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ASX closes at record high; why market gained despite gloomy economic outlook?
Australian shares ended higher for the third straight session on Friday amid surge in buying in the final hours of day’s trade. The equity market witnessed bullish trade despite slew of negative economic news. Reserve Bank has said that the economy will contract in coming months, due to the Delta outbreak.
The ASX200 rose 27.30 points or 0.36% to settle at fresh closing high of 7,538.40. The benchmark index ended the week with 1.97% gain, thanks to strong rally in bank and tech stocks, especially Afterpay.
The equity market managed to scale new high even after the RBA trimmed its forecast for GDP growth this year from 4.75% to 4%. RBA governor Philip Lowe said the economic activity will contract in coming months, but ruled out that the country will suffer a recession this year. Adding to the woes, estimates from economists showed that Sydney could lose 300,000 jobs from its extended lockdown.
Among the individual stocks, diversified media group News Corporation (ASX: NWS) was the biggest gainer today, rising 7.7%. Some of the other notable gainers were BNPL major Afterpay?(ASX: APT) and real estate firm?Unibail-Rodamco-Westfield (ASX:URW).
On the losing side, mining firm Perseus Mining (ASX:PRU) topped the chart with 5.7% loss. Some of the other worst performers were property app Domain Holdings Australia (ASX: DHG), digital media firm REA Group (ASX: REA) and?iron ore producer Champion Iron (ASX: CIA).
Gladiator Resources (ASX:GLA) starts Bendoc Gold Project drilling programme
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Gladiator Resources Limited (ASX:GLA) shared on Friday that it has started the resource drill programme at the Victoria Star in Bendoc Gold Project. The project work will begin today for the 1200m RC drill programme.
- GLA announced the Victorian Covid 19 restrictions imposed on 5 August 2021 might impact the drilling project.
- There is a high chance of the project getting delayed due to the same.
- The Company is also expecting the drilling project to get completed within mid-August.
- The drill results will be used to inform an inferred mineral resource estimate for the Victoria Star mineralisation.
Gladiator Resources Limited is a mining and exploration company based in Australia. The company primarily deals with the exploration and mining of gold and other precious metals.
GLA stock traded at AU$0.016 per share at 1:50 PM AEST.
Cannindah Resources (ASX:CAE) begins drilling at Mt Cannindah
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Cannindah Resources Limited (ASX:CAE), the mineral explorer and developer, has commenced a planned diamond drilling program at the significant Mt Cannindah copper-gold project in central Queensland. As per the release, the diamond drilling program is proceeding well.
The scheduled program design seeks to extend the current JORC resource. In addition, it seeks to test the continuity of higher-grade copper zones within the project area. CAE is also looking for new areas of interest for follow-up and potential in-fill drilling.
Drilling at the first significant hole is to be complete next week, after which CAE will send the core for assay.
CAE shares traded at AU$0.061 at 1:30 PM AEST.
Vital Metals (ASX:VML) shares gain as production ramp up at Nechalacho
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The share price of Vital Metals Limited (ASX:VML), the rare earth explorer, went up to gain 11.111% to trade at AU$0.060 per share on Friday.
The Company has shared an update on operations at Nechalacho rare earth project in Northwest Canada.
VML shared that it has completed the first month of rare earth production at Nechalacho, Canada. During July, it has continuously ramped up rare earth production at Nechalacho. VML has found intersects with high-grade REO mineralisation in the North T pit wall here. It adds up to the existing mineral resources with VML.
In addition, Nechalacho ore sorter has successfully produced high-grade REO concentrates.
VML celebrated the first production at Neelacho, with the Yellowknives Dene First Nation (YKDFN) representatives and local media outlets. VML has plans for a larger scale, long-life operation at Nechalacho. It is seeking to have long-term connections with YKDFN.
News Corporation (ASX:NWS) posts a record 30% rise in revenues, shares zoom up on ASX
News Corporation (ASX:NWS), on 6 August 2021, shared its financial results for the three months and fiscal year ended 30 June 2021.
- Revenues were US$9.36 billion, a 4% increase compared to US$9.01 billion in the prior year, reflecting a 30% increase in the fourth quarter.
- Net income of US$389 million.
- Total Segment EBITDA was US$1.27 billion compared to US$1.01 billion in the prior year.
