Andrew Forrest Fortescue

Forrest will once again don the high-vis vest and run Fortescue's iron ore operations as part of a restructure that will see its nascent green energy business, ...

His new direct report, Vesey, is one of the most significant appointments. He faced a ban from acting as a company director and heavy fines, but won on appeal. “It is now going through the most challenging opportunity since its first three years of the company starting, and that is the only reason I have stepped back into executive chair. “The shortlist is immensely talented people. Fortescue Future Industry’s (FFI) executive team will also be bolstered with the appointment of the former head of GE Europe, Mark Hutchinson, to head FFI. Former AGL boss Andy Vesey will be appointed as FFI’s head of energy transition projects. Forrest will once again don the high-vis vest and run Fortescue’s iron ore operations as part of a restructure that will see its nascent green energy business, Fortescue Futures Industry, gain equal ranking with its multibillion-dollar iron ore operation with direct representation at board level.

It's an extraordinary call that will alarm those investors already worried about Andrew Forrest's relentless recalibration of the company around green ...

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Australian shares have risen sharply in afternoon trade, driven by mining and technology stocks, following a strong rebound on Wall Street.

That marked the biggest one-day percentage drop for Walmart's stock since 1987. "The stock market is betting that the consumer is going to break and credit markets are betting that inflation is going to break first. Walmart tumbled 11.4 per cent, after the retail giant cut its annual profit forecast, signalling a hit to its margins. At the time, it forecast a pre-tax profit of $145 million to $155 million for the year to June (up from $140 million the previous year). The S&P 500 Banks index jumped 3.8 per cent, with Citigroup climbing almost 8 per cent, after Warren Buffett's Berkshire Hathaway disclosed a nearly $US3 billion investment in the US lender. The US stock rally was partially a reaction to overselling after the Nasdaq and S&P 500 last week posted their sixth consecutive weekly loss, Anthony Saglimbene, global market strategist at Ameriprise Financial, said. But in a statement to the ASX today, Boral said trading since then had been "impacted by continuing exceptional rainfall and inflationary cost pressures" and it now expected "additional adverse impacts" to annual profit of about $45 million. The Nasdaq closed 2.8 per cent higher, at 11,985 points, while the Dow Jones lifted 1.3 per cent to 32,655. Meanwhile, Boral's share price dropped 3.1 per cent, after the building materials maker flagged that its annual profit may come in nearly a third below expectations. The local share market was boosted by shares of mining giants BHP (+3.2pc), Rio Tinto (+2.1pc) and Fortescue Metals (+2pc). The S&P 500 climbed 2 per cent to finish the session at 4,089 points. Overnight, the broad rally on US stock markets came after weeks of heavy selling that last week saw the S&P 500 sink to its lowest level since March 2021 and the Nasdaq tumble into a bear market.