OpenAI, PayPal and Microsoft 365 Copilot

Australian News

• New legislation to be voted on Thursday will establish minimum standards for gig economy workers, facilitating a transition from casual to permanent roles. LINK

• Disruptive behaviour in Australian classrooms is on the rise, calling for further inquiry into declining academic standards and classroom disruption. LINK

• Mirvac anticipates housing profit margins to decrease to 16% this year amid slower market conditions and higher borrowing costs affecting the housing market. LINK

• School attendance issues are deemed a national concern, with lax parental attitudes contributing significantly to rising absenteeism rates. LINK

• Court-ordered company liquidations have surged as the Australian Taxation Office and major banks intensify efforts to collect unpaid debts. LINK

Global News

• Oil prices climb alongside global equities, influenced by continued Middle Eastern tensions and market optimism. LINK

• China's deflation intensifies as consumer prices fall at the fastest rate in 15 years, adding pressure on the government to bolster the country's economic recovery efforts. LINK

Company News

• Gumtree's "make an offer" feature for rental properties, potentially encouraging unlawful bidding in NSW, is set to be removed after sparking a complaint to Fair Trading NSW. LINK

• News Corp doubles its net income in Q2, driven by digital and subscription revenues, marking a 95% increase to US$183 million. LINK

• Apple is building prototypes of at least two foldable iPhones. LINK

• Optus outage in November sparks a surge in complaints to the Telecommunications Industry Ombudsman. LINK

• Charter Hall Long WALE REIT to sell over $500 million in assets after a $258.4 million statutory loss, aiming to reduce debt amid commercial property write-downs. LINK

• Reserve Bank's Sydney headquarters refurbishment cost soars to $850 million due to extensive asbestos issues at 65 Martin Place. LINK

• News Corp is in negotiations for payment from AI firms for using its content, with the CEO hinting at a fruitful "courtship" with OpenAI. LINK

• REA Group reports a 22% increase in net profit to $250 million, highlighting strong home listings in Sydney and Melbourne as signs of a healthy residential property market. LINK

• AGL Energy quadruples core net profit, leading to a surge in shares and an interim dividend increase, driven by higher energy prices. LINK

• NAB's new CEO Andrew Irvine is expected to boost tech spending to match digital upgrades at rival banks, with customer remediation rolling off. LINK

• Transurban's net profit quadruples, but dividend announcement disappoints some investors, with new CEO Michelle Jablko eyeing efficiency improvements. LINK

• Crown Resorts clears CEO Ciaran Carruthers of law breaches in casino patron re-entry case, with a broader security policy review underway. LINK

• NBN Co reduces workforce by 10% as it faces a deepening net loss of $696 million, with expectations of demand for faster internet services to boost future revenues. LINK

• OpenAI develops software to automate tasks by taking over users' devices, promising more complex task handling without close supervision. LINK

• PayPal forecasts flat growth in adjusted profit for the current year, despite a market-beating earnings report, with shares falling 7% in extended trading. LINK

• Unilever meets expectations for underlying Q4 sales growth, posting an increase in sales volumes for the first time in 10 quarters. LINK

• Target US considers a new paid membership program, similar to Amazon and Walmart, which could launch as soon as this year. LINK

• Microsoft launches Microsoft 365 Copilot tool internally for its employees, to boost AI adoption among developers. LINK

• Walt Disney acquires a US$1.5 billion minority equity stake in Fortnite publisher Epic Games, announced by CEO Bob Iger. LINK

This Week’s Top Picks

• Andrew Irvine is set to lead NAB, focusing on new data capabilities to compete against Commonwealth Bank in the business deposit sector. LINK

• Coles attributes rising shelf prices to increased supplier and farmer demands, with requests doubling since 2021 amid various economic pressures. LINK

• Westpac forecasts inflation to fall faster than the RBA expects, predicting it will be within the target range by October 2024. LINK

• NSW proposes a ban on offshore gas drilling, impacting the PEP-11 project. LINK

• Australian workers will gain the right to ignore after-hours calls and messages from employers, with potential fines for bosses who violate stop orders. 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

• Apple Pay overtook Afterpay in average users in 2023 to become the third most widely used digital payment service in Australia. LINK

• 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

• 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

• 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

In partnership with:

The Aussie Corporate

Your go-to for insights into corporate Australia sourced from our Auscorp community and delivered to you without the red tape and corporate fluff 🔥 Just dropped: Your monthly caffeinated dose of AusCorp.