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Amazon, NASA & North Korean Trash Balloons
North Korean trash balloons see Incheon Airport briefly shuts down its runways.
Pick & Scroll News
June 28, 2024
One Read, All Perspectives
Australian News
Scams targeting residents in remote communities in WA are rising ahead of tax time. LINK
Women and gender-diverse people report feeling unsafe in rideshare vehicles. LINK
Economists warned the RBA may need multiple interest rate rises to quash persistent inflation, as mortgage arrears hit the highest level in 5 years. LINK
ASIC warned banks not to become complacent with the new Banking Code of Practice, which extends protections and broadens the definition of financial difficulty. LINK
SMSF trustees are deserting financial advice despite the government's quality of advice review aiming to make it more affordable. LINK
NSW approved a 240 km transmission line as part of its Renewable Energy Zones plan, aiming to accelerate large-scale renewable energy generation capacity. LINK
The rapid advancement of AI and cloud computing is leading to exponential data creation and storage, resulting in unprecedented demand for data centres as critical infrastructure. LINK
Global News
Incheon Airport briefly shuts down runways due to North Korean trash balloons. LINK
Company News
A UK-based human rights group launched a legal campaign to block Shein's potential London listing over labour practices concerns. LINK
H&M cast doubt over its full-year profit margin target after missing quarterly earnings forecasts and predicting a fall in June sales due to poor weather. LINK
BP imposed a hiring freeze and paused new offshore wind projects, refocusing on oil and gas amid investor discontent over its energy transition strategy. LINK
Amazon hit US$2T in market value for the first time, driven by optimism around AI and potential interest rate cuts, joining Microsoft, Apple, Nvidia and Alphabet in the US$2T club. LINK
BlackBerry beat Q1 revenue estimates, driven by resilient demand for cybersecurity services amid growing online threats. LINK
Amazon plans to launch a section on its site featuring cheap items shipping directly from China, responding aggressively to the growth of bargain sites like Temu and Shein. LINK
Channel Seven launched an investigation after its YouTube channel was hacked to show AI-generated videos of Elon Musk promoting cryptocurrency investments. LINK
Lululemon increased its stake in Australian clothing recycler Samsara Eco. LINK
Boeing faced criticism after helium leaks and thruster problems on its Starliner spacecraft delayed the return of 2 NASA astronauts from the International Space Station. LINK
Uber will pay US$1,000 in credits to certain car owners in the US and Canada who ditch their cars for 5 weeks in favour of public transport. LINK
This Week’s Top Picks
Building costs have surged almost 40% over the past 4 years, threatening the Albanese government's housing plans and keeping inflationary pressure on interest rates. LINK
Australian tourism is rebounding to near pre-pandemic levels with international visitors increasing their spending by 25% compared to 2019. LINK
Inflation hit a 6-month high of 4% in May, raising the probability of an August RBA rate hike, driven by rising energy, petrol and rent costs. LINK
Coalition policy proposes regulating and taxing vapes like cigarettes. LINK
AI outperformed radiologists in detecting prostate cancer on MRI scans. LINK
Collins Foods reported declining sales at KFC outlets and halted plans for more Taco Bell outlets due to weak consumer spending. LINK
Myer made a bid to acquire several brands from Premier Investments as part of a strategic review, aiming to create a $4B retail giant and enhance its loyalty program. LINK
Metcash reported $282.3M underlying profit, noting that consumers are shifting to smaller, frequent shopping trips and private labels due to cost-of-living pressures. LINK
Metcash’s food division has performed well despite economic pressures, but its Total Tools business suffers from the housing construction downturn. LINK
Vietnamese coffee growers face significant drought impacts, potentially raising global coffee prices. LINK
AI is helping scammers become more convincing, making it harder for banks and authorities to detect fraudulent activities. LINK
KMD Brands, owner of Rip Curl and Kathmandu, warns of worse-than-expected winter sales, with earnings expected to fall 53% in the year to July 31. LINK
Vladimir Putin has signed deals with Vietnam to supply fossil fuels and enhance cooperation in various sectors during his visit. LINK
Wholesale gas prices in Sydney and Melbourne have surged to their highest in more than a year, raising fears of a shortage this winter. LINK
Japan's tourist hotspots are introducing 2-tiered pricing systems, charging tourists more than locals as the weak yen drives a surge in visitors. LINK
