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Pixar Layoffs, Singapore Airlines & Lendlease
Illegal super withdrawals increase, driven by the 'it's my money' attitude.
Pick & Scroll News
May 23, 2024
One Read, All Perspectives
Australian News
All states except Western Australia face housing shortages, with a growing gap between supply and demand, particularly in NSW and Victoria. LINK
Optimism grows for an Ethereum ETF, as crypto markets react positively to the SEC's engagement with exchanges and potential issuers about necessary rule changes for trading. LINK
Australia's CSIRO critiques nuclear power, highlighting the sun as a more efficient and cost-effective fusion reactor, amid debates over the feasibility of nuclear energy in the country. LINK
APRA endorses AI use in banking, encouraging institutions with robust governance to integrate advanced AI technologies to enhance efficiency and customer service. LINK
Rising use of AI in consulting reflects a shift from cost avoidance to transformation, as companies prepare for future growth by redefining their business models. LINK
Illegal super withdrawals increase, driven by the 'it's my money' attitude, despite the significant penalties and impacts on retirement savings. LINK
Banks report a decline in financial scam losses, with the Australian Bankers Association noting an 11% reduction. LINK
Dire forecast for Australian hospitality sector, with 1 in every 13 businesses expected to fail in the next year as financial pressures mount. LINK
Australians continue to lose millions to false billing scams, with calls for banks to enhance security measures following significant financial losses. LINK
Queensland's budget deficit forecast to reach $3 billion due to cost-of-living relief measures and other economic challenges. LINK
Public safety concerns halt compounding of replica diabetes drugs like Ozempic in Australia, following a government crackdown spurred by harmful side effects from unregulated versions. LINK
Global News
UK inflation cools to 2.3%, its lowest since 2021, though persistent price pressures may deter the Bank of England from reducing interest rates soon. LINK
China's economic policy remains cautious about boosting consumer spending, focusing instead on strengthening its manufacturing sector despite pressures from a property slump and reduced consumer activity. LINK
Cocoa prices surge, potentially turning chocolates into luxury items and investment opportunities. LINK
Norway and other EU countries to formally recognise Palestine as a state, aiming to foster peace with Israel, as part of a broader push for a two-state solution in the region. LINK
Company News
Microsoft enhances AI tools for developers, introducing APIs to integrate artificial intelligence into Windows software. LINK
Google tests AI-generated ads, planning to introduce search and shopping ads within AI Overviews in the US. LINK
Pixar to lay off 14% of its workforce, scaling back on original streaming series development as part of a broader restructuring within Disney's creative units. LINK
Nestlé launches US$5 frozen meals for users of popular weight loss drugs like Wegovy and Ozempic, catering to the specific dietary needs of consumers on appetite-suppressing medication. LINK
Wilson racquet owner Amer Sports exceeds quarterly estimates, driven by strong demand for its sporting goods in China. LINK
CBA introduces $10K deposit scheme for off-the-plan constructions, aiming to ease financial burdens for first home buyers and stimulate construction financing. LINK
Singapore Airlines saw severe turbulence lead to over 30 injuries and one fatality on flight SQ321. LINK
Telstra's cost cuts will impact customers, with expected price increases following the company's major job cuts. LINK
Colonial First State to expand into private markets, aiming to provide advisers and clients access to private asset investments through its Edge platform. LINK
BP acquires X Convenience petrol stations, expanding its retail network across South Australia and Western Australia. LINK
Lendlease chairman Michael Ullmer to retire, coinciding with impending job cuts as the company prepares to announce a major restructure amid financial strains. LINK
Woolworths urges fact-based supermarket inquiry, advocating for a data-driven review by the ACCC to counteract accusations of price gouging amid a politically charged inquiry. LINK
Eagers Automotive saw a profit warning that projects a 15% decline in first-half earnings, impacted by rising business costs and lower consumer spending. LINK
High executive turnover at Cbus draws industry attention, as numerous senior leaders depart the $85 billion construction industry super fund. LINK
Webjet announces demerger plans and record earnings, with its online travel bookings company possibly splitting into 2 entities following a year of significant profit growth. LINK
This Week’s Top Picks
There is a luxury property rebound seen in Sydney and Melbourne's premium suburbs, where home values have increased by up to 7% recently. LINK
Cryptocurrency market rallies with Ethereum experiencing its largest jump since 2022 amid speculation of impending US regulatory approval for an ETH ETF. LINK
Australians currently average 3.2 streaming subscriptions. LINK
Telstra announces job cuts as it plans to eliminate up to 2,800 positions, nearly 10% of its workforce, in a major restructuring to cut costs and discontinue annual inflation-linked price adjustments for mobile plans. LINK
The International Criminal Court has issued arrest warrants for Israeli leaders targeting Prime Minister Benjamin Netanyahu and Defence Minister Yoav Gallant over actions in Gaza. LINK
Crypto startup funding increased to $2.4 billion in Q1 2024, driven by lower interest rate expectations and the launch of the US’ first bitcoin spot ETF, contrasting with a decline in global venture capital investments. LINK
Google's AI shift demands a redesign of business websites to adapt to its new AI-based search, encouraging concise and punchy web content to meet AI preferences. LINK
Childhood obesity risks increase with screen time during meals, as experts warn that this habit can significantly contribute to the obesity epidemic among children. LINK
Coles is leveraging AI and machine learning to predict liquor demand, aiming to enhance supply chain efficiency and responsiveness to consumer trends and seasonal changes. LINK
Westpac is reintroducing timesheets for employees earning up to US$140K to prevent underpayments due to excessive overtime, a measure that has been unpopular among high-earners. LINK