Losses at Fortescue's UK battery maker blow out to $151m
The company formerly known as Williams Advanced Engineering lost £72.6 million ($151.6 million) in the year to June 2024.
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Sydney Morning Herald
12 hours ago
- Sydney Morning Herald
Trump doubles India tariff as punishment for buying Russian oil
Witkoff's long-awaited meeting with Putin lasted for about three hours, with Trump suggesting on social media there was a good outcome. Loading 'Great progress was made!' the president said of the talks in Moscow. 'Afterwards, I updated some of our European Allies. Everyone agrees this War must come to a close, and we will work towards that in the days and weeks to come. Thank you for your attention to this matter!' White House official Pete Navarro, a top adviser to Trump on trade, was scathing of India in remarks after the tariff decision. 'American dollars buy Indian products, and that sets in motion a situation where those dollars finance a war which then requires American taxpayers to pay for defending against the Russian armaments,' he said. 'That kind of trade just doesn't work.' Trump warned last week that Putin had 10 days to act on peace with Ukraine or face mammoth secondary tariffs, scaling up the economic threat to Russia after more than three years of war. The US president has been increasingly frustrated with Putin over the lack of progress towards peace, airing his concerns at a press conference with British Prime Minister Sir Keir Starmer in Scotland on July 29. He set a 50-day deadline for Putin in early July, giving the Russian leader until September 2 to stop firing missiles and drones at Ukrainian civilians and agree to a peace deal, before adjusting the timeline to August 8. 'There's no reason in waiting,' he said in Scotland. The president has repeatedly expressed frustration that the Russian leader would make claims about peace in their private conversations, but continue bombing Ukraine at night. 'Russia could be so rich, instead they spend all their money on war,' Trump said at the appearance with Starmer. 'I thought he'd want to end this thing quickly, but every time I think it's going to end, he kills people.' Bloomberg and independent Russian news outlet The Bell reported that the Kremlin might propose a moratorium on airstrikes by Russia and Ukraine – an idea that was mentioned last week by Belarusian President Alexander Lukashenko during a meeting with Putin. Zelensky said Russian missiles and drones continued to attack targets overnight, including a recreational facility in Zaporizhzhia. 'Twelve people have been injured. As of now, sadly, two people are confirmed dead,' he said on X. 'Also at night, there were vicious attacks on power grids in the Dnipro region, a drone-dropped munition targeting civilians in Kherson, and a strike on a gas facility in Novosilske, Odesa region. Hundreds of families were left without gas. In the Kharkiv and Donetsk regions, the Russians targeted people's private homes. 'No matter what the Kremlin says, they will only genuinely seek to end the war once they feel adequate pressure.'
News.com.au
14 hours ago
- News.com.au
Lunch Wrap: Stocks slip lower at lunch, market operator ASX plunges as monopoly under threat
Market operator ASX plunges as monopoly days look numbered Tech and real estate perk up on rate cut whispers Rio and Fortescue wobble as China property hopes fade By Thursday lunchtime in the east, the ASX was slipping a bit further into the red, down by 0.25%. Banks lagged, but retailers and real estate led the winners – those rate-sensitive beasts that perk up fast when rumours of rate cuts start floating in from Wall Street. And float in they did. Overnight, the Fed Reserve's Neel Kashkari cracked the door open, saying a rate cut might arrive 'soon'. In the mining space, iron ore names like Rio Tinto (ASX:RIO) and Fortescue (ASX:FMG) came under pressure after UBS walked back its call on China's property rebound. Analyst John Lam now reckons the turnaround won't hit until mid-to-late 2026, later than the early 2026 bounce he tipped just a few months ago. Without fresh stimulus, the sales slump is likely to linger. That's bad news for iron ore demand, and markets know it. This is where things stood at about 12:50pm AEST: In the large caps space, the embattled market operator, ASX (ASX:ASX), took a spectacular nosedive, down 9%, after Treasurer Jim Chalmers suggested he would move to end its long-standing monopoly. The timing couldn't have been worse. ASX had just