- Revenues at Move, operator of realtor.com®, grew 36% year-over-year, with 68% growth in the fourth quarter. On an average, unique users grew 32% in the fourth quarter on monthly basis.
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On the ASX, the stock NWS was trading 4.535% higher at AU$34.110 per share at 12:00 PM AEST.
Metals X (ASX:MLX) CEO resigns, shares fall on ASX
The share price of Metals X Limited (ASX:MLX) fell 1.961% to trade at AU$0.250 per share at 12:00 PM AEST today. The Company announced that Michael Spreadborough will step down from the role of Chief Executive Officer, effective Monday, 9 August 2021.
The release stated that given the change in the strategic direction of the Company following the divestment of its Copper and Nickel assets, the role will not be replaced at this time.
Iron ore miners drag ASX lower; BNPL stocks dominate
Australian shares edged marginally lower in lackluster trade by afternoon, as gains in tech and energy stocks were offset by losses in material and telecom companies. The persistent concerns over rising COVID-19 cases and renewed fear over interest rate hike kept investors sidelined.
The benchmark index, ASX 200, was currently trading lower by just 4.60 points to 7,506.50 by lunch. The index opened marginally lower today, undermining firm cues from Wall Street which ended higher overnight after jobless claims dropped.
The market sentiment was also dented by rising cases in Greater Sydney and Queensland as lockdown measures fail to stop the community spread of the highly infectious delta variant of the COVID-19. In the past 24 hours, NSW recorded 291 new COVID-19 cases.
On the sectoral front, eight of the eleven sectors were trading in green zone. Information technology topped the chart with 2% gain, followed by energy, which rose 0.5%. Health care, consumer discretionary and industrial indices also traded marginally higher.
Meanwhile, material was the worst performer, falling over 1.5%. Telecom and utilities also witnessed selling pressure.
Among individual stocks, diversified media group News Corporation (ASX: NWS) topped the gainers list by rising 5.15% during the mid-session. Some of other top performers were BNPL major Afterpay (ASX: APT), real estate firm Unibail-Rodamco-Westfield (ASX:URW), cloud-based wagering platform PointsBet Holdings (ASX: PBH) and fintech firm ZIP Co Limited (ASX:Z1P).
On the flip side, iron ore producer Champion Iron (ASX: CIA) was the top laggard on the ASX pack by falling nearly 3.3%. Some of the other notable losers were miner Perseus Mining (ASX:PRU), digital media firm REA Group (ASX: REA), gold miner Northern Star Resources (ASX:NST) and iron ore miner BHP Group (ASX:BHP).
Family Zone (ASX:FZO) acquires UK-based Smoothwall for A$146 million
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Family Zone Cyber Safety Limited (ASX:FZO) shared today that it has struck a deal to acquire the Smoothwall business through the acquisition of 100% of the shares in TopCo Oasis Limited and its subsidiaries for £75.5 million or AU$142.0 million.
TopCo is a UK based company which together with its wholly owned subsidiaries owns and operates the Smoothwall business.
As per the announcement, this acquisition showcases a unique opportunity for Family Zone as a highly complementary business of significant scale with an attractive target market customer base.
Smoothwall currently provides services to more than 12,400 schools and 6 million students. The company generates circa AU$30 million of annual recurring revenue and delivered a pro forma unaudited EBITDA of around AU$7.0 million for the financial year ended March 2021.
The announcement stated that the acquisition of Smoothwall creates the world’s most compelling K-12 digital safety solution. This incorporates Family Zone’s fast growing Linewize K-12 solutions, Family Zone’s parental controls and Smoothwall’s scale and world-leading solutions.
The acquisition will be funded by a fully underwritten institutional placement of ~AU$71.0 million and an entitlement offer of ~AU$75.4 million to raise gross proceeds of approximately ~AU$146.4 million.
The stock FZO was trading at AU$0.600 per share at 11:50 AM AEST.
ResMed (ASX:RMD) reports strong Q4-FY21 results
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ResMed Inc. (ASX:RMD), the medical device manufacturer, announced results for its fourth quarter ended June 30, 2021.
Key Financial Highlights Q4 FY21:
- Revenue in Q4-FY21 increased by 14% pcp to US$876.1 million, up 10% on a constant currency basis.
- The gross margin was 56% in Q4-FY21, non-GAAP gross margin was reduced by 260 bps to 57.3%.
