Afterpay, Samsung and Virgin Australia

Australian News

• ASIC chairman is advocating for special AI regulations in financial services, citing risks like data poisoning and model manipulation. LINK

• Thousands of animals remain onboard the MV Bahijah livestock carrier ship off Perth, as Western Australia rejects docking despite animal welfare concerns. LINK

• Wholesale electricity price declines across Australia hint at upcoming power bill relief for households and businesses. LINK

• Australia's ASX rallies to a record high as annual inflation cools to 4.1%, spurring bets on interest rate cuts. LINK

• The Australian share market hits an all-time high after inflation falls to a two-year low, signalling potential stability in interest rates. LINK

• Australia's lowest 40% income earners to receive less than 10% of benefits from the reshaped stage 3 tax cuts, reveals Parliamentary Budget Office. LINK

• Scam reports mentioning Booking.com surge in Australia, with losses exceeding $337,000 in 2023, says ACCC. LINK

Global News

• There may be US approval for Ethereum-backed ETFs by May. LINK

• The International Monetary Fund (IMF) forecasts a global economic 'soft landing', buoyed by the robust US economy amid global challenges. LINK

• Farming protests in France, spreading to Belgium, Spain and Portugal, threaten the prospects of an Australia-EU free trade agreement. LINK

• China's factory activity contracts for the fourth consecutive month in January, signalling continued economic weakness despite slight improvements in foreign demand. LINK

Company News

• The big four accounting firms confess to hundreds of conflict of interest rule breaches in the US. LINK

• Westpac agrees to a $1.8 million fine with ASIC for insider trading, a penalty criticised as modest by Federal Court judge Michael Lee. LINK

• Afterpay's parent company Block initiates global job cuts exceeding 1,000 positions. LINK

• Alphabet faces a 6% stock decline as holiday-season ad sales fall short, with increased AI spending anticipated. LINK

• Samsung Electronics reports a 34% drop in Q4 profit but sees a rebound in tech demand and memory chip recovery in 2024. LINK

• Universal Music Group to end its content licensing with TikTok and TikTok Music, citing insufficient artist compensation. LINK

• H&M shares fall 8% following weaker sales and the unexpected exit of its CEO, amid growing competition. LINK

• Commonwealth Bank slows mortgage market share losses as the housing market stabilises, ahead of its half-year results. LINK

• Virgin Australia enhances customer experience by expanding its baggage tracking tool to all routes, beating Qantas in tech implementation. LINK

• Lendlease sells the Darling Square Retail precinct in Sydney to the Yoon family for $88 million, showcasing investment interest in prime retail properties. LINK

• Mazda recalls over 5,000 CX-60 and CX-90 vehicles in Australia due to a potentially deadly manufacturing defect affecting the power steering. LINK

• Boeing withdraws a request for a safety exemption for the 737 MAX 7, amidst scrutiny and pressure from US politicians after recent safety incidents. LINK

This Week’s Top Picks

• Australians with higher credit scores, above 700, are more likely to be targeted by hackers, having accounted for 72% of all attempted breaches in 2023. LINK

• Neuralink implants its first brain chip in a human patient, with Elon Musk announcing promising initial results. LINK

• IBM issues an ultimatum to managers who are still working remotely: relocate near an office or leave the company, as part of its increased return-to-office mandate. LINK

• ACCC report calls for government action to address childcare accessibility challenges, particularly for low-income and diverse households. LINK

• Brisbane is leading Australia's cost-of-living crisis with the highest rent, energy, health and insurance price hikes in the past year. LINK

• Interstate buyers make up one in four Gold Coast property auction sales, significantly higher than the national average. LINK

• There has been a drop in lenders offering mortgage cashbacks, with banks learning from this trend and unlikely to resume such offers soon. LINK

• AlphaTauri F1 Team Renaming: Red Bull's Formula 1 junior team, AlphaTauri, rebrands to Visa Cash App RB F1, facing mockery and criticism for its new name, regarded as one of the worst in F1 history. LINK

• A Bureau of Meteorology scientist loses his job and fails to get reinstated after secretly working overseas while claiming to be working from home. LINK

• Record renewable energy generation led to a 24% drop in wholesale electricity prices in the fourth quarter of 2023-24. LINK

• Australia's population surpassed 27 million, reaching this milestone 18 years earlier than predicted, with migration significantly contributing to this growth. LINK

   

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