Latest news with #BHP
West Australian
10 hours ago
- Business
- West Australian
Hedland's Big Pitch offers $20,000 to boost budding entrepreneurs
Budding entrepreneurs in Hedland have a chance to turn their business ideas into a reality with the launch of a new competition offering a $20,000 prize to support local innovation. Launched on June 14 at the Port Hedland Chamber of Commerce & Industry (PHCCI) Business Excellence Awards, Hedland's Big Pitch aims to identify and support individuals with ideas that could enhance the economy or liveability of the region. Developed by PHCCI in partnership with BHP, the competition invites residents to submit business concepts that address community needs or opportunities for economic growth. Ten shortlisted applicants will be selected to participate in a series of workshops on business planning and public speaking before presenting their pitches to a judging panel in September. Three finalists will go on to present their ideas at the Hedland Economic Forum on November 12, where one will be awarded the $20,000 prize to develop their concept. PHCCI chief executive Scott Ballem said Hedland's Big Pitch would become an important mechanism for growing the business community in Hedland. 'The chamber provides a broad range of services to support business growth, so we see this competition as a valuable mechanism for reaching budding entrepreneurs and supporting them to realise their dreams,' he said. 'It could be a tech idea that improves industry, or it could be expanding a hair salon to meet community demand. 'We are looking for anything that will improve the economy or liveability of Port Hedland because we want our business community to reflect the community needs.' The program has received significant backing from BHP, with general manager of rail Kate Holling officially launching the initiative at the awards. 'This initiative reflects our commitment to supporting sustainable economic development in the Pilbara,' she said. 'It's about more than just funding — it's about fostering opportunity, confidence, and long-term impact.' Applications for Hedland's Big Pitch are open until July 21. Interested applicants can request an application pack by emailing info@
Time Business News
10 hours ago
- Business
- Time Business News
ASX Today: What's Moving the Markets and Why It Matters
Every trading day, the ASX today reflects the pulse of the Australian economy. The ups and downs of the market are shaped by a complex web of factors, from global events and corporate earnings to investor sentiment and policy changes. But for investors and professionals alike, understanding what's driving the market is essential to making informed decisions. In this article, we'll unpack what's influencing the ASX 200 list, explore the latest stock market news, and explain why these movements matter for both short-term traders and long-term investors. The Australian Securities Exchange (ASX) is home to more than 2,000 listed companies and plays a pivotal role in the Asia-Pacific financial landscape. Each day, the ASX index — particularly the ASX 200 — offers a real-time snapshot of market performance, investor confidence, and economic trends. As of today, several forces are influencing movements across key sectors. The major players include global market sentiment, commodity price fluctuations, earnings reports, and domestic policy announcements. Keeping an eye on the ASX today allows investors to respond proactively rather than reactively. 1. Global Economic Sentiment International markets remain a powerful force on the ASX. The overnight performance of US and European exchanges often sets the tone for the Australian open. If Wall Street rallies on strong jobs data or earnings results, local investors tend to follow suit. Conversely, concerns about inflation, interest rates, or geopolitical instability can dampen local market confidence. 2. Commodities and Resources Australia's economy is heavily influenced by resource exports. Today, iron ore and lithium prices are drawing attention. Strong demand from China continues to buoy miners like BHP, Rio Tinto, and Fortescue Metals. Investors tracking stock market news will notice that shifts in commodity prices often translate quickly into ASX performance, particularly within the materials and energy sectors. 3. Earnings Season Updates Corporate earnings remain one of the biggest drivers of short-term market movements. Companies reporting better-than-expected profits typically see a share price boost, while disappointing results can lead to a swift sell-off. Today's earnings highlights include major retail and financial sector players, and their performance is shaping broader sector sentiment. 