Mining entrepreneur Andrew Forrest has forked out nearly $40 million to bolster the company he founded, amid concerns that the mining boom is beginning to slow.
Forrest said that he would “continue to accumulate” shares in Fortescue Metals, which has seen its value drop by 15% over the past week. A slump in the price of iron ore has been blamed for the company’s recent dip.
Riot police called in for Grocon protest
More than 100 riot police have moved in on workers protesting at the Grocon construction site in Melbourne’s CBD this morning.
The police moved in following a breakdown in talks between unions and Grocon management over the issue of union representation. Grocon has called for the blockade to end immediately, labelling it illegal.
US consumer spending rises
There are further glimmers of hope of a recovery in the US economy, with consumer spending edging up in July.
Shoppers’ outlay rose by 0.4% in the month, according to the US Commerce Department, although economists have warned that stronger growth will be needed in order to keep a lid on the unemployment rate.
Overnight
The Dow Jones Industrial Average dropped 106.77 points, or 0.81%, to 13,000.71. The Australian dollar dipped to US102.94 cents.
COMMENTS
SmartCompany is committed to hosting lively discussions. Help us keep the conversation useful, interesting and welcoming. We aim to publish comments quickly in the interest of promoting robust conversation, but we’re a small team and we deploy filters to protect against legal risk. Occasionally your comment may be held up while it is being reviewed, but we’re working as fast as we can to keep the conversation rolling.
The SmartCompany comment section is members-only content. Please subscribe to leave a comment.
The SmartCompany comment section is members-only content. Please login to leave a comment.