TechnologyOne CEO: We Need a 'Team Australia' Approach
The head of ASX-listed TechnologyOne, provider of software as a service (Saas), says the next Australian government needs to back of the nation's business community when the rest of the world "is not going to do us any favors." He adds that the government also has to face up to the twin crises of collapsing R&D investment and sliding productivity. TechnologyOne CEO and Managing Director Ed Chung speaks from Brisbane with Haidi Stroud-Watts and Shery Ahn on "Bloomberg: The Asia Trade." (Source: Bloomberg)
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Newsweek
an hour ago
- Newsweek
Putin's Oil Empire Gets Double Boost
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. The U.S. will not back an EU proposal to impose a price cap on Russian oil that seeks to curb revenues for Russian President Vladimir Putin's war machine, according to Bloomberg. Russia could also benefit from the spike in oil prices following Israel's attack on Iran, a major producer of the commodity. Newsweek has contacted the White House for comment. A fuel tank farm of Russian oil pipeline giant Transneft on December 13, 2023. A fuel tank farm of Russian oil pipeline giant Transneft on December 13, It Matters Revenues from fossil fuels form the core of Russia's fiscal planning. As well as targeting Russia's natural gas, the European Commission's 18th sanctions package proposed lowering the cap on seaborne Russian oil from $60 to $45. The EU measures, which also target Russian businesses and banking, requires the backing of all 27 members. The proposal on Russian oil would need the support of the G7, which meets later this month. Bloomberg's report that Washington will not back the move deals a blow to Western hopes of limiting Moscow's means to fund its aggression in Ukraine, especially after oil prices rose following hostilities between Israel and Iran. What To Know The G7 introduced the $60-a-barrel cap that restricts the price Russia can earn from its seaborne oil. But it has not been effective in curbing the Kremlin's revenues since coming into effect in February 2023, partly because of Moscow's sanctions-busting "shadow fleet" of older vessels and a slump in oil prices. The European Commission proposed this week to drop the cap to $45, with High Representative Kaja Kallas suggesting that because Russian oil mostly transits the Baltic and Black Seas, U.S. support for the measure is not essential. An accord involving all G7 nations would be more effective because of the strength of U.S. enforcement, but the U.S. opposes dropping the price cap, Bloomberg reported, citing unnamed sources. Russian President Vladimir Putin at the St. George's Hall of the Grand Kremlin Palace on June 12. Russian President Vladimir Putin at the St. George's Hall of the Grand Kremlin Palace on June 12. Oil prices surged following Israel's strikes against Iran, and West Texas Intermediate crude futures advanced by more than 7 percent to settle near $73 a barrel, the biggest one-day jump since March 2022. The Institute for the Study of War said on Friday that the oil price rise may increase Russian revenue from oil sales and improve Russia's ability to sustain its war effort in Ukraine, delivering a boost to Putin. The Washington, D.C., think tank said Moscow might be able to leverage sudden oil price rises to weather economic challenges and finance a protracted war in Ukraine. This is notable given the concerns Putin previously voiced that any reduction in the oil price would likely risk destabilizing Russia's economy. Nikos Tzabouras, a senior market analyst at told Newsweek that although prices are set to rise, sustained hikes would require disruption to supply chains, and the U.S.'s denial of involvement in Israel's strikes keeps hope alive for a contained conflict, keeping downward pressure on oil. A sustained upside would require actual disruptions to physical flows, such as damage to Iran's oil infrastructure or a blockade of the Strait of Hormuz, a key global chokepoint, Tzabouras added. What People Are Saying The Institute for the Study of War said in a report on Friday: "Oil price increases following Israeli strikes against Iran may increase Russian revenue from oil sales and improve Russia's ability to sustain its war effort in Ukraine." Nikos Tzabouras, a senior market analyst at told Newsweek: "The U.S. denial of involvement offers a possible off-ramp, keeping hopes alive for a contained conflict and continuation of nuclear talks, which could pressure oil." Allen Good, the director of equity research at Morningstar, told Newsweek: "We expect, absent a wider war, today's rise in prices will likely prove to be a sell-the-news event. Oil markets remain amply supplied with OPEC set on increasing production and demand soft." What Happens Next The G7 summit is expected to discuss the oil price cap proposal when it meets in Alberta, Canada, from Sunday. The EU may try to proceed with the measure even if the U.S. rejects the proposal. U.S. President Donald Trump and his officials will make the final decision, Bloomberg reported. Meanwhile, markets continued to eye the effects the hostilities between Iran and Israel are having on oil prices.
