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Qantas Exec Pay, Apple on OpenAI's Board & Fortescue
A visa crackdown has halved the number of student visas issued from major source countries like India, Nepal and the Philippines, with approvals collapsing by about two-thirds for Pakistan and Colombia.
Pick & Scroll News
July 04, 2024
One Read, All Perspectives
Australian News
Australia’s largest REITs, led by Goodman Group, outperformed the broader market despite higher financing costs and sagging asset valuations due to strong demand for data centre exposure. LINK
Banks spent $1.5B on a government-backed account switching scheme, but only 0.3% of customers are using it. LINK
Small businesses are pushing against new data breach reporting requirements, arguing the added compliance costs are too burdensome amid a softening economy. LINK
Insurance premiums for aged care directors and officers have nearly doubled due to proposed tougher laws that could impose significant fines and jail time for compliance breaches. LINK
A visa crackdown has halved the number of student visas issued from major source countries like India, Nepal and the Philippines, with approvals collapsing by about two-thirds for Pakistan and Colombia. LINK
Retail sales in VIC and QLD lag behind the rest of Australia on a per-person basis, with WA topping the spending charts. LINK
New home approvals in May rose 5.5% from April to the highest level in 6 months, though still falling short of the rate needed to meet national housing targets. LINK
The financial planning sector is launching a recruitment drive to attract new talent amid a significant shortage of new planners. LINK
Global News
Japanese service activity contracted for the first time in nearly 2 years in June, driven by cooling domestic demand despite upbeat business confidence and hiring indicators. LINK
The Biden administration proposed new rules to protect 36M US workers from extreme heat, requiring employers to provide water and shaded areas when temperatures hit 27°C. LINK
US venture capital funding surged to $55.6B in Q2, driven by significant investments in AI companies like Elon Musk’s xAI and CoreWeave. LINK
The EU is planning to impose customs duties on cheap goods from Chinese online retailers such as Temu, Shein and AliExpress. LINK
London’s sky-high home rents have started growing slower than wages, marking a potential easing in the rental crisis with a 4% year-on-year rise in May. LINK
Company News
The Australian Senate inquiry recommended splitting ASIC into 2 entities after finding it had failed in its role and needed a narrower remit for effectiveness. LINK
Booktopia collapsed into administration less than 4 years after its ASX listing, with administrators assessing the business for a potential sale or recapitalisation. LINK
Westpac attracted over $4B in demand for its latest bond issue, fixed at $1.5B, with a final price 1.67% above the bank bill swap rate LINK
Apple will get an observer role on OpenAI’s board as part of a landmark AI agreement. LINK
Qantas shareholders urged the board to withhold bonuses from executives and former CEO Alan Joyce, reflecting dissatisfaction from last year’s annual general meeting. LINK
Fortescue paid private investigators to spy on former executives and their families amid allegations of intellectual property theft. LINK
AustralianSuper reported an 8.46% return for its balanced investment option and 10.2% for its high growth option, although funds with high US tech exposure performed better. LINK
The AU government provided last-minute funding to keep Network Ten on air for 500,000 people in WA after Seven West Media and WIN Corporation nearly shut down the regional signal. LINK
Tesla shares surged 10.2% after the company reported quarterly deliveries of 443,956 vehicles. LINK
This Week’s Top Picks
Life expectancy in Australia fell for the first time in nearly 30 years due to the rise of infectious diseases now among the top 5 causes of death for the first time in over 50 years. LINK
The Australian eSafety Commissioner has given internet companies 6 months to develop a code to prevent children from accessing pornography and other inappropriate content. LINK
The US Supreme Court ruled that Donald Trump cannot be prosecuted for official acts taken as president but can be for private acts. LINK
The Australian government has doubled international student visa fees from $710 to $1,600 to fund education initiatives. LINK
Residential property owners saw an average $59,000 gain as home values climbed 8% nationwide over FY24. LINK
Australian job advertisements fell for the 5th consecutive month in June, reflecting easing labour demand amid high interest rates and a slowing economy. LINK
Property buyers are becoming cautious amid talk of further interest rate rises, with fewer buyers willing to pay above the auction reserve. LINK
The WA government will spend nearly $4M destroying expired rapid antigen tests. LINK
Meta may block news on its Australian platforms if forced to pay news organisations for content, escalating its dispute with the Australian government. LINK
The ANZ-Suncorp $4.9B takeover has been approved by the federal government, with strict conditions, adding $70B in loans to ANZ's portfolio. LINK
