What the Flux

Cettire, the ASX-listed luxury e-commerce brand, has seen its gross revenue grow by 87% over the past 12 months. NewsCorp saw their profit drop by 75% over the past 12 months and now it’s its taken the scissors out to start cutting left, right and centre. The owner of retail brands Coach and Kate Spade is acquiring Versace, Michael Kors and Jimmy Choo in a $13 billion mega-deal. — Build the financ...

AGL Energy has been hit with a $1.3 billion loss after a tough year in the energy sector… but there’s a silver lining to this story. WeWork has seen its share price drop nearly 99% since it IPO’d, and now they’ve warned of a “substantial doubt” of even staying in business. Barstool Sports, the US digital media company, has been sold back to its founder for $1 just months after he sold it for $550m...

CommBank has posted a full-year profit of more than $10 billion and will buy back up to $1 billion worth of shares. Invocare, Australia’s largest funerals group, has endorsed a $1.8 billion acquisition by a private equity giant. Disney has created a new task-force to deep dive into AI and cut down their costs. — Build the financial wellbeing of your team with Flux at Work: https://bit.ly/fluxatwor...

Myer has experienced a major slowdown in sales since January, but has still seen its sales jump double-digits since last year. Paramount Global has palmed off publisher Simon & Schuster to a private equity giant for more than $1.6 billion USD. Canva’s latest valuation has hit $25.5bn USD as its early investors sell down.. But it gears up towards an IPO in the US. — Build the financial wellbein...

Free-to-air TV executives are lobbying the government for better visibility of their apps on Smart TV. MrBeast is suing the ghost kitchen that makes his MrBeast Burger after some serious quality-control issues. Apple officially has reached more than 1 billion paying subscribers… and that’s just for its services business. — Build the financial wellbeing of your team with Flux at Work: https://bit.l...

The ACCC has officially rejected the $4.9 billion ANZ-Suncorp merger.. But ANZ says this one ain’t over yet. eToro, the major online investment platform, is being sued by ASIC over their financial betting products. Nintendo has hit its highest first-quarter profit on record after the Legend of Zelda game took it to new heights. — Build the financial wellbeing of your team with Flux at Work: https:...

Seafolly, the Australian bikini label, has been sold for $70 million to a new buyer after a rollercoaster decade. Uber has announced its first global operating profit for a quarter ever and now it plans to take on more industries..again. Pokemon has released a new Pokemon Sleep app… and it is pumping its way up the App Store charts as the app tries to gamify wellness. — Build the financial wellbei...

Rio Tinto says that China has pretty much maxxed out on its steel production so now it needs to find new buyers for iron ore. Birkenstock is riding the Barbie wave as it prepares to IPO as soon as September at a value of more than $12 billion bucks. TPG Telecom, the major telco and IT company, has received a $6.3 billion bid to sell some of its fibre assets. — Build the financial wellbeing of your...

The Reserve Bank of Australia has put rates on hold for another month in a good sign for borrowers…but it warned it may not be done for good. Bondi Sands, the Australian self-tanner and skincare brand, has been acquired by a major Japanese retailer for $450 million. Foxtel is planning to launch a top-secret brand.. Which is currently called “Project Magneto” to boost their revenues and differentia...

Luxury Escapes, the online Aussie travel company, has jumped into physical retail head-first by opening what some describe as the largest travel store in the world Medical diagnostics company Atomo has gone through a major pivot from producing Covid RAT tests to… pregnancy tests. Hermes has bucked the trend of the luxury industry by announcing a big boost in its sales and profits over the past 6 m...

Prospa, the small business lender, has seen its revenue jump by more than 60%... buuuut it’s share price still dropped by more than 10%. McDonald’s plans to launch a spinoff restaurant chain in 2024 and it will be named after an old-school McDonald’s character called CosMc’s. The owner of Gucci has just acquired a 30% stake in Italian fashion label Valentino for a lazy 1.7 billion euros. — Build t...

Zimmermann, Sydney-based fashion label, has received an acquisition offer that values the company at $1.75 billion dollars. Meta, formerly known as Facebook, is slowly but surely gaining back investor trust after a major surge in ad revenue in its second quarter earnings. Chatime, the Bubbletea franchise, is bracing for the closure of some of their Australian outlets after struggling with some los...

Origin Energy is looking to build major-scale batteries across Australia to capitalise on volatility in the energy sector. WorldCoin, a new cryptocurrency created by the founder of Open AI, has just handed out millions of dollars in the currency in exchange for irises. Spotify has released underwhelming second-quarter results and its shares dropped 14%.. aaand it’s got an unpopular solution to thi...

