Pet Owners, Uniqlo, and China’s Population

Australian News

• Due to labour shortages, property professionals in construction, architecture, and funds management are securing premium job offers and above-average pay rises.

• NSW Government is considering revising strata laws to prevent buildings from charging owners fees or bonds for having pets.

• More consumers are expected to cook and celebrate at home this Christmas season as cost-of-living pressures continue to bite.

• NSW Government plans to legislate a 50% cut in emissions by 2030 and reach net-zero by 2050.

• PayPal’s latest Australia eCommerce Index revealed less than half of Aussie businesses have adopted AI platforms to enhance their online shopping offerings.

Global News

• Following yesterday’s warning to Musk, EU extends disinformation warning to Zuckerberg on his platforms.

• X has removed hundreds of “Hamas-affiliated accounts” and acted to remove or label tens of thousands of pieces of content.

• Africa is vying to overtake China as the “world’s factory” and is wooing Australian investors with reduced political instability and a rapidly growing young workforce with lower labour costs.

• Egypt will not allow Palestinians to flee the bombardment of Gaza and seek refuge in the country, closing off the only evacuation route for civilians seeking to heed Israel’s warning and leave.

• The number of births in China tumbled 10% last year to hit their lowest level on record.

• China has made a new rule that stops local finance companies and their international branches from allowing people in China to open new accounts for trading outside of the country.

• France has agreed to buy natural gas from Qatar for 27 years, cementing the nation’s commitment to fossil fuels beyond 2050.

Company News

• Piper Alderman and Echo Law are competing to lead the class action against Qantas, in what would amount to significant publicity for the ultimate winner.

• PwC AU spin-off Scyne has been approved by the Department of Finance to take on the federal government contracts of its predecessor and accept new Commonwealth work.

• Xero’s US arm is selling its Russian operations to local Russian management.

• Uniqlo owner Fast Retailing sees 18% rise in annual profit, and a China expansion.

• Five smaller jewellers have approached Michael Hill looking to be bought out, as the retail industry faces tougher conditions - Michael Hill bought out Bevilles this year for $45M, a brand that operates at the more affordable end of the market.

• Tabcorp revenue declined 6.1% in the first quarter, attributed to weakness in wagering and media, online betting, and gaming services.

• Malaysia says TikTok fails to fully comply with local laws.

• Marriott opens world’s biggest W Hotel in Sydney - It took three builders to complete it, but the 588-room W Sydney at Darling Harbour is finally open.

• Disney announces price increases for Walt Disney World and Disneyland effective immediately.

• OpenAI plans to introduce major updates for developers next month to make it cheaper and faster to build software applications based on its artificial intelligence models.

• Coles saw theft and wastage of fresh food jump 20% in the 2023 financial year.

• Forager's $144M Australian share fund will delist next year.

• Online marketplace Redbubble achieved a positive underlying cash flow of $700,000, marking a turnaround from a previous loss of $16.2M in the same period last year.

• Internet companies Google, Amazon and Cloudflare say they have just weathered the internet's largest-known ‘denial of service’ cyber attack.

Other Picks

• Daniel Andrews has been put forward to join the Monash University Council in his first post-political appointment.

• Eddie Jones is expected to be named as Japan’s next head coach but is still committed to leading Australia’s struggling rugby national team.

This Week’s All Star Picks

• Apartments and housing in close proximity to upcoming Sydney Metro stations are expected to sell for a 5%-20% premium compared to those in locations further out.

• Nearly two-thirds of people aged between 18 and 29 use mobile payments, with payments via smartphones surging to 35% of total card transactions in the June quarter, up from 10% in early 2020.

• The global population is expected to expand by around 1.5B from nearly 8B in 2022 to about 9.5B by 2045.

• EU gas prices rise on the back of Aussie strikes, Middle East tensions, and pipeline issues.

• One-third of home buyers were supported by the Federal government’s Home Guarantee Scheme in FY23, a significant increase on the previous year.

• Revenue NSW is chasing over 17,000 people who have not paid their Covid hotel quarantine bill, as the government is still owed almost $40M in unpaid fees.

• Compared to last year, beef steaks are 10% cheaper, lamb leg prices are down 13.5%, lamb cutlets are only down 5%, and sausage prices are flat.

• Spanish police have seized 74 tonnes of stolen olives in the southern province of Seville, the latest theft triggered by soaring prices caused by a dwindling harvest.

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