4. RBA and Interest Rate Expectations The Reserve Bank of Australia (RBA) plays a key role in shaping market expectations. While the official cash rate hasn't moved this month, speculation continues about future hikes or cuts based on inflation data and economic forecasts. This directly affects bank stocks and consumer discretionary companies, which are sensitive to borrowing costs and household spending. Despite global headwinds, tech stocks on the ASX have shown pockets of resilience. Today's gains in this sector are being driven by optimism around AI applications and cybersecurity investments. However, volatility remains high, and staying updated with accurate Australian finance news is vital for understanding the risks and opportunities. – Healthcare ASX-listed healthcare giants such as CSL and Cochlear remain defensive favourites. Amid global uncertainty, investors are looking for stability, and today's activity in this sector suggests continued confidence in long-term fundamentals. – Financials The big four banks are steady performers today, supported by robust earnings reports and low default rates. However, analysts are closely watching any guidance related to mortgage activity and provisions for loan losses. Understanding the forces behind the ASX today can help investors rebalance their portfolios. For instance, a surge in commodities might prompt a reallocation towards mining stocks, while signals of rising rates could lead to caution in interest-rate-sensitive sectors. – Opportunity Timing Short-term traders look for daily volatility to generate returns. Today's activity in energy and tech presents such opportunities, but only for those equipped with timely stock market news. – Economic Insight Daily ASX movements don't just reflect investor behaviour; they also mirror broader economic health. A strong day on the ASX often points to optimism about Australia's growth prospects, consumer confidence, and business resilience. In today's digital age, it's easy to get overwhelmed by headlines and commentary. That's why accessing reliable, independent, and analytical Australian finance news is essential. Platforms like FN Arena deliver curated insights, backed by data and expert commentary, helping investors separate signal from noise. By staying informed through credible financial news sources, you gain the tools to make rational, well-timed decisions — rather than being swayed by market noise or speculation. The ASX today is more than just numbers on a screen. It's a dynamic reflection of investor sentiment, economic indicators, and sectoral shifts. Whether you're a self-managed super fund trustee, a day trader, or someone managing long-term wealth, understanding what moves the markets — and why — can make all the difference. Staying on top of the latest stock market news and broader Australian finance news helps sharpen your strategy, build your confidence, and ultimately grow your financial success. TIME BUSINESS NEWS
West Australian
12 hours ago
- Business
- West Australian
How Xi's giant iron ore trader is shaking up a $200 billion market
Just three years after its founding, a Chinese government-run trader has become the single biggest force in the country's $200 billion market for iron ore imports. The rise of China Mineral Resources Group has allowed it to tame one of the world's wildest commodities markets — sending volatility in iron ore futures to a record low. It's also playing a role in negotiations with global mining companies, potentially shifting the balance of power between China's vast steel industry and major suppliers like Rio Tinto and BHP. CMRG is transforming a market that has been a thorn in the side of Chinese leaders for 15 years. Now its clout is such that its stockpiles have become akin to a national reserve, to be released when steelmakers are struggling or built up when prices are cheap, according to people familiar with its activities. 'The existence of CMRG is primarily aimed at fundamentally solving the problem of excessive dependence on iron ore imports,' said Bancy Bai, a ferrous metals analyst at consultancy Horizon Insights. 'It has established iron ore inventories in over a dozen major domestic ports.' Chinese authorities have long tried to smooth market fluctuations in markets ranging from local stocks and the yuan to key commodities, but iron ore has been an especially tricky market to manage. As the main raw material for China's one-billion-tonne steel industry, price spikes risk fuelling inflation in Asia's biggest economy. Ever since 2010 — when a system of annually negotiated contracts was ditched in favour of floating spot rates — Chinese officials and steel-mill executives have bemoaned the pricing power of iron ore majors like Rio, BHP and Brazil's Vale. During a COVID-era price surge in 2021, for example, the market became a key target for intervention as officials raised trading costs, censored industry research, urged inventory sales, and cajoled traders to halt 'malicious' speculation. President Xi Jinping's government created CMRG in 2022 with a mission to reshape China's relationship with its iron ore suppliers, taking on an intermediary role rather than leave China's fragmented steel industry at the mercy of miners and traders. CMRG is now the biggest trader of the commodity after elbowing out other players, according to market participants. It also represents more than half of China's steelmakers in talks with suppliers such as Rio Tinto and BHP, they said. Price action has been unusually placid in the past six months. While China's slowing economy and the downtrend in steel demand are a major reason, observers say CMRG has also played a role. 