Malcolm Turnbull to discuss trade between Australia, Indonesia during his Jakarta visit
Prime Minister Malcolm Turnbull will be speaking with Indonesian President Joko Widodo on trade and security during his visit to Jakarta. This will be Turnbull’s second meeting with the Indonesian leader in less than two weeks.
Commonweath Bank, ANZ invest more in fossil fuel projects than renewable energy, report says
The four largest banks of Australia invested more in global fossil fuel projects than in renewable energy in 2016, according to finance group Market Forces. Investment in fossil fuels – $10 billion cumulatively to expand non-renewable energy – outpaces that of clean energy by as much as three times.
Etsy reports growth in Q4 sales as it looks to introduce Etsy Studio, a market for craft supplies
Etsy, the online crafts supplier, reported significant growth in its gross merchandise sales (GMS) for the fourth quarter that ended on Dec. 31, 2016. The company’s GMS stood at $865.2 million, a jump of 16.7 percent for the same period the previous year.
Australian Workers Union presses for energy reform as Rio Tinto announces job losses, production cut
The Australian Workers Union (AWU) is calling for energy reform as wholesale electricity prices are skyrocketing. There is a growing fear that this could lead to more Townsville manufacturing job losses.
Iron ore prices reach lowest level in a month, slide below US$90 a tonne mark
Iron ore prices weakened on Monday, going below the US$90 (AU$118.5) a tonne mark overnight. This comes as the lowest recording in almost a month. The price for 62 percent fines closed at US$89.73 (AU$118.14) – a decline of 1.7 percent from the previous trading day.
Aussie Luke Thorburn, inspired by US Prez Donald Trump, wants to 'Make Australia Great Again'
A former Goldman Sachs employee has attracted worldwide attention following his “Make Australia Great Again” campaign. Luke Thorburn, who hails from Brisbane, was ousted from his job at the investment bank in New York a year ago for selling caps revolving around Donald Trump’s theme and donating more than $700 to the billionaire mogul’s presidential campaign outside of his bosses’ knowledge.
Australian citizenship 16th most valuable in the world, consulting firm says
The Australian passport has been deemed 16th most valuable in the world, according to a listing from global consulting firm Nomad Capitalist. The listing takes into consideration 199 countries on the basis of their “value of citizenship.”
Mining company Rio Tinto reduces estimate of mineral resources at Argyle diamond mine
Rio Tinto is considering whether to extend the project at Argyle diamond mine, Western Australia. In light of this development, the mining company has reduced its estimate of the mineral resources at the mine.
Labor's plan to produce 50% power from renewable energy can raise electricity prices: AEMO
The Australian Energy Market Operator (AEMO) has opposed Labor’s plan to have production of 50 percent power from renewable energy by 2030. The power market operator said efforts to meet the target could cause an increase in electricity prices in addition to an unstable grid.
Iron ore prices decline steeply, speculated to recover on Monday
Iron ore spot markets saw a steep decline on Friday. By the evening, however, they had swung around. As a result, there are speculations that suggest the fall may unwind on Monday.
Renewable energy: Denmark's Soren Hermansen has to travel to Australia to 'deal with a blackout'
As the debate on how to achieve a stable electricity system in Australia continues, Soren Hermansen, the man who helped create the first island run on 100 percent renewable energy, said he has to travel to Australia for a blackout.
Rio Tinto shed its workforce by 4,000 last year, Australian operations heavily impacted
Mining giant Rio Tinto slashed its workforce by as many as 4,000 workers globally in 2016. The Australian operations were the most affected as part of the move.
Increasing household debt can bring about possible recession in Australia: OECD
The Organisation for Economic Cooperation Development (OECD) has warned that expanding household debt could bring about a recession. The findings come in the organisation’s first review of the Australian economy since August 2014.
BHP Billiton presses for 'urgent' need of power supply change in South Australia
Mining giant BHP Billiton has called for an “urgent” need to address a change in the power supply. As part of this, the company said large power generators should be “incentivised” to provide adequate baseload electricity in a short term.
