Australia's Tallest Skyscraper Plans Falter
Howdy, Rich Henderson in Bloomberg's Melbourne bureau. Here's the latest:
Today's must-reads:
• Australia's tallest tower plans falter
• Super funds indirect exposure to tariff war
• Australia's RBA says May is 'opportune' to revisit policy
In 2020, a Melbourne-based developer, Beulah, proposed a A$2.7 billion project to build Australia's tallest skyscraper, but five years on, the project still doesn't have a builder due to soaring construction costs.
Australia's pension funds control a combined A$4.2 trillion, a lot of which is held in offshore assets with direct and indirect exposure to Trump's tariff war. This week on the podcast, host Chris Bourke and ASFA CEO Mary Delahunty unpack the major parties' election platforms relating to retirement savings.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Insider
33 minutes ago
- Business Insider
Deutsche Bank (DB) Considers Launching Its Own Stablecoin
Deutsche Bank (DB), Germany's largest bank, is considering launching its own stablecoin and creating a tokenized deposit solution to improve payment systems, according to a Bloomberg report that was published on Friday. The move comes as stablecoins continue to gain momentum in the financial world. In fact, Europe already has a clear regulatory framework through its MiCa law, and U.S. lawmakers may pass new stablecoin legislation as early as next week. Confident Investing Starts Here: 'We are seeing growing momentum for stablecoins, especially with a supportive regulatory environment in the U.S.,' said Sabih Behzad, Deutsche Bank's head of digital assets and currencies transformation, in an interview with Bloomberg. He added that banks have many ways to get involved with stablecoins, ranging from serving as reserve managers to issuing their own coins, either independently or in partnerships with other banks. For context, stablecoins are a type of cryptocurrency that aims to maintain a stable value by being pegged to real-world assets, such as the U.S. dollar or gold. Tokenized deposits, meanwhile, are regular bank deposits that are recorded on a blockchain, which allows them to move faster in digital transactions. Deutsche Bank's interest in both tools highlights the growing interest from traditional banks in using blockchain technology to modernize payments. Is DB Stock a Good Buy? Turning to Wall Street, analysts have a Strong Buy consensus rating on DB stock based on nine Buys, one Hold, and zero Sells assigned in the past three months, as indicated by the graphic below. Furthermore, the average DB price target of $29.27 per share implies 4% upside potential.
Yahoo
38 minutes ago
- Yahoo
Staff at popular Atlanta restaurant say they were blindsided by sudden closing
The Brief Taco Mac's Midtown location abruptly closed Monday morning, leaving employees with no prior notice, according to one former worker. Former staff say they found out through text messages, social media and a sign on the door. The company declined to explain why it shut down Atlanta's last in-town location. ATLANTA - When Taco Mac's Midtown location suddenly shut down this week, workers say they had no warning. The owners announced the closure with a letter posted in the window of the restaurant that read "Permanently Closed." "It's frustrating because it's not knowing," Brandon Jovan Stephens, a former bartender at the Midtown location, said. "Just be honest. We bust our ass here." This was the only remaining in-town location of the Atlanta-based sports bar chain. A sign on the door said, "Our dedicated team members – the true heart of Taco Mac – will be offered opportunities at nearby locations." A spokesperson for the company declined to comment further. SEE ALSO: Taco Mac suddenly shutters 2nd Atlanta location in less than 2 months What we know Stephens said he worked over the weekend and saw no sign that the restaurant would be closing. "I worked over the weekend, Saturday and Sunday," he said. "Nobody told us anything." He said he first learned of the closure on social media and went to the restaurant to see for himself. "When I found out it was really true, was this sign. When the sign is gone and it's on the door permanently closed, that's it. That's all. Yeah. We have to bow out gracefully." The backstory The Peachtree Street location's closure comes less than a month after Taco Mac announced that it was shutting down its first location in Atlanta's Virginia Highland neighborhood after 46 years in business. "We built a clientele with our regulars, you know, but for this place to be shut down like this was, was just like a slap in the face to everybody," Stephens said. Just a few weeks ago, Taco Mac shut down its Virginia-Highland location — the original. The chain, which began as a single neighborhood bar in 1979, announced that the iconic corner of N. Highland and Virginia Avenue is transitioning to a new restaurant concept as the company focuses on future growth. It will be home to Jack Brown's Beer & Burger Joint. Another Taco Mac location on West Ponce de Leon in Decatur closed without warning in 2023. It had been in business for 22 years. "Lot of people had this as their only job," Stephens said. "You know, some people had kids." What's next Stephens said he's trying to stay optimistic about what's ahead. "It's frustrating to me and I'm standing up for it because it affected a lot of these people that worked here, worked here for a while," he said. "You got to think about it too, when one door closes, another one opens." The Source This article is based off of original reporting by FOX 5's Rob DiRienzo.
