Afternoon Update: Woodside scraps clean energy targets; Sydney property developer collapses; and Japan’s moving castle

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Woodside Energy, Australia’s biggest oil and gas company, has scrapped its long-term emissions and clean energy targets, even after enjoying a period of windfall oil profits caused by the war on Iran.

As Jonathan Barrett reports, the energy giant is doubling down on fossil fuels after recording a 27% increase in sales profit to $1.67bn ($A2.33bn) in the six-month reporting period, and is expecting even more financial gains by redirecting barrels of oil to markets willing to pay premium prices.

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