🗞️ Unemployment, Zero-alcohol beer & KPMG

Good morning. Do you relish the idea of vacationing in a country known for severe human rights violations, zero freedom of speech and the risk of detention for even minor infractions?

If so, we've got some good news for you — North Korea just announced that it will be reopening its borders for the first time since the pandemic.

While your visit might provide much-needed funds to a nation isolated from international banking, an Aperol on the Amalfi seems a bit more appealing than getting a glimpse of the only president that doesn’t poo…

All the headlines and more below...

AUSTRALIAN NEWS

Unemployment rate climbs to 4.2% in July despite 58,000 people finding work

• Australia’s unemployment rate rose to 4.2% in July, despite 58,000 new jobs added and a record-high participation rate, while job ads declined. LINK

• A significant rise in Australians under 35 borrowing money to cover living costs has been observed. LINK

• Australia has some of the least airtight homes globally, leading to increased energy bills. LINK

• Melbourne's city council has voted to ban rented electric scooters from the CBD, citing safety concerns and anti-social behaviour. LINK

• Leading food manufacturers in Australia to soon face mandatory health star ratings, stricter labelling and marketing restrictions. LINK

CHART OF THE DAY

E-Commerce Penetration

GLOBAL NEWS

In some countries, zero-alcohol beers are growing, where they are perceived to be good for digestion

• Demand for alcohol-free beers is growing in the Middle East and North Africa, where alcohol consumption is traditionally low. LINK

• China’s economy is struggling, with property prices dropping, industrial production dipping and unemployment rising. LINK

• US inflation slowed to its lowest level in over 3 years, setting up the Federal Reserve for a potential rate cut in September. LINK

• North Korea is set to open up to general tourism for the first time in nearly 5 years after closing its borders during the pandemic. LINK

COMPANY NEWS

Airservices releases flight path options to 'share' aircraft noise with more of Brisbane, but no caps or curfews

• Airservices Australia has proposed 5 new flight path options for Brisbane Airport to reduce noise pollution by distributing it across more suburbs. LINK

• Lenovo’s Q1 revenue rose 20%, beating estimates as the global PC market shows recovery signs after a 2-year slump. LINK

• KPMG AU has reduced partner pay following a slowdown in professional services spending. LINK

• Telstra’s annual profit dropped nearly 13% as its fixed enterprise business struggled. LINK

• Goodman Group’s strong earnings took a $5.1B hit due to global property writedowns, as it pivots to data centres. LINK

• Disney is arguing in court that subscribing to its streaming service means customers give up the right to sue the company. LINK

• The AU government has guaranteed regional flight bookings for Rex customers during its administration process. LINK

• Mars confirmed its ~US$36B acquisition of Cheez-It maker, uniting brands like M&M's and Snickers with Pringles. LINK

• Apple announced it will allow banks to offer payments directly from iPhones without using Apple Pay. LINK

• The Australian National University (ANU) will cease long-term investments in certain weapons manufacturers following protests by pro-Palestinian student groups. LINK

• Origin Energy reported a record annual profit driven by high coal and electricity prices. LINK

• Treasury Wine reported a 13% increase in revenue, benefitting from US acquisitions and the Chinese market reopening. LINK

• EY and KPMG have gained over half of PwC's corporate clients in China, as PwC faces a regulatory probe over its role in auditing China Evergrande Group. LINK

• Cochlear’s 10% annual revenue growth forecast fell short of expectations, despite strong global hearing implant sales. LINK

• Centuria’s office fund has cut its asset values by 14.2%. LINK

• Nufarm is experiencing weak farm chemical prices and lower-than-expected returns on omega-3 canola oil. LINK

• Rio Tinto and the QLD government have reached a deal to keep the Boyne aluminium smelter open until at least 2040. LINK

COUNTRY OF THE WEEK

It’s Game Time

Yesterday India celebrated their Independence Day with some colourful celebrations, marking the end of British colonial rule in 1947. How well do you know the land of spices?

1. What is the population: 1.1B, 1.3B, 1.5B or 1.7B?

2. What is the currency?

3. What is most commonly spoken language?

4. What is the name of the Indian Twenty20 Cricket League?

5. When is Diwali typically celebrated: Jan/Feb, May/Jun, Jul/Aug or Oct/Nov?

Answers below

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ANSWERS

1. 1.5B
2. Rupee
3. Hindi
4. Indian Premier League (IPL)
5. Oct/Nov