Target Financial News

Australia’s green bank is poised for its first investments in the power grid as it gears up for another busy year after a record 12 months of investment commitments in 2022-23.

EnergyAustralia has joined the ranks of major electricity suppliers seeking to elbow into the country’s offshore wind sector, taking a stake in a project proposed off the coast of Victoria that could replace ageing coal generators.

Westpac booked a net profit for the third quarter of $1.8 billion navigating a “modest” deterioration in bad debts, higher expenses due to inflationary pressures, and a contraction in lending margins from mortgage competition.

IT hardware industry is increasingly concerned about what could be New Delhi’s definition of “trusted hardware”, with the Centre stressing that imposition of import curbs on laptops, tablets and servers is primarily due to national security reasons. Industry executives say that while the government has been successful in restricting Chinese players Huawei and ZTE from participating in India’s 5G rollout after adoption of the “trusted sources” approach, replicating the same for IT hardware won’t be feasible. That’s because unlike telecom equipment, laptops/tablets are consumer devices. More importantly, more than 80% of the market is controlled by non-Chinese firms belonging to the US, Japan, South Korea and Taiwan, which are already trusted trade partners of India, said industry executives. Lenovo is the only Chinese firm. Under India’s new rules for security of mobile networks, telcos are mandated to buy network equipment only from entities labelled by the National Cyber Security Coordinator as a ‘trusted source’ and product designated as a ‘trusted’ one.

Sorin Investments, a technology-focussed fund, co-founded by former KKR India head and private equity veteran Sanjay Nayar and Angad Banga, has raised a corpus of over Rs 1,000 crore for the second close of its maiden fund. It had raised around $100 million (approximately Rs 800 crore) in its first close last year. The tech-focused investment firm’s fundraise comes at a time when the Indian tech startup ecosystem is facing a funding crunch that has seen several investors slash down the valuations of several major Indian tech companies. Investors in the fund include Henry Kravis, George Roberts and other partners of the American global investment firm KKR & Co as well as Hero Enterprise chairperson Sunil Kant Munjal and a few other global and Indian family offices. Nayar and Banga were formerly associated with KKR. Nayar founded Sorin after a four-decade career spanning banking and private equity. Nayar and Banga have also invested a significant amount of their personal capital in the fund as sponsor commitments, they said in an earlier interview without disclosing the sum. The fund focuses on early-stage technology startups across various industries like fintech, edtech, software as a service (Saas), logistics, clean technologies and direct-to-consumer products and brands. It aims to invest between $2-10 million in target companies.

Hero MotoCorp is now looking at sustainable growth, enhancing market share across segments on the back of new product launches over the next few quarters, according to a top company executive. The country's largest two-wheeler maker is also looking at enhancing production capacity to roll out Harley-Davidson X440 which has already received over 25,000 bookings.

Australian supermarket sales are being squeezed by the growing illicit tobacco trade with independent stores, led by Metcash’s IGA network, describing the “huge problem” as their single biggest issue.

NEW DELHI : The success of Shark Tank India on SonyLIV has triggered a rush for business reality shows by other streaming services as well, centred around small-town entrepreneurship and the concept of startups. Telugu over-the-top (OTT) service Aha has floated Nenu Super Woman for female entrepreneurs, while Amazon Prime has launched a series called Mission Start Ab.

Himachal Pradesh and Uttarakhand witnessed record-breaking rains after two weather systems — a strong western disturbance and the monsoon — clashed. The result was devastating. Overflowing and raging rivers, and massive landslides flattened whatever came their way.

By Cassandra Garrison

Telangana Chief Minister K Chandrasekhar Rao on Sunday hit out at the opposition Congress, saying if the party comes to power in the state, the middleman era will begin in government offices. Assembly elections in Telangana are set to be held before the end of the year.

₹51,000 crore. However, the government expects higher non-tax revenues, including higher dividends from the Reserve Bank of India (RBI) and public sector banks to offset any revenue shortfall and maintain the fiscal deficit target of 5.9% (of the GDP), despite not meeting the divestment target. “The divestment of IDBI bank is unlikely to happen this fiscal.

Investing.com — Lots of things are happening in the oil market at the same time: Economic troubles in China; surprisingly higher U.S. crude production and Saudi-Russian cuts that cargo tracking data suggest could remove almost 68 million barrels from the market over the next 45 days. 

By Louis Juricic and Sarina Isaacs

With July inflation ramping up again on Tuesday, it’s obvious the battle ain’t over yet. The headline inflation rate jumped to 3.3 per cent from last month’s 2.8 per cent. While mortgage costs and food are major contributors to our stubborn inflation, energy prices have risen 5.8 per cent in the past four months, thanks in part to the carbon tax hike last April 1.

In a 10-minute video posted by Nishant Kalia, a Calgary-based YouTuber and recent immigrant who runs the In The North – Canada channel, discusses the possibility of a recession, rising rents and layoffs as he walks the streets of the city with his partner.

Wages negotiated by union workers in Canada are creeping higher, complicating the central bank’s bid to restore price stability.

₹25 per kg through retail outlets and mobile vans from Monday in fear of prices touching triple digits ahead of the festival season. It imposed a 40% duty on onion exports on Saturday to improve domestic supplies and tame inflation during the upcoming festival season.

Consumer affairs department has also directed National Cooperative Consumers' Federation (NCCF) and National Agricultural Cooperative Marketing Federation of India Ltd.(NAFED) to procure around one lakh metric tonne of onions to further achieve the additional procurement target. Alongside procurement the said bodies will retail onions at Rs 25 per kg through outlets and mobile vans of NCCF from August 21 2023. «Retail sale of onion will be suitably enhanced in coming days by involving other agencies and e-commerce platforms,» the government said in a release.

«The company aims to hire an additional more than 5,000 people over the next two-and-a-half years, including a focus on hiring fresh graduates. While other larger players are slowing down on hiring fresh graduates, the company believes it will provide future growth acceleration. The expectation is to double the current workforce of around 4,700 people, reaching a little over 9,700 employees,» he said.

climate change management. This is especially true for countries like India that are likely to bear more than their fair share of the climate-action burden, given that it is mostly the actions of others that led the world to this crisis. India also has a high proportion of people directly employed in natural resource dependent sectors.