India markets regulator proposes overhaul of IPO structure for large issues
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Reuters
a few seconds ago
- Reuters
TPG to buy Australian automotive software firm Infomedia for over $420 million
Aug 6 (Reuters) - Australia's Infomedia ( opens new tab said on Wednesday it had agreed to be acquired by the Asia-focused private equity arm of asset manager TPG (TPG.O), opens new tab for an equity value of A$651 million ($421.33 million). Under the deal, shareholders in the ASX-listed firm would receive A$1.72 per share, reflecting a more than 30% premium as compared to the stock's closing price on Tuesday. Infomedia shares rose nearly 28% in early trade on Wednesday to reach A$1.6875, their highest level since September last year. Infomedia provides "software as a service" (SaaS) solutions for the global automotive and motor service sector, offering clients data-driven solutions. It counts global carmakers BMW ( opens new tab, Audi, and Cadillac among its customers, according to its website. The A$1.72 per-share offer sits close to what was offered for the firm back in 2022 by potential suitors from the United States. The cash consideration reflects an enterprise value of A$579 million, the company said, adding that its board had endorsed TPG's bid. TPG Asia co-head Joel Thickins said Infomedia would join the private equity fund's existing global software investments worth $24 billion in firms including Wind River and McAfee. Infomedia is also allowed to pay its shareholders a fully-franked dividend of up to 2 Australian cents per share for fiscal 2025 and a further special dividend of up to 2.9 Australian cents apiece. The deal needs Foreign Investment Review Board's (FIRB) approval and Infomedia said a shareholder vote should be held by mid-November. ($1 = 1.5451 Australian dollars)
Reuters
30 minutes ago
- Reuters
Asian shares track Wall Street lower, dollar rangebound
SYDNEY, Aug 6 (Reuters) - Asian shares slipped along with Wall Street on Wednesday, after weak U.S. data highlighted the damage tariffs were having on economic activity and earnings, while the dollar struggled with the drag from lower bond yields. U.S. services sector activity unexpectedly flatlined in July, data showed on Tuesday. Employment further weakened and input costs climbed by the most in nearly three years, underscoring the impact from President Donald Trump's tariff policy. Second-quarter earnings results also revealed pressure from Trump's tariff wars. Taco Bell parent Yum Brands (YUM.N), opens new tab missed expectations as steep trade duties dent consumer spending, while Caterpillar (CAT.N), opens new tab warned that U.S. tariffs would cost it up to $1.5 billion this year. "It paints a picture of a stagflationary dynamic, which although still far from truly coming to fruition, raises the risk of a toxic mix of rising joblessness and prices as tariffs filter through the U.S. economy," said Kyle Rodda, senior analyst at MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS), opens new tab slipped 0.2%, while Japan's Nikkei (.N225), opens new tab eked out a small 0.2% gain. Both Chinese blue chips (.CSI300), opens new tab and Hong Kong's Hang Seng index (.HSI), opens new tab were flat. Nasdaq futures fell 0.3% and S&P 500 futures eased 0.1%. Trump on Tuesday said it would announce tariffs on semiconductors and chips in the next week or so, while the U.S. would initially impose a "small tariff" on pharmaceutical imports before increasing it substantially in a year or two. He also said the U.S. was close to a trade deal with China and that he would meet his Chinese counterpart Xi Jinping before the end of the year if an agreement was struck. However, he threatened to further raise tariffs on goods from India over its Russian oil purchases. In currency markets, the dollar consolidated after sliding from two-month highs last Friday on a weak jobs report that had markets price in a near-certain chance of a Federal Reserve interest rate cut in September. The dollar index , which measures the U.S. currency against six counterparts, was flat at 98.821 and was up 0.1% this week after Friday's 1.4% fall. Fed funds futures imply a 94% chance of a rate cut next month, with at least two cuts priced in for this year, according to the CME's FedWatch. Investors are waiting for Trump's pick to fill a coming vacancy on the Federal Reserve's Board of Governors. Trump said the decision will be made soon, while ruling out Treasury Secretary Scott Bessent as a contender to replace current chief Jerome Powell, whose term ends in May 2026. Treasury yields edged up overnight after a $58 billion auction of three-year notes went poorly, but still hovered near multi-month lows. More supply will hit the market this week with $42 billion in 10-year notes on Wednesday and $25 billion in 30-year bonds on Thursday. Two-year Treasury yields rose 1 basis point to 3.7284%, having risen 3.5 bps overnight, while benchmark 10-year yields ticked up 2 bps to 4.2198%, after holding steady overnight. In commodity markets, oil prices edged up after four straight sessions of declines. U.S. crude rose 0.2% to $65.3 per barrel, while Brent was at a one-month low of $67.78 per barrel, up 0.1%. Trump said on Tuesday he will decide on whether to sanction countries who purchase Russian oil after a meeting with Russian officials scheduled for Wednesday. Spot gold prices were flat at $3,381 an ounce.
BBC News
an hour ago
- BBC News
WhatsApp says it removed 6.8m accounts linked to scams
WhatsApp says it has taken down 6.8 million accounts linked to scammers targeting people around the world in the first half of this were tied to scam centres run by organised criminals in South East Asia, who often used forced labour in their operations, the Meta-owned messaging platform made the announcement as it rolled out new anti-scam measures to alert users to potential fraudulent activity, such as when a user is added to a group chat by someone not in their contacts crackdown targets an increasingly common tactic in which criminals hijack WhatsApp accounts or add users to group chats promoting fake investment schemes and other scams. WhatsApp said that it "proactively detected and took down accounts before scam centres were able to operationalise them."In one case, it worked with its owner Meta and ChatGPT-developer OpenAI to disrupt scams linked to a Cambodian criminal group that offered cash for likes on social media posts to promote a fake rent-a-scooter pyramid said scammers had used ChatGPT to create the instructions issued to potential fraudsters would first contact potential targets with a text message before moving the conversation to social media or private messaging apps, said scams were usually completed on payment or cryptocurrency platforms, it added."There is always a catch and it should be a red flag for everyone: you have to pay upfront to get promised returns or earnings."Scam centres that cheat people out of billions of dollars are known to operate from South East Asian countries like Myanmar, Cambodia and centres are also known to recruit people who are then forced to carry out the in the region have urged people to be wary of potential fraud and use anti-scam measures such as WhatsApp's two-step verification feature to help protect their accounts from being Singapore, for example, users have also been told by police to be wary of any unusual requests they receive on messaging apps.
