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China has suspended imports from four Australian abattoirs? | Market Update

  • May 12, 2020 12:00 PM AEST
  • Team Kalkine

Richard Branson has agreed to sell shares worth around AU$765 million in his Virgin Galactic space business to raise funds for his struggling airline and leisure businesses. The businessman, who has previously suggested he would be willing to re-mortgage his private Caribbean island home on Necker Island to raise funds, said the cash would be reinvested into firms including Virgin Atlantic.

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CSR's full-year profit has jumped 61 percent to $125.3 million as its aluminum division benefited from a lower Australian dollar. The construction materials supplier on Tuesday reported revenue for continuing operations for the year to March 31 declined 5.0 percent to $2.21 billion and it would not pay a final dividend because of the uncertain economic environment. To preserve liquidity the company's share buyback has paused after $69 million shares were purchased out of the $100 million share buyback program.

China has suspended imports from four Australian abattoirs in an escalation of trade tensions between the two nations. The suspension comes days after China announced plans to slap an 80 percent tariff on Australian barley. China is Australia's number one market for beef by volume, with exports worth more than $3 billion a year. The Australian Meat Industry Council has put the suspension down to labeling issues. Diplomatic relations between Australia and China have rapidly deteriorated after Prime Minister Scott Morrison began pushing for a global inquiry into the origins of the coronavirus.

#chinaaustraliatrade #australia2020


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