Novus seeks $1bn for Sydney Metro-adjacent build-to-rent projects
Build-to-rent player Novus has hit the pavement to raise $1 billion plus for three projects across Sydney and Melbourne, tapping into inbound interest from Asian and North American institutional investors.
The group, a partnership between property developer Aliro Group and two ex-Mirvac employees, Adam Hirst and Jason Goldsworthy, has hired investment bank Jarden and Chicago-headquartered Cushman & Wakefield to market the deal and oversee an international capital raising process.
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The Advertiser
16 hours ago
- The Advertiser
'Not the best fullback': Knights legend criticises Ponga, but coach defends his star
Knights legend Robbie O'Davis has called for Queensland to bench Kalyn Ponga for Origin II and criticised the Newcastle skipper's club form, labelling him "not the best fullback". O'Davis' comments on a fan podcast come as another ex-Knight tossed up Boyd Cordner as a potential replacement for Knights coach Adam O'Brien should he be sacked. Ponga, who has missed Newcastle's past two games due to Origin and injury, is yet to score a try in 10 NRL games this season and struggled to make an impact in Queensland's 18-6 loss to NSW last week. A two-time premiership winner with the Knights and former Queensland fullback, O'Davis said Hamiso Tabuai-Fidow, who played centre in Origin I, could be a better option for the Maroons. "I'd put an in-form player like Hammer back at fullback," O'Davis said, speaking on The Knighted podcast. "KP is going to end up being the best player we've ever seen, the way he moves laterally ... He moves forward and laterally at the same speed, and no one has ever seen that before ... He is just a freakish talent. "[But] he has never been taught, I think, to play fullback. "He stands 60 yards back on play one ... He runs out of the defensive line on plays four and five to try and make a tackle on the kicker when he is supposed to be back there catching it. "Just little stuff like that. He jumps with the wrong knee in the air ... He is a bloody good player, but he is just not the best fullback. "There are a lot better fullbacks than him." O'Davis, who was part of Newcastle's 1997 and 2001 premierships, and played 223 games for the club and 12 Origins for Queensland, said he felt Ponga was too involved in Newcastle's play-making, rather than operating like a traditional fullback. But he acknowledged Newcastle's injury toll this season, particularly the loss of centre Bradman Best. "He is getting in the habit of getting in front of his halves at club level," the 52-year-old, who also played eight Tests for Australia, said of Ponga. "It's something he does very well at times, he plays our halves out of form a lot of the time ... [but] someone has got to get in his ear and say, 'Kalyn, you're such a good runner, you're the best ball-break runner in the game' ... [but] we're missing Bradman a bit I think ... KP can show him the ball a few times and then make the decision of whether he gives it to him. "Having Kalyn come off the bench [in Origin], he could run out of dummy-half and tear a side apart." Ponga, who is now in his 10th season of first grade, may be yet to cross the try-line in a struggling Knights side, but he is averaging 161 run-metres per game and has notched six try-assists in 2025. Asked about his marquee player's form on Wednesday, Knights coach Adam O'Brien said Ponga was a "product" of Newcastle's collective battles this season. "It's unrealistic and unfair to put a heap of pressure on Kalyn when we've had the amount of injuries and suspensions, and lack of go-forward and lack of experience," O'Brien said. "He is a product of having to go through that. "And I think he is not on his own, there's some other guys there ... you can see [in] the games ... when we've had that on deck, we've played quite well and there hasn't been as much noise. "The moment they're absent, people seem to forget that they're absent and then all the pressure comes back on Kalyn." O'Brien confirmed Ponga would start against Manly at McDonald Jones Stadium on Thursday night but had struggled with an ankle problem. He has also dealt with a rib issue. He said the skipper, 27, felt the weight of expectation and was desperate to try to turn Newcastle's season around. "He realises the position as much as anyone else that we're in, and he understands the importance of getting out there and fighting hard together," O'Brien said. "He is excited to get out there and help." Newcastle are third last, or 15th, ahead of hosting seventh-placed Manly, who are coming off a 34-6 win over Brisbane last week. Much like recent seasons when Newcastle's form and ladder position has dipped, O'Brien's future has come into the spotlight this year, and on Wednesday the club's former recruitment officer - and player - Alex McKinnon suggested if the coach was moved on, the club should look at former Roosters, NSW and Australian skipper Boyd Cordner. "Let me be very clear, I don't think Newcastle should part ways with Adam O'Brien, I've been one of his biggest supporters from day one," McKinnon wrote in his semi-regular Fox Sports column. "But the NRL is becoming an increasingly fickle business and as they say, it's a lot easier to sack the coach than half the players. "So if the Knights do call it a day on Adam's six-year tenure, I have the perfect replacement - albeit a little left field. "I think the three things Newcastle needs when it comes to hiring a coach are