- Income from operations in Q4-FY21 increased 8%, non-GAAP operating profit was up 7%
- Diluted earnings per share for the quarter was US$1.33, the non-GAAP amount was US$1.35.
- The quarterly dividend was increased by 8% and was US$0.42 per share.
- For full-year FY21, Revenue increased 8% to US$3.2 billion; up 6% on a constant currency basis.
- The Gross margin for FY21 was 57.5%.
- Income from operations increased 12% in FY-21. The non-GAAP operating profit was up 12%.
- Diluted earnings per share for FY-21 was US$3.24.
- ResMed declared a quarterly cash dividend of US$0.42 per share.
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As per the ASX release, during the quarter, RMD’s core business of digital solutions for sleep apnea and COPD patients recovered well. RMD expects steady growth throughout FY22 as well.
RMD shares traded 2.233% down at AU$36.350 per share at 11:30 AM AEST.
Tinybeans (ASX:TNY) announces extension of Hill’s Pet Partnership
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Leading app and web platform Tinybeans Group Limited (ASX:TNY), has announced the contract extension of its “Pet Family” partnership with Hill’s Pet Nutrition, Inc. (a subsidiary of Colgate-Palmolive) through the end of 2021.
Key Highlights of the extension:
- Hill’s Pet Nutrition has signed a new US$250K agreement extending its successful partnership with Tinybeans through the end of 2021.
- The Hill’s Pet partnership includes exclusive sponsorship of Tinybeans’ Add-A-Pet feature set, along with other media elements, including a content microsite and advertising.
- In the first two months of the Add-a-Pet launch, feature adoption occurred at nearly 3 times expected levels, driven by existing users registering their pets, as well as new users adding their pets upon registration.
- Among the new families signing up on the Tinybeans platform, one in four are creating Pet Profiles.
- S. pet industry sales have surpassed $100B for the first time ever, with expectations for +5.8% growth in 2021 (historical average 3-4%). Pet adoptions grew 40% in 2020, with no signs of slowing down in 2021 as Americans continue to work from home and turn to their pets for not only company, but also stress relief.
- Parents have accelerated their use of Tinybeans to capture their family’s memories, inclusive of their pets, creating deeper engagement with the platform for both existing families and new pet-only families. The Add-a-Pet feature also extends user engagement and lifetime value of the customer.
- Tinybeans expects to recognise revenue from the extension in fiscal Q2-FY22.
TNY shares were spotted trading at AU$1.330 per share at 11:15 AM on the ASX.
Oil rises amid tension between Israel and Iran
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Crude oil prices inched higher on Thursday over the increasing tension in the Middle East however, rising cases of Delta variant of coronavirus muted the global energy demand.
- October delivery Brent Crude oil futures traded 0.11% up at US$71.28 per barrel, whereas September delivery WTI crude oil futures traded 0.03% up at US$69.11 per barrel as of 6 August 2021 at 10:25 AM AEST.
- The cross-border tension among both Israel and Lebanon got heated up after an attack on Israel’s tanker by Iran which was located off the coast of Oman, last Wednesday.
- Israeli aircraft struck a rocket launch site in Lebanon on Thursday in a retaliative move to two rockets fired on Israel from Lebanese territory.
- Apart from geopolitical tension, the demand for crude oil subdued over rising coronavirus cases. Japan, China, and the US recorded an increase in COVID-19 cases.
Sayona (ASX:SYA) reports exploration boost for Pilbara Lithium assets
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Lithium producer Sayona Mining Limited (ASX:SYA) shared on 6 August 2021 that its Western Australian partner Altura Mining Limited has successfully completed the due diligence on the Pilbara lithium project and has entered the earn-in phase.
- Sayona announced that Altura will be spending AU$1.5 million on exploration in three years to earn 51% profit.
- The exploration will focusing initially on the Mallina Lithium project that has shown great potentiality in previous drilling projects.
- Sayona has also secured its position in the regions of both Asia- Pacific and North American lithium markets after the increasing demand for lithium globally.
It should be highlighted that Sayona’s Pilbara portfolio features twelve leases totalling 1,016 sq kms in area within Pilgangoora lithium district. Ten of these tenements, covering 911 sq kms have associated gold rights and are close to De Grey Mining’s 6.8Moz Hemi gold discovery.
Meanwhile, SYA stock was trading at AU$0.094 per share, down 0.527% at 11:00 AM AEST.
