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Mikhail Gorbachev speaks | Biden 'Better' | Caroline Kennedy to Solomons | 300,000 new cases & 500 deaths | Inflation 6.3% | US jets to Ukraine? | $A, Iron, Bit-coin & Copper Up; Oil & Dow Down

Source : PortMac.News | Independent :

Source : PortMac.News | Independent | News Story:

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25-07-22 | 300k Cases | Gorbachev | Biden | Kennedy | $A Up
Mikhail Gorbachev speaks | Biden 'Better' | Caroline Kennedy to Solomons | 300,000 new cases & 500 deaths | Inflation 6.3% | US jets to Ukraine? | $A, Iron, Bit-coin & Copper Up; Oil & Dow Down

News Story Summary:

Latest updates on Key Economic Indicators

Australian Dollar: $0.6922 USD (down $0.0008 USD)

Iron Ore Aug Spot Price (SGX): $103.85 USD (up $6.20 USD)

Oil Price (WTI): $94.70 USD (down $1.85 USD)

Gold Price (22 Jul): $1,727.44 USD (up $8.18 USD)

Gold Price (25 Jul): $1,727.40 USD (down $0.04 USD)

Copper Price (CME): $3.3225 (up $0.0120 USD)

Bit-coin: $22,755.20 (up 1.91% in the last 24 hours)

Dow Jones: 31,899.29 (137.61 points down on Thursday's close)

All changes compared to Friday, except gold and Bitcoin.


Mikhail Gorbachev, last leader of the Soviet Union, comments for the first time on Russia’s war in Ukraine.

Journalist Alexey Venediktov, a close friend of the last Soviet president, 91-year-old Mikhail Gorbachev, said he was horrified to see Putin destroy his life’s work.

“I can tell you that Mikhail is disappointed, of course. It was his life’s work.

Freedom is Gorbachev’s business,” the journalist said, recalling the policy of "Perestroika" and "Glasnost", which included, in particular, freedom words and creeds.

Now, according to the journalist, “Gorbachev’s legacy” has been destroyed by Putin’s policy.

Venediktov recoounted that when Gorbachev headed the USSR in 1985-1991, there were 4,000 NATO Rapid Reaction Force troops in Europe.

“Now NATO has announced that there will be 300,000 people here by the end of next year,” he said.

Ukraine forces advancing towards occupied Kherson

Ukraine's President Volodymyr Zelensky says his forces are advancing "Step by step" into the occupied southern region of Kherson.

Kherson city fell to Russia early in the war and sits on a strategic location west of the Dnipro river.

The Ukrainian advance meant that Russian supply lines west of the river were "increasingly at risk", according to their assessment.

Earlier this month, Ukraine's Deputy Prime Minster Iryna Vereshchuk urged Kherson residents to evacuate the city as soon as possible to avoid becoming trapped in the city during a counteroffensive in southern Ukraine.

"It is necessary to do so for the Armed Forces of Ukraine not to endanger the civilian population during offensive operations," she said.

Russian tank attack in eastern Ukraine kills 2 Americans, Canadian and Swede

Two Americans, a Canadian and a Swedish citizen were killed this week when a Russian tank opened fire on them during an hourslong battle at the frontline in the eastern Donetsk region, their commander confirmed.

Ruslan Miroshnichenko, the foreign fighters’ commander, said Saturday that the Americans killed were Luke “Skywalker” Lucyszyn and Bryan Young.

He said they were killed alongside Emile-Antoine Roy-Sirois of Canada and Edvard Selander Patrignani of Sweden on July 18.


Sherman & Kennedy to visit Solomons, where fathers fought

U.S. Deputy Secretary of State Wendy Sherman and U.S. ambassador to Australia Caroline Kennedy plan next month to visit the Solomon Islands, where their fathers fought in World War Two and the United States is now in a modern-day battle for influence with strategic rival China.

Sherman and her delegation will commemorate the 80th anniversary of the Battle of Guadalcanal during her Aug. 6-8 visit, and meet with senior officials "To highlight the enduring relationship between the United States and Solomon Islands" and the opening of a U.S. Embassy in the capital Honiara, a senior State Department official told Reuters on Sunday.


Budget blow as inflation tipped for 32-year high

The Australian Financial Review - Page 4 : 25 July 2022 - Original article by Michael Read - PortMac.News Summary

Data to be released on Wednesday is expected to show that Australia's headline inflation rate rose to 6.3% in the year to June.

This would be its highest level since December 1990.

The Treasury had forecast prior to the federal election that inflation would peak at just 4.25% in the year to June.

Meanwhile, consumer prices are forecast to have increased by 1.9% in the June quarter. Treasurer Jim Chalmers - who will deliver an economic statement to parliament on Thursday - has indicated that the inflation rate is likely to reach seven per cent, in line with the Reserve Bank's forecast.


Masks remain voluntary as Covid spreads

The Australian Financial Review - Page 3 : 25 July 2022 - Original article by Patrick Durkin - PortMac.News Summary

The NSW and Victorian governments have ruled out the reintroduction of face mask mandates, despite the rising COVID-19 caseload nationwide.

