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H5N1 Avian Flu, Guzman & Ticketek
Australia's wealthiest 200 individuals now control $625B, reflecting an 11% increase in their total fortune.
Pick & Scroll News
June 03, 2024
One Read, All Perspectives
Australian News
Data centres and nuclear energy are becoming prime investment opportunities due to increasing demand from the rise of AI. LINK
Commodities are expected to see more volatility with extreme price swings, but the strong rally in metals like copper and gold is projected to continue. LINK
The government has shelved plans to tighten the 'sophisticated investor' test amid backlash from tech start-ups and fund managers, delaying changes until after the next election. LINK
Australia's wealthiest 200 individuals now control $625B, reflecting an 11% increase in their total fortune, with technology, resources and property driving growth. LINK
ASIC is leading a new anti-scam group in the Asia Pacific to tackle $2.7B in annual losses, collaborating with regulators in Singapore and New Zealand. LINK
Auction clearance rates in Sydney and Melbourne fell over the weekend due to a spike in auction volumes with Sydney dipping to 71.4% and Melbourne to 69.4%. LINK
Perth Airport resolved a refuelling issue that grounded at least 70 domestic and international flights on Saturday morning. LINK
Rising cost-of-living pressures and business failures are driving a sharp increase in personal insolvencies in Australia, with 9,737 insolvencies recorded up to April 30 this financial year. LINK
ANZ Bank highlights that those on the "rental treadmill" are hit hardest by the cost-of-living crisis, with rents in regional areas reaching 36% of median incomes. LINK
Global News
North Korea used balloons to send trash into South Korea. LINK
Joe Biden has authorised Ukraine to conduct limited strikes inside Russia with American-made missiles. LINK
H5N1 avian influenza has spread among US dairy cattle and workers. LINK
Over $18B in cryptocurrency has moved into re-staking platforms offering rewards for locking up tokens. LINK
Company News
Guzman y Gomez is preparing for a $2.2B IPO on the ASX in June. LINK
Qantas will establish Perth as a major aviation hub with a $3B investment in new terminal and runway infrastructure at Perth Airport. LINK
Lendlease's strategy to sell a $1.3B housing unit has been delayed by the ACCC. LINK
Qantas is rolling out a new boarding procedure for domestic flights starting at Brisbane Airport, assigning passengers a number from 1 to 6 to improve on-time performance. LINK
The ABC has spent $5.2M on advertising this FY to increase public awareness of content on ABC TV and ABC iview. LINK
Ticketek has suffered a cyber breach exposing the personal information of many Australians. LINK
NAB experienced a $4.2B drop in deposits in April, the largest in 5 years, attributed to the withdrawal of a single large customer's funds. LINK
Westpac is suing 43 insurers to recover $400M of a $1.3B AUSTRAC penalty, involving major insurers like Chubb and AXA. LINK
Coca-Cola will temporarily cease extracting groundwater in Perth Hills to allow for aquifer replenishment. LINK
Qantas is under investigation following a turbulence incident on a flight from Sydney to Brisbane, resulting in a flight attendant's broken ankle. LINK
Miniso stores in 4 states have entered administration for the second time. LINK
Country Road Group's sales and earnings have suffered due to economic conditions and a workplace investigation. LINK
Meta reported that Facebook is attracting the highest number of young adult users in 3 years. LINK
Dell Technologies shares fell 18% as the company expects large AI investments to reduce quarterly profits. LINK
TikTok is working on a US-specific recommendation algorithm to address concerns from lawmakers and preempt a possible ban. LINK
OpenAI has disrupted 5 covert influence operations using its AI models for deceptive activities. LINK
WeWork has received approval to exit Chapter 11 bankruptcy, eliminating $4B in debt. LINK
Paramount Global directors have endorsed a takeover bid by David Ellison's Skydance Media, moving the company closer to a sale with a proposed $4.5B merger deal. LINK
Stake.com billionaires Ed Craven and Bijan Tehrani have increased their stake in Pointsbet to over 5%, now owning more than 16M shares through their company Easygo Gaming. LINK
How much did we spend in April?
April's retail trade figures indicate continued consumer caution, with minimal growth suggesting broader economic challenges impacting spending habits.
Key Highlights:
Retail trade saw only a marginal increase of 0.1% month-over-month in April, following a decrease of 0.4% in March.
Influences such as high interest rates and inflation are continuing to constrain consumer spending, particularly on non-essential items.
What do the stats say?
Retail trade growth stands at just 1.3% year-over-year, which is below both inflation and population growth rates, indicating a squeeze on household budgets.
Key sectors such as Food Retailing and Clothing & Footwear experienced declines, whereas categories like Other Retailing, which includes goods like pharmaceuticals and cosmetics, saw a rise.
Challenges:
The minimal growth and the shift towards essential spending highlight significant challenges for the retail sector, particularly in adapting to reduced discretionary spending.
Outlook for Retail Trade:
Given the current economic indicators and consumer sentiment, the retail sector may continue to face challenges until broader economic conditions such as inflation and interest rates stabilise. However, upcoming fiscal measures like tax cuts and rebates could provide a temporary boost to consumer spending.
