australia. LINK

• Chemist Warehouse posted a strong profit uplift as it awaits the ACCC's decision on its merger with Sigma, which could be finalised by October 24. LINK

• Vanguard's Australian unit has been fined $9M for misleading investors about its ethical investment claims. LINK

• Apple and Google are backing eftpos to reduce payment processing costs for retailers, enabling least-cost routing for new debit cards used on smartphones. LINK

• CBA has sold its stake in Vietnam International Commercial Joint Stock Bank for $160M, further reducing its overseas exposures. LINK

• KPMG Australia has acquired Chartertech, boosting its technology capabilities as part of a broader restructuring effort to focus more on transformation and implementation services. LINK

• Premier Investments has delayed the spin-off of its Smiggle brand to prioritise a potential merger with Myer, amid worsening trading conditions for retailers. LINK

• Meta has declined to immediately join the EU's AI Pact, which is designed as a temporary measure before the implementation of the AI Act. LINK

• Metricon, Australia's largest home builder, reported an 8.5% increase in residential building volumes for FY24 but warned that regulatory red tape and trade shortages are hampering the housing sector. LINK

• Fortescue has signed a $2.8B deal with Liebherr to build one of the world’s largest zero-emission mining fleets. LINK

• Microsoft is investing $1.3B in Mexico to boost cloud computing and AI technology infrastructure, aiming to reach 5 million people and 30,000 SMBs. LINK

• Google has partnered with Volkswagen to provide AI capabilities for a smartphone assistant that can offer drivers real-time help, such as explaining dashboard alerts. LINK

• Thousands of hotel workers at the world’s largest Hilton in Honolulu have gone on strike, joining other workers in contract negotiations across Hilton, Hyatt and Marriott hotels. LINK

CHART OF THE DAY

Where the World’s Wealthy are Moving

ONE MORE SCROLL

Editor’s Pick: Secret Service uniformed officer accidentally shoots himself while on duty.

Draft Pick: Injured Callum Mills ruled out by Swans for AFL grand final despite training at ‘100%’.

Odd Pick: Boy named after Star Wars character denied passport due to copyright infringement.

TRIVIA

Grease

Olivia Newton-John, who passed away in 2022, would have turned 76 today. We are celebrating Grease today with our trivia. How well do you know one of the greatest musicals?

1. Who played Danny Zuko in the 1978 film adaptation of Grease?

2. Which song in Grease starts with the line “I got chills, they’re multiplyin’”?

3. What high school do the characters in Grease attend?

4. Which Grease song includes the lyrics “Tell me more, tell me more”?

5. What is the name of Danny Zuko’s group of friends in the film?

Answers below

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ANSWERS

1. John Travolta
2. "You're the One That I Want"
3. Rydell High
4. "Summer Nights"
5. The T-Birds

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