8 March 2021
The last decade saw British steel magnate Sanjeev Gupta quickly emerge as the saviour of one of Australia’s largest steelworks, and plans for gigawatts of large scale solar to underpin his “green steel” and “green industry” vision here and abroad.
Now, however, that green vision could be stymied as Gupta’s Australian-born financial backer heads towards insolvency.
Gupta has built a substantial global empire of steel and aluminium manufacturing, as well as a growing portfolio of green energy projects as part of a substantial shift to low emissions manufacturing, including a $1 billion plan to build renewable energy facilities in Australia to power the company’s steelmaking operations.
ASX set to leap after techs power Wall Street bounce
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Australian shares are set to leap at the open, as they play catch up to a rally on Wall Street, triggered by renewed demand for tech stocks.
ASX futures were up 107 points or 1.6 per cent to 6800. The S&P/ASX 200 shed 49.9 points or 0.7 per cent on Friday. The local currency slipped 0.5 per cent.
In New York, all three benchmarks closed sharply higher on Friday local time, though that was not before a broad selloff to start the day.
The trigger for the drop was the February jobs report, which was better than expected and was at least initially interpreted as a sign that US interest rates may need to be lifted sooner than later.
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