🦘 Telstra Cuts 2,800 Jobs, ANZ Bounces Back After Major Outage, Aviation Sector Recovers From COVID-19

G’day everyone!

Here’s what we’ve got in store for you today:

• Telstra Cuts 2,800 Jobs

• ANZ Bounces Back After Major Outage

• Aviation Sector Recovers From COVID-19

Let’s have a look at the market snapshot before jumping into the news:

Telstra Trims the Fat: 2,800 Jobs on the Chopping Block in Major Restructure

Australia’s telecom titan, Telstra, is tightening its belt with a hefty job cut, axing up to 2,800 positions in a bold move to stay competitive.

As digital demands soar, Telstra is slashing its workforce by nearly 10%, affecting a significant chunk of its 31,000-strong team.

This decision is part of a sweeping restructuring plan aimed at boosting efficiency and enhancing customer connectivity across the nation.

CEO Vicki Brady is steering this challenging course, citing the necessity of these cuts amidst the fast-paced tech evolution, mounting customer expectations, and ongoing inflationary woes.

While these changes herald a leaner operational model focusing on innovation and advanced infrastructure, they come with a sharp sting for the workforce.

As Telstra gears up to carve a path through a transforming telecom landscape, the impact on its employees and their communities remains under close watch.

This restructuring underscores Telstra’s drive to refine service delivery and play a key role in advancing Australia’s digital economy, although at a significant human cost.

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ANZ Bank Bounces Back After Major Outage

After a brief yet inconvenient outage, ANZ’s digital banking services and app have returned to the digital realm.

The annoying glitch temporarily barred users from accessing both the app and ANZ's internet banking website.

Quick to the rescue, ANZ flagged the disturbance over on social media platform X, promising a swift fix. True to their word, just two hours later, digital doors reopened as services fluttered back to life.

ANZ pinned the blunder on a tech snafu courtesy of a third-party vendor, a mishap they're now digging into.

For those who feared the digital apocalypse during the outage, not all hope was dashed - ATMs, phone banking, the ANZ Plus app, and EFTPOS facilities were still at everyone's disposal, proving old school still has its charm.

This isn’t an isolated drama in the banking world though, as Commonwealth Bank customers might remember a similar digital disruption back in March.

Seems like our banks are getting a serious tech workout!

Australia's Aviation Sector Nears Full Recovery, Boosted by Taylor Swift Tour

After a turbulent four-year shakeup caused by the COVID-19 pandemic, Australia’s aviation industry is soaring close to pre-pandemic levels, with passenger numbers in March 2024 reaching 99% of those in 2019.

This rebound is attributed significantly to the buzz around Taylor Swift’s concert tour, which pulled over 600,000 fans to Melbourne and Sydney over two weekends.

Airlines, like Qantas, ramped up their services to accommodate the Swiftie invasion, adding more flights and expanding seat availability.

Despite the industry's uplift, it wasn't all smooth flying.

The Australian Consumer and Competition Commission (ACCC) shed light on the crash landing of newcomer Bonza.

The collapse of this budget carrier was a blow to price-conscious flyers and the market's diversity.

However, there’s a silver lining—the increased competition previously sparked by Bonza led to a general dip in airfare prices, a trend that the ACCC hopes will stick as the market stabilizes.

On the flip side, operational performance still shows room for improvement.

The government's recent transport report highlighted a dip in on-time flight arrivals and an uptick in cancellations.

Yet, the overarching narrative remains upbeat as Australia's aviation sector looks to stabilize and keep offering travelers more bang for their buck.

After a long haul through pandemic turbulence, it seems clearer skies are ahead for Australian flyers!

Hard Rock Says "No Dice" to Star Entertainment Takeover Rumors

Hard Rock International is setting the record straight: they're definitely not behind any bid to acquire The Star Entertainment Group, contrary to yesterday’s buzz.

The confusion started when The Star mentioned a group of investors, which supposedly included Hard Rock Hotels & Resorts (Pacific), hinting at a possible takeover.

But quick to clear the air, Hard Rock International vehemently denies its involvement. No discussions, no negotiations, no nothing - Hard Rock hasn’t authorized anyone to use its name in connection with any bids for the Australian casino operator.

The U.S.-based company stressed its commitment to its reputation and hinted at possible legal steps to keep their brand protected.

Meanwhile, The Star is also backpedaling a bit, mentioning they haven't really sat down with this so-called consortium or received any direct proposals from Hard Rock International.

While the dust settles on this corporate whodunit, The Star's shares did enjoy a wild ride, jumping 20% amid the takeover chatter.

Investors and casino watchers, stay tuned—and get your info straight from the horse's mouth, as Hard Rock reminded everyone to trust only their official comms for the real scoop!

You Made It!

If you’ve read all the way up to here, we just wanted to let you know that you’re an absolute legend!

Time to go to work and show off how clued up you are about what’s going on in the business world 💪

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