Good morning, it's Thursday, July 21. Here's what you need to get going today.
One thing to know right now: China has established a new minerals giant
The group aims to give Chinese steel producers more bargaining power over prices for Australia's most important export, iron ore.
Here are the details:
- This week Chinese state media outlets reported the registration of the China Mineral Resources Group
- It's reported that the group will engage in the import of minerals, along with exploration, mining and investment activities, excluding coal
- It will reportedly be headed by a team of heavyweights from China's steel and aluminium sector
- The creation of the group is seen as an attempt by the industry to gain long-term leverage in price negotiations with Australian exporters
- That's because the prospect of steel mills across China consolidating their purchases into large bulk orders to demand steep discounts on contracts could chip billions off Australia's future export and tax revenue
- Analyst Erik Hedborg said trying to coordinate the supply of iron ore within China would be challenging.
- BHP chief financial officer David Lamont also isn't worried about the new group:
"At the end of the day, we believe markets will sort out where the prices need to be based on supply and demand," Mr Lamont said.
News while you snoozed
Let's get you up to speed.
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Foreign Secretary Liz Truss and former chancellor of the exchequer Rishi Sunak are the final two contenders in the running to replace Boris Johnson as Conservative Party leader and next UK prime minister
- Fires continue to burn across Europe. This week fires have swept through parts of Spain, France, Portugal and now Greece. Hundreds of firefighters have been working to contain fires near Athens amid gale-force winds
- Russian Foreign Minister Sergei Lavrov said peace talks with Ukraine didn't "make any sense" as previous talks showed Kyiv had no "desire to discuss anything in earnest". In an interview with state news agency RIA, Russia's top diplomat also said Moscow's military aims were no longer focused "only" on Ukraine's east, in the clearest acknowledgement yet that its war goals had expanded in the past five months
The news Australia is searching for
- Hells Angels: The motorcycle club took global online marketplace Redbubble to court for breaching its trademark. The Australian Federal Court ordered Redbubble to pay more than $78,000 in damages for displaying items for sale featuring the Hells Angels' sign and logo in 2020 and 2021
One more thing: A $2.4 million wine heist
A former Mexican beauty queen and a Romanian-Dutch accomplice have been arrested in Croatia over the theft of $2.44 million worth of prestige bottles of wine in Spain.
Their arrests came after a nine-month chase across Europe.
The pair stole 45 bottles of wine, including one "unique" 19th-century vintage worth $460,000, from Spanish restaurant El Atrio in October.
Police believe the woman distracted waiters by ordering room service while her accomplice slipped into the wine cellar.
Spanish police worked with counterparts in the Netherlands, Croatia and Romania as well as Interpol to catch the pair.
The stolen wine is yet to be found.
That's it for now
We'll be back later on with more.
ABC/wires
