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Vaping Tax, TikTok and Cannabis vs Melanoma
Cancer-causing benzene detected in acne products, Divorce inquiries spike, and Virgin Australia to allow small pets onboard.
Pick & Scroll News
March 08, 2024
One Read, All Perspectives
Australian News
Australian farmers report facing "commercial retribution" from supermarkets, with the National Farmers Federation warning that aggressive pricing strategies threaten food security. LINK
Australians accessing superannuation for dental care have tripled since Covid-19, with over13,000 people withdrawing $313 million for dental work in the last financial year. LINK
New home loans in Australia fell by 3.9% in January, confounding growth expectations and indicating a subdued housing market for the year. LINK
The Federal government's tax and spending levels are nearing record highs. LINK
ACCC to target airlines for poor service, starting with a lawsuit against Qantas in July due to ongoing complaints about delays and cancellations. LINK
Consumers find supermarket prices "unreasonable," says ACCC chairman. LINK
Student visa processing faces chaos with all-time high refusal rates and delays, causing thousands to miss university start dates. LINK
Divorce inquiries spike by 80% post-holidays, with financial and tax considerations critical for navigating separation. LINK
Credit card debt in Australia grew by 1.56% annually in January, with $17.58 billion now accruing interest charges. LINK
Half of Australia's major car brands will fail to meet the government's proposed vehicle emissions laws in their first year, highlighting the country's lag in emissions policy. LINK
A new Australian study suggests cannabis could potentially kill melanoma, as the country sees promising results in cannabis-related healthcare research. LINK
Global News
Ten years after the disappearance of MH370, families still lack answers about the fate of the 239 people aboard the vanished Malaysia Airlines flight. LINK
Cocoa prices soar to a record $6,549 per metric tonne, driven by supply concerns in West Africa. LINK
The UK plans to introduce an extra tax on vaping products by October 2026, aiming to deter non-smokers from starting the habit, alongside a one-off increase in tobacco duty. LINK
Company News
EU antitrust regulators question Apple's restriction on Epic Games launching its own marketplace on iOS devices. LINK
US lawmakers propose legislation to force ByteDance to divest TikTok within six months or face a ban, addressing national security concerns over its Chinese ownership. LINK
IBM reports productivity gains from testing Adobe's generative AI tools in marketing, highlighting Adobe's strategy to attract businesses with proprietary data-trained AI systems. LINK
Facebook announces development of an AI model to enhance its video ecosystem, part of a broader technology strategy extending to 2026 with substantial investment in Nvidia's GPUs. LINK
Cancer-causing benzene was detected in acne treatments from Estee Lauder's Clinique, Target's Up & Up, and Reckitt Benckiser's Clearasil, prompting calls for a recall by lab Valisure. LINK
A Microsoft engineer raised concerns that the company's AI tool, Copilot Designer, generates violent and sexual images, urging action from the FTC and Microsoft's board. LINK
Amazon Prime's success in Australia sees 4.1 million streaming subscribers. LINK
Virgin Australia plans to allow small pets onboard, aiming to be the country's first airline to offer this service within the next 12 months. LINK
Islamic Bank Australia surrendered its restricted banking license due to capital raising challenges, delaying the introduction of the nation's first Islamic bank. LINK
Up to 30,000 Aussie Home Loan customers are seeking refunds for "worthless insurance policies," with a class action alleging they were misled. LINK
The Wallabies' World Cup campaign exceeded its budget by $2.6 million due to excessive travel spending. LINK
Bet365 is under AUSTRAC investigation for potentially profiting from the proceeds of crime, following an independent audit of its operations. LINK
The ASX breached its own market integrity rules on 8,417 occasions, facing regulatory action from ASIC and a $1.05 million fine for an "order information transparency failure." LINK
An FTX Australia director attempted to withdraw $800,000 before the exchange's collapse. LINK
This Week’s Top Picks
Victoria's inaugural waste-to-energy project receives approval, aiming to convert Melbourne's rubbish into power for the Maryvale Paper Mill. LINK
A study warns that over one-third of illicit drugs purchased online in Australia are adulterated. LINK
Australia's anti-money laundering laws are set to be strengthened, with proposed reforms to include real estate agents, accountants, and lawyers, following the arrest of two Russians over a $2.3M laundering scheme. LINK
The Australian government has approved a lower-than-requested health insurance premium increase of 3.03%, set to commence on April 1. LINK
Australian farmers are set to lose 15% in agricultural output, totalling $80 billion, due to dry conditions and falling grain prices. LINK
Over 800,000 Australian renting households risk displacement as rising rents push them out of their suburbs, with those in the lowest socio-economic brackets feeling the most significant impact. LINK
Australian toddlers spending three hours daily on screens are missing out on crucial language development opportunities, depriving them of over 1,100 adult words each day. LINK
Australians are losing $1.5 billion annually to card surcharges, a situation the Reserve Bank aims to mitigate through the wider adoption of least-cost routing by mid-year. LINK
House prices in upscale suburbs of Sydney and Melbourne surged by up to $242,000 in three months. LINK
New house approvals in Australia dropped to their lowest in nearly 12 years due to rising costs. LINK
Telecom operators are progressing towards the next stage of mobile internet, "5.5G" or "5G Advanced", before even finishing their 5G rollout. LINK
Chartered Accountants ANZ faces scrutiny for failing to uphold professional standards. LINK
Western Australia has become the first state to ban single-use, non-compostable coffee cups to prevent millions from ending up in landfill, with South Australia following suit. LINK
A carbon dioxide shortage is impacting soft drink supplies in supermarkets, with major supplier BOC prioritising medical, safety, and water treatment customers. LINK
Mortgage stress rates surged at the fastest pace in nearly two years, with non-bank lenders shifting focus to investor loans. LINK
Australians distrust AI, with significant regional disparities in opinions on integrating artificial intelligence in government services. LINK