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NAB has increased its share buyback plan by $1.5bn, while beating market forecasts with an interim cash profit of $3.54bn which equates to a fall of close to 13 per cent.
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The Australian
 

Good afternoon,

National Australia Bank's new chief, Andrew Irvine, unveiled a drop in interim cash profit of almost 13 per cent on Thursday but cheered up investors by pumping an additional $1.5bn into its share buyback. And despite the nation's economic trials and tribulations he says Australia's businesses are remarkably resilient.

Meanwhile, if Bonza is ever going to fly again - and many have their doubts - then it won't be before at least Wednesday of next week, as negotiations continue over the grounded fleet. 

And a fight for control of Australia's Namoi Cotton is being waged with Middle Eastern oil money. One of the suitors has the backing of Saudi Arabia's Crown Prince Mohammed bin Salman and the other from the Abu Dhabi sovereign wealth fund.

Gains by the major banks after NAB's results boosted the sharemarket on Thursday. At the close of trade the ASX 200 had risen 0.2 per cent to 7587.0 points, while the All Ordinaries also gained 0.2 per cent to 7849.4 points.

Perry Williams
Business editor

The Markets

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The Big Read

AWS has just launched what it claims to be the most powerful enterprise AI tool in the market, combining some of the key elements of ChatGPT and Microsoft’s Copilot.

The US tech behemoth is pushing to gain a significant market share, having developed an AI tool that can work with up to 40 different vendors and applications, including Gmail, Salesforce and Zendesk.

It’s called Amazon Q, and one of the key AWS executives behind it was not shy to share that there was some “underlying technology similarity” with key players already in the AI space.

AWS director of AI developer experiences Doug Seven said one of the big differences with Amazon Q was that it better respected the privacy of users.

Jared Lynch

Read more

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