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☆ Aussie 'big four' banks hike home loan rates after RBA decision
▼ + stars: | 2023-11-09 | by ( ) www.reuters.com time to read: +1 min

People use Commonwealth Bank of Australia (CBA) bank ATMs in Sydney, Australia May 3, 2018. The National Australia Bank (NAB.AX), ANZ Group Holdings (ANZ.AX) and Westpac Banking Corp (WBC.AX), the other three of Australia's "big four", had hiked their home loan rates on Wednesday by 0.25%. The rate hike by the National Australia Bank (NAB.AX) and ANZ Group Holdings (ANZ.AX) would be effective from Nov. 17, while Westpac Banking Corp (WBC.AX) would raise rates from Nov. 21, the lenders said in separate statements on Wednesday. CBA said its home loan variable rate change would be effective from Nov. 17. Reporting by Rishav Chatterjee and Upasana Singh in Bengaluru; Editing by Savio D'Souza and Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

Persons: Edgar Su, Rishav Chatterjee, Upasana Singh, Savio D'Souza, Rashmi Organizations: Commonwealth Bank of Australia, REUTERS, Thursday, National Australia Bank, ANZ Group Holdings, Westpac Banking Corp, Reserve Bank of Australia, Wednesday, CBA, 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

☆ IMAX's buyout proposal of China unit falls through
▼ + stars: | 2023-10-10 | by ( ) www.reuters.com time to read: +1 min

People wait for movie screening at an IMAX theatre inside the Wanda Plaza in Xinxiang, Henan province, China March 23, 2018. REUTERS/Stella Qiu/File Photo Acquire Licensing RightsOct 10 (Reuters) - IMAX China (1970.HK) said on Tuesday that its shareholders have rejected a proposal of its U.S.-based parent (IMAX.N) to buy the remaining stake in the Hong Kong-listed company for about $124 million. IMAX, which currently owns 71.6% of its Chinese subsidiary, had offered to buy IMAX China at HK$10 ($1.28) per share in July, a 49% premium to the 30-day average closing price at the time. The remaining 28.4% stake of IMAX China was valued at about$98.7 million, as of the company's last closing price. IMAX had sought to take full control of its China unit to improve the company's operational flexibility and apply its technology in the Chinese market.

Persons: Stella Qiu, Upasana Singh, Varun Organizations: REUTERS, HK, Thomson Locations: Xinxiang, Henan province, China, Hong Kong, Bengaluru

HONG KONG/BEIJING, Sept 28 (Reuters) - China Evergrande Group's (3333.HK) founder is being investigated over suspected "illegal crimes", the embattled developer said on Thursday, as creditors become increasingly concerned about the group's prospects amid an uncertain debt revamp plan and liquidation risk. Evergrande has been working to get creditors' approval for restructuring its offshore debt. The offshore debt restructuring plan now looks set to falter and the risks of the company being liquidated are rising, some analysts said. An Evergrande sign is seen near residential buildings at an Evergrande residential complex in Beijing, China September 27, 2023. "We believe that Evergrande's debt turmoil has had a great turmoil and negative impact on the global economy, and the things behind it are not simple."

Persons: Hui Ka Yan, Evergrande, Hui, Gary Ng, Ng, Florence Lo, They've, Christopher Beddor, Yan Yuejin, Saxo, Redmond Wong, Upasana Singh, Donny Kwok, Scott Murdoch, Ziyi Tang, Anne Marie Roantree, Sumeet Chatterjee, Kim Coghill, Shri Navaratnam, Lincoln, Miral Fahmy, Susan Fenton Organizations: HK, Trading, Asia Pacific, Reuters, REUTERS, Evergrande, China Research, Development Institution, Buyers, China Market, Thomson Locations: HONG KONG, BEIJING, China, Asia, Beijing, Evergrande, Shanghai, Bengaluru, Hong Kong, Sydney

