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Taco Bell, KFC & Shein
A synthetic opioid stronger than fentanyl has emerged in Australia, with experts warning of a potential crisis similar to North America's fentanyl epidemic.
Pick & Scroll News
June 26, 2024
One Read, All Perspectives
Australian News
Tech giants face new mandatory standards from the eSafety Commissioner to tackle child sexual abuse and pro-terrorist material online. LINK
Consumer spending intentions have risen due to higher job security and asset prices, despite higher interest rates. LINK
Corporate profits are finally being impacted by rising interest rates and cost pressures, after defying expectations during the February reporting season. LINK
Australian consumer sentiment rebounded modestly in June due to imminent tax cuts, despite concerns about higher borrowing costs. LINK
Coalition policy proposes regulating and taxing vapes like cigarettes. LINK
Queensland has approved new gas exploration tenders amid a national gas supply crisis. LINK
AI outperformed radiologists in detecting prostate cancer on MRI scans. LINK
A synthetic opioid stronger than fentanyl has emerged in Australia. LINK
More than 160,000 parents failed to lodge tax returns last year. LINK
Australia's wine industry struggled to offset falling exports due to Chinese tariffs. LINK
Global News
Bitcoin dropped 7.8% to below US$60,000, reflecting ongoing market volatility. LINK
US women have saved only a third of what US men have for retirement. LINK
Moody's warned that India's worsening water shortage could negatively impact the nation's credit strength, exacerbated by high consumption and natural disasters. LINK
Japan warned it would respond appropriately to excessive currency volatility as the yen weakened towards 160 per dollar. LINK
Chinese e-commerce sales declined during the "618 festival," reflecting pressures on retailers and a grim economic outlook. LINK
Donald Trump to halt US military aid to Ukraine to pressure the country into peace talks with Russia if he wins the presidential election. LINK
Company News
Bain Capital is planning for an IPO for Virgin Australia by Christmas, appointing Paul Jones as the new CEO. LINK
Collins Foods reported declining sales at KFC outlets and halted plans for more Taco Bell outlets due to weak consumer spending. LINK
Industrial action by Endeavour Energy workers delayed the construction of 1,600 homes and $1.2B in warehouses in Sydney. LINK
A US court dismissed a class action against Uber alleging racial discrimination in driver terminations based on passenger ratings. LINK
Cettire shares fell again as brokers doubted a soft luxury market was the sole reason for its dramatic profit downgrade. LINK
Nvidia shares fell over 10%, erasing $646B in market value amid an ongoing sell-off. LINK
Paramount Global raised subscription rates for its streaming services to recalibrate its business and pay off debt. LINK
Shein filed for a potential London listing, exploring alternatives after US lawmakers opposed its New York listing plan. LINK
Apple rejected Meta's proposal to integrate its AI chatbot into iPhones, citing privacy concerns. LINK
Brookfield has abandoned its plan to separate 2 Healthscope hospitals and proposed an alternative to lenders. LINK
Seven West Media has cut up to 150 roles across various departments following the departure of key executives. LINK
Airtasker plans to increase traditional media marketing in 2025 to drive growth despite economic challenges, after a 20% headcount reduction. LINK
Australia's banking watchdog sanctioned Westpac for closing a remote Northern Territory branch, impacting the local Indigenous community. LINK
Qantas will add 14 midlife Dash 8-400s to its regional fleet, signalling future use of electric aircraft for short-haul routes. LINK
This Week’s Top Picks
Myer made a bid to acquire several brands from Premier Investments as part of a strategic review, aiming to create a $4B retail giant and enhance its loyalty program. LINK
Metcash reported $282.3M underlying profit, noting that consumers are shifting to smaller, frequent shopping trips and private labels due to cost-of-living pressures. LINK
Metcash’s food division has performed well despite economic pressures, but its Total Tools business suffers from the housing construction downturn. LINK
Vietnamese coffee growers face significant drought impacts, potentially raising global coffee prices. LINK
AI is helping scammers become more convincing, making it harder for banks and authorities to detect fraudulent activities. LINK
KMD Brands, owner of Rip Curl and Kathmandu, warns of worse-than-expected winter sales, with earnings expected to fall 53% in the year to July 31. LINK
Vladimir Putin has signed deals with Vietnam to supply fossil fuels and enhance cooperation in various sectors during his visit. LINK
Wholesale gas prices in Sydney and Melbourne have surged to their highest in more than a year, raising fears of a shortage this winter. LINK
Japan's tourist hotspots are introducing 2-tiered pricing systems, charging tourists more than locals as the weak yen drives a surge in visitors. LINK
