Business Update – 9 November 2022
Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward.
ASX inches up after news of strong US jobs report
The stock markets opened the week strong, with the ASX climbing after the most recent US jobs report. Stock markets around the world followed suit.
Senators launch inquiry over phoenix operations
The illegal practice of “phoenixing” costs the economy between $2.85 billion and $5.13 billion every year. It’s when a company deliberately goes into liquidation then starts again under a different name to erase its debt.
Potential home buyers holding off
Home buyers are avoiding making a purchase because they are worried about their new property being worth less money in the future as the housing market falls.
Climate change framed as emergency at COP27
The COP27 climate summit got underway this week in Egypt. Leaders from all over the world are meeting for two weeks to discuss how to avert the worst effects of climate change. The head of the United Nations declared that the lack of progress so far had the world speeding down a “highway to hell”.
Sweeping changes continue at Twitter
With Elon Musk’s takeover of the social media giant complete, big changes have been in the news all week. From job cuts to privatising the company, the transition is shaking things up.
Some employees being asked back to Twitter after being let go
In a surprising turn of events, there are reports of some employees who were fired from Twitter being invited back. It’s unclear how their wages or benefits were affected by the rapid firing and rehiring.
Meta prepares for mass layoffs
To address growing losses and to manage heavy development costs for its metaverse business, Facebook’s parent company is reportedly planning to lay off thousands of workers this week.
US Federal Reserve seizes US$3.36 billion in bitcoin stolen a decade ago
The Federal Reserve announced this week that it has recovered US$3.36 billion worth of bitcoin stolen from the now-defunct illegal Silk Road marketplace in 2013 – the second-largest crypto recovery ever.
Shrinkflation frustrates Aussie shoppers
Internet sleuths are sharing supermarket staples that have started getting smaller while the price remains the same.
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