Pact

Exclusive: Former Labor minister will lead the community-based investigation and report in OctoberPeter Garrett on why Australians deserve the truth about Aukus – Full Story podcastFollow our Australia news live blog for latest updatesGet our breaking news email, free app or daily news podcastFormer environment minister Peter Garrett will lead an independent inquiry into the Aukus defence pact, launched by a group of Labor veterans and public figures concerned proper scrutiny has never been applied to the $368bn defence plan.Garrett, the Midnight Oil frontman and longtime environmental campaigner, will be the lead commissioner on the five-month community-based investigation, being launched on Tuesday. Continue reading...

• The closure of the Strait of Hormuz due to war in the Middle East has triggered significant negative consequences for the global economy. • The crisis has highlighted critical structural vulnerabilities and the extreme sensitivity of international trade to disruptions in this strategic maritime corridor. • This event matters because the Strait is a primary artery for global oil and gas shipments, meaning any blockage threatens energy security and price stability.

• SoftBank is investing €75 billion to develop 5 GW of AI data center capacity in France. • This massive infrastructure project aims to significantly boost the nation's AI capabilities and digital processing power. • The investment matters as it positions France as a primary European hub for artificial intelligence and high-performance computing.

• OpenAI’s non-profit foundation will allocate $250 million toward research analyzing how artificial intelligence affects the global economy. • This initiative marks the first specific deployment of funds following the organization's March pledge to distribute $1 billion over a 12-month period. • The research is critical for understanding the systemic shifts in labor markets and economic productivity caused by the rapid adoption of AI.

• A recent statement from the Association of Chartered Certified Accountants (ACCA) reveals that 48% of finance professionals in Singapore fear AI will negatively impact their job roles. • Despite these concerns, there is a strong sense of adaptability, with 81% of these professionals expressing confidence in their ability to learn and apply AI technology. • This gap highlights a tension between the perceived threat of automation and the high level of digital literacy within the Singaporean financial sector.

• Ongoing peace talks between the US and Iran are creating volatility across global financial markets and influencing oil price fluctuations. • Investors are closely monitoring key economic indicators, specifically inflation rates and consumer confidence, to gauge market stability. • These geopolitical tensions are directly impacting the strategic policy decisions of central banks regarding monetary control.

• India and the United States are reportedly nearing a strategic pact to secure the supply of critical minerals, aiming to reduce dependencies on volatile global markets. • In a separate legal development on Tuesday, a special PMLA court in Mumbai ordered the remand of self-styled godman Ashok Kharat. • Kharat has been placed in 14-day judicial custody as part of an ongoing investigation into a money laundering case.