☕️ Kamala Harris picks her running mate

Today’s riddle is one of my favourite ‘Picture This’ emoji riddles from the week.

What type of shoe do these emojis represent?

Answer is at the bottom of the tidbit!

“For us, any participation in the attacks is a tremendous betrayal of the sort of work that we are supposed to be doing on behalf of the Palestinian people.”
United Nations deputy spokesperson Farhan Haq, announcing that nine employees of the UN Relief and Works Agency for Palestinian Refugees have been fired over suspected involvement in Hamas’ 7 October attacks on Israel.

102
The age of Australian WWII veteran Tom Pritchard, who died this week. A joint statement from the Prime Minister, Deputy Prime Minister and Minister for Defence described Pritchard as being "amongst the last standing of an extraordinary generation of Australians."

2018
Australia’s population hit 25 million for the first time, according to the Australian Bureau of Statistics.

The Reserve Bank of Australia (RBA) has kept the cash rate at 4.35% for the sixth consecutive time. The decision follows a two-day board meeting.

The RBA’s target range for inflation is 2-3%. Most recent data shows that current inflation is 3.8%.

Despite keeping the rate the same, the RBA said Australia’s economic outlook remains “highly uncertain” and that inflation is “still some way above” the target. It says it “will do what is necessary” to return inflation to its target.

The RBA is Australia’s central bank. Its key responsibility is setting the ‘cash rate‘ — an interest rate it charges commercial banks for short-term loans.

This rate influences the cost of borrowing across the economy, so changes to the cash rate are often called changes to ‘interest rates’.

The RBA has regularly raised interest rates over the last two years to fight rising prices (inflation) by curbing spending. The current cash rate is 4.35%. It was 0.10% at the start of 2022.

Yesterday’s announcement comes amid global economic uncertainty, after weaker-than-expected jobs data from the U.S. on Friday triggered a plunge in global share markets.

The ASX200, which includes Australia's 200 biggest publicly listed companies, dropped 3.7% on Monday — the worst single-day drop since May 2020.

On Tuesday, before the RBA’s announcement, there were signs the market has stabilised.

The next cash rate decision will be handed down on 24 September.

To understand more about what has happened to global stock markets in the past week, listen to today’s deep dive.

Reporting by Emma Gillespie.

A U.S. court has found Google abused its power to create a search engine monopoly.

This week, the tech giant lost a major anti-competition lawsuit in the federal court.

Judge Amit Mehta found Google used unlawful practices to increase its prominence and restrict competitors like Bing and Yahoo.

The action against Google is one of several U.S. government cases against tech companies over concerns of unfair competition.

In 2020, Google accounted for 90% of online searches worldwide.

It pays other tech companies like Android and Apple to embed its search engine in their products.

These agreements (“distribution deals”) boost Google’s user numbers, and in turn, its advertising revenue.

In 2021, it made $US146 billion ($AU224 billion) in advertising revenue.

“Antitrust laws” in the U.S. are designed to stop companies from unfairly limiting competition, to become a monopoly.

According to U.S. law, a monopoly occurs when one company obtains market dominance through measures that shut down competition.

The U.S Government first launched legal action against Google in 2020, accusing it of anti-competitive conduct.

The U.S. Government argued Google tried to stifle competition through agreements with tech companies to be the inbuilt search engine on devices like computers and phones.

During a nine-week trial last year, Google’s lawyers defended its dominance, arguing: “Google is winning because it’s better.”

In a decision handed down this week, Judge Mehta sided with the U.S. Government, noting Google’s place as the “integrated search bar” in tech products like the Safari browser on Apple devices.

Judge Mehta found Google “is a monopolist and it has acted to maintain its monopoly”.

Mehta said: “Distribution agreements benefit Google [because] more users mean more advertisers, and more advertisers mean more revenues... These distribution deals have forced Google’s rivals to find other ways to reach users.”

The ruling casts doubt over Google’s distribution deals.

Google plans to appeal the ruling.

Google’s President of Global Affairs Kent Walker questioned why the ruling recognised Google as “the best search engine,” but sought to restrict its mass availability.

U.S. Attorney-General Merrick Garland said the win showed “no company... is above the law.”

The decision could influence the U.S. Government’s other ongoing lawsuits against big companies like Apple, which it’s suing for creating a smartphone monopoly.

Reporting by Harry Sekulich.

Introducing: Betty’s Bowls

Betty’s Burgers is here to satisfy any and all food cravings with their latest menu addition: Betty’s Bowls!

You and your bestie can choose between the all-new gourmet Grilled Salmon Super Bowl or the fresh and tasty Grilled Chicken Avo Bacon Bowl for the ultimate fix. For only $16, Betty’s has you covered for lunch, dinner and anything in between.

Protein-packed and Delish!

Whether you’re looking for an exciting new dinner option, or a way to shake up your weekly lunch order, Betty’s Bowls has you covered.

Head to Betty’s Burgers and try the new Betty’s Bowls or order via the Betty’s app today.

A team of engineers and geologists have uncovered evidence of a complex hydraulic lift system in Egypt’s oldest pyramid, thought to have been built some 4,500 years ago.

According to findings in the scientific journal Plos, researchers have discovered clues that a complex water system was used to power an elevator inside the pyramid, which could’ve been used to float heavy stones up through the middle of the structure.

Reporting by Achol Arok.

Outgoing NSW MP and former Premier Dominic Perrottet has used his final speech in Parliament to reflect on "one mistake" he believed his government made.

In his words, Perrottet said that while vaccine mandates were implemented with the "right intentions... the law should have left more room and respect for freedom".

He added: "Vaccines saved lives. But ultimately mandates were wrong. People’s personal choices shouldn’t have cost them their jobs."

Looking ahead, Perrottet, who has taken up a senior role in the U.S. at oil giant BHP, said: “If a pandemic comes again we need to get a better balance that whilst encouraging people to take action at the same time protects people’s fundamental liberty.”

A fascinating note from the former Premier, who will forever be tied to the COVID-19 pandemic, to leave on.

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Riddle answer: Loafers. Click here to play more ‘Picture This’.

The last few days have seen significant volatility in global stock markets. Here in Australia, on Friday and Monday, the stock market had its worst two days since the onset of the pandemic.

It all came after the U.S. posted higher-than-expected unemployment numbers, raising concerns that the world’s biggest economy is slowing and a recession is on the horizon.

In today's deep dive, we speak to the Chief Economist at the Australia Institute, Greg Jericho about the latest headlines.