Insteel Industries: Fiscal Q3 Earnings Snapshot
The Mount Airy, North Carolina-based company said it had profit of 78 cents per share.
The maker of steel wire reinforcing for the concrete and construction industry posted revenue of $179.9 million in the period.
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Business Wire
12 minutes ago
- Business Wire
Airwallex Recognised as a Company of Good for Commitment to Corporate Purpose and Social Impact in Singapore
SINGAPORE--(BUSINESS WIRE)--Airwallex, a leading global financial platform for modern businesses, has been recognised as a Company of Good (COG) by the National Volunteer & Philanthropy Centre (NVPC) for its meaningful and growing contributions to corporate purpose and community impact in Singapore. This national recognition affirms Airwallex's ongoing commitment to building a more inclusive and sustainable future through purposeful business practices, in line with the Forward Singapore movement and COG's five pillars: People, Society, Governance, Environment, and Economic. 'At Airwallex, purpose is central to our mission,' said Lucy Liu, Co-founder and President, Airwallex. 'We're proud to be recognised as a Company of Good and to do our part in strengthening the communities in which we live and work. We believe innovation and impact go hand in hand – and we'll continue finding new ways to use our time, product, and expertise to drive economic empowerment, inclusion, and opportunity.' Airwallex Impact: Turning purpose into action Airwallex's recognition is a strong endorsement of Airwallex Impact, its global social impact programme launched in late 2024, grounded in the company's pledge to the Pledge 1% movement – a global initiative that encourages companies to commit 1% of equity, product, profit, and employee time for the greater good. Since committing to Pledge 1%, over 120 Airwallex employees globally have contributed volunteer days across a diverse range of activities in the first half of 2025 – a 58% uplift compared to the whole of 2024. Through Airwallex Impact, the company will continue to deliver volunteering initiatives, forge social impact partnerships, and establish donation frameworks across its global offices, including its Singapore headquarters. Creating lasting impact on the ground in Singapore In Singapore, Airwallex employees have already begun making a tangible difference through a range of volunteering initiatives in 2025 that support youth empowerment, marine conservation, and environmental innovation. Highlights include: Inspiring the next generation of tech leaders: In partnership with United Women Singapore's Girls2Pioneers initiative, Airwallex hosted 16 aspiring young women for a hands-on FinTech & Career Readiness Workshop. The experience included crash courses in Engineering, Product, Commercial, Brand and People Operations – giving participants a real-world window into STEM careers. Marine conservation in action: Employees took part in a reef survey with Marine Stewards, contributing data to preserve Singapore's marine biodiversity and protect its coastal ecosystems. Ocean clean-up initiative: Airwallex employees joined Ocean Purpose Project – a Pasir Ris-based social enterprise – for a half-day kayak clean-up and learning journey. Participants collected trash from the sea, explored a native seaweed farm, and learned how plastic waste is being converted into low-sulphur fuel and bio-stimulants to restore our oceans. Looking ahead: 'Invest In Our Home' with Endowus Airwallex is also proud to be the Gold Partner for the upcoming Endowus Giving Machines (EGB) Campaign, running from August 2025 to January 2026. These islandwide 'virtual giving machines' – which can be found at high traffic areas such as MRT stations, bus stops, malls and cinemas – enable individuals to make charitable donations to a wide range of causes. Since its launch, the initiative has raised nearly S$300,000 in donations for over 40 local charities. This year, EGB is held in conjunction with SG60, aligning with the theme of 'Building Our Singapore Together' where contributions may be eligible for the SG Gives matching grant. 'We're excited to partner with Airwallex on the Endowus Giving Machines campaign to make giving more accessible, visible and impactful across Singapore," said Gregory Van, Co-founder and CEO, Endowus. "Airwallex's commitment to social impact aligns with our shared belief that finance can be a force for good – not just in building wealth, but in enabling broader social impact. Together, we're empowering more people to support meaningful causes that they care about in simple, everyday ways." As Airwallex continues to grow in Singapore and across the region, its focus remains clear: to create long-term value for businesses, communities and the broader economy by pairing world-class financial infrastructure with strong corporate purpose. About Airwallex Airwallex is a leading financial platform building the future of global banking for modern businesses. By combining proprietary infrastructure with software and AI, Airwallex is reimagining how businesses manage accounts, access capital, control spend, and embed financial services. Designed to replace fragmented, legacy systems, Airwallex offers a unified platform for global financial operations – providing everything from multi-currency business accounts to payments to spend management and embedded financial products. Founded in Melbourne and trusted by over 150,000 businesses worldwide – including TikTok, Rippling, Navan, Qantas, and SHEIN – Airwallex is powering a new era of global banking without borders.
