Business News

Bite-sized business news from Australia and around the world

Quadpay are suing Merrill Lynch over the sale of nearly 13 million Zip shares

The Quadpay founders say Merrill Lynch had a conflict of interest, because they were also working for Zip. Juicy.

Anastasia from Flux
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3
min read
· Posted on
January 27, 2022

Amazon will open a department store filled with tech

We're talkin' an algorithm in the changing room that decides what you should try on next.

Anastasia from Flux
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3
min read
· Posted on
January 27, 2022

McDonald's needs franchise operators for its next 100 stores

Maccas is vetting franchise operators but turns out not everyone has $1.5 million to own one.

Anastasia from Flux
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3
min read
· Posted on
January 27, 2022

Prep ya wallets 'cos Insta is becoming a PG OnlyFans with new creator subscriptions feature

Instagram is testing a new feature for influencers/creators to make more cash via Instagram.

Anastasia from Flux
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2
min read
· Posted on
January 25, 2022

Fortescue Metals' hot new thang WAE will help it reach its 2030 net-zero goals 

Fortescue Metals is the fourth-largest iron ore producer in the world...but as we know, mining really ain't great for the environment.

Anastasia from Flux
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2
min read
· Posted on
January 25, 2022

Local supply chains help IGAs outperform Woolies and Coles - and we love an underdog 

Supply chains have been crunched thanks to the new Omicron wave. Real hard.

Anastasia from Flux
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2
min read
· Posted on
January 25, 2022

Another day, another antitrust bill for Big Tech...so is 2022 the year it all goes south for Zuck (et al)?

US regulators - and in fact, regulators all around the world - have been trying to rein in big tech's power for years now.

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

Someone mix Peloton a drink 'cos things have gone from bad to worse

Peloton are the exercise equipment company behind those spensy exercise bikes every celeb has (Lizzo, Venus Williams...even Joe Biden). 

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

Dovetail hit almost-unicorn status with a $89 million cap raise thanks to the funding bubble

Dovetail are a Sydney-based startup that produces data analysis software.

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

It's survival of the (supermarket) fittest, and Coke wants to be the last fizzy drink standing

Coca-Cola is probably most famous for its delicious, fizzy goodness known as Coke.

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

Disney+ forms an international content group to look like it's doing something to meet its 260 million subscriber goal

Disney+ is home to banger shows like WandaVision, The Mandalorian...and pretty much every Marvel movie and spin-off you can think of. 

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

There's just something about the Car Next Door, hey? Well, Uber just bought it

In 2013, Car Next Door had around 20 cars on the platform. Now, they have over 3,500 cars and 100,000 drivers.

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

Goldman Sachs is spending big to attract staff and do you reckon they'll take my resumé?

Goldman Sachs are an investment bank...and they're kinda like the créme de la créme of banking. 

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

Microsoft is buying the gaming company behind World of Warcraft, so hopefully they can cast a spell over its toxic culture

Microsoft have been on an acquisition blitz lately...and now they've made their biggest one yet!

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

Logistics companies are chucking on an extra levy and boo you, Omicron

Omicron, Delta's more contagious partner-in-crime, is in the building.

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

Unilever wants to pull the lever on Panadol's parent company - but investors say it ain't it

Unilever own over 400 brands in over 190 countries. We're talkin' Omo, Dove, Ben & Jerry's and Rexona.

Anastasia from Flux
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2
min read
· Posted on
January 19, 2022

Beforepay could use some cash before payday after their shares tanked at IPO 

Beforepay is a new-age lending app that gives you a short-term loan before you actually get paid.

Anastasia from Flux
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2
min read
· Posted on
January 19, 2022

Strong competition bursts Redbubble's bubble and that's just business, baby

Redbubble is an online marketplace where artists can sell their artwork on t-shirts, cushions, custom facemasks...you name it.

Anastasia from Flux
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2
min read
· Posted on
January 19, 2022

Investors reckon Beyond Meat is past its used-by date, so they're shorting the stock like its 2008

Beyond Meat had the biggest US IPO since 2000. But today, the meat ain't as juicy.

