Australian shoppers are spending less – and Qantas and Coles see their profits dip
Australian shoppers have become increasingly careful in their spending habits as a slew of consumer-facing companies reported tougher conditions and a closely watched survey showed the entire service sector shrank in July. Big guns including Qantas and Coles saw a dip in profits over the past 12 months, with the airline reporting weak demand for flights and the supermarket noting that the appetite for its cheaper own-brand label products was outstripping that for other goods.
Financial regulator warns that firms ignoring climate change may face their own 'Kodak moment'
Australian Prudential Regulation Authority executive Geoff Summerhayes said businesses that ignore climate change risks could confront their own "Kodak moment", referring to the film giant that failed to foresee the rapid rise of the digital world and went into bankruptcy protection.
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