☆ SingTel Q1 profit slumps 23% on unfavourable currency move, high costs
▼ + stars: | 2023-08-20 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Edgar Su/File Photo Acquire Licensing RightsAug 21 (Reuters) - Singapore Telecommunications (STEL.SI) reported on Monday a 23% decline in first-quarter net profit, citing the one-off impact at Bharti Airtel (BRTI.NS) in Nigeria as the naira depreciated sharply against the U.S. dollar, as well as high costs. Singapore Telecommunications (SingTel), Southeast Asia's largest telecoms company, owns an effective 29.5% stake in India's Bharti Airtel. SingTel said in a statement net profit for the quarter ended June 30 was S$483 million ($355.91 million), compared with S$628 million a year earlier. On an underlying basis, net profit for the quarter gained 14.5% to S$571 million. SingTel also recorded a 2.7% decline in its first-quarter operating revenue to S$3.49 billion, hurt by currency exchange headwinds and competition.

Persons: Edgar Su, SingTel, Yuen Kuan, Sameer Manekar, Upasana Singh, Muralikumar Organizations: REUTERS, Singapore Telecommunications, Bharti Airtel, U.S ., Optus, Thomson Locations: Singapore, Nigeria, Nigerian, Australia, Bengaluru

☆ Aussie lender NAB's quarterly margins decline on stiff competition
▼ + stars: | 2023-08-14 | by ( ) 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. A high interest rate environment has benefited Australian banks, but they now face headwinds from rising bad debt and increasing competition for mortgages. Last week, the country's biggest lender Commonwealth Bank of Australia (CBA.AX) posted record annual profit on the back of rising interest rates, but warned higher living costs were pushing up debt arrears and competition was squeezing margins. NAB's net interest margin - a key measure of profitability - slipped to 1.72% in the April-June quarter from 1.77% as at March 31. The country's second-biggest lender, however, reported a 5% increase in cash earnings from higher interest rates.

Persons: Daniel Munoz, NIM, Ross McEwan, Upasana Singh, Archishma Iyer, Shilpi Majumdar, Shinjini Organizations: National, REUTERS, National Australia Bank, Commonwealth Bank of Australia, NAB, CBA, Analysts, Thomson Locations: Sydney, Australia, 3Q23, Bengaluru

☆ Aussie lender NAB's Q3 margins decline; shares up on cash earnings beat
▼ + stars: | 2023-08-14 | by ( Archishma Iyer | ) 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. Shares of the country's second-biggest bank rose 1.3% to trade at A$28.70 at 0115 GMT. Last week, the country's biggest lender Commonwealth Bank of Australia (CBA.AX) posted record annual profit but warned higher living costs were pushing up debt arrears and competition was squeezing margins. "Consensus NIM expectations might need to moderate down, but the current run rate in earnings would suggest NAB is on track to deliver on fourth quarter FY23 cash earnings expectations," analysts from UBS wrote. It posted cash earnings of A$1.90 billion, compared with A$1.80 billion a year earlier and beating a Visible Alpha consensus of A$1.83 billion.

Persons: Daniel Munoz, NIM, Ross McEwan, Upasana Singh, Archishma Iyer, Shilpi Majumdar, Shinjini, Sohini Organizations: National, REUTERS, National Australia Bank, Commonwealth Bank of Australia, NAB, UBS, Thomson Locations: Sydney, Australia, 3Q23, Bengaluru

"The big thing we're watching for is any sign that rates of bad and doubtful debt are rising," Macquarie analysts said. Analysts at Citi expect cash profit to rise 3.5% to A$9.93 billion, while a Visible Alpha consensus estimate stands at A$10.11 billion. "Most banks may maintain buy-backs and lift dividends as they are still healthy on capital ratios." The heavyweight banking index, the S&P/ASX 200 Financials (.AXFJ), has gained 0.4% so far this year, as of last close. ($1 = 1.5230 Australian dollars)Reporting by Upasana Singh and Rishav Chatterjee in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

Persons: David Gray, Banks, Macquarie, Morgan Stanley, Tina Teng, Upasana Singh, Rishav Chatterjee, Anil D'Silva Organizations: REUTERS, Commonwealth Bank of Australia, National Australia Bank, Westpac, ANZ Group, Reserve Bank of Australia, Macquarie, CBA, Citi, NAB, ANZ, WBC, Thomson Locations: Melbourne, Southbank, Australia, Bengaluru

