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 Oct 28 till the end of the week.
This article updates throughout the week.

Holiday Debt Rising

Sydney, Oct 28: Millions of Australians are overspending on holidays, according to Finder research.
A survey of 1,049 people revealed 17 per cent – around 3.6 million Australians – booked trips they couldn’t afford in the past year.
The findings show five per cent went into debt to travel, and another 5 per cent borrowed from family or friends.
Meanwhile, six per cent canceled plans due to financial constraints.
Angus Kidman, Finder’s travel expert, warned, “Your post-holiday glow will quickly fade when you’re faced with substantial debt.”
Young Australians, especially Gen Z (35 per cent), were the most likely to overspend on holidays, compared to just 1 per cent of baby boomers.

Halloween Chocolate Exploitation

Sydney, Oct 28: As Halloween nears, Tony’s Chocolonely is raising awareness about exploitation in cocoa farming, revealing that 1.5 million children work in child labour across West African cocoa farms, which supply 60 per cent of the world’s cocoa.
Deforestation, poverty, and illegal labour plague the industry.
New research by Tony’s Chocolonely and YouGov shows nearly 60 per cent of Australians are aware of ethical issues in chocolate production, with 88 per cent concerned they’ve unknowingly purchased unethically sourced chocolate.
Around 82 per cent want top brands to combat child labour, and 94 per cent demand action.
Tony’s Chocolonely advocates for systemic change through its 5 Sourcing Principles, fostering sustainable practices and partnerships, and urging other brands to join its mission to end exploitation.

Wealth Transfer Risks

Sydney, Oct 28: New research from Natixis Investment Managers highlights that 40 per cent of Australian financial advisers view the upcoming $3.5 trillion generational wealth transfer as a threat to their business.
Nearly 45 per cent worry about losing assets from clients’ heirs, with asset retention dropping from 71 per cent when a spouse inherits to 38 per cent with children.
Advisers are prioritising clients aged 50–65 to retain assets, with 79 per cent stressing the importance of including heirs in financial planning discussions.
In a volatile market, advisers report clients’ top concerns include meeting financial goals (85 per cent), market downturns (77 per cent), inflation (73 per cent), and wealth preservation (65 per cent). Many also fear the impact of the upcoming US election on markets, with 53 per cent of advisers predicting negative market effects.
Advisers also warn against unrealistic return expectations (31 per cent) and chasing returns through market timing (39 per cent). Despite rising interest rates, nearly half (49 per cent) find it challenging to increase fixed income allocations.
Private assets are becoming a focus, but 79 per cent of advisers struggle to build portfolios at scale, and 77 per cent say clients lack understanding of the holding periods required for such investments.

Intium Expands Leadership

Sydney, Oct 28: Intium, an Australian energy solutions provider, has appointed Babu Kumar as General Manager of Engineering and Delivery, bringing 27 years of industry experience.
Kumar will lead the technical strategy, focusing on innovation and supporting project delivery to accelerate Australia’s clean energy transition.
The company, founded in January 2023, specializes in electric vehicle charging infrastructure (EVCI) and electrification, aiming to deliver renewable projects quickly and sustainably.
With over 150 years of combined team experience, Intium emphasizes speed to market without compromising safety or quality.
Nathan Rhodes, Executive General Manager, has expanded the leadership team, appointing Ian Armstrong for Business Development, Karie James for Business Improvement, and Joshua Thomas for EVCI.
Intium has secured delivery partnerships and rolled out its first electric vehicle charging bays in regional NSW, with further installations planned.
The company aims to support Australia’s 2030 and 2050 net zero targets through sustainable energy solutions.

Venom Leads Box Office

Sydney, Oct 28: Halloween week saw Venom: The Last Dance dominate with $4.71M, boosted by premium experiences like HOYTS Xtremescreen.
Smile 2 followed in second with $1.1M, bringing its total to $3.63M.
Kate Winslet’s Lee debuted in third, earning $889K, with total earnings of $1.06M including previews.
In fourth place, The Wild Robot added $449K, bringing its cumulative total to $15.41M.
Terrifier 3 rounded out the top five with $244K, pushing its total to $1.92M.
Other notable films include Look Back ($151K) and Transformers One ($136K), along with Runt and Substance still holding spots in the top ten.
With Halloween around the corner, HOYTS is treating movie fans to a Spooky Sale, offering 10 per cent off e-gift cards online from Monday, 28 October to Thursday, 31 October.
Upcoming releases include Saturday Night, The Moogai, and Singham Again.

Jeju Air Expands Routes

Kota Kinabalu, Oct 28: Jeju Air has launched a new route connecting Busan and Kota Kinabalu, complementing its existing Incheon-Kota Kinabalu service.
The Busan flights will operate six times a week, increasing the airline’s total weekly flights from South Korea to Sabah to 13.
The inaugural flight, which carried 135 passengers, was welcomed with a water salute ceremony. Minister of Tourism, Culture, and Environment, Datuk Seri Panglima Christina Liew, expressed optimism about the impact of the new route, highlighting South Korea’s position as the third-highest source of international arrivals to Sabah this year.
Sabah Tourism Board CEO Julinus Jeffery Jimit noted that the additional flights would encourage mutual travel between Sabah and Korea, presenting new opportunities for tourism stakeholders.
Jeju Air emphasized that the new route offers more convenient schedules and enhanced consumer benefits.
With this development, Sabah now receives 33 weekly flights from Busan and Seoul.

