LONDON – Monzo reported its first annual profit on Monday in a milestone for the fast-growing British digital bank as it works towards its goal of a stock market flotation. The mobile app-based bank has amassed 9.7 million customers since its launch in 2015 but had previously found it tough to translate its popularity into profit. Monzo boasts a pretax profit of 15.4 million pounds ($19.6 million) for the year to March 2024 in its latest annual accounts, a significant turnaround from the 116.3 million pound loss the previous year. The company’s revenue more than doubled to 514.4 million pounds with its expansion into lending and savings products. Monzo CEO TS Anil has expressed the company’s ambition to go public and has secured additional funding to drive its growth. Despite challenges in loan defaults, Monzo remains optimistic about its future, with plans to enter the U.S. market and expand further into Europe.
China’s S.F. Holding Gets Approval for Hong Kong Listing in Major Logistics Expansion
China’s S.F. Holding, the largest express delivery company in the country, has received regulatory approval for a second listing in Hong Kong. The China Security Regulatory Commission (CSRC) has given the green light for the listing, which S.F. Holding aims to complete within the next year. The company’s plan to list in Hong Kong comes at a time when the CSRC has been working to streamline the approvals process for listings outside the mainland, after facing delays last year.
S.F. Holding, often likened to FedEx Corp in China, is currently listed on the Shenzhen stock exchange. The company expressed its intention to pursue a Hong Kong listing last August, citing plans to enhance its logistics services in Asia, particularly in Southeast Asia. For the listing, S.F. Holding plans to issue 625.5 million shares in the Hong Kong market.
While estimation of the funds to be raised varies, with reports suggesting figures ranging from $1 to $3 billion, the company’s shares in Shenzhen have seen a decline of nearly 8% in 2024. Despite this, S.F. Holding’s market capitalization stands at 180 billion yuan ($25 billion). The lapse of the company’s initial Hong Kong listing application earlier this year necessitates a fresh filing with the Hong Kong Stock Exchange.
As the regulatory approvals pave the way for S.F. Holding’s listing in Hong Kong, the company stands poised to further solidify its presence and investments in the rapidly growing logistics sector in Asia.
Bcas Secures €17M Funding for Student Access to Higher Education, Spain
Bcas, a platform dedicated to enabling students to access higher education without financial barriers, has closed a €17 million funding round led by MyInvestor and Actyus (Andbank Group’s venture debt fund). These funds will be used to reinforce Bcas’s leading position in Spain and fuel its ambitious international expansion plans. The latest €17 million funding brings Bcas’s total raised to €25 million, combining both debt and equity.
The European Investment Fund (EIF) has backed Bcas with guarantees for its €30 million vehicle. This agreement aims to support the training of 7,000 students in high-demand skills for the job market, regardless of their socio-economic background.
This guarantee pilot, part of the InvestEU Skills and Education action plan, aims to help students enter the job market by providing training in the most sought-after skills by employers.
Financial constraints are preventing thousands of students from accessing quality higher education, resulting in unequal job market opportunities. In just two years, Bcas has provided over €8 million in financing to more than 1,500 students, establishing itself as a leader in ISA financing both in Spain and across Europe.
Bosco González del Valle, co-founder and CEO of Bcas, said: This is a significant milestone for our company. Establishing our first partnership with a bank provides us with direct access to funding. All the funds will be allocated to paying educational institutions and, in turn, supporting our continued growth.
Founded in 2021, Bcas offers a flexible financing solution for students, enabling them to cover the cost of their education. The goal is to allow talented students, who lack financial means, to pursue post-graduate courses and high-quality training programs that enhance skills highly sought after by employers (such as cybersecurity, data science, AI, and more). With this model, students do not have to pay anything until they secure a job.
In just two years, the platform has provided over €8 million to more than 1,500 students, making it Spain’s leader in ISA funding. Bcas is recognized as an ideal financing tool to make education an equal opportunity. The company collaborates with over 60 educational institutions, including Ironhack, The Bridge, ISDI, ThePower, 4Geeks, UNIR, EIP, and HACK A BOSS, among others.
