Latest news with #Sydney-headquartered
The Star
7 days ago
- Business
- The Star
Australia's WiseTech to cut some jobs in AI-driven efficiency push
FILE PHOTO: Wisetech Global's logo is pictured at the company's IPO launch at the Australian Stock Exchange in Sydney, April 11, 2016. REUTERS/Jason Reed/File photo (Reuters) -Australia's WiseTech Global confirmed on Wednesday it was cutting some roles as part of a workforce review to focus on "maximizing efficiency via automation and use of artificial intelligence". The software firm did not specify the number of jobs to be impacted in an emailed response to a Reuters query. The Australian Financial Review reported earlier in the day that the Sydney-headquartered logistics software provider has told employees it is increasing the use of AI across the business as part of a broad restructure, citing an email from WiseTech's chief of staff, Zubin Appoo. WiseTech, known for its flagship CargoWise platform, has a team of around 3,500 people across 38 countries, as of June 30, 2024, according to its 2024 annual report. A spokesperson said the firm is "supporting all impacted team members through this transition, including access to professional outplacement services." Wisetech's move mirrors broader industry trends, with technology companies worldwide reducing headcount to fund heavy investments in AI infrastructure. Earlier this month, Microsoft announced plans to lay off nearly 4% of its workforce, while big tech peers including Amazon, Facebook parent Meta and Alphabet's Google have all trimmed their labour forces in recent years. (Reporting by Shivangi Lahiri in Bengaluru; Editing by Rashmi Aich)
Time of India
7 days ago
- Business
- Time of India
Australia's WiseTech to cut some jobs in AI-driven efficiency push
Academy Empower your mind, elevate your skills Australia's WiseTech Global confirmed on Wednesday it was cutting some roles as part of a workforce review to focus on "maximizing efficiency via automation and use of artificial intelligence".The software firm did not specify the number of jobs to be impacted in an emailed response to a Reuters Australian Financial Review reported earlier in the day that the Sydney-headquartered logistics software provider has told employees it is increasing the use of AI across the business as part of a broad restructure, citing an email from WiseTech's chief of staff, Zubin known for its flagship CargoWise platform , has a team of around 3,500 people across 38 countries, as of June 30, 2024, according to its 2024 annual report.A spokesperson said the firm is "supporting all impacted team members through this transition, including access to professional outplacement services."Wisetech's move mirrors broader industry trends, with technology companies worldwide reducing headcount to fund heavy investments in AI this month, Microsoft announced plans to lay off nearly 4% of its workforce, while big tech peers including Amazon, Facebook parent Meta and Alphabet's Google have all trimmed their labour forces in recent years.
Yahoo
11-07-2025
- Business
- Yahoo
Jatcorp issues profit warning on revenue declines, impairments
Australian milk powders business Jatcorp has issued a profit warning for the 2025 fiscal year due to revenue declines and impairments. Sydney-headquartered Jatcorp said in a stock exchange filing today (11 July) it expects to book a net loss of A$7.6m to A$8m ($5m to $5.2m) for the 12 months to the end of June. That is based on an anticipated second-half loss of A$1.5m to A$1.9m, on top of the A$6.1m loss registered in the first six months of the fiscal year. Jatcorp, which sells the immunity-focused dairy powder brands Neurio, Moroka and Jinvigorate, said the projected loss is due to 'revenue contraction', an impairment at its subsidiary Sunnya Goodwill, and inventory write-downs. It also cited legal expenses related to a dispute in China over the Neurio brand. Revenue for the year is expected to decline by around A$39m, largely due to the suspension of Neurio-branded product sales in China. However, Moroka-branded products showed stronger-than-expected sales in Q3 and Q4, partially offsetting the revenue decline, the group said. In fiscal 2024, revenue from continuing operations stood at A$52.4m, while profit after income tax expense was A$1.6m. Jatcorp said it is facing legal proceedings in China, which have led to the suspension of all Neurio product sales. Consequently, Sunnya's goodwill and trade names have been impaired to the tune of A$2,347,482 and A$225,633, respectively. A non-cash inventory impairment of approximately A$1.4m was also recognised, reflecting excess stock from the suspended Neurio operations, Jatcorp added. Jatcorp's legal and professional fees decreased by approximately A$1m compared to the previous year but remained high at A$4.1m. The company said in April that Sunnya had secured a win in the New South Wales Court of Appeal against former directors Yinghan He, Yanxia Lu, and associated entities, including Guangzhou Niurui Trading Co., Guangzhou Aotea Biological Technology, and supplier Easter Wu's Supermega Group. The court confirmed the defendants' breach of duties by attempting to misappropriate Sunnya's Neurio trademarks and undermining its China market through rival brands. Despite the challenges, Jatcorp said today it 'remains focused on the execution of its strategic growth agenda' and is 'cautiously optimistic' about the outlook for FY2026. Due to the operational restructuring efforts undertaken in FY2025, management expects 'improved performance' in the year ahead, supported by a "sharpened focus on brand development, distribution expansion, and margin recovery". In February, Jatcorp signed a sales incentive agreement with retailer H&S International to boost Moroka brand sales in Mainland China. Jatcorp said H&S has 'reaffirmed its commitment' to achieving the contracted sales target of A$11m for FY2026. "Jatcorp issues profit warning on revenue declines, impairments " was originally created and published by Just Food, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