Anastasia from Flux
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2
min read
· Posted on
January 18, 2022

Uber Eats ain't just a food delivery service, ya got that?

Recently, Uber Eats has been trying to branch out into potentially anything and everything.

Anastasia from Flux
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2
min read
· Posted on
January 18, 2022

You beauty! Crypto.com will sponsor the AFL and AFLW for the next five years

Crypto.com really hit the spotlight when they paid $971 million for the naming rights of the Staples Centre (home of the LA Lakers).

Anastasia from Flux
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2
min read
· Posted on
January 18, 2022

Virgin Galactic's share price gets throttled back to earth after raising nearly $700 million in debt

Virgin Galactic's whole mission is to eventually take passengers on trips to space.

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

FINALLY: Crown Resorts reckon Blackstone's price is right

Crown Resorts are Australia's biggest casino group, and last year wasn't a great year for this crew...

Anastasia from Flux
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2
min read
· Posted on
January 18, 2022

Stan K.O's Foxtel with a new pay-per-view service and this is the real Turf War

Stan's kicking off its launch of Stan Event with a boxing match called Turf War.

Anastasia from Flux
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2
min read
· Posted on
January 18, 2022

Health insurers get the Christmas spirit, with premiums copping their slowest rise in 20 years

We know private health insurance isn't free. Customers pay a 'premium' (aka just a fancy word for the money they pay for their policy).

Anastasia from Flux
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2
min read
· Posted on
December 24, 2021

TikTok's older twin (by 1 min) Triller slaps the UNO Reverse card on mergers and goes public

Just like TikTok, Triller's all about the short-form videos set to music.

Anastasia from Flux
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2
min read
· Posted on
December 24, 2021

Ex Disney CEO Bob Iger steals Britney Spears' line and says 'Gimme More' to Disney+

Disney+ have some lofty goals for platform growth - 260 million subscribers by 2024.

Anastasia from Flux
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2
min read
· Posted on
December 24, 2021

What's a SPAC?

The acronyms are rife lately. We’ve got IPOs…NFTs…and we’ve got SPACs - aka, Special Purpose Acquisition Companies.

Brett from Flux
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5
min read
· Posted on
January 18, 2022

Meta's shareholders want action but The Zuck's pulled out his draw four: dual-class shares

Meta has been under the pump lately...they've faced pressures from regulations and governments over privacy concerns.

Anastasia from Flux
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2
min read
· Posted on
December 23, 2021

Chemist Warehouse gets accused of cooking up inflated price-tags ahead of big sales

Chemist Warehouse are on the naughty list this Christmas...

Anastasia from Flux
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2
min read
· Posted on
December 23, 2021

Marley Spoon woofs down a Chefgood-size sanga for $21 million

Things were going well for Marley Spoon...until they weren't.

Anastasia from Flux
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2
min read
· Posted on
December 23, 2021

Slow and steady DOES NOT win the race, NAB and ANZ find

NAB's dropped a little Christmas present for shareholders: they're aiming to approve home loan applications in one hour.

Anastasia from Flux
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2
min read
· Posted on
January 18, 2022

Meat industry has major beef with plant-based foodies telling porkies

The sale of plant-based dairy and meat alternatives is expected to reach US$162 billion by 2030.

Anastasia from Flux
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2
min read
· Posted on
December 22, 2021

Chinese AI company Senses its Time to revisit its IPO after US blacklist

SenseTime is a Chinese artificial intelligence startup that creates technologies like autonomous driving and facial and image recognition.

Anastasia from Flux
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2
min read
· Posted on
December 22, 2021

Mecca launches gift card vending machines for peeps who haven't got their Xmas presents sorted (so, everyone)

Mecca's the beauty company with more than 100 stores across Australia and New Zealand, bringing in nearly $500 million a year.

Anastasia from Flux
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2
min read
· Posted on
December 21, 2021

Rockstar Bruce Springsteen sells his music rights to Sony

Bruce Springsteen dominated the late 70s and 80s with hits like Born In The USA and Blinded By The Light.

