The Northern Territory news Mon 8 Nov 2021
The Northern Territory news; NewspaperNT
Community newspapers -- Northern Territory -- Darwin.; Australian newspapers -- Northern Territory -- Darwin.
News Corp Australia
Copyright. Made available by the publisher under licence.
News Corp Australia
22 BUSINESS MONDAY NOVEMBER 8 2021 NTNE01Z01MA - V1 Solotel chief executive Elliot Solomon (right) at Barangaroo House. Picture: Carlos Walters IN A bid to attract new employees during Sydneys hospitality staff shortage, one major employer is offering up to $100,000 in cash incentives to new workers. Hospitality Group Solotel, which runs 25 pubs, bars and award-winning restaurants across Sydney, is offering cash sign-up bonuses and huge staff discounts to help recruit more than 100 new staff. The incentives include a $1000 bonus for new full- and part-time staff, as well as a staff discount of 30 per cent off any venue and $200 in food and beverage vouchers to be used across the group. Any current staff member who successfully refers an employee will also be given a $500 cash bonus. In the past three weeks the business has recruited 100 staff and chief executive Elliot Solomon is hoping the bonuses will encourage more to join. It really is an employees market. There is so much opportunity in the industry, Mr Solomon said. Solotel is looking to hire for a range of jobs and not all require experience. BONUSES AND DISCOUNTS TO WOO NEW WORKERS KARLIE RUTHERFORD 240 new staff hired for Black Friday blitz QUEENSLAND activewear sensation LSKD has hired more than 240 new staff to pack 100,000 orders for this months Black Friday sales. Retailers across the country are gearing up for the shopping extravaganza on November 26. Black Friday, held the day after Thanksgiving in the US, is now rivalling Boxing Day as Australias premier shopping event, alongside the online shopping juggernaut Cyber Monday on November 29. LSKD founder and chief executive Jason Daniel said Australians were increasingly embracing the four-day spendathon and LSKD was expecting its busiest Black Friday. The company is set to pack 100,000 orders twice as many as last year. That will equate to about $15m in revenue, or 25 per cent of the companys annual sales. Mr Daniel said LSKD had recruited more than 240 staff to cope with demand from its Australian and offshore community of customers. Its going to be huge. Its the biggest part of the year for us, he said. Its an opportunity for our community to try the new brands, especially in the lead-up to the Christmas period. LSKD designs and sells mens and womens sports, fitness and adventure apparel and accessories with a street aesthetic, from tights and sweatshirts to hoodies, puffer jackets and more. In late 2018, the company started a transition from wholesale to online to sell direct to their community. Since then, revenue has jumped from $3.3m in 2018-19, and the Logan-based company has expectations of passing the $65m mark in 2021-22 and bringing in more than $100m in 2022-23. Australian Retailers Association chief executive Paul Zahra said November was now Australias biggest shop ping month. It has eclipsed December for the past two years running, and that can be mostly attributed to the growing popularity of the Black Friday and Cyber Monday sales, he said. Were forecasting consumers will spend a record $5.4bn over the four-day period. Mr Zahra said the four-day shopping spree provides strong momentum for Australian retailers heading into the Christmas trading period. The Christmas trading quarter is the most critical time of year on the retail calendar, he said. CHRIS HERDE LSKD founder Jason Daniel. THE tail end of economic support has kept business failures subdued, as 258 slipped into administration and liquidation across the country in October. The low numbers come as the Victorian and NSW economies both exit crushing lockdowns, with many businesses continuing to enjoy rent abatement, debt deferrals, and economic support. The preliminary figures from the Australian Securities and Investments Commission show NSW was the worst hit state for business failures, but the figures are tracking well below pre-pandemic levels. But industry watchers have noted signs are now pointing to more assertive actions coming from creditors demanding delinquent businesses pay up. The NSW toll of 83 businesses in liquidation and administration in October compares to the 132 last October in the state that went bust. This was compared to the 346 that shut their doors in NSW in October 2019. Victoria saw 78 business busts in October, followed by Queensland with 47 failures and Western Australia with 29. Clayton Utz national restructuring and insolvency practice head Timothy Sackar said businesses were still operating in an environment of significant Covid relief. He said it was unsurprising numbers were down, but December and January might see a lift of insolvency figures as more businesses failed. Early calendar 2022 will be very interesting, were starting to see already some corporate clients not pressured or forced but being encouraged to have some of those post-Covid business plan conversations, he said. Mr Sackar said the looming threat of interest rate hikes in 2023 may see some lenders call in non-paying debts. The reality is if youre a major four, a shadow bank or an alternative financier at the end of the day youre going to have to produce a return, he said. Equifax general manager commercial and property services Scott Mason said although insolvency numbers were tracking well below 2019 levels, data was showing a lift in court wind-ups. Covid support cushions collapses DAVID ROSS CRYPTO.COM PLAYING ITS TRUMP CARD CRYPTO.COM has named Australia as one of its key growth markets as it embarks on a major marketing push to expand its global user base from 10 million to 100 million by 2023. The Singapore-based cryptocurrency platform, which bills itself as the worlds fastest growing crypto app, has in recent days kicked off a global ad campaign led by actor Matt Damon while simultaneously launching its crypto-linked Visa card on the local market. Users of the card, one of the first of its kind in Australia, can convert their cryptocurrencies into Australian dollars and pay with their card anywhere Visa is accepted. The sign-up rate over the first few days of the card launch has been amazing, Crypto.coms new general manager for APAC, Karl Mohan, said. Weve had close to 4000 user sign-ups per day, so were very, very excited about this, he said. We see the adoption of the crypto bank card to be one of the key selling propositions of using crypto.com. The big difference between its card and other crypto bank cards is that crypto.com has a direct membership with Visa. So we deal directly with Visa; theres no middleman here, Mr Mohan said. THE Australian sharemarket is tipped to start on a positive note on Monday following solid overseas leads, with the energy sector expected to jump on oil price gains. SPI futures are pointing to a 0.3 per cent rise at the open after US and European markets finished Friday well in the green on the back of a betterthan-expected US jobs report. The Dow Jones Industrial Average finished 0.6 per cent higher, the S&P 500 climbed 0.4 per cent and the NASDAQ was up 0.2 per cent. Energy and gold stocks are likely to fare well at the start of trade, CommSec chief economist Craig James said. The US keeps requesting more oil to be put on the market, but OPEC+ is still worried about outbreaks of Delta around the world and the po tential for fresh lockdowns, so theyre not going to boost supply, Mr James said. The supply/demand mismatch has kept oil prices hovering around the $US80 mark for several weeks, with WTI up 3.1 per cent on Friday to $US81.27 a barrel and Brent up 2.7 per cent to $US82.74. The gold price jumped 1.3 per cent last week to $US1816.80 as markets bet the US would go slowly with its tapering. Energy set to jump start week CLIONA ODOWD CLIONA ODOWD