Victorian Premier Daniel Andrews has asked people to take "Common sense" precautions to avoid infection; NSW counterpart

Dominic Perrottet contends that mandates were appropriate when vaccination rates were lower, but they are no longer needed.

More than 300,000 new COVID-19 cases have been recorded nationwide in the last week, as well as more than 500 deaths; 36 deaths were reported on Sunday, including 14 in NSW and 12 in Victoria.


 

Projects stalled as Labor blocks $1.3bn in grants

The Australian - Page 4 : 25 July 2022 - Original article by Geoff Chambers - PortMac.News Summary

Labor is conducting a 'value for money' review of grants awarded under the former Coalition government's $1.3 billion modern manufacturing initiative.

Labor has committed to honouring existing contracts, but opposition industry and skills spokeswoman Sussan Ley says that many grant recipients are "In the dark" over whether their funding will be approved.

Ley said the initiative is aimed at boosting Australia's sovereign capability in areas such as food security and vaccination, while a spokesman for Industry Minister Ed Husic says he wants to ensure that grants awarded under the initiative will deliver value for money.


Report reveals foot-and-mouth 'Catastrophe'

The Australian - Page 2 : 25 July 2022 - Original article by Charlie Peel, Sarah Ison - PortMac.News Summary

A report produced on behalf of Regional Development Australia's Central and Western Queensland division has highlighted the impact that a foot-and-mouth disease outbreak would have on the region, which is the nation's biggest source of beef.

The report warns that an outbreak would cost the region's economy about $1.1bn and result in the loss of nearly 34,000 jobs.

Tony Gambling of the RDA CWQ has emphasised the need to prevent FMD from reaching Australia.

Prime Minister Anthony Albanese has ruled out closing the nation's borders to Indonesia, which is dealing with a major outbreak.


Cormann warns on climate targets

The Australian - Page 5 : 25 July 2022 - Original article by Sarah Ison - PortMac.News Summary

Former Australian finance minister and current OECD Secretary-General Mathias Cormann says Russia's "Unprovoked, unjustifiable and illegal" invasion of Ukraine is having a very bad impact on the world economy.

He also says that measures being put in place to deal with the rising energy costs that have resulted from the Ukraine war should only be short-term ones, and that countries need to remain focused on long-term climate targets so that carbon neutrality can be achieved by the middle of the century.


Special envoy for disaster recovery named

The Australian - Page 6 : 25 July 2022 - Original article by Sarah Ison - PortMac.News Summary

Prime Minister Anthony Albanese has appointed Labor Senator Tony Sheldon to the newly created role of Special Envoy for Disaster Recovery.

Albanese says Sheldon will work alongside Min­ister for Emergency Management Murray Watt in ensuring that appropriate support is delivered to impacted communities when natural disasters strike, with Albanese saying that the creation of the new role demonstrates how seriously Labor is taking natural disasters.

Sheldon's appointment comes as the Bureau of Meteorology has predicted that the east coast of Australia is likely to be affected by further flood events over the period from August to October.


ATO declares $12b win on multinationals

The Australian Financial Review - Page 1 & 4 : 25 July 2022 - Original article by Phillip Coorey - PortMac.News Summary

Commissioner of Taxation Chris Jordan has compared tax avoiders to drug cheats, with his comments coming after the ATO and Rio Tinto reached a $1 billion settlement in the week ending 22 July.

Jordan says the 'Model' that resource companies have been using to avoid tax has been broken by the ATO, resulting in savings to taxpayers of around $12 billion.

Jordan says that getting multinationals to change their behaviour in terms of their tax affairs is far preferable to the ATO having to do constant audits of them.


Australia a haven for Cambodian regime's 'Dirty money'

The Australian - Page 1 & 6 : 25 July 2022 - Original article by Stephen Rice - PortMac.News Summary

Anti-corruption campaigner Bill Browder has called for the Australian Federal Police and anti-money-laundering agen­cy AUSTRAC to examine the flow of funds into Australia from members of Cambodia's Hun Sen regime and their families.

Cambodian Prime Minister Hun Sen has presided over his country with an 'iron fist' for over 35 years, but corruption and human right abuses have become increasingly widespread in recent years.

Browder says the Hun Sen regime should be targeted for sanctions under Australia's Magnitsky laws, which are aimed at preventing corrupt foreign officials and human rights violaters from transferring funds out of their own country and investing them in Western countries.


Poor port 'A threat to Antarctic role'

The Australian - Page 7 : 25 July 2022 - Original article by Matthew Denholm - PortMac.News Summary

Australian Antarctic Division chief Kim Ellis says the Port of Hobart cannot properly support the 'RSV Nuyina', which is Australia's new $528 million new icebreaker resupply vessel and which Ellis says is the "Centrepiece" of Australia's Antarctic Program.

Ellis says Hobart's ageing wharves are in need of major upgrades, with his comments backed up by Tasmanian Polar Network chairman Richard Fader, who says they need around $120 million worth of repairs.


