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Optus Outage, Petrol Prices and Global Temperatures
Australia's life expectancy drops, Gen Z and Millenials are struggling, and the rice shortage continues.
Pick & Scroll News
November 09, 2023
One Read, All Perspectives
Australian News
Global temperatures in October soared to the hottest on record, with a significant increase of 1.7 degrees Celsius compared to average, marking this year as potentially the warmest ever recorded. LINK
Australia and China reignited diplomatic ties after 7 years, resuming annual dialogues among leaders and officials, and introducing extended multi-entry visas to enhance people-to-people interactions. LINK
The rise in industrial rents fuelled by e-commerce growth and warehouse space shortage has finally paused, a respite from the 13.6% rental hike over 2023's first nine months following a 22.9% spike in 2022. LINK
For the first time in over 40 years, life expectancy in Australia retreated, a repercussion of the 10,000 Covid-19 fatalities last year. LINK
Streaming platforms like Netflix, Disney+, and Amazon Prime Video cut their investments in Australian content during 2022-23, despite looming regulatory pressures aimed at boosting local production. LINK
A shortage of premium-grade office space is foreseen in Brisbane by 2024 due to a shift towards higher quality premises, as the local office market outperforms national trends. LINK
Australia faces hurdles in reaching its 1.2 million new homes target as competition for vital trades from the high-paying infrastructure sector deprives residential construction of much-needed capacity. LINK
Petrol prices are set to decrease, thanks to crude oil trading near a three-month low and dissipating supply fears amid the Israeli-Palestinian conflict. LINK
Central Australia's tourism sector is facing ongoing challenges like costly airfares and security issues, as businesses report a 50% decline in bookings compared to the previous year. LINK
Despite global commitments to curb warming at 1.5 degrees Celsius, a United Nations report reveals that nations including Australia are on a trajectory to double the expansion of the fossil fuel industry. LINK
A strike by hundreds of veterinarians and meat assessors across Australia has disrupted the meat industry, causing a backlog and affecting exports. LINK
Global News
Company News
Optus faced backlash from the telecommunications union following yesterday’s outage, occurring a few months post the elimination of 200 network jobs, hinting at potential correlations between reduced workforce and service disruptions. LINK
Westpac is set to replace PwC as its external auditor after its 55-year longstanding relationship since 1968. LINK
PwC Australia announces a cut of 344 roles amid reduced demand for services following its tax leaks scandal. LINK
Uber reported its second consecutive profitable quarter with growing demand but slowing revenue growth. LINK
Airwallex is expanding its recruitment, with 25% of new hires coming from outside the tech sector, as it gears towards becoming a global fintech entity. LINK
New regulation will bar individuals with financial ties to the big four accounting firms from the Tax Practitioners Board. LINK
Woodside's CEO Meg O’Neill anticipates legal hurdles in expanding gas production in Australia, urging for legislative changes. LINK
Commonwealth Bank has been intercepting 400,000 abusive payment descriptions yearly. LINK
Following the Reserve Bank rate hike, National Australia Bank became the first among the big 4 to lift interest rates for borrowers. LINK
Morgan Stanley diverted local calls overseas to combat Optus’ outage on Wednesday. LINK
Amazon is investing millions in developing an ambitious large language model dubbed "Olympus" to compete with models from OpenAI and Alphabet. LINK
Ebay's Q4 revenue and profit forecasts fell short due to weaker consumer spending and rising competition. LINK
Other News
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Woolworths announces a 20% price cut on 26 Australian lamb products as a pre-Christmas relief for families, reflecting a response to oversupply in the meat industry. LINK
Vitasoy Australia anticipates its highest yearly production as consumer preference shifts towards plant-based milk alternatives. LINK
Mortgage customers negotiating with their banks can secure significant interest rate reductions, averting nearly $2,400 annually on a $500,000 loan. LINK
An increasing trend of 'health and well-being' breaks is emerging, with more individuals openly communicating these breaks to employers. LINK
The Cheesecake Shop unveils a multimillion-dollar rejuvenation strategy, encompassing a new logo, TV commercial and store fit-outs, aimed at evolving from a celebratory event shop to a go-to dessert business for various occasions. LINK
Flybuys experiences a surge in point redemptions throughout 2023 as households leverage the scheme amidst rising living costs. LINK
October saw a 43% leap in company collapses in Australia, partly due to an aggressive tax office and impending interest rate rises as the holiday slowdown approaches. LINK
Small to medium businesses (SMBs) in Australia face heightened cyber attack risks. LINK
An increasing number of millennials are migrating from cities to regional areas in Australia. LINK
Construction workers are found to be 6 times more likely to die by suicide than from work-related accidents. LINK
According to science, modern NBA players are better than the previous eras, exhibiting enhanced explosiveness in movement despite no significant increase in body size. LINK
Meta CEO Mark Zuckerberg sustains an ACL injury while training for a competitive MMA fight. LINK
Mariah Carey faces a lawsuit from singer-songwriter Andy Stone for alleged copyright infringement over the iconic song "All I Want for Christmas Is You". LINK