Jobs summit to discuss burning economic questions as Costa results sour and Musk bails out of Twitter deal

Despite early predictions the ASX would rise, it seemed there was false hope.

The ASX has been dragged down by the miners today, with the S&P/ASX200 dropping 73.30 points or 1.10% to 6,604.70. Over the last five days, the index is virtually unchanged but is down 11.28% for the last year to date.

BHP Group was one of those underperforming miners today. The materials sector was down more than 2% in afternoon trade as iron ore futures retreated. This sent BHP shares tumbling 2.3%. Rio Tinto lost 1.6% and Fortescue dropped 1.9%.

The bottom-performing stocks in the benchmark were EML Payments Ltd down 23.05% and Costa Group Holdings Ltd down 13.19%.

Costa’s first-half results were dragged down by lower citrus supply and entrenched avocado oversupply. However, in its update today it did state that international and domestic produce segments were expected to finish the half-year ahead of the corresponding prior half-year.

There have also been quality issues due to weather events.

“The full impact of these quality issues across the citrus portfolio on final pricing outcomes and second-half earnings cannot be determined until the citrus season is further progressed,” Costa said.

“With the benefit of the season being more advanced, a more fulsome update will be provided at the investor briefing following the 1HCY2022 results release on August 26, 2022.”

In the news today

Jobs skills summit to bring industries together

The Federal Labor Government’s Jobs and Skills Summit will be held at Parliament House in Canberra on September 1-2 and will bring together Australians, including unions, employers, civil society and governments to address the country’s shared economic challenges.

The summit will focus on:

  • Keeping unemployment low, boosting productivity and raising incomes.
  • Delivering secure, well-paid jobs and strong, sustainable wages growth.
  • Expanding employment opportunities for all Australians including the most disadvantaged.
  • Addressing skills shortages and getting our skills mix right over the long-term.
  • Improving migration settings to support higher productivity and wages.
  • Maximising jobs and opportunities from renewable energy, tackling climate change, the digital economy, the care economy and a Future Made in Australia.
  • Ensuring women have equal opportunities and equal pay.

“The Jobs and Skills summit is a chance to reset the economy and ensure Australia and its people achieve their full potential,” Business Council of Australia CEO Jennifer Westacott said.

“Our economy is poised for a world-beating recovery but it hinges on our ability to bring everyone to the table and find common purpose to sustainably drive new investment, productivity and stronger growth.

“In particular we welcome the government’s focus on boosting Australia’s lacklustre productivity, the crucial ingredient in sustained wages growth and better jobs.

“Achieving this will require cooperation between business, government and workers, and it must start by managing the chronic labor shortages and investment drought that are holding us back.

“Businesses are ready to work with government to ensure Australians have access to the skills they need to get secure work and access to jobs in new and emerging higher paying industries.

“This is also a chance to seize the opportunity and end the deadlock on workplace relations, restore the Hawke-Keating enterprise bargaining system to lift productivity and let Australians earn more.

“And, we need a migration system that fills workforce shortages across the economy with the right targeting and incentives.

“These are challenges for every section of the community so we look forward to working with businesses of all sizes, governments, workers and community groups to position the nation for the future.

“Achieving our full potential and locking in a secure economic future will mean recapturing the unprecedented level of cooperation that saw us through the pandemic.”

Here’s a look at five of today’s top small-cap stories.

Aurumin returns 344 meters at 1.29 g/t gold in its first Two Mile Hill diamond hole

Aurumin Ltd (ASX:AUN) has returned a 344-metre intersection grading 1.29 g/t gold in its first diamond drill hole at the Two Mile Hill deposit within the 100%-owned, 784,000-ounce Central Sandstone Gold Project in WA. AUN finished 34.7% higher.

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Cobrestarts next stage of drilling at Ngami project in Kalahari Copper Belt

Cobre Ltd (ASX:CBE) has started the next stage of drilling at the Ngami Copper Project (NCP) within the Kalahari Copper Belt (KCB), one of the most prospective copper belts in the world.

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Kingwest Resources surges on confirming Sir Laurence potential with high-grade gold intersection.

“This high-grade intersection validates the geological model that Kingwest has developed at Sir Laurence and confirms that we are drilling within a large and prospective system,” Kingwest Resources Ltd (ASX:KWR) CEO Ed Turner said. KWR finished 18.6% higher.

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Recce Pharmaceuticals appoints scientific adviser to fulltime position as it develops pipeline tackling antibiotic resistance.

Reece Pharmaceuticals Ltd, which is developing a new class of synthetic anti-infectives, has appointed Dr Philip Sutton as vice president of Translational Sciences.

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Galileo Mining higher on fielding highest grade results yet from Callisto discovery within Norseman Project.

“The latest assays from our Callisto discovery demonstrate the extensive continuity of mineralization intercepted. Higher palladium assays over 8 g/t add even more prospectivity to the Callisto area with the possibility of high-grade zones occurring within the mineralized system,” Galileo Mining Ltd (ASX:GAL) MD Brad Underwood said. GAL finished 8.2% higher.

Read more

On your six

It always staggers me the amazing work that goes on in the area of ​​cancer treatment. TruScreen Group Ltd (ASX:TRU) is doing great work in the field of cervical cancer.

TruScreen brings real-time AI solutions to cervical cancer treatment.

TruScreen interim CEO Juliet Hull gives Proactive’s Elisha Newell insight into the company’s history and reason for being, including the accurate, much more gentle real-time screening solution for cervical cancer.

Watch

The one for good luck (kindly brought to you by our US crew)

Elon Musk confirms that he is terminating his $44 billion deal to buy Twitter, legal battle likely.

In a filing, Musk’s lawyers said Twitter had failed or refused to respond to multiple requests for information on fake or spam accounts on the platform, which is fundamental to the company’s business performance.

Read more

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