Latest updates on Key Economic Indicators

Australian Dollar: $0.7758 USD (up $0.0018 USD)

Iron Ore Feb Spot Price (SGX): $167.50 USD (up $1.36 USD)

Oil Price (WTI): $53.15 USD (down $0.13 USD)

Gold Price: $1,869.07 (up $0.05 USD)

Dow Jones: 31,239.75 at 3.05 pm NY time (up 51.37 on yesterday's close)

All changes compared to 7am yesterday.

Biden orders end of Trump era

The Australian Financial Review - Page 1 & 10 : 22 January 2021 - Original article by Jacob Greber - PortMac.News Summary

New US President Joe Biden has signed 15 executive orders in his first day in office, while Donald Trump became the first outgoing president in over 150 years not to attend the inauguration of his successor.

The executive orders signed by Biden included restoring US membership of the World Trade Organisation and scrapping a controversial oil pipeline project linking Canada to the Gulf of Mexico, on a day that saw Kamala Harris become America's first female Vice-President.

Biden also directed that masks be worn by anyone involved in interstate commerce and on all federal property.

PM cool on Qld quarantine camp idea

The Australian Financial Review - Page Online : 22 January 2021 - Original article by Andrew Tillett - PortMac.News Summary

Queensland Premier Annastacia Palaszczuk plans to raise her proposal to relocate the quarantining of returned international travellers from Brisbane hotels to regional mining camps when national cabinet meets on 22 January.

Prime Minister Scott Morrison has voiced scepticism about the idea, noting the possibility that resources workers could become infected and thus hamper Australia's economic recovery.

The meeting will also receive an update on the implementation plan for Australia's vaccine rollout from March and on quarantine arrangements for seasonal workers to be allowed into Australia to harvest fresh produce, as well as discussing the cap on international arrivals.

Calls for help as Australia extends virus-free run

The Australian Financial Review - Page 8 : 22 January 2021 - Original article by Finbar O'Mallon - PortMac.News Summary

New South Wales recorded another day of no locally acquired COVID-19 cases on 21 January, meaning Australia has now gone four days in a row without any new local cases.

Victoria has now gone 15 days without any new local cases, while Queensland has gone 10 days.

Businesses in Sydney's northern beaches area have called for JobKeeper to be extended, while the Restaurant & Caterers Association has called for an industry-focused 'HospoKeeper'.

Zali Steggall, independent federal MP for the northern beaches seat of Warringah, says any area that gets locked down should get JobKeeper.

Tourism firms call for sector aid package

The Australian Financial Review - Page 5 : 22 January 2021 - Original article by Tom McIlroy, Fiona Carruthers - PortMac.News Summary

Modelling prepared for the Tourism & Transport Forum indicates that 32,000 businesses within Australia's $50 billion tourist sector could fail in 2021 as a result of the ongoing closure of Australia's international borders and COVID-19 travel restrictions.

Tourism usually accounts for 6.6% of Australia's total exports and 2.5% of its GDP, while the Forum stated recently that state border closures had cost the sector almost $7 billion in lost business between Christmas Eve and the end of January.

The sector is urging the federal government to extend the $90 billion JobKeeper scheme beyond its scheduled end date of 28 March, although neither Prime Minister Scott Morrison or Treasurer Josh Frydenberg have shown much willingness for the scheme to be extended, even in a targeted manner.

Australia Day protesters warned to keep their distance

The Australian - Page 5 : 22 January 2021 - Original article by Stephen Rice - PortMac.News Summary

'Invasion Day' rallies are expected to be held in a number of cities on Australia Day, with over 5,000 people expected to protest against 'colonial occupation' in Sydney.

Over 4,600 people have expressed interest in attending a rally in Melbourne organised by the Warriors of the Aboriginal Resistance, while rallies are also being planned for Perth and Brisbane, and 1,800 plan to walk in a 'Survival Day' march in Adelaide.

Police have made it clear to protestors that they will enforce COVID-19 distancing rules, and will not tolerate any anti-social or criminal behaviour.

ASX up +0.8%, hits 11-month high

The Australian - Page Online : 22 January 2021 - Original article by David Rogers - PortMac.News Summary

The Australian sharemarket recorded its highest close in 11 months on 21 January, with the S&P/ASX 200 finishing up 0.8% at 6823.7.

Zip Co was up 23% after a solid second quarter update, while Afterpay rose by 5.7%. Seek rose by 3.8%, while Woolworths was up by two per cent. The National Australia Bank closed up 1.6%, as did BHP, while Wesfarmers rose by 1.5%.