told investors it's about to book up to $35 million in unexpected compliance and legal costs next financial year, as ASIC pokes deeper into its governance and systems. And to add insult to injury, it just came off a bungled announcement yesterday that mistakenly linked TPG Telecom (ASX:TPG) to a takeover bid, causing chaos and a $400 million hit to its market cap. Australia's corporate cop, ASIC, already said it was in the 'final stages' of weighing up a move that could finally let US exchange giant Cboe go toe-to-toe with the ASX. This would give local companies the option to list somewhere that isn't, well… the ASX. Still in large caps, AMP (ASX:AMP) rose 1% despite revealing a statutory net profit of $98 million, down nearly 5% year-on-year. One notable move this morning was gaming giant Light & Wonder (ASX:LNW), which announced it will officially delist from Nasdaq and go all-in on the ASX. After mulling it over for months, the Las Vegas-based company says the ASX will become its sole listing by November 2025. LNW's shares plunged 5%. ASX LEADERS Today's best performing stocks (including small caps) intraday: Security Description Last % Volume MktCap AYM Australia United Min 0.003 50% 60,959 $3,685,155 MOM Moab Minerals Ltd 0.002 50% 500,000 $1,874,666 RLC Reedy Lagoon Corp. 0.003 50% 300,000 $1,553,413 EDEDA Eden Inv Ltd 0.044 33% 456,555 $6,781,304 BLZ Blaze Minerals Ltd 0.004 33% 690,000 $5,335,392 XRG Xreality Group Ltd 0.041 32% 14,188,502 $23,049,973 PFT Pure Foods Tas Ltd 0.025 25% 188,405 $2,808,512 AUQ Alara Resources Ltd 0.040 25% 3,392,548 $25,698,801 BIT Biotron Limited 0.003 25% 239,090 $2,654,492 MOH Moho Resources 0.005 25% 600,982 $2,981,656 PER Percheron 0.010 25% 838,751 $8,699,501 ERD Eroad Limited 1.795 25% 1,628,836 $269,956,591 MQR Marquee Resource Ltd 0.014 23% 17,340,817 $6,453,911 4DX 4Dmedical Limited 0.480 22% 3,548,357 $183,888,487 AMS Atomos 0.006 20% 36,646 $6,075,092 AOK Australian Oil. 0.003 20% 20,000 $2,594,457 IMI Infinitymining 0.012 20% 606,928 $4,230,158 RAS Ragusa Minerals Ltd 0.024 20% 475,984 $3,563,976 OEC Orbital Corp Limited 0.190 19% 512,941 $26,364,755 AN1 Anagenics Limited 0.007 17% 81,674 $2,977,922 GTR Gti Energy Ltd 0.004 17% 652,112 $11,167,964 TSL Titanium Sands Ltd 0.007 17% 169,905 $14,068,483 CC5 Clever Culture 0.036 16% 6,801,427 $55,271,853 EOS Electro Optic Sys. 5.085 15% 6,956,139 $850,918,757 XReality Group (ASX:XRG) has scored a $5.7m contract with the Texas Department of Public Safety, its biggest Operator XR order yet. The deal covers VR training systems, rollout, and support, with delivery due in Q2 FY26. Back home, XRG has also picked up a $2.1m government grant to ramp up AI across the platform. Alara Resources (ASX:AUQ) has flicked the switch on new tailings filter presses at its Al Wash-hi Majaza copper-gold plant in Oman, boosting production capacity from around 65% to a projected 85-90%. The interim units, sourced from China, are already lifting output, with monthly concentrate expected to hit 3000-3200 dry tonnes. A permanent press is on the way, which should push the plant closer to full throttle. Marquee Resources (ASX:MQR) has struck antimony in every hole from its first drill campaign at Mt Clement, confirming extensions and uncovering new structures. The project sits next to Australia's largest undeveloped antimony resource, and a maiden mineral resource estimate is due by August-end, with phase 2 drilling to kick off this quarter. Infinity Mining (ASX:IMI) has confirmed more high-grade gold at its Sir Walter Scott prospect in northern NSW, with nine out of 12 rock chips grading over 1 g/t, including a standout 68.6 g/t. The samples were taken along a 1km corridor, building on earlier results and aligning with historical high-grade production from the late 1800s. ASX LAGGARDS Today's worst performing stocks (including small caps) intraday: Code Name Price % Change Volume Market Cap SRN Surefire Rescs NL 0.001 -50% 578,000 $6,457,219 MTL Mantle Minerals Ltd 0.001 -33% 22,040,000 $9,671,169 GGE Grand Gulf Energy 0.002 -25% 20,565 $5,640,850 RPG Raptis Group Limited 0.123 -21% 27,636 $54,356,152 WBE Whitebark Energy 0.004 -20% 28,334 $3,502,788 SRJ SRJ Technologies 0.005 -17% 10,484 $4,168,480 TOU Tlou Energy Ltd 0.022 -15% 467,000 $33,763,192 IDT IDT Australia Ltd 0.077 -14% 1,144,398 $38,593,518 ANX Anax Metals Ltd 0.006 -14% 100,000 $6,179,653 NAE New Age Exploration 0.003 -14% 20,347,856 $9,470,690 RGL Riversgold 0.003 -14% 337,000 $5,892,994 UNT Unith Ltd 0.006 -14% 4,949,609 $10,351,498 SLX Silex Systems 