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However, Moore, who was chief minister from July 2022 to 2024, when her government was brought down in a vote of no confidence, said she thought the challenge for Farnham this political term would be balancing ministers elected on wanting to cut costs and Senator Tom Binet who had previously called for more spending.

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Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha’s Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

The chairman of KPMG Australia is stepping down and two partners are leaving the firm after a bruising parliamentary hearing and allegations of wrongdoing at the major consultancy.

National chairman Martin Sheppard will leave the company shortly, along with audit partners Paul Rogers and Eileen Hoggett.

Mr Rogers and Ms Hoggett had been named in parliament for allegedly accessing confidential information from long-term audit client Lendlease with other KPMG staff to help them win additional contracts.

A whistleblower revealed the purported misconduct while also alleging mishandling of documents from Macquarie Group, Westpac, Dexus and Optus.

Several top KPMG staff including former chief executive Andrew Yates have already resigned over the scandal, which was the subject of a blockbuster hearing on Friday that included scorching criticism of the firm.

“The parliamentary committee’s inquiries highlighted issues, including unethical behaviour by senior personnel and the human impact of KPMG’s handling of the whistleblower,” said KPMG’s interim chief executive, Stan Stavros.

“KPMG Australia is focused on ensuring those failings are understood, addressed and not repeated.”

Mr Sheppard was hauled over the coals by senators at the committee hearing for his firm’s initial refusal to hand over internal documents, citing confidentiality, professional privilege and the risk of prejudicing the administration of justice.

Committee chair Deborah O’Neill described the move as an insult while flagging that KPMG could be investigated for contempt.

The consulting firm later relented and began producing material for the committee.

KPMG on Tuesday said it would overhaul its governance arrangements, including appointing its first independent chair and independent members to its Australian board.

The firm will also review and update the board’s role and remit, and appoint new independent board members in priority areas such as audit quality, ethics, whistleblower oversight and other matters of public interest.

An external third party will be appointed to undertake an immediate lessons-learned review into the whistleblower matter.

“The decisions announced today are necessary and immediate,” Mr Stavros said in a statement.

“We did not meet the standards expected of us and we recognise the impact this has had on the whistleblower, our people, our clients and the community.

“Trust will only be rebuilt through sustained action and demonstrable change. We are determined to confront what went wrong, act transparently and ensure these failings are not repeated.”
 

Elite athletes including Sir Jason Kenny and Dame Sarah Storey say ‘A Great North Games would be a national Games’

More than 40 Olympians, Paralympians and elite athletes, amongst them Sir Jason Kenny and Dame Sarah Storey, have thrown their weight behind a potential bid to host the games in the north of England.

Ministers confirmed last month that they would undertake an assessment that could lay the groundwork for an Olympic and Paralympic bid in the 2040s.

The strategic assessment, conducted by UK Sport, will scrutinise the costs, the socio-economic advantages for the North, and the likelihood of a successful bid.

More than 40 prominent figures from across British sport have now put their names to a joint statement of support for a North of England Games.

The statement has drawn backing from sporting stars including Dame Laura Kenny, Sir Jason Kenny, Dame Sarah Storey, Britain’s most successful Paralympian, double Olympic champion Tom Pidcock, Ed Clancy, gymnast Beth Tweddle, and Steve Cram.

They are joined by Sir Brendan Foster, founder of the Great North Run, Olympic medallists Laura Weightman and Marc Scott, Paralympic medallists Susie Rodgers, Krysten Coombs and Rob Davies, and a new wave of talent such as Paris 2024 Paralympic champion Poppy Maskill.

On Tuesday, northern mayors Oliver Coppard, Kim McGuinness, Tracy Brabin, David Skaith and Luke Campbell will convene at the Olympic Legacy Park in Sheffield to explore how the north of England can develop a “credible, deliverable vision” for the games. In their statement, athletes describe a northern-hosted Games as “a moment of renewal and confidence for the entire United Kingdom”.

It read: “As Olympians, Paralympians, athletes and competitors who have had the honour of representing Great Britain and competing on the highest stage, we write to express our strong and united support for the north of England to host a future Olympic and Paralympic Games.

“The legacy of the London 2012 Summer Olympics and Paralympics showed what is possible when the country comes together behind a shared ambition. Now is the moment to build on that legacy.

“Many of us have seen first-hand that the north of England has the ability to host a box-office Games: world-class venues, experienced event hosts and a passion for sport like no other place.”

It continues: “Few moments unite the country like the Olympic and Paralympic Games. We have felt that unity – in packed stadiums, in town squares, in schools and living rooms across the country.

