A decision on whether to lower or abandon the GST-free threshold on overseas purchases has been delayed until March next year, following a meeting between Federal Treasurer Joe Hockey and his state counterparts. The move means Australian consumers will still be able to enjoy GST-free imports over Christmas. However, following strong lobbying from retailers, NSW Treasurer Mike Baird says there is a growing consensus among state treasurers that the rule needs to change. “I don’t expect to win a popularity contest on the back of this, [but] it is fair for our local retailers. The tax system needs to be brought into the modern age and we’re prepared to argue for it,” Baird says. Bitcoin crosses $US1000 The price of bitcoin has crossed $US1000 on Wednesday, hitting a high of $US1073 on the Tokyo-based Mt. Gox exchange. The increase has been credited to a US Senate hearing last week, which advocates say granted the digital currency more legitimacy, as well as increased acceptance from the general public. "It isn't just the bitcoin community saying that bitcoin is used for good things and there's a lot of great potential, we have members of Congress and government agencies who all agree," Bitcoin Foundation spokeswoman Jinyoung Lee Englund says. Murray Goulburn launches legal challenge over Saputo bid for Warrnambool Dairy giant Murray Goulburn has lodged an application with the Takeovers Panel attempting to block Saputo from processing acceptances to its bid for Warrnambool Cheese and Butter. Saputo originally promised WCB shareholders a franking credit of up to 50 cents a share, but replaced the offer in its most recent bid with a 20 cents a share bonus payment if Saputo gains 50% of the stock in WCB. Murray Goulburn alleges this contravenes “truth in takeover” legislation, and is also seeking orders restraining Saputo from varying its bid. Overnight The Dow Jones Industrial Average is up to 16102.23. The Aussie dollar is at US 90.80 cents.
How to present like Steve Jobs: Presenting a new product or business in front of potential investors or clients can be a daunting experience. US author and chief executive of Breather, an on-demand space company, Julien Smith has been doing a bit of presenting lately and has realised the way he does it has changed significantly as he seeks to emulate Apple’s Steve Jobs. Why? “Well, as it turns out, if you want to present something you consider revolutionary, then that is exactly how you should be doing it,” he writes on his blog. In this post he sets out what he’s learnt from Jobs on presenting. Opening up The Guardian: From its scoops of phone hacking at the News of the World to the Edward Snowdon revelations that the US National Security Agency tapped millions of phone calls and emails in the name of combatting terrorism, Britain’s The Guardian newspaper has been first with some of the biggest news stories in the world in recent times. This feature in The New Yorker reveals how the paper delivered its biggest stories, while also profiling editor Alan Rusbridger. It also discusses how The Guardian might survive when traditional media is fighting to retain readers in a world dominated by the internet. Julian Assange: He may be confined to a small room in the Embassy of Ecuador in London, but Julian Assange’s reach and profile appear undiminished. He’s addressed the United Nations, written a book, given interviews, run for election to the Australian Senate and played a role in the Edward Snowdon affair. Vanity Fair looks at life for Assange and how he’s maintained his profile and work despite being physically removed from the wider world. Lessons from a dysfunctional US Congress: The US government has been partially shutdown as politicians refuse to compromise on new laws. It’s a situation that has many in the US and around the world shaking their heads. Samuel Bacharach, a professor at Cornell University, isn’t pulling any punches when he describes Congress as “politically incompetent”. But within that incompetence are some leadership lessons he’s explained in this article for Inc.com.
A Hobart-based game developer, Six Faces, has been named as one of five companies accepted into the European iGaming Congress Startup LaunchPad program in Barcelona. Six Faces was formed last year and develops online wagering games. The six co-founders had worked in the gaming industry for decades. Six Faces managing director of business development Craig Driver told StartupSmart they had launched the start-up because they were keen to create new products. “We’re trying to change the space, and bring some newness to a space that appears on the surface to be innovative, but really it’s a lot of same-same,” Driver says, adding that the experience of the team has created some vigorous conversations that have led to robust products. Driver says he expects it was their Swopstakes product, a lottery based on sports results, which got them into the pitching competition as it was a fresh idea. The team will be pitching to a crowd of over 1,500 delegates, including an expert panel of gaming investors. Six Faces will be partnering with existing Australian wagering companies and launching their offering in March 2014. Driver says the gaming market is ripe for disruption. “The market is very competitive with a large number of players, but all are competing with essentially the same product suite, the same offering and even very similar price points,” he says. This meant customer acquisition was becoming really expensive, and the promotions were becoming laughable. “We saw an opportunity to differentiate ourselves on product, and we’ll be looking to partner with existing companies and give them a competitive advantage.” Driver says they’ll be seeking global partners and possibly investment at the pitch day, where they will have eight minutes to pitch and answer questions from the judges. “It’s about exposure, and we’re looking to partner with companies globally and in a number of jurisdictions. We’re here in Australia, and we’ll be partnering to launch here in March, but all of our products are global so we’re focused on the UK and Europe next as they’re vibrant gaming markets,” Driver says. Four of the six team members are based in Tasmania. “From relatively humble beginnings and surrounds to be on a global stage and representing Tasmania and Australia, we’re pretty excited,” Driver says.
