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☆ Australia's Greens to investigate supermarket 'price gouging'
▼ + stars: | 2023-12-03 | by ( ) www.reuters.com time to read: +2 min

[1/2] People walk past a Woolworths supermarket following the easing of restrictions implemented to curb the spread of the coronavirus disease (COVID-19) in Sydney, Australia, June 16, 2020. REUTERS/Loren Elliott Acquire Licensing RightsSYDNEY, Dec 3 (Reuters) - Australia's Greens party said on Sunday it would lead a parliamentary inquiry into "price gouging" by major supermarkets as the country grapples with high costs of living. "It will also assess the rise in essential item prices, the validity of discounts offered, and the inflation of profits during economic hardship," added McKim, accusing supermarkets of "price gouging" during "Australia's cost of living crisis". "Construction costs, energy prices, the cost of logistics and packaging have all risen", the spokesperson said. A Woolworths spokesperson said the company was "working to deliver relief" on grocery bills.

Persons: Loren Elliott, Nick McKim, McKim, Competition Andrew Leigh, Leigh, Sam McKeith, Lincoln Organizations: Woolworths, REUTERS, Rights, Australia's Greens, Greens, Coles, Competition, Labor, Reserve Bank of Australia, Thomson Locations: Sydney, Australia

On Thursdays and Fridays, his shifts typically began in the afternoon. Only eight or nine hours separated the end of some shifts from the beginning of others. “So much for a two-day weekend,” he said this summer, on what was supposed to be a day off. He eventually went to a doctor, who diagnosed him with sleep apnea and told him to quit his job because the schedule was endangering his health. It was the overtime that made the job intolerable, even though the extra hours added 25 percent to his roughly $150,000 salary.

Persons: ”, “

☆ Amazon's AI chatbot, Q, might be in the throes of a mental health crisis
▼ + stars: | 2023-12-02 | by ( Lakshmi Varanasi | ) www.businessinsider.com time to read: +2 min

Amazon Web Services unveiled Q, its business-focused generative AI chatbot, last week. Q was designed to be a more reliable alternative to consumer-focused AI chatbots. AdvertisementAmazon's Q , the AI chatbot for workers its cloud division unveiled on Tuesday, appears to have a few issues. It's not uncommon for generative AI chatbots to falter. It wasn't long after Microsoft released its consumer-focused generative AI assistant, Sydney, that it went viral with its own hallucinations .

Persons: —, Slack, it's, It's Organizations: Amazon Web Services, Service, Microsoft Locations: Sydney

☆ These 11 startups are helping creators build communities and make money from memberships, courses, and private group chats
▼ + stars: | 2023-12-01 | by ( Sydney Bradley | ) www.businessinsider.com time to read: +1 min

Startups are testing ways to help creators connect with fans and make money. Business Insider is highlighting 11 community-focused startups, from Patreon to Discord. "If you want to become a sustainable creator, you can't just rely on AdSense anymore," Jim Louderback, creator-economy expert and former CEO of VidCon, told Business Insider. Luckily for them, there's an entire ecosystem of creator-economy and consumer-tech startups with the mission to do just that. This story is available exclusively to Business Insider subscribers.

Persons: Jim Louderback, — Organizations: Business Locations: Patreon

☆ Police Cast a Dragnet for 10,000 Stolen Doughnuts
▼ + stars: | 2023-12-01 | by ( Victor Mather | More About Victor Mather | ) www.nytimes.com time to read: 1 min

Reader, please select your own corny first line for this article:1. I’ve heard of stealing some dough, but this is ridiculous. Closed circuit footage of the scene shows a woman milling around the gas pumps at the attached service station — or “servo” to Australians — and then climbing into the unattended van and driving away. What makes the story more compelling than a typical opportunistic vehicle theft is the van’s contents: 10,000 Krispy Kreme doughnuts. The treats were bound for shops in Newcastle, but instead have now disappeared to parts unknown.

