Australia Financial News

Air Vanuatu filed for bankruptcy protection on Friday a day after the South Pacific state-owned carrier cancelled all international flights, stranding thousands of travellers. The airline on Wednesday cancelled more than 20 flights to and from the Australian cities of Sydney and Brisbane, and the New Zealand city of Auckland for the rest of the week. The airline said it was the result of «extended maintenance requirements» on their aircraft. Ernst & Young Australia's Morgan Kelly, Justin Walsh and Andrew Hanson were appointed liquidators in an equivalent of a US Chapter 11 bankruptcy, the firm said in a statement. The liquidators said safety and maintenance checks would be made before normal operations resumed.

A man accused of killing three men who were on a surfing trip in Mexico allegedly confessed the crime to his girlfriend, according to testimony read in court Wednesday.

dollar had a soft tone in early Asian trading on Friday after losing ground overnight to the euro and sterling on the back of U.S. data showing further signs of a cooling labour market and hence higher odds of Fed rate cuts this year. Against the Japanese yen, the dollar was trading at 155.39 yen, down from highs of 155.95 hit in the previous session. The euro stood at $1.0782, after a 0.3% gain overnight.

Former Fijian Prime Minister Frank Bainimarama has been sentenced to a year in prison for interfering in a criminal investigation while leading the government of his South Pacific island nation

Mint looks at the issue and analyses what it could mean for the $4-billion export sector. On 5 April, Hong Kong’s food regulator suspended the sale of MDH spice mixes saying they contain high levels of ethylene oxide, a carcinogenic. Singapore followed suit with Everest, another top Indian spice brand.

Bad weather and war are threatening to keep the world’s wheat supplies under strain and reviving the specter of rising food costs. 

Madrid, May 09, 2024 -Australian actress Cate Blanchett will receive a lifetime achievement award at Spain's San Sebastian film festival in September, organisers said Thursday. The 54-year-old will also feature on the main poster of the 72nd San Sebastian film festival, the highest-profile movie event in the Spanish-speaking world, which takes place from September 20 to 28. Blanchett has won two Academy Awards: best actress for her performance in Woody Allen's 2004 drama 'Blue Jasmine' and best supporting actress for her striking appearance as Katherine Hepburn in Martin Scorsese's «The Aviator».

India is considering offering incentives to encourage private companies to set up lithium processing facilities, as New Delhi tries to develop its nascent lithium mining and boost supplies of the EV battery metal, three government sources said. It would offer incentives to companies to set up lithium processing plants under a new critical minerals policy that was being worked out by the mines ministry, the sources said. «The critical minerals policy will be comprehensive and will cover all aspects from exploration to mining to value addition,» one of the sources said. «It will also cover incentives for beneficiation and refining within the country,» the source said. The sources, however, said it was a little early to know the exact form of incentives the government would offer, but New Delhi would try to take a cue from countries such as Australia and Canada. Responding to Reuters queries, the Ministry of Mines said the government was taking various steps to ensure the availability of critical minerals for the downstream industry. It did not elaborate.

Australia unveiled plans Thursday to keep burning natural gas beyond 2050, saying its reliance on the fossil fuel would not derail a pledge to reach net zero emissions in the next 30 years. Resources minister Madeleine King said gas «will remain an important source of energy» in Australia, outraging environmental groups who branded the Future Gas Strategy a "climate disaster".

HBO has revealed that Lady Gaga's concert special, Gaga Chromatica Ball, will premiere on Saturday, May 25, at 8 pm. The special will air on HBO and stream on Max. Where to Watch

Bankrupt cryptocurrency exchange FTX announced a new restructuring plan that, if approved, could finally give most of its customers access to money they lost—plus interest.

Democracy Perception Index revealed a striking sentiment among Indians, with nearly 75% expressing concern that global corporations pose a threat to democracy. As per the survey findings, after economic inequality and corruption, global corporations are viewed as the third most significant threat to democracy. The US also stands out as among the countries with the highest levels of the perceived threat from global corporations. India is also ranked top among countries fearing that big tech companies like Google, Amazon and Meta threaten democracy.

Surging rents across many developed economies are proving to be a stubborn hurdle for central banks as they struggle to nail down inflation once and for all this tightening cycle. 

West Indies this time around and the marquee event kicks off on June 2 with the opening match between the USA and Canada. Disney+ Hotstar India Head Sajith Sivanandan, while commenting on the issue stated, “By offering the ICC Men’s T20 World Cup 2024 for free on mobile, we aim to make the game of cricket more accessible, reach a wider audience across the country and ensure that none of the sporting action is missed.

FTX will have between $14.5 billion to $16.3 billion to pay its creditors and customers, according to an amended reorganization plan filed by the company on Tuesday in a U.S. bankruptcy court. FTX said it has anticipated the figure based on monetizing assets, most of which were investments owned by Alameda Research, a crypto-focused hedge fund controlled Sam Bankman-Fried, FTX Ventures businesses, and litigation claims.

Universal's 'Fall Guy', 'Kingdom of the Planet of the Apes' is expected to collect $50 million opening at domestic box offices and $130 million worldwide. This is a sequel that takes 300 years after the events of War of the Planet of the Apes'. Wes Ball, known for 'Maze Runner' has directed it. The movie will hit the theaters on May 10, 2024. 'Kingdom of the Planet of the Apes' will be released simultaneously in 100% of its offshore footprint this week, beginning Wednesday in France, Italy, Germany and Korea. It will open on Thursday in the UK, Brazil, Australia and Mexico. China, Spain and Japan follow on Friday, reports 'Collider'.

International Cricket Council has secured a five-year contract with Sky for the New Zealand market, covering all ICC men's and women's events until the end of 2028. Under the new partnership, Sky will broadcast 16 international events, including the ICC Men’s and Women’s Cricket World Cups, the ICC Men’s and Women’s T20 World Cups, the ICC Champions Trophies, the World Test Championship Finals, and the U19 World Cups. The first of these exciting events commences in June with the ICC Men’s T20 World Cup 2024, hosted in the USA and the West Indies. This will be followed by the ICC Women’s T20 World Cup in Bangladesh in October and extend through to the ICC Men’s T20 World Cup 2028 in Australia and New Zealand.

private equity investors and asset managers are readying for billions of dollars worth of M&A and investments linked to data centres in Asia Pacific, as the artificial intelligence (AI) boom fuels demand for digital infrastructure. The intense pace of deals in the world's most populous region comes as countries and companies respond to booming demand for AI, calling for more data capacity, industry executives said.

dollar was back on the front foot on Wednesday, making modest gains after earlier losses from renewed bets on Federal Reserve rate cuts this year, while the yen eased towards the 155 per dollar level and kept intervention risks from Tokyo high. The offshore yuan further retreated from a more than three-month high hit last week, helped by hopes of further policy stimulus from Beijing to shore up its economy. It last stood at 7.2247 per dollar.

FTX will have between $14.5 billion to $16.3 billion to pay its creditors and customers, according to an amended reorganization plan filed by the company on Tuesday in a U.S. bankruptcy court.

Also Read: Nifty 50, Sensex today: What to expect in Indian stock market trade on May 8 According to Vinod Nair, Head of Research at Geojit Financial Services, the domestic market kept consolidating in spite of encouraging signals from outside the world. A number of variables, such as premium valuations and the low turnout in the current election, are contributing to profit booking in the home market. Nonetheless, FMCG continued to be the largest sectoral gainer throughout today's trading session, supported by hopes for better volume growth from rural regions thanks to favourable monsoon forecasts.