☆ Evergrande Property Services works to ensure working capital until mid-2024
▼ + stars: | 2023-06-06 | by ( ) www.reuters.com time to read: +2 min

June 5 (Reuters) - Evergrande Property Services Group Ltd (6666.HK) said on Monday it would have sufficient working capital to meet its financial obligations up to mid-2024 through various measures aimed at boosting liquidity. These include talks with embattled parent China Evergrande Group (3333.HK) on repaying 13.4 billion yuan ($1.89 billion) involved in a pledge, streamlining operating costs, and negotiating with suppliers to extend payables, it said. The 2022 net profit was still 46.4% lower than the figure for 2020, the year before its parent slipped into a debt crisis. The firm had total liabilities of 8.7 billion yuan last year, compared to 10.1 billion in 2021 and 7.1 billion in 2020. ($1=7.1069 Chinese yuan renminbi)Reporting by Upasana Singh and Clare Jim; Editing by Shounak Dasgupta and Clarence FernandezOur Standards: The Thomson Reuters Trust Principles.

Persons: Evergrande, Upasana Singh, Clare Jim, Shounak Dasgupta, Clarence Fernandez Organizations: Evergrande, Group, HK, China Evergrande, Thomson

☆ CORRECTED Evergrande Property Services flags sufficient working capital till 2024
▼ + stars: | 2023-06-06 | by ( ) www.reuters.com time to read: +1 min

June 5 (Reuters) - Evergrande Property Services Group Ltd (6666.HK) on Monday reported a 46.4% plunge in its fiscal 2022 profit, when compared with fiscal 2020, and said it would have sufficient working capital to meet its financial obligations up to 2024 through various measures aimed at boosting liquidity. The property services unit of embattled China Evergrande Group (3333.HK) said profit attributable for the year ended Dec. 31 was 1.42 billion yuan ($199.85 million), compared with 2.65 billion yuan in 2020. "The group will have sufficient working capital to meet its financial obligations up to 30 June 2024," Evergrande Property said. Evergrande Property's shares have been suspended since March 21, 2022, pending the company's financial results and a probe into seized deposits worth $2 billion. Evergrande Property's results are also in focus as China Evergrande gave creditors a basket of options in its debt restructuring terms to swap their debt into some equity-linked instruments backed by the unit.

Persons: China Evergrande, Upasana Singh, Clare Jim, Shounak Dasgupta Organizations: Evergrande, Group, HK, China Evergrande, Thomson Locations: China

☆ Singapore Airlines, Garuda Indonesia plan JV to boost passenger capacity
▼ + stars: | 2023-05-29 | by ( ) www.reuters.com time to read: +1 min

May 29 (Reuters) - Singapore Airlines Ltd (SIAL.SI) and Garuda Indonesia (GIAA.JK) plan to enter into a joint venture (JV) to increase passenger capacity between the two countries, the flag carriers said on Monday, as post-COVID tourism in Southeast Asia ramps up. The proposed JV would allow the carriers to potentially synchronise schedules, improving passengers' connectivity and convenience, and explore new initiatives, including joint fare products and an alignment of corporate programmes, they said. The plan will cover routes between Singapore and Denpasar, Jakarta, and Surabaya, and deepen the existing cooperation between the two carriers. "This joint venture ... reflects our firm commitment to grow the aviation markets in Indonesia and Singapore, facilitating a greater level of business and people connections and promoting both countries as regional tourism destinations," said Goh Choon Phong, chief executive officer of Singapore Airlines. Reporting by Upasana Singh in Bengaluru; Editing by Nivedita Bhattacharjee and Savio D'SouzaOur Standards: The Thomson Reuters Trust Principles.

SummarySummary Companies Latitude marks worst intraday dropLatitude among latest in slew of corporate cyberattacks in AustraliaMarch 22 (Reuters) - Shares of Latitude Group Holdings (LFS.AX) slumped to their all-time low on Wednesday after the fintech firm unearthed further evidence of large-scale information theft affecting former and current customers across Australia and New Zealand. Latitude said it was attempting to identify the number of customers affected and the type of personal information stolen by the hacker. Latitude had said last week that personal information of around 328,000 customers, including copies of drivers' licences, was stolen. It took its platforms offline on Monday and said the Australian Federal Police and the Australian Cyber Security Centre were looking into the attack. Latitude GroupReporting by Upasana Singh in Bengaluru; Editing by Sherry Jacob-PhillipsOur Standards: The Thomson Reuters Trust Principles.