Anastasia from Flux
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2
min read
· Posted on
December 21, 2021

YouTube TV and Disney take advice from Ross and Rachel, making amends after a short break

YouTube TV is a paid streaming service that's partnered with Disney to stream Disney-owned channels like ESPN, ABC and FX.

Anastasia from Flux
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2
min read
· Posted on
December 21, 2021

OH BOY: After *that* inflation data, the US Federal Reserve is looking to raise interest rates

In the US, it was announced that CPI rose 6.8% in November - making it the largest increase in CPI since June 1982.

Anastasia from Flux
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2
min read
· Posted on
January 18, 2022

Spotify buys Aussie podcast legends Whooshkaa and leave some for the rest of us, would ya?

Whooshkaa is an all-in-one podcast platform. They help businesses host, promote, distribute and monetise podcasts.

Anastasia from Flux
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2
min read
· Posted on
January 18, 2022

Rokt my world: Aussie e-commerce unicorn smashes venture capital raising records

Rokt is an e-commerce tech company founded by the former Jetstar CEO back in 2014.

Anastasia from Flux
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2
min read
· Posted on
January 18, 2022

Zara and H&M sales return to pre-pandemic levels as we all buy new outfits for our hot vax summer

Sales at Zara and H&M are back to pre-pandemic levels. And it's all thanks to post-lockdown wardrobe updates.

Anastasia from Flux
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2
min read
· Posted on
January 18, 2022

Kraft spins the cream cheese shortage into free dessert so cheesecake lovers don't sour on them

Kraft's the company behind Toblerone, Milka and, of course, Philadelphia Cream Cheese 🤤.

Anastasia from Flux
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2
min read
· Posted on
January 18, 2022

Thank you, next: Westpac cops strike one from shareholders over its new executive pay plan

Westpac have had a bit of a rough year...they've been defrauded, copped $1.3 billion in write-downs and forced to pay over $100 million in fines.

Anastasia from Flux
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2
min read
· Posted on
January 18, 2022

Rotten Tomatoes teams up with TikTok for a TikTok Jump and that's a 94% fresh from us

Rotten Tomatoes are the movie and TV review site that rates films as either 'fresh' (aka great) or 'rotten' (aka Twilight).

Anastasia from Flux
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2
min read
· Posted on
January 18, 2022

Harley-Davidson ride their electric motorbike division straight onto the stock exchange

Harley-Davidson has been around since 1903, when two mates chucked an engine on a bicycle.

Anastasia from Flux
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2
min read
· Posted on
January 18, 2022

Biotech big shots CSL are buying Switzerland's Vifor Pharma for a pretty penny

CSL actually stands for Commonwealth Serum Laboratories, and they're an Aussie bio-tech company.

Anastasia from Flux
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2
min read
· Posted on
January 18, 2022

Nike takes a stab at web3 by acquiring NFT studio RTFKT so get ready to virtually pay up

Nike's already in Fortnite games, the ~metaverse~ and all over augmented reality...now, they're taking a leap into crypto.

Anastasia from Flux
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2
min read
· Posted on
January 18, 2022

CBA inks a deal with IFM for $200 million green loans and Greta and Leo are laughing

IFM Investors invest money on behalf of more than 550 institutions worldwide - and lots of these are Aussie industry super funds.

Anastasia from Flux
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2
min read
· Posted on
January 18, 2022

Woolies flags a big ($220 million) summer blowout and yup, that supply chain is still playing up

Woolies have been one of the biggest winners from the pandemic (kudos to panic buying toilet paper)...

Anastasia from Flux
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2
min read
· Posted on
January 18, 2022

Reddit releases end-of-year recaps...just like everyone else these days

Every year, Spotify comes out with its personalised end-of-year wraps. Now, Reddit's joined in on the fun.

Anastasia from Flux
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2
min read
· Posted on
January 18, 2022

Peloton's product placement in the new SATC killed it - and not in a good way

Last week, the new Sex And The City spin-off, And Just Like That, premiered. And well, there's a dark twist...

