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Athens, Wine and Maccas
Binance CEO steps down for money laundering, Crypto linked to human trafficking, and Cambodian brick factories.
Pick & Scroll News
November 22, 2023
One Read, All Perspectives
Australian News
The Australian dollar traded near a four-month high overnight on Monday, propelled by a faltering US dollar, stronger yuan and rallying iron ore prices, reaching US65.65¢. LINK
The transition to renewable energy is facing hurdles globally, including in Australia, as the scale of wind and solar energy, despite being cheap and emission-free. LINK
Melbourne lags behind other cities with only 56% of workplaces occupied in Q3 despite employer mandates for returning to office. LINK
The South Australian government is extending its lifting fee subsidy for wheelchair-accessible cabs to the state's regions, addressing a 25-year absence of such support. LINK
The National Anti-Corruption Commission head, Paul Brereton, has spotlighted potential corrupt practices amongst consultants and contractors working on government projects. LINK
Sydney housing prices are predicted to fall by 4% in 2023 due to a sharp decline in housing affordability and ongoing interest rate increases. LINK
Despite a rise in female representation on boards of Australia's largest property groups, a narrowing talent pipeline at lower levels raises concerns for long-term gender diversity in the real estate sector. LINK
Despite a 24% decrease in rents compared to pre-pandemic levels, Sydney's Pitt Street Mall remains Australia's most expensive retail destination and is ranked the eighth most expensive globally. LINK
Australian wine production plummeted to its lowest level in 16 years, yet local producers are facing excess red wine with hopes of a revival in the Chinese market. LINK
Global News
Waste from 19 international brands like Adidas and Walmart is being utilised to fuel kilns in Cambodian brick factories, leading to some workers falling ill. LINK
Amid a fierce price war in China's EV market, brands with strong hybrid lineups are gaining traction, offering hope for global automakers like Toyota and Honda. LINK
Higher interest rates globally are shattering homebuyer dreams as people balance between increased borrowing costs and a shortage of homes. LINK
Athens has emerged as a hot housing market in Europe, with home prices surging 12.2% in October, almost triple the gains seen in other cities, despite the end of cheap borrowing costs across the continent. LINK
Foreign investors have withdrawn over three-quarters of their investments in China's stock market, dumping more than US$25B worth of shares. LINK
Chinese property stocks experienced a surge as Beijing drafted a list of 50 real estate firms eligible for financing to support the beleaguered property sector. LINK
Tech giants like Dell, HP and Lenovo have been granted approval to manufacture tech hardware in India under the country's production-linked incentive scheme, aimed at boosting domestic production. LINK
India's travel landscape is evolving with the country emerging as a tourism sector powerhouse, but with most Indians preferring domestic travel—only about 1% travelled abroad out of 1.7 billion leisure trips in 2022. LINK
Company News
Binance CEO has agreed to step down and will admit to violating US anti money laundering laws in a US$4.3 billion settlement. LINK
Microsoft became a major beneficiary amidst the chaos at OpenAI, recruiting the ousted CEO Sam Altman and other key staff to avoid a potential shift to rivals and bolster its position in the artificial intelligence domain. LINK
OpenAI staff threaten to resign and join Sam Altman at Microsoft unless the board steps down. LINK
Crypto firm Tether froze $225M worth of its cryptocurrency linked to a human trafficking group in Southeast Asia, following a request from the US Secret Service. LINK
Zoom raised its annual revenue and profit forecasts as the ongoing hybrid work trend and integration of artificial intelligence technology in its products continued to boost demand. LINK
McDonald's is increasing its stake in its China business, contrasting the trend of many multinational corporations reducing investments or exiting the Chinese market. LINK
The ACCC has accused Qantas of intentionally cancelling 15,000 flights for financial gain between May and June 2022. LINK
Telstra confirmed its 000 Emergency Service Answer Points functioned flawlessly during the Optus outage, raising concerns as to why 228 calls failed to get through. LINK
Fortescue committed $1.1B towards green energy projects, advancing its ambitious plans to emerge as a significant player in hydrogen and renewable energy sectors. LINK
The US Justice Department is seeking $6B from Binance to settle a lawsuit concerning allegations of money laundering, bank fraud, and sanctions violations. LINK
TechOne, a Queensland tech giant, reported a profit after tax of $102.9M for the year to September 30, showcasing a 16% increase from the previous year with a vision to reach $500M in recurring revenue by next financial year. LINK
Qantas is amending its frequent flyer program to be more child-friendly, addressing the issue of points expiration for members under 18, after the airline faced criticism for the limitations of the program on younger members. LINK
BlueScope Steel revealed a vision to revamp a massive area of unused industrial land into a modern precinct to attract a significant number of workers back to the steelworks. LINK
Other News
Australia's cricketers clinched the ICC Men's Cricket World Cup, garnering more than $6M in prize money and defeating the favorite, India, in a thrilling final. LINK
This Week’s Top Picks
The normalisation of flexible work during the pandemic is suspected to have contributed to Australia's post-pandemic productivity slump. LINK
The betting industry saw losses as Australia won the Cricket World Cup, with bookmakers like Sportsbet offering higher payouts for an Australian victory. LINK
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