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Campbell Soup, Nike & Volkswagen
Uber will offer free Seine River cruises and day trips with champagne in Paris.
Pick & Scroll News
May 30, 2024
One Read, All Perspectives
Australian News
April's inflation figures indicate that interest rate cuts are unlikely soon, with the annual inflation rate at 3.6% and underlying inflation at 4.1%. LINK
Industrial AI could add $35.7B annually to Australia's GDP if implemented to world standards. LINK
Sydney's eastern and North Shore suburbs will be required to build significantly more homes under NSW Premier Chris Minns' housing policy. LINK
Home construction activity has dropped to a near 2-year low in Q1 2024, hindered by a shortage of tradies. LINK
Shopping centres remain a good investment due to population growth, robust employment and rising incomes driving retail spending. LINK
Japan has followed the US in banning poultry imports from Victoria following 2 avian influenza outbreaks in the state. LINK
Nearly 1 in 4 Australians have owned cryptocurrencies, the highest global adoption rate. LINK
Mortgage arrears are rising in NSW and Victoria, with Victorian homeowners and Sydney investors experiencing the highest stress levels. LINK
Global News
Company News
News Corp Australia announced a major restructure to save up to $65M, leading to over 100 redundancies. LINK
JPMorgan will trial CBA's anti-scam technology, NameCheck, on money transfers between the US and Australia using JPMorgan's Liink network. LINK
Federal Court judge criticised Qantas for unlawfully outsourcing 1,683 ground handling workers to avoid industrial action during the COVID-19 pandemic. LINK
Country Road's Melbourne store was targeted by protesters amid a sexual harassment scandal, calling for transparency and accountability. LINK
Fisher & Paykel Healthcare expects profits up to NZ$360M next year due to rising demand for respiratory care products, rebounding from a 39% profit drop last year. LINK
Lendlease is scaling back its global expansion plans, responding to investor pressure despite its historic successes and visionary foundations. LINK
OpenAI is training a new AI model aiming for "the next level of capabilities," with ambitions to develop artificial general intelligence (AGI). LINK
PwC China is losing key clients, including China Merchants Bank, due to issues with its audit of Evergrande and potential penalties. LINK
The Lottery Office enlists footy stars for its advertising campaign as it enters the competitive gambling market. LINK
IAG faces a class action lawsuit from Slater & Gordon for allegedly failing to pass on loyalty discounts by using a pricing algorithm to overcharge loyal customers. LINK
RAMS Home Loans terminated 1/3 of its franchisees after finding anomalies such as suspected falsified documents and misrepresented loan purposes. LINK
Uber will offer free Seine River cruises and day trips with champagne tasting in Paris from July 12 to August 3, to meet demand during the upcoming Olympics. LINK
Volkswagen will develop low-cost electric vehicles priced around €20,000 to better compete with Chinese rivals, aiming for a 2027 premiere. LINK
Campbell Soup plans to cut 415 jobs and close a US site by 2026 as part of restructuring efforts to boost growth and improve returns. LINK
Nike partially won an appeal in Germany, allowing it to use 3 stripes on some of its trouser designs despite a trademark dispute with Adidas. LINK
Lendlease sold its US construction business days after announcing a strategic pullback from international operations. LINK
How much did we spend in April?
April's retail trade figures indicate continued consumer caution, with minimal growth suggesting broader economic challenges impacting spending habits.
Key Highlights:
Retail trade saw only a marginal increase of 0.1% month-over-month in April, following a decrease of 0.4% in March.
Influences such as high interest rates and inflation are continuing to constrain consumer spending, particularly on non-essential items.
What do the stats say?
Retail trade growth stands at just 1.3% year-over-year, which is below both inflation and population growth rates, indicating a squeeze on household budgets.
Key sectors such as Food Retailing and Clothing & Footwear experienced declines, whereas categories like Other Retailing, which includes goods like pharmaceuticals and cosmetics, saw a rise.
Challenges:
The minimal growth and the shift towards essential spending highlight significant challenges for the retail sector, particularly in adapting to reduced discretionary spending.
Outlook for Retail Trade:
Given the current economic indicators and consumer sentiment, the retail sector may continue to face challenges until broader economic conditions such as inflation and interest rates stabilise. However, upcoming fiscal measures like tax cuts and rebates could provide a temporary boost to consumer spending.
This Week’s Top Picks
Sales of fresh food at petrol stations and convenience stores in Australia are rising, despite a decline in tobacco sales, with brands like 7-Eleven and BP recording a 12.6% increase in food and beverage purchases. LINK
Only 38% of Aussie employees are using the AI technology, placing Australia second-lowest in the Asia-Pacific region for AI penetration LINK
AI could potentially eliminate 30% of executive jobs within 2 years. LINKPicky eating is linked to poorer cognitive performance compared to those with diverse diets. LINK
Queensland introduces a radical 50 cent flat-rate public transport fare to encourage use and ease road congestion, starting in August for 6 months. LINK
The US bans imports of poultry from Victoria due to an avian influenza outbreak. LINK
Australian insolvency rates are on track for their worst period since the Global Financial Crisis, with the increase in business failures predicted to continue. LINK
As hybrid working becomes the norm, co-working spaces are increasingly moving to suburban areas, offering a closer-to-home option for big company employees. LINK
Industrial microwave technology is emerging as a potential low-carbon source of heat for heavy industries, like steel manufacturing. LINK
