- Pick & Scroll News
- Posts
- Amazon, OpenAI and Flexible Work
Amazon, OpenAI and Flexible Work
Bunnings expands into home cleaning, Queensland lack access to fluoridated water, and Twitch comes to OpenAI.
Pick & Scroll News
November 21, 2023
One Read, All Perspectives
Australian News
The normalisation of flexible work during the pandemic is suspected to have contributed to Australia's post-pandemic productivity slump. LINK
The $89B JobKeeper wage subsidy, although achieving its broader economic aims, had its duration extended too long and tied workers to lower-paying jobs. LINK
Superannuation funds are on track for a respectable annual performance with the median growth fund return estimated at 6.5% despite a challenging October. LINK
The Financial Services Council urges the government to assist in consolidating $50B in legacy super and investment products into modern ones, as complex regulatory settings stifle innovation and better outcomes for members. LINK
Major construction work on Perth's south-east rail and road networks begins, affecting daily commutes of about 10,000 passengers for up to 18 months, as part of a multi-billion upgrade to the 130-year-old Armadale train line. LINK
Over 25% of Queenslanders lack access to fluoridated water, a significant public health failure, with local councils having the option to opt out of fluoridation. LINK
Job ads in Australia plummeted by 5% in October and nearly 20% over the past year, led by declines in the hospitality and tourism sectors. LINK
Global News
Global airlines struggle to lure back investors, trading about 40% below pre-pandemic levels despite booming profits and new plane orders. LINK
China's rise as an economic superpower is showing signs of reversal, with its share of the global economy dropping in 2022 and expected to shrink further in 2023. LINK
Disinflation is exacerbating social inequality as central banks supporting fiscal spending and households may face unintended consequences. LINK
Company News
Amazon aims to achieve merchandise exports worth $20B from India by 2025, with plans to onboard thousands of small sellers. LINK
Bunnings is expanding into the $5B home cleaning market with the aim to capture a significant market share by selling popular cleaning products in bulk at low prices. LINK
Optus CEO Kelly Bayer Rosmarin has resigned, with Peter Kaliaropoulos, a former Singaporean telecom executive, stepping in as chief operations officer. LINK
Rio Tinto has agreed to a US$28M (A$43M) fine settling a US lawsuit regarding its handling of a failed investment in a Mozambique coal project. LINK
The ASX has opted for two big companies to deliver its new CHESS replacement system, a move aimed at reducing risk by choosing an existing, off-the-shelf solution from TCS, a shift from its earlier blockchain-based tech solution plan. LINK
Macquarie has ventured into the green aviation fuel sector by investing up to €175M (A$290M) in Netherlands-based SkyNRG, aiding its efforts to build production facilities in Europe and the US for sustainable aviation fuel. LINK
OpenAI has appointed former Twitch CEO Emmett Shear as its new CEO. LINK
Other News
The betting industry saw losses as Australia won the Cricket World Cup, with bookmakers like Sportsbet offering higher payouts for an Australian victory. LINK
This Week’s Top Picks
Half of Aussies now view snacks as luxuries, curtailing purchases, while the average weekly expenditure increased by merely $1.20 since last year, reflecting a re-evaluation of spending priorities amidst surging supermarket prices. LINK
A star rating system for cybersecurity is to be launched, mandating new safety benchmarks for consumer internet-connected appliances and banning default passwords to combat potential hacking threats. LINK
NRL clubs reject Australian Rugby League Commission's proposal for gender and diversity quotas on boards and executive positions, citing potential contentious member votes. LINK
China's Temu rapidly gains traction among Australian bargain shoppers, overtaking local platforms like Kogan, Catch, and MyDeal within six months of its launch in the nation. LINK