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- 03SEP2021-FRI (copy 01)
03SEP2021-FRI (copy 01)
Sustainability: Solutions require diversity of leadership and talent
Friday 3rd September 2021
Five things every employer needs to know about mandatory vaccinations
As an increasing number of Australians roll up their sleeve to get their COVID-19 vaccination, it has caused confusion among small business owners as to what their workplace vaccination rights, responsibilities and options are. There are many aspects employers need to be aware of when tackling the issue of vaccination with their employees.
Let’s Talk: How can you entice existing customers to spend more?
Customer acquisition is expensive. And difficult. What if, instead of putting your resources into building your customers base, you concentrate on increasing the amount your existing customers – who already know and love you – spend?Let’s talk…
Auto marketplace unicorn Cars24 announces expansion plans
Cars24, an India-based online used automobile marketplace, has announced its expansion to Australia after recently joining the unicorn club with a $200 million Series E investment round.
Great Employers’ winners announced in 2021 Grand Stevie Awards
The international Stevie Awards for Great Employers 2021 winners were announced recently. The awards recognise the world’s best employers, as well as the human resources specialists, teams, accomplishments, and HR-related products and suppliers who contribute to the creation and advancement of great workplaces.
Is Australia in a recession? Yes and no
The economy is hard to measure. Today, the Australian Bureau of Statistics (ABS) released GDP data showing that Australia’s economy has been spared from a “technical” recession this quarter, with economic growth over the last four months sitting at 0.7%. However, this definition of a recession is flawed in its reliance upon a single data point: GDP. By definition, a recession is ‘called’ for lack of a better word, when Australia’s gross domestic product or GDP has been in decline for two consecutive months. This, though, is widely considered to be a meaningless definition.It is easy to rely upon GDP to explain the economy, but it often doesn’t display the economic reality accurately or honestly.
Australia considering alternative low-cost payment system for businesses
Australia’s Treasurer, Josh Frydenberg, has asked the Reserve Bank of Australia (RBA) to consider mandating large and medium-sized banks and debit card issuers to provide retailers with a multiple network option, allowing payments to be processed more cheaply.
SME confidence suffers under lockdowns: ACA monthly SME COVID tracker report
ACA’s monthly SME COVID tracker report shows that SMEs across the country are feeling the full force of COVID-19 lockdowns. The report showed that in July, more than 50 per cent of businesses recorded a decline in revenue as a direct result of COVID-19.
Sustainability: Solutions require diversity of leadership and talent
Some of the loudest voices in the sustainability space have historically been male, but over recent years there has been greater gender parity in the fight to save the planet. A Weinreb Group survey found that women went from holding 28 per cent of CSO positions in the USA in 2011 to 54 per cent in 2021, but female voices are stillid:2021-09-02-13:49:17:193t sometimes muted on the global stage. There were only 13 women among the Thinkers 360 list of 2021’s Top 50 Global Leaders and Influencers on Sustainability.
How to generate traffic to a new eCommerce website
Throughout the pandemic, government initiatives have helped small businesses to take their trading online. One such initiative is the recently renewed Victorian Government Small Business Digital Adaptation Program. The program aims to help retail businesses withstand the challenges of the pandemic and make the most of the eCommerce opportunity by transitioning to an online or hybrid business model.
Australia’s economy grew by 0.7% in the June quarter, defying expectations, but economists warn that the recovery will be short-lived. The Australian Bureau of Statistics released data showing that an increase in government and household spending contributed to the slight increase in GDP. Household consumption, which accounts for more than half of the Australian economy, increased by 1.1% in the June quarter but remained lower than its pre-pandemic peak. Economists predicted that GDP would expand between 0.1% and 0.6% in the June quarter. GDP increased by 9.6 percent year on year, up from 1.1 percent in the previous quarter.
The CoreLogic Home Value Index of national home values increased by 1.5% in August to be 18.4% higher year on year — the fastest yearly growth rate in 32 years. In August, home prices in 69 of Australia’s 78 SA4 regions reached new highs.
A regional trade agreement involving Australia and China has taken another step forward with the approval of a bipartisan parliamentary committee. The treaties committee submitted its report to the Regional Comprehensive Economic Partnership Agreement, recommending binding treaty action. “The committee believes that, on balance, ratifying RCEP would be in Australia’s best interests,” the report stated. RCEP encompasses 2.2 billion people and 29% of global economic output.It incorporates Australia, China, Japan, New Zealand, the Republic of Korea, and the 10 members of the Association of Southeast Asian Nations: Brunei Darussalam, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, and Vietnam.
The OPEC oil producers’ cartel and allied non-member countries led by Russia agreed to gradually increase output as the world economy and fuel consumption recover from the worst of the coronavirus outbreak. The organisation resisted pressure from the United States to move faster in restoring production cuts taken during the pandemic, potentially lowering gas prices for American drivers. At an online conference, the group known as OPEC+ agreed to stick to earlier plans to add 400,000 barrels per day starting Oct. 1. The cartel and its partners are cautiously reinstating deep cuts imposed last year when lockdowns and travel restrictions reduced demand for fuel and caused prices to rise.Prices fell ahead of the meeting but trimmed losses afterward. Oil was off 0.4% at $68.26 per barrel on the New York Mercantile Exchange, while Brent crude, an international benchmark, traded down 0.4% at $71.36 per barrel.
