Dogecoin ALL TIME HIGH, Pandora won't sell mined diamonds, Krispy Kreme IPO and Telstra fined $1.5m

Hey friends, welcome back to the Chris Chow show - where every Monday I break down the most important business news in Australia and around the world. Watch my video and you can impress your boss with your big brain business knowledge.
This week we have Dogecoin hitting an all time high, Pandora no longer selling mined diamonds, Krispy Kreme filing to go public for the 2nd time and Telstra fined $1.5 million dollars.
📰 New Stories 📰
Dogecoin: www.9news.com.au/national/dog...
Pandora: www.bloomberg.com/news/articl...
Krispy Kreme IPO: www.cnbc.com/2021/05/04/krisp...
Telstra fine: www.abc.net.au/news/2021-05-0...
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Disclaimer: I am not a financial adviser, I am not an accountant, I am not a tax adviser. This video and my channel is for general information only, as with anything in life you should do your due diligence and seek independent advice.
👋 WHO IS CHRIS CHOW 👋
Hello! My name is Chris, I'm a marketing manager working in Sydney, Australia. I have worked at Apple, Microsoft and HP in a variety of marketing roles. I make videos about personal finance, investing and saving money.
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Dogecoin hit an all time high of $0.69 USD which might not sound like a lot but it has increased by 12,000% since the start of the year. What started as a joke by software engineers Billy Markus and Jackson Palmer back in 2013, now has a market cap of $100 billion Australian dollars.
That’s right Dogecoin is worth more than Telstra, Afterpay and Coles combined. If you had yolo’ed $1000 into Dogecoin at the start of the year, you would have $120,000.
If you didn’t know Doge is an internet meme that features a Shiba Inu and multi coloured text in comic sans font. The text represents the doge’s thoughts and is often in broken English.
My key takeaway: Never, never understand the power of a good meme.
The largest jewellery maker in the world Pandora will no longer use mined diamonds instead opting for diamonds manufactured in laboratories.
This move comes after Pandora said it will stop using newly mined gold and silver last year. From a numbers perspective, mined diamonds only featured in 50,000 Pandora pieces last year, out of a total of around 85 million items.
The Copenhagen-based company said it will release its first collection using the lab-made stones in the U.K initially and then expand to other markets in next year.
Pandora’s lab-made diamonds are grown from carbon with more than 60% renewable energy on average, the company is set to increase that rate to 100% next year.
My key takeaway: Consumers will continue to make purchasing decisions based on sustainability and companies
Last Tuesday, Krispy Kreme announced its intention to go public via an IPO.
The 83-year-old donut chain actually first went public in 2000, but it had to file for bankruptcy after there were investigations into its accounting practices and a sharp decline in sales at some of its franchise stores.
The company was later bought by German conglomerate JAB Holding Co in a $1.35 billion deal taking Krispy Kreme private. JAB Holding Co also owns Panera Bread, Pret a manger and Peets.
Krispy Kreme made headlines earlier this year, when they announced that they would be giving away free doughnuts to anyone who showed a valid Covid-19 vaccination card at a Krispy Kreme store in the United States.
Australia’s largest telco, Telstra has been fined $1.5 million for not letting customers keep their existing phone numbers when they attempted to switch to a different provider.
The fine was issued by the Australian Communications and Media Authority (ACMA) which is the regulator for the telecommunication industry. According to ACMA, a total of 42,000 customer accounts (business and residential landline) were either unable to move to another telco, or switch to Telstra. The regulator said Telstra had "unilaterally cancelled transfer requests that were scheduled to occur and stopped accepting new requests".
So between March and July last year, Telstra had to suspend a majority of operations that were responsible for porting phone numbers, due to the impact of COVID-19 on its "offshore operations" in India.
My key takeaway: companies will offshore parts of their business in order to cut down on costs but there’s alway risks that come with having teams located in another country.
#Dogecoin #Pandora #IPO