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☆ A millionaire CEO is rooting for higher unemployment, saying it's time to 'remind people that they work for the employer, not the other way around'
▼ + stars: | 2023-09-14 | by ( Sarah Jackson | ) www.businessinsider.com time to read: +4 min

A millionaire real estate CEO is being dragged online for saying he wants unemployment to increase. "We need to remind people that they work for the employer, not the other way around," Tim Gurner said. In 2017, Gurner infamously said buying avocado toast was preventing people from becoming homeowners. We need to remind people that they work for the employer, not the other way around." In 2017, he suggested buying avocado toast was the impediment to millennials becoming homeowners, seemingly ignoring problems like massive student debt burdens or stagnant wages.

Persons: Tim Gurner, Gurner, There's, We've, Alexandria Ocasio, Cortez Organizations: Service, Gurner, Australian, AFL, CIO, Forbes, Australian Financial Locations: Wall, Silicon, COVID, Forbes Australia

☆ Aussie lender NAB to cut 222 back-office jobs, says trade union
▼ + stars: | 2023-09-07 | by ( Poonam Behura | ) www.reuters.com time to read: +1 min

The National Australia Bank Logo is seen on a branch in central Sydney, Australia, February 8, 2018. REUTERS/Daniel Munoz Acquire Licensing RightsSept 6 (Reuters) - National Australia Bank (NAB.AX) is planning to cut 222 back-office jobs, the Finance Sector Union (FSU) said in an emailed response to Reuters. FSU, a white-collar trade union, said NAB’s restructuring will impact its departments such as Personal Direct Lending, Technology and Operations, Corporate Finance and Client Coverage. "This means certain roles may no longer be required or need to be moved to support other teams." NAB reported a 5% jump in third-quarter cash earnings in August, including a decline in its margins due to higher home lending competition and deposit costs.

Persons: Daniel Munoz, Julia Angrisano, Poonam, Shilpi Majumdar, Devika Organizations: National, REUTERS, National Australia Bank, Finance Sector Union, FSU, Reuters, Technology, Corporate Finance, NAB, Australian, Commonwealth Bank of Australia, Westpac Banking Corp, Thomson Locations: Sydney, Australia, Bengaluru

☆ Aussie lender NAB to cut 10% jobs in markets division, Australian Financial Review reports
▼ + stars: | 2023-08-27 | by ( ) www.reuters.com time to read: +1 min

The National Australia Bank Logo is seen on a branch in central Sydney, Australia, February 8, 2018. REUTERS/Daniel Munoz/File Photo Acquire Licensing RightsAug 28 (Reuters) - National Australia Bank (NAB.AX) is preparing to cut around 60 jobs of the 600-staff at its markets division and undertake a broad restructuring exercise across its seven business, the Australian Financial Review said on early on Monday citing sources. The country's second-biggest bank would begin the layoffs as early as this week but is yet to announce the changes internally, AFR said. Layoffs at NAB would include capital markets types working within its corporate and institutional banking unit, where its markets business sits with a team of about 600. Reporting by Poonam Behura in Bengaluru; Editing by Alison WilliamsOur Standards: The Thomson Reuters Trust Principles.

Persons: Daniel Munoz, AFR, Poonam, Alison Williams Organizations: National, REUTERS, National Australia Bank, Australian Financial, Commonwealth Bank of Australia, Westpac Banking Corp, NAB, Thomson Locations: Sydney, Australia, Bengaluru

☆ S&P 500 investors are betting on a handful of stocks like Tesla and Nvidia, Apollo's Marc Rowan warns
▼ + stars: | 2023-08-24 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

The S&P 500 is dominated by a handful of Big Tech companies like Apple and Amazon. Investors in the index are speculating on just a few companies, Apollo's Marc Rowan says. The S&P 500 weights its constituents by market capitalization, meaning companies with trillion-dollar market caps like Apple, Amazon, Alphabet, and Microsoft have outsized influence among the roughly 500 stocks in the benchmark index. Moreover, Apollo outbid Berkshire for Tech Data in 2019, underscoring that Rowan and Buffett have similar tastes in businesses. Buffett hasn't voiced the same concerns as Rowan about the intense concentration of Big Tech in the S&P 500.

