Business News

Bite-sized business news from Australia and around the world

EY employees got caught cheating on their ethics exams and someone call Alanis Morissette 'cos that's pretty ironic

Dozens of EY audit employees have been caught cheating on the ethics portion of their CPA exams.

Anastasia from Flux
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2
min read
· Posted on
July 6, 2022

The ACCC is begging banks to do more to combat scammers, so maybe Joanne was right!?

Australia's competition watchdog the ACCC is urging the big banks to adopt new safeguards against bank scams.

Anastasia from Flux
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2
min read
· Posted on
July 6, 2022

The RBA just hiked rates *again* but it might be a case of too little too late for the Aussie economy

The Reserve Bank's been increasing interest rates since May, with a view to bring inflation down. But, is it working?

Anastasia from Flux
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2
min read
· Posted on
July 6, 2022

Meta's finally shutting down its digital wallet Novi, asking users to withdraw their cash Diem

After having axed its cryptocurrency Diem earlier this year, Meta is now shutting down its digital wallet Novi.

Anastasia from Flux
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2
min read
· Posted on
July 5, 2022

Collection House just tumbled into administration so is this what happens when the debt collectors are in debt?

Aussie debt collection agency Collection House has folded after a rocky few years.

Anastasia from Flux
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2
min read
· Posted on
July 5, 2022

A Liberal senator is quizzing TikTok Oz about our data after its US counterparts revealed data wasn't so private over there

TikTok recently confirmed reports that employees in China can see data from US users... And now Aussie TikTok is under the microscope.

Anastasia from Flux
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2
min read
· Posted on
July 5, 2022

Big boi of super AustralianSuper reckons it could hit $1 trillion in funds under management in less than 20 years

Australia's biggest super fund, AustralianSuper reckons member funds could hit $1 trillion in less than 20 years.

Anastasia from Flux
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2
min read
· Posted on
July 4, 2022

Apple wants us to pay for petrol from our car dashboard and my servo pie consumption is about to go waaay down

Apple's always at the forefront of new tech, and now it's looking to revolutionise how we use our car dashboards.

Anastasia from Flux
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2
min read
· Posted on
July 4, 2022

Call Harvey Spector 'cos Seven is taking Cricket Australia to court for allegedly breaching its multimillion-dollar deal

After a pretty rocky relationship, Seven West Media is finally taking Cricket Australia to court.

Anastasia from Flux
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2
min read
· Posted on
July 4, 2022

Nike just surprised investors with its latest results but let the records show we never lost faith

Nike took pro investors by surprise when it posted its earnings results, but ya know, we never lost faith.

Anastasia from Flux
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2
min read
· Posted on
July 1, 2022

Apple and Google are in hot water again, but this time they ain't beefing with regs - they're beefing with users

Apple and Google are facing a class action on behalf of Aussie consumers, who say their market power is affecting prices.

Anastasia from Flux
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2
min read
· Posted on
July 1, 2022

Liontown Resources inked a hefty supply deal with Ford so get ya picks and shovels out

Liontown Resources has been busy signing deals with big-name companies like LG, Tesla, and now... Ford.

Anastasia from Flux
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2
min read
· Posted on
July 1, 2022

Pinterest's CEO handed over the reins to a former Google commerce exec so cue the e-comm push

Pinterest is paving its way into the e-commerce industry - and it needs the right CEO to get it there.

Anastasia from Flux
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2
min read
· Posted on
July 4, 2022

Imugene shares rocketed after a successful treatment trial and that's good news for them and the world

Aussie biotech company Imugene's HER-Vaxx trial results were successful, sending its shares up 45%!

Anastasia from Flux
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2
min read
· Posted on
July 4, 2022

Another one bites the dust: Aussie neobank Volt has decided to close everyone's accounts

After struggling to raise the capital it needed to continue its operations, Volt has officially left the neobank building.

Anastasia from Flux
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2
min read
· Posted on
July 4, 2022

Netflix is plotting its next move after a rough start to the year and can we get a Squid Game film, pls?

