ADNOC launches $18.7 billion takeover bid for Australia's Santos
The XRG-led consortium, which includes Abu Dhabi Development Holding Company (ADQ) and U.S. investment firm Carlyle, has proposed a "final non-binding indicative offer" to acquire 100% of Santos stock for $5.76 per share in cash.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Nikkei Asia
15 hours ago
- Nikkei Asia
Dollar higher as US producer prices surge in July
NEW YORK (Reuters) -- The U.S. dollar snapped a two-day losing streak on Thursday as data showed U.S. producer prices increased more than expected in July amid a surge in the costs of services and goods, suggesting a broader pickup in inflation in the months ahead. The hot measure of inflation at the wholesale level follows the release on Tuesday of a better-than-feared rise in consumer prices in July, which emboldened traders to boost bets on interest rate cuts from the Federal Reserve in coming months. While Thursday's data did not upset the case for a September rate cut it did raise worries that tariffs could still stir up inflation in coming months and change the course of interest rate cuts for the rest of the year. It also hurt the case for the Fed to resume cutting rates with a 50 basis point cut in September, something Treasury Secretary Scott Bessent suggested in an interview on Wednesday. "I think that was never particularly likely, but presumably this PPI report quashes that," Matt Weller, global head of market research at StoneX. More importantly the inflation data raises questions about whether the Fed can deliver an aggressive pace of cuts for the rest of the year, he said. "Some people were saying that we could see three consecutive 25 basis point rate cuts ... but if anything approaching this level of inflation is in place it seems like we might be looking at more of a max of two interest rate cuts and even that might be questionable," Weller said. While financial markets have priced in an interest rate cut from the Federal Reserve next month, rising services inflation and the expectation tariffs could still significantly boost goods prices left some economists doubtful of an aggressive resumption in policy easing in the absence of further labor market deterioration. Traders still see a Fed rate cut on Sept. 17 as a near certainty, according to LSEG data. The dollar index, measuring the currency against a basket of peers, was 0.5% higher at 98.17. The euro was 0.5% weaker at $1.16485 while the British pound eased 0.3% to $1.3538. Still, analysts warned against expecting a sustained rebound in the buck. "The market is very much likely to remain 'all in' on the idea of a September cut, at least until we hear from Powell at Jackson Hole next week," Michael Brown, market analyst at online broker Pepperstone in London, said, referring to the Fed's Jackson Hole Economic Symposium later this month. The yen rose against the dollar earlier in the session after Bessent suggested the Bank of Japan needs to raise rates again soon, before ceding ground to trade about flat on the day at 147.385 yen to a dollar. The stronger greenback weighed on the Australian dollar even as upbeat jobs data calmed concerns about a downturn in the labour market and lessened the need for another rate cut in the very near term. The Aussie was last down 0.8% to $0.6493. Meanwhile, bitcoin earlier hit its first record peak since July 14, pushing as high as $124,480.82 before trimming gains and was last down nearly 4% at around $118,536. Bitcoin was already underpinned by increased institutional money flows this year in the wake of a spate of regulatory changes spearheaded by Trump, who has billed himself the "cryptocurrency president." In the latest move, an executive order last week paved the way to allow crypto assets in 401(k) retirement accounts. "Corporate treasuries like MicroStrategy and Block Inc. continue to buy bitcoin," said IG analyst Tony Sycamore.
Japan Today
2 days ago
- Japan Today
Epic Games wins partial victory in Australian court against Google and Apple
By ROD McGUIRK Epic Games, the company behind the popular online game Fortnite, won a partial victory in an Australian court in U.S. billionaire chief executive Tim Sweeney's claim that Google and Apple engaged in anti-competitive conduct in running their app stores. Federal Court Justice Jonathan Beach on Tuesday upheld key parts of Epic's claim that the tech giants breached Australian competition laws by misusing their market power against app developers and using restrictive trade practices. Google and Apple 's dominance of the app market had the effect of substantially lessening competition and breached Australian law, Beach found. But the judge rejected some of Epic's claim including that Google and Apple engaged in unconscionable conduct as defined by Australian law. Sweeney is also challenging Google and Apple dominance in the app markets through the courts in the United States and Britain. The litigation began in August 2020 when Apple's App Store and Google's Play Store expelled Fortnite because Epic installed a direct payment feature in the extraordinarily popular game. The court ruled both companies pressured app developers including Epic through contracts and technology to sell their products through the two dominant app stores. Epic posted online that the judgment was: 'Another HUGE WIN for Epic Games!' Apple said the company 'faces fierce competition in every market where we operate.' 'We welcome the Australian court's rejection of some of Epic's claims, however, we strongly disagree with the Court's ruling on others,' Apple said in a statement. Google said it would review the judgment. Google and Apple could potentially appeal the ruling before the Federal Court full bench. 'We disagree with the court's characterisation of our billing policies and practices, as well as its findings regarding some of our historical partnerships, which were all shaped in a fiercely competitive mobile landscape on behalf of users and developers,' a Google statement said. Beach has yet to release a 952-page judgment on Epic's case against Apple or his 914-page judgment on the case against Google. The judge gave an oral summary of his findings during a 90-minute hearing Tuesday. Lawyers will return to court on a date yet to be set to argue what Epic is entitled to in terms of damages. © Copyright 2025 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.