Persons: Apollo's Marc Rowan, Rowan, it's, Warren Buffett, Marc Rowan, Buffett, Buffett hasn't Organizations: Big Tech, Apple, Investors, Service, Nvidia, Australian Financial, Apollo Global, Microsoft, Apollo, Athene, Tech Data, Berkshire Locations: Wall, Silicon, Berkshire

☆ World Cup needs to be Australia's starting point, not the finish: Gustavsson
▼ + stars: | 2023-08-17 | by ( Ian Ransom | ) www.reuters.com time to read: +3 min

Soccer Football - FIFA Women’s World Cup Australia and New Zealand 2023 - Semi Final - Australia v England - Stadium Australia, Sydney, Australia - August 16, 2023 Australia coach Tony Gustavsson looks dejected after the match as Australia are knocked out of the World Cup REUTERS/Carl Recine Acquire Licensing RightsMELBOURNE, Aug 17 (Reuters) - Australia's dream of hoisting the Women's World Cup trophy is over but the co-hosts are determined to take more than a bronze medal away from a watershed tournament. The Matildas lost 3-1 to England on Wednesday but won over a nation during their first run to a World Cup semi-finals, drawing record crowds and TV audiences. Months after that World Cup, they went on strike over pay and conditions, fed up with contracts that demanded professional commitment for poverty-line wages. The Australian government tipped A$44 million into hosting the World Cup. We need funding in our grass-roots ... We need funding everywhere," she said.

Persons: Tony Gustavsson, Carl Recine, It's, Sam Kerr, Kerr, Ian Ransom, Devika Organizations: Soccer Football, FIFA, England, World, REUTERS, Rights MELBOURNE, Sweden, Australia, Chelsea, Australian Financial, Australian Rules, rugby, Thomson Locations: New Zealand, Australia, Sydney, Sweden, Brisbane, Canada, Melbourne, Australian

☆ Natural gas prices are soaring as energy workers in Australia look poised to strike, threatening global supply
▼ + stars: | 2023-08-09 | by ( Matthew Fox | ) www.businessinsider.com time to read: +3 min

Natural gas prices surged as much as 9% on Wednesday as energy workers in Australia threatened to strike. Australia is the world's second-largest exporter of liquefied natural gas, so potential work stoppages could threaten global supply of the commodity. Natural gas prices have surged 22% over the past week, but are still down 60% from a year ago. Natural gas prices are up 22% over the past week, but are still down 60% from a year-ago. Shares of Cheniere Energy, a US-based exporter of liquefied natural gas, surged as much as 5% in Wednesday's trading session.

Persons: Rankin, Goodwyn, Chevron's Wheatstone Organizations: Service, Workers, Australian Financial, Chevron, Cheniere Energy Locations: Australia, Wall, Silicon, Western Australia, Qatar, Woodside, Australian, Chevron's, Ukraine, Russia, US

☆ TPG Telecom gets $4.2 bln offer for non-mobile fibre assets from Vocus
▼ + stars: | 2023-08-01 | by ( ) www.reuters.com time to read: +2 min

TPG Telecom said that Vocus made a non-binding offer to acquire certain Enterprise, Government and Wholesale (EGW) assets and associated fixed infrastructure assets, including wholesale broadband business Vision Network. Shares of TPG Telecom ended 11.6% higher at A$5.600 after resuming trading, marking their biggest intraday jump ever and finishing the day at their highest closing level since May 15. TPG Telecom said it has provided Vocus exclusive due diligence, which is set to expire on September 6. A spokesperson for Vocus said "discussions with TPG are confidential, subject to conditions and regulatory approvals. ($1 = 1.4977 Australian dollars)Reporting by Sameer Manekar in Bengaluru; Editing by Sonia CheemaOur Standards: The Thomson Reuters Trust Principles.

