Dynamic Business brings you a daily rundown of the most recent business news and developments from Australia and around the world. Here’s the roundup for July 21:
NSW North Coast rent prices surpass capital cities
Rental costs on New South Wales’ Far North Coast have risen about 20 per cent in the last year, surpassing those in all of Australia’s main cities.
According to CoreLogic’s most recent quarterly analysis, the typical rent for a house in the Richmond/Tweed region is now $699 per week.
In comparison, Sydney houses are $646 per week, and the national median for house rentals is just under $500 per week.
Australian mask manufacturer Med-Con dumped for cheaper overseas suppliers
According to Med-Con, an Australian mask producer, health agencies are rejecting local suppliers in favour of cheaper overseas options.
Last year, the federal government asked Med-Con to increase its mask supply from two million to 60 million by November.
Victorian royal commission open to stripping Crown of gaming licence
The Victorian royal commission has been warned that Crown Resorts is unsuitable to have a gaming licence after leaving itself wide open to abuse by money launderers in the past.
The Victorian probe was sparked by shocking findings from last year’s NSW investigation – which uncovered evidence Crown had turned a blind eye to various forms of money laundering at its Perth and Melbourne venues.
United States expected to unveil $35.5 bln settlement over opioid epidemic
U.S. states are expected to unveil a US$26 billion (A$35.5 billion) settlement with a major drugmaker and three major distributors over the opioid epidemic.
Reuters cited a source claiming Johnson & Johnson will pay US$5 billion (A$6.8 billion) and the distributors — McKesson, Cardinal Health and AmerisourceBergen — a combined US$21 billion (A$28.7 billion).
Between 1999 and 2019, nearly 500,000 people died from opioid overdoses in the country according to the US Centers for Disease Control and Prevention.
Blue Origin’s First Passenger Space Flight
Jeff Bezos, the world’s richest person, soared some 66.5 miles (107 km) above the Texas desert aboard his company Blue Origin’s New Shepard launch vehicle and returned safely to Earth.
Bezos, founder of Amazon.com, and his brother Mark Bezos, a private equity executive, were joined by two others. Veteran woman aviator Wally Funk, 82, and recent high school graduate Oliver Daemen, 18, became the oldest and youngest people to reach space.
Recently, Virgin Galactic’s Richard Branson reached an altitude of 53.5 miles.
China says Microsoft hacking accusations fabricated by US and allies
China has denied allegations that it carried out a major cyber-attack against tech giant Microsoft.
The US and other Western countries accused China of hacking Microsoft Exchange — a popular email platform used by companies worldwide.
They said it was part of a broader pattern of reckless behaviour that threatened global security. The UK, EU, New Zealand, Australia and others joined the US to accuse Chinese state-sponsored hackers.
Microsoft blamed a Chinese cyber-espionage group for targeting a weakness in Microsoft Exchange, which allowed hackers to get into email inboxes. It said the group, known as Hafnium, was state-sponsored and based in China.
Microsoft’s Exchange system powers the email of huge corporations, small businesses and public bodies. The hack affected at least 30,000 organisations around the world.
Co-working spaces gain popularity in India
Corporations’ leasing of flexible workspace rose 73% during the first half of 2021, as against 2020 H1.
According to property consultant Cushman and Wakefield, the leasing of flexible workspace by corporations rose 73% to 31,538 seats during the January-June period as against the same period last year.
In its latest report, the consultant said the total seats leased by enterprises could cross 50,000 during the 2021 calendar year.
Here are some of the upcoming IPOs and SPACs to keep a watch on:
Robinhood:
In an updated filing with the United States SEC, the stock trading app said it expects to raise about $2 billion in its initial public offering, which would give it a market value of about $33 billion
Rent the Runway:
After a difficult pandemic year, the clothes rental company sought for an IPO under the radar. According to Bloomberg, Rent the Runway was valued at around $750 million in its most recent funding round in May, down from its previous valuation of $1 billion.
Universal Music Group (UMG):
Hedge-fund billionaire William Ackman is dropping plans to use his SPAC to invest in Universal Music Group, saying the Securities and Exchange Commission wasn’t convinced the deal met the rules for such vehicles.
Instead, Mr. Ackman’s investment firm, Pershing Square Holdings Ltd., will acquire a stake in Universal and become a long-term investor in the company, according to Mr. Ackman.
Paytm
Digital payments and financial services firm Paytm is all set to make its debut in the Indian markets. The company filed its draft red herring prospectus (DRHP) to the securities and exchange board of India (SEBI) for its proposed Rs 16,600 crore-initial public offering (IPO).
Paytm’s IPO is the latest in a wave of IPOs in India, with food delivery firm Zomato this week raising $1.3 billion.
Bowlero:
Bowlero is expected to go public later this quarter at a $2.6 billion valuation, via a SPAC led by former World Wrestling Entertainment co-presidents Michelle Wilson and George Barrios.
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