After losing 200,000 subscribers, Netflix needs a new plan. And it reckons it's got one.

Anastasia from Flux
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2
min read
· Posted on
June 29, 2022

Yikes: Natural skincare lords BWX just sold new shares at a 48% discount to avoid breaching its debt covenants

Sound like a drastic move? Well, BWX had good reason to do it - just ask CBA!

Anastasia from Flux
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2
min read
· Posted on
June 29, 2022

STOP THE SPREAD: Massive crypto exchange FTX might be thinkin' about buying Robinhood to stop 'contagion'

Rumour has it FTX wants to buy trading platform Robinhood - and it ain't just about the juicy profits.

Anastasia from Flux
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2
min read
· Posted on
June 29, 2022

Carsales wants to raise a whopping $1.2bn from existing shareholders to drive off with another company

Carsales is planning to expand into the US - but needs help from shareholders to do it.

Anastasia from Flux
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2
min read
· Posted on
June 28, 2022

Zendesk may have a few regrets right now, since it just sold itself for approx $7bn less than it could have

Zendesk just agreed to sell itself for $10.2 billion - which is a far cry from the $17 billion it was offered earlier this year.

Anastasia from Flux
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2
min read
· Posted on
June 28, 2022

It's not you, it's me: Suncorp Group wants to break up... With itself

Suncorp Group is considering spinning off its banking division to focus on its insurance biz.

Anastasia from Flux
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2
min read
· Posted on
June 28, 2022

Woolies wants to show grocery delivery startups who's boss by launching its own rival product

Woolies is taking on the likes of Milkrun and Voly with a new 60-minute grocery delivery app.

Anastasia from Flux
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2
min read
· Posted on
June 27, 2022

The US regs finally caught up with Juul and straight up banned its products, so stay tuned for a fight

Juul can no longer sell its vaping products in the US - a move that's hit Marlboro owner Altria, too.

Anastasia from Flux
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2
min read
· Posted on
June 27, 2022

The Sun Cable solar project - AKA the world's biggest renewable energy system - is officially 'investment ready'

Sun Cable - the world's largest renewable energy project - is expected to generate $2 billion in revenue annually by 2028.

Anastasia from Flux
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2
min read
· Posted on
June 27, 2022

IKEA's helping you try before you buy through the power of AI

IKEA - which is always ahead of the curve - is launching a new AI-driven interactive design experience.

Anastasia from Flux
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2
min read
· Posted on
June 24, 2022

Cereal lord Kellogg's is doing the splits in three different directions

Cereal company Kellogg's is spinning off its iconic business divisions into 3 different companies.

Anastasia from Flux
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2
min read
· Posted on
June 24, 2022

Voly is backtracking, just like the rest of the instant groceries industry

Grocery delivery companies have copped a bit of a beating lately, and now the downturn's caught up with Voly.

Anastasia from Flux
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2
min read
· Posted on
June 24, 2022

Microsoft just made like Drake and said 'honestly, nevermind' about its facial recognition tech

Microsoft will no longer distribute its facial recognition tech that predicts people's emotions, as it tries to get ahead of lawmakers.

Anastasia from Flux
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2
min read
· Posted on
June 23, 2022

Tennis queen Naomi Osaka is adding another jewel to her crown by launching a media company with LeBron James

Naomi Osaka is launching a new media production company - called Hana Kuma - in partnership with LeBron James.

Anastasia from Flux
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2
min read
· Posted on
June 23, 2022

Humm's board left the building after its failed Latitude deal and honestly... Good call

Humm's entire board (minus one director) has decided to walk away from the company, following its failed sale to Latitude.

Anastasia from Flux
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2
min read
· Posted on
June 23, 2022

Solend just got schooled in DeFi etiquette, but there's still a big whale of a problem

Solend overturned a proposal because it went against the core tenets of DeFi apps.

Anastasia from Flux
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2
min read
· Posted on
June 22, 2022

Queensland Uni's COVID-diagnosing ResApp just fell at the last hurdle

Queensland Uni's COVID-detecting app fell short in its latest trials, costing the company $53 million.