Persons: Vocus, Sameer Manekar, Sonia Cheema Organizations: TPG, TPG Telecom, Enterprise, Government, Wholesale, Vision, Telstra Group, Telstra, Vision Network, Australian Financial, Asset Management, Thomson Locations: Macquarie, Vocus, Bengaluru

☆ China just unleashed broad stimulus measures to fire up the economy — but analysts think these have failed to live up to expectations
▼ + stars: | 2023-07-31 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

On Monday, China released a series of plans to boost household consumption. However, the stimulus measures have failed to live up to expectations, said Citi analyst Wenyu Yao, Australian Financial Review reported Monday. The state planner's strategy followed a meeting of the country's top leaders last week during which they pledged to boost stimulus measures as the economy faces a "tortuous" recovery, according to Insider's translation of the official readout. The Shanghai Composite closed 0.5% higher at 3,291.04 while Hong Kong's Hang Seng Index closed 0.7% higher at 20,045.15. The Hang Seng China Enterprises Index, which tracks tech stocks listed in Hong Kong, closed 1.1% higher at 6,886.09.

Persons: Wenyu Yao, Bruce Pang, Jones Lang LaSalle, Xi Jinping, Shenzhen —, Nomura, hasn't, Hong Organizations: Service, Citi, Australian Financial, Jones, Bloomberg, Analysts, Shanghai, PMI, Seng China Enterprises Index Locations: China, Wall, Silicon, Greater China, Beijing, Shenzhen, Shanghai, Hong Kong

☆ Camping 101: Things to know before you set out on the road
▼ + stars: | 2023-07-25 | by ( Joe Yogerst | ) edition.cnn.com time to read: +9 min

The downside of car camping is the fact that these campgrounds are often packed to the rafters with other campers. While RV camping may seem like a recent phenomenon, it’s actually been around for more than 100 years. Among the websites that list RV campgrounds and post very useful user ratings are RVshare/Hipcamp, RV Life and Good Sam. Other than maybe car camping, it requires the least expense and equipment. The U.S. Forest Service and Bureau of Land Management has set aside areas for free camping in national forests, national grasslands and BLM-managed lands.

Persons: Millennials, It’s, Pierce, Arrow, Marchi, that’s, Sam, Hemingway, glamping, Joe Yogerst, ” Organizations: CNN, Kampgrounds, Financial, Great Britain Tourism Survey, Goods, Marchi Mobile, Trail, Hollywood, Autocamp, California redwoods, Getty, U.S . Forest Service, Land Management Locations: U.S, Canada, American, Great Britain, Cavan, Germany, Patagonia, Himalayas, South Africa, New Zealand, Europe, Cape Cod, Desert, Glamping, Northumberland, England, Elena, Rio, Big Bend, McCarty, Kenai, Parks

☆ Private equity gears up for a deal fest Down Under
▼ + stars: | 2023-07-11 | by ( Antony Currie | ) www.reuters.com time to read: +5 min

So it’s fitting that one of the country’s most hotly contested deals involving overseas private equity firms is for Rugby Australia. It’s also a teaser for the deal fest buyout shops are gearing up for Down Under. Another veteran, Blackstone (BX.N), has doubled its private equity headcount over the past couple of years. Reuters GraphicsWith $676 billion of private equity dry powder in the Asia-Pacific region, according to consultancy Bain & Co, regularly capturing a two-fifths share implies up to $270 billion of capital could be heading Down Under in the coming years. Australia, he said, was too small and too competitive for private equity firms to make money.

Persons: It’s, Blackstone, EQT, they’re, it’ll, there’s, Brian Hong, Robyn Mak, Thomas Shum Organizations: MELBOURNE, Reuters, Rugby Australia, CVC Capital Partners, Australian Financial, Down, Brookfield Asset Management, CVC, Nine Entertainment, AusNet Services, MidOcean Energy, Origin Energy, Retirement Trust, Consumer, Sydney Airport, Bain & Co, Reserve Bank of Australia, U.S . Federal Reserve, Macquarie Capital, Thomson Locations: Asia, Australia, China, People’s Republic, Asia Pacific, Pacific

Uber and Facebook on Friday said they had received advice from PwC Australia about the law. "We had no knowledge their advice may have been based on improperly obtained information," an Uber spokesperson said. Uber dropped PwC Australia as a tax adviser in 2016 after "engagements" with the Australian Tax Office, the spokesperson added. Uber and Facebook's links to PwC on the leaked tax plans were first reported by the Australian Financial Review on Friday. A PwC Australia spokesperson said the matter "was a PwC issue" and its "clients were not involved in any wrongdoing and no confidential information was used to enable clients to pay less tax."

