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Today's big stories:

🛒 Woolies is launching an online marketplace

📱 Instagram hits pause on its Insta for Kids app

🚨 China makes all crypto transactions illegal

Oh and get this...

Don't lose yourself, but the real slim shady - aka Eminem - is opening up a restaurant in Detroit. And of course, it's called Mom's Spaghetti. It plans to serve spaghetti, meatballs, spaghetti with meatballs and the s'ghetti sandwich. The ad features Eminem vomiting up a box of spaghetti...and just watch it for yourself.

Woolies launches an online marketplace and u mad, Amazon?

Background: Woolies have nearly 1,000 physical stores across the country. But they're also online too. Fun fact, Woolies actually started offering online shopping in a limited form in Sydney all the way back in 1992. 

What happened: Fast-forward to today, and Woolies' online shopping sales have taken off. In fact, their e-comm sales grew almost 75% in the 2021 financial year. So thanks to COVID, online sales make up 8% of the company's total sales.

What else: Now, they've gone one step further with a new online marketplace called Everyday Market. It'll offer more than 2,000  products that aren't on Woolies shelves - and they won't be grocery items. We're talkin' Dysons, Nutribullets and more. 

So what's the key learning?

💡An online marketplace is a type of e-commerce where products are provided by multiple third parties.

💡It means that, although Woolies is selling Dysons from its site...they don't actually have the product in their warehouse. Once the sale is made, Dyson sends the product straight to your door.  

💡It works for websites like Woolies 'cos it means they can offer you products without any additional costs...and they get to claim a clip on every purchase. And it's what Amazon became famous for, but now we're seeing companies like Kogan and Myer enter the space too. Watch out Jeffy B.

The Zuck will stop trying to shove Insta down 10 year old's throats for a while

Background: Instagram, which we know is owned by Facebook now, has been planning to develop a version of its photo-sharing app for kids (aka, under 13s). But parents and lawyers ain't too keen on this idea.

What happened: Back in May, 50 attorney generals across the US sent a letter to Zuck asking him not to go ahead with his plans. They said it would harm kids' mental health. 

What else: Here's the juicy bit. A few weeks ago, reports came out saying FB did its own research, and found that (amongst other things) - 32% of young girls said Insta made them feel worse about their bodies. Now, Zuck is hitting pause on the Insta for Kids app.

So what's the key learning?

💡There are plenty of regulations around our physical health, like which COVID vax we're allowed to take and which medicines are fit for sale...but now we're starting to see regulators focus on policies targeted at protecting our mental health. 

💡So far, companies like Facebook and TikTok have copped a bit of heat when it comes to safety, privacy and mental health concerns. But despite the negative press, they haven't seen a decline in users -or profits. 

💡But when money's involved, that's when we see action. If regulators start to impose laws around these issues and it takes a chunk out of company earnings...then we could start to see some actual change happen.

China bans crypto...it was only a matter of time

Background: China's crackdown on crypto has been years in the making. In fact, it actually started back in 2013. That year, China banned banks from handling bitcoin transactions...and now, they've completely banned crypto.

What happened: China's central bank has said all cryptocurrencies are illegal. Which means, all crypto-related transactions (including mining) are now banned.  

What else: The Chinese Government claims it's due to environmental concerns...but they've also got plans to release their own digital currency. It's likely less a green move, and more a power move.

So what's the key learning?

💡This is all about "The Great Firewall of China". China has a history of censoring all things digital in order to control information in the news and online. 

💡In fact, it's been ranked last out of 65 countries in terms of internet freedom. We know that China already blocks tonnes of Western media, like Facebook, Instagram and some Google services. 

💡The Great Firewall has not only seen external content censored...but it's helped develop China's own home-grown companies, like WeChat, Didi and Alibaba. Now, we're seeing the same thing, but with cryptocurrency.