Australia Briefing
Good morning, it's Keira here in Sydney with all the news you need to know to finish your week. Today’s must-reads:• Musk responds to social

Good morning, it's Keira here in Sydney with all the news you need to know to finish your week. 

Today’s must-reads:
• Musk responds to social media ban
• Chris Ellison’s mea culpa
• Resolute CEO freed

What's happening now

Elon Musk has accused Anthony Albanese of trying to control Australians’ internet access in response to the planned social media ban for kids, which could see tech giants fined up to A$50 million. On this week’s Bloomberg Australia podcast, Chris Bourke and reporter Ben Westcott discuss the big question: will the ban even work? Listen here, or wherever you get your podcasts.

Finally, some good news for Qantas CEO Vanessa Hudson. The national carrier is the top-performing airline stock in Asia over the past year, and is expected to extend its climb with help from declining fuel prices.

Vanessa Hudson, chief executive officer of Qantas Airways Ltd. Photographer: Brendon Thorne/Bloomberg

Sydney-based hedge fund GCQ is looking to build on its 30% annualized gain since launching two years ago by betting that players in Japan’s cloud accounting industry can keep raising prices.

Mineral Resources founder Chris Ellison yesterday told shareholders he deeply regrets his actions that have led to allegations of impropriety in recent weeks, including not paying personal tax.

Resolute Mining said CEO Terry Holohan and two other employees were released from detention in Mali, just days after the gold miner agreed to pay about $160 million to resolve a tax dispute with the government.

Just a few months ago, investors envisaged an ideal scenario for the coming year: inflation beaten, interest rates coming down synchronously, and a global recession averted, writes Bloomberg Opinion’s Daniel Moss. Then Trump got reelected.

What happened overnight

US stocks ended the day higher as traders contemplated a new US administration keen on deregulation. Bitcoin blew past $98,000 while the dollar gained and Treasury yields rose. Australian shares are expected to open higher.

Ukraine said Russia launched a “new” kind of ballistic missile at the city of Dnipro, in the latest escalation of hostilities and an alarming signal to Kyiv’s Western backers.

The International Criminal Court issued an arrest warrant for Israeli Prime Minister Benjamin Netanyahu for alleged war crimes in Gaza, adding to pressure on the country’s leadership over the conduct of its military campaign against Hamas.

Matt Gaetz withdrew from consideration to be US attorney general in a major defeat for President-elect Donald Trump who wanted him to overhaul the Justice Department.

What to watch

  • Bank of New York Mellon CEO Robin Vince appears on Bloomberg TV at 10:10 a.m.

One more thing...

Gautam Adani, one of the world’s richest people, was in good spirits Wednesday evening. But late that night, a colleague delivered some shocking news: The US had charged him and several associates with fraud in a sprawling criminal investigation. It’s sent Adani Group shares and bonds tumbling

Signage for Adani Group at the construction site of an Adani Realty residential project in Mumbai, India, on Thursday, Nov. 21, 2024.  Photographer: Indranil Aditya/Bloomberg