Hedge fund LHC Capital profits from new bet in Dalrymple Bay
The Sydney-based short seller started buying shares in Dalrymple Bay, the world's largest metallurgical coal export terminal, after US private equity giant Brookfield Infrastructure sold down a large chunk of its stake last month.
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AU Financial Review
14 minutes ago
- AU Financial Review
Why Munro Partner's Nick Griffin won't touch Tesla
One of Australia's biggest and earliest investors in the magnificent seven technology giants, Munro Partner, has drawn a firm line under Tesla and is refusing to buy the stock even as it continues to back Nvidia, Meta and Alphabet. The Melbourne-based money manager, which oversees around $6.3 billion in assets across several strategies, said in a briefing that Tesla shares did not offer enough upside when compared with its other blue-chip tech peers.
News.com.au
14 minutes ago
- News.com.au
UN climate boss warns of 'mega-droughts' in dire climate forecast for Australia
Australians have been warned that fruit and vegetables may become a 'once-a-year treat' if the country fails to drastically lift its clean energy ambitions. In a stark message delivered in Sydney on Monday, UN Climate Change Executive Secretary Simon Stiell said Australia faced a future of 'mega-droughts', plummeting living standards and eye-watering economic losses if it does not go much further on emissions cuts. 'Mega-droughts (will make) fresh fruit and veg a once-a-year treat. In total, the country could face a $6.8 trillion GDP loss by 2050,' Mr Stiell said during an address hosted by the Smart Energy Council, per The Australian. His speech landed during a critical moment in Australia's climate debate, with the Albanese government preparing to reveal its updated 2035 emissions target and push to co-host the next UN climate summit, COP31, alongside Pacific nations. But as momentum builds internationally, domestic political opposition is also ramping up, chiefly led by Nationals MP Barnaby Joyce, who introduced a Private Member's bill this week to repeal Australia's net-zero commitment. Mr Stiell, who meets with Climate Change and Energy Minister Chris Bowen in Canberra today, said setting an ambitious target wasn't just about the environment, but rather economic survival. 'Australia has a strong economy and among the highest living standards in the world. If you want to keep them, doubling down on clean energy is an economic no-brainer,' he warned. 'Living standards could drop by over $7000 per person per year. And rising seas, resource pressures, and extreme weather would destabilise Australia's neighbourhood – from Pacific Island nations to Southeast Asia – threatening your security.' Australia's current pledge is to cut emissions by 43 per cent from 2005 levels by 2030. The Climate Change Authority (CCA) is reportedly weighing up whether to recommend a more aggressive target of 65 to 75 per cent by 2035. That advice is due by the end of this month. Mr Stiell claimed that anything less would fall short. 'Bog standard is beneath you,' he said. 'The question is: how far are you willing to go?' That decision must be made by September, when Australia is due to submit its updated Nationally Determined Contributions to the UN. It will come amid a wave of climate diplomacy for Prime Minister Anthony Albanese, who is expected to use a series of major international forums to press Australia's case to host COP31. Mr Stiell's warning was not just directed at the Albanese Government. It also served as a harsh jab at the growing campaign by Coalition backbenchers and conservative commentators arguing Australia's energy transition will hurt the economy and disadvantage regional communities. Nationals MP Barnaby Joyce on Monday accused inner-city Australians of pushing policies that harm the disadvantaged, saying: 'Are you prepared to hurt the poor?' Mr Joyce's 'Repeal Net Zero' bill, backed by several Coalition rebels, proposes scrapping Australia's carbon-neutral target by 2050, a goal in line with most other developed nations. 'There's absolutely no reason that Mascot Airport can't work 24/7,' he told reporters. 'But we understand that people don't want planes flying over themselves in the middle of the night … but we don't want transmission lines over our head either. We don't want wind towers either, so there's got to be a form of quid pro quo.' His argument suggests city-dwellers are demanding action on climate change without shouldering its costs, leaving regional communities to deal with some sort of flow-on infrastructure burden. 'You don't feel virtuous if you're hurting people,' Mr Joyce said. While the bill is unlikely to pass without support from Liberal moderates, Mr Joyce's position is influential within the Nationals and perhaps reflects a growing pushback on climate policy from prominent sections of the Coalition. Joining him outside Parliament House were fellow Nationals Michael McCormack and Liberal MP Garth Hamilton, the only member of the senior Coalition partner to back the bill publicly. Mr Stiell responded to the political noise over the past fortnight with a message of economic pragmatism and global responsibility. 'I think Australians get it. From cabinet rooms to boardrooms, from farms to factories to kitchen tables, you know unchecked climate change is an economic wrecking ball,' he said. 'You know half-measures will destroy property and infrastructure, hammer households, bankrupt regions, and punch holes in public budgets. And you know that real action opens the door to real leadership – and big rewards for this ambitious, capable country.' He warned Australians against short-term thinking and urged them to embrace a rapid energy transition. 'The change is working,' he said. 'Now consider the alternative: missing the opportunity and letting the world overheat. Go for what's smart by going big. Go for what will build lasting wealth and national security. Go for what will change the game – and stand the test of time. Go for it.'
Sydney Morning Herald
an hour ago
- Sydney Morning Herald
US giant ExxonMobil gives up control of critical Australian gas supplies
Oil and gas major ExxonMobil will hand over management of eastern Australia's biggest source of domestic gas for the first time since the 1960s, as its joint venture partner sets its sights on new wells to eke out more supplies of the fossil fuel from ageing offshore fields. More than 600 workers at ExxonMobil subsidiary Esso Australia were told on Tuesday morning that their jobs and the operatorship of Victoria's Gippsland Basin joint venture – a network of offshore platforms in Bass Strait and processing plants at Longford and Long Island Point – would be transferred to Perth-based Woodside Energy from next year. Under the deal, ExxonMobil and Woodside would remain 50:50 equity partners, with their responsibilities for decommissioning the ageing infrastructure unchanged, the companies said. However, Woodside, as operator, would gain the ability to independently invest in future oil and gas wells or expansion projects in Bass Strait. On Tuesday, Woodside said it had identified four potential development wells that could deliver up to 200 petajoules of new gas into the tight east-coast domestic gas market – enough to supply about 40 per cent of a year's total demand. The news comes as authorities, including the Australian Energy Market Operator (AEMO), sound warnings that millions of households in Victoria, NSW and South Australia are at risk of gas shortfalls during periods of elevated winter heating demand in as little as three years unless new supplies are made available. The vast Gippsland Basin gas fields, which have kept gas-reliant homes and businesses on the eastern seaboard well supplied for decades, have entered a period of rapid depletion, with scant new projects available to replace them. Loading Producing and burning natural gas releases planet-heating carbon dioxide and methane emissions, which governments are trying to dramatically reduce in a push to combat dangerous global warming. Although more Australians are making the switch from gas-powered appliances to electric alternatives, demand is not falling at the speed needed to avert supply shortfalls in the coming years. Australia's east coast gas market is on a path toward a 'structural shortfall,' global consultancy Wood Mackenzie warns. 'Gas demand on the east coast remains resilient, but new supply is not keeping pace,' it said.
