Latest news with #ASIC
Yahoo
a day ago
- Business
- Yahoo
Astera Labs (ALAB) Partners with Alchip Technologies to Develop AI Infrastructure
Astera Labs, Inc. (NASDAQ:ALAB) is one of the 11 must-buy AI stocks analysts are betting on. On June 16, the company inked a strategic collaboration with Alchip Technologies. The two are joining forces to accelerate the development of next-generation AI infrastructure. A close-up of a technician's hands working on an advanced semiconductor substrate. The collaboration will merge Alchip's custom ASIC development capabilities with Astera Labs' comprehensive connectivity portfolio. The integrated solution will deliver interoperable solutions for hyperscalers building next-generation AI infrastructure: Astera Labs and its partner hope to streamline purpose-built AI infrastructure that meets performance demand for next-generation applications. The strategic partnership should benefit hyperscalers by providing validated complete solutions integrating Astera Labs' Intelligent Connectivity Platform. It will also promote industry innovation for next-generation AI connection standards such as Ethernet, NVLink Fusion, and UALinkTM. Astera Labs, Inc. (NASDAQ:ALAB) provides semiconductor-based connectivity solutions for cloud and AI infrastructure. Its Intelligent Connectivity Platform integrates mixed-signal products, microcontrollers, sensors, and the COSMOS software suite for large-scale system management. While we acknowledge the potential of ALAB as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: 12 Best Healthcare Stocks to Buy Now and 10 Stocks Analysts Are Upgrading Today. Disclosure: None. Sign in to access your portfolio
ABC News
4 days ago
- Business
- ABC News
Victoria's Esoteric Festival in voluntary administration owing millions in debt
The future of troubled Esoteric Festival in country Victoria is uncertain unless someone volunteers to buy its parent business, along with millions of dollars of debt. The multi-day electronic music, arts and lifestyle event, outside tiny Wimmera town Donald, about 290 kilometres north-west of Melbourne, was cancelled in March this year the day before it was to start. About 11,000 festival goers — including 3,000 volunteers given free tickets — were locked out just before the Labour Day weekend when Buloke Shire Council officers recommended the event's permit be denied due to health and safety concerns. Now the company behind the eight-year-old event, Esoteric Festival Pty Ltd, has gone into administration owing ticketholders, creditors and employees more than $2.8 million, Australian Securities and Investments Commission (ASIC) documents show. Worrells Solvency and Forensic Accountants (Worrells) has been appointed as the company administrator. A Worrells spokesperson said in a statement the company entered voluntary administration on June 11 as a result of this year's festival cancellation. They say administrators gathering information about the company's financial position are asking creditors for "patience as we work through the next steps". In a statement to creditors, the administrators say that, unless there is an offer from another party to "restructure the company or purchase the business, [it] will not be in a position to hold further festivals." ASIC documents show Esoteric Festival Pty Ltd owes employees, ticketholders and contractors more than $2.8 million. About 8,000 ticket holders who paid between $355 and $375 each are owed a combined total of more than $2.2 million. Other creditors, including an excavation company, food producers, audio technicians, a lighting company and a carpenter are $540,000 out of pocket. And the company owes more than $100,000 to its employees in wages and entitlements. ASIC documents show Esoteric's debts far outweigh its assets. The company has listed its largest assets as $55,000 in cash in a bank account and a $20,000 lawn mower. Festival director Sam Goldsmith was contacted for comment. Brisbane-based DJ Renan Inal, also known as mlDium, was set to play at this year's festival. He learned of the cancellation when he arrived at the venue. Mr Inal said he had decided to forfeit his artist fee to support the festival. "[I'm] noticing a pattern of loss of quality cultural events and feeling for the people who have a stake and have been working with these events, from traveller to local artists. "[It's a] tragedy to see it all laid to waste from bureaucratic red tape."
Sydney Morning Herald
5 days ago
- Business
- Sydney Morning Herald
Start-up boss to face trial for kidnapping, domestic violence
A former start-up boss once backed by billionaires Mike Cannon-Brookes and Peter Thiel will face trial accused of a year-long campaign of domestic violence against his former partner, including stalking, kidnapping and assault. Paul Kevin Bennetts co-founded and ran superannuation firm Spaceship with backing from the founders of Atlassian and PayPal in 2016. At the time he told Vogue Australia Spaceship would look to the tech industry to enrich the super balances of Millennials. But just a few years later, trouble was brewing in Bennetts' professional and personal life. He left Starship in May 2019. Bennetts was banned from providing financial services by ASIC in January 2022, after he 'dishonestly obtained' his directors qualifications. ASIC found Bennetts had asked one of his company's compliance officers to sit his assessments. It was just a few months later that Bennetts was allegedly abusing his partner. Court documents show Bennetts will face trial in the District Court on a raft of domestic violence charges. The lengthy list includes four counts of assault, 12 counts of stalking or intimidation, two counts of taking or detaining a person for advantage – the legal term for kidnapping – and possess a recording made with a surveillance device. The court documents show the allegations against Bennetts began in August 2022 and continued until November 2023. He was charged in December 2023. All charges relate to one woman, his former partner, whom the Herald will not identify. Bennetts has pleaded not guilty to each count.
