Morning business roundup

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Read a sample of the Morning Business Roundup from today.

Market Reports

  • Australian Market Report: Tech shares plunge, ASX drops 0.5 per cent. The benchmark S&P/ASX200 index closed lower by 34.1 points, or 0.48 per cent, to 7061.7 on Thursday..... [more]

  • U.S. Market Report: The Dow Jones Industrials (.DJI) hit a record high on Thursday, as economically sensitive stocks rose after an upbeat weekly jobless claims report, while vaccine makers fell as President Joe Biden backed plans to waive patents on COVID-19 shots. Cyclical sectors including the S&P 500 financials (.SPSY) and industrials (.SPLRCI) rose after a Labor Department report showed initial claims for state unemployment benefits totaled a seasonally adjusted 498,000 for the week ended May 1 compared to 590,000 in the prior week..... [more]

  • North/South Americas Market Report: Markets were stronger across Northern American markets, lower in the Southern American nations..... [more]

  • European Market Report: With the exception of the AEX in the Netherlands all countries finished in positive territory as at the most recent closing..... [more]

  • Asian Market Report: Mixed results out of China, the NIKKEI finishing in positive territory..... [more]

Australian Business News

  • China has indefinitely suspended all strategic economic talks with Australia, blaming the Morrison government’s attitude towards the relationship. The move cuts off all diplomatic contact with Beijing under the China-Australia Strategic Economic Dialogue, freezing discussions between key officials below a ministerial level..... [more]

  • A global credit rating agency has warned Australia’s economic recovery will be hampered if its COVID-19 vaccination rollout remains slow. Moody’s Investors Service is also concerned that trade tensions with China would be a major hit to the economy if the Asian giant extends its restrictions on a number of commodities to iron ore..... [more]

  • Rio Tinto investors revolt against ex-CEO pay after cave blast crisis..... [more]

  • Global Lithium Resources starts trading on ASX with drilling underway. It aims to become a leading Australian lithium producer, riding on high lithium demand as countries globally seek to adopt more environmentally sustainable energy policies.... [more]

  • Auroch to hit high priority WA nickel sulphide target..... [more]

  • Blackstone Minerals’ planned gold spin-off Codrus Minerals lodges IPO prospectus with ASIC. Blackstone shareholders will be given priority under a 10,000,000 share priority offer for eligible shareholders with a record date of May 6, 2021..... [more]

  • Coronado Global Resources (ASX:CRN) has taken a dive on the ASX this afternoon, despite the company raising gross proceeds of around US$87 million (A$114 million) through an institutional entitlement offer. The coal producer wrapped up the institutional component of its one-for-4.73 pro-rata accelerated non-renounceable entitlement offer on May 5..... [more]

  • Aspiring gold miner, Classic Minerals has bolstered its board with the appointment of non-executive director, Ms Gillian King as the company looks to bring its Kat Gap gold project in WA into production. Ms King is of Noongar and Gurindji heritage and adds human resource and indigenous affairs expertise to the company’s board..... [more]

  • European Metals Holdings submits environmental impact documents to Czech government, updates on drilling.... [more]

  • Hyperion Metals (ASX:HYM) hits its stride at Titan Project.... [more]

  • ASX-listed Lithium Australia’s 90 per cent-owned subsidiary, Envirostream Australia looks likely to be a major beneficiary from the introduction of an accredited process for the collection and recycling of spent, or end-of-life batteries with the launch of the Battery Stewardship Council’s national battery collection network early next year. Under the Battery Stewardship Council’s scheme, approved entities will be paid to collect and recycle hazardous and toxic spent batteries..... [more]

  • Clean Seas Seafood (CSS) has completed an institutional placement to raise $25 million. The two-tranche placement garnered a strong demand from new and existing institutional investors and directors..... [more]

  • Sanjeev Gupta's GFG Alliance secures last-minute financial lifeline that could save Whyalla steelworks.... [more]

  • Indigenous groups have raised concerns the Morrison government is considering spending $40 million earmarked for water rights on other uses. The coalition promised in 2018 to create the fund designed to allow First Nations people in the Murray-Darling Basin to buy water for cultural and economic benefit..... [more]

  • Automobile repairs company AMA Group (AMA) is officially taking ex-CEO Andrew Hopkins to court as it looks to recover $2.4 million from the former boss. The cash relates to findings from an investigation by forensic accounting firm McGrath Nicol last year that ultimately led to Andrew's resignation..... [more]

