What the Flux

EY has scrapped its plans to split up its audit and consulting business arms after it couldn’t get the US partners on board. Twitter apparently “no longer exists” after Elon Musk merged Twitter with a shell company called XCorp - and this marks the first step in his super app ambitions. The ACCC wants to see the current merger laws changed to prevent companies from dominating individual markets. —...

Milkrun, the speedy grocery delivery company, will close its doors and make all employees redundant after struggling to raise more money in the current market. The Super Mario Bros movie breaks box office records over the weekend and the share price of Nintendo sees a 4% bounce Tupperware, the brand behind the kitchenware, is running out of money as competitors take them on — Build the financial w...

Viva Energy, the company behind Shell petrol stations, has acquired service station network On the Run for over $1 billion. Google has made some major updates to its search engine as it starts to face Search competition for the first time in years. Coca Cola produces $3 billion worth of pure cocaine per year and sells it to dentists --- Build the financial wellbeing of your team with Flux at Work:...

Richard Branson’s Virgin Orbit has filed for bankruptcy after it struggled to secure long term funding to recover from its rocket failures.  Endeavour Group, Australia’s largest drinks and hospitality company, is bringing their hospo experience into Sydney’s newest e-sports and gaming centre. Johnson & Johnson, the consumer goods behemoth, has agreed to pay $8.9 billion USD to settle thousands...

BWX, the large Aussie beauty and skincare company, is officially in receivership after it lost support from its bank. Spotify is shutting its live audio app Spotify Live because it no longer makes sense as a standalone app. Aussie app developers are joining a class action suit against Google and Apple for abusing their market power and charging 30% commission for in-app purchases. --- Build the fi...

Coles has acquired two milk processing facilities for over $100 million to secure milk supply  TikTok owner, ByteDance, has pushed their new social media app to the top 10 on US app charts in preparation for TikTok’s country-wide ban The parent company of UFC is in advanced talks to acquire World Wrestling Entertainment (WWE) in a major deal —- Build the financial wellbeing of your team with Flux...

Tesla’s price war in China, the world’s biggest car market, appears to be backfiring…as their #1 competitor starts to thrive big time.   Crocs, the famously ugly footwear, is still dominating post pandemic - suggesting that not all pandemic trends have faded.   Channel Seven has locked in an exclusive deal to air the ICC World Test Championship final, but this deal is all about the audience.   ---...

Logistics company DHL is pushing beyond just carbon offsetting when it comes to cutting their emissions.   Artificial intelligence experts and leaders, including Elon Musk, are calling on developers to pause the development of AI models.   Adidas has parted ways with another one of its major partners - this time, we’re talking Queen B - Beyonce.   ---   Build the financial wellbeing of your team w...

Qantas and Virgin are being called out for gatekeeping Sydney Airport’s runways.   Lithium miner Liontown Resources has rejected a $5.5 billion takeover bid from US giant Albermarle because Liontown reckons it's worth more.   Alibaba plans to split its $328 billion empire into six smaller units - for future growth…. and to keep the Chinese government on side.   ---   Build the financial wellbeing...

Origin Energy has officially signed a takeover deal worth $18.7 billion after months of to-ing and fro-ing with international investors.   TikTok’s CEO testified before US Congress late last week to put forward his case for TikTok to remain in the US… and it’s right in the balance.   Woolworths has bid “adieu”, “au revoir” and “goodbye” off to its international export business after it just didn’t...

Premier Investments, the owner of Peter Alexander and Smiggle, has achieved record sales despite concerns around discretionary spending.   Foxtel’s been pretty pleased with the viewership numbers of its sports games early this season - but it may have inflated these numbers by as much as 40 per cent.   Deutsche Bank’s share price was hit hard late last week with major fears that it was the next ba...

Afterpay’s owner Block has been accused of fraud by a well known short-seller investor.   Cosmetics giant Mecca have got themselves in a prickly pickle - realising they’ve underpaid their staff more than $500,000.   Accenture, the tech consulting giant, is cutting 19,000 jobs, approximately 2.5 percent of its global workforce, as demand for its services drops.   ---   Build the financial wellbeing...

One of Australia’s biggest crypto exchanges believes the recent pain in the US banking industry is a giant opportunity for bitcoin.   The Federal Reserve, aka the Fed aka, the US central bank, has raised interest rates by 0.25% after a shaky couple of weeks in the banking sector.   Netflix hit 1 million US users to its ad-tier just two months after launching, but it's got even bigger plans in its...