Anastasia from Flux
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2
min read
· Posted on
June 28, 2022

T-shirt makers Threadheads just smashed a crowdfunding record and they must give thanks to Dan Andrews

T-shirt maker Threadheads just made equity crowdfunding history, with the highest expressions of interest in history.

Anastasia from Flux
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2
min read
· Posted on
June 28, 2022

Amazon's forecasts were a liiiiiitle optimistic, so now it's slamming on the brakes

After posting its first quarterly loss since 2015, Amazon needs to pull back on some of its ambitious growth targets.

Anastasia from Flux
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2
min read
· Posted on
June 21, 2022

Instant messaging app Telegram unveiled a premium makeover but ya gotta pay up to see it

Telegram is one of the few instant messaging apps with a clear monetisation plan. Take that, WhatsApp!

Anastasia from Flux
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2
min read
· Posted on
June 21, 2022

Qantas is partnering with AirBus to invest $288 mil into sustainable aviation fuel, and the earth says TYSM

Qantas has some pretty ambitious sustainability targets, but this latest partnership could help it achieve them.

Anastasia from Flux
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2
min read
· Posted on
June 21, 2022

US interest rates are RLY taking off, as the Federal Reserve tries to avoid a recession but also wants a soft landing

The Fed is still keen to lift rates to reduce inflation whilst ensuring that the economy has a 'soft landing'.

Flux team
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2
min read
· Posted on
June 20, 2022

Lego's investing more than $1 billion in its first US factory, thanks to its devoted adult fans

Lego's going to invest more than $1 billion in its first factory in the US.

Flux team
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2
min read
· Posted on
June 20, 2022

Rude: Aussie grocery product sizes are going down... but prices are staying the same?!

Shrinkflation is once again taking place in Aussie grocery stores.

Flux team
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2
min read
· Posted on
June 28, 2022

Apple just started a new chapter of the sports streaming wars by snapping up Major League Soccer

MLS just sold all their global media rights to Apple exclusively, taking the streaming wars up a notch.

Anastasia from Flux
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2
min read
· Posted on
June 17, 2022

If you can't beat 'em, join 'em: Facebook's planning a new TikTok-like feed

Meta will change Facebook's newsfeed to be more like TikTok's as it struggles to remain competitive.

Anastasia from Flux
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2
min read
· Posted on
June 17, 2022

The Aussie electricity regulator basically just put the market on a time out, so hopefully no more blackouts

Australia's energy market regulator has suspended the spot market for the first time in history as energy prices go haywire.

Anastasia from Flux
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2
min read
· Posted on
June 17, 2022

Crypto service provider Celsius Network just said 'stop right now, thank you very much'

Celsius halted transactions for its 1.7M customers in line with "extreme market conditions".

Anastasia from Flux
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2
min read
· Posted on
June 16, 2022

Volkswagen's electric dreams might come true, with a new report saying it could out-sell Tesla by 2024

Come 2024, Volkswagen's electric cars might out-sell Tesla's.

Anastasia from Flux
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2
min read
· Posted on
June 16, 2022

ANZ is hungry for MYOB as the bank eyes small business customers

ANZ bank is reportedly stalking the accounting software group, MYOB.

Anastasia from Flux
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2
min read
· Posted on
June 16, 2022

The ASX200 is officially in a correction, so what the hell does that actually mean?

The ASX200 is officially in a technical correction... here's what that actually means.

Anastasia from Flux
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2
min read
· Posted on
June 15, 2022

HODL? IDK about that... Bitcoin just dived under US$25k for the first time in 18 months

Bitcoin is prone to some pretty big swings, but it's just dipped under US$25k for the first time in 18 months.

Anastasia from Flux
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2
min read
· Posted on
June 15, 2022

News Corp is yelling lemme innnn at the gaming industry, but PointsBet just turned the media giant down

News Corp offered to buy gaming company PointsBet for $220 million+, but PB has said, 'thank u, next'.

