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Business news and updates: Adidas ends Reebok era with $2.5 billion sale

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 August 13: 

Lockdowns will last until end of September: Westpac economists

Current lockdowns in Australia are expected to endure until at least the end of September, according to Westpac economists, while vaccination hurdles are still months away. 

Current lockdown settings in Greater Sydney and New South Wales are expected to last until September 30, a month later than the current deadline imposed by the Berejiklian administration, said economists from Westpac.

The bank predicts that by November, an 80% vaccination rate will have been achieved, preventing any future lockdowns.

$367 million funding for struggling businesses in Melbourne

Pubs, gyms, tradies, and other companies affected by the latest shutdown will be provided new cash payments. Martin Pakula, the Victorian Minister for Jobs, announced the funding on Thursday. 

Pubs with a capacity of 100 to 500 people will be given $10,000, which is double the prior funding. Restrictions in the city will be in effect until next Thursday in metropolitan Melbourne, substantially affecting company trade. 

More than 100,000 businesses in Melbourne will benefit from the $367 million joint Commonwealth-Victorian packages.

Power companies to charge rooftop solar owners for exporting power to grid

Under new guidelines adopted by the Australian Energy Market Commission, power providers will soon be able to tax Australians with rooftop solar panels for exporting electricity to the grid (AEMC). 

The idea to allow export duties was first mentioned in a draught decision in March, and the final decision was issued on Thursday. There will be no flat tariffs, but homes will be taxed for times when the grid is overburdened.

Australian crypto-celebrity owes an investor half a million dollars

An Australian crypto-currency celebrity is being pursued in court for almost half a million dollars by an investor who alleges he has received no goods or services in return. 

New Zealand investor Ziv Himmelfarb has launched legal action against Nugget’s News founder Alex Saunders, seeking $479,270.16 in losses and damages for money he allegedly loaned him and invested in a yet-to-be realised cryptocurrency project.

U.S. unemployment claims near pandemic low

Last week, the number of people claiming unemployment benefits declined for the third time in a row, the latest indicator that businesses are laying off fewer employees as they struggle to fill a record number of unfilled positions and satisfy increasing consumer demand. 

The Labor Department said that unemployment claims declined to 375,000 from 387,000 the week before.

Facebook could be forced to sell gif creator Giphy

Facebook could be forced to sell gif creation website Giphy after an investigation by the UK competition regulator found its takeover could harm competition among social media companies and the digital advertising market.

The Competition and Markets Authority (CMA) launched an in-depth investigation earlier this year into Facebook’s acquisition of Giphy, the largest supplier of animated gifs to social networks such as Snapchat, TikTok, and Twitter, after identifying a number of concerns about the $400m (£290m) deal which was struck last year.

Adidas ends Reebok era with $2.5 billion sale to Authentic Brands

Adidas is selling Reebok to Authentic Brands Group(ABG) for up to 2.1 billion euros ($2.5 billion) as the German sporting goods company concentrates on its core brand after a deal that did not deliver.

Adidas bought Reebok for $3.8 billion in 2006 to help compete with arch-rival Nike, but its sluggish performance prompted repeated calls from investors to sell the U.S. and Canada-focused brand.

China says crackdown on business to go on for years

The Chinese government has unveiled a five-year plan outlining tighter regulation of much of its economy. It says new rules will be introduced covering areas including national security, technology, and monopolies in the world’s second-largest economy.

The plan comes soon after Beijing started targeting the technology and education industries. The plan also said the Chinese government aims to tackle monopolies and “foreign-related rule of law”

Twitter blocks Indian opposition accounts for revealing identity of child allegedly raped and murdered

India’s main opposition party is accusing Twitter of stifling freedom of speech after the company took action against hundreds of tweets that identified the family of a child who was allegedly raped and murdered. 

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Yajush Gupta

Yajush Gupta

Yajush is a journalist at Dynamic Business. He previously worked with Reuters as a business correspondent and holds a postgrad degree in print journalism.

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