Tesla, 7-Eleven and Meat & Wine Co

Australian News

• Australia's unemployment rate climbed to 3.9%, the highest since May 2022, with financial markets expecting the RBA to start cutting interest rates by June 2024. LINK

• Indian students graduating from specific degrees will be allowed to work in Australia for up to four years, despite recent government efforts to clamp down on "permanent temporary migrants." LINK

• Australia's home builders face intense competition for new work in 2024 as the pipeline of new orders falls to its lowest in over a decade, impacting profit margins. LINK

• Sydney's Bellevue Hill led the biggest gains in house prices by value in Australia, with almost $2M average capital growth in the past year. LINK

• The Banking Compliance Committee in Australia reports a 40% increase in banks failing to support customers in financial hardship, with some sending debt collectors after borrowers. LINK

• NSW residents are asked to reduce electricity usage during a heatwave to manage the state's power supply, with agencies and utilities minimising energy use under a government response protocol. LINK

• Australia begins shutting down its 3G network, starting with Vodafone this Friday, as part of a transition to faster 4G and 5G networks. LINK

Global News

• US officials report that Russia's economy is strained by the Ukraine war, with increased defence spending, inflation, and a depreciating ruble contributing to economic challenges. LINK

Company News

• The ACCC approved Woolworths' acquisition of a 55% stake in PETstock for $438M, with the deal requiring PETstock to sell some stores for approval. LINK

• Orora’s acquisition of Hennessy bottle-maker Saverglass is unlikely to generate profit growth this financial year due to subdued global demand, impacting investor expectations. LINK

• The TWU reached an agreement with Virgin Australia for better pay and work conditions for cabin crew, averting potential industrial action. LINK

• Meat & Wine Co owner Seagrass Hospitality partners with Dexus and Brookfield on new steakhouses in office towers, with a strong recovery post-pandemic boosting revenues. LINK

• Crown Resorts introduces mandatory electronic gaming machine cards at its Melbourne casino to monitor and manage gambling behaviour as part of problem gambling prevention measures. LINK

• Tesla recalls over 2 million vehicles in the US fitted with its Autopilot system to install new safeguards following safety concerns. LINK

• Qantas warns that airfares may increase and some routes could be at risk if the government introduces a mandatory compensation scheme for delayed or cancelled flights. LINK

• 7-Eleven, under new Japanese ownership, plans to focus on expanding merchandising opportunities while retaining fuel as a key part of its Australian operations. LINK

• ANZ Bank is appealing a Federal Court decision to fine it $900,000 for failing to disclose significant share numbers not taken up in its 2015 $2.5B capital raising. LINK

• Airbnb faces a potential $15M penalty plus additional redress to customers, accused by Australia's consumer watchdog of misleading users over pricing differences between Australian and US dollars. LINK

This Week’s Top Picks

• Fitbit will pay an $11M ACCC fine for misleading consumers about the fitness and suitability of its smartwatches and fitness trackers. LINK

• Labor's luxury car tax will include large hybrid vehicles like Toyota Klugers, applying a 33% tax to popular family models under a revised definition of fuel efficiency. LINK

• The small town of Appin in New South Wales is set to grow by nearly 13,000 homes as part of the state government's Rezoning Pathways program to address housing shortages. LINK

• Construction and professional, scientific, and technical services industries in Australia experienced the highest number of redundancies, accounting for nearly 25% of all retrenchments since November 2022. LINK

• The ACCC reviewed over 100 online content creators, finding that 81% had posted misleading content, flagging concerns about the accuracy and honesty of influencer marketing. LINK

• Australian CFOs are increasingly concerned about rising costs and higher interest rates, leading to a pessimistic outlook with potential investment cuts and layoffs. LINK

• Adidas shifts its focus to emerging sports like breakdancing, climbing, skateboarding and BMX for next year's Paris Olympics. LINK

• 60% of employees hide who they are at work, downplaying aspects of themselves to conform to norms. LINK

• Australia will triple fees on foreign purchases of existing homes. LINK

• Zoom meetings are considered ineffective for meaningful staff interactions, with employees increasingly opting for silence in meetings due to various factors. LINK

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