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Casual Teachers, Cash Converters and Bega Cheese
Microsoft is building a "cyber shield" for Australia, a global chocolate shortage is coming, and SBS is introducing "sorry" and "menopause" leave.
Pick & Scroll News
October 25, 2023
One Read, All Perspectives
Australian News
Sydney, Brisbane and Perth house prices are projected to increase by 12% this year due to a supply shortage and heightened demand. LINK
Engineered wood products are gaining traction in construction, as they lower carbon emissions by replacing carbon-heavy materials like steel and concrete. LINK
Industrial action by wharfies at global terminals have resulted in shipping delays of up to 8 days, posing a risk of empty store shelves by Christmas. LINK
Foreign entities are increasingly interested in acquiring Australian businesses due to a weaker Australian dollar and stable economic conditions. LINK
Making homes more resilient to extreme weather could save up to $4B annually. LINK
Microsoft will collaborate with Australia to build a “cyber shield”, investing billions to fortify and expand our national digital economy. LINK
Details have been released concerning which suburbs near Sydney's new international airport will receive insulation against aircraft noise. LINK
The Queensland government will install an electric car charging station every 150 km, dedicating $42M for an additional 2,500 EV charging stations over 3 years. LINK
A casual teacher shortage in NSW is affecting nearly every public school, leaving almost 10,000 lessons without adequate educational support daily. LINK
Global News
The price of cocoa has soared to its highest level since 1979 due to poor crops in the Ivory Coast and Ghana, affecting global chocolate makers. LINK
Copper prices at an 11-month low. LINK
Fossil fuel demand will peak by 2030, with a 30% cut in oil and gas extraction crucial to avoid severe climate change. LINK
Bitcoin has hit US$35,000 for the first time since 2022, driven by optimism over potential approval for the first US Bitcoin ETF. LINK
Company News
Nvidia is in the process of developing new computer chips in collaboration with Arm Holdings, aiming to compete with Intel as early as 2025. LINK
Apple plans to invest $1B per year in generative AI to improve products like Siri and Apple Music, as it plays catch-up with rivals such as Google and Microsoft. LINK
Hermès outperformed rivals with brisk third-quarter sales, defying economic headwinds as its affluent customers continued to purchase high-end Birkin handbags. LINK
Cash Converters saw a revenue surge of 47% in the September quarter, propelled by robust demand for credit amid rising living costs. LINK
Bendigo and Adelaide Bank noted signs of financial stress among borrowers as interest rates rise. LINK
National Australia Bank revised its property price forecast upwards to an 8% increase this year due to a significant supply-demand imbalance. LINK
Microsoft announced a $5B investment in Australia to expand its cloud and AI infrastructure, including a 45% increase in data centres in key cities. LINK
SBS introduced new policies including ‘sorry business’ leave and menopause support to be more inclusive towards its staff. LINK
Seek is leveraging AI to map career paths, focusing particularly on workers who have not attended university. LINK
WeWork shuttered its third co-working space in Australia within a week to mitigate escalating costs. LINK
Ansell still has an excess supply of healthcare PPE inventory on the back of the pandemic that it needs to reduce LINK
Kelsian, owner of Captain Cook Cruises, reports that domestic travel demand is robust despite rising cost-of-living pressures. LINK
Bega Group, owner of Dairy Farmers and Vegemite, is struggling with a milk shortage, despite consumers optimistically shifting toward branded pantry products. LINK
This Week’s Picks
Ferrero Rocher has abandoned its $80M hazelnut orchard project in NSW, potentially removing up to 1M hazelnut trees. LINK
Medibank initiated a 4-day work week trial without loss of pay, as part of a global movement towards changing traditional working conditions. LINK
Halloween chocolate is more expensive this year due to El Niño affecting the cacao bean crop. LINK
China announced the potential easing of Australian wine tariffs, highlighting thawing trade tensions between Australia and China. LINK
Qantas is increasing airfares by 3.5% this week in response to escalating fuel costs. LINK
Menulog warns of a potential $15 price hike per delivery if the government enforces stricter employment conditions on gig work. LINK
Elon Musk announces 2 new subscription tiers for X, formerly known as Twitter, with varying ad levels and costs. LINK