Yahoo
an hour ago
- Yahoo
Departure of Tesla's humanoid robot boss caps tough week for Elon Musk, amid bitter fallout with Trump
It's been a difficult week for Tesla. Not long after Elon Musk and President Donald Trump's very-public social media spat led Tesla shares to take their greatest single-day drop ever on Thursday—erasing $152 billion off its market cap—one of Tesla's top engineers confirmed on social media late Friday afternoon that he was leaving the company. Milan Kovac, who oversaw the development of Tesla's 'Optimus' humanoid robot posted on X that he had made 'the most difficult decision of my life' and would be 'moving out of my position,' confirming a Bloomberg report from earlier Friday afternoon that he was departing the company. 'I've been far away from home for too long, and will need to spend more time with family abroad,' he wrote in the post. 'I want to make it clear that this is the only reason, and has absolutely nothing to do with anything else. My support for [Elon Musk] and the team is ironclad—Tesla team forever.' Musk later replied to the post on X, thanking Kovac for his contributions to the company and saying it had been an 'honor' to work with him. The departure is a meaningful one for Tesla. Musk has repeatedly made public statements staking the future of the company on Tesla's self-driving software and its yet-to-be-released humanoid robot product. Musk has claimed that the Optimus robot, specifically, could generate 'north of $10 trillion in revenue' for Tesla and be its biggest product ever. It's largely his bullishness on these AI-powered initiatives that have contributed to Tesla's soaring stock price, which some analysts have argued is divorced from reality. Kovac's departure raises questions over the future direction of Optimus, and whether Tesla will successfully be able to develop, manufacture, and deliver the humanoid robots. Bloomberg reported that Ashok Elluswamy, who leads Tesla's Autopilot, would be taking over responsibilities for Optimus. Tesla had already been criticized for overselling the capabilities of Optimus after it failed to alert attendees of its 'We, Robot' launch event that humans were apparently remotely controlling the robots. (Kovac had confirmed in a social media post after the event that the robots were human-assisted 'to some extent') The departure of one of Tesla's top engineers adds to what has already been a troubling week for the electric vehicle maker. Tesla's shares tumbled this week as President Trump and Musk took to their respective social media platforms to hurl insults at one another. Trump accused Musk of being frustrated that EV credits for Tesla cars would go away as part of the 'Big Beautiful Bill,' while Musk accused the president of irresponsible spending with the proposed legislation. The conversation spiraled into insults and even discussions of cutting SpaceX contracts with NASA as the partnership between the two figures very publicly imploded. Adding to Tesla's woes, Wall Street investment bank Goldman Sachs issued a note to investors on Thursday forecasting weaker-than-expected sales of Tesla cars in the second quarter. Tesla shares recovered some ground on Friday as Musk said he was open to making amends with Trump, though the stock still finished the week down 14% from January (still, Tesla shares are trading nearly 66% higher than they were this time last year.) In his social media post, Kovac recounted how he had joined Tesla in 2016 as an engineer on its Autopilot team and that he had transitioned to lead the Optimus group in early 2022 when Tesla had 'nothing but a couple Kuka arms arranged upside-down,' referring to the industrial robotic arms that are often used in automated factory systems. Tesla did not respond to an immediate request for comment on Kovac's departure. This story was originally featured on
