Latest updates on Key Economic Indicators

Australian Dollar: $0.7293 USD (down $0.0012 USD)

Iron Ore Dec Spot Price (SGX): $123.35 USD (down $1.40 USD)

Oil Price (WTI): $42.97 USD (up $0.55 USD)

Gold Price: 1,839.21 (down $31.61 USD)

Dow Jones: 29,614.27 at 3pm NY Time (up 350.79 points on Friday's close)

All changes compared to 7am yesterday.

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Biden cabinet: Inner circle get key posts as John Kerry named climate envoy

Former US secretary of state John Kerry will act as "climate tsar" when US President-elect Joe Biden takes office.

Mr Kerry was one of several people named for top positions by the Biden transition team on Monday.

Other key picks include Avril Haines as the first woman to lead intelligence, and long-time Biden aide Antony Blinken as secretary of state - the most important foreign policy position.

It comes as calls are growing for Donald Trump to concede the election.

He has made unsubstantiated claims of widespread electoral fraud and is continuing to pursue legal challenges over the result.

Mr Kerry was chosen for the role of special presidential envoy for climate.

The Biden transition team said the position would see him "fight climate change full-time". He is also set to be the first official dedicated to climate change to sit on the National Security Council.

Mr Kerry signed the Paris climate agreement on behalf of the US in 2016. The deal committed countries to working to limit the rise in global temperature.

Under Mr Trump, the US this month became the first country to formally withdraw from the agreement. But Mr Biden has said he plans to re-join the accord as soon as possible.

Under the rules, all that is required is a month's notice and the US should be back in the fold.

In a tweet following the announcement on Monday, Mr Kerry wrote: 'America will soon have a government that treats the climate crisis as the urgent national security threat it is. I'm proud to partner with the President-elect, our allies, and the young leaders of the climate movement to take on this crisis as the President's Climate Envoy'.

Mr Kerry previously served as secretary of state during Barack Obama's second term as president.

A veteran Democratic politician, he lost to incumbent Republican George W Bush in the 2004 presidential election.

He was a senator for 28 years and chairman of the foreign relations committee.

He endorsed Mr Biden to be the Democratic Party's candidate in the 2020 race and joined him on the campaign trail.

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JobKeeper saved 700,000 jobs and kept self-employed in business, RBA says

mybusiness.com.au - Page Online : 23 November 2020 - Original article by Adrian Flores - PortMac.News Summary

JobKeeper supported around 3.5 million employees in over 900,000 businesses in its first six months, according to the Reserve Bank.

The RBA has found that one in five people who received the JobKeeper payment during that period would not have kept their job without it, and that employment would have fallen by twice as much as it did if JobKeeper had not been in place.

The RBA also notes that wage subsidies can have adverse impacts on incentives and impede " necessary labour force reallocation" if kept in place for too long.

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AstraZeneca and Oxford University reveal vaccine has 70.4% success rate

The New Daily - Page Online : 24 November 2020 - PortMac.News Summary

The final clinical trial of the COVID-19 vaccine candidate of Oxford University and AstraZeneca shows that it has an overall efficacy rate of 70.4%.

The vaccine was found to be 90 per cent effective when volunteers were given a half dose followed by a full dose a month later.

The efficacy rate fell to 62 per cent when trial participants received two full doses.

Rival vaccines from Pfizer and Moderna have a higher efficacy rate, but the Oxford vaccine can be transported at normal fridge temperatures, making it easier and cheaper to distribute.

The federal government has ordered 30 million doses of the Oxford vaccine, which will be made by CSL.

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NSW quarantine scheme at breaking point

The Australian - Page 5 : 24 November 2020 - Original article by David Ross - PortMac.News Summary

The New South Wales government's hotel quarantine scheme had cost taxpayers some $345m by the end of October.

The minutes of a meeting between government officials and representatives of security firms on 31 October have highlighted problems with the quarantine program, including a likely shortage of security personnel when international students are allowed to return to the state.

The minutes also reveal that at least four returned travellers have absconded from quarantine hotels, while there have been allegations that the employees of some security firms had falsified their time sheets.

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Berejiklian 'Breached' isolation test protocol

The Australian - Page 1 & 5 : 24 November 2020 - Original article by Yoni Bashan - PortMac.News Summary

There are claims that New South Wales Premier Gladys Berejiklian breached her state's own health guidelines on COVID-19 testing.