Anastasia from Flux
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2
min read
· Posted on
January 18, 2022

Book-nope-ia: The ACCC is taking this Aussie bookstore to court for misleading customers

Booktopia is an Aussie online bookstore that now turns over around $223 million in sales each year...but, getting big ain't without its hiccups.

Anastasia from Flux
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2
min read
· Posted on
January 18, 2022

Apple and China had a secret US$275 billion deal and that explains...a lot

Chinese regulators have been cracking down on big tech companies in China. And this crackdown has seen some huge players leave the country.

Anastasia from Flux
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2
min read
· Posted on
January 18, 2022

Turns out size really does matter as Coles preps to beef up its smaller Local chains

In 2012, Coles started replacing their 1,700-sqm stores with 2,700-sqm stores...but now, they've rolled out much smaller stores called Coles Local.

Anastasia from Flux
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2
min read
· Posted on
January 18, 2022

Coronas are out this summer (and not the bad kind) thanks to YEP another supply chain shortage

Just like pretty much every other industry, Australia's breweries have been hit by cruel, cruel supply chain issues.

Anastasia from Flux
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2
min read
· Posted on
January 18, 2022

How to stick to a budget over the holiday season

The holiday season is a time for drinks, celebrations, gift giving (and more importantly, gift receiving) - which can be tricky for the ol' hip pocket.

Anastasia from Flux
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4
min read
· Posted on
January 18, 2022

Twitter tries new product development method called CTRL C + CTRL V

Twitter has been trying to revamp itself all year. Think: Twitter Spaces, Twitter Blue and Tip Jar.

Anastasia from Flux
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2
min read
· Posted on
January 18, 2022

Turns out Australia hasn't hit rock bottom yet but it will when we run out of 'AdBlue' in 2022

AdBlue is a fluid that forms part of diesel petrol and helps to reduce emissions produced by trucks.

Anastasia from Flux
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2
min read
· Posted on
January 18, 2022

FEEL THE BIT: Visa launch a crypto advisory firm to help us noobs figure out what's going on

In March this year, Visa started accepting payments in cryptocurrencies and facilitating crypto transactions.

Anastasia from Flux
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2
min read
· Posted on
January 18, 2022

YOINK: OpenSea pinch Lyft's CFO for the same role as execs look to get into the wacky Web3

OpenSea are an online site where people can buy and sell non-fungible tokens (aka NFTs).

Anastasia from Flux
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2
min read
· Posted on
December 9, 2021

DoorDash will deliver groceries quicker than you can unload the dishwasher and welcome to the new era of convenience

With around 20 million customers in the US alone, DoorDash are the largest food delivery platform over there.

Anastasia from Flux
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2
min read
· Posted on
December 9, 2021

The Aussie Government is cracking down on payments and big tech is shaking

Aussies make around 55 million payments every single day, to the tune of $650 billion.

Anastasia from Flux
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2
min read
· Posted on
December 9, 2021

BuzzFeed's IPO tanked and did they get that result on the quiz?

Recently, Buzzfeed decided to go public...but the company's share price plunged by 17% on its debut.

Anastasia from Flux
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2
min read
· Posted on
December 9, 2021

Marketplacer bags a massive $38 million as retailers make a dash for digital

Marketplacer are the crew behind the online marketplaces of Woolies, Myer, Surfstitch...the list goes on.

Anastasia from Flux
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2
min read
· Posted on
December 9, 2021

Pet Circle becomes a unicorn after being thrown a juicy $125 million bone

Pet Circle is an Aussie online pet supplies company that's expanded into toys, health, grooming, clothes (and more).

Anastasia from Flux
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2
min read
· Posted on
December 9, 2021

CYA: Didi is doing a 180 on the NY Stock Exchange and they might not be the only ones

In June this year, Didi listed on the New York Stock Exchange and raised around US$4.4 billion.

Anastasia from Flux
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2
min read
· Posted on
December 9, 2021

BHP could up its dividends to shareholders after saying bye-bye to oil and gas

BHP are the golden child of Broken Hill (aka the BH in BHP).

