Money
WiseTech global board re-examines allegations against founder Richard White
Australia’s largest listed technology company, WiseTech Global, is facing renewed scrutiny as its board re-investigates serious allegations against founder and CEO Richard White.
The allegations, made by a former sexual partner in late 2020, included claims of inappropriate behaviour and led to a multi-million-dollar settlement.
Initially addressed by a subcommittee of WiseTech’s board, which included only two current directors, the issue has resurfaced following inquiries from Australian media outlets.
The rest of the board, unaware of the matter until recently, convened crisis meetings over the weekend to consider the claims further.
Disturbing behaviour
Further investigations have revealed disturbing patterns of behaviour, including reports of White contacting female entrepreneurs with offers of support that escalated into suggestive communications.
WiseTech’s growth has helped Mr White amass a personal fortune of more than $10 billion, according to the Financial Review Rich List.
Additionally, concerns have emerged regarding undisclosed payments to former WiseTech chief growth officer Gail Williamson and a previously withdrawn apprehended violence order filed by White’s wife in 2021.
While White maintains his innocence and denies the claims, his private life has increasingly become a public concern, especially as his dispute with former lover Linda Rogan remains unresolved.
Despite the controversy, White, who founded WiseTech in 1994 and continues to hold significant power within the company, has stated he is fully committed to WiseTech’s strategic goals.
The company’s board, led by chairman Richard Dammery, is now conducting further inquiries to ensure transparency and corporate governance in light of these developments.
Money
U.S. jobs report, Fed decisions, and Japan’s economic risks explained
January US jobs report sparks uncertainty; analysts debate impact on Federal Reserve policy and market confidence.
January US jobs report sparks uncertainty; analysts debate impact on Federal Reserve policy and market confidence.
The January US jobs report shows a mixed picture for the economy, with payroll revisions and steady unemployment leaving analysts questioning the impact on Federal Reserve policy. We break down what the numbers mean for interest rates and market confidence.
US stock markets could face turbulence as investors digest the latest jobs data. David Scutt from StoneX explains how these figures may influence equities and what the outlook is for global markets.
Meanwhile, developments in Japan and a strengthening yen could spark new macroeconomic risks. From carry trades to unexpected shocks, we explore how these factors ripple across the global economy.
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#USJobsReport #FederalReserve #StockMarket #MacroRisks #JapanEconomy #GlobalMarkets #CurrencyTrading #EconomicUpdate
Money
Alphabet launches $20B bond to fund AI expansion
Alphabet’s $20B bond offering highlights investor confidence in AI growth, enabling funding without shareholder dilution.
Alphabet’s $20B bond offering highlights investor confidence in AI growth, enabling funding without shareholder dilution.
Alphabet has launched a record $20 billion bond offering to finance its massive AI infrastructure build-out, signalling strong investor confidence in the company’s growth strategy. The oversubscribed sale shows that investors are betting on Alphabet’s AI potential and long-term returns.
By using debt instead of equity, Alphabet can raise funds without diluting shareholders. The money will support AI research, advanced computing, and other strategic projects, cementing the company’s leadership in the sector.
Brad Gastwirth from Circular Technologies explains how corporate debt is reshaping tech financing and how investors perceive AI-linked bonds. This record issuance could set a trend for other tech companies looking to fund innovation.
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Money
AI tax tool sparks market turmoil for financial firms
Major financial firms’ stocks fell sharply after an AI tax tool launch, raising investor fears of disruption in advisory services.
Major financial firms’ stocks fell sharply after an AI tax tool launch, raising investor fears of disruption in advisory services.
Shares of major financial services firms tumbled after the launch of a new AI-powered tax planning tool. LPL Financial dropped nearly 11%, while Charles Schwab and Raymond James Financial fell more than 9%, signalling investor concern over AI disrupting traditional advisory services.
Morgan Stanley also saw a 4% decline as fears grow that AI could replace some of the most profitable offerings of established firms. Earlier this year, the introduction of other AI models already caused turbulence in software stocks, suggesting this could be a broader trend affecting multiple sectors.
The iShares U.S. Broker-Dealers and Securities ETF was down 4% on Tuesday, reflecting the market-wide uncertainty surrounding AI adoption in finance. Investors are closely watching whether AI will complement or cannibalise the industry’s core services.
#AIImpact #WallStreet #FinancialMarkets #InvestingNews #MorganStanley #CharlesSchwab #RaymondJames #FinTech
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