| Abu Dhabi National Oil Co.’s bullish US$18.7 billion takeover bid for Santos will weigh who controls critical energy infrastructure against the need to address a looming domestic gas shortfall.
Australia’s world-first social media ban for under-16s moved closer to implementation after a key trial found that checking a user’s age is technologically possible and can be integrated into existing services. A number of Australia’s biggest investors say they are cutting their holdings of US Treasuries, citing concern over President Donald Trump’s tariff and tax plans. Instead, they’re looking to boost their holdings of government bonds from Australia, Europe and Japan.
More on tariffs: The Albanese government should maintain a cautious approach on the reciprocal tariffs, despite the potential impact on the beef industry, Special Representative for Australian Agriculture Su McCluskey said. Australian beef exports to the US, worth about A$4.2 billion annually, will be hit by the 10% global levy imposed under Trump. Australia's economy shed 2,500 jobs in May, driven by a decline in part-time roles, despite economists' expectations for a 21,200 increase. Unemployment held steady as fewer people sought work, suggesting a slight loosening of the labor market and bolstering the case for the Reserve Bank to reduce interest rates further. The US has announced a review of the Aukus defense deal, increasing doubts about whether the country will follow through on its pact with Australia and the UK. This week on the podcast, Rebecca Jones asks reporter Ben Westcott to explain what’s behind the review and potential consequences are for Australia in the region. Listen and follow The Bloomberg Australia Podcast on Apple, Spotify, on YouTube, or wherever you get your podcasts. Terminal clients: Run {NSUB AUPOD <GO>} on your desktop to subscribe. Rio Tinto has agreed to pay $138.75 million to settle a lawsuit that accused the miner of hiding problems from investors at its giant copper mine in Mongolia. Plaintiffs, led by Pentwater Capital Management, alleged the world’s second-biggest miner held back information on the Oyu Tolgoi underground expansion from investors as costs ballooned and it fell behind schedule. New Zealand’s economic recovery from a 2024 recession gathered pace in the first quarter and exports surged. While the economy remains smaller than a year ago, the recovery is welcome news for the government ahead of the 2026 election. | 