4.010 -13% 3,225,219 $1,102,429,502 TMG Trigg Minerals Ltd 0.096 -13% 29,704,429 $124,836,991 BLU Blue Energy Limited 0.007 -13% 48,206 $14,807,789 BNL Blue Star Helium Ltd 0.007 -13% 8,254,343 $21,559,082 CHM Chimeric Therapeutic 0.004 -13% 3,312,305 $12,996,494 ASE Astute Metals NL 0.015 -12% 9,877,115 $10,508,545 SMM Somerset Minerals 0.015 -12% 2,301,278 $10,966,369 SRK Strike Resources 0.031 -11% 210,733 $9,931,250 HYD Hydrix Limited 0.016 -11% 19,797 $4,909,839 BCK Brockman Mining Ltd 0.017 -11% 56,742 $176,324,410 IN CASE YOU MISSED IT Maronan Metals (ASX:MMA) has entered into an MoU with Austral Resources (ASX:AR1) to toll treat ore at Austral's Rocklands processing facility. Green Technology Metals (ASX:GT1) and partner EcoPro Innovation have produced lithium hydroxide averaging more than 94% recoveries using ore from the company's Seymour project in Canada. Gold producer Ariana Resources is looking to dual-list on the ASX with plans to raise between $10-15 million.
Sydney Morning Herald
16 hours ago
- Sydney Morning Herald
Let's scuttle AUKUS before it sinks
In a welcome display of proper process and reasonable judgment, the Australian government has committed to buy 11 Mogami-class frigates from Japan to replace the ageing ANZAC-class frigates (three to be built in Japan, the rest in Western Australia). The Mogami-class is an advanced and settled design; Mitsubishi Heavy Industries is experienced and seemingly reliably produces these ships; and Japan is an important security partner in Australia's region. It is a positive departure from the theatre of the absurd that has recently characterised the Australian government's approach to security, especially its pandering to British delusions and determination to flog the dead horse that is AUKUS. Just the preceding month of July saw a conga line of such folly. Examples are as memorable as they are depressing. Britain's commitment to the defence of Australia was declared to be ' absolute ', according to the UK Defence Secretary John Healey, in a show of solidarity as substantive as a mirage within a hologram within a dream. But it is not Australia's dream. Australia remembers the fall of Singapore and the tissue-like protection of British security guarantees. It is exclusively a British dream, and one that should receive no traction in Australia. At the heart of this imperial hallucination lies the AUKUS fallacy – the belief that Australia's defence and security is well served by the acquisition of eight nuclear-powered submarines; that the US will magically increase production of its Virginia Class submarines from 1.2 to 2.3 per year, enabling it to share some with Australia; and that the UK and Australia are capable of developing from scratch a new nuclear-powered submarine within a suitable timeframe and to an acceptable level of reliability and capability (noting that Britain's current Astute-class nuclear attack submarines are often not at sea, including now, when all seven of them are wharf-side in repair or awaiting repair). The deficiencies and contradictions in the AUKUS submarine project are so great that in the commercial world such a prospectus would not gain one investor. It is accordingly irresponsible for the Australian government to bankroll such a doomed venture to the tune of $368 billion, which could be better used in real, effective and appropriate defence platforms and munitions, equipment and personnel, not to mention hospitals, schools or even houses. Loading Apart from the unfortunate but telling example of British maritime industrial inability as demonstrated by the Astute-class submarine, Australia has also been burdened by Britain's contribution to the Hunter frigates, which Strategic Analysis Australia director Michael Shoebridge has described as a ludicrous waste of money for very little military capability. In this context, the bilateral Nuclear-Powered Submarine Partnership and Collaboration Treaty, known as the Geelong Treaty, signed by Australia's Defence Minister, Richard Marles, and Healey, condemns Australia to providing the UK with ongoing industrial support for the next 50 years. Of course, the signatories present the heralded collaboration as vital to Australian and UK shared security interests, but such an assertion collapses under analysis of UK security interests in Australia's region, UK military capabilities available now or in the future to defend Australia, and UK military industrial capabilities to design, manufacture and maintain the submarine capabilities of its imaginings.
