New Zealand's Transpower plans to upgrade the North-South Islands Power Link with $653 million.
Transpower announced on Tuesday that it has applied to the New Zealand Commerce Commission to approve its NZ$1.1bn (US$653,40m) plan to upgrade high voltage direct current (HVDC), the electricity link between New Zealand's North Island and South Islands. The project consists of replacing three old submarine cables, adding a new cable to increase transfer capacity, and building new cable terminations on both sides Cook Strait. Surveys have shown that the cables will deteriorate as expected by early 2030s and need to be replaced.
Investors await growth data; consumer and energy sectors drag Australian share prices lower
The Australian share market ended Tuesday with a lower closing price, due to thin trading. This was mainly caused by the consumer and energy sector, where heavyweight constituents were traded ex-dividend. Local traders also remained on the sidelines, waiting for economic growth figures that are expected later this week. The S&P/ASX 200 index fell 0.3% to 8,900.6, its third consecutive session in red. The 0.5% drop on Monday followed a strong August. Woolworths, the supermarket chain, fell 3.1%. Consumer stocks dropped 1.7%.
Climate group: Methane emissions in Brazil's beef-rich country are increasing
Brazil's methane emission increased by 6% between the years 2020 and 2023. The world's biggest beef exporter released 21,1 million tons of this potent greenhouse gas. This was the second highest level in history. According to a report released on Wednesday by the Climate Observatory, 34 of Brazil's total methane emissions are attributed to the beef and dairy cattle industry. This accounted for approximately 14,5 million tons in 2023. That is the equivalent of 406 millions tons of CO2 equivalent. The Climate Observatory reported that this figure was higher than all greenhouse gases produced by Italy during the same period.
New Zealand lifts the ban on oil and Gas Exploration imposed by Ardern
The New Zealand parliament passed legislation on Thursday to reopen New Zealand for offshore oil exploration. This lifted a ban placed by the former prime minister Jacinda Ardern. The law allows companies to apply for permits as early as September, even if they are not located in Taranaki. This energy-rich region of the North Island is a rich source of petroleum. Environmental groups have said that the decision to restart the exploration is a setback to the country's move to renewable energy. In 2018, the centre left Labour government…
New Zealand Government plans to coinvest in new gasfield projects
The government of New Zealand announced its budget for Thursday that it will co-invest with other countries in developing new gas fields. This is to encourage investment in the sector following the lifting of the offshore exploration ban. Shane Jones, Minister of Resources, said that the government had set aside NZ$200,000,000 ($118.60,000,000) for four years as a contingency to co-invest in new gasfields. The minister added that this investment shows the government's willingness to invest up to 15% in the development of new gas fields. Jones stated that "we are already feeling the pain" of a limited supply.
Australian shares end five-day rally after miners drag; Woolworths increases consumer staples
Australian shares fell on Thursday, ending a five-day rally, as mining stocks weighed down the benchmark. Consumer staples rose, led by Woolworths, the country's largest grocer, which reported better-than expected third-quarter sales. By 0040 GMT, the S&P/ASX 200 Index was down 0.1% to 8,116.10 point. The benchmark index rose by 0.7% on Tuesday. The local exchange saw the biggest drop in the benchmark index, with a 1.6% decline, as the iron ore futures fell amid fears of steel production cuts by China, the top steel consumer. BHP Group, the world's largest listed mining company, fell 2.2% while Rio Tinto dropped 1.7%.
New Zealand rejects Contact Energy's Wind Farm Project
Contact Energy announced on Tuesday that a New Zealand regulatory agency has refused to approve its consent application for the proposed 330 Megawatt 55 Turbine Southland Wind Farm Project. The project's resource consent was denied by an independent expert Consenting Panel, convened in accordance with the COVID-19 Recovery Act 2020 (Fast Track Consenting Act 2020) of the country. The act provides that the Environmental Protection Authority of the country advises the panel and provides administrative support, but does not involve the panel in its decision-making processes.
