AAP Rolling News Bulletin for May 29 at 1930
Economy (CANBERRA)
The divide between people who earn income from investments and those who work for a living could be exacerbated by the artificial intelligence revolution, economists at Australia's largest business lender warn.
While the adoption of AI is expected to boost productivity, without policy intervention the benefits will likely be unevenly felt across the economy, NAB chief economist Sally Auld and senior economist Taylor Nugent found in a research note released on Friday.
Essentially, AI could result in the economic pie getting larger but workers not receiving a larger slice.
"While economists often concentrate on the efficiency gains of AI, there are potentially significant distributional consequences," wrote Dr Auld and Mr Nugent.
"Indeed, one concern that many hold with the rise of AI is the risk that without careful policy decisions, AI may amplify income and wealth inequalities.
Ukraine (BUCHAREST)
NATO member Romania says a drone injured two people in a southeastern city during an overnight Russian attack on neighbouring Ukraine, the first time in the war that a drone had hit a densely populated area in Romania and caused injuries.
The incident in Romania, also a member of the European Union, was likely to increase tensions on NATO's eastern flank at a time when Ukraine's allies are worried about Russia's war on its neighbour spilling over its borders.
The drone hit the roof of a 10-storey block of flats in Galati and caused an explosion, authorities said.
Romania, which shares a 650km land border with Ukraine, has experienced Russian drones breaching its airspace 28 times since Moscow began attacking Kyiv's ports across the Danube river, Romania's defence ministry said.
Valentine (SYDNEY)
A beloved radio presenter has been remembered for his kindness and artistry in a memorial service that paid tribute to his whimsical nature.
Best known for presenting the Afternoons show on ABC Radio Sydney for more than 20 years, James Valentine died in April after a two-year battle with cancer.
The 64-year-old chose to end his life using voluntary assisted dying after he was diagnosed with oesophageal cancer in March 2024.
A public memorial held at Sydney's Town Hall in his honour on Friday paid tribute to his broadcasting and music career as hundreds lined up around the block.
Unlike typically sombre funerals, the upbeat and entertaining service was punctuated by loud cheers and laughs from the audience.
Comedian HG Nelson, who contributed to a segment on Valentine's radio show, opened proceedings with a rousing comedic routine that had the crowd in stitches.
Amazon (MELBOURNE)
Amazon could be on the hook for a hefty fine over allegations the retail giant sold children's backpacks that fell foul of safety warning requirements.
Australia's consumer watchdog on Friday launched Federal Court proceedings against Amazon over the toddler backpacks that included a detachable light-up unicorn plush toy containing button batteries.
Required button battery warning labels were missing from the products or the plastic outer packaging, the Australian Competition and Consumer Commission alleges.
The watchdog claims the backpacks were in the possession or control of Amazon in its Australian fulfilment centres between June 22 and November 1, 2022.
Forty-one were purchased by local buyers through Amazon's Australian website and 267 in its centres as of November 1, 2022, it said.
Legal: Witheridge (BRISBANE)
A social media stunt that treats churches like video games has gone from TikTok to the dock, landing an alleged teenage "speedrunner" in court.
Zeppelin Witheridge, 18, has been accused of using a police car as a BMX ramp after a viral challenge went awry at the Church of Scientology in Brisbane's CBD.
Chaotic scenes erupted after hundreds of people gathered at the church for a "Scientology speedrun" on May 9.
The social media trend involves people racing into Scientology buildings to see how far they can get before security catches up, then uploading the footage for everyone to rate.
In gaming, a speedrun is about clearing a level as fast as humanly possible.
A "Scientology speedrun" treats real-world buildings like maps, security guards as non-playable characters and doorways as checkpoints, with likes and shares as the prize.
Sci BlueOrigin (CAPE CANAVERAL)
A Blue Origin New Glenn rocket has dramatically exploded on the launch pad during a test, in a setback for Jeff Bezos' space venture as it seeks to narrow the gap with Elon Musk's SpaceX.
Video posted by NASASpaceflight, a YouTube channel that livestreams launches from Florida, showed the New Glenn igniting on the pad around 9pm on Thursday before erupting into a massive fireball that billowed skyward, sending a towering plume of flames and smoke into the air.
Blue Origin said it had experienced an "anomaly", a term commonly used by rocket companies to describe a launch failure or explosion.
"We experienced an anomaly during today's hotfire test. All personnel have been accounted for. We will provide updates as we learn more," the company said on X.
Housing (CANBERRA)
Rival forecasts showing a dire outcome for renters from the government's tax changes are being dismissed by Labor as the work of "vested interests".
Health Minister Mark Butler said it was hardly surprising the real estate lobby would defend the status quo after property industry groups released modelling claiming the impact of the tax package would be worse for rent prices and housing supply than Treasury forecasts.
The modelling, conducted by economic consultancies Qaive and Tulipwood and released jointly by the Real Estate Institute, Master Builders, and the Property Council, showed the budget would cause 8700 fewer new homes to be built over the next four years.
Rents would be $9 a week higher, Australia's economy would be $864 million smaller and there would be 3800 fewer construction jobs than would otherwise be the case, the analysis found.
