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Business news and updates: Global shipping crisis to delay Christmas presents

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 23:

Payroll jobs tumbled in August

Payroll jobs fell 1.3 per cent in the final two weeks of August, with the greatest losses incurred in locked-down states and territories dealing with COVID-19 cases. According to the Australian Bureau of Statistics, the reduction compares to a 0.4% drop in the preceding two weeks. 

According to the ABS, the highest loss in the fortnight to August 28 was in the ACT, which was down 7.1%, followed by a 2.8% drop in Victoria and a 1.6% drop in NSW. 

Global shipping crisis to delay Christmas presents 

Australian shoppers might need to order their Christmas presents now if they want them to arrive in time. A global shipping crisis will make it difficult for customers to purchase Christmas gifts from abroad, as well as for retailers to keep their stores stocked for the holiday season.

Afterpay adds layby option to lure younger customers 

Buy now, pay later giant Afterpay is expanding its soon-to-be-released banking app with a feature that will allow consumers to pay household bills in installments as well as layby debit card transactions on goods such as petrol and groceries. 

The ‘Money by Afterpay’ app is Afterpay’s major step into delivering banking services to a younger consumer base that is increasingly avoiding credit cards and avoiding traditional banks. Customers can use the advertised “retro” function for up to $200 of their total spending.

Robinhood to begin testing crypto wallets

Robinhood Markets announced plans to begin testing cryptocurrency wallets next month, with wider deployment in early 2022, allowing users to transfer supported digital currencies in and out of their brokerage accounts.

Facebook warns it is ‘underreporting’ iOS ad results 

Facebook admitted that it is underreporting the results of its advertising business on Apple iOS devices, recognising that the iPhone maker’s recent privacy measures have made it more expensive and harder for businesses to advertise on Facebook.

India, UAE plan to lift bilateral trade to $100 billion

India and the United Arab Emirates intend to sign a Comprehensive Economic Partnership Agreement (CEPA) by the end of the year, with the goal of increasing bilateral trade by 70% in five years, according to both nations’ trade ministers. 

Trade Minister Piyush Goyal stated that both countries intend to sign an “early harvest” trade agreement soon before finalising the CEPA, which is expected to be implemented in March 2022.

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