☆ Former director of Tesla Australia sentenced for insider trading
▼ + stars: | 2023-03-20 | by ( ) www.reuters.com time to read: +1 min

March 21 (Reuters) - A former director of Tesla Inc's (TSLA.O) Australian unit was sentenced to two years and six months imprisonment and will be released immediately on the condition of "good behaviour", Australia's corporate watchdog said on Tuesday. The sentence follows the former director's guilty pleas to two insider trading offences tied to a supply deal the electric-car maker signed with Piedmont Lithium Inc (PLL.O) in 2020, according to the Australian Securities and Investments Commission (ASIC). Schlosser sold the shares for a realised profit of $28,883.53 after the agreement became public, according to the watchdog. The regulator added that Schlosser communicated information to a friend "in circumstances where it was likely" that the person would acquire Piedmont shares. Tesla and Piedmont Lithium did not immediately respond to Reuters' requests for comments.

☆ Alliance Aviation says Australian regulator delays Qantas deal review again
▼ + stars: | 2023-03-20 | by ( ) www.reuters.com time to read: +2 min

[1/2] FILE PHOTO: Qantas aircraft are seen on the tarmac at Melbourne International Airport in Melbourne, Australia, November 6, 2018. REUTERS/Phil Noble/File Photo/File PhotoMarch 20 (Reuters) - Australia's Alliance Aviation Services Ltd (AQZ.AX) said on Monday the country's competition regulator has delayed a review until April 20 of the proposed acquisition of the charter operator by Qantas Airways Ltd (QAN.AX). This marked the fourth delay so far by the Australian Competition & Consumer Commission (ACCC) on the carrier's A$610.8 million ($409.97 million) acquisition offer of Alliance Aviation. Last May, Qantas announced plans to buy the remaining 80% stake in Alliance Aviation in an all-stock deal to expand its footprint in the charter business. Under the agreement, Qantas said the number of wet-lease aircraft options available from Alliance Airlines, a unit of Alliance Aviation Services, will be up to 12 additional Embraer E190 aircraft.

☆ Alliance Aviation Services says Australian regulator delays Qantas deal review
▼ + stars: | 2023-03-19 | by ( ) www.reuters.com time to read: +1 min

March 20 (Reuters) - Australia's Alliance Aviation Services Ltd (AQZ.AX) said on Monday the country's competition regulator had delayed a review of the proposed acquisition of the charter operator by Qantas Airways Ltd (QAN.AX). The Australian Competition & Consumer Commission (ACCC) has delayed its decision until April 20, marking the fourth delay so far on the carrier's A$610.8 million ($409.97 million) buy of Alliance Aviation Services. In May last year, Qantas said it would buy the remaining 80% stake in Alliance Aviation Services in an all-stock deal to expand its footprint in the charter business. ACCC and Qantas did not immediately respond to Reuters' requests for comment. ($1 = 1.4899 Australian dollars)Reporting by Upasana Singh and Navya Mittal in Bengaluru; Editing by Tom Hogue and Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

☆ New Zealand's Fonterra profit jumps 50% on stronger dairy prices
▼ + stars: | 2023-03-15 | by ( ) www.reuters.com time to read: +1 min

March 16 (Reuters) - New Zealand's Fonterra Co-operative Group Ltd (FCG.NZ) on Thursday said first-half profit jumped 50% due to higher prices for its dairy products and strong margins across its cheese and protein division. The co-operative, which controls almost a third of global dairy trade, also said it expects to earn between 55 and 75 NZ cents per share for fiscal 2023, from an earlier forecast of 50 to 70 NZ cents per share. Favourable margins in the dairy co-operative's protein portfolio during the half year offset lockdown-driven weakness in demand from China. The world's biggest dairy exporter reported normalised net profit after tax of NZ$546 million ($338.19 million) for the six months ended Dec. 31, compared with NZ$364 million a year earlier. Fonterra declared an interim dividend of 10 NZ cents per share, compared with 5 NZ cents per share declared last year.

