AI voice hoax tricks Italy’s business elite

Good morning. Here's what happened overnight and what you need to know today.

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1.

Elite mimicked: Italy’s business elite have been targeted by scammers using an AI-generated voice to impersonate Defence Minister Guido Crosetto, persuading at least one victim to transfer €1 million ($1.65 million) for a fake hostage ransom. The fraudsters contacted top executives, including Giorgio Armani, Prada’s Patrizio Bertelli, Pirelli’s Marco Tronchetti Provera and billionaire Massimo Moratti, former owner of the Inter Milan football club, claiming the Italian government needed their help to free kidnapped journalists. The scammers used cloned phone numbers and multiple rounds of calls, falsely reassuring victims they would be reimbursed by the Bank of Italy, which later denied any involvement. Crosetto alerted authorities and raised the alarm on social media. Three Milanese businesspeople have filed complaints and Moratti confirmed wiring money after being contacted. AI-driven impersonation scams are increasingly being used to deceive wealthy individuals and executives worldwide. (Bloomberg)(FT)

2.

Gordon’s move: Bruce Gordon’s regional TV company WIN has progressed talks to sell its northern NSW TV licence to Network 10, sources told Capital Brief. The sale, if finalised, would allow Gordon to convert equity swaps in Nine Entertainment into shares, significantly increasing his voting power and potentially strengthening his case for an additional board seat. Gordon, Nine’s largest shareholder with a 15% stake and a further 10% economic interest via equity swaps, must offload the regional TV licence to comply with media ownership laws. Nine, WIN and Network 10 declined to comment. Meanwhile, Nine’s acting CEO Matt Stanton has set out to simplify the company’s corporate structure under the “Nine2028” strategy, reorganising operations into three divisions: broadcasting, publishing, and marketplaces. (Capital Brief)

3.

Watchdog cancelled: Russell Vought, acting director of the Consumer Financial Protection Bureau (CFPB), has ordered staff to “cease all supervision and examination activity,” effectively halting the agency’s operations. The move follows the entry of Elon Musk’s Department of Government Efficiency (DOGE) team into the CFPB, with three aides now listed as senior advisors. Over the weekend, Musk posted “CFPB RIP” on X. Vought also notified the Federal Reserve that the CFPB would not take its next draw of funding, calling its USD711.6 million ($1.13 billion) balance “excessive.” Meanwhile, a federal judge temporarily restricted DOGE’s access to Treasury’s payment systems, but a team will visit the Bureau of Fiscal Service next week for read-only access to accounting data. Trump defended Musk’s role, saying “Elon is not gaining anything. In fact, I wonder how he can devote the time to it. He’s so into it." (NYT)(WSJ)(Bloomberg)

4.

US jobs: US job growth slowed more than expected in January, with nonfarm payrolls rising by 143,000 after December’s revised 307,000 gain. But the unemployment rate fell to 4.0%, the lowest since May, with a Federal Reserve official signalling there’s still no rush to cut interest rates. The data from the Labor Department was a picture “consistent with a healthy labour market that is neither weakening nor showing signs of overheating,” Fed governor Adrian Kugler said. Wage growth remained strong, with average hourly earnings rising 0.5% for the month and 4.1% year-on-year. The healthcare sector led job gains, while restaurant, mining and manufacturing employment declined. Annual revisions showed job growth in 2024 averaged 166,000 per month, down from the initially reported 186,000. Kugler also noted there’s “considerable uncertainty” about the impact of President Donald Trump’s policies. Traders expect the Fed to hold until at least June. (DOL)(Reuters)

5.

Meta cull: Meta will begin company-wide layoffs on Monday, cutting thousands of jobs as it shifts focus to artificial intelligence. The Facebook owner will start notifying affected employees from Monday 5 am local time worldwide, according to internal memos seen by Reuters and Business Insider. The company had previously said the cuts will target about 5% of the “lowest performers”. CEO Mark Zuckerberg has pushed for a leaner company, telling staff he would "raise the bar" and move quickly to remove low performers. Employees in Germany, France, Italy and the Netherlands are exempt due to local regulations, according to the reports. Meta is also expediting hiring for machine learning engineers and other "business critical" roles between 11 February and 13 March. Elsewhere in tech, a video released over the weekend shows Elon Musk telling a conference in Germany he is not interested in buying TikTok and he is not a user. (Capital Brief)(Reuters)(Business Insider)

6.

Women pitch: The Albanese government announced a $573.3 million funding promise in women’s health, including subsidies for contraception, menopause care and endometriosis treatment. The package, announced ahead of what is expected to be a tight federal election, will increase Medicare rebates for long-term contraceptives, cutting out-of-pocket costs by up to $400 for 300,000 women annually. Two new contraceptive pills, Yaz and Yasmin, will be listed on the PBS, and three new menopausal hormone treatments—Prometrium, Estrogel and Estrogel Pro—will also be listed. The plan includes 11 new endometriosis and pelvic pain clinics, bringing the total to 33, with expanded menopause support, including a new Medicare rebate for menopause health assessments. The Coalition has pledged to match the funding. Meanwhile, the Grattan Institute called for a $2 billion increase in rental assistance package in a new report highlighting falling home ownership have pushed two-thirds of renting retirees into poverty. And New Zealand is loosening visa rules to lure foreign investors. (Government release)(ABC)(The Australian)(Capital Brief)

7.

Steel deal: Donald Trump said Nippon Steel’s USD14.9 billion bid for US Steel will take the form of an investment rather than a purchase, amid reports the Japanese steelmaker has not withdrawn its bid. Speaking alongside Japanese Prime Minister Shigeru Ishiba at the White House on Friday (Saturday AEDT), Trump said Nippon Steel "is going to be doing something very exciting about US Steel," he said sitting next to Ishiba. "They'll be looking at an investment rather than a purchase." Ishiba later echoed his remarks, saying US Steel will remain an American company with US management and employees. Trump, who has previously opposed a buyout, said he will meet with Nippon Steel’s leadership next week. Meanwhile, Trump announced plans to impose “reciprocal” tariffs on multiple countries this week. He did not specify which nations would be affected but said the goal is for the US to be “treated evenly.” He has previously said tariffs will help pay for US tax cuts. (Reuters)(Bloomberg)

8.

Coiled economy: China’s consumer inflation rose at its fastest pace in five months, but factory prices remained in deflation, official data showed. The consumer price index increased by 0.5% year-on-year in January, up from 0.1% in December, exceeding the 0.4% growth forecast in a Wall Street Journal poll. Core inflation, which excludes food and fuel, climbed to 0.6% from 0.4%. Food prices rose 0.4%, while non-food prices increased 0.5%, with Lunar New Year spending pushing airfares up 8.9%, tourism costs 7.0% and movie tickets 11.0%. The producer price index fell 2.3% for the 28th straight month, reflecting weak factory demand and industrial overcapacity. The Lunar New Year, which fell in January this year but February last year, temporarily lifted consumer prices. Analysts warned deflationary pressures will persist unless domestic consumption strengthens, while new US tariffs imposed by the Trump administration will add further strain. (Capital Brief)(National Bureau of Statistics)(WSJ)