Australia shares gain for the second straight session, as energy and tech leads gains
Tuesday saw Australian shares rise for the second session in a row, boosted by energy and technology stocks. Rising oil prices, and Wall Street's positive lead, also helped to boost sentiment. By 2335 GMT, the S&P/ASX 200 Index had risen 0.6% to 7,904.2. The benchmark closed Monday 0.8% higher. The energy sub-index on the local exchange increased by 1.5%, as oil prices continued to rise due to escalating geopolitical conflicts in the Middle East. Meanwhile, stronger Chinese economic data also boosted demand expectations. Woodside Energy, a major sector player, and Santos both added 1,2% and 0,6% respectively.
Australian shares gain modestly as commodities support
Australian shares rose on Monday and hovered below the important 8,000-level as commodities fueled a slight recovery in the benchmark index after a selloff in the previous session amid market uncertainty. As of 2341 GMT, the S&P/ASX 200 was up 0.2% to 7963.8. The benchmark index fell 1.8% on Friday to close below 8,000 for the first six-month period, amid uncertainty about global trade. Energy stocks gained nearly 1% in tandem with a recovery of crude oil prices after U.S. president Donald Trump warned about sanctions against Russia, a major oil producer, raising fears over possible disruptions to commodity's supply chains.
Nine Entertainment is the top gainer among Australian shares.
Australian shares rose Friday on the back of gains in energy and mining stocks, as well as strong commodity prices. Nine Entertainment was the biggest gainer, after Domain Holdings Australia, which owns 60%, received a purchase offer. As of 0026 GMT, the S&P/ASX 200 was up by 0.1% to 8,333.1. The benchmark index has lost 2.6% in the first week. Iron ore prices rose overnight, causing miners to gain as much as 1.5 percent. BHP Group and Rio Tinto gained between 0.2% and 1,6% on Friday. The strong oil price has led to a 1.5% increase in energy stocks.
Ravindra, a New Zealand cricketer who was hit by a ball in the face, is back to training.
Rachin Ravindra, a New Zealand all-rounder who was struck by a ball during a fielding accident and suffered a concussion, has returned to training but still needs to complete the concussion protocol before he can return to the field. Ravindra was struck in the head during a warm up match for the Champions Trophy in Lahore on Saturday after he lost sight of the football in the floodlights while attempting to catch it. Stead said that although Ravindra had passed his initial Head Injury Assessment (HIA), he suffered headaches over the next few days. He would have to pass further HIAs before he could be declared fit.
Australian shares are led higher by banks and retailers.
Australian shares followed Wall Street's rise on Thursday. Financial stocks and consumer discretionary companies led the charge, after investor concerns about a global war of trade began to fade. As of 2350 GMT, the S&P/ASX 200 Index rose by 0.9% to 8,490.7. The benchmark closed Wednesday 0.5% higher. Overnight the Dow Jones Industrial Average in the U.S. rose 0.71%. The S&P 500 increased by 0.39%. Nasdaq gained 0.19%. Investors ignored the comments of President Donald Trump, who said that the U.S. wanted to develop the economically-destroyed Gaza Strip.
Rio Tinto shares fall on merger failure reports; banks weigh down on Australia's shares
The Australian share market fell Friday due to the fall in banking stocks, and Rio Tinto's decline on news of failed merger talks with Glencore. The S&P/ASX 200 ended the week 0.2% lower, at 8,310.4. The benchmark closed the week with a 0.2% gain. After reports that failed merger talks had taken place between the No. The world's No. 2 miner, Glencore, is one of the largest miners in coal and base metals. The financial sector led the declines in Friday's market, with a 1% drop to record their worst week since four. The "big four" banks dropped between 1.2% and 1.8%.
