The International Energy Agency (IEA) will release 400 million barrels of oil to address major supply disruptions caused by the Iran war, with the United States agreeing to release 172 million barrels. These barrels from IEA members’ emergency reserves will reach the market “over a timeframe that is appropriate to the national circumstances of each Member country,” the IEA said. This is the lar
Nebius Group shares surged 16% after the world’s most valuable company Nvidia agreed to invest US$2 billion (A$2.8 billion) in the Amsterdam-based artificial intelligence (AI) cloud provider. The giant computer chip maker will buy 21.07 million shares at $94.94 each to give it a 8.3% stake in Nebius, according to a filing with the U.S. Securities and Exchange Commission. Nebius (NASDAQ: NBIS
Food company Campbell’s fell below estimates last quarter as snack sales dropped, sending its shares down 7.1%. Net sales declined 5% year-over-year to US$2.56 billion in the quarter to 1 February, 1.63% below Zacks consensus estimates. Earnings per share were $0.51, down from $0.74 one year ago and missing estimates of $0.57. “Our core Meals & Beverages portfolio delivered in-market consump
Iran has told the world to prepare for oil to hit US$200 a barrel as its forces attacked merchant ships in the blockaded Gulf. "Get ready for oil to be $200 a barrel because the oil price depends on regional security, which you have destabilised," Ebrahim Zolfaqari, a spokesperson for Iran's military command, said in comments addressed to the U.S. Following joint strikes by the U.S. and I
United States consumer prices rose in line with expectations in February, offering a final snapshot of inflation trends before a sharp rise in oil prices tied to the escalating conflict with Iran threatens to cloud the outlook for the months ahead. The consumer price index (CPI) increased 0.3% on a seasonally adjusted basis in February, following a 0.2% gain in January, according to data releas
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Self-managed superannuation funds (SMSFs) have delivered higher long-term returns than regulated super funds, according to new research. The SMSF Association said research from Adelaide University’s International Centre for Financial Services (ICFS) showed SMSFs outperformed funds regulated by the Australian Prudential Regulator Authority (APRA) by 1.1% in the five years to 30 June 2024. The
Oracle has finally disclosed its stake in TikTok at roughly US$2 billion (A$2.797 billion). In its financial filing, Oracle said it recorded “non-marketable debt investments and equity securities and related instruments” of US$2.2 billion. The “substantial majority” of its non-marketable investments were in TikTok USDS Joint Venture LLC, the filing said. This comes almost two months after
The United States budget deficit hit US$1 trillion (A$1.398 trillion) for the fiscal year to February but was much lower than the same time last year, according to the Treasury Department. Healthy tariff revenue kept the monthly U.S. budget relatively flat in February, reaching $308 billion. However, the Supreme Court order striking down some of President Donald Trump’s tariffs could have a
Insurance giant Chubb has been selected as the lead insurer in a United States government-backed programme designed to restore commercial shipping through the Strait of Hormuz, as conflict involving Iran disrupts one of the world’s most critical oil transit routes and pushes energy prices higher. The initiative, led by the U.S. International Development Finance Corporation (DFC), will provide u
With markets currently facing a geopolitical shock, courtesy of the United States-Iran war, investors are turning to government bonds for refuge, only to discover that this playbook isn’t delivering as intended. What’s derailing government bonds from behaving like the reliable, safe-haven assets is inflation concerns, driven by higher oil prices, that are outweighing growth fears and disrupting
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