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Yahoo
17 minutes ago
- Yahoo
Australia's WiseTech to cut some jobs in AI-driven efficiency push
(Reuters) -Australia's WiseTech Global confirmed on Wednesday it was cutting some roles as part of a workforce review to focus on "maximizing efficiency via automation and use of artificial intelligence". The software firm did not specify the number of jobs to be impacted in an emailed response to a Reuters query. The Australian Financial Review reported earlier in the day that the Sydney-headquartered logistics software provider has told employees it is increasing the use of AI across the business as part of a broad restructure, citing an email from WiseTech's chief of staff, Zubin Appoo. WiseTech, known for its flagship CargoWise platform, has a team of around 3,500 people across 38 countries, as of June 30, 2024, according to its 2024 annual report. A spokesperson said the firm is "supporting all impacted team members through this transition, including access to professional outplacement services." Wisetech's move mirrors broader industry trends, with technology companies worldwide reducing headcount to fund heavy investments in AI infrastructure. Earlier this month, Microsoft announced plans to lay off nearly 4% of its workforce, while big tech peers including Amazon, Facebook parent Meta and Alphabet's Google have all trimmed their labour forces in recent years.
Business Insider
20 minutes ago
- Business Insider
Why investors are eyeing ether as the next big crypto treasury play
As the world's second-largest crypto, ethereum has long operated bitcoin's shadow. Now, it's getting a moment in the spotlight as companies look for new crypto treasury plays beyond the world's largest token. Ether treasury companies are now adding the coin to their balance sheets as a strategic reserve asset. Crypto mining company BitMine Immersion Technologies announced plans to add ethereum to its balance sheet in late June. It's blown past its initial commitment of $250 million and now holds over $1 billion in Ethereum. Investors are loving it. Venture capitalist Peter Thiel, and more recently, Cathie Wood of Ark Invest, have invested in BitMine. The stock is up over 480% year-to-date despite not being profitable. Earlier this week, the ether investment vehicle The Ether Machine announced plans to go public on the Nasdaq via merger with SPAC Dynamix Corporation. The company plans to manage over 400,000 ether, or roughly $1.5 billion. An ethereum arms race is brewing, and a handful of other companies have also adopted an ethereum treasury strategy recently, such as SharpLink Gaming, Bit Digital, and GameSquare. Each of these companies has over $100 million of Ethereum reserves. Tom Lee, Fundstrat co-founder and BitMine chairman, announced a goal of acquiring and staking 5% of the overall ethereum supply. These companies are following Michael Saylor 's Strategy playbook of accumulating digital assets, raising new capital by issuing debt or equity, and then using proceeds to buy more crypto. The recent focus on ethereum among companies looking to replicate Strategy's success is partly to do with the heightened focus on stablecoins. Donald Trump signed the GENIUS Act this month, boosting government support for the fiat-backed cryptos. Ethereum, whose blockchain underpins the top stablecoins, is up 65% in a month, with bullishness rising for the crypto and its proximity to the stablecoin ecosystem. On Monday, the cofounder of The Ether Machine also clarified his firm's strategy, which differentiates from some other crypto treasuries. "We are not a buy-and-hold treasury," Andrew Keys said on Bloomberg Technology on Monday. "We are an institutional vehicle that is generating risk-adjusted returns actively managing ether." The Ether Machine plans to generate yield by staking ether, meaning that the company will commit the ether as collateral to validate transactions on the Ethereum network. "With bitcoin, you have one asset that is moving on that ledger," Keys said. "With Ethereum, you can have and tokenize infinite assets such as stablecoins, real world assets like parcels of land, stocks, bonds, derivatives." The attention to ethereum doesn't mean investors are forgetting about bitcoin, though. Trump Media and Technology Group announced a $2 billion bitcoin purchase on Monday as it seeks to build out its crypto treasury strategy. However, Ethereum has been a hot commodity as stablecoins become more widespread this year thanks to crypto-friendly legislation. Yet, there are still skeptics. Dave Wiesberger, co-founder of crypto algorithmic trading platform CoinRoutes, doesn't think the ethereum enthusiasm and the wave of treasury strategies are entirely justified. "I don't think there's any difference between that and companies buying stocks of other companies, or buying emerging market debt when they think emerging market debt is cheap," Wiesberger told Business Insider. "It's just capitalizing on public imagination to try to get a premium to your stock price." "Is the asset underlying that company one that has significant appreciation potential?" Wiesberger added. To Keys and other ethereum bulls, the answer is yes. "We believe that ethereum is in the earliest innings of the next generation of the internet," Keys said.
Forbes
20 minutes ago
- Forbes
Chinese Auto Skirt EU BEV Tariffs To Post Record Sales In Europe
Formerly British brand MG lead the way for Chinese cars in the EU this year, skirting BEV import ... More tariffs by increasing plug-in hybrid and series hybrid sales. Photo:. Higher tariffs on imported Chinese electric cars last year haven't stopped the import surge, with Chinese automakers setting new highs in June for European sales. The EU provisionally imposed import tariffs on Chinese EVs last year to protect their own auto industry from Government-subsidised Chinese EV technology, but omitted combustion and plug-in hybrids from the duties. That omission has been exploited by the Chinese brands, which boosted their EU markets share to 5.5%, and they're growing at a monthly rate of 48%. While Europeans bought 6% fewer cars in the first half of 2025 than they did last year, Chinese brands rose 72%, with MG, BYD, Chery and Geely soaking up nearly 90% of all Chinese sales. EU tariffs on BEVs saw the MG4 slide backwards to be almost within the grasp of Geely's Polestar ... More brand for 2025 sales. Photo: Sjoerd van. The Chinese BEV assault has been blunted (dropping from 48% of the nation's sales in June 2024 to just 36%) though, and so has its combustion-only effort, which fell from 38% to 23% of sales. The slack was taken up by plug-in hybrids, which boomed from 4% to 22%, and series hybrids grew from 5% to 15%. BYD sells the most PHEVs of the Chinese brands, with the Seal U selling more than 6000 of the 14,522 total PHEV sales from China. The Chinese BEV assault on Europe was hit so hard that MG's MG 4 held onto its Chinese BEV sales lead with only 2664 sales, just holding off the Geely-owned, Chinese-built Polestar 4 (2385) and Polestar 2 (2363) models, which have a more Europe-facing history. Shanghai-based, Government-owned MG Motor saw its sales slump in June, hamstrung by tariffs on its mainstay, the fully electric MG4. The MG4 saw a 72% decline over the pre-tariff levels of June 2024. The overall monthly result saw it post 25,027 sales, which was strong enough to remain ahead of the growing BYD, which leapt ahead by 303% to 14,968 sales. Chery finally introduced its eponymous brand in Europe, sitting alongside its Jaecoo and Omoda brands, and trailed home its compatriots with 8860 sales.
