The NSW Government will inject $37 million in the 2026-27 Budget to create a new small business advisory service, bringing back government support with the disbandment of Business Connect.

The program will support more than 800,000 small businesses to navigate cost of living increases and ongoing economic challenges.

The funding to roll out the program is under the Budget’s business and job measures, in the context of broader measures to support business and jobs.

Replacing Business Connect

The new advisory service will be the successor to the Business Connect program, which was launched in 2017 by the NSW Government to offer free and subsidised advice services to small and medium businesses.

During the 8 years the program ran, Business Connect assisted more than 50,000 NSW businesses and startups to thrive by offering personalised face-to-face or virtual advice on business planning, cash flow, digital tools, disaster resilience and more.

The program concluded in September 2025 following its funding expiration.

Providing practical business support

Details of the new service, set to officially roll out following the 2026-27 Budget, have not yet been finalised but will focus on providing tailored advice on a range of issues to build capacity and expertise in financial literacy, digital adoption and business resilience.

Ahead of the new program’s implementation, the NSW Government conducted a public consultation process in early 2026 with the state’s businesses, industry groups and local councils to develop service recommendations and ensure the program meets future business needs.

Source: Smart Company

---

Follow Inspirepreneur Magazine for daily global business news.

Australian critical minerals company IGO Ltd has appointed Ian Rowe as interim Chief Financial Officer (CFO), effective immediately.

The appointment follows a planned succession process led by the Board and executive leadership team and is aligned with the company’s evolving needs. 

To maintain continuity and stability, Rowe will serve in the role on an interim basis while the Board considers a permanent appointment, with a further update expected in the coming months.

Experienced internal appointment

Rowe, a Chartered Accountant who has spent nearly five years at the company, most recently served as General Manager Finance and has played a key role in financial governance and strategic planning.

“I appreciate the confidence that the Board and Ivan have placed in me. IGO has a strong team, a clear strategy and a unique portfolio of assets. I look forward to working closely with the Board, Executive Leadership Team and our people as we continue to execute our strategy and position the business for long-term success,” Rowe said.

Chief executive Ivan Vella said Rowe had demonstrated exceptional financial knowledge, commercial insight and strategic capability throughout the two and a half years they have worked together at IGO.

“Ian is a respected, values-driven leader who is well positioned to support the Company as we continue to execute our strategy. Ian has been an important part of our succession planning, and this appointment reflects the Board’s confidence in his leadership,” he said.

Source: ASX

---

Follow Inspirepreneur Magazine for daily global business news.

California-based artificial intelligence startup Baseten has raised $1.5 billion in a Series F funding round led by Sands Capital and Wellington Management, valuing the company at $13 billion.

Australian venture capital firm Blackbird participated in the funding round, adding a local investment angle to one of the largest AI infrastructure raises of the year.

The company said it would use the proceeds to expand computing capacity, enhance its software platform and grow its workforce as demand for artificial intelligence applications continues to rise.

AI Infrastructure Platform Targets Growing Inference Demand

Founded in 2019 by Tuhin Srivastava, Amir Haghighat, Philip Howes and Pankaj Gupta, Baseten provides software and infrastructure that allows businesses to deploy and manage artificial intelligence models.

The company offers model deployment tools, inference software, computing resources and fine-tuning capabilities, allowing customers to run AI applications without managing the underlying infrastructure.

Baseten specialises in AI inference, the stage at which trained models generate responses and predictions for real-world applications.

Its platform combines computing capacity from more than 20 cloud providers with proprietary software, helping companies deploy and customise AI models using their own data.

The company has positioned itself as a provider of infrastructure for businesses seeking to deploy open-source AI models without relying entirely on proprietary systems.

Customer Growth and Investor Interest

Baseten serves more than 100 customers, including Cursor, Mercor and OpenEvidence.

Several customers have shifted workloads to open-source models using the company’s infrastructure to reduce computing costs and improve flexibility.

The latest funding round marks Baseten’s fourth capital raise in less than two years, underscoring continued investor appetite for AI infrastructure companies as businesses increase spending on artificial intelligence tools and computing capacity.

Source: Reuters

---

Follow Inspirepreneur Magazine for daily global business news.

