The Australian Competition and Consumer Commission (ACCC) issued a warning on Thursday, highlighting the potential for a gas supply shortage on Australia’s east coast during the winter season (July-September). 

This shortfall could occur if producers of liquefied natural gas (LNG) choose to export all of their uncontracted gas. 

The ACCC’s statement underscores the delicate balance between domestic supply needs and the economic incentives of exporting LNG, particularly during periods of high demand.

Market update

ACCC has released its quarterly update on the gas market, and the outlook is concerning. 

The ACCC’s report indicates that the east coast of Australia could experience a gas supply shortfall of 9 petajoules (PJ). 

This shortfall is significant, but the situation is even more dire in the southern states, which could face a historic high gas deficit of 40 PJ. 

These figures highlight the potential for a serious gas shortage in Australia, which could have significant implications for businesses and consumers.

Seasonal demand and market volatility

Australia, a major player in the global LNG market, typically experiences peak gas demand during its winter months due to the increased need for heating in colder temperatures. 

ACCC Commissioner Anna Brakey said in a media statement:

This changed outlook reflects the susceptibility of the supply/demand balance to short-term reductions in gas production and changes in LNG producers’ intended exports and swaps.

This seasonal surge in demand can strain the country’s gas supply, and the situation can be further exacerbated by unexpected weather events or power plant outages. 

These unforeseen disruptions can lead to gas shortages, causing potential price spikes and disruptions to energy supply for consumers and businesses.

Domestic vs export pressures

The risk of gas shortages during winter highlights the challenges faced by Australia in balancing its domestic gas needs with its export commitments. 

As a significant LNG exporter, Australia faces pressure to meet international demand for gas, but it must also ensure sufficient supply for its own domestic market. 

Australia’s reliance on gas exports has created a problematic situation for its domestic energy market. 

As a significant portion of the country’s gas is sold to overseas buyers, Australian households are facing a dual challenge: gas shortages and escalating energy bills. 

This has become a major concern for the Australian public and a key issue in the upcoming election.

Political parties will likely be pressured to address this energy crisis and propose solutions that prioritize domestic gas supply and affordability.

Southern states face a severe deficit

The ACCC reported that the expected shortfall in the southern states has doubled compared to last year. 

This is mainly due to decreased output from the Gippsland, Otway, and Cooper basins and an increased forecast demand for gas-powered electricity generation.

In the media statement, Brakey further said that the regulator has recommended that the government collaborate with LNG producers to secure the additional supply currently uncommitted for the domestic market.

“It remains crucial that LNG producers have regard to the domestic outlook before making any significant variations to export volumes or schedules,” Brakey said.

The east coast supply and demand balance is projected to worsen further over the next few years, which will increase the impact of LNG producers’ decisions on the market.

The severity of the situation was highlighted in January when the regulator warned the southern states that they may need to import gas to meet long-term demand.

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Elon Musk has once again secured the title of the world’s richest person, according to the Hurun Global Rich List 2025 with the Tesla and SpaceX chief’s net worth surging to $420 billion, cementing his dominance among global billionaires.

While Musk maintained his lead, the rankings witnessed a major shakeup with Indian tycoon Mukesh Ambani slipping out of the top 10 wealthiest individuals.

Despite this, Ambani continues to hold the title of Asia’s richest person.

Silicon Valley billionaires dominate the rankings

The latest Hurun rankings highlight the growing dominance of American tech billionaires.

Silicon Valley moguls filled most of the top spots, with Musk followed by Amazon’s Jeff Bezos, Meta’s Mark Zuckerberg, and Oracle’s Larry Ellison.

Among the top five, veteran investor Warren Buffett was the only non-tech figure, maintaining his status as one of the world’s most successful investors.

Notably, nine of the top ten billionaires hail from the United States, with Bernard Arnault, the French fashion magnate behind LVMH, being the only exception.

Musk’s wealth surge fuelled by Tesla’s rally and the “Trump effect”

Musk’s financial leap—an 82% jump amounting to $189 billion—was largely fueled by the soaring stock price of Tesla.

Analysts have attributed this increase to the so-called “Trump effect,” a phenomenon that has seen a surge in billionaire wealth following Donald Trump’s return to political prominence.

Alongside Musk, several other US-based billionaires have seen sharp gains.

Meta’s Mark Zuckerberg, Amazon’s Jeff Bezos, and Nvidia’s Jensen Huang each recorded an increase of over $80 billion in their net worths.

Musk also made history by becoming the first person to surpass a $400 billion fortune.

