8m agoWed 13 May 2026 at 10:59pm

GrainCorp delivers ‘disciplined’ results

GrainCorp  (ASX:GNC) has announced its results for the half-year ending March 31, reaffirming its full-year earnings guidance.

It reported net profit after tax of $5 million, down from $58 million and 1H26 dividend of 14 cents per share (cps) fully franked.

Chief executive Robert Spurway said it reflected a “disciplined performance” in a challenging grain market.

“Oversupply of grain and associated low pricing have compressed margins across the supply chain and reduced selling activity, limiting available volumes and increasing competition for grain brought to market,” he said.

He said the agribusiness experienced “minimal” impact from the Middle East conflict to date.

29m agoWed 13 May 2026 at 10:38pm

A quick recap on the US Fed Reserve saga

For close followers of the US Fed saga, the appointment of Kevin Warsh will come as no surprise.

But if you’re not familiar with this economic soap opera, here’s a quick recap.

Outgoing Fed reserve chair Jerome Powell was appointed by Trump in 2018, but they fell out with Trump labelling Powell a “numbskull” and “moron”.

Since Trump’s return to office, there have been renewed attacks on Powell with the president making repeated calls for Powell to lower interest rates, this time describing him as “Mr Too Late”.

It all culminated in a hella-awkward press conference for the renovations of the US Federal Reserve building where Trump accused Powell of budget overruns and Powell returned serve.

Then there have been subsequent probes into the renovation and even more awkward public statements from Powell.

Enter Kevin Warsh.

52m agoWed 13 May 2026 at 10:15pm

14-year Fed Reserve appointments explained

If you’re reading about new US Federal Reserve chair Kevin Warsh and wondering why he’s appointed for 14 years, you’re not alone.

Let us explain.

Governors of the US Federal Reserve board (that means they’re one of the seven members of the board) are appointed for staggered 14-year-terms, with a new appointment every two years.

They’re appointed by the US president and confirmed by the US Senate.

It’s 14 years, so it’s longer than three presidential terms, with the aim of taking a long-term view of the economy and promoting stability, instead of being subject to short-term political influences.

The actual chair position is only a four-year appointment, but the chair can serve multiple terms subject to re-nomination and confirmation each time.

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1h agoWed 13 May 2026 at 9:59pm

Warsh confirmed as US Federal Reserve chair

The US Senate has confirmed President Donald Trump’s pick of Kevin Warsh to lead the Federal Reserve.

Mr Warsh is a lawyer, financier and former central-bank governor and will take over as inflation rises and markets grapple with the likely course of central bank policy.

1h agoWed 13 May 2026 at 9:50pm

Ampol to hold AGM amid fuel crisis

Fuel prices will undoubtedly be on the minds of shareholders today when Ampol (ASX:ALD) holds its AGM today.

So what’s its share price been doing?

Ahead of market opening, Ampol Limited closed higher on the previous trading day.

Ampol Limited (ASX:ALD), Australia’s seventh largest energy company by market cap, lifted 1.2% during its previous trading session to close at $A34.02.

For those playing at home, to give you an idea of the spread of prices nationally:

The Ampol in Broome WA, where prices are notoriously high, has got ULP at $2.39 a litre and brand diesel for $2.52 a litre.

In Sydney’s inner west, Ampol had it for $1.72 a litre and $2.34 a litre respectively.

1h agoWed 13 May 2026 at 9:35pm

Can Flight Centre keep the wind beneath its wings?

Ahead of this morning’s market opening, Flight Centre Travel Group Limited closed higher.

Flight Centre Travel Group Limited (ASX:FLT) is Australia’s third largest consumer services company by market cap, with a market capitalisation of $A2.2 billion.

It lifted 1.3% during its previous trading session to close at $A10.56.

It’s holding a virtual extraordinary general meeting today to seek shareholder approval for the sale of its 47% stake in Pedal Group, Australia’s largest bicycle company, to a consortium associated with CEO Graham Turner.

1h agoWed 13 May 2026 at 9:21pm

Economists suggest property price hit from budget could be higher

Want to get some expert analysis of the federal budget?

The ABC’s business team has put together this great read on what are said to be the biggest tax changes since the new millennium dawned.

(That’s big!)

1h agoWed 13 May 2026 at 9:16pm

Uber setting up data centres in India, possible air taxi in Australia

Uber is to set up its first data centre in India in partnership with the Adani Group.

Uber CEO Dara Khosrowshahi tweeted the announcement on his official X handle after he met Adani Group chairman Gautam Adani in Ahmedabad on Wednesday and discussed strengthening their partnership.

“Ready later this year, this investment will help us build at scale – from India, for the world,” Khosrowshahi tweeted on his official X account.

The Statesman (India) reports that Khosrowshahi also met Union Civil Aviation Minister Ram Mohan Naidu and had a “forward-looking discussion” focused on enhancing the air travel experience through better and more convenient last-mile connectivity for passengers.

Earlier, Uber had released a shortlist of countries being considered as a future market for its flying air taxi project, and India featured on the list of five countries along with Japan, France, Brazil and Australia, where the service is scheduled to be launched.

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1h agoWed 13 May 2026 at 9:11pm

ICYMI: CBA’s worst day on record

In case you missed it yesterday, it was not a good day for Commonwealth Bank shareholders.

The biggest Australian bank slumped more than 10% by the close, marking its worst one-day percentage fall since listing.

It followed a trading update that appeared to disappoint investors, as well as some broader negative sentiment around the banking sector in the wake of the budget.

Wilson Asset Management deputy portfolio manager Anna Milne said the fall for CBA shares today was “driven by a confluence of factors”.

She attributed about 3 per cent of the move in the stock to the trading update, noting that the update on bad debts and the provisions for personal lending were negatively received.

“CBA is considered the highest quality, safest, most robust stock, certainly in Australia, and one of the most in the world, and as a result of that, its valuation is pretty high,” Ms Milne told The Business.

“What that means is when there’s any risk to earnings, and any downside surprise to earnings, it can really shock the share price … and then there’s the budget on top of that.”Loading…

Ms Milne said Wilson Asset Management thought the budget would be negative for the banks, not least because of the effect on house prices.

CBA’s economics team estimates house price growth will be 3 per cent less than it otherwise would have been without the budget changes.

“Credit growth, certainly from investors and interest-only mortgages, will definitely slow, and that is also the highest earning category for the banks,” Ms Milne said.

“So not only do we have slowing credit growth, we also have a headwind to margin at the same time.”

2h agoWed 13 May 2026 at 9:00pm

Morning all

Hi legends,

Alison Branley here, bringing you the business blog this morning.

More details are coming through after Tuesday night’s federal budget as the boffins get their fine-tooth combs out.

And, some interesting meetings today for Ampol and oOh!media.

So let’s get into it.

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