a big name, a proven winner and if possible somebody from the area." McKinnon stopped short of suggesting club legends Andrew and Matthew Johns, but said Cordner was developing into an elite coach in his lower-grade role at the Roosters and an assistant for the Blues. "To coach the Knights you need a presence and Boyd certainly has that. He's hugely respected in Newcastle where he's still got plenty of family and friends. "He won premierships, Origin series, World Cups; everywhere Boyd went, he won. "With the greatest of respect to Josh Hannay or Matt King or Ben Gardner, who appear to be next in line for a NRL head coach role, Knights supporters need a name they can really identify with and throw their support behind." With Newcastle potentially just a loss away from falling to dead last, O'Brien, who is in his sixth season at the Knights, said the spotlight and pressure was part and parcel of the game. "There's always pressure. I'm no different to the players," O'Brien said. "We hear all the outside noise. "But like I said to the playing group, how we behave, how we act and how we look after each other in this period, it absolutely includes me. "I can't worry about it. I've just got to focus to do my part to help them get out of this. "We're all in it together." Knights legend Robbie O'Davis has called for Queensland to bench Kalyn Ponga for Origin II and criticised the Newcastle skipper's club form, labelling him "not the best fullback". O'Davis' comments on a fan podcast come as another ex-Knight tossed up Boyd Cordner as a potential replacement for Knights coach Adam O'Brien should he be sacked. Ponga, who has missed Newcastle's past two games due to Origin and injury, is yet to score a try in 10 NRL games this season and struggled to make an impact in Queensland's 18-6 loss to NSW last week. A two-time premiership winner with the Knights and former Queensland fullback, O'Davis said Hamiso Tabuai-Fidow, who played centre in Origin I, could be a better option for the Maroons. "I'd put an in-form player like Hammer back at fullback," O'Davis said, speaking on The Knighted podcast. "KP is going to end up being the best player we've ever seen, the way he moves laterally ... He moves forward and laterally at the same speed, and no one has ever seen that before ... He is just a freakish talent. "[But] he has never been taught, I think, to play fullback. "He stands 60 yards back on play one ... He runs out of the defensive line on plays four and five to try and make a tackle on the kicker when he is supposed to be back there catching it. "Just little stuff like that. He jumps with the wrong knee in the air ... He is a bloody good player, but he is just not the best fullback. "There are a lot better fullbacks than him." O'Davis, who was part of Newcastle's 1997 and 2001 premierships, and played 223 games for the club and 12 Origins for Queensland, said he felt Ponga was too involved in Newcastle's play-making, rather than operating like a traditional fullback. But he acknowledged Newcastle's injury toll this season, particularly the loss of centre Bradman Best. "He is getting in the habit of getting in front of his halves at club level," the 52-year-old, who also played eight Tests for Australia, said of Ponga. "It's something he does very well at times, he plays our halves out of form a lot of the time ... [but] someone has got to get in his ear and say, 'Kalyn, you're such a good runner, you're the best ball-break runner in the game' ... [but] we're missing Bradman a bit I think ... KP can show him the ball a few times and then make the decision of whether he gives it to him. "Having Kalyn come off the bench [in Origin], he could run out of dummy-half and tear a side apart." Ponga, who is now in his 10th season of first grade, may be yet to cross the try-line in a struggling Knights side, but he is averaging 161 run-metres per game and has notched six try-assists in 2025. Asked about his marquee player's form on Wednesday, Knights coach Adam O'Brien said Ponga was a "product" of Newcastle's collective battles this season. "It's unrealistic and unfair to put a heap of pressure on Kalyn when we've had the amount of injuries and suspensions, and lack of go-forward and lack of experience," O'Brien said. "He is a product of having to go through that. "And I think he is not on his own, there's some other guys there ... you can see [in] the games ... when we've had that on deck, we've played quite well and there hasn't been as much noise. "The moment they're absent, people seem to forget that they're absent and then all the pressure comes back on Kalyn." O'Brien confirmed Ponga would start against Manly at McDonald Jones Stadium on Thursday night but had struggled with an ankle problem. He has also dealt with a rib issue. He said the skipper, 27, felt the weight of expectation and was desperate to try to turn Newcastle's season around. "He realises the position as much as anyone else that we're in, and he understands the importance of getting out there and fighting hard together," O'Brien said. "He is excited to get out there and help." Newcastle are third last, or 15th, ahead of hosting seventh-placed Manly, who are coming off a 34-6 win over Brisbane last week. Much like recent seasons when Newcastle's form and ladder position has dipped, O'Brien's future has come into the spotlight this year, and on Wednesday the club's former recruitment officer - and player - Alex McKinnon suggested if the coach was moved on, the club should look at former Roosters, NSW and Australian