Bite-sized business news from Australia and around the world
The US Congress has passed a bill that could force TikTok to be sold in the US within a year or otherwise be banned altogether.
David Beckham’s investment company, DB Ventures is suing Mark Wahlberg, who was one of the largest shareholders in F45.
RBA has just released the latest inflation results for the March quarter and inflation hit 3.6%, which was above the expected CPI of 3.5%.
Free to air TV networks are worried for their futures as teenagers spend 83% less time in front of TVs and more on their phone.
Amazon has created an alias, "Big River Services", to sell products on other e-commerce platforms such as eBay, Shopify, Walmart.
ABC Radio in Sydney and Brisbane have seen their radio market share plummet to the lowest levels since 2004.
Netflix has announced that its first quarter revenue grew 15% to nearly $9.4 billion USD.
LinkedIn has quietly rolled out its new premium Company Pages.
RM Williams has invested $8 million in a women's-only-production line to expand its sales to women.
Crocs has teamed up with potato-chips brand Pringles for a set of limited-edition boots, some of which come with a mini Pringles can in an ankle holster.
LVMH’s fashion and leather goods unit saw revenue growth of just 2% in the first quarter of this year, which is down from 18% growth a year earlier.
Bonza’s investors and funders have brought in a restructuring firm, KordaMentha, to provide them with advice about Bonza's ongoing operations.
Shortly after announcing its big robotaxi ambitions, Tesla is axing more than 14,000 jobs as demand for electric vehicles slows down.
Apple has already lost its spot as the top phone maker in the world and has seen ~10% drop in smartphone sales in the first quarter of 2024.
News Corp Australia is making its biggest company restructure to offset the loss from this deal and look at ways to save $15 million per year.
NextDC is preparing to spend more than $1 billion on new centres as demand for more data centres skyrockets amid the AI boom.
Cettire has made a surprise announcement of its third-quarter earnings which is an 88% increase in sales, and a margin greater than 20%.
These two up and coming Australian betting companies will merge to compete with the big players in the betting space.
Ola has made a very sudden announcement that it will pull out of all international markets including Australia, New Zealand as well as the UK - from today.
Uber Eats will launch a short-form TikTok style video feature to help boost the discovery of its restaurant partners.
Woolworths will launch a $190 million corporate venture capital fund.
Qantas has announced a major upgrade to its Frequent Flyer rewards program.
Alphabet is apparently in talks to make an offer to acquire HubSpot.
Canva has rewarded many of its investors and early employees with a share sale worth $3.6 billion.
Sydney Airport announced that earnings for the year ended December 2023 have more than doubled to $1.2 billion.
Tesla is sending a team to India to scout locations for a $2 bn - $3 bn electric car plant.
Spotify is planning to hike its prices for the second time in a year at the end of this month, in some of its biggest markets, including Australia.
Sportsbet has revealed that its local revenue of $2.2 billion dropped by over 7% for the year ending December 31.
WeWork's founder Adam Neumann and his real estate firm, Flow, have put together a finance package to buy WeWork out of bankruptcy.
Google has settled the lawsuit and agreed to destroy billions of data points collected via incognito mode.
Treasury Wine Estates is expected to lift prices of its top-tier Penfolds products as Beijing lifts restrictions on wine from Australia.
Spotify is entering a new era and dabbling in the world of video courses.
Premier Investments has announced that it's looking to spin off its stationary brand Smiggle and sleepwear brand Peter Alexander.
An emergency funding package was offered to Armaguard by the big banks and major Aussie retailers.
Blackbird has now marked its valuation of Baraja down to zero.
Unilever is looking to sell off its ice cream brands in a deal that could be valued between £10 billion to £15 billion.
Reddit has IPO'ed on the New York Stock Exchange and ended its trading day up 48% late last week, valuing the company at almost $13.7 billion.
Hermes has been hit with a class action lawsuit by shoppers who claim that the brand is violating antitrust laws when it comes to the Birkin bag.
Kering's shares dropped 12% after it reported that sales at Gucci have fallen about 20 per cent in the first quarter.
Chemist Warehouse has announced a nearly 30% increase in profit for its half-year results.
BHP reportedly stood down almost 100 workers, that were working on its West Musgrave nickel and copper project.
Google is reportedly in talks with Apple to build Gemini into the iPhone.
Uber has settled that suit and agreed to pay $272 million to the taxi and hire car drivers in Australia.
Liquid Death has raised another $67 million USD and continues to grow rapidly in a market that is largely undifferentiated.
Amazon is bringing in contractors to launch its delivery service program to challenge Australia Post's last mile deliveries.
The US House of Representatives has passed a bill ordering ByteDance to separate itself from TikTok in 180 days, or risk being banned in the US.
Myer had a major glow-up with its share price jump, and even brought in a new executive chairwoman and CEO.
