Dynamic Business brings you a daily rundown of the most recent business news and developments from Australia and around the world. Here’s the roundup for September 25:
Australia could face food shortages due to Covid-19
Australians may face food shortages and see certain products disappear from shelves when NSW and Victoria reopen.
The Australian Food & Supermarket Council (AFGC) has cautioned that the impact on grocery supplies might be similar to what is now happening in the United Kingdom.
Australia is experiencing a rapidly deteriorating supply chain crisis, which is affecting not only supermarkets, which have seen shortages of bread, milk, chicken, bottled water, and soft drinks, but has also caused shortages in fast food outlets, and online grocery orders full of substitutions.
Australian Energy Regulator sues HPR
Hornsdale Power Reserve (HPR) is being sued by the Australian Energy Regulator for failing to keep its pledges to assist the South Australian power grid in an emergency.
The Tesla Big Battery, the world’s largest lithium-ion battery, is owned by HPR. The 150-megawatt battery was kept on standby to inject electricity into the grid quickly in the event of a major power plant or transmission breakdown.
However, the regulators claim that HPR failed to provide this service in the case of a significant Queensland coal plant collapse in 2019.
Evergrande’s fiasco could hurt global economy
The possibility of one of China’s largest developers collapsing has rattled global markets. However, the fear may be more about the broader implications on the world’s second largest economy, which was already declining.
Slower growth has been linked in part by Chinese officials to Covid-19 outbreaks and flooding, which prevented people from travelling. Economists, on the other hand, are more convinced that the loss of momentum will continue.
Apple threatens Facebook ban over slavery posts on Instagram
After the BBC discovered domestic “slaves” for sale on applications including Instagram in 2019, Apple threatened to ban Facebook’s products from its App Store.
The threat was revealed in the Wall Street Journal’s (WSJ) Facebook Files, a series of reports based on the newspaper’s review of internal Facebook papers. Facebook says it prohibits human exploitation “in no uncertain terms”.
Sony to acquire Indian Zee TV
Sony Corp’s Indian subsidiary, Sony Pictures Networks India, has agreed to buy Zee Entertainment, a 30-year-old homegrown private television entertainment pioneer that operates in English, Hindi, and a variety of other Indian languages.
Zee Entertainment has been dealing with an internal governance crisis, with the company’s largest shareholder, Invesco, pressing for the resignation of current CEO Punit Goenka. In recent days, numerous Zee shareholders have also demanded that Goenka and other top executives be fired.
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