skipper Boyd Cordner. "Let me be very clear, I don't think Newcastle should part ways with Adam O'Brien, I've been one of his biggest supporters from day one," McKinnon wrote in his semi-regular Fox Sports column. "But the NRL is becoming an increasingly fickle business and as they say, it's a lot easier to sack the coach than half the players. "So if the Knights do call it a day on Adam's six-year tenure, I have the perfect replacement - albeit a little left field. "I think the three things Newcastle needs when it comes to hiring a coach are a big name, a proven winner and if possible somebody from the area." McKinnon stopped short of suggesting club legends Andrew and Matthew Johns, but said Cordner was developing into an elite coach in his lower-grade role at the Roosters and an assistant for the Blues. "To coach the Knights you need a presence and Boyd certainly has that. He's hugely respected in Newcastle where he's still got plenty of family and friends. "He won premierships, Origin series, World Cups; everywhere Boyd went, he won. "With the greatest of respect to Josh Hannay or Matt King or Ben Gardner, who appear to be next in line for a NRL head coach role, Knights supporters need a name they can really identify with and throw their support behind." With Newcastle potentially just a loss away from falling to dead last, O'Brien, who is in his sixth season at the Knights, said the spotlight and pressure was part and parcel of the game. "There's always pressure. I'm no different to the players," O'Brien said. "We hear all the outside noise. "But like I said to the playing group, how we behave, how we act and how we look after each other in this period, it absolutely includes me. "I can't worry about it. I've just got to focus to do my part to help them get out of this. "We're all in it together." Knights legend Robbie O'Davis has called for Queensland to bench Kalyn Ponga for Origin II and criticised the Newcastle skipper's club form, labelling him "not the best fullback". O'Davis' comments on a fan podcast come as another ex-Knight tossed up Boyd Cordner as a potential replacement for Knights coach Adam O'Brien should he be sacked. Ponga, who has missed Newcastle's past two games due to Origin and injury, is yet to score a try in 10 NRL games this season and struggled to make an impact in Queensland's 18-6 loss to NSW last week. A two-time premiership winner with the Knights and former Queensland fullback, O'Davis said Hamiso Tabuai-Fidow, who played centre in Origin I, could be a better option for the Maroons. "I'd put an in-form player like Hammer back at fullback," O'Davis said, speaking on The Knighted podcast. "KP is going to end up being the best player we've ever seen, the way he moves laterally ... He moves forward and laterally at the same speed, and no one has ever seen that before ... He is just a freakish talent. "[But] he has never been taught, I think, to play fullback. "He stands 60 yards back on play one ... He runs out of the defensive line on plays four and five to try and make a tackle on the kicker when he is supposed to be back there catching it. "Just little stuff like that. He jumps with the wrong knee in the air ... He is a bloody good player, but he is just not the best fullback. "There are a lot better fullbacks than him." O'Davis, who was part of Newcastle's 1997 and 2001 premierships, and played 223 games for the club and 12 Origins for Queensland, said he felt Ponga was too involved in Newcastle's play-making, rather than operating like a traditional fullback. But he acknowledged Newcastle's injury toll this season, particularly the loss of centre Bradman Best. "He is getting in the habit of getting in front of his halves at club level," the 52-year-old, who also played eight Tests for Australia, said of Ponga. "It's something he does very well at times, he plays our halves out of form a lot of the time ... [but] someone has got to get in his ear and say, 'Kalyn, you're such a good runner, you're the best ball-break runner in the game' ... [but] we're missing Bradman a bit I think ... KP can show him the ball a few times and then make the decision of whether he gives it to him. "Having Kalyn come off the bench [in Origin], he could run out of dummy-half and tear a side apart." Ponga, who is now in his 10th season of first grade, may be yet to cross the try-line in a struggling Knights side, but he is averaging 161 run-metres per game and has notched six try-assists in 2025. Asked about his marquee player's form on Wednesday, Knights coach Adam O'Brien said Ponga was a "product" of Newcastle's collective battles this season. "It's unrealistic and unfair to put a heap of pressure on Kalyn when we've had the amount of injuries and suspensions, and lack of go-forward and lack of experience," O'Brien said. "He is a product of having to go through that. "And I think he is not on his own, there's some other guys there ... you can see [in] the games ... when we've had that on deck, we've played quite well and there hasn't been as much noise. "The moment they're absent, people seem to forget that they're absent and then all the pressure comes back on Kalyn." O'Brien confirmed Ponga would start against Manly at McDonald Jones Stadium on Thursday night but had struggled with an ankle problem. He has also dealt with a rib issue. He said the skipper, 27, felt the weight of expectation and was desperate to try to turn Newcastle's season around. "He realises the position as much as anyone else that we're in, and he understands the importance