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☆ Australia's ANZ sinks as record annual profit falls short of market forecasts
▼ + stars: | 2023-11-12 | by ( Rishav Chatterjee | ) www.reuters.com time to read: +2 min

The logo of the ANZ Bank is seen at Lambton Quay, in Wellington, New Zealand November 10, 2022. The banking group's Aussie commercial business recorded 11% revenue growth over the year with lending rising to record high of A$62 billion. ANZ intends to expand its commercial business with focus on its currency and payment sites while reducing costs, it said. ANZ declared a final dividend of 94 Australian cents apiece, up from 74 Australian cents apiece announced a year ago. ANZ, however flagged that the external environment will likely remain challenging adding that higher interest rates will impact economic activity as it sees "another year of cost-of-living pressures."

Persons: Lucy Craymer, Azib Khan, Rishav Chatterjee, Roushni Nair, Grant McCool, Lisa Shumaker Organizations: ANZ Bank, REUTERS, ANZ, Citi, P Capital, Suncorp, Thomson Locations: Lambton Quay, Wellington , New Zealand, Australia, Bengaluru

That pushed net profit from the bank's institutional unit up 53% to overtake its retail unit, by dollar value, in the year to September, and helped the Melbourne-listed company grow overall profit 14% to A$7.4 billion ($4.7 billion), just missing a Visible Alpha consensus forecast of A$7.56 billion. But analysts expressed concern about a faster-than-expected narrowing of profit margin from the bank's retail unit, the only one of Australia's so-called big four lenders that has persisted with offering cash handouts to lure mortgage customers looking for a cheaper deal. The logo of the ANZ Bank is seen at Lambton Quay, in Wellington, New Zealand November 10, 2022. ANZ CEO Shayne Elliott denied forgoing margin to grow mortgages faster than the market, and challenged comments from other banks that have said they were intentionally slowing mortgage growth while competition eroded profit. ANZ declared a final dividend of 94 Australian cents per share, up from 74 cents a year ago.

Persons: NIM, Lucy Craymer, Shayne Elliott, we've, Byron Kaye, Rishav Chatterjee, Roushni Nair, Lisa Shumaker, Stephen Coates Organizations: ANZ, Westpac, National Australia Bank, midsession, ANZ Bank, REUTERS, UBS, Thomson Locations: Melbourne, Lambton Quay, Wellington , New Zealand, Sydney, Bengaluru

The National Australia Bank Logo is seen on a branch in central Sydney, Australia, February 8, 2018. That has left NAB, ranked third for mortgages but first for business loans, in a prime position as the country's retail lenders look elsewhere for growth. We're not abandoning (mortgages), we're tilting towards our business bank." Larger mortgage rival Westpac (WBC.AX) also posted a higher annual profit on Monday, despite a decline in home loan profit. The company's net interest margin, a closely-watched bank metric of lending interest income minus payouts to deposit accounts, shrank to 1.71% as of Sept. 30, from 1.77% at March-end.

Persons: Daniel Munoz, Ross McEwan, We're, Azib Khan, Roushni Nair, Archishma Iyer, Shounak Dasgupta, Jamie Freed Organizations: National, REUTERS, NAB, SYDNEY, National Australia Bank, Westpac, P, Thomson Locations: Sydney, Australia, Bengaluru

☆ National Australia Bank's second-half cash profit falls as inflation persists
▼ + stars: | 2023-11-09 | by ( Roushni Nair | ) www.reuters.com time to read: +2 min

The National Australia Bank Logo is seen on a branch in central Sydney, Australia, February 8, 2018. But for the half-year ended Sept. 30, cash earnings sank as the impact of monetary policy tightening and inflationary pressures crippled households and the economy. The annual performance of its business and institutional banking divisions stood out with of 10.1% and 14.9% in cash profits respectively, while the personal banking division was a drag on its results, posting a 9.1% decline in cash earnings to A$1.45 billion. The bank reported a jump in its credit impairment charge for the year to A$802 million, up from just A$125 million a year ago, which it said reflected volume growth and worsening asset quality. The bank declared a final dividend of 84 Australian cents per share, up from 78 Australian cents apiece a year earlier.