“A ‘Great North’ Games would be a national Games. It would bring the country together in common purpose. It would showcase the very best of Great Britain.

“We believe that hosting a Games in the north of England in 2040 would be a moment of renewal and confidence for the entire United Kingdom.

“We are proud to add our voices to this vision and to support a northern Games that would inspire generations to come.”

The outcome of the preliminary assessment will establish whether a more comprehensive technical feasibility study is commissioned to evaluate the costs, benefits and practicality of staging the Games.

Any ultimate decision on whether and when a future bid might proceed would rest with the British Olympic Association and British Paralympic Association.

Mumbai: Reliance Industries gained as much as 3% on Monday as investors turned optimistic about value unlocking through the upcoming Jio Platforms IPO, artificial intelligence initiatives and the company’s new energy ventures. Brokerages see upside potential of up to 35% in the stock following the announcement of these plans at the Annual General Meeting on Friday. The stock ended 1.2% higher to close at ₹1,324.7

Analysts said the biggest trigger for the stock was the proposed Jio IPO, which could give investors greater visibility into the telecom company’s growth and profitability metrics. “The primary reason for the buying interest in Reliance Industries was the value unlocking from the Jio IPO that could provide investors clear insight into Jio’s ARPU,” said Vyom Chheda, Research Analyst, StoxBox.

Jio Platforms, the telecom arm of Reliance Industries, on Friday filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India for an initial public offering. Bankers indicated the IPO size is likely to be around $4 billion (over ₹37,000 crore), valuing the telecom operator at around ₹13 lakh crore. Reliance’s market cap is ₹17.95 lakh crore. “The value unlocking of the telecom business into a large cap from a mega cap is positive,” said Gaurav Sharma, head of research, Globe Capital.

Nomura has a ‘Buy’ rating on the stock and a target price of ₹1,640, implying an upside potential of around 24% from Monday’s close.

“Post the potential Jio IPO, new catalysts to look forward to may come from ramp-up of new energy business and revenue contribution starting FY27 growth of the AI business with 120MW by FY26-end; and potential listing of the Retail business,” said Nomura analysts.

At the AGM, chairman Mukesh Ambani detailed Reliance’s execution roadmap for its AI business and outlined plans for scaling up the company’s new energy ventures “The company indicated a long runway for growth in retail and consumer business and announced investments in an AI plant in Jamnagar,” said StoxBox’s Chheda. “The optimism in Reliance Industries is expected to continue, and investors should subscribe to the Jio IPO.”
Motilal Oswal Financial Services expects RJio to remain Reliance’s biggest growth driver, with digital services likely to contribute about 80% of the company’s incremental Earnings Before Interest, Tax, Depreciation and Amortisation (Ebitda) over FY26-28.

Info Edge shares gained over 4% to Rs 1,025 on the BSE on Tuesday after it said its artificial intelligence investments have more than doubled in value, with its AI startup portfolio rising to Rs 1,268 crore from Rs 614 crore across 28 companies.

According to a shareholder letter released by the company on June 22, the portfolio has generated a 2.1x multiple and an estimated gross internal rate of return (IRR) of 31%.

The company said AI, deeptech and consumer technology are emerging as the primary engines of value creation within its startup investment portfolio.

Since 2020, Info Edge has invested Rs 614 crore in 28 AI startups. The portfolio’s current valuation of Rs 1,268 crore reflects strong investor interest in the sector. Fifteen of these companies have secured externally led follow-on funding rounds from investors such as Insight Partners, Peak XV, SIG and Vertex.

Read more: Info Edge – 15 largecap stocks still down 30–50% from their yearly highs. Do you own any?
Across all categories, Info Edge’s startup investment portfolio is now valued at nearly Rs 41,300 crore against cumulative investments of around Rs 4,900 crore in 135 startups. This translates into an 8.4x multiple and an estimated gross IRR of about 33%.
The company said it has deployed over Rs 1,003 crore across 54 AI and deeptech startups since 2020. Of the total Rs 4,900 crore invested across startups, approximately Rs 3,600 crore has been contributed by Info Edge and its group companies, while nearly Rs 1,300 crore has come from external limited partners through alternative investment funds managed by the company. According to the shareholder letter, these managed AIFs have delivered a combined gross IRR of around 22%.
Consumer technology continues to account for the largest share of the portfolio. Info Edge has invested Rs 2,755 crore across 45 consumer-tech and consumer-AI companies, with the portfolio now valued at Rs 37,214 crore. This works out to a 13.5x multiple and an estimated gross IRR of roughly 34%.