McDonald's serves $1000 sign-ons

The Australian Financial Review - Page 8 : 25 July 2022 - Original article by Patrick Durkin - PortMac.News Summary

Fast-food giant McDonald's Australia has joined the growing number of companies that are offering sign-on bonuses to attract staff.

The group's Chatswood store in Sydney has recruited a number of new employees by offering a $1,000 incentive, as well as via initiatives such as its refer-a-friend scheme.

Meanwhile, burger rival Grill'd is offering a $10,000 sign-on bonus for the role of assistant restaurant manager at several of its outlets in Melbourne, while nurses are being offered sign-on bonuses of $15,000 to work in corrections facilities in Sydney and Melbourne.


Banks vow to fix scam aid 'Lottery'

The Australian - Page 7 : 25 July 2022 - Original article by Jill Rowbotham - PortMac.News Summary

The Australian Competition & Consumer Commission's Scamwatch has found $205 million was lost to con artists in the first four months of 2022, 166% up on the same time in 2021.

The surge in scams has prompted the banking sector to improve its dealings with scam victims, with consumer groups telling a recent Law Council of Australia seminar that getting money back when a victim has authorised a transaction as part a scam is a bit like a "Lottery".

Consumer Action Law Centre CEO Gerard Brody says banks need to take a greater share of the liability when it comes to authorised bank transfer scams, as this would give them more incentive to provide greater prevention and detection measures.


Australia remains an AI laggard

The Australian Financial Review - Page 10 : 25 July 2022 - Original article by Gus McCubbin - PortMac.News Summary

Committee for Economic Development of Australia CEO Melinda Cilento claims that local firms are "Lagging in sophistication" when compared to their overseas counterparts when it comes to the adoption of artificial intelligence.

She was commenting on a CEDA report, which has found that only 34% of Australian firms are using AI in their operations.

Cilento contends that good governance of AI is essential to its ongoing success for business and the community, with trust in AI very hard to restore if it has been lost.


Soccer fails to fix Ten's ratings woes

The Australian - Page 20 : 25 July 2022 - Original article by Sophie Elsworth - PortMac.News Summary

Data from OzTAM shows that the Seven Network comfortably topped the ratings during 6pm to midnight timeslot on Saturday.

Seven's audience share was 20.6%, ahead of Nine with 16.8% and the ABC on 11.2%.

The Ten Network's audience share for the evening was just 4.8%, which included its broadcast of the Perth soccer friendly between Manchester United and Aston Villa.

A spokeswoman says Ten's Winter Festival of Football has rated well across its platforms, which also include 10 Play and the Paramount+ subscription video service.


Anderson rejects ABC 'Vigilante' label

The Australian - Page 19 : 25 July 2022 - Original article by Sophie Elsworth - PortMac.News Summary

ABC managing director David Anderson has rejected claims that the public broadcaster has an anti-conservative bias and that it engages in "Vigilante journalism".

Anderson was speaking to Sky News presenter and 'The Australian' journalist Chris Kenny as part of an upcoming Sky News documentary called 'Your ABC Exposed', in which Kenny cites a number of attacks by it on Coalition MPs as evidence that the ABC has an agenda against the conservative side of politics.

Anderson says that what some might see as vigilante journalism, he sees as holding people to account.


Murdoch papers turn against Trump

The Australian Financial Review - Page 13 : 25 July 2022 - Original article by Mark Mulligan - PortMac.News Summary

Editorials in both 'The Wall Street Journal' and 'The New York Post' have condemned Donald Trump over his lack of action on the day of the attacks on the Capitol on 6 January 2021.

The critical editorials followed the revelations at the Congressional hearing into the attacks that Trump watched it for hours on television, ignoring calls from his children and other close advisers for him to urge his supporters to cease the attack.

Both newspapers are owned by the Murdoch media empire, and their attack on Trump is in contrast to Fox News, which is also owned by Murdoch and which has labelled the hearings as a 'Partisan witch hunt'.


Clearance rates down

The Australian Financial Review - Page 10 : 25 July 2022 - Original article by Michael Bleby - PortMac.News Summary

Preliminary data from CoreLogic shows that Sydney's residential clearance rate was 56.6% in the week to Saturday, lower than the previous week.

Melbourne's preliminary clearance rate was 57%, up from 55.6% a week earlier. The national clearance rate was 56.1%, compared with 56.4% previously, with the final clearance rate for the week revised down to 53%.

Melbourne buyers' agent Emma Bloom says there is a two-speed housing market at present, with the top end remaining strong and activity slowing at the bottom end.


ASX Investors brace as interest rates on growth path

The Australian Financial Review - Page 22 : 25 July 2022 - Original article by Richard Henderson - PortMac.News Summary

Futures pricing suggests that Australian equities will gain about 0.2% when the market opens on Monday.

Both the local bourse and Wall Street posted solid gains for the previous week, despite losing ground on Friday. Meanwhile, the upcoming release of CPI data for the June quarter will be a key focus for investors in the coming week.

Core inflation is tipped to have risen to 4.7%, which will heighten expectations that the Reserve Bank of Australia will increase the cash rate by 50 basis points again in August.


'News Story' Summary By : Staff-Editor-02

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