News In Brief

Welcome to our ‘News In Brief’ column in which we digest all the news releases for you in no more than five paragraphs.
Below are snippets of all the media releases we received from June 17 till the end of the week.
This article updates throughout the week.

Dog Attacks on Posties

Sydney, June 17: Australia Post urges dog owners to secure their pets as over 55 Posties a week face dog-related incidents. In the past six months, more than 1,420 incidents have occurred, with smaller dogs increasingly showing aggressive behaviour.
Half of the incidents happen on customer property, with 34 per cent on the street. Queensland records the highest number of incidents, followed by New South Wales and Western Australia.
Australia Post General Manager of Safety and Wellbeing, Rod Maule, stressed the need for safety: “Our team members just want to be able to deliver for our customers, without being attacked, harassed, or chased by dogs.”
Tips to protect Posties include keeping gates closed, securing dogs in the back garden, and using Parcel Lockers if necessary.

Toshiba TV’s EURO Celebration

Sydney, June 17: Football fans can enjoy UEFA EURO 2024™ with Toshiba TV’s AI-powered Gaming TV Z670, the OFFICIAL TV OF UEFA EURO 2024™. The Z670 enhances visuals with AI Football Mode and AI Picture Optimizer, delivering lifelike color and clarity.
The powerful audio system, featuring REGZA Bass Woofer Pro, Tru Bass Booster, and Dolby Atmos, provides a live stadium experience. Available in sizes from 55” to 85”, the Z670 offers a wide viewing angle and anti-reflection features for clear viewing from any position.
Toshiba TV is celebrating by gifting a USD100 Amazon Gift Card via their social platform. To participate, like, follow, and comment on @ToshibaTVGlobal.
“Gather everyone for ‘Brilliant Every Moment’ in UEFA EURO 2024™ with Toshiba TV!”

Ubank Raises Interest Rates

Sydney, June 18: Ubank will increase its maximum bonus interest rate to 5.50 per cent on its Save product, effective July 1.
This comes as new research reveals 79 per cent of Gen Z and Millennials find rising living costs challenging, yet 66 per cent remain confident in their saving and budgeting abilities.
Chief Product and Growth Officer, Andrew Morrison, stated, “The new bonus interest rate that we are announcing today is one of the most competitive in the market and is an awesome opportunity for customers, new and existing, to make their money work harder for them.”
Ubank introduces a new tiering structure where savings up to $100,000 earn 5.50 per cent, and amounts from $100,000.01 to $250,000.00 earn 5.00 per cent. Customers need to deposit at least $500 monthly to qualify. New app features will support young adults with tools like Pay Cycle, Bill Planner, and Spotted Bills for better money management.

Refugee Cookbook Launched

Sydney, June 18: Australia for UNHCR has launched a new online cookbook, Flavours of Hope, featuring treasured recipes by current and former refugees to raise funds for the UN Refugee Agency ahead of World Refugee Day on Thursday, 20 June 2024.
The cookbook includes recipes and stories from ten remarkable individuals, some of whom have found safety in Australia, while others are still living as refugees overseas.
“Although our contributors have survived extremely difficult experiences, they have not lost the urge to share what they have with others – in this case, their stories, their culture and their food,” said Australia for UNHCR CEO, Trudi Mitchell.
“I encourage everyone to download the free book via our website to experience these amazing recipes and help support the cause.”
The release of the cookbook coincides with World Refugee Day, an annual celebration of the talent, contribution, and resilience of refugees in our community.
Australia for UNHCR Ambassador and founder of Boost Juice, Janine Allis, has pledged to make a donation every time someone downloads the book.
These funds will support UNHCR’s life-saving work helping people flee conflict, disaster, and persecution around the world.

Commercial Real Estate Booms

Sydney, June 19: Since launching three years ago, the agency has thrived alongside the commercial real estate industry. They achieved $40 million in unconditional deals in the last fortnight, saved clients 11-13 per cent off asking prices, and appointed Shani Costi as General Manager, solidifying their market position.
Shani Costi, former General Manager at The Rubinstein Group, commented on her new role: “Joining The Agency, and forces with my husband, has been an absolute whirlwind and an exciting one! When Costi Cohen launched a few years back, it was apparent that the duo was creating an industry that wasn’t born yet, so it’s exciting to see how far it has come and become a trio to take it to new heights.”
Costi Cohen has completed various off-market transactions for their exclusive clients, including shopping centers, industrial warehouses, fast food assets, and blocks of units. Notable recent acquisitions include: 226 Bridge Street, West Tamworth NSW (Purchase Price: $5,500,000; Yield: 4.7 per cent Net; Land Area: 2,037 sqm; Tenant: Guzman Y Gomez, 20-year lease), 66-72 Victoria Road, Drummoyne NSW (Purchase Price: $7,550,000; Land Area: 971 sqm), and 2660 Logan Road, Eight Mile Plains QLD (Purchase Price: $8,000,000; Yield: 6.425%; Land Area: 3,029 sqm; Tenants: 7-Eleven with a 12-year lease, and Subway with a 7-year lease).
Tas Costi, Co-founder and Director, stated: “We’ve been approached by several new and existing clients looking to start or grow their property portfolio with unique purchases such as this. We’ve seen that people are happy to wait for these rare listings because they know the wait is worth the reward, as opposed to rushing in. It’s a difficult climate to find good deals on properties with national tenants, making service stations a hot asset class because they have large land holdings with future development upside. We’re glad to be able to source these sites and match them with the perfect buyer, and assist both parties through all stages of the deal.”

