In a modest corner of the modern news world — where instant pings and trading ticks ring loud — dwells a plucky band of scribes whose pens (or keystrokes, as fate would have it) sound ever-larger against the paywalls that block you from staying informed.
This is no ordinary crew. Their spreadsheets are sabres, as they chronicle capitalism's pulse: mergers and meltdowns, sanctions and surpluses - all served fresh before the closing bell.
There is no brass gilding or ticker tape parade in their domain. In this brave and small virtual outpost of financial journalism, clarity reigns supreme and brevity is its faithful companion.
While the rest of the world stares bleary-eyed at screens, these sentinels track the tremors of oil shocks in the Middle East, whispers of regulation in the hallowed halls of ASIC and the ACCC, and the early stirrings of futures in the United States.
They report the news, polish it for the meeting room, and relay it across time zones, with the gusto of a 19th-century town crier booming, “Currency swings, at two o'clock sharp! ”
So if you’re reading this with coffee in hand and your portfolio in peril, spare a nod to the ones who distill the chaos. Markets may never sleep — but neither, it seems, do we. Except at night and on weekends.
TIME IS MONEY
We begin with Australian Treasurer Jim Chalmers, who addressed the National Press Club this week and said, “Our budget is stronger, but not yet sustainable enough”, admitting GST changes were not off the table. Finance Journalist Oliver Gray looked at that one.
This week, slow economic growth and a drop in business efficiency saw Australia drop five places in the global international competitiveness ranking. So it may help that Amazon has announced plans to invest A$20 billion between 2025 and 2029 to expand, operate and maintain its data centre infrastructure in Australia. Plus, a second film studio could come to Sydney as part of a multimillion-dollar funding boost. Meanwhile, Australian cities have claimed three of the top 10 spots on the Economist Intelligence Unit’s 2025 Global Liveability Index. That should help with our global competitiveness. One thing we're not likely to compete with is tipping.
And Australia’s unemployment rate remained unchanged at 4.1% for the fifth consecutive month in May, according to seasonally adjusted figures released by the ABS.
Further afield, reporter Chloe Jaenicke had the details on how global advertising revenues are set to grow 4.9% from 2024 to A$969 billion according to IPG’s MAGNA. And The World Bank has delivered its latest economic report for the Pacific region, calling for more inclusive workforces to boost growth.
China’s economy posted steady gains in May, with a notable rebound in consumer spending and stable labour market conditions, while investment and industrial production figures slightly undershot expectations. While in the United States, for the fourth consecutive meeting, Jerome Powell's Federal Reserve has held rates steady between 4.25%-4.5%, maintaining its previously stated forecast.
Senior business writer Mark Story explored the waning appetite for the U.S. dollar this week. And, added to the current “sell America” theme – underpinned by the rare alignment in falling U.S. equities, treasuries and the U.S. dollar – are recent Bank of America (BoA) findings that suggest the reign of U.S. equities as the world’s most prestigious asset class is over. Story reported on these developments here.
FLY LIKE A G7
The G7 Summit took place in Canada this week; U.S. President Donald Trump and Australia's Prime Minister Anthony Albanese were due to meet, then this happened. No, it had nothing to do with Albo's cologne.
In purely unrelated news, it's the gift that keeps on giving, as Qatar has retained the title of World’s Best airline for a record-breaking ninth year, while Qantas is climbing the rankings. Air Force One hasn't quite been thrown on the scrapheap just yet. But it's no wonder Qantas is doing so well, given there is not much competition domestically.
THE AMART OF THE DEAL
South African-owned Freedom Furniture has been acquired by rival, private equity-owned Amart, with a view to establishing a 126-store retail giant across Australia and NZ that could list on the ASX some time in 2026.
In the business of sport, the Commonwealth Bank has signed a landmark six-year sponsorship deal with Football Australia, becoming the largest backer of the country’s most played team sport. And the Buss family has agreed to sell its majority stake in the Los Angeles Lakers to billionaire investor Mark Walter at a record-shattering US$10 billion valuation.
In other deals and bids this week:
- OpenAI has scored a multimillion-dollar contract with the United States defence forces
- Abu Dhabi entities, Carlyle bid for ASX energy giant Santos
- Media: The Washington Post and Substack weigh opinion hosting team-up
- KKR pays $2bn-plus for Australia’s Zenith Energy
- digiDirect snaps up Mwave after Esel collapse
- Canva adds AI ad platform Magicbrief to its tools suite
- Texas Instruments bets big on US-based semiconductors
And finally, Just as the sector is facing mounting regulatory headwinds and environmental opposition, perhaps the most significant endorsement yet of deep sea mining's commercial viability has been inked as Seoul-based Korea Zinc announced a strategic US$85.2 million equity injection into Canadian ocean minerals explorer The Metals Company (NASDAQ: TMC). Senior business writer Cameron Drummond has this report in his latest Mission Critical column.
