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Oroton, UniSuper and Turkey's Inflation
Dublin riots, Amazon employees strike, and a remote working Sydney lawyer was unfairly dismissed.
Pick & Scroll News
November 27, 2023
One Read, All Perspectives
Australian News
Millennial ETF investors have decreased from 696,000 in 2021 to 403,000, with the age group 44 to 65 now constituting the strongest demand. LINK
The number of foreign visa holders are expected to decline by more than 160,000 in the coming months as visas expire, and stricter rules cut the number of new arrivals. LINK
Compliance with return-to-office rules by workers are being considered by bosses during performance reviews and bonus calculations. LINK
Black Friday sales could be a tipping point for many Australian retailers, especially small businesses, as they aim for record sales to counter the increasing strain from the cost of living crisis and double the rate of insolvencies compared to the previous year. LINK
Sydney's new underground road project, the Rozelle Interchange, part of the broader WestConnex project, is set to open following a four-year construction period. LINK
Australian hospitality venues will soon need to disclose the origin of their seafood to customers, following the federal government's decision to mandate country of origin labelling. LINK
Potential housing density hotspots in Sydney are being discussed as politicians decide which suburbs will bear the brunt of meeting state housing targets. LINK
Australian shoppers are warned of scammers replicating popular retail websites to trick customers during Black Friday. LINK
Global News
Germany is set to suspend a constitutional limit on net new borrowing for a fourth consecutive year in a revised 2023 budget. LINK
Turkey's central bank raised interest rates by 5 percentage points to 40% to control inflation which stands at a staggering 61.36%. LINK
Police presence was heightened in Dublin to prevent a repeat of widespread rioting following a knife attack outside a school. LINK
Company News
Oroton saw a doubling in profit and double-digit sales growth for the second consecutive year, marking a strong recovery from previous turmoil, driven by a strategic approach to less discounting to enhance customer experience both in stores and online. LINK
PwC Australia has appointed a new chief risk officer and is committing to stronger internal controls to address its acknowledged "immature" risk management practices. LINK
Amazon Australia has enforced a rule requiring employees to work in the office at least 3 days a week to be eligible for promotions, reflecting a global policy aimed at fostering in-office collaborations. LINK
Amazon workers across multiple locations in Europe initiated strikes and protests coordinated by the UNI Global Union on Black Friday, one of the busiest shopping days, protesting against Amazon's working practices. LINK
JPMorgan's asset management business chief credits heavy investment in artificial intelligence for giving the firm a market-beating edge over rivals, with the business investing double the amount in AI compared to competitors. LINK
UniSuper is facing growing demands from over 1,650 members and 370-plus academics to adopt more rigorous and science-based decarbonisation targets. LINK
Australian advertisers have significantly reduced their spending on social media platform X after its acquisition by Elon Musk, with a 61.4% drop in spending over the first nine months of the year. LINK
The Perth Mint has avoided a fine over compliance issues with anti-money laundering laws by agreeing to a voluntary undertaking to improve its systems amid "enhanced oversight", following concerns sparked by an extensive outside audit after selling gold to a notorious former bikie. LINK
Other News
A remote working lawyer at Sydney intellectual property law firm Chrysiliou IP was found to have been unfairly dismissed for spending hours on non-work related online browsing, as the Fair Work Commission recognised the blend of personal and work activities in "the modern digitally connected era" and ruled that the browsing history didn't warrant immediate termination without notice. LINK
A recent study on sleep and longevity suggests that maintaining a consistent sleep schedule is more crucial than the total number of sleep hours, indicating that a regular sleep pattern of 6 hours every night is more beneficial compared to varying sleep durations. LINK