The Diplomat
3 days ago
- The Diplomat
First Rocket Launch Highlights Space Momentum in Australia
Rocket launches always carry much fanfare and interest. But behind the headlines, momentum is also growing in the country's regulatory and policy landscape. A handout press photo from Gilmour Space Technologies shows the Eris Test Flight 1, the first launch of an Australian-made rocket into orbit from Australian soil, July 30, 2025. On July 30, Gilmour Space Technologies attempted the first launch of an Australian-built rocket into orbit. The Eris Flight Test 1 achieved 14 seconds of flight and 23 seconds of engine burn. Despite the short-lived flight time, the launch has been deemed a success by Gilmour due to the valuable data gained. The launch attempt is another stepping stone for Australia's space sector, symbolizing the drive to find its footing in the rapidly scaling international space sector. Rocket launches always carry much fanfare and interest. But behind the headlines, momentum is growing in the regulatory and policy landscape as well as broader industry. It is almost seven years to the date since the Australia Space Agency (ASA) was stood up. Since then, what was once very much a nascent sector has seen various champions emerge, with the ASA providing some new footing for the sector's growth. While the space sector is often heralded as new and emerging, it's also important to note that many of these companies predate the ASA, some by decades. Today these firm are finding opportunities across commercial, civil, and military sectors, domestically and abroad. Ground segment satellite communications companies Av-Comm Space & Defense and Blacktree Technology are two such examples, embodying multisectorial flexibility in their operations. Continued success from Australian launch and range services provider Southern Launch provides for another example. Southern Launch's ongoing work with Varda Space Industries has seen two spacecraft return from orbit into their range facilities in South Australia. Their Koonibba Test Range is the largest in the Southern Hemisphere and has attracted interest from many companies around the world. The Varda Space Industries returns marked a first – not just for Australia, but globally – as the first commercial return to a commercial spaceport. The regulatory hurdles were cleared and authorization granted by the Australian Government under the amended Space (Launch and Returns) Act 2018. With Gilmour Space Technologies also achieving the first authorization for a commercial orbital launch under the Act, momentum bodes positively for the sector as it works together with the government in steering through these previously un-navigated processes, which promise to be quicker with time. Enhanced bilateral cooperation, particularly with the United States, has also emerged as a hallmark of Australia's approach to space. The partnership was headlined by the signing of the Australia-U.S. Technology Safeguards Agreement (TSA) in October 2023. The agreement took effect in July 2024. The TSA provides the legal and regulatory foundations for U.S. companies to conduct spaceflight activities from Australia. This minimizes some of the export control restrictions that have been a barrier for business-to-business cooperation. Australia's ideal launch geography has been touted as a viable option for alleviating launch capacity issues at U.S. spaceports, a problem that has emerged over recent years. Southern Launch heralded the TSA as a 'game changer' that will 'accelerate the development of the Australian space industry.' On the immediate horizon, at the end of September this year, Australia will host the International Astronautical Congress (IAC) in Sydney. The IAC brings together the world's space community for a week; its 76th iteration in Sydney is projected to attract 10,000 attendees from around 100 nations. For Australia it holds particular significance – at the Adelaide-hosted 68th IAC in 2017 the Australian government announced the establishment of the Australian Space Agency. Rarely has a nation hosted two IACs so close together. But with a key focus on representing and championing the Indo-Pacific, the 76th IAC has seen strong early registrations and the second highest number of space research abstracts ever selected. It's a truism that the nations that embrace space today will be on the forefront of innovation tomorrow. Australia recognizes that many nations are actively working to bolster their own sovereign sectors by investing in space capabilities and establishing the foundations of a safe and reliable regulatory landscape. Looking forward, momentum is growing for Australia's space sector.
