Latest news with #AadityaGovindRao
The Star
06-06-2025
- Business
- The Star
Indonesia wealth fund considers stake in Grab-GoTo deal, Bloomberg News reports
FILE PHOTO: A Grab logo is pictured at the Money 20/20 Asia Fintech Trade Show in Singapore March 21, 2019. REUTERS/Anshuman Daga/File Photo (Reuters) - Newly-launched sovereign wealth fund Danantara Indonesia is in early talks with GoTo to get a piece of U.S.-listed rival Grab's potential buyout of the ride-hailing and food delivery firm, Bloomberg News reported on Friday. The fund is seeking a minority stake in the combined entity, which could help ease the Indonesian government's concerns of Singapore-headquartered Grab owning the country's biggest tech firm, the report said, citing people familiar with the matter. Indonesia's antitrust regulator last month started research aimed at identifying risks from a possible deal between the tech giants, who have yet to confirm merger talks. Grab is looking to strike a deal in the second quarter, and could value GoTo at around $7 billion, sources with knowledge of the matter told Reuters last month. The companies have made progress on the structure of the deal, but talks had slowed down recently due to potential regulatory demands, Bloomberg News said. Indonesia launched Danantara in February, aiming to invest in a wide range of projects from metal processing to artificial intelligence. It will hold government stakes in state firms and is intended to operate like Singapore's investment arm Temasek. GoTo declined to comment, while Danantara Indonesia and Grab did not immediately respond to requests for comments. (Reporting by Aaditya Govind Rao in Bengaluru; Additional reporting by Shivangi Lahiri in Bengaluru)
Yahoo
03-06-2025
- Business
- Yahoo
IELTS-owner IDP Education flags lower annual profit on student visa troubles; shares crash
By Aaditya GovindRao (Reuters) - Australia's IDP Education forecast a drop in annual profit on Tuesday, triggering a 48% plunge in its shares as tighter student visa rules hit demand at the firm that jointly owns the IELTS English language exam with the British Council and Cambridge University Press & Assessment. The company forecast fiscal 2025 adjusted operating earnings of A$115–A$125 million, nearly halved from last year and below a consensus estimate of A$166.3 million according to E&P Capital analysts. IDP's stock slumped as much as 48.3% by 0411 GMT, marking its biggest intraday decline ever. It was last down 45% at A$4.11, trading at near eight-year lows and the worst performer on the benchmark S&P ASX200 index. The company, which also provides placement services to students looking for admissions at foreign institutes, said student policies remained restrictive in Canada and Australia after their elections, while the UK's recent immigration policy white paper signaled further restrictions to student immigration. For the United States, the international student environment is "increasingly negative", the company said in a statement. President Donald Trump's administration is seeking to ramp up deportations and revoke student visas as part of his hardline immigration agenda. "While elections have now been held in all key destination markets, policy uncertainty and negative rhetoric continues, while economic uncertainty increased," the company said. IDP expects its student placement volumes to fall by 28% to 30% and language testing volumes to decrease 18% to 20% over last year. "Whilst fee growth will partly offset volume declines, we had expected a better performance than overall market declines given IDP's focus on genuine student flows," analysts at Sandstone Insights said in a note. ($1 = 1.5461 Australian dollars) Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Yahoo
06-05-2025
- Business
- Yahoo
Hong Kong launches new measures to attract more tech, bio listings
(Reuters) -Hong Kong launched a scheme on Tuesday to offer smoother listings for tech companies on its stock exchange, as it looks to capitalize on Chinese companies' growing appetite to raise funds offshore. The new "technology enterprises channel" will make new listings easier for specialist technology and biotechnology firms, the bourse operator and Hong Kong's Securities and Futures Commission said in a joint statement. Under the scheme, the exchange, a unit of Hong Kong Exchanges and Clearing, will provide guidance on the eligibility and suitability for listing for prospective companies. Applicants can confidentially file for initial public offerings, as disclosures of their operational strategies may pose heightened risk compared to other industries, the statement said. It also allows tech firms to list with a weighted voting rights (WVR) structure, which allows companies to hold shares that carry extra voting rights, provided they meet certain requirements. Hong Kong is the main destination for mainland Chinese firms looking to raise capital offshore, and bankers have said that mainland firms, mainly those in the tech sector, are accelerating plans to raise money offshore. Hong Kong authorities had first announced the technology enterprises channel in February. (Reporting by Aaditya Govind Rao in Bengaluru; Editing by Kim Coghill)
