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☆ Atlassian shares skyrocket as CEOs see wider margins returning
▼ + stars: | 2023-08-03 | by ( Jordan Novet | ) www.cnbc.com time to read: +3 min

Atlassian shares jumped as much as 24% in extended trading on Thursday after the collaboration software maker announced stronger-than-expected fiscal fourth-quarter results and promised wider margins in the future. Here's how the company did:Earnings: 57 cents per share, adjusted, vs. 45 cents per share as expected by analysts, according to Refinitiv. 57 cents per share, adjusted, vs. 45 cents per share as expected by analysts, according to Refinitiv. Revenue: $939.1 million, vs. $914.6 million as expected by analysts, according to Refinitiv. The company's net loss of $59 million or 23 cents per share, narrowed from $90.6 million, or 36 cents per share, in the year-ago quarter.

Persons: Scott Farquhar, Atlassian, Refinitiv, Mike Cannon, Brookes, Cameron Deatsch, Farquhar, Salesforce, NFJ's Organizations: Atlassian Corp, Allen, Co . Media, Technology Conference, StreetAccount, Management, Cloud, Cannon, Microsoft Locations: Sun Valley , Idaho, Refinitiv

MONTPELIER, Vermont, July 11 (Reuters) - A Vermont reservoir threatened to overwhelm a dam protecting the state's capital on Tuesday and exacerbate "catastrophic" flooding that has already shut roadways leading out of town and trapped people in their homes. The North Branch converges with a second, larger branch of the Winooski near the Vermont statehouse. "Make no mistake, the devastation and flooding we're experiencing across Vermont is historic and catastrophic," Vermont Governor Phil Scott said at a briefing Tuesday. [1/8]People paddle a kayak down a street flooded by recent rain storms in Montpelier, Vermont, U.S., July 11, 2023. The city's topography - bordered by hills with the downtown in a valley - increases the potential for flooding, Montpelier City Council member Conor Casey said.

Persons: Phil Scott, William Fraser, Brian Snyder, Jack McCullough, McCullough, Mike Cannon, Irene, Conor Casey, Casey, Janet Boyd, Boyd, Brendan O'Brien, Rich McKay, Rachel Nostrant, Daniel Trotta, Devika Syamnath, Bill Berkrot, Sandra Maler Organizations: Branch, National Weather Service, Vermont statehouse, REUTERS, CNN, Thomson Locations: MONTPELIER , Vermont, Vermont, Montpelier, United States, Florida , Texas, California, U.S, New York , Massachusetts, Connecticut, Montpelier City, Montpelier , Vermont, New England, Wilmington , Vermont, Chicago, Atlanta

☆ Flooding threatens Vermont's capital as crews rescue more than 100
▼ + stars: | 2023-07-11 | by ( ) www.cnbc.com time to read: +8 min

Emergency services work following flooding, in Montpelier, Vermont, July 11, 2023 in this still image taken from video obtained from social media. A person rows a paddle board in a flooded area in Montpelier, Vermont, July 11, 2023. A vehicle makes its way through a flooded street, in Montpelier, Vermont, July 11, 2023, in this picture obtained from social media. There have been no reports of injuries or deaths related to the flooding in Vermont, where swift-water rescue teams aided by National Guard helicopter crews have done more than 100 rescues, Vermont Emergency Management said Tuesday. Emergency services work following flooding, in Montpelier, Vermont, July 11, 2023 in this still image taken from video obtained from social media.

Persons: Neal P, Goswami, Brian Snyder, Irene, Phil Scott, Scott, Mike Cannon, Bill Fraser, Eric Nordenson, John Montes, Reuters Syd Straw, Joe Biden, Dennis Pinkham, Karine Jean, Pierre, Maggie Lenz, Pamela Nugent, Kathy Hochul Organizations: Reuters, City, National Guard helicopter, Vermont Emergency Management, New Hampshire, Vermont Urban, Montpelier Police, City Hall, Police, National Weather Service, NATO, Federal Emergency Management Agency, Reuters FEMA, White, The U.S . Military Academy, West, New York Gov Locations: Montpelier , Vermont, Vermont, Montpelier, New York, New, Massachusetts, Canada, U.S, Barre, John Montes ,, Northern New England, New England, Connecticut, New Hampshire, Weston, Hartford, Lithuania, Massachusetts , Connecticut, Montpelier and Middlesex, North Carolina , Michigan, Hudson Valley, Fort Montgomery, The, Highland Falls, Hudson

☆ Aussie billionaires’ solar spat enters new phase
▼ + stars: | 2023-05-29 | by ( ) www.reuters.com time to read: +2 min

MELBOURNE, May 29 (Reuters Breakingviews) - The battle between two of Australia’s richest men for control of bankrupt renewables startup Sun Cable has ended in a whimper. Surprisingly absent from the final bout was Squadron Energy, one of Fortescue Metals (FMG.AX) founder Andrew Forrest’s investment companies. Both were early investors in Sun Cable; their spat over its strategy plunged the firm into administration in January. Cannon-Brookes wants to stick to the original plan of sending most of the energy it produces to Singapore via an undersea cable. Now the race is on to see which of the two men is first to flick the on switch.

