GameStop shares soar as ‘Roaring Kitty’ reveals $116m bet in Reddit post

Roughly $390m worth of GameStop shares had changed hands before 6am ET, following Keith Gill’s first Reddit post in three years

GameStop shares surged more than 70% premarket on Monday after “Roaring Kitty” Keith Gill, the stocks influencer behind the 2021 retail trading frenzy, returned to Reddit with a post showing a $116m bet on the embattled videogame retailer.

Roughly $390m worth of GameStop shares had changed hands by 5:53am ET, more than the $343m in Wall Street favorite Nvidia, according to LSEG data.

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European and Canadian central banks expected to cut interest rates this week

New lower rates of 3.75% and 4.75% respectively are likely to be introduced this week after drops in inflation

Borrowers in the eurozone and in Canada are expected to get some relief from high interest rates this week.

After recent drops in inflation, the European Central Bank (ECB) and the Bank of Canada (BoC) are forecast to lower their benchmark rates in the coming days.

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Minimum wage workers in Australia to get a 3.75% pay rise over the next 12 months

Annual increase compares with 4.1% pace of wage price index growth in year to March

Australia’s lowest-paid workers will collect a pay rise of 3.75% in the coming year, a result likely to please the Reserve Bank but dismay unions who sought a 5% rise.

The Fair Work Commission announced the 2024-25 decision for minimum and award wages on Monday. The increase affects about one in four employees from 1 July.

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AI hardware firm Nvidia unveils next-gen products at Taiwan tech expo

CEO Jensen Huang tells packed stadium in Taipei ‘next Industrial Revolution has begun’

Nvidia has unveiled new products and plans to accelerate the advance of artificial intelligence, with the AI hardware company’s chief executive telling a packed stadium in Taipei on Sunday that “the next Industrial Revolution has begun”.

Jensen Huang is in Taiwan for the island’s leading tech expo, Computex, along with the CEOs of some of the world’s biggest semiconductor companies – including AMD, Intel and Qualcomm – and their plans for a tech industry dominated by AI are top of the agenda.

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Ticketmaster hit by data hack that may affect 560m customers

Cybercrime group ShinyHunters reportedly demanding £400,000 ransom to prevent data being sold

Ticketmaster has been targeted in a cyber-attack, with hackers allegedly offering to sell customer data on the dark web, its parent company, Live Nation, has confirmed.

The ShinyHunters hacking group is reportedly demanding about £400,000 in a ransom payment to prevent the data being sold.

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Gina Rinehart retains top spot on rich list as 200 wealthiest Australians see fortunes grow by 11%

Technology figures including Afterpay founders rise up AFR rich list rankings, reflecting ‘changing nature’ of Australian economy

Australia’s rich have continued to grow their fortunes, with the tech and property sectors creating more of our top earners, according to this year’s Australian Financial Review’s rich list.

Gina Rinehart has kept her top spot for the fifth year in a row on the annual list, which reveals the total wealth of the 200 richest people in Australia increased 11% to $624.9bn, even as the country struggled with high inflation and a cost-of-living crisis.

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Hundreds of millions wiped from Trump fortune in wake of conviction

Trump Media & Technology Group’s stock finishes day down 5.3% on Wall Street, as ex-president’s stake falls from $6bn to $5.6bn

Donald Trump’s paper fortune dropped by hundreds of millions of dollars on Friday as shares in his media firm came under pressure in the wake of his conviction in his New York hush-money trial.

Trump Media & Technology Group’s stock finished the day down 5.3% on Wall Street, denting the value of the former president’s vast stake in the business.

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Decline of the pre-work coffee: why more Australians are skipping their weekday cafe breakfasts

Employees are working from home or packing their own lunches when they go to the office – but they’re still spending on weekend brunches

More Australians are skipping their pre-work takeaway coffee and breakfast roll so they can splurge on a meal on the weekend, as the rise of hybrid work and high living costs upend spending habits.

Transactions data from digital payments platform Square shows the number of purchases at food and drink businesses between 7am and 11am on weekdays has dropped to below pre-pandemic levels, led by falls in Melbourne, Sydney and Brisbane.

