Australian shares are set to follow New York lower after Fed policymakers made clear rates have yet to peak. Oil drops. Follow updates here.
If you landed from outer space and compared Rio Tinto’s share price, its profit in calendar 2022 and the comments of chief executive Jakob Stausholm, you might come away pretty confused.
Rio’s share price is up more than 40 per cent since late October, and is trading near five-year highs. And while itsbecause of a squeeze caused by falling commodity prices and surging costs, that was a better result than those seen in nine of the past 10 years. And yet Stausholm continues to strike a humble tone in his commentary, effectively saying that Rio has a long way to go to win back trust.
That’s justifiable, given a series of scandals and unfortunate events over recent years, from the tragic destruction of sacred Indigenous sites and mine planning disasters, to findings of sexual harassment and even the recent mishap with aBut there are green shoots suggesting Rio is getting its groove back.
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