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Slight rise in $A, iron ore and gold, while oil rallies, Dow retreats | US formally withdraws from Open Skies Treaty that bolstered European security | US vaccine - Life 'Back To Normal' by May.

Source : PortMac.News | Independent :

Source : PortMac.News | Independent | News Story:

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News Summary 23-11-20 | US Out Of 'Open Skies' | $A Gold Up
Slight rise in $A, iron ore and gold, while oil rallies, Dow retreats | US formally withdraws from Open Skies Treaty that bolstered European security | US vaccine - Life 'Back To Normal' by May.

News Story Summary:

Latest updates on Key Economic Indicators - Page Online : 23 November 2020

Australian Dollar: $0.7305 USD (up $0.0021 USD)

Iron Ore Dec Spot Price (SGX): $124.75 USD (up $0.45 USD)

Oil Price (WTI): $42.42 USD (up $0.59 USD)

Gold Price (20 Nov): $1,871.15 (up $6.85 USD)

Gold Price (23 Nov): $1,870.82 (down $0.33 USD)

Dow Jones: 29,263.48 (down 203.01 points)*

All changes compared to 7am Friday, except gold.

*Readers may have noticed a big difference between PortMac.News Summary and other sources on Friday in terms of the Dow's movement between Wednesday and Thursday. PortMac.News Summary comparisons are between the Dow's price at around 3pm NY time, not opening and closing figures, there was a big increase in the Dow's price in the last hour on Wednesday.


US formally withdraws from Open Skies Treaty that bolstered European security

The US on Sunday formally exited the decades-old Open Skies Treaty, some six months after President Donald Trump first announced the decision, according to the State Department.

The 1992 treaty allows the 34 member countries to conduct short notice, unarmed, reconnaissance flights over the other countries to collect data on their military forces and activities.

The Trump administration has cited Russian restrictions on Open Skies flights as the reason why it sought to exit the treaty, accusing Moscow of imposing limits on flights near its exclave of Kaliningrad, an area between Poland and Lithuania where the Russian military maintains a robust presence.

The US has also accused Russia of denying flights within 6.2 miles of the Georgia-Russia border, and denying a previously approved flight over a major Russian military exercise.

'We will pull out'

"Russia didn't adhere to the treaty, so until they adhere, we will pull out," Trump told reporters outside the White House in May.

America's European allies, however, value the treaty, as it gives them the ability to collect aerial reconnaissance information that they would not necessarily have access to outside of the treaty.

In a lengthy May statement explaining the US decision to exit the agreement, Secretary of State Mike Pompeo said that the US understands Europeans still value the treaty, saying that it was one of the reasons the US stayed in the treaty for some period despite Moscow's unwillingness to adhere to it.

The treaty gave US allies and partners without sophisticated satellite capabilities a way to gather and share -- all the member countries could access imagery gathered on flights.

Pentagon officials have told CNN that the US military intends to share some of its intelligence and reconnaissance data from assets such as satellites with European allies in order to help compensate for any loss of critical information from the cessation of Open Skies flights.

The Trump administration similarly exited the Intermediate-Range Nuclear Forces Treaty over what the US and all NATO members said were Russian violations of the accord due to Moscow's deployment of intermediate-range, nuclear-capable missiles.

However, while America's European allies supported the decision to exit the INF Treaty, no such support was offered for the Trump administration's decision to exit Open Skies.

Eleven member countries also issued a statement in May expressing their "regret" about the Trump administration decision, which also met resistance from US lawmakers from both parties.


China, Russia spreading lies, digital discord

The Australian - Page 4 : 23 November 2020 - Original article by Geoff Chambers - PortMac.News Summary

Former US National Security Agency director Mike Rogers claims that disinformation being spread by countries like China and Russia presents a threat to democracies, including the US and Australia.

Rogers recently became the first person to join the Global Cyber Security Advisory Board of CyberCX, an Australian cybersecurity firm.

His comments come as Canada stated in the week ending 20 November that "state-sponsored hackers" from China, Russia, Iran and North Korea represent its "biggest strategic threat".


US vaccine expert predicts life could be back to normal around May

The Guardian - Page Online : 23 November 2020 - Original article by Joanna Walters - PortMac.News Summary

The Trump administration's vaccine program adviser Moncef Slaoui says that life could be back to normal in the US in around May 2021 if vaccination distribution and immunisation plans go well.

