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The Strait of Hormuz is closed again after less than one day since Iran announced a two-week ceasefire with the US and Israel.
Pick & Scroll News
April 10, 2026
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Good morning. The Strait of Hormuz is closed again after less than one day since Iran announced a two-week ceasefire with the US and Israel.
The reason? Israel struck more than 100 targets across Lebanon, which Iran said was a violation of the deal.
Turns out a ceasefire needs everyone to agree on what they’re ceasing fire on.
All the headlines and more below...
NATIONAL FUEL PRICES (Day-on-Day Change)
Nationally550 (-22)Service stations running dry | Diesel326.4c (+0.4)Average per litre (440.0c max) | U98251.9c (-1.5)Average per litre (208.9c cheapest) |
AUSTRALIAN NEWS
Australia is facing a deepening fuel shock that is squeezing businesses and households as the Middle East conflict disrupts Strait of Hormuz oil supplies despite a recent ceasefire. LINK
Australian farmers struggling against cheaper imported produce are urging a review of food labelling laws to help consumers identify local products. LINK
Australian superannuation funds have suffered their worst monthly loss since September 2022, with key investment options down 3.2% as the US$4.5T pension industry remains heavily exposed to equities. LINK
Master Builders chief economist has warned Australia faces a 77,500-home shortfall under the National Housing Accord, requiring 262,140 new homes yearly to 2029. LINK
BAKED BEANS SALES UP 20% IN THREE WEEKS AS SHOPPERS QUIETLY STOCKPILE
SPC Global, one of Australia's largest fruit and veg processors, says sales of tinned baked beans, tomatoes and packaged fruit jumped up to 20% in late March. Not panic buying. Just one or two extra tins per shop. Every shop.
Sales of long-life pantry staples are up 20% in three weeks.
Ritchies IGA, which runs 82 supermarkets across the east coast, is seeing the same thing. Baked beans, tinned spaghetti, tomatoes, long-life milk. Transport companies are passing on fuel surcharges as high as 36%. SPC is assessing price rises week by week.
The Strait of Hormuz has been closed for 6 weeks. Oil, resin and fertiliser costs are up. The RBA has hiked twice this year and is tipped to go again next month. A recent NAB survey says consumers are now cutting essentials, not just discretionary spend.
The window between geopolitical tension and extra tins in the trolley is about 3 weeks.
COMPANY NEWS
Lawyers for Melbourne Airport have worked overnight to file hundreds of new documents by a 9am deadline, after a judge threatened indefinite adjournment and ordered firms to absorb costs. LINK
Bendigo Bank has moved to cut jobs using AI to boost productivity and reduce costs as a stretched Financial Services Union condemns the change as a dangerous escalation. LINK
Bendigo and Adelaide Bank has entered 7-year and 6-year deals with Infosys and Genpact targeting $65-75M annual savings by FY28 as Q3 cash earnings rose 7.6%. LINK
Canva has acquired Australian-founded Simtheory and Ortto to accelerate its shift from a design platform into an end-to-end AI work system as it prepares for Canva Create. LINK
Swyftx has cut nearly 20% of its staff and replaced CEO Jason Titman with acting co-CEOs Alex Harper and Andrea Yuen as it restructures after $132.9M in acquisitions. LINK
The ACCC has warned in a draft determination that NBN Co is overstating customer demand to justify excessive capital spending on fibre upgrades for 622,000 additional premises from July 2026. LINK
Google has relaunched its free Gemini AI design tool Stitch, which has slashed Figma’s value and raised questions over Canva’s US$42B valuation. LINK
UTS has spent nearly $1.5M on executive coaching from Beyond Excellence and about $7M on KPMG consultants as it plans $100M in annual budget cuts. LINK
IBM has reported surprisingly strong growth in on-premise infrastructure revenue in Australia over the past 5 years as it deploys NVIDIA GPUs into office-installed servers. LINK
Fast Retailing, the Japanese owner of Uniqlo, has lifted its FY forecast as Q2 operating profit jumped 29.4% to ¥189.8 billion, beating analyst estimates. LINK
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ONE MORE SCROLL
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TRIVIA
Which four-letter word can go BEFORE "sit", "proof" and "face" to make three other words?
Answer below
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