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Welcome back to our Weekly Business Update full of the latest news from the week.

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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Disclaimer

The information in this newsletter / factsheet is factual but general in nature. It should not and is not to be construed as advice at any level whatsoever. Because it contains general information that has not been tailored to your personal circumstances it may not be suitable information for you. You must always seek personal financial or taxation advice prior to acting on this information. Further, as many of the comments in this newsletter / factsheet are general in nature, anyone intending to apply the information to practical circumstances should seek professional advice to independently verify their interpretation and the information’s applicability to their particular circumstances.