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  • ANZ shares hit 52-week high despite alleged $54 billion problem

    A man holds his hand under his chin as he concentrates on his laptop screen and reads about the ANZ share price

    The ANZ Group Holdings Ltd (ASX: ANZ) share price jumped to $29.89 in early trade today, reaching a new 52-week high, surpassing previous levels reached in March 2024, as we can see on the chart below. But, this comes as ANZ faces a potential issue related to bond trading.

    ANZ’s main earnings generator may be loans, but the business is also one of the large traders of Australian government bonds.  

    According to reporting by the Australian Financial Review, ANZ supplied incorrect figures to the Australian Office of Financial Management (AOFM).

    Alleged inflated bond trading figures

    The AFR reported that ANZ overstated the value of government bonds it traded by over $50 billion in the last 12 months, which then allegedly boosted its prospects by winning mandates from the government to issue Commonwealth debt.

    ANZ is meant to submit quarterly figures to the agency, and then AOFM selects the largest traders for issuances.

    The bank reported to the AOFM that it had traded $137.6 billion in government bonds for clients in FY23. It then later disclosed that the correct figure was $83.2 billion.

    This comes after the AFR reported earlier this year that the regulator was investigating ANZ’s trading for “allegedly manipulating the benchmark 10-year futures rate” when it was appointed as a manager for a $14 billion government bond sale last year. The AFR said this could have made ANZ a sizeable profit, paid multi-million bonuses to the traders, and cost taxpayers $80 million in extra borrowing costs.

    Since then, ANZ has been excluded from some major government transactions. The ASX bank share normally makes between $5 million to $10 million a year by being the manager of large syndicated Australian government bond sales every year, and it makes much more for facilitating bond trades.

    The AFR said its investigation had uncovered “multiple discrepancies” in the information reported to AOFM, which raised questions “about how widespread workplace and trading issues were within the bank’s markets division.”

    It was reported by the AFR that an internal ANZ email attributed the mistakes to “spreadsheet errors” made by support staff in Bangalore. Other mistakes reportedly included counting repurchase transactions, incorrectly classifying particular sales in certain geographies, and assigning trades to the wrong business units. Another error was allegedly ANZ’s purchase of bonds directly from the AOFM through weekly auctions as domestic institutional investors.

    The AFR reported that on 15 August, ANZ staff wrote to the AOFM and stated that the bank had “identified some deficiencies in the data around the volume, size and allocation previously provided.”

    Time will tell what the fallout of this will be for the bank.

    ANZ share price snapshot

    Since the start of 2024, the ANZ share price has risen by 14%, compared to 3% for the S&P/ASX 200 Index (ASX: XJO).

    The post ANZ shares hit 52-week high despite alleged $54 billion problem appeared first on The Motley Fool Australia.

    Should you invest $1,000 in Australia And New Zealand Banking Group right now?

    Before you buy Australia And New Zealand Banking Group shares, consider this:

    Motley Fool investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and Australia And New Zealand Banking Group wasn’t one of them.

    The online investing service he’s run for over a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

    And right now, Scott thinks there are 5 stocks that may be better buys…

    See The 5 Stocks
    *Returns as of 10 July 2024

    More reading

    Motley Fool contributor Tristan Harrison has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

  • Why is this ASX gold share racing 14% higher today?

    The Ora Banda Mining Ltd (ASX: OBM) share price is having a day to remember on Thursday.

    At the time of writing, the ASX gold share is up 14% to a 52-week high of 40.5 cents.

    Why is this ASX gold share surging today?

    Investors have been fighting to get hold of the gold miner’s shares today after it released an update on the 100% owned Davyhurst Gold Project.

    According to the release, the ASX gold share’s board has approved the development of the Sand King Underground mine at the project in the Eastern Goldfields of Western Australia.

    Management notes that this final investment decision (FID) aligns with the company’s strategic objective of owning and operating at least two high-grade mines and to achieve mid-tier status by the end of June 2025.

