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Rio Tinto (ASX:RIO) share price lower on Q2 update
This mining giant didn’t have the best quarter…
James Mickleboro has been a Motley Fool contributor since late 2015. After studying economics at university back home in the United Kingdom, James came to live in Australia and managed to land a job at an Australian fund manager. This was the start of a love affair with Australian equities and he hasn t looked back since. James is part of the CFA Institute s Chartered Financial Analyst program and hopes it teaches him how to become an astute investor which allows him to help others with their own investing. Outside of reading and researching he spends many a late night watching the English Premier League and Seinfeld reruns.
ASX slides; RBA flags strong house prices
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RBA board notes strong increase in house prices
Sarah Turner
The Reserve Bank of Australia minutes for the bank’s April meeting showed that members noted that the strong recovery had continued into 2021.
Board members also noted that housing prices had increased significantly in recent months. Growth in housing prices had been especially strong for detached housing, particularly in outer metropolitan and regional areas.
The rate-setting board said that the house price increase partly reflected strong demand from first-home buyers and owner-occupiers seeking more space.
“The momentum in housing price increases had broadened recently to include the largest capital cities and the more expensive segments of these markets, although the increase in overall housing prices in Australia during the pandemic had been more modest than in a number of other countries,” it said.
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Rio Tinto and Nippon Steel Corporation sign climate MOU
Rio Tinto, a leading global mining and metals company, and Nippon Steel Corporation, Japan’s largest steel producer, have signed a Memorandum of Understanding (MoU) to jointly explore, develop and demonstrate technologies to transition to a low-carbon emission steel value chain.
Rio Tinto and Nippon Steel share a long history of working together, with the first shipment of iron ore from Australia to Japan coming from Rio Tinto’s Pilbara operations in 1966 and going to Yawata Works in Kitakyushu, now part of Nippon Steel. With this MoU, Rio Tinto and Nippon Steel are looking to enhance their long-standing relationship by extending it into new areas in support of the shared goal of significantly reducing carbon emissions across the entire steel value chain.