The Star
11-06-2025
- Business
- The Star
Jetstar Asia closure: Here's what customers need to know
Jetstar Asia will operate a progressively reduced schedule until its last day of operations on July 31. - ST SINGAPORE: Jetstar Asia will cease operations from July 31 as part of its 'strategic restructure', said its parent company Qantas Group on June 11. Here's a look at what would-be passengers should know as the airline flies a progressively reduced schedule until its last day of operations on July 31. Q: Which flights are affected? Sixteen intra-Asia routes will be impacted by the closure of Jetstar Asia, said Qantas. Flights between Asian countries currently operated by Jetstar include: Singapore to Kuala Lumpur, Penang Singapore to Jakarta, Bali, Medan and Surabaya Singapore to Bangkok, Krabi and Phuket Singapore to Manila Singapore to Wuxi Singapore to Okinawa Singapore to Colombo All of Jetstar Airways' flights in and out of Australia with JQ flight codes remain unchanged, as will Jetstar Japan flights in Asia with GK codes. Q: I have a booking after July 31. What will happen to my flight tickets? All customers who have booked flights for travel after Jetstar Asia's closure on July 31 will be contacted directly with an option for a full cash refund. Customers with connections to or from Australia, or travelling between Singapore and Bali, Manila and Osaka, may be offered an alternative Qantas Group flight. Q: I have a booking before July 31. Will I be affected? As Jetstar Asia will continue to operate a reduced schedule until its closure, some changes to existing flight bookings are expected. Customers will be notified of any changes, while the latest information can be retrieved from Jetstar Asia's travel alerts page. Status updates for flights over the next two days can be found here. Jetstar Asia said customers who no longer wish to fly with the airline in the lead-up to its closure will have 'increased flexibility', without offering further details. Q: I'm booked to travel on a partner airline, what should I do? Jetstar will notify impacted customers about changes to Jetstar Asia flights, and also passengers on any connecting flights with its partner airlines. Affected passengers will be contacted about alternative arrangements. Apart from Qantas, the Sydney-headquartered Jetstar Airways and Jetstar Japan, the closing Jetstar Asia has codeshare partnerships with airlines such as Emirates, Finnair and Japan Airlines. Q: Will my Jetstar vouchers still be usable? Those with vouchers still valid after June 11, 2025, will be contacted in August to convert the vouchers into monetary refunds. Q: Why is Jetstar Asia shutting down? The airline's shareholders decided to cease operations after an internal review found it was unsustainable to provide the low fares associated with the Singapore-based budget airline. Jetstar Asia has faced increasing competition in the region and a rise in supplier costs and airport fees over recent years, said Jetstar Group chief executive Stephanie Tully. Jetstar Asia is expected to post an underlying loss of A$35 million (S$29.3 million) in earnings before interest and tax for the current financial year. The shutdown will affect more than 500 Jetstar Asia employees based in Singapore. - The Straits Times/ANN
New Paper
05-06-2025
- Business
- New Paper
S'pore businessman nabbed before flight at Bangkok airport over suspected tax evasion
A Singaporean businessman who was about to fly back home was arrested at Bangkok's Suvarnabhumi Airport over suspected tax evasion to the tune of more than 5.2 million baht (S$205,000), Thai police said on June 4. He was identified by the Thai police's Economic Crime Suppression Division (ECD) as David Liu, 71, a former director of media analytics company Isentia Monitoring Services (Thailand). Liu was about to board a flight to Singapore on June 2 when he was arrested in the Thai capital, said ECD commander Thatphum Charuprat. He was arrested for allegedly trying to evade by fraud or deceit value-added tax payable by Isentia. Investigations had found that the Singaporean was an authorised director of the media company from July to October 2015. According to an annual report by Isentia, Liu was appointed as the Asia chief executive of the Sydney-headquartered media intelligence company on June 1, 2015. He left Isentia in 2019, according to a post on LinkedIn, where he is now listed as CEO of a data intelligence firm. He admitted to previously being the director of Isentia, but denied wrongdoing, the Bangkok Post reported, citing ECD commander Thatphum Charuprat at a media briefing. Thailand's Revenue Department had filed a complaint against Isentia after discovering an incorrect tax filing of zero tax returns despite the company being found to have generated revenue. But no company representative responded after a police summons was issued, said the police. The suspected damages against the state in lost revenue was nearly 5.24 million baht, said the ECD. An arrest warrant was subsequently issued by the Phra Khanong Criminal Court. Liu was tracked by the police and arrested at Suvarnabhumi Airport before he boarded his flight. If convicted, he faces a fine of up to 200,000 baht and a seven-year prison term.
