Nov 16, 2022

Business Update – 16 November 2022

Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward.

ASX slides as other world markets try to find their footing

The ASX was looking good at the start of the week, but with the US wobbling around a recession and crypto crashing, all gains were erased. Stocks dropped to a low not seen since the start of the pandemic panic.

Chaos looms at Aussie ports as workers locked out

The country’s largest tugboat operator, Svitzer, is in an ongoing dispute with the union. The result is that crews have been locked out of ports indefinitely.

Commonwealth, ANZ, and Westpac ordered to pay up

Up to one million customers could be eligible for compensation from the big banks after a major class action win. The lawsuit was over consumer credit insurance which customers were sold while taking out personal loans and credit cards.

VOLY quietly deletes social media and closes app

Australian start-up grocery delivery service VOLY seems to have stopped operations. When users log in to the app there is a message stating they are closed. Most of their social media accounts have been taken offline.

Mass layoffs at Amazon starting as soon as this week

It seems that none of the large corporations are immune to current economic conditions, with Amazon announcing they will be laying off about 10,000 workers across departments.

Jeff Bezos announces he will give away most of his fortune worth over US$124 billion

He started by awarding Dolly Parton, who is well-known for funding worthy causes, $100 million to donate as she sees fit. A fund to fight climate change is also in the works.

No more free lunches at Twitter

Elon Musk said that the average meal cost US$400 per person – a claim that the former head of the meal program refuted on Twitter. The cut comes days after Musk scrapped Twitter’s work from home policy and mandated employees to return to the office for at least 40 hours a week.

Funds vanish from crypto exchange

FTX, one of the world’s largest cryptocurrency exchanges, filed for bankruptcy on Friday. Hours later, US$477 million was missing from the exchange. A probe is underway.

Retirees defy ageism by returning to work

With many businesses experiencing a severe labour shortage, some creative business owners are reaching out specifically to older workers to help fill the gaps. The result has proven to be a win for both parties.

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Contact us if you have any questions or want to discuss the next steps for your business.

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