    Ora Banda revealed that the mine, which will become the second to be developed by the company in less than two years, is expected to hit a steady state production level of approximately 60,000 ounces per annum in the June quarter of 2025. This puts it on course to achieve production of 150,000 ounces of gold in FY 2026.

    The underground mine will require investment capital of ~$39 million, with a maximum cash draw down of ~$32 million. This will be funded by operating cashflows from Riverina Underground and existing cash.

    The ASX gold share’s managing director, Luke Creagh, was pleased with the FID and the company’s production growth outlook. He said:

    This is a very exciting time for the Company as the Ora Banda team has achieved a significant amount in a short period, finding two underground mines in less than two years since changing strategies – a success rate which also indicates the significant prospectivity of the belt.

    The Riverina Underground continues to ramp up well and with the support of Sand King Underground, is expected to deliver 40% year-on year growth and ~34% reduction in AISC/oz over the same period. “Our DRIVE to 150 plan to target 150,000 ounces in FY26 firmly places us on the pathway to becoming a mid-tier gold producer, and the most exciting part is that we are only just getting started on unlocking this highly prospective and under-explored tenement package”

    FY 2025 guidance

    Also giving the ASX gold share a boost was the release of its guidance for FY 2025.

    Management is forecasting production of 100,000 ounces to 110,000 ounces with an all-in sustaining cost (AISC) of A$1,975 per ounce to A$2,125 per ounce.

    The post Why is this ASX gold share racing 14% higher today? appeared first on The Motley Fool Australia.

    Should you invest $1,000 in Ora Banda Mining Limited right now?

    Before you buy Ora Banda Mining Limited shares, consider this:

    Motley Fool investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and Ora Banda Mining Limited wasn’t one of them.

    The online investing service he’s run for over a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

    And right now, Scott thinks there are 5 stocks that may be better buys…

    See The 5 Stocks
    *Returns as of 10 July 2024

    More reading

    Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

  • The 5 most popular ASX shares bought by investors

    Five happy young friends on the coast, dabbing and raising their arms in the air.

    The five most popular ASX shares purchased by Aussie investors over the 12 months to May have been revealed.

    A survey of more than 2,000 Australian investors conducted by online trading platform Stake reveals four exchange-traded funds (ETFs) and an ASX lithium share attracted the most investment over the period.

    Let’s check out the results.

    Top 5 ASX shares purchased by Aussie investors

    1/ Vanguard Australian Shares Index ETF (ASX: VAS) 

    The Vanguard Australian Shares Index ETF is an index-based ETF that tracks the performance of the S&P/ASX 300 Index (ASX: XKO). This means VAS ETF investors have exposure to some of the biggest ASX shares on the market. These include BHP Group Ltd (ASX: BHP), Commonwealth Bank of Australia Ltd (ASX: CBA), CSL Ltd (ASX: CSL), and Wesfarmers Ltd (ASX: WES).

    The VAS ETF is trading at $97.60 per unit today, up 0.94%.

    2/ iShares S&P 500 ETF (ASX: IVV)

    The iShares S&P 500 ETF is an index-based ETF that tracks the performance of the 500 largest United States companies comprising the S&P 500 Index (SP: .INX). These include the ‘Magnificent Seven’ stocks, such as Microsoft Corp and Nvidia Corp, and other superstar shares like GLP-1 medicine maker Eli Lilly And Co.

    The IVV ETF is among the 10 cheapest ASX ETFs on the market, and is $55.54 per unit today, up 0.78%.

    3/ Vanguard Msci Index International Shares ETF (ASX: VGS)

    The Vanguard Msci Index International Shares ETF tracks the return of the MSCI World ex-Australia (with net dividends reinvested). So, there are no ASX shares involved, but you do get exposure to about 1,500 companies from 23 developed countries. They include the US, United Kingdom, Japan, Canada, France, and Switzerland. That’s some nice geographical diversification in a single trade!

    The VGS ETF is trading at $124.91 per unit today, up 0.82%.

