Economy and Markets

Bobbob Bytes: 26 August

August 26, 2022
By
Bobbob Team

Happy Friday from the Bobbob Team!


Oh, how time flies. We’re already in the last week of August, meaning we’ve been live for almost 4 months 📆


Inside this week’s edition:

▪︎ Your Local, International and financial news,

▪︎ Bobbob 2.0 is now live! (P.S. Please update the App to see the new features), and

▪︎ Stand a chance to win A$500!

🚨 Big News:

🌏 International:

▪︎ UK inflation exceeds 10%, hitting a 40-year high. Significant price increases in groceries and natural gas prices caused by Russia’s invasion of Ukraine. It seems like inflation is just not slowing down.

▪︎ Apple reportedly plans to put more ads on your iPhone. Its advertising business, which already generates about $4 billion annually from ads on the App Store, News and Stocks, might soon add adverts to Maps, Podcasts and Books.

▪︎ Amazon is building a Tiktok replica— Inspire. After Tiktok’s enormous success, Amazon is testing a new photo and video feed called Inspire on its Amazon app.

▪︎ Elon Musk subpoenas former Twitter CEO Jack Dorsey as part of an effort to back out of his $44bn agreement to acquire Twitter. Step aside Kardashians.

▪︎ Biden to Cancel Up to $20,000 in Student Debt for Millions: Independent estimates suggest the plan will cost more than $300 billion over 10 years. This will add to the federal deficit since borrowers will repay less, or none, of their loans to the government, but doesn't involve the immediate outlay of federal funds.


🦘 Local:

▪︎ Sydney train services cancelled or delayed after union action. On Tue 23 Aug, thousands of rail workers walked off the job from 10am until 4pm which caused major delays and affected 180 suburbs and towns in New South Wales.

▪︎ Australia’s wages rise 2.6% annually - less than half of the annual inflation rate of 6.1%. Effectively making Australians over 3% poorer.

▪︎ Rugby news: Wallabies VS South Africa in Adelaide. The Wallabies will go head-to-head with current World Champions, South Africa's Springboks, at Adelaide Oval this Saturday afternoon.

Why?

▪︎ BTC sells off sharply as global markets retreated in response to global inflation fears. US Federal Reserve officials reiterated their resolve to keep raising interest rates until inflation is contained.

▪︎ Ethereum downward price movement worse than Bitcoin. While the largest cryptocurrency by market cap generates the most attention, ETH’s price movement has not outperformed lately. Although there is much anticipation of The Merge, which will shift the Ethereum blockchain from “proof-of-work” to a faster, more energy-efficient “proof-of-stake” protocol, ETH still proves to be more volatile with bigger ups and bigger downs. Market participants also expect the conversion to have a deflationary impact on ETH, thereby reducing its supply. This is also coupled with the fact that historically a reduction of an asset’s supply leads to a higher valuation.

🌳 Planet Earth

Sydney moves to ban fossil fuel advertisements to fight climate change. Air pollution from burning fossil fuels takes 8.7 million premature lives each year – worse than tobacco.


On Mon (22 Aug), City of Sydney councils voted to investigate a ban on fossil fuel advertising and look at ways to prevent coal, oil and gas from being promoted on its properties and events. As Sydney is home to one of the largest outdoor advertising networks in the world, this ban would potentially encourage other councils and businesses to take similar measures to combat polluation.

📲 Product Update - Bobbob 2.0

What's new?

▪︎ A new, simplified logo,

▪︎ A brand new user interface ✨

▪︎ Tons of new features like Automated, repeat deposits 🔂

▪︎ and seeing your daily interest.

But wait, there's A$500 more!

The customer that refers the most amount of new customers will get A$500 paid directly into their Bobbob Account! Sound good? We think so too.


Tip: And the current leader is only on 3 successful referrals! So the prize is within reach!


To count as a successful referral, all your friends need to do is deposit at least A$99 into their account! Head to the Bobbob App now and refer some friends.

T&Cs apply.

Yours truly,

The Bobbob Team

Start earning 7.60% on your savings today.

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