Pfizer and BioNTech have submitted approval plans for their COVID-19 vaccine to the Food & Drug Administration, with the FDA to hold a meeting on 10 December that could see Pfizer and BioNTech granted emergency authorisation for the vaccine.

Slaoui says at least 70 per cent of the US population will need to receive the vaccine for "true herd immunity to take place".


Vaccine's immune boost

Herald Sun - Page 7 : 23 November 2020 - Original article by Grant McArthur - PortMac.News Summary

Research undertaken by scientists in Melbourne suggests that some people who contract COVID-19 may be immune from reinfection for a year or more.

The researchers at Monash University, The Alfred hospital and the Burnet Institute tracked the immune cells of 25 COVID-19 patients and found that they were still able to fight off the virus some 242 days after contracting it.

The scientists are hopeful that a COVID-19 vaccine would provide protection for a similar length of time, without the need for regular booster shots.


Hotel workers face ban on second jobs

The Australian - Page 5 : 23 November 2020 - Original article by David Penberthy, Rosie Lewis - PortMac.News Summary

Banning quarantine hotel staff from having a second job was one the key recommendations arising from the inquiry into Victoria's botched quarantine scheme.

South Australian Premier Steven Marshall has indicated that his government may be open to such a ban after it was revealed that two hotel workers who contracted COVID-19 had also worked at a suburban pizza outlet.

Federal Labor and employers' groups contend that the government should pay hotel workers' wages if they are not permitted to hold a second job.

New South Wales has also reopened its border with Victoria after 137 days.


G20 heads call for equal access to virus vaccine

The Australian Financial Review - Page 8 : 23 November 2020 - Original article by Tom McIlroy - PortMac.News Summary

The G20 'virtual' meeting has been told of the need for better pandemic preparedness, while G20 leaders agreed to contribute more money into funds preparing for the COVID-19 vaccine.

French president Emmanuel Macron said it was essential to avoid a situation where only the richer nations get access to a vaccine, while Prime Minister Scott Morrison told the summit that Australia was back to around 75 per cent of pre-pandemic employment.

Morrison took part in the summit from quarantine isolation at The Lodge, where he is isolating for two weeks after returning from Japan.


More big firms to get capex break

The Australian Financial Review - Page 1 & 11 : 23 November 2020 - Original article by Tom McIlroy - PortMac.News Summary

Treasurer Josh Frydenberg is to expand the federal government's business expense tax break so that more large companies can access it, with legislation to enact the changes to be introduced.

Large companies that will now be able to access the scheme will include Coca-Cola Amatil and Boral, while large companies that will remain excluded include Wesfarmers, BHP, Telstra and Rio Tinto.

Frydenberg says around 50 companies employing over 150,000 people are expected to benefit from the scheme's expansion


Taylor demands answers over NSW power plan

The Australian Financial Review - Page 1 & 5 : 23 November 2020 - Original article by Angela Macdonald-Smith, Mark Ludlow, Paul Smith - PortMac.News Summary

Federal Energy Minister Angus Taylor wants to see the modelling underpinning the New South Wales government's recently announced energy infrastructure road map.

The modelling claims the 'road map' will result in lower power prices, but the federal government is said to be worried it might lead to increased prices, while electricity suppliers have indicated it might hamper plans for new gas-fired power stations.

Some commentators have criticised the road map for being excessively interventionist, but NSW energy minister Matt Kean says it will ensure the needs of NSW consumers come first.


ALP mines for votes in coal, gas

The Australian - Page 1 & 2 : 23 November 2020 - Original article by Geoff Chambers - PortMac.News Summary

Labor senator Murray Watt will use a speech on 23 November to stress the importance of industries such as resources and agriculture to Northern Australia.

Watt will also contend that while fossil fuels such as coal and gas will continue to be important to Northern Australia, the region must also embrace renewable energies.

He will argue that both traditional and new industries will generate jobs and should be supported. Labor's climate policy has come under scrutiny in the wake of Joel Fitzgibbon's recent resignation from the party's frontbench.


Eslake changes view on 12pc super rise

The Australian Financial Review - Page 6 : 23 November 2020 - Original article by Jonathan Shapiro, Tom McIlroy - PortMac.News Summary

The release of the report into Australia's retirement income system has again sparked calls for the legislated increase in the superannuation guarantee to be scrapped.

