Morning Briefing
The Coles supermarket price-fixing scandal just got a landmark federal court ruling, and it's landing at the same time new data shows Woolworths pulling the exact same tricks — Australia's grocery duopoly is having its worst week in years, and the regulatory and political heat is only building.
What Matters Today
- Coles found guilty of fake discounts — A federal court ruled Coles misled shoppers with illusory price cuts, and fresh analysis shows Woolworths suspiciously mirrors its promotional timing on everything from toothbrushes to frozen pizza. Both supermarkets are now firmly in the crosshairs. Guardian AU
- WHO declares Ebola an international health emergency — Around 246 cases and 80 deaths in DR Congo and Uganda have triggered the declaration. Not at pandemic level yet, but worth watching closely given how fast Ebola can move across borders. BBC World
- UAE blames Iran for drone strike near nuclear plant — A drone hit near Abu Dhabi's Barakah nuclear facility; the UAE is calling it a "dangerous escalation." With the Iran-Israel ceasefire already fraying and Lebanon seeing fresh strikes, the Middle East is teetering again. Guardian AU
- Ukraine launches one of its largest ever drone strikes on Russia — Nearly 600 drones across 14 Russian regions including Moscow, killing at least four. Zelenskyy calls it justified retaliation after Moscow's deadly three-day bombardment last week. Escalation is clearly the new normal. BBC World
- Australian tech founders push back on Albanese over capital gains tax — Startup founders are using AI-generated memes to mock the PM over proposed tax changes, with some threatening to relocate. The 47% equity joke is going viral in local tech circles. Guardian AU
- China halts sulphuric acid exports — A quiet but significant supply chain hit: sulphuric acid is critical for EV battery production and fertilisers. Coming amid ongoing trade tensions, this one will ripple through Australian mining and agriculture. SBS News
- Cameron Smith surges at the PGA Championship — Smithy is one shot off the lead heading into the final round, in the same week he split with his long-time coach. An Aussie major win would be a huge moment. Worth watching tonight. ABC News
Markets
Wall Street had an absolute ripper — S&P 500 up 5.49% and NASDAQ screaming 9.20% higher, with the Nikkei joining the party at +5.63%. Risk appetite is clearly back, likely on trade deal optimism and cooling recession fears. The ASX bizarrely went the other direction, shedding 3.87% — possibly catch-up selling from a session where local sentiment diverged sharply from offshore. Gold got absolutely smashed (-6.09%), which tracks with the "risk on" rotation out of safe havens. Bitcoin is treading water around $78K, but Ethereum had a rough one at -9.64%. AUD barely moved at 0.715.
Worth a Read
- Meta deletes 1M-follower account at Kuwait's request — HN thread here. A popular account wiped at the request of a government with a poor human rights record. The comments dig into Meta's quiet compliance with state censorship requests globally — a pattern that should unsettle anyone in tech.
- CAR T cell therapy for autoimmune disease — Ars Technica covers researchers repurposing the revolutionary cancer treatment to essentially "reboot" a broken immune system. Early results are striking. One of those stories that might look enormous in hindsight.
- Scientists bottle solar energy in a liquid battery — ScienceDaily via HN. Long-duration solar storage has always been the hard problem. This liquid battery approach is early-stage but the concept is genuinely clever — worth 5 minutes of your time.
- Canada's Bill C-22 threatens private message encryption — Full breakdown here, HN discussion. Canada moving to weaken end-to-end encryption protections under a surveillance bill. Five Eyes precedents tend to spread — Australia has form here too.