They require people to self-isolate while waiting on the results of a test, but it is alleged that Berejiklian held meetings with colleagues while waiting for the results of a recent test.

Her office has declined to answer questions as to when Berejiklian took the test, when she received the results, and if she took part in any meetings in the intervening period.

NSW Labor health spokesman Ryan Park says Berejiklian should clarify the timing of her test and when she got the results.

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PM: China needlessly hurting ties

The Australian Financial Review - Page 1 & 4 : 24 November 2020 - Original article by Phillip Coorey - PortMac.News Summary

Prime Minister Scott Morrison has told a British think tank that Australia has benefited from the economic rise of China, as has the global economy and China itself.

However, he said that relationships between Australia and China are being harmed by incorrect assumptions that efforts by Australia to protect its national sovereignty were being shaped by the strategic rivalry between China and the US.

Morrison was speaking to the British Policy Exchange after receiving the inaugural Grotius Prize, in acknowledgement of his work in support of the international rules-based order.

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Australia welcomes TPP interest

The Australian Financial Review - Page 10 : 24 November 2020 - Original article by Andrew Tillett - PortMac.News Summary

China has indicated that it is interested in joining the Trans-Pacific Partnership.

The move has been welcomed by the federal government, amid trade tensions between Australia and China.

The TPP currently has 11 members, and Shiro Armstrong from the Australian National University's East Asian Bureau of Economic Research says China would have to make concessions on state-owned enterprises and digital trade for it to join the TPP.

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Australia leads Five Eyes with new cyber security laws

The Australian Financial Review - Page 7 : 24 November 2020 - Original article by Yolanda Redrup - PortMac.News Summary

James North from law firm Corrs Chambers Westgarth says Australia appears to be the first country within the Five Eyes intelligence alliance to introduce 'step-up' powers.

An amendment to the Security and Critical Infrastructure Act would allow the Australian Signals Directorate to take over the response to a cyber attack if a company or organisation that is under attack is unable or unwilling to do so.

It has been suggested that the Five Eyes alliance, which also includes Canada, New Zealand, the US and the UK, is using Australia as a 'test case' for new cyber security legislation.

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Paul Keating accuses government of using Afghanistan report to bury Treasury backing for superannuation

The Guardian - Page Online : 24 November 2020 - Original article by Graham Readfearn - PortMac.News Summary

Former prime minister Paul Keating has rejected claims proposed increases to the superannuation guarantee will delay a recovery from the pandemic.

The guarantee is due to increase from 9.5%t to 10% in July 2021, with further increases due until it reaches 12% in 2025. Keating also says the federal government used the release of the report into alleged war crimes by Australian special forces in Afghanistan to hide Treasury report findings that Keating claims support an increase in the guarantee.

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Deep flaws were built into compulsory superannuation

The Australian - Page 10 : 24 November 2020 - Original article by Judith Sloan - PortMac.News Summary

Many would argue that Australia's current retirement income system is a costly one that contains a range of inequities, although it largely produces adequate retirement incomes.

One possible alternative would be to combine a universal pension with voluntary savings, which is essentially the New Zealand model.

It would likely cost taxpayers less than the present system, while creating a competitive savings market would result in lower fees than under compulsory superannuation.

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Two vital fixes for the superannuation system

The Australian - Page 21 : 24 November 2020 - Original article by Robert Gottliebsen - PortMac.News Summary

Most Australians understand what they need in retirement, although the superannuation industry is not providing for those needs.

The review of the retirement income system by former Treasury official Mike Callaghan shows that most Australians are aware that owning a home is the best retirement asset.

With this in mind, a certain proportion of money held in a super fund should be allocated to help people to buy their first home.

The Callaghan report also indicates that many retirees do not understand how to manage their 'money box' and how to access value in their house. Retirees should have access to an annuity-style product that guarantees the ability to buy a inflation-adjusted lifetime income.

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Information Age will soon change how we work

The Australian - Page 10 : 24 November 2020 - Original article by Adam Creighton - PortMac.News Summary

Australia's labour market appears to be recovering from the coronavirus-induced downturn, but the technology revolution is set to have a major impact on employment.

