🗞️ Sorry kids

Good morning. Cup week and the election have dominated the headlines this week, giving plenty of interesting articles. We start with a quick Friday wrap before jumping into the headlines:

• Our Monday poll said that 51% of you didn't like the Albanese policy of removing 20% of student debt. Shout out to those who provided some 'firm' commentary which we enjoyed.

• The google search, "Did Joe Biden drop out," spiked significantly on US election day, proving...... a lot.

• And a sick Japanese man was pushed in a hospital bed to a bank so they could prove his identity for a money transfer.

Have a great weekend.

All the headlines and more below...

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🎧 Your morning wrap on-the-go LINK

AUSTRALIAN NEWS

Australia plans social media ban for under-16s

• Prime Minister Anthony Albanese has announced a world-first ban on social media access for under-16s, with significant penalties for non-compliance. LINK

• Australia's public servant wages have grown 8% to $232B in FY24, marking the fastest increase in 15 years. LINK AFR

• Kevin Rudd, Australia's ambassador to Washington, has removed social media posts critical of Donald Trump following his re-election. LINK AFR

• A parliamentary inquiry, sparked by scandals involving PwC, has recommended significant reforms for the audit and consulting sector, including capping key partnerships, enforcing operational separation, introducing a regulatory body and enhancing governance and accountability measures. LINK

GLOBAL NEWS

Elon Musk’s big bet on Trump

• Elon Musk's support for Donald Trump, including a US$197.3M investment and active promotion, has resulted in a US$22.8B increase in his fortune via Tesla shares. LINK

• Bitcoin reached record highs above US$76,000, marking a 42% increase since early September, amid optimism about potential pro-crypto policies following Trump’s victory. LINK

• Major food companies including Nestlé, PepsiCo and Unilever are offering less healthy products in low-income countries compared to high-income markets. LINK

• Canada has ordered TikTok to cease business operations in the country over security concerns while maintaining app access for users. LINK

COMPANY NEWS

ACCC approves Chemist Warehouse-Sigma Merger

• The merger of Chemist Warehouse and Sigma has been approved by the ACCC, creating a $9B pharmacy and healthcare giant with 950 retail stores and extensive wholesale operations. LINK

• Nine Entertainment's AGM saw over a third of shareholders vote against executive pay, 17% opposed the re-election of new chair Catherine West, and acting CEO Matt Stanton announced plans to cut $50M in costs. LINK

• NAB CEO Andrew Irvine reported loan arrears reaching 1.39% of all lending, worth approximately $10B, the highest since 2020. LINK

• NIB CEO Mark Fitzgibbon's 12% salary increase to $3.8M faces criticism amid rising health insurance premiums. LINK

• The RBA has banned HSBC from private briefings due to leaked information, joining Barrenjoey, Westpac and RBC Capital. LINK

• Breville plans to increase US inventory and reduce Chinese production swiftly in response to tariff concerns. LINK

• Regis Resources is launching legal action against the federal government over an Indigenous heritage ruling blocking its $1B gold project. LINK

• Lamborghini reported a 20% revenue increase to €2.43B in the first 9 months of 2024, with operating profit up 9.8% to €678M. LINK

• Nissan announced a US$2.6B cost-saving plan with 9,000 job cuts and 20% production reduction, while reducing its annual profit forecast by 70%. LINK

• Volkswagen is recalling over 114,000 Beetle and Passat cars in the US due to potential explosions in driver-side airbags caused by propellant degradation. LINK

CHART OF THE DAY

The world’s most valuable unicorns

ONE MORE SCROLL

Editor’s Pick: How games and apps keep you and your kids addicted – and what we can do about it.

TRIVIA

Bye for now

Four weeks of HSC exams will be done with the final exam finishing at 12.30pm today. Geography gets the last say of the exams so we provide five Geography questions to start your Friday:

1. What is the largest desert in the world?

2. Which ocean is the deepest on Earth?

3. What is the smallest country in the world by land area?

4. What is the most populated city in the world?

5. Which country has the most time zones?

Answers below

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ANSWERS

1. Antarctic Desert
2. Pacific Ocean
3. Vatican City
4. Tokyo, Japan
5. France

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