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Wesfarmers, Shell and Airbnb
Australian workers are working harder than ever amid high job insecurities.
Pick & Scroll News
May 03, 2024
One Read, All Perspectives
Australian News
Australian workers' efforts have surged to a four-year high as they aim to secure their jobs amid redundancy fears, driven by increased office attendance and the need for job security. LINK
Australia's housing market is set for growth, expected to achieve 240,000 new housing starts twice over the next 5 years, though it will still miss the 1.2 million-home goal. LINK
Australian air traffic controllers have voted for industrial action for the first time in over 2 decades, with a 96% approval rate, due to dissatisfaction with current employment terms. LINK
Global News
OECD on inflation warns that interest rates may remain elevated longer than anticipated to control stubborn inflation, despite improved economic resilience and delayed expectations for rate reductions. LINK
Global growth outlook has been upgraded by the OECD due to robust US performance and faster-than-expected convergence of inflation towards central banks' targets. LINK
Singapore's office market faces uncertainty as the tech-driven demand cycle ends, with landlords unsure about future tenants amidst changing work dynamics. LINK
US accuses Russia of using chemical weapons against Ukrainian troops, breaching the Chemical Weapons Convention. LINK
Company News
Retail job uncertainty at Colette by Colette Hayman and The Daily Edited looms as creditors prepare to vote on the future of Marquee Retail Group amid substantial debts exceeding $30 million. LINK
Bapcor's financial woes escalate as its shares plummet over 30% following a third profit warning and the abrupt departure of its CEO-elect. LINK
Bonza's flight suspension extends until next Wednesday as the airline enters voluntary administration, with negotiations ongoing to reclaim its grounded fleet at various Australian airports. LINK
Active fund managers' decline continues as First Sentier and T. Rowe Price close several strategies and return $14 billion to clients, succumbing to the pressures of weak demand and competitive fees. LINK
NAB's financial results show a resilient business banking sector despite a 12.8% drop in first-half cash profit and a challenging mortgage market. LINK
Woolworths' sales growth lags behind Coles, as outgoing CEO Brad Banducci reports only a 1.5% increase in the latest quarter, contrasting sharply with Coles' 5.1% growth under new leadership. LINK
Shell's first-quarter profit surpasses expectations at $7.7 billion, boosted by higher refining margins and robust oil trading. LINK
Wesfarmers' strategic expansion into lithium mining complements its established retail brands, positioning the conglomerate for growth despite intense international retail competition. LINK
Woolworths faces a reputational crisis, costing it $8 billion as intense competition and a shift in consumer spending habits slow its sales growth compared to rival Coles. LINK
NAB maintains its lead in business banking as intense mortgage competition impacts its margins, with the bank showcasing a record pipeline for new business loans despite a drop in profits. LINK
Herron Todd White has suffered a ransomware attack with Black Suit claiming to have seized 20 gigabytes of crucial customer and transaction data, threatening the confidentiality of the valuation firm's information. LINK
Woolworths has strategically lowered shelf prices in response to high living costs, facing the dual challenge of managing consumer expectations and maintaining profit margins amidst strong political pressures. LINK
Airbnb's new marketing strategy introduces the 'Icons' category, offering global experiences such as concerts and celebrity meet-and-greets to expand its customer base beyond traditional vacation rentals. LINK
eBay anticipates a revenue shortfall for the second quarter, as economic pressures lead consumers to be more selective. LINK
Apple is set to spotlight its initiative to integrate generative AI into iPhones, aimed at rejuvenating sales particularly in the competitive Chinese market, amidst the backdrop of its biggest quarterly revenue decline in over a year. LINK
Google, despite a robust first-quarter earnings report, has laid off at least 200 employees from its ‘Core’ teams, planning a strategic shift of some roles to India and Mexico as part of a broader reorganisation. LINK
This Week’s Top News
Women escaping domestic violence in Australia will receive up to $5,000 in emergency support payments from the Albanese government. LINK
Australia's property market remains robust with property prices increasing for the 15th consecutive month. LINK
Westpac Banking Corp has extended its moratorium on regional branch closures and plans to invest over $150 million in the next 2 years to enhance these services. LINK
Australia has been ranked as the top global destination for expats and professionals looking to relocate, thanks to Australia’s robust post-pandemic job market. LINK
Electricity bills are set to increase in the Northern Territory, Tasmania and New South Wales, with significant rises expected due to higher energy transmission costs. LINK
Tech-driven sexual harassment is reportedly used by 1 in 7 people to harass colleagues in Australia, with younger individuals and women being especially vulnerable. LINK
Optus and TPG Telecom have entered into a $1.6 billion agreement to share mobile networks across regional Australia. LINK
Freight costs rise due to global conflicts, affecting shipping routes and increasing the time and cost of delivering goods. LINK
Australians lost $2.7 billion to scams in 2023, with older citizens most affected and scams proliferating on social media platforms. LINK
Business failures surge to 1991 recession levels, with 7,747 companies collapsing in the first 9 months up to March 2024. LINK
Australia to launch a $161.3 million national firearms register, a move inspired by recent police shootings. LINK
Superannuation withdrawals for medical purposes surge, with $313 million accessed for dental treatments in 2023, up 373% since 2019. LINK
Sharp decline in study visa approvals influences Australian migration reset, with approvals dropping 31% to pre-pandemic levels as the government tightens regulations to filter out non-genuine students. LINK
Australia's average income tax rate rose by 7.6% in 2023, the highest increase among developed nations. LINK
Drought in Europe spikes olive oil prices, with alternatives being considered as more cost-effective options; recent rains might reduce prices post-Europe's end-of-year harvest. LINK
Colgate-Palmolive raises its annual organic sales growth forecast, relying on strong consumer demand for its premium personal care and pet nutrition products. LINK