United States President Donald Trump said he will temporarily pause a military operation aimed at escorting commercial vessels through the Strait of Hormuz, citing progress in negotiations with Iran. In a post on Truth Social on Tuesday (Wednesday AEST), Trump announced that “Project Freedom”, launched just one day earlier, would be halted as diplomatic efforts advance. The operation had bee
United States Defence Secretary Pete Hegseth said the fragile ceasefire between the United States and Iran remains in effect, despite renewed exchanges of fire and escalating tensions in the Strait of Hormuz. Speaking at a Pentagon briefing on Tuesday, Hegseth insisted that recent incidents did not signal a breakdown in the truce. “The ceasefire is not over,” he said, addressing reporters follo
Super Micro Computer missed sales estimates last quarter amid customer readiness issues, though its shares spiked 18% due to strong earnings guidance. Net sales were US$10.24 billion, up from $4.60 billion one year ago but under LSEG consensus estimates of $12.33 billion. Earnings per share were $0.84, rising from $0.31 and passing estimates of $0.62. “Supermicro's transformation into a tota
Advanced Micro Devices beat estimates last quarter due to surging revenue from data centre products, with shares jumping 16.5%. Earnings per share were US$1.37, up from $0.96 and passing LSEG consensus estimates of $1.29. Revenue grew 38% to $10.25 billion, above estimates of $9.89 billion. “We delivered an outstanding first quarter, driven by accelerating demand for AI infrastructure, with
United States job openings edged lower in March, while a sharp increase in hiring signalled improving momentum in the labour market after a period of weakness last year. According to the Labor Department’s Job Openings and Labor Turnover Survey (JOLTS), vacancies fell by 56,000 to 6.866 million at the end of March, slightly above expectations of 6.84 million. The job openings rate eased to 4
Read popular news stories from Azzet’s business editors
United States home sales in March grew more than expected as the median selling price slid to a more than 4-year low. According to the United States Census Bureau, new single-family sales increased 7.4% from February to an annualised pace of 682,000, the fastest pace of the year. The median estimate from Bloomberg was 652,000. The median price of new houses also dropped 5.3% below the Feb
Electronic Arts saw revenue increase year-over-year in its latest earnings release, as the potential buyout continues to loom. Net revenue for the gaming giant grew 1% year-over-year to US$7.53 billion. EA’s net income came in at $461 million, or $1.81 per share, compared to last year’s $254 million or 98 cents per share. Net bookings, a measure that combines total net revenue and the cha
Magellan Financial has said its A$5.3 billion global equities funds will now be managed by Vinva Investment Management, with shares falling 7.1%. Magellan’s Global Fund strategies will be included in Vinva’s Global Alpha Strategy from early June, pending sharemarket approvals. It will also end all performance fees for the funds. “Today's announcement reflects our commitment to putting client
The Reserve Bank of Australia (RBA) has raised the cash rate by 25 basis points to 4.35%, citing mounting inflationary pressures and heightened global uncertainty linked to the ongoing conflict in the Middle East. The decision, announced on Tuesday, reflects concerns over rising fuel and commodity prices, alongside persistent domestic capacity constraints. The move was supported by a majorit
Games retailer and meme stock GameStop has offered to buy eBay, a company almost four times its size, for around US$55.5 billion (A$77.27 billion). GameStop currently has a 5% stake in eBay, and has bid $125 per share split equally between cash and stock. GameStop CEO Ryan Cohen said he aims to transform eBay into a rival to Amazon and boost its valuation to “hundreds of billions of dollars” if