  • Australian shipbuilder Austal nears deal on strategic Philippines port while scrapping its China operations.... [more]

  • Biotech giant CSL (CSL) has closed its global commercialisation and licence agreement with uniQure for AMT-061. Mid last year, CSL agreed to acquire the exclusive global licence rights to commercialise AMT-061 from uniQure for $656 million..... [more]

  • MGC Pharmaceuticals in trading halt pending announcement by the company on ArtemiC. Its securities will remain halted until the start of normal trading on Monday, May 10, 2021, or until an announcement is released to the market..... [more]

  • Nyrada (ASX:NYR) pockets $1M tax rebate for 2020 drug development work.... [more]

  • Luxury car maker Mercedes-Benz pocketed almost $5 million in emergency JobKeeper payments, despite staying profitable during the COVID-19 economic shock and boasting of a "strong" year. Financial statements filed by Mercedes-Benz's parent company, Daimler Australia Pacific, show it recorded a $62.7 million profit in Australia last year, compared with a $25 million loss in 2019..... [more]

  • Deckers ugg boot trademark case heard in US court, judgment reserved..... [more]

  • Opinion - Elizabeth Knight: Yes, bank dividends are back but let’s not party like it’s 2019. The banking sector’s dividend party has kicked off again as earnings recover, but rather than returning to the pre-COVID rave it will be more akin to a dinner party..... [more]

World Business News

  • Ether, the world's second-largest cryptocurrency after bitcoin , on Thursday extended a breakaway rally to a new record high of $3,616.10, gathering momentum as investors diverted focus from its main rival..... [more]

  • Bitcoin may be the king of cryptocurrencies, but it's facing an environmental backlash over the energy-intensive technology underpinning it. A new crypto called chia says it's the eco-friendly alternative..... [more]

  • US unemployment claims fall to a pandemic low of 498,000.... [more]

  • U.S. productivity posted a sharp rebound between January and March after falling in the previous quarter. Labor costs declined slightly. Productivity increased at an annual rate of 5.4% in the first quarter, recovering from a 3.8% rate of decline in the fourth quarter of last year, the Labor Department reported Thursday..... [more]

  • IBM says it has made a significant breakthrough in computer processors by creating a 2nm chip in its test lab. The process used to make computer chips is measured in nanometres (nm) - with a lower number usually signifying a leap forward..... [more]

  • A lawyer for 14 states led by Texas that have accused Alphabet's (GOOGL.O) Google of breaking antitrust law asked a federal judge to schedule a trial for the spring of 2022, while the search and advertising giant has asked for a trial in the fall of 2023..... [more]

  • Massachusetts sued a unit of French advertising company Publicis Groupe SA (PUBP.PA) on Thursday, accusing it of fueling the U.S. opioid epidemic by using unfair and deceptive marketing to help the drugmaker Purdue Pharma sell more OxyContin..... [more]

  • UK economy set to grow at fastest rate in more than 70 years.... [more]

  • Research from two industry pressure groups reveals the UK cannabinoid (CBD) industry was worth £690mln in the 12 months to the end of April – up almost a third since a 2019 estimate..... [more]

  • Sainsbury’s has hired the former boss of John Lewis Paula Nickolds to take charge of its near £8bn clothing and homewares division, in a move that underlines it ambitions to make its larger outlets feel like department stores..... [more]

  • Next has lifted its 2021 profit forecast for the second time in two months after strong online sales during the lockdown and a surge in sales since its shops reopened..... [more]

  • The BBC understands that Sanjeev Gupta's beleaguered UK steel business may yet secure a £200m lifeline. The owner of Liberty Steel is in talks about a loan facility from California-based investment firm White Oak Global Advisors..... [more]

  • Fishing tensions flare between France, UK over Brexit rules. British Royal Navy vessels and French police boats patrolled Thursday near the English Channel island of Jersey, where French fishermen angry about losing access to its waters gathered for a maritime protest..... [more]

  • Aston Martin halves losses in first quarter as its SUV sales soar.... [more]

  • BMW pushes ahead with hydrogen-tech vehicle. A powertrain utilizing hydrogen fuel cell technology has a distinct advantage over battery electric equivalents.... [more]

  • Shenzhen’s state-owned enterprises (SOE) and their controlled investment vehicles are on a private sector buying spree, taking up stakes in some of China’s leading companies under the stewardship of the city’s SOE watchdog. And the elite enterprises are itching to get a bigger share of the private sector as Beijing looks to the southern economic hub to pioneer SOE reform..... [more]