-- Smartgroup (ASX:SIQ) welcomes a decision by the Australian government to maintain the electric car discount for another year, according to a Tuesday statement.
It noted that the policy provides certainty for the charging industry, supporting further investment in Australia's charging infrastructure and helping build the network needed for broader electric vehicle adoption.
Its shares jumped 7% in recent trading, reaching a two-year peak.
Australia's service sector returned to expansionary territory in April, helped by a recovery in business activity following a contraction in March.The S&P Global Australia Services PMI Business Activity Index rose to 50.7 in April from 46.3 in March.A reading below 50 denotes a contraction, while a reading above 50 means an expansion.While activity has increased in 26 of the past 27 months, expansion at the beginning of the second quarter was only slight, according to S&P Global.An increase in staffing levels in April, the 16th in as many months, aided the expansion of business activity despite the war in the Middle East, S&P said.Companies increased employment in anticipation of workload improvements in the months ahead, according to the debt watcher.Higher staffing levels also meant backlogs declined for the second straight month and fell the sharpest since November 2025, the report said.However, business growth was limited to the information and communication and the consumer services sectors, while a decline was seen in transport and storage, finance and insurance, and real estate and business services, according to the report.Despite the resumption of business activity growth, companies saw fewer orders in April due to inflationary pressures stemming from the war in the Middle East, S&P said.Higher fuel costs lifted overall input costs in April, with 43% of those surveyed saying input prices rose in March. Inflation surged sharply compared with the previous month, S&P said.Expansion plans helped raise optimism in the service sector, with firms also expressing hope that a resolution to the Middle East crisis could help new orders recover, according to S&P.The S&P Global Australia Composite Output Index jumped to 50.4 in April from a contraction of 46.6 in March, indicating a slight increase in business activity in the private sector.
The United Arab Emirates' non-oil private sector expanded at a slightly slower pace in April as rising costs and supply disruptions triggered by the ongoing Middle East conflict continue to compress margins and push up selling prices.The S&P Global UAE PMI fell for a second straight month to 52.1 from 52.9 previously, S&P Global said Tuesday. The reading indicated the softest improvement in operating conditions since February 2021.
Keppel (SGX:BN4) has agreed to divest its 39% indirect stake in Keppel Merlimau Cogen to Keppel Infrastructure Trust (SGX:A7RU) for about SG$128.1 million, according to a Monday filing with the Singapore Exchange.Shares of the infrastructure company were up nearly 1% in Tuesday trading.Keppel Merlimau Cogen owns the Keppel Merlimau Cogen Plant on Jurong Island, which has a licensed generation capacity of around 1,300 megawatts.The transaction, executed via Keppel's subsidiary KCIF Investments, involves the transfer of one share in Kindle Energy and outstanding shareholder loans to the trust.Keppel Infrastructure Trust currently holds a 51% stake in Keppel Merlimau Cogen.