It’s not too late to become a world-class tennis star, right?

This year, the Australian Open prize money pool is $111.5 million, up from $96.5 million last year.

You don’t even have to be the best for an appearance at the AO to make a difference to your savings account - those who lose in the first round of the Qualifying Week (which is this week) still walk away with $40,500, while those who lose in the first round of the official tournament (which starts on Sunday) collect $150,000.

Win the whole shebang, and you’ll see $4.15m served into your account. I’m going to go figure out how to get my backhand to land inside the lines.

Mining giants Rio Tinto and Glencore are considering a merger that would create the world’s largest mining company, with a possible combined valuation of almost $300 billion.

However, the companies have not agreed on any final deal yet, and even if they do, it still faces possible regulatory hurdles.

Here’s what you need to know.

Many readers are probably familiar with Rio Tinto, a British-Australian mining company. It’s one of the biggest mining companies in the world, and runs massive iron ore operations in Western Australia’s Pilbara region. 

The company has grown over the past two decades alongside massive development in China through its iron ore operations. It now employs about 60,000 people across 35 countries.

It has faced criticism in recent years for damaging Aboriginal sites during its operations. 

It is currently expanding its copper operations, a critical material for AI operations.

Swiss-owned Glencore is the world’s largest-listed coal miner. It is also one of the world’s largest copper producers. It operates the world’s second-largest copper mine, the Collahuasi Mine in Tarapaca, Chile.

Rio Tinto announced on Thursday that it has resumed merger talks with Glencore.

With Rio Tinto’s market value of about $200 billion, and Glencore’s $106 billion, the result would be the largest mining company in the world, with a total valuation of more than $300 billion.

That would overtake the current world leader, BHP, whose valuation is about $240 billion.

However, it is still in the early stages, with the announcement stating there is “no certainty that an offer will be made”.

This is the second attempt at a merger in as many years for the two companies, with the last talks breaking down in 2024 over valuation disagreements and the future of Glencore’s coal mines.

If an offer is made, any deal of this nature would still need shareholder approval. Rio Tinto’s shareholders may not want to take on Glencore’s coal portfolio, considering the company divested its coal operations in 2018. Glencore has floated the idea of spinning off its coal assets into a separate company that would trade on the ASX to address these concerns.

Under UK takeover laws, Rio Tinto has until 5 February to make a final offer.

Reporting by Lachlan Keller.

The U.S. Department of Justice has launched a criminal investigation into the head of the country’s central bank.

It alleges Federal Reserve Chair Jerome Powell misled officials about ongoing renovations to the bank’s headquarters.

Powell described the move as an “unprecedented action,” suggesting it was part of a “broader context of the [Trump] administration’s threats and ongoing pressure.”

The Federal Reserve, often called the Fed, is the U.S. central bank. It’s equivalent to the Reserve Bank of Australia (RBA).

Like the RBA, the Fed has a board of directors, whose key responsibility is setting the interest rate it charges commercial banks for short-term loans.

Powell has led the Fed since 2018, when he was chosen by then-President Donald Trump. His current term as Chair is set to end in May 2026.

Trump has previously accused Powell of Democratic bias and said he does not intend to reappoint him.

Last week, the Department of Justice served the Federal Reserve with grand jury subpoenas.

A grand jury is part of some U.S. court cases. A group of citizens is chosen to determine if a case should become a trial. They hear both sides’ evidence in a closed court (no media allowed) before making a decision.

A subpoena is a formal order from a court for a person or entity to produce documents and communications in a legal proceeding.

According to Powell, the probe centres on testimony he gave at a Senate hearing last June regarding ongoing renovations to the Federal Reserve’s headquarters in Washington D.C.

The project is set to cost $2.5 billion, higher than expected.

The White House has previously criticised the figure.

In a video statement, Powell said that while he has “deep respect for the rule of law and for accountability,” the legal threat was an attempt at “political pressure or intimidation”.

He said the agency had “made every effort to keep [the Government] informed about the renovation project.”

“The threat of criminal charges is a consequence of the Federal Reserve setting interest rates based on our best assessment of what will serve the public, rather than following the preferences of the President,” he said.

U.S. Department of Justice (DoJ) attorney Jeanine Pirro is leading the action against Powell.

Pirro accused the Federal Reserve of ignoring multiple attempts to engage, saying “none of this would have happened if they had just responded to our outreach”.

“This office makes decisions based on the merits [of a case], nothing more and nothing less,” Pirro said.

The U.S. Government has three branches: legislative (Congress), judicial (courts), and executive.

Under the U.S. Constitution, the President’s powers are mostly contained to leading the executive branch.

The DoJ is included in the executive branch of the government, meaning it can act on orders given by the President.

Reporting by Achol Arok.

Awards season has officially kicked off, with the Golden Globes earlier this week.

Although winners don’t receive a cash prize, they do receive bragging rights, a trophy and a very expensive gift bag.

In collaboration with American luxury magazine Robb Report, the official gift bag for winners and presenters is valued just under $US1 million ($AU1.48 million.) 

All recipients received a five-day luxury yacht charter throughout Indonesia, an LED growth helmet, products from Brad Pitt’s skincare brand, perfume, a spa box and Cygnet 22.

Reporting by Anju Dhanushkodi.