Thursday, January 9, 2025

Star Shares Plunge as Cash Runs Low

Good morning, it's Paul-Alain from Melbourne with all the news you need to start your Friday. Today's must-reads:• Shares in Star Entertainm
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Good morning, it's Paul-Alain from Melbourne with all the news you need to start your Friday. 

Today's must-reads:
• Shares in Star Entertainment crash
Growing case for interest rate cut
• Los Angeles' deadly wildfires keep burning

What's happening now

Shares in struggling casino operator Star Entertainment Group plunged to a record low after it revealed it was running low on cash, just months after winning a financial lifeline.

Australian travelers, along with those from 40 countries, will have to pay £10 ($12.48) and complete a digital registration form in order to get into the UK. The new Electronic Travel Authorization can be used for up to six months for tourism, family visits, business or short-term study.

The flood of cheap nickel from Indonesia — which forced BHP to shut its Nickel West assets in Western Australia — has continued this year but the Indonesian government is weighing production cuts from the mines. 

Indonesia's nickel boom caused global oversupply. Indonesia's government is now weighing up cuts to output. Photographer: Dimas Ardian/Bloomberg

Retail sales rose less than expected in November despite pre-Christmas and Black Friday discounts, underscoring the cautious consumer mood and further bolstering the case for an interest rate cut next month. In response to the data, the Australian dollar weakened briefly.

What happened overnight

The world's biggest bond market halted a selloff that rattled trading around the globe, with investors gearing up for jobs data that will help shape the outlook for Federal Reserve rates.

Executives at top investment banks are planning to give traders and dealmakers their largest bonus increases since the pandemic. 

Meantime, global banks will cut as many as 200,000 jobs in the next three to five years as artificial intelligence encroaches on tasks currently carried out by human workers, according to Bloomberg Intelligence. 

The deadly fires in Los Angeles are forcing tens of thousands more residents from their homes as firefighters struggle to bring the blazes under control. Get all the latest updates in our live blog.

Vehicles burn during the Eaton Fire in Altadena, California, on Jan. 8.
Photographer: Jill Connelly/Bloomberg

BlackRock Inc. is parting ways with one of the world's biggest climate-investor groups after being targeted by Republican politicians for its efforts on global warming.

Australia's biggest trading partner, China, claims the European Union's measures to shield its companies from foreign subsidies are a barrier to trade and investment, marking the latest clash in the ongoing trade dispute between the two sides.

What to watch

• Household spending data will be released at 11:30 a.m.  

One more thing...

Equity analysts are struggling to find new jobs due to a decline in the research industry, with many turning to social media and content creation to make a living. There's been a 30% reduction in equity analysts at major banks and a 50% drop in spending on research globally since 2018.

Jerry Diao is a former analyst who has reinvented himself in recent years. Photographer: MIKE KAI CHEN
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