Business

News on companies, industries, and corporate developments.

Business
Azzet Unpacked: Mining talks, political breakups + more
Frankie Reid is here back with another Azzet Unpacked for you, after another big week for global markets, politics, earnings reports and more!From East to WestIt was a big week for three key players: Russia, China and the United States. The week kicked off with a bang for the global economy, as the U.S. sovereign credit rating was downgraded by Moody's Ratings. The historic move saw United States stock futures fall on Sunday evening (Monday AEST). Moody’s was the last of the three major rating agencies to maintain a perfect credit rating for the States, and had held the rating since 1917 before this latest shift from Aaa to Aa1, citing the government deficit as one of the key reasons. More on that here from Oliver Gray, as well as how the market responded over here. There was plenty happening with our own economy too, however, as the Reserve Bank of Australia cut interest rates to 3.85%. But the RBA’s Monetary Policy Board, after a two-day-long meeting, said it still remains cautious. “The Board is focused on its mandate to deliver price stability and full employment and will do what it considers necessary to achieve that outcome," it said. “It nevertheless remains cautious about the outlook, particularly g
Business
Investors getting Intuit after posting Q3 forecast beat
AI enhancements to global fintech platform Intuit have led to strong Q3 results, beating analyst estimates and even stronger than expected guidance for the upcoming quarter. The brains behind QuickBooks, Mailchimp, Turbotax and Credit Karma went up 4% on Wall Street in after-hours trading, with earnings per share (EPS) up 18% and revenue of US$7.8 billion up 15%. EPS came in at $11.65, exceeding forecasts of $10.93, driven by an uptick in revenue from integrating generative AI into its product suite.Credit: Intuit“We have exceptional momentum with outstanding performance across our platform,” Intuit CEO Sasan Goodarzi said. “We're redefining what's possible with AI by becoming a one-stop shop of AI agents and AI-enabled human experts to fuel the success of consumers and small and mid-market businesses. “We had an outstanding year in tax, including a significant acceleration in TurboTax Live revenue growth as we disrupt the assisted tax category.” Intuit is confident the run will continue, upping its Q4 guidance to between $18.72 and $18.76 billion, up from the range of $18.16-$18.35 billion it shared last quarter. That’s a beat on analysts' predictions, who were expecting $18.35 billion, according to an LSEG poll
Business
Stocks rally on Trump's fresh nuclear power ambitions
Shares in local uranium stocks rallied at the open on revelations that United States President Donald Trump will today sign executive orders designed to kickstart the nuclear energy industry. Today’s executive order will see Trump invoke the Cold War-era Defence Production Act - to declare a national emergency over U.S. dependence on Russia and China for enriched uranium, nuclear fuel processing and advanced reactor inputs. The net effect will be an easing of regulatory processes for approvals for new reactors and strengthening the fuel supply chain. Trump has espoused the view that uranium imports are a threat to U.S. national security for many years. AI boom underpins surging power demandUnderpinning Trump’s renewed interest in nuclear power is an unprecedented rise in power demand in 20 years due to the power-hungry artificial intelligence boom. Chris Wright, the energy secretary, compared the race to develop the power sources and data centres needed for AI as something akin to "Manhattan Project 2" – the former being the massive U.S. program during World War II to develop atomic bombs. As well as directing the Departments of Energy and Defense to identify federal lands and facilities for nuclear deployment, Tru
Business
Workday shares fall 6.9pc on guidance despite earnings
Workday posted strong fiscal Q1 results, as total revenue hit $2.24 billion, up 12.6% year-over-year. Subscription revenue climbed 13.4% to $2.06 billion. However, operating income dropped to $39 million, impacted by $166 million in restructuring costs. Non-GAAP operating income surged 31% to $677 million, reflecting improved efficiency. Despite restructuring, Workday’s subscription revenue backlog grew 15.6% to $7.63 billion. Total backlog increased 19.1% to $24.62 billion, signalling stronger future revenues. Operating cash flow rose 22.8% to $457 million, while free cash flow jumped 44.7% to $421 million. The company repurchased 1.3 million shares for $293 million, reinforcing shareholder value. CEO Carl Eschenbach (pictured) emphasised Workday’s AI-driven platform, helping businesses manage people and finances efficiently. "Workday delivered another solid quarter, a testament to the durability of our business and the relevance of our platform as CEOs increasingly turn to us to drive efficiency, agility, and growth," said Eschenbach. "We are delivering real ROI for our customers by helping them effectively manage their most critical assets — people and money — on one unified platform with AI at the core."
Business
Rio's Stausholm quits amid speculation he was pushed
The surprise decision by CEO Jakob Stausholm to exit by the end of the year leaves Rio Tinto (ASX: RIO) with big shoes to fill within one of the world's biggest mining companies. Undisclosed sources suggest the Danish national was given his marching orders by a board that had lost confidence in his ability to turn around mine performance and bring new projects on board. It’s understood that Perth-based Simon Trott, who leads the company’s iron ore operation in WA, along with Mongolian-born chief commercial officer Bold Baatar – and former copper head - are regarded as front runners for the top job. Meanwhile, Stausholm is expected to remain in the top job until his successor is named before the release of Rio’s September quarter production results. Stausholm, who took the job almost five years ago amid the outcry over the destruction of the Juukan Gorge indigenous site – which forced the exit of his predecessor Jean-Sebastien Jacques – will be the fourth CEO to exit on bad terms within 12 years. Stausholm will be remembered for expanding the company’s iron ore assets beyond its Pilbara heartland by:Securing approval to develop the $34 billion Simandou iron ore joint venture in the West African country of Guinea. Ex

