Business

News on companies, industries, and corporate developments.

3 hours agoBusiness
Shell aims to raise gas production, sales
Oil company Shell has said it plans to increase its natural gas sales by at least 4% each year until 2030, as it doubles down on fossil fuels in a bid to boost profitability. The company aims to raise its top line production, lower its spending, and grow its shareholder distributions to 40-50% of its cash flow from operations. ‘‘We want to become the world’s leading integrated gas and LNG business and the most customer-focused energy marketer and trader, while sustaining a material level of liquids production,” said Shell CEO Wael Sawan. “Today we are raising the bar across our key financial targets, investing where we have competitive strengths and delivering more for our shareholders.” The company has increased its structural cost reduction targets to a cumulative US$5-7 billion by the end of 2028. Its spending will be lowered to $20-22 billion each year for 2025 to 2028. Shell also will halve its projected investment in low-carbon energy to 10% of its capital expenditure. The company hopes to increase production in its Upstream and Integrated Gas arm by 1% per year to the end of the decade, “sustaining our 1.4 million barrels per day of liquids production to 2030 with increasingly lower carbon intensity”.
3 hours agoBusiness
Samsung co-CEO Han dies, new appointee to lead
Samsung co-CEO Han Jong-hee has died, with newly-appointed fellow CEO Jun Young-hyun set to lead the company. Han, 63, died from cardiac arrest on Tuesday. He jointed the company in 1988 and was appointed as a CEO in 2022, and also led the company’s Device Experience arm. “Our deepest condolences are with his family and loved ones during this difficult time,” Samsung said in an internal message. Han “was central in the unveiling of Samsung’s world-class LED TVs,” the company has said, and played a major role in developing Samsung’s video processing technologies. Jun will act as sole CEO following Han’s death, the company said in a stock exchange notice. Samsung has not yet chosen a successor for Han’s roles. Jun was added as a co-CEO last week. He has led its Device Solutions division, which includes its foundry and semiconductor production, since 2024. Previously, Jun headed up the company’s Memory division, managing semiconductor development. “Given his technological expertise and industry insight, we believe that he is the most qualified individual to secure competitive technologies and products in the global semiconductor market,” Samsung's board of directors said when nominating Jun as an executive dire
4 hours agoBusiness
Chinese Bubble tea brand Chagee files for US IPO
Starbucks will face even more competition, as Chinese tea brand Chagee files for an initial public offering (IPO) on the NASDAQ in the United States. This comes as the bubble tea chain prepares to open its first U.S. store in Los Angeles this spring. If Chagee successfully goes public on Nasdaq, they will use the ticker CHA and join a decreasing number of companies that have sought U.S. listings, as relations between the U.S. and Beijing remain in turmoil. According to the U.S.-China Economic and Security Review Commission, Chinese-listed companies on U.S. exchanges fell by 5% between January 2023 and January 2024. Chagee was founded in 2017 and has grown to have more than 6,4000 locations across China, Malaysia, Singapore and Thailand, with 97% of them in its home Chinese location. The company said it generated a net income of US$344.5 million from a revenue of $1.7 billion in 2024. Chagee's founder and CEO said he created the chain to modernise tea drinking after being inspired by successful coffee companies. “In recent years, we have been exploring ways to restore tea-making techniques of 900 years ago using modern technology, thus allowing tea to return to its essence,” he said on International Te
6 hours agoBusiness
Fundraising for mothballed projects as gold price fires
Gold explorers again eclipsed all other commodities in fundraising stakes in the December 2024 quarter - securing a staggering $845 million, according to BDO’s latest report. BDO’s global head of natural resources Sherif Andrawes notes the bulk of the funds raised will be dedicated to resurrecting mothballed projects. "Considering the momentous rise in [gold] prices over the year, it’s unsurprising that investors' funds were focused on near-term producers,” said Andrawes. Assuming gold maintains its perch as the go-to safe haven asset class, BDO’s December fundraising figures look primed to soar. The current gold price, sitting above $US3,000 an ounce, is expected to trigger a new gold rush and with it a new wave of dealmaking and exploration. This will require fresh fundraising rounds.Financing inflow by commodity for the December quarterFundraising finds its way to the minnowsOverall, December was a strong quarter for fundraising activities with explorers securing $2.88 billion in funding, a 48% increase from the previous quarter. While this represents a strong capital raising period, BDO notes equity market interest was confined to a single commodity − gold. 57 companies raised funds of $10 million or more (aka
14 hours agoBusiness
DoorDash, Klarna embrace US buy-now-pay-later scheme
Food delivery service DoorDash has announced a controversial new partnership with Klarna, which will allow customers to enter into a buy now pay later plan (BNPL) for food deliveries. The Swedish fintech group made the announcement last Thursday about being a new payment method for the delivery service, but it has already brought heavy criticism, as Klarna CEO Sebastian Siemiatkowski took to social media to defend the deal. The BNPL includes options for customers to use their famous Pay-in-4 plans - four equal interest-free instalments, or Pay Later plans which defers payments to a more convenient time, such as payday.Credit: X“By offering smarter, more flexible payment solutions for groceries, takeout, and retail essentials, we’re making convenience even more accessible for millions of Americans,” said David Sykes, Klarna’s chief commercial officer. However, the partnership has also been subject to heavy criticism over the idea of consumers in a cost of living crisis leaning on BNPL options for meals and groceries, with one user on X writing, “these predatory loans should be illegal”. In Australia, DoorDash already offers a similar option with Afterpay for its BNPL schemes, and Azzet sat down with COO of Payments Cons