Woolies is shimmying its way into healthcare through its brand new telehealth platform.   Nike has done it again after raising its expected revenue for the full year and growing market share ….thanks to major slip ups from Adidas.   Intrepid Travel, one of the largest travel companies in Australia, has had its strongest monthly bookings ever, after a couple of years-to-forget in the travel sector....

An Australian startup that makes hypnotherapy apps has raised nearly $18 million in an oversubscribed capital raise.   Just Cuts, the budget hair stylists across Australia, is making big bucks as shoppers get thrifty.   TikTok has partnered with the Major League Soccer to bring exclusive content to the app…despite being required to present to the US congress this week   ---   Build the financial w...

UBS has agreed to buy its arch rival Credit Suisse in a $3.2 billion USD deal, which was brokered by the Swiss government.   Google will no longer sell its smartglasses after they struggled to gain traction, all while Google is looking to cut more costs.   Myer is bringing the undercover cops in-store to crack down on theft in-store and recover their margins.   ---   Build the financial wellbeing...

Global investment bank Credit Suisse is in turmoil after major investors withdrew their investments from the company.   Aussie lender Latitude Financial has suffered a major cyberattack, and the data of more than 300,000 customers has been stolen.   Luxury watchmaker Rolex is ramping up production of its products big time in order to meet a huge rise in demand   ---   Build the financial wellbeing...

Xero, the accounting giant, has announced that profitability is its number one focus - and that means major cost cutting on the agenda.   Saudi Aramco, the biggest oil company in the world, just claimed the record for the highest-ever-recorded annual profit by a publicly listed company.   TikTok is considering splitting from its Chinese parent company, Bytedance, if it can’t come to an agreement w...

WeightWatchers has acquired a subscription telehealth platform for $132 million USD to expand into remote prescribing of popular weight loss drugs.   Aussies skincare brand, Purely Byron, which was co-founded by model and actor Elsa Pataky, has collapse after less than a year.   eBay has seen a huge spike in purchases of exclusive collectibles on its platform despite the experiencing a cost-of-liv...

The US has seen its largest banking failure since 2008 with the collapse of Silicon Valley Bank - the main bank for mature, funded startups globally.   The US Congress has promised to make all Silicon Valley Bank customers ‘whole’, meaning none of them will lose a cent after its collapse.   The collapse of SVB has caused waves all over the world - including in Australia - and this could create a l...

Kmart is launching its home-brand, Anko, onto the world stage - first stop: Canada!   A former Apple executive has launched a new cashed up startup, which aims to revolutionise the music industry for artists.   Myer is targeting $1 billion in online sales after announcing its best profit result in almost a decade.   ---   Build the financial wellbeing of your team with Flux at Work: https://bit.ly...

News Corp Australia has asked its Australian employees to give ChatGPT a go and thinks that AI can add “high value opportunities” to its business.   Toblerone has been forced to remove the design of Swiss Mountains from its packing because of rules about its ‘Swissness’.   Amazon has paused plans for its long-awaited new office, which has been four years in the making.   ---   Build the financial...

Altria, the owner of Marlboro cigarettes, has found a new Juul in its nicotine-crown after buying a vaping startup NJOY for $2.7 billion USD.   Lego reported its tiniest increase in profit for the last three years, as it starts to face higher costs without increasing its prices.   Carsales.com is planning to acquire an additional 40% stake in a Brazilian car-selling platform to grow its ownership...

The Reserve Bank of Australia has become a 10-timer… after raising interest rates for the 10th meeting in a row.   Atlassian, the Australian founded tech giant, has announced it will make 5% of its workforce redundant.   TPG Capital, the private equity investor, has purchased just under 18% of Australia’s leading funeral services operator InvoCare and now has a plan to acquire the rest.   ---   Bu...

Aussie surf brands Quiksilver and Billabong are expected to be sold this week in a deal estimated to be worth $1.9 billion.   There is a “real possibility” of a $10 billion merger between Bank of Queensland and Bendigo & Adelaide Bank according to Citi brokers.   Things are looking rosy at Salesforce, which announced a better-than-expected growth in revenue and profit for the fourth quarter.  ...