Virgin Australia prepares for takeoff

Virgin Australia is considering a new IPO, just 2 years after entering voluntary administration.

1. Prepare for landing

Virgin Australia Holdings is beginning discussions for an initial public offering (IPO) in 2023 with the aim of raising $1 billion, according to reports. The IPO comes after the company was placed into voluntary administration in 2020 and subsequently acquired by Bain Capital.

The company is restructuring its business, reducing debt and improving its financial performance–aiming to use the funds raised through the IPO to fund growth plans.

2. Hey Siri, turn off the lights

According to a report by Bloomberg, Apple is expanding its smart home lineup to compete with Amazon and Google with the company planning on introducing new versions of the HomePod and Apple TV.

The move comes as Apple looks to increase its presence in the smart home market, which is expected to grow to $190 billion by 2023. Apple will also integrate its smart home products with its HomeKit software.

3. Tesla strikes back

Tesla has cut the prices of its electric vehicles (EVs) in the US market, according to Reuters. The company has lowered the prices of several models including the Model S, Model X, Model Y as well as the Model 3. The drop in prices has been rolled out to help boost sales and increase Tesla’s market share.

Additionally, Tesla is also offering discounts for customers who purchase its vehicles through its online ordering system as well as for those who opt for the full self-driving package.

4.The Crown Jewels of Retail

JB Hi-Fi, Super Retail Group, and Michael Hill have all reported bumper sales and earnings for their half year. JB Hi-Fi has reported a 8.6% increase in sales for the half year, which helped drive a record profit.
Super Retail Group also reported record sales, driven by strong performance across all of its brands.

Jewellery retailer Michael Hill, also reported record first-half sales, with particularly strong trading in Australia. The results indicate a positive trend in the retail industry, with consumer spending remaining robust despite the ongoing economic uncertainty.

5. Sticking to Wall St.

Goldman Sachs has been forced to admit that its grand plans to create a consumer banking empire to rival the likes of JPMorgan and Bank of America have failed. CEO David Solomon said in an interview that the bank had tried to do too much, too soon in building its consumer business.

In response, the bank recently announced a sweeping reorganisation of its business in order to control costs and become less reliant on the cyclical nature of M&A activity.