Persons: Daniel Munoz, Ross McEwan, Roushni Nair, Archishma Iyer, Shounak Dasgupta, Jamie Freed Organizations: National, REUTERS, National Australia Bank, NAB, Thomson Locations: Sydney, Australia, Bengaluru

The results show how Australia's retail banks are leaning into businesses outside their traditional earnings engine of mortgages as higher interest rates raise the cost of repayments, spurring competition which has flattened profit margins. Sydney-listed Westpac said profit from its consumer division, which has just over one-fifth of Australian mortgages, shrank 7% in its full-year to end-September. Westpac gave no profit forecasts but said April-to-September trading was "more challenging" than the previous six months and "this is expected to continue into 2024". "If that does eventuate, interest rates will probably need to be higher than what we're thinking," he said on a call with analysts and media. Westpac declared a final dividend of 72 Australian cents per share, up from 64 Australian cents a year earlier.

Persons: David Gray, Azib Khan, Peter King, We've, Byron Kaye, Roushni Nair, Upasana Singh, Andrew Heavens, Josie Kao, Aurora Ellis Organizations: Australia's Westpac Banking Corp, REUTERS, Westpac, Commonwealth Bank, National Australia Bank, ANZ, Sydney, midsession, P Capital, Thomson Locations: Sydney, Australia, Ukraine, Bengaluru

The Sydney-based financial conglomerate has not had a steeper first-half profit drop in more than a decade. The results capped a run of "exceptional conditions" last year in the company's commodity trading and asset management segments, buoyed by energy market volatility and ripe conditions for asset sales, respectively, Chief Financial Officer Alex Harvey told Reuters. Macquarie said the asset management division's income should rebound in the second half to about the A$940 million it reported in the same period last year. The company said fees and commissions at investment banking arm Macquarie Capital were in line with the previous comparable period. Profit fell 28% to A$430 million.

Persons: David Gray, Alex Harvey, Macquarie, Shemara Wikramanayake, Wikramanayake, Barrenjoey, Lewis Jackson, Roushni Nair, Rishav Chatterjee, Jamie Freed Organizations: Macquarie Group Ltd, REUTERS, Macquarie, Reuters, Citi, Investment, Thomson Locations: Sydney, Australia, SYDNEY, Ukraine, North America, Israel, Bengaluru

☆ Australia's Treasury Wine to buy US-based DAOU Vineyards for $900 mln
▼ + stars: | 2023-10-30 | by ( Roushni Nair | ) www.reuters.com time to read: +3 min

Bottles of Penfolds Grange, made by Australian wine maker Penfolds and owned by Australia's Treasury Wine Estates, sit on a shelf for sale at a wine shop in central Sydney, Australia, August 4, 2014. The wine producer has been resetting its strategy in an attempt to diversify outside of China, which used to contribute a third of its profits, after Beijing imposed tariffs on Australian wine in 2021 when Canberra called for an inquiry into the origins of COVID-19. The winemaker's combined premium and luxury portfolios delivered double-digit gross profit growth in fiscal 2023, according to its annual report. Including cost synergies of more than $20 million, the acquisition is expected to be mid to high-single-digit earnings per share (EPS) accretive in fiscal 2025, the first year of Treasury owning DAOU. Treasury said it would also issue A$157 million of new shares to the existing owners of DAOU.

Persons: David Gray, Penfolds Grange, Frank Family, Phillip Kimber, Roushni Nair, Shailesh Kuber, Krishna Chandra Eluri, Jamie Freed Organizations: Australia's Treasury Wine Estates, REUTERS, China Deal, Wine Estates, Treasury, P Capital, Thomson Locations: Australian, Sydney, Australia, China, Beijing, Canberra, Americas, Bengaluru

☆ Tesla supplier Syrah expects more graphite buys ahead of China export ban
▼ + stars: | 2023-10-26 | by ( ) www.reuters.com time to read: +2 min

Oct 26 (Reuters) - Australian producer Syrah Resources (SYR.AX) on Thursday said it expects buyers outside of China to step up their purchases of natural graphite before stricter export controls on the battery material came into effect on December 1. China, the world's largest graphite producer and exporter, will require export permits as of Dec. 1 for some graphite products, including spherical graphite used by electric vehicle makers. The export controls could mean that automakers and suppliers of battery materials will have to accelerate their search for alterative sources of the mineral. Syrah said that, based on feedback from its customers and analysts, buyers are looking to stockpile graphite to reduce the risk of near-term supply disruptions ahead of the ban, and ahead of China's winter when it tends to produce less natural graphite. "Any disruption or reduction in China anode precursor or AAM export supply without replacement supply would impact battery production outside China," it said.

