🦘 The Multi-Billion Dollar Cost of Long COVID, Booktopia Resumes Trading Under New Ownership, CBA’s Environmentally Friendly Investment Strategy

G’day everyone!

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

• The Multi-Billion Dollar Cost of Long COVID

• Booktopia Resumes Trading Under New Ownership

• CBA’s Environmentally Friendly Investment Strategy

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

Long COVID Drains $10 Billion from Australian Economy in 2022

It’s official – long COVID is making a sizable dent in Australia's finances. 

A new study has revealed that long COVID siphoned a whopping $10 billion from the economy in just one year!

Published in The Medical Journal of Australia, the research conducted by brains from the University of Melbourne, ANU, and UNSW found that around 100 million working hours vanished into thin air in 2022 because of lingering COVID symptoms like fatigue, brain fog, and breathlessness.

Folks aged 30-49 were the major breadwinners struck, losing over 52 million work hours, which is more than half of the total productivity nosedive.

Professor Tom Kompas from the University of Melbourne highlighted that these losses accounted for about a quarter of Australia's real GDP growth last year.

And it's not just work hours taking a hit – the study didn’t even factor in all those who had to step back from their jobs to care for long COVID sufferers.

With estimates suggesting up to 1.3 million people grappling with long COVID last September, researchers are calling for the government to step up support, potentially through financial aid like disability pensions.

Also, with a federal inquiry expected to report next month on the pandemic response, there's hope for more structured aid for those battling this long-term condition.

Press Play: Booktopia Resumes Business Under New Ownership!

Booktopia, the iconic Aussie online book retailer, has been saved from its financial woes by none other than digiDirect – a popular electronics store.

After diving into administration back in July, Booktopia’s future looked cloudy with debts stacking up to $60 million.

But, thanks to the clever folks over at McGrathNicol, the business is ready to turn the page.

digiDirect’s Shant Kradjian, who snagged Booktopia along with Angus & Robertson and Co-Op Bookshop brands, is already planning a big comeback.

With a target relaunch set for late August, there’s excitement in the air as the company gets ready to rehire over 100 employees and integrate new business systems.

Though Booktopia’s creditors - mainly publishers and customers owed up to $15 million - aren’t likely to see much from this deal, digiDirect’s involvement promises an upgrade in customer experience.

Booktopia might have had a rough patch with profit dips and legal woes over its marketing mishaps, but it’s now poised for a fresh start.

If you’ve been dreaming of getting your hands on those unfulfilled book orders, hang tight; special arrangements are in the pipeline.

With digiDirect’s retail expertise and cash flow muscle, Booktopia could soon be turning over a new leaf!

Commonwealth Bank Closes Wallet to Fossil Fuel Firms Without Emissions Plans

The Commonwealth Bank of Australia (CBA) is taking a stand, refusing to lend to fossil fuel companies without robust emissions reduction plans aligned with the Paris Agreement.

This new direction, revealed in its latest climate report, comes on the heels of a nearly $10 billion profit announcement.

CBA has already slashed its fossil fuel loans by 92% between 2018 and 2022, cutting support for coal, oil, and gas companies lacking credible transition plans.

This move is substantial for the climate movement, signalling to other banking giants that it's time to align with global climate goals.

With the spotlight on fossil fuel financiers, CBA's competitors like ANZ, NAB, and Westpac are under pressure to follow suit.

Westpac, for instance, requires clients to have a transition plan by 2025, while NAB has plans to cap its exposure to oil and gas but hasn't detailed penalties for non-compliance.

As gas giant Santos eyes a $750 million funding deal, CBA’s absence from the table is notable, with negotiations reportedly involving ANZ, NAB, and Westpac.

The financial landscape is shifting, as banks balance staying profitable with the need to support a sustainable future.

Fast Food Giants Get Greasy with Fines for Polluting Melbourne Drains

Melbourne is sizzling with controversy as three fast-food heavies - McDonald's, Hungry Jack's, and KFC - are slapped with fines for letting cooking oil and waste liquids slip into storm drains.

The Victorian Environment Protection Authority (EPA) served up penalties after staff at individual outlets were caught red-handed in the act.

• In Moonee Ponds, a KFC outlet faced a $5769 fine after a staff member was snapped spilling waste right out the back door.

• A McDonald's in Kingsbury and a Hungry Jack's in Preston also got a taste of EPA wrath, with fines of $3846 each for not managing their waste liquids properly.

Hungry Jack's even had to issue an improvement notice after their leaking waste oil tank turned the place into a slip and slide.

The fast-food chains were quick to assure the public that these were isolated cases.

KFC emphasized industry-safe processes, Hungry Jack's outlined a clean-up and relocation effort for their oil tank, and McDonald's highlighted the resolution of their incident from March.

EPA’s Steve Lansdell didn’t mince words, pointing out that all businesses must protect the environment, warning that oil and cooking waste should never grace our storm drain networks.

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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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