Debate Heats Up on Future of Australia's Mining Hub
Good morning folks, it's Adam here in Sydney bringing you all the latest news from our bureaus across the globe.
Today's must-reads:
• Rio Tinto executive defends future of the Pilbara
• Bitcoin hits record high
• Ex-BofA banker faces insider trading probe
We start with a division of opinion over the future of Western Australia's Pilbara region. Rio Tinto executive Simon Trott has defended the iron ore hub's prospects, after mining billionaire Andrew Forrest delivered a downbeat message.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
an hour ago
- Yahoo
Liberals concede tax cut stance a 'strategic mistake'
The coalition's new finance spokesman has conceded campaigning against tax cuts was a significant error, promising to push for lower rates in the next term of parliament. James Paterson said the coalition's position against Labor's two-part tax cuts, which would be a reduction of more than $500 a year from July 2027, had cost votes at the May election. While a review of policies was being carried out after the election loss, Senator Paterson said lower taxes would be a significant part of the platform. "We made a strategic mistake at the last election by opposing a tax cut and taking to the election repealing of that tax cut, and that's not a mistake we'll repeat," he told ABC's Insiders program on Sunday. "It's certainly in the Liberal Party's DNA to argue for and advocate for lower taxes whenever they can be afforded and whenever they are achievable." It comes as the coalition has come out against Labor's policy to double the tax rate on superannuation balances above $3 million. The tax rate would increase to 30 per cent in a bid to limit the number of people using their super balances for tax deductions, rather than their retirements. Senator Paterson said the policy was a grab for revenue. "We're never going to make that easier for the government, and we're fighting this because we're opposed to it in principle and we're proud to do so," he said. The median super balance for 60 to 64-year-olds is roughly $200,000 for men and $150,000 for women, with the vast majority of retirees unlikely to feel the impact of Labor's proposal. Prime Minister Anthony Albanese on Thursday said the changes would make the superannuation system fairer. Opposition industrial relations spokesman Tim Wilson said the government had broken trust with voters on the proposal. "Many people walked into the polling booth at the last election didn't think that the government was going to impose a new tax on unsold assets that was going progressively creep into the superannuation balances of millions of Australians," he told Sky News.
Yahoo
3 hours ago
- Yahoo
What It Will Take For A Bitcoin Treasury Company To Become 'The Berkshire Hathaway Of Bitcoin'
Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. Bitwise strategist Jeff Park has weighed in on what it would take for a company to become 'the Berkshire Hathaway of Bitcoin.' Park has said financial leadership alone would not be enough for any firm to become the ideal Bitcoin treasury company. Public corporations have become the dominant players in the Bitcoin market in recent months. When it comes to shareholder value growth, few firms can hold a candle to Warren Buffett's Berkshire Hathaway (NYSE:BRK, BRK.B)). Between 1965 and 2023, the company delivered a compound annual growth rate of nearly 20% to its shareholders, outperforming the S&P 500 by approximately 10%. So, it makes sense that Strive Asset Management CEO Matt Cole last month cited Berkshire Hathaway when discussing the firm's aspirations in the Bitcoin treasury company space. 'We're going to be one of the major players in the space where I look at us as kind of the Berkshire Hathaway of Bitcoin Treasury companies,' he said at the time. Don't Miss: — no wallets, just price speculation and free paper trading to practice different strategies. Grow your IRA or 401(k) with Crypto – . Achieving this goal, however, will be no easy task. "The Berkshire Hathaway of Bitcoin' would have to master three different return on equity strategies, said Top Bitwise strategist Jeff Park on Monday. These strategies include liability management, asset management and operating equity management. According to Park, however, Bitcoin treasury firms in their current form are not taking advantage of more than one approach. He put MicroStrategy (NASDAQ:MSTR), The Blockchain Group and Metaplanet's strategies under liability management. Strive and Twenty One's efforts were classified under asset management, while Kindly MD's (NASDAQ:KDLY) efforts were placed under operating equity management. Meanwhile, Park said financial leadership alone would not be enough for a Bitcoin treasury company to become 'the Berkshire Hathaway of Bitcoin.' After all, the Oracle of Omaha's firm is not only recognized for its financial success but also its stabilizing role during times of distress. Trending: New to crypto? on Coinbase. So, in addition to mastering the outlined ROE strategies, Park said the ideal Bitcoin treasury company would need to build its 'spiritual weight' by wholeheartedly supporting Bitcoin development and prioritizing the community over corporate interests. 