The United States Department of Transportation’s highway safety department is requesting detailed information on how Tesla’s Autopilot technology recognises and responds to emergency vehicles stopped on roadways. The specific request was made by the National Highway Traffic Safety Administration in an 11-page letter given to the electric car company. The letter is part of a broad probe into how the company’s partially automated driving system behaves when first responder cars are parked while staff deal with accidents or other risks. The agency wants to know how Tesla’s identifies a crash scene, which includes flashing lights, road flares, responder reflective vests, and vehicles parked on the road.
According to Vauxhall Motors, the global shortage of computer chips has had a significant impact on the automotive industry and is unlikely to ease before the end of the year. Paul Willcox, managing director of Vauxhall, told the BBC that the industry was facing a “crisis” for the next two or three months. He stressed, though, that there was no need for a major overhaul of supply networks. For the past year, there has been a shortage of semiconductors in the United Kingdom.
Sri Lanka has declared an economic emergency following a sharp drop in the value of the South Asian country’s currency, which has resulted in a spike in food costs. Authorities said they would take control of key food supplies, including rice and sugar, and set prices in an effort to curb the rising inflation. This year, the Sri Lankan rupee has plummeted by 7.5 percent against the US dollar
Australia’s current account surplus has reached a new high, with a $1.5 billion gain in the June quarter pushing it to $20.5 billion, thanks in large part to the higher iron ore price. The Australian Bureau of Statistics released new data, revealing a $3.5 billion increase in the country’s goods and services surplus balance after a $7 billion increase in exports offset by a $3.5 billion increase in imports. This is Australia’s eighth straight quarter with a current account surplus. Strong bulk commodity prices accounted for the majority of the increase, according to ABS head of international statistics Andrew Tomadini,.
Private sector credit increased by 0.7% in July to be up 4% year on year – the fastest annual growth rate in more than two years. Housing credit increased by 0.6% in July to 5.8% higher than a year ago, the biggest annual rate in three years. Owner-occupier home credit increased by 0.9%, the equal largest gain in 512 years, to 7.7% higher than a year before, the strongest AGR in three years. Investor home credit increased by 0.3% year on year, to be 2.3% higher than a year earlier — the highest annual pace in three years.
Ongoing lockdowns in Sydney and Melbourne have hit property auctions in Australia’s two biggest cities, but most experts do not expect to see an end to the prolonged boom any time soon, though price rises are likely to slow.Preliminary figures from researcher CoreLogic show that almost two-thirds of auctions scheduled in Melbourne during the week ending last Sunday were withdrawn, contributing to a clearance rate of a paltry 35 per cent.However, in Sydney, sellers were still out in numbers, albeit with about 12 per cent of planned auctions pulled from the market. The city, nevertheless, produced a strong clearance rate of almost 83 per cent.
Crocs, the US footwear company, is suing the owner of Australian retailers Noni-B and Rivers, claiming that the style and name of its famous clogs have been stolen. Crocs have filed a federal lawsuit against Mosaic Brands, alleging that it sold shoes that were “substantially identical” or “deceptively similar” to Crocs’ form trademark. Crocs also allege Mosaic advertised the shoes using the word “crocs,” which is nearly identical to its Crocs word trademark. Crocs, based in the United States, owns the trademark for the shape of their shoes as well as the word “Croc.”
Kikki.K, the stationery chain, has collapsed for the second time in 17 months, risking 300 Australian jobs. The company collapsed in March, owing creditors $20 million, but was saved by Erin Condren Designs (EC Designs), a US-based lifestyle goods company that seized ownership last August.However, kikki.K co-founders Kristina Karlsson and Paul Lacy sent a note to employees about the sad day, disclosing that the company was returning to an insolvency procedure.
Consumer confidence in the United States dipped to its lowest level since February in August, as concerns about the quickly spreading delta strain of the coronavirus grew, as did concerns about increasing inflation. The Conference Board said that its consumer confidence index fell to 113.8 in August, down from 125.1 in July. It was the index’s lowest value since February when it was 95.2. The July index was lowered downward from an initially reported 129.1, following a reading of 128.9 in June, the strongest result since before the epidemic in February 2020.The Conference Board said that concerns about the resurgence in COVID-19 cases as well as worries about rising gas and food prices had contributed to the drop.
Minors in China will face stricter restrictions on when and for how long they can play online games. There were previously certain restrictions in place that permitted minors to play for up to 1.5 hours each day, seven days a week, or three hours per day on holidays. This limit has now been reduced to a weekly maximum of three hours. According to the National Press and Publication Administration (NPPA), internet gaming has become a major issue, and the new limits would protect kids in an ‘era of national rejuvenation.’All online games must now be linked to the NPPA’s anti-addiction real-name verification system under the new regulations. This will allow children to play online games for one hour between 8 p.m. and 9 p.m. on Fridays, Weekends, and holidays.
According to a study, China’s factory activity slowed in August as export demand decreased. The Chinese statistics bureau and an official industry group’s monthly purchasing managers’ index fell to 50.1 from 50.4 in July on a 100-point scale, with scores above 50 indicating increased activity. According to the National Bureau of Statistics and the China Federation of Logistics and Purchasing, a sub-measure of new exports declined by a full point from the previous month to 46.7. Officials have predicted that demand for Chinese exports will fall in the second half of the year. Flooding in July and tougher anti-coronavirus regulations have impacted factory and consumer activity.
In India, digital payments are exploding, and Prosus, a tech investment group, wants a greater piece of the action. The Netherlands-based company announced a $4.7 billion deal to acquire the Indian digital payments platform BillDesk. Prosus intends to integrate BillDesk with its own fintech company, PayU, to establish one of the world’s leading online payment services. PayU already has a presence in India, Latin America, and Europe. However, assuming India’s regulators approve the BillDesk transaction, Prosus’s stake in the country will nearly double.