Zimi (ASX: ZMM) launches major new device range on back of trader order
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Zimi Limited (ASX: ZMM) announced on Friday that it has received 5,000 device purchase orders of its Seona range from GSM electricals. GSM electricals have been one of the distributors of ZMM.
- GSM electrical has confirmed the order of around 1,000 Seona range devices worth AU$100,000 as of now.
- Zimi will be delivering the first 1,000 devices by December 2021.
- The order of the remaining 4,000 devices is not confirmed by GSM yet. It might get canceled or given to other distributors. It is to be delivered in 2022.
Seona is one of the premium range of glass-fronted multipurpose switches ideally suited for modern apartments and modern lifestyles. The official launch of Seona is scheduled for spring of this year. It is to be sold by traders or electric wholesalers, including Harvey Norman Commercial Division, Beacon Lighting, and others.
ZMM stocks have were spotted trading 5% down at AU$0.019 per share at 10:50 AM AEST.
ASX 200 opens lower; local miners lead losses
The Australian benchmark index, the ASX 200 has opened mildly lower, 0.11 % or 8.3 points down to 7502.8 on the last day of the week. Local miners have started the session with a downtick and also dragging the index due to falling iron ore prices which is expected to offset positive cues from a rally in the US stocks overnight.
In the opening hour, the market breadth is slightly on a bearish side, with seven out of the 11 sectors are falling so far. Metals and mining sector is losing the most with a 0.9% fall, followed by 0.17% fall in Consumer Discretionary. The Information Technology sector is leading the day on the gaining front with a 1.85% surge, supported by the rally in Afterpay.
BHP Group Limited (ASX:BHP) has committed a total of AU$544 million in capex to develop its Shenzi North oil project in the US Gulf of Mexico. It also flagged US$258 million in capex to move its Trion oil project in Mexico into the Front End Engineering Design (FEED) phase.
BNK group (ASX:BBC) reports strong 4Q21 across bank and finsure aggregation
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The BNK Banking Corporation Limited (ASX:BBC), banking and financial services company, shared its trading update for the fourth quarter of FY21 (4Q21).
Key Highlights –
- BBC’s settlements stood at AU$173 million in the quarter, a rise of 60% over the previous quarter.
- The Company’s loan book grew by 28% in the quarter.
- As of 30 June 2021, BBC had deposits worth AU$636 million, a 33% rise on the previous quarter.
- The loan to Deposit Ratio stood at 79% in 4Q21.
- Q4 2021 Finsure settlements were AU$7.1 billion, 37% more than the previous quarter.
- In June 2021, Finsure settlements were at a record AU$2.8 billion.
- As of 30 June 2021, Finsure had 2,005 brokers, a 22% increase compared to the same period last year.
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BBC shares traded 3.311% up at AU$0.780 per share at 10:40 AM AEST.
BHP Group (ASX:BHP) approves capex for Shenzi North and Trion project
The mining giant, BHP Group Limited (ASX:BHP) has approved a US$544 million capital expenditure at the Shenzi North oil project. It has also approved US$258 million capital expenditure to move the Trion oil project into the Front End Engineering Design (FEED) phase.
Shenzi North oil project:
BHP operates the project and now holds a 72% share in Shenzi North. The remaining 28% is held by Repsol, who will make a Final Investment Decision by late 2021. Shenzi North project offers attractive returns at a nominal IRR of over 35 %. Payback is for less than two years. Production is to begin in the 2024 financial year.
Trion oil project:
BHP holds a 60 % participating interest in and operatorship of blocks at the Trion discovery. Trion is in the deep-water Gulf of Mexico offshore Mexico. The remaining interest is with partner PEMEX. The FEED phase will focus on the completion of the engineering, commercial arrangements. It is required to move next to a Final Investment Decision by mid of 2022.
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Both Shenzi North and Trion are strong growth assets for BHP. In addition, both offer attractive returns from relatively low carbon intensity resources.
BHP shares traded 2.165% down at AU$51.990 at 10:20 AM AEST today.
Velocity partners with hummgroup (ASX:HUM) for BNPL Rewards
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humm group limited (ASX:HUM) shared on Friday that it has entered into a partnership between bundll and Velocity Frequent Flyer (Velocity).
From late August 2021, Australian BNPL users of bundll will be able to earn Velocity Points on their repayments.
