Money
First Australian company to follow U.S lead on mandating vaccines
In an Australian first, manufacturer SPC will mandate that all of its staff must be fully vaccinated by the end of November to enter any location
It’s a leaf out of the U.S book, following big tech companies allowing only vaccinated employees into US Offices.
Alphabet Inc.’s Google and Facebook Inc. said on Wednesday all U.S. employees must get vaccinated to step into offices. Google is also planning to expand its vaccination drive to other countries in the coming months
How will SPC vaccinate staff before year-end?
It may seem to be a common trend in the U.S. but this is a first for Australia.
SPC’s said the company recognises the significant threat the COVID-19 Delta variant poses to both the business and the broader Australian community.
“A fully vaccinated workforce will ensure that SPC can continue to deliver an essential service while helping Australia return to an open economy in line with the Prime Minister’s four-point plan out of COVID,” Australia’s #1 producer of premium packaged fruit said in a statement on Thursday.
All SPC staff, including casual and permanent staff as well as contractors, must have at least the first dose of the vaccine scheduled by September 15 2021, with the first dose administered by the end of October.
Any visitors to an SPC site will also be required to be vaccinated.
SPC Chairman, Hussein Rifai, said lockdowns are not a sustainable solution and the Australian economy needs to open up again.
“The Delta variant poses a significant threat to our people, our customers and the communities we serve. The only path forward for our country is through vaccination,
RIFAI SAID.
Bold new plans to get Aussies vaccinated by Christmas
Australia’s vaccination rollout coordinator has unveiled a bold new strategy that would see 80 per cent of the country’s residents fully vaccinated against Covid-19 by December.
The latest statistics show that 80 per cent of the eligible population could receive both doses by the year’s end, with 70 per cent protected by November.
It comes as the Federal government calls for an elevated level of collaboration and cooperation across the country to increase the speed of the rollout.
Sydney is currently in its sixth week of strict stay-at-home orders – with the state’s premier previously flagging that vaccines may be the only option to bring the Delta variant under control.
It follows the national cabinet meeting to endorse a plan that would see Australia begin to move into a pandemic “consolidation” phase following 80 per cent of the eligible population being vaccinated.
Should companies be mandating vaccines?
“As a Company, we believe it is the right thing to do and we must go further to minimise risk and to protect the people we care about from the Delta variant,” said Rifai.
“By taking proactive steps now, we are shoring up our Company for the future. We firmly believe that it will be manufacturers and innovators like SPC who will help drive Australia’s post-COVID economic recovery,” Giles said.
All staff will be aided and offered compensation via paid time off when required to receive their vaccinations as well as special paid leave of up to 2 days for any staff who may become unwell after vaccination.
For those with a pre-existing condition and are unable to receive the vaccine their circumstances will be considered on a case by case basis.
Money
Inflation rise reduces chances of Reserve Bank rate cut
Inflation spikes, drastically reducing chances of a Reserve Bank rate cut amid economic pressures and rising costs
Inflation spikes, drastically reducing chances of a Reserve Bank rate cut amid economic pressures and rising costs
– Rate cut likelihood by the Reserve Bank has decreased due to a rise in annual inflation to 3.2 per cent.
– Significant price increases in housing, recreation, and transport are raising concerns for the Reserve Bank.
The likelihood of a rate cut by the Reserve Bank has decreased significantly after a surge in annual inflation.
The Australian Bureau of Statistics reported that inflation for the year ending September rose to 3.2 per cent, reflecting a 1.1 per cent increase.
Trimmed mean inflation, a crucial measure for the Reserve Bank, was recorded at 1 per cent for the quarter and 3 per cent for the year. The bank anticipates inflation to reach 3 per cent by year-end, while trimmed mean inflation is expected to slightly decrease.
The quarterly rise of 1.3 per cent in September exceeded expectations. Governor Bullock noted that a deviation from the Reserve Bank’s projections could have material implications.
Financial markets reacted promptly, with the Australian dollar rising against the US dollar, while the ASX200 index fell.
The most significant price increases were observed in housing, recreation, and transport, indicating widespread price pressures that concern the Reserve Bank.
Despite the unexpected inflation rise, some economists believe the Reserve Bank may still consider rate cuts in December, viewing current price spikes as temporary due to the winding back of subsidies.