Persons: Uber, PwC, PwC's, Lewis Jackson, Sonali Paul Organizations: SYDNEY, PwC, Facebook, Reuters, Google, Australian Tax Office, Treasury, Australian, Tax, Board, Public Company, Thomson Locations: PwC Australia, Australia

☆ A judge rejected a couple's claim to a $3 million estate because black ink blobs on the will obscured their names
▼ + stars: | 2023-07-07 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

An Australian judge ruled that a 75-year-old man had died intestate — or without a will — even though a document was found. That's because the names of beneficiaries on the will were obscured by black ink splodges. A judge in Australia ruled that a 75-year-old man had died without a will after the names of his beneficiaries were obscured by black ink on the document, according to a recent court filing. "The markings effectively obliterate the names of the executors and beneficiaries, on its face stripping the will of its essential elements," he said. Thomas wasn't married or in a domestic relationship, did not have any immediate relatives, or left any records of alternative beneficiaries.

Persons: Howard Edwin Thomas, Richard, Deborah Nightingale —, Thomas, Steven Moore, Moore, " Moore, Thomas wasn't Organizations: Supreme, Australian Financial Locations: Australian, Australia, Victoria, Melbourne

☆ SPECIAL REPORT-Inside the subsea cable firm secretly helping America take on China
▼ + stars: | 2023-07-06 | by ( Joe Brock | ) www.reuters.com time to read: +23 min

Reuters is revealing details of the Diego Garcia project and SubCom’s deepening ties with the Pentagon. SubCom’s loyalty is especially important because it is the only major U.S. subsea cable company. Rather, they carefully obscured the U.S. military component within a larger private-sector cable project, according to four subsea cable industry sources with knowledge of the arrangement. That project, known as the Oman Australia Cable, was spearheaded by SUBCO, a Brisbane-based subsea cable investment company owned by Australian entrepreneur Bevan Slattery. Once the Navy project was complete, AT&T’s submarine cable project morphed into a commercial business, the former employees said.

Persons: Diego Garcia, SubCom, Cerberus, Stephen Feinberg, Donald Trump, Feinberg, Joe Biden, Biden, Eckhard Bruckschen, They’ve, ” Bruckschen, Trump, Brad Smith, –, Mao Ning, ”, Jacob Helberg, Bevan Slattery, SUBCO’s, Richard Payne, Payne, “ We’re, ” Payne, Alex Kerska, Catherine Creese, Creese, David Coughlan, Coughlan, Slattery, SubCom’s Coughlan, Rich, Australia West Express –, John Mariano, Anthony Albanese, Albanese, Caesar, Kellee Wicker, ” Wicker Organizations: CS, SubCom, Google, Microsoft, Meta, ., U.S, Navy, Cerberus Capital Management, U.S . Navy, President’s Intelligence, Board, U.S . Navy’s Pacific Fleet, U.S . Pacific Fleet, U.S ., Pentagon, America Inc, Cable Consultancy, Reuters, Japan’s NEC Corporation, France’s Alcatel Submarine Networks, China’s HMN, U.S . Department of Defense, White, U.S . Department of Justice, Foreign, Oracle, China Economic, Security, Commission, U.S . Department of Transportation, Department of Defense, government’s, Cable Security Fleet, Oman Australia Cable, SUBCO, The, The U.S . Pacific Fleet, SUBCO’s Oman Australia Cable, Facebook, Defense, Intelligence, SubCom’s, London Stock Exchange Group, U.S . Coast Guard, Naval, Cable, Office, Tyco Telecommunications, Australian, Financial, Australia West Express, GoTo Networks, couldn’t, Netflix, AT, Tyco International, Tyco, New, Washington, Science, Technology, Wilson, “ Cables Locations: Diego, Indian, China, New Jersey, United States, U.S, Soviet, Washington, New York, Philippine, South China, Beijing, America, American, Hong Kong, Switzerland, Eatontown , New Jersey, British, Britain, Australian, Australia, Oman, Brisbane, Southeast Asia, The U.S, SUBCO’s Oman, Perth, SubCom, Guam, U.S . Pacific, Republic of Djibouti, of Africa, Djibouti, Sri Lanka, Scotland, Newfoundland

