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Australia/Oceania

Findi Shares Hit 20Year High Following A$75.7 Million Acquisition of Tata Communications Unit

Following the news that it had paid A$75.7 million to acquire the payment solutions division of Tata Communications, Findis FND.AX stock surged to a t

Following the news that it had paid A$75.7 million to acquire the payment solutions division of Tata Communications, Findis FND.AX stock surged to a twodecade high. With 4,600 new ATMs and a White Label ATM platform, the transaction will significantly grow Findis ATM business. In the first year, the acquisition is anticipated to increase net profit by A$2 million to A$4 million and revenue by A$28 million to A$30 million. Findi intends to use its current resources to finance the acquisition and is awaiting approval from the Reserve Bank of India. Read More..

B2B Tech News | 2 days ago         

HMC Capital Set for A$4 Billion IPO of Data Center Business, Largest in Australia for 2024

With a target valuation of $A4 billion, HMC Capital is proceeding with an initial public offering IPO for its data centre division. With $A4 billion i

With a target valuation of $A4 billion, HMC Capital is proceeding with an initial public offering IPO for its data centre division. With $A4 billion in assets under management, the Digico Real Estate Investment Trust REIT will oversee 13 data centres and provide services to 586 customers. HMC will purchase a 19% interest by investing at least $A500 million. This comes after HMC purchased Australian data centre provider Iseek for A$400 million. The IPO is scheduled for December 16 and will be the biggest in Australia in 2024. Read More..

B2B Tech News | 6 days ago         

ANZ Reports 8% Drop in Annual Profit to A$6.73 Billion Amid Rising Loan Delinquencies

ANZs yearly earnings fell 8% to A$6.73 billion, below expectations, as margins were cut by competition and loan repayments that were more than 90 days

ANZs yearly earnings fell 8% to A$6.73 billion, below expectations, as margins were cut by competition and loan repayments that were more than 90 days past due increased by 47%. High interest rates and living expenses have put pressure on the bank, just like they have on other significant Australian lenders. The first rate drop in over five years is anticipated by ANZ in February 2025. Notwithstanding the weak performance, the bank stressed its efforts to manage nonfinancial risks and regulatory obligations while proposing a final dividend of 83 cents per share. Read More..

B2B Tech News | 6 days ago         

RBNZ Warns of Rising Unemployment and Economic Contraction in Latest Stability Report

In its most recent Financial Stability Report, the Reserve Bank of New Zealand RBNZ presented a bleak picture of the economy, emphasising a rise in un

In its most recent Financial Stability Report, the Reserve Bank of New Zealand RBNZ presented a bleak picture of the economy, emphasising a rise in unemployment and a halt in company investment because of financial issues. It saw a sharp drop in domestic economic activity, made worse by slow global growth and high interest rates, which decreased demand. Many households experience severe financial difficulties as unemployment rises, and firms report weak demand, reduced profitability, and ongoing cost pressures. The RBNZ has lowered the official cash rate by 75 basis points to fight inflation since August and anticipates an economic decline in the third quarter. Notwithstanding these difficulties, the RBNZ confirmed that banks are ready to handle any possible loan defaults and that New Zealands financial system is nonetheless robust. Read More..

B2B Tech News | 13 days ago         

RBA Maintains Interest Rate at 4.35%, Keeping Focus on Inflation Decline

At its November meeting, the Reserve Bank of Australia RBA maintained its interest rate at 4.35%, as the markets had generally anticipated. The bank s

At its November meeting, the Reserve Bank of Australia RBA maintained its interest rate at 4.35%, as the markets had generally anticipated. The bank stressed that its policy would continue to be restrictive unless core inflation began to drop. Because of government power rebates, headline inflation fell to 2.8%, but underlying inflation was persistently high at 3.5%. According to RBA projections, underlying inflation will not return to the target range of 23% until 2026, and it will only marginally decline to 3.4% by years end. According to forecasts, the firstrate drop may not happen until mid2025, despite a robust labour market that recorded employment gains of 3.1% on average. Read More..

B2B Tech News | 13 days ago         

Westpac Reports A$6.99 Billion Profit, Down 3%, But Surpasses Analyst Expectations

Despite a higher loan margin, Westpac WBC.AX, Australias secondlargest mortgage lender, reported a 3% drop in annual profit to A$6.99 billion $4.61 bi

Despite a higher loan margin, Westpac WBC.AX, Australias secondlargest mortgage lender, reported a 3% drop in annual profit to A$6.99 billion $4.61 billion for the year ended September 30. Notwithstanding this decline, the earnings exceeded the A$6.50 billion experts had predicted. Despite intense mortgage competition, the banks net interest margin increased from 1.89% to 1.97%. Software updates and inflationary pressures caused a 7% increase in operating expenses. Westpac declared a fresh A$1 billion $660 million share purchase and increased its final dividend from 72 to 76 Australian cents per share. In February, the Reserve Bank of Australia is expected to lower interest rates, making it easier for borrowers to service their loans. Read More..

B2B Tech News | 13 days ago         

Westpac Sells Auto Finance Loans Book to Resimac for Up to A$1.6 Billion, Refocusing on Core Banking

The nonbank lender Resimac Group RMC.AX will purchase Westpac Banking Corps WBC.AX vehicle financing loan book. The deal is anticipated to be complete

The nonbank lender Resimac Group RMC.AX will purchase Westpac Banking Corps WBC.AX vehicle financing loan book. The deal is anticipated to be completed for between A$1.4 billion $963.62 million and A$1.6 billion. Westpac, the secondlargest mortgage lender in Australia, previously sold off a portion of its auto loan division to the American private equity firm Cerberus Capital Management in 2021 to focus on its core banking activities. After acquiring other businesses and portfolios in recent years, Resimac claimed that the purchase aligns with its strategic growth objectives for its asset finance division. The deal is expected to be completed by the first half of 2025. Read More..

B2B Tech News | 1 months ago         

Australian Consumer Price Inflation Hits ThreeYear Low of 2.7% in August

With government power rebates helping, Australian consumer price inflation fell to a threeyear low of 2.7% in August, while core inflation reached its

With government power rebates helping, Australian consumer price inflation fell to a threeyear low of 2.7% in August, while core inflation reached its lowest point since early 2022. Potential interest rate reductions might be made possible by this progress. Market responses were modest despite the good news since the Reserve Bank of Australia RBA has previously stated that the headline inflation drop is transitory and inadequate to warrant a change in interest rates anytime soon. Additionally, the trimmed mean core inflation index decreased to 3.4%. The rate has been at 4.35% since November, but expectations are mounting because current swaps indicate a 75% chance of a decrease as early as December. Read More..

B2B Tech News | 2 months ago         



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