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Oyster Industry, HECS and Gucci
Unilever to spin off Magnum and Ben & Jerry's, Hemp industry's federal grant bid fails, and Commonwealth Games costs taxpayers $589M for minimal benefit.
Pick & Scroll News
March 21, 2024
One Read, All Perspectives
Australian News
Concerns over Victoria's $2 billion investment fund lead to calls for its scrapping due to transparency issues and a state debt of $126 billion. LINK
Corporate insolvencies hit a decade high, affecting construction, hospitality and retail sectors due to financial pressures. LINK
Queensland business chamber seeks faster government payments to small businesses, with $189.6 million in late payments last financial year. LINK
Australians lost $2.2 billion to card fraud last year, with an increase in the number of people affected. LINK
Public transport accessibility standards have been updated for the first time in 20 years to improve disability access. LINK
Oyster industry in crisis due to mass deaths in Pipeclay Lagoon, with calls for additional research funding. LINK
Commonwealth Games costs overstated by $2 billion, according to Victoria’s auditor-general, costing taxpayers $589 million for "no discernible benefit". LINK
Hemp industry's $200 million federal grant bid fails, despite rising consumer demand and pledged funding. LINK
Aviation industry faces skills shortage post-COVID, with calls for an independent body to advocate for workers' rights. LINK
Independent MPs push for HECS indexation cut ahead of the May budget, aiming to alleviate student debt burdens. LINK
Supermarkets' profits scrutinised amid claims of less than $3 of every $100 spent contributing to profits. LINK
AI washing emerges as firms exaggerate AI capabilities, attracting regulatory attention. LINK
Housing market data signals caution for RBA regarding rate cuts, as Australians grapple with home buying challenges. LINK
Company News
ANZ enters competitive business banking market, with digital-only products aiming at small businesses. LINK
Woolworths faces backlash, prompting discussions on the need for company split due to distrust among consumers and political groups. LINK
Samsung Electronics' shares jump over 5% after Nvidia shows interest in its high-bandwidth memory chips. LINK
JPMorgan Chase launches a new sports-focused investment banking team to tap into the lucrative sports industry. LINK
Meta Platforms reduces subscription fees for Facebook and Instagram in Europe to 5.99 euros, amid privacy concerns. LINK
Gucci sales expected to decline by 20% in Q1 due to market challenges in Asia, impacting Kering's performance. LINK
Unilever plans to spin off its ice cream unit, including Magnum and Ben & Jerry's, cutting 7,500 jobs as part of a cost-saving program. LINK
Premier Investments could restructure its fashion empire, with speculation of selling fashion brands to Myer. LINK
Pedal Group, owner of 99 Bikes, benefits from the electric bike trend after overcoming post-Covid inventory challenges. LINK
Godfreys to close after a century in business, following a failed sales process by administrators. LINK
Amazon invests $1.6 billion in Australia, building new operation sites as online shopping saves households money. LINK
NAB and Virgin Money win in UK lawsuit over fixed-rate business loans, averting a potentially costly class action. LINK
This Week’s Top News
Electricity bills to decrease for most Australian households from July 1, providing some relief in the cost-of-living crisis. LINK
3G mobile network shutdown raises concerns for rural and remote Aussies losing key phone services. LINK
Elon Musk defends his ketamine prescription as beneficial for investors, stating it improves his mood and execution capabilities. LINK
Workplace drug use is criticised as workaholism, not biohacking, with increasing reports of executives and high-pressure professionals using substances to boost performance or creativity, posing risks of addiction and health issues. LINK
Amazon benefits from 'loopholes' in Australian Labor law changes, potentially enhancing its delivery efficiency. LINK
Farmers hold $6 billion in tax haven accounts despite a smaller grain harvest and fluctuating cattle prices. LINK
Unions target small businesses through women, posing a risk to flexible work arrangements. LINK
Smart home device sales rise despite privacy and cost concerns, items vary from internet-connected fridges and washing machines, to smart speakers. LINK
Retrenchments are expected to rise among middle managers due to spiralling operating costs. LINK
ATO pursues $34 billion in small business debts post-COVID, raising insolvency concerns. LINK
MYOB predicts insolvency risk for over 20% of SMEs due to new payday super laws, highlighting challenges of simultaneous superannuation and wage payments. LINK
Shortfall in student accommodation as international student numbers rise, with an expected annual gap of 7,000 beds. LINK
PwC seeks buyers for its Indigenous Consultancy amidst firm-wide restructuring and scrutiny. LINK
Australian Grand Prix to surpass $100 million in revenue, with tickets sold out, partially driven by Netflix's series 'Drive to Survive'. LINK
"Oppenheimer" achieves success at the Oscars and box office, but its release in Japan brings controversy over the portrayal of J. Robert Oppenheimer. LINK