TRANSFORMING TRANSPORT Almost all car makers are increasing investment in electric vehicles as governments adopt tighter emissions targets, says Ivan Glasenberg. Picture: BLOOMBERG/SIMON DAWSON
TRANSFORMING TRANSPORT Almost all car makers are increasing investment in electric vehicles as governments adopt tighter emissions targets, says Ivan Glasenberg. Picture: BLOOMBERG/SIMON DAWSON

Electric vehicle revolution speeding towards us

Glencore CEO Ivan Glasenberg says the rise of electric cars will significantly boost demand for minerals, including copper and lithium, in the coming decades.

"The electric vehicle revolution is happening and its impact is likely to be felt faster than expected," Glasenberg told investors at an industry conference in Barcelona. — Bloomberg

Moody’s cuts ratings on Australia’s top banks

Moody’s Investors Service has cut the long-term credit rating of Australia’s four biggest banks, saying surging home prices, rising household debt and sluggish wage growth pose a threat to the lenders.

Australia & New Zealand Banking Group, Commonwealth Bank of Australia, National Australia Bank and Westpac Banking Corp were all downgraded to Aa3 from Aa2, Moody’s said on Monday. The ratings outlook for all four lenders is stable, the agency added. — Bloomberg

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