To date, the 'Information Age' has largely affected industries that employ relatively few people, such as media, music and entertainment, as well as some sectors of the financial services industry.

Automation is now set to revolutionise sectors such as construction, advanced manufacturing and service industries, including education.

Meanwhile, weak global wages growth reflects the declining bargaining power and usefulness of workers.

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Nats have pro-coal Labor MP in sights

The Australian - Page 4 : 24 November 2020 - Original article by Geoff Chambers - PortMac.News Summary

The National Party is to make a "week-long" blitz of pro-coal Labor MP Joel Fitzgibbon's Hunter electorate in an attempt to win the marginal seat at the next federal election.

Nationals leader Michael McCormack says it will call on Hunter voters to back a "party focused solely on them", as the Nationals seek to exploit divisions within Labor on resources and coal-fired power stations.

Fitzgibbon claims that Labor has always supported coal and other fossil fuel industries, but that it has been reluctant to say so openly.

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AGL 'Comfortable' with net zero by 2050 target

The Australian Financial Review - Page S3 : 24 November 2020 - Original article by Elouise Fowler, James Fernyhough - PortMac.News Summary

AGL Energy CEO Brett Redman has told an energy and climate summit that the electricity generator is 'comfortable' with 2050 as a target for net zero emissions.

However, Energy Minister Angus Taylor, who also took part in the summit, again declined to say when the federal government aims to achieve net zero emissions.

BP's chief economist and head of oil analysis Michael Cohen said delays in reaching net zero could cause a "disorderly move away from fossil fuels", while he claimed that politicians around the world are impeding a smooth transition to net zero.

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Hacked Sydney fund is latest victim of email cybercrime

The Australian Financial Review - Page 2 : 24 November 2020 - Original article by Angus Grigg, Jemima Whyte - PortMac.News Summary

The Australian Federal Police has reported that $174 million has been stolen from Australian businesses via 'Business Email Compromise' scams since July 2019.

There were 2,200 successful 'attacks' in the year to June, while there have been almost 2,000 attacks since then.

Sydney hedge fund Levitas Capital was forced to close as a result of an attack in September, after $8.7 million in fake invoices were mistakenly approved by its trustee and administrator.

The surge in these sort of attacks has prompted the AFP to combine with law-enforcement agencies in Europe, the UK and US in an attempt to defeat them.

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Cops denied access to documents

The Australian - Page 6 : 24 November 2020 - Original article by Yoni Bashan - PortMac.News Summary

The Australian Federal Police are investigating a foreign interference case involving New South Wales Labor MP Shaoquett ­Moselmane and his former part-time staffer John Zhang.

Both Moselmane and Zhang claimed parliamentary privilege over a range of documents being sought by the AFP, and the NSW Parliament's privileges committee ruled some of the documents should not be released to the AFP.

Moselmane had stood down from Parliament over the issue, but is now back in the Legislative Council and has had his Labor party membership restored after he presented evidence from the AFP that he was not a person of interest to the investigation.

Zhang is seen as the key focus of the investigation, and he is seeking to have the validity of search warrants that saw the AFP raid his home and office challenged in the High Court.

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NSW divides WestConnex to attract bidders

The Australian - Page 16 : 24 November 2020 -Original article by Perry Williams - PortMac.News Summary

The New South Wales government hopes to secure the best deal possible from the sale of its remaining 49%t stake in the WestConnex toll road by divesting it in two tranches.

The government has advised that it will commence a formal bidding process for the first 24% stake in the March quarter.

The Sydney Transport Partners consortium paid $9.26bn for a 51% in the toll road in 2018.

The consortium's members include Transurban Group and AustralianSuper.

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US faces 'Double-dip' recession

The Australian Financial Review - Page 9 : 24 November 2020 - Original article by Jim Tankersley, Emily Cochrane - PortMac.News Summary

Advisers to President-elect Joe Biden are urging Democrats leaders in Congress to agree to a quick stimulus deal with Senate Republicans.

The Democrats have previously called for a package of at least $US2 trillion ($2.7 trillion), while Senate Majority Leader Republican Mitch McConnell has indicated he would agree to a $US500 billion package.