Persons: I’ve, — Locations: Carlingford, Australia, Sydney, Newcastle

☆ Asia shares start Dec on cautious note, oil nurses losses
▼ + stars: | 2023-12-01 | by ( Stella Qiu | ) www.reuters.com time to read: +4 min

MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) fell 0.5% after a surge of 7.3% last month, the most since January. The Federal Reserve's preferred gauge of inflation - the personal consumption expenditures (PCE) price index - stood unchanged for October, while consumer spending also pulled back. Fed funds futures imply rate cuts of 115 basis points. The yield on 10-year Treasury notes slipped 3 basis points in Asia to 4.3264%, on top of a plunge of 52.2 basis points for the month. Two-year Treasury yields fell 4 basis points to 4.674%.

Persons: Tyrone Siu, sharemarkets, HSI, Rodrigo Catril, Jerome Powell's Q, Waller, Robert Carnell, Christopher Waller, Treasuries, Stella Qiu, Jamie Freed Organizations: REUTERS, Tyrone, Rights, Japan's Nikkei, National Australia Bank . Regional, Federal, Traders, ING, Fed, South Korean, Philippine, Brent, West Texas, Thomson Locations: Exchange, Hong Kong, China, Europe, U.S, Asia, Pacific, Japan, South

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWhy Apple doubled down on the expensive custom chip business, edging out Intel and starting a trendApple has designed its own custom chips for iPhones since 2010, kicking off a trend followed by other non-chip giants like Google, Microsoft, Amazon and Tesla. In November, CNBC became the first journalists to film inside an Apple chip lab, where it tests its latest M3 chips that replaced Intel processors in all new Macs. We also got a rare chance to talk with Apple's head of silicon, Johny Srouji, about geopolitical risks in Taiwan, slowdowns, and what's next in AI.

Persons: what's Organizations: Intel, Apple, Google, Microsoft, CNBC Locations: Taiwan

☆ A US Navy warship held together with coconut logs after a Japanese torpedo strike once sailed hundreds of miles in reverse to reach safe harbor
▼ + stars: | 2023-12-01 | by ( Chris Panella | ) www.businessinsider.com time to read: +3 min

Over 80 years ago, a US warship was badly damaged by a Japanese torpedo during the Battle of Tassafaronga. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. The torpedo wrecked the New Orleans' forward magazines and gas tanks and damaged its hull, but the ship didn't fully sink. With limited resources or friendly ports out near Tassafaronga Point on Guadalcanal, the New Orleans crew had to improvise. The New Orleans arrived in Sydney on December 24 and later received a new bow, among other repairs.

Persons: — Organizations: Service, US Navy, US Naval Institute, — U.S . Naval Institute, Imperial Japanese Navy, Naval, Heritage Command, Navy, New Orleans, The, New Locations: Tassafaronga, New Orleans, Sydney, Australia, —, Sound, Orleans, Guadalcanal, The New Orleans, Coral, Midway, Philippine, Japan

☆ Inside Apple’s chip lab, home to the most ‘profound change’ at the company in decades
▼ + stars: | 2023-12-01 | by ( Katie Tarasov | ) www.cnbc.com time to read: +13 min

Its most advanced silicon is primarily manufactured by one vendor, Taiwan Semiconductor Manufacturing Company. "We built what we call the unified memory architecture that is scalable across products," Srouji said. Apple's silicon team has grown to thousands of engineers working across labs all over the world, including in Israel, Germany, Austria, the U.K. and Japan. The primary type of chip Apple is developing is known as a system on a chip, or SoC. Apple's senior director of hardware validation Godfrey D'Souza shows off an M3 SoC in an Apple chip lab in Cupertino, California, on November 14, 2023.