Under the new partnership, Velocity members who are new to bundll will be able to download the bundll app and follow an easy sign-up and approval process, including linking their accounts, before receiving a bundll Velocity digital card and begin earning Points. Existing bundll users will be able to simply link their Velocity membership number to their account to start earning Points.
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bundll customers can BNPL everywhere Mastercard® is accepted, bundling their purchases into easy to manage repayments with inbuilt budgeting services. Using the Mastercard network, bundll customers can shop wherever they like, online and in store, with no minimum spend, purchasing everyday items such as coffee, bus fares or groceries.
The stock HUM traded at AU$0.955 per share on the ASX.
Austal (ASX:ASB) to collaborate with Australian Missile Corporation to bid for A$1 billion missile enterprise
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Australia-based shipbuilder and defence prime contractor, Austal Limited (ASX:ASB) shared on 6 August 2021 that it has joined a consortium of Australian defence industry partners, academia and government organisations to support a new collaboration platform, the Australian Missile Corporation (AMC). AMC will be establishing a sovereign guided missile manufacturing enterprise in Australia.
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It should be highlighted that in March 2021, Prime Minster Scott Morrison had announced the Australian Government’s intention to create a new enterprise to support missile and guided weapons manufacturing in Australia, to be used across the Australian Defence Force. In July 2021, a Request For Information (RFI) was issued by the Australian Government calling for expressions of interest to support a AU$1 billion Sovereign Guided Weapons and Explosive Ordnance Enterprise (GWEOE).
AMC is a wholly-owned subsidiary of NIOA, the largest Australian-owned supplier of weapons and munitions to the Australian Defence Forces. Besides Austal, companies like Quickstep, Moog Australia, Black Sky Aerospace and Thomas Global Systems have collaborated with the AMC for the project.
The stock ASB traded last at AU$2.200 per share on the ASX.
Wiseway (ASX:WWG) strategically acquires Singapore-based Air Freight firm
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Integrated logistics providing firm operating in Australia and New Zealand, Wiseway Group Limited (ASX:WWG) announced today that its wholly-owned subsidiary Wiseway Logistics Pte Ltd (Wiseway Singapore) is all set to acquire 100% of Singaporean TAF E-Logistics Pte Ltd (TAF).
TAF is a freight and logistics company that has over thirty years of operations in Singapore and in American and Southeast Asian markets to its credit. TAF posted a revenue of SGD$ 1.7 million, and as of 30 June 2021, it had SGD$ 1.1 million in net assets.
Wiseway, via its subsidiary Wiseway Singapore, will be acquiring TAF for SGD$ 1.1 million or, AU$ 1.1 million in cash consideration. Also, 400,000 fully paid ordinary shares in Wiseway will be issued on completion of the Proposed Acquisition.
The Cash Consideration will be funded from existing cash reserves, the announcement reported.
The Consideration Shares, representing approximately 0.3% of Wiseway’s current total issued capital, will be voluntarily escrowed for two years from the date of issue.
It is currently anticipated that the completion of acquisition will occur on or around 13 August 2021.
The stock WWG traded last at AU$0.380 per share on the ASX.
REA Group (ASX:REA) reports revenue of A$928M, up 13% in June quarter
Multinational digital advertising business specialising in property, REA Group Limited (ASX:REA) has delivered an exceptional FY21 result on Friday. The Company has announced its results for the year ended 30 June 2021.
Key Financial highlights:
- Revenue of AU$928 million, up 13%
- EBITDA including associates of AU$565 million, up 19%
- Net Profit of AU$318 million, up 18%
- EPS of 247 cents, up 21%
- Full year dividend of 131 cents per share, up 19%
The Group’s financial highlights from core operations included YoY revenue growth of 13% to AU$928 million and an increase in EBITDA including associates of 19% to AU$565 million. Also, the Company reported net profit increased to AU$313 million, reflecting one-off impacts in both periods.
As per the announcement, revenue growth was driven by a 13% increase in the Australian business, mirroring a strong residential market recovery. The Group result also includes the consolidation of the Elara business from 1 January 2021.
Cost growth was triggered up mainly by raised headcount and volume-related costs and incentives linked to stronger revenue growth, partly offset by lower costs in Asia.
The Board has agreed to pay a final dividend of 72 cents per share fully franked.
The stock REA traded last at AU$167.280 per share on the ASX.
