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- Inflation Spikes, OpenAI's Voice Mode & Luna Park For Sale
Inflation Spikes, OpenAI's Voice Mode & Luna Park For Sale
OpenAI delayed the release of its "Voice Mode" feature to July due to technical issues.
Pick & Scroll News
June 27, 2024
One Read, All Perspectives
Australian News
Building costs have surged almost 40% over the past 4 years, threatening the Albanese government's housing plans and keeping inflationary pressure on interest rates. LINK
Labor’s $3M super tax will primarily impact affluent suburbs in Melbourne and Sydney, despite rural concerns about the tax's focus on farmers. LINK
Australian tourism is rebounding to near pre-pandemic levels with international visitors increasing their spending by 25% compared to 2019. LINK
UBS upgraded Australian consumer discretionary stocks, predicting increased household spending despite recent profit warnings from the sector. LINK
Lithium prices are expected to drop by 20% as inventories rise, signalling a bearish outlook for ASX-listed lithium stocks. LINK
Inflation hit a 6-month high of 4% in May, raising the probability of an August RBA rate hike, driven by rising energy, petrol and rent costs. LINK
High mortgage rates are forcing highly leveraged homeowners to sell properties and consolidate savings into offset accounts, says the RBA. LINK
Australian housing isn’t as unaffordable as claimed, as a revised report shows more reasonable price-to-income ratios when apartments are included. LINK
Property profits hit a 14-year high, with 94.3% of vendors selling at a profit in the March quarter, driven by rising home values. LINK
Sydney and Melbourne suburbs saw vendors amassing over $1M in median profits per house sale. LINK
The Australian dollar rallied on a surprise jump in inflation, pushing traders to price in a higher chance of an interest rate hike by September. LINK
Global News
France’s main parties clashed over economy and immigration in a televised debate. LINK
Julian Assange agreed to a plea deal with US prosecutors and could return to Australia within days after a 15-year legal battle. LINK
Ireland’s housing crisis has forced employers to provide staff accommodation, particularly affecting the services industry as construction stalled after the GFC. LINK
Company News
Reddit will update its web standard to block automated data scraping, aiming to curb AI startups from gathering content without permission. LINK
Nike is expected to post its slowest revenue growth in 2 years due to rising competition and a lack of innovation. LINK
Google will showcase AI features and updates to its Pixel devices and Android platform at an August 13 event. LINK
Microsoft faces a hefty antitrust fine from the EU for allegedly bundling its Teams app with Office, giving it an unfair advantage. LINK
Guzman y Gomez shares are being shorted by hedge funds shortly after its $3B ASX listing. LINK
Nvidia shares surged nearly 7% after a 3-session slump that erased about $430B from its market value. LINK
Zurich Insurance announced a $600M deal to buy AIG's global personal travel insurance business, expanding its US footprint. LINK
A US judge rejected a $30B antitrust settlement with Visa and Mastercard, denying preliminary approval due to likely final rejection. LINK
OpenAI delayed the release of its "Voice Mode" feature to July due to technical issues, citing improvements needed in content detection and user experience. LINK
Luna Park Sydney is up for sale, with expectations of $70M or more, as Brookfield seeks to recycle capital into new opportunities. LINK
Star Entertainment is expected to seek more equity funding after a recent profit downgrade, adding to its previous $1.55B raised. LINK
Rest Super expects a challenging investment year ahead despite reporting an 8.82% return for the recent financial year, driven by global share markets. LINK
Seven West Media is restructuring into 3 divisions and cutting $100M in costs, with 2 executives promoted to manage the television and digital arms. LINK
PepsiCo successfully challenged an ATO assessment on millions in royalty withholding and diverted profits tax. LINK
Salesforce has been criticised for spending on lavish gifts and meals for public servants while managing a $135M contract. LINK
This Week’s Top Picks
Coalition policy proposes regulating and taxing vapes like cigarettes. LINK
AI outperformed radiologists in detecting prostate cancer on MRI scans. LINK
Collins Foods reported declining sales at KFC outlets and halted plans for more Taco Bell outlets due to weak consumer spending. LINK
Myer made a bid to acquire several brands from Premier Investments as part of a strategic review, aiming to create a $4B retail giant and enhance its loyalty program. LINK
Metcash reported $282.3M underlying profit, noting that consumers are shifting to smaller, frequent shopping trips and private labels due to cost-of-living pressures. LINK
Metcash’s food division has performed well despite economic pressures, but its Total Tools business suffers from the housing construction downturn. LINK
Vietnamese coffee growers face significant drought impacts, potentially raising global coffee prices. LINK
AI is helping scammers become more convincing, making it harder for banks and authorities to detect fraudulent activities. LINK
KMD Brands, owner of Rip Curl and Kathmandu, warns of worse-than-expected winter sales, with earnings expected to fall 53% in the year to July 31. LINK
Vladimir Putin has signed deals with Vietnam to supply fossil fuels and enhance cooperation in various sectors during his visit. LINK
Wholesale gas prices in Sydney and Melbourne have surged to their highest in more than a year, raising fears of a shortage this winter. LINK
Japan's tourist hotspots are introducing 2-tiered pricing systems, charging tourists more than locals as the weak yen drives a surge in visitors. LINK
