May 20, 2018 Last Updated 7:58 AM, May 18, 2018

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Treasury Wine Estates back in profit

AusBN – Treasury Wine Estates has posted a $77.6 million profit for this year, having bounced back from a $100 million loss last year.

The company blamed last year’s loss on oversupply in the US market, sluggish Chinese demand and impairment charges and restructuring costs it had to pay.

In the year since it has reduced overhead costs by $40 million and announced plans to cut back its operational costs by a further $15 million in the coming year.

Treasury CEO Michael Clarke said he was focusing on shifting the company’s brand portfolio, which includes Wolf Blass, Lindeman’s, Penfolds and Yellowglen, towards the premium end of the market.

“We are continuing to invest in both our brands and our capability and our outlook for the region remains very positive,” he added.

“We have only just unlocked the opportunities of the Chinese market and investors can expect Japan and Korea to follow as we reshape and enhance our route to market in these regions.”

@AusBNonline

Wet weather suggests better wheat harvest

AusBN – Better-than-expected rainfall in the past month has led forecasters to predict a bumper wheat yield in the coming spring season.

National Australia Bank Ltd (NAB) previously warned that the El Nino weather phase would limit wheat yields to 20 million tonnes or less.

However, with South Australia and New South Wales looking likely to receive more rain than expected, NAB has updated its estimated wheat production to a possible 23 million tonnes.

Agribusiness economist Phin Ziebell wrote in a report: “Australian wheat growers endured a somewhat nervous start to the planting season, with autumn rainfall patchy and below average in many regions.

“Better rainfall in the past month has improved confidence, but challenges remain, compounded by the presence of El Nino.”

El Nino typically brings dry weather to eastern Australia, but the wet weather experienced over the last few weeks suggests that its impact on crop production has been overestimated.

@AusBNonline

China invests in Australia’s agriculture

AusBN – Two large Australian cattle stations have been bought by a Chinese billionaire for A$47 million.

It is the third deal this year involving a Chinese investor purchasing Australian farmland.

Tianma Bearing Group owner Xingfa Ma acquired a 40,000 head of cattle along with the 705,700 hectare Wollogorang and Wentworth stations.

CBRE Australia’s Geoff Warriner commented on the acquisition: "Wollogorang is located within one of the country's most unique and diverse regions, with favourable land and soil types supporting what is already a successful cattle breeding operation." 

@AusBNOnline

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