Anastasia from Flux
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2
min read
· Posted on
June 16, 2022

Campbell's must be making some good soup because sales are booming

Campbell's revealed its net sales are soaring and they reckon a recession is no match for them.

Anastasia from Flux
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2
min read
· Posted on
June 14, 2022

Microsoft and Samsung are teaming up to help gamers game anywhere and PlayStation, u up?

Samsung is partnering up with Microsoft to allow gamers to play Xbox even without the console.

Anastasia from Flux
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2
min read
· Posted on
June 14, 2022

Virgin Australia is back in the black and might list on the ASX to celebrate

Virgin Australia's CEO says the airline has returned to profitability and is considering listing on the ASX.

Anastasia from Flux
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2
min read
· Posted on
June 14, 2022

We're Britney Spears-level Curious about whether Revlon will flog its Aussie subsidiary to pay its debts

Revlon's debts have come to back to bite, and it could be its Aussie subsidiary that pays the price.

Anastasia from Flux
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2
min read
· Posted on
June 10, 2022

BuzzFeed stock just lost more than a third of its value and soz, but no listicle could save this company now

BuzzFeed's stock has tanked 40% after the expiration of its pre-IPO lockup arrangements.

Anastasia from Flux
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2
min read
· Posted on
June 13, 2022

Spotify's reaching for the revenue moon and it could mean our subscription prices reach the stars

Spotify just revealed it wants to turn over $100 billion in revenue in the next 10 years - and it could mean higher prices for us!

Anastasia from Flux
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2
min read
· Posted on
June 10, 2022

Apple's gonna have to stop being such a control freak, because the EU wants all phones to have the same charging ports

The EU has just given the green light to new laws that'll see all phone manufacturers use the same charging port.

Anastasia from Flux
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2
min read
· Posted on
June 9, 2022

Uber's taking a hit to the hip pocket for the planet by reducing fees for electric vehicle owners

Uber is cutting fees for drivers who use electric vehicles in a push to increase EV uptake in Australia.

Anastasia from Flux
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2
min read
· Posted on
June 13, 2022

Swyftx and Superhero just dropped a surprise merger announcement 'cos they're two peas in an investment pod

Aussie crypto exchange Swyftx will join forces with share trading platform Superhero, which could value the company at $1.5 billion.

Anastasia from Flux
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2
min read
· Posted on
June 13, 2022

Apple is once again showing off its shiny new things, but this time your car is involved

Apple just unveiled a tonne of new features at WWDC - and one of them puts it in direct competition with Google.

Anastasia from Flux
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2
min read
· Posted on
June 13, 2022

Aussie drone operator Swoop Aero just turned down a $100 mill buyout and tbh, we love that confidence

Aussie drone company Swoop Aero turned down a $100 million buy-out offer, 'cos it reckons the drone market is just getting started.

Anastasia from Flux
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2
min read
· Posted on
June 13, 2022

The RBA throws a rate hike curveball 'cos the Aussie economy is in need of an ice bath

The RBA announced its second rate increase in two months, in the hopes it cools the surging inflation rate.

Anastasia from Flux
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2
min read
· Posted on
June 13, 2022

The competition watchdog noticed some airports still made profits during COVID, so now they wanna review the rules

The ACCC is concerned airports might increase prices to recover lost profits from the Covid-19 pandemic.

Anastasia from Flux
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2
min read
· Posted on
June 7, 2022

Block rly said 'if you can't beat them, join them' and teamed up with Apple on payments tech

Apple has teamed up with its arch-rival Block to offer its new two-way tap to pay feature.

Anastasia from Flux
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2
min read
· Posted on
June 7, 2022

Twitter is leaking money in Australia, but they ain't paying much tax either

Twitter Australia revealed its revenue grew to $149,812 last year, but it only paid around $150,000 in tax.

Anastasia from Flux
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2
min read
· Posted on
June 7, 2022

The EU just made its boldest move yet against Russia and it all comes down to... shipping insurance!?

The EU's hope is that no insurance = no shipping of Russian oil.

