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Good morning. If you've ever multitasked during some compulsory online training then you may have sympathy for these former EY staff.

12 EY UK staff have been fired for streaming multiple zoom training sessions at the same time. It came as the company announced workforce cuts affecting 2,450 employees which seems somewhat coincidental in timing.

If you are looking to 'multitask' during some training today we suggest the old fashioned social media as your second platform to avoid having to update your LinkedIn profile.

All the headlines and more below...

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🎧 Your morning wrap on-the-go LINK

AUSTRALIAN NEWS

Reserve Bank of Australia reports $4.2B accounting loss for 2024

• The RBA reported a $4.2B accounting loss for 2024, marking its 4th consecutive year of losses due to pandemic-era asset purchases. LINK

• ACCC to intensify scrutiny on mergers in the liquor, pathology and cancer clinic sectors, as well as private equity transactions, due to concerns about market concentration and rising prices. LINK

• A cyberattack on a data firm contracted by Australia's Department of Home Affairs has compromised the personal and sensitive information, including visa and passport details, of users of the department's Free Translating Service. LINK

• Sydney house prices are expected to decline as auction clearance rates drop following a trend seen in Melbourne, while Perth, Adelaide and Brisbane markets remain strong. LINK 

• Office property funds have decreased in value by nearly 27% due to rising interest rates, weak demand and hybrid work trends, but the rate of decline is slowing. LINK

• The Tasmanian government's failure to build a suitable berth has left the $900M investment in 2 new Spirit of Tasmania ships unable to operate. LINK

GLOBAL NEWS

Putin calls for alternative international payment system at BRICS summit

• The BRICS alliance is establishing a sanctions-proof payments system to rival the SWIFT network to reduce dependency on the US dollar and circumvent Western sanctions. LINK

• The ultra-low airfares offered by Chinese airlines for flights from Europe to Australia are at risk as European carriers push for regulatory changes to create a level playing field. LINK

• The World Bank has introduced a Gender Strategy for 2024-2030 to enhance women's economic opportunities by expanding broadband access, social protection and capital for entrepreneurship. LINK

• In Q3 2024, Apple's iPhone sales in China decreased by 0.3%, while Huawei's surged by 42%, with Vivo remaining the top vendor at an 18.6% market share. LINK

COMPANY NEWS

Commonwealth Bank staff told their bonuses could be cut if they ignore return-to-office orders

• CBA has warned staff that failure to meet the requirement of working at least 50% of their time in the office could result in reduced bonus payments and a formal warning. LINK

• Qantas Airways raised its first-half domestic revenue expectations and announced plans to resume dividend payments, leading its shares to reach a record high, driven by strong domestic travel demand and reduced jet fuel costs. LINK

• ASIC fined Macquarie Group $5M for failing to address warnings about suspicious electricity futures trades, accusing the investment bank of market manipulation. LINK

• Microsoft CEO Satya Nadella's compensation increased by 63% to US$79.1M in 2024, driven primarily by stock awards. LINK

• Tesla's stock surged nearly 22% on Thursday following Elon Musk's optimistic sales forecast and promises of cost reductions. LINK

• KKR's Q3 adjusted net income soared 58% to $1.2B, driven by record fee income and asset management growth. LINK

• Meta is deploying experimental facial recognition technology to combat false celebrity endorsement scams on Facebook and Instagram, following significant financial losses from scams. LINK

• Australian Clinical Labs faced a significant protest vote, with 45.3% opposing its remuneration report. LINK

• Harvey Norman has opened its first UK flagship store. LINK

• Mercedes-Benz reported a 64% drop in Q3 earnings for its core car division, missing expectations due to reduced demand for luxury goods in China. LINK

• Qantas Airways has stated that a strike by its engineering work groups, who are demanding a 5% annual pay rise, is not expected to affect customers. LINK

• ResMed reported better-than-expected revenues and dismissed concerns about new weight-loss drugs affecting the demand for its sleep apnoea devices, as sales continue to surge globally. LINK

• Samsung's Galaxy Ring is a smart device that discreetly tracks health metrics like heart rate and sleep patterns without the bulk of a smartwatch. LINK

• Wilsons Advisory has launched a new associate adviser program to attract women and younger Australians into the financial sector. LINK

• Google is developing AI technology to autonomously complete web browser tasks like research and shopping. LINK

CHART OF THE DAY

Sources of Travel Inspiration

ONE MORE SCROLL

Editor’s Pick: US startup charging couples to ‘screen embryos for IQ’.

Draft Pick: The Kangaroos won 22-10 over New Zealand to book Australia’s spot in the Pacific Cup final.

Odd Pick: Annual wife-carrying championship attracts competitive couples to Maine.

TRIVIA

HSC Throwback

It's week 3 of HSC for Year 12 students in Australia so we continue on our trend of questions, aligning with which exams they will be taking this week.

Today is Indonesian Studies, how much did you take in from that Bali holiday this year?

1. Which traditional Indonesian dish consists of fried rice and is a popular street food?

2. What is the capital city of Indonesia?

3. What is the currency used in Indonesia?

4. What is the most widely practiced religion in Indonesia?

5. What is the official language of Indonesia?

Answers below

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ANSWERS

1. Nasi Goreng
2. Jakarta
3. Rupiah
4. Islam
5. Bahasa Indonesia

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