This article was written by

Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, but may initiate a beneficial Long position through a purchase of the stock, or the purchase of call options or similar derivatives in TPC over 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.

Yes. Corporate subscriptions are available for teams and organisations, with discounted rates as user numbers increase. Pricing starts from $1,625 + GST per user.
Get in touch
to discuss the right option for your organisation.

Business News subscriptions are used by executives, investors, consultants and professionals who need to stay informed and make better decisions about the WA market. When you subscribe you’ll get

• Unlimited access to WA’s most trusted business journalism
• Data & Insights — detailed profiles of WA companies, people, projects and deals
• MyBN — a personalised feed based on the companies, people and sectors you follow
• Special publications and industry reports
• Daily and weekly email newsletters

Data & Insights is a research tool built specifically for the WA market. It draws on more than 30 years of Business News reporting, updated regularly to reflect what’s happening now. Use it to:

• Look up detailed profiles of WA companies, including financials, directors and ownership
• Find decision-makers and track their career movements
• Research live and completed projects across WA industries
• Monitor deals, appointments and market activity
• Access industry rankings and league tables

Data & Insights is updated daily by our dedicated research team, which uses the latest announcements, ASX filings and editorial coverage to keep our person, company, list and project records up to date.

Business News welcome all opportunities to make our dataset accurate, complete and current, so if you have an update request, please email the team at
general@businessnews.com.au, and we’d be happy to assist.

MyBN
is part of every subscription. It’s your personalised view of Business News. You can follow the companies, people, sectors and projects that matter to you, and get a news feed and alerts tailored to your interests. You can save articles to read later and retain only what you need.

Only subscribers have full access to all content on the Business News website.

If staying informed about the WA economy is part of your job, and/or you’re looking for networking opportunities in WA, Business News is built for you.

Business News subscribers are:

• Executives and directors tracking competitors, clients and market movements
• Investors and advisers researching companies, deals and industry trends
• Consultants and professionals staying across sectors relevant to their clients
• Business owners looking for leads, context and market intelligence

Most Business News publications cover national or global markets. Business News is focused entirely on Western Australia, which means the journalism, the data and the intelligence are all built around WA companies, people and projects — not adapted from a national feed. Data & Insights, included with every subscription, combines more than 30 years of WA-specific editorial research with live business data. There’s no comparable product for the WA market.

The Morning Digest Email provides a comprehensive wrap of the major headlines, relevant to WA business, and includes with a snapshot of the overnight news covering oil, gold and ASX-listed companies.

The Afternoon Wrap Email focuses on the news covered by our team of journalists during the course of the working day, including exclusive stories and analysis, all of which relates to WA business and the local economy.

The BN Weekender Email contains a wrap of the Business News from the week that was, highlighting the top stories in each area of WA business.
Sign up for free.

We’re happy to help.
Get in touch
and our team will come back to you.

LONDON — As Prince Harry and Meghan, the Duke and Duchess of Sussex, prepare to relocate to Britain after six years in California, one question has followed the couple since they first stepped back from royal duties in 2020: how do they support themselves, and what happens to that income once they are living in the U.K. again?

The short answer, according to years of financial reporting on the couple, is that their money no longer comes from the British taxpayer. It comes from entertainment deals, a growing consumer products business, book royalties, speaking fees and private wealth — a commercial operation that is expected to continue largely unchanged regardless of which country they call home.

No public funding, no working-royal income

When Harry and Meghan gave up their roles as working members of the royal family, they also gave up funding from the Sovereign Grant, the public money that supports the monarch’s official duties. They likewise lost government-funded police protection for their U.K. visits, a separate issue that has required them to rely on private security. None of that changes with a move back to Britain; the couple are returning as private citizens, not as working royals, and are not expected to receive royal income or automatic police protection.

Netflix remains the anchor deal

The single largest driver of the couple’s income has been their partnership with Netflix. The original agreement, signed through their Archewell Productions banner in 2020, was reported at the time to be worth roughly $100 million, according to multiple outlets including Euronews. The deal produced the 2022 docuseries “Harry & Meghan,” which drew more than 23 million viewers in its opening weeks, along with other titles such as “Heart of Invictus,” “Live to Lead” and “Polo.”

Not every project has landed with audiences. Meghan’s 2025 lifestyle series “With Love, Meghan” received a mixed reception, and Netflix ultimately opted not to renew the original overall agreement. The couple has since moved to a narrower, “first-look” arrangement with the streamer for future film and television projects, according to the Independent. Even so, Netflix has continued working with the Sussexes; announcing an extended multi-year agreement, chief content officer Bela Bajaria said Harry and Meghan “are influential voices whose stories resonate with audiences everywhere.”

