Australia Breaking News

Rincon Resources (ASX:RCR) signed an agreement with Maverick Minerals Australia (ASX:M96) to divest 90% of its interest in the West Arunta Project.

South32 (ASX:S32) executed an agreement to sell its aluminium assets to Alcoa (NYSE:AA) for up to US$5.6 billion.

An Australian court ruled that airline Regional Express Holdings or Rex Airlines breached continuous disclosure laws over a 2023 profit forecast.

Communications infrastructure provider Vocus will invest $500 million in a new Sydney-to-Melbourne long-haul fibre route.

Jeff Christian, Founder and CEO of Executive Search firm Christian & Timbers, discusses Nike's strategic shift following the completion of its CEO transition. He highlights that the company is now in 'proof mode,' emphasizing execution and delivering improved financial results. He speaks with Romaine Bostick & Katie Greifeld on "The Close."

Nina Trentmann, Senior Editor at Bloomberg News, discussed the recent appointment of Dave Denton, formerly Pfizer's CFO, as Nike's new Finance Chief. While some analysts have expressed concerns about Denton's lack of direct retail and apparel industry experience, Trentmann noted that for large companies like Nike and Pfizer, deep industry knowledge may be less critical than experience managing a complex, global business with a significant market capitalization and extensive supply chains. She speaks with Romaine Bostick & Katie Greifeld on "The Close."

Yogesh Gupta, CEO of Progress Software, said that AI is a big driver for his company as it beat earnings estimates and boosts forecasts for the next quarter. Gupta said that his company can aggregate data for AI in a way that reduces the number of tokens necessary to run AI agents and saves customers money.

Drake MacFarlane, M Science Research Analyst, expressed cautious optimism about Nike's recent apparel sales boost, particularly from soccer jerseys, noting it as a positive short-term factor. However, he emphasized that Nike's need to strengthen its sports credentials and improve its footwear segment represents a longer-term challenge. He speaks with Romaine Bostick & Katie Greifeld on "The Close."

Samantha Dart, co-head of global commodities research at Goldman Sachs, said that markets haven't reacted to 'flare ups' in the Strait of Hormuz because US energy exports and China imports have remained consistent, signaling the oil market is still headed in the right direction.

NBA Hall of Famer Yao Ming discusses being a part of the New York Shanghai Science & Technology Forum. He discusses the global expansion of the NBA, and the popularity of basketball around the world. He speaks with Romaine Bostick & Katie Greifeld on "The Close."

Comprehensive cross-platform coverage of the U.S. market close on Bloomberg Television, Bloomberg Radio, and YouTube with Romaine Bostick, Katie Greifeld, Carol Massar and Tim Stenovec.

Nike reported better-than-expected results last quarter, a sign that CEO Elliott Hill's turnaround efforts are gaining some traction. Bloomberg Intelligence's Poonam Goyal has more on "Bloomberg The Close."