This is the flax I'm brand, I'm justin and it's Monday, that fifteenth of July.
All the Tesla nerds were geeking out for its promised release of the Robotaxi in August, but untrue to his word, Elon Musk has pushed it back until October because it needs more time to build the prototype. Surprise, surprise, next minute, Tesla shares dropped ten percentile is.
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Flux out three got there in the end stories today, let's do it for our first crowd. Resorts has sold its twenty percent steak in the Nobu restaurant chain, and this sale values the chain at one point three billion Schmacko, Holy sushi rolls.
That is surprisy, sushimib Man, so tell me more well, juz Boy. A bit of background.
Nobu is the high profile restaurant chain that was established by a celebrity chef named Nobu Matsuhisa in nineteen ninety four.
Very good. This is alongside his old pals Robert de Niro you may know him and film producer and the EU Tepper don't know him and Jazi Boy.
When James Packer became buddies with Robert de Niro, he didn't just join their movie nights. He also tipped in one hundred million US dollars into Nobu in twenty fifteen, and that was under.
The Crown Resorts business, which he half owned now Jazi Boy.
Nobu has grown to thirty six restaurants around the universe, including in Crown Casinos, in Your Melbourne's, Your Sydney's, and Your Perth, as well as.
Nineteen Nobu hotels talk about sushi for breakfast.
Lunch and dinner, and now Crown Resorts is selling It's twenty percent steak in Nobu for one hundred and eighty million US dollars eighty.
Percent growth in nine years, not bad at all.
And this value is Nobu's business at one point three billion that is more than the value.
Of Collins Foods, which is the owner of the KFC's in Australia and Jose Boy.
After scandals Galare dot Com, Crown is selling at steak to focus on its core assets.
So what is the key learning here?
Sometimes a business needs to do its own Marie Condo and declutter.
It's a business focus, or, as they call it in the corporate world, a strategic divestiture. Crown has faced a heap of scandals over the past few years. It was found to a facilitated money laundering.
It's Sydney casino license was suspended for a hot minute there.
So be man. Now Crown Casino's new private equity owner is trying to sharpen the sushi knife and focus on Crown's core offering.
And having a steak in. Companies like Nobu are delicious, but arguably become a bit of a distraction.
So be man. The cash from the sale could be used to reinvest in the Crown business, particularly after it lost two hundred million bucks last year.
For our second story, she In is investing two hundred and seventy million US dollars into sustainable fashion businesses as it looks to put its best foot forward ahead of a potential IPO in London.
Sounds a bit like two hundred and seventy mil for damage control. So what is going on here? Well?
She In is the online fashion retailer catered to gen Z that popped off in twenty twenty thanks took yep.
It's known for its endless array of designs, she and halls and kind of scarily low prices on clothing, and.
Its questionable environmental impact and labor practices.
But now be man, Shean's announced it will invest two hundred and seventy million US dollars in a fund in the UK and Europe to tackle fashion waste and Josie Boyd.
This news has come just a month after she In very quietly filed an IPO application in London.
Interesting timing, I must say.
Now, the fund's money will go towards businesses and startups that are building textile recycling technology.
As well as regional brands and designers yep.
It's called the Circularity Fund, and it's Shean's first major step into the circular economy.
So what is the key learning here?
Circular economic models are taking the fashion industry by storm.
In fashion, the circular economy is all about minimizing waste and extending the life cycle of clothes.
The idea is to create business models where fashion brands can generate revenue from more ways than just selling new clothes.
Think reselling, think renting, think recycling.
The irony of this coming from Shean, which creates about six point three million tons of carbon dioxide per year.
And get this, be Man, a global switch to the circular economy could unlock five hundred and sixty billion US dollars of economic opportunity for the industry. That's according to your good friends of the Ellen MacArthur Foundation. Does and be Man, there are a number of big brands that are getting behind the circular business model, like.
Ted Baker, Primark, h and M Group, even Patagonia.
Do not put you in and Patagonia in the same Truecian's entering the circular economy a little differently. It's investing in businesses that are already making strides in the space, rather than bringing its initiatives in house.
So until we see some results, it's hard to know if this is a meaningful effort or just a way.
To offload their responsibility while still getting credit for its sustainability efforts. For our third and final story, BHP has announced plans to let go of thousands of employees after facing intense nickel mining competition in Indonesia. You'l sweoped by the Indonesian mines b man very south western Australia, though, so tell me more.
BHP is the asxisted mining and metals company founded in eighteen eighty five in Broken Heel and.
Beachp's growing to over eighty thousand employees and happens to be the largest company in Australia at by market value correction alert.
They were the largest before combat Combank had dethrone them last week, and.
That's because not all is going so well in BHP world yep.
Late last week, BEACHP announced plans to pause or mothball it's nickel mine in wa for up to three years, and this will impact the jobs of over three thousand BHP employees who've been working in this mind now. BHP has already written down the value of its nickel minds by nearly four million dollars just this.
Year, and they just can't compete with the prices and quantity of nickel coming out of competing nations like Indonesia.
Interesting, Jesse Boys, So what is the key learning here? When it rains nickel, it paus nickel. Right now it is BHP has faced a perfect storm of challenges in the nickel industry.
First, nickel is a key material for electric vehicles, you know those cars that have become popular but were supposed to be taken over the entire year universe by now. Unfortunately for BEAGP, the demand for nickel from electric vehicle manufacturers has slowed down dramatically. The other hand, supply is actually up big time. Yep. Indonesia has started to produce a heap of nickel at much cheaper prices that it's Australian's competitors.
And as a result, the price of nickel has dropped from around twenty five thousand US dollars a ton in twenty twenty two just over sixteen thousand US dollars a ton. Now that's a drop of thirty six percent in the price of nickel, and jesyboy, Beachp aren't the only one struggling with the new competition from Indonesian minds. We've seen four other major nickel minds in Australia shut down over the past twelve months because right now Australian metal just can't compete in an oversupplied market.
Did you know seventy four percent of Australians have no idea where their money is going every single month, and that is part of the reason why we created the Flux budget at all. It takes thirty seconds to connect your accounts and see all you're spending in the one place. Thanks for listening and we'll see you on a webesday.