Australia / New Zealand

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...

On Monday, the leaders of Singapore signed an agreement with New Zealand to keep their supply chains open in times of crisis. They said they hoped that 'the agreement' would serve as a'model for other countries who want to build a trusted network. On his recent visit to Singapore, Prime Minister Christopher Luxon saw the signing between his Singaporean counterpart Lawrence Wong and himself. This is at a time when global energy supplies have been 'disrupted' by the Middle East war. Singapore refines a third of the fuel used in New Zealand. The Agreement on Trade of Essential Supplies was...

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...

Britain said on Thursday that around 40 countries were discussing a joint action to reopen Strait of Hormuz after U.S. president Donald 'Trump' stated that securing this waterway is a problem other nations must solve. The virtual meeting was chaired by British Foreign Minister Yvette Cooper and included France, Germany Canada, United Arab Emirates, India, and started around noon in London. Cooper stated at the beginning of the meeting that "we are focusing our efforts on diplomatic and international planning, including the collective mobilisation and use of all of our diplomatic and economic pressures and tools." One official confirmed that...

On Thursday, Britain will host a meeting to discuss the formation of a 'coalition of nations' that would explore how to reopen Strait of Hormuz after 'U.S. Donald Trump has said that other countries should be responsible for securing this vital waterway. Around midday, British Foreign Minister Yvette Cooper, will preside over the virtual meeting in London of 35 countries, including France, Germany Italy, Canada, and the United Arab Emirates, to explore ways of restoring freedom of navigation. The United States is not expected to attend. The meeting comes after Trump stated in an address to the nation on Wednesday...

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....

Australian shares fell on Wednesday as investors sold Commonwealth Bank and other lending institutions. The?top?bank's missed profit heightened fears that Canberra's proposed curbs to tax incentives for property-investors could slow down mortgage demand. The S&P/ASX 200 closed 0.5% lower, at 8,630.40. This brings its overall decline to 2.8% in the last four sessions. Australia's biggest mortgage lender Commonwealth Bank plunged 10.4%, posting its weakest ever session. The bank erased a market value of?A$29.93 billion ($21.66billion) after an earnings missed and new Middle East-related provisions bleakened the outlook for the banking industry. The financials index is down 4% at a five-month...

Maxime Vandersmissen, Arctial's chief commercial officer, said on Tuesday that the smelter, owned by Rio Tinto, in Finland could help boost production in Europe and produce hot metal in the second half 2029. The project is still three years from production, but it is already in the spotlight, as the Iran War has made aluminium more scarce in Europe, which is heavily dependent on imports. Vandersmissen, speaking at the CRU World Aluminium Conference in London said that the project aims to produce 610,000 metric tonnes of aluminium per year. Vandersmissen stated that this would increase the European production level by...

A court in Australia on Tuesday ordered Fortescue, a miner, to pay A$150,000,000 ($108,000,000) as compensation to an Indigenous group for the cultural damage caused by mining iron ore on their land without their consent. The decision represents 'one of the biggest ever?payouts? in Australia's recent history, brought about by native title laws that recognise Indigenous rights and interest on certain parcels. Stephen Burley, a Federal Court of Australia judge, ruled that Fortescue had caused "significant harm" to the cultural inheritance of the Yindjibarndi People of Western Australia. He concluded that the miner should pay A$150,000,000 in compensation for cultural...

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....