News Wrap

IN this morning’s News Wrap: BMW could drive Galaxy higher; Rinehart wealth could run Australia; and commodity hedge funds close as computers dominate.

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BMW could drive Galaxy higher

The Australian reports that lithium producer Galaxy Resources may be about to strike an offtake agreement with BMW amid a rush by car companies to gain access to raw materials required for electric vehicle batteries.

BMW is said to have put out requests to various suppliers, fuelling the speculation.

Rinehart wealth could run Australia

The Age reports that Gina Rinehart’s multibillion-dollar wealth could fund Australian government spending for 11 days.

That is according to Bloomberg’s 2018 Robin Hood Index which set out to answer the question: “How long could government’s keep running if the wealthiest person in each country paid for i...