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US payment giant to buy Afterpay in multi-billion dollar deal

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Jack Dorsey’s Square has announced they are planning to buy Australia’s Afterpay in a $39 billion deal

American financial services company Square is planning to buy Australia’s Afterpay in a $39 billion dollar deal in the first quarter of 2022

Australia’s Afterpay will be purchases in an eye watering 39 billion dollar deal

In the press release announcing the acquisition, Square said the moved will “Bring together two of the fastest growing global fintech companies to advance shared mission of economic empowerment and financial inclusion“.

https://twitter.com/tickerNEWSco/status/1421964123080990726

“The transaction has an implied value of approximately US$29 billion (A$39 billion) based on the closing price of Square common stock on July 30, 2021, and is expected to be paid in all stock,” said Square.

Afterpay has recommended the transaction, with a current market value of $28 billion

Square says that the “acquisition aims to enable the companies to better deliver compelling financial products and services”.

“We built our business to make the financial system more fair, accessible, and inclusive, and Afterpay has built a trusted brand aligned with those principles,” said Jack Dorsey, Co-Founder and CEO of Square.

Together, we can better connect our Cash App and Seller ecosystems to deliver even more compelling products and services for merchants and consumers, putting the power back in their hands.”

“Square and Afterpay have a shared purpose.”

Twitter and Square SEO Jack Dorsey

Square plans to integrate Afterpay into its existing Seller and Cash App business units

Square says the merge will “enable even the smallest of merchants to offer BNPL at checkout, give Afterpay consumers the ability to manage their installment payments directly in Cash App, and give Cash App customers the ability to discover merchants and BNPL offers directly within the app.”

“Buy now, pay later has been a powerful growth tool for sellers globally”

Alyssa Henry, Lead of Square’s Seller business.

“We are thrilled to not only add this product to our Seller ecosystem, but to do it with a trusted and innovative team,” said Henry.

“The addition of Afterpay to Cash App will strengthen our growing networks of consumers around the world, while supporting consumers with flexible, responsible payment options,” said Brian Grassadonia, Lead of Square’s Cash App business.

About the two companies

Afterpay says it serves over 16 million consumers and nearly 100,000 merchants globally.

As of June 30, 2021, Afterpay serves more than 16 million consumers and nearly 100,000 merchants globally, including major retailers across key verticals such as fashion, homewares, beauty, sporting goods and more. 

Natasha is an Associate Producer at ticker NEWS with a Bachelor of arts from Monash University. She has previously worked at Sky News Australia and Monash University as an Online Content Producer.

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Trump moves to fast-track removal of Fed governor Lisa Cook

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The White House is set to fast-track a ruling on firing Federal Reserve Governor Lisa Cook, just days before the crucial FOMC meeting.

The move comes as markets reel from surging inflation, weak jobless data, and global currency shifts, raising questions about the Fed’s independence and the stability of policy decisions.

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ANZ job cuts spark banking clash

ANZ plans to cut 3,500 jobs, sparking debate on the future of Australia’s banking sector and employment dynamics.

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ANZ plans to cut 3,500 jobs, sparking debate on the future of Australia’s banking sector and employment dynamics.


ANZ has announced plans to cut 3,500 staff and 1,000 contractors over the next year, triggering a fierce debate between business leaders, unions, and government about the future of Australia’s banking sector.

The decision raises wider questions about the resilience of the business community and the role of politics, productivity, and technology in shaping employment.

#ANZ #Banking #Jobs #Unions #Australia #Economy #TickerNews


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1 in 8 households don’t have the money to buy enough food

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Katherine Kent, University of Wollongong

Around one in eight (1.3 million) Australian households experienced food insecurity in 2023. This means they didn’t always have enough money to buy the amount or quality of food they needed for an active and healthy life.

The data, released on Friday by the Australian Bureau of Statistics (ABS), show food insecurity is now a mainstream public health and equity challenge.

When funds are tight, food budgets suffer

The main driver of food insecurity in Australia is financial pressure.

Housing costs and energy bills expenses consume much of household income, leaving food as the most flexible part of the budget.

When money runs short, families cut back on groceries, buy cheaper but less nutritious food, skip meals, or rely on food charities.

These strategies come at the expense of nutrition, health and wellbeing.

Inflation has added further pressure. The cost of food has risen substantially over the past two years, with groceries for a family of four costing around $1,000 per fortnight.

Who is most affected?

Not all households are affected equally. Single parents face the highest rates of food insecurity, with one in three (34%) struggling to afford enough food.

Families with children are more vulnerable (16%) than those without (8%).

Group households, often made up of students or young workers, are also heavily affected at 28%.

Rates are even higher for Aboriginal and Torres Strait Islander households, where 41% report food insecurity.

Income remains a defining factor. Nearly one in four (23.2% of) households in the lowest income bracket experience food insecurity, compared with just 3.6% in the highest.

These headline numbers are only part of the story. Past research shows higher risks of food insecurity for some other groups:

While the ABS survey can not provide local breakdowns, it will also be important to know which states and territories have higher rates of food insecurity, to better inform state-level responses.

What are the impacts?

Food insecurity is both a symptom and a cause of poor health.

It leads to poorer quality diets, as households cut back on fruit, vegetables and protein-rich foods that spoil quickly. Instead, they may rely on processed items that are cheaper, more filling and keep for longer.

The ongoing stress of worrying about not having enough food takes a toll on mental health and increases social isolation.

Together these pressures increase the risk of chronic diseases including diabetes, heart disease and some cancers.

For children, not having enough food affects concentration, learning and long-term development.

Breaking this cycle means recognising that improving health depends on improving food security. Left unaddressed, food insecurity deepens existing inequalities across generations.

What can we do about it?

We already know the solutions to food insecurity and they are evidence-based.

Strengthening income support by increasing the amount of JobSeeker and other government payments is crucial. This would ensure households have enough money to cover food alongside other essentials.

Investment in universal school meals, such as free lunch programs, can guarantee children at least one nutritious meal a day.

Policies that make healthy food more affordable and available in disadvantaged areas are also important, whether through subsidies, price regulation, or support for local retailers.

Community-based approaches, such as food co-operatives where members share bulk-buying power and social supermarkets that sell donated or surplus food at low cost can help people buy cheaper food. However, they cannot be a substitute for systemic reform.

Finally, ongoing monitoring of food insecurity must be embedded in national health and social policy frameworks so we can track progress over time. The last ABS data on food insecurity was collected ten years ago, and we cannot wait another decade to understand how Australians are faring.

The National Food Security Strategy is being developed by the Department of Agriculture, Fisheries and Forestry with guidance from a new National Food Council. It provides an opportunity to align these actions, set measurable targets and ensure food security is addressed at a national scale.

Food insecurity is widespread and shaped by disadvantage, with serious health consequences. The question is no longer whether food insecurity exists, but whether Australia will act on the solutions.The Conversation

Katherine Kent, Senior Lecturer in Nutrition and Dietetics, University of Wollongong

This article is republished from The Conversation under a Creative Commons license. Read the original article.

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