Just nowFri 24 Apr 2026 at 12:00am<\/p>\n
Nike to cut tech 1,400 jobs<\/p>\n
Nike has announced it will be cutting 1,400 jobs, mostly in its technology department<\/p>\n
The sportswear company has struggled to keep up with newer competitors, shedding 65% of its value in the last five years.<\/p>\n
The cuts follow a previous round of layoffs earlier in the year which saw 775 warehouse workers sacked.<\/p>\n
Legacy sportswear companies are scrambling to keep up with their younger rivals, Lululemon a women’s sportswear retailer has lost around half of its value in the last five years.<\/p>\n
45m agoThu 23 Apr 2026 at 11:16pm<\/p>\n
Meta to shed 10 per cent of workforce: reports<\/p>\n
Facebook’s owner is poised to shed 8,000 jobs, or 10% of its workforce, and it now won’t add 6,000 people that the company said it was looking to hire.<\/p>\n
That’s according to media reports in the US. We’ve gone to Meta for comment.<\/p>\n
Here’s a note from US tech analyst Dan Ives.<\/p>\n
“The company (is looking) to boost efficiency across operations while offsetting heavy spending on its AI initiatives where it faces significant competition,” he writes.<\/p>\n
“This follows reports of job cuts across the company over the past few months including a 10% cut to jobs within Reality Labs, with [founder Mark] Zuckerberg increasingly focused on spending on AI talent and infrastructure needed for its AI products, including large language models and chatbots.<\/p>\n
“While this number represents a significant cut to its workforce, we note that additional layoffs could come later this year as part of a larger restructuring strategy with more employees leveraging its AI capabilities in-house to boost productivity and efficiency across the organization.”<\/p>\n
1h agoThu 23 Apr 2026 at 10:25pm<\/p>\n
Fertiliser unaffordability at highest level since 2004<\/p>\n
A big concern for food security during the war in the Middle East is the supply of fertiliser.<\/p>\n
Prices have been running high after nearly two months of the effective blockade of the Strait of Hormuz and missile hits on energy infrastructure across the Middle East.<\/p>\n
Fertiliser has no central benchmark price, like Brent crude, but markets generally look to the price of urea, the most applied fertiliser across the globe.<\/p>\n
The CRU Group’s urea affordability index is now at its highest level since the data set started in 2004.<\/p>\n
This index is ratio of urea prices and grain prices. The higher the value, the more unaffordable.<\/p>\n
That’s left Australian and Indian buyers paying some of the highest prices globally.<\/p>\n
Australian urea buyers are being quoted between $1430 and $1470 a tonne, according to WA Farmers Grains Council president Mark Fowler.<\/p>\n
In a recent tender opened by India Potash Limited, the lowest bids were around $US935\/t ($1,306) and most bids clustered around $US1,000\/t ($1,397) and climbed as high as $US1,136\/t ($1,587), according to CRU analysts and Reuters reporting.<\/p>\n
To shore up domestic supply, the Australian government says it will use the same legislation it’s using to import additional fuel to underwrite Incitec Pivot and CSBP’s fertiliser shipments.<\/p>\n
CRU senior nitrogen analyst Lewis Walters says it’s likely they’ll be looking to places like Nigeria and Oman for those additional supplies.<\/p>\n
1h agoThu 23 Apr 2026 at 10:07pm<\/p>\n
Viva Energy boss says Australia needs more refineries<\/p>\n
In this exclusive interview with the ABC’s Alan Kohler, the CEO of Viva talks about the recent fire at the company’s Geelong refinery and concerns about Australia’s fuel supply.<\/p>\n
We’ll also be releasing audio of the interview on Kohler’s podcast, That’s Business, later today.<\/p>\n
2h agoThu 23 Apr 2026 at 9:54pm<\/p>\n
An update on prices at the bowser in Australia<\/p>\n
You’ve probably been watching prices at the bowser pretty closely for the past month, unless you own an EV!<\/p>\n
You might have noticed that unleaded petrol has come way back down in recent days, hovering now at just about 10 cents a litre more than when the war began.<\/p>\n
Meanwhile, diesel has also dropped, but nowhere near what it was in early February. It’s still at about $2.71\/litre nationally, on average.<\/p>\n
So what’s behind this?<\/p>\n
You can read more on the ABC’s fuel tracker. And please email me at terzon.emilia@abc.net.au if you have a fuel pressure story to share with us, even confidentially.<\/p>\n
2h agoThu 23 Apr 2026 at 9:45pm<\/p>\n
CBA thinks RBA rate hike next month a ‘line ball’ call<\/p>\n
