🗞️ Tech riches

Good morning. Here is a stat to make you question your life choices:

In a poll of more than 3,000 NVIDIA employees, 1 in 3 employees have a net worth more than US$20 million.

Now say, 'money doesn't buy happiness' three times and continue on with your day.

All the headlines and more below...

AUSTRALIAN NEWS

Chocolate is going to cost you even more as cocoa prices skyrocket

• Chocolate prices are expected to rise significantly as cocoa prices skyrocket, increasing by 90% since the start of the year. LINK 

• A rising Australian dollar, which has jumped 5¢ since August, is helping reduce inflation on imported goods like petrol. LINK

• A tomato virus outbreak has left hundreds of migrant farm workers jobless at one of Australia's largest tomato producers. LINK

• NSW nurses are crossing the QLD border to work in hospitals there, where they are earning thousands of extra dollars amid a pay dispute and strike action in NSW. LINK

• Shrinking gas reserves have raised concerns about winter 2025 readiness, with the ACCC warning of a smaller surplus than expected, driven by an increase in LNG exports. LINK

• ASIC is cracking down on second-hand car dealers and high-interest short-term loans, with several cases expected to hit the courts before the end of the year. LINK

• ASIC is monitoring the offshoring of services by Aussie financial advisers, as outsourcing functions like administration and para-planning become more common. LINK

• Falling auction clearance rates in Sydney and Melbourne are signalling potential drops in house prices, as buyers remain hesitant due to high interest rates. LINK

• Australia is facing a continued egg shortage due to disruptions from bird flu and seasonal conditions, leading to empty supermarket shelves. LINK

• 1 in 10 pregnant Australians are facing food insecurity, with many women going hungry and failing to meet nutritional guidelines. LINK

• Australian Disability Enterprises has come under scrutiny for paying workers with disabilities a fraction of the minimum wage. LINK

• The majority of executives believe the work-from-home trend will end within 3 years. LINK

GLOBAL NEWS

Argentina’s poverty rate soars to 53%

• Argentina's poverty rate soared to 53% in H1 2024, driven by President Javier Milei's austerity measures aimed at reducing the fiscal deficit amid a deep recession and high inflation. LINK

• China has launched a stimulus push to meet its 2024 growth target, including cutting interest rates and injecting liquidity into the banking system. LINK

• Thailand has legalised same-sex marriage, to come into effect in January 2025. LINK

COMPANY NEWS

Koala Airlines tight-lipped on how it will take on the Qantas, Virgin duopoly

• Koala Airlines is preparing to challenge the Qantas and Virgin duopoly. LINK

• Qantas engineers are planning a national strike targeting peak-hour flights next week, which is expected to disrupt travel at major airports during the school holidays. LINK

• OpenAI is experiencing rapid growth but is burning through significant amounts of cash, despite generating billions in revenue from ChatGPT. LINK

• Star Entertainment shares plunged over 50% following the company's announcement of a $1.69B loss and plans to cut 350 jobs. LINK

• CommBank has successfully trialled a new app to detect identity fraud, providing real-time alerts when identity checks are being performed on customers. LINK

• Amazon surpassed its $1.8B ad-spending commitment target for its video-streaming services, which includes Prime Video and live sports broadcasts. LINK

• Dell Technologies has instructed its global sales team to work from the office 5 days a week starting September 30. LINK

• H&M is betting on lower prices and trendy clothing to boost holiday sales. LINK

• CEO of Endeavour Group, the parent company of Dan Murphy's and BWS, has resigned as the company grapples with softening liquor sales and a pressured share price. LINK

• Accenture's generative AI services reached US$900M in revenue for the fiscal year. LINK

• Microsoft is investing $2.7B to expand cloud infrastructure and AI capabilities in Brazil, aiming to boost economic growth in the region by as much as 4.2% by the end of the decade. LINK

• OpenAI is restructuring its core business into a for-profit benefit corporation. LINK

• Visa has agreed to buy AI-driven payments protection firm Featurespace, bolstering its financial crime prevention portfolio amid rising cases of sophisticated fraud and cybercrimes. LINK

• Toyota's global production dropped 11% in August, marking the 7th consecutive month of decline due to a typhoon, a certification scandal and paused production of SUVs in the US. LINK

• Costco missed 4th-quarter revenue estimates as cautious consumer spending on big-ticket items and lower gas prices hurt its sales, though demand for groceries and staples remains strong. LINK

• Air India's turnaround plan is hindered by outdated aircraft and supply chain issues, with the airline struggling to keep up with competitors like Emirates and Qatar Airways. LINK

ONE MORE SCROLL

Odd Pick: Japanese man who spent 46 years on death row cleared of murders.

Draft Pick: Brisbane Lions crush Sydney Swans by 60 points in grand final to win fourth AFL flag

TRIVIA

Major League Baseball

The Major League Baseball playoffs get under way this week giving us an excuse for some baseball trivia.

1. On average, how many hotdogs are sold at an MLB game?

   a) 2,000

   b) 5,000

   c) 8,000
   

2. Where is the oldest professional baseball park located?

   a) Fenway Park

   b) Wrigley Field

   c) Dodger Stadium
   

3. Which MLB player holds the record for most home-runs?

   a) Barry Bonds

   b) Babe Ruth

   c) Hank Aaron
   

4. Who is the highest paid baseball player of all time?

   a) Aaron Judge

   b) Justin Verlander

   c) Shohei Ohtani

Answers below

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ANSWERS

1. 8,000 or roughly 20 million hot dogs every season.
2. Fenway Park, home of the Boston Red Sox is 112 years old.
3. Barry Bonds, he hit a record 762 home runs in his career between 1986 and 2007.
4. Shohei Ohtani has a 10-year, $700M contract with the Los Angeles Dodgers.

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