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🗞️ Chef's Recommendation: Insolvencies
Hospitality businesses in Australia failed at a record rate in 2024 due to soaring food and energy prices and reduced consumer spending, with insolvency appointments rising by 50%.
Pick & Scroll News
July 30, 2024
Noise Cancelling News
Good morning. Here's a win for anyone who has made (or will make in the future) empty promises to their partner.
A New Zealand court has dismissed a woman's claim against her partner after he failed to take her to the airport, leading her to miss her flight.
She accused her boyfriend at the time (amazing they still aren't together) of allegedly breaching a "verbal contract" in which he agreed to take her to the airport, seeking compensation for flights and the concert she missed.
The court found that the promise fell short of a binding contract and was part of a normal relationship.
All the headlines and more below...
PARIS OLYMPICS 2024
Gold 🥇 | Silver 🥈 | Bronze 🥉 | |
|---|---|---|---|
Japan | 6 | 2 | 4 |
France | 5 | 8 | 3 |
China | 5 | 5 | 2 |
Australia | 5 | 4 | 0 |
South Korea | 5 | 3 | 1 |
AUSTRALIAN NEWS
Car yards are full and dealers worry they are racing to the bottom
Car yards in Australia are full and dealers are concerned about the impact of rising interest rates on car sales and consumer spending. LINK
House prices and rents across Australia are set to surge, except in Melbourne, which is experiencing price drops due to a housing oversupply. LINK
Hospitality businesses in Australia failed at a record rate in 2024 due to soaring food and energy prices and reduced consumer spending, with insolvency appointments rising by 50%. LINK
Most people under 40 expect to financially support their parents as they age. LINK
APRA will maintain the 3% mortgage rate buffer due to elevated financial system risks from high inflation, household debt and geopolitical instability. LINK
The new Sydney Metro line from Chatswood to Sydenham is scheduled to open Sunday. LINK
Clothing repair and upcycling have become popular in Australia as people seek to save money amid high inflation. LINK
NSW’s Central West is forecast to experience record-breaking sub-zero temperatures, with the Bureau of Meteorology warning of -7°C. LINK
GLOBAL NEWS
Olive oil fraud and mislabelling cases hit record high in EU
The EU recorded a spike in potential olive oil fraud and mislabelling cases in Q1 2024, driven by rising costs due to climate crisis impacts on production. LINK
Nicolás Maduro has been declared winner in Venezuela’s disputed presidential election, facing challenges in legitimising the vote amid accusations of fraud. LINK
Australia, India, Japan and the US will expand their maritime data sharing program to include the Indian Ocean. LINK
COMPANY NEWS
Rex in trading halt amid deepening financial and internal strife
Rex Airlines is facing a trading halt amid financial and internal crises, with Deloitte appointed to try and save the airline from collapse. LINK
7 Eleven Australia to now stock onigiris in AU stores after being bought out by Japanese-owned 7-Eleven International. LINK
CBA pleaded guilty to criminal charges for not paying long service leave entitlements to 17 former staff, resulting in a $36,000 fine. LINK
Apple's upcoming AI features will be delayed and won't be included in the initial iOS 18 and iPadOS 18 releases, with rollout expected by October. LINK
Mitsubishi is looking to join Nissan and Honda's planned strategic partnership for EV components and AI in automotive software. LINK
Heineken reported a 12.5% rise in half-year operating profit. LINK
Kogan reported stronger sales and earnings growth but faces challenges from competitors like Amazon, eBay and Temu. LINK
Streaming customers are increasingly opting for bundle plans to save costs, with popular options from Apple TV+, BritBox and YouTube Premium. LINK
Macquarie Group has partly reversed its ban on coal deals, allowing involvement in coal-sector consolidation due to changing sentiment towards the commodity. LINK
Adore Beauty has appointed former General Pants CEO Sacha Laing to lead the company, aiming to drive its recovery and growth. LINK
The ASX will expand into carbon and gas futures trading, starting with environmental futures contracts this week to drive its growth plans. LINK
Revolut secures its UK banking licence after a 3-year battle. LINK
CHART OF THE DAY
Coles vs Woolworths dry grocery inflation
Dry grocery prices have slowed down but are still higher than fresh groceries.
Suppliers are still requesting price increases, although not as often, because inflation continues to raise costs for transportation (fuel and labour), manufacturing (energy and labour), and specific commodities like cocoa.
UBS estimates that these conversion costs make up more than 50% of the total costs for dry groceries.
COUNTRY MANIA
It’s Game Time
Country of the Week: This week’s country of the week with the Olympics putting it front and centre is France. How well do you know La Belle France?
What are the three primary colours on the flag?
What is the currency?
What is the largest company by Market Cap?
What is the population (68M, 77M, 90M or 97M)?
What is the largest export market?
Answers below
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ANSWERS
1. Red, White and Blue
2. Euro
3. LVMH
4. 68M
5. Machinery