    4/ Betashares Nasdaq 100 ETF (ASX: NDQ)

    The Betashares Nasdaq 100 ETF tracks the performance of the technology-heavy NASDAQ-100 Index. Betashares investment strategist Tom Wickenden says the Nasdaq 100 is full of innovation stocks, including those involved in artificial intelligence (AI), and innovation will be a key factor driving shareholders’ returns in the future. Here are two fun facts you may not know about NDQ ETF.

    The NDQ ETF is trading at $45.44 per unit today, up 0.73%.

    5/ Pilbara Minerals Ltd (ASX: PLS)

    ASX lithium share Pilbara Minerals has lost 41% of its value over the past 12 months. This is primarily because lithium commodity values have plunged, resulting in most ASX lithium shares taking a dive.

    The Pilbara Minerals share price is $2.97, up 1.02%.

    The post The 5 most popular ASX shares bought by investors appeared first on The Motley Fool Australia.

    Should you invest $1,000 in Ishares S&p 500 Etf right now?

    Before you buy Ishares S&p 500 Etf shares, consider this:

    Motley Fool investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and Ishares S&p 500 Etf wasn’t one of them.

    The online investing service he’s run for over a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

    And right now, Scott thinks there are 5 stocks that may be better buys…

    See The 5 Stocks
    *Returns as of 10 July 2024

    More reading

    Motley Fool contributor Bronwyn Allen has positions in BHP Group, CSL, Commonwealth Bank Of Australia, and Vanguard Australian Shares Index ETF. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended BetaShares Nasdaq 100 ETF, CSL, Microsoft, Nvidia, Wesfarmers, and iShares S&P 500 ETF. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended the following options: long January 2026 $395 calls on Microsoft and short January 2026 $405 calls on Microsoft. The Motley Fool Australia has positions in and has recommended BetaShares Nasdaq 100 ETF and Wesfarmers. The Motley Fool Australia has recommended CSL, Microsoft, Nvidia, Vanguard Msci Index International Shares ETF, and iShares S&P 500 ETF. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

  • Travel nightmare: Man caught smuggling over 100 live snakes in his pants

    Corn snake looks forward
    The man smuggled several snake species, including a corn snake (not pictured).

    erllre/Getty Images

    • China's Customs said it seized 104 snakes from a man traveling to mainland China on Tuesday.
    • The man tried to smuggle the snakes in his pants pockets.
    • It's illegal to bring non-native species into China without permission.

    A man tried to smuggle more than 100 live snakes to mainland China in his pants with just adhesive tape and canvas bags.

    The country's customs authority posted details about the incident on Tuesday in a post to Weibo, China's version of X.

    Officials said a male passenger entered mainland China through the Huanggang Port at Futian before officers intercepted him and conducted an inspection. Futian is in Shenzhen's downtown core and sits on the China-Hong Kong border.

    Officers discovered the man had worn six snake-infested canvas bags sealed with adhesive tape in his pants pockets. The bags had several species, including a milk snake, the western pig-nosed snake, and a corn snake. None of the snakes are venomous, but some are not native to China.

    "After being opened, each bag was found to contain a number of live snakes of different colors and forms. After counting, there were a total of 104 snakes," the post, translated to English, reads.

    Footage shared by China's customs showed the snakes, which tended to be small and thin in size.

    China's biosafety and quarantine laws prohibit the carrying or mailing of animals into the country and bar travelers from moving non-native species past border checkpoints without permission.

    In its social media post, the customs authority said it may pursue legal action against those involved.

    It is unclear where the snakes were headed for for what purpose.

    China has a snake farming industry, that Business Insider has previously written about, which includes the Zisiqao village in the Zhejiang Province.

    The province's 160 families bred more than three million snakes annually for medicine and food, according to a 2013 Reuters report.

