Japan’s ambassador to Australia was of the opinion that since the Japan–Australia side remains the shortest, the priority for the countries is to transform the Japan–Australia–US triangle into a more equilateral triangle. According to Suzuki, a stronger Japanese presence in Australia would reinforce Japan’s strategic resilience and enhance Australia’s deterrence.
Following the decision by Menulog, around 120 employees would be affected, for which the firm said it had already offered them employment support and redundancy packages. Menulog also mentioned that the affected employees would be entitled to a four-week voluntary payment. On Wednesday, Menulog released a statement saying the decision to announce the closure of its local operations would allow it to focus on investments in other markets. Meanwhile, Menulog’s failure raises questions about the competitive food delivery market in Australia.
Vietnam and the U.S. are close to finalising a significant trade deal aimed at narrowing their trade imbalance. Deputy Prime Minister Bui Thanh Son said the agreement could be completed soon and is expected to improve trade relations and create a fairer economic partnership. The deal focuses on major export sectors such as electronics and textiles. It’s expected to promote stable economic growth, simplify export procedures, and cut down on red tape. Officials say it could lift trade activity, attract fresh investment, and help Vietnam stay competitive internationally. It also shows the two countries are strengthening their cooperation as global economic conditions remain uncertain.
Tasmanian government on Tuesday evening directed that a West Coast mine, Hellyer Gold Mines will shut down its operations following its failure to pay the state about $1 million in royalties. On top of the government’s debts, the firm owed contractors and suppliers too, in millions. The government’s action would affect between 20 and 30 employees, and the government assured that they would work with the affected employees, suppliers, and contractors.
Warren Buffett announced he is stepping down as CEO of Berkshire Hathaway after six decades at the helm. In his final annual shareholder letter, the 95-year-old billionaire said he would give away his $149 billion fortune to charity much faster now. Buffett converted $1.35 billion of stock to family foundations on Monday. Greg Abel will become CEO next year. Although Buffett is leaving his position as CEO, he says he will be continuing to write yearly Thanksgiving messages and that he remains ‘highly confident’ in the future success of the company with new leadership at the reins. Read more stories of entrepreneurship and legacy from business leaders.
According to the data released by the Office for National Statistics (ONS), the figure was higher than expected, as it was projected to be 4.9 per cent by several analysts ahead of the Budget on 26 November. In the previous quarter, the unemployment rate was 4.8 per cent. The surge in unemployment rate in the United Kingdom has fueled the speculations that the Bank of England’s Monetary Policy Committee may decide to cut the repo rates when it meets on 18 December.
Australia’s under-16 social media ban has now started, and platforms like Meta, YouTube, and Twitter are following the rule. They’ve put stricter age checks in place and are suspending accounts if they discover someone is underage. The move is meant to protect young Australians from harmful content and mental-health issues linked to social media. It also shows a big change in how online platforms are controlled and is pushing the UK and EU to think about similar rules. Australia is fast becoming a strong example of online safety for young people
MinRes, the mining services provider, is currently battling a debt hole that was caused by large capital spending on its Onslow Iron haul road project. Also, the collapse of its lithium prices has hit its earnings. According to the deal with MinRes, POCSO will get an indirect 15 per cent interest in each of MinRes’ Wodgina and Mt Marion lithium mines. During the August quarter, MinRes posted an annual net loss after tax of A$896 million.
According to CEO Lisa Su, AMD’s overall revenue growth may expand to around 35 per cent per year over the next three to five years. She cited the firm’s AI data centre business as a key component of her growth vision. Su mentioned that the data centre is the largest growth opportunity and AMD has positioned itself ‘very well’ in that market. AMD in October announced a partnership with OpenAI, where it would sell the AI startup billions of dollars in its Instinct AI chips over multiple years
Mexico imposed a fresh 156 per cent tax on all sugar imports from other countries from this week onward. The government maintains that this will protect local sugarcane farmers from the flood of cheap foreign sugar. Ordinarily, Mexico produces enough for its own needs, but it had to import from abroad in recent times following the damage crops suffered due to inclement weather. Over a period of three years, Mexico has imported more than one million tons of foreign sugar. With the prospect of better production, the high tariff will block all imports now and raise prices that local farmers will get for their sugar.
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