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KFC, Bonza and 7-Eleven
Tech-driven sexual harassment is used by 1 in 7 people to harass colleagues in Australia.
Pick & Scroll News
May 01, 2024
One Read, All Perspectives
Australian News
Australia has been ranked as the top global destination for expats and professionals looking to relocate, thanks to Australia’s robust post-pandemic job market. LINK
Office tower values are expected to fall by an additional 10% this year before stabilising. LINK
Universities in Australia are challenging the reduction in international student numbers, arguing that the housing crisis stems from a supply shortage rather than an influx of students. LINK
Commonwealth Bank predicts a rate cut by the Reserve Bank in November. LINK
Retail sales in Australia have slowed significantly, marking the lowest growth rate since the pandemic with economists anticipating that upcoming tax cuts could revive consumer spending. LINK
Electricity bills are set to increase in the Northern Territory, Tasmania and New South Wales, with significant rises expected due to higher energy transmission costs. LINK
Tech-driven sexual harassment is reportedly used by 1 in 7 people to harass colleagues in Australia, with younger individuals and women being especially vulnerable. LINK
Optus outage review has concluded with 18 recommendations aimed at improving Australia's telecommunications reliability and emergency response systems. LINK
Global News
China's economy is seeing slower growth in manufacturing and services activity in April, indicating a potential slowdown at the start of Q2 despite a strong first quarter. LINK
The IMF has increased its growth forecast for Asia to 4.5% for 2024, driven by optimism about India's economy and calls for more economic stimulus from China. LINK
Chinese consumer spending on items like diapers and Colgate toothpaste is increasing slightly. LINK
Company News
NSW’s corruption watchdog has identified serious corrupt conduct among former employees of Downer EDI and a Sydney council. LINK
Bonza is facing operational disruptions as its aircraft are repossessed by a former investment partner, leading the regional airline to appoint a voluntary administrator. LINK
Bapcor’s Paul Dumbrell withdrew from his impending CEO role just days before his start, amid expected declines in the company’s financial performance. LINK
Origin Energy reported an 8% drop in revenue from its Australia Pacific LNG project, as global oil and gas prices decline from their peak last year. LINK
7-Eleven Australia's CEO is seeing cautious consumer behaviour, such as filling up less than a full tank of petrol and a rise in shoplifting and armed robberies at their stores. LINK
KPMG Australia has increased its borrowing by $296 million over 2 years amidst revenue growth and workforce cuts. LINK
Coles CEO wants more cooperation from suppliers to keep grocery prices low. LINK
Mining giants BHP and Vale have proposed a $38 billion compensation for the 2015 Samarco dam disaster. LINK
Domino's Pizza reported strong first-quarter sales and profits, benefitting from its loyalty program and promotional offers. LINK
Tesla's shares surged after the electric carmaker advanced its driver-assistance technology deployment in China. LINK
Shein is diversifying its product offerings by inviting major brands like Colgate-Palmolive and Hasbro to sell on its platform. LINK
Microsoft will invest $1.7 billion to expand cloud services and artificial intelligence in Indonesia, including building data centres. LINK
Woolworths is selling a $486 million stake in Endeavour Group, moving away from its pub and liquor business spun off in 2021. LINK
Coles is gearing up for a major shift with a near $1 billion investment into robot-powered warehouses to enhance supply chain efficiency and potentially lower distribution costs. LINK
Volkswagen reported a 20% drop in operating profit for Q1 2024, citing lower sales and higher costs. LINK
Samsung Electronics announced a significant 932.8% increase in operating profit in Q1, driven by strong demand for NAND flash memory used in AI computing. LINK
KFC Malaysia has temporarily closed outlets due to challenging economic conditions and local boycotts related to the Israel-Palestine conflict. LINK
Logitech saw a 5% increase in sales during the fourth quarter, marking its first positive quarter since October 2021. LINK
Coles reported higher than expected sales for the March quarter as easing inflation led to increased consumer purchasing, especially in lower-priced items like apples, avocados and red meat. LINK
Hershey and Cadbury/Oreo owner Mondelez International faces investor scrutiny this week over how they will manage the impact of soaring cocoa and sugar prices on their first-quarter earnings. LINK
WeWork has negotiated a new restructuring plan with major lenders and financial backers, including SoftBank, to navigate through its bankruptcy challenges. LINK
This Week’s Top News
Optus and TPG Telecom have entered into a $1.6 billion agreement to share mobile networks across regional Australia. LINK
Freight costs rise due to global conflicts, affecting shipping routes and increasing the time and cost of delivering goods. LINK
Australians lost $2.7 billion to scams in 2023, with older citizens most affected and scams proliferating on social media platforms. LINK
Business failures surge to 1991 recession levels, with 7,747 companies collapsing in the first 9 months up to March 2024. LINK
Australia to launch a $161.3 million national firearms register, a move inspired by recent police shootings. LINK
Superannuation withdrawals for medical purposes surge, with $313 million accessed for dental treatments in 2023, up 373% since 2019. LINK
Sharp decline in study visa approvals influences Australian migration reset, with approvals dropping 31% to pre-pandemic levels as the government tightens regulations to filter out non-genuine students. LINK
Australia's average income tax rate rose by 7.6% in 2023, the highest increase among developed nations. LINK
Drought in Europe spikes olive oil prices, with alternatives being considered as more cost-effective options; recent rains might reduce prices post-Europe's end-of-year harvest. LINK
Colgate-Palmolive raises its annual organic sales growth forecast, relying on strong consumer demand for its premium personal care and pet nutrition products. LINK