    Read the original article on Business Insider

  • Russia’s thwarting of precision Western weapons in Ukraine shows the value of things like old-fashioned, unguided artillery, European general says

    A rocket is shot out of a M142 HIMARS
    Western-supplied precision weapons such as the M142 HIMARS in Ukraine are rendered less effective against electronic counterwarfare.

    Serhii Mykhalchuk/Global Images Ukraine via Getty Images

    • Russia has been jamming precision Western weapons in Ukraine through its electronic counterwarfare.
    • The situation has shown there are still uses for unguided artillery, a Finnish general told WSH.
    • "They are immune to any type of jamming," he said.

    Russia's thwarting of precision weapons provided to Ukraine by the West shows there are still use cases for unguided artillery in technologically advanced warfare, a Finnish general told The Wall Street Journal.

    Weapons guided by a GPS system provide precision strikes against enemy targets and have been crucial for some of Ukraine's prior countermeasures against Russia during the war.

    The M142 High Mobility Artillery Rocket System (HIMARS), which can hit targets up to 50 miles away, was once seen as a vital lifeline for Ukraine in order to stop Russia's advance in the summer of 2022.

    But those same precision weapons, which are being supplied by the West, are being rendered ineffective as Russia adapts on the battlefield and engages in electronic warfare.

    The methods involve jamming or spoofing the GPS system in weapons so that they're led off course. These electronic countermeasures are often cheap and can also be used against drones, Business Insider previously reported. Both Ukraine and Russia have engaged in electronic warfare.

    These measures have also thwarted the Ground-Launched Small Diameter Bomb, a US-Swedish guided bomb that has a range of 94 miles, that Ukraine received in early February, The Journal reported.

    Lt. Gen. Esa Pulkkinen, the permanent secretary of Finland's defense ministry, told The Journal that electronic warfare has shown that there are still uses for less-advanced, unguided artillery shells.

    "They are immune to any type of jamming, and they will go to target regardless of what type of electronic warfare capability there may be," Pulkkinen told The Journal.

    According to The New York Times, precision-guided weapons have been a large point of focus for the US's broader defense strategy, but in Ukraine, the war is largely fought with unguided artillery.

    As a result, the US and others in the West have ramped up production of unguided artillery shells. Pentagon officials have said that the US aims to increase production of 155mm artillery shells, which are shot out of howitzers, to 100,000 per month by 2025.

    Read the original article on Business Insider

  • One of the world’s greatest Go players who was defeated by AI warns that the technology may not come with a ‘happy ending’

    Lee Se-Dol playing a game of Go and surrounded by other people.
    Lee Se-Dol, a Go master who was defeated by an AI program in 2016, believes AI could take away people's value in creativity and originality.

    Google via Getty Images

    • Lee Se-Dol, a South Korean Go legend, was defeated by an AI program in 2016.
    • The Go player told the New York Times that his loss brought a profound realization of AI's progress.
    • Lee is concerned that AI may take away people's value in creativity and originality.

    One of the world's greatest Go players who was defeated by an artificial intelligence program warns that the technology may come with a rude awakening for humans as it advances.

    Lee Se-Dol is a South Korean legend in the game of Go, which is widely considered to be a more complex game than chess. The game, which can be played in person and online, also once posed a computational challenge for AI researchers.

    In 2016, the Go world was rocked after Lee was defeated by AlphaGo, an AI program made by Google's DeepMind. Lee lost 4 out of 5 games.

    The defeat was a huge upset and pushed Lee to retire from the game in 2019.

    "With the debut of AI in Go games, I've realized that I'm not at the top even if I become the No. 1 through frantic efforts," Lee told Yonhap News Agency at the time. "Even if I become the No. 1, there is an entity that cannot be defeated."

    Lee told The New York Times in a recent interview that his loss against AlphaGo had a profound impact on his life: "Losing to AI, in a sense, meant my entire world was collapsing."

    Now, he warns that the technology won't just be coming after Go players.

    "I faced the issues of AI early, but it will happen for others," Lee said at an education fair in Seoul, according to The Times. "It may not be a happy ending."