of getting out there and fighting hard together," O'Brien said. "He is excited to get out there and help." Newcastle are third last, or 15th, ahead of hosting seventh-placed Manly, who are coming off a 34-6 win over Brisbane last week. Much like recent seasons when Newcastle's form and ladder position has dipped, O'Brien's future has come into the spotlight this year, and on Wednesday the club's former recruitment officer - and player - Alex McKinnon suggested if the coach was moved on, the club should look at former Roosters, NSW and Australian skipper Boyd Cordner. "Let me be very clear, I don't think Newcastle should part ways with Adam O'Brien, I've been one of his biggest supporters from day one," McKinnon wrote in his semi-regular Fox Sports column. "But the NRL is becoming an increasingly fickle business and as they say, it's a lot easier to sack the coach than half the players. "So if the Knights do call it a day on Adam's six-year tenure, I have the perfect replacement - albeit a little left field. "I think the three things Newcastle needs when it comes to hiring a coach are a big name, a proven winner and if possible somebody from the area." McKinnon stopped short of suggesting club legends Andrew and Matthew Johns, but said Cordner was developing into an elite coach in his lower-grade role at the Roosters and an assistant for the Blues. "To coach the Knights you need a presence and Boyd certainly has that. He's hugely respected in Newcastle where he's still got plenty of family and friends. "He won premierships, Origin series, World Cups; everywhere Boyd went, he won. "With the greatest of respect to Josh Hannay or Matt King or Ben Gardner, who appear to be next in line for a NRL head coach role, Knights supporters need a name they can really identify with and throw their support behind." With Newcastle potentially just a loss away from falling to dead last, O'Brien, who is in his sixth season at the Knights, said the spotlight and pressure was part and parcel of the game. "There's always pressure. I'm no different to the players," O'Brien said. "We hear all the outside noise. "But like I said to the playing group, how we behave, how we act and how we look after each other in this period, it absolutely includes me. "I can't worry about it. I've just got to focus to do my part to help them get out of this. "We're all in it together." Knights legend Robbie O'Davis has called for Queensland to bench Kalyn Ponga for Origin II and criticised the Newcastle skipper's club form, labelling him "not the best fullback". O'Davis' comments on a fan podcast come as another ex-Knight tossed up Boyd Cordner as a potential replacement for Knights coach Adam O'Brien should he be sacked. Ponga, who has missed Newcastle's past two games due to Origin and injury, is yet to score a try in 10 NRL games this season and struggled to make an impact in Queensland's 18-6 loss to NSW last week. A two-time premiership winner with the Knights and former Queensland fullback, O'Davis said Hamiso Tabuai-Fidow, who played centre in Origin I, could be a better option for the Maroons. "I'd put an in-form player like Hammer back at fullback," O'Davis said, speaking on The Knighted podcast. "KP is going to end up being the best player we've ever seen, the way he moves laterally ... He moves forward and laterally at the same speed, and no one has ever seen that before ... He is just a freakish talent. "[But] he has never been taught, I think, to play fullback. "He stands 60 yards back on play one ... He runs out of the defensive line on plays four and five to try and make a tackle on the kicker when he is supposed to be back there catching it. "Just little stuff like that. He jumps with the wrong knee in the air ... He is a bloody good player, but he is just not the best fullback. "There are a lot better fullbacks than him." O'Davis, who was part of Newcastle's 1997 and 2001 premierships, and played 223 games for the club and 12 Origins for Queensland, said he felt Ponga was too involved in Newcastle's play-making, rather than operating like a traditional fullback. But he acknowledged Newcastle's injury toll this season, particularly the loss of centre Bradman Best. "He is getting in the habit of getting in front of his halves at club level," the 52-year-old, who also played eight Tests for Australia, said of Ponga. "It's something he does very well at times, he plays our halves out of form a lot of the time ... [but] someone has got to get in his ear and say, 'Kalyn, you're such a good runner, you're the best ball-break runner in the game' ... [but] we're missing Bradman a bit I think ... KP can show him the ball a few times and then make the decision of whether he gives it to him. "Having Kalyn come off the bench [in Origin], he could run out of dummy-half and tear a side apart." Ponga, who is now in his 10th season of first grade, may be yet to cross the try-line in a struggling Knights side, but he is averaging 161 run-metres per game and has notched six try-assists in 2025. Asked about his marquee player's form on Wednesday, Knights coach Adam O'Brien said Ponga was a "product" of Newcastle's collective battles this season. "It's unrealistic and unfair to put a heap of pressure on Kalyn when we've had the amount of injuries and suspensions, and lack of go-forward and lack of experience," O'Brien said. "He is a product of having to go through that. "And I think he is not on his own, there's some other guys there ... you can see [in] the games ... when we've had that on deck, we've played