Latest news with #US105
West Australian
22-07-2025
- Business
- West Australian
BHP hits year-to-date share price peak as iron ore reaches $US105/t on China's big dam build and steel cuts
China's mega-dam build helped spark an iron ore price revival that has lifted shares in Australia's largest mining company to a 2025 high, but Beijing's clampdown on steel mill cannibalisation is stoking uncertainty. Iron ore futures in Singapore jumped $US1.60 per tonne on Tuesday to trade at $US105/t ($161) after leaping over the $US100/t ($153) barrier late last week. This benchmark price has now rallied 11 per cent since touching lows of $US92/t ($141) less than a month ago — defying predictions by local and international banks that the commodity's value drop would below $US90/t ($138) this year. Iron ore's recent price spike has been attributed to China starting construction on the world's biggest hydropower dam in Tibet. The dam, once complete, will reportedly generate the same amount of energy each year as the entire United Kingdom. The $255 billion infrastructure project requires significant volumes of steel and subsequently boosts demand for steel-making ingredient iron ore. Shares in Australia's major iron ore producers have recorded strong gains over the past few trading days and continued the ascent on Tuesday. Stock in BHP, Australia's biggest miner by market value, rose 2.6 per cent to $41.51 —its highest level since December. Rio Tinto finished up 3.4 per cent at $118.32 and Fortescue lifted 3.3 per cent to $17.81. But Commonwealth Bank analyst Vivek Dhar said the Tibet dam breaking ground was 'unlikely' the sole reason iron ore has rebounded beyond $US100/t. 'We continue to attribute most of the price increase to supply‑side reform in the steel sector,' he said. 'These reforms primarily aim to curb 'involution,' whereby intense competition and overcapacity has crushed margins across several industries.' Competition between China's steel mills has eaten into profit margins, jeopardising the steady supply of steel to the Asian powerhouse's key manufacturing and property sectors. This has led Beijing to intervene with orders limiting steel output across China. How this plays out for iron ore in the longer-term is difficult to predict, according to Mr Dhar. Mandated steel output cuts mean mill owners are usually willing to pay a premium for iron ore, but lower output means an iron ore oversupply could then emerge and drag the commodity's price down. Mr Dhar believes the oversupply scenario is likely. 'It is this logic that underpins our view that the recent rally in iron ore prices is unsustainable,' he said. 'It's worth noting that it is possible for supply‑side reform in China's steel sector to result in sustainably higher iron ore prices. We would need to see outdated and unused steel capacity exit the market.' Citi analyst Paul McTaggart echoed Mr Dhar's sentiment. 'Citi remains cautious on this iron ore rebound; steel production cuts in China should favour steel pricing rather than iron ore pricing,' Mr McTaggart told clients. 'However, for now the interest seems to lie with iron ore and its exposed equities.' Mr Dhar said CBA is predicting iron ore will fall to $US95/t by year's end. Australia's biggest bank had originally expected iron ore to sink to $US80/t this year.
Courier-Mail
08-07-2025
- Entertainment
- Courier-Mail
Denise Richards' husband files for divorce
Don't miss out on the headlines from Hook Ups & Break Ups. Followed categories will be added to My News. Aaron Phypers has pulled the plug on his nearly seven-year marriage to actress and OnyFans star Denise Richards. The actor filed for divorce from former Real Housewives of Beverly Hills star in Los Angeles on Monday. According to court documents obtained by Page Six, he listed July 4 as their separation date and cited 'irreconcilable differences' as the reason for their split. Phypers, 49, requested that the court grant him spousal support. Denise Richards' husband, Aaron Phypers, has filed for divorce after six years of marriage. Picture: Instagram The self-employed businessman, who revealed he has not earned income since shutting down his wellness company last year, claims that he and Richards' monthly expenses total $US105,000 ($162,000). As part of his community and quasi-community property declaration, Phypers requested that he and Richards, 54, divide their Smoke & Mirrors Entertainment company 50/50. Phypers stated in court documents that he and Richards have no minor children together. Reps for Richards did not immediately respond to Page Six's request for comment. Phypers was once in the process of adopting the Wild Things star's 13-year-old daughter, Eloise Joni, in 2019. Phypers cited 'irreconcilable differences' as the reason for their split. Picture: Instagram Phypers helped Richards film content for her OnlyFans page. Picture: Instagram 'He's amazing as a Daddy,' Richards gushed during a 2019 interview on The View, per People. 'He's amazing with my daughters, and he's adopting my youngest, so it's really great.' The actress initially adopted Eloise in 2011. Aside from Eloise, Richards is also the mother to two adult daughters — Sami Sheen, 21, and Lola Rose Sheen, 20 — with ex-husband Charlie Sheen, whom she was married to from 2002 to 2006. Phypers, meanwhile, previously wed Desperate Housewives star Nicollette Sheridan in 2015 but called off their marriage a year later. The actress and Phypers were married in 2018. Picture: Instagram Richards at her 2002 wedding to Charlie Sheen. They divorced in 2006. Picture: AP Photo/Berliner BEI, Eric Charbonneau Richards and Phypers, who tied the knot on Sept. 8, 2018, worked together on several business endeavours together, including the TV personality's OnlyFans account. During a 2022 interview on SiriusXM's Jeff Lewis Live, Richards claimed her now-estranged husband took 'a lot of [her] content.' Phypers also made several appearances on RHOBH and starred on Richards' latest series, Denise Richards and the Wild Things. Despite Phypers listing his and Richards separation date as July 4, the latter seemed to be in good spirits that day as she posted a patriotic bikini photo via Instagram. 'Red, white, and a little bit ooh la la,' she captioned the spicy snap. This article originally appeared in Page Six and was reproduced with permission Originally published as Actress and OnlyFans star Denise Richards' husband files for divorce after 6 years of marriage