☆ Inside the subsea cable firm secretly helping American take on China
▼ + stars: | 2023-07-06 | by ( ) www.reuters.com time to read: +24 min

Persons: Diego Garcia, SubCom, Cerberus, Stephen Feinberg, Donald Trump, Feinberg, Joe Biden, Biden, Eckhard Bruckschen, They’ve, ” Bruckschen, Trump, Brad Smith, –, Mao Ning, ”, Jacob Helberg, Bevan Slattery, SUBCO’s, Richard Payne, Payne, “ We're, ” Payne, Alex Kerska, Catherine Creese, Creese, David Coughlan, Coughlan, Slattery, SubCom’s Coughlan, Rich, Australia West Express –, John Mariano, Anthony Albanese, Albanese, Caesar, Kellee Wicker, ” Wicker, Joe Brock, Mohammad Kawoosa, Edgar Su, Catherine Tai Design, Eve Watling, Marla Dickerson Organizations: CS, SubCom, Google, Microsoft, Meta, ., U.S, Navy, Cerberus Capital Management, U.S . Navy, President’s Intelligence, Board, U.S . Navy’s Pacific Fleet, U.S . Pacific Fleet, U.S ., Pentagon, America Inc, Cable Consultancy, Reuters, Japan’s NEC Corporation, France’s Alcatel Submarine Networks, China’s HMN, U.S . Department of Defense, White, U.S . Department of Justice, Foreign, Oracle, China Economic, Security, Commission, U.S . Department of Transportation, Department of Defense, government’s, Cable Security Fleet, Oman Australia Cable, SUBCO, The, The U.S . Pacific Fleet, SUBCO’s Oman Australia Cable, Facebook, Defense, Intelligence, SubCom’s, London Stock Exchange Group, U.S . Coast Guard, Naval, Cable, Office, Tyco Telecommunications, Australian, Financial, Australia West Express, GoTo Networks, couldn’t, Netflix, AT, Tyco International, Tyco, New, Washington, Science, Technology, Wilson, “ Cables Locations: Diego, Indian, China, New Jersey, United States, U.S, Soviet, Washington, New York, Philippine, South China, Beijing, America, American, Hong Kong, Switzerland, Eatontown , New Jersey, British, Britain, Australian, Australia, Oman, Brisbane, Southeast Asia, The U.S, SUBCO’s Oman, Perth, SubCom, Guam, U.S . Pacific, Republic of Djibouti, of Africa, Djibouti, Sri Lanka, Scotland, Newfoundland

☆ How Short Is Too Short for Men’s Pants?
▼ + stars: | 2023-06-26 | by ( Vanessa Friedman | ) www.nytimes.com time to read: +1 min

I’ve been recently experimenting with shorter pants, something I can wear with a blazer, or simply a T-shirt or a sweater. I want to stay away from Capri pants/clown pants territory. — Pavel, AthensThe male ankle! Once a subject of derision popularly mocked as “flood pants,” shorter male pants became a thing again when Mr. Browne introduced them back in 2001, in part as a reaction to the big, billowing suits of the 1990s (see Michael Jordan). Mr. Browne shrank the silhouette, narrowing the pants and slimming and shortening the jacket, making it seem like the hipster version of the 1950s company man crossed with Buster Brown.

Persons: I’ve, hemming, — Pavel, nobby, Thom Browne, men’s hemlines, Browne, Michael Jordan, Buster Brown Organizations: New York Times, Financial Locations: Capri, Athens

[1/2] PwC sign is seen in the lobby of their offices in Barangaroo, Australia June 22, 2023. PwC Australia made A$3 billion ($2.01 billion) in revenue last financial year. Allegro Funds describes itself as a restructuring specialist with over A$4 billion ($2.68 billion) under management. Acting PwC Australia chief executive Kristin Stubbins said last month the firm would "ringfence" its government consulting business and appoint a separate board to consider "strategic options for the business". In a sign the scandal is beginning to impact PwC's private sector work, four major pension funds managing roughly A$750 billion froze work with the firm this month.