'A shift in marginal bargaining power from miners to mills was inevitable once peak steel passed in China,' said Joel Parsons, a Singapore-based portfolio manager at Drakewood Prospect Fund. 'The interesting question is to what extent CMRG may be accelerating the process.' Iron ore is bought and sold in different ways: on the spot market for individual, up-front shipments, or via longer-term term contracts linked to daily reference prices. After a halting start, CMRG has pushed into the spot market and had over 40 cargoes on the water as of June 19, according to an offer sheet reviewed by Bloomberg. Those included products from BHP and Rio. Vale has been absent. The Brazilian company hasn't struck spot deals with CMRG because it believes long-term contracts with Chinese mills are sufficient, said a person familiar with the matter. So far, none of the big miners currently supplies CMRG in term contracts. Talks on doing so were continuing, Simon Trott, Rio's chief executive of iron ore, said recently. CMRG, Rio, BHP and Vale all declined to comment. One advantage is that CMRG has more tolerance for losses because it's state-run, and as its presence has grown, more established trading houses have retreated, according to people familiar with the matter. The group has helped 'keep prices at the level they should be with supply and demand, rather than having those short term spikes,' Aurelia Waltham, analyst at Goldman Sachs, told a conference in Singapore last month. In an earlier note, the bank said CMRG could be holding as much as 20 million tonnes of ore at ports, based on conversations with steel mills. For those mills, getting on board with CMRG as a reliable, steady supplier is a no-brainer. But for miners, the consolidation is likely to weaken their bargaining power, setting the stage for a tussle over pricing for a long time to come. 'The unique structure of the iron ore market, with its concentrated supply from very low-cost producers and the specific quality demands, means that CMRG's leverage, while enhanced, will not be absolute,' said David Cachot, iron ore research director at Wood Mackenzie. Bloomberg
News.com.au
a day ago
- Business
- News.com.au
ASX slips on Thursday on weaker than expected job figures
Commonwealth Bank closed at a record high on Thursday, but it was not enough to lift the broader market as weaker than expected job figures and fears of the possibility the US would strike Iran weighed on the local market. The ASX 200 closed marginally lower for the third straight day down 7.50 points or 0.09 per cent to 8,523.70. The broader All Ordinaries also finished down on Thursday, dropping 16.50 points or 0.19 per cent to 8,741.40. Australia's dollar slumped 0.66 per cent against the US dollar and is now buying 64.64 US cents. Seven of the 11 sectors were lower with large falls in materials, information technology and utilities offsetting strong gains out of the financials and consumer discretionary sectors. Shares in Australia's largest lender CBA soared during early trading as high as $183.23 before settling at $182.85. This beat the previous record close of $182. NAB shares also finished heavily in the green up 1.06 per cent to $39.12, Westpac soared 1.73 per cent to $33.59 and ANZ jumped 0.31 per cent to $29.13. Offsetting a bounce in the financials were falls in the materials sector. BHP slumped 1.98 per cent to $36.13, Rio Tinto sank 2.31 per cent to $103.55 and Fortescue decreased 1.73 per cent to $14.77. Gold miners also slipped after a strong run with Northern Star Resources falling 0.97 per cent to $20.38 and Evolution Mining plunged 4.54 per cent to $7.78. The market seesawed throughout Thursday's trading and was up slightly before the announcement of Australia's job figures. In a surprise to the market, 2500 fewer Australians were employed in May compared to April. Betashare chief economist David Bassanese said Thursday's employment data was no smoking gun for a rate cut. 'My base case remains that the RBA will hold fire on rates until the release of the June quarter CPI in late July,' he said. 'If the result confirms a continued decline in trimmed mean inflation to 2.6 per cent in line with RBA expectations, the RBA will likely cut policy rate by 0.25 per cent in August – so households may just need to wait another few weeks for further mortgage relief.' The market also traded lower on fears as to whether the US would strike Iran, a move that Tehran warns would lead to retaliation on US interests in the area. 'I may do it, I may not do it,' US President Donald Trump told reporters outside the White House. 'I mean, nobody knows what I'm going to do.' In company news fashion retailer KMD Brands which owns Kathmandu and Rip Curl fell 3.77 per cent to $0.26 after telling the market warmer autumn weather had a negative impact on sales. WiseTech Global shares also fell 1.87 per cent to $106.89 on the back of news directors Charles Gibbon and Michael Gregg would leave the board.