Persons: John Ternus, Srouji, we're, Katie Tarasov, Andrew Evers, Ben Bajarin, Bajarin, Apple, Apple there's, Pro Max, Kaiann Drance, That's, who's, Ternus, Nvidia —, Tesla, Stacy Rasgon, Apple's, Godfrey D'Souza, Sydney, they've, Rasgon, Apple's Srouji, It's Organizations: AMD, MU, Apple Watch, U.S, Apple, Intel, Taiwan Semiconductor Manufacturing Company, Microsoft, CNBC, Apple's, Amazon, Google, Tesla, Semiconductor, Creative, Pro, Triple, MacBook Air, Qualcomm, Nvidia, Bernstein Research, Sydney Boyo, Bluetooth, Broadcom, Samsung, Micron, Thursday Apple Locations: Cupertino , California, Israel, Germany, Austria, Japan, Silicon Valley, San Diego, Austin , Texas, AirPods, Taiwan, China, Arizona, Peoria , Arizona, Asia, Europe, U.S

What the group did agree was total production curbs of 2.2 million bpd from eight members, a figure that includes an extension of the existing voluntary Saudi and Russian cuts of 1.3 million bpd. This is up 1.86 million bpd from the figure of 40.10 million bpd for 2022, according to Kpler. China's crude imports were 11.36 million bpd in the first 10 months of the year, up 1.21 million bpd from the level for 2022 as a whole. India saw arrivals of 4.62 million bpd in the first 10 months of the year, according to LSEG data, up 462,000 bpd on the 4.14 million bpd for 2022. Asia's crude imports in the first 10 months of the year were 26.93 million bpd, according to LSEG data, up 1.34 million bpd on the 25.59 million bpd recorded for the whole of 2022.

Persons: It's, Stephen Coates Organizations: Organization of, Petroleum, Brent, OPEC, International Energy Agency, world's, Reuters, Thomson Locations: LAUNCESTON, Australia, OPEC, Russia, Saudi, United States, Brazil, Guyana, Asia, China, India

A fence is seen in front of wind turbines that are part of the Infigen Energy Capital Wind Farm located on the hills surrounding Lake George, near the Australian capital city of Canberra, Australia February 21, 2018. Australia's electricity transmission network, batteries and sustainable aviation fuel are three areas where simplified planning, subsidised finance and other regulatory changes could catalyse investment, according to a report released by eight major pension funds. Changes could quickly unlock A$4 billion ($2.7 billion) worth of investment in batteries, the report said. Once passive managers who predominantly invested at home, Australian pension funds have become international heavyweights, managing A$2.4 trillion - the fourth largest pool of retirement savings by country globally. Australian pension fund Aware Super committed A$10 billion.

Persons: David Gray, Paul Schroder, David Neal, Lewis Jackson, Edwina Gibbs Organizations: Infigen, REUTERS, Rights, Labor, Thomson Locations: Lake George, Canberra, Australia, U.S, EU, Korea, Canada

☆ EIG Global Energy Partners Expects New LNG Acquisition Within Months
▼ + stars: | 2023-11-30 | by ( Stuart Condie | ) www.wsj.com time to read: 1 min

EIG CEO R. Blair Thomas said the investment firm is closing in on a deal for a liquefied natural gas asset worth several billion dollars. Photo: F. Carter Smith/Bloomberg NewsSYDNEY—U.S. investment firm EIG Global Energy Partners is closing in on a deal for a liquefied natural gas asset worth several billion dollars, as it raises bets on demand for the fuel amid a reordering of energy supply chains triggered by Russia’s invasion of Ukraine. Chief Executive R. Blair Thomas said EIG’s MidOcean Energy unit is working on the deal in parallel with an effort to buy Australia’s Origin Energy as part of a consortium led by Brookfield Asset Management. MidOcean would acquire Origin’s 27.5% stake in the Australia Pacific LNG project in eastern Australia if the consortium’s nearly $11 billion offer for the company is successful.

Persons: Blair Thomas, Carter Smith, EIG’s, MidOcean Organizations: Bloomberg News SYDNEY —, EIG Global Energy Partners, Energy, Brookfield Asset Management, Australia Pacific LNG Locations: Bloomberg News SYDNEY — U.S, Ukraine, Australia

☆ U.S. tap water has a $47 billion forever chemicals problem
▼ + stars: | 2023-11-30 | by ( Lindsey Jacobson | In | ) www.cnbc.com time to read: +3 min

The U.S. Environmental Protection Agency is adding some "forever chemicals" to the list of toxins that must be reported by drinking water utilities. That's why they got the nickname 'forever chemicals,'" explained Tom Neltner, senior director of safer chemicals at the Environmental Defense Fund. About 300 million people in the U.S. receive their water from a public water system, according to the EPA. At least 45% of tap water in the U.S. is known to have PFAS in it, according to the U.S. Geological Survey. Watch the video above to learn more about how safe tap water is in the U.S.

