Welcome to Wednesday:
1. Day One in Australia was the best, says Amazon. The ecommerce giant says yesterday’s launch was the most successful of all its international expansion efforts, although it didn’t give specific numbers – other than saying “tens of thousands” visited the site in the first 24 hours. Meanwhile, Appliances Online founder John Winning says Amazon will kill “bad retail” and businesses like his, with their logistics worked out, will be fine.
2. A cashless society is killing millennials by a thousand cuts. Fintech entrepreneur Jacqueline Park said not handling physical cash psychologically encourages excessive spending, and (somewhat ironically) millennials are turning to online “money coaching” apps to get financial help. Visa is reporting 92% of face-to-face transactions are now done through contactless payment methods. Read more here.
3. TPG’s shares have tanked, and the boss isn’t happy. Founder David Teoh said he and the board are “disappointed” at the adverse affects from the NBN and the resultant share price decline. The stock closed at $6.03 yesterday, which is half of what it was July 2016. Teoh and his wife Vicky themselves own more than one-third of the company. Meanwhile iTnews reported that TPG will build Adelaide’s fgibre network to provide 10Gbps connections to businesses in that city.
4. Optus is celebrating a big win over its bitter rival Telstra. The latest P3 Connect Mobile Benchmark tests showed Optus beating Telstra for the first time in four years, to take the throne as best mobile network in Australia. It was close though, with Optus’ 887 points only just ahead of Telstra’s 884 out of 1000. Vodafone scored 817.
5. TechnologyOne and Brisbane City Council are quiet now that they’ve privately settled their dispute. For months this year they were involved in a public slanging match over a failed software project, even threatening to sue each other through the media. But yesterday they quietly declared they had come to a no-fault settlement, while releasing no details on whether ratepayers were compensated.