Former Australian PM Turnbull joins Fortescue s green unit msn.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from msn.com Daily Mail and Mail on Sunday newspapers.
Corporate Australia is getting back to good health
Share
More than halfway through the earnings season, corporate Australia is shrugging off the gloom of the COVID-19 pandemic, delivering improving profits and looking to the future with more optimism.
Results this week from the three big iron ore miners, big banks, healthcare companies and a swathe of retailers and fast food firms serving the stay-at-home lifestyle point to a corporate sector returning to health after 2020’s lockdowns and restrictions.
Miners are benefiting from strong demand from Chinese steel mills and the energy transition. The stay-at-home economy is booming because of extra pantry stocking, and heavy investment in mini home renovations and DIY projects funnelling vast amounts of cash to retailers exposed to those sectors. That cash would normally have been applied to overseas travel and eating out at restaurants.
Fortescue delivers big profit, big dividend, big drama afr.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from afr.com Daily Mail and Mail on Sunday newspapers.
Fortescue declares bumper dividend, but faces setback in green push
Fortescue Metals Group boosted its dividend payout on Thursday but a cost blowout at a key development project in Western Australia tarnished its ambitions to become a green energy powerhouse.
The world’s fourth-largest iron ore miner now sees costs at its Iron Bridge magnetite project at $3 billion, $400 million more than its previous estimate as it postponed the timing of first production to the second half of 2022 from the first half.
Earlier this week, Fortescue announced the departure of its chief operating officer and two iron ore executives as part of a 12-week review of the high-grade ore project a major part of the miner’s strategy to upgrade its products to win market share and meet China’s growing preference for high grade ore.
Dividend bonanza as business leads the recovery afr.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from afr.com Daily Mail and Mail on Sunday newspapers.