Persons: Roushni Nair, Melanie Burton, Miral Organizations: Syrah Resources, Tesla, AAM, U.S . International Development Finance Corporation, Thomson Locations: Australian, China, Mozambique, Louisiana, Balama, United States, Bengaluru, Melbourne

☆ Australia's Westpac warns of $109 mln hit to fiscal 2023 profit
▼ + stars: | 2023-10-25 | by ( ) www.reuters.com time to read: +1 min

The bank sees an increase in provisions for customer refunds and associated payments and restructuring costs, among others, in fiscal 2023. Westpac reported a net profit attributable of A$5.69 billion in fiscal 2022. The company noted that the notable items recorded in fiscal 2023 are significantly lower than the notable items of A$874 million recorded in fiscal 2022. The net impact of these one-off items will reduce the bank's common equity tier 1 capital ratio by 4 basis points, it added. ($1 = 1.5855 Australian dollars)(This story has been corrected to say Westpac warns of a hit, not lower fiscal 2023 profit, in the headline)Reporting by Roushni Nair in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

Persons: Loren Elliott, Roushni Nair, Shailesh Organizations: Westpac, Central Business District of, REUTERS, Westpac Banking Corp, Thomson Locations: Central Business District of Sydney, Australia, Bengaluru

☆ Australian miner South32's met coal output falls on Illawarra disruptions
▼ + stars: | 2023-10-23 | by ( John Biju | ) www.reuters.com time to read: +2 min

A sign adorns the building where Australian miner South32 has their office in Perth, Western Australia, November 19, 2015. As a result, production volumes at Illawarra operations are expected to be weighted to the second half of fiscal 2024, the miner said. Regardless, South32 kept its forecast of 4.4 million metric tons of annual metallurgical coal output from Illawarra, down from last year's 5.5 million tons. Production of metallurgical coal fell to 1.0 million tons in the three months to Sept. 30, from 1.3 million tons a year earlier. That was slightly lower than a consensus estimate of 1.1 million tons compiled by Visible Alpha.

Persons: South32, David Gray, Graham Kerr, John Biju, Roushni Nair, Lisa Shumaker, Jamie Freed, Subhranshu Organizations: REUTERS, Citi, Alpha, Thomson Locations: Perth, Western Australia, New South Wales, Illawarra, Bengaluru

☆ Australia's South32's Q1 metallurgical coal output falls on Illawarra bottlenecks
▼ + stars: | 2023-10-23 | by ( ) www.reuters.com time to read: +1 min

A sign adorns the building where Australian miner South32 has their office in Perth, Western Australia, November 19, 2015. REUTERS/David Gray/File Photo Acquire Licensing RightsCompanies South32 Ltd FollowOct 23 (Reuters) - Diversified miner South32 (S32.AX) posted an 18% drop in first-quarter metallurgical coal output on Monday, as production was affected by disruptions at its Illawarra project in New South Wales. South32, the world's biggest producer of manganese, is facing operational headwinds at its Illawarra Metallurgical Coal project after the miner undertook an extended planned longwall move at the Dendrobium mine. The Perth-based miner said production of metallurgical coal, used to make steel, fell to 1.0 million metric tons in the three months to Sept. 30, from 1.3 million metric tons a year earlier. That was slightly lower than a consensus estimate of 1.1 million metric tons compiled by Visible Alpha.

