Australia

Santos' head said that Australia's reputation for being a stable destination for energy investments was damaged by the proposal to impose 25% tax on gas exports, even after the federal government had backed away from it. Kevin Gallagher, CEO of Santos, said that the tax proposed by lawmakers was motivated by "activism", rather than by economics. He said that "common sense" prevailed when the centre-left Labor Government backed away from the tax proposal. He warned that the prospect of taxing energy projects with long-term lives had unnerved foreign investors. He said that repeated interventions and 'threats of changes' had created...

S&P 500 and Nasdaq closed at record-breaking?highs Friday, helped by strong earnings and a drop in crude oil prices. They also turned the page on the?largest monthly percentage gains for years. Tech?strength?put the Nasdaq ahead, bringing the S&P?500 into positive territory. Both indexes have posted their sixth weekly advance, which is their longest run since October 2024. The stock market is about to embark on a historically weak six-month period. According to Fidelity data, since 1945, the S&P 500 gained on average about 2% between May and October. This compares to an average gain of 7% between November and April....

Chris Bowen, Australia's Energy Minister, said that the country would ease up on its standards for fuel quality until September. This is because of a deterioration in fuel supplies due to the war with Iran. Bowen made a televised statement: "I have decided to extend the period for higher sulphur in petrol in Australia." The relaxation announced in March increases the amount of allowed sulphur in fuel from the usual 10 parts to 50 parts. As the war, now in its eighth week, disrupted supply chain, Australia has seen localised shortages. Bowen?said that the production of diesel, jet-fuel and petrol...

Australian shares fell on Friday. Miners and banks were the main culprits. Domestic?fuel supply worries and doubts about whether upcoming U.S. - Iran?peace negotiations would ease disruptions in Strait of Hormuz? weighed on risk sentiment. As of 0021 GMT the S&P/ASX 200 index was down by 0.5% at?8,914.30 after a 0.3% decline in the previous session. The benchmark is set to have its worst week since four years, with a 0.5% decline. Oil prices rose overnight as doubts grew about whether upcoming peace talks will ease supply disruptions. Energy supply 'concerns' have been brought to the forefront in Australia. A...

A 'watchdog' in Australia said that Insurance Australia’s proposed takeover RAC Insurance would?require a further review.? Citing?concerns about a deal which could reduce competition in motor vehicle, home and contents and insurance in Western Australia. The Australian Competition and Consumer Commission (ACCC) made its decision nearly a full year after Insurance Australia announced that it would invest A$1.35billion ($967.01m) to purchase the underwriting business and 'the Royal Automobile Club of Western Australia. The review is a follow-up to an initial investigation that ended in December when the regulator was against the deal. ACCC Chair Gina Cass Gottlieb stated that the...

According to local fire authorities, firefighters have responded to a "significant", "serious"?fire that has occurred at the Viva Energy Group's Geelong Refinery in southern Australia. It was not clear how much damage had been done. The fire was reported around 11 pm local time on the night of Wednesday. Fire?Rescue Vic said that it wasn't yet under control, but that all staff were present. It said that multiple calls reported?explosions or flames?. According to the website of the company, the refinery is capable of processing 'up to 120,000 barrels?of oil each day. The website said that it is one of...

The Australian Prime Minister Anthony Albanese met with his counterpart Lawrence Wong in Singapore on Friday. They vowed to work together more closely in order to maintain energy security in the face disruptions brought about by the Middle East conflict. Singapore, the oil trading hub in Asia, is the world's largest petrol supplier and also a major diesel and jet fuel supplier to Australia. In Australia, the shortage of diesel has impacted the mining and farming sectors. The leaders agreed to "maximize efforts" to increase their energy security, including ensuring the flow of diesel and LNG. In a joint press...

Australian farmers will likely choose less nitrogen-intensive crops like barley and canola over wheat and other grains in the coming season as the rising costs of fuel and fertilisers due to the Iran War weighs on their planting decisions. In Australia, planting of wheat, canola, and other crops will be accelerating this month. Farmers need to have ample crop nutrients available to support the early growth. Analysts said that the price of urea was around A$1,350 per ton in Australia this week. This is up 60% since the start of the U.S. - Israel war against Iran. Australian diesel prices...