quite well and there hasn't been as much noise. "The moment they're absent, people seem to forget that they're absent and then all the pressure comes back on Kalyn." O'Brien confirmed Ponga would start against Manly at McDonald Jones Stadium on Thursday night but had struggled with an ankle problem. He has also dealt with a rib issue. He said the skipper, 27, felt the weight of expectation and was desperate to try to turn Newcastle's season around. "He realises the position as much as anyone else that we're in, and he understands the importance of getting out there and fighting hard together," O'Brien said. "He is excited to get out there and help." Newcastle are third last, or 15th, ahead of hosting seventh-placed Manly, who are coming off a 34-6 win over Brisbane last week. Much like recent seasons when Newcastle's form and ladder position has dipped, O'Brien's future has come into the spotlight this year, and on Wednesday the club's former recruitment officer - and player - Alex McKinnon suggested if the coach was moved on, the club should look at former Roosters, NSW and Australian skipper Boyd Cordner. "Let me be very clear, I don't think Newcastle should part ways with Adam O'Brien, I've been one of his biggest supporters from day one," McKinnon wrote in his semi-regular Fox Sports column. "But the NRL is becoming an increasingly fickle business and as they say, it's a lot easier to sack the coach than half the players. "So if the Knights do call it a day on Adam's six-year tenure, I have the perfect replacement - albeit a little left field. "I think the three things Newcastle needs when it comes to hiring a coach are a big name, a proven winner and if possible somebody from the area." McKinnon stopped short of suggesting club legends Andrew and Matthew Johns, but said Cordner was developing into an elite coach in his lower-grade role at the Roosters and an assistant for the Blues. "To coach the Knights you need a presence and Boyd certainly has that. He's hugely respected in Newcastle where he's still got plenty of family and friends. "He won premierships, Origin series, World Cups; everywhere Boyd went, he won. "With the greatest of respect to Josh Hannay or Matt King or Ben Gardner, who appear to be next in line for a NRL head coach role, Knights supporters need a name they can really identify with and throw their support behind." With Newcastle potentially just a loss away from falling to dead last, O'Brien, who is in his sixth season at the Knights, said the spotlight and pressure was part and parcel of the game. "There's always pressure. I'm no different to the players," O'Brien said. "We hear all the outside noise. "But like I said to the playing group, how we behave, how we act and how we look after each other in this period, it absolutely includes me. "I can't worry about it. I've just got to focus to do my part to help them get out of this. "We're all in it together."
The Advertiser
19 hours ago
- The Advertiser
Asian stocks up, dollar soft amid trade uncertainty
Asian stocks have inched higher as the dollar wobbles near six-week lows as traders brace for higher US duties on steel and aluminium, the latest chapter in the trade war saga that has rattled the markets for much of the year. South Korea's stocks and its currency surged on Wednesday as liberal presidential candidate Lee Jae-myung's election victory raised hopes of swift economic stimulus, market reforms and easing policy uncertainty. The benchmark KOSPI jumped more than two per cent to its highest since August 2024. That left the MSCI's broadest index of Asia-Pacific shares outside Japan 0.6 per cent higher. Japan's Nikkei rose 0.8 per cent, while Taiwan stocks jumped 1.6 per cent after artificial intelligence behemoth Nvidia boosted US stocks overnight. Data on Wednesday showed US job openings increased in April, but layoffs picked up, indicating a slowing labour market as tariffs impact the economic outlook. Investor attention has been on a possible call between US President Donald Trump and Chinese leader Xi Jinping sometime this week as tensions between the world's top two economies simmer. Trump on Friday accused China of violating a Geneva agreement to roll back tariffs and trade restrictions. Beijing said it would safeguard its interests and that the accusation was groundless. Chinese stocks were little changed in early trading with the blue chip index up 0.09 per cent. Hong Kong's Hang Seng index rose 0.27 per cent. "Markets may be desensitised to trade headlines, but Trump-Xi talks remain in focus. A grand deal looks unlikely, yet any escalation could still spark a bout of risk aversion," said Charu Chanana, chief investment strategist at Saxo in Singapore. Also in focus has been the pace of trade negotiations and the lack of significant progress. Wednesday is the deadline for US trading partners to submit their proposals for deals that might help them avoid Trump's hefty "Liberation Day" tariffs from taking effect in five weeks. Trump signed an executive proclamation that puts into effect from 2pm AEST on Wednesday his surprise announcement last week that he was taking the tariffs on steel and aluminium imports that had been in place since March to 50 per cent from 25 per cent. "We believe that the steel & aluminium tariffs are an exemplar of other strategic tariffs that are coming and likely to 'stick'," said Thierry Wizman, global FX & rates strategist at Macquarie. "With that, there's still little impetus for a US dollar rally to take hold." The on-again-off-again tariffs from