Persons: Lewis Jackson SYDNEY, PwC, Kristin Stubbins, Lewis Jackson, Lincoln, Simon Cameron, Moore Organizations: REUTERS, PricewaterhouseCoopers Australia, Allegro, Reserve Bank of Australia, Australian Financial, Funds, PwC Australia, Thomson Locations: Barangaroo, Australia

The referendum, which comes amid a wider reckoning over race relations, proposes to change the constitution and establish an advisory body called the Indigenous Voice to Parliament to give Indigenous Australians a direct say in policies that affect them. Five of those polled were funding or planned to fund the "Yes" campaign, while none endorsed nor were contributing to "No". Commonwealth Bank told Reuters it plans to fund the "Yes" campaign and had hosted two panel discussions with Indigenous speakers. Rio Tinto, which faced criticism in 2020 for destroying Indigenous rock shelters, said the Voice would bring an "additional lens" to government decision-making. Aurora Milroy, a lecturer in Indigenous affairs at the University of Western Australia, said supporting the Voice was easy publicity for companies.

Persons: Rita Wright, Loren Elliott, Anthony Albanese, Intifar Chowdhury, Albanese, Meg O'Neill, Ross Piper, Baker McKenzie, Thomas Mayo, Kate Gillingham, Peter Dutton, Coles, Rio Tinto, Fortescue, Aurora Milroy, Byron Kaye, Praveen Menon, Melanie Burton, David Crawshaw, Devayani, Anant Chandak, Veronica Khongwir, Sujith Pai Organizations: Australian, REUTERS, Australia's, BHP, Rio Tinto, Woodside Energy, Commonwealth Bank of Australia, Labor, Voice, National, Nine Entertainment, Reuters, Commonwealth Bank, Ethical Investment, Qantas, Australian Financial, Liberal, Fair Australia, Miners, Fortescue Metals, University of Western, Thomson Locations: Sydney, Australia, Rio, Western Australia, Woodside, Queensland, University of Western Australia, Melbourne

☆ Aussie billionaires’ solar spat enters new phase
▼ + stars: | 2023-05-29 | by ( ) www.reuters.com time to read: +2 min

MELBOURNE, May 29 (Reuters Breakingviews) - The battle between two of Australia’s richest men for control of bankrupt renewables startup Sun Cable has ended in a whimper. Surprisingly absent from the final bout was Squadron Energy, one of Fortescue Metals (FMG.AX) founder Andrew Forrest’s investment companies. Both were early investors in Sun Cable; their spat over its strategy plunged the firm into administration in January. Cannon-Brookes wants to stick to the original plan of sending most of the energy it produces to Singapore via an undersea cable. Now the race is on to see which of the two men is first to flick the on switch.

Under his leadership, Morgan Stanley became a wealth management powerhouse that aims to manage $10 trillion in assets. Morgan Stanley bought money manager Eaton Vance, online broker E*Trade, and stock-plan manager Solium Capital under Gorman's leadership. He was also the key architect behind Morgan Stanley's purchase of Smith Barney, a brokerage and investment adviser, in 2009. The acquisitions have made Morgan Stanley's U.S. wealth business an "asset gathering monster," and a "killer machine," he said on an earnings conference call last month. "This structure will ensure the continued stability of Morgan Stanley, while at the same time positioning it for a decade of exciting growth under new leadership."

