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Tech jobs wreck – has reality finally set in?

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It’s been a shocking 18 months for the tech sector, battered by higher interest rates which have impacted the ability of tech firms to raise cash. Now their staff are feeling it.

The AFR reports that Canva’s office in Surry Hills has gained recognition as one of the top workplaces in Australia, attracting an impressive 300,000 job applications annually.

In the past decade, the technology sector has been viewed as a paradise for workers. Various publications awarded accolades such as “best place to work” to companies in the sector, highlighting perks like office rock-climbing walls and well-being grants for employees.

Competition for talent reached unprecedented levels, and startup leaders often expressed frustration about the difficulty of finding skilled engineers.

Are the good times coming to an end?

The market began to shift as interest rates rose and investors became more stringent, demanding profitability and withholding fresh capital.

Initially, small startups began downsizing their workforce, and some had to make further cuts.

Now, larger companies are adopting more subtle cost-cutting measures by implementing performance management systems to identify underperformers.

Goodbye to perks

The year 2023 has proven to be significantly worse for layoffs in the technology sector compared to the previous year.

Tech giants such as Amazon, Meta (parent company of Facebook), Microsoft, Google, IBM, SAP, Salesforce, and numerous smaller companies have announced substantial job cuts, surpassing the cuts made last year.

The underlying issue stems from the fact that Big Tech companies aggressively hired during the pandemic.

The surge in remote work and increased e-commerce prompted a technology buying spree. However, these companies are now facing declining revenues.

While global IT spending is projected to increase in 2023, with notable growth in enterprise software and IT services, the overall rise is expected to be modest.

Market research firm Gartner indicates that data center systems and communications services are predicted to grow by less than 1%, while hardware sales are anticipated to decline.

Moreover, ongoing supply chain challenges, inflation, and the Ukrainian conflict are exerting a substantial impact on both business and consumer spending. These factors have raised concerns of a potential recession.

Ranking downgrade

Previously, employees could rely on a 95% likelihood of receiving an “outstanding” or “great” rating. However, the chances of being rated above average have now increased, while the number of individuals identified as below average has doubled.

This decision caused discontent among certain Atlassian employees, leading them to express their concerns on the company noticeboards, claiming that it jeopardized the friendly culture. On the other hand, some employees celebrated this change, stating that the new system would prevent highly paid colleagues from leaving work early in the afternoon without putting in sufficient effort.

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Money

Gold plunges as investors react to Middle East ceasefire

Gold prices fall over 2% to below $4,000, as investors shift from safe-haven assets after Gaza ceasefire news.

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Gold prices fall over 2% to below $4,000, as investors shift from safe-haven assets after Gaza ceasefire news.


Gold prices have fallen sharply, dropping over two per cent to below $4,000 per ounce, as investors took profits following the announcement of a Gaza ceasefire agreement. The deal between Israel and Hamas triggered a shift away from safe-haven assets, with silver and platinum also sliding.

The U.S. dollar strengthened as markets responded to the news, making precious metals more expensive for foreign buyers. Analysts say the pullback is likely temporary, with long-term demand for gold and silver expected to remain strong amid global instability and rising debt levels.

Market experts warn that volatility will continue as geopolitical tensions persist, even as short-term optimism grows around the Middle East peace process.

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Gold and silver prices drop after Gaza ceasefire

Gold dips below $4,000/oz amid profit-taking and Gaza ceasefire; silver also softens from record highs

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Gold dips below $4,000/oz amid profit-taking and Gaza ceasefire; silver also softens from record highs

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In Short:
– Gold prices fell over 2% to below $4,000 per ounce due to a stronger dollar and profit-taking.
– Silver eased to $48.93 per ounce, influenced by market activity and ongoing high demand despite supply issues.
Gold prices fell over 2% on Thursday, dropping below $4,000 per ounce. The decline followed a strong rise earlier in the year and was influenced by a stronger dollar and profit-taking after a ceasefire deal between Israel and Hamas.Spot gold decreased to $3,959.48 per ounce, while U.S. gold futures for December delivery settled at $3,972.6.

Silver also experienced a slight decline, easing from its record high to $48.93 per ounce. The dollar index increased, making gold more expensive for overseas buyers.

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Traders noted increased activity in the market as profit-taking coincided with reduced tensions in a historically volatile region.

An independent metals trader stated that while gold and silver may need to consolidate further, the underlying demand drivers remain intact.

Market Overview

Gold surpassed $4,000 per ounce on Wednesday, reaching $4,059.05, boosted by geopolitical tensions and strong demand from central banks. The asset has gained about 52% this year, reflecting a significant increase due to various economic factors. The U.S. central bank’s decision to cut rates in September also contributed to the rally, with expectations for future cuts in the coming months.

Silver’s price increase of 69% this year is tied closely to similar economic trends impacting gold. Notably, liquidity issues in the silver market are being exacerbated by strong demand and tight supply conditions. Other precious metals, such as platinum and palladium, also saw declines during this period.

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North Korean hackers steal $2 billion in crypto

North Korean hackers steal over $2 billion in cryptocurrency, marking the largest annual total in history

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North Korean hackers steal over $2 billion in cryptocurrency, marking the largest annual total in history

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In Short:
– North Korean hackers stole over $2 billion in cryptocurrency in 2025, nearly tripling last year’s total.
– A shift to social engineering tactics has led to increased targeting of high-net-worth individuals for cyber attacks.
North Korean hackers have reportedly stolen over $2 billion in cryptocurrency assets in 2025, setting a record with three months still left in the year.
Data from blockchain analytics firm Elliptic indicates that this amount nearly triples the total stolen last year, accounting for approximately 13% of North Korea’s estimated GDP and raising the regime’s total crypto theft to over $6 billion since 2017.Banner

A significant portion of the 2025 theft is attributed to the February hack of cryptocurrency exchange Bybit, which amounted to $1.46 billion.

The FBI has linked this breach to state-sponsored North Korean hackers, who exploited weaknesses in Bybit’s wallet management system. More than 30 additional cyber attacks have also been associated with North Korea this year, including notable breaches at LND.fi and WOO X.

Shift In Tactics

A shift in methodology among North Korean hackers has been observed, as they now focus on social engineering rather than technical exploits. According to Elliptic, the primary vulnerability lies with individuals rather than technology.

High-net-worth individuals and corporate executives are increasingly targeted due to their relatively weaker security measures.

The hackers utilise deceptive tactics, including phishing schemes and fake job offers, to access private cryptocurrency wallets. Intelligence reports suggest that the stolen funds are used to finance North Korea’s nuclear programmes.

The regime has also improved its money laundering techniques by employing various cryptocurrencies and mixing methods to obscure fund origins. Blockchain analysts are actively tracking these stolen assets, with notable progress achieved in identifying recoverable funds.


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