His close ally, investor Peter Thiel, also saw a substantial 67% jump in his wealth, reaching $14 billion.

However, the billionaire’s fortune has faced turbulence. Since the list’s cutoff date in January 2025, Musk’s net worth has declined by roughly $100 billion, driven by a sharp drop in Tesla’s market capitalization.

The automaker’s valuation plunged by $700 billion as investors grew wary of increasing competition from Chinese EV makers and Musk’s polarizing political statements.

Despite the setbacks, Musk remains firmly at the top of the global wealth rankings.

Mukesh Ambani slips but holds onto Asia’s top spot

Mukesh Ambani, chairman of Reliance Industries, has fallen out of the global top 10 after his wealth declined by Rs 1 lakh crore from the previous year.

The decline has been attributed to rising debt and weaker performance in Reliance’s core energy and retail businesses.

Nevertheless, Ambani continues to lead as Asia’s richest person, with a net worth of Rs 8.6 lakh crore.

His conglomerate is now focusing on digital expansion, renewable energy investments, and retail growth as part of its long-term strategy.

Gautam Adani emerges as India’s biggest wealth gainer

While Ambani faced losses, fellow industrialist Gautam Adani experienced a remarkable rise in fortune.

The Adani Group chairman saw his wealth increase by nearly Rs 1 lakh crore, making him India’s biggest wealth gainer on the Hurun Global Rich List 2025.

Adani’s net worth grew by 13%, placing him just behind Ambani in the rankings.

His rise reflects the ongoing expansion of his infrastructure empire, which spans energy, ports, and airports.

As the global wealth landscape continues to shift, the latest rankings underscore the growing dominance of tech billionaires while highlighting the economic volatility affecting some of the world’s biggest business leaders.

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Tilray Brands stock price has imploded and currently trades at a record low as concerns about its cannabis business remain. TLRY was trading at $0.65 on Thursday, bringing its market cap to $589 million. This means that it has had a $24.5 billion wipeout as its market cap crashed from over $25 billion to $590 million today.

Why Tilray Brands stock price has crashed

There are three main reasons why Tilray Brands stock price has imploded. First, the decline aligns with most other cannabis stocks, which have all crashed from their all-time high.

As you recall, these stocks surged a few years ago after the US Supreme Court ruling that left the question of cannabis legalization to states. Most American states then voted to allow cannabis, leading many investors to predict that the business would boom.

The bright expectations about the future of cannabis and the demand forecast has not come to pass. Regulations in the US have not been uniform, with many companies in the country facing major challenges. For example, many American banks still reject cannabis companies.

Therefore, most cannabis stocks have crashed, with the closely-watched AdvisorShares Trust AdvisorShares Pure US Cannabis (MSOS) ETF having plunged to $2.5, down by 95% from its highest point on record.

Second, Tilray Brands stock price has crashed because the company has struggled with profitability. The most recent annual results showed that the company made a net loss of over $245 million. A quarterly report it released in January showed that its net loss rose to $85 million from $46 million a year earlier. 

Third, the company has expanded to the alcoholic beverage industry. While this diversification is a good, the reality is that the alcoholic market is slowing, which may hurt the company’s growth over time.

Read more: Tilray Brands stock price has crashed: time to buy the dip?

TLRY financial performance

The most recent results showed that Tilray Brands revenue rose by 9% in the second quarter to $210.9 million. Its half-year revenue rose by 11% to $370 million. 

Its beverage revenue rose 36% to $63 million, with its gross margin being 40%. The cannabis business made $66 million, while the distribution and wellness businesses made $68 million and $15 million, respectively. 

These numbers showed that the company’s diversification was working out well. In this, a slowdown in the cannabis business would be offset by the alcoholic beverage business. 

Analysts anticipate that Tilray Brands revenue for the current quarter will be $274 million, while its annual revenue will move to $893 million. It will then make $943 million in the next financial year. 

Read more: Tilray stock price crashes below $1: buy the dip or sell the rip?

Tilray Brands stock price analysis

The daily chart shows that the TLRY share price has been in a strong downtrend in the past few months. It crashed to a low of $0.6552, a record low.

Most recently, the stock has moved below the crucial support at $1.15, its lowest swing on December 20. It has moved below the 50-day and 100-day Exponential Moving Averages (EMA).

The Relative Strength Index (RSI) has drifted upwards, while the MACD indicator has moved below the zero line. Further, the stock has moved to the oversold level of the Murrey Math Lines tool.

