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Zoom snaps up cloud call center firm for $14.7 billion

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Zoom is set to buy Five9

Zoom is pressing the answer button on a major acquisition

The video conferencing application is taking advantage of an impressive rise in its stock price in the past year and is now set to make its first major acquisition.

Zoom, which was valued at about $9 billion at its IPO two years ago, confirmed it has agreed on a deal to buy cloud call centre service provider Five9 for approximately $14.7 billion in an all-stock transaction.

Zoom has gained popularity over the course of the COVID-19 pandemic.

Five9 will become an operating unit of Zoom after the deal, which is expected to close in the first half of 2022.

The planned buyout is Zoom’s latest attempt to expand its offerings.

In the past year, the video conferencing software has added several office collaboration products, a cloud phone system, and an all-in-one home communications appliance.

Reports state that the acquisition of Five9 will help Zoom enter the “$24 billion” market for contact centers.

“We are continuously looking for ways to enhance our platform, and the addition of Five9 is a natural fit that will deliver even more happiness and value to our customers,”

said Eric S. Yuan, founder and chief executive of Zoom, in a statement.

Joining forces will offer both firms “significant” cross-selling opportunities in each other’s respective customer bases.

COVID pandemic sees the rise in video call platforms

As the world continues to work remotely, many from home – the world has seen a rise in video call platforms.

From Microsoft Teams, Google Meet’s, Skype and even Apple’s Facetime, which is set to launch on Android – the race is on between the tech giants to maintain a strong and viable product.

Zoom’s competitors have launched hybrid work features in a race to accommodate companies’ needs. 

Microsoft has unveiled design changes to its Microsoft Teams platform in order to improve remote workers’ interactions in meetings, while Google has revealed updates to its Workspace productivity suite, including new tools for its Meet video conferencing system.

Anthony Lucas is reporter, presenter and social media producer with ticker News. Anthony holds a Bachelor of Professional Communication, with a major in Journalism from RMIT University as well as a Diploma of Arts and Entertainment journalism from Collarts. He’s previously worked for 9 News, ONE FM Radio and Southern Cross Austerio’s Hit Radio Network. 

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Moody’s downgrades China credit outlook, cites growth concerns

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Moody’s Investors Service has downgraded China’s credit outlook, expressing concerns about the country’s economic growth prospects and the ongoing property market crisis.

The credit rating agency revised its outlook from stable to negative, citing a combination of factors that are putting pressure on China’s economy.

China’s economic growth has been slowing down in recent years, and Moody’s warns that this trend is expected to continue. The country faces challenges such as high debt levels, a rapidly aging population, and a declining labor force. These factors could hamper its ability to sustain robust economic growth in the future.

Additionally, the ongoing property market crisis in China is a major concern for Moody’s. The real estate sector has been a significant driver of the country’s economic growth, but it is currently experiencing a severe downturn with falling property prices and a growing number of unsold homes. This crisis has the potential to further weigh on China’s economic performance.

Moody’s decision to downgrade China’s credit outlook raises questions about the country’s ability to manage its economic challenges effectively. It also underscores the importance of addressing issues in the property market to prevent a broader economic crisis.

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Australia Post to shift to alternate-day mail delivery

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In a move aimed at modernising its operations and accommodating the growing e-commerce industry, Australia Post has announced plans to reduce letter deliveries to every second day.

This significant shift is part of a broader strategy to expand its parcel business and adapt to changing consumer preferences.

Australia Post has recognized the declining demand for traditional letter services in an increasingly digital age. With more people communicating electronically and relying on email and messaging apps, the postal service has faced challenges in sustaining daily mail deliveries. By transitioning to alternate-day letter delivery, Australia Post aims to optimize its resources and focus on meeting the surging demand for parcel deliveries, driven by the booming online shopping market.

This strategic shift comes as a response to the changing landscape of postal services worldwide. Many postal agencies are diversifying their services to remain relevant and profitable. Australia Post’s move is expected to not only streamline its operations but also reduce costs associated with daily letter deliveries, ultimately benefiting both the organization and its customers.

While the change may be welcomed by those who prefer faster parcel deliveries, it raises questions about the impact on individuals and businesses reliant on daily mail services. Australia Post will need to address concerns regarding the potential delay of important correspondence and provide solutions to ensure minimal disruption for customers during this transition period.

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RBA maintains 4.35% rates as mortgage applications surge

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The Reserve Bank of Australia (RBA) has decided to keep its official cash rate at 4.35%, citing concerns over the rapidly increasing number of mortgage applications.

This decision comes after several consecutive meetings where the RBA has refrained from adjusting interest rates.

The central bank’s decision to hold rates steady reflects their cautious approach to managing the current housing market boom. Mortgage applications have seen a significant surge in recent months, driven by record-low interest rates and increased demand for housing. While this has been a boon for the real estate industry, it has raised concerns about the potential for a housing bubble and financial stability.

Experts are divided on whether the RBA’s decision is the right course of action.

Some argue that maintaining low-interest rates is necessary to support economic recovery, especially in the wake of the COVID-19 pandemic. Others worry that the continued surge in mortgage applications without rate adjustments could lead to unsustainable levels of household debt.

In light of this decision, homeowners, prospective buyers, and investors will be closely watching the housing market’s trajectory and wondering how long the RBA can maintain its current stance.

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