Trump have led to investors fleeing US assets looking for safe havens, including gold and other currencies, this year as they expect trade uncertainties to take a toll on the global economy. The Organisation for Economic Cooperation and Development said the global economy is on course to slow from 3.3 per cent last year to 2.9 per cent in 2025 and 2026, trimming its estimates from March, mainly on the fallout from the Trump administration's trade war. The dollar on Wednesday was on the back foot, slipping 0.17 per cent against the yen at 143.72 and 0.1 per cent against the Swiss franc at 0.8227. The euro rose 0.15 per cent to $1.1388. The dollar index, which measures the US unit versus six other major currencies, was at 99.11, not far from the six-week low of 98.58 touched on Monday. The index is down 8.5 per cent this year. In commodities, oil prices eased, weighed down by a loosening supply-demand balance following increasing OPEC+ output and lingering concerns over the global economic outlook due to tariff tensions. Brent crude futures dipped 0.06 per cent to $US65.59 ($A101.54) a barrel while US West Texas Intermediate crude was at $US63.35 ($A98.07) per barrel, down 0.09 per cent. Gold rose 0.5 per cent to $US3,369.59 ($A5,216.49) per ounce, taking its gains for the year to an eye-popping 28 per cent on safe-haven flows. Asian stocks have inched higher as the dollar wobbles near six-week lows as traders brace for higher US duties on steel and aluminium, the latest chapter in the trade war saga that has rattled the markets for much of the year. South Korea's stocks and its currency surged on Wednesday as liberal presidential candidate Lee Jae-myung's election victory raised hopes of swift economic stimulus, market reforms and easing policy uncertainty. The benchmark KOSPI jumped more than two per cent to its highest since August 2024. That left the MSCI's broadest index of Asia-Pacific shares outside Japan 0.6 per cent higher. Japan's Nikkei rose 0.8 per cent, while Taiwan stocks jumped 1.6 per cent after artificial intelligence behemoth Nvidia boosted US stocks overnight. Data on Wednesday showed US job openings increased in April, but layoffs picked up, indicating a slowing labour market as tariffs impact the economic outlook. Investor attention has been on a possible call between US President Donald Trump and Chinese leader Xi Jinping sometime this week as tensions between the world's top two economies simmer. Trump on Friday accused China of violating a Geneva agreement to roll back tariffs and trade restrictions. Beijing said it would safeguard its interests and that the accusation was groundless. Chinese stocks were little changed in early trading with the blue chip index up 0.09 per cent. Hong Kong's Hang Seng index rose 0.27 per cent. "Markets may be desensitised to trade headlines, but Trump-Xi talks remain in focus. A grand deal looks unlikely, yet any escalation could still spark a bout of risk aversion," said Charu Chanana, chief investment strategist at Saxo in Singapore. Also in focus has been the pace of trade negotiations and the lack of significant progress. Wednesday is the deadline for US trading partners to submit their proposals for deals that might help them avoid Trump's hefty "Liberation Day" tariffs from taking effect in five weeks. Trump signed an executive proclamation that puts into effect from 2pm AEST on Wednesday his surprise announcement last week that he was taking the tariffs on steel and aluminium imports that had been in place since March to 50 per cent from 25 per cent. "We believe that the steel & aluminium tariffs are an exemplar of other strategic tariffs that are coming and likely to 'stick'," said Thierry Wizman, global FX & rates strategist at Macquarie. "With that, there's still little impetus for a US dollar rally to take hold." The on-again-off-again tariffs from Trump have led to investors fleeing US assets looking for safe havens, including gold and other currencies, this year as they expect trade uncertainties to take a toll on the global economy. The Organisation for Economic Cooperation and Development said the global economy is on course to slow from 3.3 per cent last year to 2.9 per cent in 2025 and 2026, trimming its estimates from March, mainly on the fallout from the Trump administration's trade war. The dollar on Wednesday was on the back foot, slipping 0.17 per cent against the yen at 143.72 and 0.1 per cent against the Swiss franc at 0.8227. The euro rose 0.15 per cent to $1.1388. The dollar index, which measures the US unit versus six other major currencies, was at 99.11, not far from the six-week low of 98.58 touched on Monday. The index is down 8.5 per cent this year. In commodities, oil prices eased, weighed down by a loosening supply-demand balance following increasing OPEC+ output and lingering concerns over the global economic outlook due to tariff tensions. Brent crude futures dipped 0.06 per cent to $US65.59 ($A101.54) a barrel while US West Texas Intermediate crude was at $US63.35 ($A98.07) per barrel, down 0.09 per cent. Gold rose 0.5 per cent to $US3,369.59 ($A5,216.49) per ounce, taking its gains for the year to an eye-popping 28 per cent on safe-haven flows. Asian stocks have inched higher as the dollar wobbles near six-week lows as traders brace for higher US duties on steel and aluminium, the latest chapter in the trade war saga that has rattled the markets for much of the year. South Korea's stocks and its currency surged on Wednesday as liberal presidential candidate Lee Jae-myung's