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🗞️ Three day weekend
Insignia is the latest business to jump on the bandwagon with 4,000 staff entered into a trial, citing the benefits of AI productivity to cover the lost working time.
Pick & Scroll News
October 14, 2024
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Good morning. The 4-day work week is slowly building momentum.
Insignia is the latest business to jump on the bandwagon with 4,000 staff entered into a trial, citing the benefits of AI productivity to cover the lost working time.
Insignia follows Medibank, Bupa, Findex and Grant Thornton in trialling 4-day weeks or 9-day fortnights.
If you work at Bain, BCG or McKinsey, we suspect you won’t be bringing this up with the partner.
All the headlines and more below...
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PODCAST
🎧 Your morning wrap on-the-go LINK
AUSTRALIAN NEWS
Energy bill fears grow as transmission costs blow out
Cost overruns for Australia's major electricity transmission projects have surged to at least $16B, raising fears of increased electricity bills for consumers. LINK
Victoria is facing its largest drop in rental stock, with active rentals plummeting from over 676,400 in June 2023 to 654,700 in June 2024. LINK
Australian wine sellers are still struggling despite a resurgence in Australian wine sales to China, with over $340M exported in 3 months post-tariff lift. LINK
The next generation of women entering business values work-life balance and global mobility. LINK
ASIO warned that social media serves as a powerful catalyst for extremism, enabling quick access to radical content and communities. LINK
Colleges are redesigning degree programs with significant fee reductions, to maximise enrolments before student caps. LINK
Australia's residential housing market has reached a record value of $11T, with home values rising 6.7% in the past year, resulting in a $900B increase for property owners. LINK
Grape growers in Australia's largest wine region have been denied financial aid for frost damage by the SA government. LINK
A study of 26,000 workers found that after 2 hours of desk work, mental wellbeing declines and stress can increase by 18% after 4 hours. LINK
GLOBAL NEWS
Plastic surgeons say the ‘ballet body’ is in
Plastic surgeons report a resurgence of the 'ballet body' trend, characterised by slimness, driven by the popularity of weight-loss drugs and a shift away from recent curves to a more slender ideal. LINK
A UN report highlights the rapid evolution of organised crime and cybercrime networks in Asia, which are now capable of larger-scale fraud and money laundering. LINK
The IMF has approved measures to reduce its members' borrowing costs by approximately $1.2B annually, and has decreased the number of countries subject to surcharges from 20 to 13 by FY26. LINK
UN peacekeeping nations condemned Israel's recent strikes in northern Lebanon. LINK
COMPANY NEWS
Insignia Financial to trial 4-day work week
Insignia Financial has become the first in the financial services sector to implement a 4-day work week as part of a union agreement that safeguards jobs from AI, work-from-home rights and includes a $1,200 payment along with a 9.5% wage increase over 3 years. LINK
JPMorgan reported higher-than-expected Q3 profits, driven by a 31% surge in investment banking fees and improved trading revenue. LINK
Volkswagen reported a 7% decline in Q3 global deliveries, reflecting the significant challenges facing Europe's car industry, including weak demand from China and high production costs. LINK
TikTok is laying off hundreds of employees globally, including less than 500 in Malaysia, as part of a strategic shift towards increased use of AI in content moderation. LINK
Seven Network is seeking to suppress court documents related to a lawsuit by former journalist Amelia Saw, claiming the materials contain potentially 'salacious' content. LINK
At the 2023 Qantas AGM, 82.9% of Qantas shareholders opposed the remuneration report. LINK
A former executive and whistleblower, Amelia Berczelly, is suing Super Retail Group for intimidation and victimisation following her dismissal. LINK
Boeing plans to lay off 17,000 employees, representing 10% of its workforce and reported US$5B in Q3 losses amid a month-long strike by 33,000 workers. LINK
Meta has removed a network of fake accounts targeting Russian-speakers in Moldova ahead of the country’s October 20 presidential election. LINK
CHART OF THE DAY
Australian Home Prices Keep Rising
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ONE MORE SCROLL
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TRIVIA
How much do you know?
It's Monday, so to boost (or crush) your morale to start the week, you can once again prove that you are smarter than a 10-year-old. We have removed the multiple choice component so 3 out of 5 is a pass:
How many players start the match on each team during a game of Rugby Union?
What is the chemical symbol for gold?
Who sang Shake It Off?
Global warming is caused by the excess of which type of gas?
What famous island or islands were extensively studied by Charles Darwin?
Answers below
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ANSWERS
1. 15
2. Au
3. Taylor Swift
4. Carbon Dioxide
5. Galapagos
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