Persons: Radhika Fox, they're, Tom Neltner, Cheryl Norton, Fox, Neltner, Sydney Evans, Evans, Norton Organizations: Environmental Protection Agency, EPA's, Water, CNBC, Environmental Defense Fund, Utah Department of Environmental, . Geological Survey, Environmental Locations: U.S

☆ China EV brand Zeekr puts US IPO on hold - sources
▼ + stars: | 2023-11-30 | by ( ) www.reuters.com time to read: +1 min

People walk past a booth of Zeekr, Chinese automaker Geely's premium electric vehicle (EV) brand, at a shopping mall in Beijing, China November 3, 2023. REUTERS/Tingshu Wang/File Photo Acquire Licensing RightsHONG KONG/SYDNEY Nov 30 (Reuters) - Zeekr, Chinese automaker Geely's premium electric vehicle (EV) brand, has put its U.S. initial public offering (IPO) on hold due to a mismatch in valuation expectations, according to two sources with direct knowledge of the matter. The sources could not be named because they were discussing confidential information. "The company has made a public filing to the SEC and is proceeding with the preparatory work," a Zeekr statement said. It declined to answer Reuters questions about the deal being put on hold due to the company's valuation target not being met and uncertain market conditions.

Persons: Tingshu Wang, Julie Zhu, Scott Murdoch, Jamie Freed, Christopher Cushing Organizations: REUTERS, SEC, Thomson Locations: Beijing, China, HONG KONG, SYDNEY, Hong Kong, Sydney

The company logo is seen on the headquarters of China Evergrande Group in Shenzhen, Guangdong province, China September 26, 2021. The defaulted company has until a Hong Kong court hearing on Monday to present a "concrete" revised debt restructuring proposal for offshore creditors, a judge said last month after its original plan had lapsed. Guangzhou-based Evergrande, which defaulted on its offshore debt in late 2021, did not respond to a request for comment. Chinese authorities have announced a string of measures to revive the sector destabilised by the debt woes of giants like Evergrande and Country Garden (2007.HK). Reporting by Clare Jim and Xie Yu in Hong Kong, Scott Murdoch in Sydney; Editing by Sumeet Chatterjee and William MallardOur Standards: The Thomson Reuters Trust Principles.

Persons: Aly, Evergrande, Hui Ka Yan, Alvarez, Marsal, Clare Jim, Xie Yu, Scott Murdoch, Sumeet Chatterjee, William Mallard Organizations: China Evergrande Group, REUTERS, China Evergrande, HK, Hong Kong, Court, Reuters, Hong, Evergrande, Services, New Energy Vehicle Group, Marsal, Thomson Locations: China, Shenzhen, Guangdong province, HONG KONG, Hong Kong, China's, Guangzhou, Evergrande, Sydney

They would also investigate the company's affairs and could refer any suspected misconduct by directors to Hong Kong prosecutors. Evergrande could appeal a liquidation order, but the liquidation process would proceed pending appeal. China Oceanwide Holdings (0715.HK) suspended its shares in September after a Bermuda Court issued a liquidation order. So far over 53 billion yuan ($7.2 billion) of Evergrande's assets have been seized or frozen across China, local media have reported, citing court records. ($1 = 7.3170 Chinese yuan renminbi)Reporting by Clare Jim in Hong Kong and Scott Murdoch in Sydney; Editing by Sumeet Chatterjee, Lincoln Feast and William MallardOur Standards: The Thomson Reuters Trust Principles.

