Author: fortraders

Western Australia has reached a historic settlement with the Tjiwarl people of the state’s northern Goldfield’s region, agreeing to compensate them for historic acts such as issuing mining leases on their traditional lands. The agreement sets out a greater say for the Tjiwarl on future developments by miners and others on issues including water management and mining or petroleum leases, and removes the need for future compensation claims.

The state will pay the Tjiwarl Aboriginal Corporation A$25.5 million ($17.3 million) for acts such as approving roads and issuing leases that damaged or destroyed the group’s legal rights over their traditional lands. Bellevue Gold and lithium developer Liontown Resources Ltd, which operate on Tjiwarl lands, were involved in the compensation litigation.

The agreement also returns some land parcels to Tjiwarl and expands the group’s conservation area. Chief Executive Greg Ryan-Gadsden of the Tjiwarl Aboriginal Corporation said the settlement provides a foundation to guide other native title groups to reach similar outcomes.

Lawyer Malcolm O’Dell of Central Desert Native Title Services said almost all the mining parties who may have had a liability as part of the original compensation claim have now settled that liability. This settlement sets a precedent for Indigenous groups to have a greater say in future developments.

The company said it would invest about 10 billion yen ($90 million) in the project, which is expected to be completed by the end of 2021. The new facility will produce image sensors for automotive cameras, security cameras, and other applications.

Sony said the new facility will help it meet the growing demand for image sensors, which are used in a variety of applications, including automotive cameras, security cameras, and other applications. The company said the new facility will also help it expand its production capacity and improve its cost competitiveness.

The move is part of Sony’s ongoing efforts to strengthen its semiconductor business. The company has been investing heavily in its semiconductor business in recent years, including the acquisition of Toshiba’s image sensor business in 2017.

Sony said the new facility will create about 200 jobs in Kumamoto, and the company is committed to contributing to the local economy. The company said it will continue to invest in its semiconductor business to meet the growing demand for image sensors.

Treasury Wine Estates (OTC:TSRYF) warned on Thursday that inflation was squeezing demand for its commercial-grade wine and driving up packaging costs, sending its shares nearly 8% lower. The winemaker flagged challenging market conditions and consumption outlook for commercial wine, most notably in Australia and the UK, and said it was undertaking a review of its supply chain particularly in Australia. It is also considering divestiture of selected assets, either individually or in combination.

Treasury Wine estimated a 2%-3% drop in fiscal 2023 group net sales revenue and flagged upward pressure on its cost of goods in fiscal 2024 from inflation, particularly for packaging materials. The company expects an EBITS margin of approximately 23.5% for the 2023 financial year, compared with 21.1% in fiscal 2022.

Consumer demand for luxury wine remains strong in all markets across the globe, with sales in the Penfolds, Treasury Americas and Treasury Premium Brands divisions in line with expectations. Despite the challenging market conditions, Treasury Wine is confident that its strategy and portfolio of premium brands will continue to drive growth and deliver long-term value for shareholders.

President Volodymyr Zelenskiy of Ukraine has renewed his appeal for U.S.-built F-16 fighter jets to help protect the country from Russian aggression. Last week, U.S. President Joe Biden told G7 leaders that Washington supported joint allied training programmes for Ukrainian pilots on F-16 fighters.

Germany, Norway, and the Netherlands have all offered support for the training programmes, while Britain, Belgium, Denmark, and France have all expressed openness to the idea of providing training. Poland and Slovakia have already donated 27 MiG-29s to supplement Ukraine’s fleet.

The transfer of F-16 jets to Ukraine would raise the question of NATO’s role in the conflict, and the U.S. has estimated that at least 18 months will be needed for training and delivery of the aircraft. France has offered to begin training Ukrainian pilots in France right away, while Britain has agreed to start training in the spring.

The idea of a “jets coalition” of Western backers to provide the aircraft and the training to combat Russian air attacks has been met with enthusiasm, and is seen as a sure signal from the world that Russia’s invasion will end in defeat.

Activist investor Carl Icahn is set to win enough Illumina Inc (NASDAQ:ILMN) shareholder support to install at least one of his three nominees to the gene sequencing machine maker’s board. A preliminary vote tally shows that Icahn nominee Andrew Teno has won enough shareholder support to get on Illumina’s board. Icahn’s challenge against Illumina, whose market value of $33 billion makes it this year’s biggest board fight, offers the 87-year-old corporate raider a chance to reassert his investment acumen.

Proxy advisory firms Institutional Shareholder Services and Glass Lewis have recommended Illumina shareholders back Teno and two of Icahn’s other nominees, respectively. Icahn has accused Illumina’s board of poor oversight, especially with regards to the company’s $7.1 billion acquisition of cancer test maker Grail. The investor has blamed the Grail deal for Illumina losing $50 billion in market value.

The final vote tally will be revealed at Illumina’s annual shareholder meeting on Thursday. It remains to be seen whether Icahn will be successful in his bid to shake up the board of the gene sequencing machine maker.

The U.S. Justice Department is ramping up its focus on short-selling, the practice of seeking to profit off bets that a stock will fall. Avi Perry, the chief of the department’s market integrity team, said at a Practising Law Institute event in New York that there will be more activity from the DOJ involving short sellers in the coming months.

The agency has been investigating potential manipulation by short sellers and hedge funds around the publication of negative research reports since 2021. It is also looking into short-selling activity in bank shares, which have been volatile since three bank failures in March.

Perry said that cases against executives who misuse corporate trading plans and spoofing – a type of futures market manipulation technique – remain priority areas. The DOJ is using data to root out potential misconduct by traders and to dig more deeply into securities markets.

Overall, the Justice Department is taking a closer look at short-selling and the potential for market manipulation. It remains to be seen what action the agency will take in the coming months.