🦘 Aussies Scammed Out Of $477 Million, PwC Continues Slashing Jobs, Canva Goes From Strength To Strength

G’day everyone!

Here’s what we’ve got in store for you today:

• Aussies Scammed Out Of $477 Million

• PwC Continues Slashing Jobs

• Canva Goes From Strength To Strength

Let’s have a look at the market snapshot before jumping into the news:

Scamwatch: Older Aussies Targeted on Social Media

Australians lost a whopping $477 million to scammers last year, with older citizens especially feeling the pinch through social media scams.

Despite a decrease in overall scam losses, with investment scams dropping by $92 million, the elder demographic recorded the highest losses, with social media platforms like Whatsapp, Facebook, and Instagram becoming hotspots for fraudulent activities.

Tech giant Meta, which owns these platforms, has faced criticism for not doing enough to stem the flow of scams.

However, they claim to be dedicated to protecting users through various security measures.

The Australian government is fighting back with plans to introduce mandatory codes for banks, telcos, and social media companies, aiming to enforce stricter standards to curb these scams.

This effort includes the creation of the National Anti-Scam Centre, indicating a concerted move towards disrupting criminal schemes and offering hope that the tide against scams can be turned.

PwC Australia Announces Major Job Cuts

PwC Australia has made the tough call to slash 366 positions as part of a significant company-wide restructure. 

The firm, employing around 7,200 staff, announced that both staff and partners are affected, with the aim of streamlining operations following a controversial year.

This reorganization follows the misuse of confidential government briefings by PwC’s tax practice, leading to a strategic shift to align the business with new long-term goals.

CEO Kevin Burrowes expressed pride in the team's contributions but acknowledged the difficulty of the decision.

The restructure includes introducing new executive roles to simplify leadership and enhance efficiency.

This move is part of PwC’s broader strategy to recover from recent setbacks, including losing key clients and being forced to offload its government consultancy business.

As the firm adjusts its focus, the impacts of these cuts on its future operations remain to be seen.

Canva's Cash Canvas Gets Bigger

Canva's about to get a serious cash injection, with new investors lining up to buy shares worth a jaw-dropping $3.6 billion. 

Co-founder Cliff Obrecht says they're cherry-picking their investors, making sure they don't get tied down with tricky terms.

With a growth rate hitting 60% annually, Canva's eyeing a U.S. listing in mid-2025, turning its back on the ASX for 'obvious reasons'—think bigger market and tech-savvier investors.

This potential share sale is big news, not just for Canva but for Australia's start-up scene, promising a hefty reinvestment into the ecosystem.

Canva's not just resting on its graphic design laurels; they're pushing into AI and enterprise software, all while boasting 175 million monthly users.

And despite some hefty valuation numbers, Obrecht's confident they're on track for a successful public offering, whenever that may be.

Genevo Marine: Australia's Electric Boat Pioneer

Genevo Marine, spearheaded by Damon Rahmate and Andrew Davey, is making waves by announcing Australia's first electric performance boat, the E8.

This 8.2-metre luxury yacht promises a blend of high performance and eco-friendly technology, leveraging the duo's renewable energy expertise.

Partnering with Mahi Boats, they're not just focusing on the boat itself but also developing a sustainable manufacturing process with Deakin University.

Their goal? To drastically reduce the carbon footprint of boat production. 

Priced at $480,000, the E8 aims to match the cost of traditional petrol sports boats, all while offering a significant range and minimal running costs.

Beyond just building boats, Genevo Marine has grand plans for a fast-charging network, ensuring electric boating is as convenient as it is clean.

With a prototype set to hit the waters by year's end, Genevo Marine is sailing towards a greener future for Australia's boating industry.

That’s All!

If you’ve read all the way up to here, we just wanted to let you know that you’re an absolute legend!

Time to go to work and show off how clued up you are about what’s going on in the business world 💪

Keep an eye out for tomorrow's newsletter. Until then, have an awesome day folks!