Deutsche Bank has begun laying off thousands of people worldwide in a bid for “reinvention”. The bank announced on Sunday that it would cut 18,000 jobs - almost 20 per cent of its workforce - following several years of annual losses. Reuters reports that a number of bankers have been laid off in Australia, London, New York and in some locations across Asia-Pacific already, though it is unclear how many the 700 staff at Deutsche Bank’s Sydney location have been affected. The news comes after chief executive Christian Sewing announced the lender would shut down its equities sales and trading business. Deutsche Bank has a history as a risky lender, with the International Monetary Fund once describing it as the “riskiest global systemically important bank”. Earlier this year, a proposed merger with another struggling German bank Commerzbank was abandoned. The proposal concerned regulators at the time as it would have placed Deutsche Bank in an even riskier position, and by extension, the German economy.
Signs are pointing towards the ALP dumping the negative gearing and franking credit reforms it took to the federal election this year. The Australian ($) reports that both policies along with costings have been removed from the ALP website, and when asked at a press conference in Brisbane yesterday if the reforms were still a part of Labor’s policy platform, opposition leader Anthony Albanese said “no”. He then went on to say that all of Labor’s policies were up for review and that the party would “make announcements down the track about all of those policies”. Mr Albanese’s office told The Australian that “franking and negative [gearing] are not our policies any more,” before backtracking in a follow up to say that the policies were only under review and had not been formally scrapped.
A New South Wales coronial inquest is investigating the deaths of six young people who all took drugs at music festivals. The deaths of Alex Ross-King, Joseph Pham, Diana Nguyen, Callum Brosnan, Josh Tam and Hoang Tran, all aged between 18 and 23, are under scrutiny at the NSW coroner’s court, which will examine the circumstances of each situation and consider how future deaths at festivals could be avoided. Counsel assisting the inquest, Peggy Dwyer, said that while police played a “vital role”, their “presence and behaviours” exacerbated risky drug taking at festivals. She said a NSW Health survey found that music festival attendees “reported that their risky behaviours were driven by fear of police, including taking drugs prior to arrival at the event and avoiding the medical centre or open disclosure of substance use.” Hot weather was also found to be a factor in at least two of the cases. The inquest has added to calls for independent pill testing to be introduced at music festivals, although Premier Gladys Berejiklian has already ruled this out as an option.
Actor John Jarratt, who was found not guilty of rape last week, has begun defamation proceedings against The Daily Telegraph and journalist Jonathan Moran. Jarratt was cleared of raping his housemate 40 years ago, but he has maintained his innocence since the allegations were made in 2017. He is suing The Daily Telegraph over its 2017 front-page story on the alleged rape. Both the newspaper and Moran were ruled to have defamed actor Geoffrey Rush in May this year. The Daily Telegraph is appealing against the record $2.9 million payout to Rush. While Jarratt’s defamation proceedings were initially lodged last year, the case can be heard now that the criminal matter is resolved. It comes at an interesting time for defamation cases against publishers, as only a few weeks ago a NSW Supreme Court judge ruled media outlets were liable for allegedly defamatory comments made on their pages.
In tennis, Ash Barty is out of Wimbledon, after losing to American Alison Riske in the fourth round. Barty had a strong start, winning the first set, before Riske took out the second and pushed the competition into a third-set decider. It ends Barty’s incredible 15-match winning streak, which took her to the No. 1 women’s singles ranking and saw her win the French Open. Barty said of her performance: “I didn't win a tennis match. It's not the end of the world.”