Booming in iron ore prices is responsible for the Australian export revenue record from resources
Australia’s mining sector accounts for about 10% of the country’s gross domestic product and iron ore is the country’s main export product. Gains from Australian resource exports are estimated at a record $235.41 billion in the current financial year ending in June. The Industry Department revised its estimate up 14% compared to the March forecast due to strong iron ore prices, which reached an all-time high above $200 a ton in early May due to strong demand for steel industry, this price high is responsible for this export revenue record.
Daimler plans to spin off Daimler Trucks and place it on the stock exchange
The German car maker Daimler is on its way to spin off Daimler Truck, the world’s largest truck and bus manufacturer, wants to launch Daimler Truck on the stock exchange as an independent company by the end of this year said CFO Harald Wilhelm. The plan aims to increase Daimler’s investor appeal as a company focused on the electric and luxury car market, with Mercedes-Benz committed to taking on Tesla, Porsche, BMW and others. Daimler Truck may enter the German DAX index of blue chip companies in March next year.
Virgin Galactic obtains FAA license approval
On June 25th, the company announced that it had been cleared to get the commercial passenger spaceflight license granted the FAA, Federal Aviation Administration, effectively allowing Virgin Galactic to organize commercial flights in space. This milestone opens numerous possibilities for increased revenue streams, and this reflected in the company’s stock price, which saw its biggest daily increase of nearly 40%.
Facebook closes at $1 Trillion market cap for the first time
On Monday the 28th, the social media app closed at $355.64 (NASDAQ), marking this day as the first time it ever closed a trading day above the $1 Trillion market cap mark. Following an antitrust complaint by the US FTC, (Federal Trade Commission), which was legally ruled in favour of Facebook. As a result, Facebook’s stock closed 4,2% up, currently being the 6th company to have a market cap of over $1T.
Non-Farm Payrolls Add 850 thousand Jobs in June
Non-Farm Payrolls for June beat expectations, adding 850K jobs versus 700K expected. The unemployment rate in the USA now stands at 5.9%, where the consensus was 5.6%. Employers in the USA report an estimated 9.3 million unfilled jobs and an estimated 9 million unfilled positions. Workers are not actively looking for jobs, as fear of Covid is still around, making governmental benefits for unemployment outweigh the benefits for standard employment.
North Korea faces food shortage
North Korea is facing food shortages due to natural disasters. The country faces sanctions over its nuclear program and closed its borders during covid which cut off food imports as well as fuel and fertilizer exports from China. The extent of the shortages are unknown but is believed to have sent food prices soaring. The FAO has estimated that North Korea plans to import a fifth of the food it needs. The planned increase in agriculture planting in 2020 was offset flooding.
Gas and Power Prices Hit records in Europe
Europe currently faces severe gas shortages as a colder than usual winter left storage sites depleted. With Russia flowing less gas to Europe through Ukraine, and Asia accounting for much of the demand in liquified natural gas leaves the European market with no supply pick up. The reopening of the economy is sending all consumer energy prices soaring, from electricity to gasoline.
Goldman Sachs Seeks $4 Billion for a new Infrastructure fund
The investment bank is seeking to raise $4 Billion in its latest infrastructure fund, dubbed West Street Global Infrastructure Partners IV, after raising $2 Billion in its last endeavor. Investors in the new infrastructure fund include various Pension Funds and Insurance Companies, as these types of Alternative Investments avoid market liquidity risks.
Iron Ore Prices Boom Austrailian Revenues
Daimler Plans to Spin off Daimler Trucks
Virgin Galactic Recieves FAA license to fly passengers to space
Facebook hits $1 Trillion in Market Cap
Non-Farm Payrolls beat expectations for June but unemployment Rises