Performance Bonus Cuts, Luxury Homes and Canva

Australian News

• Australia's recycling efforts are increasing, but challenges remain, especially in plastic recycling with only 16% recycled against a 70% target by 2025. LINK

• Farmers criticise the Bureau of Meteorology for unreliable long-term weather forecasts, impacting sheep and cattle prices and causing financial losses. LINK

• Luxury houses in Australia outperform average homes, with the top 5% homes in some suburbs gaining up to $3 million more over the past decade - houses in Leichhardt, the Inner City and Pittwater increased by up to 30% higher than average houses in the past 10 years. LINK

• New South Wales is considering making takeaway coffee cups recyclable or compostable as part of a crackdown on single-use plastics. LINK

• Retail traders are retreating from the ASX, with their share of market trading volumes declining. LINK

• Supermarket giants are under pressure to reduce prices while maintaining fair payments to suppliers. LINK

• Queensland's power grid faces high demand amid a heatwave, with wholesale power prices surging and record electricity demand anticipated. LINK

• Business leaders brace for a slowing economy akin to a recession, with 40% expecting weaker conditions due to inflation and weakening demand. LINK

• Australian supermarket shareholders risk becoming collateral damage as political scrutiny intensifies on the sector amid cost-of-living concerns. LINK

• Sydney house prices are expected to climb 16% in the next three years, driven by anticipated interest rate cuts and a shortage of housing stock. LINK

• Flight delays and cancellations soared in December, with over 2,200 services affected, prompting calls for an aviation inquiry. LINK

Global News

• European governments are neglecting defence spending and military preparedness, leading to vulnerabilities similar to those of the late Roman Empire. LINK

• Ocean freight rates surge after a missile attack and hijacking attempt on a Maersk ship in the Red Sea disrupts key trade routes, forcing rerouting and increasing costs. LINK

• German car suppliers face challenges in the shift to electric vehicles (EVs), losing ground to Chinese competitors in the rapidly evolving market. LINK

Company News

• Citi bankers in Australia experience significant bonus cuts, with managing directors and vice presidents seeing reductions of about 25%. LINK

• ANZ Bank and other major employers are urging staff to return to the office, with incentives like performance bonuses as the labour market cools. LINK

• Woodside and Esso agree to supply extra gas to Australia's east coast in return for exemption from the price cap, ensuring more availability for power generators and businesses. LINK

• PwC's corporate restructuring team was called in at Panthera Finance to undertake major restructuring efforts. LINK

• Stake.com, the world's largest gambling company by volume, partners with ASX-listed Racing and Sports Technology Holdings to launch a global horse racing betting service. LINK

• TVSN, a television shopping network, announces a broadcasting deal with the Seven Network, transitioning from TEN and WIN to Seven channels. LINK

• Appen shares plummet by 40% after unexpectedly losing a multimillion-dollar contract with Google. LINK

• Zip Co shares rise by 15% as the company announces its path to semi-annual profitability. LINK

• Canva is set to raise over US$1.5 billion in an upcoming share sale, with AI enthusiasm helping its revenue exceed US$2 billion. LINK

Other Picks

• Appin Road in south-west Sydney to undergo an upgrade, with consideration for the impact on a growing koala colony. LINK

• Greenland is losing more ice than previously estimated, with new research highlighting ice loss at glacier edges. LINK

This Week’s Top Picks

• A suspected 10 tonnes of material containing asbestos has been found at Rozelle Parklands in Sydney, sparking an emergency response from NSW's environment watchdog. LINK

• Australia's loss of over 65,000 jobs in December was the largest fall since 1993 outside of Covid lockdowns. LINK

• Nearly half the value of Australia's top 100 listed companies, about $1.18 trillion, is unaccounted for due to the varying ways accounting rules classify assets. LINK

• The ATO plans to crack down on tax minimisation schemes used by partners at big four consultancies. 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.