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Whatever you’re strategically avoiding right now, it probably won’t come with consequences as extreme as this.
Pick & Scroll News
November 28, 2024
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Good morning. Whatever you’re strategically avoiding right now, it probably won’t come with consequences as extreme as this:
A South Korean man has been sentenced to a year in prison after intentionally gaining over 20 kilograms to dodge a tougher role in the country’s military conscription system.
Acting on advice that being overweight could secure him a social service grade, he doubled his food intake, prioritised high-calorie foods and successfully reached the qualifying weight. Sounds fun, until the prison part.
All the headlines and more below...
AUSTRALIAN NEWS
Housing construction rises to a 3-year high
Housing construction in Australia rose to a 3-year high in Q3 2024, with residential construction growing 1.8% to $23.4B, driven by stabilising costs and booming infrastructure spending. LINK
Australia's lower house has passed a bill to ban social media for children under 16, advancing despite opposition from tech giants Google and Meta. LINK
The Victorian government is implementing a mandatory code of conduct for retirement village operators to enhance transparency and address practices such as excessive exit fees. LINK
Australia's cost-of-living crisis and housing shortages are causing an increasing number of children to go hungry and miss school, as families struggle amid rising interest rates and food prices. LINK
Hackers are targeting critical HR, legal and financial data, driving the average ransom payment by Australian companies to $1.35M in 2024, a 35% increase year-on-year. LINK
Australia's total superannuation savings reached $4.1T by September's end, a 13% quarterly increase, as APRA-regulated funds benefit from market gains and higher super guarantee rates. LINK
The RBA is expected to maintain its 4.35% interest rate until mid-2025 despite lower inflation figures, as the trimmed mean CPI remains above target range. LINK
Australia has introduced legislation to impose fines of up to 10% of annual turnover on major supermarket chains including Woolworths, Coles, ALDI and Metcash for violating supplier protection codes. LINK
The AUKUS submarine project will drive a $35-$40B infrastructure boom around Port Adelaide and south-west Perth. LINK
GLOBAL NEWS
Biden administration proposes Medicare, Medicaid coverage of obesity drugs
The Biden administration has proposed expanding Medicare and Medicaid to cover obesity drugs, potentially reducing out-of-pocket costs by 95%. LINK
COMPANY NEWS
PwC Australia to slash payments to retired partners by at least 25%
PwC Australia will cut retirement payments for 700 former partners by 25%, saving $25M annually, as partner exits after the tax leak scandal strained its retirement scheme. LINK
The Australian Transport Safety Bureau has criticised Qantas for multiple protocol breaches after a 1.25-metre tool was left in an A380 engine for 300 hours of flight. LINK
Sydney University will ban campus encampments and indoor protests following a report highlighting challenges in balancing freedom of speech with creating a safe and inclusive environment. LINK
ANZ is launching a blockchain pilot to test asset tokenisation in superannuation, aiming to reduce transaction costs and expedite payments. LINK
Web Travel Group reassured investors that an adverse accounting ruling caused minimal damage, with H1 earnings down 8% but transaction volumes rising 25% to $2.59B. LINK
City Chic has seen an 11% increase in gross margin dollars despite a 4.8% revenue drop, anticipating improved conditions in the second half. LINK
IKEA has formed a partnership with Afterpay to provide pay-in-four payment options across in-store and online purchases ahead of Black Friday and Cyber Monday. LINK
HDR is developing Australia's first wastewater-cooled data centre, scheduled for completion in late 2026. LINK
QBE has reported quarterly growth in gross written premiums driven by rate increases, while reaffirming full-year guidance despite $600M in losses from North American non-core portfolio exits. LINK
OpenAI has approved a $1.5B share tender offer for employees to sell to SoftBank, following the Japanese conglomerate's $500M investment that valued the company at $157B. LINK
Temu and Shein's aggressive online marketing campaigns are driving up Black Friday advertising costs for retailers, as both platforms actively bid on competitor search keywords during the holiday shopping season. LINK
Tesla is receiving taxpayer-funded subsidies for its household batteries under an Australian scheme. LINK
ONE MORE SCROLL
Editor’s Pick: Menendez brothers hearing will be open to the public, with lottery deciding who gets 16 courtroom seats.
Draft Pick: Fireball plans to collect heartbroken football fans’ tears for new whisky.
Odd Pick: Wild human washing machine promises to rinse you clean in 15 minutes.
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TRIVIA
Red Planet Day
November 28 is Red Planet Day which celebrates the planet which has captivated human observers for years, Mars. Today we go back to school with some planet trivia:
Which planet is famous for its prominent ring system?
What is the largest planet in our solar system?
What planet is often called Earth's twin because of its similar size and composition?
What is the smallest planet in our solar system?
Which planet is the hottest in our solar system?
Answers below
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