Ohio Senator Balances Biden’s EV Goals with Industry Interests; Trump Criticizes Policy, US
Republican lawmakers are taking aim at President Biden’s electric vehicle (EV) initiative in what is shaping up to be a contentious election year. In contrast, Democrats are pursuing a more nuanced strategy to address the increasing divide on the issue.
Ohio Sen. Sherrod Brown is at the forefront of the political challenge, as he navigates supporting Biden’s environmental goals while also safeguarding local industry interests. Brown has been vocal about his opposition to allowing EVs with Chinese components to qualify for tax credits, emphasizing the importance of American manufacturing.
Former President Donald Trump has criticized the Biden administration’s EV push, labeling it as a radical plan that could negatively impact states reliant on automaking. Republican allies from the petroleum industry have poured millions into ads claiming that Biden’s EV tax credit will strip Americans of their freedom.
For voters like Jim Cagle, a retired Jeep assembly-line worker in Toledo, Ohio, practical concerns regarding EVs, such as charging infrastructure, take precedence. Cagle’s predicament of street parking highlights the inconvenience associated with charging EVs.
Trump, a leading contender for the Republican presidential nomination, argues that Biden’s EV agenda is unjust and could backfire on Democrats. Meanwhile, Democrats are standing firm in their support for Biden’s climate goals and the advancement of domestic technology.
Public opinion among Ohio and Michigan voters appears mixed, echoing the broader sentiments in regions transitioning to EV technology, like Toledo. Residents in these areas prioritize everyday expenses over EV options and criticize Biden’s proposed tax credits.
In defense of the EV policy, Biden and Michigan Gov. Gretchen Whitmer stress the necessity of innovation and competition with China. Biden’s campaign asserts that his initiatives aim to bolster domestic job growth in the EV sector.
A recent poll conducted in April hints at a lukewarm reception towards EVs among Americans. Concerns range from charging times, as highlighted by Vietnam veteran John Hiskey, to the affordability of EVs despite tax incentives.
While petroleum manufacturers have invested heavily in anti-EV campaigns, pro-EV groups have not matched the same level of advertising expenditure. Climate Power, however, plans to allocate $80 million towards promoting Biden’s climate agenda, including the EV transition.
Veteran Democratic strategist Joel Benenson underscores the importance of crafting a compelling narrative to unify Americans in support of EVs, drawing a parallel with Kennedy’s ambitious moon landing goal.
As the landscape continues to evolve, the battle over Biden’s EV plan remains a pivotal issue that will undoubtedly shape the political discourse leading up to the election.
Australia-Indonesia Climate Partnership Accelerates Green Transition in Indo-Pacific
Australia and Indonesia have long had an uneasy relationship, with tensions spanning various issues over the years. However, a recent agreement named KINETIK may signal a new chapter in their association. Indonesia’s shift towards renewable energy, electric vehicles, and grid modernization aligns with Australia’s expertise and resources, potentially fostering mutual benefits and cooperation.
Historically, the two nations have grappled with past conflicts, from Timor-Leste’s independence to asylum seekers and trade disputes. Despite these challenges, the KINETIK partnership offers a ray of hope for bridging differences and forging a path towards a shared future. The agreement aims to leverage Indonesia’s green transition and Australia’s critical minerals for electric vehicle batteries, creating opportunities for economic growth and sustainability.
The partnership’s focus on climate change and energy transition reflects a broader strategic approach by Australia as a middle power in the Indo-Pacific region. By supporting Indonesia’s renewable energy endeavors, Australia not only contributes to addressing climate change but also strengthens regional ties and economic cooperation. With the potential to unlock new export markets and technologies, the KINETIK partnership could mark a significant turning point in the Australia-Indonesia relationship.
