Orsted raises $3 bln for Greater Changhua 2 wind farm
($1 = 29.2360 Taiwan dollars)
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Reuters
18 minutes ago
- Reuters
Australia's Treasury Wine Estates posts more than 15% rise in annual profit
Aug 13 (Reuters) - Australia's Treasury Wine Estates ( opens new tab reported a 15.5% rise in annual underlying profit on Wednesday, reflecting strong performance in its luxury portfolio, particularly Penfolds. The country's biggest wine producer posted underlying net profit after tax of A$470.6 million ($307.21 million) for the year ended June 30, which was higher than the A$407.5 million a year ago but missed Visible Alpha's estimate of A$472.1 million. The results underscore the growth in Treasury Wine's luxury wine portfolio, which now generates around 55% of revenues, as well as the successful re-establishment of Penfolds and other products in China after Beijing lifted punitive tariffs. The winemaker's annual sales revenue climbed more than 7% to A$2.94 billion. It announced a final dividend of 20 Australian cents per share, higher than 19 Australian cents apiece declared last year. Treasury Wine also announced a buyback of up to A$200 million, which is to be completed progressively through fiscal 2026. ($1 = 1.5319 Australian dollars)
BBC News
an hour ago
- BBC News
FTA: UK firms chase $38bn India contracts but challenges loom
A standout feature of the India-UK free trade agreement signed last month was the Narendra Modi government's decision to open India's vast government procurement market to UK suppliers. This typically includes a range of things the government buys - from goods and services to contracts for public works such as roads. Some 40,000 high-value tenders worth £38bn from federal ministries will now be open to bidding for UK businesses in strategic sectors like transport, green energy and infrastructure - areas which have thus far been heavily protected from foreign access is unprecedented, trade experts is "far greater" than what India had offered in its earlier agreement with the United Arab Emirates and "sets a new benchmark", Ajay Srivastava of the Global Trade Research Initiative (GTRI), a Delhi-based think-tank, told the the agreement, UK firms bidding for Indian government contracts in specified areas will be treated almost on par with Indian suppliers and also have real-time access to information on forthcoming public tenders and procurement goods from the UK made with just 20% domestic input can now be supplied to the Indian government, allowing UK companies the flexibility to source up to 80% of the parts or raw material from other countries and still qualify for procurement preference in minimum contract value at which these firms can bid for government projects has also been sharply reduced as a result of which "UK companies can now bid on a wide range of lower-value projects - such as rural roads, solar equipment for schools, or IT systems for government offices - that were previously out of reach", said Mr Srivastava. But for British companies, realising this opportunity on the ground will be easier said than done, several experts told the UK suppliers are eligible to participate as Class-II local suppliers, Indian companies will continue to get preferential treatment as Class-I suppliers, says Dr Arpita Mukherjee, a trade expert with the Indian Council for Research on International Economic pricing plays a key role in winning contracts, and "UK companies tend to have higher prices" compared with Indian companies, which will be a major challenge for them, she adds.A more significant deterrent will be delayed payments and difficult contract enforcement, which are "major legacy issues when it comes to public procurement in India", says Srijan Shukla of the Observer Research Foundation says a study on procurement by India's central public sector enterprises from 2017 to 2020 found that pending payments to suppliers were often more than the total average procurement in a year."This will impact UK players trying to enter India's public procurement markets, especially when it comes to public contracts that have long-time horizons and are subject to regulatory and political uncertainties," Mr Shukla told the dues have been a major irritant for India's small businesses too, leading to short-term liquidity issues that often "force them out of these procurement markets and reallocate that business to the big players", according to Mr of this is reflected in India's poor ranking - 163 out of 190 - on contract enforcement in the World Bank's Doing Business report, the latest round of which was in things have improved since these rankings were published - with one-stop-shop portals like Government e-Marketplace, the Central Public Procurement Portal or the recently launched online dispute resolution portal bringing more transparency to the public tendering process - payment discipline by government entities continues to remain a challenge, says Mr to Ms Mukherjee, the India-UK trade agreement emphasises transparency in procurement but omits issues like pending dues, contract enforcement and adds the deal excludes the Comprehensive Economic and Trade Agreement's dispute settlement provisions for four years after the CETA takes effect - these provisions usually define how disputes are resolved."Doing business in India is an acquired skill. Over time, companies from the UK will have to learn the way to work around complexities regarding the art of winning public tenders and navigating though complex regulations," Mr Shukla says. Despite the niggling issues, allowing foreign players entry into India's government procurement market marks a far-reaching policy shows the Indian government's intentions to open up a space that has long been reserved for local small and medium enterprises, and could be reflective of the concessions Delhi is willing to give foreign players in future trade agreements like the one being negotiated with the US, according to is late to including deep government procurement clauses in trade deals, making its current efforts a catch-up game, says Mr is also a sign, he says, of the Indian government's "confidence that its own firms can compete with global firms both externally and at home". The hope is that more foreign players will force more accountability from the Indian government and "help standardise" its tendering and public procurement process - marked by payment delays and poor contract enforcement - to global standards. Follow BBC News India on Instagram, YouTube, X and Facebook.
Reuters
6 hours ago
- Reuters
India's Apollo Hospitals to double AI investments, beats profit estimate
HYDERABAD, Aug 12 (Reuters) - India's Apollo Hospitals Enterprise ( opens new tab plans to double its investment in artificial intelligence capabilities over the next two to three years, its CEO said, after the company beat first-quarter profit estimates on higher patient volume. The hospital chain already uses AI tools in diagnosis to read X-rays, scan reports and also in endoscopy - a medical procedure to examine the inside of the body using a camera, CEO Madhu Sasidhar told Reuters on Tuesday. Many large private hospital chains in India, like their western counterparts, are investing in AI capabilities to improve patient diagnosis and decisions related to medical procedures, among others uses. Apollo recently developed technology to read existing scan reports and predict the risk of liver fibrosis in the future, Sasidhar said. "We are also bringing some other new generation agentic AI-type tools," he said. He did not quantify the size of Apollo's existing investment in AI. Apollo, headquartered in the south Indian city of Chennai, partnered with Microsoft (MSFT.O), opens new tab earlier this year to develop AI-based tools to be used in healthcare. Some of them are in early stages of testing, Sasidhar said. Indian hospital chains such as Apollo and Manipal have also been increasing their bed count for a larger share of the market, including through acquisitions of smaller hospital operators. Apollo said it is on track to add 4,370 beds over the next 3-4 years through acquisition, new hospitals and expansion of existing facilities. Its overall bed capacity is currently more than 10,000. The company's consolidated net profit rose 41.8% to 4.33 billion rupees ($49.40 million) for April-June, beating estimates of 3.86 billion rupees, according to data compiled by LSEG. While its overall occupancy rate dipped from last year, in-patient volume grew 3% and average revenue per in-patient increased by 9%, according to Apollo. Quarterly total revenue rose 15% to 58.42 billion rupees, beating estimates of 57.44 billion rupees. The company said it expects double-digit revenue growth for the current financial year. ($1 = 87.6520 Indian rupees)