Persons: David Kirton, EVERGRANDE, Evergrande, Hui Ka Yan, Clare Jim, Scott Murdoch, Sumeet Chatterjee, Lincoln, William Mallard Organizations: China Evergrande, REUTERS, HK, China Oceanwide Holdings, Bermuda Court, Evergrande, Services, New Energy Vehicle Group, Thomson Locations: Shenzhen, Guangdong province, China, HONG KONG, Hong Kong, Guangzhou, Sydney

REUTERS/Loren Elliott/File Photo Acquire Licensing RightsSYDNEY, Nov 30 (Reuters) - Australia faces an increased risk of bushfires during the approaching summer, authorities warned on Thursday, with the El Nino weather pattern expected to generate hotter and drier conditions across large swathes of the country. Three years of incessant rain has increased vegetation, but the intense heatwaves common during Australia's December-February summer can quickly turn this into tinder-dry bushland, fuelling fires. Australia declared an El Nino weather pattern - which usually brings below-average rain and above-average daytime temperatures - was under way in September. The Bureau of Meteorology said it was not unusual to have wet weather during El Nino as it increases but does not guarantee drier conditions. Reporting by Renju Jose and Cordelia Hsu in Sydney; Editing by William MallardOur Standards: The Thomson Reuters Trust Principles.

Persons: Loren Elliott, Murray Watt, Simon Bradshaw, Renju Jose, Cordelia Hsu, William Mallard Organizations: New South, New South Wales Rural Fire Service, REUTERS, Rights, El, Emergency, Sydney, National Council for Fire, Emergency Services, Climate Council, Meteorology, El Nino, Thomson Locations: New, New South Wales, Arcadia, Sydney, Australia, Turkey, El Nino, Australia's, El

☆ For These TV Procedurals, the Formula Still Works
▼ + stars: | 2023-11-30 | by ( Calum Marsh | ) www.nytimes.com time to read: +2 min

Waves slap gently against the shore along the southeast coast of Australia, the morning sun glittering on the horizon. This is the opening scene of a recent episode of “NCIS: Sydney,” the fifth series in the long-running crime procedural franchise, which premiered on CBS earlier this month. “There’s definitely a template that I’ve managed to extract from watching hundreds of hours of the show, a kind of typical ‘NCIS’ structure,” Morgan O’Neill, the creator and showrunner of “NCIS: Sydney,” said in a video interview. “That’s the overall architecture of the show, and it’s always going to be that.”“It still works,” O’Neill added. Through it all, one constant has been the popularity of procedural franchises like “NCIS” and “Law & Order,” which have thrived as purveyors of familiar predictability.

Persons: It’s, ”, “ There’s, ” Morgan O’Neill, “, it’s, ” O’Neill, ain’t Organizations: Sydney, CBS, “ Locations: Australia

The New Zealand dollar was last up 1.1% at a four-month high of $0.6207, having blown past resistance. The U.S. dollar, meanwhile, slid to fresh multi-month lows on the euro, yen, sterling, the Australian dollar, yuan and Swiss franc. Overnight Fed Governor Christopher Waller - an influential and previously hawkish voice at the U.S. central bank - told the American Enterprise Institute that rate cuts could begin in a matter of months, provided inflation keeps falling. Fed funds futures rallied on the remark to price more than hundred basis points of cuts in 2024 and 40% chance they begin as soon as March. Two-year Treasury yields fell sharply and along with the dollar fell further still in Asia.

Persons: Christopher Waller, Governor Waller's, Tapas Strickland, Jerome Powell, Waller, CONDITIONALITY Waller's, Seng, Vishnu Varathan, Simon Cameron, Moore Organizations: New Zealand, Nikkei, U.S ., Swiss, U.S, American Enterprise Institute, Governor, National Australia Bank, Fed, HK, Thomson Locations: SINGAPORE, Asia, Pacific, Japan, Hong Kong, Sydney, China, Meituan, Zealand, Singapore

☆ Australia Oct inflation slows more than expected as goods prices fall
▼ + stars: | 2023-11-29 | by ( Stella Qiu | ) www.reuters.com time to read: +3 min

For the month, CPI fell 0.3%, driven by declines in petrol, rent and holiday travel. A closely watched measure of core inflation, the trimmed mean, rose an annual 5.3% in October, easing from 5.4% the previous month. "It's hard to find bad news in Australia's October inflation print," said Harry Murphy Cruise, an economist at Moody’s Analytics. Prices for tradable goods fell 1.6% in October from a month earlier. It also left the door open to further tightening if necessary to meet its annual inflation target of 2-3%.

