The Australian Securities Exchange saw fluctuations today, with shares wavering near noon AEST as oil prices resumed gains after Iran reportedly shut the Strait of Hormuz again. In significant corporate news, Bendigo Bank is set to slash jobs following agreements on technology outsourcing deals. The regional lender, which provides banking and financial services across Australia, stated these cuts are projected to save the business at least $65 million annually, representing approximately 10 per cent of its staff pay expenditure in the last financial year. Adding to corporate updates, packaging company Orora downgraded its earnings outlook and paused its share buyback program.
The technology sector also made headlines, with Australian design software giant Canva snapping up two artificial intelligence start-ups. Canva is a global online visual communications platform that helps users create professional designs easily. This move marks further expansion for the firm, which has been highly active in acquisitions among local tech platforms. Internationally, Meta CEO Mark Zuckerberg revealed Muse Spark, a costly new AI model designed to power applications like WhatsApp and Instagram, signalling a refresh of the company’s artificial intelligence strategy.
Further business developments included Ampol and Viva Energy finalising fuel underwriting deals. In the retail sector, the Turner family has committed to a cycling boom, agreeing to pay Flight Centre $67.1 million for a 47 per cent stake in bicycle retailer 99 Bikes, after the travel agent was unsuccessful in finding private equity buyers. Meanwhile, Sydney’s luxury property market recorded a notable transaction, with developer Steve Grant and his wife Eliza selling their waterfront mansion in Vaucluse for $57 million, marking Australia’s highest residential sale so far this year.
