FMG faces $1.8bn Solomon lawsuit as H1 profit halves
Shares in Fortescue Metals dropped more than 7% today with a barrage of bad news hitting the market this week. The miner revealed an H1 FY25 profit of just US$1.55 billion - less than half that of H1 2024, compounded with a $1.8 billion legal action over its Solomon iron ore hub and the Trump administration pausing grant payments for its American green energy initiatives. Depressed iron ore prices and production costs are - as they have been with both BHP (ASX : BHP) and Rio Tinto (ASX: RIO) - to blame for lower profit margins for iron ore producers - of which, and unlike the other two, is a much more dominant revenue creator for FMG (ASX : FMG). The numbers FMG's net profit after tax (NPAT) for the half ending December 31 was $1.55 billion, missing its estimate of $1.55 billion - 53% lower year-on-year when it posted an NPAT of $3.34 billion. Net cash flow from operating came in at US$2.4 billion and free cash flow was US$0.7 billion, after investing US$1.8 billion in capex during H1 FY25. The expenditure was made up of: US$1.3 billion in iron ore hub opex and development (inclusive of fleet deposits of US$235 million) US$160 million for exploration and studies US$27 million for iron ore projects US$139 million
Govt denies decision on retirement income solution
The Australian Government has hosed down speculation that superannuation funds would be required to offer annuity-style products to guarantee income in retirement and ensure Australians spend and do not hoard their retirement savings. This comes as Australia’s $4.1 trillion super industry prepares for a major structural shift over the next decade as more than 2.5 million people leave the workforce and move from the accumulation phase to the retirement phase of super. A spokesman for Treasurer Jim Chalmers said no decisions had been made on draft principles the Government was developing to guide the industry in delivering high-quality income products that enhance financial security in retirement. He commented on a report in the Australian Financial Review newspaper that major superannuation funds would guarantee an annual income for millions of retirees under a confidential proposal from the Government. The AFR wrote Treasury officials had circulated proposed standards that would set a draw-down rate for retirees with more than $200,000 in their account to ensure a regular income for a fixed term or the rest of their life, including regular payments indexed to inflation or the financial performance of a pool of assets.
ASX 200 falls 1.2% as real estate and healthcare drop
The Australian sharemarket extended losses for the fourth consecutive session on Thursday, as a stronger-than-expected labour market report reduced expectations for a May interest rate cut. The S&P/ASX200 fell 96.4 points, or 1.2% to 8,322.8, with seven of 11 sectors closing in the red. The real estate sector was hit hard, with Goodman Group tumbling 5% as investors took profits after a 2.4% gain on Tuesday. The decline followed the company’s announcement of a $4 billion capital raise - its first in 12 years - aimed at expanding its data centre portfolio. Financial stocks also struggled, with ANZ falling 3.1%, while Westpac and NAB dropped 3% and 4.3%, respectively and Commonwealth Bank declined 2%. Miners faced significant selling pressure, with Fortescue slumping 6.2% after reporting a more than 50% decline in profit, while Rio Tinto fell 1.5% after reporting an 8% year-on-year decline in profit to US$10.86 billion. Retail giant Wesfarmers climbed 1.3% after reporting stronger sales and earnings in the first half, driven by solid performances from Bunnings and Kmart. Telstra soared 5.6% following a 6.5% rise in interim net profit to A$1.03 billion, underpinned by strong mobile and infrastructure earnings. Su
Live Blog: Earnings season - Telstra, Wesfarmers, Etsy
Welcome to our live blog coverage of earnings season! This is the time of year when publicly traded companies report their financial results, giving investors and analysts a glimpse into their performance and future outlook. We'll bring you real-time updates, analysis, and commentary on the latest earnings reports from major companies across various sectors. Stay tuned as we break down the numbers, highlight surprises, and provide insights into what these results mean for the market. ______________________________________________________________________________________ Summary Telstra bests estimates Wesfarmers profits up across sectors Fortescue, Rio Tinto profits drop Etsy's gross merchandise sales fall, but net income grows Analog Devices still passes estimates amid declines Garmin extends estimate-smashing streak Plus more to come _______________________________________________________________________________________ 8:41 am (AEDT): Hello, everyone! Harlan Ockey here to walk you through this morning's earnings. We have companies like Telstra, Wesfarmers, Fortescue, Etsy, and Crown Castle reporting results today. Kicking things off at the ASX, Transurban (TCL) has plunged to an A$47 million loss in the first
Mission Critical: Metals markets walk China tightrope
Azzet’s Mission Critical is a weekly column that lays out the ebbs and flows around critical minerals supply chains - from production, refinement, mergers & acquisitions, to manufacturing and consumer products. Demand prospects for major critical minerals are looking uncertain this year, and while supply disruptions in copper and aluminium will be able to offer downside protection against price drops, lithium, cobalt and nickel are set to remain weighed down by an oversupply of batteries from China. In the critical minerals scene, what happens in China sends ripples around the world. Copper prices are buoyant, and it just so happens that great investment in the country is estimated to rise this year - ergo, so are its copper imports, rising 20% YoY for December. It makes sense then that refined copper out of China jumped to a record high of 1.2Mt in December, with annual production growth of 5% to 13.6Mt. Feeding in to those smelters is rebounding South American copper production, increasing in both Peru and Chile 3% YoY to 8.3Mt for 2024. China currently imports ~40% of Chile's copper and bought US$15.5 billion-worth of the red metal from Peru in 2023 - equal to 5.6% of the nation's GDP that year.Source: ANZ Resear
Latest announcements
Keep up-to-date with your favourite companies
Big investments, big impact, big ambition at West Tech Fest 2024
West Tech Fest 2024 is thrilled to announce Monique Woodard, visionary investor and Founding Partner of US-based Cake Ventures, will headline Australia’s longest running technology and innovation festival, returning to Perth this December.
