24/06/2026

BIZ & FINANCE WEDNESDAY | JUNE 24, 2026

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‘Pure’ New Zealand steps up chase for gold

US launches probe after fatal Tesla crash in Texas WASHINGTON: A US agency said on Monday it was investigating the June 19 crash of a Tesla Model 3 that was reportedly using an advanced driver assistance system when it struck a home in Katy, Texas, killing a 76-year-old woman. The National Highway Traffic Safety Administration has opened nearly 50 special crash investigations since 2016 into incidents involving Teslas in which advanced driver assistance systems such as Autopilot were suspected of being used, with about two dozen deaths reported. Separately, NHTSA in March escalated its probe into 3.2 million Tesla vehicles with Full Self-Driving, on concerns the system may fail to detect or warn drivers in poor visibility. Ashok Elluswamy, who leads Tesla’s self-driving efforts, said on X that the driver overrode the vehicle’s automated system before the fatal crash in Texas. “In this case, the driver manually overrode self-driving by pressing the accelerator all the way to 100% of the accel pedal in this residential area. They reached a speed of 73 mph during the crash, and had the accelerator pressed even after the crash,“ Elluswamy said. The Harris County Sheriff’s Office said in a statement that the driver reported he was operating the vehicle “with an automated driving assistance system engaged at the time of the crash.” The statement added that the Tesla “entered through the brick residence, at a high rate of speed, and struck M. Avila who was inside the residence.”Tesla CEO Elon Musk questioned media coverage of the incident, saying on X that a Business Insider report about the investigation “makes no sense.” He added that Tesla’s Full Self-Driving system “drives slowly through neighborhood streets.” – Reuters amid AI expansion BENGALURU: Oracle’s total workforce declined 13%, or about 21,000 employees, in fiscal 2026, as the cloud computing giant continued restructuring its business, partly driven by the adoption of AI across its operations. The company had a total workforce of 141,000 as of May 31, 2026, compared with about 162,000 as of the same period last year, according to its annual report released on Monday. Oracle spent US$1.84 billion (RM7.6 billion) in severance payments and other exit costs related to the restructuring activities in fiscal 2026, significantly higher than the US$374 million spent in the previous fiscal year, the filing showed. It also said in its filing that the workforce adjustments were in response to various factors including management and product changes, performance issues, strategic shifts and acquisitions. The decline in the workforce follows multiple reports earlier this year about Oracle cutting thousands of jobs. The company did not respond to a Reuters request for comment. Worries are quickly mounting over job losses due to AI disruption, as 196 tech firms laid off more than 119,800 staff so far this year, according to Layoffs.fyi, a website tracking sector-wide job cuts. Oracle sheds 21,000 jobs

environmental protections cannot be overridden. Canadian-listed OceanaGold won approval under the fast-track process, and Santana Minerals is awaiting a decision under the streamlined system. Snowy River is set to add 250 regional jobs and at least NZ$350 million annually to the country’s export revenue, according to government estimates. “If we can find New Zealanders working in mines in Australia who want to get back home, we’ll hire them,” Klein said. New Zealand’s biggest gold producer OceanaGold expects to invest NZ$1 billion at its Waihi North project, starting production in 2032. Its operations attract workers, including from Australia, who want to live regionally and spend days off “hunting or fishing or farming, or being with kids and family,” senior vice-president Alison Paul said. Michael Gordon, a senior economist at Westpac, said while mining was highly productive, much of the benefit would flow to mine owners rather than transform the wider economy. The gold mining debate is sharpest in Central Otago, on New Zealand’s South Island, where Australian-listed explorer Santana Minerals is awaiting consent for its Bendigo-Ophir gold project, with a decision due by Oct 29, 2026. Santana Minerals CEO Damian Spring, a New Zealander who lives an hour’s drive from the proposed mine, pointed to the high-paying regional jobs the mine would create. “Responsible mining is not a contradiction in terms here. It’s a choice New Zealand is making,” he said. The proposed mine would contribute an average NZ$360 million a year to GDP and directly employ 351 people, according to government estimates. But it faces opposition from wineries, heritage and environmental groups. Central Otago wine interests are concerned the open-cast mine could threaten water supplies and expose vineyards to airborne pollutants, undermining a premium wine industry built over decades. Actor Sam Neill, who owns the Two Paddocks winery in Central Otago, warned that, if approved, Santana’s mine could be followed by other miners. to use artificial intelligence for services including responding to customers at all hours or booking appointments. Shah acknowledged the scope for future growth, saying in a statement that the gap between “WhatsApp today and its full potential is massive”. India’s startup ecosystem also celebrated Shah’s appointment – the latest example of an Indian-born executive becoming the leader of a Silicon Valley company. Sajith Pai of Blume Ventures, an early stage Indian start-up backer said Shah was getting an “even bigger canvas to paint his bold brushstrokes in”. – AFP

