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Reddit, Mercedes-Benz and Chemist Warehouse
Japanese Yakuza leader charged with supplying nuclear materials to Iran, Department of Finance sensitive data leak, and Medibank's customer cashback.
Pick & Scroll News
February 23, 2024
One Read, All Perspectives
Australian News
Taylor Swift fans in Sydney face Airbnb cancellations as hosts withdraw accommodations, pushing hotel and rental occupancy rates near 100% amid high demand. LINK
91 patients died awaiting ambulances in South Australia between Mar-22 and Dec-23, highlighting the ongoing crisis despite improvements in ambulance response times. LINK
Rice blast fungal disease prompts crop destruction near Lismore to prevent its spread to major growing areas. LINK
Heavy diesel 4WDs face quicker phase-out under new emissions standards compared to utes, due to stricter passenger car emission targets, despite similar engine profiles. LINK
Private equity payouts fall 49% among major firms, highlighting a shift in investor focus from internal rates of return to direct profit impact. LINK
Graduates from 2019 experience salary and employment boosts, benefitting from low unemployment and skill shortages, with average salaries rising to $83,500 after three years. LINK
SMSFs outperform regular funds during market downturns, with a 4.1% lead in the 2021-22 financial year. LINK
Sydney’s cheapest houses out of reach for first-home buyers, with the entry-level house price at $927,000, pushing buyers to consider units or properties in outer areas. LINK
Unions advocate for gig worker rights, seeking leave and superannuation benefits, and a multi-employer bargaining agreement with aviation ground bosses under new workplace laws. LINK
Victoria’s suicide rates reach a record high of 801 in 2023, with an alarming 85.7% increase among under-18s. LINK
Superannuation caps set to rise, allowing members to make larger tax-deductible contributions to their retirement savings. LINK
Public sector workers gain generous WFH rights, with new pay deals extending flexible working arrangements to 85,000 employees across major government departments. LINK
Australians cut spending on fitness and hobbies due to cost of living pressures, impacting sales of sports equipment and outdoor gear. LINK
Layoffs target remote workers, signalling a shift in the remote work landscape as companies reduce work-from-home options in a cooling job market. LINK
Global News
Japanese Yakuza leader charged with trafficking nuclear materials, aiming to supply Iran, highlighting global security concerns. LINK
Company News
Bonza claims title for the worst on-time arrival domestic airline, showing improvement in January despite past delays, amidst ongoing legal challenges. LINK
Mercedes-Benz plans to sell combustion engine cars into the next decade, balancing between EV and traditional car production. LINK
Google pauses Gemini AI's people images, to improve accuracy after receiving feedback on historical image generation. LINK
Reddit and Google strike a $60M deal, allowing Google to use Reddit's content for AI training amid Reddit's revenue diversification efforts. LINK
Department of Finance bungle leaks sensitive data, affecting up to 400 service providers - including KPMG, Accenture, Deloitte and Minter Ellison - with an accidental release of commercial in-confidence fee rates and personal information. LINK
Google to manufacture Pixel phones in India, aiming for over 10 million units this year, diversifying away from China. LINK
Nine CEO expects gambling ads to avoid a complete ban, safeguarding significant advertising revenue for media companies despite regulatory scrutiny. LINK
Tabcorp blames state governments for a $732M impairment, resulting in a sharp share price fall, citing unsustainable tax rates in NSW and South Australia. LINK
Lovisa reaches all-time high stock value, countering short sellers with strong sales growth and profit increase. LINK
Fortescue Metals reports 41% profit rise to US$3.33 billion, driven by robust iron ore prices, despite shipping challenges and a train derailment. LINK
Nvidia's revenue triples amidst AI boom, signalling a major shift in the tech landscape as demand for its AI processors from tech giants surges. LINK
Chemist Warehouse plans US expansion, eyeing growth opportunities despite the historical mixed success of Australian retailers abroad. LINK
SkyCity faces a $33M tax bill from loyalty program ruling, adding to its challenges amid ongoing regulatory scrutiny. LINK
SkyCity CEO to resign amidst profit and regulatory pressures, with the company seeking new leadership to navigate ongoing challenges. LINK
CSR receives a high takeover bid from Saint-Gobain, significantly above analyst valuations, reflecting potential undervalued aspects of CSR's business. LINK
Qantas to enhance frequent flyer rewards, addressing capacity issues for point redemption with a new product initiative. LINK
Future Group slashes workforce by 25%, aiming for efficiency in the wake of acquisitions. LINK
Medibank announces $215M customer cashback related to COVID savings, directly benefitting policyholders with varying amounts. LINK
Lendlease refocuses on Australian market, amid global uncertainties, signalling a strategic pivot to leverage its domestic strengths. LINK
Canva unveils ambitious plans for its new office in Surry Hills, including unique wellness and environmental features, showcasing its vision for a futuristic workplace. LINK
Apple raises privacy concerns over online safety rules, warning against potential overreach and impact on user privacy in its submission. LINK
Hubbl launches as a unified streaming platform, offering access to multiple streaming services in one interface, simplifying content consumption. LINK
Rio Tinto posts $15.4B profit, underpinned by strong iron ore prices, despite facing operational and commodity market challenges. LINK
This Week’s Top Picks
Charter Hall sees a boost from back-to-office mandates, expecting an increase in office occupancy and demand, countering the impacts of the work-from-home trend on the commercial property sector. LINK
Australian universities are set to face a "success tax" which will redistribute non-government revenue to increase student diversity. LINK
ASIC reveals many Australians are unknowingly invested in underperforming superannuation products, with over $1.1 trillion at risk. LINK
Australia records 4.2% annual wage growth, outstripping inflation for the first time in three years. LINK
Distressed property listings are expected to surge if interest rates remain unchanged, with some areas already seeing a significant increase in homes sold under distress. LINK
Australians may not see an improvement in household real incomes until 2027, with eight quarters of decline pushing incomes back to 2017 levels. LINK
A survey of HR professionals indicates a general slowdown in hiring and a slight decline in firing, with expected base pay rises of 3.7% this year. LINK
The Australian Competition Tribunal has approved ANZ Bank’s acquisition of Suncorp. LINK
Remote working is linked with lower wage growth but higher productivity and satisfaction among staff, with the Bank of England providing insights into the impact on businesses. LINK
Almost 400,000 items including live animals and plants were seized at Australia’s international airports last year. LINK
Investors are increasingly interested in fixed income ETFs as interest rates peak, seeking a buffer against volatility and an opportunity for competitive returns. LINK
Singapore will increase costs for outbound flights from 2026 to meet aviation industry decarbonisation goals, mandating the use of sustainable aviation fuel. LINK
Young professionals and mortgage holders are becoming the new face of hunger with charities reporting an influx of first-time aid seekers. LINK
Foreign students are leaving Australia in significant numbers following a visa crackdown, impacting net migration figures. LINK
Aussie sports clubs are facing financial difficulties, risking the development of talent for future sporting events. LINK
Anko, a Kmart brand, dominates the Australian market in several retail categories, selling over 1 billion items annually. LINK
A Delta Airlines flight from Amsterdam to Detroit was turned around due to maggots falling from an overhead compartment, originating from a bag containing rotten fish. LINK