Bite-sized business news from Australia and around the world
Cettire’s share price has plunged 85% in 2024 as revenue stalls, users drop, and deep discounting fails to revive its once-billion-dollar fashion empire.
Cochlear’s profit growth has stalled due to margin pressure in emerging markets, but a high-tech new implant could turn things around in FY26.
Jetstar Asia is shutting down after 20 years and only six profitable ones, as rising costs and fierce local competition make the business unsustainable.
Warner Bros Discovery has now announced it’s splitting into two separate publicly listed companies.
Apple promised some big big improvements to the AI in iPhones but despite the big build-up, Apple’s AI-powered Siri still isn’t ready.
All buy now pay later providers in Australia will need to start collecting income and expense info on applications — and that includes Afterpay.
Musk is launching a $300 million secondary share sale for xAI which means xAI employees can cash out by selling their shares to fresh investors.
ASIC is now suing RAMS for systemic misconduct between 2019 and 2023.
Mecca has just reported record revenue of $1.2 billion for 2023 up from $971 million in 2022.
McKinsey has a new employee and developed an in-house AI assistance called Lilli.
Treasury’s key distributor in California, the biggest wine state in the US, is pulling out completely.
IDP has announced its earnings would drop by around 30% in FY25 and this was due to stricter migration policies globally.
The New York Times has signed its first AI deal with Amazon.
Glencore has transferred $30 billion worth of its mining assets into an Australian subsidiary.
Virgin Australia’s CEO has told its 8,000 staff that they could all receive $3,000 worth of Virgin shares pre-IPO-listing.
Nvidia is forecasting $70 billion USD for the quarter, which was above investor expectations.
E.l.f. is dropping $1 billion USD to buy Rhode as a way into the luxury beauty market.
WebBeds’s post-split glow-up is real after its total transaction volume jumped more than 20% to $4.9 billion for the year to March 31st.
Arnott’s has announced plans for international domination with its trusty Tim Tams.
Healthscope has gone into receivership as it struggled to keep its finances afloat.
WiseTech has made its biggest acquisition of all time and acquired a US-publicly-listed supply chain management company called E2open.
OpenAI will acquire io in a $6.5 billion USD all-stock deal.
Kmart announced grand plans to double Kmart’s sales to $20 billion in 10 years.
Just 16 weeks into the year after the merger, Myer's store sales were up just 1.9%, but Apparel Brands saw their revenue fall 3.9%.
After series of ups and downs, Bitcoin has hit its all-time high of $110,000 USD.
Cosette’s trying to walk away from the Mayne Pharma deal, claiming there’s been a “material adverse change” since their offer.
Westpac’s new CEO has announced plans to cut another 5% of the workforce, which is about 1,700 jobs across the bank.
Netflix will now stream the upcoming 56th season of Sesame Street as well a library of its classic episodes.
Monash IVF warned that after the embryo mix-up, they expect their profits to drop by more than 11% to $27.5 million.
RBA came, saw and conquered with a cash rate cut of 0.25% which cuts the cash rate down to 3.85%.
Warner Bros Discovery has announced plans to reverse the decision as it plans to go back to its HBO Max roots.
Burberry is pulling out the shears as it plans to cut 1,700 jobs globally, which is nearly a fifth of its workforce.
Xero has trumpeted its revenue for the full-year ended in March with its revenue increasing by 23% to $1.9 billion.
Airbnb has launched a redesigned app so it’s less accommodation and more of an everything-travel-app.
eToro listed on the Nasdaq and its shares were priced at $52 but jumped to over $74 — a 42% intra-day gain.
CommBank announced a $2.6 billion cash profit — and that’s a 6% rise on the previous quarter.
Fox Corp has announced plans to launch a new streaming service called Fox One to compete against the big dogs of streaming.
Life360's revenue jumped over 32% for the March quarter and its paying subscribers grew 43% as well.
Woolworths' CEO has announced plans to cut prices across nearly 400 products at an average of 10% reduction.
News Corp has announced its quarterly revenue came in at just over $2 billion, which was ever-so-slightly up on the same time last year.
Disney’s second quarter results came in at $23.6 billion USD, which beat forecasts by $600 million USD.
Domain’s majority shareholder Nine Entertainment has backed the CoStar deal, which was at a 42% premium to Domain’s share price before the proposal.
Apple is actively exploring ways to reshape Safari, which would replace Google as the default search engine.
Tabcorp’s new CEO, Gillon McLachlan, the former AFL boss, has just announced the launch of new in-play betting product in the TAB app.
JB released its latest quarter results, where it still managed to find growth in a tough retail market.
Netflix Australia generated $1.3 billion in local revenue in 2024 but, it posted a teeny tiny profit of just over $23 million profit in Australia.
Shell is reportedly chatting with advisers about whether to make a bid for BP.
Westpac’s new CEO wants to double down on some of its areas for even more growth.
Amazon reported quarterly revenue of more than $155 billion USD which beat investor expectations.
McDonald’s has reported a 3.6% dip in same-store sales — its worst sales drop since the 2020 lockdowns.
