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Dan Neary, Meta’s Asia-Pacific head, is stepping down after 12 years with the company for personal reasons, with plans to stay on for a few months to ensure a smooth transition. Neary joined in 2013 and played a key role in expanding Meta's presence in Australia, Greater China, and Southeast Asia, significantly boosting user bases and ad revenue in the region. His departure coincides with Meta's increased focus on AI investments under CEO Mark Zuckerberg, and a successor has yet to be named.
Goldman Sachs has revised its forecast for a rate cut by the Reserve Bank of Australia, moving it from April 1 to May 20. All 39 economists surveyed by Reuters anticipate that the cash rate will remain unchanged at 4.10% during the upcoming meeting on April 1.
Goldman Sachs has revised its forecast for a rate cut by the Reserve Bank of Australia, moving it from April 1 to May 20. The RBA is expected to maintain the cash rate at 4.10% during its upcoming meeting on March 31 and April 1, as all 39 economists surveyed anticipate no change.
Foxconn will hold a seminar in Japan on April 9 to present its electric vehicle (EV) strategy, targeting local automakers and suppliers. Jun Seki, the company's chief EV strategy officer and a former Nissan executive, is set to speak at the event. This follows Foxconn's recent agreement with Mitsubishi Motors to produce EVs for Oceania, marking its first outsourcing deal with a Japanese automaker and indicating a potential shift in Japan's automotive landscape amid rising competition from Chinese manufacturers like BYD.
AustralianSuper, the largest superannuation fund in Australia, has divested its US$580 million stake in WiseTech Global due to governance concerns following the return of founder Richard White as executive chairman and the resignation of four independent directors. A review revealed that White misled the company regarding personal relationships and settled a dispute for US$2 million, while also purchasing a property for an employee. Despite these issues, WiseTech remains attractive to investment analysts, with 14 buy recommendations, although its shares have fallen over 30% since the board changes.
PsiQuantum, a Silicon Valley quantum computing startup, has raised over US$750 million, boosting its valuation to US$6 billion. The Australian government has invested US$940 million in the company, which is developing a photonics-based quantum computer and plans to build a facility in Brisbane by 2027. BlackRock leads the funding round, with participation from major investors including Microsoft’s M12 and Temasek.
Australian VC firm Microequities has acquired a 19% stake in Melbourne-based Global IT Factory, a curriculum management software provider, through its pre-IPO fund. This investment marks the company's first external funding since its inception a decade ago. Global IT Factory, which holds a 22% market share in Australia and New Zealand, plans to utilize the funds for product development and market expansion.
Anduril Industries is expanding its manufacturing operations internationally, with a new production site in New South Wales to support the Australian Defence Force. The company is also developing the Ghost Shark, an autonomous underwater system, and has partnered with OpenAI to enhance national security through advanced AI integration. Company president Christian Bose commented on the uncertainty surrounding US defense budget discussions, highlighting potential reallocations toward emerging military capabilities.
Nestlé S.A., the world's leading food group, reports its sales breakdown by product family: powdered and liquid beverages (26.9%), pet food (20.7%), pharmaceutical and nutrition products (16.6%), prepared dishes and seasonings (11.7%), dairy and ice creams (11.4%), chocolates and cookies (9.2%), and packaged waters (3.5%). Geographically, sales are concentrated in the United States and Canada (35.2%), followed by China (5.9%), Brazil (4.4%), and several European countries, with Switzerland at 1.2% and the UK at 4%.
Australia's inflation rate fell to 2.4% in February, slightly below expectations and the previous month's 2.5%. While the overall trend suggests inflation is stabilizing within the central bank's target range, concerns remain in the services sector, where inflation is still high at 3.6%. The Reserve Bank of Australia may consider a rate cut in light of these mixed signals and easing price pressures in the housing market.
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Meta's Asia-Pacific head Dan Neary departs after 12 years of service
04:48 28.03.2025
goldman sachs revises rba rate cut forecast to may 20
03:02 28.03.2025
goldman sachs revises rba rate cut forecast to may 20
03:02 28.03.2025
Foxconn to unveil electric vehicle strategy at Japan seminar
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08:20 27.03.2025
AustralianSuper divests 580 million stake in WiseTech over governance issues
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PsiQuantum secures 750 million funding raising valuation to 6 billion
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05:10 27.03.2025
Microequities acquires 19 percent stake in Global IT Factory for growth
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Anduril Industries expands manufacturing operations in Australia and partners with OpenAI
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03:45 27.03.2025
nestlé maintains leading position in global food market with diverse product range
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16:59 26.03.2025
australian inflation falls below expectations raising prospects for rate cut
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