As Indonesia emerges as one of the world’s fastest-growing economies, embracing green technologies and sustainability is crucial for its long-term development. With Australia’s support and expertise, Indonesia can harness its abundant geothermal resources and transition away from coal towards a more environmentally friendly energy mix. The collaboration between the two nations signifies a strategic alignment towards addressing climate change and fostering innovation in the energy sector.
Overall, the KINETIK partnership represents a step towards overcoming past tensions and working together towards a greener, more sustainable future. By capitalizing on each other’s strengths and resources, Australia and Indonesia have the opportunity to not only strengthen their bilateral ties but also contribute to global efforts in combating climate change and promoting sustainable development.
In conclusion, the potential of the KINETIK partnership to facilitate a green investment deal between Australia and Indonesia holds promise for a mutually beneficial relationship based on shared goals of sustainability and economic prosperity. As the two nations navigate the complexities of the modern world, collaboration in renewable energy and technology could pave the way for a harmonious and prosperous future built on cooperation and innovation.
Investors Flock to Green Projects in Vietnam’s Growing Electric Motorcycle Market
With many industries embracing electrification, Cenergy, a startup specializing in vanadium redox flow batteries is seeking investments of US$11.5 million over the next five years. It hopes to get $4 million this year to set up a manufacturing plant. Lithium-ion and redox flow batteries, with vanadium being the most common, will be the two most important battery technologies in the next 10-15 years, according to consulting firm Navigant. A Cenergy spokesperson said: If we can build the factory, their [redox flow batteries’] prices can compete with lithium-ion batteries. Their lifespan is three times longer. Electric motorcycle company Selex Motors is looking for $12 million to expand. Its co-founder and CEO Nguyen Huou Phuoc Nguyen said it has received funding from the Asian Development Bank but is looking for more investors and partners. Selex makes delivery vehicles with batteries that can be swapped out in just two minutes at nearly 70 stations in HCMC and Hanoi. The company is currently a supplier to delivery apps like Grab, Gojek, Lazada, ShopeeFood, and Viettel Post. Grac, a provider of digital solutions for waste management and recycling in Vietnam, needs $500,000 to grow in the northern market and expand nationwide in the next three years. LUPP!, a joint venture between Dutch recycling startup UPP! UpCycling Plastic and environmental services company Lagom Vietnam, is securing funds for a pilot plant that transforms dirty plastic bags into construction materials. Hai Ngo, LUPP!’s project manager, said: The plant is expected to have an annual capacity of 1,800 tons, with very competitive input costs because no one buys trash. We process highly contaminated and dirty waste to produce products cheaper and more durable than wood or cement. Other projects seeking investors include starch-based bioplastic startup Babio and plant-based meat producer Emmay & Colleagues. The demand for investment in sustainable, low-emission projects has been increasing recently, according to the Climate Finance Accelerator Vietnam, a program that helps climate projects improve their bankability and solicit investment. Eleven projects have been chosen for the program, and they are seeking a total of $436 million in investments, CFA said. Climate startups’ funding demand is rising as they see the growth potential in Vietnam’s green economy. With annual sales expected to top 1.5 million units by 2030, the country currently has the largest electric motorcycle market in Southeast Asia and the second largest in the world after China, according to HSBC. We predict that electric motorcycles will lead the development of EVs in Vietnam, the bank said in a recent report. Investors are also increasingly interested in green projects. Speaking at the recent CFA in-country event in HCMC, Emily Hamblin, the British consul general in HCMC, said projects in the CFA program have garnered significant attention from investors thanks to their interesting and innovative approaches. Nguyen Hoai Phuong, Southeast Asia regional director at sustainable infrastructure investment firm InfraCo Asia, said an increasing number of foreign investors are interested in green projects in Vietnam. Investment in this sector is expected to increase soon. Abhinav Goyal, a CFA Vietnam representative and PwC Vietnam’s director of capital projects and infrastructure, said sustainable startups should carefully craft a compelling story that resonates with investors in addition to focusing on technical and financial aspects. The project should also align with the country’s development direction, as investors are very interested in scalability. Additionally, the project should have an impact on people and the job market.
