Australia Breaking News

Thousands of University of California faculty members are pushing the system to reconsider its test free admissions policy, arguing that SAT and ACT scores could help identify students prepared for college-level work as concerns grow about grade inflation and AI use. Bloomberg News Education Policy Reporter Liam Knox explains to hosts David Gura and Christina Ruffini that the university has launched a faculty-led review, but opponents argue standardized tests can reinforce socioeconomic disparities, and UC says no change will affect students applying for fall 2027 admission.

Berkshire Hathaway stepped up spending under CEO Greg Abel, repurchasing about $4.5 billion of its shares while deploying billions more into investments. Bloomberg Intelligence and Senior P&C Insurance Equity Analyst Matthew Palazola is on Bloomberg This Weekend explaining to hosts David Gura and Christina Ruffini that Abel appears more focused on operations and putting Berkshire's enormous cash reserves to work, marking an early shift from Warren Buffett's final years at the helm.

Merrill & Bank of America Head of Market Strategy Joe Quinlan is on Bloomberg This Weekend to give his reaction to the July jobs report. Quinlan explains to hosts David Gura and Christina Ruffini that the US economy remains resilient despite the weak July jobs data, pointing to continued hiring in construction and health care and investment tied to AI.

Sports game streaming, RFK Jr.'s cooking show, $100 hot dogs, and getting into college without applying. Bloomberg News' Lisa Mateo joins David Gura and Christina Ruffini on Bloomberg This Weekend to share headlines you may have missed from over the week.

More than 70,000 people, mostly Moroccans, crossed into Spain's North African enclave of Ceuta in a mass migration surge fueled by economic frustration and amplified by social media. Senior Researcher at Oxford University Centre on Migration, Policy & Society Myriam Cherti is on Bloomberg This Weekend to discuss the unusual influx of those looking to cross.

The US unexpectedly lost 23,000 jobs in July while unemployment fell to 4.1%, a decline driven by fewer people participating in the labor force rather than stronger employment. Bloomberg News Economics Chief US Economist Anna Wong joins Bloomberg This Weekend and explains to hosts David Gura and Christina Ruffini that the weak payrolls and persistent downward revisions point to a softer labor market and could reduce pressure on the Fed to raise rates in September.

The Senate confirmed Todd Blanche as Attorney General despite initial opposition from multiple senators concerned about Blanche's ties to President Trump. A deal was struck in the early hours to secure enough votes with key holdouts such as Senator Bill Cassidy changing his position. Bloomberg News Washington Deputy Bureau Chief Laura Davison joins David Gura and Christina Ruffini on Bloomberg This Weekend to discuss the tense and closely watched process.

• The S&P/ASX 200 index climbed to a record peak of 9,213 points as global geopolitical tensions eased.
• Financial sector shares rose 5.84% and energy stocks gained nearly 10% in July, supported by heavyweights Commonwealth Bank of Australia and BHP Group.
• Market participants now focus on upcoming corporate earnings reports alongside shifting global commodity prices to determine sector valuation stability.

• Australian Bureau of Statistics data showed Australian household spending increased 0.8% in June 2026, driven by a 3.0% surge in transport spending led by new vehicle sales and air travel recovery.
• Listed consumer and transport peers reported resilient underlying revenue, with auto dealer Eagers Automotive generating $13 billion in annual revenue and refiner Ampol recording $1.6 billion in first-half EBITDA.
• Rising living costs and changing interest rate expectations remain primary headwinds for sustained consumer discretionary momentum across transport and retail equities.

• Media conglomerate News Corp reported an 11% increase in fourth-quarter fiscal 2026 revenue to US$2.34 billion, lifted by digital real estate, publishing, and premium information divisions.
• High-margin digital real estate and recurring subscription streams generated expanding free cash flow across publishers, supporting multi-million-dollar share buybacks and dividend payouts.
• Softening legacy print advertising, fluctuating real estate listing volumes, and ongoing content licensing negotiations present operational friction across media channels.

• The Australian government confirmed the end of the temporary fuel excise discount, triggering a wholesale price increase of 16 cents per litre.
• Major downstream energy operators manage capital allocation across integrated refining and retail supply chains while absorbing shifting tax obligations.
• The sector faces ongoing working capital pressures tied to wholesale tax adjustments and broader international supply chain volatility.

Spelman College President, Dr. Ayanna Howard, sits down with Romaine Bostick to discuss the impact of federal funding rollbacks for HBCUs, and the impact of AI on college graduates.