The US government shutdown has come into effect with more than 800,000 government employees forced to take unpaid leave, as Affordable Care Act reforms roll out. “This Republican shutdown did not have to happen – I want every American to understand why it did happen,” US President Barack Obama says. “[The Tea Party Republicans] shut down the government over an ideological crusade to deny affordable health insurance to millions of Americans. “One faction of one party in one house of Congress in one branch of government shut down major parts of the government because they didn't like the law.” Facebook introduces new mobile app ad capabilities Facebook has introduced new capabilities to its mobile app ads, claiming the features will boost the amount of time users spend in third-party mobile apps. Instead of ads simply prompting users to install additional apps, the ads can now also be used to promote in-app purchases. The new feature allows, for example, an ad in a travel app to promote a discounted airfare. Melbourne and Sydney boost average house prices to a record high The average value of houses in Australia’s major capital cities has been boosted to a record high, fuelled by rises in Melbourne and Sydney, according to new RP Data-Rismark figures. The average capital city house price rose by 1.6% during September, boosted by a 2.5% rise in Sydney, a 2.4% increase in Melbourne and 1.1% in Adelaide. The increases offset falls in Darwin, Perth, Canberra, Brisbane and Hobart. “Over the past 10 years, values have only risen by an annual rate of about 2.5%. So in many ways Sydney's playing catch up at the moment,” RP Data analyst Tim Lawless says. Overnight The Dow Jones Industrial Average is up 0.41% to 15191.7. The Aussie dollar is down to US94.01 cents.
The United States is one step closer to a government shutdown after Democrats rejected a proposal by Republicans to delay the Affordable Care Act by one year in exchange for passing temporary funding for the US federal government. Failure to pass a funding bill by midnight – 2pm AEST – would see thousands of US government employees forced to take unpaid leave. “One faction of one party in one house of Congress in one branch of government doesn't get to shut down the entire government just to refight the results of an election,” US President Barack Obama says. “Congress needs to keep our government open, needs to pay our bills on time, and never, ever threaten the full faith and credit of the United States of America.” Online sales growth slips in August Online sales slipped by 0.1% during August to an annual growth rate of 9.6%, the slowest since 2010, according to new NAB figures. The figures also show that online sales now equate to 6.2% of spending in traditional retailers. “What we're also seeing is weakness just about everywhere, but particularly in fashion, which is one of our largest sub-sectors online," NAB chief economist Alan Oster says. “I think what you're really seeing is weak levels of retail sales and that's being affected both in the traditional sales and online.” Alan Kohler pulls the plug on Inside Business Alan Kohler is stepping aside from the ABC’s Inside Business program after 12 years on air, citing the “ridiculous workload” created by the program in addition to his other commitments. ‘‘I’ve been doing Inside Business for 12 years, it really has been great. I’ve really enjoyed it. I designed the program, started it off, had fantastic people working on it,” Kohler says. ‘‘I really enjoyed doing the TV interviews, so I’m going to miss that. I’d like to find a way to continue doing interviews, if I can.’’ The national broadcaster says it remains committed to its business news coverage, despite the Sunday morning business news program ending its run on December 1. Overnight The Dow Jones Industrial Average is down 0.84% to 15129.67. The Aussie dollar is up to US93.26 cents.
Business Council of Australia chief executive Jennifer Westacott is urging the federal government to aim for a surplus within three years and adopt a new set of fiscal rules for future federal budgets.
A team called PIVOT has taken out the title at Startup Weekend Brisbane, which will see one team member travel to the United States as part of the Advance Innovation Program.
Global Entrepreneurship Week has kicked off with a bang in Australia, with a lengthy list of events tipped to provide plenty of inspiration for aspiring entrepreneurs.
US President Barack Obama has insisted the “best is yet to come” for America after winning a second four-year term yesterday, defeating Republican Mitt Romney.
Retail start-ups are being encouraged to sniff out incentives from landlords who are desperate to fill space, as established brands begin to avoid shopping centres due to high rents.
A start-up launched by a Sydney doctor to aid paediatric care in remote Aboriginal communities has been named among the world’s 50 most innovative new businesses by Global Entrepreneurship Week.
The vice president of multinational finance giant GE has raised doubts about the success of online training programs, insisting they can’t replace face-to-face courses.
President Obama discusses legislation currently before Congress that would give a tax credit to small businesses. The tax credit will go to businesses that are hiring new employees, or raising the wages of their existing staff.
The Reserve Bank of Australia has stoked hopes of a further interest rate cut by stressing that inflation must be kept low and that non-mining businesses needed to grow in order to keep unemployment down.
A $15 million investment in an Australian biotechnology start-up has been judged the Best Venture Capital Investment at the 2012 Vaccine Industry Excellence Awards in Washington.
Project PowerUp is the brainchild of Ryan Wardell, a 20-something entrepreneur based in Sydney. The business bills itself as Australia’s first crowd-funding platform for start-ups.
The US could still lose its AAA credit rating, even if, as expected, Congress passes a deal struck between party leaders to avoid a debt default.
So there I was in Shanghai at the Global Entrepreneurship Congress (GEC) as the Australian host with 100 hundred other country representatives, from Bermuda to Iceland.
Many businesses use Twitter to market themselves, but what about creating a company based on the popular social networking site itself?