08 May AIRBNB CEOs COMPASSIONATE STAFF MESSAGE; COMPANIES NEED TO STEP UP DIGITAL CAPABILITIES
Welcome to today’s business and media intelligence, with insights collected over the past 24-hours, as the nation’s State and territory leaders meet with the Prime Minister to discuss winding back some restrictions and a pandemic mental health plan.
- BY BREAD ALONE…
- There are no atheists in foxholes; there are, apparently, no carbaphobes in a lockdown, says The Economist. It seems baking is the new normal and here is the reason why it makes sense. Read the full article here.
- COVID-19 HAS GIVEN MOST WORLD LEADERS A TEMPORARY RISE IN POPULARITY
- Politicians who took swift action to curb the virus have generally seen a boost in approval ratings. Morning Consult, a pollster, has found that a group of ten politicians have enjoyed an average gain of nine percentage points since March 11th. Find out who made the list in The Economist’s full report here.
- RIDESHARE COMPANIES SLASH STAFF AND BRACE FOR A NEW REALITY
- In the last two weeks, Uber has said it is cutting about 14 per cent of its workforce and rival Lyft is cutting about 17 per cent of its staff. They are hoping that the aggressive cost cutting will help them to survive. Lyft says that ridership plunged by three-quarters in April and will continue to be down for the foreseeable future. Read the Wall Street Journal’s article here. (Subscriber access)
- AIRBNB CEO TAKES COMPASSIONATE STAFF MESSAGE TO A NEW LEVEL (cont.)
- Following on from yesterday’s article about Airbnb’s staff changes, we have included Co-Founder and CEO Brian Chesky’s message to staff. The letter is heartfelt and respectful, where he shares the rationale for his decisions and the bigger picture. Read Brian Chesky’s message here.
Australian company news
- COMPANIES NEED TO STEP UP DIGITAL CAPABILITIES
- QBE announced plans to accelerate its digital transformation strategy at the company’s virtual AGM yesterday, with chairman Mike Wilkins telling shareholders the digital changes the coronavirus is forcing on business are irreversible. His view: those that don’t adapt quickly are likely to be left behind. (Subscriber access)
- Speaking at the Macquarie 2020 Conference yesterday, Wesfarmers chief executive Rob Scott said the conglomerate is looking to accelerate its online investments to bolster its businesses in the “new normal” of the COVID-19 world. (Subscriber access)
- Logistics property giant Goodman Group is charging through the crisis, stepping up its digital capabilities as consumers switch to e-commerce while under lockdown. The company is one of the few property companies to reaffirm its earnings and distribution guidance. (Subscriber access)
- CAN’T WAIT TO GET BACK TO THE OFFICE? IT WON’T BE THE SAME
- As lockdown restrictions are wound back and more staff return to work, experts warn that social distancing rules will still apply. Lifts, in particular, will pose issues for office managers, so you could be waiting a long time in the lobby. KPMG is predicting that the traditional 9-to-5 workday will also be challenged as workplaces embrace greater flexibility. But don’t worry, they acknowledge that the office is still here to stay. (Subscriber access)
- YOU READ IT HERE FIRST – RUPERT MURDOCH GIVES UP BONUS AS NEWS CORP GRAPPLES WITH PANDEMIC IMPACT
- The world’s most famous media mogul, Rupert Murdoch, has agreed to take a pay cut of sorts as his media empire takes a big hit from advertisers during the pandemic. Murdoch will not receive his annual cash bonus this financial year, and News Corporation CEO Robert Thomson said he also would forgo 75 per cent of his annual cash bonus. The Sydney Morning Herald reports here.
- ASIC TAKES AIM AT RISKY TERM DEPOSIT ‘ALTERNATIVES’
- ASIC deputy chairman Karen Chester has warned that products claiming to be like term deposits “spruiking even a two or three percentage point higher return than a term deposit”, represent significantly higher risk than money in the bank. Read her comments on ensuring marketing is “true to label” in The AFR here. (Subscriber access)
- NEVER WASTE A CRISIS, SAYS PERPETUAL – FUNDIES CAN NOW BUY STOCKS AT REASONABLE PRICES
- Perpetual is in the value camp of active fund managers, a style which has struggled for many years as investors favoured firms that can capitalise on emerging growth trends. But recently appointed CEO Rob Adams says his fund managers are “as happy as I have ever seen them” because they can now buy quality stocks at cheaper prices. Read his comments in The AFR here. (Subscriber access)
Our daily briefing is not meant to be a summary of media coverage but rather, insights that may be helpful in understanding how organisations are communicating with stakeholders in a time of crisis – and what comes next. Sign up via email.