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GYG, Coca-Cola and Spotify
Volcano eruption kills 11, PwC fined for staff cheating on training exams, and Telstra's 6-day outage.
Pick & Scroll News
December 05, 2023
One Read, All Perspectives
Australian News
Australian warships will now have access to French naval bases in the Pacific. LINK
The federal government is set to approve changes to Australia Post, reducing daily letter delivery with the closure of some post offices as the company adapts to growing parcel volumes and a predicted quieter Christmas in retail. LINK
Treasurer Jim Chalmers hints at more cost of living relief in next year's budget, as new data indicates an economic softening due to high interest rates impacting demand. LINK
Australia's largest superannuation funds spent over $3M on various affiliation and partnership fees with unions in FY23. LINK
The Australian dollar reached a four-month high, influenced by US Federal Reserve Chairman Jerome Powell's cautious remarks on borrowing costs, suggesting potential rate cuts. LINK
Australian executives express caution in fully entrusting AI with major decisions, preferring AI as a "co-pilot" for smaller productivity gains but wary of its lack of accountability in critical situations. LINK
Office leasing activity in Australia surpasses pre-Covid levels. LINK
Global News
Bitcoin surpassed US$40,000, reaching a significant milestone in 2023, fuelled by expectations of interest rate reductions and increased demand in the ETFs sector. LINK
Oil prices rebounded after six weeks of losses, driven by speculation that the Federal Reserve may stop raising interest rates and the potential tightening of US sanctions on Venezuelan oil supply. LINK
Company News
PwC was fined US$7M by a US regulator after over 1,000 audit staff in China and Hong Kong were found cheating on training exams on US standards. LINK
Qantas is defending its "bundle of rights" approach against the ACCC, maintaining that customers were not substantially inconvenienced by the sale of cancelled flights. LINK
Guzman y Gomez's major shareholder, TDM Growth Partners, intervenes to manage legal and human resources functions amid an executive exodus at the restaurant chain. LINK
The Coca-Cola Company allegedly shifted over $430M offshore, with the ATO claiming it should have been taxed in Australia due to local affiliates’ use of the brand's intellectual property. LINK
Metcash (IGA) reported steady earnings in food and liquor but a decline in hardware, despite defying smaller basket sizes to maintain sales growth. LINK
Spotify plans to reduce its staff by 17% across the company. LINK
ANZ argues against the blocking of its $4.9B takeover of Suncorp’s banking arm, contending that the ACCC overlooked the competitive environment provided by mortgage brokers and digital platforms. LINK
Amazon Prime Video secures exclusive broadcasting rights in Australia for major cricket tournaments, including World Cups and the Champions Trophy until 2027, and effectively placing these events behind a paywall. LINK
Origin Energy's proposed $20B buyout by Brookfield and EIG consortium was defeated at the shareholder meeting, failing to secure the required 75% approval. LINK
Other News
Indonesia's Mt Marapi eruption in West Sumatra resulted in at least 11 hikers found dead, with rescue efforts ongoing amid subsequent eruptions and ash raining on nearby villages. LINK
This Week’s Top Picks
Sydney's housing market to face a double-dip downturn as early as next month, with November seeing a slowdown in price growth. LINK
Australian federal, state and territory treasurers have agreed to collaborate on developing a nationwide electric vehicle tax regime. LINK
The number of young Japanese applying to work and live in Australia has hit a new high this year, driven by low wages, rigid work culture, and a plunging yen in Japan, contributing to Australia’s record migration levels. LINK
Owning a dog can reduce the risk of developing dementia in old age by 40%, based on a four-year study of nearly 12,000 Tokyo residents aged over 65. LINK