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McDonald's, Nintendo and PwC
Apple Pay overtakes Afterpay, McLaren partners with Airwallex, and an Arctic diamond mine.
Pick & Scroll News
February 07, 2024
One Read, All Perspectives
Australian News
New union wage agreements in NSW and Victoria will drive up construction costs with at least 5% wage increases factored into new contracts. LINK
Inflation in Australia is not expected to return to the Reserve Bank's target range until mid-2026, with ongoing demand outpacing supply. LINK
The Reserve Bank of Australia signals potential for further interest rate increases to curb inflation, leaving the cash rate at 4.35% in the February board meeting. LINK
Global News
Tech industry layoffs continue in 2024 with 32,000 US job losses, including significant cuts by companies like Snap and Okta. LINK
Company News
Apple Pay overtook Afterpay in average users in 2023 to become the third most widely used digital payment service in Australia. LINK
Telstra develops an emergency roaming system for mobile connections in regional areas during natural disasters like floods and bushfires. LINK
Nick Scali and Myer shares rise as the retailers outperform expectations, with consumer sentiment lifted by tax cuts and stable interest rates. LINK
Myer anticipates a hit to its interim profit due to inflation and greater discount reliance, but shares surge 18% on the update. LINK
PwC launches an ethics investigation into allegations against former CEO Luke Sayers, focusing on conflicts of interest and improper influence. LINK
McDonald’s sales are being impacted by the Middle East turmoil, reporting mixed quarterly results and a 4% share price drop. LINK
Boeing flags potential delivery delays of about 50 aircraft due to incorrectly drilled holes on some 737 jets. LINK
Sunshine Coast Airport lands planes without firefighter crews, breaching safety regulations and raising concerns. LINK
Airwallex partners with McLaren to support the Formula 1 team's financial operations and merchandise platform. LINK
BP reports a fall in annual profits to $13.8 billion for 2023, down from a record $27.7 billion the previous year. LINK
Nintendo increases its sales forecast for the Switch console to 15.5 million units for the fiscal year. LINK
Toyota Motor raises its full-year operating profit forecast by nearly 9% after third-quarter earnings exceed expectations. LINK
Snap announces a 10% global workforce reduction to promote in-person collaboration, marking another round of layoffs for the company. LINK
WeWork may seek a new bankruptcy loan amid slow progress on rent negotiations with landlords. LINK
Microsoft, Google, Meta, and Amazon added almost US$10B to collective profits in the past two years by extending server life estimates, cutting depreciation costs. LINK
A Rio Tinto unit in Canada faces a criminal case after an employee was seriously injured at an Arctic diamond mine. LINK
Other News
Grammys viewership increases by 34% as women dominate the awards ceremony. LINK
This Week’s Top Picks
Google plans to rename Bard as Gemini. LINK
St Hilliers, a major building company, has entered voluntary administration, pausing work at 21 construction sites while finances are assessed. LINK
Lakeba, a Sydney tech firm, is revolutionising document verification in Australia's financial sector, significantly reducing processing times with AI technology. LINK
A Hong Kong-based firm's employee was tricked into paying US$25M to fraudsters who used deepfake tech to pose as the company's CFO and staff during a video call. LINK
NSW introduces a 'youth voice' to involve Millennials and Gen Z in housing policy decisions, addressing affordability and intergenerational inequality. LINK
Metcash plans to raise $300 million to fund the purchase of Superior Food Group and two hardware sector acquisitions. LINK
Competition among Australia's largest banks for new mortgage customers is diminishing, with regional banks expected to face market share declines. LINK
AU weekend auction clearance rate had its second-best start since 2008, but an influx of listings could temper the market's robust start. LINK
Deaths in residential aged care in Australia more than doubled in January amid a Covid-19 spike. LINK
Australian wine exports decline in value and volume as global trends show reduced alcohol consumption, with hopes for a lift on Chinese tariffs. LINK