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Lovisa, Webjet, and Income Disparity
Qantas' pet policy, house prices deter entrepreneurs, and Sam Altman to return as OpenAI's CEO.
Pick & Scroll News
November 23, 2023
One Read, All Perspectives
Australian News
Superannuation payments and record population growth are significantly boosting consumer demand in Australia. LINK
First home buyers who purchased properties in the last four years are facing financial hardship at faster rates due to the rate rises with those acquiring loans since 2019 three times more likely to miss repayments. LINK
National office occupancy rose to 71% of pre-Covid levels in Q3 2023, highlighting a steady return to offices, especially in smaller markets like Perth and Adelaide, which are nearing pre-pandemic occupancy levels. LINK
Apartment construction in inner-city markets has drastically reduced, affecting renters as rental prices continue to soar due to a supply pipeline drop of 8% compared to last year. LINK
Artificial intelligence presents a great challenge to financial markets and company regulators, increasing the potential for consumer harms, collusion and data misuse, while also aiding law enforcement. LINK
High house prices are deterring new entrepreneurs, with business start-ups declining among younger generations. LINK
A disparity in income levels is highlighted as a traffic controller in Melbourne's Metropolitan tunnel earns $126,200 a year, significantly more than the starting salaries of nurses and teachers. LINK
The Australian Government unveiled a $586M cybersecurity strategy for 2023-2030, aiming to bolster the nation's cybersecurity through a ransomware playbook, migrant cyber expertise, and international partnerships to deter malicious cyber activities. LINK
Global News
Canada's inflation rate decelerated to 3.1% annually in October due to a drop in petrol prices, while services inflation rose at a 4.6% pace. LINK
Israel approved a temporary ceasefire deal with Hamas, entailing a swap of 50 Israeli hostages for 150 Palestinian prisoners. LINK
The global smartphone market saw a 5% growth in October, marking the first year-on-year growth since June 2021, fuelled by a recovery in emerging markets. LINK
Company News
Qantas is facing a legal challenge over its pet policy as a dog trainer alleges the airline discriminated against her by denying permission for her "assistance" dog to accompany her on flights. LINK
Sam Altman is set to return as OpenAI's CEO, following an agreement that includes a new initial board. LINK
Lovisa expanded into new regions in the first half of the year but recorded a decline in per store sales, reflecting a 6.2% drop in global comparable store sales despite a 17% total sales increase due to new store openings. LINK
CBA’s Deputy CEO, David Cohen, is set to leave his position at the end of December, with the bank citing the sale of its Indonesian subsidiary as the reason for the role being dissolved. LINK
Webjet reported a significant increase in revenue and earnings as travel bookings rose to 4.4 million in the first half of FY24. LINK
Amazon founder Jeff Bezos is expected to sell more shares in the company, potentially offloading between 8 million to 10 million shares amounting to over $1B, following his recent sale of shares worth about $240M. LINK
Walt Disney noted that new collective bargaining agreements will lead to increased costs for content creation, estimating its fiscal 2024 capital expenditure at about $6B and spend on produced and licensed content at around $25B. LINK
Other News
Kyle Sandilands and Jackie Henderson signed a 10-year contract extension with ARN Media, receiving a percentage of extra revenue and millions of shares as part of the deal, which also includes broadcasting their show in Melbourne on KIIS 101.1 next year. LINK
The Matildas received half the prize money as compared to the Socceroos in their respective World Cup performances. LINK
This Week’s Top Picks
Binance CEO has agreed to step down and will admit to violating US anti-money laundering laws in a US$4.3B settlement. LINK
OpenAI staff threaten to resign and join Sam Altman at Microsoft unless the board steps down. LINK
The normalisation of flexible work during the pandemic is suspected to have contributed to Australia's post-pandemic productivity slump. LINK
The betting industry saw losses as Australia won the Cricket World Cup, with bookmakers like Sportsbet offering higher payouts for an Australian victory. LINK
Half of Aussies now view snacks as luxuries, curtailing purchases, while the average weekly expenditure increased by merely $1.20 since last year, reflecting a re-evaluation of spending priorities amidst surging supermarket prices. LINK
A star rating system for cybersecurity is to be launched, mandating new safety benchmarks for consumer internet-connected appliances and banning default passwords to combat potential hacking threats. LINK
NRL clubs reject Australian Rugby League Commission's proposal for gender and diversity quotas on boards and executive positions, citing potential contentious member votes. LINK
China's Temu rapidly gains traction among Australian bargain shoppers, overtaking local platforms like Kogan, Catch, and MyDeal within six months of its launch in the nation. LINK