After a nightmarish period for Optus, its Singapore-based owner Singtel looks to offload its ownership in Optus in part or even in full.
After a rocky year and major decline in sales, Pfizer is looking to push into cancer treatment for its next big break.
Musk has announced that he will open source the code for the chatbot Grok so that everyone can see the code and contribute towards it.
After Meta had warned that it won't be renewing their deals with media outlets, Google announced it has started to negotiate a new deal.
Tigerlily rebranded and came back to life, only to now fall into voluntary administration once again.
The App Store is in hot water again after European regulators ordered Apple to pay a 2 billion euro fine.
Amazon has just hit over $3 billion in sales in Australia and it now accounts for approximately 10% of all money spent on online shopping in the country.
Since 2023, Bitcoin's price has been rebuilding and it's cracked through $100,000 Australian dollars.
Reddit will IPO on the New York Stock Exchange later this month at a more modest valuation of $5 billion USD.
The Health Minister has warned that there will be an increase of more than 3 per cent on average to the premiums of private health insurers.
Bumble is laying off 350 staff after reporting a $32 million net loss, mainly due to its struggle to keep Gen Zs within the app.
Life360 has seen the users of its app grow, and now it wants to launch an advertising business to rival its existing subscription revenue.
While media companies are looking to renew the News Media Bargaining Code, Meta has decided to discontinue its investment in Australian news.
Disney has announced a joint venture with India's biggest conglomerate, Reliance Industries.
Apple has reportedly pulled out of the autonomous vehicle race.
Harvey Norman's total sales across franchisees and company-owned stores fell nearly 7% in the first half of this year.
Formula 1 has signed up Charlotte Tilbury Beauty as the official partner of F1 Academy, which is F1's female-only championship.
Adore Beauty's revenue has jumped to over $100 million for the half.
Despite Kogan.com's first-half revenue dropping nearly 10%, its net profit jumped 206% to nearly $9 million.
Nintendo has announced a delay in releasing its next console until March 2025 and this news has sent their shares sinking almost 9%.
Vice's CEO said that Vice will be shutting down its digital operations, including its website, and will be laying off "several hundred positions."
Medibank missed its net profit guidance by $3 million because its new members, aka 'policy holders', grew by just 0.2%.
Analysts expected a 240% increase in Nvidia's revenue, but it smashed these targets by pumping up revenue by 265% from just a year ago.
While Nine's subscriber numbers for its publications and streaming grew by around 8%, its ad revenue got slammed harder than its cancelled TV show, Rush.
ChatGPT is exploring new ways to remember information about its users, intending to become smarter and more personalised.
Kmart has announced a jump in sales of nearly 5% over the past 6 months.
Taylor Swift has performed her first three shows in Melbourne to enormous fanfare.
BYD wants to boost its Australian sales from 12,400 in 2023 to more than 20,000 this year.
Over the past 6 months, Breville shifted its strategy to less discounting—which caused its sales for the last 6 months to be lifted by just 2%.
Temple & Webster just hit one million active customers and sales were up 23% for the half.
Seek released its half-year results and saw paid ads on the platform drop by 20% over the last 6 months.
CSL has announced that the investment in its heart attack drug wasn't successful because it didn't get the results it needed.
JB Hi-Fi has announced that its sales declined by just 2% over the past 6 months - which was actually a good result compared to expectations.
Uber just announced its first annual profit, which showed it generated more than $1 billion USD in earnings last year.
While the CEO of News Corp has been critical of AI companies in the past for not compensating news publishers, he seems to have changed tack.
Myer achieved record sales of $3.36 billion in the 2023 financial year, and also a net profit after tax of $71 million.
Disney has invested $1.5 billion USD into Epic Games, the creators of Fortnite.
Cettire announced that its first-half sales jumped 89% to over $354 million, and that it's planning to take on the Chinese market.
AGL announced their core net profit has quadrupled over the past 6 months.
Fishbowl is taking on the US market with its first store in New York.
LVMH has just formed a new watch division to lean further into the luxury watch market.
PwC announced its brand new virtual assistant called Chat PwC.
After driving with Mercedes for the past 11 years, Hamilton has announced he will be joining its arch-rival Ferrari in 2025
People are willing to pay the big bucks to find love because Match's quarterly revenue grew 10% from a year ago.
Atlassian announced its revenue for the second quarter, which topped $1 billion USD for the first time.
A Delaware court has canceled Tesla's compensation, which meant Elon Musk lost rights to USD 51 billion worth of shares.
Universal Music Group (UMG) will reportedly pull all of its artists' music from TikTok.
Block is reportedly laying off more than 1,000 employees around the world, including many of the Afterpay staff in Australia.
93 years after cleaning their very first floors, Godfrey's has gone into voluntary administration.
The top 20 pharmaceutical companies may reportedly lose $180 billion USD in sales due to major drugs hitting the patent cliff.