Thursday, 14 May - I miss our little talks

Good morning, it’s Thursday, 14 May. In your Squiz Today…

• There’s a high-stakes meeting in China today between US President Donald Trump and Chinese President Xi Jinping

• Commbank’s stock price takes an historic hit

• And one of the NRL’s greatest coaches calls time - but not just yet

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🙋🏻‍♀️ This newsletter was written by Andrew Williams, Alice Dempster, Larissa Huntington and Sophie Felice

Squiz the Weather

Squiz Sayings

Said journalist Leigh Sales after accidentally calling Channel 10’s comedy show The Cheap Seats by the wrong name on her Chat 10, Looks 3 podcast. As host Tim McDonald pointed out, it’s even more awkward because Sales has actually been on the show. Even the greats make mistakes…

A Presidential parley

The Squiz

For the first time in 9 years, US President Donald Trump has touched down in China overnight to meet with Chinese President Xi Jinping. Like meeting your partner’s family for the first time, it’s a pretty high-stakes event… The 2 leaders of the biggest economies in the world have a lot to discuss, including Iran, Taiwan and trade. And we here in Oz have plenty of skin in the game, with our major security ally (the US) and biggest trading partner (China) having a chat in the midst of a global fuel supply crisis…

Give me the lowdown on the hot topics…

We’ll start with the US’s war with Iran. It’s proved a bit of a good news/bad news story for China - it’s caused disruptions to its energy markets, but it’s also allowed it to stake a claim as a relatively calm, predictable superpower compared to the US. Trump has also asked China to help out with pressuring Iran to agree to US peace terms, but it’s stayed out of things so far. Analysts say the 2 countries would share a common goal, though - they both want the Strait of Hormuz reopened. Taiwan is another topic - the US is a big backer of the country, which is a democratically governed island that China says is part of its territory. Trump has flagged he’s open to talking to Xi about it, so you can bet the Taiwanese government will be watching this closely…

Anything else?

It wasn’t that long ago that the US and China were locked in a trade war, raising tariffs on each other in a game of economic chicken before reaching a truce late last year. That truce is still in place, and reports say that it might get extended as a result of this meeting. As for what the trip itself will look like, Trump will be part of a welcome ceremony, have a chat with Xi and then the 2 will tour the Temple of Heaven. That’ll be followed by a state banquet - fancy… Trump also has quite the entourage with him, including Secretary of State Marco Rubio, Tesla CEO Elon Musk and Apple CEO Tim Cook. When he arrived, he was greeted by Chinese Vice-President Han Zheng - a higher-ranking official than the one that met him in 2017. So it’s off to a respectful start…

Putting your cash to work

When a business signs a commercial lease, it often means paying a big chunk of cash as a guarantee - and right now, that adds up to more than $10 billion sitting idle in Australian banks. eGuarantee offers an alternative: a digital lease bond to help businesses free up cash flow while still meeting their lease security requirements. It’s also backed by financial security that’s on par with the big 4 Australian banks, so business owners can sleep easy and get on with their day-to-day work.

Squiz the Rest

Mayhem in Manila

Gunfire has broken out in the Philippines Senate overnight, in the midst of a tense standoff between the country’s police and a local senator. To track back a bit, the International Criminal Court has been investigating the government of former President Rodrigo Duterte over its anti-drug crackdown that began in 2016. Duterte has already been arrested on charges of crimes against humanity, and on Monday, police tried to arrest his chief enforcer, Ronald Dela Rosa, on the same charge. But he escaped and holed up in the country’s Senate - and he’s been there ever since, with police gathered outside. It’s not clear who fired the shots and no casualties have been reported, but the Senate is in lockdown and President Ferdinand Marcos Jnr has promised an investigation. One to watch…

Changes to child protection in the NT

Former NSW Police Commissioner Karen Webb and public servant Greg Shanahan have been tapped to lead a review into the Northern Territory’s child protection system, following the death of Kumanjayi Little Baby in Alice Springs. After she died, it came to light that the 5yo Indigenous girl was the subject of 6 child protection reports in 6 weeks - the last one 2 days before she was allegedly abducted and murdered by 47yo Jefferson Lewis. Yesterday, Child Protection Minister Robyn Cahill said the review will look at the processes undertaken “to unravel what was done, what may not have been done [and] what should have been done”. She also announced new laws would be introduced to parliament, placing “safety above all other considerations”.
*Need help?

