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Business news and updates: Australia is now the world’s biggest gold producer

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 10:

Jobs plunge in Sydney; SME jobs impacted most

National payroll jobs declined by 0.7 per cent in the fortnight ending August 14, 2021, according to the Bureau of Statistics (ABS), with total earnings falling by 1.0 per cent. 

Greater Sydney (-1.5%), Greater Brisbane (-1.1%), and Greater Melbourne (-1.1%) also saw a drop in payroll jobs (-1.0 per cent). 

However, earnings in Greater Adelaide increased by 1.4%. Since June 26, 2021, Sydney – Inner South West has lost 13.7% of its payroll employment, followed by Sydney South-West (-13.5%) and Parramatta (-13.5%). (-11.5 per cent).

Australia to issue vaccine passports from October

From October, the federal government will begin issuing vaccination passports for foreign travel. 

While the details are still being worked out, it is expected that the passport would be available as a phone app and will have the same information as a physical passport. 

The federal government has stated that this is not an indication that international travel restrictions are going to be eased.

NAB changes logo to ‘JAB’ to promote vaccination

One of Australia’s top four banks has changed its logo in order to boost vaccination rates across the country. 

The National Australia Bank will launch a marketing push to raise vaccination rates, as well as modify its logo from NAB to JAB. This is not the first time the bank has stepped out to encourage individuals to get vaccinated.

NAB declared in August that it was collaborating with the Department of Health

and its usual flu provider to inoculate staff at work.

Australia is now the world’s biggest gold producer

Australia has surpassed China as the world’s largest gold producer for the first time. Since 2007, China has been the world’s top gold producer, with Australia ranking second for nearly a decade.

According to gold analysts Surbiton Associates, China produced 153 tonnes of gold in the first half of this year. Gold miners in Australia produced 157 tonnes.

U.S. Jobless claims fall to a new low

The number of first-time claims for unemployment benefits fell to a pandemic-era low. According to the Labor Department, 310,000 Americans filed for unemployment benefits last week, adjusted for seasonal fluctuations.

Furthermore, 96,198 workers – a non-seasonally adjusted figure – filed claims under the Pandemic Unemployment Assistance programme, which gives benefits to those who are ineligible for regular state aid, such as the self-employed.

Facebook announces its first smart glasses with Ray Ban

In collaboration with Ray-Ban, Facebook released its first smart glasses, called ‘Ray-Ban Stories,’ as a step toward its goal of giving true augmented-reality spectacles.

The glasses, developed in collaboration with Ray-Ban maker EssilorLuxottica, allow wearers to listen to music, make phone calls, and capture photographs and short videos to share across Facebook’s services via a companion app. The “Ray-Ban Stories” eyewear line, according to Facebook, will start at $299.

India may let foreign investors buy stakes in LIC

The Indian government has selected ten merchant bankers to conduct Life Insurance Corporation’s massive first public offering. It is also thinking about allowing foreign investors to buy shares in the country’s major insurer.

Goldman Sachs (India) Securities, Citigroup Global Markets India, Nomura Financial Advisory and Securities India, SBI Capital Market, JM Financial, Axis Capital, BofA Securities, JP Morgan India, ICICI Securities, and Kotak Mahindra Capital have been chosen as merchant bankers.

China extends a fast helping hand to the Taliban

As the war-torn country approaches economic meltdown, China has reassured the Taliban that it is ready to launch development initiatives in Afghanistan through its ambitious multi-trillion-dollar Belt and Road Initiative (BRI).

China declared (September 8) US$31 million in aid for Afghanistan, claiming the funds were a “necessary step” to restore order and “end anarchy,” in what some regard as Beijing’s tacit backing of the Afghan terrorist group’s interim government.

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Yajush Gupta

Yajush Gupta

Yajush is a journalist at Dynamic Business. He previously worked with Reuters as a business correspondent and holds a postgrad degree in print journalism.

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