🗞️ WeWorking

Good morning. WeWork, the company that is always close to not working, is back in the news.

According to the auditors, WeWork’s Australian business faces uncertainty over whether it can stay afloat despite its US parent emerging from bankruptcy this year.

The significant $46.7 million loss for 2023 was at least an improvement on the $211.1 million loss recorded a year earlier. With overall liabilities of $423 million causing auditor concerns, your mate at a tech start-up still might not have access to his free WeWork beers forever.

All the headlines and more below...

AUSTRALIAN NEWS

‘I would not recommend ASIC’: scathing assessment by staff

• A confidential cultural survey of ASIC staff reveals scathing feedback on the regulator’s leadership and work environment, following a 20-month Senate inquiry. LINK

• The Chinese economic slowdown is affecting Australian exporters of goods like lobster, wheat and iron, despite trade relations returning to normal after pandemic disruptions. LINK

• Helpline calls made from Australia's public phones, which have been free since 2021, have increased significantly. LINK

• Tax, rather than childcare fees, is the primary barrier keeping women out of the workforce. LINK

• Airlines are upgrading their premium cabins to attract luxury-loving Australian travellers, with features like privacy doors and ergonomic seating in business and economy classes. LINK

• Rising cost of living has overtaken house prices as the biggest hurdle for first-home buyers in Australia, with more buyers relying on financial help from family. LINK

• RBA is expected to keep interest rates steady on September 24, with the first rate cut likely in Q1 2025, as inflation remains above target despite a strong job market. LINK

• WFH has proven to be far more productive than CEOs admit, with demands for full-time office work often based on nostalgic views of in-person collaboration. LINK

• Switching careers has become increasingly expensive, with honours degrees costing up to $30,000, leaving older generations burdened with student debt for longer periods. LINK

• Sellers in Australia who flipped houses within 2-4 years earned average gross profits of more than $600,000. LINK

GLOBAL NEWS

Global refiners face profit slump as new plants come online

• Global oil refiners are facing a profit slump due to the combination of slowing demand, particularly in China, and new refineries coming online in Africa, the Middle East and Asia. LINK

• China’s dairy farms are struggling with an oversupply of milk as falling birth rates and a slowing economy reduce demand, pushing smaller farmers out of business. LINK

• Sugar prices surged by 15% this week, driven by drought and fires in Brazil, with prices exceeding $700 per tonne. LINK

• Russia is considering increasing the "exit tax" for foreign companies leaving the country from 15% to as high as 40%. LINK

• The World Bank reported a record $42.6B in climate finance for FY24, marking a 10% increase over the previous year. LINK

• The US Commerce Department is expected to propose a ban on Chinese software and hardware in connected and autonomous vehicles on US roads. LINK

• The world’s largest 3D housing neighbourhood has opened in Texas, sparking interest in whether Australia could benefit from 3D-printed homes amid rising housing costs. LINK

• Temples and shrines in Japan have become hot real estate, with authorities concerned that buyers may not use them for religious purposes. LINK

COMPANY NEWS

LinkedIn has (quietly) announced it scrapes your posts for AI

• LinkedIn has quietly updated its policies to inform users that their posts and personal data are being used to train AI models. LINK

• Airbnb is focusing on expanding its long-term rental business as short-term rentals face increasing regulatory scrutiny, with long-term stays now accounting for 17-18% of its business. LINK

• Amazon has introduced a new AI chatbot, "Amelia," designed to assist its sellers with tasks like sales metrics, inventory maintenance and holiday preparation. LINK

• WeWork's Australian operations face continued uncertainty, despite its US parent emerging from bankruptcy. LINK

• Telstra and Medibank have openly supported remote working. LINK

• Macquarie has been fined $117M by the US SEC for inflating the value of illiquid investments in its asset management business, overstating performance. LINK

• Macquarie Asset Management is on a buying spree in New Zealand, targeting healthcare and infrastructure assets, including a potential acquisition of Aurora Energy. LINK

• Westpac and NAB have secured new leadership amid ongoing transitions in the Australian banking sector, reflecting a shift toward business bankers in CEO roles. LINK

• FedEx reported a significant profit drop and lowered its full-year revenue forecast, citing reduced demand for fast, priority shipping services. LINK

• Coca-Cola plans to invest $1B in Nigeria over the next 5 years to expand production capacity and improve supply chains. LINK

• Fletcher Building is raising $641M to address its debt issues as the New Zealand-based group faces a gloomy economic outlook affecting the construction sector. LINK

• Samsung has warned striking workers in India that they will not be paid and face potential termination if they don’t work. LINK

CHART OF THE DAY

Global Retirement Quality Ranking

ONE MORE SCROLL

Odd Pick: ‘Panda Dogs’: Chinese zoo goes viral for luring visitors with painted pups.

Editor’s Pick: Check out this list of 50 best hotels in the world for 2024 with Capella Bangkok getting top spot.

Draft Pick: The AFL final will be Sydney vs Brisbane after both sides had wins over the weekend.

TRIVIA

Are you smarter than a 10-year-old?

We have a new gameshow for you to ace today. The below questions were taken from the show, are you smarter than a 10-year-old? We've removed the multiple choice option as we presume you are older than 10...

1. Which famous building did Guy Fawkes try to blow up?

2. What is the capital city of New Zealand?

3. How many strings does a violin have?

4. Who was the first man to walk on the moon?

5. What are the names of Harry Potter’s parents?

Answers below

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ANSWERS

1. Houses of Parliament
2. Wellington
3. 4 strings
4. Neil Armstrong
5. James & Lily

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