
BHP slapped with Fair Work Commission ultimatum from AMWU for South Flank and Mining Area C iron ore mines
The West Australian
exclusive
BHP slapped with Fair Work Commission ultimatum from AMWU for South Flank and Mining Area C iron ore mines

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Design work starts on multi-billion dollar defence precinct in Henderson in major step towards Perth AUKUS hub
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Sydney Morning Herald
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The Australian sharemarket remains flat in afternoon trade after US stocks drifted lower overnight, with Tesla's plunge weighing on Wall Street as Donald Trump and Elon Musk's feud continued to escalate. The S&P/ASX200 was down 0.1 points to 8537.0 at 12.30pm AEST, with eight of 11 industry sectors in positive territory, led by utilities and energy stocks. Tech and real estate stocks are the heaviest weights on the bourse. Mining stocks rose in early trade, boosted by an announcement from the US president overnight that he had a 'very good phone call' with Chinese President Xi Jinping as the two superpowers look to reach a trade deal. Fortescue added 1.1 per cent, BHP gained 0.9 per cent and Rio Tinto edged up 0.1 per cent. Oil giant Woodside added 0.9 per cent and Santos gained 0.6 per cent. Stocks tied to rare earths slumped on expectations the Xi-Trump trade talk progress could pave the way for China to ease export restrictions on the critical minerals. Pilbara Minerals fell 5 per cent, Northern Minerals shed 3.5 per cent and Lynas lost 0.8 per cent. Financial stocks were mixed. NAB and Westpac both added 0.5 per cent, Commonwealth Bank – the biggest stock on the index – lost 0.7 per cent, while ANZ Bank retreated 0.3 per cent. The Australian dollar dipped below US65¢ on Friday morning after gains overnight. It was 0.2 per cent higher at US64.97¢ at 12.30pm AEST. Overnight, the S&P 500 fell 0.5 per cent for its first drop in four days. After sprinting through May and rallying within a couple of good days' worth of gains of its all-time high, the index at the centre of many retirement accounts has lost momentum. Loading The heaviest weight on Wall Street was Tesla, which tumbled 14.3 per cent. It has lost nearly 30 per cent of its value so far this year as chief executive Elon Musk's relationship with Trump sours amid a disagreement over the president's signature bill of tax cuts and spending. The EV maker lost about $US150 billion ($230 billion) in value, sending it below the $US1 trillion benchmark.

AU Financial Review
2 days ago
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ASX to slip, Tesla plunges 14pc as Musk-Trump feud heats up
Australian shares are set to track Wall Street's retreat ahead of the latest monthly jobs report that will fan speculation about the Federal Reserve's next round of interest rate cuts. ASX futures were pointing down 9 points, or 0.1 per cent, predicting the S&P/ASX 200 Index would extend the prior session's slight decline. Profit-taking hit US stocks in the final hours of trade ahead of Friday's all-important jobs report, with the S&P 500 and Nasdaq Indexes down 0.7 per cent in the final hour. Markets are expecting a fall in non-farm payrolls in May, to 126,000, after growth in March and April exceeded expectations. Unemployment is expected to remain steady at 4.2 per cent. Tesla also added to pressure after the stock tumbled almost 15 per cent, prompted by a heated feud between chief executive Elon Musk and Trump. Stocks had climbed earlier in the session after US President Donald Trump held the phone call with President Xi and said the two countries would resume formal trade negotiations. Market highlights ASX futures are pointing down 9 points or 0.1 per cent to 8544. All US prices are as of 3.43pm New York time. Top stories BHP considers return to nickel business with ultra-cheap mine project | The resources giant shut down local production of the commodity in the face of a surge in low-cost Indonesian production backed by Chinese investment last year. As Alex Waislitz prepares for a legal fight with his fiancee's sister, the Pratt family has thrown a spanner in the mix. | About 500,000 workers will be caught by Labor's new super tax if the $3 million threshold is not indexed. Only 64,000 will be hit if it is. Miners fight back in the Pilbara with cash and lawyers | Rio Tinto and BHP are pushing back against attempts to unionise the iron ore-rich region for the first time in 30 years.