Business Insider
13 minutes ago
- Business Insider
Russia's high military recruitment bonuses are straining its economy
Russia's high recruitment bonuses to sustain its war effort in Ukraine are straining the country's economy, according to a recent report from the Institute for the Study of War. Costs have ballooned for the bonuses and the labor expansion in the defense industry, Last July, Putin signed a decree more than doubling the standard enlistment bonus from 195,000 rubles to 400,000 rubles — nearly five times the country's average monthly wage. The head count drive has placed the military in direct competition with civilian industries for labor, driving up wages and prices, particularly in services, while Russia continues to pour funds into its war effort. "Russia cannot indefinitely replace its forces at the current casualty rate without an involuntary reserve mobilization, which Russian President Vladimir Putin has shown great reluctance to order, nor can it sustain increasingly high payments to recruits, which the Russian economy cannot afford," wrote the ISW analysts. Russia has suffered over 950,000 injuries and deaths in the war, according to the Center for Strategic and International Studies in June. The ISW analysts warned that Moscow is "burning the candle at both ends" by loosening monetary policy to prop up growth and expanding wartime spending. The combination, they said, risks further destabilizing the economy. Russia's "unsustainably high" payments to soldiers are likely to erode consumer purchasing power, weaken the ruble over time, and deepen macroeconomic instability, the ISW analysts wrote. The cost of Russia's war-driven economic boom Putin's administration beat its recruitment goals last year, largely by offering lucrative bonuses. Some regional governments even offered bonuses on par with the US military's sign-on payments. That approach helped fuel short-term growth. Economists at Bruegel, a Brussels-based think tank, wrotethat military spending and bonus-driven consumption were key drivers of Russia's GDP growth in 2023 and 2024. As the economy shifted toward war, the defense sector and wartime consumption benefited most. But by mid-2023, the economy began overheating, prompting the central bank to raise interest rates repeatedly. "Still, with much lending occurring at subsidised rates and the military-industrial complex shielded by public procurement, the rate hikes primarily impacted non-war-related sectors," the Bruegel economists added. Even the military-industrial sector showed signs of stagnation by late 2024. "The economy had butted up against its supply-side constraints," they wrote. With the Bank of Russia directing credit to military-linked sectors, other parts of the economy are increasingly being squeezed. Meanwhile, structural weaknesses in Russia's war economy persist even if it has appeared to be resilient so far, thanks to the influx of war-related spending. "Russia has lost major export markets for its defence products, faces rising costs from sanctions evasion and suffers from weak labour and migration policies — all of which compound its structural challenges," the Bruegel economists wrote.
The Hill
an hour ago
- The Hill
Japanese PM stays on to tackle high inflation and US tariffs despite a key election loss
TOKYO (AP) — Japanese Prime Minister Shigeru Ishiba, who faced a major defeat in a key election for the smaller of Japan's two-chamber parliament, said Monday he will stay on to tackle challenges such as rising prices and high U.S. tariffs. Ishiba's ruling Liberal Democratic Party and its junior coalition partner Komeito were short three seats to maintain a majority in the 248-seat upper house in Sunday's vote. The coalition is now a minority in both houses of the Diet, or parliament, though the LDP is still the leading party. Ishiba said he takes the result seriously but that his priority is to avoid creating a political vacuum and to tackle impending challenges, including the Aug. 1 deadline for a tariff deal with the U.S. The prime minister said he hopes to reach a mutually beneficial deal and meet U.S. President Donald Trump.