NTT DATA, Palo Alto Partner

Sydney, Oct 29: NTT DATA has expanded its partnership with Palo Alto Networks to launch a new AI-powered Managed Extended Detection and Response (MXDR) service.
The service leverages Palo Alto’s Cortex XSIAM platform to provide continuous threat monitoring, detection, and automated response across cloud, network, and edge environments.
With 24/7 support from a global security team, MXDR integrates AI-driven threat intelligence, streamlining security operations to enhance cyber resilience.
This collaboration aims to meet rising cybersecurity demands, particularly in industries like manufacturing, chemical, and pharmaceuticals, offering full edge-to-cloud protection, machine-speed threat detection, and reduced total cost of ownership (TCO).
NTT DATA, with operations in 50 countries, secures enterprises globally, managing 2 billion threats annually with a team of over 7,500 cybersecurity professionals.

Gift Generator Launches

Sydney, Oct 29: Afterpay and Spotify have unveiled the Gift Generator, an in-app tool that uses Spotify’s streaming intelligence to personalise gift lists based on user preferences.
This collaboration aims to tackle the issue of unwanted gifts, with new research revealing almost half (48 per cent) of Australians receive at least one unwanted gift during the festive season.
The Gift Generator offers curated recommendations, matching users with categories like Beauty Guru or Thrill Seeker, and provides a festive playlist based on their mood.
Enhanced by haptic technology, users can shake their phones to unlock and purchase gifts.
The survey found 46 per cent of Australians feel stressed about unwanted gifts, with re-gifting and donating being the most popular solutions.
Personalised gift lists are becoming more appealing, with 47 per cent eager to use technology for customisation and 72 per cent believing personalised gifts show more thought and care.

Bintai Kinden Secures Repayment Plan

Petaling Jaya, Oct 30: Bintai Kinden Corporation Berhad (BKCB) announced that its subsidiary, Optimal Property Management Sdn Bhd (OPM), has secured an Extended Interim Settlement Proposal (EISP) with Universiti Islam Melaka Berhad (UIMB).
The agreement outlines a structured repayment plan of RM13.5 million, with minimum monthly payments of RM5.2 million for the first four months, starting 31 October 2024, and 21 installments over three years. Full settlement of arrears, currently at RM64.02 million, is expected by 15 July 2026 if no revised Availability Charge Rate is agreed upon by 31 March 2026.
“This committed minimum monthly payment plan will provide positive cash flow and enhance our financial stability,” said BKCB Managing Director cum CEO Datuk Tay Chor Han.
The EISP reflects progress in BKCB’s efforts to resolve financial issues, stabilize operations, and uplift from its PN17 status.
The regularisation plan was submitted to Bursa Securities on 4 October 2024.

Ticketek Extends Suncorp Partnership

Sydney, Oct 31: Ticketek has renewed its 20-year partnership with Suncorp Stadium following a competitive tender process awarded by Stadiums Queensland.
The renewed agreement reinforces Ticketek’s role in providing advanced ticketing services for Queensland’s premier events and venues.
Suncorp Stadium, known for hosting major sports teams like the Brisbane Broncos, QLD Reds, and the Brisbane Roar, as well as global music acts such as Ed Sheeran, Coldplay, and Beyoncé, will continue using Ticketek’s industry-leading ticketing technology.
TEG Group CEO Geoff Jones expressed excitement about the extended collaboration, while Stadiums Queensland CEO Todd Harris highlighted the importance of Ticketek’s innovative solutions for enhancing fan engagement and delivering world-class events.
The stadium will also benefit from TEG’s Ovation platform, offering insights to optimize audience experiences and tailor future events.

Queensland Shines at 2024 BIG4 Awards

Melbourne, Oct 31: The 2024 BIG4 Holiday Parks Annual Awards were held in October at Movie World on the Gold Coast, where 13 awards celebrated individual and park excellence across Australia.
The event coincided with the BIG4 conference, marking the 45th anniversary of the brand under the theme “Delivering Excellence Together: THE BIG4 Way.”
BIG4 CEO Sean Jenner praised the dedication of the network’s teams, highlighting the achievements of BIG4 Caloundra Waterfront, which received four awards, and Theo Whitmont’s induction as a Life Member.
The new Theo Whitmont BIG4 Future Leader Award was awarded to Lisa Tagidrau from BIG4 Tweed Billabong Holiday Park, recognizing her contributions to the industry.
With a network of over 260 parks, BIG4 Holiday Parks continues to offer exceptional guest experiences across Australia, rooted in the values of its founders.