Persons: South32, David Gray, John Biju, Roushni Nair, Lisa Shumaker Organizations: REUTERS, South32, Illawarra Metallurgical Coal, Alpha, Thomson Locations: Perth, Western Australia, New South Wales, Illawarra, Dendrobium, Bengaluru

☆ Japan aims for joint EV, chip subsidy rules with U.S. and Europe - Nikkei
▼ + stars: | 2023-10-23 | by ( ) www.reuters.com time to read: +1 min

The Japanese government aims to invest 20 trillion yen ($133.62 billion) in green transformation over 10 years, according to Nikkei. The three countries could also discuss environmental and other requirements to qualify for EV subsidies, Nikkei added. Nishimura also discussed plans to bolster Japanese investment in the so-called Global South, which is comprised of emerging and developing countries mainly in Asia, Africa and Latin America, Nikkei said. His ministry aims to facilitate 2 trillion yen in public and private investment in these countries over five years. ($1 = 149.6800 yen)Reporting by Roushni Nair in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

Persons: Industry Yasutoshi Nishimura, Issei Kato, Yasutoshi Nishimura, Nishimura, Roushni Nair, Shailesh Organizations: Economy, Trade, Industry, REUTERS, U.S, Nikkei, EV, Thomson Locations: Tokyo, Japan, Europe, Asia, Africa, Latin America, Bengaluru

☆ Australia's Lynas plans temporary shutdown of Malaysia ops, shares fall
▼ + stars: | 2023-10-20 | by ( Echha Jain | ) www.reuters.com time to read: +3 min

A small toy figure and mineral imitation are seen in front of the Lynas Rare Earths logo in this illustration taken November 19, 2021. Shares of the miner closed 1.9% lower, after falling as much as 2.7% to A$6.24 mid-trade, the stock marked its lowest since May 3. It will implement an upgrade to its downstream operations at Lynas Malaysia to increase production of neodymium-praseodymium (NdPr) to about 10,500 metric tons per annum. The world's largest producer of rare earths outside China also reported a 21.8% drop in its first quarter sales revenue to A$128.1 million ($81.04 million). NdPr production for the quarter came in at 1,526 rare earth oxide tonnes (REOt), compared with 1,045 REOt a year earlier.

Persons: Dado Ruvic, Lynas, Anwar Ibrahim, Echha Jain, Adwitiya Srivastava, Roushni Nair, Devika Syamnath, Jacqueline Wong Organizations: REUTERS, 10,500tpa, Malaysian, Thomson Locations: Malaysia, Lynas Malaysia, Kalgoorlie, Western Australia, China, Bengaluru

☆ Virgin Australia clocks first profit in 11 years as travel demand recovers
▼ + stars: | 2023-10-10 | by ( ) www.reuters.com time to read: +2 min

Aircraft from Australia's second largest airline, Virgin Australia, sit on the tarmac at the domestic terminal of Sydney Airport in Australia, August 19, 2018. REUTERS/David Gray/File Photo Acquire Licensing RightsOct 10 (Reuters) - Bain Capital-owned Virgin Australia said on Tuesday that the airline returned to a profit for the first time in 11 years for fiscal 2023, buoyed by a strong recovery in travel demand following the COVID-19 pandemic. The carrier reported a statutory net profit after tax of A$129 million ($82.93 million) for the full year ended June 30, 2023, compared with a loss of A$565.5 million in 2022. Virgin Australia now has a considerably stronger balance sheet with continued significant improvement in its cost base, CFO Race Strauss said in a statement on Tuesday. Virgin was upbeat on its capital position, reporting total debt including leases of A$2.3 billion and over A$1 billion of cash on the balance sheet.

Persons: David Gray, Bain, Race Strauss, Strauss, Roushni Nair, Nausheen, Rashmi Organizations: Virgin, Sydney Airport, REUTERS, Bain Capital, Virgin Australia, Australian Securities Exchange, Reuters, GQG Partners, Airlines, Thomson Locations: Australia's, Virgin Australia, Australia, Bengaluru

☆ Qantas chairman refuses to quit amid investor pressure - ABC News
▼ + stars: | 2023-09-21 | by ( ) www.reuters.com time to read: +2 min

Qantas aircraft are seen on the tarmac at Melbourne International Airport in Melbourne, Australia, November 6, 2018. But any suggestion that we took fees for no service is just wrong," Goyder said. The ABC report did not mention the names of investors and consumers who have called for Goyder's resignation. Goyder was appointed to the board in November 2017 and named chairman in October 2018. Goyder said Qantas has accepted the ruling and new CEO Vanessa Hudson will work towards settling the case, according to ABC News.

