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Uber Eats, Woolworths and The Lotto Corporation
NAB is seeing rising mortgage arrears, Domino's is bringing back its $5 campaign, and Lululemon is being more sustainable.
Pick & Scroll News
February 22, 2024
One Read, All Perspectives
Australian News
Australian universities are set to face a "success tax" which will redistribute non-government revenue to increase student diversity. LINK
The number of federal public servants working from home has more than doubled post-pandemic, with nearly 40% of 180,000 officials working remotely part-time. 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
Global News
Australia exported a record 97,500 tonnes of mutton to China last year, catering to Chinese cooking preferences, with early data indicating high export volumes will likely continue this year. LINK
Bad commercial real estate loans have exceeded loss reserves at the largest US banks, with delinquent debt nearly tripling to US$9.3 billion. LINK
Russian authorities detained Aleksandr Ermakov, the alleged hacker behind the Medibank data breach, following international sanctions led by the Australian, US and UK governments. LINK
Nigeria faces one of its worst economic crises, with inflation soaring to 29.9% and the currency at a record low, sparking nationwide protests over surging living costs. LINK
Company News
Brad Banducci's unexpected departure as CEO of Woolworths amidst a political dispute over profit margins led to a nearly $3B decrease in the company's market value, with Amanda Bardwell set to become the first woman to lead the company. LINK
National Australia Bank reported a 16.9% drop in quarterly earnings with rising mortgage arrears. LINK
HSBC's pre-tax profit rose by 78% to $30.3 billion in 2023, but still missed expectations by nearly $4 billion. LINK
Uber Eats is set to introduce sidewalk robot deliveries in Tokyo by the end of March, expanding its partnership with Mitsubishi Electric and Cartken. LINK
The global air cargo industry faces disruption from fast-fashion e-commerce giants like Shein and Temu, competing for limited cargo space to meet consumer demands for swift delivery. LINK
Domino’s Pizza cuts its dividend amid sluggish sales in Europe, and relying on new product launches to rejuvenate its business despite a solid performance in the Australasian market. LINK
The Lottery Corporation faces declining revenue as Australians cut back on lottery spending, despite participating in record jackpots. LINK
Scentre Group, owner of the Westfield shopping centres, exceeded expectations with a 5.4% increase in payouts due to strong demand for retail space. LINK
Sydney Airport sees regulatory adjustments to improve efficiency and competition, including a new requirement for airlines to justify slot retention after cancellations or delays. LINK
Stockland reports a 20% increase in new sales inquiries as homebuyers return, encouraged by stabilising rate expectations. LINK
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
Lululemon partners with Australian startup Samsara Eco to develop activewear from previously unrecyclable nylon. LINK
Corporate Travel Management's earnings fall, impacted by macroeconomic conditions and delays in its UK immigration contracts. LINK
French building materials giant Saint-Gobain lobs $4.3B bid for CSR. LINK
This Week’s Top Picks
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