Markets 
Hello and welcome to our national news live coverage for Friday, July 24. Here’s what’s making headlines today.
Trade: The United States will increase tariffs on Australian products to 12.5 per cent – up from 10 per cent – under the guise of human rights.
Middle East at War: Oil is trading at above $US100 for the first time since the last phase of the Iran war after Houthi rebels fired at two Saudi oil tankers in the Red Sea, prompting US President Donald Trump to warn of bigger strikes against the Iranian regime and its surrogates.
Politics: Prime Minister Anthony Albanese attended an exclusive dinner hosted by an uber-rich 25-year-old whose billionaire father was accused by the Tax Office of repeatedly deceiving authorities to funnel huge sums of money from China into Australian bank accounts and mansions.
AUKUS: Billions of dollars of additional funding for the US defence industrial base have not improved the production rate of Virginia-class submarines, a top Pentagon official says, casting further doubt on whether Australia will receive its AUKUS subs on schedule.
Business: Macquarie Group chief executive Shemara Wikramanayake is retiring as boss of the investment giant after eight years in the job. When she departs in November, she does so with about $370 million in shares, the fruits of a four-decade career with the investment banking giant. She has another $89 million in deferred share units that are yet to vest.
International: More than 20,000 people are fleeing a wildfire in southern France after flames spread rapidly through a bayside area busy with families on school holidays, in the latest emergency of a European summer marked by intense heat and dry conditions.
Commonwealth Games: The 2026 Games are under way in Glasgow. The opening ceremony kicked off at 5am and featured King Charles and Queen Camilla emerging from a Dr Who Tardis. Follow our coverage here.
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