Drought in Panama Canal, Nepal's Earthquake, and Company Collapses

Modern NBA players according to science, Zuckerberg's ACL injury during MMA training, and Block's 1.5K staff layoff.

One Read, All Perspectives

Australian News

  • October saw a 43% leap in company collapses in Australia, partly due to an aggressive tax office and impending interest rate rises as the holiday slowdown approaches. LINK

  • Bookies are finding it hard to make a buck as taxes and inflation bite - Racing Victoria saw its total wagering revenue fall 7.3% compared to last year. LINK

  • Small to medium businesses (SMBs) in Australia face heightened cyber attack risks. LINK

  • Advertising contributed a remarkable $53B to Australia’s economy in 2022, with $17.7B spent on ads, marking a 12% increase in economic impact since 2014. LINK

  • An increasing number of millennials are migrating from cities to regional areas in Australia, perpetuating a post-pandemic trend driven by the high cost of urban living. LINK

  • Construction workers are found to be 6 times more likely to die by suicide than from work-related accidents. LINK

  • The surge in public sector infrastructure spending in Australia might exacerbate the anticipated residential construction downturn, potentially impacting the Albanese government's ambitious pledge to construct 1.2 million homes. LINK

Global News

  • Nepal experiences its worst earthquake in 8 years, with a magnitude initially reported as 6.4 but later downgraded to 5.6 or 5.7, leading to at least 157 fatalities. LINK

  • Elon Musk warns that without imposing nominal user fees, social media platforms risk being overwhelmed by AI-powered bots by next year. LINK

  • Hamburg's airport faces a hostage situation as a man with a child breaches the airport perimeter, forcing a shutdown of airport operations. LINK

  • The ongoing drought triggers a new crisis level at the Panama Canal, where nearly half of vessel traffic faces cuts, potentially impacting $270B in trade that transits through the canal annually. LINK

Company News

  • Maersk, a global trade indicator, reveals plans to cut at least 10,000 jobs to maintain profitability amidst a challenging shipping market projected to persist until 2026. LINK

  • Macquarie saw disappointing financial results where the net profit declined by 39% to $1.4B due to market volatility impacting its asset management business. LINK

  • Block announced a reduction of global staff by 1,500 alongside a surprise $1B share buyback. LINK

  • Atlassian saw larger losses and a slowdown in customer growth, despite an ongoing transition to cloud-hosted products and increased investment in AI. LINK

  • Lendlease and Google-parent Alphabet part ways on a $23B plan to develop four master-planned districts in Silicon Valley, citing weaker office demand and cost-cutting measures at Google as contributing factors. LINK

  • Amazon expands its storage capacity in Western Australia by 500% with a new $70M, 20,000-square-metre fulfilment centre. LINK

  • Apple reports a full year of declining revenue for the first time in a long while. LINK

  • Amazon shifts its focus from style apparel stores to bolstering its grocery business. LINK

  • Coinbase experienced a decline in trading volume for the second consecutive quarter. LINK

  • Beyond Meat revises its revenue forecast downwards for the second time in three months and plans workforce reduction, reflecting possible weakening demand for plant-based protein. LINK

Other News

  • According to science, modern NBA players are better than the previous eras, exhibiting enhanced explosiveness in movement despite no significant increase in body size. LINK

  • Meta CEO Mark Zuckerberg sustains an ACL injury while training for a competitive MMA fight. LINK

  • FTX founder Sam Bankman-Fried is convicted of stealing $12.5B from customers of his now-defunct cryptocurrency exchange, marking one of the largest financial frauds on record. LINK

  • Mariah Carey faces a lawsuit from singer-songwriter Andy Stone for alleged copyright infringement over the iconic song "All I Want for Christmas Is You". LINK

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