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Coca-Cola, Electric Vehicles and Western Sydney Airport
AI predicts heart attacks, White-collar jobs plummet, and Bunnings to halt sales of engineered stone benchtops.
Pick & Scroll News
November 15, 2023
One Read, All Perspectives
Australian News
The number of white-collar job openings plummet below pre-Covid levels as high interest rates trigger layoffs in tech firms and banks, contrasting with a boom in low-paid retail and hospitality positions. LINK
Real estate agents, accountants and lawyers brace for a clash with the Albanese government over proposed expansions of anti-money laundering regulations, a contentious move aiming to bolster transparency but viewed as a threat to client confidentiality. LINK
Mid-tier accounting firms are outpacing the big four in growth, as they capitalise on traditional accounting services amidst diminishing demand for consulting services from the big four. LINK
A substantial surge in demand for traditional auditing and consulting services propels a 17% revenue increase to $2.8B among mid-tier accounting firms, surpassing the overall 12% growth of Australia's largest accounting firms. LINK
Sydney's housing rental prices skyrocket by over 16% within a year as vacancy rates plunge to near historic lows. LINK
Australia's government sector is 13% larger than previously estimated, translating to 270,000 additional personnel. LINK
Property investors and "flippers" could soon be taxed at their highest marginal rate of up to 47%, potentially losing the capital gains tax (CGT) discount even with a 12-month holding period. LINK
NAB's business survey indicates enduring strong business conditions despite a slight dip in confidence. LINK
Western Sydney International Airport has the potential to become Australia’s primary gateway due to its no-curfew policy and capacity to handle 80 million passengers annually. LINK
The Union of International Organizations (UIA) reports an 11% increase in the number of workplace meetings from 2022 to 2023, with US workers spending an average of 18 hours per week in meetings. LINK
Young Aussies face heightened financial distress with 90% experiencing financial difficulty over the last year, primarily due to soaring living costs. LINK
As spring concludes, there was a 30% increase in homes up for auction compared to the same week last year. LINK
Global News
Carmakers in key western markets are slashing prices on electric vehicles for the first time to stimulate demand amidst weaker-than-expected interest from mainstream buyers. LINK
Iron ore futures experienced a slight uptick due to market anticipation of China's property sector stimulus and reduced shipments. LINK
Company News
Bunnings takes a proactive step to halt the sale of engineered stone benchtops by year-end, following Safe Work Australia's recommendations. LINK
Michael Hill International issues a warning on modest sales growth and pressured gross margins, attributing the squeeze to higher diamond and gold prices amidst a competitive retail landscape. LINK
Telstra earmarks up to $1.6B to expand its high-speed fibre network across Australian cities, laying the foundation for advanced data centres and AI applications. LINK
The recent cybersecurity attack on DP World leaves Ararat Meat Exports with at least $1M worth of frozen lamb and mutton stranded, delaying shipments to the US and Middle East. LINK
Commonwealth Bank faces tighter profit margins due to intensified competition for deposits rather than mortgage pricing, as it vies for funding amidst rising interest rates. LINK
Coca-Cola challenges a $170M tax imposition by the Australian Tax Office over alleged profit diversion offshore. LINK
ANZ CEO Shayne Elliot underscores the widening chasm between the rich and average Australians in achieving home ownership, amidst escalating property prices and stringent lending regulations. LINK
Veolia explores the potential of converting Australia's 75 million tonnes of waste per year into a significant energy source, suggesting that over 8% of Australia’s baseload power could be derived from waste transformation technologies. LINK
Goodman Group averts a second consecutive strike against its pay practices. LINK
Nvidia unveils the H200 graphics processing unit, designed for training artificial intelligence models, at a time when sales are expected to soar 170% this quarter. LINK
Other News
An AI tool developed by the University of Oxford demonstrates superior efficacy over doctors in predicting heart attacks. LINK
This Week’s Top Picks
Optus' network outage last Wednesday was caused by incorrect router settings from overseas during a software upgrade, requiring technicians to physically visit facilities across the country to restore the network. LINK
Deloitte faces accusations from Honda car dealers of utilising confidential auditing information to aid Honda in reducing payments to them. LINK
Australia's economic competitiveness has dropped to 20th place from 1st place in 2004, due to faltering energy infrastructure, stagnant entrepreneurship, and inadequate competition regulations. LINK
Dior unveils a $441 fragrance, Bonne Etoile, for babies, diverging from traditional perfume compositions by employing 98% "natural-origin" ingredients. LINK
10.2M Optus customers are facing phishing scams targeting those seeking compensation. LINK
A cyberattack on DP World Australia left tens of thousands of shipping containers stranded at ports. LINK
A High Court ruling will see immigrant detainees released due to indefinite detention deemed unlawful. LINK
Aussie borrowing power has decreased by nearly 30%, after 13 interest rate hikes. LINK
The Sydney-Melbourne route emerged as the highest revenue-generating flight route globally, amassing $1.9B revenue in H1 2023, almost double the pre-pandemic level, despite a drop in passenger numbers. LINK