Crypto News: ANZ boss faces grilling

Good morning, it's Amy here in Melbourne with your Friday newsletter.

Today's must-reads:
• Elliott faces Canberra grilling
• ART writes off US investment
• Inflexible mining boss

Today, it's ANZ boss Shayne Elliott's turn to front a parliamentary committee. His appearance follows a series of scandals over the bank's bond trading business and wider culture. The hearing is part of an annual look at lenders with topics ranging from digital payments to regional branches and the impact of monetary policy.

Shayne Elliott, chief executive officer of ANZ in March. Photographer: Anthony Kwan/Bloomberg

Australia is the world's fastest-growing market for Bitcoin automatic-teller machines. That's raising questions about where all the demand for the contentious service is coming from.

Australian Retirement Trust has become the second major super fund to reveal losses on a US private equity investment, writing off its A$75 million investment in online education firm Pluralsight. Meanwhile, three directors at rival fund Cbus have left its board amid a union scandal.

In a world of flexible work, Mineral Resources isn't afraid to be an outlier. Staff at Chris Ellison's mining company are banned from working from home. "I want to hold them captive all day long," Ellison said.

Forecasting anything can be a fraught business, especially the economy. As Bloomberg Opinion's Daniel Moss writes, the Reserve Bank of Australia has made its own share of mistakes, but critics were wrong to vilify Deputy Governor Andrew Hauser for calling them out.

Anthony Albanese has dismissed suggestions the US was involved in a new Pacific security accord. The prime minister was recorded during a private conversation with a senior Biden administration official.

A rally in the S&P 500 lost traction as Nvidia extended its selloff, but the vast majority of groups in the benchmark rose. Treasuries held losses after a $44 billion sale of seven-year notes was a bit soft.

Meanwhile, the world's biggest chipmaker has discussed joining a funding round for OpenAI that would value the startup at more than $100 billion. Apple and Microsoft also have been in talks about participating.

In Japan, carmakers including Toyota are keeping factories closed today in the wake of Typhoon Shanshan, which weakened to a tropical storm after hitting the southwestern island of Kyushu.

Workers remove a fallen tree brought down by strong winds from Typhoon Shanshan. Photographer: YUICHI YAMAZAKI/AFP

With the unseasonably warm weather in Australia right now, you might be wondering just how cold a beer should be. Beer expert Tony Rehagen answers everything you need to know about the temperature of your favorite tipple.

• NAB, ANZ bosses front the House of Representatives Economics Committee
• Australia retail sales and private credit data released at 11.30am in Sydney
• APRA releases superannuation performance test

Like all of the big supporters of natural gas, Japan's political and corporate leaders say the fuel has a critical role to play in the fight against climate change. In today's Big Take, my colleagues examine how Japan built a global natural gas empire. Have a great weekend.

Photographer: Bloomberg/Bloomberg

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