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Uber, Shell and Morgan Stanley
Hackers using OpenAI tools, NSW considers an Airbnb levy, and CBA fined $10.3M for underpaying staff.
Pick & Scroll News
February 16, 2024
One Read, All Perspectives
Australian News
Health insurers have been increasing prices for premium hospital cover well above the rate approved by the federal government. LINK
A report advocates for a return to rote learning in Australian schools, arguing that explicit instruction and repetition are supported by cognitive science and could improve students' test scores. LINK
Customers of Ubank, Bank Australia, Defence Bank, Beyond Bank, People's Choice, and P&N Bank are facing payment and banking issues. LINK
The Insurance Council of Australia criticises claim management companies for using misleading tactics and calls for tighter regulation to protect consumers. LINK
Australia's unemployment rate rose above 4% for the first time in two years, with 22,000 more people unemployed in January. LINK
RBA Governor Michele Bullock highlights that some companies are exploiting inflation to increase prices. LINK
NSW is considering a levy on Airbnb rentals to address the housing crunch, aiming to redirect more properties towards long-term residential leases to improve housing affordability. LINK
Australia's top-selling cars, including the Ford Ranger and Isuzu D-Max, may struggle under new Vehicle Efficiency Standards due to emissions caps. LINK
Changes to strata laws in NSW, Victoria and Queensland aim to address issues within the apartment sector. LINK
Bitcoin's market capitalisation has surpassed US$1 trillion for the first time since late 2021, with its price breaking through the US$51,000 level. LINK
Global News
Japan has fallen to the world's fourth-largest economy behind Germany, entering a recession with negative GDP growth. LINK
The United States expresses concerns over Russia's plans to develop and potentially deploy a nuclear missile in space. LINK
For the first time, Indonesia has overtaken New Zealand as Australians' top holiday destination, with 1.37 million Australians visiting Indonesia in 2023. LINK
South Korea announces a $57 billion financial support program for key industries and small businesses. LINK
State-backed hackers from Russia, China and Iran are utilising Microsoft-backed OpenAI tools to enhance their cyberattack capabilities. LINK
Argentina's soup kitchens are on the brink of collapse due to soaring inflation, with the demand for food assistance significantly increasing as the economic crisis deepens. LINK
Company News
Treasury Wine Estates is poised to become a majority luxury wine producer, with CEO Tim Ford optimistic about the potential lifting of tariffs in China. LINK
Nvidia surpassed Alphabet to become the third most valuable US company, highlighting the company's dominance in AI chipmaking. LINK
Commonwealth Bank was fined $10.3 million for underpaying thousands of staff. LINK
Origin Energy's CEO defends the company's profit surge as necessary for funding the energy transition. LINK
Kmart achieved record earnings by aligning with consumer demand for value, exemplified by the rapid sellout of a popular drink bottle. LINK
Vicinity Centres leveraged robust retail conditions to secure higher rents. LINK
BHP faces a $5.4 billion impairment on its nickel business in Western Australia. LINK
The online retail sector in Australia is experiencing a shakeup with Amazon, Temu and Shein challenging domestic marketplaces. LINK
Goodman Group hits a new high with an $80 billion opportunity in data centres. LINK
Knight Frank dissolves its residential projects team amid a slowdown in the housing construction market. LINK
Morgan Stanley announces job cuts in its wealth management unit, marking a significant move by the new CEO Ted Pick to streamline operations. LINK
Shell revises its LNG growth outlook, anticipating demand will peak in the 2040s. LINK
Uber unveils an $11 billion buyback plan, its first major capital return to shareholders, reflecting the company's improved financial health. LINK
Telstra adjusts its full-year guidance downward due to a fall in demand for professional services, despite reporting an increase in net profit. LINK
This Week’s Top Picks
A report from the ATO shows female SMSF members' average balances increased by 23% to $736,000, outpacing male members' growth. LINK
The ATO investigates over 150 staff involved in a GST fraud scheme popularised on TikTok, with some facing termination or criminal charges. LINK
Valentine's Day chocolate prices reach record highs due to a global cocoa shortage. LINK
NSW residents rush to claim part of the $167 million refunded under the toll rebate program before it is replaced by a weekly cap. LINK
Domestic airfares decrease from 2022 levels, but flight reliability drops, according to an ACCC report highlighting increased competition in the aviation sector. LINK
Bitcoin is on the brink of its longest winning streak in a year, driven by strong ETF inflows. LINK
Sydney's inner west, eastern suburbs, and northern beaches are the tightest housing markets in Australia, with only about 0.3% of homes available for purchase. LINK
Large consultancies continue to dominate graduate employment, though the extravagant starting salaries and bonuses seen in 2023 are moderating. LINK
Stamp duty costs have quintupled for Australians in one generation, affecting decisions on moving, job changes, and family planning. LINK
The return to office has stalled as companies accept hybrid work routines of no more than three days a week in-office. LINK
Some universities are cancelling offers to international students from India and Nepal amid a visa crackdown. LINK
Australian managed funds lost a record net $31 billion in 2023, with the ETF industry set to triple in size this decade. LINK
Foreign buyer surcharges of up to 10% are discouraging apartment purchases in Australia by investors from China and Hong Kong - the number of foreign purchases in Australia dipped to $1.5 billion in the September quarter from $2.4 billion in June 2023. LINK