The desire of Biden's advisers for a speedy agreement on a deal is motivated by the increased likelihood that the US is facing a 'double-dip' recession in early 2021. Originally published in 'The New York Times'

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Clash as banks back easier lending laws

The Australian - Page 17 : 24 November 2020 - Original article by Richard Gluyas - PortMac.News Summary

The Australian Banking Association has expressed support for changes to responsible lending laws in its submission to an inquiry into the federal government's proposed reforms.

The ABA says the reforms "strike the right balance" between protecting consumers and ensuring that credit is available.

A consortium of consumer rights advocacy groups was highly critical of the reforms in its submission, warning that more people may be sold unsuitable credit products if the changes are implemented.

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Ampol pumps 'Buy Australian' as it eyes exit

The Australian Financial Review - Page 11 & 17 : 24 November 2020 - Original article by Simon Evans - PortMac.News Summary

Ampol CEO Matt Halliday contends that consumers want to 'buy Australian' when deciding where to fill their car up with petrol.

Previously known as Caltex, the company is in the process of renaming 1,930 outlets to the historic brand, with Halliday saying the process should be finished by late 2022.

Halliday does not think the 'buy Australian' sentiment will be hurt if Ampol decides to close its Lytton refinery in Brisbane, on which a decision is likely in the June 2021 quarter. Ampol has announced plans for a $300 million off-market share buyback.

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AI marketing start-up Metigy raises $20m as virus aids growth

The Australian Financial Review - Page 19 : 24 November 2020 - Original article by Paul Smith - PortMac.News Summary

Marketing technology start-up Metigy has raised $20 million in a funding round led by Cygnett Capital.

Co-founded by David Fairfull, Greg Brine and Johnson Lin in 2015, Metigy claims to provide services to 26,000 customers in 92 countries.

It has now raised $27.1 million since it was founded, and Fairfull says an IPO is likely in around two years.

He says that COVID-19 has been helpful for Metigy, in that it has emphasised the importance of digital marketing.

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'Click to buy': New figures show the move to online shopping

Market Research Update - Page Online : 24 November 2020 - Original article by Roy Morgan - PortMac.News Summary

Roy Morgan data shows major increases in online shopping over the past 12 months, when the COVID-19 pandemic and lockdowns of varying lengths drove shoppers online.

In the 12 months to September 2019 just over 10% of clothing purchases were made online, but this rose to 26.5% for the 12 months to September 2020.

The biggest proportional jump was in the online share of children's clothing, from 6.7% to 19.9%, closely followed by men's (8.6% to 24.1%) and women's (12.4% to 29.3%).

Online as a channel for footwear purchasing all but doubled over the period, from 12.5% to 24.6%.

The online channel for small electrical goods also had a marked increase over the same period, more than doubling from 16.4% of all such purchases being made online to 35.5%.

And the percentage of TVs, home theatre and hi-fi purchases made online jumped from 22.6% to 41.5%.

Online purchasing of computers, tablets, accessories and software was already high at 42.5%, but it rose to 52.1% over that period.

The data comes from Roy Morgan Single Source, the nation's largest and longest-running program of research into consumer behaviour and attitudes, continuously conducted year-round.

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Village Roadshow shares soar on sweetened offer

The Australian Financial Review - Page 16 : 24 November 2020 - Original article by Lucas Baird - PortMac.News Summary

Shares in theme park operator and film distributor Village Roadshow closed up 17.1% at $2.87 on 23 November after private equity firm BGH Capital lifted the value of its offer to $586 million.

BGH has put forward two alternative takeover structures, and Village advised that its independent directors continue to unanimously recommend that shareholders vote in favour of both schemes.

Village will seek to delay a vote on BGH's bid until 7 December, while it advised the sharemarket in an update that its net debt was at around $311 million.

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BHP's plan to future-proof supply chain

The Australian Financial Review - Page 17 : 24 November 2020 - Original article by Brad Thompson - PortMac.News Summary

BHP's chief procurement officer Sundeep Singh says the COVID-19 pandemic has proven that supply chains are a "key source" of competitive advantage.

BHP has used analytics to help its suppliers to make their supply chains more robust during the pandemic; explosives provider Dyno Nobel is one of the suppliers that has received such help.

BHP is looking to streamline its invoicing and payments as part of new procurement processes, and is planning to move all of its suppliers on to what is essentially an e-commerce platform in order to do so.