BSF Constable Assaulted by Bangladeshi Miscreants at India-Bangladesh Border in West Tripura
One constable of the Border Security Force (BSF) was assaulted by Bangladeshi miscreants at the India-Bangladesh International Border in West Tripura. The incident occurred at the Border Outpost Kalamchera, where a group of miscreants crossed the border illegally and gathered near the fencing. The Bangladeshi individuals snatched the constable’s weapon and radio set, using abusive language and gestures. Despite the assault, the constable managed to escape, sustaining injuries from bamboo sticks and an iron rod. A commandant-level flag meeting was conducted to address the incident, where the weapon and radio set were returned. The BSF remains dedicated to maintaining peace and collaborating with the Border Guard Bangladesh to secure the border.
AMD Unveils Breakthrough AI Processors to Challenge Nvidia Dominance in 2024, Taiwan
AMD launches new AI chips to take on leader Nvidia By Reuters
TAIPEI – Advanced Micro Devices unveiled its latest artificial intelligence processors on Monday and detailed its plan to develop AI chips over the next two years in a bid to challenge industry leader Nvidia. At the Computex technology trade show, AMD CEO Lisa Su introduced the MI325X accelerator and shared insights on future chip developments. AMD is gearing up to compete against Nvidia in the AI semiconductor market, showcasing its commitment to innovation and growth.
Investors and tech enthusiasts are closely monitoring AMD’s strategic moves as the company aims to bolster its position in the AI chip industry. With the unveiling of the MI325X accelerator and the upcoming MI350 and MI400 series, AMD is setting a strong foundation for future advancements in AI technology. These new chips are expected to deliver significant performance enhancements, positioning AMD as a key player in the AI semiconductor space.
AMD’s focus on AI chip product cycles and continuous innovation aligns with industry trends, with both AMD and Nvidia planning to release new AI chips annually. The competition between these two tech giants is driving significant advancements in AI technology, benefiting consumers and businesses alike. AMD’s robust product roadmap and ambitious sales projections reflect the company’s confidence in its AI chip offerings and market potential.
The introduction of AMD’s latest central processors (CPUs) and neural processing units (NPUs) further demonstrates the company’s commitment to delivering cutting-edge technology for a wide range of applications. With partnerships with PC providers like HP and Lenovo, AMD is expanding its reach in the AI PC market, catering to diverse consumer needs and preferences. By focusing on enhancing AI capabilities across different devices and platforms, AMD is well-positioned to capitalize on the growing demand for AI-driven solutions.
As AMD continues to innovate and expand its AI chip portfolio, the company is poised to make significant strides in the global semiconductor market. With a strong emphasis on performance, efficiency, and technological advancements, AMD is set to challenge Nvidia’s dominance and reshape the landscape of AI computing. Stay tuned for further updates on AMD’s AI chip developments and their impact on the tech industry as a whole.
The article accurately highlights the key points of AMD’s latest AI chip launches and future plans, providing valuable insights for readers interested in technology and semiconductor advancements. By focusing on crucial details and industry trends, the article offers a comprehensive overview of AMD’s strategic initiatives and competitive positioning in the AI chip market.
Punjab Records 62.80% Voter Turnout in 2024 Lok Sabha Election, India
Chandigarh (Punjab) [India], June 3 (ANI): A voter turnout of 62.80 per cent has been recorded in the 13 Lok Sabha Constituencies in Punjab, which went to the polls on June 1 in the seventh and final phase of the 2024 Lok Sabha election, said the state Chief Electoral Officer, Sibin C.
It was the latest revised voter turnout from 55.65 per cent reported on Saturday. However, the revised figure is still lower than the 65.96 per cent voter turnout registered during the 2019 Lok Sabha polls.