Independent economist Saul Eslake says he has changed his mind on the issue and now believes that the increase should not proceed, while Brendan Coates from the Grattan Institute says the report shows that people are currently saving enough to maintain their living standards in retirement.

Shadow treasurer Jim Chalmers says claims by the federal government that increasing the guarantee would mean lower wages do not "stack up"; he adds that wages stagnated after the last guarantee freeze under former prime minister Tony Abbott.

Few benefits in lifting the superannuation guarantee

The Weekend Australian - Page 17 & 20 : 21 November 2020 - Original article by Adam Creighton - PortMac.News Summary

That most Australians are already on target to achieve a comfortable retirement is one of two main reasons why the proposed increase in the superannuation guarantee to 12 per cent should not proceed.

The other reason is that the savings in Age Pension costs that might result from less people becoming eligible for it would be more than offset by the additional cost of tax concessions.

The review of Australia's retirement system has estimated these concessions will be greater than the entire Age Pension by 2050, while the review noted that one superannuation fund stated that members who die leave 90 per cent of the super balance they had when they retired, suggesting many people have not needed to access the money they have been compelled to save.


China's 'Major' Australian miscalculation

News.com.au - Page Online : 21 November 2020 - Original article by Jamie Seidel - PortMac.News Summary

Chinese President Xi Jinping is trying to get Australia to 'bow down' as he seeks to make China an increasingly dominant global force, but Australia has shown it is not prepared to submit to his wishes.

Prime Minister Scott Morrison says it is up to Australia to determine its foreign investment laws and to decide how it should construct its 5G telecommunications network.

Former Prime Minister Malcolm Turnbull says China's various actions against Australia, including trade action and anti-Australian newspaper editorials, are aimed at achieving compliance, while Morrison says Australia will not apologise for having a free media and MPs being able to speak their mind.


Australian Automobile Association wants electric vehicles tax to go national

The New Daily - Page Online : 23 November 2020 - PortMac.News Summary

Both South Australia and Victoria have signalled the introduction of electric vehicle charges to offset reduced money from fuel excise.

The Australian Automobile Association has called for a national electric vehicles tax, while it notes a recent survey of its members found that 80 per cent stated that electric vehicle owners should make some sort of contribution to the cost of roads.

Electric Vehicle Council CEO Behyad Jafar says people should be encouraged to buy electric vehicles, rather than being deterred by a new tax.


Politicians are taxpayers' employees, and we have a right to minimise liability

The Weekend Australian - Page 22 : 21 November 2020 - Original article by Katrina Grace Kelly - PortMac.News Summary

Australian politicians have passed laws to make employers liable for almost anything that goes wrong in the workplace.

Yet politicians often fail to observe these rules themselves.

Relationships at work are an issue of workplace relations risk.

Taxpayers have the right to expect politicians to manage this risk, given that the general public ultimately bears the cost if a relationship between a politician and a staffer ends badly.

Former prime minister Malcolm Turnbull was right to impose a so-called 'bonk ban', and it was appropriate for Labor to adopt this ban and extend it to all of its members rather than just shadow ministers.


New regulator ready to broaden reach

The Australian Financial Review - Page 14 : 23 November 2020 - Original article by Robert Bolton - PortMac.News Summary

Former vice chancellor of Queensland University of Technology Peter Coaldrake was appointed chief commissioner of the Tertiary Education Quality and Standards Agency in the week ending 20 November.

Coaldrake was the author of the Review of Higher Education Provider Category Standards, with the federal government having accepted all 10 of its recommendations.

His appointment comes as recently appointed TEQSA CEO Alistair Maclean settles into his new role; he was most recently CEO of Victoria's Independent Broad-based Anti-Corruption Commission.

Maclean says the federal government's effective restraint on the ability of international students to return to Australia is of "of concern and caution".


Trump faces pressure from Republicans to drop 'Corrosive' fight to overturn election

The Guardian - Page Online : 23 November 2020 - Original article by Miranda Bryant - PortMac.News Summary

Donald Trump is under increased pressure from Republicans to abandon his attempts to overturn the result of the recent US presidential election over what he contends was major voter fraud.

