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Australia/Oceania

Renesas Electronics to Acquire Altium for $5.9 Billion to Strengthen Automotive Chip Offerings

Renesas Electronics declared that it will pay $5.9 billion in cash to acquire the electronics design company Altium to improve the digital device desi

Renesas Electronics declared that it will pay $5.9 billion in cash to acquire the electronics design company Altium to improve the digital device design services it provides to clients, especially in the automotive chip industry. Renesas, wellknown for supplying chips to automakers such as Nissan and Toyota, is attempting to broaden its scope by incorporating Altiums digital circuit board design tools. Expected to be completed in the second part of the year, subject to shareholder and regulatory clearance, both boards authorised the acquisition. Following the announcement, Altiums share price increased by 28%, indicating that the market was confident about the purchase. Renesas calculated action fits in with Japans expanding outward mergerandacquisition trend, which is fueled by initiatives to improve the countrys competitiveness and supply chain resilience globally. Read More..

B2B Tech News | 4 days ago         

Eagers Automotive Investigates Alleged Data Breach, Assures Ongoing Monitoring

On Friday, Eagers Automotive, an Australian shop, declared that it had received reports from a third party claiming to have uploaded data purportedly

On Friday, Eagers Automotive, an Australian shop, declared that it had received reports from a third party claiming to have uploaded data purportedly acquired from the companys servers to the internet. The business said it is looking into the allegation, evaluating the exposed data, and getting in touch with the impacted people. Eagers Automotive further stated that it continues to keep an eye out for any new allegations about the datas release. But when Reuters asked the Brisbanebased business for more details on the data type that had been disclosed, they waited to reply immediately. A cyber issue that affected Eagers Automotives operations in Australia and New Zealand in December affected the completion of several automobile transactions. According to an inquiry, a third party had gained unauthorised access to several of its IT systems. The business declared that the operational impact of the IT outages has mainly been mitigated, and it does not expect a significant financial impact Read More..

B2B Tech News | 4 days ago         

Westpac Banking Corp Forecasts Potential Monetary Policy Easing in Australia

Westpac Banking Corp WBC.AX believes that monetary policy in Australia may be eased in the coming year as the countrys economy continues to grow despi

Westpac Banking Corp WBC.AX believes that monetary policy in Australia may be eased in the coming year as the countrys economy continues to grow despite the central banks attempts to control inflation. CEO Peter King stated that a less stringent monetary policy may be possible due to the slowing economy and declining inflationary pressures. The bank reported an unaudited net profit for the first quarter of A$1.5 billion $978.60 million, 6% less than the quarterly average for the previous six months. The bank attributed the reduction to noteworthy items associated with hedge accounting. As demonstrated by its standard equity tier 1 ratio, which stood at 12.3% at Decembers end, Westpac is committed to controlling credit quality and keeping a sound balance sheet despite obstacles, including exposure to the real estate market and growing interest rates. Read More..

B2B Tech News | 4 days ago         

Seven Group Holdings Offers A$1.9 Billion to Acquire Rest of Boral

The building materials group producer Boral BLD.AX has seen a bid of A$1.9 billion $1.24 billion from Australian diversified investor Seven Group Hold

The building materials group producer Boral BLD.AX has seen a bid of A$1.9 billion $1.24 billion from Australian diversified investor Seven Group Holdings SVW.AX, which currently controls approximately 72% of the company. The offer, which includes A$1.50 in cash and 0.1116 Seven Group shares, represents a minimum of A$6.05 per Boral share. It was made public on Monday. With this proposal, Boral is valued at A$6.67 billion $4.35 billion, 3.4% more than its most recent closing price. With Boral restructuring its companies to take advantage of rising government infrastructure programmes, Seven Groups action demonstrates confidence in Australias infrastructure investment boom. Following the announcement, shares of Boral increased 3.7%, while shares of Seven Group decreased 1%. Read More..

B2B Tech News | 4 days ago         

ANZ Groups Acquisition of Suncorps Banking Business Cleared by Australian Competition Tribunal

The Australian Competition Tribunal has approved the A$4.9 billion $3.2 billion acquisition of Suncorps banking division by ANZ Group, enabling ANZ to

The Australian Competition Tribunal has approved the A$4.9 billion $3.2 billion acquisition of Suncorps banking division by ANZ Group, enabling ANZ to move forward with the deal. The tribunal reversed the Australian Competition and Consumer Commissions ACCC ruling, which concluded that the agreement would not materially lessen competition in Australias home loan sector. After the verdict, Suncorps price increased while ANZ shares initially decreased. Suncorps home state of Queensland and Australian Treasurer Jim Chalmers must yet approve the acquisition. The CEO of ANZ reaffirmed the companys commitment to closing the deal while highlighting additional requirements that must be satisfied. The CEO of Suncorp praised the choice and stated that after selling the bank, he will concentrate on insurance operations. Read More..

B2B Tech News | 4 days ago         

ANZ Group Achieves Robust Performance in First Quarter, Shares Hit 22Month Peak

Due to strong results in its institutional divisions markets business, Australias ANZ Group said that its firstquarter group revenue was in line with

Due to strong results in its institutional divisions markets business, Australias ANZ Group said that its firstquarter group revenue was in line with the quarterly average of the first half of fiscal 2023. As a result, shares surged to A$27.93, the highest level in 22 months. Strong demand for institutional banking services, which produced a record yearly profit the year before, was blamed for the spike. The ANZ Group emphasised the rise in lending driven by client deposits in Australian retail and consumer franchises, even in the face of a slight decline in the overall benchmark index. The bank added A$8 billion in consumer deposits across its retail and commercial businesses in Australia, but institutional deposits declined. At the end of December 2023, the standard equity tier 1 ratio, however, marginally declined to 13.1%. Read More..

B2B Tech News | 5 days ago         

Reserve Bank of Australia Keeps Rates Steady at 4.35% as Inflation Remains a Worry

The Reserve Bank of Australia RBA, the countrys central bank, has maintained interest rates at 4.35%. The decision, which was expected, was made in th

The Reserve Bank of Australia RBA, the countrys central bank, has maintained interest rates at 4.35%. The decision, which was expected, was made in the context of worries about inflation, which is still high even if it somewhat decreased in the fourth quarter. The Reserve Bank of Australia said that before it considers changing interest rates, it wants further proof of sustained inflation. Since May 2022, the bank has increased interest rates by 425 basis points to combat persistently rising inflation nevertheless, new data on the economy and consumer expenditure pointed to a deteriorating economy. Due to the decision, the Australian currency gained strength, and futures currently indicate a 36% chance of a rate decrease in June. Read More..

B2B Tech News | 18 days ago         

Australia Imposes Cyber Sanctions on Russian Individual Aleksandr Ermakov

Australia has imposed cyber sanctions on Aleksandr Ermakov, a Russian national, for his involvement in the Medibank Private network hack. This is the

Australia has imposed cyber sanctions on Aleksandr Ermakov, a Russian national, for his involvement in the Medibank Private network hack. This is the first time Australias independent cyber sanctions regime has been applied. 9.7 million records—including names, dates of birth, Medicare numbers, and private medical information—were taken in the attack on Medibank Private. Ermakov was subject to targeted financial sanctions and a travel restriction by the Australian government, which the Australian Signals Directorate and the Australian Federal Police carried out. As stated in the Australian Cyber Security Strategy for 2023–2030, this action is a component of Australias commitment to preventing and responding to hostile cyber activities. The government promotes cybersecurity awareness and rejects paying ransoms. Read More..

B2B Tech News | 27 days ago         



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