Curtin University
Perth, Western AustraliaQANTAS unveils new Broom regional lounge
Qantas customers travelling through regional Western Australia will soon enjoy an enhanced airport experience with the development of its new Broome Regional Lounge starting today.
QANTAS
Mascot, New South WalesMedicare top performing health system in the world
Internationally renowned Commonwealth Fund has ranked Australia’s health system as the top performing country in 2024. Minister's Department of Health & Aged Care
Department of Health and Aged Care
Canberra, Australian Capital Territory
Grow your business
with Azzet™
Join one of the world’s fastest growing business media companies. List investment & employment opportunities, showcase your brand and more
Featured insights
Discover helpful insights from verified executives
Helen Thomas
Financial Adviser
How to split a Big Four firm — and keep 13,000 partners happy
There is growing speculation about breaking PwC up following its recent tax scandal. The question is how do you do this?
3 hours ago
Tim Harford
Serious Money. Father’s Day advice for new investors
Richard Waters
Novels still cast a spell in the age of BookTok
Merryn Somerset Webb
Opinion content. The Fed’s war on inflation is also a battle...
Gillian Tett
Pandemic dividend fades into a distant memory for ecom...
Australian Shareholders' Association
Sydney
Investing04-06 May 2025Investor Conference 2025
The ASA Investor Conference 2025 is your gateway to mastering the future of investing. This isn’t just another event – it’s a dynamic experience where top-tier speakers, industry experts, and ASX leaders come together to deliver exclusive insights that will transform your investment strategies. Whether you're looking to capitalise on emerging market trends or maximise shareholder value, you'll walk away with actionable knowledge to sharpen your edge.
$595
Morningstar
Sydney
Investment20-21 May 2025Morningstar Investment Conference
One location with everything you need to get ahead. The Morningstar Investment Conference provides advisers and financial professionals with cutting-edge research, insights, and thorough analysis. Register today to develop your practice.
FREE entry
Centre for Institutional Investors
Australia
Real Estate10-11 September 2025Real Estate Forum 2025
Real Estate has been a mainstay of Australian institutional portfolios for decades. Core holdings, such as office and retail, have come under enormous pressure in recent years, but are we about to turn a corner? The continued appropriateness of traditional sector definitions, access points and security of income, as well as an examination of “alternative” opportunities both globally and domestically is now an imperative for allocators. This forum encourages constructive, candid dialogue between key private credit allocators, managers, and consultants to provide novel views and insights on first, second and third order impacts of key trends.
FREE entry
TravelDomestic
Dubrovnik to Split Yacht Collection Cruise
Split, Croatia
8 days
This luxury yacht cruise adventure from Dubrovnik to Split travels aboard an exquisite 170ft yacht, exclusively designed for just 28 discerning guests. Enjoy experiences that allow for authentic explo...
From $4,445 Per Person
TravelDomestic
Split to Dubrovnik Yacht Collection Cruise
Dubrovnik, Croatia
8 days
Experience Croatia’s splendor by sailing from Split to Dubrovnik on a luxurious 170ft yacht accommodating just 28 passengers. This bespoke journey ensures an intimate, exclusive atmosphere with an exc...
From $4,445 Per Person
TravelDomestic
Zadar to Dubrovnik Yacht Collection Cruise
Dubrovnik, Croatia
8 days
This luxurious yacht voyage showcases the breathtaking beauty, rich history, mouthwatering cuisine, and fine wine Croatia has become so well known for. Your sleek, 170ft yacht accommodates up to just...
From $4,445 Per Person