Kmart and Target are merging to form a $10 billion behemoth, under the Wesfarmers roof. After 17 years, Twitter has officially said “bye bye birdie” as it changes its logo from the blue and white bird to a big, fat ‘X’. A Saudi Arabian soccer team has made an enormous €300 million bid for French star, Kylian Mbappe, which could pair him with Cristiano Ronaldo. — Build the financial wellbeing of yo...

Turkish Airlines’ planned expansion into Australia has been put on hold after it failed to secure government approval. Netflix lost nearly $18 billion in market value late last week despite the fact that its user numbers grew well ahead of expectations. The ACCC has delayed its major decision on the nearly $5 billion ANZ-Suncorp merger until early August. — Build the financial wellbeing of your te...

Ansell, the ASX-listed glove maker, has warned its investors that a huge amount of unsold products post covid has now spread to other products. Burberry, the British luxury fashion behemoth, dropped some delightful news last week after a boom in Chinese buyers.  Russia pulled out of the Black Sea grain deal last week, which may really hurt the the flow of critical food supplies.  — Build the finan...

Foxtel and ESPN are continuing their long-standing partnership to bring America's sports to Australian viewers. TikTok’s unveiled a new initiative called “Elevate” to support up-and-coming artists create careers in music. Netflix experienced its slowest revenue growth on record last year...so now it’s turning to the gaming industry to stay competitive. — Build the financial wellbeing of your team...

The Barbie movie was released yesterday evening and it’s expected to create huge ripple effective for Barbie-owner Mattel… and it’s bottom line. Elon Musk has warned that Twitter is still not profitable thanks to a chunky drop in advertising revenue and a very very large debt. An Australian cyber-tech company named Secure Code Warrior has just closed a $50m USD capital raise, with backing from Gol...

The Victorian Government has pulled the pin on hosting the Commonwealth Games in 2026 after claiming the costs have blown out. PwC, KPMG, EY and Deloitte are all in the spotlight as they’re facing a Senate inquiry into the consulting sector. Last week, Margot Robbie, Matt Damon and thousands of other Hollywood actors walked out on their jobs, sparking the biggest Hollywood strike in 63 years. — Bu...

Optus is hoping its broadcast of the upcoming FIFA Women’s World Cup will provide an opportunity to rejuvenate its tarnished reputation. Shein, the fast fashion GIANT, is facing a lawsuit from a group of independent designers who accuse it and its AI system of stealing their designs. Italy's luxury fashion groups, such as Prada and Ermenegildo Zegna are teaming up to protect their supply chains an...

The Treasurer of Australia has announced Michele Bullock as the new Governor of the Reserve Bank and she’ll be the first female in the role. Underwear company Skims, which is owned by Kim Kardashian, is in capital raise talks, which could raise the company's value to around $4 billion USD.  Bonza, Australia’s newest airline, has cut back some of their routes after experiencing weak demand.  — Buil...

Optus has struck a deal with Elon Musk’s Starlink to extend mobile coverage across Australia.. and cut out NBN Commonwealth Bank of Australia is facing a bit of a revolt from its 49,000 employees who are being forced back into the office US annual inflation has taken a dip from its 4% last month to 3% in June and this means it has slowed to a two-year low — Build the financial wellbeing of your te...

KPMG, one of the leading professional services firms, has launched an in-house developed ChatGPT tool, KymChat, for its clients.  Saudi Arabia’s Public Investment Fund has reported a loss of $16.5 billion in 2022 after $28 billion of profit in 2021. Elon Musk’s Tesla is poised to gatecrash Britain’s energy market by selling electricity to households in a challenge to the UK’s big energy providers....

F45, the Aussie-founded fitness franchise, has admitted that their losses over the last two years are actually much higher than what they initially reported Alibaba affiliate Ant Financial has valued itself at a 75% discount to its failed IPO…and they’ve been fined nearly $1b billion… but surprisingly it’s good news! Sportsbet has spent more than $64m on gambling ads in the last 18 months and they...

Australian electric vehicle sales are accelerating, but not enough to meet NSW, Victoria, and Queensland’s 2030 targets. TikTok has plans to compete with Spotify after launching a brand new music streaming service, "TikTok Music". OpenAI and Meta have been sued by comedians and authors over alleged copyright infringements by their AI systems. — Build the financial wellbeing of your team with Flux...