Atlassian announced plans to make its AI tool Rovo a free feature and investors aren't too happy.
Visa plans to roll out “Intelligent Commerce”, partnering with leading AI platforms like OpenAI, Microsoft, and Samsung.
While Pet Circle's sales went up, profits did the opposite with its losses jumping over $26 million.
Coles’ supermarkets has seen its sales jump to $9.4 billion in the most recent quarter — a 4.7% on the same time last year (excluding tobacco).
Facebook’s Australian revenue for 2024 has been released, jumping from $110 million in 2024 to $1.46 billion.
Reports have shown that ad-supported streaming services are in 30% of households — nearly a 150% jump in ad-supported tiers in Australia.
Flight Centre has officially ditched its profit guidance that it previously shared with the market.
OpenAI is keen to buy Chrome if the court forced Google to sell.
Elon Musk will be stepping back from the US government's DOGE.
Cettire has reported a real ugly quarter after its sales landed at $260 million.
ARN is in the spotlight once again after having admitted to using AI (Thy) and host their digital hip-hop station CADA.
A US Federal Judge has found that Google also used its dominance to squeeze out ad rivals.
Shein has announced that its Australian revenue in 2024 jumped to $1.23 billion.
Donald Trump has announced consumer electronics are exempt from the tariff hike - that includes iPhones, iPads, Macs, Apple Watches and AirTags.
Versace is coming back to Italian soil after being acquired by luxury-brand Prada for $1.38 billion USD.
Bunnings is trialling a new range of 400 car products as part of their plan to diversify away from just tools and timber.
Canva just announced that it is launching a new rival to Excel spreadsheet.
Trump paused the “reciprocal tariffs” for 90 days and will only be sticking with the 10% baseline tariffs for now (except China).
Virgin Australia has revealed it overcharged 61,000 customers when passengers made changes to their bookings between April 2020 and March 2025.
Berkshire Hathaway shares up more than 14% this year because Buffett's had most of Berkshire’s cash sitting in short-term Treasury bills.
Rugby Australia has just signed a new five-year broadcast deal with Nine which was believed to be worth around $210 million.
Abacus Property Group has partnered with Public Storage, a New York listed company to try and buy back the whole of Abacus Storage King.
Trump has signed a new Executive Order giving TikTok another 75 days to finalise a deal with potential buyers.
Bally’s Corporation committing to invest $250 million into Star Entertainment Group.
Australia's largest super funds suffered a co-ordinated cyberattack — all at the same time.
Apple lost a historical $300 billion USD in market value after Trump has announced a 34% tariff on Chinese imports.
Nike has seen its share price tumble 6% after the tariff announcement because it produces 50% of its shoes and 28% of its apparel in Vietnam.
Collins Foods, a predominantly chicken restauranteur, has seen its share price fall nearly 3% after Trump's 10% tariff on Australian goods.
Estee Lauder’s investors are running a class action lawsuit against the company for telling half-truths on their financial performance.
Roblox has partnered with Google to bring ads into the metaverse.
Zip has just lost a court case on the use of its trading name ‘Zip’, which has been going on since 2019.
OpenAI has raised $40 billion USD, which values the company at $300 billion.
Woolies cut their prices in March to bring the grocery price gap with Aldi to the lowest point in two years.
The Reserve Bank of Australia decided to sternly and seriously pause the cash rate at 4.10%.
After locking in Qatar Airways as a minority shareholder last month, Virgin Australia is starting to prepare to go public.
Musk has tweeted that xAI has acquired X, the messaging platform for $33 billion USD — $45 billion USD in value less $12 billion USD in debt.
Domain received a juicy acquisition offer from Costar, a US-based property platform - with a 36% premium to its previous closing price.
Australia's largest super fund, AustralianSuper has sold its entire $580 million stake due to these governance failings.
Jeanswest warned it will enter administration with the plan to shut down all of its remaining 90 stores and cut up to 600 jobs.
Canadian retailer Dollarama has made an offer to acquire The Reject Shop for $259 million — a 112% premium to its previous closing price.
James Hardie has announced the acquisition of a rival named Azek for $14 billion in cash and scrip.
23andMe has filed for Chapter 11 bankruptcy in the US and this has customers concerned about where their confidential DNA data could land.
Labor government has announced a number of significant investments to ease financial pressures under its latest annual budget.
Apple TV+ is reportedly losing more than $1 billion USD a year according to a new report by the Information.
Nike has released its third quarter results which were better than last quarter...but still not great.
Late last week, the ACCC’s 441-page report was released as well as its 20 recommendations, but there was no recommendation to break up Coles and Woolies.
Yum! Brands is teaming up with Nvidia to roll out its fancy AI in drive-thrus.
Google has announced its acquisition of Wiz for $32 billion USD — it's largest acquisition ever.
After Myer hired a new CEO back in June 2024, the company warned that its net profit was down by nearly 40% in the most recent half.
Guess’ share price has shot up more than 30% because WHP Global has made an offer to buy Guess’ shares at a 34% premium, valuing Guess at $770 million USD.