Meghan’s As Ever brand has grown into a real business

Increasingly, the couple’s income is tilting away from streaming and toward Meghan’s consumer products company, As Ever, launched last year as a food and lifestyle brand. The label started with jam-style fruit spreads and has since expanded into wine, candles, tea and limited-edition items such as a hand-stamped leather bookmark that sold out within minutes of its launch, according to People magazine.

Reporting on the brand’s performance has varied widely. A stock inventory glitch on the company’s website suggested close to a million units of its signature fruit spread gift box had been produced, with industry estimates placing revenue from that single product line at roughly $36 million, according to Luxurylaunches. Other reporting, including from Newsweek using Similarweb data, found the brand’s website traffic fell sharply in the first half of 2026. As Ever also recently ended its distribution partnership with Netflix, with a company spokesperson saying the brand had reached a stage where it was ready “to stand on its own.” Speaking about the venture generally, Meghan has said, “As Ever is a brand that I created and poured my heart into.”

Book royalties and speaking fees add to the total

Harry’s 2023 memoir, “Spare,” became one of the fastest-selling nonfiction books in publishing history and remains a continuing source of royalty income. The couple also earns money through paid speaking engagements; Harry was reported to be paid around $50,000 for an appearance at the 2026 IAPP Global Summit in Washington, though neither he nor Meghan publicly list standard speaking fees.

Earlier ventures have also contributed to the couple’s finances over time, including a Spotify podcasting deal reported to be worth about $20 million to $25 million when it was signed in 2020, though that partnership ended in 2023.

Private wealth and real estate

Beyond entertainment and commercial deals, Harry holds private wealth tied to his family, including inheritance connected to his late mother, Princess Diana, and other royal family sources built up over decades. The couple’s primary residence, a roughly $14.65 million estate in Montecito, California, purchased in 2020, is expected to remain in the family’s hands even as they establish a base in Britain, according to the Royal Observer, alongside a holiday property in Portugal.

Estimates of the couple’s combined net worth vary considerably depending on the source and how much of Harry’s family wealth is included, ranging from tens of millions of dollars up to $60 million or more in some reporting, according to NewsNation. Because Netflix’s payment schedule, As Ever’s finances and the couple’s other holdings are private, no single verified figure has been publicly confirmed.

New costs are also part of the picture

The couple’s finances are not moving in only one direction. In August, Prince Harry and co-claimants including Elton John were ordered to pay roughly $13 million in legal costs after losing a privacy case against the Daily Mail over allegations of unlawful information-gathering, according to Parade. That financial hit has been cited by some reports as a factor in the timing of the couple’s decision to return to Britain.

Income stream, not royal funding, going forward

Taken together, the picture that emerges is of a couple whose income in Britain will look much as it has in California: a mix of media deals, a growing product business, book royalties, appearance fees and private family wealth, entirely separate from the funding structures that support working members of the royal family. Representatives for the Duke and Duchess of Sussex have not issued a public accounting of their finances, and neither Buckingham Palace nor Archewell has commented specifically on how the couple’s income arrangements might change now that they are relocating to the U.K.

Nvidia Corp.’s bullish sales outlook lifted US equity-index futures and technology stocks after bolstering optimism that this year’s rally in artificial intelligence shares has further to run.

Contracts for the tech-heavy Nasdaq 100 Index climbed 1.2%, while those for the S&P 500 Index added 0.6% after Nvidia signaled strong sales growth in 2028. The company’s shares rallied 4.2% in extended trading. The upbeat outlook also lifted other AI stocks, including Marvell Technology Inc. and Sandisk Corp., in after-hours trading.

The optimism helped lift MSCI’s Asia Pacific stock gauge 0.6%, with South Korea’s Kospi Index — a bellwether for AI investments — leading the gains.

Read more: Lenders may turn to OFCB route to raise more funds abroad

Elsewhere, Brent crude extended its declines, trading around $87.20 a barrel as traders weighed diplomatic progress in the Middle East against rising Russia-Ukraine tensions. Still, caution lingered in bond markets as traders boosted bets on a Federal Reserve interest-rate hike this year after a key US inflation gauge remained above the Fed’s target.

Short-dated Treasuries underperformed in the US session and the dollar rose, with money markets fully pricing an increase by December.
Nvidia’s outlook offered fresh evidence that spending on AI infrastructure remains robust, easing concerns that the investment boom is losing steam. The upbeat forecast comes as investors increasingly scrutinize whether heavy AI spending can sustain earnings growth after a volatile stretch for technology stocks.“Nvidia shares are rising without waiting for analysts to revise their forecasts following the earnings release, suggesting the market is taking a somewhat positive view of the company’s outlook,” said Takashi Ito, a senior strategist at Nomura Securities.

Nvidia expects to grow revenue by approximately 70% in fiscal 2028, Chief Financial Officer Colette Kress said during a post-earnings conference call. Analysts have projected an increase of about 45% for that year, according to data compiled by Bloomberg.

