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- Valentine's Day Chocolate, GST Fraud and Temple & Webster
Valentine's Day Chocolate, GST Fraud and Temple & Webster
Taytay fans use Airtasker, Woolies' blemished bananas, and the Super Bowl sets a world record.
Pick & Scroll News
February 14, 2024
One Read, All Perspectives
Australian News
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
Private hospital values surge by more than 15% in nine months, bucking the trend of writedowns in other commercial property sectors. LINK
Australian business conditions weaken in January, with a significant slowdown in the service sector, while price pressures rise. LINK
The RBA signals that a drop in persistent services sector inflation is crucial for future interest rate cuts, despite easing inflation pressures. LINK
Victoria faces major power outages as heatwaves and storms put pressure on the grid, leading to widespread disruptions. LINK
CBD retail vacancy rates tighten across Australia's major cities, reflecting a stabilisation in the retail sector despite sluggish discretionary spending. LINK
Domestic airfares decrease from 2022 levels, but flight reliability drops, according to an ACCC report highlighting increased competition in the aviation sector. LINK
Global News
US President Joe Biden joined TikTok for his re-election campaign, sparking security concerns due to the app's ban on federal government workers' phones, despite his low approval ratings and jokes about rigging the Super Bowl. LINK
Bitcoin surpassed US$50,000 for the first time in over two years, driven by expectations of interest rate cuts and the regulatory approval of US spot ETFs, indicating strong market optimism. LINK
Drivers for Uber, Lyft, and DoorDash across the US are planning a strike on Valentine's Day, demanding fair pay, following Lyft's guarantee of weekly earnings to attract more drivers. LINK
The International Monetary Fund raised its forecast for Russia's economic growth to 2.6%, despite increased defence spending and a return to Soviet-era production and consumption patterns. LINK
Company News
The ATO investigates over 150 staff involved in a GST fraud scheme popularised on TikTok, with some facing termination or criminal charges. LINK
Woolworths champions blemished bananas from cyclone-hit Queensland, aiming to shift consumer expectations towards more sustainable produce choices. LINK
Cotton Australia sees a surge in interest for its products, highlighting Australian cotton's appeal amid global production drops. LINK
Challenger's profit rose by 16% as customers opted for longer annuities, pushing the retirement income provider's shares up and indicating a successful strategy in selling longer-dated annuities. LINK
Breville's shares dropped over 10% as the company moved away from deep discounts, resulting in weaker sales in Australia and the US, despite a slight increase in interim earnings. LINK
Temple & Webster reported a 23% increase in first-half revenue to $254 million, surpassing market expectations and joining other retail profit beats, with its shares climbing 10% on the back of strong customer engagement. LINK
ANZ is set to reduce its business banking workforce by up to 170 jobs, approximately 5% of its commercial banking staff, to transition smaller customers to digital channels, while maintaining personal service for complex accounts. LINK
The Australian Competition and Consumer Commission (ACCC) suggests Qantas and Virgin could better utilise their profits to enhance service reliability and customer experience in the aviation sector. LINK
Other News
Taylor Swift fans are using Airtasker to secure tickets and merchandise for her sold-out Eras Tour, showcasing the high demand and willingness to pay for access to pop culture events. LINK
Super Bowl LVIII set a new record as the most-watched television event in history, with an estimated 123.4 million viewers, highlighting the event's broad appeal and significant increase in audience engagement. LINK
This Week’s Top Picks
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