ASX Limited shares plunge; Hrdlicka hires Bain; Trump chaos is partly your fault
In today's news, the sharemarket operator says it will need to spend millions on responding to an ASIC inquiry; Jayne Hrdlicka brings in a private equity giant to review Endeavour Group; Donald Trump turns the chaos dial back up and investors are unfazed.
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News.com.au
5 hours ago
- News.com.au
Las Vegas tourism figures plummet as potential US downturn looms
Tourism in Las Vegas has fallen by about 11 per cent this year, with fewer visitors, lower convention attendance and reduced hotel occupancy putting a dent in the city's lucrative profits. The city's fortunes, buoyed by its large gambling market and appeal to travellers with disposable income, are often seen as a bellwether for the broader US economy. The figures coincide with a downturn in international tourism to the United States and come amid President Donald Trump's intensifying trade war, which has frustrated travellers. Las Vegas saw around 400,000 fewer visitors in June 2025 compared with the same month in 2024. International spending across the US tourism market is expected to drop by $12.5 billion this year, according to the UK-based World Travel & Tourism Council. The group estimates the industry will generate $169 billion in 2025, down from $181 billion in 2024 — a 22.5 per cent fall from its previous peak. 'This is a wake-up call for the US government,' said Julia Simpson, president of the World Travel & Tourism Council. 'While other nations are rolling out the welcome mat, the U.S. government is putting up the 'closed' sign.' The Trump administration did not immediately respond to Axios' request for comment. While some industries have benefited from the tariffs, others have struggled and may be forced to pass costs on to customers. Some travellers have also pledged to avoid visiting the United States as a form of protest against the administration's policies. Analysts point to the high cost and lengthy process of obtaining a visa, as well as the Trump administration's crackdown on illegal immigration, which they say has left some travellers uneasy. 'We need to let travellers around the world know that we want their business. We certainly understand some of the issues we have here in the United States that focus on illegal immigration. Unfortunately, some travellers around the world are wondering if legal visitors are welcome,' CEO of the US Travel Association Geoff Freeman said. Industry leaders hope next summer's World Cup, which will host games in cities including Philadelphia, can help reverse the trend.
Sydney Morning Herald
7 hours ago
- Sydney Morning Herald
Billions made and lost in a blink as gold rides Trump rollercoaster
The global gold market relies on a network of banks, refineries and couriers that can fly bullion between key trading hubs at a moment's notice in pursuit of the highest prices. Over the weekend, a shock US ruling suggesting the metal would be subject to tariffs plunged that system into chaos. The apparent decision by the US Customs and Border Protection agency – announced privately in a letter to a Swiss refiner on July 31 and made public on Friday – sent gold futures in New York soaring to a record, as insiders warned the tariffs would have dire consequences. Then, just as quickly, prices tumbled after the Trump administration suggested imports of gold bars wouldn't face tariffs after all. It was the latest example of President Donald Trump's trade war triggering wild gyrations in markets, whether for equities, raw materials or finished products. Gold bullion is typically treated more as a financial instrument than a physical product, and slapping tariffs on it would have such profound consequences that many traders argued the ruling had to be a mistake. 'The problem was that the government didn't look outside of the question of the physical format and did not take into consideration that this widget was actually gold,' said Robert Gottlieb, a former precious metals trader and managing director at JPMorgan Chase & Co. Loading A complex and sometimes fragile system for making and moving gold bars underpins the global market for the metal, including the futures exchanges in New York and Shanghai as well as a huge over-the-counter market overseen by London banks. Key consumer hubs in Mumbai, Dubai and Hong Kong rely on it as well. There is more than $US1.1 trillion ($1.7 trillion) in gold bars stored in vaults to underpin trading in New York and London alone, with much of it stored by major dealers including JPMorgan and HSBC Holdings.
The Age
7 hours ago
- The Age
Billions made and lost in a blink as gold rides Trump rollercoaster
The global gold market relies on a network of banks, refineries and couriers that can fly bullion between key trading hubs at a moment's notice in pursuit of the highest prices. Over the weekend, a shock US ruling suggesting the metal would be subject to tariffs plunged that system into chaos. The apparent decision by the US Customs and Border Protection agency – announced privately in a letter to a Swiss refiner on July 31 and made public on Friday – sent gold futures in New York soaring to a record, as insiders warned the tariffs would have dire consequences. Then, just as quickly, prices tumbled after the Trump administration suggested imports of gold bars wouldn't face tariffs after all. It was the latest example of President Donald Trump's trade war triggering wild gyrations in markets, whether for equities, raw materials or finished products. Gold bullion is typically treated more as a financial instrument than a physical product, and slapping tariffs on it would have such profound consequences that many traders argued the ruling had to be a mistake. 'The problem was that the government didn't look outside of the question of the physical format and did not take into consideration that this widget was actually gold,' said Robert Gottlieb, a former precious metals trader and managing director at JPMorgan Chase & Co. Loading A complex and sometimes fragile system for making and moving gold bars underpins the global market for the metal, including the futures exchanges in New York and Shanghai as well as a huge over-the-counter market overseen by London banks. Key consumer hubs in Mumbai, Dubai and Hong Kong rely on it as well. There is more than $US1.1 trillion ($1.7 trillion) in gold bars stored in vaults to underpin trading in New York and London alone, with much of it stored by major dealers including JPMorgan and HSBC Holdings.
