Zip Co Seeks U.S. Investment
The company may also be planning a second public listing.
The company may also be planning a second public listing.
Zip Co is working to bridge the valuation gap between its rival Afterpay.
It is understood Zip Co management is lobbying for U.S. investment hoping to highlight its buy now, pay later platform and shine a light on its potential for growth in the world’s biggest economy where it owns Quadpay.
Also, Zip wants to consider the possibility of a U.S. listing with the company weighing up the value in issuing American Depository Receipts that would give it the ability to trade in the U.S., simultaneously giving the company greater access to U.S. capital markets.
This would also allow Zip to keep its primary listing on the Australian Securities Exchange while having a secondary listing for investors who would prefer to stick with the Nasdaq or NYSE.
If Zip was to attempt the (albeit nascent) American Depository Receipts plan, other Australian tech success would see it as a valuable inroad to higher market valuations. The move would also help Zip bridge the gap between main competitor Afterpay, which currently holds a $35 billion valuation advantage.
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The monthly consumer-price index indicator rose 3.4% in the 12 months to February
SYDNEY—Australia’s monthly inflation indicator came in below expectations in February, signalling that price pressures would likely continue to retreat over coming months.
The monthly consumer-price index indicator rose 3.4% in the 12 months to February, according to the latest data from the Australian Bureau of Statistics. Economists had expected a rise in February of 3.5% on year.
Some economists had expected the monthly CPI update to show a bigger rise, fuelled by services inflation which remains an area of concern for the Reserve Bank of Australia.
The better-than-expected inflation outcome will also help offset some of the uncertainty about the outlook for interest rates that arose in financial markets following news last week of a sharp drop in unemployment in February.
The most significant contributors to the February annual increase were housing costs, which climbed 4.6% on year, while food and nonalcoholic beverages rose 3.6% in the same period.
Alcohol and tobacco prices were up 6.1% and insurance and financial services rose 8.4%, the ABS said Wednesday.
Excluding volatile items from the data, the annual CPI rise in February was 3.9%, down from 4.1% in January.
Annual inflation excluding volatile items has continued to slow over the last 14 months from a high of 7.2% in December 2022, the ABS said.
Rents increased 7.6% for the year to February, up from 7.4% in January, reflecting a tight rental market and low vacancy rates across the country.
New dwelling prices rose 4.9% over the year with builders passing through higher costs for labor and materials. Annual new dwelling price increases have been around the 5% mark the past six months, the data showed.
The 3.6% rise in food prices in the 12 months to February was down from the 4.4% in January. It was the lowest annual growth since January 2022.
Insurance costs jumped 16.5% over the past 12 months to February, with rises in premiums across all insurance types due to higher reinsurance, natural disaster and claim costs, the ABS said.
This stylish family home combines a classic palette and finishes with a flexible floorplan
Just 55 minutes from Sydney, make this your creative getaway located in the majestic Hawkesbury region.