Persons: Daniel Munoz, Harry Murphy Cruise, Jonathan Kearns, Wayne Cole, Stella Qiu, Lincoln, Sam Holmes Organizations: REUTERS, Rights, U.S ., Australian Bureau, Statistics, Moody’s, Reserve Bank Board, Reserve Bank of Australia, Challenger, Thomson Locations: Australia

The sails of the Opera House are illuminated with projections on the opening night of Vivid Sydney 2023 in Sydney, Australia, on Friday, May 26, 2023. Asia-Pacific markets were set to open lower as investors assess comments from the U.S. Federal Reserve board members and await Australia's October inflation figures. On Tuesday, Federal Reserve Governor Christopher Waller said he was growing more confident that policy was in a place now to bring inflation back under control. Waller also said the Fed might start lowering rates if inflation continues to ease over the next three to five months. In contrast, Governor Michelle Bowman said more rate hikes will likely be needed as evolving dynamics keep inflation elevated.

Persons: Christopher Waller, Waller, Michelle Bowman, Bowman Organizations: Opera, Vivid, U.S . Federal Reserve, Federal Locations: Sydney, Australia, Asia, Pacific

☆ Insight: Defying Pope's calls for climate action, US Catholic bishops cling to fossil fuels
▼ + stars: | 2023-11-29 | by ( Richard Valdmanis | ) www.reuters.com time to read: +10 min

The ongoing investments in the U.S. reflect a long-running rift between U.S. Catholic bishops and the pope on how to address global warming. The pope's Laudato Si encyclical urged immediate action against climate change, declaring that "highly polluting fossil fuels need to be progressively replaced without delay." The Vatican bank, which is separate from APSA, also does not invest in fossil fuels, a bank official said. A CCF official said energy and fossil fuels stocks make up between 3.5% and 6% of archdiocese investment funds, and that CCF uses its shareholder status to press for corporate environmental improvements. He called the enormous financial gains by oil companies "immoral profits."

Persons: Pope Francis, Dan DiLeo, Peter Marlow, Remo Casilli, Anne, Marie Welsh, William Lori, Bernard Hebda, Saint, Joshtrom Kureethadam, Chieko Noguchi, Noguchi, USCCB, Sabrina Danielsen, Danielson, Richard Valdmanis, Philip Pullella, John Mair, Suzanne Goldenberg Organizations: Catholic, drillers, U.S . Conference of Catholic Bishops, Catholic Church, Reuters, Justice, Peace, Creighton University in, Vatican, Opportunity Fund, Collective Investment, Archdiocese, Minneapolis, Catholic Community Foundation of Minnesota, CCF, Development, American Petroleum Institute, Christian Brothers Investment Service, Investment, BP, Shell, Creighton University, U.S, Thomson Locations: United States, Dubai, Creighton University in Nebraska, U.S, APSA, Vatican, Ireland, Germany, Archdiocese, Boston, Chicago, San Francisco, Erie , Pennsylvania, Texas, San Antonio, Austin, Fort Worth . Erie, Erie, Baltimore, Saint Paul, Paris, Saudi Aramco, PetroChina, India, Vatican City, Berlin, Sydney

☆ Defying Pope's calls for climate action, US Catholic bishops cling to fossil fuels
▼ + stars: | 2023-11-29 | by ( Richard Valdmanis | ) www.reuters.com time to read: +9 min

The ongoing investments in the U.S. reflect a long-running rift between U.S. Catholic bishops and the pope on how to address global warming. The pope's Laudato Si encyclical urged immediate action against climate change, declaring that "highly polluting fossil fuels need to be progressively replaced without delay." The Vatican bank, which is separate from APSA, also does not invest in fossil fuels, a bank official said. Notably absent are any dioceses in the U.S.Reuters reviewed the financial reports published by two dozen of the nation's more than 170 Catholic dioceses, including several of its largest, and found that few provide details on specific investments. He called the enormous financial gains by oil companies "immoral profits."

