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Merivale, Money Laundering and Mediterranean Cruises
Tigerlily's second voluntary administration in 4 years, Swiss passport power, and Nitrogen dioxide levels in Melbourne's Southern Cross Station.
Pick & Scroll News
March 07, 2024
One Read, All Perspectives
Australian News
Australia's economy expanded by just 0.2% in the December quarter, trailing population growth and resulting in a per capita economic downturn. LINK
Grape growers in South Australia's Riverland, the heart of the nation's wine industry, propose a vine planting halt to address the red wine oversupply glut that is suppressing grape prices. LINK
Victoria's inaugural waste-to-energy project receives approval, aiming to convert Melbourne's rubbish into power for the Maryvale Paper Mill. LINK
Air quality data from Melbourne's Southern Cross Station reveals nitrogen dioxide levels far exceeding WHO guidelines, yet within Australian workplace safety standards. LINK
A study warns that over one-third of illicit drugs purchased online in Australia are adulterated. LINK
Australian research reveals a persistent gap in unpaid work, with women dedicating 12 more hours weekly than men. LINK
Australia's anti-money laundering laws are set to be strengthened, with proposed reforms to include real estate agents, accountants, and lawyers, following the arrest of two Russians over a $2.3M laundering scheme. LINK
Global News
Australia and Vietnam have elevated their diplomatic relationship to a "comprehensive strategic partnership". LINK
Bitcoin's price momentarily reached a new record high. LINK
Donald Trump and Joe Biden are poised for a rematch in the upcoming presidential election, with their dominant performance in the Super Tuesday primaries despite public desire for younger candidates. LINK
Switzerland's passport has been ranked the most powerful in 2024, with criteria including visa-free travel, taxation, global perception, dual citizenship, and personal freedom, highlighting the complexity of passport strength beyond visa-free access alone. LINK
Company News
Facebook and Instagram resumed service after a global outage lasting over two hours, impacting hundreds of thousands of users due to a technical issue. LINK
Opal announced plans to cut 220 jobs, attributing the decision to the cessation of white paper production in Victoria's Latrobe. LINK
Amazon's Australian sales surpassed $3B, capturing 10% of the online retail market. LINK
Regent Seven Seas Cruises reported record global sales, with Australians showing a strong preference for longer Mediterranean and Northern European cruises. LINK
Qantas was fined $250,000 for discriminatory treatment of a cleaner concerned about COVID-19 exposure from aircraft returning from China. LINK
Apple faces growing pressure to show progress in AI as its market value slumps, deepening investor concerns over the lack of new breakthrough products. LINK
NRL's Las Vegas matches failed to attract significant American TV audiences, with fewer than 100,000 viewers, challenging the sport's expansion efforts in the US. LINK
Cettire faces market skepticism despite explaining its customs duties arrangements, resulting in a 14% drop in share price. LINK
Tigerlily, a renowned Australian swimwear brand, enters administration for the second time in four years under its owner, Crescent Capital. LINK
Apple's iPhone sales in China plummeted by 24% as it faced stiff competition from local smartphone manufacturers. LINK
Commonwealth Bank announces the closure of all Bankwest branches in Western Australia as part of a shift towards digital banking, affecting 60 branches. LINK
Merivale settles an $18M underpayment class action, with nearly half the amount allocated to legal fees, amid allegations of not meeting industry wage standards. LINK
OpenAI refutes Elon Musk's lawsuit claims, insisting it remains committed to developing AI for humanity's benefit amidst accusations of profit prioritisation. LINK
UnitingCare Queensland is set to lay off approximately 340 employees, largely from its BlueCare service. LINK
Optus fined $1.5M by the Australian Communications and Media Authority for failing to provide crucial data for emergency services. LINK
This Week’s Top Picks
The Australian government has approved a lower-than-requested health insurance premium increase of 3.03%, set to commence on April 1. LINK
Australian farmers are set to lose 15% in agricultural output, totalling $80 billion, due to dry conditions and falling grain prices. LINK
Over 800,000 Australian renting households risk displacement as rising rents push them out of their suburbs, with those in the lowest socio-economic brackets feeling the most significant impact. LINK
Australian toddlers spending three hours daily on screens are missing out on crucial language development opportunities, depriving them of over 1,100 adult words each day. LINK
Australians are losing $1.5 billion annually to card surcharges, a situation the Reserve Bank aims to mitigate through the wider adoption of least-cost routing by mid-year. LINK
House prices in upscale suburbs of Sydney and Melbourne surged by up to $242,000 in three months. LINK
New house approvals in Australia dropped to their lowest in nearly 12 years due to rising costs. LINK
Telecom operators are progressing towards the next stage of mobile internet, "5.5G" or "5G Advanced", before even finishing their 5G rollout. LINK
Chartered Accountants ANZ faces scrutiny for failing to uphold professional standards. LINK
Western Australia has become the first state to ban single-use, non-compostable coffee cups to prevent millions from ending up in landfill, with South Australia following suit. LINK
A carbon dioxide shortage is impacting soft drink supplies in supermarkets, with major supplier BOC prioritising medical, safety, and water treatment customers. LINK
Mortgage stress rates surged at the fastest pace in nearly two years, with non-bank lenders shifting focus to investor loans. LINK
Australians distrust AI, with significant regional disparities in opinions on integrating artificial intelligence in government services. LINK