    Lee told the publication that he can see AI creating new jobs as it takes away others. But a larger concern for the retired Go player is what AI will do to people's appreciation for originality.

    "People used to be in awe of creativity, originality, and innovation," Lee told The Times. "But since AI came, a lot of that has disappeared."

    Since AI's rise to the mainstream, artists and some leading intellectuals have raised doubts about the technology's ability to be creative.

    Noam Chomsky, a linguistics professor and philosopher, previously told Business Insider in 2023 that he was "skeptical" that artificial intelligence could make breakthroughs in studies like the arts.

    Filmmaker Steven Spielberg said in an interview with Stephen Colbert that AI takes the "soul" out of creative work.

    "I think the soul is unimaginable and is ineffable," Spielberg said. "And it cannot be created by any algorithm, it is just something that exists in all of us."

    Read the original article on Business Insider

  • Up 20% in a week, why is the Core Lithium share price racing higher again today?

    Female miner smiling at a mine site.

    The Core Lithium Ltd (ASX: CXO) share price is surging higher today.

    Shares in the All Ordinaries Index (ASX: XAO) lithium stock closed yesterday trading for 9.7 cents. In late morning trade on Thursday, shares are changing hands for 10.2 cents apiece, up 5.2%.

    For some context, the All Ords is up 0.9% at this same time.

    In a welcome turnaround, today’s gains see the embattled Core Lithium stock up 20% since last Wednesday’s close.

    Here’s what’s spurring ASX investor interest today.

    What’s boosting the Core Lithium share price?

    Investors are bidding up the Core Lithium share price after the miner announced it had commenced reverse circulation (RC) drilling at its 100% owned Shoobridge Project, located in the Northern Territory.

    The Shoobridge drilling campaign is part of Core’s FY 2025 exploration program.

    Today’s announcement comes on the heels of the miner’s preliminary FY 2024 results, released yesterday.

    Commenting on Core’s exploration plans following on those results, CEO Paul Brown said:

    Our strategic focus will be on making Finniss a more robust operation in the future, and exploration is a key enabler of this.

    In FY 2025, we will be drill testing priority targets around Finniss, potentially adding meaningful life to future lithium mining operations. We will also be advancing earlier stage, low multi-commodity exploration activities.

    Today, the All Ords lithium stock announced that it is the first company to explore and drill the “prospective, potentially spodumene-rich, pegmatite systems” at Shoobridge for lithium.

    Core also considers the area prospective for gold, with a known gold anomalism extending over a strike length of 4.5 kilometres. Uranium and base metals have also been found in the area.

    Commenting on the commencement of the drill program that’s lifting the Core Lithium share price today, Brown said, “We are thrilled to start the first ever lithium drilling program at Shoobridge. This marks the start of an exciting FY25 exploration program for Core, and we look forward to delivering results that capture the value inherent in our tenement portfolio.”

    Brown added:

    We will be disciplined in our approach to exploration and pursue opportunities for meaningful mineral discoveries or with the potential for a high return on investment.

    While we are firmly focussed on positioning the Finniss Lithium Project for a future restart, we are excited by projects such as Shoobridge that both support this objective and provide complementary growth opportunities.

    The company highlighted that “a significant portion” of its FY 2025 exploration budget will go towards advancing and testing lithium targets with the goal of identifying substantial deposits within trucking distance of its Finniss lithium processing plant.

    Despite the past week’s strong run, the Core Lithium share price remains down 89% over 12 months.

    The post Up 20% in a week, why is the Core Lithium share price racing higher again today? appeared first on The Motley Fool Australia.

    Should you invest $1,000 in Core Lithium Ltd right now?

    Before you buy Core Lithium Ltd shares, consider this:

    Motley Fool investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and Core Lithium Ltd wasn’t one of them.