☆ Australia's Latitude Group says customer information stolen in cyber attack
▼ + stars: | 2023-03-15 | by ( ) www.reuters.com time to read: +1 min

March 16 (Reuters) - Australian digital payments and lending firm Latitude Group Holdings Ltd (LFS.AX) said on Thursday that a hacker had stolen personal information held by two service providers through employee login credentials. About 103,000 identification documents, more than 97% of which are copies of drivers' licences, were stolen from the first service provider, while about 225,000 customer records were stolen from the second service provider. Latitude said it had detected unusual activity on its systems over the last few days. "The activity is believed to have originated from a major vendor used by Latitude," the company said. Latitude said it is working with the Australian Cyber Security Centre and relevant law enforcement agencies, along with isolating and removing access to some customer-facing systems in order to contain the incident.

March 14 (Reuters) - Australia's economic health will be its central bank's compass for plotting the course of rate hikes, as stringent regulation insulates its banking sector from the collapse of Silicon Valley Bank (SVB) (SIVB.O), analysts at top domestic banks said. Analysts at three of the top four lenders - Commonwealth Bank of Australia (CBA.AX), National Australia Bank (NAB.AX), and ANZ Group Holdings (ANZ.AX) - continue to expect the RBA to deliver its 11th consecutive rate hike next month. 0#RBAWATCH"The Australian domestic fundamentals remain consistent with further tightening from the RBA," Adelaide Timbrell, senior economist at ANZ Research said. Australian banking sector, while not immune to the collapse of SVB, is in a "more insulated" position, Rodrigo Catril, senior FX strategist at NAB said. Globally, banking stocks have taken a hit from the collapse of SVB despite of assurances from U.S. authorities, prompting a reassessment of interest rate expectations.

☆ Australian tech firms say they don't have material exposure to SVB
▼ + stars: | 2023-03-13 | by ( ) www.reuters.com time to read: +2 min

SYDNEY, March 13 (Reuters) - Several Australian and New Zealand tech firms said on Monday they did not have material exposure to Silicon Valley Bank following the failure of the U.S. startup-focused lender SVB Financial Group (SIVB.O) last week. Australian Treasurer Jim Chalmers said the government was aware some Australian firms have been impacted but added the country's "institutions are solid (and) our banking sector is well-capitalised." Australian design technology firm Canva said the majority of its cash was outside SVB and that it had "safety nets in place" to ensure its operations were not compromised. Friday's failure of SVB Financial Group, which focuses on technology startups, was the biggest bank collapse in the United States since the 2008 financial crisis. On Sunday, state regulators closed New York-based Signature Bank (SBNY.O), the second bank failure in two days, as the U.S. Treasury and Federal Reserve unveiled a range of measures to stabilise the banking system.

☆ Asian FX bulls return as easing China COVID curbs improves outlook - Reuters poll
▼ + stars: | 2022-12-15 | by ( Upasana Singh | ) www.reuters.com time to read: +4 min

Long positions on most other emerging Asian currencies also firmed, with those on the Malaysian ringgit and South Korean won at around two-year highs, a fortnightly poll of 10 analysts showed. Elsewhere, sentiment on China's yuan was mostly neutral, while investors turned bullish on the Philippine peso for the first time since July 2021. Long positions on the Thai baht were at their highest level since late February, while those on the Singaporean dollar were highest since early February. A turnabout of that impulse should benefit high-beta, risk-sensitive and commodity-linked FX," Barclays' analysts wrote in a note. The poll uses estimates of net long or short positions on a scale of minus 3 to plus 3.

☆ Australia's top health insurer reels after data breach
▼ + stars: | 2022-11-07 | by ( ) www.reuters.com time to read: +2 min

Nov 7 (Reuters) - Medibank Private Ltd (MPL.AX), Australia's biggest health insurer, reported a massive data breach in October that compromised personal and medical information of its current and former customers, and slashed its stock value by almost a fifth. read moreOct. 17: Normal business operations resume. read moreOct. 19: Medibank says an unnamed hacker group contacted it to negotiate about customer data it claimed to have retrieved from the company's IT systems. read moreOct. 21: Medibank suspends trading amid the likelihood that the hack may impact more customers. read moreNov. 7: Medibank says no ransom will be paid to the criminal responsible for the data theft and that data of around 9.7 million current and former customers was compromised.