Persons: Pope Francis, Remo Casilli, Dan DiLeo, Peter Marlow, Anne, Marie Welsh, William Lori, Joshtrom Kureethadam, Chieko Noguchi, Noguchi, USCCB, Sabrina Danielsen, Danielson, Richard Valdmanis, Philip Pullella, John Mair, Suzanne Goldenberg Organizations: Catholic, drillers, U.S . Conference of Catholic Bishops, Catholic Church, Reuters, Justice, Peace, Creighton University in, Vatican, Opportunity Fund, Collective Investment, Archdiocese, Development, American Petroleum Institute, Christian Brothers Investment Service, Investment, BP, Shell, Creighton University, U.S, Thomson Locations: United States, Dubai, Creighton University in Nebraska, U.S, APSA, Vatican, Ireland, Germany, Archdiocese, Boston, Chicago, San Francisco, Erie , Pennsylvania, Texas, San Antonio, Austin, Fort Worth . Erie, Erie, Baltimore, Paris, Saudi Aramco, PetroChina, India, Vatican City, Berlin, Sydney

☆ Australian sheep, cattle prices slump as El Nino scorches pastures
▼ + stars: | 2023-11-29 | by ( Peter Hobson | ) www.reuters.com time to read: +6 min

After three years of plentiful rain and rising livestock numbers, dry weather has withered pastures across Australia. The extreme change in conditions has helped trigger the fastest plunge in cattle and sheep prices in decades, threatening livelihoods in Australia's A$75 billion ($50 billion) red meat and livestock industry. While farmers suffer, falling livestock prices have brought some relief to Australian households hurting from high inflation. Falling U.S. beef production means demand for Australian beef should rise, helping support livestock prices, said Angus Gidley-Baird, an analyst at Rabobank in Sydney. Agricultural consultants Episode 3 estimate that Australian beef processors are reaping their best profits in at least two decades thanks to low local cattle prices and high sale prices in export markets.

Persons: Angus Hobson, Peter Hobson, Angus, Hobson, Stuart Austin, Wilmot, Angus Gidley, Baird, Teys, Mat Larkings, gaunt, haven't, they'll, Sonali Paul Organizations: Livestock, New, REUTERS, Beef, Livestock Australia, Woolworths, Data Monitor, Rabobank, Meat packers, Teys Australia, Farmers, Thomson Locations: Delegate, New South Wales, Australia, Angus Hobson's, Australia's, United States, El Nino, Japan, China, Sydney, Walcha

Shein has not determined the size of its offering or the valuation at IPO, the sources said. Shein, Goldman and JPMorgan declined to comment, while Morgan Stanley did not immediately respond to a request for comment. The most valuable China-founded enterprise to go public in the United States so far is ride-hailing giant Didi Global's (92Sy.MU) debut in 2021 at $68 billion valuation. In 2021, the comparable number was $300 billion when the IPO market was close to its peak. Fast fashion retailers have been gaining popularity in the United States, with Shein taking away market share from the likes of Gap (GPS.N) as shoppers look for fresher styles.

Persons: Goldman Sachs, JPMorgan Chase, Morgan Stanley, Shein, Goldman, Didi Global's, Jason Benowitz, David, Dee, Delgado, CSRC, Simon Property, Sumeet Singh, It's, Pritam Biswas, Ananya Mariam Rajesh, Kane Wu, Anirban Sen, Rishabh, Scott Murdoch, Miyoung Kim, Stephen Coates Organizations: Amazon, JPMorgan, Bloomberg, Arm Holdings, Roosevelt, REUTERS, China Securities Regulatory Commission, U.S, Reuters, Securities and Exchange Commission, SPARC Group, Forever, Brands, Simon, Aequitas Research, China's Shanghai Securities, Street, Thomson Locations: United States, China, U.S, Singapore, New York City, Shein, Bengaluru, Hong Kong, New York, Sydney

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