BYD has received regulatory approval in Australia to launch the Atto 2 DM-i plug-in hybrid SUV. With a 1.5-liter gasoline engine and electric assistance, the hybrid version is said to have a 1,000-kilometer operating range.

According to Australian approval paperwork, the vehicle is prepared for local sales, and industry reports indicate that deliveries may start in the third quarter of 2026.

Two Atto 2 DM-i powertrain variations are revealed in government approval paperwork; they are both based on a naturally aspirated 1.5-liter four-cylinder engine that can produce up to 156kW.

Cost and position in the market

If BYD follows its UK pricing strategy, the Atto 2 DM-i could arrive in Australia as one of the most affordable plug-in hybrids on sale.

The model is positioned below the larger Sealion 5 PHEV in BYD’s local lineup and below the all-electric Atto 2 in the UK market, indicating a starting price of less than $30,000 before on-road expenses.

Additionally, BYD would have to place the Atto 2 DM-i underneath the Sealion 5 PHEV, which is presently priced at $33,990 before on-road expenses.

While maintaining high-end features like a power-adjustable driver’s seat, leather-look trim, wireless phone charging, and a panoramic roof, the model has minor external modifications including updated air intakes and customized wheel designs.

A 12.8-inch touchscreen and an 8.8-inch digital instrument cluster are among the features.

The Atto 2 DM-i is poised to fill a gap in the market as the only mainstream small SUV plug-in hybrid, while also supporting BYD’s push to build on its strong sales growth and top-three market position.

More details are expected ahead of the model’s anticipated Australian arrival later this year.

Source: Car Expert

---

Follow Inspirepreneur Magazine for daily global business news.

Martin Sheppard, the chair of KPMG Australia, will depart the company in the upcoming weeks as the consultant tries to put an end to a developing crisis involving the purported misuse of private customer data.

The departure coincides with the departures of audit partner Paul Rogers and former chief operating officer Eileen Hoggett, both of whom have been connected to the issue.

Sheppard will also resign from his position on the regional board of KPMG.

The company has started looking for a new CEO and intends to name its first independent chair as part of a larger revamp.

Fallout From the Scandal

Since accusations surfaced in March, pressure on KPMG has increased. It was alleged that confidential client information, including material connected to Lendlease, had been improperly accessed within the firm.

Later, the controversy expanded beyond the purported document abuse to include issues with KPMG’s internal governance procedures and how the company handled a whistleblower.

At a parliamentary hearing last week, senior executives were questioned, adding to the scrutiny that has already taken the lives of numerous senior people, including former audit head Julian McPherson and former chief executive Andrew Yates.

Changes in Governance

In an effort to improve oversight, KPMG has announced a number of initiatives, such as modifications to its whistleblower structure, stricter ethical and confidentiality controls, and more employee training.

There are also ongoing independent evaluations of the company’s behavior and whistleblower procedures.

After months of criticism, the company stated that the adjustments are meant to restore trust with customers, staff, and regulators.

Commercial Stress Increases

The controversy is also beginning to affect client relationships, with several organisations seeking assurances that their information has not been improperly used.

As scrutiny of the firm continues, KPMG is attempting to restore confidence while implementing one of the biggest governance overhauls in its Australian business in recent years.

---

Follow Inspirepreneur Magazine for daily global business news.

Reliance Worldwide is restructuring its Australian manufacturing footprint by closing its brass casting, forging, and machining facilities in Melbourne, along with a number of smaller cities, as part of a wide effort to streamline its global manufacturing network.

Reason for Closure

The company said the changes follow steadily declining production volumes, which have made the facilities uneconomical to operate. 

Reliance Worldwide plans to relocate these operations overseas, with anticipated financial benefits beginning in FY27.

Approximately 85 employees are expected to be affected by the closures. The company has begun consultations with impacted workers and expects the process to conclude in July 2026.

This restructuring also aligns with its shift toward more automated manufacturing at its Alabama facility in the United States, along with increased use of stainless steel in place of brass.

Financial Impact

The company anticipates that the move will reduce APAC EBITDA by about US$9 million annually, while delivering annual gains of around US$18 million in the Americas. 