Business
Mission Critical: Yes, China's driving our energy future
As the world’s top producer and consumer of lithium-ion batteries - and its rapidly growing recycling sector - China controls much of the global battery supply chain. It’s wielding that fact as a sword against the United States and its allies - perhaps not unfairly - as part of its retaliatory measures in the overarching battle for global dominance between the two superpowers. While the U.S. bans Chinese battery making companies from doing business with American companies, the Middle Kingdom has realised the leverage it gains by using its monopoly over the production, refinement and manufacturing of key critical minerals - where they were cheaply outsourced by the West for decades. Find out more: Export ban: China goes tit-for-tat with US in epic trade warMove over Tesla?The West - led by America post-WWII - could be perceived to have wielded advanced technological innovations to assert itself as the world's leader into the future. If that is true, then perhaps China's own innovations in battery tech could be a catalyst to usher in the East as the world's next top dog in auto tech. And if you keep reading, you'll see why it's near inevitable that China will likely (unless you're me and think it already is) become the n
Business
Redundancies: Westpac set for biggest cuts in a decade
Westpac is preparing for its biggest redundancy round in a decade, with more than 1,500 jobs expected to be axed. The major bank’s redundancy round is part of new boss Anthony Miller’s overhaul to simplify processes and cut costs. The Australian Financial Review reported that Miller asked bank managers to consider how they would reduce workers by 5% in the coming months, amid weak first-half results that caused share prices to sink. A 5% decrease in employees would lead to 1,700 staff departures on top of the 900 full-time role cuts in the last financial year. A spokesperson told the Financial Review that the final number of staff exits had not been decided, with some redundancies still under consideration. “While we continue to invest in extra bankers and customer-facing roles, other programs and initiatives may need fewer resources,” the spokesperson said. “This means, from time to time, we make changes that may impact some roles and responsibilities.” The spokesperson said the company’s workforce will continue to evolve alongside banking skills and capabilities. “We try to keep as many employees as we can, through retraining and redeployment.” At the same time, the company plans mass redundancies. Mil
Business
Wesfarmers CEO sees growth, deals driving returns
Shares in Wesfarmers (ASX: WES) were moving sideways at noon after bouncing lower at the open, with the market appearing to be unimpressed by the conglomerate’s litany of updates, including Bunnings, Anko store rollout plans and future outlook projections. While it's been a tough few years for Australian consumers due to escalating cost-of-living pressures, Wesfarmer powerhouse brands Bunnings, Kmart, Target, Officeworks, and Priceline – which are directly exposed to the consumer discretionary sector - continue to outperform. With consumers likely to remain value-conscious as living costs rise, Wesfarmers CEO Rob Scott reminded shareholders that its cost-conscious brands will help the stock go on delivering superior returns well into the future.Top quartile returnsScott also reminded investors that Wesfarmers’ total shareholder return since listing in 1984 - relative to total shareholder returns to the broader market – has repeatedly been top quartile. “We are singularly focused on providing products and services that are making life more affordable and more accessible for Australian households and businesses, and I really wouldn’t underestimate the power of that,” Scott told investors at a strategy day today. Despite
Business
Medtronic beats estimates; Diabetes division spin-off
American-Irish medical device company Medtronic closed FY25 on a high note, reporting US$8.9 billion in Q4 revenue, up 3.9%, with organic growth of 5.4%. GAAP earnings per share (EPS) soared 67% to $0.82, while non-GAAP EPS climbed 11% to $1.62, beating market expectations of $1.58. The company expanded its margins, increasing operating profit by 36% GAAP and 8% Non-GAAP. Cardiac Ablation Solutions led the charge, with 30% revenue growth, fuelled by pulsed field ablation adoption. Medtronic also advanced its pipeline, submitting the Hugo™ RAS system for U.S. FDA approval and launching BrainSense™ Adaptive Deep Brain Stimulation. For the full fiscal year, Medtronic delivered $33.5 billion in revenue, reflecting a 3.6% increase, while organic growth reached 4.9%. GAAP EPS surged 31% to $3.61, with non-GAAP EPS rising 6% to $5.49. Cash flow remained strong, with $7 billion in operations and $5.2 billion in free cash flow. Shareholders benefited, as Medtronic returned $6.3 billion and raised its Q1 FY26 dividend to $0.71 per share, marking its 48th consecutive increase. A strategic shift was also announced - Medtronic plans to spin off its Diabetes division into a standalone public company. The company’s inn