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Spain fines budget airlines €150m over ‘abusive’ cabin bag and seat charges

Carriers including easyJet and Ryanair face being banned from charging for carry-on luggage

Budget airlines including easyJet and Ryanair have been hit with fines totalling €150m (£128m) by the Spanish government for policies that include charging passengers extra for cabin luggage.

In the biggest sanction issued by the Spanish government’s ministry of social rights and consumer affairs, the carriers easyJet, Ryanair, Vueling and Volotea have been penalised after an investigation launched last summer.

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Australia politics live: government has discretion over acting on ICC arrest warrants, officials say

Meanwhile, government to rewrite visa cancellation rules after independent tribunal gave non-citizens with serious criminal convictions their visas back. Follow the day’s news live

Andrew Giles was asked why he wasn’t told about what was happening with his directive in the tribunals – why there weren’t meetings to receive updates.

He said there were meetings with his department which were taking place “pretty regularly”.

What has been unacceptable is the fact that these AAT decisions to set aside cancellations that were made under section 99 that were made by this government by my department – we were not advised, I was not told that these cancellations had been overturned by the tribunal.

That’s the issue that I’m deeply concerned about. And that’s what I’m focusing on fixing now.

There are around 30 that I’ve called up as a matter of absolute urgency and they are dealt with through the day and night.

I’m gonna get to the bottom of this – a protocol that I put in place was not adhered to, that is entirely unsatisfactory. As I said, I’m now focused on dealing with the urgent issue which is the cancellation consideration, I put in place a new protocol and I want to get to the bottom of what happened and why.

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China lifts most remaining trade bans on Australian beef exports

Murray Watt says Beijing has removed sanctions for five abattoirs that lost export licences in 2020 amid diplomatic spat

China has lifted suspensions from Australian beef exporters, removing almost all of the $20bn worth of trade sanctions it imposed.

The agriculture minister, Murray Watt, said Beijing on Wednesday night lifted the bans, with immediate effect, for five different abattoirs.

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Person dies after falling into jet engine at Schiphol airport

Aircraft operated by KLM was preparing to depart when incident occurred at busy Amsterdam hub

A person has died after falling into the spinning turbine blades of a departing passenger jet at Amsterdam’s Schiphol airport.

The death occurred on the apron outside the busy hub’s terminal as a KLM flight was preparing to depart for Billund in Denmark.

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Tory national service policy would leave UK’s poorest areas worse off, IFS warns

Thinktank says proposal to pay for scheme by scrapping shared prosperity fund would downgrade efforts to level up country

Rishi Sunak’s election pledge to introduce mandatory national service would leave the UK’s poorest regions millions of pounds worse off, a thinktank has warned.

The prime minister announced last weekend that if he was re-elected, every 18-year-old would have to spend time in a competitive, full-time military commission or spend one weekend a month volunteering in “civil resilience”.

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Orange-juice makers consider using other fruits after prices go ‘bananas’

Global industry ‘in crisis’ as fears about Brazilian harvest help push wholesale prices to record highs

Orange-juice makers are considering turning to alternative fruits such as mandarins as wholesale prices have “gone bananas” amid fears of poor harvests in Brazil.

Prices of the citrus drink reached a new high of $4.95 (£3.88) a lb on commodity markets this week after growers in the main orange producing areas of Brazil said they were expecting the harvest to be 24% down on last year at 232m 40.8-kg boxes – worse than the 15% fall previously predicted.

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Anglo American rejects call by mining rival BHP to extend takeover talks deadline

British company says concerns not addressed during approach by Australian firm

Anglo American has survived an almost £39bn takeover plot by the Australian mining rival BHP after last-ditch talks over restructuring the 107-year-old company collapsed.

The five-week pursuit came to an end after Anglo rejected BHP’s 11th-hour appeal to extend the takeover talks for a second time, after three failed takeover proposals from the Melbourne-based miner.

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MP urges colleagues not to use Gaza as ‘opportunity to gain votes’ – as it happened

This blog is now closed.