It expects to incur a one-off net charge of US$100 million to US$110 million in FY26, which will be excluded from operating earnings.

Future Strategy

Going forward, Reliance Worldwide will increase its focus on third-party suppliers while streamlining its supply chain. 

Source: Capital Brief

---

Follow Inspirepreneur Magazine for daily global business news.

Femtech startup Ovum AI has secured $4 million in seed funding to scale globally, led by Admiralty Capital Group. 

The raise, which tripled the company’s valuation to $18 million, also attracted participation from investors including Antler, Brisbane Angels, Giant Leap, and LaunchVic’s Alice Anderson Fund.

The Melbourne-based startup plans to use the capital to expand its workforce and broaden its health data assets to advance AI applications in women’s healthcare.

Founded in 2025 by Dr Ariella Heffernan Marks, Ovum AI helps users track symptoms, menstrual cycles, lifestyle factors, and medical records within a single longitudinal health profile.

Building a data-driven women’s health platform

At the core of the platform is the “Ovum Brain,” an AI engine that analyzes health data to identify patterns, generate personalized insights, and create appointment-ready summaries and questions.

The startup claims the technology helps women better manage their health and make more informed healthcare decisions.

It has launched clinical trials at St. George Hospital and the Royal Hospital.

Partnership and users

Backed by partnerships with organisations including Medibank, Sweat, Menopause Friendly Australia, Fernwood Fitness, and Red Cross Lifeblood, Ovum has been growing at 30% month-on-month.

The startup has surpassed 20,000 app downloads and facilitated more than 107,000 AI-driven health conversations. It has also captured 57,000 health data insights from women across a broad age range. It generates revenue through subscriptions and enterprise partnerships.  

The organisation previously raised $1.7 million in a pre-seed round in February 2025, before launching its platform in the same year.

Source: Capital Brief

---

Follow Inspirepreneur Magazine for daily global business news.

Tencent to launch AI assistant on WeChat Beijing Tencent said that some users will be able to use artificial intelligence features directly on China’s best-selling social chat app and payment solution.

The AI functionality, initially available for a smaller number of users, is activated by text or voice commands and assists users with seeking information and executing a range of activities, all from within the application.

The debut signifies another of the technology giant’s attempts to insert AI-powered tools into its product lineup that are already employed by hundreds of millions of customers globally.

AI into China’s Largest Consumer Platform

In mainland China, WeChat goes by the moniker Weixin, and it forms the backbone of day-to-day life for the majority of its user base, aggregating disparate services like messaging, payment processing, online shopping, transport management, and entertainment options into a single platform.

Instead of opting for a separate chatbot entity, Tencent is embedding artificial intelligence directly into the existing infrastructure and behaviour patterns of WeChat users and utilising its proprietary extensive language models, or large-language models, coupled with its established Yuanbao platform.

The current move on the part of Tencent comes in light of the acceleration of artificial intelligence adoption in consumer products across Chinese technological companies.

Recently, behemoths such as Alibaba and ByteDance have released their respective cutting-edge artificial intelligence-related products and services.

Growth of AI Across China

The China Internet Network Information Center (CNNIC) states that by the close of 2025, the number of internet users in China stood at an impressive 1.125 billion.

The organization also indicated that up to 602 million users-42.8% of internet surfers- had utilized generative AI products, demonstrating the rapid and widespread proliferation of these technologies in the country.

This impressive adoption of AI applications has led technology companies to expand beyond simply developing dedicated chatbot tools and instead focusing on incorporating artificial intelligence into mainstream consumer service and products, as well as workplace and e-commerce solutions.

Building on Strong Financial Results

Tencent embarks on this most recent competition for the artificial intelligence market from a solid financial position. In 2025, the company announced revenue of RMB751.8 billion (approximately US$105 billion), which represents a substantial year-on-year growth of 14%, accompanied by an increase in net profit attributable to its shareholders of 16% to RMB224.8 billion.

At the end of the same year, Tencent’s WeChat and Weixin combined monthly active user accounts totalled a whopping 1.418 billion, establishing one of the world’s largest distribution channels for innovative AI products catering to consumers.

From the perspective of investors and corporations monitoring the international landscape of artificial intelligence development, Tencent’s newest initiative within its massively popular social platform indicates an ongoing and increasingly significant shift towards integrating AI capabilities directly into existing consumer products.

