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Apple x OpenAI, Super Funds & Singapore Airlines
Singapore Airlines offers $15K-$37K compensation to passengers injured in last month's turbulent flight.
Pick & Scroll News
June 12, 2024
One Read, All Perspectives
Australian News
Westpac has cut house price growth forecasts for Sydney and Melbourne due to worsening affordability and increased listings, while sharply raising predictions for Perth, Brisbane and Adelaide. LINK
Investors are flocking to the property market, taking out $10.9B in mortgages in April. LINK
Queensland's budget includes $3.7B in new cost-of-living relief, with measures such as freezing fees and charges and trialling 50-cent public transport fares. LINK
Queensland's public service sector added 11,700 employees in the past year, with corporate roles growing faster than frontline jobs. LINK
Australia's IR legislation set to take effect on August 26 will impact casual workers' income, potentially reducing cash flow by 25%. LINK
Super funds in Australia saw slight gains in May, with the median balanced option up 1%. LINK
ANZ has delayed its forecast for a Reserve Bank interest rate cut to February 2025 due to strong household consumption, job market resilience, persistent inflation, and high government spending boosting GDP growth. LINK
The Council of Financial Regulators warned that more Australian borrowers are falling behind on mortgage payments due to high inflation and increased mortgage costs, though the overall risk to the financial system remains contained for now. LINK
Australian business conditions weakened in May due to slowing sales and profit growth, while cost pressures showed signs of re-accelerating. LINK
Commonwealth Bank is seeing scammers use generative AI enhances the quality and volume of SMS phishing scams, especially during the tax return season when scam activities peak. LINK
Global News
Ultra-wealthy investors are betting on San Francisco's comeback, driven by an AI boom and rebounding real estate demand. LINK
Millions of abandoned homes in Japan are being sold at rock-bottom prices due to an ageing population and declining rural economy. LINK
European markets tumbled and the euro hit a 22-month low after far-right parties gained in EU elections. LINK
The UN Security Council backed a US resolution supporting a Gaza ceasefire plan, increasing pressure on Israeli Prime Minister to end the conflict with Hamas. LINK
Premium sportswear brands are thriving in China as health-conscious consumers boost sales, challenging Nike and Adidas in the $55B market. LINK
Company News
BPay is pushing to take down a little-known cryptocurrency exchange, BePay Australia, for trademark infringement and misleading consumers into thinking it endorsed the platform. LINK
Australia Post has introduced a next-day delivery service called Metro to meet the growing demand for fast and convenient parcel delivery. LINK
Commonwealth Bank has launched a new system to speed up financial crime investigations, potentially integrating generative AI for quick summaries in the future. LINK
Singapore Airlines offered compensation to passengers injured in last month's turbulence incident, providing $15,150 for minor injuries and $37,875 for serious injuries. LINK
Super Retail Group has yet to receive legal documents related to workplace lawsuit threats from April. LINK
Australian Vintage is launching a $19.9M capital raising to manage flat sales and rising debt. LINK
Apple's integration of OpenAI's ChatGPT into its devices raised privacy concerns. LINK
Elon Musk threatened to ban Apple devices at his companies if Apple integrates OpenAI at the operating system level. LINK
Bonza terminated all 323 staff and cancelled future flights due to financial struggles, leaving the airline without planes or employees and a mountain of debt. LINK
Zoho is targeting Australia as a key market in its global expansion, leveraging its extensive portfolio of business applications and aiming to strengthen its presence with a permanent office set up since 2019. LINK
Japan's transport ministry found that Toyota's vehicle certification irregularities may violate UN standards, potentially affecting mass production in Europe and other regions. LINK
This Week’s Top Picks
Australians are fuelling a travel boom despite rising interest rates and inflation, with many funded by parental support. LINK
About 2,000 jobs have been lost in the international education sector due to migration cuts. LINK
Ticket sales for Australia's most popular ski fields, including Perisher and Falls Creek, have dropped by 22% due to the worst ski season in decades. LINK
Meta will start using Australians' Facebook and Instagram activity to train AI tools without an opt-out option. LINK
Coles has imposed a 2-carton egg limit across most of Australia due to a bird flu outbreak, urging customers not to panic buy as nearly 600,000 chickens have been euthanised to prevent disease spread. LINK