Therefore, the Tilray Brands share price will likely continue falling as sellers target the key support at $0.50. 

More downside will be invalidated if the stock rises above the key resistance level at $1.14, which will invalidate the bullish outlook.

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British Steel has announced plans to shut down its steelmaking operations in Scunthorpe, placing up to 2,700 jobs in jeopardy.

The proposal, which includes the closure of blast furnaces, steelmaking facilities, and the Scunthorpe Rod Mill, follows unsuccessful negotiations with the UK government over financial support for a green transition.

British Steel stated that it has been unable to secure an agreement with the UK government for financial support to sustain operations and invest in Electric Arc Furnace (EAF) technology, which offers a more environmentally friendly alternative to traditional steelmaking methods.

The company, owned by China’s Jingye Group, has launched a consultation process and is considering three options:

Shutting down the blast furnaces, steelmaking facilities, and Scunthorpe Rod Mill by early June 2025.

Ceasing blast furnace and steelmaking operations in September 2025.

Closing the blast furnaces and steelmaking facilities at a later, unspecified date beyond September 2025.

British Steel blames financial struggles for proposed closures

In a statement, British Steel said that since 2020, the shareholder of the steel company, Jingye, has invested more than £1.2 billion to maintain operations amid ongoing production instability and significant financial losses of around £700k a day.

Investments to date include over £300 million in strategic capital projects such as a state-of-the-art mast service centre in Skinningrove, a rail stocking facility, and a new billet caster.

Despite this, the blast furnaces and steelmaking operations are no longer financially sustainable due to highly challenging market conditions, the imposition of tariffs, and higher environmental costs relating to the production of high-carbon steel.

British Steel CEO Zengwei An acknowledged the hardship the announcement brings to workers and their families, but defended the move as a necessary step given the “hugely challenging circumstances” the company faces.

“We remain committed to engaging with our workforce and unions, as well as our suppliers and customers during this time,” An stated.

The company insists that it will continue discussions with the UK government in search of a sustainable way forward.

However, the lack of an agreement so far has placed the future of the plant in doubt.

Unite union accuses British Steel of holding the government to ransom

The Unite union has strongly condemned British Steel’s decision, with general secretary Sharon Graham accusing the company of using its workforce as leverage to secure a larger financial package.

“This announcement of job losses is quite simply a disgrace,” Graham said.

British Steel is guilty of trying to hold the government to ransom, while using its dedicated workforce as pawns.”

She added that the government had already offered a substantial investment deal that included long-term job guarantees.

“British Steel must now withdraw its job threats and work with the government and Unite on a sustainable way forward which is in the best interests of the workers, their communities and the wider economy,” she urged.

Why did Jingye reject the £500m government support package

The controversy comes amid reports that British Steel’s parent company, Jingye, has rejected a £500m support package from the UK government.

The funding was intended to assist the transition to greener electric arc furnaces (EAFs) to replace the existing blast furnaces.

Sky News reported that the proposed sum matched the amount granted to Tata Steel last year as part of a £1.25bn package to aid the transition to low-carbon steel production.

However, Jingye has reportedly been pushing for a much larger sum—potentially exceeding £1bn—to make the shift viable.

Government sources say that if British Steel accepted the £500m deal, job losses would still occur, but could be staggered over a longer period, easing the economic impact on workers and the region.

The UK government has made green steel production a key part of its industrial strategy, aiming to reduce carbon emissions while preserving domestic steelmaking capabilities.

However, the scale of financial support required remains a contentious issue.

Jingye argues that the transition is unfeasible without increased government backing, but ministers are reluctant to commit further taxpayer funds without guarantees on jobs and investment.

Scunthorpe’s future uncertain as nationalisation talks resurface

With British Steel rejecting the government’s offer, the fate of the Scunthorpe plant remains uncertain.

Industry Minister Sarah Jones told MPs that discussions were ongoing, and an urgent question on the matter is expected in the House of Commons on Thursday.

The government remains under pressure to secure a deal that protects jobs while ensuring the steel sector transitions to cleaner production methods.

Some reports suggest nationalisation is being considered as a last resort, though ministers have not publicly confirmed this.

British Steel was acquired by Jingye in 2020 after a period of public ownership, but the company has since faced financial difficulties.

It currently employs several thousand workers across sites in Scunthorpe, Teesside, and other locations.

For the thousands of workers at British Steel’s Scunthorpe plant, the uncertainty is deeply concerning.

Many fear that if an agreement is not reached soon, large-scale redundancies will devastate the local economy.

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