Source: Bloomberg

---

Follow Inspirepreneur Magazine for daily global business news.

French food business Danone will gain a suite of nutrition and beverage brand with the purchase of Australian food manufacturer MADE Group.

Under the June 22 terms, Danone will acquire MADE Group on the condition that certain regulatory and other closing procedures are met. Details were not provided.

The deal will inject MADE’s protein dairy drink portfolio in Rokeby Farms, as well as coconut water in Cocobella, into Danone.

Since it’s creation, MADE Group has focused it’s product offering within specific nutrition and beverage categories: protein, dairy, and plants, categories that the world market has increasingly begun to embrace in developed countries.

Australia takes a growing role in Danone’s operations

This purchase comes just after Danone decided to buy out the remaining share of Saputo’s Australian fresh dairy operation, adding to Danone’s operations in both New Zealand and Australia. Local dairy businesses have continued to attract significant investment from overseas in food and beverage products with a focus on health.

Last year the Australia dairy industry saw its 2024-2025 exports reach a figure higher than A$4 billion, demonstrating the importance of its dairy industry to other countries and the wider region, says Dairy Australia.

The largest part of Danone’s $31.5 billion-worth sales in 2025, coming from over 120 countries of origin, have been in specialized nutrition, protein drinks and plant-based drinks.

Shifting Demands Redefine Nutritional Products

With the move on Made, only the second time Danone bought other businesses this year to acquire nutritional food companies, first was the move to gain Huel, UK’s largest nutritional food producers.

As an international food market, Asia Pacific, the market of China, Japan, Singapore, New Zealand, Australia, Indonesia… have become global drivers for high protein food and other health drinks with many recent reports indicating increases.

By making a purchase in Australia, Danone aims to establish greater clout and a leading presence in the region for health driven food products in a world that has a increasing appetite. Danone have not specified any timelines for the completion of the purchase.

Source: Bloomberg

---

Follow Inspirepreneur Magazine for daily global business news.

CSOP Asset Management lifted the options allocation limit on its leveraged exchange-traded fund for SK Hynix, amid sustained inflows into the product tied to the artificial intelligence chip market.

The CSOP SK Hynix Daily (2x) Leveraged Product, listed in Hong Kong, can now invest as much as 50% of its net asset value in options, up from a previously set limit of 10%, the latest fund documents show. The product will also still use swaps and other derivatives to aim for double the daily returns of South Korean chipmaker SK Hynix.

The ETF ballooned to about US$14.4 billion in assets in 2026, becoming one of the world’s biggest single-stock leveraged exchange-traded products.

Strong Demand for AI Chip Suppliers Spurs Interest

The change follows sustained investor interest in chipmakers poised to benefit from the expanding artificial intelligence industry.

The company is a major provider of the high-bandwidth memory chips used in AI servers and in systems powered by the technology, boosting its shares and earning expectations.

SK Hynix overtook Samsung Electronics to become South Korea’s biggest listed firm by market value this month and has been among beneficiaries of brisk demand from global chip developers and US-based data centers powering the AI push.

Growth in Leveraged Products

Asia is a growing hotbed for leveraged ETF markets, which have drawn more investors targeting specific technology companies.

For American and Australian investors focused on the technology space, products tracking SK Hynix serve as indicator of the ever more influential role of memory chip producers within the global chip supply network alongside giants like Samsung in South Korea and the U.S. Based Micron Technology.

While the update doesn’t change the product’s overall leverage target, it gives the manager of the fund more derivatives to play with as assets under management continue to rise.

FAQs

Q1. What changed in the CSOP SK Hynix ETF?
The fund increased its maximum options allocation from 10% to 50% of net assets.

Q2. How large is the ETF?
The leveraged ETF manages approximately $14.4 billion in assets.

Q3. Why is SK Hynix attracting investor attention?
The company is a major supplier of memory chips used in AI servers and data centres.

Q4. Does the change affect the ETF’s return target?
No. The fund still aims to deliver twice the daily performance of SK Hynix shares.

Source: Bloomberg

---

Follow Inspirepreneur Magazine for daily global business news.