PEARL ABYSS has announced that donations amounting to a total of 100 million won (about US $84,000) will be made through a Black Desert and Black Desert Mobile in-game event. The donation will be made to assist victims of the unprecedented wildfires in Australia and devastating earthquake in Turkey.

The donation event is running globally until February 19, which encourages both Black Desert and Black Desert Mobile users to make donations to support Australia and Turkey.

During the event, users can purchase special tokens with silver to make a contribution that will go towards relief efforts. Pearl Abyss will be able to donate 100 million won when the number of tokens sold reaches 5 million in total. The donation will be delivered to local aid organizations, with 50 million won going to Australia and another 50 million won going to Turkey. 

"We have prepared a love-sharing event to encourage our Adventurers from around the world in Black Desert and Black Desert Mobile to participate in the in-game donation," Pearl Abyss CEO Robin Jung said. "We hope that the restoration in Australia and Turkey will be quick, and the victims can return to their daily life as soon as possible."

Last April, Pearl Abyss donated 100 million won through the Korea Disaster Relief Association to help victims recover from wildfires in Gangwon-do, Korea. The donation was used to support relief efforts. A donation was also made to Doctors Without Borders in December through an in-game event with the help and support of Black Desert users from around the world. 

About Pearl Abyss

Established in 2010, Pearl Abyss has developed the MMORPG franchise Black Desert for PC, mobile, and console. All their games are built on their proprietary engine and are renowned for their cutting-edge graphics. With multiple projects in the works, they are poised to continue their growth through 2020 and beyond to maintain their position as a leading developer in the game industry. www.pearlabyss.com

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THE House of Representatives Standing Committee on Economics will hold a public hearing with the Governor of the Reserve Bank of Australia (RBA), Philip Lowe, on Friday, February 7, 2020 in Canberra.

Since the RBA appeared before the committee during the previous Parliament in August 2019, the RBA has eased monetary policy by 25 basis points to 0.75 percent, following the RBA’s decisions to cut the cash rate in October. At its meeting yesterday, the RBA decided to leave the cash rate unchanged at 0.75 percent.

Commenting on the decision to keep rates on hold, the RBA Governor said, "The central scenario is for the Australian economy to grow by around 2.75 percent this year and 3 percent next year, which would be a step up from the growth rates over the past two years. In the short term, the bushfires and the coronavirus outbreak will temporarily weigh on domestic growth.

"Due to both global and domestic factors, it is reasonable to expect that an extended period of low interest rates will be required in Australia to reach full employment and achieve the inflation target."

The Chair of the House Economics Committee, Tim Wilson MP, said, "The committee will examine the decisions of the RBA in the context of Australia’s broader macroeconomic conditions and assess the RBA’s confidence in current monetary policy settings which aim to encourage growth and keep inflation consistent with the target over the coming years."

Public hearing details

Date: Friday, February 7, 2020
Time: 9.30am to 12.30pm
Location: Committee Room 1R1, Parliament House

The hearing will be audio cast live at aph.gov.au/live.

THOUSANDS of Australian small businesses will see the benefits of faster payment times, after Telstra announced it will move to 20-day payment terms for SMEs.

The Australian Small Business and Family Enterprise Ombudsman (ASBFEO) Kate Carnell said it was a fantastic result for the small business community.

“Telstra is leading by example with its commitment to faster payment times and there’s no reason why other big businesses shouldn’t adopt the same practices,” Ms Carnell said.

“By changing its payment terms to within 20 days of the receipt of invoice for any business that supplies up to $2 million worth of goods or services, Telstra is recognising the needs of this important sector.

“Cash flow is always king for small businesses and never more so than now, particularly for small businesses in bushfire affected communities.

“Telstra’s efforts will make a considerable difference to 85 percent of its suppliers. These are mostly small businesses that no longer need to accept a supply chain finance option to be paid as they should be.

“We know that by paying small businesses on time, the whole economy benefits," Ms Carnell said. “Both our Payment Times Inquiry and our Insolvency Practices Inquiry show that cash flow is the leading cause of insolvency.

“Telstra CEO Andy Penn has also indicated a need for a standard, consistent definition for Australian small businesses and I couldn’t agree with him more. Our Supply Chain Financing Review is showing the definition of a small business continues to be a major point of confusion and a unified approach would benefit Australian small businesses greatly.

“My office is committed to continuing to work with the business community to agree on a standardised definition," she said.

“Overall, Telstra is showing real corporate leadership and other businesses are encouraged to follow its lead.”

www.asbfeo.gov.au

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THE Australian Taxpayers’ Alliance, the nations largest grassroots advocacy group representing taxpayers, today recommended against giving the tourism industry government handouts to make up for their lost profits during the China travel ban. 

“A travel ban is instituted. Less than a week later the tourism industry has begun begging for government funding like a kid in a toy store begging for a chinpokomon because his friend Stan has one," ATA policy director, Emilie Dye said.

“Farmers have received subsidies after suffering for years in a government made drought. Bushfire survivors have received aid after losing everything to the fires. I don’t think travel agencies quite make the cut?” Ms Dye said. “The taxpayers don’t need to subsidise every industry facing hard times.

“It seems the tourism industry has forgotten the primary rule of investing: diversify, diversify, diversify. They put all their bats in one basket and now they have come home to roost. Travel agencies still have 194 countries they can do business with. 

“The taxpayers are not responsible for poor business practices in the tourism industry. By not subsidising an industry, we force them to be better. No one said going into business was easy.”

www.taxpayers.org.au

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