☆ Australian watchdog to take Dell to court for alleged misleading cost claims
▼ + stars: | 2022-11-04 | by ( ) www.reuters.com time to read: +1 min

Nov 4 (Reuters) - Australia's competition regulator said on Friday it would take the local unit of U.S. computer firm Dell Technologies Inc (DELL.N) to court for allegedly misleading people about the cost of buying add-on monitors. The Australian Competition and Consumer Commission (ACCC) said between August 2019 to Dec. 16, 2021, Dell Australia allegedly made false or misleading representations on its website and the potential savings a customer got when an additional monitor was purchased with a computer. In an emailed statement, Dell said the issue affected about 2,100 customers due to an error in its pricing processes which led to incorrect information being displayed on its website about the pricing and savings associated with certain monitors. The company added that it was actively working to update its systems to prevent the error from re-occurring. Reporting by Jaskiran Singh and Upasana Singh in Bengaluru; Editing by Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

Perpetual rejected a $A30 per share offer proposal from Barings Private Equity Asia (BPEA), which was recently bought by EQT (EQTAB.ST), and Australian firm Regal Partners (RPL.AX). Perpetual shares rose by as much as 10.1% early on Thursday, the company's best session in more than two years, before retreating to be up 6.6%. Perpetual said it would press on with its planned A$2.51 billion acquisition of rival Pendal Group (PDL.AX) announced in August. The private equity offer represents a premium of about 11.5% to Perpetual's last close of A$26.90. BPEA is one of the region's largest private equity firms and was bought by EQT in March.

☆ Australian software company ReadyTech gets $308 mln bid from PE firm
▼ + stars: | 2022-10-31 | by ( ) www.reuters.com time to read: +1 min

Nov 1 (Reuters) - Australia's ReadyTech Holdings (RDY.AX) said on Tuesday it has received an A$481.4 million ($308.3 million) buyout offer from Pacific Equity Partners (PEP), one of the country's biggest private equity firms. The A$4.50-per-share proposal, at a near 39% premium to the stock's last close, marks the third play for an Australian technology company since last week, highlighting increasing interest in the sector amid cheap valuations. read more read moreELMO Software (ELO.AX) last week agreed to a near-A$500 million takeover from Los Angeles-based K1 Investment Management, while Nitro Software (NTO.AX) on Monday backed a similar offer from KKR Inc's (KKR.N) Alludo. ReadyTech said funds managed by Pemba Capital Partners held 32.01% of its issued shares, and that PEP would seek to obtain the Australian corporate regulator's go-ahead for the company and Pemba to work together on the proposal. ($1 = 1.5615 Australian dollars)Reporting by Upasana Singh in Bengaluru; Editing by Devika SyamnathOur Standards: The Thomson Reuters Trust Principles.

☆ Australia's Lynas Q1 revenue jumps on strong rare earths demand
▼ + stars: | 2022-10-26 | by ( ) www.reuters.com time to read: +2 min

Oct 27 (Reuters) - Australia's Lynas Rare Earths (LYC.AX) on Thursday reported a 34.7% jump in first-quarter revenue, helped by a surge in demand for specialised metals used in electric vehicle components. Global demand for minerals used to power electric-vehicle motors has continued to surge amid a global push to reduce carbon emissions from fossil-fuel powered vehicles, benefiting miners such as Lynas. Rare earths minerals are also used in a wide variety of goods such as iPhones and military equipment. The world's largest producer of rare earths outside China said revenue rose to A$163.8 million ($106.34 million) in the three months to Sept. 30, compared with A$121.6 million a year ago and a Barrenjoey estimate of A$146 million. Lynas raked in an average selling price of A$49.3 per kilogram (kg) for its product range in the reported quarter, compared with A$44.6 per kg last year.

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