🗞️ Tay Tay cancelled

Good morning. Good luck to everyone who ambitiously signed up for the Sydney City2Surf 6 months ago and has managed a grand total of 3 runs since then.

The world’s largest fun run returns to Sydney's streets this Sunday, with a record-breaking 90,000 participants. Getting a fast time is secondary to the goal of getting to finish line quickly in order to secure the best spot at Beach Road Hotel.

If you're debating whether to squeeze in that 4th practice run today, don't stress. Those $300 carbon fibre shoes you bought 6 months ago will surely carry you through the race. At least they’re still brand new.

All the headlines and more below...

PARIS OLYMPICS 2024

AUSTRALIAN NEWS

Road closures following man nearly crushed by Sydney Metro scaffolding collapse

• A scaffolding collapse at a Sydney Metro construction site narrowly missed a van driver, leading to road closures in Sydney's CBD. LINK

• Australia's construction sector is showing signs of stabilisation after a surge in insolvencies due to rising costs and labour issues. LINK

• The number of businesses restructuring to survive has increased by over 200% in the FY24. LINK

• NSW bus fares have hiked from $2.50 to $65 following regional subsidy cuts. LINK

• The federal government will fund a 15% wage increase for early childhood education workers over 2 years, starting with a 10% rise from December this year. LINK

• Women are being targeted on social media with advertising for products purporting to address the symptoms of menopause and perimenopause, a Senate inquiry has heard. LINK

• The NSW government's push for public servants to return to the office 3 days a week has resulted in a mixed response across multiple jurisdictions. LINK

GLOBAL NEWS

Taylor Swift concerts cancelled over terrorist attack fears

• Taylor Swift’s Vienna concerts were cancelled over terrorist attack fears, with 2 suspects arrested before the singer’s first concert date. LINK

• Australia reached a new AUKUS agreement with the US and UK on the transfer of nuclear material, to now also include naval nuclear propulsion plants and special nuclear material. LINK

• China's deepening steel crisis, with tumbling prices and dwindling profits, poses bad news for Australia’s economy. LINK

COMPANY NEWS

Secure Parking fined $10.9 million for misleading customers for 5 years

• Secure Parking was fined nearly $11M for misleading customers by falsely claiming guaranteed parking spots through its "Secure-a-Spot" service. LINK

• Myer saw a one-third drop in profits due to heavy discounting and lower customer spending, with sales down nearly 3%. LINK

• AMP announced higher interim profit and the sale of its advice licensees and self-licensed offering Jigsaw. LINK

• Qantas’ former CEO Alan Joyce will have his 2023 pay reduced by $9.3M as the airline implements all 23 recommendations from its governance review, with other executives also facing bonus cuts. LINK

• Mirvac’s profit margins have been significantly impacted by rising building costs, leading to an $805M statutory loss and $1.1B in writedowns. LINK

• Intel was sued by shareholders alleging the company concealed problems that led to weak results, job cuts and a dividend suspension. LINK

• ChatGPT’s mobile app just had its biggest month yet, pulling in US$28M in net revenue from the App Store and Google Play. LINK

• Monster Beverage missed Q2 sales expectations as budget-conscious consumers have cut back on non-essential items and energy drinks. LINK

• Bumble's shares dropped 30% after it slashed its annual revenue growth forecast, driven by competition from Tinder and robust growth at Hinge. LINK

• Warner Bros. Discovery reported a $10B net loss for Q2, due to uncertainty in TV asset fees and sports rights renewals. LINK

• BHP is considering selling Brazilian copper and gold assets acquired from Oz Minerals. LINK

• Shopify is forecasting positive sales growth, driven by AI-enabled tools attracting more merchants. LINK

• Disney predicts a slowdown in its theme park business, despite the success of "Inside Out 2" and its TV business. LINK

• Ralph Lauren exceeded Q1 profit estimates as strong demand for high-end fashion in Europe and China offset slower US sales. LINK

• Cosmos Magazine, published by CSIRO, is facing backlash for using AI-generated articles after laying off half its staff. LINK

CHART OF THE DAY

Across advanced economies, the appetite to hire is outpacing the number of people seeking employment

• Tight labour markets in advanced economies are a long-term trend, requiring strategies to boost workforce participation and productivity.

• GDP in 2023 could have been 0.5%-1.5% higher if job vacancies were filled.

• Globally since 2010, 34 million additional people joined the workforce, mainly driven by population growth and higher participation rates.

TRIVIA

It’s Game Time

Trivia: With Sydney's City2Surf on Sunday and the Olympic Marathon events over the weekend - we're talking Marathon Majors. 

Can you name the 6 Major Marathons in the world? Bonus 100 points if you get them in order of which year they first ran.

Answers below

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ANSWERS

1. Boston Marathon (First Run: 1897)
2. London Marathon (First Run: 1981)
3. Berlin Marathon (First Run: 1974)
4. Chicago Marathon (First Run: 1977)
5. New York City Marathon (First Run: 1970)
6. Tokyo Marathon (First Run: 2007 as it was a combination of two events)