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Mount Fuji, TikTok and Coles
ByteDance would rather shut down TikTok in the US than sell it.
Pick & Scroll News
April 29, 2024
One Read, All Perspectives
Australian News
Business failures surge to 1991 recession levels, with 7,747 companies collapsing in the first 9 months up to March 2024. LINK
Retired Australians fear outliving their savings, living frugally despite often dying wealthier than at retirement. LINK
Australia to launch a $161.3 million national firearms register, a move inspired by recent police shootings. LINK
Government spending expected to fuel persistent inflation, with economists calling for spending cuts as federal and state budgets significantly exceed forecasts. LINK
Perth faces a housing supply crisis due to high construction costs and labour shortages, preventing new projects from starting despite increasing demand and very low vacancy rates. LINK
Superannuation withdrawals for medical purposes surge, with $313 million accessed for dental treatments in 2023, up 373% since 2019. LINK
Sharp decline in study visa approvals influences Australian migration reset, with approvals dropping 31% to pre-pandemic levels as the government tightens regulations to filter out non-genuine students. LINK
Persistent inflation fails to deter Australian homebuyers, though continued rate hikes could cool the market. LINK
Australian banks are poised for robust dividend payouts, expected to distribute up to $4.5 billion amid resilient profits despite ongoing inflation pressures and potential rate hikes. LINK
Earlier NAPLAN results to aid schools' intervention efforts, with reports on literacy and numeracy arriving Monday, 4 weeks post-assessment to better support student development across Australia. LINK
NSW government opens its banking services contract to competition, encouraging participation from major banks, smaller banks, and fintechs for a contract handling around $200 billion annually. LINK
Escalating construction costs are predicted to delay new housing projects until 2030, exacerbating Australia’s housing shortage as economic pressures push builders away from commencing approved projects. LINK
Australia's average income tax rate rose by 7.6% in 2023, the highest increase among developed nations. LINK
Victorian government plans to construct over 70,000 new homes around 6 Suburban Rail Loop precincts by the 2050s. LINK
Many Australians are cancelling essential insurance policies due to soaring premiums, prioritising immediate financial needs over potential future risks. LINK
Global News
Japanese town to obstruct views of Mount Fuji at a popular tourist spot due to disruptive behaviour by visitors, with construction of a barrier to begin next week. LINK
Drought in Europe spikes olive oil prices, with alternatives being considered as more cost-effective options; recent rains might reduce prices post-Europe's end-of-year harvest. LINK
Company News
ByteDance would shut down TikTok in the US rather than sell it, if legal efforts fail, as its algorithms are integral to the company's overall operations. LINK
Meta, Alphabet and Snap exceed Q1 expectations, signalling a rebound in digital advertising growth after a challenging 2022. LINK
Apple is discussing using OpenAI's technology in the iPhone's iOS 18, aiming to introduce generative AI features later this year. LINK
Woolworths Group and subsidiary Woolstar fined $1.2 million and $36,000 respectively for underpaying long-service leave entitlements in Victoria. LINK
Coles calls for food and grocery workers to return to the office, expressing concern over supply chain inefficiencies and stocking issues for major events due to prolonged remote working practices. LINK
Scott Farquhar steps down as Atlassian co-CEO, leaving Mike Cannon-Brookes as sole leader. LINK
Anglo American rejects BHP's £21 billion takeover bid, citing significant undervaluation. LINK
Aldi Australia pays a $420 million dividend to its Austrian parent following successful market share gains and strategic property sales. LINK
Coles and Endeavour’s Dan Murphy’s accused of anti-competitive practices, including manipulating store layouts and favouring private labels, which impacts independent winemakers. LINK
Alphabet announces its first-ever dividend and a US$70 billion stock buyback, with shares surging nearly 16% as the company invests heavily in AI data centres. LINK
Porsche reports a 30% drop in Q1 operating profit due to significant investments in its largest product launch this year, yet managing to surpass sales expectations. LINK
Colgate-Palmolive raises its annual organic sales growth forecast, relying on strong consumer demand for its premium personal care and pet nutrition products. LINK
Hertz Global's shares plummet by 24% following a report of a larger-than-expected quarterly loss, complicating its EV rental business adjustments. LINK
UBS navigates complexities in finalising the integration of Credit Suisse, which will significantly reshape its operations in Australia. LINK
Charity Thread Together faces a donation shortfall as retail partners cut back amid a cost of living crisis, impacting the distribution of clothing to vulnerable communities in regional Victoria. LINK
Channel 7 settles defamation case with Benjamin Cohen, who was mistakenly identified as the Bondi Junction mass murderer. LINK
Federation University plans to lay off 200 staff as international student numbers plummet from 8,600 in 2020 to 3,500 in 2023. LINK
Aon's shares drop nearly 9% after Q1 profits fall short of estimates due to underperformance in its US retail brokerage business, despite growth in EMEA, Asia and the Pacific regions. LINK
Sydney's Manly Wharf set for a major revamp under new ownership by the Artemus Group. LINK