Manufacturers' hopes for cheap gas dashed

The Australian Financial Review - Page Online : 22 January 2021 - Original article by Angela Macdonald-Smith, Elouise Fowler, Tom McIlroy - PortMac.News Summary

The federal government's revised Heads of Agreement with Queensland LNG gas exporters on domestic gas supply has not been well received by industrial gas buyers, with the agreement imposing little or no conditions on pricing.

Stephen Bell, the CEO of gas-dependent plastics maker Qenos, says the new agreement offers no basis for any confidence that competitive prices can be achieved, while Australian Workers' Union national secretary Daniel Walton said the agreement "sells out Australian manufacturing workers".

Federal Resources Minister Keith Pitt claims the government had never set a specific price target for gas.

Mosaic spikes on back of sales boom

The Australian - Page 17 : 22 January 2021 - Original article by Eli Greenblat - PortMac.News Summary

Shares in Mosaic Brands closed up 31.25% at $1.15 on 21 January after the fashion retailer advised that pre-tax earnings were tipped to be between $40 million and $45m for the six months to 27 December, up to 38% better than for the previous corresponding period.

Mosaic Brands has around 1,300 stores trading under names such as Rivers and Noni B, while it reported that it had recorded year-on-year online sales growth of 31%.

Hydrogen energy jackpot 'Ours if we act fast'

The Australian Financial Review - Page 6 : 22 January 2021 - Original article by Glenda Korporaal - PortMac.News Summary

Fortescue Metals chairman Andrew Forrest wants his company to become one of the world's largest renewable energy production companies.

Forrest believes hydrogen energy could become a $US12 trillion ($15.5 trillion) global industry with the right policies, and that Australia has the potential to become a world leader in the sector, "but only if it acts fast".

Forrest says green hydrogen is the purest source of energy in the world, and could replace up to 75% of emissions if the technology was improved and if the scale is there. See full story on PortMac.News today.

Facebook, Google code 'Won't breach trade pact'

The Australian Financial Review - Page 4 : 22 January 2021 - Original article by John Kehoe, Miranda Ward - PortMac.News Summary

There have been claims that proposed laws that would see Google and Facebook pay publishers for their journalism would breach the Australia-US Free Trade Agreement.

However, federal government ministers are confident that this is not the case, having received legal and international trade advice on the matter, while Nine Entertainment CEO Hugh Marks stated recently that there is "clearly no breach of the free trade agreement".

Executives from news publishers, the big digital platforms and the Australian Competition & Consumer Commission will appear before a Senate hearing on 22 January to be questioned about the proposed news media and digital platforms mandatory bargaining code.

NIDA rescued in the nick of time

The Australian Financial Review - Page 3 : 22 January 2021 - Original article by Michael Bailey - PortMac.News Summary

Acting school National Institute of Dramatic Arts (NIDA) is one of four major arts companies struggling to survive that will share $9 million in funding from the federal government's $35 million Sustainability Fund.

The Fund was announced in June as part of the federal government's $250 million arts rescue package.

The Melbourne Art Foundation, Sydney's Museum of Contemporary Art and the Melbourne Symphony Orchestra are the other three arts companies that will share the $9 million, while Mel Gibson and Cate Blanchett are two of NIDA's better-known alumni.

Calls for big tech to unmask anonymous online abusers

The Australian Financial Review - Page 4 : 22 January 2021 - Original article by Paul Smith - PortMac.News Summary

Changes to the Online Safety Act could see the eSafety Commissioner given new powers to seek identification behind anonymous accounts on digital platforms.

Individuals could be fined up to $110,000 for abusive behaviour, while content hosts could be hit with fines up to $550,000.

ESafety Commissioner Julie Inman Grant has urged the big technology platforms to do more to address the problems caused by anonymous accounts, with such accounts used by backers of the far-right conspiracy theory QAnon being prominently cited by members of the mob that recently attacked the US Capitol.

Miners sell elsewhere as China shuts door on Aussie copper

The Australian Financial Review - Page 2 : 22 January 2021 - Original article by Brad Thompson - PortMac.News Summary

China appears to have imposed an unofficial ban on Australian copper, with Chinese customs and trade data indicating no Australian copper concentrate was imported in December.

Data from the Pilbara Port Authority indicates Sandfire Resources exported no copper concentrate to China from Port Hedland in November and December; the company exported over 90 per cent of its product to China in fiscal 2020.

Although he did not make any direct comment on China, Sandfire boss Karl Simich said on 21 January that the company was having no problems moving product to other markets.