ET Intelligence Group: Lumino Industries, a power cable manufacturer and EPC contractor, plans to raise ₹500 crore through a fresh issue to repay debt and expand capacity, and ₹200 crore through offer for sale. The promoter stake will fall to 71.9% after the IPO from 100%. The company has reported strong growth in the order book. It is expected to benefit from increasing demand for wires and cables, supported by robust investments in power infrastructure and network expansion projects. However, its debt burden has increased due to capacity expansion and elongated working capital cycle. Additionally, raw-material price volatility and customer concentration remain key operational risks. Given these factors, the issue appears to be suitable for long-term investors with a higher risk tolerance.

Business

Incorporated in 2005, Lumino Industries is an integrated engineering, procurement, and construction (EPC) company. It manufactures and supplies conductors, power cables, electrical wires, and specialised components to the power transmission and distribution industry. Manufacturing contributed nearly 70% of revenue in FY26, while EPC accounted for the rest. The company operates two manufacturing facilities in Howrah, West Bengal, with a combined capacity of 40,000 MT. The company had a closing order book of ₹3,149.9 crore as of March 31, 2026, comprising ₹1,991.9 crore of EPC orders and ₹1,157.90 crore of manufacturing orders. The government entities accounted for 53% of FY26 revenue, posing concentration risk. It is also exposed to metal prices volatility as it uses aluminium, copper and steel as raw material.

Financials

Revenue grew 20% annually to ₹2,041.1 crore in FY26 from ₹1,407.3 crore in FY24. Operating profit before depreciation and amortisation (Ebitda) increased to ₹238.9 crore from ₹145.1 crore while the Ebitda margin improved to 11.7% from 10.3% during the period. It is within the peer range of 3.5-14%. Net profit rose 36% annually to ₹160 crore in FY26 from ₹86.6 crore in FY24. Return on equity increased to 24.6% in FY26 from 21.5% in FY24 compared with peer range of 1%-15.8%. Total debt rose sharply to ₹384 crore in FY26 from ₹40.9 crore in FY24 amid higher capital expenditure and increasing working-capital requirements. Its working capital cycle widened to 86 days in FY26 from 11 days in FY24.
Read more: Tata Power loses challenge to $490 million arbitration award

Valuation

The company demands a price-earnings (P/E) multiple of 15.6 on post-IPO basis compared with a P/E of 18.9 for KEC International, 57.6 for KEI Industries and 73.1 for Apar Industries.

The dollar held near an eight-day high on Thursday after U.S. inflation and other economic data slightly lifted expectations of a Federal Reserve rate hike, ahead of the Jackson Hole central bankers’ symposium due to begin later in the day.

Markets will also look to a speech and press conference by one of the Bank of Japan’s two deputy governors, Ryozo Himino, on Thursday for clues on the likelihood of ‌a September rate ⁠hike and ⁠the size and scope of any tightening path thereafter.

The U.S. Commerce Department data showed overnight that the Personal Consumption Expenditures ​Price Index increased 3.7% in the 12 months through July, unchanged from June and slightly above the 3.6% ​estimate of economists polled by Reuters. On a month-on-month basis, PCE rose 0.2% versus the estimate calling for a 0.1% increase, after falling 0.1% in June.

The reading on inflation kept the market’s ​expectation for a Fed rate hike by year-end live, though ⁠Chairman Kevin ‌Warsh’s upcoming speech at Jackson Hole “will be the ultimate test,” Westpac economist Ryan ​Wells said ​in a note.

The dollar index, which measures the greenback against a basket ⁠of currencies including the yen and the euro, rose 0.21% to ​99.13, its highest level since August 19.

Against the yen, the dollar traded ​at 159.23, having given back most of its intervention gains but still well off a multi-decade low of about 164, with traders awaiting Himino’s speech due at 0130 GMT.
“In a speech shortly before the rate hike at the January 2025 meeting, Himino said policymakers would ‘discuss and decide whether to raise interest rates,’” Mitsubishi UFJ Bank senior analyst Akihiko Yokoo said in a note. “If ‌similar wording is used this time, it would likely be taken as signaling a strong possibility of a rate hike at the September meeting.”Still, Yokoo added that ​active yen ​buying is likely to remain ⁠limited with Himino and Warsh due to speak.

Money markets are pricing in an 87% chance of a rate hike by the BOJ next month, according to data from money market broker Totan ​Tanshi.

The Canadian dollar held steady versus the greenback at C$1.388 per dollar. U.S. President Donald Trump said on Wednesday it was “time to teach Canada you can’t do this anymore,” just days after trade talks between the neighbouring countries broke down.

The euro traded at $1.1655, while the British pound was steady at $1.3592. The Australian dollar strengthened 0.18% versus the greenback to $0.7181 and New Zealand’s kiwi gained 0.1% at $0.5948.

In cryptocurrencies, bitcoin rose 0.55% to $78,874.60. Ether was up 1.07% to $2,498.35.