discover new jurisdictions ... but it’s going to be dependent on success and consistency of government policy,” he added. Resources Minister Shane Jones told Reuters the government, which last month slashed its economic growth forecast to 2.3% for next year, was committed to supporting the industry. “Our economy needs every arrow in the economic quiver shot with amazing accuracy,” he said. Gold is a rare economic bright spot. Export revenues have nearly tripled in three years to NZ$1.83 billion, accounting for 2.3% of total goods exports compared with 0.9% in 2022. To help revive a sluggish economy, New Zealand passed a law in late 2024 aimed at speeding approval times for selected major infrastructure, mining and energy projects to months from years. The fast-track consenting allows those developments to bypass some standard regulatory processes and limits public consultation and legal challenges. The opposition Labour Party has said it would fix the law so

o Govt supports mining growth for jobs and exports, but environmental concerns persist

WELLINGTON: New Zealand is fast-tracking gold projects and courting mining investors as soaring bullion prices revive a sector long in decline, testing the country’s “100% Pure” brand as the government looks for ways to lift a weak economy. New Zealand’s gold production is on track to double by the mid 2030s to its highest in at least three decades, according to Reuters calculations, helped by two new projects already approved and a third awaiting a final decision. That would put the country on course to exceed the government’s target of lifting annual mineral exports, including coal and silver, to NZ$3 billion (RM7.5 billion) by 2035. Miners see potential in the underexplored nation as its government acts to boost jobs amid near decade-high unemployment and weakening business sentiment. The country granted 163 new

permits for prospecting, mining and exploring last year, up 16% from a year earlier, government data shows. But the push is stirring concern among environmentalists and parts of the agricultural sector that a bigger mining footprint could damage the pristine, natural image projected in marketing for the country’s tourist spots and exports. The revival faces two major tests this year: the future of existing policies beyond a hotly contested Nov 7 election and whether a controversial project wins a final approval. “New Zealand has been under recognised as a mining jurisdiction for a long period of time,” said Jake Klein, who founded Australia’s No. 2 gold miner Evolution Mining, and chairs Endura Mining, whose Snowy River project is set to start production in December. “The mining industry likes to

“This would be disastrous. #ravageandpillage,” he said in an emailed comment to Reuters. Indian startup head appointed new WhatsApp boss Record gold prices are helping drive a revival in New Zealand’s mining industry. – UNSPLASH PIX

MUMBAI: Meta has tapped Indian fintech founder Kunal Shah as the new head of WhatsApp, as the US tech giant seeks ways to monetise the messaging app’s massive user base. The announcement, made Monday night, was accompanied by news that Meta would also lead a US$900 million (RM3.7 billion) funding round in Shah’s consumer finance firm CRED. “Kunal built CRED into one of India’s most important technology companies,“ Meta CEO Mark Zuckerberg said in a statement. “He brings the kind of builder mentality and global perspective that will serve him well in running the

Since then, the company has aggressively expanded into offering wealth management, insurance and lending services to its 17 million users. This experience is likely to help WhatsApp as it seeks new revenue streams that go beyond the core advertising business of Meta, which also runs Facebook and Instagram. While India is WhatsApp’s largest market – with over half a billion users, according to 2021 government figures – analysts say it has largely missed the chance to build an equally popular payments service. In May, the messaging app offered businesses in India the ability

world’s biggest messaging app.” Shah, a serial entrepreneur and influential figure in India’s fintech world, started CRED in 2018 after selling an earlier payments startup to Indian e-commerce giant Snapdeal for roughly US$400 million. He is also one of India’s most prolific angel investors, according to data tracker Tracxn, with the local financial press often reporting how Shah agrees to seed funding pitches within minutes of hearing them. But over the last few years, Shah has focused on building CRED – which got its start by offering rewards to customers for timely credit card payments.