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Trump Shares UP, Disney Hacked & Burberry
Cost-of-living pressures have led households to cut spending on dining, holidays and household appliances, but spending on children and pets has largely remained unaffected.
Pick & Scroll News
July 17, 2024
One Read, All Perspectives
AUSTRALIAN NEWS
The number of Australians paying the Medicare Levy Surcharge increased by 21% to 616,903 in 2021-22 due to increasing wages. LINK
Cost-of-living pressures have led households to cut spending on dining, holidays and household appliances, but spending on children and pets has largely remained unaffected. LINK
Unregulated AI could devastate Australia’s creative sector by threatening the earning power of workers already struggling in the industry. LINK
Wholesale office funds posted their worst performance since the GFC, with some seeing declines of over 20% in total return. LINK
The popularity of ESG-themed ETFs has slumped to its lowest level in a decade. LINK
The Australian Defence Force will receive $140M worth of new surveillance and reconnaissance drones to modernise defence with unmanned systems. LINK
GLOBAL NEWS
Japan’s small and medium-sized firms face a shake-up as pandemic-era support dwindles and interest rates rise, with many relying on state help and almost-free funding. LINK
Crypto stocks, gun stocks and other companies potentially benefitted from a Donald Trump presidency surge. LINK
Global smartphone shipments rose 6.5% in Q2, marking the 4th consecutive quarter of growth. LINK
COMPANY NEWS
Apple shares hit a record high after Morgan Stanley raised its price target, citing the company's AI efforts to boost device sales. LINK
Goldman Sachs' profit more than doubled in Q2, driven by strong debt underwriting and fixed-income trading, though it slipped from Q1’s peak. LINK
Walt Disney's internal Slack communications were leaked online by hacking group NullBulge, exposing data related to ad campaigns, studio technology and interview candidates. LINK
Amazon's Prime Day sales are projected to reach $14B, a 10.5% increase from last year, driven by the 2-day shopping event accounting for 1% to 2% of the company’s net global sales. LINK.
PwC is considering cutting up to half its financial services auditing staff in China amid regulatory scrutiny and client exits. LINK
Warren Buffet’s Berkshire Hathaway share price reached a record high. LINK
BlackRock's assets under management hit a record US$10.65T in Q2, driven by rising client asset values and increased investments in the company's ETFs. LINK
An independent review recommended Transurban renegotiate Sydney tolls within 6 months or face government intervention and restructuring. LINK
KPMG has increased minimum salary entry points for most employees by about 1% to balance a softening market with tight labour conditions, with graduates in the external audit division seeing a 3.1% increase to $67,000. LINK
KPMG Australia will dissolve its legal business and make 30 jobs redundant, integrating its Tax Controversy & Disputes practice into its Tax division, following an $80M restructure. LINK
Treasury Wine Estates unveiled a $10M automation system in the Barossa Valley, increasing production capacity by 60% with driverless forklifts and automated barrel management. LINK
Hostplus reported one of the worst annual returns for its default superannuation product at 7.6%. LINK
Westpac won a $15M fraud case against Fresh Xpress, which fabricated financial records to secure funds for expanding a farming empire and paying down mortgages. LINK
Luxury brands like Versace and Burberry are offering discounts up to 50% in China as middle-class consumers cut back on spending. LINK
A liquidation application against General Pants Co is expected to be dismissed, after resolving its dispute with Mainfreight. LINK
