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Gender Pay Gap, Coles and Zoom
Singapore is betting on Taylor Swift, Coles "barely" makes a profit, and Google is relaunching Gemini.
Pick & Scroll News
February 28, 2024
One Read, All Perspectives
Australian News
Men in Australia's largest companies are more likely to be in top-paying roles, with eight out of the top 20 companies having fewer women in their highest-paid quartile than the national average. LINK
Victoria's home-building approvals are significantly below targets, with a recent 18.4% drop indicating the state is unlikely to meet its ambitious goal of constructing 800,000 new homes over the next decade. LINK
A 30% jump in the number of ex-rental properties listed for sale suggests that increasing mortgage costs and regulatory pressures are driving more landlords to exit the market. LINK
The Workplace Gender Equality Agency's new data reveals significant gender pay gaps within companies. LINK
An extra day in the calendar leap year could prevent Australia from entering a technical recession by adding US$6.6B to the economy. LINK
Borrowers in Western Australia are 20% more likely to fall behind on their mortgage repayments, with rising interest rates and economic pressures increasing the likelihood of home loan arrears worsening. LINK
Higher construction and financing costs have halted the conversion of Sydney office buildings into apartments, delaying the availability of much-needed housing and reflecting broader market uncertainties. LINK
A record 1.6 million Australians face mortgage stress due to rising interest rates and living costs, with an increasing number dedicating a significant portion of their income to home loan repayments. LINK
Global News
China is poised to remove tariffs on Australian wine, potentially ending a diplomatic dispute since 2020. LINK
Bitcoin surged to US$57,000, a first since 2021. LINK
South Korea's government has issued an ultimatum to striking young doctors, demanding their return to work by the end of February or face penalties, amidst protests against medical school admission increases. LINK
Czechia is considering the purchase of Australian military equipment, reinforcing its support for Ukraine. LINK
Singapore targets "concert economics" with high-profile events like Taylor Swift and Coldplay’s tour, aiming to boost tourism revenue and diversify from its traditional business travel sector. LINK
Vietnam plans to ratify a UN convention allowing the establishment of trade unions, a move to avoid trade disputes. LINK
Company News
Woolworths has discontinued selling Norco milk in 150 Sydney stores, sparking criticism from the eastAUSmilk dairy advocacy group for disregarding consumer and farmer interests. LINK
Cobalt Blue reviews the Broken Hill Project amidst declining cobalt prices, affecting job creation and questioning the project's financial viability. LINK
eToro explores launching its trading app on Apple Vision Pro and Meta Quest VR headsets, aiming to introduce stock trading in a mixed-reality environment. LINK
Zoom's shares surged 13% after outperforming analysts' expectations in its fiscal fourth-quarter, showcasing a slight revenue increase to US$1.15B. LINK
Google Cloud intensifies its critique against Microsoft for seeking a cloud computing monopoly, potentially stifling generative AI's development. LINK
Vodafone is in talks for a potential partnership with Swisscom's Fastweb in Italy. LINK
Samsung Electronics unveils a new memory chip, HBM3E 12H, claiming it to be the industry's highest capacity, boosting performance by over 50%. LINK
Coles CEO Leah Weckert sees that two-thirds of customers are stressed about paying bills, driving them to seek discounts aggressively amid rising living costs. LINK
Zip aims to cater to "underserved" Americans, bouncing back with US$30.8M in cash earnings by refining customer selection and introducing new products. LINK
Coles is likely to reduce prices as fewer suppliers request cost increases, amidst debates over the supermarket's pricing strategies during the inflation cooldown. LINK
Coles CEO defends the company against price gouging accusations, citing a stable profit margin of less than 3¢ on the dollar over five years. LINK
Optus announces nearly 200 job cuts, impacting its smart home installation venture, after a strategic review. LINK
Coles outperforms Woolworths in early-year sales growth, with a 4.9% increase, reflecting strong market competition and a focus on keeping prices low. LINK
The Australian Financial Review reveals gender pay gaps within Australia's top 250 companies, highlighting disparities in base and total pay between genders. LINK
PwC has led its peers by effectively addressing the gender pay gap, achieving a median gap of 4% in favour of men, which is significantly lower than its competitors. LINK
Google is set to relaunch its Gemini AI for generating images of people in the coming weeks after pausing due to historical inaccuracies. LINK
Woodside Energy faces criticism from activist shareholders over its new climate targets for 2030 as the company reports a 37% fall in profits. LINK
James Hardie Industries faces a potential $100M tax bill from the ATO, which found profits were inappropriately shifted to Ireland. LINK
Tyro Payments anticipates a business upturn by year-end despite current sluggish retail and hospitality sectors, with its expansion into healthcare and banking services poised to bolster profitability. LINK
This Week’s Top Picks
Wage growth is now the main driver of inflation in Australia, with average full-time earnings surpassing $100,000, according to Treasury analysis. LINK
Apple explores new wearable devices, including a fitness ring, smart glasses, and AirPods with cameras. LINK
Regional housing markets see faster growth than capitals, with higher interest rates and migration trends affecting urban home values. LINK
Absurd job titles rise as companies create complex and sometimes misleading roles. LINK
Taylor Swift's Australian concerts expected to add only $10 million to the economy, significantly less than the anticipated impact dubbed "Swiftonomics". LINK
Low-income students to be guaranteed university places, as part of efforts to increase tertiary education access for disadvantaged groups. LINK