Latest updates on Key Economic Indicators

Australian Dollar: $0.7730 USD (down $0.0026 USD)

Iron Ore May Spot Price (SGX): $182.70 USD (up $5.50 USD)

Oil Price (WTI): $62.61 USD (down $0.82 USD)

Gold Price: $1,778.69 (up $7.44 USD)

Bitcoin: $56,640.24 USD (up 0.99% in last 24 hours)

Dow Jones: 33,821.30 (down 256.33 points on yesterday's close)

All changes compared to 7am yesterday.

George Floyd : Derek Chauvin guilty on all charges

The former Minneapolis Police officer who kneeled on George Floyd's neck for over 9 minutes last year was found guilty of murder and manslaughterthis morning.

Chauvin, wearing a mask in court, had no apparent reaction to the guilty verdict. His bail was revoked and he was placed in handcuffs and removed from the court through a side door.

The verdict comes about 11 months after excruciating bystander video showed Chauvin impassively kneeling on the neck and back of Floyd, handcuffed and lying prone on the street, for 9 minutes and 29 seconds on May 25, 2020.

Under the officer's knees, the 46-year-old Black man gasped for air, repeatedly exclaimed "I can't breathe" and ultimately went silent.

His final moments illustrated in clear visuals what Black Americans have long said about the ways that the criminal justice system dehumanizes Black people, setting off mass protests across the country as well as incidents of looting and unrest.

(See full story on PortMac.News today)

More clarity needed over vaccine rollout timetable

The Australian Financial Review - Page 5 : 21 April 2021 - Original article by Tom McIlroy, Ronald Mizen - PortMac.News Summary

Australia has recorded 15 new COVID-19 cases in hotel quarantine in the last 24 hours, including six in the Northern Territory and three in New South Wales.

There are currently 176 active cases nationwide. Meanwhile, a total of 67,00 vaccine doses were administered on 20 April.

Analysis suggests that, based on a national daily average of 59,000 doses over the last seven days, phases 1A and 1B of the vaccine rollout will not be completed until mid-July.

This may raise doubts regarding the federal government's proposal to fast-track vaccination for people over the age of 50, who were not scheduled to receive a jab until phase 2B under the original rollout plan.

ScoMo blocks release of instructions to ministers citing confidentiality

The Guardian Australia - Page Online : 21 April 2021 - Original article by Daniel Hurst, Paul Karp - PortMac.News Summary

Independent senator Rex Patrick has criticised the federal government's refusal to publicly release so-called 'Charter letters'.

Prime Minister Scott Morrison uses these letters to outline each minister's priorities and responsibilities in their portfolio.

Morrison's department has blocked a Freedom of Information request to access the letters, contending that they are exempt under rules governing cabinet documents.

Patrick argues that it is not unreasonable for the government to release these letters. Some state governments publicly disclose their charter letters.

Covid case fails to burst the NZ bubble

The Australian - Page 5 : 21 April 2021 - Original article by Robyn Ironside, Adeshola Ore - PortMac.News Summary

New Zealand Prime Minister Jacinda Ardern does not expect the trans-Tasman travel bubble to be affected by revelations that an Auckland Airport worker has contracted COVID-19.

The cleaner, who has been fully vaccinated, tested positive just one day after Australia and New Zealand introduced two-way quarantine-free travel.

Australian tourism industry executives have praised the governments of both countries for not closing their borders in response to a solitary case.

The source of the infection is believed to be a plane that had arrived in NZ from a high-risk country.

Possible link between Johnson & Johnson vaccine & rare blood clots

The Guardian Australia - Page Online : 21 April 2021 - Original article by Jon Henley, Ian Sample - PortMac.News Summary

Some members of the European Union are likely to impose restriction on the use of Johnson & Johnson's COVID-19 vaccine after the European Medicines Agency concluded that it may be linked to cases of blood clotting.

The EMA has reviewed eight serious cases of blood clots among people in the US who had received the vaccine, and noted that the cases were similar to those that have been reported among people who have been given the AstraZeneca vaccine, which uses the same adenovirus technology.

The EMA's executive director Emer Cooke has stressed that the benefits of the vaccines outweigh the risks of 'Very rare' side-effects.

Australian aged care workers relying on spare Covid vaccines

The Guardian Australia - Page Online : 21 April 2021 - Original article by Christopher Knaus - PortMac.News Summary

A survey of aged-care workers by the United Workers Union shows that 85% of respondents have yet to receive their first dose of a COVID-19 vaccine.

Some 36% of respondents have described the vaccine rollout as 'Poor', while 60% described it as 'Very poor'.

About 158 of the 254 respondents indicated that aged-care facilities' staff are only being offered 'Leftover' doses of the Pfizer vaccine following the inoculation of residents.

About one-third of respondents also said that understaffing was a problem on the day that residents were vaccinated.

ScoMo pushes jobs on road to net zero

The Australian - Page 1 & 4 : 21 April 2021 - Original article by Geoff Chambers, Perry Williams - PortMac.News Summary

Prime Minister Scott Morrison says the federal government will adopt a 'Technology-first' approach to reducing carbon emissions.