'Bitcoin companies must embrace the same vision of classical liberalism as individuals, to pursue freedom, decentralization, and unity: principles that only open-source software can truly deliver, not the managerial politicians,' he said, adding that 'the best corporate leaders will see that the real opportunity isn't just in accumulating, but in becoming custodians of a future where individuals, not institutions, hold the keys.' Public corporations have become the dominant players in the Bitcoin market in recent months. Bitwise said in April that these firms purchased 95,000 BTC in Q1 alone, more than half of the approximately 165,000 BTC expected to be mined this year. And with the entry of players like Strive, Twenty One and Kindly MD into the space in recent weeks, the Bitcoin purchases look set to accelerate even more. Many expect that this demand will drive the asset's price significantly higher. Bitwise, for example, has set a year-end price target of $200,000. Fundstrat has set a target of $250,000. VanEck has set a target of $180,000. At last look, the asset is trading at over $106,000, up nearly 2% in the past 24 hours. Read Next: A must-have for all crypto enthusiasts: . Maker of the $60,000 foldable home has 3 factory buildings, 600+ houses built, and big plans to solve housing — Image: Shutterstock This article What It Will Take For A Bitcoin Treasury Company To Become 'The Berkshire Hathaway Of Bitcoin' originally appeared on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
3 hours ago
- Yahoo
Engineers unveil radical new freight system that could make diesel trucks obsolete: 'Almost like a mini-airline'
A team of engineers from the University of New South Wales is developing a fleet of drones that can deliver vital supplies to remote areas of Australia. The all-electric fleet would produce zero emissions and be a game-changer for both the population of these remote areas and the environment at large. Countries like Australia have vast swaths of remote land. The population of these remote areas depends on diesel trucks for the delivery of vital materials such as food and medicine. But the emissions from those long deliveries can be detrimental to both the environment and the humans they are serving. Diesel trucks are one of the largest sources of emissions around the globe, contributing to human respiratory illnesses such as asthma and lung disease. They are also detrimental to the environment, as they can degrade crops and soil as well as produce acid rain. To top it all off, they contribute mightily to warming temperatures around the globe. The project is a collaboration between a company called Seaflight Technologies and Macquarie University. Together, they are developing the AURA-E, an electric drone designed for long-range, heavy cargo transport. The ultimate goal of the program is to create a drone that can carry 440-660 pounds over hundreds of kilometers. The leaders of the program believe its benefits will go beyond efficiency and being better for the environment. It should also be a significant source of job growth in the region. This is because the operation of a fleet of drones will require a new generation of aviation professionals and entrepreneurs. With that in mind, the government of Australia awarded the development team half of the program's $3 million budget. This is only the latest use of drone technology to benefit the environment. It has also been used to locate abandoned oil and gas wells. And they are increasingly being deployed to fight deadly and destructive wildfires before they can spread out of control. The heads of the program have big ideas about its potential scope. "If you imagine drones as being almost like a mini-airline, you could have hundreds or even thousands of flights per day," said Graham Doig, the founder of Seaflight Technologies. He was also understandably enthusiastic about the idea of replacing the dirty diesel trucks. "You can start talking about resupplying a community with medical supplies or fresh fruit and vegetables that otherwise would have come from the other side of the country in a diesel-spewing truck. We're taking that off the road, and we're replacing it with near-zero emissions technology that can provide people with goods they need the next day." Which of the following sustainable changes would make you most likely to choose a particular airline? Using cleaner fuel Reducing in-flight waste Making it easy to choose low-emissions itineraries I don't pay attention to sustainability when I fly Click your choice to see results and speak your mind. Join our free newsletter for weekly updates on the latest innovations improving our lives and shaping our future, and don't miss this cool list of easy ways to help yourself while helping the planet.
