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Qantas, GYG and Toyota
A new Medicare scam, BHP initiates global job cuts, and WFH.
Pick & Scroll News
February 29, 2024
One Read, All Perspectives
Australian News
Colliers forecasts a national increase in average industrial rents by 8.5% for 2024, driven by robust occupier market dynamics despite interest rate volatility. LINK
Business leaders are frustrated as federal agencies support work-from-home arrangements, following an 11.2% pay deal across the largest federal government agencies. LINK
Headline inflation maintained at 3.4% in January, with rising housing market costs balancing price drops in food staples. LINK
Analysis shows Woolworths and Coles are not the main culprits in the cost-of-living crisis, despite political and public scrutiny over price hikes. LINK
Home building activity has significantly decreased, recording the weakest quarter since mid-2022, exacerbated by supply chain issues and labour shortages. LINK
Victorians brace for catastrophic bushfire conditions, with some choosing to stay and defend their homes despite widespread evacuations and significant fire containment efforts. LINK
The shopping centre sector shines for listed landlords as private fund managers actively pursue assets, driven by strong leasing demand and selective consumer spending resilience. LINK
A new text message scam, posing as Medicare, threatens to freeze access to services. LINK
Global News
President Joe Biden's administration has introduced an executive order to safeguard American personal data from being transferred to China, Russia, and other "countries of concern," citing national security risks. LINK
Company News
Guzman y Gomez delays its IPO until potentially next year due to widening losses, despite a 30% surge in global sales, influenced by challenging market conditions. LINK
Toyota Motor reported a 7% increase in global vehicle production in January, marking the 13th consecutive month of year-on-year growth, driven by robust US demand. LINK
Google Cloud intensifies its critique of Microsoft's cloud computing strategies, warning of a potential monopoly that could stifle emerging tech advancements like generative AI. LINK
The South African owners of Country Road Group face deteriorating trading conditions in Australia, with sales and profits plunging amid a consumer shift away from discretionary goods. LINK
Google's stock drops 4.5% following backlash over its AI chatbot, Gemini, producing racially insensitive and historically inaccurate image results. LINK
US Wendy’s plans to implement surged pricing for its menu items, varying prices based on demand, in a strategy similar to ride-sharing and ticket selling industries. LINK
Google CEO Sundar Pichai commits to correcting biases in Gemini AI tool, addressing concerns over its "biased" and "completely unacceptable" responses. LINK
BHP initiates job cuts and restructures its global operations, decentralising support services to tackle wage inflation and enhance efficiency across its commodity divisions. LINK
New Zealand's TV newsroom, owned by Warner Bros. Discovery, shuts down, axing 200 jobs amid a declining TV advertising market and changing viewer habits. LINK
Qantas ordered to pay $21,000 in damages to a former cleaner, after a Federal Court deemed his job outsourcing unlawful, amidst claims of discriminatory conduct. LINK
This Week’s Top Picks
The Workplace Gender Equality Agency's new data reveals significant gender pay gaps within companies. LINK
An extra day in the calendar leap year could prevent Australia from entering a technical recession by adding US$6.6B to the economy. LINK
A record 1.6 million Australians face mortgage stress due to rising interest rates and living costs, with an increasing number dedicating a significant portion of their income to home loan repayments. LINK
The Australian Financial Review reveals gender pay gaps within Australia's top 250 companies, highlighting disparities in base and total pay between genders. LINK
Wage growth is now the main driver of inflation in Australia, with average full-time earnings surpassing $100,000, according to Treasury analysis. LINK
Apple explores new wearable devices, including a fitness ring, smart glasses, and AirPods with cameras. LINK
Regional housing markets see faster growth than capitals, with higher interest rates and migration trends affecting urban home values. LINK
Absurd job titles rise as companies create complex and sometimes misleading roles. LINK
Taylor Swift's Australian concerts expected to add only $10 million to the economy, significantly less than the anticipated impact dubbed "Swiftonomics". LINK
Low-income students to be guaranteed university places, as part of efforts to increase tertiary education access for disadvantaged groups. LINK