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Zombie Companies, Taylor Swift, and Aldi Wage Theft
IMAX to build another 37 screens in Australia, 40% of international students end up in low-skilled jobs, and Coke and Pepsi are fighting weight loss drugs.
Pick & Scroll News
October 30, 2023
One Read, All Perspectives
Australian News
Installing solar panels can slash household electricity bills by over 40%, bolstering calls for more rapid adoption of this renewable energy source. LINK
Safe Work Australia advocates for a total ban on engineered stone, linking its high silica content to a rising number of incurable lung diseases among stonemasons. LINK
Adelaide Airport reports a 34% drop in international tourists post-pandemic, in line with national trends. LINK
1 in 3 international students find full-time work in their field post-graduation, while 40% end up in low-skilled jobs, notably worse for those from China. LINK
ACCC proposes UK-style laws to curb big tech dominance in generative AI and promote app store competition. LINK
The number of financially distressed ASX-listed 'zombie companies' has surged 51% in the last 6 months, due to inflation and increasing costs. LINK
Global News
Company News
EY Oceania directed an associate partner to sell a 10% stake in a tech company due to conflict-of-interest concerns. LINK
7-Eleven's profits rise, but the retailer warns of a spending slump in the new financial year. LINK
Aldi faces a class action for alleged wage theft amounting to over $150M from over 20,000 workers. LINK
Harvey Norman's profits halve in Q1, even as it announces a $442.3M share buyback. LINK
Amazon's Q3 revenue beats expectations due to robust cloud and advertising sectors. LINK
NAB abandoned its promise to hike monthly mortgage repayments only on the 12-month anniversary of variable rate loans, after unexpected rapid interest rate increases. LINK
Hasbro and Mattel saw their stocks plummet by 12% and 8% respectively as they downgraded their Q4 sales outlook due to a challenging retail environment. LINK
Coke and Pepsi are facing investor concerns over high interest rates and the potential impact of weight loss drugs, but Coke appeared more resilient due to growing drink demand. LINK
Amazon plans to leverage generative AI and data from its 160M Prime subscribers to improve ad targeting and expedite promotions for merchants. LINK
IMAX CEO Rich Gelfond has announced plans to build 37 more screens in Australia, identifying the country as an underserved market. LINK
Other News
FTX founder Sam Bankman-Fried testified that legal advisors were involved in key decisions, distancing himself from any wrongdoing in his ongoing criminal fraud trial. LINK
A pub 350km north of Brisbane has set up a 24/7 food pantry in response to the 1 in 5 Queensland households facing food insecurity. LINK
Matthew Perry, a star from the television series Friends, was found dead at 54, seemingly after drowning in his hot tub. LINK
Taylor Swift has become a billionaire following her highly successful Eras tour. LINK