🗞️ Farewell Karen

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Good morning. If today is your last day and you don't get a farewell card, then we recommend you don't sue your company for the lack of a card like Karen Conaghan did (not helping out the Karen name), as you might find out the company did in fact buy you a leaving card but no one wanted to sign it.

Enjoy your Friday and see you all next week.

All the headlines and more below...

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🎧 Your morning wrap on-the-go LINK

AUSTRALIAN NEWS

This year’s worst corporate jargon

• This year’s most despised corporate jargon includes phrases like "ducks in a row" and "low-hanging fruit". LINK

• Australia’s jobless rate remains steady at 4.1% as the economy adds 64,100 jobs. LINK

• Nearly 20% of Australian travellers regret their destination choices, with the trend of post-Covid "revenge travel" slowing. LINK

• Australia's birth rate has reached a record low of 1.5 babies per woman, with only 286,998 births registered in 2023. LINK

• Authorities have closed Bondi and other popular Sydney beaches due to thousands of tennis ball-sized tar-like globules washing ashore, potentially linked to an oil slick from a passing ship. LINK

• Victoria faces the highest debts, taxes and business costs in Australia, along with a low credit rating and a record decline in new business formations. LINK

• Rising shortages of chocolate, sugar and orange juice are set to increase prices for consumers this Christmas. LINK

• House prices in Australia are expected to grow by ~5% this FY, down from 8% last year, due to affordability constraints and high borrowing costs, with current prices up 1% over the September quarter. LINK

• Australian super funds have achieved an impressive 8.6% return in less than 10 months, fuelled by a significant US rate cut and China's economic stimulus. LINK

• Logistics and warehouse operators are relocating from Sydney to more affordable facilities in Melbourne and Brisbane, leading to increased transport and storage costs. LINK

• Average wages in the property sector rose by 4.3% for the year ending September, marking a decline from previous increases as companies tighten spending amid cost-of-living pressures. LINK

• Younger Australians are allocating a significantly higher portion of their income to investments—23.8% for Gen Z and 21.2% for millennials—due to feeling priced out of the housing market. LINK

• 20% of businesses have been targeted by deepfake scams in the past year to impersonate executives and manipulate invoices. LINK

• Merri-bek City Council in Melbourne has introduced a guaranteed 6-week approval process for complying housing developments. LINK

GLOBAL NEWS

Prague bans organised night-time pub crawls in bid to attract 'more cultured' tourists

• Prague has banned organised night-time pub crawls to attract more ‘cultured’ tourists, as the city continues to attract beer enthusiasts from around the world, with the Czech Republic leading global beer consumption at an average of 128L per person in 2023. LINK

• The current private equity squeeze is resulting in assets being sold at deep discounts with the highest distress levels seen since the GFC. LINK

• Australia is seizing the opportunity to export record amounts of beef, driven by a decline in US cattle production. LINK

• Investor optimism has reached a 4-year high. LINK

• Disillusioned by tightening regulations and a stagnant economy, Chinese finance professionals are abandoning their careers for more stable paths, with some even considering fields like education and stand-up comedy. LINK

• The number of women in executive roles at Britain's 350 largest listed companies has decreased to 32% in 2024, marking the first decline in 8 years. LINK

COMPANY NEWS

Amazon reveals its first colour Kindle e-reader after years of development

• Amazon has launched its first colour display e-reader, the Kindle Colorsoft, priced at US$280, featuring LED technology and an 8-week battery life. LINK

• CBA was fined $7.5M for sending 170 million emails to Australians without an unsubscribe option, with over 34 million recipients lacking consent. LINK

• KPMG Australia has become the first globally to gain certification for ISO 42001, a new standard ensuring the responsible and ethical use of AI. LINK

• Bank of Queensland is under investigation for allegedly charging fees to deceased customers. LINK

• Star Entertainment has been fined by the NSW gaming regulator while being allowed to retain its key Sydney licence until at least March, but it will remain under regulator supervision. LINK

• Nine Entertainment faces significant scrutiny and criticism for its own systemic cultural issues of sexual harassment and bullying, with 50% of employees encountering abuses of power, bullying and discrimination. LINK

• Virgin Australia will introduce a "forever gold" tier and "platinum plus" status in its Velocity program, requiring 12,000 and 2,000 status credits respectively in 2025. LINK

• Meta is reportedly laying off a small number of employees at WhatsApp, Instagram and Reality Labs. LINK

• JPMorgan is launching "merchant acquiring" services in Australia by providing payment terminals and online facilities to its retail clients. LINK

• BHP reported its weakest iron ore prices in over 4 years, with the September quarter's average price declining 5-8% below expectations. LINK

• McDonald's has sued major US meatpacking companies for allegedly colluding to inflate beef prices. LINK

• Mastercard and Visa have threatened to discontinue refunds for defrauded customers if the RBA imposes limits on their service fees. LINK

• Apple has expanded its free Business Connect service to allow companies to display verified logos on communications, helping Aussie consumers identify legitimate businesses and combat scams. LINK

• AMP shares surged 17.7% after reporting a 76% increase in net Q3 cashflows to $750M in its wealth platforms, with total assets under management rising to $78.1B. LINK

• Nestlé has lowered its full-year sales forecast and is restructuring its leadership after weaker-than-expected sales growth, amid rising costs and market pressures. LINK

• Penfolds has seen strong consumer demand in China after the removal of over 200% tariffs. LINK

• 88% of investment management Perpetual shareholders opposed the proposed management remuneration plan. LINK

• McKinsey & Company is cutting ~500 jobs in China as it revamps operations and reduces government-linked clients to mitigate security risks. LINK

CHART OF THE DAY

TOGETHER WITH

ONE MORE SCROLL

Editor’s Pick: Former member of One Direction, Liam Payne, died from falling off a balcony in Buenos Aires.

Draft Pick: South Africa knocks out favourites Australia in T20 Women’s World Cup semi final.

Odd Pick: The Hawk Tuah girl’s podcast “Talk Tuah” becomes the 3rd most popular podcast on Spotify in the US.

TRIVIA

Zac Efron fever

Zac Efron turns 37 today. Do you know which of the movies/shows he appeared in below?

1. High School Musical

2. The Greatest Showman

3. Riverdale

4. Baywatch

5. Neighbors

6. Pitch Perfect

Answers below

OUR SOCIALS

ANSWERS

1. Yes
2. Yes
3. No
4. Yes
5. Yes
6. No

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