Crypto News: NAB’s share buyback

Good morning everyone, it's Ben here on a chilly Canberra morning. Here's what's making news today.

Today's must-reads:
• NAB to buyback $1 billion of shares
• Qantas blames update for app malfunction
• South Korea could partner with Aukus

National Australia Bank will buy back up to A$1.5 billion of its own stock as profit at the lender came in line with expectations. Cash earnings fell 13% to A$3.55 billion in the six months ended March 31.

Qantas blamed a technology upgrade for causing the airline's frequent flyer app to malfunction yesterday, allowing some members to access the travel details, personal data and boarding passes of complete strangers.

South Korea is the latest Indo-Pacific nation to express interest in joining the second pillar of the Aukus partnership, while in New Zealand Foreign Minister Winston Peters said his nation was a "long way" from deciding to work with the three-country pact.

New Zealand's unemployment rose to a three-year high in the first quarter and employment unexpectedly fell as high interest rates cooled demand and curbed hiring.

With blistering speed, the rich countries that built their wealth on coal-powered industrialization are turning their backs on dirty energy, writes Bloomberg Opinion's David Fickling. There's one notable exception to that brightening picture: Japan.

The US Federal Reserve signaled fresh concerns about inflation, but indicated it was likely to keep borrowing costs elevated for longer rather than raising them again.

The markets reacted positively to the Fed playing down future rate hikes, with the world's biggest bond market surging in response to the news and the S&P 500 initially gaining before finishing lower on poor performance by chipmakers.

Jerome Powell, chairman of the US Federal Reserve. Photographer: Al Drago/Bloomberg

The US and Saudi Arabia are nearing a historic pact that would offer the kingdom security guarantees and lay out a possible pathway to diplomatic ties with Israel, people familiar with the matter said.

Qualcomm, the world's biggest seller of smartphone processors, gave an upbeat forecast for sales and profit in the current period on Wednesday, suggesting demand for handsets is increasing after a two-year slump.

All times Sydney
• 8.30 a.m.: Solomon Islands' lawmakers will pick the next prime minister in a meeting in Honiara
• 11.30 a.m.: Australia's March trade data and building approvals

There is no escaping Ozempic and Wegovy. The diabetes and obesity drugs are a global phenomenon. They've won over the rich and famous, generated billions in sales and blown open a new market for weight loss drugs, which Goldman Sachs estimates will reach $100 billion a year by 2030. But the international boom is having profound implications for its creator's home country of Denmark.