Copper's identity crisis is over - and the market is only just catching on. The red metal hit record highs above US$13,000 per tonne (t) in early January, capping a year in which it gained more than 35% - its best annual return since 2009. According to Steve Schoffstall, Head of ETFs at Sprott Asset Management, the rally reflects a secular shift that has been building for half a decade - one th
Australians face an increase in borrowing costs with the Reserve Bank of Australia (RBA) expected to lift official interest rates tomorrow. In fact, the central bank is tipped to increase them twice in three months, with another hike expected in June. A rising number of economists have forecast a 25 basis point lift in the official cash rate to 4.1% when the RBA announces its decision at 2.3
The United States is considering striking oil infrastructure on Iran’s Kharg Island, according to Ambassador to the United Nations Mike Waltz, following its attacks on the island’s military targets. Kharg Island, a major oil export hub, represents roughly 90% of Iran’s crude exports. The U.S. struck military targets on the island on Friday, though President Donald Trump said it would only attac
Macquarie Group subsidiary Macquarie Securities (Australia) Limited (MSAL) has been ordered to pay a A$35 million (US$24.4 million) penalty for systems-related failures that caused the misreporting of short sales. The order was made by the New South Wales Supreme Court, which also found MSAL engaged in misleading conduct in relation to its misreporting, and ordered it to engage an independent e
The United States’ gross domestic product growth unexpectedly slowed last quarter amid the government shutdown, while the Federal Reserve’s preferred inflation metric remained high. GDP growth was just 0.7% in the quarter to December, according to the Bureau of Economic Analysis (BEA). This is well below the previous quarter’s 4.4% increase and under Reuters-polled economists’ estimate of 1.4%.
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China’s largest e-commerce company, JD.com, is launching in Europe and is poised to compete with Amazon. The online retailer is worth US$40 billion and started selling more than 100,000 products from high-end brands such as Apple and Samsung to groceries in six European countries, including the United Kingdom and Germany. The service operates under the Joybuy brand and promises to deliver pr
Fonterra Co-operative Group is seeking a replacement for Chief Executive Officer (CEO) Miles Hurrell following his decision to resign. The New Zealand-based dairy co-operative CEO announced his resignation in a statement to the New Zealand Stock Exchange on Monday. “The board has begun a search for a new chief executive and expects to appoint a successor in the coming months,” Fonterra said.
Adobe Inc has agreed to pay US$150 million (A$215 million) to settle a United States Government lawsuit alleging it hid large termination fees and made it hard to cancel subscriptions. The U.S. Department of Justice said it had filed a proposed stipulated order to resolve a case against the software company and employees Maninder Sawhney and David Wadhwani. The order required Adobe to pay $
The Trump administration is preparing to announce a multinational naval coalition to escort commercial vessels through the Strait of Hormuz, according to United States officials cited by the Wall Street Journal, as escalating attacks on shipping threaten one of the world’s most critical energy chokepoints. The proposed coalition would involve several allied navies providing armed escorts to oil
Meta Platforms is weighing layoffs that could strip out roughly 20% of its staff - around 15,800 positions from a headcount of 78,865 - as the company looks to fund an AI infrastructure program that has yet to match rivals. Three people familiar with the discussions told Reuters that top executives have begun instructing senior leaders to plan for reductions, though no date or final figure has
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