    The online investing service he’s run for over a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

    And right now, Scott thinks there are 5 stocks that may be better buys…

    See The 5 Stocks
    *Returns as of 10 July 2024

    More reading

    Motley Fool contributor Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

  • CBA and 7 other ASX 200 shares smashing new highs on Thursday

    The S&P/ASX 200 Index (ASX: XJO) is back on form and roaring higher on Thursday.

    At the time of writing, the benchmark index is up 0.95% to 7,890.6 points.

    This follows a strong night on Wall Street driven by interest rate cut optimism. For example, the Dow Jones index rose 1.1%, the S&P 500 climbed 1%, and the Nasdaq stormed 1.2% higher. The latter two indices closed at new record highs.

    Speaking of record highs, a number of ASX 200 shares are hitting new highs on Thursday. Let’s take a look at a handful that are setting records for their lucky shareholders today:

    Aristocrat Leisure Limited (ASX: ALL)

    The Aristocrat Leisure share price is pushing higher again on Thursday. This has seen the ASX 200 gaming technology share reach a new high of $52.09. This stretches its 12-month return to an impressive 40%.

    Commonwealth Bank of Australia (ASX: CBA)

    The CBA share price has hit a new record high of $130.30 this morning. This means that the shares of Australia’s largest bank are now up approximately 31% since this time last year. Incredibly, this is despite almost every major broker declaring this ASX 200 share as vastly overvalued at current levels.

    REA Group Ltd (ASX: REA)

    The REA Group share price has breached the $200 market for the first time. In morning trade, they have climbed to a record high of $200.50. The realestate.com.au operator’s shares have risen 40% over the past 12 months.

    Telix Pharmaceuticals Ltd (ASX: TLX)

    The Telix Pharmaceuticals share price is on fire today thanks to some big news out of the United States. This has seen the radiopharmaceuticals company’s shares rocket higher and reach a new high of $20.16. Telix shares are now up approximately 80% since this time last year.

    Xero Ltd (ASX: XRO)

    The Xero share price has continued its run and hit a new record high of $141.49. This latest gain means the cloud accounting platform provider’s shares have risen around 19% over the last 12 months. Goldman Sachs thinks this run can continue. Earlier this month, its analysts reiterated their conviction buy rating with an improved price target of $180.00.

    And the rest

    Other ASX 200 shares that are scaling new heights today and making their shareholders smile are retail giant JB Hi-Fi Ltd (ASX: JBH), insurance broker Steadfast Group Ltd (ASX: SDF), and enterprise technology provider TechnologyOne Ltd (ASX: TNE).

    The post CBA and 7 other ASX 200 shares smashing new highs on Thursday appeared first on The Motley Fool Australia.

    Should you invest $1,000 in Aristocrat Leisure Limited right now?

    Before you buy Aristocrat Leisure Limited shares, consider this:

    Motley Fool investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and Aristocrat Leisure Limited wasn’t one of them.

    The online investing service he’s run for over a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

    And right now, Scott thinks there are 5 stocks that may be better buys…

    See The 5 Stocks
    *Returns as of 10 July 2024

    More reading

    Motley Fool contributor James Mickleboro has positions in Technology One, Telix Pharmaceuticals, and Xero. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Goldman Sachs Group, REA Group, Steadfast Group, Technology One, Telix Pharmaceuticals, and Xero. The Motley Fool Australia has positions in and has recommended Steadfast Group and Xero. The Motley Fool Australia has recommended Jb Hi-Fi, REA Group, Technology One, and Telix Pharmaceuticals. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

  • A2 Milk shares lift amid backing for $130 million Synlait loan

    smiling child drinking milk from a glass, A2 milk share price rise, increase, up, A2 sales to china

    A2 Milk Co Ltd (ASX: A2M) shares are in the green today.

    Shares in the S&P/ASX 200 Index (ASX: XJO) dairy stock closed yesterday trading for $6.82. In morning trade on Thursday, shares are swapping hands for $6.88, up 0.8%.

    For some context, the ASX 200 is up 0.9% at this same time.

