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Maccas vs Hungry Jack's, Ferrero and Infant Formula
NSW scraps emergency services levy, a new name for Solo, and AMP's new digital bank.
Pick & Scroll News
November 17, 2023
One Read, All Perspectives
Australian News
The gas industry explores establishing Australia as North Asia's 'carbon sink' to help China, Japan and Korea meet their net-zero targets, while continuing to purchase Australian gas. LINK
NSW to scrap emergency services levy on home insurance premiums to alleviate the financial burden on homeowners. LINK
Residential developers like Mirvac anticipate that the federal government's decision to cut 50 infrastructure projects could alleviate the scarcity of skilled tradespersons. LINK
Despite a solid Australian job report, the Australian dollar retreats from a three-month high due to better-than-expected US retail sales. LINK
Transport Minister Catherine King announces the axing of 50 road and rail projects to control cost overruns in the $80B Infrastructure Investment Program. LINK
The RBA maintains its stance on interest rates despite robust job and wage numbers. LINK
Direct flights between Busselton, WA and Sydney are set to commence, paving the way for enhanced tourism in the Margaret River region. LINK
Australian businesses need to accelerate their actions to achieve net-zero targets, as per a KPMG report, which identifies supply chains and regulatory frameworks as areas needing urgent attention to meet climate goals. LINK
Global News
UK's inflation rate cools down to 4.6% in October, a significant decrease from 6.7% the previous month, offering a respite to rising price pressures. LINK
China's new home prices experience a fourth consecutive monthly decline in October. LINK
A2 Milk Co CEO David Bortolussi warns of a steep decline in China’s infant formula market due to fewer newborns and reduced shelf prices, despite the company maintaining its low single-digit revenue growth expectation. LINK
Company News
Kmart Group expresses concerns over the proposed National Clothing Product Stewardship Scheme for recycling, citing potential costs of $1.2B to establish and $500M yearly to run. LINK
Spotify partners with Google Cloud to utilise large language models (LLMs) for tailoring podcast and audiobook recommendations to users. LINK
Microsoft unveils custom-designed computing chips to facilitate its artificial intelligence services. LINK
TikTok and Meta challenge the EU's "gatekeeper" status under the Digital Markets Act (DMA), emphasising the tightening regulatory environment for tech giants. LINK
Qantas faces penalties for unlawfully standing down a health and safety representative during the early phase of the pandemic. LINK
AMP targets sole traders and small businesses with a new digital bank set to launch by 2025, utilising technology from UK neobank Starling to offer transaction and savings accounts initially, with lending services to follow. LINK
McDonald's loses a lawsuit against Hungry Jack's over the resemblance of the Big Jack burger to the Big Mac, as the Federal Court ruled that there was no deceptive similarity. LINK
Carlton & United Breweries decides to rename its alcoholic lemonade brand Solo to Hard Rated following backlash from parents and responsible drinking groups. LINK
Ferrero Group, the Italian confectionery giant, discontinues its $70M hazelnut farm in southern NSW due to unsuitable long-term climate conditions. LINK
Huawei and China Mobile establish a 3,000 km internet network boasting a bandwidth of 1.2 terabits per second. LINK
Macquarie invests $290M in Netherlands-based SkyNRG for the development of green aviation fuel production facilities. LINK
Commonwealth Bank agrees to sell its 99% stake in its Indonesian banking unit to Oversea-Chinese Banking for approximately $220M. LINK
EY appoints Janet Truncale as the new global chief executive, replacing Carmine Di Sibio starting July 2024. LINK
This Week’s Top Picks
A document leak unveils PwC’s Cyprus arm's frantic efforts to assist Russian oligarchs in asset transfers amid the threat of sanctions during the early days of the Ukraine invasion. LINK
The number of white-collar job openings plummet below pre-Covid levels as high interest rates trigger layoffs in tech firms and banks, contrasting with a boom in low-paid retail and hospitality positions. LINK
Mid-tier accounting firms are outpacing the big four in growth, as they capitalise on traditional accounting services amidst diminishing demand for consulting services from the big four. LINK
Property investors and "flippers" could soon be taxed at their highest marginal rate of up to 47%, potentially losing the capital gains tax (CGT) discount even with a 12-month holding period. LINK
Optus' network outage last Wednesday was caused by incorrect router settings from overseas during a software upgrade, requiring technicians to physically visit facilities across the country to restore the network. LINK
Deloitte faces accusations from Honda car dealers of utilising confidential auditing information to aid Honda in reducing payments to them. LINK
Australia's economic competitiveness has dropped to 20th place from 1st place in 2004, due to faltering energy infrastructure, stagnant entrepreneurship, and inadequate competition regulations. LINK
Dior unveils a $441 fragrance, Bonne Etoile, for babies, diverging from traditional perfume compositions by employing 98% "natural-origin" ingredients. LINK
10.2M Optus customers are facing phishing scams targeting those seeking compensation. LINK
A cyberattack on DP World Australia left tens of thousands of shipping containers stranded at ports. LINK
A High Court ruling will see immigrant detainees released due to indefinite detention deemed unlawful. LINK
Aussie borrowing power has decreased byrly 30%, after 13 interest rate hikes. LINK
The Sydney-Melbourne route emerged as the highest revenue-generating flight route globally, amassing $1.9B revenue in H1 2023, almost double the pre-pandemic level, despite a drop in passenger numbers. LINK