ASX 200 to open flat despite strong Wall Street closing
The Australian share market may end the last day of the trading week flat, pulled down by miners due to falling iron ore prices despite strong closing by US peers overnight.
According to the latest ASX futures, the benchmark index ASX 200 is expected to open marginally up 0.04% on Friday, after closing at a record high in the previous session at 7,511.1.
On Wall Street, the Dow Jones rose 0.8%, the S&P 500 climbed 0.6%, and the NASDAQ stormed 0.8% higher. On Thursday, US equities traded higher as jobless claims dropped. While fresh unemployment claims fell further last week, layoffs dipped in July to their lowest level in just over two decades.
The US trade deficit widened to record high level in June after businesses boosted imports to rebuild inventories. Buoyed by the transition in spending from goods to services, a measure of US services industry activity climbed to an all-time high last month.
The market would also await a key indicator scheduled to be released on Friday with the US non-farm payrolls report.
Platinum dips to 7-month lows amid rising coronavirus cases
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Platinum futures plummeted to seven-month low levels on Friday to trade at US$1,007 per tonne as the spread of the Delta variant of coronavirus has sapped the demand. The prices have tumbled nearly 20% in the last three months.
- The prices are also dragged by a stronger dollar and ease in supply disruptions from the leading suppliers of the world including South Africa and Russia.
- The world's leading miners are planning to increase their dependency on renewable energy sources to fulfill their energy requirements, so that power outages can't hamper production.
- South Africa's platinum supply has been constantly struggling from power outages in the country.
- Meanwhile, the demand for platinum has been growing amid tight emission rules in China and Europe and from the green energy sector due to its utilization in the production of hydrogen-run vehicles and green hydrogen.
Lithium player Livent Corp boosts its 2021 forecast on soaring lithium demand
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Philadelphia, US-based lithium company, Livent Corp posted a better-than-expected June ending quarterly results with net income of US$6.5 million or US$0.03 per share, relative to a net loss of US$200,000 in the last year.
- The lithium player also boosted its 2021 full-year forecast on surging sales and prices for the critical metal used for the manufacturing of electric vehicle batteries.
- The company boosted its forecast for earnings and sales by 38% and 10% respectively for 2021 on the back of the government's mandate requiring electric vehicles along with other factors boosting the demand.
- The demand for lithium is skyrocketing due to the surging demand for electric vehicles globally.
- The company's Chief Executive, Paul Graves believes that the lithium market condition is very optimistic in 2021 which will be continued in 2022 as well.
The cost of real-life ‘star wars’ experience goes live as Disney reveals the prices of Star Wars Galactic Starcruiser
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Disney reveals the charges of experiencing the real-life star wars experience at the newly built Star Wars Galactic Starcruiser. It is an upcoming project of Disney that demonstrates a fully immersive two-nights Disney world hotel experience which appears very exciting. Launching in spring 2022, this Florida-based park hotel is pricier than people imagined.
One needs to prepare a heavy budget to afford this unreal experience. The starting price of the complete package, including all experiences, is US$790, and the cost goes up to US$1209 per guest per night. Prices are also dependent on the number of guests arriving at the property. For example, an entire cabin for four people may charge US$5999, and the same cabin for two would cost US$4809.
This fully immersive Star Wars Galactic Starcruise allows the people to impose as a character of the ship from the moment the guests’ board till the ending. Just like any other luxury cruiser, the guests are provided with a detailed itinerary of the two days experience at the time of boarding.
The entire experience is designed to take the guests into the stories of the star wars universe. Every trip to the Starcruiser is said to offer a unique experience to the guests to ensure that they are one of a kind. The cruise will also have a night lounge facility for adults.
Australia posts record trade surplus in June
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This week, ABS released its latest stats for international trade and balance of payments. Australia posted a goods and services trade surplus of AU$10.496 billion in June. The surplus has increased by AU$1,227 million. The June numbers rose above the previous record of AU$9.9 billion in January 2021.
On a broader basis, the export strength seems to be backed by a record high iron ore export receipts in June. The semi-soft coal exports were also up 9% in June 2021. Australia’s exports to China looked better. Exports to South Korea and Taiwan were also up.
Exports increased by 4% in June by AU$1.489 billion. However, the export growth in May was 6%. Thus, the current growth in exports is lower than that registered in May. On the flip side, imports rose by AU$261 million, a meagre rise of 1% compared to May 2021.