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Fortescue is the latest Australian miner to be sued for sexual harassment
Fortescue, Australia's largest?iron ore mining company, was hit with a class-action lawsuit on Thursday, alleging widespread sexual harassment at its remote mine sites. The lawsuit was filed by the law firm JGA Saddler. They also brought similar class actions against Rio Tinto in 2024. These cases are still making their way through courts. The Western Australian government has recommended that the mining industry undergo sweeping changes in 2022 after describing what they deemed to be horrendous behaviour towards women. In a recent statement, JGA Saddler litigator Paris Hamrey stated that women have repeatedly told her they don't feel secure at Fortescue mines. She said that women told her they couldn't do their laundry because they were afraid their underwear would be stolen. They also claimed they couldn't go to gym because they felt men touching them inappropriately, or following them to their rooms. Fortescue's spokesperson said that sexual harassment and illegal discrimination have no place at the company, which is "committed to providing a safe and respectful workplace for all its employees and contractors." She refused to comment on any allegations or claims. LAW FIRM SAYS REPORTED WOMEN WERE DEMOTED AND DISMISSED JGA Saddler's statement included 45 testimonials of women who worked at Fortescue and described incidents they experienced. One woman wrote: "I found a man in my bedroom one night when I came home." Fortescue announced that it would invest $300 million in improving living quarters?at the sites, with an emphasis on safety. This includes deadlocks and swipe-card systems for access, CCTV, and better lighting. Hamrey stated that women who reported incidents at Fortescue were demoted, dismissed or blacklisted. Australia is the top producer of iron and many of its far-flung mining operations are serviced by FIFO employees. Women now make up 22% of mining workers, compared to 18% in the early 2000s. Fortescue's latest safety report shows that the company reported 22 cases of sexual harassment in 2025 to Western Australia’s mines safety regulator, a 27% decrease from a year ago. It was the only company to have reported a decline. According to Rio Tinto's annual report, the care?hub of Rio Tinto, which assists employees who report a range?of disrespectful and harmful workplace behaviors including harassment, recorded?702 incidents last year, an increase of 24% over the previous year. BHP reported 429 sexual harassment incidents in fiscal 2025. This represents a 3% rise, according to the company's annual report. 100 people were found responsible and either fired or resigned. (Reporting by Melanie Burton; Editing by Edwina Gibbs)
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Fortescue is the latest Australian miner to be sued for sexual harassment
Fortescue, Australia's largest iron ore mining company, was hit with a class-action lawsuit on Thursday, alleging widespread sexual harassment at its remote mine sites. The lawsuit was filed by the law firm JGA Saddler. They also filed'similar' class action suits against Rio Tinto and BHP at the end of 2024. These cases are still making their way through courts. The Western Australian government has recommended that the mining industry undergo major changes in 2022. This is after describing what they deemed to be horrifying behavior against women. They also found sexual harassment and abuse were rampant. In a recent statement, JGA Saddler litigator Paris Hamrey stated that women have repeatedly told her they do not feel safe at Fortescue's mine sites. She said: "Women tell us that they are unable to do their laundry because they are robbed of their underwear in the public laundries. They can't even go to the gym, because men touch them inappropriately and follow them back into their rooms." Hamrey stated that when women do report incidents they are demoted, dismissed or silenced from the industry. 