Australian IVF screening start-up pulls Nasdaq IPO, blames US tariffs
An Australian technology start-up, which has developed a test to screen embryos for thousands of genetic diseases, has ditched its plan to list on the Nasdaq, after the chairman blamed US President Donald Trump's tariff chaos for spooking investors.
GenEmbryomics had been preparing for its float for 18 months, but failed to raise the full $US5.3 million ($8.4 million) for its initial public offering by April 8, a date that coincided with the bottom of the sharp global sharemarket correction triggered by Trump's tariff policies.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Canberra Times
an hour ago
- Canberra Times
Health levy prescription hurts. And it's only addressing a symptom of a terrible disease
At more than $80 billion a year, public hospitals are the biggest and fastest-growing part of Australian governments' health spending. It's not just that we need more care as we get older and sicker: the cost of each admission is rising sharply too.
Sydney Morning Herald
2 hours ago
- Sydney Morning Herald
‘Most complex': Inside the 24 hours that brought Qatar's airspace to a close
Adding to the situation, some of Qatar's flight crews had exceeded their legal operating hours which restricted their movement, he wrote. That meant most of the fleet, including A380s carrying more than 450 passengers each 'were now out of position, some grounded at airports with curfews'. Other flights had to wait for clearance to re-enter restricted airspace. 'Every part of the operation had to adapt in real time – without precedent, and without pause.' Hamad International Airport in Qatar is a major hub for Qatar Airways, on the popular long-haul route that crosses from Asia into Europe via the Middle East. Flights in and out of Dubai International Airport, the world's busiest hub, were also temporarily suspended. After Qatari airspace reopened some five hours later, the diverted aircraft began returning to Doha. The number of passengers at the airport surged from 10,000 to more than 22,000 by 5.00am. More than 4600 customers were housed in about 3200 hotel rooms across Doha, 35,000 meals were distributed, as well as water, 'comfort kits, and reassurance were offered face to face, flight by flight'. On Tuesday, 390 flights operated, rising to 578 the next day, Meer said. Qatar runs nine daily flights from Australia's capital cities to Doha, four of them operated in partnership with Virgin Australia. It owns 23.4 per cent of the Australian carrier. Iran attacked the US in retaliation for a US aerial mission that aimed to destroy Iran's nuclear capabilities.
Perth Now
2 hours ago
- Perth Now
G7 agrees to avoid higher taxes for US, UK companies
The United States and the Group of Seven countries have agreed to support a proposal that would exempt US companies from some components of an existing global agreement, the G7 says. The group has created a "side-by-side" system in response to the US administration agreeing to scrap the Section 899 retaliatory tax proposal from President Donald Trump's tax and spending bill, it said in a statement from Canada, the head of the rolling G7 presidency. The G7 said the plan recognises existing US minimum tax laws and aims to bring more stability to the international tax system. United Kingdom businesses are also spared higher taxes after the removal of Section 899 from Trump's tax and spending bill. The UK government said businesses would benefit from greater certainty and stability following the agreement. Some UK businesses had in recent weeks said they were worried about paying substantial additional tax due to the inclusion of Section 899, which has now been removed. "Today's agreement provides much-needed certainty and stability for those businesses after they had raised their concerns," finance minister Rachel Reeves said in a statement, adding that more work was need to tackle aggressive tax planning and avoidance. G7 officials said that they look forward to discussing a solution that is "acceptable and implementable to all". In January, through an executive order, Trump declared that the global corporate minimum tax deal was not applicable in the US, effectively pulling out of the landmark 2021 arrangement negotiated by the administration of his predecessor Joe Biden with nearly 140 countries. He had also vowed to impose a retaliatory tax against countries that impose taxes on US firms under the 2021 global tax agreement. This tax was considered detrimental to many foreign companies operating in the US.