Westbridge Delivers Big Returns

Perth, June 19: Westbridge Funds Management has completed the sale of the Baile Road Syndicate’s sole asset, 50 Baile Road in Canning Vale, Western Australia, for $12.3 million on 17 June 2024.
Originally purchased for $4.8 million in June 2005, the asset’s sale marks a 517 per cent total return for investors, equating to a 14.6 per cent Internal Rate of Return (IRR) per annum over its 20-year lifespan.
The 15,289 sqm industrial asset, located in one of Perth’s premium industrial precincts, benefited from market rent reviews and high demand for quality WA industrial properties.
Alex Lambert, Head of Commercial Funds at Westbridge, stated: “We’re very pleased with the results of this sale, which demonstrate the continued demand we’re seeing for well-located industrial assets in WA, as well as the success of our rental strategy for this asset.” He noted the strategic timing of the sale following a market rent review in November 2023.
Chairman Damian Collins added: “Nearly 20 years ago our Baile Road Syndicate investors placed their trust in the Westridge team, and we are delighted to deliver a 517 per cent total return, providing a strong exit to the Syndicate.”
The sale follows Westbridge’s recent divestment of properties on Marchesi Street in Kewdale, delivering significant returns and showcasing the firm’s expertise in the WA industrial property market.

Exolaunch, Sateliot Partner

Spain, June 19: Exolaunch has announced a new agreement with Sateliot, the pioneering LEO 5G NB-IoT satellite constellation operator, for launch and deployment services. Sateliot will deploy four additional satellites, named Sateliot_1 through Sateliot_4, using Exolaunch’s services on the Transporter-11 Rideshare mission with SpaceX, set for mid-2024.
Jaume Sanpera, CEO of Sateliot, remarked, “Partnering with Exolaunch marks a significant milestone for Sateliot as we continue our mission to revolutionize 5G IoT connectivity from space. With Exolaunch’s expertise and industry-leading services, we are confident in the successful launch and deployment of our next four satellites, further advancing our vision of ubiquitous IoT connectivity.”
Pablo Lobo, mission manager at Exolaunch, added, “We are delighted to welcome Sateliot as our newest customer and partner. This agreement highlights Exolaunch’s dedication to facilitating the growth and success of innovative European companies like Sateliot. Exolaunch is proud to provide our industry-leading services and technology to support Sateliot’s vision of advancing 5G IoT connectivity from space.”

Airbnb Launches Hosting Guide

Sydney, June 20: Airbnb has unveiled its Guide to Responsible Hosting in Buildings, aimed at promoting responsible short-term rental accommodations (STRA) in Malaysian strata buildings. The guide offers resources for strata hosts, property managers, and developers, including a Code of Conduct and a Neighbourhood Support Line in multiple languages.
Partnering with legal professionals Messrs. Zaid Ibrahim & Co, Airbnb developed reference by-laws to help manage STRA activities. Mohamad Izahar Mohamad Izham, Partner at Zaid Ibrahim & Co., stated, “The introduction of these reference by-laws is a significant milestone in the regulatory framework of STRA operations.”
Michelle Siew, JMB committee member for Ceylonz Suites, welcomed the guide: “The guide is clear and easy to follow – allowing us to better foster greater harmony amongst residents and guests in our property.” Similarly, Sarah Othman, a host at Legasi Kampung Bharu, said, “We look forward to collaborating closely with the building management to adopt and adapt the reference by-laws to create win-win solutions for our community.”
Mich Goh, Airbnb’s Head of Public Policy for Southeast Asia, emphasized Airbnb’s commitment to community safety and responsible travel. “Our Guide to Responsible Hosting in Buildings, including the reference by-laws for STRA in strata buildings, is designed to help ensure that each stay is a positive experience for hosts, guests, and neighbors alike.”
A recent study by Oxford Economics highlighted Airbnb’s economic impact in Malaysia, with guests spending approximately RM7 billion in 2022, contributing over RM5 billion to GDP, and supporting nearly 57,000 jobs.