Persons: Phil Noble, Alan Joyce, Richard Goyder, Goyder, Vanessa Hudson, Roushni Nair, Sonia Cheema Organizations: Qantas, Melbourne International Airport, REUTERS, Rights Companies Qantas Airways, Australia's Qantas Airways, ABC, ABC News, Thomson Locations: Melbourne, Australia, Bengaluru

Sept 15 (Reuters) - Shell Plc (SHEL.L) said on Friday that it has identified a cybersecurity incident involving some employees who worked with the company's unit BG Group in Australia before the merger, becoming the latest victim of the MOVEit hack. A number of businesses globally have lately been affected by a cybersecurity breach on the software tool MOVEit that is typically used to transfer large amounts of often sensitive data including pension information and social security numbers. Shell said it has identified some personal information related to the affected individuals that was accessed without any authorization and has made attempts to notify them of the breach. Shell did not immediately respond to a Reuters request for comment to clarify the exact number of individuals impacted in the cybersecurity incident. Reporting by Roushni Nair and Navya Mittal in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

Persons: Shell, Hebe Chen, Chen, Roushni Nair, Navya Mittal, Shailesh Organizations: Shell Plc, Group, IG Markets, Reuters, BG, Thomson Locations: Australia, Brazil, Bengaluru

The lower-ranking Federal Court in 2021 found Qantas broke the law by outsourcing the ground handling jobs, but the airline appealed the ruling in the High Court which upheld the decision on Thursday. The matter now returns to the Federal Court which will decide penalties and compensation for affected employees. "These workers have been put through hell," said Michael Kaine, secretary of the Transport Workers Union (TWU) which brought the lawsuit. Qantas said in a statement that it accepted the High Court decision and noted the Federal Court had already ruled out forcing the company to reinstate the workers. It said it had already made an unspecified provision in its accounts for penalties and compensation for affected employees after the Federal Court decision.

Persons: David Gray, Michael Kaine, Kaine, Byron Kaye, Roushni Nair, Subhranshu Sahu, Jamie Freed Organizations: Qantas Airways Airbus, Sydney Airport, REUTERS, Rights, Qantas Airways, Australia, Qantas, Qatar Airways, Federal, Transport Workers Union, Thomson Locations: Australia, Sydney, Bengaluru

A view of Chevron-operated Gorgon project on Barrow Island, Australia, as seen in this undated handout image obtained by Reuters on September 8, 2023. “Unfortunately, following numerous meetings and conciliation sessions with the Fair Work Commission, no agreement has been reached as the unions are asking for terms significantly above the market," a Chevron spokesperson said in a statement. "Until we have some case law, until we get some Fair Work Commission decisions on how the laws work, we don't know (how long the process will take)," said Shae McCrystal, a professor of labour law at the University of Sydney Law School. A subsidiary of airline Virgin Australia made the only other application under these laws in June, local media reported. No talks are scheduled between unions and Chevron, according to the FWC website.

Persons: Shae McCrystal, Roushni Nair, Lewis Jackson, Jamie Freed, Michael Perry Organizations: Reuters, Chevron, Handout, REUTERS, Fair, University of Sydney Law School, Virgin Australia, Offshore Alliance, Thomson Locations: Chevron, Barrow Island, Australia, Chevron Australia, Melbourne, U.S, Bengaluru, Sydney

☆ Regulator sues AustralianSuper over multiple pension accounts
▼ + stars: | 2023-09-08 | by ( Roushni Nair | ) www.reuters.com time to read: +2 min

REUTERS/Loren Elliott/File Photo Acquire Licensing RightsSept 8 (Reuters) - The Australian securities regulator said on Friday it initiated a lawsuit against the trustee of AustralianSuper, citing the country's largest superannuation fund failed to have adequate policies to identify members who held multiple accounts. The Australian Securities and Investments Commission (ASIC) started civil penalty proceedings alleging that AustralianSuper did not have substantial procedures for almost 10 years to help merge multiple accounts of a single member. AustralianSuper has more than 2.87 million members and A$258 billion ($164.48 billion) in member assets, as of June 30, 2022, according to the ASIC. "AustralianSuper regrets that its processes to identify and combine multiple accounts did not cover all instances of multiple member accounts. As of June 2022, three million people had multiple superannuation accounts in Australia, ASIC stated, adding that a significant proportion of these multiple accounts were held within the same fund.