☆ Atlassian cuts 5% of head count as the software maker focuses on high-priority areas
▼ + stars: | 2023-03-06 | by ( Jordan Novet | ) www.cnbc.com time to read: +2 min

Business-software maker Atlassian said Monday that it will lay off 500 employees, or around 5% of its workforce. Cuts are not evenly distributed across the company, they wrote in a blog post. Australia's unemployment rate in January was 3.7%, according to government statistics. Australia's unemployment rate in January was 3.7% on a seasonally adjusted basis, according to government statistics. The cost cuts will result in $70 million to $75 million in charges, according to a filing.

☆ Australia-to-Asia power project will go up for sale in January
▼ + stars: | 2023-01-20 | by ( ) www.reuters.com time to read: +1 min

MELBOURNE, Jan 20 (Reuters) - A huge solar power project in Australia that collapsed last week will be put up for sale before the end of January and the sale process is expected to take about three months, administrators at FTI Consulting said on Friday. "Indicative timing for the sale process is approximately three months," the administrators said in a statement released after the first meeting of creditors. Sun Cable designed its key project, Australia-Asia PowerLink, to send power from a 20 gigawatt (GW) solar farm with the world's biggest battery in northern Australia across what would be the world's longest undersea cable, to Singapore. Tech billionaire Cannon-Brookes, who is chairman of Sun Cable, backs that plan. However, iron ore magnate Forrest's private firm Squadron Energy called for an overhaul of the project, aiming to scrap the undersea cable plan.

☆ Sun Cable project: Billionaires' feud over Australia-Singapore cable escalates
▼ + stars: | 2023-01-18 | by ( Hilary Whiteman | ) edition.cnn.com time to read: +10 min

The proposed Sun Cable project would see a subsea cable stretch from Darwin to Singapore. A statement from Cannon-Brookes’ private investment arm, Grok Ventures, suggested all investors except Forrest’s investment arm Squadron Energy remain committed to the cable. Tim Buckley, director of Climate Energy Finance, says the export of green hydrogen (hydrogen generated from renewable energy) is at least a decade away. “The market for green hydrogen exports has sort of deflated quite dramatically when people realize there’ll be a decade or two before you can actually ship green hydrogen anywhere overseas,” he said. For example, Xlinks plans to run a cable almost as long and powerful from Morocco to the United Kingdom.

☆ Billionaire urges overhaul of collapsed Australia-Asia solar mega project
▼ + stars: | 2023-01-12 | by ( Sonali Paul | ) www.reuters.com time to read: +2 min

MELBOURNE, Jan 12 (Reuters) - Iron ore magnate Andrew Forrest called on Thursday for an overhaul of a $20 billion-plus project to send solar power from Australia to Singapore, which collapsed after he and tech billionaire Mike Cannon-Brookes split over funding plans. Singapore-based Sun Cable, largely owned by Forrest's private firm Squadron Energy and Cannon-Brookes' private firm Grok, appointed voluntary administrators this week less than a year after raising A$210 million for the Australia-Asia PowerLink project. In Squadron's first public comments since the collapse was announced on Wednesday, the firm said the project "requires vision and precise execution". "Squadron Energy believes in the vision but believes the manner in which the project is delivered needs urgent change," Squadron Chairman John Hartman said in an emailed statement. "Exceptional governance practices and world-class project delivery expertise, as well as pursuing bankable technologies, will be required to make the project a reality," Hartman said.

Companies Sun Cable FollowMELBOURNE, Jan 11 (Reuters) - The developer of a $21-billion project aiming to deliver solar power to Singapore from Australia has collapsed as its two main backers, Australian billionaires Mike Cannon-Brookes and Andrew Forrest, failed to agree on a new round of funding. Singapore-based Sun Cable said it had appointed voluntary administrators less than a year after raising A$210 million from the two billionaires for the Australia-Asia PowerLink project. Tech billionaire and climate activist Cannon-Brookes, who became chairman of Sun Cable in October, said he remained confident in the project. The statement offered no comment from iron ore magnate Andrew Forrest's privately owned Squadron Energy, Sun Cable's other big stakeholder. Future steps are likely to involve voluntary administrators FTI Consulting seeking fresh capital or selling the business entirely, Sun Cable said.

☆ Australia's Tyro Payments shares jump on takeover talks with Westpac, others
▼ + stars: | 2022-10-17 | by ( ) www.reuters.com time to read: +2 min

Oct 18 (Reuters) - Australia's Tyro Payments Ltd (TYR.AX) confirmed on Tuesday it was in preliminary takeover talks with selected parties, including no.3 lender Westpac Banking Corp (WBC.AX), sending shares of the payment terminals firm up more than 5%. Tyro last month rejected a A$1.27 per share indicative offer from a private equity consortium led by Potentia Capital Management. Westpac on Tuesday separately confirmed the talks in a brief statement and said a potential deal would strengthen its small business proposition. "From a Tyro perspective, it's clear that Westpac would have significantly more synergies than the PE consortium. He said the logic of synergies from a deal for Tyro should also apply to Westpac's rivals National Australia Bank (NAB.AX) and Australia an New Zealand Banking Group (ANZ.AX).

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