Local media reported that despite assurances from Australian ministers, the market was well-supplied. The Sydney Morning Herald reported on Tuesday that New 'South Wales, Australia’s most populous state, had 165 petrol stations without diesel and 298 with no gasoline at all. This is as consumers stockpile fuel in anticipation of the U.S./Israeli war against Iran. Chris Bowen, the Energy Minister, confirmed in Parliament that there were shortages at petrol stations across multiple states. Bowen announced on Tuesday that fuel standards would be relaxed again, allowing more diesel to enter the market. This comes after Bowen had already lowered sulphur limits....

These are the most popular?stories from the Wall Street Journal. ? The accuracy of these stories has not been verified by the site. Rio Tinto has said that it is currently in negotiations with Mongolia regarding the Oyu Tolgoi mine, which is one of the largest deposits of?metal required to build data centers and electric vehicles. Shell agreed to sell Jiffy Lube?to Monomoy Capital Partners in a $1.3billion deal. Shell announced that the sale included Jiffy Lube, the?franchisee Premium Velocity Auto, and a network of stores operated by independent franchisees. Eric Trump and Donald Trump Jr. are supporting a new...

The current conflict in Iran could turn into a global crisis if major countries like the United States and China continue to make miscalculations, and retreat to narrow interests. The price of crude is a major focus of media attention. Brent crude futures, the benchmark, jumped as high as 20%, to $111.04 per barrel, the highest level since July 2022. The price of refined fuels like gasoline, diesel and jet fuel has risen even more than crude oil, but this is still not as alarming to consumers. Jet fuel was the main driver of the explosive increase in refined products...

Wesfarmers, the chemical and fertiliser division within the 'Australian conglomerate Wesfarmers, said on Thursday that it was possible some shipments of ammonium-phosphate cropping compound and urea could be delayed primarily due to?the Iran war. CSBP stated that it was "urgently assessing" its inventory levels and other supply options. The escalating conflict in the Middle East is causing shipping routes to be severely disrupted, which could limit supplies for 'key Asian importers as they prepare their cereal planting season. The company, based in Perth, is one of Australia's largest fertiliser suppliers. Western Australia has a strong agricultural sector and exports wheat....

Australian shares fell on Friday, wiping?gains made in the previous two?sessions. The market was flooded with broad-based sales after the latest exchange of fire between Iran and the United States rattled the sentiment. The S&P/ASX 200 ended the week 1.5% lower, at 8,744.40. The benchmark index rose 0.2% in the past week despite the drop, but it still remained below the record highs set early in March. Investors concluded a week that saw the Reserve Bank of Australia raise its interest rates a third time in this year. The U.S. escalated hostilities with Iran, and the mood deteriorated over night....

The head of Argentina's mining chamber said Thursday that the flagship investment incentive program for large projects, which currently has a 2027 deadline, should be extended. He argued the program was key to unlocking billions in planned investments. Roberto Cacciola said that the Incentive Regime for Large Investments, or RIGI, has helped to attract capital into the mining sector. The RIGI offers tax, currency, and legal stability advantages for projects valued at more than $200,000,000. Cacciola suggested that the scheme be expanded to include smaller projects which are important in creating jobs and supporting local supply chains. Cacciola told the...

Palliser Capital, an activist?investor, has acquired a 2% share in Britain's Autotrader Group. A?source with knowledge of the matter said on Thursday. This comes at a time where artificial intelligence is putting pressure on the automotive market. Autotrader shares rose 4.2% to 521.2 pence each at 0921 GMT. This outperformed the benchmark FTSE-100, which fell 0.7%. Source: The fund manager's stake will likely be between 1% to 2%. According to a calculation based on Autotrader's closing stock price, the stake could be worth as much as 81.2 million pounds (110.6 million dollars). Palliser had previously called for change at several...

Australian'shares' logged their second consecutive session of gains,?boosted by mining and financial stocks as hopes for a?peace agreement off the Middle East helped stabilize markets worldwide and lift risk appetite. The benchmark S&P/ASX 200 rose 1% to 8,878.10, continuing gains for the second consecutive session after gaining 1.3% on Wednesday. The global markets were encouraged by the prospects of a Middle East Peace Deal after Trump stated that he expects the war in Iran to be over soon. This positive sentiment spread into Australian markets. Cameron Curko (chief investment officer, Pitcher Partners) said that gold and copper-related miners are rising...

