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Hermès, Venice and Instant Coffee
How much did Australia's highest-paid CFO receive last FY?
Pick & Scroll News
April 26, 2024
One Read, All Perspectives
Australian News
Australian Tax Office warns law firms about the potential risks as they expand into consulting. LINK
David Shafer and Alex Harvey top the list of Australia's highest-paid CFOs, earning over $10 million last fiscal year, with Nick Vrondas of Goodman taking home the most including bonuses. LINK
Australian personal income tax burden grew the fastest globally, up 7.6% from last year, driven by bracket creep. LINK
New rules for Indigenous trainee teachers in Australia will focus on Aboriginal language skills to increase First Nations representation in education. LINK
The ABS will not collect ethnicity data in the 2026 census, following criticism that omitting such information could affect health and policy outcomes. LINK
Oxford Street and King Street in Sydney face a retail crisis with over 10% of stores vacant amid low consumer confidence and high costs. LINK
Global News
The IEA forecasts a significant increase in EV sales for 2024, predicting that 1 in 5 new cars sold will be electric. LINK
Tata Consultancy Services CEO predicts AI will drastically reduce the need for call centres within a year. LINK
British Prime Minister Rishi Sunak announced plans to begin deporting asylum seekers to Rwanda within 10 to 12 weeks. LINK
Beijing reverses its One Child Policy, encouraging families to have more children amidst a declining birth rate, but young Chinese remain reluctant due to high childcare costs and job pressures. LINK
Venice introduces a new tourist fee to manage overcrowding, charging visitors €5 ($8.21) during peak hours on select days to preserve the city's quality of life and reduce peak season congestion. LINK
Democratic Republic of Congo presses Apple for transparency in its supply chain to ensure it does not include conflict minerals, amid ongoing regional violence and exploitation of resources. LINK
Company News
Google's financial disclosures in Australia show a 16.6% increase in profit to $319.2 million for 2023, but it has ceased revealing its total revenue from the country, raising transparency questions. LINK
Foxtel struggles to adapt to the streaming era, facing shrinking earnings and a challenging balance between new streaming services and traditional cable, with future profitability uncertain. LINK
Instant coffee sales surge in Australia as economic pressures lead consumers to swap barista-made coffee for home-brewed options, boosting Nestle's sales despite a profit decline. LINK
Investor confidence wanes in Big Tech due to escalating AI expenditure, with Meta Platforms forecasting higher costs and dampening profitability expectations. LINK
BHP proposes a $60 billion takeover of Anglo American to expand its copper resources. LINK
Facebook Australia remitted $1.14 billion overseas, a $100 million increase from the previous year, following a 36% rise in local profits amid a global advertising downturn. LINK
Toyota and Nissan form AI-focused partnerships with Tencent and Baidu respectively. LINK
Hasbro sees its shares surge by 12% after reporting better-than-expected profits and a successful cost management strategy. LINK
Mercedes-Benz announces plans to introduce a luxury electric van for China, tapping into the rapidly growing demand for high-end vans in the region. LINK
Toyota achieves record sales and production levels globally, yet delays US electric vehicle production to prioritise safety and quality. LINK
Hermès reports a 17% increase in Q1 sales, outperforming its luxury sector rivals. LINK
Toyota tests electric pickup trucks for public transport in Thailand. LINK
Unilever surpasses Q1 sales forecasts, driven by successful re-engagement of customers who had previously opted for cheaper alternatives. LINK
Caterpillar forecasts a sales decline in the next quarter, raising concerns about the end of a robust demand period for machinery following weaker construction equipment sales outside North America. LINK
IBM's shares plunged more than 8% as budget tightening in enterprises puts pressure on its consulting business, despite potential backlog support for a business rebound in 2024. LINK
Harley-Davidson's Q1 profits fell by 23%, affected by sluggish motorcycle sales in North America amid high borrowing costs, with efforts to attract millennials with electric models seeing limited success. LINK
Meta's announcement of a $3 billion increase in AI spending led to investor skepticism and a 19% drop in Meta’s share price. LINK
DP World Australia's profits dropped by 34% due to ongoing disputes with wharfies and lower container volumes, although it expects revenue growth this year from increased infrastructure fees. LINK
McKinsey & Co is under US criminal investigation for its role in advising Purdue Pharma and other drugmakers on marketing strategies that contributed to the opioid crisis. LINK
Meta leads social media stocks in profitability and market value growth, adding over US$360 billion this year, but must demonstrate sustainable growth and AI investment returns in its upcoming earnings report. LINK
South Korea's HYBE to file police complaint against ADOR executives for alleged breach of trust, amidst tensions over independence claims and disputes over creative concepts. LINK
This Week’s Top Picks
Australian university graduates will see a 4.7% indexation increase on HECS debts from June 1 due to rising inflation, adding $2,350 to the average student loan. LINK
Cost of living escalates as prices for movies, haircuts and dental checkups soar, with insurance premiums reaching a 23-year high of 16.4%. LINK
Global egg prices are surging due to a resurgence of avian influenza, along with factors like hot weather and high meat prices, leading to increased demand for alternative proteins. LINK
Grindr faces a UK lawsuit over allegations that it shared users' sensitive information, including HIV status, without consent. LINK
Global food prices are predicted to decline this year, offering financial relief for consumers, according to a forecast by Oxford Economics. LINK
Flight punctuality in Australia has improved, with over 77% of domestic flights arriving on time last month, marking a significant recovery from pandemic-induced delays. LINK
Generation Z is rapidly ascending to leadership, making up 25% of the workforce next year, with a significant 42% increase in Gen Z company directors. LINK
Home ownership affordability declines as CoreLogic data reveals a significant drop in suburbs where buying is cheaper than renting; only 2.5% of suburbs for houses and 10.8% for units are now more affordable to buy. LINK
Sydney Airport's domestic flights lag behind pre-pandemic levels, with CEO Scott Charlton citing high airfares and reduced business class travel as key factors. LINK
Macquarie exits car lending, shifting focus to mortgages and deposits, leading to approximately 100 job losses. LINK
Betashares introduces geared ETFs aimed at retail investors. LINK
Qantas to offer free Wi-Fi on international flights, expanding its existing domestic service to global routes starting late 2024, with full implementation expected by mid-2026. LINK
Woolworths New Zealand introduces body cameras across all stores to enhance safety, following a 75% rise in physical assaults on staff. LINK
Australian energy market faces unprecedented demand due to AI-driven growth in data centres, with power requests potentially tripling the current load in Sydney's western suburbs. LINK
Free-to-air TV viewership plummets among youth, dropping by 83% among teenagers since 2011. LINK