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08SEP2021-WED
Dispute resolution: How facilitators can simplify commercial negotiations
Wednesday 8th September 2021
Australia’s low unemployment rate to continue: Treasurer
Even with the significant economic shock of having Australia’s two most populous states in lockdown, Josh Frydenberg, Australia’s Treasurer is optimistic that the unemployment rate will remain low.
New Growth Program for Aboriginal and Torres Strait Islander businesses
American Express, in partnership with Rare Birds, a profit-for-purpose organisation that offers expert mentoring to businesses, announced the launch of the First Nations Business Growth Program which will assist Aboriginal and Torres Strait Islander business leaders.
Avenue announces the launch of Avenue Bank
Avenue Bank has announced that it has been granted a restricted banking licence by the Australian Prudential Regulation Authority (APRA). Avenue will be able to operate as a Restricted Authorised Deposit-taking Institution (RADI) until September 7, 2023, under the terms of the licence.
Tech23 invites applications for deep tech startups
Applications for young, high-growth, deep tech startups seeking to create new industries, disrupt existing ones, and offer smarter solutions to present at the Tech23 Showcase 2021 are now open.
How to surprise and delight your customers through better digital interactions
Was your enterprise forced to pivot to digital in 2020? You’re not alone. Around Australia, bricks and mortar businesses of all stripes and sizes took their dealings with customers online after the pandemic made business as usual impossible.
Dispute resolution: How facilitators can simplify commercial negotiations
In the first article in this series, we looked at the topic of “Dispute System Design”, in which representatives from different parts and levels of an organisation, or several organisations, undertake a process to identify the potential sources of disputes and work out how they intend to deal with them if (or when) they arise.
The Greens have pledged to fight for a tycoon tax on large corporations, with the goal of raising $338 billion in additional tax revenue over the next ten years. Many of Australia’s leading corporations would face a 40% corporate “super-profits” tax under the Greens’ proposed plan. The demand for the tycoon tax comes in the wake of record profits by major businesses’ 2021 annual reports and financial statements. The additional tax income would be used to help get Medicare to include dental and mental health care, as well as to fund affordable government housing.
According to Josh Frydenberg, the Australian economy has proven to be remarkably resilient in the face of political tensions with China. In an online address, the treasurer compared China’s stance to the Cold War of the past century, but with some key differences this time around. Mr Frydenberg said that China has made no secret of its intention to target Australia’s economy.
Soaring demand for electricity in China and India has propelled the coal market to new levels, with prices for fossil fuel reaching a new high despite global efforts to decarbonise the economy. This week, Australian miners have received up to $US180 per tonne for benchmark thermal coal deliveries, hitting a record high of more than $240/t in Australian dollar terms. The milestone comes just six months after prices fell to $US50/t as miners dealt with the dual shocks of a COVID-19 induced economic downturn and China’s unofficial decision to ban Australian imports.
With winter crops set for a strong harvest, Australia is facing yet another mouse plague. According to the most recent Australian Bureau of Agricultural and Resource Economics and Sciences crop report, the national winter crop harvest would be 54.8 million tonnes, 2% less than the previous year but about one-third higher than the average. Southern Queensland and northern and central New South Wales have the most mice. There are also significant populations in central Queensland and the Geraldton region of Western Australia. Mice are likely to raise production costs too.
Oil prices tumbled after Saudi Arabia slashed oil contract prices for Asia, reigniting fears about the demand outlook.Brent crude futures for November dropped 57 cents, or 0.8 percent, to $72.04 a barrel, while West Texas Intermediate crude for October declined 56 cents, or 0.8 percent, to $68.73 a barrel. In a statement, Saudi Aramco notified buyers that it will reduce October rates for all crude grades shipped to Asia, its largest buying region, by at least $1 per barrel. According to a Reuters poll of Asian refiners, the price cuts were greater than expected.
According to Empower India, starting September 30, 2021, banks need to notify their customers before and after each recurring debit, regardless of payment mode, under India’s Reserve Bank of India norms. “This has some drawbacks, as the e-mandate only addresses a small portion of the merchant community,” Empower India said.According to the think tank, if merchants and payment aggregators are not allowed to hold card details on file, they will be unable to provide seamless payment solutions for recurring and single-click online payments.
According to a new study, more than 1.2 million Australians have been scammed in the last 12 months, with people under 30 being twice more likely to have been targeted during Covid-19. According to Westpac, one in every ten people under the age of 30 has been a victim of a scam in the last year, compared to only 6% of their older counterparts. The analysis also indicated that scammers are increasingly targeting Australians, with investment scams increasing by 180 per cent and remote access scams increasing by 370 per cent since 2020.
Vehicle sales in Australia rose again in August, as ongoing supply challenges and the impact of lockdowns in NSW and Victoria were offset by strong demand elsewhere.According to the Federal Chamber of Automotive Industries, vehicle sales increased 33.1 per cent year on year in August, with 81,199 new cars and trucks sold across the country. This brings total sales for the first eight months of the year to 732,828, a 27.2 per cent increase over the same period the previous year.
Retail trade declined by 2.7% in July, bringing the year-to-year figure to 3.1%. However, internet retail sales increased by 19.3 per cent to new highs.
India unveiled a data-sharing system that could transform investing and credit by providing millions of users with greater access and control over their financial information and enlarging the potential customer pool for lenders and fintech companies. Regulators agreed to allow banks, pension funds, tax authorities, insurers, and other financial institutions to pool client information if the user consents, to make transactions run smoother.
Bitcoin increased 0.49 per cent to $50,188.4, gaining $245.24 over its previous closing. The world’s largest and most well-known cryptocurrency is up 81 per cent from its low of $27,734 on January 4 of this year. Ether, the cryptocurrency tied to the Ethereum blockchain network, climbed 1.16 per cent to $3,932.07, up to $44.97 from its previous closing.
According to court records, Sachin Bansal, the co-founder of e-commerce giant Flipkart, has filed a lawsuit against India’s financial crime-fighting agency, which has accused him and others of violating foreign investment laws.
China will set up a new stock exchange in Beijing, President Xi Jinping said in an attempt to persuade domestic businesses to list in the country rather than abroad. Shanghai and Shenzhen are the country’s two primary stock exchanges. Xi said in a speech at a trade show that the new stock exchange would help small and medium-sized businesses grow, but he didn’t go into detail.