    This comes after the company released an update on its voting intentions at today’s special Synlait Milk Ltd (ASX: SM1) shareholders’ meeting. That’s taking place at 2pm today, New Zealand time.

    Here’s what’s happening.

    A2 Milk shares in the green ahead of Synlait loan vote

    A2 Milk shares are marching higher after the company said it has been in discussion with Synlait regarding the junior dairy stock’s recapitalisation plan. That plan includes a $130 million shareholder loan as well as Synlait’s proposed equity raising and concurrent refinancing of its bank facilities.

     A2 Milk said it “continues to have concerns and will engage in discussions with Synlait in the coming weeks”.

    However, management confirmed that it would vote in favour of today’s resolution.

    The Synlait Milk share price is going ballistic on the news, up a whopping 50% to 34.5 cents.

    If you own A2 Milk shares, you also own a slice of Synlait. A2 Milk holds almost 20% of Synlait shares.

    If shareholders vote in favour today, Synlait will receive the $130 million loan from Bright Dairy, which owns around 39% of Synlait shares. Bright Dairy is not allowed to vote on the proposal under New Zealand trading rules.

    Synlait said if the resolution received the green light today, it would draw down the entire loan to meet its $130 million bank payment, due on 15 July.

    On 25 June, Synlait chair George Adams said, “Synlait is now progressing at pace a series of structural initiatives to address the scale of challenges we face today.”

    Adams added:

    We are committed to resetting Synlait’s balance sheet, with the support of Bright Dairy, to ensure we return to a position where we can deliver the growth potential we see in our core Advanced Nutrition and Foodservice businesses.

    Bright Dairy director Julia Zhu said, “We are deeply committed to Synlait, believing its assets and operations to offer significant value and opportunity within regional and global dairy markets.”

    Zhu continued:

    This $130 million shareholder loan facility is one part of Bright’s wider support to see Synlait return to a much stronger financial and operating position, as early as practicable in this economic cycle.”

    With today’s intraday gains factored in, A2 Milk shares are up 37% over 12 months.

    The post A2 Milk shares lift amid backing for $130 million Synlait loan appeared first on The Motley Fool Australia.

    Should you invest $1,000 in The A2 Milk Company Limited right now?

    Before you buy The A2 Milk Company Limited shares, consider this:

    Motley Fool investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and The A2 Milk Company Limited wasn’t one of them.

    The online investing service he’s run for over a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

    And right now, Scott thinks there are 5 stocks that may be better buys…

    See The 5 Stocks
    *Returns as of 10 July 2024

    More reading

    Motley Fool contributor Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended A2 Milk. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

  • San Quentin prison on lockdown as dozens suffer gastrointestinal illness. Prisoners say ‘boiled chicken’ is to blame.

    san quinten
    San Quentin Rehabilitation Center in San Quentin, California, 2015.

    Reuters

    • California officials confirm that a "potential gastrointestinal illness" has struck at San Quentin.
    • Four prisoners told BI that last Wednesday's boiled chicken was to blame.
    • A July 4th weekend lockdown affecting some 2,000 inmates is only now being lifted, they said.

    Usually, when "chicken hindquarters" is on the dinner menu at San Quentin, it's good news.

    "It's a very popular meal in prison," Aaron Ramzy, who is incarcerated there, told Business Insider in a phone call from his cell unit Wednesday. "You get one piece of chicken, roasted on the bone."

    But last Wednesday, the welcome dish may have led to a very unwelcome result. Four men serving sentences at San Quentin say dozens of prisoners were sickened, and some 2,000 were subjected to a week of lockdown to prevent any illness from spreading.

    Only on Wednesday, a full week later, were some units being taken off lockdown, they said.

    In a written statement, a spokesperson for California Correctional Health Care Services confirmed that "a potential gastrointestinal illness" had resulted in a precautionary cut-back in "programming and visitation."

    But the officials would not confirm any specifics, and said the cause was still under investigation.

    The four men who spoke to Business Insider told similar stories.

