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Maccas, Chemist Warehouse and AusPost
Twitch to shut down in South Korea, Airfares to Bali could rise, and NDIS replaced.
Pick & Scroll News
December 07, 2023
One Read, All Perspectives
Australian News
Australia's federal government will provide $25B in GST top-up payments and extra health funding by 2030 in exchange for state reforms to save the NDIS from collapse. LINK
Australian 15-year-olds showed no improvement in school performance compounded by absenteeism and mobile phone distractions. LINK
Australia and Papua New Guinea will sign a security pact allowing up to 50 Australian police officers to join PNG's force, countering China’s Pacific influence. LINK
Sydney Airport warns that Qantas' code-share with Garuda Indonesia could increase fares to Bali by reducing Australia's air rights into Bali. LINK
High inflation, rising interest rates, and a record federal income tax take have driven Australian household incomes to their lowest level in eight years. LINK
NSW government plans to replace Rosehill Racecourse with over 25,000 homes as part of a housing and Metro West project, aiming for 200,000 new homes near rail stations. LINK
Banks, insurers and super funds in Australia will be allowed to provide personal financial advice, allowing less qualified advisers to offer advice. LINK
Australia's GDP grew by 0.2% in Q3, lower than expected, with the Australian dollar and ASX showing minimal impact from the economic report. LINK
The Minns government officially greenlights the $25B Sydney Metro West rail link, part of a strategy to build 190,000 homes near rail corridors by 2032. LINK
Global News
OPEC's oil output decreased in November, marking the first monthly drop since July, influenced by reduced shipments from Nigeria and Iraq and ongoing cuts by Saudi Arabia and other OPEC+ members to support market prices. LINK
Company News
Telstra will refund $21M to customers overcharged for inactive internet services, averaging $2,600 per customer, and faces a $3,010,320 fine from ACMA for billing accuracy breaches. LINK
Australia Post will reduce daily letter delivery to every second day to address financial losses, with a focus on enhancing parcel delivery and adding more postal points. LINK
McDonald’s plans to increase capital spending through 2027, targeting sales growth and loyalty program expansion, aiming for a 2.5% systemwide sales growth post-2024. LINK
Endeavour Group is aiming for over $150M in growth in its hotel earnings in five years through property investment, selective pub purchases, and cost reduction. LINK
Star Entertainment’s Sydney casino faces a potential permanent shutdown if it fails to meet a six-month deadline to regain its licence set by the NSW casino regulator. LINK
Chemist Warehouse will take control of Sigma Healthcare in a reverse listing, including a $350M capital raising. LINK
Twitch will shut down operations in South Korea in February 2024 due to high operating costs and network fees, despite efforts to reduce expenses. LINK
CleanPeak Energy will build at least four new solar farms in NSW, ensuring Sydney’s Barangaroo precinct remains carbon-neutral, regardless of tenants' renewable power usage. LINK
Washington H. Soul Pattinson made a $3B offer to acquire Perpetual, following Perpetual's announcement of exploring a demerger of its asset management from wealth and corporate trust business. LINK
This Week’s Top Picks
Singapore plans to triple its AI talent pool to 15,000 experts, including machine-learning scientists and engineers, as part of its national AI strategy. LINK
Company collapses in Australia rose by 12% in November, with the upcoming Christmas sales period seen as a critical determinant for the business sector's trajectory in early 2024. LINK
The NSW government inadvertently released a list of suburbs targeted for increased housing density, previously kept secret for months. LINK
Consultants for Victoria’s axed Commonwealth Games did not inspect venues or consult officials due to a three-month time constraint and secrecy. LINK
Guzman y Gomez's major shareholder, TDM Growth Partners, intervenes to manage legal and human resources functions amid an executive exodus at the restaurant chain. LINK
Australian executives express caution in fully entrusting AI with major decisions, preferring AI as a "co-pilot" for smaller productivity gains but wary of its lack of accountability in critical situations. LINK
Amazon Prime Video secures exclusive broadcasting rights in Australia for major cricket tournaments, including World Cups and the Champions Trophy until 2027, and effectively placing these events behind a paywall. LINK
Sydney's housing market to face a double-dip downturn as early as next month, with November seeing a slowdown in price growth. LINK
Australian federal, state and territory treasurers have agreed to collaborate on developing a nationwide electric vehicle tax regime. LINK
The number of young Japanese applying to work and live in Australia has hit a new high this year, driven by low wages, rigid work culture, and a plunging yen in Japan, contributing to Australia’s record migration levels. LINK
Owning a dog can reduce the risk of developing dementia in old age by 40%, based on a four-year study of nearly 12,000 Tokyo residents aged over 65. LINK