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Businesses left devastated following Sydney lockdown extension

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Sydney businesses have received another blow with lockdown set to be extended for another week

Greater Sydney’s lockdown has been extended by seven days, with a threat of even tougher restrictions in the city’s southwest, after 27 new locally acquired cases were reported.

Only 13 of those cases were already in isolation.

The state premier expressed concern the Delta variant had now established a foothold in a number of suburbs in the south-west.

The existing lockdown will run until Friday midnight, 16 July, but Ms. Berejiklian said residents in Fairfield, Canterbury-Bankstown, and Liverpool may face stiffer orders to stop the movement of people.

Many businesses say they are on the edge of collapse and are calling for more government support.

Multiple industries have been forced to close, while others are resorting to operational changes – such as cafe shops and hospitality venues shifting to takeaway only.

The relief package available to businesses

A relief package to help Sydney businesses cope with the financial impacts of the city’s lockdown has been put into place to help operators recoup lost revenue and claim unused stock.

Lobbying from industry groups has meant the support package will echo the one provided to northern beaches businesses over the Christmas lockdown in 2020.

Sydney’s first two weeks in lockdown wiped around $2 billion off Australia’s gross domestic product , with a quarter of the national economy forced to stay home.

Restaurant and Catering Association chief executive Wes Lambert stated that hospitality organisations lost around $70 million in binned stock over the first weekend of lockdown.

Anthony Lucas is reporter, presenter and social media producer with ticker News. Anthony holds a Bachelor of Professional Communication, with a major in Journalism from RMIT University as well as a Diploma of Arts and Entertainment journalism from Collarts. He’s previously worked for 9 News, ONE FM Radio and Southern Cross Austerio’s Hit Radio Network. 

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Money

AI pushes the Nasdaq to a record-breaking close

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The Nasdaq achieved a record-breaking close, surpassing its previous record high of 16,057.44, which was established on November 21, 2021.

Artificial assistance

Artificial intelligence-related technology stocks, such as Nvidia (NVDA.O) and Microsoft (MSFT.O), have greatly boosted the index.

The Nasdaq Composite has increased by almost 7.2% this year.

The tech-focused index surged 43% in 2023, and as chipmakers gained traction and confidence increased that the Fed might achieve a soft landing—that is, curb inflation without inciting a recession—stocks surged strongly by year-end.

In contrast, Nvidia increased by 1.9% on Thursday, bringing its total gain from a year ago to around 250%.

Market boom

Every S&P 500 subs sector saw a gain at the end of the month.

Analysts at Deutsche Bank report that the index has now increased for 16 of the past 18 weeks, matching the record most winning weeks last attained in 1971.

Bitcoin also moved closer to its all-time high.

The price of the virtual currency momentarily surpassed $64,000 as spot bitcoin ETFs helped drive it to heights last seen in 2021.

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Disney sign off on mega merger with India’s largest conglomerate

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India’s top conglomerate Reliance Industries and Walt Disney announced the merger of their India TV and streaming media assets, forming an $8.5 billion entertainment juggernaut.

Disney, Reliance sign non-binding agreement for India’s largest media conglomerate

Reliance, led by Asia’s richest man, Mukesh Ambani, will inject $1.4 billion in the merged entity, with the company and its affiliates holding a more than 63% stake, with Disney owning the rest, the companies said in a joint statement.

Mukesh Ambani, Reliance’s multimillionaire CEO

Media rivals

With two streaming platforms and 120 TV channels, the combined company will be a formidable opponent for competitors like Netflix and Sony of Japan in the $28 billion media and entertainment market, which is expected to grow to $100 billion by the end of the decade.

Disney’s lengthy battle to stop users from leaving its collapsing Indian streaming service and the financial burden resulting from billion-dollar payments for Indian cricket rights before the deal, providing yet another illustration of how difficult it can be for Western companies to expand in India.

Ultimate alliance

“The combined entity will create a sports behemoth in India,” stated Jinesh Joshi, an analyst at Prabhudas Lilladher in India.

“This merger will give Reliance great bargaining power when it comes to negotiating advertisement contracts … For Disney, coming together with a bigger player, in terms of (financial) pockets, will give it a cash cushion,” he continued.

According to the corporations, the combined company will serve the approximately 750 million viewers in India as well as the Indian diaspora worldwide.

According to Disney CEO Bog Iger’s statement, “Reliance has a deep understanding of the Indian market and consumer,” and the acquisition will enable “us to better serve consumers with a broad portfolio of digital services, entertainment, and sports.”

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Money

Warner Bros Discovery plans to shutdown popular NZ news network

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One of New Zealand’s two free-to-air television networks claimed it will be shutting down all newsroom operations, television news broadcasts and website from June 30, with the loss of up to 200 media jobs.

The once-thriving network, which had been a staple in the New Zealand entertainment industry, is now facing financial turmoil, sending shockwaves through the media landscape.

Warner Bros Discovery, who own the NZ news network, stated the decision comes following further attempts to reduce costs and that meant major changes including the planned shut down of the newsroom.

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