45 women who worked at Fortescue described incidents that they experienced in the statement. One woman wrote: "I found a man in my bedroom one night when I came home." FIFO workers service many of Australia's remote mines. Women now make up 22% of mining workers, compared to 18% at the beginning of this decade. Fortescue's latest safety report shows that the company reported 22 cases of sexual misconduct to Western Australia's mines safety regulator during the 2025 financial period, a decrease of 27% compared to a year ago. It was the only company out of the three to have reported a decline. According to the annual report, Rio Tinto’s care hub, that supports employees who have reported a range of disrespectful or damaging workplace behaviours, including harassment, recorded 702 incidents in the past year, a 24% increase from the previous year. BHP reported 429 sexual harassment incidents in 2025. This is a 3% rise, according to the company's annual report. 100 people were found responsible and either fired or resigned. (Reporting by Melanie Burton; Editing by Edwina Gibbs)
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Oil prices drop as tankers leave Strait of Hormuz
The oil prices continued to decline on Thursday as stranded tanks left the Strait of Hormuz 'following an initial agreement to end the U.S. Israel war with Iran. This eased?supply worries. Brent crude?futures?for August delivery fell by 40?cents or 0.54% to $73.34 a barrel as of 0004 GMT. Meanwhile, U.S. West Texas Intermediate dropped 27 cents or 0.38% to $70.07 a barrel. Brent for August was cheaper than September at $73.59, indicating ample supply in the short term. In a recent note, IG analyst Tony Sycamore stated that "the speed of this drop has caught many off guard" as the markets have priced in a much quicker return of Middle Eastern crude barrels than what most people had expected just a few weeks ago. Brent fell more than $3 Wednesday, as concerns about supply?eased. WTI also settled down almost $3. Chris Wright, the U.S. Energy Secretary, told a conference on Wednesday that the flow of oil through the Strait?of Hormuz was close to the level before the Iran?war began. He said at least 20 million barrels have left the strait over the past 24 hours. Wright said that a return to normalcy will take several weeks, as the strait must be demined. The U.S. and Israel war against Iran that began on February 28 has been ended by an initial agreement last week. This allowed the traffic to resume through the Strait. The agreement set up a period of 60 days for negotiations on more complex issues, including Iran's nuke program. Wright stated that oil would flow through the strait if the agreement failed, and Iran would not be able to close the strait again. Oman opened Wednesday temporary routes for tankers to leave the Strait of Hormuz. The?International Maritime Organization (IMO) and Omani authorities coordinated the movements. Qatar's Prime Minister visited Oman to discuss the beginning of negotiations with Iran, Iraq and Gulf States over future management of the Strait. Energy Information Administration reported on Wednesday that U.S. crude oil stocks had 'hit their lowest level since 1984' last week. This was due to strong refinery demand and the government releasing oil from its reserve. The markets, however, seemed unfazed as traders concentrated on the Strait of Hormuz. (Reporting and editing by Jacqueline Wong; Colleen howe)
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Zelenskiy: Ukraine will conduct preemptive strikes on Russian war facilities
In his evening address on Wednesday, Volodymyr Zelenskiy said that Ukraine would carry out preemptive strikes?on the facilities Russia uses for its war. Kyiv is expanding its strikes on energy infrastructure to try and force Moscow into negotiations. Zelenskiy stated that he had instructed his intelligence services and military forces to take preemptive action against Russian facilities used to increase their 'war effort. As the fuel crisis intensified, Kyiv continued to attack refineries and energy assets. Industry sources say that the capital's Moscow refinery, which was heavily damaged by a?Ukrainian swarm attack, will be off-line for at least six month. This will complicate Russian efforts to combat fuel shortages across the country. The 'rare official data' published on Wednesday revealed that Russia's production?of petroleum products?and of coke fell 13.5% in May compared to the same month last year, an acceleration from previous declines. Since its invasion of Ukraine, Russia has stopped publishing many of its oil production and export data.