WA shooter’s daughter says police ‘ignored’ warnings

Social services minister Amanda Rishworth has been asked about the powerful statement Ariel Bombara released yesterday, claiming Western Australian police had “ignored” warnings from her and her mother that their lives were under threat.

By that point we felt completely helpless and I had to focus on getting mum to safety. I did everything I could to protect my mother, and when my father couldn’t find us he murdered her best friend and her best friend’s daughter.

Rents have surged in Australia’s capital cities, with only 5.9% of city overall rentals now costing less than $400 a week.

At the start of the pandemic, one in five house rentals in Sydney cost less than $400 a week – that figure is now one in 50.

In Melbourne, one in 25 house rentals now costs less than $400.

The national share of rentals available under $400 dropped by one third annually to just 10.4%.

ACT had the smallest share of properties listed to rent under $400 at 2.1%, followed by Sydney (3.8%) and Perth (5.6%).

Melbourne saw the largest annual decline in the share of houses listed for less than $400 a week, followed by Adelaide and Sydney.

In regional markets, only 16.3% per cent of houses were advertised for under $400 a week in April.

Regional WA (14.8%) had the smallest portion of homes listed to rent below $400 of the regions, followed by regional Queensland (15.8%) and regional NSW (21.5%).

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Australia politics live: cabinet ‘crafting the offer’ for next election, PM tells caucus; transport department boss quizzed over Taylor Swift shirt

Anthony Albanese reminds his colleagues that government now in the final 12 months of its first term. Follow the day’s news live

‘Last 24 hours only reinforces need’ for immediate humanitarian ceasefire, return of hostages and aid access, Conroy says

Pat Conroy was also asked about Israel’s assault on a refugee camp for displaced Palestinians in Rafah.

Well, we’re incredibly concerned by what we saw in Rafah. And that’s why we’ve been continuing to call for an immediate humanitarian ceasefire. We’ve also called for an immediate return of all hostages that Hamas have taken. And the immediate opening of access so we can get massive amounts of humanitarian support into the Gaza. So immediate humanitarian ceasefire, release of hostages and immediate flow of aid is critical. That’s the Australian government’s position and you’re absolutely right, what we’ve seen overnight or over the last 24 hours only reinforces the need for those three things.

No, to be quite frank, we don’t. The Papua New Guinean government has asked the UN agencies to coordinate partner countries and those assessments are going on right now. But this is an incredibly inaccessible part of Papua New Guinea. And it’s a really challenging process for everyone.

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Inflation in UK shops falls amid price cuts on furniture and TVs

Biggest drop since November 2021 as ‘unseasonable’ weather pushes retailers to continue promotions

Shop price inflation has eased to the lowest level since November 2021 after retailers cut the price of big purchases such as furniture and TVs as households keep a tight rein on spending amid cost of living pressures and poor weather.

Prices rose at an annual rate of 0.6% in May, down from 0.8% in April – the slowest pace since November 2021 – according to the latest monitor from the British Retail Consortium (BRC) trade body and the market research firm NielsenIQ.

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Rachel Reeves will vow to lead most ‘pro-growth’ Treasury in UK history

Labour will strike balance between workers’ needs and business interests, shadow chancellor to tell bosses

Rachel Reeves will pledge on Tuesday to lead the most “pro-growth” Treasury in UK history if Labour wins the general election.

Addressing business leaders, the shadow chancellor is poised to claim her party would “return to the centre ground of politics” by striking a balance between workers’ needs and business interests.

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Goldman Sachs pay pot for bankers surges by more than 20%

First-quarter earnings show £580m pool, reflecting increase in share price as bonus cap scrapped in UK

London bankers at Goldman Sachs have seen their pay pot jump by more than 20% so far this year, as the bank’s surging share price added to the prospect of bumper payouts after bonus caps were lifted in the UK.

Filings covering Goldman Sachs International’s (GSI) first-quarter earnings show that it built up a $735m (£580m) pay pool in the three months to March, averaging out at about $218,000 (£170,000) each for its 3,359 staff, the bulk of whom are based in London.

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