Persons: Loren Elliott, AustralianSuper, Sarah Court, Hebe Chen, unreservedly, Roushni Nair, Devika Syamnath, Sherry Jacob, Phillips Organizations: REUTERS, Australian Securities and Investments Commission, IG Markets, Reuters, Thomson Locations: Sydney, Australia, Australian, Bengaluru

☆ Australian regulator sues PayPal unit over unfair term in small business contracts
▼ + stars: | 2023-09-06 | by ( ) www.reuters.com time to read: +2 min

The PayPal logo is seen at an office building in Berlin, Germany, March 5, 2019. The Australian Securities and Investments Commission (ASIC) said it has started proceedings against PayPal Australia Pty Ltd in a case that highlights a contract term that gives PayPal business account holders 60 days to notify discrepancies in fees charged. The regulator views the term as unfair as it authorises PayPal to retain fees it has inaccurately charged. "We allege this term is unfair because it allows PayPal to escape the consequences of its own errors in overcharging small businesses, and places additional burdens on small businesses to detect and correct charging errors," ASIC Deputy Chair Sarah Court said. As at June 30, there were about 608,275 business account contracts between PayPal and active users in the country.

Persons: Fabrizio Bensch, Sarah Court, Roushni Nair, Poonam Behura, Shailesh Organizations: PayPal, REUTERS, Australian Securities and Investments Commission, PayPal Australia, Reuters, Thomson Locations: Berlin, Germany, Bengaluru

☆ Westpac acknowledges legal proceedings on financial hardships negligence
▼ + stars: | 2023-09-04 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Loren Elliott Acquire Licensing RightsCompanies Westpac Banking Corp FollowSept 4 (Reuters) - Australia's Westpac Banking Corp (WBC.AX) on Tuesday said it was aware of legal proceedings launched by the country's corporate regulator alleging the lender's failure to assist its customers with financial hardship notices between 2015 and 2022. The legal proceedings are linked with a "technology failure" in which the Australian Securities and Investments Commission (ASIC) claimed 229 applications for financial hardship assistance logged between 2015 and 2022 were not evaluated within 21 days, Westpac said in an email response to Reuters. "This error meant we didn't provide some of our customers with the help they needed. For this, we are deeply sorry," said Westpac Group Chief Information Officer Scott Collary. Over the alleged period of breach, Westpac received about 630,000 applications for hardship assistance, the company told Reuters.

Persons: Loren Elliott, Scott Collary, Roushni Nair, Sandra Maler Organizations: Westpac, Central Business District of, REUTERS, Rights Companies Westpac Banking, Australia's Westpac Banking Corp, Australian Securities and Investments Commission, Reuters, Westpac Group, Australia's National, Thomson Locations: Central Business District of Sydney, Australia, Bengaluru

☆ BHP says Brazilian court approves Samarco debt reorganisation plan
▼ + stars: | 2023-09-03 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Melanie Burton/File Photo Acquire Licensing RightsSept 4 (Reuters) - Australian mining giant BHP (BHP.AX) said on Monday a Brazilian court had approved the reorganisation plan for its Samarco joint venture, clearing the path for the cash-strapped Brazilian miner to move ahead with a $3.7 billion debt restructuring. On Sept. 1, the Second Business Court of Belo Horizonte, State of Minas Gerais, formalised Samarco's restructuring plan as part of the ongoing proceedings, BHP said. The reorganisation plan for Samarco, an iron ore miner that is 50% owned by BHP and 50% by Vale (VALE3.SA), allows for the Brazilian miner's existing financial debt to be exchanged for up to $3.7 billion of long-term unsecured debt, BHP said. "The new long-term debt will remain non-recourse to Samarco's shareholders, BHP Brasil and Vale," BHP said in a statement. Samarco, Vale, BHP Brazil, and the federal government of Brazil alongside other public authorities established the Renova Foundation to bring to force socio-economic programs to provide compensation for damage caused by the Samarco dam failure.