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Stocks fall as dollar surges to an all-time high
The stock market fell on Wednesday as valuation concerns continued to affect sentiment. The Dow ended higher while the S&P 500, Nasdaq and benchmark S&P 500 all finished lower on Wall Street. Gains were driven by consumer discretionary, utilities and industrials stocks. The biggest losers were energy stocks as the flow of crude through the Strait of Hormuz continued to push prices down. After a selloff Tuesday, technology stocks have reversed their early gains and continue to fall. Investors have been hesitant as they 'priced-in' at least one Federal Reserve rate hike this year. The Dow Jones Industrial Average increased by 0.35%. S&P 500 dropped 0.1%. And the Nasdaq Composite declined by 0.43%. Brandon Pizzurro said that the market was experiencing some rotation after the rush to AI-related stocks. It's time to take a step back and reflect on the progress we've made in recent weeks. MSCI's global index of stocks fell by 0.16%. The broader regional index of European stock markets finished the day roughly unchanged. A 15% drop in the shares of Rheinmetall after media reports said that the German Government was planning to scrap an?delayed, multi-billion euro frigate project? was partially offset by gains in a few heavyweight luxury and technology stocks. Wasif Latif is the chief investment officer of Sarmaya Partners. He said: "We are probably nearing peak hawkishness when it comes to interpreting the Fed’s new stance. It looks like this is what's driving asset prices." STRAIT OF HORMMUZ The price of crude oil fell this week, continuing the losses from the previous week. It is now trading at a four-month low, as more tankers stuck in the Gulf will be moving out of the Strait of Hormuz. The outlook is uncertain, as the U.S., Iran and other countries are giving conflicting accounts of what they agreed to under their peace agreement, such as key elements like nuclear inspections and the control of the Strait. Brent crude oil fell 4.33% to $73.74 per barrel on Monday. DOLLAR JUMPS As markets expect Fed rate increases, the U.S. Dollar rose for a 3rd straight day against a basket major currencies to its highest level in a full year. The dollar's strength has weakened the euro, with investors expecting the European Central Bank to increase rates more in this year. However, they are pricing in the likelihood that the Fed will raise borrowing costs. The euro traded at its lowest level in over a year. It was down for the third day, trading at $1.1357. The yen also fell on the day. It traded?around 161.81, which kept markets on edge about potential currency intervention to support the battered Japanese yen. The dollar index rose by 0.19% to a high of 101.58. This is the highest since May 2025. The stronger dollar pushed gold prices down to their lowest level in more than seven months. Spot gold dropped 2.69%, to $3.997.69 per ounce. (Reporting and editing by Lincoln Feast; Nia Williams; Aurora Ellis; Edmund Klamann; Satoshi Sugiyama; Additional reporting in Tokyo)
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Battery storage is the new focus for lithium producers as the demand shifts away from EVs
Leading producers said this week that the lithium industry has become more optimistic about a recovery in the market as booming battery storage systems help offset a slowdown on some 'electric vehicle markets. Electric vehicles were the main drivers of lithium demand in recent years. However, changes to regulations in the United States as well as elsewhere have led to a cooling in sales on some key markets. This slowdown coincided in tandem with an overproduction of lithium, which pushed prices down sharply. The market is changing due to the growing demand for stationary batteries storage systems. This is largely driven by artificial intelligence, and the efforts made to improve power grids. The period of overcorrection in the market is over, said?RajuDaswani, CEO at consultancy Fastmarkets. Energy storage is now the primary growth driver in this market. He said that Fastmarkets estimated the lithium demand for battery?systems was growing by 40% each year. Daswani said at the Fastmarkets Global Lithium, Battery and Critical Materials Conference, held in Las Vegas. The organizers reported that attendance at the conference -- which is considered to be the "world's largest gathering of lithium executives, investors and consumers" -- increased by 10% this year, reaching approximately 1,100 attendees. The mood was markedly different from the 'dark one that pervaded 2025's conference. Since then, lithium prices have tripled. Jerome Pecresse is the head of Rio Tinto’s aluminum and Lithium business unit. The company aims to increase lithium production capacity to 2028. Albemarle is the world's biggest lithium producer. It noted that