Sydney Morning Herald
24-06-2025
- Business
- Sydney Morning Herald
ASX set to rise, Wall Street rallies; Oil prices lower
With the global oil market well supplied and the OPEC+ alliance of producing countries steadily increasing production, oil prices could be headed even lower as long as the ceasefire holds and a lasting peace solution can be found, said Carsten Fritsch, commodities analyst at Commerzbank. Falling oil prices should take some pressure off inflation, and that in turn could give the Federal Reserve more leeway to cut interest rates. Wall Street loves lower rates because they can give the economy a boost by making it cheaper for US households and businesses to borrow money to buy a car or build a factory. But they could also give inflation more fuel. That latter threat is why the Fed has been hesitant to cut rates this year after lowering them through the end of last year. The Fed has said repeatedly that it wants to wait and see how much Trump's tariffs will hurt the economy and raise inflation before committing to its next move. So far, the economy seems to be holding up OK, though a report on confidence among US consumers came in weaker on Tuesday than economists expected, while inflation has remained only a bit above the Fed's 2 per cent target. Trump, though, has been pushing for more cuts to rates. And two of his appointees to the Fed have said in the last week that they may consider cutting rates as soon as the Fed's next meeting next month. Loading Fed Chair Jerome Powell remains more cautious. He said again in testimony delivered to Congress Tuesday that the Fed is 'well positioned to wait to learn more about the likely course of the economy before considering any adjustments to our policy stance.' Asked whether a cut could arrive as soon as July, Powell said, 'We will get to a place where we cut rates, sooner rather than later – but I wouldn't want to point to a particular meeting. I don't think we need to be in any rush because the economy is still strong.' Such mixed messages had Treasury yields swivelling up and down in the bond market. The yield on the 10-year Treasury eased to 4.30 per cent from 4.34 per cent late on Monday. The two-year Treasury yield, which more closely tracks expectations for Fed action, fell to 3.82 per cent from 3.84 per cent. On Wall Street, cruise operator Carnival steamed 6.7 per cent higher after delivering a much stronger profit for the latest quarter than analysts expected. CEO Josh Weinstein said it's seeing strong demand from people booking cruises close to the departure date, and customers are spending strongly once on board. Carnival also raised its forecast for an underlying measure of profit for the full year. Uber Technologies rose 7.8 per cent after it said customers in Atlanta can use its app to ride in Waymo autonomous vehicles. Coinbase Global rallied 11.4 per cent as the cryptocurrency exchange rose with the price of bitcoin, which jumped back above $US105,000. In stock markets abroad, indexes rallied more than 1 per cent everywhere from France to Germany to Japan following the announcement of the Israel-Iran ceasefire. Hong Kong's jump of 2.1 per cent and South Korea's leap of 3 per cent were two of the strongest moves.
The Age
24-06-2025
- Business
- The Age
ASX set to rise, Wall Street rallies; Oil prices lower
With the global oil market well supplied and the OPEC+ alliance of producing countries steadily increasing production, oil prices could be headed even lower as long as the ceasefire holds and a lasting peace solution can be found, said Carsten Fritsch, commodities analyst at Commerzbank. Falling oil prices should take some pressure off inflation, and that in turn could give the Federal Reserve more leeway to cut interest rates. Wall Street loves lower rates because they can give the economy a boost by making it cheaper for US households and businesses to borrow money to buy a car or build a factory. But they could also give inflation more fuel. That latter threat is why the Fed has been hesitant to cut rates this year after lowering them through the end of last year. The Fed has said repeatedly that it wants to wait and see how much Trump's tariffs will hurt the economy and raise inflation before committing to its next move. So far, the economy seems to be holding up OK, though a report on confidence among US consumers came in weaker on Tuesday than economists expected, while inflation has remained only a bit above the Fed's 2 per cent target. Trump, though, has been pushing for more cuts to rates. And two of his appointees to the Fed have said in the last week that they may consider cutting rates as soon as the Fed's next meeting next month. Loading Fed Chair Jerome Powell remains more cautious. He said again in testimony delivered to Congress Tuesday that the Fed is 'well positioned to wait to learn more about the likely course of the economy before considering any adjustments to our policy stance.' Asked whether a cut could arrive as soon as July, Powell said, 'We will get to a place where we cut rates, sooner rather than later – but I wouldn't want to point to a particular meeting. I don't think we need to be in any rush because the economy is still strong.' Such mixed messages had Treasury yields swivelling up and down in the bond market. The yield on the 10-year Treasury eased to 4.30 per cent from 4.34 per cent late on Monday. The two-year Treasury yield, which more closely tracks expectations for Fed action, fell to 3.82 per cent from 3.84 per cent. On Wall Street, cruise operator Carnival steamed 6.7 per cent higher after delivering a much stronger profit for the latest quarter than analysts expected. CEO Josh Weinstein said it's seeing strong demand from people booking cruises close to the departure date, and customers are spending strongly once on board. Carnival also raised its forecast for an underlying measure of profit for the full year. Uber Technologies rose 7.8 per cent after it said customers in Atlanta can use its app to ride in Waymo autonomous vehicles. Coinbase Global rallied 11.4 per cent as the cryptocurrency exchange rose with the price of bitcoin, which jumped back above $US105,000. In stock markets abroad, indexes rallied more than 1 per cent everywhere from France to Germany to Japan following the announcement of the Israel-Iran ceasefire. Hong Kong's jump of 2.1 per cent and South Korea's leap of 3 per cent were two of the strongest moves.
