29 May NEWS CORP’S DIGITAL PUSH: WE WON’T GIVE UP ON REGIONAL AUSTRALIA; MISSING YOUR CAFFEINE HIT?
Welcome to today’s business and media intelligence, with insights collected over the past 24 hours as we come to the end of another month of COVID 19 lockdown restrictions.
NEWS CORP’S DIGITAL PUSH: WE WON’T GIVE UP ON REGIONAL AUSTRALIA
- News Corp’s executive chairman, Michael Miller, has said the company won’t be giving up on regional Australia, despite ceasing printing of 112 of its community and regional titles. “We’re moving to where regional Australia has moved. We are not moving out of communities and regions – there will be over 375 journalists dedicated to local community and regional news. Read The AFR article here, and Mr Miller’s opinion piece in The Australian here.
HEY, TRUE BLUE
- A new government-backed advertising blitz, which gives a nod to the famous 1980s Buy Australian campaign, will launch next week, encouraging Aussies to buy local to spur on the economy. Cue nostalgia by watching the 80s ad featuring Meadow Lea, Ford Falcon and Ansett here.
MORE TROUBLE FOR THE AUSTRALIAN RETAIL SECTOR
- Despite most of its larger department stores remaining open throughout the pandemic, sales have tumbled more than 35 per cent for iconic department store David Jones. Professor Gary Mortimer, from QUT Business School, says every retail format has a life span and department stores have failed to respond quickly enough to changes in shopper behaviour, category killer competitors, and the growth of online shopping. Read more on how David Jones lost its sparkle in The AFR. (Subscriber access)
- Fashion retailer PAS Group, which operates 225 retail stores and owns a portfolio of brands, has gone into administration, signalling more trouble for the Australian retail sector. The company’s Board said it was of the view the Group was still solvent but given the tough economy and the difficulties of restructuring during the COVID-19 crisis, it was decided that administration was the way to pursue the changes that are needed in the business. Read The AFR article here. (Subscriber access)
DON’T CELEBRATE THE RELAXATION OF CONTINUOUS DISCLOSURE LAWS, YET
- In his column today, The Australian’s John Durie says big business jumped too early in celebrating Treasurer Josh Frydenberg’s relaxation of continuous disclosure laws. Following the initial announcement, ASIC has moved to make it clear that the laws won’t change any time soon. Read more here. (Subscriber access)
- Law firm Gilbert + Tobin also share views on whether the temporary changes actually make a difference. Ultimately, their recommendation is for ASX-listed entities and their officers to continue to comply with existing continuous disclosure policies with the same degree of oversight and diligence. You can read the full post here.
MISSING YOUR CAFFEINE HIT?
- Coronavirus has hit global coffee production, with agribusiness lender Rabobank forecasting demand to fall by up to 60,000 tonnes – or one million 60-kilogram bags. Lockdowns are forcing latte lovers to miss their daily caffeine fix. But don’t think this drop in demand will mean your flat white or long black will get any cheaper. Read more in The Australian here. (Subscriber access)
FANCY A FREE TRIP TO EUROPE?
- The World Economic Forum has warned of a revenue drop for tourism into European Union countries this year from $US200 billion to $US124 billion. The alarming statistics have stirred panic among European nations that rely on summer vacationers, with several countries fighting back with innovative solutions to lure tourists back. The Cyprus Government, for example, said this week it would cover the holiday costs – including accommodation, medicine and food – for anyone who travelled to the nation and tested positive for the virus after arriving. And then there is Montenegro… Read more on what other countries are proposing in The AFR. (Subscriber access)
FAREWELL BC. HELLO AD.
- It’s hard to remember what life was like just a few months ago. January and February seem like an ancient era—the BC (before coronavirus) to the new AD (after domestication) and The Economist argues the shift may rival great workplace transformations in the 19th and 20th centuries. Read more on the new era of AD, how we got here and where we are headed here.
CANNINGS LAUNCHES PODCAST: ‘ON THE COUCH’
- From Flight Centre to Qantas, and Boris Johnson to Gerry Harvey – everyone’s handled the pandemic (and the social and economic impact of lockdown), differently. Some have handled the pressure well; others, not so much. Cannings’ expert issues and crisis management team has a go at making sense of what’s going on. And have a bit of fun along the way. Hosted by Jennifer Parker, with insights from Luis M Garcia and Scott Rochfort. Listen to the first episode of On The Couch here.
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.