HR McMaster, a former national security adviser to Trump, has described his efforts as "corrosive" and creating doubt among the electorate, while John Bolton, another former national security adviser to Trump, claims Trump is the "political equivalent of a street rioter".

Maryland's Republican governor Larry Hogan says the US is starting to look like a banana republic.


Consumer groups savage responsible lending plan

The Australian Financial Review - Page 19 : 23 November 2020 - Original article by Paul Smith - PortMac.News Summary

The federal government's proposed changes to responsible lending laws have been attacked by a consortium of consumer rights advocacy groups.

In a submission to the government's inquiry into the proposed changes, the groups have labelled them as "fundamentally defective".

They note that the changes represent a direct contradiction of the banking royal commission's first recommendation, namely that the National Consumer Credit Protection Act should not be revised to alter the "obligation to assess unsuitability".


Dividend payouts fall 50% in quarter

The Australian - Page 15 : 23 November 2020 - Original article by Cliona O'Dowd - PortMac.News Summary

Data from Janus Henderson shows that Australian-listed companies paid out $US9.6bn ($13.4bn) worth of dividends in the September quarter, which is 47.8%t lower than the same period in 2019.

This was primarily due to reduced dividends from three of the major banks, while a number of companies chose to withhold dividends. Jane Shoemake of Janus Henderson says payout ratios in Australia were too high and a "reset" was needed.

Janus Henderson expects dividend payouts to rise in the second quarter of 2021.


Victoria to host AGL's next big battery plant

The Australian Financial Review - Page 17 : 23 November 2020 - Original article by Angela Macdonald-Smith - PortMac.News Summary

AGL Energy is expected to announce on 23 November that it intends to install a battery system of up to 200 megawatts at the site of its Loy Yang power station in Victoria.

The project will help to advance AGL's recently announced goal of developing 850MW of grid-scale storage within four years and is the second such system announced for Victoria in the last few weeks, with French company Neoen having stated it will install a battery in Geelong with output of 300MW.


Australian travel reboot off to a flying start

The Australian - Page 5 : 23 November 2020 - Original article by Robyn Ironside - PortMac.News Summary

Melbourne Airport CEO Lyell Strambi says he is very excited about the reopening of the New South Wales border to Victoria, with flights between Melbourne and Sydney increasing from just four a day to 42.

Strambi says Melbourne Airport will reach around 33 per cent of its normal activity level in December, having been down to less than one per cent at one point.

Qantas Group CEO Alan Joyce says the reopening of the NSW-Victoria border is a "big milestone in Australia opening back up", while Virgin Australia pilot Robert Ricketts undertook his first flight since May on 22 November.


News firms in stand for fairer future

The Australian - Page 19 : 23 November 2020 - Original article by James Madden - PortMac.News Summary

Some of Australia's top media industry executives have jointly signed an 'open letter' to the federal government expressing support for its proposed media bargaining code.

The letter also outlines the features that must be included in the code to ensure a level playing field between traditional media companies and digital platforms such as Facebook and Google.

Seven West Media CEO James Warburton, News Corp Australia executive chairman Michael Miller and Free TV CEO Bridget Fair are amongst those who signed the letter, which will be published in all major metropolitan newspapers on 23rd of November.


'User pays' rule applies to tech giants cashing in on local news content

The Australian - Page 10 : 23 November 2020 - Original article by Gregory Hywood - PortMac.News Summary

Australians depend on trusted local news, and this has never been more evident than in 2020, with people eager to access news about floods, bushfires and the pandemic.

However, public interest journalism is seen as being under threat from reduced traditional media advertising revenue, while the advertising revenue of Facebook and Google has increased significantly.

They make a lot of money due to people searching for news content, but they are not paying Australian media companies for this content.

Legislation being considered by federal cabinet would require Google and Facebook to negotiate fair payment with local media outlets for news content.


Open delay a serious blow to Nine's plans for the year

The Australian - Page 19 : 23 November 2020 - Original article by James Madden, Emily Ritchie - PortMac.News Summary

The prospect of the Australian Open being delayed due to coronavirus restrictions could prove costly for Nine Entertainment.

The grand slam tournament is traditionally a key vehicle for the host broadcaster to promote its program line-up for the new year.

