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Australia to spend $1.2 billion on cyber security for private sector after rise in attacks

SYDNEY (Reuters) – Australia will spend A$1.66 billion ($1.19 billion) over the next 10 years to strengthen the cyber defences of private companies and households following a rise in cyber attacks, Prime Minister Scott Morrison will announce on Thursday.

FILE PHOTO: Australian Prime Minister Scott Morrison speaks during a joint press conference held with New Zealand Prime Minister Jacinda Ardern at Admiralty House in Sydney, Australia, February 28, 2020. REUTERS/Loren Elliott

Cyber attacks on businesses and households are costing about A$29 billion or 1.5% of the country’s Gross Domestic Product, according to Morrison’s prepared remarks seen by Reuters.

The package is the latest cyber spending commitment from Australia, coming just weeks after Canberra said it will spend A$1.35 billion over the next decade to bolster the capabilities of the country’s chief cyber intelligence agency.

That spending followed an attack by a “sophisticated state-based actor” on all levels of government, political

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Alibaba Health raises $1.3 billion in Hong Kong’s biggest secondary share sale in five years

FILE PHOTO: A logo of Alibaba Group is seen at the company’s headquarters in Hangzhou, Zhejiang province, China, November 18, 2019. REUTERS/Aly Song

HONG KONG (Reuters) – Chinese healthcare services firm Alibaba Health Information Technology has raised nearly $1.3 billion in Hong Kong’s largest follow-on share sale in five years, according a statement from the company on Wednesday.

The company will issue 499 million new shares priced at $HK20.05 apiece, an 8% discount to the stock’s HK$21.80 closing price on the Hong Kong exchange on Tuesday.

The final price was at the low end of the flagged HK$20.05 to HK$20.50 range when the deal was launched earlier on Tuesday.

Alibaba Health, an arm of internet retail giant Alibaba Group, said the cash would be used to develop the company’s pharmaceutical e-commerce business, which has benefited from the growth of the online service sector during the coronavirus pandemic this year.

The

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Disney takes $5 billion hit but pandemic impact not as bad as feared

LOS ANGELES (Reuters) – Walt Disney Co (DIS.N) on Tuesday avoided the unmitigated disaster some investors feared as it eked out an adjusted profit amid the coronavirus pandemic that shut down parks, movie theaters and sporting events across the globe.

FILE PHOTO: A smartphone with displayed “Disney” logo is seen on the keyboard in front of displayed “Streaming service” words in this illustration taken March 24, 2020. REUTERS/Dado Ruvic/File Photo

Disney’s quarterly profit of 8 cents per share on an adjusted basis beat expectations for a loss of 64 cents, sending the stock up 5% in after-market trade.

The company took a nearly $5 billion charge due to the pandemic and shifting media habits. COVID-19 wiped out $3.5 billion in operating profit in the parks division.

“The majority of businesses worldwide have experienced unprecedented disruption as a result of the pandemic,” Disney Chief Executive Bob Chapek told analysts.

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Software firm Clearwater Analytics explores $2 billion sale: sources

NEW YORK (Reuters) – Clearwater Analytics is exploring a sale that could value the private equity-owned investment management software firm at around $2 billion, including debt, according to people familiar with the matter.

Welsh, Carson, Anderson & Stowe, the buyout firm which acquired its majority stake in the business in 2016 for an undisclosed amount, has hired an investment bank to run an auction for Clearwater, according to two of the sources.

Clearwater currently generates around $200 million of revenue annually, according to three of the sources.

The sources spoke on condition of anonymity as the information isn’t public. Welsh Carson and Clearwater didn’t respond to requests for comments.

Boise, Idaho-based Clearwater provides software which assists financial firms and other companies to manage their investment portfolios, including accounting and reporting tasks.

Its clients include the international arm of Sompo Holdings, Cisco Systems Inc and Facebook Inc, with offices in the

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