battery storage has been growing steadily, as opposed to the fluctuating demand for EVs. Eric Norris - the chief commercial officer of the company - said on the sidelines of the conference that "grid storage is much more evenly distributed throughout the world." It's a very interesting demand driver. As a sign of increased market demand, ioneer announced?on Monday that it had signed a Letter of Intent with Hyundai Engineering and a South?Korean Government arm to support its 'Nevada Lithium Project. GOVERNMENT PRICING SUPPORT IS STILL NEEDED Despite an improving market, executives have urged governments do more to support lithium processing - a segment dominated largely by low cost Chinese?companies. Last week, G7 leaders, for example, agreed to improve coordination efforts in order to boost Western lithium and nickel markets. What are governments willing pay for supply security? "There's a tax that needs to be paid, but it hasn’t been paid," said Dale Henderson, CEO of PLS - Australia's biggest independent lithium producer. Audrey Robertson, U.S. Assistant Energy Secretary, encouraged the industry to focus on technology innovations that could change the way the markets for lithium, and other critical minerals, function. Robertson said on the sidelines of the conference that the way lithium is processed today will not be the same in five years. (Reporting and editing by Ernest Scheyder)
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Stocks fall as dollar hits an all-time high
The stock market fell on Wednesday. Wall Street's gains were erased, and European shares were little changed. Valuation worries continued to weigh on the sentiment. Meanwhile, the dollar rose to a new high. The technology stocks that were hard hit on Tuesday reversed their early gains and continued to fall ahead of the earnings report from Micron, whose chips are a key component in driving AI. Investors have been hesitant as they priced in at minimum one rate increase from the Federal Reserve for this year. The Dow Jones Industrial Average was higher on Wall Street while the S&P 500, Nasdaq and benchmark S&P 500 were down. Gains were driven by consumer discretionary, materials and industrial stocks. The biggest losers were energy stocks as the flow of crude oil through the Strait of Hormuz continued to push prices down. The Dow Jones Industrial Average rose by 0.46%. The S&P 500 dropped by 0.28%. And the Nasdaq Composite declined by 0.76%. Brandon Pizzurro is the chief investment officer of GuideStone. He said that some of the rotation we see in AI stocks has to do with how fast we have moved. It's time to take a moment and reflect on how far we've come over the past few weeks. MSCI's global index of stocks fell by 0.31%. MSCI's Asian equity index outside Japan increased by 0.04%. South Korea's KOSPI rose 3.26%, after falling 10% the previous session. In Europe, the broader regional stock exchange finished roughly unchanged for the day. The 15% drop in shares of Rheinmetall after media reports that the German government was planning to cancel a delayed,?multi-billion-euro frigate, was partially offset by gains made in heavyweight luxury and technology stocks. Wasif Latif is the chief investment officer of Sarmaya Partners. He said: "We are probably nearing peak hawkishness when it comes to interpreting the Fed’s new stance. It looks like this is what's driving asset prices." Investors are also trying to position themselves for Micron's earnings announcement. STRAIT of Hormuz Crude oil prices dropped, extending losses from this week and trading near four-month highs on signs more tankers stuck in the Gulf will be moving out of the Strait of Hormuz. The outlook is uncertain, as the U.S. has given conflicting reports about what the two countries agreed to as part of the peace deal. This includes key elements like nuclear inspections and the control of the strait. Brent crude oil fell to $73.74 per barrel, a drop of 4.33% for the day. DOLLAR JUMPS The U.S. Dollar rose for the third consecutive day against a basket major currencies, reaching its highest level in a full year as markets expect Fed rate hikes. The euro was, however, one of the biggest victims of the dollar strength as investors reduced their expectations that the European Central Bank would raise rates more in this year while pricing in an increased chance that the Fed would increase borrowing costs. The euro traded at its lowest level in over a year. It was down for the?third consecutive day, trading at $1.1352. The yen also fell on the day, trading at 161.81, which kept markets on edge about a possible currency intervention designed to support the battered Japanese yen. The dollar index increased by 0.24%, reaching its highest level since 2025. The stronger dollar has pushed gold prices to their lowest level in more than seven months. Spot gold dropped 3.2% to $3976.73 per ounce.
