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 3:
Christmas spend to help ACT economy rebound
The ACT government has approved measures to protect tenants from eviction, suggesting that a lengthy lockdown will have long-term economic consequences. Chief Minister Andrew Barr is banking on a post-lockdown Christmas shopping frenzy to help the Canberra economy recover.
However, Mr Barr dampened Canberrans’ expectations stating that huge events and trips would most likely be postponed until the summer.
Australia introduces its first offshore electricity legislation
The bill, introduced in the House of Representatives, would allow licence holders to conduct offshore infrastructure activities inside the Commonwealth offshore area. Offshore renewable energy projects, such as offshore wind, wave, and tidal power, may be included in these operations.
According to the blueprint, regulatory certainty will allow investors to move forward with their projects, allowing Australia to build a new offshore economy.
Delta variant threatens to slow the jobs recovery
Refinitiv polled by economists forecasts that 728,000 jobs were added last month. However, that projection was reduced from 750,000 to 750,000 following a dismal reading from ADP Employment Reports, which examines private-sector payrolls.
The ADP data fell short of forecasts for the second week in a row: 374,000 jobs were gained in August, compared to 613,000 projected by Refinitiv.
U.S. planning a new lawsuit against Google over ads
According to Bloomberg, US officials are planning a fresh antitrust action against Google for its monopoly in the online advertising business.
According to Bloomberg, an unnamed source familiar with the subject stated that the Justice Department could launch the lawsuit by the end of the year. On Wednesday, Google reiterated its stance, claiming that it competes fairly in a competitive online market.
Google stated, “Our advertising technologies help websites and apps fund their content, enable small businesses to grow and protect users from exploitative privacy practises and bad ad experiences.”
Walmart’s wage bump may put pressure on others to follow
Walmart’s move to pay at least $1 raises to 565,000 of its U.S. store employees highlights the industry’s tight, competitive labour market as the important holiday shopping season approaches.
The holidays, worth about $800 billion in the United States alone last year, are the busiest time of year for retailers, accounting for the majority of their annual sales as people buy on and around Black Friday, Cyber Monday, and Christmas.
India unveils new data-sharing system to boost financing
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.
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