ASIC says the financial loss to members could top $20 million and has launched legal action in the Federal Court seeking penalties and other compliance orders.

What started as college students pedalling to Kaifeng for a taste of nourishing soup dumplings has swelled into a movement, with tens of thousands taking to the streets to ride together through one of China's ancient capitals.

Albemarle has revealed it lost more than $1 billion last quarter and its failed Kemerton expansion project is largely to blame. Analysts say it could forecast an end to lithium hydroxide processing in WA.

Australian inventor Lawrence Hargrave created history when he was lifted off the ground in a flying device he created in 1894. Now, 130 years later, he is remembered as a generous pioneer whose engineering breakthroughs influenced the world's first aeroplanes.

The federal government announces a bailout for Rex Airlines, while an ACCC report has revealed domestic airfares have risen since Rex's collapse.