Zawya
14-04-2025
- Business
- Zawya
Olam to focus on food ingredients business, sell the rest
Singapore-based food conglomerate Olam Group said on Monday it would invest $500 million in its food ingredients business and divest all remaining businesses and assets over time. The commodity trader, which counts state investment company Temasek as its largest shareholder, also said it plans to allocate $2 billion to repay all debts of its remaining businesses and make them self-sustaining, before pursuing their sale. Olam said the plan took into consideration the need to strengthen its balance sheet and the resilience of its operating groups "in the face of unprecedented macroeconomic uncertainties including tariffs". Olam will use the estimated $2.58 billion it receives from the sale of its stake in Olam Agri to Saudi Arabia's agricultural and livestock investment firm SALIC, along with the proceeds from future divestments, for the restructuring. The equity investment in Olam Food Ingredients will allow the company to explore options including a potential concurrent listing in Europe and in Singapore, it said. Olam also plans to restart share buybacks and progressively distribute proceeds from the sale of its other assets to shareholders via special dividends. In 2022, the company delayed a planned London listing for the food ingredients unit, citing market volatility amid the war in Ukraine. Its remaining businesses comprise startups incubator Nupo Ventures, technology and business services firm Mindsprint and Olam Global Holdco, which owns the group's non-core assets such as Olam Palm Gabon and Packaged Foods, its website showed. Shares of Olam climbed 3.5% to 88 Singapore cents per share on Monday morning, outperforming the 1.9% rise in the benchmark index. (Reporting by Aaditya Govind Rao in Bengaluru; Additional reporting by Yantoultra Ngui in Singapore; Editing by Tom Hogue and Cynthia Osterman)
Yahoo
01-04-2025
- Business
- Yahoo
Shipbuilder Austal rides military spending wave, shares defy market slump
By Aaditya GovindRao (Reuters) - U.S. President Donald Trump's policies that have rattled stocks around the world are benefiting Australian shipbuilder Austal, analysts said on Wednesday. Shares of the company, which supplies defence and commercial vessels to the Australian and U.S. navies among other clients, surged 35% in the three months ending March, clocking their best quarterly gains in nearly two years since June 2023. In contrast, the broader benchmark lost about 4% on concerns of stretched valuations among financial stocks and the fallout from U.S. tariffs. The surge in Austal's shares comes amid Trump's call asking Australia and other U.S. security allies to increase defence spending. Australia said last week it would bring forward A$1 billion in defence spending in its federal budget. "With higher defense spending and an increased sense of need for autonomy in all domains, we could see more order activity for Austal from Australia," said Dhierin-Perkash Bechai, aerospace analyst at Seeking Alpha and The Aerospace Forum. "That is also driven by a sense that China may become more aggressive in the region amidst a fallout between the U.S. and its closest allies." Austal grew its order book to a record A$14.2 billion by 2024-end, 11% growth from six months ago. The company's two shipyards in the United States insulate it from Trump's potential import tariffs, which have roiled global markets lately, further boosting Austal's allure for investors. These shipyards make smaller combat vessels, surveillance ships and modules for nuclear-powered and nuclear-armed submarines. "Investors are looking for companies that are able to win business in the U.S., but without tariffs and/or sacrificing growth ambitions elsewhere," said Nicholas Sundich, an equity analyst at Pitt Street Research. Recently, South Korean conglomerate Hanwha bought a 9.9% stake in Austal, nearly a year after the shipbuilder rebuffed its A$1.02 billion takeover bid. The acquisition underscores foreign interest in the company.
