Latest updates on Key Economic Indicators

Australian Dollar: $0.6957 USD (up $0.0035 USD)

Iron Ore Aug Spot Price (SGX): $106.00 USD (up $2.15 USD)

Oil Price (WTI): $96.41 USD (up $1.71 USD)

Gold Price: $1,719.75 USD (down $7.65 USD)

Copper Price (CME): $3.3650 (up $0.0425 USD)

Bitcoin: $22,166.57 (down 2.51% in the last 24 hours)

Dow Jones: 31,990.04 (90.75 points up on Friday's close)

All changes compared to 7am yesterday.

Moscow's 'Overarching goal' is to oust Zelensky says Lavrov

abc.net au - Page Online : 26 July 2022 - PortMac.News Summary

Comments made by the Kremlin in the early stages of its war on Ukraine suggested that it was not seeking to overthrow the government of President Volodymyr Zelensky.

However, Russian Foreign Minister Sergei Lavrov has told envoys at an Arab League summit in Cairo that ousting Zelensky's government is its 'Overarching goal' in Ukraine.

Lavrov labelled it as being an "Absolutely unacceptable regime", while he claimed that the West has insisted that Ukraine must not enter into any negotiations to end hostilities until Russia is "Defeated on the battlefield".

U.S. Rep. Adam Smith: 'Putin Is Not Inclined To Stop At Ukraine'

U.S. Rep. Adam Smith, the chair of the House Armed Services Committee, told RFE/RL that Russian President Vladimir Putin "is a profound threat not just to Ukraine, but to world peace and stability."

Regarding Ukraine's leader, the congressman added that he was "incredibly impressed by President Zelenskiy, his courage and his leadership." Smith made the comments on July 23 during a visit to Kyiv with several other members of Congress.

Russia's Gazprom tightens squeeze on gas flow to Europe

Russia tightened its gas squeeze on Europe on Monday as Gazprom said supplies through the Nord Stream 1 pipeline to Germany would drop to just 20% of capacity.

Gazprom said flows would fall to 33 million cubic metres per day from 0400 GMT on Wednesday - a halving of the current, already reduced level - because it needed to halt the operation of a Siemens gas turbine at a compressor station on instructions from an industry watchdog.

Germany said it saw no technical reason for the latest reduction, which comes as Russia and the West exchange economic blows in response to what Moscow calls its special military operation in Ukraine.

First Stormer HVM air defense systems arrive in Ukraine

The first six Stormer HVM air defense systems have arrived in Ukraine and are already being used on the front line.

"The first six Stormer HVM air defense systems have arrived at the front in Ukraine. The British 'invisible' Stormer HVM air defense systems can 'see' enemy attack aircraft at a distance of up to 18 km," their post reads.

According to the report, these systems are called "invisible" because of their ability to guide missiles at the target in semi-automatic mode.

"This makes the air defense system in the literal sense of the word 'invisible' to onboard sensors on enemy helicopters and aircraft," the report said.

It's a phony US recession, but a real one is coming

The Australian - Page 13 & 20 : 26 July 2022 - Original article by Adam Creighton - PortMac.News Summary

The US economy is expected to contract by 1.6% as measured by GDP in the June quarter, following a 1.6% contraction in March.

Two consecutive quarters of negative growth is the traditional definition of a recession, but many would see it as a phony one, as they consider that GDP no longer reflects economic reality.

However, observers consider that a real recession is not far away, with former US Treasury secretary Larry Summers among those of that view.

He also thinks it is unlikely that the US will have a "Soft landing" as the Federal Reserve tries to strangle the economy - and inflation - by tightening the monetary screws.

Central banks roasted over inflation

The Australian Financial Review - Page 4 : 26 July 2022 - Original article by John Kehoe - PortMac.News Summary

Former Reserve Bank of New Zealand governor Graeme Wheeler has claimed that the excessive stimulatory monetary policies that central banks adopted during the pandemic contributed significantly to the inflation surge that is now impacting much of the world.

His attack on central banks comes as Treasurer Jim Chalmers launches an independent review of the Reserve Bank of Australia, and as the RBA launches an internal review of its pandemic-era policies.

Keating says Pelosi visit to Taiwan would be 'Foolish and dangerous'

The Australian Financial Review - Page 10 : 26 July 2022 - Original article by Andrew Tillett - PortMac.News Summary

US House of Representatives Speaker Nancy Pelosi is planning a visit to Taiwan, despite urgings by President Joe Biden for her not to do so, with Biden citing military concerns.

