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- đ Nvidia is back on top | Australia's record iron ore shipments
đ Nvidia is back on top | Australia's record iron ore shipments
Here's what you need to know today
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Nvidia CEO Jensen Huang speaking at his companyâs annual shareholder meeting this week
Hereâs what you need to know today
Nvidiaâs share price reached a record-high as the chipmaker became the worldâs most valuable company once again. CEO Jensen Huang spoke at the annual shareholder meeting and explained he saw a future with âbillions of robots, hundreds of millions of autonomous vehicles, and hundreds of thousands of robotic factories that can be powered by Nvidia technologyâ. (Quartz)
Australiaâs combined State government debt has increased 150% since 2019, reaching $661 billion. The most indebted states are Victoria ($211 billion), followed by NSW ($204bn) and Queensland ($114bn). The AFRâs analysis suggest State government debt will grow another 37% over the next 4 years. (AFR)
Australiaâs major iron ore miners shipped record volume through the Port Hedland terminal in May. Iron ore shipments were up 14% to 53.1 million tonnes, despite China cutting steel output. Brazil, the worldâs second largest iron ore exporter after Australia, also shipped a record volume in May. This supply increase is expected to further weigh down iron ore prices. (AFR)
While the broader EV market surges in Europe, Teslaâs sales are down for the 5th consecutive month. In May, Teslaâs European sales were down 28% year-on-year. The company is losing market share to cheaper Chinese rival BYD as Elon Muskâs brand suffers after endorsing hard-right European political groups like Alternative for Germany. (Reuters)
Oil giant Shell is reportedly considering buying its fellow oil major BP. BP has been under intense investor pressure for years due to underperformance, creating a buying opportunity for Shell. The market appeared to have mixed feelings on the move, with BP shares up 10% but Shell shares falling 5%. (WSJ)
Canva employees got some tough news after the Australian Tax Office ruled that a recent corporate restructure in preparation for Canvaâs share market listing in the US was a taxable event for employees with options. As such, despite selling no shares, many Canva employees will be faced with a big tax bill in the coming months. (AFR)
Optus is winding up its Optus Sport streaming service. The platform was notable for having the rights to the English Premier League, which it will now sell to Nine Entertainment-owned Stan Sports. It is reported that Nine will pay $60m a year for the next 3 years for the rights while Optus will continue to pay an additional $40m a year. (AFR)
Bumble announced it will cut 30% of its global workforce. This follows Match Group, owner of Tinder and Hinge, announcing plans to cut 13% of its workforce. Bumbleâs share price is down 91% since February 2021 while Matchâs is down 82% in that time. (Quartz)
The Australian government has brought the first case to enforce a decision of the Foreign Investment Review Board. In June, five foreign investors were ordered to sell their shares in rare earths miner Northern Minerals (ASX: NTU). While four did, the fifth did not. The government will now sue this shareholder in Federal Court. (Capital Brief)
NATO members pledged to increase defence spending to 5% of GDP by 2035, agreeing to a key demand from US President Trump. In a brief statement the trans-Atlantic alliance reaffirmed support for Ukraine and their commitment to defend any ally under attack. (BBC)
What the�
For the past 20 years a symbiotic relationship has existed between Google and digital publishers. Google sends these publishers traffic and in return Google can be the directory of the web (and in many cases manage display ads on their sites).
In the age of AI, this relationship is breaking down. Googleâs AI Overviews is aiming to provide the answer before a user clicks into a website, and as such publishers are seeing web traffic and ad revenue dry up. Similarweb reports that sites like the Washington Post, Business Insider and HuffPost have all seen traffic drop by more than 50% in the past 3 years.
As a result, Business Insider just cut 21% of its staff. And with AI only becoming more prominent, this may only be just the beginning. (Quartz)
Investing is a lifelong journey
Hereâs what you can learn today.
How to make the most of your Superannuation
This is an excerpt from our first book Get Started Investing. Pick up a copy on Amazon or wherever you buy books (Amazon)
One of the best things about super is that it is automatic. You donât have to think about it, you canât touch it and it just compounds and compounds for decades. Ideally growing into a meaningful nest egg for your retirement.
There are a few things you should do to ensure youâre set up optimally.
The steps in the checklist below are worth working through. Itâs worth thinking about how your super is set up; donât just leave it on autopilot for the early part of your working life. If your super is set up correctly in your twenties and thirties, youâre giving yourself a much better chance to retire with a larger amount of money in your sixties or seventies.
Donât just use your employerâs default super account. It may not be the right one for you, and you could be losing out on better returns. Check your options, do some research online and speak to a financial adviser if you have one. It is really easy to change super accounts if your default account isnât the best.
Check the fees youâre paying and compare them to other funds. Fees can have a big impact on your overall returns, so make sure youâre minimising your fees.
Ensure youâre happy with your insurance and other arrangements. Many people donât know, but their superannuation account comes with a life insurance policy as a default option. Which you pay for out of your super. If youâre young, single and donât have any dependants, think about whether you really need life insurance. If you decide you donât need it, make sure you arenât paying for it.
Make sure youâre happy with the investment strategy. Many super funds allow you to choose between âconservativeâ, âbalancedâ or âaggressiveâ settings. As a general rule of thumb you want to be aggressive while youâre younger (because your account can really start compounding early and has decades to recover any losses) and then get more conservative as you get older (because not losing money becomes more important the closer you are to retirement).
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