Anastasia from Flux
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2
min read
· Posted on
December 9, 2021

IGA owner Metcash sees profits rise thanks to neighbourhood shopping and cheers COVID

Metcash are an Aussie grocery, hardware and liquor store owner. Think: IGA, Foodland, Mitre 10 and Celebrations Liquor.

Anastasia from Flux
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2
min read
· Posted on
December 9, 2021

Hermés will list on the Euro Stoxx 50 and who's even buying these Birkins? Asking for a friend

Hermés are best known for their Birkin - aka the most expensive bag in the world...We're talkin' anywhere between $40k...and $500k.

Anastasia from Flux
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2
min read
· Posted on
December 9, 2021

Westpac gears up to flog its super arm...if anyone wants it

After the Banking Royal Commission, Westpac wanted out of all of its specialist businesses (i.e. financial advice, insurance...and now its super arm, BT).

Anastasia from Flux
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2
min read
· Posted on
December 9, 2021

Gemini gives the gift of a new crypto income product this Xmas and is Santa real?

Gemini was founded back in 2015 by the Winklevoss twins...ya know, the tall twins played by Armie Hammer in the Social Network movie.

Anastasia from Flux
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2
min read
· Posted on
December 9, 2021

Big tech takes 'New year, new me' to the nek level as Square rebrands to Block 

Square is the payments platform that created that little white square at cafes for payments.

Anastasia from Flux
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2
min read
· Posted on
December 9, 2021

Aussie medtech company Harrison.ai just raised $129 mil and it's official - AI is coming for your job

Harrison.ai partner with healthcare companies and develop AI tools to solve specific challenges...We're talkin' revolutionary IVF tools and imaging tools. 

Anastasia from Flux
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2
min read
· Posted on
December 9, 2021

Woolies has swooped in with a buzzer beating offer for Priceline and did it hurt, Wesfarmers?

Just when it looked like it was a done deal for Wesfarmers, Woolies swooped in with an even bigger offer.

Anastasia from Flux
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2
min read
· Posted on
December 9, 2021

Meta's been told to give up GIPHY and The Zuck ain't happy about it

GIPHY: the app you wish your parents never found out about.

Anastasia from Flux
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2
min read
· Posted on
December 9, 2021

Seven's given Raiz $8 mill of free advertising then rounded that up to the nearest 10

Raiz is the micro-investing platform where customers can round-up their purchases and invest into a portfolio of shares.

Anastasia from Flux
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2
min read
· Posted on
December 9, 2021

Netflix will pay tax on its Aussie subscribers from Jan 2022... and welcome to adulthood

It's estimated that Netflix earns more than $1 billion in revenue from Aussie subscribers. Cash cows, we are!

Anastasia from Flux
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2
min read
· Posted on
December 9, 2021

Westpac admits to charging dead people fees and cops a huge $113 million fine

The bank is still feeling the fallout of the Banking Royal Commission...nearly three years on.

Anastasia from Flux
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2
min read
· Posted on
December 1, 2021

Twitter co-founder Jack Dorsey steps down as CEO

He reckons the company is ready to move on from its founders...and he's ready to move on to Square (and other things).

Anastasia from Flux
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2
min read
· Posted on
December 1, 2021

Mobile ordering platform Mr Yum just raised $89 million 

The company's nifty QR code menus and payments platform took off during COVID...and it looks like investors are hungry for more.

Anastasia from Flux
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2
min read
· Posted on
December 1, 2021

Niantic doesn't want the metaverse to be that different from the real world, so take that Zuck

Niantic are a US based startup that was initially developed within Google, before spinning off on their own in 2015.

Anastasia from Flux
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2
min read
· Posted on
December 9, 2021

Channel 7 and Channel 9 both reckon they won the 2021 TV ratings battle so pass the participation award

Every year, TV broadcasters compete to be the most-watched television network...more viewers = more reach = more money from advertisers.

Anastasia from Flux
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2
min read
· Posted on
December 9, 2021

Share markets saw a quick sell-off and thanks a lot, Omicron. Thanks A LOT.

