Gas giants say they can get Asia off coal
New analysis backs the case for encouraging Asian countries to import more Australian gas in pursuit of cost-effective pathways to near-term climate targets as the slow rollout of renewables threatens to prolong the region's huge reliance on coal power.
Energy research firm S&P argues that replacing coal with a 'balanced' mix of renewables and gas in select Asian countries would result in emissions reductions of up to 38 per cent by 2035 at a broadly comparable cost to existing plans.
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Perth Now
an hour ago
- Perth Now
Wall St ends sharply lower amid Iran-Israel conflict
Wall Street has ended sharply lower after Iran launched missiles at Israel in response to intensive Israeli strikes aimed at crippling Iran's ability to build nuclear weapons. Explosions were heard and seen over Tel Aviv and Jerusalem as sirens sounded across Israel following what the country's military spokesman said was the firing of missiles from Iran. That came after Israel struck nuclear facilities and missile factories in Iran, escalating tensions in the Middle East and undermining global investor confidence. Oil prices surged nearly 7.0 per cent on fears the conflict could disrupt crude supply from the Middle East. US energy stocks rose in tandem, with Exxon up 2.2 per cent and Diamondback Energy rallying 3.7 per cent. "It looks as though we could be in for a full-blown military conflict," Elias Haddad, senior markets strategist at Brown Brothers Harriman, said earlier on Friday. "If it ends up closing down the Strait of Hormuz, where a third of global oil supply goes through, this could have some pretty nasty effect on global markets." Airline stocks fell on fears that fuel costs could climb. Delta Air Lines lost 3.8 per cent, United Airlines fell 4.4 per cent and American Airlines declined 4.9 per cent. Defence stocks climbed, with Lockheed Martin, RTX Corporation and Northrop Grumman all gaining more than 3.0 per cent. The S&P 500 declined 1.13 per cent to end the session at 5,976.97 points, the Nasdaq declined 1.30 per cent to 19,406.83 points and the Dow Jones Industrial Average declined 1.79 per cent to 42,197.79 points. Ten of the 11 S&P 500 sector indexes declined, led lower by financials, down 2.06 per cent, followed by a 1.5 per cent loss in information technology. Volume on US exchanges was 17.9 billion shares traded compared with an average of 18.2 billion shares over the previous 20 sessions. For the week, the S&P 500 dipped 0.4 per cent, the Nasdaq lost 0.6 per cent and the Dow fell 1.3 per cent. Photoshop maker Adobe fell 5.3 per cent as concerns that the company's pace of AI adoption was too slow overshadowed an increased annual revenue forecast. Oracle jumped 7.7 per cent to a record high, rallying for a second day after the technology company gave an upbeat forecast driven by demand for its AI services. Nvidia dipped 2.1 per cent and Apple lost 1.4 per cent. Visa and Mastercard both fell more than 4.0 per cent after the Wall Street Journal reported that major retailers are exploring cryptocurrencies that could eliminate the need for payment intermediaries. A tame consumer price report, softer-than-expected producer price data and largely unchanged initial jobless claims earlier this week helped calm investor jitters around tariff-driven price pressures. US Federal Reserve policymakers are widely expected to keep interest rates unchanged at their meeting next week. With investors betting the United States will reach trade agreements that reduce President Donald Trump's steep trade barriers, the S&P 500 is now trading just below its February record highs. The University of Michigan's Surveys of Consumers showed consumer sentiment improved for the first time in six months in June amid trade uncertainty. Declining stocks outnumbered rising ones within the S&P 500 by a 6.1-to-one ratio. The S&P 500 posted 10 new highs and 6 new lows; the Nasdaq recorded 37 new highs and 131 new lows.
Sydney Morning Herald
an hour ago
- Sydney Morning Herald
These vacant railway yards at Redfern could be our next mega film studios
Market soundings for potential screen studio locations were concluded last month to identify suitable sites and viable options for screen infrastructure and production spaces. The government's $100 million investment will be subject to business case approval and probably focus on a second studio proposal for Redfern, Oran Park in south-west Sydney and potentially another slated for Silverwater. Celebrated Australian director George Miller said the key was finding the right location for the new studios – close to existing infrastructure such as transport, post-production facilities, a back lot and even places to eat. The commitment to a second film studio comes after US President Donald Trump last month announced a 100 per cent tariff on all movies produced outside the United States. NSW Arts Minister John Graham said on Sunday that such a move would be 'self-defeating'. 'If the US is going to go down this path, it would not only damage activity here in NSW, it'd damage it in Hollywood,' he said. 'But it's a matter for them. We're monitoring developments closely, [but] standing up for the industry here in NSW.' The budget commitment was welcomed by Business Sydney's executive director Paul Nicolaou, who said it was a timely response to a pressing need to bolster the state's infrastructure and maintain its competitive edge in the international film and screen industry. The proposed sites near Eveleigh rail yards in Redfern and another at Silverwater presented strategic opportunities for expansion. 'Eveleigh's rich industrial heritage offers a unique backdrop that could be revitalised to blend historical significance with modern cinematic infrastructure,' he said. 'Silverwater's strategic location and existing infrastructure make it an ideal candidate for such development. 'These locations could significantly enhance Sydney's capacity to host large-scale productions, attracting international projects and stimulating local economic growth.' Matt Levinson, culture policy lead at Committee for Sydney, said the lack of an adequate sound stage and base for film production had hobbled Sydney's potential. Loading 'We strongly support the government's move to invest in this area and the work they're doing to get the policy settings right,' Levinson said. 'On the face of it, North Eveleigh is the perfect location – close to transport links for workers and logistics, plenty of space and deeply embedded among the many hundreds of tech, media and creative production businesses around Central. 'Wherever it lands, what's needed is a space that can unlock the tremendous potential across our city's film, screen and gaming sectors and those local producers need to be leading the charge.
Sydney Morning Herald
3 hours ago
- Sydney Morning Herald
ASX set to slide, Middle East attacks trigger Wall Street slump; Oil prices surge
Oil prices leaped, and Wall Street stocks slumped on Friday on worries that escalating violence following Israel's attack on Iranian nuclear and military targets could damage the flow of crude around the world, along with the global economy. The S&P 500 sank 1.1 per cent and wiped out what had been a modest gain for the week. The Dow Jones Industrial Average dropped 769 points, or 1.8 per cent, and the Nasdaq composite lost 1.3 per cent. The Australian sharemarket is set to retreat, with futures on Saturday pointing to a loss of 23 points, or 0.3 per cent, at the open. The Australian dollar retreated. It was fetching 64.85 US cents at 5.21am AEST. The strongest action was in the oil market, where the price of a barrel of benchmark US crude jumped 7.3 per cent to $US72.98. Brent crude, the international standard, rose 7 per cent to $US74.23 for a barrel. Iran is one of the world's major producers of oil, though sanctions by Western countries have limited its sales. If a wider war erupts, it could slow the flow of Iran's oil to its customers and keep the price of crude and petrol higher for everyone worldwide. Beyond the oil coming from Iran, analysts also pointed to the potential for disruptions in the Strait of Hormuz, a relatively narrow waterway off Iran's coast. Much of the world's oil that's been pulled from the ground moves through it on ships. Loading Past attacks involving Iran and Israel have seen prices for oil spike initially, only to fall later 'once it became clear that the situation was not escalating and there was no impact on oil supply,' according to Richard Joswick, head of near-term oil at S&P Global Commodity Insights. That has Wall Street waiting to see what will come next. US stock prices dropped to their lowest points for the day after Iran launched ballistic missiles toward Israel.
