Proceeds will be used for investments including marketing, staff, developing its service and software, and possible acquisitions, the company said.
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In addition to the new shares, existing owners Highland Europe Technology, which holds a 55% stake, and HPE Institutional Fund, which has 13%, intend to sell a yet undetermined number of existing shares to create a "meaningful free float." It targets annual revenue growth above 20% in the medium term. (Updates with comment from Lowe in sixth paragraph.The company reported adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) of 21.3 million euros on revenue of 72 million euros for the first nine months of 2021, it said. However, the board is responding to the stronger-than-expected economic recovery and the improved outlook by adjusting the weekly amount purchased.” “The bank will continue to purchase bonds given that we remain some distance from the inflation and employment objectives. “The bond purchase program is playing an important role in supporting the Australian economy,” Lowe said. Alternatively, a prolonged period of weak price growth might mean it takes longer for broad-based wage-push inflation to take hold across the economy. With these not expected to lift until at least the second half of next year, wages could rise quickly. Part of the reason the jobless rate has fallen so fast is border closures that have locked out temporary workers. The key debate is how quickly the labor market tightening - unemployment has fallen to 5.1% from 7.4% in less than 12 months - translates into pay gains. Faster wage gains would help spur long dormant inflation. The governor and the government are using a monetary-fiscal combination to push the economy toward maximum employment as the governor seeks to drive wage growth above 3%, a level it hasn’t reached since the start of 2013. “But the experience to date has been that once outbreaks are contained and restrictions are eased, the economy bounces back quickly.” “One near-term uncertainty is the effect of the recent virus outbreaks and the lockdowns,” Lowe said. While Sydney’s ongoing coronavirus outbreak, which leaked to several other states and at one point forced the lockdown of almost half the population, adds a layer of uncertainty to the near-term outlook, the RBA sees limited long-term impact for now. That stance is likely aimed at avoiding the currency damage of previous early exits while also reflecting the continued vulnerability of the nation to further virus outbreaks due to a low vaccination rate.
The RBA is determined to stay near the tail of global central banks unwinding emergency stimulus - particularly the Federal Reserve - even as Australia has recovered earlier and faster than many peers. The Australian dollar briefly dipped after the statement, then recovered to be trading at 75.65 U.S. “The bank’s central scenario for the economy is that this condition will not be met before 2024.” The RBA “will not increase the cash rate until actual inflation is sustainably within the 2 to 3% target range,” Lowe said in a statement after keeping rates unchanged at 0.1%.
The Reserve Bank plans to buy A$4 billion ($3 billion) a week of longer-dated securities through to at least mid-November, after the current round of QE ends in September. Policy makers decided against rolling over the three-year yield target to the November 2024 bond from the current April 2024 maturity, Governor Philip Lowe said Tuesday. (Bloomberg) - Australia’s central bank announced a pared-back extension of its quantitative easing program and expects to keep interest rates at a record low for at least another 2-1/2 years as it continued its support for a rapidly recovering economy.
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