JUST THE TONIC
Midweek, Amplia Therapeutics (ASX: ATX) reported a rare and potentially game-changing result from its ACCENT trial, with one patient achieving a pathological complete response (pCR) to treatment for advanced pancreatic cancer.
Senior business writer Garry West reveals just how sick the relationship is between Australian private hospitals and health insurers.
And it turns out, one out of 10 Australians has been forced into debt for medical expenses, according to a new survey. Reporter Frankie Reid tracked that report.
TALKING TECH
Amazon - the world's second-largest private employer - has delivered a sobering warning about AI-driven workforce displacement among its employees.
Meanwhile, Elon Musk is rapidly expanding his X-branded world with his artificial intelligence start-up business xAI reportedly trying to raise US$9.3 billion (A$14.4 billion) to replenish dwindling cash reserves. Musk’s X Corp has filed a lawsuit against the state of New York over a recent law requiring social media companies to disclose how they monitor hate speech and disinformation. And Bloomberg says EV manufacturer Tesla may be ahead of the pack in the race to dominate the self-driving vehicle market against rivals such as Waymo. Added to this, the SpaceX Starship exploded on a routine test flight.
Oh, and hold the phone! Now the Trump organisation is allegedly proposing to launch its own mobile phone service.
And this week, an entirely AI-produced ad was shown to millions of viewers watching the NBA finals for the betting platform Kalshi.
TRADERS OF THE LOST SHARK
On the Trading Floor this week, Story covered Santos, THL, ASX, VBX, Dubber, CSL, Karoon, Boss, Lynas, KMD, Aurelia, Meeka, Bowen, Webjet, and PointsBet.
In other market movers, Hong Kong-based Regencell Bioscience Holdings Limited, which began trading on the Nasdaq Capital Market in 2021, has morphed from a penny hopeful stock in April to achieve a market value of around $30 billion.
Shares of South Korea’s SK Hynix soared to a two-decade high.
And Pact Group completed a $775 million debt refinancing program in what may be one of its last announcements as a publicly-listed company. West had that report.
ACROSS THE POND
Over in the States, the Senate passed landmark legislation to regulate stablecoins, marking a significant step forward for the cryptocurrency industry and its growing political influence in Washington.
Trump’s military parade rolled through Washington as protests break out across the country on the President’s 79th birthday.
And authorities found the man suspected to have carried out the assassination of State Representative Melissa Hortman in Minnesota.
MIDDLE EAST CONFLICT
Iran’s Supreme Leader Ayatollah Ali Khamenei issued a stark warning to the U.S, vowing “irreparable damage” if Washington intervened militarily in the intensifying conflict between Iran and Israel. This follows Trump's demand for Khamenei to “unconditionally” surrender. As a result, Australians rushed to exit, with Israel issuing an evacuation call.
Previously, Trump reportedly vetoed Israel's bid to kill Iran's chief. As a result of the turmoil, the oil markets were affected.
The latest is Trump has signalled he will decide within two weeks whether to involve American forces in the escalating conflict.
ON THE RADAR
As geopolitical tensions escalate across multiple theatres, an unlikely indicator has again emerged from the shadows of open-source intelligence: pizza delivery patterns around America's most sensitive government facilities. Drummond and Reid teamed up for that report.
Rio Tinto (ASX : RIO) has agreed to pay US$138.75 million to settle a class action lawsuit that accused the mining giant of systematically misleading investors about the true state of its troubled Oyu Tolgoi copper-gold project in Mongolia.
And in other regulation and watchdog news:
- 'Serious failures': ASIC launched an inquiry into the ASX
- TAB was slapped with a $4m fine over VIP marketing messages
- Optus agreed to a $100m fine for unacceptable behaviour
WEALTH OF ADVICE
Ever wonder what trading halts are all about? Story explains why they’re used and what threats and opportunities they present investors with in this excellent guide to trading halts.
If you’re unclear what type of super fund you have, you owe it to yourself to find out, and preferably before you join. Story explains.
And because tax time is around the corner, Story delivered some last-minute EOFY tips on how to boost your tax returns. Could be good intel for Australia's CEOs, who have seen pay trends flatten and golden parachutes collapse.
CHANGING LANES
This week saw a few key moves and shakes, notably the Renault boss who drove away and headed to Gucci's owner Kering. West tracked those switches.
In other movements… MI6 British spy agency welcomed its first female chief, Blaise Metreweli.
Meanwhile, news sites are losing ground to social media as media trust wanes.
