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Business news and updates: Tech companies pledge billions in cybersecurity

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 August 26:

Aussie Big Banks on side with SMEs loan scheme

Australia’s major banks have rushed to join an expanded federal lending scheme that will provide loans of up to $5 million to enterprises with less than $250 million in revenue. 

Treasurer Josh Frydenberg declared that small and medium-sized businesses will no longer be required to have received JobKeeper wage subsidies or been damaged by floods in order to participate in the programme. 

The treasurer stated that small firms were desperate due to ongoing coronavirus lockdowns, which put owners under great stress.

Foreign minister defends climate ambition

According to the foreign minister, Australia believes in attaining net-zero carbon emissions, preferably by 2050, rather than merely talking about it. Many close allies, including the United Kingdom, the United States, and Germany, are advocating more ambitious climate action pledges during the November meetings in Glasgow. 

The final official ministerial meeting before the Conference of the Parties, or COP, is scheduled for next month in Milan.

Stringent ACT COVID-19 rules crippling: business owners

Businesses believe the ACT government’s ultra-strict Covid requirements, which are significantly stricter than those elsewhere, are crippling them. 

Staff at Better Music in Phillip, one of the country’s largest music stores, have been warned they are not allowed to enter even to receive instruments that have already been paid for and are in transit from abroad. 

This high-priced inventory might simply be returned to European and Asian vendors. The shop also can’t fulfil internet orders, whereas competitors in Sydney and Melbourne can, therefore the trade goes to the competitors, according to owner Greg Soulsby.

Tax wealth properly, and Australia’s ageing population will enjoy better health services: report 

According to recent research, Australia’s ageing population should not put strain on health budgets because of the quantity of untaxed wealth in the country. The Australia Institute has released a paper that casts doubt on the validity of the analyses used by the federal government in its recent Intergenerational Report (IGR). 

The Institute of Governmental Research (IGR) warned in June that Australia’s tax system would struggle to sustain our ageing population in the coming decades. 

Tech companies pledge billions in cybersecurity

Some of the country’s leading technology companies have committed to investing billions of dollars to strengthen cybersecurity defenses and to train skilled workers, the White House said following President Joe Biden’s private meeting with top executives.

The Washington gathering was held during a relentless stretch of ransomware attacks that have targeted critical infrastructure and major corporations, as well as other illicit cyber operations that U.S. authorities have linked to foreign hackers.

The Biden administration has been urging the private sector to do its part to protect against those increasingly sophisticated attacks. During the meeting, Biden referred to cybersecurity as a “core national security challenge” for the U.S.

Indian private cos are backing health-tech startups  

A recent McKinsey analysis indicates a 38 times rise in telehealth services in the US, which has begun garnering major investor attention. In India till last month, the Central Government’s eSanjeevani initiative completed around 80 lakh consultations in around 16 months. 

Private companies, including a few established giants in the healthcare space, are increasingly investing in promising health-tech start-ups by backing their R&D and product development. 

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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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