Let's rewind to March 2020. The Weeknd's Blinding Lights was topping charts...and, oh yeah, the stock market crashed thanks to COVID.

Anastasia from Flux
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2
min read
· Posted on
December 9, 2021

Zoom shares tank on slowing growth

Grab the Nurofen. It looks like Zoom has a case of the COVID hangover thanks to demand pulled-forward.

Anastasia from Flux
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2
min read
· Posted on
November 29, 2021

Nike creates its own virtual world called Nikeland

Nike are starting the kids young with a virtual world within the popular Roblox video game platform.

Anastasia from Flux
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2
min read
· Posted on
November 29, 2021

QSuper are facing a 140,000-strong class action

QSuper members say they were overcharged mandatory life insurance premiums.

Anastasia from Flux
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2
min read
· Posted on
November 29, 2021

Tinder is launching a human matchmaking service so you can swipe right (or left) IRL 

Match Group is the leader in the digital dating field...we’re talking Tinder, Hinge, OKCupid and many more.

Justin from Flux
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2
min read
· Posted on
November 29, 2021

Rest Super wants to show it's down with the cool kids via a new interest in crypto investing

Rest Super is one of Australia's largest superannuation funds with around 1.8 million members.

Justin from Flux
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2
min read
· Posted on
November 29, 2021

Linen lovers UNITE: Adairs is sick of flogging quilt covers so it's bringing in the furniture

Adairs is the place you go when you wanna spruce up your bedroom sitch from COVID.

Justin from Flux
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2
min read
· Posted on
November 29, 2021

Spotify launched a Netflix hub so you can play the creepy Squid Game music on repeat

Spotify's the global audio and music streaming service that lets you keep tabs on what your mates are listening to.

Anastasia from Flux
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2
min read
· Posted on
November 25, 2021

Tracking app Life360 bought key and wallet-finder Tile and now they make one big lifesaver

Life360 is kinda like Find My Friends...but for ya kids.

Anastasia from Flux
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2
min read
· Posted on
November 26, 2021

Vodafone plans to knick internet customers from NBN with its secret 4G and 5G offering

Vodafone are now taking a massive swing at NBN, which let's just say...hasn't been...the greatest achievement in Aus history.

Anastasia from Flux
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2
min read
· Posted on
November 26, 2021

The ex-Theranos CEO is testifying in her own defence

The Theranos case is one of the highest-profile fraud cases to come out of Silicon Valley.

Anastasia from Flux
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2
min read
· Posted on
November 24, 2021

Twitter is launching a livestream shopping event

Anastasia from Flux
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2
min read
· Posted on
November 24, 2021

Studios sue Aussie telcos over piracy issues

Piracy's always been a pest for film studios...but now, it's more rampant than ever.

Anastasia from Flux
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2
min read
· Posted on
November 24, 2021

Move over metaverse, there's a new sheriff in town: the omniverse

Nvidia's CEO reckons the omniverse is the next big opportunity for graphics companies.

Anastasia from Flux
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2
min read
· Posted on
November 26, 2021

Crown Resorts have been encouraged to let interested buyers check their books

Crown Resorts are the Aussie casino group that's majority owned by James Packer. And they've been in a little...ok, a lot...of trouble lately.

Anastasia from Flux
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2
min read
· Posted on
November 26, 2021

YIKES: Industry super funds that cop fines could become insolvent from January 2022

Industry super funds often only have around $1 of actual cash in their bank accounts. Yup, you read that right.

Anastasia from Flux
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2
min read
· Posted on
November 26, 2021

Iconic LA stadium Staples Centre is rebranding to Crypto.com Arena and this is what we call a sellout

The Staples Centre is the hugely iconic home of the the LA Lakers and the LA Clippers.

Anastasia from Flux
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2
min read
· Posted on
November 26, 2021

Apple's pushing ahead with fully self-driving electric vehicles so buckle up

Apple's special team - called Project Titan - have been dedicated to creating their first electric car since 2014.

Anastasia from Flux
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2
min read
· Posted on
November 26, 2021