2021 has been an eventful year for businesses in Australia. Despite the challenges posed by the global pandemic, businesses in Australia have been able to forge ahead and adapt to the new normal. In this article, we will take a comprehensive overview of the top five business news from Australia in 2021.
1. Commonwealth Bank of Australia (CBA) to buy 55% stake in Klarna
In January 2021, the Commonwealth Bank of Australia (CBA) announced its intention to acquire a 55% stake in Swedish buy-now-pay-later provider Klarna. This acquisition is expected to strengthen CBA’s position in the Australian consumer credit market and bolster its digital capabilities.
2. Afterpay merges with Square Inc.
Afterpay, another Australian buy-now-pay-later provider, announced its merger with US-based fintech company Square Inc. The merger, valued at $29 billion, is expected to create a global fintech giant specializing in digital payments and financial services.
3. Rio Tinto appoints first female CEO
Rio Tinto, one of the world’s largest mining companies, appointed its first female CEO, Jakob Stausholm, in January 2021. This move is seen as a significant milestone in the traditionally male-dominated mining industry and a step towards diversity and inclusion.
4. BHP to invest $5.7 billion in renewable energy
BHP, one of the world’s largest mining companies, announced its plans to invest $5.7 billion in renewable energy projects over the next five years. This investment is expected to reduce BHP’s carbon footprint and support Australia’s transition to a low-carbon economy.
5. Australian tech industry booms
The Australian tech industry has seen significant growth in 2021, with several successful IPOs and startups gaining traction. Canva, an Australian graphic design startup, is now valued at $15 billion, while Pet Circle, an online pet supplies retailer, raised $45 million in funding.
In conclusion, 2021 has been a year of significant developments in the Australian business landscape. The acquisition of Klarna by CBA, the merger of Afterpay with Square Inc., the appointment of Rio Tinto’s first female CEO, BHP’s investment in renewable energy, and the booming tech industry are all examples of the resilience, agility, and innovation of Australian businesses. As we look forward to the future, these developments offer hope and inspiration for a thriving business community.