election victory raised hopes of swift economic stimulus, market reforms and easing policy uncertainty. The benchmark KOSPI jumped more than two per cent to its highest since August 2024. That left the MSCI's broadest index of Asia-Pacific shares outside Japan 0.6 per cent higher. Japan's Nikkei rose 0.8 per cent, while Taiwan stocks jumped 1.6 per cent after artificial intelligence behemoth Nvidia boosted US stocks overnight. Data on Wednesday showed US job openings increased in April, but layoffs picked up, indicating a slowing labour market as tariffs impact the economic outlook. Investor attention has been on a possible call between US President Donald Trump and Chinese leader Xi Jinping sometime this week as tensions between the world's top two economies simmer. Trump on Friday accused China of violating a Geneva agreement to roll back tariffs and trade restrictions. Beijing said it would safeguard its interests and that the accusation was groundless. Chinese stocks were little changed in early trading with the blue chip index up 0.09 per cent. Hong Kong's Hang Seng index rose 0.27 per cent. "Markets may be desensitised to trade headlines, but Trump-Xi talks remain in focus. A grand deal looks unlikely, yet any escalation could still spark a bout of risk aversion," said Charu Chanana, chief investment strategist at Saxo in Singapore. Also in focus has been the pace of trade negotiations and the lack of significant progress. Wednesday is the deadline for US trading partners to submit their proposals for deals that might help them avoid Trump's hefty "Liberation Day" tariffs from taking effect in five weeks. Trump signed an executive proclamation that puts into effect from 2pm AEST on Wednesday his surprise announcement last week that he was taking the tariffs on steel and aluminium imports that had been in place since March to 50 per cent from 25 per cent. "We believe that the steel & aluminium tariffs are an exemplar of other strategic tariffs that are coming and likely to 'stick'," said Thierry Wizman, global FX & rates strategist at Macquarie. "With that, there's still little impetus for a US dollar rally to take hold." The on-again-off-again tariffs from Trump have led to investors fleeing US assets looking for safe havens, including gold and other currencies, this year as they expect trade uncertainties to take a toll on the global economy. The Organisation for Economic Cooperation and Development said the global economy is on course to slow from 3.3 per cent last year to 2.9 per cent in 2025 and 2026, trimming its estimates from March, mainly on the fallout from the Trump administration's trade war. The dollar on Wednesday was on the back foot, slipping 0.17 per cent against the yen at 143.72 and 0.1 per cent against the Swiss franc at 0.8227. The euro rose 0.15 per cent to $1.1388. The dollar index, which measures the US unit versus six other major currencies, was at 99.11, not far from the six-week low of 98.58 touched on Monday. The index is down 8.5 per cent this year. In commodities, oil prices eased, weighed down by a loosening supply-demand balance following increasing OPEC+ output and lingering concerns over the global economic outlook due to tariff tensions. Brent crude futures dipped 0.06 per cent to $US65.59 ($A101.54) a barrel while US West Texas Intermediate crude was at $US63.35 ($A98.07) per barrel, down 0.09 per cent. Gold rose 0.5 per cent to $US3,369.59 ($A5,216.49) per ounce, taking its gains for the year to an eye-popping 28 per cent on safe-haven flows. Asian stocks have inched higher as the dollar wobbles near six-week lows as traders brace for higher US duties on steel and aluminium, the latest chapter in the trade war saga that has rattled the markets for much of the year. South Korea's stocks and its currency surged on Wednesday as liberal presidential candidate Lee Jae-myung's election victory raised hopes of swift economic stimulus, market reforms and easing policy uncertainty. The benchmark KOSPI jumped more than two per cent to its highest since August 2024. That left the MSCI's broadest index of Asia-Pacific shares outside Japan 0.6 per cent higher. Japan's Nikkei rose 0.8 per cent, while Taiwan stocks jumped 1.6 per cent after artificial intelligence behemoth Nvidia boosted US stocks overnight. Data on Wednesday showed US job openings increased in April, but layoffs picked up, indicating a slowing labour market as tariffs impact the economic outlook. Investor attention has been on a possible call between US President Donald Trump and Chinese leader Xi Jinping sometime this week as tensions between the world's top two economies simmer. Trump on Friday accused China of violating a Geneva agreement to roll back tariffs and trade restrictions. Beijing said it would safeguard its interests and that the accusation was groundless. Chinese stocks were little changed in early trading with the blue chip index up 0.09 per cent. Hong Kong's Hang Seng index rose 0.27 per cent. "Markets may be desensitised to trade headlines, but Trump-Xi talks remain in focus. A grand deal looks unlikely, yet any escalation could still spark a bout of risk aversion," said Charu Chanana, chief investment strategist at Saxo in Singapore. Also in focus has been the pace of trade negotiations and the lack of significant progress. Wednesday is the deadline for US trading partners to submit their proposals for deals that might help them avoid Trump's hefty "Liberation Day" tariffs from taking effect in five weeks. Trump signed an executive proclamation that puts