Live ASX News Today

• 5^th Mar 12:22 AM AEDT

  Motorsport Australia mulls licence ban for Russia

  

  Image Source: © Lianna2013 | Megapixl.com

  As more and more countries are joining the list of countries imposing trade sanctions on Russia following the Russia-Ukraine crisis, a new local governing body is considering a new ban, as per sources. 

  A media source has revealed that the local governing body in Australia is contemplating the same ban levied on the Russian-licenced drivers by Motorsport UK.

  A Motorsport Australia spokesperson has reportedly said that the matter is under review in consultation with federal authorities and the Australian Grand Prix Corporation. It is believed that the Australian ban would considerably have less impact compared to the UK ban, entirely based on geography and Australia's standalone motorsport industry.

  In a recent statement, the FIA had said that it had approved Russian and Belarusian drivers, individual competitors along with officials to participate in international or zone competitions merely in their neutral capacity and under the "FIA flag", subject to certain commitment and adherence to the FIA's principles of peace and political neutrality until notified further."

  It said that no competitions would occur in Russia or Belarus unless there is any further notice, besides no flag, symbol or anthem of those countries will be permitted at any FIA event. 

  If Motorsport Australia goes ahead with the ban, it would suggest that Russian driver Nikita Mazepin would probably be unable to compete at next month's Australian Grand Prix, should the Haas Formula 1 team retain him. A formal announcement by the team is yet to be made on Mazepin's immediate future.

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• 5^th Mar 12:13 AM AEDT

  Tourism Australia to dual name cities to attract visitors

  

  Image Source: © Mrallen | Megapixl.com

  In a big move to attract tourists, Tourism Australia is likely to come up with a new initiative to capture the world's attention. After its recently launched 'Don't Go Small, Go Australia' campaign, the government agency will likely associate significant cities and tourism hotspots with their indigenous names.

  Tourism Australia's managing director Phillipa Harrison recently threw light on the new approach on how key cities and locations will be presented to prospective visitors. She said that the agency will dual name the country's cities and certain other sites, using the existing term alongside the traditional aboriginal name.

  Phillipa Harrison stated that the renaming initiative is already being rolled out with the social media channels of Tourism Australia.

  She added that recent years have witnessed an increase in the usage of dual names at tourism sites. 

  Last December, four sites on the NSW far south coast were given dual names, including Mount Dromedary, now known as Gulaga.

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• 5^th Mar 12:11 AM AEDT

  CATL urges the Chinese government to boost the lithium supply chain

  

  Source: © Radius06 | Megapixl.com

  Contemporary Amperex Technology Ltd. (CATL), a global leader in lithium-ion battery manufacturing and development company has urged the Chinese government to boost the lithium supply chain, witnessing the shortages of the key ingredient as demand for metal increases for electric vehicle manufacturing.

  • The chairman of CATL, Zeng Yuqun submitted several proposals to China’s annual parliamentary session to boost the supply and accelerate the development of lithium resources.
  • The prices of lithium have recorded an unprecedented rally and prices of metal zoomed more than 450% in the last one year.
  • The demand for electric vehicles has been rising for the last few years as the world wants to make a swift transition to a low-carbon energy system.
  • Though China has boosted the processing of lithium and other raw materials used in EV batteries however the country relies majorly on imports.
  • CATL is seeking to be a more active upstream player and signed several agreements with various Chinese provincial governments to secure lithium supplies. 

   

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• 5^th Mar 12:10 AM AEDT

  Sibanye-Stillwater faces lawsuit over Brazil’s nickel and copper mines' acquisition

  

  Source: © Webdata | Megapixl.com

  The world’s largest primary producer of platinum, Sibanye-Stillwater faces a lawsuit by Appian Capital Advisory for ditching a multi-million deal to acquire Brazil’s nickel and copper mines.

  • The British investment firm claims that Sibanye failed to close the US$1.2 billion transactions containing Brazil's Santa Rita nickel and Serrote copper mines.
  • The miner agreed to purchase the above-mentioned sites in October 2021 with an objective to diversify its portfolio amid skying demand for battery metals.
  • However, the company suddenly canceled the deal this year pointing to a geotechnical issue at the Santa Rita mine, located in north-eastern Brazil.
  • In response to the issue, Appian said that the instability quoted by the miner is temporary due to a crack on the mine's pit which would not affect the mine's life.
  • The miner has reported staggering profits and a mind-blowing boost in its South African platinum group metals (PGM) production in 2021.

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