The Chief Electoral Officer said that as per the data received late on June 1 night, Bathinda has recorded the highest voter turnout of 69.36 per cent.
Amritsar recorded 56.06 per cent, Anandpur Sahib 61.98 per cent, Faridkot 63.34 per cent, Fatehgarh Sahib 62.53 per cent, Ferozepur 67.02 per cent, Gurdaspur 66.67 per cent, and Hoshiarpur 58.86 per cent.
He further apprised that 59.70 per cent polling has been recorded in Jalandhar, 62.55 per cent in Khadoor Sahib, 60.12 per cent in Ludhiana, 63.63 per cent in Patiala, and 64.63 per cent in Sangrur.
The votes cast will be counted on June 4 when the results will be known.
In the previous Lok Sabha elections of 2019, the INC-led UPA alliance secured eight seats with a vote share of 40.6 per cent, while the NDA managed to secure four with a voting percentage of 9.7. The AAP, making its debut, secured one seat.
In the 2014 Lok Sabha elections, Shiromani Akali Dal (SAD) and AAP bagged 4 seats each while Congress secured 3 seats. The BJP managed to secure only two seats.
The voting for the 543-member Lok Sabha was held across seven phases over 44 days from April 19 to June 1. The counting will be done and the results declared on June 4.
Gold Demand Strengthens Despite High Prices, Indian Reserves Rise
Gold demand in India expected to be 700-800 tonnes in 2024: WGC India CEO Jain
If there’s too much price volatility, then the demand for gold could be in the lower spectrum of about 700 tonnes. If there is more consistency in prices, we foresee the demand to touch around 800 tonnes, said Jain, who took over the position at WGC, a body of global gold miners, in March.
In 2023, demand was 745.7 tonnes, down 3% year-on-year, according to WGC. The fall in demand, which was at a four-year low, is attributed to higher prices.
The fact that the volume of gold demand during 2024 will be similar to 2023, even with such an increase in gold prices, is a reflection of strength, Jain, a former managing director of DeBeers India, said.
Even with such high prices of gold, there is consistent demand for gold bars and coins, said Jain. The first quarter of 2024 (January-March) has seen gold demand at 136.6 tonnes, up from 126.3 tonnes in the same quarter of 2023, according to WGC data.
The Reserve Bank of India (RBI) also bought over 19 tonnes of gold during the January-March 2024 period after buying about 16 tonnes of gold during 2023, Jain said. With the geopolitical situation around the world, there is a sense of de-dollarisation happening across different economies. Look at India and our growing gold reserves.
In FY24, the RBI added 27.47 tonnes of gold to its reserves, taking it to about 822.1 mt in FY24 from 794.63 mt in FY23. This move is part of a broader strategy to diversify foreign exchange reserves and hedge against inflation and currency volatility.
Gold prices have been highly volatile during the past few quarters due to weak global cues, which has impacted the consumption of plain gold jewellery. While gold prices are up annually, it has fallen in the last month or so due to the reduced likelihood of a US rate cut soon. The price of 24-carat gold has fallen 0.75% in the past week, and 0.61% in the past month.
Meanwhile, demand for gold purchases is expected to pick up in the second half of the year, as good monsoons are likely to see a spurt in demand for the yellow metal and as consumers adjust to higher prices.
If you look at the economic situation in India, I think that reflects a healthy consumption of gold, Jain said. Investment in gold, like ETFs, etc., is a growing area we are witnessing. I know financial institutions will be coming out with more products around gold and mutual funds.
As things stand, India is a major importer of gold. According to CEIC and Bank of Baroda Research, total value of gold imported into India stood at $45.5 billion in FY24, up from $35 billion in FY23. Switzerland, the United Arab Emirates, Peru, and Ghana are leading gold suppliers to the South Asian country.
The way we see it, we need to have a slightly long-term view on gold. Based on our projections, the fundamentals of the sector are strong, and gold has given a strong return from an investment point of view, in the long-term perspective, Jain said.