into effect from 2pm AEST on Wednesday his surprise announcement last week that he was taking the tariffs on steel and aluminium imports that had been in place since March to 50 per cent from 25 per cent. "We believe that the steel & aluminium tariffs are an exemplar of other strategic tariffs that are coming and likely to 'stick'," said Thierry Wizman, global FX & rates strategist at Macquarie. "With that, there's still little impetus for a US dollar rally to take hold." The on-again-off-again tariffs from Trump have led to investors fleeing US assets looking for safe havens, including gold and other currencies, this year as they expect trade uncertainties to take a toll on the global economy. The Organisation for Economic Cooperation and Development said the global economy is on course to slow from 3.3 per cent last year to 2.9 per cent in 2025 and 2026, trimming its estimates from March, mainly on the fallout from the Trump administration's trade war. The dollar on Wednesday was on the back foot, slipping 0.17 per cent against the yen at 143.72 and 0.1 per cent against the Swiss franc at 0.8227. The euro rose 0.15 per cent to $1.1388. The dollar index, which measures the US unit versus six other major currencies, was at 99.11, not far from the six-week low of 98.58 touched on Monday. The index is down 8.5 per cent this year. In commodities, oil prices eased, weighed down by a loosening supply-demand balance following increasing OPEC+ output and lingering concerns over the global economic outlook due to tariff tensions. Brent crude futures dipped 0.06 per cent to $US65.59 ($A101.54) a barrel while US West Texas Intermediate crude was at $US63.35 ($A98.07) per barrel, down 0.09 per cent. Gold rose 0.5 per cent to $US3,369.59 ($A5,216.49) per ounce, taking its gains for the year to an eye-popping 28 per cent on safe-haven flows.
ABC News
19 hours ago
- ABC News
Aldi is being sued by Oreo maker Mondelez for 'blatantly copying' packaging
The company behind US snacks such as Oreos and Chips Ahoy is suing the American branch of the Aldi supermarket chain, alleging the store's biscuit brands are "blatant copies" of its products. This isn't the first time the supermarket has found itself facing a challenge over similarities in the packaging of its products and those of other brands. Here's what we know. Chicago company Mondelez filed a federal lawsuit this week which alleged Aldi's packaging of several of its biscuit products was "likely to deceive and confuse customers". It also alleged that the packaging threatened to irreparably harm Mondelez and its brands. The company is hoping for a court order that would stop Aldi selling the products and monetary damages. In the lawsuit, Mondelez displayed side-by-side photos of multiple products. For example, Aldi's chocolate sandwich biscuits and Oreos both have blue packaging, with images of the treats arranged in similar orientations. The supermarket's Golden Round crackers and Mondelez's Ritz crackers are packaged in red boxes with a breakout blue field with yellow lettering. Mondelez said it had contacted Aldi on numerous occasions about "confusingly similar packaging." It alleged Aldi discontinued or changed the packaging on some items but continued to sell others. Aldi has not yet publicly responded to the case and did not respond to requests from multiple US news outlets. Aldi, which was founded in Germany, keeps prices low by primarily selling products under its own labels. It's one of the fastest-growing grocery chains in the US, with more than 2,500 stores in 39 states. In Australia, there are currently 600 Aldi stores. Yes. Aldi has faced multiple lawsuits around its packaging and brands around the world. Last year in Australia the company Hampden Holdings and Lacorium Health Australia sued Aldi Foods for breach of copyright in relation to children's food products. Hampden licenses intellectual property to Every Bite Counts which sells children's food products under Baby Bellies, Little Bellies and Mighty Bellies which are sold in Australia. In 2018 and 2019, Aldi engaged the company Motor Design to re-design the packaging for its baby food and product range. The case found that in April 2019, Aldi instructed Motor Design to reuse the Little Bellies brand as the "benchmark" for the re-design of the packaging for the Mamia dry food range. Court documents compare the packaging on both brands showing similar names of products, images and colours. Aldi was found liable for copyright infringement for its puff products, which are three of the eleven products Hampden raised. However, Aldi was found not liable for the other products' branding such as rice cakes. Included in evidence were emails between the supermarket and design firm which discussed the similarities between the new design and its "benchmark". "Unfortunately I have received feedback that this particular artwork is too close to our benchmark, I understand we are now on V5 of artwork rounds," it read. A post-it note from the design first said "Aldi have now had legal come back to them and state this design is too close to the benchmark — no shit!" The supermarket no longer sells products with that packaging and has appealed the federal court's ruling in Hampden's favour. Separately, Aldi won a federal court appeal in 2018 against a deceptive conduct ruling over haircare products brought against the supermarket chain by Moroccanoil Israel. In the UK, an appeal court ruled in favour of a cider company called Thatchers, which sued Aldi over design similarities.
