Bite-sized business news from Australia and around the world
Soho House is going private again to arrest the declining share price.
CSL is making some big cuts across the company including a demerging, job cuts and other expense reductions.
Federal Court judge has hit Qantas with a record $90 million penalty, the biggest penalty ever under the Fair Work Act.
Gildan agreed to buy the US apparel brand, Hanesbrands, in a $2.2 billion USD cash and stock deal.
Ampol has announced plans to acquire EG Group’s 500-strong Australian service station portfolio for $1.1 billion.
Temple & Webster's revenue rose 21% to $601 million for the year to June 30.
Perplexity has lobbed a $34.5 billion USD bid for one of Google’s most valuable products, Google Chrome.
Westpac’s share price jumped 6% but its home loans were on a decline at 3%.
Telstra’s investors reported a $2.34 billion annual net profit.
In the latest financial year, JB announced some BIG results - their group sales were up by 10%, and their overall net profit increased by 5.4%.
NBN Co has announced that it has cut its annual loss by 10% in the last financial year to $963m.
This month, the RBA has cut the cash rate by 0.25%, which means the cash rate is now sitting at 3.60%.
Spotify will pull the price lever to recover some of those losses and announced plans to raise subscription prices across various locations globally.
McDonald's reported its quarterly revenue hit $6.84 billion USD, which beat analyst expectations of $6.70 billion USD.
News Corp's saw its full-year revenue jump 2% and its EBITDA jumped 14%.
Duolingo has reported revenue of more than $252 million USD for the quarter.
ASX mistakenly announced that TPG Telecom was buying an Australian software provider called Infomedia for over $500 million — instead of TPG Capitol Asia.
REA’s net profit jumped 23% to $564 million and they increased their full-year dividend by 31%.
Reddit has announced a boom in its quarterly update worth $500 million in revenue.
TPG is returning up to $3 billion to existing shareholders after selling off a big slice of its infrastructure biz.
Australia’s aviation scene might be getting a new furry competitor.
Novo Nordisk cut its full-year sales and profit forecasts for the second time this year.
By the end of Day 1 of their initial IPO listing, Figma's shares closed at $115 USD per share... or more than 250% higher than its listing price.
ResMed has released some smashing results for FY25 with its net profit jumping 37% to $1.4 billion USD.
Meta has announced revenue of $47.5 billion USD for its last quarter - up 22% year-on-year.
Harley-Davidson reported a 35.5% year-on-year revenue decline.
Flight Centre has warned that its net profit for FY25 will be more than 27% less than their original profit forecast.
A US federal judge has ruled that the group of authors can sue Anthropic as a class action for allegedly violating copyright laws.
After conducting investigation, ASIC found three banks' unreasonable bank fees charged to vulnerable Aussies.
The Federal Court has hit Webjet with a $9 million fine.
LVMH just warned that its first quarter earnings fell 22% mostly due to declining sales of their wine and spirits.
The $8 billion USD merger between Paramount Global and Skydance has been approved by the US Federal Communications Commission.
Bapcor has warned of multiple hits all at once, dropping their share price to 30%.
Tesla’s revenue takes its biggest hit in a decade as shrinking carbon credits push Elon to bet everything on robotaxis.
YouTube isn’t just beating old-school TV, it’s becoming the new king of the living room with ad revenue and viewership to match.
Fortescue breaks iron ore records but hits a wall with hydrogen, as shifting US policies and high costs stall its green energy ambitions.
Trump has signed the first major crypto legislation in US history, called the GENIUS Act.
Qantas was accused of using ChatGPT 4 for its apology letter about the massive data breach.
Employment Hero is going one step further by dragging Seek to court for cutting the access to its API.
Lovable just raised a whopping $200 million USD at a $1.8 billion valuation USD.
Netflix just announced its revenue for the most recent quarter reached over $11 billion USD - a casual 16% jump in revenue.
The Finance Sector Union (FSU) launched legal action against CBA in the Fair Work Commission, alleging that CBA breached its Enterprise Agreement.
Pop Mart has said its profits are expected to jump by 350% in the first half of this year thanks to its international expansion.
AI startup Thinking Machines Lab, has just announced a $2 billion USD capital raise at a $12 billion valuation USD.
Emirates has announced plans to launch a new courier express network into Australia.
xAI is planning to raise $5 billion USD and early half the money is reportedly coming from SpaceX.
After a decade as a committed family unit, Kraft Heinz is reportedly planning to split its business in two.
The RBA is recommending 3 key changes to Australia’s payment system, particularly on credit and debit cards.
Lululemon filed a lawsuit accusing Costco of copying the designs of its jackets, hoodies and pants.
Meta has acquired a stake worth roughly €3 billion in Ray-Ban’s maker, Essilor Luxotica.
Mercury Capital is looking to offload Are Media to a new buyer.
MYOB has just announced plans to compete with the big banks by launching a bank account with Great Southern Bank’s banking licence.
US President Donald Trump has threatened to slap 200% tariffs on imported pharmaceuticals.
Telstra has warned that it will need to cut another 500 jobs as part of its new strategy, “Connected Future 30”.
Aldi has announced a new partnership with Doordash that will allow customers to purchase Aldi products online.
After two years since its launch, Uber’s advertising business in Australia grew by 55% to $150 million.
In a surprising move, the Reserve Bank of Australia PAUSED the cash rate at 3.85%.
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.