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Oil markets begin to indicate near-term excess supply as tankers leave Strait of Hormuz
Brent crude oil prices for second-month delivery traded higher than the price for immediate delivery on Wednesday for the first since the start of the Iran war in late February. This signals an 'increased supply near-term. Brent crude oil, the global benchmark traded 12 cents more for contracts with September delivery than those with August deliveries, suggesting the market has priced in a large supply of crude in the near-term. We have the 'prospect of a rush of physical supply coming out of the Arab Gulf. Neil Crosby is the head of Sparta Commodities' research. "We are currently in a mini-supply as we need to entice demand back," he said. U.S. Energy Secretary Chris Wright told the Global Energy Forum that around 20 million barrels of oil left the Strait of Hormuz over the last 24 hours. He described the shipments as the return of normal flow. Shipping data shows that three stranded tanks carrying 5 million barrels were leaving the Gulf on Wednesday as the interim agreement between Iran and the U.S. helped unlock supplies trapped in the Gulf. "People are trying to unload contracts quickly because of the flood of oil that is coming into the market from the Middle East." Bob?Yawger is director of energy futures for Mizuho and he said that there will be a lot of sales in August. Globally, physical crude oil cargoes are being sold at a discount. This is changing the?trade flow as markets come under pressure due to Middle?Eastern supplies that are increasing rapidly. Iran's sales could increase following a temporary reprieve of U.S. sanction. (Reporting from Georgina McCartney, Houston; Siddharth Cavale, New York. Editing by Rod Nickel.)
Asian stocks soar as Micron earnings soothe AI fears
Asian stocks surged on Thursday, after Micron and Qualcomm reported strong earnings. This helped to ease some of the concerns about the AI rally which has driven global stock prices to new highs. Micron announced that its customers have committed $22 billion to its memory chips. Qualcomm expects $15 billion of sales in its data center business by 2029.
MSCI's broadest Asia-Pacific share index outside Japan rose 1.3% in early trading. Japan's Nikkei gained over 2%, while South Korea's KOSPI gained 5.5%.
Futures on the S&P 500 index rose by 0.5%, while Nasdaq futures increased by?1.8%.
Tony Sycamore is a market analyst at IG. He noted that the data indicated a cooling of positioning which could affect tech's momentum. Recent volatile sessions have been attributed to investor concern that valuations of?AI companies are stretched after years of gains. Analysts remain skeptical of a sustained rally for 'AI' stocks, as valuation concerns persist.
Nick Twidale is the chief market strategist of ATFX Global in Sydney. He expects the stock to move higher on the strength of Micron's earnings.
"But I am not sure how long this euphoria is going to last in the rest of the industry." He said that valuation concerns would continue to affect sentiment.
TANKERS LEAVE THE STRAIT OF HORMUZ The oil prices continued to fall as stranded tanks left the Strait of Hormuz after an initial agreement was reached to end the U.S. Israel war against Iran, easing concerns about supply.
Brent crude futures fell 0.5% to $73.34 per barrel, bringing them closer to the levels of 'pre-war. U.S. West Texas Intermediate dropped 0.38% to $70.07 a barrel.
Investors are pricing at least one interest rate hike this year.
The PCE report on Thursday is expected to show that core prices increased?0.3% during May, which would put the annual rate of inflation at 3.4%. Forecasts for headline inflation are 0.5% in May and 4.1% over the past year.
The?dollar has risen as a result of rising expectations that a rate increase will occur. This has pushed the Japanese yen to its lowest level in over 40 years, and Tokyo is on the verge of further?intervention.
Last week, the yen traded at 161.73 to the dollar. This is not far off from its two-year low. If the yen falls below 161,96, it will be at its lowest level since 1985.
The dollar index, which measures U.S. currency against a basket of currencies, reached 101.6 in the last session after hitting 101.80 the previous day, its highest level since May 12, 2025. Gold has been impacted by the strengthening dollar, and it fell below $4,000 per ounce for first time since 2026. Gold spot last sold for $3,990 an ounce. This is near the lowest price since November. (Reporting and editing by Kate Mayberry in Singapore, Ankur Banerjee is based in Singapore)
(source: Reuters)