Yahoo
an hour ago
- Yahoo
Ethereum Treasury Firm SharpLink Gaming Plunges 70% – But There May Be a Twist
SharpLink Gaming (SBET), a Nasdaq-listed company that is pursuing an ether ETH treasury strategy, tumbled 70% on Thursday in after-hours trading following a fresh filing to the U.S. Securities and Exchange Commission. The company submitted an S-3ASR registration statement, enabling the resale of up to 58,699,760 shares related to its private investment in public equity (PIPE) financing. The Thursday filing allows more than 100 shareholders in the PIPE round to sell their shares, effectively flooding the market and triggering a post-close sell-off, Charles Allen, CEO of BTCS, a publicly-traded firm that's pursuing crypto reserve strategy, explained in an X post and an interview with CoinDesk. The company raised $450 million earlier this month through a PIPE round from a wide range of investors, including ConsenSys, Galaxy, and Pantera Capital, to acquire ETH for its treasury. Ethereum co-founder and ConsenSys CEO Joseph Lubin also joined the firm as board chairman. However, there may be a larger strategy behind the latest move. Allen said in an X post that he thinks the company may have quietly raised up to $1 billion to buy more ETH using an at-the-market (ATM) offering that was previously announced in a May 30 SEC filing. "If they played cards right, they would expect a surprise PR tomorrow with $1B of ETH purchases, which could light the match to reignite the stock," he said. ETH is down 4.1% over the past 24 hours at around $2,650 as bitcoin and the broader crypto markets in retrieving data Sign in to access your portfolio Error in retrieving data
Miami Herald
2 hours ago
- Miami Herald
Your next Lululemon top may be made from old clothes
Nothing quite compares to the feeling of slipping on Lululemon gear. For many shoppers, that buttery-soft Align legging or Nulu sports bra feels like a second skin. It's one reason why the brand commands a premium price and why its products inspire a near cult-like following. But that signature softness comes at a cost. Most of those fabrics are made from virgin synthetic materials like nylon and polyester - derived from fossil fuels, with a hefty environmental footprint. Related: Lululemon bets big on innovation and sustainability Now, Lululemon is making a bold move to change that. The brand just struck a deal to bring more recycled materials into its clothing than ever before. The plan: source nearly one-fifth of its fiber mix from used clothing and fabric scraps by 2035. It's an ambitious goal that could reshape what's in your next pair of leggings or yoga top. And while the shift is mostly flying under the radar, it marks one of Lululemon's biggest sustainability efforts yet. Lululemon's new deal centers on a partnership with Samsara Eco, an Australian startup using cutting-edge recycling tech. Instead of traditional recycling, Samsara Eco customizes enzymes using AI to break down old nylon and polyester into raw materials that can be spun into new fibers. Lululemon is committing to source about 20% of its fiber portfolio from Samsara Eco's recycled content by 2035. It's a big vote of confidence for Samsara Eco and comes at a time when many textile recyclers have struggled to scale. Fellow recycler Renewcell recently went bankrupt, underscoring how tough this space can be. Related: Chanel acts on climate: tackling fashion's growing waste problem But Samsara Eco is gaining steam. It's bringing a new factory online this year and has an ambitious goal to process 1.5 million tons of plastics annually by 2030. Lululemon is betting this tech will help it hit bold sustainability goals, including a target to use only "preferred materials" by 2030. Currently, virgin synthetics still make up about 67% of its fabrics, according to the Changing Markets Foundation. This new partnership could help flip that balance and change what shoppers see on the label. So what does that mean for your next Lululemon haul? The shift to recycled materials likely won't change how your clothing feels. That's the point. Samsara Eco's recycled nylon and polyester are designed to match the softness, stretch, and durability of virgin fabrics. In fact, Lululemon has already created a prototype shirt using recycled nylon 6,6 that looks and feels just like its standard offerings. But behind the seams, this move matters. Synthetic fabrics are one of the biggest sources of microplastics pollution. They also fuel climate emissions and rely on fossil fuels. Lululemon's sustainability track record isn't spotless. The company's emissions doubled between 2019 and 2023, even as it posted massive revenue gains. And a recent report shows that virgin synthetics still dominate its materials mix. This recycling deal, along with investments in plant-based and captured-carbon fabrics, signals that Lululemon is serious about turning that around. For shoppers, it means your favorite Lululemon styles could soon come with a smaller footprint, all while maintaining the feel and performance you love. Related: Bad news for Lululemon customers as new tariffs take a toll The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