23 hours agoBusiness
SAP nudges 15% of DAX: Fingers point to a NYSE listing
The eclipsing of Danish drugmaker Novo Nordisk (NYSE: NVO) by German software giant SAP as Europe’s most valuable listed company, marks a shift in investor sentiment from pharma to tech. The recent rise in SAP’s market cap to around €314 billion (Novo Nordisk €310 billion) has been underpinned by investor confidence in cloud computing, artificial intelligence, and a broader appetite for European tech. Growth in SAP’s market cap has also had a material impact on the structure of European markets, with the company now accounting for more of Germany’s DAX index than any other stock and sometimes breaches the 15% weighting cap set by Deutsche Börse.Could SAP be New York bound?The shadow SAP now casts over the Deutsche Börse has raised questions over whether it could go the way of Linde plc (NASDAQ: LIN). The leading industrial gas company quit the DAX in 2023 and shifted its primary listing to New York to avoid index constraints and access deeper capital markets. While the DAX has in recent year adjusted its rules to retain heavyweight constituents like SAP, the concentration remains a big issue. SAP’s market predominance has overtaken that of German industrial bellwethers like Volkswagen, Siemens and Mercedes-Benz.
YesterdayBusiness
Financial advisors key to SME owners' mental health
New research conducted by Deakin University suggests financial advisors and accountants could be key in boosting the mental health of small and medium enterprise (SME) owners. The researchrevealed a trend of 57% SME owners experiencing stress beyond a normal range, and 22% being diagnosed with a mental condition with the rising cost of living and lingering effects of COVID-19 exacerbating these challenges. Deakin University’s white paper, Using Intermediaries to Support the Mental Health of SME Owners suggested using intermediaries, like accountants to support the health of SME owners. This is because these financial professionals are often the first point of contact for financial hardship. Deakin University Dean of Business and Law, Professor Jenni Lightowlers said business advisors play a crucial role in SME’s. “It’s clear that small business owners deeply trust their accountants and bookkeepers, often sharing challenges beyond finance, including personal struggles and major life events. This positions them as a vital bridge between SME clients and mental health support,” she told the Accounting Times. After finding this need Deakin University in collaboration with national accounting and finance bodie
YesterdayBusiness
Nickel Industries rises after surprise earnings uptick
Shares in Nickel Industries (ASX: NIC) were up around 3% at the open after revealing that its earnings for the three months to 31 March would be significantly up on the previous quarter. Despite unseasonably high rainfall and widespread flooding, quarterly earnings from operations are now expected to come in between US$85 million ($135 million) and US$90 million, representing a 20% uptick both year on year and quarter on quarter. The miner’s Hengjaya Mine, in the east coast province of Central Sulawesi, Indonesia - in which it owns an 80% stake - delivered 2.6 million wet metric tonnes (wmt), compared to 1.2 million wmt in the March 2024 quarter. Today’s result follows a major increase in rainfall this month compared to March 2024. A total of 165 milimetres was recorded across two days (15 and 16 March) which resulted in the water levels from nearby rivers external to the IMIP exceeding their drainage capacity and overflowing into areas of the industrial park operations. While heavy rainfall led to the closure of Oracle Nickel electric furnaces for three days, the furnaces have since been restarted with no significant damage. Major shareholder exits Today's share price jump provides welcome relief for shareholde
YesterdayBusiness
COSBOA calls for Budget to prioritise small business
The Council of Small Businesses Organsitaitons Australia (COSBOA) is calling for tonight's Federal Budget to prioritise small businesses, warning that failure to do so would be unfavourable for the Australian economy. The COSBOA is asking for bold action in the form of tax reform, red tape reduction and greater support for employers strutting with the cost of living and regulatory pressures. COSBOA CEO Luke Achterstraat said that small businesses are currently running on empty and the reforms are needed to boost Australia’s economy. “A small business-led recovery is the only way to strengthen the economy, create jobs, and ensure Australia remains globally competitive,” he said. “If the Federal Budget fails to deliver real support, we risk seeing more closures, higher prices, and a weaker economy for everyone.” The two areas COSBOA is asking the government to focus on are tax reform and red tape reduction. The organisation believes that the current tax system is holding small businesses back and calls for reform through a permanent and expanded Instant Asset Write-Off, a review of payroll tax, Reintroducing the Small Business Technology Investment Boost, and Exploration of tax relief for new small bu