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Temu, Afterpay and Robinhood
Google launches AI model Gemini, Teacher drinks during Zoom call, and Aussies skip travel insurance.
Pick & Scroll News
December 08, 2023
One Read, All Perspectives
Australian News
Australia's trade surplus widened in October, reaching $7.1B, driven by increased exports in metal ores and minerals, and a decline in imports. LINK
The NDIS review proposes a $10B autism carve-out, demanding higher service provider standards and measures to eliminate overservicing and fraud, aiming to reserve the NDIS for those with significant and permanent disabilities. LINK
Government spending by federal and state governments is $50B more per annum than pre-pandemic. LINK
Australian financial institutions like NAB and Bank of Queensland are deploying Microsoft's Copilot AI platform to enhance efficiency and gain market share, using AI to handle tasks like coding and report writing. LINK
Many Australians are skipping travel insurance to save money amid the cost of living crisis, with 60% of those under 30 opting out due to high travel costs. LINK
The student accommodation sector criticises a proposed tax on international students, yet strong growth is expected over the next decade despite Australia's housing supply deficit. LINK
The Transport Workers Union and Virgin Australia will discuss on Friday to avoid industrial action during the Christmas holiday period, with the Fair Work Commission overseeing the talks. LINK
Business-related personal insolvencies in Australia have risen 25.2% in the September quarter, with an increase in distressed property listings, indicating financial strain on businesses and individuals. LINK
Demand for climate and sustainability roles has surged, with some sustainable finance jobs offering salaries over $500,000, reflecting the growing importance of ESG expertise in the corporate sector. LINK
Global News
China's exports grew for the first time in six months in November by 0.5%, suggesting a recovery in the country's economy, despite mixed manufacturing data and questions about ongoing demand. LINK
US President Joe Biden expressed doubt about seeking a second term if Donald Trump had not launched his own campaign, emphasising the importance of preventing Trump's victory. LINK
Unidentified governments are surveilling smartphone users via app push notifications, with demands for data from Google and Apple. LINK
Company News
Sydney Airport is planning a $250,000 monthly bonus scheme for the fastest baggage handling companies, to enhance efficiency and competitiveness during the busy holiday period. LINK
LinkedIn has seen a 70% increase in AI-related conversations globally in the past year, with a 41% rise in Australia. LINK
Pharmacy Guild criticises the Sigma-Chemist Warehouse deal, citing significant risks to patient care, community pharmacy ownership, and sector competition. LINK
Afterpay recorded $475M in bad debts in the 18 months to December 2022, starting 2023 on unstable footing amid a challenging year for the Buy Now, Pay Later industry. LINK
News Corp reminded staff of HR boundaries for the company's Christmas party, following incidents from previous years as it prepares to host the event at Sydney’s Beresford Hotel. LINK
Mercer is expected to pay an $11.3M penalty in ASIC’s first greenwashing case, marking the first court-imposed fine in Australia's financial services industry for misleading sustainability claims. LINK
Wesfarmers and Woolworths are positioned to disrupt the $200B health sector, leveraging partnerships with insurers and healthcare providers to build health ecosystems. LINK
Fonterra’s Australian business faces shrinking margins due to dairy cow scarcity, despite overall profit growth driven by increasing demand from Chinese consumers. LINK
Oil and gas giants Santos and Woodside are exploring a potential merger, driven by considerations from both organisations about the implications and logistics of such a deal. LINK
Robinhood launched its crypto service in the European Union, offering over 25 digital currencies, marking the company's second major expansion outside the US after opening a waitlist for UK customers for its stock-trading platform. LINK
Microsoft President met with China’s Minister of Commerce to discuss AI cooperation and trade relations, emphasising China's openness to American businesses amid US-China tensions. LINK
Meta plans to expand encryption on Messenger, making it similar to WhatsApp with end-to-end encryption by default. LINK
Google announced the launch of its powerful AI model, Gemini, with plans to license it through Google Cloud and integrate it into consumer-facing apps like the Bard chatbot and Search Generative Experience. LINK
Temu is successfully competing against US dollar stores, gaining nearly 17% market share in the US, challenging industry leaders like Dollar General. LINK
Other News
The RAAF has grounded some C-27J Spartan aircrafts due to structural cracks near the tail fins, impacting transport capabilities ahead of the bushfire season. LINK
An ACT primary teacher faced serious sanctions for drinking alcohol during a Zoom call while working from home, as ruled by the Fair Work Commission, reinforcing workplace alcohol policies even in remote settings. LINK
This Week’s Top Picks
Singapore plans to triple its AI talent pool to 15,000 experts, including machine-learning scientists and engineers, as part of its national AI strategy. LINK
Company collapses in Australia rose by 12% in November, with the upcoming Christmas sales period seen as a critical determinant for the business sector's trajectory in early 2024. LINK
The NSW government inadvertently released a list of suburbs targeted for increased housing density, previously kept secret for months. LINK
Consultants for Victoria’s axed Commonwealth Games did not inspect venues or consult officials due to a three-month time constraint and secrecy. LINK
Guzman y Gomez's major shareholder, TDM Growth Partners, intervenes to manage legal and human resources functions amid an executive exodus at the restaurant chain. LINK
Australian executives express caution in fully entrusting AI with major decisions, preferring AI as a "co-pilot" for smaller productivity gains but wary of its lack of accountability in critical situations. LINK
Amazon Prime Video secures exclusive broadcasting rights in Australia for major cricket tournaments, including World Cups and the Champions Trophy until 2027, and effectively placing these events behind a paywall. LINK
Sydney's housing market to face a double-dip downturn as early as next month, with November seeing a slowdown in price growth. LINK
Australian federal, state and territory treasurers have agreed to collaborate on developing a nationwide electric vehicle tax regime. LINK
The number of young Japanese applying to work and live in Australia has hit a new high this year, driven by low wages, rigid work culture, and a plunging yen in Japan, contributing to Australia’s record migration levels. LINK
Owning a dog can reduce the risk of developing dementia in old age by 40%, based on a four-year study of nearly 12,000 Tokyo residents aged over 65. LINK