Australia's Top Iron Ore Export Hub Has Busiest May on Record
Iron ore shipments from the largest bulk-export terminal set a record for the month of May, putting flows at the biggest year-to-date volumes even after weather issues curbed exports earlier in 2025.
Exports from Port Hedland increased to 53.1 million tons last month, up 13.7% from April, according to Pilbara Ports Authority data. Year-to-date cargoes expanded to 233.4 million tons, the highest in data going back to 2010, Bloomberg calculations showed.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
41 minutes ago
- Yahoo
European Banks Face Hit to Profits in S&P Trade War Stress Test
(Bloomberg) -- European banks would see their profits eroded if an escalation of trade tensions with the US leads to souring corporate loans, according to S&P Global Ratings. Bezos Wedding Draws Protests, Soul-Searching Over Tourism in Venice US State Budget Wounds Intensify From Trump, DOGE Policy Shifts Taxi Wars Put Johannesburg Commuters in Peril as Rail Flounders Credit Agricole and BPCE of France, Frankfurt-based Commerzbank, Dutch lender Rabobank and Denmark's DLR Kredit stand to be hit hardest, according to calculations by the credit ratings company. S&P said none of the 91 banks it examined were projected to face an annual loss in its stress test. The uncertainty over how the US will implement tariffs on trading partners has investors asking how big the hit will be for Europe. Yet the region's lenders, often seen as a proxy for the broader economy, face the latest shock with comparatively low levels of bad loans and profits that have been bolstered by higher interest rates. Bloomberg reported last month that a biennial regulatory stress test run by the European Central Bank and the European Banking Authority is on track to deliver a lesser hit to banks' capital ratios than the previous one. S&P's test included three hypothetical scenarios for how an escalation of trade tensions could play out. In the most severe, the median hit to banks' profit stood at 29%, the ratings company said in a report to be published on Tuesday. S&P said the five banks stood out because they had a combination of more exposure to sectors for which it applied higher loss rates, larger loan books compared to total assets, lower expected profitability and higher economic risk in the countries where they operate. 'We believe our stress test findings support our assessment that European banks have improved their resilience to credit risks substantially,' S&P analysts including Nicolas Charnay in Paris, wrote. 'They also underpin our expectation that upcoming regulatory stress tests conducted by authorities will likely reach similar conclusions.' The EBA and ECB are scheduled to publish results of their own examination at the beginning of August. Watchdogs draw on the results to determine how much capital banks should hold as a safety cushion, which in turn influences the amount of money they have available for investor payouts. Luxury Counterfeiters Keep Outsmarting the Makers of $10,000 Handbags Is Mark Cuban the Loudmouth Billionaire that Democrats Need for 2028? Ken Griffin on Trump, Harvard and Why Novice Investors Won't Beat the Pros Can 'MAMUWT' Be to Musk What 'TACO' Is to Trump? What Mike Tyson and the Bond Market Can Teach Trump on Debt ©2025 Bloomberg L.P. Sign in to access your portfolio
Bloomberg
an hour ago
- Bloomberg
Standard Chartered CEO Bill Winters on Taking Risks
Standard Chartered CEO Bill Winters says he encourages people to take risks if they want to get ahead in their career. 'You can play it safe and just wait for the opportunity to climb the greasy pole, or you can do something special", he says. Winters was reflecting on a decade at the helm of the UK bank in an interview with Bloomberg's Francine Lacqua. (Source: Bloomberg)
Yahoo
an hour ago
- Yahoo
Harvard Wins Longer Block on Trump's Foreign Student Ban
(Bloomberg) -- A federal judge issued another court order letting Harvard University keep hosting foreign students, this one in its fight to overturn President Donald Trump's proclamation barring their entry to the US. Bezos Wedding Draws Protests, Soul-Searching Over Tourism in Venice US State Budget Wounds Intensify From Trump, DOGE Policy Shifts Taxi Wars Put Johannesburg Commuters in Peril as Rail Flounders US District Judge Allison Burroughs granted the university a preliminary injunction Monday that prevents the government from enacting a June 4 proclamation denying entry to international students planning to attend the school. The injunction extends an earlier temporary bar. 