Flux team
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2
min read
· Posted on
June 6, 2022

Sound the green alarm 'cos Deutsche Bank is under investigation over allegations it engaged in 'greenwashing'

Looks like DB might not be backing up its words with actions.

Flux team
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2
min read
· Posted on
June 6, 2022

REA Group wants to expand Realestate.com.au into a whole damn digital ecosystem

REA Group wants to expand Realestate.com.au and include services like insurance.

Anastasia from Flux
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2
min read
· Posted on
June 7, 2022

The tech industry is in such rough waters... even decacorn Canva is struggling to weather the storm

It's a tough time to be a tech company, even if you're an exemplar like Canva.

Flux team
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2
min read
· Posted on
June 3, 2022

An ex-OpenSea employee just discovered insider trading laws apply to NFTs so see ya at The People's Kourt

This ex-employee is in some biiiiiiiig trouble right now.

Flux team
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2
min read
· Posted on
June 3, 2022

Lithium stocks just dropped 10% closer to earth so in the words of Queen was the hype real life or fantasy?

And is the (possible) bubble going to pop, or gently deflate?

Flux team
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2
min read
· Posted on
June 3, 2022

TikTok is rly saying LOOK AT MOI as it trials a new distraction-free mode

Your attention is valuable and TikTok is vying for it more than ever.

Flux team
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2
min read
· Posted on
June 2, 2022

Turns out Missguided really was... misguided - the company's collapsed, allegedly owing a lotta money

Despite being one of the biggest fast fashion players in the UK, Missguided was struggling to make a profit.

Flux team
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2
min read
· Posted on
June 2, 2022

Gas prices are exploding in Oz, so the regs are stepping in to make sure we can all afford to keep warm

We haven't seen a price cap in 10 years, but it looks like it was a no-brainer.

Flux team
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2
min read
· Posted on
June 2, 2022

Hold on to that old Galaxy S10 because Samsung's chilling out on the whole manufacturing smartphones thing

Demand for smartphones is way down, which is bad news for Samsung AND Apple.

Flux team
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2
min read
· Posted on
June 1, 2022

Humm's decided to tell everyone it's not profitable and uhhhh, you do you I guess?

The move was part of a plan to push through a scrip deal for the company.

Flux team
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2
min read
· Posted on
June 1, 2022

EY's considering sweeping its audit arm right out the building and...maybe that makes sense?

With so much potential for conflict of interest and scandals, it could be a good idea.

Flux team
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2
min read
· Posted on
June 1, 2022

Justin Timberlake really just said Bye Bye Bye to all his tunes for a rumoured $100 million

Flux team
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2
min read
· Posted on
May 31, 2022

Aussie baby formula company Bubs is coming to America's rescue, one tin of goaty goodness at a time

The US is experiencing a major baby formula shortage, so this deal comes not a minute too soon.

Flux team
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2
min read
· Posted on
May 31, 2022

It's a good day for Mike Cannon-Brookes (and, ya know, the planet) because AGL's demerger was just cancelled

MCB's campaign targeting retail investors has worked like a charm.

Flux team
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2
min read
· Posted on
May 31, 2022

What’s happening to HECS-HELP debts this June?

Ya might be wondering why your HECS-HELP debt is about to grow by 3.9%. Here's your Flux breakdown.

Anastasia from Flux
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4
min read
· Posted on
June 1, 2022

Roblox is partnering with a game to help treat ADHD, so say goodbye to those 'no screen-time' rules

Roblox and Akili are joining forces for an innovative venture and we're in!

Flux team
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2
min read
· Posted on
May 30, 2022

The Gov is bricking it over Metricon's possible collapse so it might be forking out cash to save it (and the rest of the industry)

It's not a good few years for the construction industry is Oz, but especially for Metricon.

Flux team
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2
min read
· Posted on
May 30, 2022

NAB's launching a BNPL platform at a time when the industry is sinking and ok, it's your biz I guess

NAB now pay later... You've gotta admit it's a good name.