Economic Pressures
Broad-based economic pressures suggest that the Reserve Bank may not reduce interest rates at its upcoming meeting. Analysts highlight the need for ongoing support for households facing cost-of-living challenges.
Money
Wall Street hits record highs on low inflation
Wall Street hits record highs on cool inflation and strong earnings ahead of key Federal Reserve interest rate decision
Wall Street hits record highs on cool inflation and strong earnings ahead of key Federal Reserve interest rate decision
– U.S. stocks rose to record highs on Friday due to lower inflation and strong corporate earnings.
– Key earnings reports from major companies are expected next week, influencing market trends.
The Labor Department reported that the Consumer Price Index was slightly cooler than analysts’ predictions, easing concerns about inflation impacts from tariffs. This development suggests a likely interest rate cut by the Federal Reserve at its upcoming meeting.
Ryan Detrick from Carson Group noted the positive inflation news may facilitate forthcoming Fed rate cuts. Despite the ongoing government shutdown affecting data releases, this CPI report provided much-needed clarity.
Earnings reports are continuing, with 143 S&P 500 companies having reported results. Growth expectations for third-quarter earnings have risen to 10.4%. Detrick indicated a strong opening to the earnings season with a significant percentage of companies exceeding expectations.
This coming week, key earnings will be reported from Meta Platforms, Microsoft, Alphabet, Amazon, and Apple, alongside industrial companies like Caterpillar and Boeing.
The Dow rose 472.51 points to 47,207.12. The S&P 500 increased by 53.25 points to 6,791.69, while the Nasdaq gained 263.07 points, reaching 23,204.87.
Alphabet gained 2.7% following a deal expansion with Anthropic. Coinbase saw a 9.8% increase from a JPMorgan upgrade. In contrast, Deckers Outdoor’s shares fell 15.2% after lowering sales forecasts.
Market Trends
Advancing stocks on the NYSE outnumbered decliners by 2.18 to 1. The S&P 500 had 34 new highs, with the Nasdaq recording 124.
Trading volume was 19.04 billion shares, lower than the average of the past 20 days.
Money
US stocks face tests from Tesla, Netflix earnings
US markets brace for Tesla and Netflix earnings amid rising volatility and delayed inflation data
US markets brace for Tesla and Netflix earnings amid rising volatility and delayed inflation data
– Earnings reports from Tesla and Netflix might affect U.S. stock performance next week amid high inflation concerns.
– Increased market volatility arises from U.S.-China trade tensions and fewer S&P 500 stocks in an uptrend.
The S&P 500 entered its fourth year of growth amidst these fluctuations, having previously experienced a period of calm. Experts suggest market risks are intensifying as valuations reach peak levels.
Market Volatility
Concerns regarding U.S.-China trade relations escalated last week when the U.S. threatened to raise tariffs by November 1 over China’s rare-earth export policies. President Donald Trump is scheduled to meet with President Xi Jinping in two weeks to discuss these issues.
Despite these challenges, major stock indexes gained ground over the week, with the S&P 500 up 13.3% year-to-date. However, a noticeable decline in the number of S&P 500 stocks in an uptrend raises caution among investors about underlying market weaknesses.
The upcoming third-quarter earnings will be closely monitored, especially as the government shutdown halts economic data releases. Companies like Procter & Gamble, Coca-Cola, RTX, and IBM are due to report. The delayed U.S. consumer price index is also expected to provide crucial insights ahead of the Federal Reserve’s monetary policy meeting on October 28-29.
-
News4 days agoBitcoin tops $110K as South Korea reforms crypto rules
-
News9 hours ago
Markets cautious as rate cut hopes fade
-
News9 hours ago
US–China trade talks are a handshake, not a deal
-
News3 days ago
Oil prices drop amid OPEC+ output increase plans
-
Shows4 days ago
Improvement districts transforming cities: lessons from London
-
Ticker Views4 days ago
Were you on Facebook 10 years ago? You may be able to claim part of this $50 million payout
-
News4 days ago
Russia test-launches nuclear-powered Burevestnik cruise missile
-
News2 days ago
Meta and Amazon signal ‘AI efficiency era’