He will reveal plans for the government to invest in four clean hydrogen hubs in regional Australia, as well as carbon capture and storage technology.

These initiatives will cost some $540m, while Morrison says they will create 2,500 jobs.

Morrison has also committed to ensuring that the government's climate policies will not penalise industries that have high carbon emissions, such as mining and agriculture.

RBA lauds $50bn budget boost

The Australian - Page 1 & 4 : 21 April 2021 - Original article by Patrick Commins - PortMac.News Summary

The federal government had forecast a $198bn Budget deficit for 2020-21 in its mid-year economic and financial outlook.

The Department of Finance has advised that the Budget bottom line improved by $23bn during the first eight months of the financial year; some economists now expect the full-year deficit to be about $50bn lower than had been forecast in December.

Meanwhile, the Reserve Bank of Australia says the strong economic rebound has seen national GDP growth return to its pre-pandemic level.

The RBA reiterated in the minutes of its monthly board meeting that the cash rate is likely to remain on hold until at least 2024.

Super shines as economy bounces back

The Australian - Page 13 & 19 : 21 April 2021 - Original article by Cliona O'Dowd - PortMac.News Summary

Data from Chant West shows that the median growth superannuation fund achieved a return of 12.2% in the first nine months of 2020-21.

Mano Mohankumar of Chant West says super funds are on track to deliver a double-digit return for the financial year.

The median growth fund gained 3.3% in the March quarter and 2.2% so far in April. Hostplus and Sunsuper are among the growth funds that have posted returns of more than 20% so far in 2020-21.

Former US intelligence director backs Turnbull & Rudd's Murdoch inquiry

The Guardian Australia - Page Online : 21 April 2021 - Original article by Katharine Murphy - PortMac.News Summary

A former senior Obama administration official has described Rupert Murdoch's Fox News as a 'Megaphone for conspiracies and falsehoods' in the US.

James Clapper, who was the director of national intelligence for seven years, has expressed support for a push by former prime ministers Kevin Rudd and Malcolm Turnbull for a royal commission into the Murdoch media.

He contends that Australia still has time to take action to counter the 'Truth decay' that has infested the US and for which Fox News bears much responsibility.

Homes top shopping list as Australians plan splurge

The Australian Financial Review - Page 29 : 21 April 2021 - Original article by Martin Kelly - PortMac.News Summary

The Commonwealth Bank of Australia expects dwelling prices to rise by 8% in 2021, followed by 6% growth in 2022.

CBA's latest survey of consumer spending plans shows that home buying intentions rose to a record high in March, and the bank expects the home buying market to continue to be a key source of support for the Australian economy during 2021.

Meanwhile, National Australia Bank has forecast that house prices will rise by 14% in 2021.

Bitcoin plunge a game changer for gold

The Australian - Page 20 : 21 April 2021 - Original article by Robert Gottliebsen - PortMac.News Summary

The recent sharp fall in the price of bitcoin also prompted a big fall in the price of gold.

Bitcoin had risen to a record high several days earlier, as it seemed to be gaining the ascendancy among people choosing between gold and bitcoin as the best way to hedge against weakness in the US dollar.

More than $US2.25 trillion had been invested in bitcoin globally prior to the fall. In some ways, the rise of digital currencies can be likened to past mining booms.

Boost for IPO market as 'Latitude' soars

The Australian - Page 13 & 17 : 21 April 2021 - Original article by Joyce Moullakis - PortMac.News Summary

Shares in non-bank lender Latitude Financial closed at $2.70 on 20 April, 4% above the stock's listing price of $2.60.

Latitude reached an intra-day high of $2.99, and the stock finished its first day of trading with a market capitalisation of about $2.7bn.

Latitude's successful sharemarket debut after several failed attempts in the past is likely to bolster the IPO market; indeed, a number of rival non-bank lenders are considering a sharemarket float, including SocietyOne and Pepper Australia.

Afterpay mulls blockbuster US listing

The Australian - Page 17 : 21 April 2021 - Original article by David Swan, Lachlan Moffet Gray - PortMac.News Summary

'Buy now, pay later' provider Afterpay has advised that its sales rose by 104% in the March quarter, compared with the previous corresponding period.

Underlying sales in the US rose by 211%, and the company posted record underlying sales of $1bn in the US during March.

The US is now Afterpay's biggest market, and the company has flagged a potential listing on the Nasdaq; however, Afterpay has stressed that its headquarters will remain in Australia.

Afterpay had 14.6 million active users globally in the March quarter, an increase of 75% year-on-year.

ASX snaps record-breaking rally

The Australian - Page 19 : 21 April 2021 - Original article by Rebecca Le May - PortMac.News Summary

The Australian sharemarket retreated on 20 April, with the S&P/ASX 200 shedding 0.68% to close at 7,017.8 points.

Rio Tinto was down 0.54% at $120.20, the Commonwealth Bank fell 1.24% to end the session at $87.74 and Stockland lost 2.38% to finish at $4.51.

However, Fortescue Metals Group added 1.89% to close at $21.60.