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- Unapproved Eyedrops, Pablo Picasso, and Record Wage Growth
Unapproved Eyedrops, Pablo Picasso, and Record Wage Growth
PwC helped Russian Oligarchs, shop Amazon through Snapchat, and 94,000 cybercrime reports.
Pick & Scroll News
November 16, 2023
One Read, All Perspectives
Australian News
A notable easing in US inflation sends the Australian dollar upwards as traders anticipate the Federal Reserve to initiate rate cuts sooner than the RBA. LINK
Australia witnesses a record-breaking 1.3% wage growth in the September quarter, propelled by substantial pay rises for aged care and low-paid workers, although real wages fell sharply due to a 5.4% inflation rate. LINK
The increase in reported cybercrime incidents, with almost 94,000 reports to law enforcement agencies and a 14% rise in average attack costs, underscores the escalating cybersecurity challenges in Queensland and Victoria. LINK
Sydney and Melbourne's construction pipelines wane with a recovery not expected until late 2025, as dwindling building approvals, lending, and consumer confidence pose challenges to economic growth. LINK
The Australian Taxation Office escalates its efforts to collect overdue company tax, issuing over 10,000 director penalty notices in Q1 FY23. LINK
Consumer spending dips by 1.3% month-on-month in October, as per NAB transaction data, possibly indicating deferred spending in anticipation of Black Friday sales. LINK
A resurgence in property acquisitions by Chinese buyers, with a 40% uptick in approvals over the past 3 months, alongside a 21% rise in properties slated for auction next week. LINK
APRA announces plans to enhance liquidity rules for mutual banks and credit unions, aligning them with major and regional lenders to avert a Silicon Valley Bank-style collapse. LINK
Global News
Seoul's office market experiences a landlord's dream scenario with over 98% occupancy in A-grade offices and a 15% surge in rents from last year. LINK
China's economic activities show signs of revival in October as industrial output accelerates and retail sales growth surpasses expectations. LINK
Japan's economy contracts at an annualised pace of 2.1% in the third quarter, primarily due to declining business spending and higher imports. LINK
Eurozone's near-zero growth stirs concerns despite avoiding a deep contraction, as the region faces a potential mild recession. LINK
China's property sector continues its downward trajectory as sales and investment slump further in October, despite Beijing's efforts to stabilise the market. LINK
The global shared mobility market, encompassing ride-hailing and electric scooters, is projected to account for 7% of all urban transport journeys by 2030, up from 3% currently, with the market size expected to soar to $400B. LINK
Company News
YouTube will soon require video makers to disclose when they’ve uploaded manipulated or synthetic content that looks realistic — including videos that have been created using AI tools. LINK
A document leak unveils PwC’s Cyprus arm's frantic efforts to assist Russian oligarchs in asset transfers amid the threat of sanctions during the early days of the Ukraine invasion. LINK
Google CEO Sundar Pichai testifies in a lawsuit filed by Epic Games, challenging Google's app store's alleged anti-competitive practices. LINK
Amazon collaborates with Snapchat to enable users to purchase products directly through the app. LINK
The US FDA issues a warning to Amazon regarding the sale of seven unapproved eye drops on its platform. LINK
Life360 gears up to launch its paid membership offering in Australia, encouraging the 1.7 million existing users to upgrade their subscriptions for enhanced family tracking services. LINK
ASIC hints at heightened regulatory actions against superannuation funds, marking its stance to ensure better focus on member outcomes following its latest action against AustralianSuper. LINK
Optus discloses that no cash refunds or discounts will be offered to customers affected by the recent nationwide outage. LINK
Other News
A Pablo Picasso painting fetches US$139.4M (A$214.7M) at a Sotheby’s auction in New York, as an anonymous bidder wins the prized artwork. LINK
This Week’s Top Picks
The number of white-collar job openings plummet below pre-Covid levels as high interest rates trigger layoffs in tech firms and banks, contrasting with a boom in low-paid retail and hospitality positions. LINK
Mid-tier accounting firms are outpacing the big four in growth, as they capitalise on traditional accounting services amidst diminishing demand for consulting services from the big four. LINK
Property investors and "flippers" could soon be taxed at their highest marginal rate of up to 47%, potentially losing the capital gains tax (CGT) discount even with a 12-month holding period. LINK
Optus' network outage last Wednesday was caused by incorrect router settings from overseas during a software upgrade, requiring technicians to physically visit facilities across the country to restore the network. LINK
Deloitte faces accusations from Honda car dealers of utilising confidential auditing information to aid Honda in reducing payments to them. LINK
Australia's economic competitiveness has dropped to 20th place from 1st place in 2004, due to faltering energy infrastructure, stagnant entrepreneurship, and inadequate competition regulations. LINK
Dior unveils a $441 fragrance, Bonne Etoile, for babies, diverging from traditional perfume compositions by employing 98% "natural-origin" ingredients. LINK
10.2M Optus customers are facing phishing scams targeting those seeking compensation. LINK
A cyberattack on DP World Australia left tens of thousands of shipping containers stranded at ports. LINK
A High Court ruling will see immigrant detainees released due to indefinite detention deemed unlawful. LINK
Aussie borrowing power has decreased byrly 30%, after 13 interest rate hikes. LINK
The Sydney-Melbourne route emerged as the highest revenue-generating flight route globally, amassing $1.9B revenue in H1 2023, almost double the pre-pandemic level, despite a drop in passenger numbers. LINK