Chanel, Temu and Amazon

Australian News

• One in three Australian children struggles with reading, highlighting an educational crisis and the need for a systemic overhaul in teaching methods. LINK

• Thousands of livestock are to be offloaded in WA after spending over five weeks at sea. LINK

• Perth faces a toxic smoke warning affecting over 40,000 people due to a sulfur dioxide leak. LINK

• The return to office has stalled as companies accept hybrid work routines of no more than three days a week in-office. LINK

• Some universities are cancelling offers to international students from India and Nepal amid a visa crackdown. LINK

• The internet arm of Australia’s commercial TV networks are saving the industry as free-to-air advertising revenues slump. LINK

• Australian managed funds lost a record net $31 billion in 2023, with the ETF industry set to triple in size this decade. LINK

• Foreign buyer surcharges of up to 10% are discouraging apartment purchases in Australia by investors from China and Hong Kong - the number of foreign purchases in Australia dipped to $1.5 billion in the September quarter from $2.4 billion in June 2023. LINK

Global News

• Biden’s age is back in spotlight after special counsel report, and verbal flubs. LINK

Company News

• Coles pressures suppliers for price reductions up to 14% in non-food areas due to cooling inflation. LINK

• Chanel to anchor a major redevelopment of Sydney's former David Jones menswear site as Scentre focuses on luxury retail. LINK

• ABC Radio will miss live commentary of the Paris Olympics after a failed deal with Nine. LINK

• Revolut plans to introduce credit cards in Australia to tap into rising unsecured debt among cash-strapped households. LINK

• Taylor Swift’s Eras Tour film to stream exclusively on Disney+ from March 15. LINK

• ESPN to launch a direct-to-consumer streaming service in late 2025. LINK

• Amazon faces a class action for allegedly steering customers to higher-priced items. LINK

• Under Armour reports mixed results for the holiday quarter, adjusting its full-year sales outlook. LINK

• Temu is planning a Super Bowl ad and a US$10 million giveaway to grow its US presence. LINK

• OpenAI reportedly hit US$2 billion in revenue in December, planning to double by 2025. LINK

• PwC considers new rules to strip ex-partners involved in misconduct of retirement payments. LINK

• Guardian newspaper faces cuts after reporting a £39 million loss, highlighting challenges in the digital advertising market. LINK

• Cisco to restructure and lay off thousands of employees to focus on high-growth areas. LINK

• Sam Altman, OpenAI CEO, aims to transform the global semiconductor industry with a multi-trillion dollar investment. LINK

• EY didn't probe whistleblower claims about its auditors knowing of fake coal testing for Peabody. LINK

• PwC faces Senate pressure over refusing to identify the 'dirty six' partners involved in a tax leak scandal. LINK

• Major betting companies, including Entain (Ladbrokes) are looking to launch their own TV channels, potentially circumventing future gambling advertising restrictions. LINK

• BHP is under pressure to significantly reduce costs in its Australian nickel operations amidst plummeting nickel prices. LINK

• The PwC tax leaks scandal costs rise as Scyne Advisory exits the race for the Australian Bureau of Statistics' digital census contract, awarded to Slalom. LINK

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