'This case is about core constitutional rights that must be safeguarded: freedom of thought, freedom of expression, and freedom of speech, each of which is a pillar of a functioning democracy and an essential hedge against authoritarianism,' she wrote. Burroughs' ruling is the second win for Harvard in its high-stakes fight with the Trump administration over its large international student population. On June 20, the judge blocked a May 22 order by the US revoking Harvard's certification to enroll foreign students. Both administration actions strike at the heart of that population — one by aiming at the school's eligibility to enroll foreign students and the other by focusing on their entry at the border. 'The court's order will continue to allow Harvard to host international students and scholars while this case moves forward,' the university said in a statement. 'Harvard will continue to defend its rights—and the rights of its students and scholars.' Representatives the White House didn't immediately respond to a request for comment. Harvard is the main target of Trump's efforts to force universities to crack down on antisemitism, remove perceived political bias and eliminate diversity, equity and inclusion programs. Harvard has separately sued over a $2.6 billion funding freeze, and Burroughs has temporarily blocked that from moving forward, too. Trump has also threatened to revoke the school's tax-exempt status. Here Are the Many Ways Trump Is Attacking Harvard: QuickTake Burroughs said Harvard is likely to succeed on its claims that Trump's proclamation represents unlawful retaliation, including for the college having sued the administration over its earlier actions to cancel its grants. The judge said Harvard was also likely to succeed on its claim that the proclamation was illegal because Trump issued it to punish the college for 'ideology that runs contrary to the favored views of the administration.' The ruling follows Trump's June 20 Truth Social post saying that his administration and Harvard were back in negotiations. It also comes the same day that Secretary of Homeland Security Kristi Noem published an op-ed in The Washington Post reaffirming the administration's commitment to revoking Harvard's ability to enroll international students. 'A biased judge immediately issued an injunction against this action, clearly taking no time to weigh the merits of the case,' Noem wrote of the preliminary injunction that Burroughs issued on Friday. 'If she had, then she would have seen that DHS is well within its authority. We fully expect to prevail.' Trump's visa proclamation takes aim at a school where 27% of the students are foreign. At a June 16 hearing, Harvard attorney Ian Gershengorn said the visa proclamation had a 'devastating' impact on Harvard that is intended to last for years. 'It separates roommates, teammates and classmates,' Gershengorn said. 'It threatens labs, pioneering research, engineering innovations. It deprives students of graduate mentors and teachers. It deprives the university of a breadth of experience and approaches that fundamentally alters what it means to learn at Harvard.' Harvard argues Trump's proclamation violates its First Amendment right to reject government demands to control its governance, curriculum and the viewpoints of faculty and students. University lawyers say US actions targeting the school, including freezing billions of dollars in funding, could have a devastating impact on America's oldest and richest university. The Trump administration argues that the president has sweeping power to control immigration and national security, and judges can't second-guess his exercise of that power. At the hearing, Justice Department lawyer Tiberius Davis said Trump took action against Harvard for valid reasons. 'We don't trust Harvard to vet, host, monitor or discipline the foreign students that it is bringing into this country, where other universities we don't have as many concerns yet,' Davis said. 'They have a lot of unrest on campus. They have serious antisemitic conduct. Their own report has said this. They didn't adequately discipline students.' The case is Harvard v. US Department of Homeland Security, 25-cv-11472, US District Court, District of Massachusetts (Boston). --With assistance from Robert Burnson, Catherine Lucey and Anika Arora Seth. (Updates with Harvard statement in fifth paragraph.) Luxury Counterfeiters Keep Outsmarting the Makers of $10,000 Handbags Is Mark Cuban the Loudmouth Billionaire that Democrats Need for 2028? Ken Griffin on Trump, Harvard and Why Novice Investors Won't Beat the Pros Can 'MAMUWT' Be to Musk What 'TACO' Is to Trump? What Mike Tyson and the Bond Market Can Teach Trump on Debt ©2025 Bloomberg L.P. 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
