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Bumble, Airbnb & Shopify
RealEstate.com is seeing a surge in property listings.
Pick & Scroll News
May 10, 2024
One Read, All Perspectives
Australian News
Westfield Bondi sees a return of shoppers after a tragic attack, with enhanced security measures and increased foot traffic resembling pre-incident levels. LINK
Consumers skeptical about frequent deep discounts on products like detergent, questioning the sustainability of such pricing strategies for suppliers. LINK
Migration boom strains WA budget, as the state allocates funds to infrastructure to accommodate a rapidly growing population, despite shrinking surplus and falling commodity prices. LINK
AUKUS poses risks for Australian defence firms, with calls for increased government support for local R&D to prevent the industry from being overshadowed by international competitors. LINK
75% of Australian companies are integrating artificial intelligence in financial reporting, with projections showing universal adoption within 3 years to significantly transform accounting and auditing roles. LINK
Global News
Israel intensifies military operations in Rafah amidst international concerns, with President Biden warning of halting US arms supplies if the offensive continues. LINK
China mandates military training for high school students, reflecting President Xi Jinping’s push to bolster national defence education and capabilities. LINK
Argentina introduces 10,000-peso notes (US$17) to cope with severe inflation. LINK
Ukraine to recruit convicts for military efforts as the country prepares for an expected Russian offensive. Legislation has been approved to allow certain convicts to join the military voluntarily in exchange for parole. LINK
China approves gene-edited wheat, amidst ongoing debates over genetically modified crop impacts on health and ecology. LINK
Global beer sales are on the rise post-pandemic, with companies like Heineken and Carlsberg reporting increases in volume. LINK
China's export practices draw international criticism, with EU leaders expressing concerns over the flood of cheap exports and factory overcapacity, which could lead to further trade tensions. LINK
Company News
News Corp continues its restructuring efforts, focusing on enhancing premium content amidst a challenging advertising market, supported by an extended content deal with Google. LINK
Alibaba Cloud's large language model, Tongyi Qianwen 2.5, has been deployed over 90,000 times, boasting improvements in reasoning and textual understanding. LINK
Bumble's shares rose over 9% following a first-quarter revenue that surpassed expectations, driven by an increase in paying users and successful marketing strategies targeting young users and women. LINK
Airbnb reported higher quarterly profits with a revenue increase of 18% to US$2.14 billion, driven by rising global travel, though its next quarter's revenue forecast falls short of expectations due to currency fluctuations and holiday timings. LINK
Shopify's shares tumbled ~20% as it forecasted its slowest quarterly revenue growth in 2 years amid economic uncertainty and subdued consumer spending. LINK
Nissan expects a 5.5% increase in operating profit this year, bolstered by rising global sales, despite ongoing challenges from inflation and intense market competition. LINK
Google employees raised concerns about morale and future layoffs in a meeting with CEO Sundar Pichai and CFO Ruth Porat, despite the company reporting strong first-quarter earnings. LINK
Google DeepMind released AlphaFold's third version, a revolutionary AI that predicts the behaviour of life's molecules, aiming to accelerate drug discovery and disease targeting. LINK
Accenture could face up to $40 million in back payments for staff overtime, with a former HR executive highlighting a significant ongoing underpayment risk. LINK
Most FTX customers are set to recover their funds following the platform's collapse, as soaring Bitcoin prices aid the redistribution of about US$11.2 billion owed. LINK
CBA's profit declined to $2.4 billion this quarter amid rising interest rates and competitive pressures, though the bank sees positive momentum from stable unemployment and sound economic fundamentals. LINK
JPMorgan was fined $775,000 for failing to detect 36 suspicious wheat futures trades, with ASIC criticising the bank's oversight in the commodities trading sector. LINK
Retail stocks, including JB Hi-Fi and Baby Bunting, dropped sharply despite consumer optimism, with significant sales underperformance indicating deeper sectoral challenges. LINK
Qantas is enhancing its menu on flights over 2 hours, replacing basic snacks with more substantial hot meals in response to customer feedback. LINK
Super Retail Group reported a 5% drop in sales at its BCF outlets and a 2% fall at Rebel Sport stores over the first 16 weeks of 2024, driven by consumer caution amid cost of living pressures. LINK
Air Vanuatu has cancelled several flights to and from Australia and other destinations following a government-ordered financial review, heightening travel disruption fears just after Bonza airlines' collapse. LINK
REA Group (RealEstate.com) sees a surge in property listings in Sydney and Melbourne, boosting its financial outlook and market dominance over competitors with increased digital advertising yields. LINK
This Week’s Top News
Baby Boomers' spending habits have shifted towards supporting family financially, despite maintaining overall spending levels. LINK
Student visa appeals surge, with a significant increase in applications at the national appeals tribunal as rejected visa holders seek to extend their stay in Australia. LINK
European intelligence agencies report that Russia is escalating covert sabotage activities across Europe, including bombings and arson, as part of a broader conflict strategy with the West. LINK
ATO tightens tax scrutiny, targeting work-related deductions and rental property claims, bolstered by data-matching technology that adjusted nearly half a million tax returns last year. LINK
ATO focuses on crypto tax evasion, planning to collect detailed transaction data from cryptocurrency exchanges to ensure traders meet their tax obligations. LINK
Labor's 'prac/placement payment' scheme analysis reveals eligibility concerns, with means-testing likely excluding 30% of students from receiving full benefits for mandatory work placements. LINK
Calls to reinstate HECS discount to aid debt recovery, with criticisms that current reductions in indexation rates are minimal and will not significantly affect future national finances. LINK
Victoria's economic troubles worsen, with dependency on property and population growth leading to a forecasted drop in state revenue. LINK
Gen Z's are misuing AI in job applications, with career consultants noting identical AI-generated cover letters as a common error among young job seekers. LINK
Reserve Bank of Australia maintains interest rates, signalling caution as inflation pressures persist. LINK
Australia's median rent hits a new record, escalating to $627 per week amid sharp increases in regional areas and suburbs, driven by long-term underinvestment in affordable housing. LINK
Woolworths to introduce a 4-day work week, allowing 130,000 employees to compress their hours, but requiring weekend availability for some. LINK
Australian military faces 'low preparedness' amid regional tensions, with Defence chiefs calling for an increased focus on workforce readiness and enhanced space capabilities. LINK
Global property market entering a 'new normal', with recovery in office values underway as companies reoccupy spaces post-pandemic, led by green building demand. LINK
Japan restricts tourist access to overcrowded sites, responding to a record-breaking influx of 3.08 million visitors in March 2024 by barring tourists from certain traditional areas. LINK
TikTok challenges US ban in court, arguing the forced sale or ban breaches free speech rights and highlighting the app’s wide US user base. LINK