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Bitcoin Halving, 4-Day Work Weeks and Tesla
The Fair Work Commission has denied a bank employee's request to work from home permanently.
Pick & Scroll News
April 17, 2024
One Read, All Perspectives
Australian News
The Fair Work Commission has denied a bank employee's request to work from home permanently, emphasising the importance of face-to-face collaboration and networking in the office environment. LINK
12 large suppliers account for half of the total retail value of the fruit and veggie market. LINK
The Australian dollar has reached a 5-month low as strong US economic data cast doubts on potential Federal Reserve rate cuts. LINK
A study by Australian universities predicts that full adoption of artificial intelligence across key industries could boost the Australian economy by over $200 billion annually by the end of the decade, adding 150,000 jobs. LINK
Half of the lawyers in Australia and New Zealand are using generative AI for daily tasks, with almost all believing it will transform legal work. LINK
The Australian Security Intelligence Organisation (ASIO) is recruiting young Australians with the ability to outsmart sophisticated foreign adversaries, emphasising the need for clever and legal technical strategies. LINK
Outdoor power equipment is increasingly becoming battery-powered. LINK
Only 1 in 3 Australians retire on their own terms, with health issues or redundancy often forcing them out of the workforce. LINK
Adelaide faces a dual property challenge with high office vacancies in the CBD and the tightest rental market in Australia, prompting suggestions to convert empty office spaces into residential units. LINK
Restaurant owners in Australia may need to hire locally for chefs due to a government "skill-first" migration policy revamp aimed at addressing skill shortages more effectively. LINK
Australians' consumption of major food groups, including vegetables, fruit and milk, has declined, with total food and beverage sales dropping by 1.9% in the last year. LINK
Global News
Singapore has introduced new guidelines allowing workers to request 4-day work weeks and more flexible working arrangements. LINK
China's economy grew faster than expected in Q1 2024, despite continued weaknesses in the property sector and high local government debt. LINK
Hong Kong has approved the launch of spot Bitcoin and Ether ETFs. LINK
Global smartphone shipments rose +7.8% to 289.4 million units in Q1 2024, marking the third consecutive quarter of growth. LINK
Bitcoin's upcoming halving event is set to significantly reduce miners' earnings, with the amount of bitcoin able to be mined reduced by half and potentially impacting annual revenue by approximately $10 billion. LINK
Company News
Tesla announces significant job cuts, with over 10% of its workforce, equating to more than 14,000 employees, set to be let go due to slowing demand for electric vehicles. LINK
Instagram is testing "Creator AI" chatbots for top influencers to automate responses in DMs using the influencer’s style. LINK
Zoom ventures into office real estate, using AI to enhance office layouts and seating arrangements, aiming to optimise workplace interactions without constructing new buildings. LINK
EY to cut 148 jobs amid consulting downturn, attributing the decision to the fallout from the PwC tax leaks scandal and ongoing financial pressures in the consulting industry. LINK
Suncorp reveals flaws in stress-testing, leading to regulatory breach notices filed with the APRA. LINK
AMP is restructuring its banking division to focus on building a digital-only service aimed at small businesses and personal banking, affecting up to 83 employees' roles. LINK
Cleanaway and Viva Energy are exploring the development of a plastics recycling center in Geelong, aiming to process up to 100,000 tonnes of plastic annually. LINK
Microsoft will invest $1.5 billion in UAE-based AI firm G42, gaining a minority stake and a board seat, with G42 set to use Microsoft Azure for delivering AI solutions. LINK
Baidu's AI chatbot, Ernie Bot, has reached 200 million users, doubling since December, with its API used 200 million times daily. LINK
Adobe plans to integrate third-party AI tools like OpenAI's Sora into its Premiere Pro software, adding AI features to enhance video editing capabilities. LINK
Meta Platforms will temporarily shut down Threads in Turkey on April 29 to comply with a Turkish competition authority order, with no impact on its other platforms like Facebook and Instagram. LINK
This Week’s Top Picks
Petrol prices in Sydney have reached a record high of $2.23 per litre, exacerbated by escalating tensions in the Middle East that could further increase Brent Crude prices. LINK
Australian workers may soon be able to double their annual leave by taking it at half pay, a new flexibility measure under consideration by the workplace umpire and supported by unions and employer groups. LINK
Analysis of student papers shows increasing AI assistance, with about 11% of papers over the past year displaying signs of AI help, and 3% containing at least 80% AI-generated content. LINK
Revenue at holiday and caravan parks surged over the summer due to cost-of-living pressures, with families opting for more affordable vacation options, showing a 12% increase in average revenue and higher occupancy rates. LINK
Board games are being redesigned for the TikTok generation, focusing on faster, simpler gameplay to engage younger players who prefer quick, digestible content. LINK
Golf ranges, hairdressers and dentists are seeing a boost on weekdays due to work from home trends. LINK
Single women in Australia are nearly matching men in home buying, although the total number of solo borrowers is declining due to increasing serviceability challenges. LINK
The Australian government considers significant visa fee increases for international students, possibly including a hard cap on approvals, to manage migration levels ahead of elections. LINK
Australia Post to reduce letter delivery frequency to every second business day starting Monday, aiming to enhance parcel collection and delivery services. LINK