Audience numbers are also likely to be affected if the Open is shifted from mid-January to late February or March, when the official ratings year will have begun.

Media analyst Martin Hickson of 1851 Capital says Nine should seek to renegotiate its broadcasting rights deal with Tennis Australia.

Some top tennis players have warned that the Open will have to be cancelled if training is prohibited during the mandatory quarantine period.


Optus unruffled by Stan offer

The Australian - Page 15 : 23 November 2020 - Original article by Lilly Vitorovich - PortMac.News Summary

Optus Sport has about 867,000 active subscribers at present, and Optus executive Clive Dickens says the telco expects this to top one million when the pay-TV channel broadcasts the European Football Championship in mid-2021.

Dickens is not unduly concerned by the impending launch of Stan Sport; he contends that Optus Sport offers a different range of sports and is primarily focused on European soccer.

He adds that Stan Sports will face strong competition from Fox Sports and Foxtel's own Kayo sports streaming service.


BritBox piles into crowded market

The Australian - Page 19 : 23 November 2020 - Original article by Lilly Vitorovich - PortMac.News Summary

The subscription video-on-demand joint venture between the BBC and commercial rival ITV has been launched in Australia.

BritBox will available at a flat rate of $8.99 per month, which is slightly lower than the basic plans of established rivals Stan and Netflix.

The BritBox streaming service will feature classic and new British drama and comedy programs, including some exclusive content.

Subscribers will be able to use up to four screens simultaneously.


AAP enlists aid for crackdown on copyright

The Australian Financial Review - Page 30 : 23 November 2020 - Original article by Max Mason - PortMac.News Summary

Australian Associated Press has asked media monitoring platform Streem to seek out unlicensed use of its journalism.

AAP CEO Emma Cowdroy believes this is only fair to its paid subscribers, while she notes that news gathering is very expensive.

Streem CEO Elgar Welch notes that news publishers have already used it to shut content down, and he says that the view of Streem is that its interests are very much in alignment with those of publishers.


Tracking tool error adds to Facebook woes

The Australian - Page 19 : 23 November 2020 - Original article by David Swan - PortMac.News Summary

Social media company Facebook will provide advertisers that are significantly impacted by an error in some of its free tracking tools with an advertising credit coupon.

The error resulted in some of the tools providing false data for a year, resulting in Facebook's advertising clients getting misleading marketing figures.

Facebook has had to apologise in the past for misrepresenting its statistics, while Facebook Australia director Paul McCrory says the error impacted less than 0.1 per cent of advertisers in Australia.


Iron ore miners dig in for fight over capacity at Port Hedland

The Australian Financial Review - Page 18 : 23 November 2020 - Original article by Brad Thompson - PortMac.News Summary

Iron ore producers Mineral Resources, BHP, Fortescue Metals Group and Hancock Prospecting have been asked to contribute to an independent review to determine the maximum capacity of Port Hedland.

The Western Australian government wants the review to be completed by December, and it comes after the mining companies rejected the government's call for a $10 billion outer harbour to be constructed at Port Hedland.

Growth plans outlined by the four companies amount to output of at least 690 million tonnes per annum, while the government believes that Port Hedland's maximum capacity could be pushed to around 650 million tonnes.


Ellison takes on big guns with iron ore strategy

The Australian Financial Review - Page 23 : 23 November 2020 - Original article by Brad Thompson - PortMac.News Summary

Mineral Resources MD Chris Ellison outlined his plans for the mining services provider and iron ore and lithium producer at its AGM in the week ending 20 November.

He forecast that its core mining services business would double in size in the next two years, while he stated that its strategy centres around owning and operating "long-term sustainable infrastructure".

Ellison said that is where Mineral Resources intends to make its money, while he said he is not perturbed by China's plans to build iron ore mines in the African country of Guinea.


China makes first step towards taking control of world copper market

smallcaps.com.au - Page Online : 23 November 2020 - Original article by Robin Bromby - PortMac.News Summary

The Shanghai International Energy Exchange has launched a yuan-denominated copper futures contract that is available to foreign traders.

Copper is the world's most traded metal, while China uses over 50 per cent of the world's supply, up from just 12 per cent 20 years ago.

It would appear that China is trying to challenge the London Metal Exchange's dominance of trade in copper, while the new contract could be seen as China trying to extend the international role of the yuan.


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