BHP – Australia’s largest company by market capitalisation increased its offer to buy OZ Minerals with the copper company’s board agreeing to $28.25 per share which gives OZ an enterprise value of $9.6 billion. The price paid is a 49.3 per cent premium to the OZ share price of $18.92 when discussions began on the 5th of August.
US – On Thursday night US stocks closed lower on Wall Street and treasury yields rose with further indications from the Federal Reserve that interest rates will continue to rise. S&P 500 fell 0.3 per cent and Nasdaq fell 0.3 per cent.
FTX – One of the worlds largest Crypto currency exchanges has collapsed. Last week, FTX trading accounts were frozen as founder, Mr Bankman-Fried and his team tried to stop an $US8 billion ($12 billion) bank run. Local administrators have identified almost 30,000 Australian investors who are looking to recoup losses.
Twitter – Elon Musk has given employees of Twitter until Thursday to decide whether to leave or stay “to build a breakthrough Twitter 2.0”. Musk has fired 7,500 full time workers and told employees that they need to be “extremely hard core”
UK – Britain’s rate of inflation has hit a 41 year high in October, increasing to 11.1 per cent from 10.1 per cent in September. The government however, has implemented measures to slow the rise in energy prices capping bills for gas and electricity at $4394 AUD.
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