☆ Binance Australia says banking disrupted after payment provider cuts off service
▼ + stars: | 2023-05-18 | by ( ) www.reuters.com time to read: +1 min

SYDNEY, May 18 (Reuters) - The Australian arm of Binance, the world's largest crypto-currency exchange, on Thursday said some local customers will be unable to deposit or withdraw money after a third-party payment provider cut off its service. Binance on social media said users are unable to make Australian dollar deposits by bank transfer with immediate effect. "We are working hard to find an alternative provider to continue offering AUD deposits and withdrawals to our users," Binance said in a statement. The Australian Financial Review reported the provider was Westpac Banking Corp (WBC.AX), the country's second-largest retail bank. Reporting by Lewis Jackson and Byron Kaye in Sydney; Editing by Christopher CushingOur Standards: The Thomson Reuters Trust Principles.

SYDNEY, May 15 (Reuters) - PricewaterhouseCoopers (PwC) said the former CEO of its Australia business, who stepped down just last week, will retire from the firm, while the auditor also announced an independent review into a leak of confidential government tax information. Tom Seymour will retire as a partner at the firm on Sept. 30, PwC Australia said in a statement on Monday. According to recent local media reports, another former PwC partner had been banned by Australia's tax practitioners board for sharing government tax plans with other staff at the firm. PwC has confirmed the "unauthorised sharing of confidential tax policy information", but has not named the individuals involved. That includes if the report recommends "exiting" further people and partners from the firm, PwC added.

☆ Allkem to merge with US lithium producer Livent Corp in $10 bln deal - report
▼ + stars: | 2023-05-10 | by ( ) www.reuters.com time to read: 1 min

May 10 (Reuters) - Australian lithium miner Allkem Ltd (AKE.AX) has inked a $10 billion merger agreement with U.S.-based chemical manufacturing firm Livent Corp (LTHM.N), the Australian Financial Review reported on Wednesday. The deal is anticipated to be announced overnight in the U.S., the report said. Reporting by Rishav Chatterjee in Bengaluru; Editing by Sonia CheemaOur Standards: The Thomson Reuters Trust Principles.

☆ Can ChatGPT be a doctor?
▼ + stars: | 2023-04-10 | by ( Asia Martin | ) www.businessinsider.com time to read: +4 min

My colleague Emilia David will take over for the rest of this week until Diamond Naga returns from her much-needed vacation. Can ChatGPT be a doctor? One physician said the AI chatbot was "better than many doctors" he's observed when it came to clinical diagnosis. The doctor said the diagnosis didn't differ from what he would have determined. ChatGPT may have passed the exam, but it's still unable to take the Hippocratic oath, where doctors swear to abide by a set of professional ethical standards.

☆ Pausing AI development would 'simply benefit China,' warns former Google CEO Eric Schmidt
▼ + stars: | 2023-04-07 | by ( Grace Dean | ) www.businessinsider.com time to read: +3 min

Eric Schmidt said a six-month pause on AI development would "simply benefit China." "The question is what is the right answer," Schmidt told the Financial Review. "I'm not in favour of a six-month pause because it will simply benefit China." Instead of a pause, leaders should instead collectively discuss appropriate guardrails "ASAP," Schmidt said. "I think today the government's response would be clumsy because there are very few people in government who understand this stuff," Schmidt told the Australian newspaper.

☆ Australia would not allow AT1 debt security holder wipe-out -minister
▼ + stars: | 2023-03-27 | by ( ) www.reuters.com time to read: +1 min

SYDNEY, March 28 (Reuters) - Australian law would not allow regulators to wipe out AT1 tier credit holders while shareholders received some compensation as occurred during the Swiss government-brokered takeover of Credit Suisse by UBS, the assistant treasurer said on Tuesday. It's an entirely different set of circumstances here in Australia," Assistant Treasurer Stephen Jones told the Australian Financial Review Banking Summit in Sydney. Swiss regulators wrote down 16 billion Swiss francs ($17.5 billion) of Credit Suisse (CSGN.S) bonds, known as Additional Tier 1 or AT1 debt, to zero as part of a forced rescue merger with UBS (UBSG.S). Under the deal, holders of Credit Suisse AT1 bonds received nothing, while shareholders, who usually rank below bondholders in terms of who gets paid when a bank or company collapses, will receive $3.23 billion. AT1 bonds - a $275 billion sector also known as "contingent convertibles" or "CoCo" bonds - act as shock absorbers if a bank's capital levels fall below a certain threshold.

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