The Age
5 days ago
- Business
- The Age
Start-up boss to face trial for kidnapping, domestic violence
A former start-up boss once backed by billionaires Mike Cannon-Brookes and Peter Thiel will face trial accused of a year-long campaign of domestic violence against his former partner, including stalking, kidnapping and assault. Paul Kevin Bennetts co-founded and ran superannuation firm Spaceship with backing from the founders of Atlassian and PayPal in 2016. At the time he told Vogue Australia Spaceship would look to the tech industry to enrich the super balances of Millennials. But just a few years later, trouble was brewing in Bennetts' professional and personal life. He left Starship in May 2019. Bennetts was banned from providing financial services by ASIC in January 2022, after he 'dishonestly obtained' his directors qualifications. ASIC found Bennetts had asked one of his company's compliance officers to sit his assessments. It was just a few months later that Bennetts was allegedly abusing his partner. Court documents show Bennetts will face trial in the District Court on a raft of domestic violence charges. The lengthy list includes four counts of assault, 12 counts of stalking or intimidation, two counts of taking or detaining a person for advantage – the legal term for kidnapping – and possess a recording made with a surveillance device. The court documents show the allegations against Bennetts began in August 2022 and continued until November 2023. He was charged in December 2023. All charges relate to one woman, his former partner, whom the Herald will not identify. Bennetts has pleaded not guilty to each count.
The Age
5 days ago
- Business
- The Age
ASX closes flat; ASIC to probe market operator
But it was uranium play Paladin Energy that took out the top spot, up more than 15 per cent to $7.28. Among the miners, Rio Tinto advanced 0.7 per cent, BHP added 0.3 per cent. The laggards The financial sector finished the day 0.1 per cent weaker, while materials stocks faded 0.9 per cent due to weakness in large cap miners and as gold retreated from within striking distance of all-time highs after spiking when the air strikes began late last week. The big banks were mixed, with Westpac shares losing 0.5 per cent and ANZ Bank falling 0.1 per cent, while National Australia Bank gained 0.2 per cent and Commonwealth Bank edged up 6¢ to $179.41. Shares in ASX Limited fell 6.7 per cent after the Australian Securities and Investments Commission (ASIC) announced it would conduct a wide-ranging inquiry into the markets operator after a series of failures at the company. 'ASX operates Australia's critical markets infrastructure. Investors and market participants deserve to have absolute confidence that ASX is operating soundly, securely and effectively,' ASIC chair Joe Longo said. The inquiry follows the failure of a major ASX technology project to replace infrastructure. The project was junked in 2022 after extensive delays, to the frustration of brokers and other market participants. Gold miners predominantly traded lower, with Northern Star dropping 8.2 per cent and Evolution Mining losing 8 per cent despite the rise in gold prices over the weekend, as the surging oil price put pressure on extraction and transport costs. Loading Gold was steady near a record high as the escalating conflict drove investors towards haven assets. The precious metal erased gains made earlier on Monday to trade close to $US3430 an ounce, about $US70 short of an all-time peak in April. The lowdown Investors struck a cautious tone and are bracing for a volatile week amid fears over the conflict in the Middle East. 'With Iran striking back after Israel's attacks, and the US mulling involvement, investors are bracing for further market impact from the conflict,' Moomoo market strategist Jessica Amir said. 'A broad risk-off mood is taking hold, as oil, defence and gold rise.' And with no end to the Middle East conflict in sight, there are concerns crude prices could go higher. While Iran only produces roughly 3.5 per cent of global crude supply, there are fears it could close the Strait of Hormuz, the primary route for multiple OPEC producers, IG Markets analyst Tony Sycamore said. 'The knock-on impact of higher energy prices is that they will slow growth and cause headline inflation to rise,' he said. 'While central banks would prefer to overlook a temporary spike in energy prices, if they remain elevated for a long period, it may feed through into higher core inflation as businesses pass on higher transport and production costs.' The Middle East conflict adds complications to what was already set to be a busy week. The Federal Reserve and the Bank of Japan are among a raft of central banks set to announce interest rate decisions, while a meeting of the Group of Seven leaders also threatens to add volatility. Four major central banks, including the US Federal Reserve, are broadly expected to keep policy rates on hold when they meet this week, but the rising oil price and any resulting inflation could further restrict their ability to cut interest rates in the months ahead, which in turn weighs on companies' ability to invest in growth. 'Markets should be prepared for a prolonged period of uncertainty,' said Wolf von Rotberg, an equity strategist at Bank J. Safra Sarasin. On Wall Street, the S&P 500 sank 1.1 per cent and wiped out what had been a modest gain for the week. The Dow Jones Industrial Average dropped 769 points, or 1.8 per cent, and the Nasdaq composite lost 1.3 per cent. Loading Past attacks involving Iran and Israel have resulted in prices for oil spiking initially, only to fall later 'once it became clear that the situation was not escalating and there was no impact on oil supply', according to Richard Joswick, head of near-term oil at S&P Global Commodity Insights. That has Wall Street waiting to see what will come next. US stock prices dropped to their lowest points for the day after Iran launched ballistic missiles towards Israel. For now, the price of oil has jumped, but it's still lower than it was earlier this year. 'This is an economic shock that nobody really needs, but it is one that seems more like a shock to sentiment than to the fundamentals of the economy,' said Brian Jacobsen, chief economist at Annex Wealth Management. That in turn sent US stocks to a loss that was notable in size but outside their top 15 for the year so far. Companies with some of the sharpest losses were those that use a lot of fuel as part of their business and need their customers feeling confident enough to travel. Cruise operator Carnival dropped 4.9 per cent, United Airlines sank 4.4 per cent, and Norwegian Cruise Line Holdings fell 5 per cent. Loading They helped overshadow gains for US oil producers and other companies that could benefit from increased fighting between Israel and Iran. Exxon Mobil rose 2.2 per cent, and ConocoPhillips gained 2.4 per cent because the leaping price of crude oil portends bigger profits for them. Contractors that make weapons and defence equipment also rallied. Lockheed Martin, Northrop Grumman and RTX all rose more than 3 per cent.