Persons: Melanie Burton, BHP, Roushni Nair, Paul Simao, Rosalba O'Brien, Jamie Freed Organizations: BHP Group, REUTERS, Business, Belo, BHP, Vale, BHP Brasil, Samarco, Renova Foundation, Thomson Locations: Perth, Australia, Belo Horizonte, State, Minas Gerais, VALE3, Vale, BHP Brazil, Brazil, Bengaluru

A worker walks near conveyer belts loaded with iron ore at the Fortescue Solomon iron ore mine located in the Valley of the Kings, around 400 km (248 miles) south of Port Hedland in the Pilbara region of Western Australia December 2, 2013. The world's fourth-largest iron ore miner, which has been beset by senior management turnover over the past two years, earlier in the day announced the resignation of its metals division head and co-CEO Fiona Hick. Fortescue shares, up nearly 2.1% so far this year, fell as much as 6% to A$19.7 by 0200 GMT. A review of its assets at the company's Iron Bridge project resulted in a pre-tax impairment charge of $1 billion. The company said rising interest rates and industry-wide inflation had fuelled the asset write-down at its Iron Bridge project, a major plank in the group's growth strategy.

Persons: Fortescue Solomon, David Gray, Australia's Fortescue, Fiona Hick, Fortescue, Echha Jain, Roushni Nair, Rashmi Organizations: REUTERS, Metals, Fortescue Future Industries, Fortescue Energy, Gibson, Phoenix Hydrogen, Thomson Locations: Port Hedland, Pilbara, Western Australia, Australia, Bengaluru

☆ China Evergrande says resumption guidance fulfilled, shares set to trade next week
▼ + stars: | 2023-08-25 | by ( ) www.reuters.com time to read: +2 min

Cranes stand at a construction site near the headquarters of China Evergrande Group in Shenzhen, Guangdong province, China September 26, 2021. REUTERS/Aly Song Acquire Licensing RightsAug 25 (Reuters) - Embattled property developer China Evergrande Group (3333.HK) said on Friday it has "adequately" fulfilled the resumption guidance issued by the Hong Kong Stock Exchange and made an application to resume trading in shares on Aug. 28. Trading in the company's shares was suspended on March 21 last year after it failed to get back on its feet amid the debt crisis. On the same day, the company's unit, China Evergrande New Energy Vehicle (0708.HK), posted a loss attributable from continuing operations of 5.80 billion yuan ($795.84 million), compared with a loss of 3.87 billion, from a year ago. ($1 = 7.2879 Chinese yuan renminbi)Reporting by Roushni Nair in Bengaluru; Editing by Pooja DesaiOur Standards: The Thomson Reuters Trust Principles.

Persons: Aly, Evergrande, Roushni Nair, Pooja Desai Organizations: China Evergrande Group, REUTERS, China Evergrande, HK, Hong Kong Stock Exchange, Prism, Shanghai Ltd, PricewaterhouseCoopers, Energy, Thomson Locations: China, Shenzhen, Guangdong province, Prism Hong Kong, Shanghai, U.S, United States, Bengaluru

☆ Qantas focuses on international capacity recovery after record annual profit
▼ + stars: | 2023-08-23 | by ( ) www.reuters.com time to read: +2 min

"Travel demand is incredibly robust and we've taken delivery of more aircraft and opened up new routes to help meet it," Qantas Group CEO Alan Joyce said. Qantas said its group domestic capacity is expected to remain above pre-COVID levels throughout fiscal 2024. Additionally, its profit was helped by the completion of the group's A$1 billion recovery programme launched in 2020, in the wake of the COVID-19 pandemic. The results beat the mid-point of Qantas' profit outlook of A$2.43 billion to A$2.48 billion, nearly A$850 million higher than its 2018 record levels of A$1.60 billion. The company, however, did not announce a final dividend, continuing the trend of non-payment for the past three years.

Persons: Loren Elliott, Alan Joyce, Refinitiv Eikon, Roushni Nair, Archishma Iyer, Shailesh Kuber, Sherry Jacob, Phillips Organizations: Qantas, Sydney Airport, REUTERS, Australia's Qantas Airways Ltd, Thomson Locations: Sydney, Australia, Bengaluru

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