Iron ore spot markets climb as demand for steel grows in China
Iron ore spot markets bounced back on Thursday. However, it is expected that the upward trend may start falling on Friday, as Dalian futures suffered a heavy slide overnight.
Australia narrowly averts recession following growth of 1.1 percent
Australia has been able to narrowly avert a recession, the national accounts data revealed. The statistics, revealed on Wednesday, show that the Australian economy climbed by 1.1 percent in the last quarter.
Racism: Party for Freedom leader Nick Folkes criticises SBS' 'The Truth About Racism'
Nick Folkes, leader of the Party for Freedom, said 'The Truth About Racism' is a biased take on part of its broadcaster SBS, to suit its own agenda. On Wednesday night, Folkes clashed with the host of the show, Muslim activist Yassmin Abdel-Magied.
Australian mining sector sees increase in deals in 2016, values slump
Australia’s mining and metals sector enjoyed an impressive 2016 with the total number of deals increasing. According to a report from global accounting and consulting firm EY, an escalation of 31 percent was witnessed in the Australian mining M&A deal volume.
Apple stock climbs to nearly US$140 following Warren Buffett's investment, price target increases
Apple stock jumped by more than 2 percent during trading hours on Wednesday. With this, and following price target increases and Warren Buffet’s investment, the tech giant reached a high of US$139.99 (AU$182.6).
Iron ore prices steady amid reports of Chinese investigations into speculative trading
Iron ore futures returned to a steady trend as markets did next to nothing. This comes amid reports that Chinese regulators were looking to probe into speculative or "non-conforming" trading activity in the nation’s commodity futures market.
Engineer Celestine Omin detained at NY airport, given a test to prove his occupation
US President Donald Trump’s travel ban has caused a lot of trouble for those visiting the country. Among these was 28-year-old Celestine Omin, a software engineer travelling from Nigeria on business, who became the latest victim of the ban.
Mining company Rio Tinto will create 300 jobs for Amrun bauxite project
Mining company Rio Tinto announced it will employ as many as 300 indigenous people on its Amrun bauxite project in Far North Queensland. During the course of the project, the company hopes to achieve the indigenous employment target of 20 percent.
Etsy suffers loss in Q4, numbers cross Wall Street expectations
Etsy has posted a loss of US$21.4 million (AU$27.9 million) in its fourth quarter. The crafts supplier said it sustained a loss of 19 US cents on a per-share basis. Earnings, when adjusted for non-recurring costs, stood at 3 US cents per share.
Apple receives two price-target increases, industry sources 'upbeat and anxious'
Apple received two price-target increases on Tuesday. This comes as the release of the much awaited iPhone 8 draws near.
Iron ore prices impacted following probe into speculative activity in Chinese futures market
Iron ore spot markets witnessed a downslide on Tuesday, according to reports. This comes at the heels of an investigation of speculative trading activity in China’s commodity futures market.
Apple stock upped from US$135 to US$150, demand expectations boosted by iPhone 8
Apple could sell more of its highly anticipated iPhone 8s, according to estimates from Mizuho. The tech giant could end up selling more than 10 million more sets than previously forecast.
Deputy PM Barnaby Joyce dismisses bid for $50 billion infrastructure rollout
Nationals leader Barnaby Joyce has dismissed claims that he is pushing for control of the $50 billion infrastructure rollout from the federal government. He said it “didn’t come from me.”
Australia trade: Shares go up on Tuesday, financial index witnesses rise
Australian shares witnessed an increase on Tuesday, helped largely by buying in financial stocks. The S&P/ASX 200 index increased 0.5 percent (or 26.5 points) to reach 5750.5 points. Meanwhile, the benchmark on Monday had seen a downslide of 0.3 percent.
Australia energy: High power prices putting jobs in jeopardy, AI Group warns
The increase in energy costs across households and businesses in Australia is expected to continue, according to the Australian Industry Group. The escalating prices can be attributed to rising gas prices, putting jobs at risk.
Iron ore output to increase as IOC announces plans to go ahead with Wabush 3 project
Iron Ore Company of Canada (IOC), majority-owned by Rio Tinto, will be working on the Wabush 3 project. The company announced its plans after securing a C$79 million (AU$78.04 million) investment approval.