Australian shares flat: Rio Tinto drags down miners after merger talks
Australian shares were flat on Friday. Gains in healthcare companies were offset by losses among miners. Rio Tinto fell on speculation about early merger talks with London listed smaller rival Glencore. S&P/ASX 200 index fell marginally 0.1% at 8,322.2 points as of 2322 GMT. The benchmark index is on course to record its second consecutive weekly increase. Rio Tinto shares dropped 1.21% after reports of short, unsuccessful merger discussions with Glencore in late 2017. This was despite speculations by Bloomberg News that early-stage talks were ongoing.
Australia's 4-day rally is a resounding success as local inflation data are on the table
Australian shares ended a four-day streak of gains to open slightly lower on Wednesday. Losses in domestic banks slowed the gains in mining stocks. Investors awaited data on November inflation due later that day. By 2332 GMT, the S&P/ASX 200 Index was down 0.2% to 8,268,2 points. The benchmark index ended Tuesday 0.3% higher. According to a survey of economists, Australian markets expect a rise of 2.2% for the consumer price index for November. This is compared to the 2.1% increase in October. This will influence the outlook of interest rates by the central bank.
Australia shares are up; banks offset mining and energy stock losses
Investors took their cues from Wall Street's performance and boosted Australian shares for the fourth consecutive day. Gains in banks offset losses in energy and mining stocks. By 2338 GMT, the S&P/ASX 200 Index had risen 0.4% to 8,289.1 point. The benchmark closed Monday 0.1% higher. S&P 500, Nasdaq Composite and Dow Jones rose on Monday due to a rally of semiconductor stocks. A report also suggested that the Trump administration would be less aggressive in its tariff policy. Locally, traders will also be watching for the Consumer Price Index (CPI) November data that is due on Wednesday.
Banks assist in the recovery of Australian shares; energy and miners lag behind
The Australian share market ended its five-day loss streak on Tuesday, as gains in the banking sector outweighed losses in mining and energy stocks. Investors around the world pondered whether U.S. policy will ease beyond this week. By 2335 GMT, the S&P/ASX 200 Index rose 0.2% to 8264.9. The benchmark index ended Monday 0.6% lower. The Financials subindex topped the benchmark index by 0.4%. Shares of the "Big Four banks" rose between 0.2% to 0.4%. While metal prices are falling, miners have lost 0.5%. BHP Group Rio Tinto Fortescue all suffered losses between 0.4% to 1.1%.
Australia shares are dragged down by mining and bank stocks; local job data is in focus
Investors remained cautious as they awaited the local jobs data, which is due on Thursday. This will be a crucial metric for gauging the central bank’s timeline to cut rates. S&P/ASX 200 Index fell 0.3% at 8372.1 points as of 1124 GMT. The benchmark index fell by 0.4% on Monday. Investors in Australia will assess local jobs data scheduled to be released on Thursday to gain additional insight into the Reserve Bank of Australia (RBA's) monetary policies timeline. The central bank maintained the cash rate at 4.35%, but lowered its hawkish position on Tuesday. Markets now expect the next rate reduction in early 2025. The U.S.
Canada opens Pacific trade pact to new members following Taiwan's complaint
Canada's government confirmed that a major Trans-Pacific Trade Pact is still open for other aspirant member countries, including Taiwan, to join. This was after Taipei complained about the lack of a working group that would consider Taiwan's entry. Taiwan's Government expressed its disappointment Friday at the fact that members of Comprehensive and Progressive Agreement for Trans-Pacific Partnership had not established a working group in order to discuss membership during a meeting of ministers held in Vancouver. The government said there should be no political considerations.
Axpo, a Swiss company, is looking at opportunities in Japan's power and LNG trading
Axpo, a Swiss power producer and trader, is looking at opportunities in Japan's electricity and liquefied gas (LNG), as the changes in Japan's power sector have created a demand for spot LNG and hedging. Japan has set an ambitious target of renewables accounting for 36%-38% of its total electricity mix by 2030. In 2016, the power market was liberalised, leading to a more liquid futures exchange for electricity. Marco Saalfrank is a member of Axpo’s management board. He said that Japan has nine different price zones.