Mideast (JERUSALEM)
Prime Minister Benjamin Netanyahu says he has directed Israel's military to take more of the Gaza Strip, initially by seizing 70 per cent of the Palestinian territory, where the population is already penned into a tiny enclave of land along the coast.
Israel effectively controls an estimated 64 per cent of the tiny coastal strip, bombarded to ruins by Israel's two-year military assault that followed the 2023 Hamas attack on southern Israel.
Under an October US-brokered truce that has failed to halt Israeli attacks or secure Hamas' disarmament, Israeli troops were meant to withdraw to a "Yellow Line" demarcating the extent of their control.
Marked on military maps, that line put Israel in control of 53 per cent of the Gaza Strip, with Hamas ruling the rest.
In finance ...
Legal: Dexus (SYDNEY)
A leading property investment firm will be forced to sell a major stake in Melbourne Airport after it leaked confidential business information to buyers.
Dexus suffered the setback on Friday after the NSW Supreme Court dismissed its attempt to retain at least part of its 27 per cent stake in Australia Pacific Airports Corporation (APAC), which owns Melbourne and Launceston Airports.
In 2024, the firm tried to find buyers for some of its shares in the corporation through an initiative titled Project Mercury.
The valuation of APAC was $13.8 billion, according to Dexus' own marketing material at the time.
During the sale process, the property investment firm provided confidential information to potential buyers and their advisers through a virtual data room.
Markets Aust (SYDNEY)
Australia's share market is on track to finish a volatile week where it began, after equities rebounded on reports that the US and Iran will extend a fragile ceasefire to finalise a lasting peace deal.
The S&P/ASX200 rose 80.8 points by midday on Friday, to be up 0.94 per cent, at 8,637.7, as the broader All Ordinaries gained 89.1 points, or 1.01 per cent, to 8,908.7.
"The US and Iran are reportedly on the cusp of a deal to extend the ceasefire for another 60 days, with the agreement said to include a toll-free re-opening of the Strait of Hormuz," Capital.com senior market analyst Kyle Rodda said.
"The move in oil prices was negligible, suggesting a peace premium is all but priced-in into the market - setting up the markets for big disappointment if this purported deal proves to be another false dawn."
In entertainment ...
Legal: Austria Plot (WIENER NEUSTADT)
An Austrian court has sentenced a 21-year-old man who admitted planning a foiled Islamist attack on a Taylor Swift concert in Vienna in 2024 to 15 years in prison, finding him guilty of various, mainly terrorism-related, offences.
Beran A, whose last name has not been made public in accordance with Austrian privacy rules, was arrested on August 7, 2024, the day before the first of three planned concerts by the US pop star in the Austrian capital.
All three dates were then cancelled, to the dismay of fans and of Swift, who wrote afterwards that it was "devastating".
While crowds of disappointed fans sang together in Vienna then to console themselves, neither Swift nor any "Swifties" appeared at the trial in Wiener Neustadt, a town south of the capital.
Manilow (LONDON)
Barry Manilow says never thought cancer would get him".
In December, the 82-year-old singer-songwriter announced he had been diagnosed with stage 1 lung cancer after the disease was detected during an MRI after hearing about recent bouts of bronchitis.
Manilow underwent a lobectomy to remove a cancerous tumour on his left lung.
Looking back on the health ordeal, the Copacabana hitmaker - who confirmed he is cancer-free three months later - did not think he would battle the disease because he was too busy with his illustrious music career.
Manilow told the Los Angeles Times: "I never thought cancer would get me - it wasn't in the cards.
"They wanted to get rid of it as soon as possible, so we made a deal: I'd finish the couple of weeks of shows that I had, then I'd go to the hospital, and they'd remove it.
In sport ...
Ten Aust (MELBOURNE)
Incoming Tennis Australia CEO Andrew Abdo appears unlikely to take on the double workload of his predecessor Craig Tiley by running both the national organisation and the Australian Open tournament.
Abdo will finish up as chief executive of the NRL in mid-July and start at TA on August 3, with Tiley moving to his new position heading the United States Tennis Association along the same timeline.
Tiley has been the Open tournament boss for 20 years, securing the future of the grand slam event in Australia with its huge growth in popularity and footprint at Melbourne Park.
He has also held Tennis Australia CEO role since 2013 but Abdo appears unlikely to follow the same dual role path.
Abdo said that, while ultimately responsible for the tournament, he would consider the "organisational design" of Tennis Australia once he officially moved into his role.
WC26 Aust (MELBOURNE)
The Socceroos know one thing ahead of their thrilling trip to the Rose Bowl to play Mexico: 29 players can't fit into 26 spots.
Australia have departed their pre-World Cup training camp in Sarasota, Florida to begin their west coast sojourn.
That starts with facing El Tri at the famous Pasadena stadium that hosted the 1994 men's World Cup final, then the women's decider five years later.
It will also form the final audition before coach Tony Popovic picks his squad, due to be submitted to FIFA on June 1.
Popular forward Archie Thompson was among those scrapping for a spot under Guus Hiddink at the 2006 World Cup and can relate to the current group's attempt to impress his old teammate Popovic.
Ends Bulletin
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