    It all started, they said, with some gnarly chicken served the day before the 4th of July holiday.

    "Normally, it's prepared in the oven until it's well done," said Ramzy, 34. This chicken, though, was white with translucent skin. He said it looked undercooked.

    "Hey, what is this?" Ramzy said he asked a correction officer who worked in the kitchen, which serves some 2,000 prisoners. The officer, he said, only shrugged.

    "'Enjoy your food,'" Ramzy said he was told.

    In the four days after eating the chicken, he said he suffered "sweats, trembling, shivering," along with even more unpleasant symptoms of diarrhea and dry-heaving.

    "Oh, you ate that chicken?" he recalled officers telling him, as he lurched toward the prison medical facility. "Go ahead, go ahead and get to medical."

    Ramzy said a sergeant told him some three dozen fellow residents of the prison's 600-inmate South Block needed medical attention, including electrolytes and antacids.

    Luis Sigueras, 61, said he was rushed out of the prison to Marin General Hospital.

    "Yes, I did eat the chicken, and I have other health problems," including heart trouble, he told Business Insider.

    "They took an EKG and a CAT scan and said I had food poisoning. It was the chicken on the bone from Wednesday — they served it with mashed potatoes and cake for dessert," he said.

    A doctor told him, "The next time you come here with chest pains or food poisoning, your heart is so weak you might not make it," he said.

    "I told him, 'Doctor, if I gotta go, I gotta go. If God wants me, he'll take me.'"

    Marty Zahorik, 74, said he, too, was sickened after eating last Wednesday's chicken. He was put on an IV and couldn't keep water down.

    "Everybody said I looked like I was going to die," he said.

    Zahorik said prison medical personnel told him 72 prisoners were treated for severe food poisoning.

    "The food has been on a consistent downhill slide in the 22 years I've been here," he said. Portions have shrunk to subsistence levels, condiments and other extras have vanished, and for years, there's been a pigeon problem, he said.

    Zahorik said as recently as Wednesday, he witnessed bird droppings on tables and broken windows in the kitchen.

    About three years ago, the infestation was so bad, "We got a new sergeant, and he had a bunch of officers bring in pellet guns. And they executed the pigeons," he said.

    San Quentin is California's oldest and most notorious prison. First built in 1852, it has survived waves of controversy.

    The state is facing four lawsuits stemming from the 2020 transfer of prisoners infected with COVID-19 to the prison — and the coronavirus outbreak that followed, sickening 75% of the population.

    Ultimately, 28 prisoners and a correctional officer died.

    The prison's four cell blocks house some 3,000 people in total.

    Last May, Gov. Gavin Newsom announced the facility's "transformation" from San Quentin State Prison into San Quentin Rehabilitation Center, empowering an advisory council comprised of community leaders, prison staff, and program leaders to come up with recommendations to improve conditions.

    On Tuesday, the prison staff served chicken again, said Ramzy. "It was like chicken chunks over rice, with some kind of marinara sauce," he said.

    He has no idea how well it was cooked or what it tasted like.

    "I didn't eat it. I was scared," he said.

    "I know I've done something wrong, and I'm paying my debt to society, but I'm also human," he told Business Insider Wednesday afternoon, as the lockdown began to be lifted, unit by unit.

    "I have a family who loves me. I shouldn't be getting just anything on a tray. I shouldn't be subjected to poison," he said.

    A spokesperson for the California Correctional Health Care Services issued this statement on Tuesday:

    "We are currently investigating cases of a potential gastrointestinal illness at San Quentin Rehabilitation Center. When multiple patients in a housing unit present with symptoms consistent with a gastrointestinal illness, CDCR and CCHCS will take proactive measures to limit potential spread. This includes providing additional cleaning, education on proper handwashing procedures, and testing for potential causes.

    "Results of testing can take multiple days. Additionally, programming and visitation can be limited as a precaution to prevent further spread."

    California Correctional Health Care Services did not respond to follow-up questions Wednesday.

    Read the original article on Business Insider