Morning business roundup

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Read a sample of the Morning Business Roundup from today.

Market Reports

  • Australian Market Report: The Australian sharemarket trimmed some of its early morning gains but finished in the green after a surge in Nvidia’s shares triggered a rally on Wall Street and the local index. The S&P/ASX 200 rose 46.6 points, or 0.6 per cent, to 7657.8 at the close, led by information technology (up 1.5 per cent) and consumer discretionary (up 1.4 per cent) stocks. The bourse was dragged down by utilities (down 0.9 per cent)..... [more]

  • U.S. Market Report: The S&P 500 and Dow Jones Industrial Average eked out another closing record high on Friday, with all three Wall Street benchmarks scoring weekly gains, as artificial intelligence stocks had enough steam to keep the rally chugging along..... [more]

  • European Market Report: European markets closed mostly higher on Friday, led by gains in financial stocks after Standard Chartered reported upbeat quarterly earnings. Dovish comments by European Central Bank officials helped underpin sentiment..... [more]

  • Asian Market Report: Asian stocks rose broadly in thin trading on Friday, with Japanese markets closed for a public holiday..... [more]

Australian Business News

  • U.S. stocks recovered after a hit from strong inflation data last week, highlighting one data point won’t disrupt buoyant risk appetite. We’re tactically overweight U.S. stocks as we think market optimism can persist for now. Yet we are strategically active – or ready to pivot our views as we expect resurgent inflation coming into view to spoil sentiment..... [more]

  • An alliance between the Greens and Liberal parties in the Senate could force Jim Chalmers to keep a government power that allows treasurers to overrule Reserve Bank decisions on interest rates. Chalmers announced plans to scrap the veto power in the government response to recommendations from a panel which reviewed the Reserve Bank operations and made suggestions for improvement..... [more]

  • A major shake-up of the student loan scheme is being considered as the Albanese government finalises the next budget, after the biggest review of Australia’s higher education system in 15 years called for significant reforms..... [more]

  • Count Limited may well supplant Insignia Financial as Australia’s second-largest financial planning business behind AMP Limited, according to the latest analysis from WealthData. In the wake of yesterday’s Insignia’s results announcement to the Australian Securities Exchange (ASX) and the upcoming finalisation of Count Limited’s acquisition of Diverger, WealthData principal, Colin Williams said Count would have a total of 729 advisers on the Financial Adviser Register..... [more]

  • The South Australian government and the owner of the Whyalla Steelworks will explore a deal for the latter to use hydrogen offtake from a publicly funded power station. The government and GFG Alliance, which owns the steelworks, have signed an agreement to explore commercial supply from the Port Bonython power station near Whyalla, due to open in 2026..... [more]

  • Desert gold: Newmont in bid to convert mines to cash.... [more]

  • The European Investment Bank (EIB) is a step closer to a funding agreement worth up to $825 million for Vulcan Energy Resources’ Zero Carbon Lithium project in Germany’s Upper Rhine Valley after rating it “potentially suitable” for financing..... [more]

  • Andromeda Metals CEO showcases Great White products to global buyers of kaolin for ceramics.... [more]

  • Gold Mountain says it has put its foot on a big chunk of ground it believes to be prospective for rare earths and niobium in the mineral-rich Brazilian State of Minas Gerais, with 20 new tenements covering 388sq km..... [more]

  • Koba Resources (ASX: KOB) – Take Profits or Hold for More?.... [more]

  • Woolworths' new chief executive will be facing an uphill battle to win back public trust when she steps into the role later this year, experts have told the ABC. Amanda Bardwell will replace current CEO Brad Banducci, who announced his retirement earlier this week. .... [more]

  • Not long after finally hitting the shelves of Coles (ASX:COL) after logistics delays, The Calmer Co International (ASX:CCO) is now listing its Fiji-sourced Kava-based health drink powder sachets on Walmart’s e-store..... [more]

  • Multi-billion-dollar direct rail line to Sunshine Coast announced, but some say it's not good enough for the Olympics.... [more]

  • Inaugural profit overlooked as R&D spending soars at Telix Pharmaceuticals. Telix Pharmaceuticals has just reported its first year of positive operating cashflow... helping it to achieve NPAT..... [more]

  • Qantas hits turbulence with "accounting and strategic trickery" and an ageing fleet.... [more]

  • A Mildura man has vanished, after allegedly pocketing about half a million dollars when a cryptocurrency trading platform accidentally added an extra zero to his account. Cryptocurrency trading platform Rhino Trading Pty Ltd, which operates the website OTCPro, applied to the Victorian Supreme Court for the man's assets to be frozen and for an order preventing him from leaving the country after he failed to respond to requests to return the money..... [more]

  • Comment - Shani Jayamanne: Why you shouldn't wait until 35 to take your super seriously. A recent Rainmaker study concludes that the best time to start taking super seriously is in your mid-thirties. I don't agree..... [more]