US security officials are concerned that any visit by Pelosi, who is the third-highest ranking leader in the US behind the president and vice-president, could be seen as provocative by China and might see it respond with military action.

Former Australian Prime Minister Paul Keating is also warning Pelosi not to visit Taiwan, saying it would be "Hard to imagine a more reckless and provocative act", given the advice by US officials that she not do so.

Marles on the attack in revival of defence

The Australian - Page 2 : 26 July 2022 - Original article by Greg Sheridan - PortMac.News Summary

Defence Minister Richard Marles has confirmed that the federal government's intention is for the eight nuclear-powered submarines that are being acquired under the AUKUS alliance with the US and the UK to be built in Australia.

Marles also wants to bolster the Australian Defence Force's firepower in the more immediate future, saying that the long-established viewpoint that if anyone wanted to do Australia harm it would get 10 years' warning no longer applies.

Marles says the ADF needs to have the capability to defend the continent, "dominate our national approaches", secure sea lanes and earn Australia international respect.

Fair Work slams CFMEU 'Abuse of power'

The Australian Financial Review - Page 1 & 4 : 26 July 2022 - Original article by David Marin-Guzman - PortMac.News Summary

The Fair Work Commission has barred a construction union official from entering work sites over his conduct at a Gold Coast construction project in 2020.

CFMEU organiser Luke Gibson had previously faced court over the incident, in which he had intimidated workers and attempted to block a concrete pour.

FWC deputy president Val Gostencnik suspended Gibson's permit to enter work sites for five months, arguing that a harsher penalty than the minimum suspension of three months was warranted.

Airport chaos as strikes loom

The Australian - Page 3 : 26 July 2022 - Original article by Robyn Ironside, Liam Mendes - PortMac.News Summary

Airline passengers may face disruptions at Australia's major airports if proposed industrial action by baggage handlers goes ahead.

Qantas, Singapore Airlines and Etihad are among the carriers that could be affected by the potential strike action by employees of ground-handling firm Dnata; they will apply to the Fair Work Commission to hold a ballot on industrial action over a proposed new enterprise agreement.

Qantas engineers are also currently voting on a proposed series of 12-hour strikes.

Casuals to get violence leave too

The Australian Financial Review - Page 4 : 26 July 2022 - Original article by Tom McIlroy - PortMac.News Summary

Casual workers will have the same entitlement to paid domestic violence leave as full-time and permanent workers under legislation to be introduced into federal parliament on 28 July.

The legislation will take effect from 1 February, although small businesses will be given six months to comply with the new rules.

Violence against women and children costs the economy an estimated $22 billion a year, while Employment Minister Tony Burke says women who experience family and domestic violence are more likely to be employed in casual work.

The legislation will give over 11 million Australian workers access to 10 days of paid family and domestic violence leave each year.

Climate claim raises stakes in Peak Stupid

Herald Sun - Page 37 : 26 July 2022 - Original article by Terry McCrann - PortMac.News Summary

There is growing evidence to suggest that Australia may have reached 'Peak stupid'. This is exemplified by the Victorian government's proposal to import LNG from Queensland, despite the huge untapped onshore gas reserves in the Gippsland region.

Meanwhile, the bulk of that LNG in Queensland is currently exported, primarily to China - a country that is building new coal-fired power stations at a time when Australia is shutting them down.

Indeed, Australia's total electricity generation from all sources was around 265 Terawatt hours in 2021, while global coal-fired generation increased by 908TWh.

ADF's Chinese-made uniform shame

Herald Sun - Page Online : 26 July 2022 - Original article by Mark Dunn - PortMac.News Summary

The Australian Defence Force has an annual clothing budget of between $90m and $100m.

It has been revealed that the ADF spends about $14m a year on clothing and apparel that is made in China, including service dress uniforms for army, navy and air force personnel.

However, the federal government requires certain items of clothing to be made in Australia, including standard combat uniforms and the iconic slouch hat.

Peter Jennings of the Australian Strategic Policy Institute contends that military uniforms and equipment should only be sourced locally or from "Like-minded democracies".

The Australian Federal Police also sources about 34% of its uniforms and equipment from China.

Aged care sector warns ADF assistance not enough to address 'Stark' staff shortages

The Guardian Australia - Page Online : 26 July 2022 = Original article by Josh Butler, Christopher Knaus - PortMac.News Summary

The federal government has announced it will extend Australian Defence Force support for aged care facilities until the end of September, as well as increasing the number of potentially available ADF personnel by more than 200.

