RIO Financial News

Fortescue Metals expects to set a fifthconsecutive iron-ore export record in the year ahead, after beating analysts’ estimates and delivering to the top end of its target for the year to June 30.

Rio Tinto has wiped $1.22 billion off the value of its Australian alumina refineries to account for the cost of the Albanese government’s new carbon policy as lower commodity prices drove a 43 per cent slump in half-year earnings.

Global equities struggled on Wednesday as investors braced for more policy-tightening from the Federal Reserve, even as results from some of the biggest European and American companies hinted at a softening economy. 

Rio Tinto’s half-year profit has slumped 34 per cent following weaker commodity prices, and the $US5.7 billion ($8.4 billion) underlying profit and $US1.77 per share interim dividend have fallen short of analyst expectations.

(Reuters) — Rio Tinto (NYSE:RIO) reported a near 34% drop in first-half underlying earnings and slashed its interim dividend on Wednesday, as easing iron ore prices offset an uptick in shipments from Pilbara operations.

A 37-year-old letter penned by Lang Hancock could prove that his daughter, Gina Rinehart, has known for decades that a now-rival family has a claim to a share of lucrative mining tenements developed by her company in West Australia’s Pilbara.

Nagaland government has requested the Law Commission to exempt the state from the purview of Uniform Civil Code (UCC). Nagaland Minister for Power & Parliamentary Affairs K G Kenye said that the state government has officially made the submission to the 22nd Law Commission during the recent visit of a ministerial team led by Chief Minister Neiphiu Rio to Delhi.

Nagaland Minister KG Kenye Tuesday said the state government is against the implementation of the proposed Uniform Civil Code (UCC) and has urged the Law Commission to exempt the Nagaland from the purview of implementing the UCC. Earlier on June 14, in a public notice, the Law Commission had asked suggestions from various stakeholders including public and religious organisations about implementation of the UCC across the country.

Nagaland government is against the implementation of the proposed Uniform Civil Code (UCC) in the state and has urged the Law Commission of India to exempt it, a minister said on Tuesday. A public notice was issued by the Law Commission on June 14 seeking suggestions from various stakeholders including public and religious organisations about implementation of the UCC.

European stocks were muted on Tuesday as traders geared up for earnings from some of the world’s biggest corporations and key central bank rate decisions this week.

Mining pioneer Peter Wright did his share of heavy lifting when he and Pilbara icon Lang Hancock set about building what would become a multibillion-dollar iron ore empire, a court heard on Monday. So Wright’s descendants should share equally in the royalty payments that still flow from their partnership, their lawyer said.

Australia’s richest person Gina Rinehart and the nation’s fourth-richest woman, Angela Bennett, square off on Monday to settle their differences in a dispute over billions of dollars in iron ore assets and royalties.

Investing.com-- BHP Group (NYSE:BHP) (ASX:BHP), the world’s largest miner, said on Thursday that its fourth quarter iron ore production inched higher from a year ago, while weakness in major market China also saw sales of the steel-making product weaken.

Rio Tinto’s iron ore division has achieved its most productive first-half in five years, putting the miner on track for delivering at the top end of its guidance range.

Asian Games, a decision which was taken without the consent of the national chief coaches and is set to be challenged by other wrestlers and their coaches. The IOA ad-hoc panel said in a circular that it has already selected wrestlers in men's freestyle 65kg and women's 53kg but trials will be held in all six weight categories in each of the three styles. The ad-hoc panel did not name Bajrang and Vinesh in the circular but panel member Ashok Garg confirmed to PTI that the two wrestlers have been exempted from the trials.

A proposal for a $3 billion green hydrogen project in the East Kimberley region of Western Australia will be unveiled on Tuesday, with strong participation from two Indigenous communities that will have significant direct stakes in the venture.

Luxury and commodity stocks drove European stocks to their first decline in seven days on concerns about China’s sluggish economy. Investors prepared for the latest batch of earnings that’s handed Wall Street banks some of their best results even as other industries are poised to slump.

Traditional owners embroiled in a high-stakes legal battle with Andrew Forrest’s Fortescue Metals Group have signed a deal to develop one of Australia’s biggest renewables projects in partnership with Philippines-listed ACEN.

Housewives of New York City, including a former top executive of J Crew and an Indian-origin fashion publicist.

Big investors in Fortescue Metals said the miner can sail through the breakdown of executive chairman Andrew Forrest’s marriage and the subsequent ownership reshuffle that has given Nicola Forrest control of the single biggest Fortescue stake.

Muhammed Majeed, Chairman, Sami-Sabinsa Group, a company in the manufacture and export of nutraceuticals, said that the proposed amendments must serve the primary goal of the law, which would boost the industry and motivate it to collaborate with the farming community for sustainable management of bioresources in India. The Indian nutraceutical industry generates exports worth $1.5 billion annually. For the sector to realise its potential, the industry requests that the act recognize its value-added products as oleoresins, extracts, and isolated phytochemicals and include them in Section 2(p) of the act pertaining to value-added products, Majeed said in a press statement. He said that although, after much consideration, the definition of the non-Indian entity in Section 3(2) of the Bill has been amended, it was still not in harmony with Section 2(42) of the Companies Act 2013. There is the inclusion of the term «foreigner» in the amendment, which has caused uncertainty for the industry. In the interpretation of the law, there is a significant difference between the terms «foreign controlled company», «foreign company,» and «foreigner,» and hence the Act needs to be harmonised with the Companies Act. Majeed stated that, due to the requirement that importers of bioresources must approach the National Biodiversity Authority for clearance of each consignment, the industry is currently paralysed by production delays. But as per the UN Rio Declaration of 1992, each nation has sovereign rights over its own bioresources, and another nation cannot control them. Hence, the imported raw materials must be brought out of the purview of the act, he said.