Welcome to News Beyond markets – a special show that will get you all the news that matters to kickstart your day.
• Australia's Victoria state said it would give additional time and funding to the Royal Commission to allow it to investigate a wider range of matters. The Victorian government said it approved an extension to October. 15 from the initial August. 1 deadline, and an increase in the funding to A$19.75 million from A$10 million. Crown said in a separate statement that it would continue to cooperate with the inquiry.
• Australia will refurbish its ageing Collins-class submarine fleet, as doubts over Canberra's A$50 billion deal for 12 new submarines built by French shipbuilder Naval Group grow. The deal which is one of the world's most lucrative defence deals, has been beset by issues and delays due to Canberra's requirement that the majority of the manufacturing and components be sourced locally. The first of Australia's six Collins-class submarines reaches the end of its lifespan in 2026.
• Australia's Prime Minister Scott Morrison will meet with French President Emmanuel Macron next week and the two are expected to discuss the submarine deal.
• Brazil's regional labor judge has ordered the world's leading iron ore miner Vale SA to pay a compensation of 1 million reais to the families of all 131 employees killed in the 2019 dam collapse accident.
• Next up is news update from the Ernst & Young (Australia) Awards - EY honors his Royal Highness The Prince of Wales of the United Kingdom with inaugural Social Entrepreneurship Award. JungJin SEO, Honorary Chairman of South Korea-based Celltrion Group, was named EY World Entrepreneur Of The Year 2021 during a virtual awards ceremony broadcast live around the world. JungJin was picked from among 45 award winners from 38 countries and territories competing for the global award.
• The Prince of Wales was the first recipient of the EY Social Entrepreneurship Award. This award was given in recognition of the tremendous social value created by The Prince of Wales' leading initiatives, including The Prince's Trust and Business in the Community, the exciting progress of the bold, global Sustainable Markets Initiative and this year's unveiling of the Terra Carta, which provides a road map toward putting nature, people and planet at the heart of global value creation over the next decade.