Business Recorder
a day ago
- Business
- Business Recorder
SOEs: experts raise alarm over ‘economic drain'
ISLAMABAD: Former Governor State Bank of Pakistan (SBP) Shahid Kardar, Wednesday, raised alarm over the economic drain and stressed the need for privatisation. He said that state-owned enterprises (SOEs) are causing Rs1 trillion in losses annually to the national kitty. Speaking at an event titled, 'Numbers and Beyond Budget 2025-26', Kardar said that there is a dire need to control financial losses from SOEs as such huge resources can be diverted to other sectors with having potential to put the country on the path of economic development. He said that the ongoing Iran-Israel conflict and global instability have further slashed Pakistan's investment rate. Economist Dr Manzoor Ahmad, speaking on the occasion, termed the budget a unique fiscal move for its historic subsidy cuts and added that this has provided economy a breathing space and the government must continue such policies in further, so that exports of the countries could be increased. The event was chaired by Parliamentary Secretary for Information and Broadcasting, Barrister Danyal Chaudhry and co-convened by Dr Nafeesa Shah, MNA, and Sher Ali Arbab, which brought together economists, senators, and provincial representatives to deliberate on fiscal priorities. In his keynote address, Barrister Chaudhry emphasised provincial fiscal autonomy as key to national developments and said that financial discipline and management is must for the economic growth. He said that the secret to real progress lies in provinces autonomously managing their resources and provinces must adopt fiscal vigilance. Chairperson Benazir Income Support Programme (BISP), Senator Rubina Khalid, speaking on the occasion, announced the launch of the Benazir Hunarmand Program (BHP) by terming it a timely and strategic intervention to address Pakistan's growing employment challenges and unlock economic opportunities for underprivileged communities. Highlighting the importance of skill development, she said with a rising young population and limited employment avenues, especially for marginalised groups, Pakistan urgently needs initiatives that provide sustainable solutions. 'BHP is not just a training initiative— it is a pathway to dignity, self-reliance, and decent work. By equipping low-income families with market-relevant, competency-based skills, we are investing in their future and in the economic progress of the country,' she remarked. She explained that the programme aims to train BISP beneficiaries and their family members in skills aligned with both local market needs and international demand—particularly in sectors like construction, healthcare, hospitality, and information technology. A key focus of the initiative is to prepare participants for employment opportunities in Gulf Cooperation Council (GCC) countries and beyond. Former Sindh Governor Zubair Umar spotlighted Karachi's paradox, saying that the metropolis was contributing 70 percent of national revenue, it ranks as the world's 4th least livable and 2nd most dangerous city as per 'The Economist'. While demanding urgent federal government intervention to remove the hurdles in resolving Karachi's problems, he said that the situation was worsening with each passing day. Mian Umer Masood, president of the Kissan Association, emotionally stressed agrarian distress and said that at present one and a half litre water bottle costs more than milk which reflects the plight of the agriculture sector. The government must address farmers' crises immediately, otherwise, the country will face serious food shortage crisis. Copyright Business Recorder, 2025