Industry group the Aged & Community Care Providers Association has welcomed the extra ADF support but suggests it will not be enough to offset the number of aged care staff that are off work sick with COVID.

The announcement of extra ADF help came as federal aged care minister Anika Wells stated there were 983 outbreaks in residential aged care facilities as of 25 July.

Carmakers call for carbon target

The Australian - Page 13 & 16 : 26 July 2022 - Original article by Cameron England - PortMac.News Summary

The Federal Chamber of Automotive Industries has urged the new federal government to introduce stricter emissions targets in order to boost the uptake of electric vehicles.

The FCAI has warned that car-makers will increasingly opt to bypass the Australian market and give priority to exporting low-emissions vehicles to countries that have emissions targets.

Modelling undertaken by S&P Global on behalf of the FCAI suggests that unless the government takes action, electric cars will account for just 76% of new vehicle sales in 2030; fully electric vehicles are forecast to account for just 18% of sales.

Crown hopes for change of luck with Sydney casino opening

The Australian Financial Review - Page 15 : 26 July 2022 - Original article by Simon Evans - PortMac.News Summary

Crown Resorts is set to open part of its new casino at Barangaroo in Sydney on 8 August.

Crown had received clearance to open the casino floors at the Barangaroo complex in late June, in the wake of government inquiries into the company in NSW, Victoria and Western Australia.

The casino's Crystal Room will open on 8 August, while a date for the Mahogany Room to open has yet to be announced.

The conditional licence for the Barangaroo casino will remain in effect until the end of 2023.

Tabcorp considers gaming services sale

The Australian - Page 13 & 17 : 26 July 2022 - Original article by Tansy Harcourt - PortMac.News Summary

Tabcorp is believed to be considering selling or part of Intecq, the gaming services company that it bought for $128 million almost eight years ago, with Tabcorp seeking to streamline its operations so that it can concentrate on the wagering side of its business.

Intecq has two main operations, with one being a monitoring and compliance business for Queensland gaming and the other providing gaming and promotional management systems to clubs, pubs and casinos.

It is understood that it is the latter operation that Tabcorp is looking to sell

Sydney councils in fierce battle over future home of SBS

The Sydney Morning Herald - Page Online : 26 July 2022 - Original article by Michael Koziol - PortMac.News Summary

The federal government has commissioned a feasibility study on whether the Special Broadcasting Service should relocate from its present location in Artarmon on Sydney's north shore to Western Sydney.

Should the study recommend that SBS shift its home to Western Sydney, at least four councils in that part of Sydney are lobbying to house it, including Canterbury-Bankstown and Parramatta.

Artarmon is located within Willoughby City Council, which is keen not to lose SBS and will lobby against any move to relocate it.

Splendour in the Grass organisers say 'We did the best we could'

abc.net au - Page Online : 26 July 2022 - Original article by Heath Parkes-Hupton, Rani Hayman - PortMac.News Summary

Splendour in the Grass co-founder Jess Ducrou says its insurance would have enabled it to cancel the entire event, meaning that its decision to proceed with the festival after its main events on 22 July were cancelled because of wet weather was not motivated by money.

Ducrou says that Splendour in the Grass will "Definitely" be back in 2023, while patrons can expect refunds for events that were cancelled on 22 July, as would those who had pre-booked buses from the Splendour in the Grass festival site on both 22 and 23 July.

Auction sales plunge as property downturn bites

The New Daily - Page Online : 26 July 2022 - Original article by Matthew Elmas - PortMac.News Summary

Data from CoreLogic show that the national residential auction clearance rate for the June quarter was just 60.8%.

This is 17.9% lower than the same period in 2021, despite the number of homes being put up for auction being the second-highest on record.

Tim Lawless of CoreLogic says the data highlights the impact of rising interest rates and weak consumer sentiment; he notes that the traditional downturn in the auction market during winter may be exacerbated in 2022 due to falling house prices in the major capital cities.

However, property experts believe that suburbs in the growth corridors of large cities will be resilient.

ASX EML plunges again as market posts tiny loss

The Australian Financial Review - Page 28 : 26 July 2022 -Original article by Vesna Poljak - PortMac.News Summary

The Australian sharemarket drifted lower on 25 July, with the S&P/ASX 200 easing 1.6 points to close at 6,789.9 points. 

Oz Minerals shed 3.7% to end the session at $17, Nanosonics fell 7.8% to $4.26 and EML Payments was down 22% at $0.93.

However, BHP added 1.6% to finish at $37.35 and Genex Power rose 44.4% to $0.195 in response to a takeover bid.