Rampant cocaine use, CBA’s AI gambit, office boom, ube

One in 20 Australians use cocaine each year, twice the rate of Americans.

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Good morning, Australia isn't a country that usually tops global drug charts. But when it comes to cocaine, it's climbing fast — and the people driving the surge might not look like the stereotype. Colleague Angus Whitley digs deeper into the booming trade, delivering a stark warning that the drug has consequences far beyond a night out. Meanwhile, just as uncertainty over artificial intelligence rocks global markets, Commonwealth Bank is rolling the dice on the technology — again. The lender is hoping to develop AI skills among its workers in a move that is expected to see hundreds lose their jobs, according to union estimates - Richard Henderson, cross-asset reporter What's happening now Australia has the highest rate of cocaine use in the world. One in 20 Australians use cocaine each year, twice the rate of Americans. The trade links the country to criminal enterprises behind murder, human trafficking and extortion. Commonwealth Bank of Australia has unveiled an a A$90 million ($64 million) initiative to up-skill its workforce in AI. The bank didn't say how many jobs would be lost due to the move, which Australia's Finance Sector Union pegs at around 300. Want to retire? You'll need another A$40,000. That's the increase to estimates for couples aged 67 and over from the Association of Superannuation Funds of Australia, which finds A$730,000 ($515,000) is the sum needed for a comfortable final innings. Good news for landlords: Workers are returning to city offices more than mandated, according to a Bloomberg Intelligence survey of around 300 people in each Sydney and Melbourne. Office amenities like gyms and cafes are helping spur the trend. Former ANZ chief executive Shayne Elliott has dropped a court case over withheld bonuses. No payments or commitments were made to the former bank boss, ANZ said in a statement detailing the legal development. Australian businesses are facing further disruption from US tariff uncertainty. On Bloomberg TV's Australia Ahead, Andrew McKellar, chief executive officer of the Australian Chamber of Commerce and Industry, says local businesses may still be caught off guard by further uncertainty and are looking to diversify into markets such as India and Southeast Asia. Click image to play. Bloomberg A forecast global glut in liquefied natural gas may add downward pressure on prices, but could be partly offset by strong demand and supply additions that aren't yet certain, according to Liz Westcott, acting chief executive officer of Woodside Energy Group. What happened overnight US stocks climbed on Tuesday as a rally in tech stocks lifted benchmarks, extending a run of market swings driven by fear — and optimism — over the impact of AI. Beaten-down software firms gained, with the Nasdaq 100 up over 1%. Local stocks are primed to rise ahead of crucial Australian inflation data later this morning. The Federal Reserve may not be able to do much about AI-driven job losses without stoking inflation. That's according to Fed governor Lisa Cook, and hints at a growing tension between conventional monetary policy and AI-linked unemployment that could make the job of central banks harder if job losses eventuate. Anthropic PBC's Claude chatbot is getting into investment banking. That's one of the areas the tool is targeting in the latest efforts to expand. President Trump is preparing to give his State of the Union address Tuesday evening in Washington, where he's hinted it will be "a long speech, because we have a lot to talk about." Meta Platforms will deploy 6 gigawatts' worth of data center gear based on processors from Advanced Micro Devices, a blockbuster deal that marks a win for the chipmaker's attempts to catch up with Nvidia Corp. The yen slumped after local media reported that Japanese Prime Minister Sanae Takaichi voiced apprehension over more rate hikes in a meeting with Bank of Japan Governor Kazuo Ueda last week. What to watch • 11:30 a.m.: Australian CPI • 11:30 a.m.: Construction Work Done • 7:40 p.m.: Fireside chat with Michele Bullock One more thing... If you've noticed more bright purple desserts popping up on menus lately, you're not imagining it — ube is having a moment. Just ask Ren Pulido. She goes through about 120 pounds of pureed ube every month to make ube halaya, the rich, jam-like Filipino dessert built around the vibrant purple yam. But lately, getting her hands on it hasn't been so simple or cheap. Ube prices have more than doubled since 2019, now hovering around $4.99 a pound. Thanks to its eye-catching color and subtly sweet flavor, the ingredient has gone viral, turning up in everything from lattes to pastries to ice cream across the US. 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