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- Crown Layoffs, L'Occitane and Microsoft Copilot
Crown Layoffs, L'Occitane and Microsoft Copilot
Mercedes-Benz is teaming up with Google to enhance the development of self-driving cars.
Pick & Scroll News
April 30, 2024
One Read, All Perspectives
Australian News
Employers criticise a union proposal for a 9% minimum wage increase targeting female-dominated industries as unrealistic, warning it could exacerbate inflation and extend high interest rates. LINK
Sydney's west approves several build-to-rent projects despite flood risks, driven by the NSW government's initiative to increase housing near public transport. LINK
Student visa applications surge amid panic, but high rejection rates deter potential international students, as fewer than 1 in 5 domestic reapplications succeed. LINK
Victoria faces housing affordability crisis, with property prices in Melbourne's suburbs skyrocketing. LINK
Australian retail landscape becomes a competitive battleground, with a surge in online shopping and international discounters reshaping the market. LINK
Australians cut discretionary spending but plan to boost super contributions amid financial uncertainties. LINK
A Melbourne tenant experiences prolonged legal battles over mould in her rental property, ultimately resulting in homelessness. LINK
Freight costs rise due to global conflicts, affecting shipping routes and increasing the time and cost of delivering goods. LINK
Australians lost $2.7 billion to scams in 2023, with older citizens most affected and scams proliferating on social media platforms. LINK
Global News
China is launching a complex lunar mission to explore the far side of the moon, advancing its space technology significantly since its first mission in 2007 and setting the stage for future crewed missions and a lunar base. LINK
EU may need 50% tariffs to counter cheap Chinese EVs, but expected measures may fall short, allowing Chinese manufacturers to retain substantial profits even after tariffs are applied. LINK
Chinese industrial profits fell in March, reflecting challenges in maintaining early 2024's strong economic growth amid falling exports and deflationary pressures. LINK
Venice’s €5 fee on day-trippers sparked protests and concerns over the city turning into a 'theme park.' LINK
Germany's far-right AfD party gains traction among youth via social media, potentially influencing upcoming elections. LINK
A cargo tanker in Norway completes a landmark journey as an autonomous ship under the EU's AUTOSHIP program. LINK
Company News
Commonwealth Bank is set to remove bonus caps, aiming to compete more effectively in the mortgage market and prevent talent loss to Macquarie by increasing bonuses for top home loan lenders. LINK
Super Retail Group faces expanded legal action with more employees joining a lawsuit over alleged governance breaches and a secret executive relationship. LINK
Australians consider access to news on social media important, challenging Meta’s assertion that users do not prioritise news on its platforms. This comes amid Meta’s decision to stop compensating Australian news outlets. LINK
Microsoft deploys AI Copilot in Australian companies like AustralianSuper and TAL Insurance to enhance cybersecurity, leveraging vast global threat intelligence for proactive defence. LINK
Apple's strategic shift from China is marked by new branding on iPhones and diversifying its manufacturing to mitigate risks and reduce dependency on Chinese production. LINK
Oracle enhances its generative AI features across various applications, intensifying competition in the cloud sector and capitalising on the AI-driven demand surge for cloud services. LINK
Perpetual is in exclusive sale talks with private equity firm KKR regarding its corporate trust and wealth management businesses, with potential transaction details pending regulatory approval. LINK
Crown Resorts announces a job cut of up to 1,000 positions due to decreased tourist numbers and gaming restrictions affecting its Sydney and Melbourne locations. LINK
OpenAI, backed by Microsoft, faces a privacy complaint in the EU for inaccuracies in ChatGPT’s responses, which could violate privacy regulations. LINK
Adore Beauty begins the search for a new CEO as Tamalin Morton announces her departure later this year due to personal reasons. LINK
PwC may become the smallest of the big four accounting firms after a significant reduction in partner numbers following a tax leaks scandal. LINK
Zip Co experiences a market turnaround, showing positive third-quarter results and raising expectations for its US operations. LINK
L'Occitane International may soon go private, with a potential buyout offer from its billionaire owner, Reinold Geiger, which could value the company at around $7 billion. LINK
Mercedes-Benz is teaming up with Google to enhance the development of self-driving cars, targeting advanced features for automated driving. LINK
Alphabet has surpassed a $2 trillion market value again, spurred by positive reactions to its announcement of a first-ever dividend and a $70 billion stock buyback. LINK
Intel's shares plummeted over 12% following a gloomy revenue forecast. LINK
Optus and TPG Telecom have entered into a $1.6 billion agreement to share mobile networks across regional Australia. LINK
This Week’s Top News
Business failures surge to 1991 recession levels, with 7,747 companies collapsing in the first 9 months up to March 2024. LINK
Australia to launch a $161.3 million national firearms register, a move inspired by recent police shootings. LINK
Superannuation withdrawals for medical purposes surge, with $313 million accessed for dental treatments in 2023, up 373% since 2019. LINK
Sharp decline in study visa approvals influences Australian migration reset, with approvals dropping 31% to pre-pandemic levels as the government tightens regulations to filter out non-genuine students. LINK
Australia's average income tax rate rose by 7.6% in 2023, the highest increase among developed nations. LINK
Drought in Europe spikes olive oil prices, with alternatives being considered as more cost-effective options; recent rains might reduce prices post-Europe's end-of-year harvest. LINK
Colgate-Palmolive raises its annual organic sales growth forecast, relying on strong consumer demand for its premium personal care and pet nutrition products. LINK