Also read: Info Edge says it invested Rs 1,003 crore on AI, deeptech startups since 2020

The consumer-tech portfolio includes businesses operating in quick commerce, food delivery, insurance aggregation, travel, healthcare, fintech, gaming and education. The company said a significant portion of the value creation has come from listed investments such as Eternal, which houses Zomato and Blinkit, and PB Fintech.

Info Edge’s deeptech portfolio consists of 30 companies where it has invested Rs 455 crore. The portfolio is currently valued at Rs 559 crore, implying a 1.2x multiple and an estimated gross IRR of around 15%.

The company noted that the deeptech portfolio remains relatively young, with most investments made during the intellectual property creation and research and development phase.

Among the portfolio companies, electric air mobility startup ePlane secured Rs 285 crore under the government’s Research, Development and Innovation (RDI) scheme, the highest allocation among 22 approved proposals. Spacetech company Manastu Space received Rs 115 crore under the same initiative.

Info Edge shares have corrected 27% since the beginning of the year.

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(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times.)

City attracted 31 FDI projects in 2025 – down from 44 in 2024

Manchester was Britain’s best-performing city outside London for attracting Foreign Direct Investment (FDI) in 2025 despite a fall in the number of projects, new figures from EY have shown.

The latest EY 2026 UK Attractiveness Survey, which ranked 259 European regions on the number of FDI projects they attracted last year, showed Manchester attracted 31 FDI projects in 2025 – down from 44 in 2024. That made it the best-performing city outside of London for FDI for the fourth time in the last six years.

Key FDI sectors included software and IT services, with six projects, with four projects in the health and social work sector and another four in finance, business and professional services.

The UK saw a total of 730 FDI projects last year, down 14% on 853 in 2024. The North West was the fourth ranked region in the UK in terms of project numbers with 51, behind Greater London (279 projects), Scotland (108 projects) and the West Midlands (68 projects).

Of the UK’s nations and regions, only Greater London, Wales and Northern Ireland saw year-on-year growth in FDI projects, with the South West flat. All other regions reported declines, with the North West seeing a 41% year-on-year fall

EY said that while the number of projects fell, the North West continued to attract high-value projects with employment from FDI projects rising from 2,755 to 3,161 jobs year-on-year. Key North West sectors included manufacturing, business services and sales and marketing.

The USA remained the leading backer of North West FDI projects, as it has been for the last decade, accounting for 15 projects out of 51. Other key sources of investment were India, France, Ireland and Japan. Germany has been the North West’s second-biggest driver of FDI over the last decade, but accounted for only one project in 2025.

Hilary Heap, EY’s North Market Leader, said: “While the North West saw a year-on-year decline in FDI projects, this was in keeping with both the UK and Europe-wide trends, with a variety of economic headwinds including subdued growth and geopolitical uncertainty weighing on growth. However, there remain reasons for optimism.

“Manchester retained its position as the UK’s leading city for FDI outside London, which is testament to the city’s diverse business community and its significant potential. Manchester has also been open to significant redevelopment in recent years, standing the city in good stead as an investment hub. The technology sector – which forms part of the Government’s Industrial Strategy – continues to be a particular strength for the North West, having attracted more projects than any other sector in the region last year.

“Our latest survey highlights that global investors are prioritising access to a skilled workforce, connectivity and infrastructure, and access to regional grants and incentives when considering locations outside of London. The North West is well-positioned with a strong talent base and projects like Northern Powerhouse Rail strengthening its appeal. Looking ahead, policymakers have an opportunity to capitalise on these strengths by prioritising public and private sector collaboration and a clear focus on innovation to unlock more buoyant levels of FDI growth.”

Peter Arnold, EY UK chief economist, said: “While London outperformed the broader European trend in 2025 and remains a highly attractive global investment hub, FDI activity across much of the UK was more subdued. No English region outside the capital recorded growth, and while Wales and Northern Ireland saw year-on-year increases, their overall totals remain significantly below the UK’s traditional investment hubs. This widening gap between London and the rest of the country risks reinforcing long-standing regional disparities.

“Against a backdrop of more cautious global investment flows, the UK must sharpen its focus on where it can compete most effectively and deliver long-term value. Addressing structural barriers – including high energy and labour costs – will be critical to better insulating the economy from ongoing uncertainty.

“Strengths in sectors such as technology, professional services and financial services remain a clear advantage, but this needs to be complemented by stronger performance in high-value, productivity-enhancing areas such as advanced manufacturing and life sciences. Strengthening regional investment propositions through improved connectivity, workforce capability and a stronger pipeline of investable projects will be essential to translating investor interest into sustained, nationwide growth.”