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Today's reading time is 7 minutes. - Miko Santos

MORNING MARKET

Presented by CommSec

Investors looked past US President-elect Donald Trump's plans to impose additional 10% taxes on Chinese imports and 25% levies on all products from Mexico and Canada, so US sharemarkets rose on Tuesday. Microsoft up 2.2% helped technology stocks recover, which drove software companies higher given the group's reduced sensitivity to tariff threats. Ford and General Motors, among automakers with highly integrated supply chains across Mexico, the US, and Canada, lost 2.6% and 9%, respectively. Declines in Amgen, which slid 4.8% after its experimental obesity medicine fell short of expectations, depressed the blue-chip Dow Jones index.

MORNING HEADLINE

• ING Australia Hit by Third Major Banking App Outage in Recent Weeks. The third major banking system outage in three weeks occurred on Wednesday morning when ING Bank Australia's app and website crashed, preventing customers from transferring and paying.

• APRA Issues Critical Update on Financial Accountability Regime Implementation. With particular rules for top executives and directors to guarantee better oversight and compliance, Australian financial authorities have released guidance on the Financial Accountability Regime (FAR), which holds banks, insurance companies, and superannuation funds liable for their risk management and governance.
  

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BIG PICTURE

• Trump Proposes 25% Tariffs on Mexico and Canada to Address Border Concerns. With the North American tariffs connected to border security issues and drug trafficking concerns, a proposed trade policy would apply fresh tariffs on Mexico, Canada, and China.

• UNESCO Survey: 62% of Digital Content Creators Skip Fact-Checking Despite Wanting Training. UNESCO launched its first global course with 9,000 participants from 160 countries after a survey found that 62% of digital content creators don't fact-check their information before sharing, even though 73% want training.
  

  
  

BUSINESS

CommBank's $800M Cybersecurity Push: Three New Features Transform Digital Banking Safety

The Commonwealth Bank of Australia has innovated three cutting-edge security features in its mobile application to help Australians safeguard their digital wallets and financial transactions against digital fraudsters.

This includes the tool of checking and managing digital wallets, smart warnings on first-time payments to suspected scammers, and a QR code system for cardless transactions. The bank has been able to reduce customer scam losses by half in the last financial year.

The Key Points:

• Digital wallet review feature was launched by it, which had an impact on some 7.3 million digital wallets

• Already implemented first-time payment intelligent and interactive warnings to deter scam attempt

• Launched new QR Cardless functionality to enhance safety in a card-less transaction process

• Committed $800 million in cybersecurity protection during the previous year's financial proceeding

Big Picture: These safety innovations represent a paradigm shift in the way banks approach protection of customers in an age of digital lifestyles. Integrating such features may transform the cybersecurity landscape for Australian banking, forcing other financial institutions to implement similar measures. It also demonstrates how the advancement of banking security technology could reduce the desirability of Australia as a target for international cybercriminals.

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RBNZ

Reserve Bank's Bold Rate Cut Marks Turning Point for NZ Economy

The Reserve Bank of New Zealand has made the decision to cut interest rates significantly, with the Official Cash Rate falling to 4.25%. A decision guided by the fact that inflation has been brought under control and the economy needs support to grow stronger.

The Bank thus opines that this will lower borrowing costs for companies and individuals, which in turn may spur consumer spending and business investment in the economy, although employment and business conditions could take a while to improve substantially.

The Key Points:

• Consumer price inflation has been successfully brought back within the target band of 1-3%, with core inflation converging to the midpoint.

• The economy has further been crippled by excess productive capacity, resulting in underutilization of its resources. Projections for 2025 are pegged on the back of lower interest rates that could spark off investment in sectors like manufacturing and infrastructure.

• Employment growth is anticipated to remain sluggish until mid-2025, primarily due to uncertainties in the job market and ongoing financial stress faced by households and businesses, limiting their ability to expand and hire new employees.

• Global economic growth faces ongoing challenges, with geopolitical conditions and policy uncertainty potentially contributing to increased volatility

Big Picture: This decision is a point in New Zealand's economic policy and might reshape many sectors, including housing markets and business investments. This change in economic strategy would therefore provide ample opportunities for growth and innovation to influence the general economic landscape.

The global context is still difficult, with major economies facing slowdowns amid ongoing geopolitical tensions. This rate cut positions New Zealand better to handle these international headwinds while supporting the domestic economic recovery; however, the Bank does say that some of the current economic challenges will remain until well into 2025.

TECHNOLOGY & INNOVATION

➡️ Uber Launches New Caregiver Feature to Support Australia's 3 Million Informal Carers. Uber Carer is a new tool Uber has developed that lets carers book, track, and manage rides for people they look after, so simplifying travel for Australia's millions of carers and the people they assist.

➡️ Spotify Adds Google Gemini Integration for Voice-Controlled Music Search. Though it requires linking accounts and only works in English for now, Google's AI assistant Gemini can now control Spotify on Android devices, allowing users to search and play music using natural language commands.

➡️ Threads Hits 35 Million New Signups in November as Social Media Battle Intensifies. Meta's social media platform Threads outpaced Bluesky's 20 million users with 35 million new signups in November and 275 million monthly active users as both platforms compete to become X's top alternative.

BUSINESS & MARKETS

➡️ Australian Businesses Shift Away from Meta as Local Marketing Takes Center Stage. Australian businesses are abandoning Meta and Google for local marketing strategies like broadcast video on demand, outdoor advertising, and community-focused campaigns.

➡️ Australia's 2.1% Inflation Rate: Behind the Numbers and What It Means for You. Though people are still paying more for food, entertainment, and alcohol, Australia's cost of living grew by 2.1% over the past year, staying rather low thanks to significant declines in electricity and petrol prices.

➡️ Markets React to Proposed US Trade Policy Changes and Tariff Plans. Financial markets are adapting to proposed trade policy changes that would impose new tariffs on Mexico, Canada, and China, with analysts assessing global trade.

TRAVEL

➡️ Qatar Airways Launches Black Friday Sale with Fares from $1,719 Return. From November 27th to December 1st 2024, Qatar Airways is offering Black Friday deals with return fares starting at $1,719 to various global destinations and travel dates through November 2025. 

➡️ Spain's New Tourism Data Law Sparks Privacy Concerns from Travel Industry. Travel associations are urging Spain to halt a December 2nd law that would require travel companies to collect tourists' phone numbers, emails, and family details, citing privacy concerns and potential EU data protection violations.

➡️ Saudia Wins First-Ever 'Best Airline Cabin Crew' at 2024 Business Traveler US Awards. At the 2024 Business Traveller U.S. Awards, Saudia won the inaugural 'Best Airline Cabin Crew' award for their authentic Saudi hospitality and excellent service as the airline expands globally.

GAMES

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FROM THE TEAM

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