More Starmer drama

A potential contender has emerged in the UK’s leadership crisis, with reports overnight that Health Secretary Wes Streeting may challenge PM Keir Starmer as early as tonight. Starmer has been in all sorts ever since some disastrous local/regional election results last week, but he’s refused to resign - and so far at least, no one’s stepped up to replace him. But now Streeting looks like he’s going to enter the chat - the 43yo is described in reports as one of the Labour Party’s best communicators and media performers (you can see him in action here.) He needs the support of 81 MPs to launch a challenge, and plenty have already publicly called on Starmer to go, so watch this space…

Commbank carnage

Australia’s biggest bank suffered its largest one-day drop in value on record yesterday, after it reported lower-than-expected third-quarter results and told investors it was putting aside a $200 million bad debt buffer. That’s a protection for the bank against possible losses from borrowers who can’t repay their loans or mortgages - Commbank says more Aussies are battling to make loan repayments across the board at the moment. Experts say that’s a sign that rising interest rates and cost of living pressures are starting to bite, and the overall news did not go down well with investors - shares dropped by 10.4%, wiping $25 billion from Commbank’s market value. The other big banks were dragged down with it, with Westpac, NAB, and ANZ all falling between 1.5% and 3%.

Clearing the decks

One of the most successful rugby league coaches in modern history is on the way out - but not until the end of next year. Penrith Panthers head coach Ivan Cleary confirmed yesterday he’s doneski as of the end of the 2027 season - but will likely stick around in an advisory role. Current Penrith assistant coach Peter Wallace will take over in 2028. If you’re not a rugby league nut, this is a big one - Cleary first became head coach of the Panthers in 2012, and later won 4 premierships on the trot between 2021 and 2024. His superstar son Nathan had a hand in a few of those - together, they’re likely one of the most successful father-son duos in all of sport. As for why (the Panthers are currently top of the ladder, after all) Cleary just said “it’s the right time.” After over 10 years in the role, he’s earned a break…

Apropos of Nothing

The Academy Awards are sticking with what works - after 2 well-reviewed stints, Conan O’Brien is coming back for a third hosting gig next year. Given Chuck Norris’ death earlier this year (just after the 2026 Oscars), we’re hoping Conan might bring back the Walker, Texas Ranger lever in tribute next year…  

If you’re a photography lover, or just on the hunt for a really great desktop background, this year’s Milky Way Photographer of the Year awards might be just the ticket. Some of the shots are astonishing… 

We love a good list, and The Guardian in the UK is likely to cause plenty of debate with its latest one - the 100 Greatest Novels of all Time. It’s revealing 20 at a time, so we’ll have to wait until the weekend for the best ever - crossing our fingers for The Day My Bum Went Psycho to finally get its due…

Squiz the Day

9.00am (AEST) - A judgment is due in the ACCC’s case against Coles, Federal Court of Australia - Sydney

9.00am (AEST) - Sue-Anne Hunter, the National Commissioner for Aboriginal and Torres Strait Islander Children and Young People, will deliver the keynote speech at the 2026 Koorie Youth Summit - Narre Warren, Victoria

9.15am (AEST) - Josh Fraser, the interim coach of the Carlton Blues AFL team, will speak to the media following Michael Voss’s resignation earlier this week - Melbourne

7.45pm (AEST) - Rugby League: Women's State of Origin game 2, Suncorp Stadium - Brisbane (kicking off the NRL’s annual Magic Round), watch on 9now

US President Donald Trump is visiting China where he’ll meet with Chinese President Xi Jinping (until 15 May) - Beijing

Coalition leader Angus Taylor will deliver his Budget reply speech - he’s expected to make policy announcements on migration and housing

Team Australia is set to launch a new bid for the America’s Cup in Sydney

AFL: Sir Doug Nicholls Round begins 

Melbourne Design Week begins (until 24 May)

Blues on Broadbeach festival begins (until 17 May) - Queensland

Mother Mary is released in Australian cinemas

Birthdays for the creator of Star Wars George Lucas (1944), actor Cate Blanchett (1969), director Sofia Coppola (1971), and Meta boss Mark Zuckerberg (1984)

Anniversary of:

• British doctor Edward Jenner administering the first inoculation against smallpox, using cowpox pus (1796) 

• the publication of Virginia Woolf’s novel Mrs Dalloway (1925)

• Queen Mary & King Frederik's wedding (2004)

• the deaths of actress Rita Hayworth (1987), singer Frank Sinatra (1998), guitarist BB King (2015) and internet icon Grumpy Cat (2019)

Friday
5.00am (AEST) - Eurovision second semi-final, Aussie entrant Delta Goodrem will perform her song Eclipse - Vienna, watch on SBS