Fortescue’s $6 billion Revenue Hole
What Twiggy Forrest’s Fortescue Metals Group didn’t point out or explain in its June quarter and 2021-22 production report on Thursday was the $US6 billion hole in its annual revenue line.
Read MoreWhat Twiggy Forrest’s Fortescue Metals Group didn’t point out or explain in its June quarter and 2021-22 production report on Thursday was the $US6 billion hole in its annual revenue line.
Read MoreEven for the ever-dynamic local mining sector, the week just ended was a particularly busy one. Here’s the latest from Sandfire, St. Barbara, Regis, Perseus, Galena and Aeris.
Read MoreGold prices continue to drift – down another $US40-50 an ounce since the end of June – and, while the big rate rises in June and July didn’t worry investors, nor did they inspire much confidence.
Read MoreOne small update on Wednesday from Best Buy told us a lot about the health of US retailing in the US – it is weakening and the problems are not just confined to the giant Walmart.
Read MoreShares in Amazon and Apple jumped in afterhours trading after investors concluded that, unlike Meta and Alphabet, both tech giants had done as well as could be expected in the volatile June quarter.
Read MoreHeading into the end of July, the prices of two major Australian exports – LNG and iron ore have seen a very sharp recovery this week.
Read MoreA flurry of excitement Thursday afternoon as the Chinese government finally broke and let slip plans for a $US144 billion bailout of the country’s debt ridden, stricken property sector.
Read MoreThe optimism shown in Fortescue Metals’ 2022-23 forecasts flies in the face of the negative outlook US broker Goldman Sachs issued this week for the global iron ore market.
Read MoreCommodities giant Glencore has finally managed to exit its holding in the Chinese-controlled Yancoal Australia, telling Reuters it had sold the stake into the Australian market late Wednesday.
Read MoreInvestment bank Macquarie Group has revealed a rise in first quarter 2022 profits, buoyed by the global volatility in commodities markets and rising interest rates.
Read MoreClear signs of a slowdown in June retail sales, with ABS data showing the smallest rise so far in 2022 and evidence that that much of the recent strength was due to rising prices, not volume.
Read MoreWall Street share prices took off after the US Federal Reserve raised its key interest rate by 0.75% for the second meeting in a row, pushing the Federal Funds Rate rise to its highest level since 2018.
Read MoreAnnual CPI inflation hit its highest ever annual rate of 6.1% in the June quarter according to the ABS and, while a record, it was lower than many in the markets had forecast.
Read MoreIGO finished the year to June with a wet sail – higher revenue and earnings, the Western Areas takeover completed and good news from its new refinery south of Perth.
Read MoreRio Tinto has kicked off June 30 reporting for the world’s resource majors that may mark the peak period as prices ease, demand weakens and cost increases eat into margins.
Read MoreThe global economic outlook has become “gloomy and more uncertain”, according to the latest forecasts from the International Monetary Fund.
Read MoreInvestors in Wiluna hope to start getting answers as to why the company suddenly went into administration last week, with an initial report to creditors due on August 1.
Read MoreNewmont has warned of delays and cost increases at its projects in Australia and Africa, blaming current market conditions for labour and materials, as well as delayed land access in Ghana.
Read MoreTwo notable retirements in the local business world yesterday with the chairmen of both APRA and Woolworths hanging up the gold pen, while Myer upgraded its earnings forecasts.
Read MoreOrigin Energy has invested another $163 million to maintain its 20% stake in Octopus Energy, taking its total investment in the UK’s fastest growing energy provider above $700 million.
Read MoreWalmart sent tremors through Wall Street and global retailing with a surprise after hours trading downgrade for the three months to June and for the rest of 2022.
Read MoreShares in EML Payments crashed more than 20% for the second time in a fortnight on Monday as more bad news emerged regarding its European operations, PFS Card Services Ireland.
Read MoreUpdates on Monday from major miners OZ Minerals and South32 told a similar story of disruptions caused by the usual suspects and higher input costs impacting their bottom line.
Read MoreTravel agency group Fight Centre has narrowed its forecast loss for the year to June in a trading update issued Monday, a month or so it before it reveals its full 2021-22 figures.
Read MoreInvestors continued to look past the negatives in Friday’s FY2021-22 trading update from IAG, with shares up more than 5% Monday to close at $4.46 – the highest they have been since May.
Read MoreThe US Fed’s two-day meeting and statement will hold market attention this week, but will have to share the spotlight somewhat with the key first estimate of US June quarter economic growth a day later.
Read MoreThe recovering confidence in tech companies on Wall Street ran into a couple of less than successful stories late last week, ending the market’s latest flirtation with the sector at just the wrong time.
Read MoreIf you think the last couple of weeks have seen a lot of action in global financial markets, then have we got a BIG week ahead for you with a flood of economic and company news due for release.
Read MoreA major hiccup for the booming EV, green metals and lithium sectors with news that unions, rich insiders and a state government in Germany have forced the departure of Volkswagen CEO Herbert Diess.
Read MoreIs this capitulation territory or is there more pain to endure before the nadir is reached? Those were the questions that arose from a very pessimistic monthly survey for July of big global investors by Bank of America.
Read MoreA big fortnight for the world’s energy majors as the likes of Exxon, Shell and BP report their June 30 quarterly figures, with the real possibility of record revenues, earnings and returns for shareholders.
Read MoreAfter several leaks to Bloomberg and other western agencies in recent months, news emerged this week of China’s plan to try and control the Australian iron ore industry with a centralised buying agency.
Read MoreFord believes it has enough battery supplies to produce 600,000 EVs a year by the end of 2023 and that it has covered around 70% of the 2 million annual production forecast by the end of 2026.
Read MoreThe Days of Our Lives deal of Australian finance – Link Group’s multi-year attempts to sell itself – looks set to enter its final episode. But then again, like any good soap opera, who knows?
Read MoreNewcrest’s gold and copper production and sales saw the anticipated improvement in the 4th quarter but it wasn’t enough to prevent the company from finishing short of 2020-21’s levels.
Read MoreWet weather and Covid have forced coal miner Yancoal Australia to slash its 2022 output forecast by as much as 7 million tonnes just as it is enjoying record prices, revenues and earnings.
Read MoreThe June quarter and half-year revenue performances by Woodside and Santos were stunning, thanks to the strength in oil and gas prices and the completion of two company-boosting takeovers.
Read MoreBritain’s inflation woes worsened with the country’s Consumer Price Index (CPI) leaping to a staggering 9.4% reading in June with new warnings it could hit an unheard of 12% in October.
Read MoreTesla missed Wall Street estimates for quarterly revenue which fell 9% to $US16.93 billion in the three months to June, but was up 42% from the $US11.9 billion in the June 2021 quarter.
Read MoreGold miner Northern Star is looking at a small rise in 2022-23 gold production from its mines in Australia and Alaska after wrapping up what seems to have been a successful 2021-22.
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