Flux team
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2
min read
· Posted on
May 30, 2022

Glossier's founder and CEO is stepping away from her role at the company so say hi to Jeff and Jack for us!

Emily Weiss joins a trend of high profile CEOs stepping away from their roles.

Flux team
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2
min read
· Posted on
May 27, 2022

Shocker: The world's biggest mining company just admitted to corruption

Corruption? In the mining industry? We know it's a wild idea.

Flux team
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2
min read
· Posted on
May 27, 2022

NBN reckons it's at risk of being an unsustainable biz and shoulda thought of that before the 10-minute loading times

NBN is losing customers to its competitors and TBH we're not surprised.

Flux team
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2
min read
· Posted on
May 27, 2022

Instant groceries startup Gorillas is not Feeling Good (Inc) right now

Turns out instant groceries is a tough game, no matter where you're located.

Flux team
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2
min read
· Posted on
May 26, 2022

Zoom might just be zooming towards the new hybrid working era and we love that for the heroes of 2020

Looks like this stay-at-home company is outlasting widespread restrictions.

Flux team
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2
min read
· Posted on
May 26, 2022

Australia's getting its first carbon credits ETF and it could cause big polluters to fork out more cash to offset emissions so TY

Carbon credits are suddenly a hot topic, ever since Labor won the election.

Flux team
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2
min read
· Posted on
June 1, 2022

An internal revenue memo at Snap didn't self-destruct after 10 seconds and now the company's share price has been smashed

Oh Snap... things are about to get tricky at the Snapchat owner.

Flux team
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2
min read
· Posted on
May 25, 2022

Meta is still displaying some impressive dodgeball skills, paying just $24 mill in taxes in Oz

Meta sure knows how to dodge, duck, dip, dive and dodge.

Flux team
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2
min read
· Posted on
May 25, 2022

Qantas' shopping spree is going strong, with the crew acquiring Byron-based TripADeal and let the good times soar

Now there will be even more ways to use your Frequent Flyer points.

Flux team
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2
min read
· Posted on
May 25, 2022

Klarna - and the rest of the BNPL industry - is feeling a little down

Klarna is far from the only BNPL service to be feeling the heat right now.

Flux team
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2
min read
· Posted on
May 24, 2022

WhatsApp has its head in the clouds, or should we say Cloud API?

WhatsApp's new venture could be key to diversifying Meta's revenue streams.

Flux team
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2
min read
· Posted on
May 24, 2022

Labor won the election. That means new business policies and the end of that insufferable 'hole in the bucket' jingle

A new government often means new rules for business and a big impact on the economy.

Flux team
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2
min read
· Posted on
May 24, 2022

The US Soccer Federation finally implemented gender pay parity so, AFLW, you listening?

The US women's soccer team has also been more successful than the men's lately, just sayin'.

Flux team
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2
min read
· Posted on
May 23, 2022

Tesla just got dumped from the US sustainability index amid environmental and ethical concerns

Elon says corporate ESG is evil, but ESG indexes have become popular with ethical investors.

Flux team
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2
min read
· Posted on
May 23, 2022

Woolworths will spend $243 mil to buy MyDeal and they're not competitive, you're competitive

The offer could be a great deal for MyDeal and a competitive move for Woolworths.

Flux team
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2
min read
· Posted on
May 23, 2022

Hawthorn are definitely a happy team after banking serious cash from the $85 million sale of a Melbourne pub

The 'family' club is looking to move away from relying on income from pokies.

Anastasia from Flux
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2
min read
· Posted on
May 20, 2022

Warren Buffett's Berkshire Hathaway is on one hell of a shopping spree, as other investors close their purses

Apple is on Berkshire Hathaway's shopping list, along with a bunch of other companies.

Anastasia from Flux
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2
min read
· Posted on
May 20, 2022

Treasury Wine Estates is doing a shimmy around China's tariffs by producing its famous Penfolds in China itself

The wine producer should be able to avoid tariffs AND quash the grey market.

Anastasia from Flux
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2
min read
· Posted on
May 20, 2022