Rinehart Backs Truth Social, Alan Joyce Returns

Good morning, it's Keira here in Sydney with all the news you need ahead of the weekend. Is American beef headed for our barbecues? Make sur

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Good morning, it's Keira here in Sydney with all the news you need ahead of the weekend. Is American beef headed for our barbecues? Make sure to listen to our new podcast for the latest on the US-Australia trade spat. But first... Today's must-reads: • Ex-Qantas boss defiant • Rinehart's US windfall • New beef podcast

What's happening now

Alan Joyce, who quit as Qantas CEO in 2023 after a flood of passenger complaints, illegal firings and concerns from the competition watchdog, defended his record in Sydney yesterday — and indicated he may yet return to aviation. Gina Rinehart, Australia's richest person, saw her US stock portfolio increase in value by more than $600 million in the second quarter, as she boosted her bet on US President Donald Trump's social media platform Truth Social. Even richer. Photographer: Carla Gottgens/ Australia's jobless rate ticked lower and employment rose, reinforcing the Reserve Bank's cautious approach to policy easing. Meanwhile, a new report from the central bank found that declining business competition is hurting the economy. New Zealand may be just weeks away from deciding whether to loosen a ban on foreigners buying houses, Finance Minister Nicola Willis said in an interview with Bloomberg Television Thursday in New York. This week on the Bloomberg Australia Podcast, host Rebecca Jones speaks to agriculture reporter Ben Westcott about the end of the US beef ban ,and what more American meat in Australia means for local producers. Listen and follow The Bloomberg Australia Podcast on Apple, Spotify, on YouTube, or wherever you get your podcasts. Terminal clients: Run {NSUB AUPOD <GO>} on your desktop to subscribe. ASX shares declined after the company said costs will rise as mounting regulatory scrutiny weighs on the exchange. Total expenses are expected to grow between 14% and 19% in the fiscal year to June 30, according to a statement Thursday.  Sydney-listed fuel distributor Ampol plans to buy EG Group's Australian service-station business for A$1.1 billion. Meanwhile, Australia's top power retailer Origin Energy expects more households to link home batteries into "virtual power plants". The Australian Securities and Investments Commission is suing A$70 billion pension fund Mercer Super, accusing it of failing to report multiple investigations into serious member services issues.

What happened overnight

Here's what my colleague, market strategist Mike "Willo" Wilson says happened while we were sleeping… US stocks hit the brakes after an inflation gauge accelerated in July by the most in three years, suggesting companies are passing along elevated import costs tied to tariffs. The odds of a September rate cut fell to around 85% from more than 100% before the day's developments. Yields on short-term US government bonds climbed, giving the dollar a boost. That put extra pressure on the Aussie and New Zealand dollars, as investors shied away from riskier currencies. Our trade partners China and Japan have a heavy slate of economic data today, which may affect sentiment.  The Trump administration is in talks with Intel to have the US government take a stake in the beleaguered chipmaker, according to people familiar with the plan, in the latest sign of the White House's willingness to blur the lines between state and industry. Bolivia is facing a crippling dollar shortage, a local currency crisis and surging inflation — and yet it's still honoring its debts. The central bank has raked in more than $3 billion by buying murky bullion and swapping it for much-needed dollars. Outskirts of the Tipuani mining town in Los Yungas, Bolivia. Photographer: MARCELO PEREZ DEL CARPIO India secured a higher investment grade rating from S&P Global Ratings, which said the economy's growth prospects won't be derailed by President Donald Trump's 50% tariff shock to the country. Goldman Sachs is offering clients a stake in Izzy Englander's Millennium Management for a minimum commitment of $1 million and as much as $20 million, according to documents being circulated by the bank.

What to watch

• Nothing major scheduled for today

One more thing...

It's not just people who falter in extreme heat — the power systems meant to keep us cool can struggle too. This week, a swarm of jellyfish brought on by unusually warm waters in northern Europe forced French utility Electricité de France SA to shut two nuclear plants after the creatures clogged cooling systems. It's the latest example of how rising temperatures can disrupt critical infrastructure, writes Bloomberg Opinion's David Fickling. Cooling off. Photographer: SAMEER AL-DOUMY/AFP

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