Rocket Lab shares fell approximately 20% in the two weeks following the SpaceX IPO, dropping from over US$100 to around US$80. According to investment specialist Greg Smith, this decline reflects a shift in investor capital toward SpaceX, as market participants reassess growth prospects and relative valuations within the space sector. Why did Rocket Lab’s share … Read more
Oracle shares plummeted 19% this week, marking the company’s worst performance on Wall Street in 25 years. The drop follows mounting investor concern over the firm’s $130 billion debt load and the viability of its aggressive, multi-billion dollar investment in artificial intelligence infrastructure. Why is Oracle’s stock struggling? The primary driver behind the recent selloff … Read more
The J.J. Walser House, the West Side’s only single-family home designed by Frank Lloyd Wright, has been purchased by the nonprofit Austin Coming Together for restoration after years of vacancy and decay. According to property records and statements from the organization, the 1903 Prairie Style landmark will undergo a multi-million-dollar rehabilitation to transition from a … Read more
Airwallex secured $320 million in Series H funding, propelling its valuation to $11 billion. The company intends to use the capital to accelerate the development of AI-native financial software, specifically targeting autonomous finance and the emerging “agentic commerce” sector, according to company statements. How much has Airwallex’s valuation increased? The company’s valuation saw a 38% … Read more
Kenyan police arrested 355 people and deployed tear gas in Nairobi on Thursday as families of victims from the June 2024 anti-government protests marched to Parliament. Demonstrators demanded transparency in government-promised compensation and justice for the at least 60 individuals killed during police crackdowns on tax-hike protests, according to reports by The Associated Press. Why … Read more
Microsoft has announced significant price increases for its Xbox console lineup, citing a surge in component costs that has also impacted manufacturers like Apple. According to a company blog post, the Xbox Series S will see price hikes of $100 to $150 depending on the model, while the entry-level Xbox Series X will now retail … Read more
BNZ has increased its short-term fixed mortgage rates while simultaneously reducing its longer-term offerings, effective June 24. This move follows similar rate adjustments by ANZ and Westpac, both of which recently lowered some fixed home loan rates in response to shifting global wholesale interest markets. The Reserve Bank of New Zealand (RBNZ) currently holds the … Read more
Juken New Zealand Ltd (JNL) has launched a formal consultation process to close its Northland Mill in Kaitāia after failing to secure a buyer for the facility. The move puts approximately 60 jobs at risk as the company cites unsustainable market conditions, including high operational costs and weakening demand for timber products. Why is the … Read more
A private water pipe burst at 22 Willeston St in central Wellington early this morning, flooding a Snap Fitness gym and impacting several businesses. Fire and Emergency NZ responded at 4:35 am, while Wellington Water crews isolated the water supply at 5:45 am to assist with repairs arranged by the property owner. What caused the … Read more
FedEx Corporation exceeded Wall Street expectations in its fiscal fourth quarter, reporting adjusted earnings of $6.31 per share on $25.01 billion in revenue. The results, which surpassed analyst estimates of $5.96 per share and $24.04 billion in revenue according to LSEG, mark the final period including the company’s freight business before its June 1 spinoff … Read more