Fortescue Metals (FMG) Full Year Result
Fortescue Metals Group (FMG) posted double-digit declines in its full year revenue, profit and dividend due primarily to rising costs and lower iron ore prices. Offsetting those headwinds were record shipments of the commodity over the year. Originally published by CommSec
World Advanced Manufacturing Conference
The 2022 World Advanced Manufacturing Conference opened in Jinan, capital of east China’s Shandong Province, on Wednesday, focusing on deepening international and domestic cooperation, as well as improving industrial and supply chains. The three-day conference, co-hosted by the Ministry of Industry and Information Technology and the provincial government of Shandong, is also aimed at accelerating…
CommSec morning report Thursday
In US economic data, the ADP report showed a 132,000 lift in private sector payrolls in August after posting a 268,000 rise in July (survey: +288,000). Mortgage applications fell 3.7% in the past week after falling 1.2% in the prior week. The Chicago purchasing managers index rose from 52.1 to 52.2 in August (survey: 52.0)….
Evening report Wednesday
Following a rather weak session on Wall St overnight, the local sharemarket ended the last session of the month on a soft note, with the ASX 200 edging 0.16 per cent or 11.5 points lower, to 6986.8. The mining sector weighed on the market, after falling by 1.4 per cent, driven partly by softer commodity…
China’s manufacturing PMI up in August
The purchasing managers’ index (PMI) for China’s manufacturing sector came in at 49.4 in August, up from 49 in July, data from the National Bureau of Statistics (NBS) showed Wednesday. NBS senior statistician Zhao Qinghe said the majority of the manufacturing sectors reported improving business climate as PMIs rose in 12 of 21 surveyed industries….
Yes, we know there is a ‘skills shortage’
Next Thursday, union, business and political leaders will meet in Canberra for the jobs and skills summit. One of the key issues Treasurer Jim Chalmers has listed for discussion is “addressing skills shortages”. We hear the term “skills shortages” all the time in media and policy debates about jobs and the economy. But what skills…
ASIC warns retail brokers
ASIC is warning brokers to be careful about or reconsider offering high-risk products and services to retail investors, such as securities lending, crypto-assets and offers of ‘zero’ or ‘low-cost’ brokerage – where the true cost is masked. Since the onset of the COVID-19 pandemic, ASIC has seen an increase in the number of brokers offering…
The A2 Milk Company (A2M) FY22 result
The a2 Milk Company (A2M) posted double gains in revenue and profits for the full year, helped in part by strong sales in its key China market. While greater competition, a lower birth rate in China, failure to obtain regulatory approval to sell infant formula in the US and higher costs were headwinds, the dairy group…
Guidance updated for Horticulture industry
The ACCC has updated its Horticulture Code guidance to help growers and traders understand their rights and fulfill their responsibilities under the code. The code seeks to protect horticulture growers by requiring all trading with agents and merchants (traders) to happen under a written agreement. The agreement must include certain things, such as how prices are calculated…
$31.5 million boost for COVID-19 research
The Australian Government is providing $31.5 million to support medical researchers to drive, and contribute to, global efforts to understand and treat COVID-19. Funding is from the Medical Research Future Fund (MRFF). The Albanese Government will boost support for medical researchers to drive innovation and contribute to global efforts to understand COVID-19, including work to…