Luis Lucero, Argentina's mining Minister, said that the country expects to export $20.6 billion of copper and $12.1 billion of lithium in 10 years. This is up from $6.0 in mining exports in last year. The expected surge in lithium exports and copper is an early indicator that President Javier Milei’s RIGI incentive scheme is unlocking capital for large-scale mining. If achieved, these export levels would be five times higher than the mining exports of 2025. This would provide a new major source of hard currency to an economy that has been historically restricted by foreign exchange shortages. In 10...

The London Court of Appeal has ruled that BHP can't appeal against the UK ruling that found it liable for the 2015 collapse of a dam in southeastern Brazil. In November, London's High Court ruled BHP was legally responsible for the collapse of the Fundao dam in Mariana, southeastern Brazil, ?which was owned and operated by Samarco, a joint venture ?between Australia-headquartered BHP and Brazilian company Vale. Brazil's worst ecological disaster unleashed a toxic sludge wave that left 19 dead, thousands homeless, inundated?forests, and polluted?the length of the Doce River. The High Court refused BHP permission to appeal the ruling...

The chief executive of Australia's Lynas Rare Earths?said that new government?regulations?in the U.S.and Europe?are helping to?push customers?to buy rare earth products?from suppliers?outside China?. China has been the world's leading and cheapest producer of metals and magnets, which are used in industries ranging from automotive to defense. It is also the default supplier for many years. Last year, China's restrictions on some exports in response to U.S. Tariffs left automakers and other industries vulnerable. Washington has since pledged to support higher?earths prices for its top rare?earths producers to spur non-Chinese supplies, but convincing customers to pay more, when there are cheaper...

Vandita Pant, BHP's Chief Finance Officer, said on Wednesday that generalist investors are buying into the company as AI demand makes its exposure to copper more valuable. BHP shares, the largest listed copper miner in the world, reached a new record on March 2, but then dropped amid a sector-wide selloff when the war with Iran began. They have since recovered some of their losses. She told the Macquarie Australia Conference that she has seen a?growing?interest since half results. We also see more generalist international investors in our register. BHP Group reported a ?stronger-than-expected half-year underlying profit driven ?by copper,...

Regis Resources will take over Vault Minerals, a smaller competitor in Australia. This merger is expected to create Australia's third largest listed gold producer with a market value of around A$10,7 billion ($7.67billion). Both boards would support the combination to create an entity that would have five mines operating in Western Australia, and two expansion projects. This entity would produce 700,000,000 ounces per year of gold. Executives of both companies stated on Tuesday that the deal will unlock more than A$500 Million?in tax benefits for corporations and provide scale to improve procurement and capital cost savings for the combined entity....

Pernod Ricard & Brown-Forman announced that they had ended their merger talks after failing to reach mutually satisfactory terms. Last month, the companies announced that they had been in talks about a possible merger. This would have combined the second largest spirits producer in the world with the largest American whiskey producer. Sazerac American spirits group, which has brands such as Corazon Tequila and Svedka Vodka, emerged this month as a potential new bidder for Brown-Forman. Pernod Ricard said Tuesday that it remains confident and focused on its operating model and strategy, backed by a strong team of committed employees...

Australian shares fell on Friday, and are on course for their worst week in more than a month due to uncertainty over a lasting peace agreement in the Middle East. However, insurer Suncorp has bucked the trend after securing a reinsurance policy. By 0034 GMT, the S&P/ASX 200 Index had dropped 0.2%. If losses continue, the benchmark is set to drop nearly 2%, making it its worst week since last March 16. After a meeting of high-level officials at the White House, Israel and Lebanon?extended a ceasefire for a period of three weeks. However, markets are still uncertain whether a...

BHP Group said on Wednesday that its iron ore production in the third quarter rose by 3%. The miner's outlook for the year was unchanged. In February and March, two tropical cyclones disrupted Port Hedland's operations, which is the largest iron ore hub in the world. This affected shipments of this key steel-making material. The largest listed mining company in the world said that iron ore production from its Western Australia mine operations was 69.8 metric tons on a 100 percent basis for the?quarter ending March 31. This is higher than Visible Alpha's estimate of 68.9 metric tons. Last year,...