  • Opinion - Michael Pascoe: Conspiracy or stuff up, the RBA review is a crock. The Greens, Peter Costello, Paul Keating, Bernie Fraser and Ian Macfarlane make for an unlikely alliance, but the second-rate RBA review has made them one..... [more]

  • Opinion - James Mickleboro: Here's the CBA dividend forecast through to 2026. Where next for this banking giant's dividends?.... [more]

  • Analysis - Gareth Hutchens: More 'rich' households are renting, and low-income renters are struggling to compete. If you're a renter this won't surprise you. But if you haven't rented for decades, you may struggle to believe it..... [more]

World Business News

  • How investors can avoid a lost decade for stocks if the tech bubble pops.... [more]

  • Inflation has changed the way many Americans shop. Now, those changes in consumer habits are helping bring down inflation. Fed up with prices that remain about 19%, on average, above where they were before the pandemic, consumers are fighting back.... [more]

  • Millennials aren't having as many kids as previous generations, and that fact could end up dragging down economic growth for more than a decade. That may not faze some child-free millennials, who are using the money that would have been spent on childcare to splurge on lavish vacations, flashy boats, and other luxuries popular among DINKs — couples who live on double-income, with no kids..... [more]

  • South Carolina’s population and economy are booming .... [more]

  • Just ahead of the holiday season, Walmart had encouraging news for inflation-weary shoppers: Prices on food and other staples were falling instead of rising. The retail giant said if the trend continued, it would soon contend with deflation in some of those key household categories, which would be a welcome sight for consumers emerging from the worst price increases in decades..... [more]

  • Warren Buffett mourns Charlie Munger, says Berkshire's 'eye-popping' performance is over.... [more]

  • Why is X still called Twitter? In the early hours of July 23, 2023, Twitter — the self-proclaimed digital town square — became X. Or did it? Though it’s been more than half a year since the divisive rebrand, the platform’s web domain is still — even redirects to the original link..... [more]

  • Chipmaker Broadcom (AVGO.O), is nearing a $3.8 billion deal to sell its business that allows users to access desktops and applications from any device to private equity firm KKR (KKR.N), people familiar with the matter said on Saturday..... [more]

  • AT&T will award billing credits to consumers impacted or potentially impacted earlier this week by a significant wireless outage because of the disruption, the company said late on Saturday..... [more]

  • Facing Chinese EV rivals, Europe's automakers squeeze suppliers on costs.... [more]

  • Jim Ratcliffe warns EU bureaucracy will drive away industry’s investments. Petrochemicals billionaire says he would have passed on $4bn Belgium investment if he had known of regulatory hurdles.... [more]

  • Ratcliffe is winning the Manchester United PR battle – can he get them winning on the pitch again? Now that the billionaire tycoon has managed to prise some of Manchester United away from the loathed Glazer family, he’s looking to make his mark on the club – but he could find himself learning the harsh, and costly, lesson that business brilliance does not guarantee sporting success.... [more]

  • Royal Mail sued by delivery drivers in ‘Uber-style’ gig economy legal case.... [more]

  • French President Emmanuel Macron was greeted with boos and whistles at the opening of the Paris Agricultural Fair on Saturday by angry farmers who blame him for not doing enough to support them. Macron was scheduled to visit the event, which draws crowds of visitors every year. But before the official opening, several dozen protesters forced their way through security barriers and entered the site as the president was arriving..... [more]

  • Farmers Clash With Police and Macron at Paris Agricultural Fair. At the annual show where the French countryside comes to the capital, President Emmanuel Macron’s efforts to calm a monthlong confrontation were met with anger..... [more]

  • The Eiffel Tower reopened to visitors on Sunday after a six-day closure because of striking employees demanding better maintenance of the historic landmark, showing traces of rust, and salary hikes..... [more]

  • German labour union Verdi on Saturday demanded Lufthansa (LHAG.DE), offers a higher wage increase for thousands of the German airline's ground crew before it agrees to a fresh round of pay talks aimed at averting further industrial action..... [more]

  • Zong Qinghou, billionaire founder of Chinese drinks giant Wahaha Group, dies at 79.... [more]

  • BYD Co. debuted its most expensive car on Sunday, a 1.68 million yuan ($233,450) high-performance fully-electric supercar pitted against gas-guzzling options offered by rivals such as Ferrari NV and Lamborghini. The Yangwang U9 will initially be for the China market, the company said at a live-streamed event in Shanghai..... [more]

  • Tax-free status of movie, music and games traded online is on table as WTO nations meet in Abu Dhabi.... [more]

  • Disney, Reliance Said to Sign Binding India Media Merger Pact.... [more]

  • Opinion - Larry Elliott: Forty years on from the miners’ strike, unions are flexing their muscles. While numbers may not have fully recovered the climate is now in very much in trade unions’ favour.... [more]