Hopes of an agreement to reopen the Strait of Hormuz weakened on Monday after United States President Donald Trump responded to Iran's conditions for a peace deal by demanding compensation from Tehran for people killed in wars, attacks and protests. Trump's demand, which had not previously been raised, came after Iran called for compensation and an end to sanctions as part of its conditions for
Trump Media & Technology Group reported a net loss of more than US$238 million (A$336.9 million) for its fiscal second quarter, despite revenue of less than $2 million. The loss was significantly larger than the nearly $20 million loss recorded in the same period last year and was primarily attributed to declines in non-cash assets, including more than $190 million in losses from “digital asset
OpenAI has reportedly completed a secondary share sale worth roughly US$7 billion (A$9.91 billion), allowing current and former employees to sell shares at the company's $852 billion valuation. The tender offer has been in the works since OpenAI closed its record $122 billion funding round in March. The transaction is expected to ease near-term liquidity pressures by allowing employees to cash
Major United States benchmark averages closed slightly lower on Monday (Tuesday AEST) as investors became less optimistic about a deal to reopen the Strait of Hormuz. The Dow Jones Industrial Average fell 61 points, or 0.1%, to 53,976.0. The S&P 500 declined 4.5 points, or 0.1%, to 7,753.1, while the Nasdaq dropped 85.3 points, or 0.3%, to 26,605.4. U.S. President Donald Trump demanded that
The Reserve Bank of Australia has held the official cash rate at 4.35% after three rate hikes earlier this year, while warning it could raise rates again if needed to bring inflation back to target. The widely expected decision came as falling property values in Sydney and Melbourne spread to Brisbane, Perth and Adelaide following the earlier rate increases. Economists and financial markets
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The United States economy unexpectedly shed jobs in July, while previously reported employment gains for the prior two months were revised sharply lower, reducing expectations of a Federal Reserve interest rate hike next month. Nonfarm payrolls fell by 23,000 last month, the Labor Department's Bureau of Labor Statistics said. Economists had expected payrolls to increase by 80,000, following
Michael Burry, the investor made famous by “The Big Short”, is maintaining his bearish stance on markets despite the S&P 500 pushing to record highs, warning that the rally could still end in a sharp reversal similar to the 1987 stock market crash. “I continue to believe it is possible we are near a major top, and possible a 1987-type fall, but the S&P 500 making new highs likely will bring new
Advanced Micro Devices (AMD) has agreed to acquire Canadian startup Taalas as the chipmaker broadens its artificial intelligence portfolio beyond graphics processing units and strengthens its capabilities in AI inference. Toronto-based Taalas develops specialised inference chips that are customised, or hard-wired, for individual AI models rather than serving as general-purpose processors. “A
Airbnb shares surged 9% in after-hours trading on Thursday (Friday AEST) after the accommodation platform reported stronger-than-expected second-quarter earnings and revenue, while issuing an upbeat forecast for the current quarter. The company posted earnings of US$1.37 per share, beating analysts' expectations of $1.26. Revenue rose to $3.61 billion, ahead of forecasts for $3.58 billion. S
Private sector hiring slowed in July, with employers adding fewer workers than expected as job growth remained concentrated in healthcare, according to payroll processor ADP. Private companies added a seasonally adjusted 44,000 jobs during the month, down from a downwardly revised 95,000 in June and well below economists' expectations for 75,000 new positions. The services sector accounted f
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