CBA’s currency analysts are noting that the AUD dropped slightly overnight, hovering just over\u00a071\u00a0US\u00a0cents, “amid concerns over a re\u2011escalation of the Middle East conflict”.\u00a0<\/p>\n
“The risk of significant military escalation remains a large downside risk to AUD\/USD in our view,” they add.<\/p>\n
(In breaking news, US President Donald Trump says Israel’s ceasefire in Lebanon will be extended by three weeks.)<\/p>\n
However, CBA’s analysts note another looming factor on our Aussie dollar: higher interest rates.\u00a0<\/p>\n
The market is now tipping a 60% chance of a rate hike in a few weeks at the RBA’s next meeting in May. Yet CBA thinks the decision will be “line ball”.<\/p>\n
One of the biggest indicators of what the RBA could do is the next round of inflation data, which the ABS releases on Wednesday at 11:30am AEST.<\/p>\n
This will show the beginning of the fuel shock in March but it won’t take in further inflationary shocks more widely this month.<\/p>\n
You can bet the CPI data will be closely scrutinised.<\/p>\n
2h agoThu 23 Apr 2026 at 9:35pm<\/p>\n
Warnings about CGT proposal for foreign investors<\/p>\n
Clean energy groups are warning power prices could go up under proposed changes to Australia’s taxes on foreign investment.<\/p>\n
Under draft new laws, the federal government is proposing to close a loophole that enables foreign investors to avoid paying capital gains tax on assets that sit on Australian land, as opposed to just the land itself.<\/p>\n
You can watch more in this story by my colleague Alison Branley.<\/p>\n
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Under the proposal, foreign investors would be subjected to 30 per cent capital gains tax when they sell their assets.<\/p>\n
But there are warnings this will increase the cost of renewables for companies and their investors.<\/p>\n
2h agoThu 23 Apr 2026 at 9:22pm<\/p>\n
Oil at $US105 on another Strait of Hormuz threat<\/p>\n
Good morning … or is it?<\/p>\n
The price of oil is spiking again after fresh reports of tensions in the Middle East and fears the crucial Strait of Hormuz\u00a0shipping channel will stay blocked for longer.<\/p>\n
Crude oil futures spiked $US5 overnight and are now about $US106.40. That’s the price the market expects to pay in a few months, showing expectations of the war continuing for longer.<\/p>\n
Meanwhile, one of the main spot prices (“right now” pricing) has risen several per cent too, up to around $US96.<\/p>\n
Reuters is reporting that Iran is “flaunting” its tightened grip on the strait with videos of commandos storming a huge cargo ship, while US President Donald Trump is ordering the US Navy to “shoot and kill any boat” mining the strait.<\/p>\n
For more on what’s happening in the Middle East, check out this live blog from my colleagues in the international team.<\/p>\n","protected":false},"excerpt":{"rendered":"Just nowFri 24 Apr 2026 at 12:00am Nike to cut tech 1,400 jobs Nike has announced it will…\n","protected":false},"author":2,"featured_media":71811,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[2001,64,29217,63,166,2009,99,174,20024,5304,2003,2005,186,1605,160,6461,2010,1603,171,78777,2007,2006,5463,20611,5464,41884,2004,1996,1491],"class_list":{"0":"post-626747","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business","8":"tag-asx","9":"tag-au","10":"tag-aud","11":"tag-australia","12":"tag-australian-dollar","13":"tag-bitcoin","14":"tag-business","15":"tag-business-news","16":"tag-commodities","17":"tag-currency","18":"tag-dollar","19":"tag-dow-jones","20":"tag-finance","21":"tag-finance-news","22":"tag-live-blog","23":"tag-live-news","24":"tag-live-update","25":"tag-market-news","26":"tag-markets","27":"tag-markets-live","28":"tag-nasdaq","29":"tag-nyse","30":"tag-sp-500","31":"tag-sharemarket","32":"tag-shares","33":"tag-stockmarket","34":"tag-stocks","35":"tag-tech","36":"tag-wall-street"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/626747","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/comments?post=626747"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/626747\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media\/71811"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media?parent=626747"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/categories?post=626747"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/tags?post=626747"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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