Latest updates on Key Economic Indicators:

Australian Dollar: $0.7000 USD (up $0.0060 USD)

Iron Ore Aug Spot Price (SGX): $112.25 USD (up $0.35 USD)

Oil Price (WTI): $98.12 USD (up $2.58 USD)

Gold Price: $1,734.65 USD (up $17.34 USD)

Copper Price (CME): $3.4720 (up $0.0815 USD)

Bitcoin: $22,736.54 (up 8.20% in the last 24 hours)

Dow Jones: 32,197.59 at 4.20pm NY time (up 436.05 points on yesterday's close)

All changes compared to 7am yesterday.

Germany authorizes production of 100 Panzerhaubitze for Ukraine:

he German government has approved a request by defense company Krauss-Maffei Wegmann to produce 100 howitzers for the Ukrainian army.

Berlin’s readiness to sell such a large quantity of the Panzerhaubitze 2000 howitzer marks a significant increase in military support for Ukraine.

Germany has already delivered nine Panzerhaubitze 2000 from its army stocks to the country, and Ukrainian officials have said that the state-of-the-art weapons have already made a valuable contribution to their fight against Russia’s invasion.

Russian forces admit using phosphorus, cluster munitions in Ukraine:

According to a intercepted call made by a Russian soldier stationed in Kherson region, Russian forces are using phosphorus, cluster munitions in Ukraine.

"We sit there and listen to their radio comms. Our air defense guys say: readiness 1, two planes to arrive soon, within 10-15 minutes. And then their next message is: they have already engaged us and flew off. That's it," the caller tells his parents.

"We drop phosphorus... cluster... No one gives a damn... Everything melts there... Also, it looks beautiful at night..." the invader admits.

The Ukrainians systematically record violations of the laws and customs of war, committed by the Russians.

More than 7,000 criminal proceedings have already been initiated into such cases.

Son of Rear Admiral died on the cruiser “Moscow":

37-year-old captain-lieutenant Valery Krivorog died on the cruiser Moskva, which sank in the Black Sea in April, the Agency reports, citing three unnamed sources.

Valery Krivorog father is Rear Admiral Oleg Krivorog, commander of the 30th division of surface ships of the Black Sea Fleet, which included the cruiser “Moscow”.

According to sources, after the ship sank, Valery Krivorog was considered missing. The last time he appeared on VKontakte was on April 9, five days before the sinking of the cruiser Moskva.

Three Ukrainian ports resume work following deal on grain exports:

Three Ukrainian Black Sea ports resumed work Wednesday, Ukraine's navy said, following a UN-backed deal aimed at releasing 25 million tonnes of cereals stuck in Ukraine.

Russian energy giant Gazprom cut gas deliveries to Europe via the Nord Stream pipeline to about 20% of its capacity, German authorities said. 

Russian Prisons Say Can Replace IKEA With ‘Better, Cheaper’ Inmate-Made Furniture:

Russia’s prisons hope to replace Western brands like IKEA with products made by slave labour inmates as the government races to carry out its import substitution program, reports said Wednesday. 

State and municipal companies have signed 600 million rubles ($10 million) of contracts with penal colonies from the Middle Urals region so far this year, the local Oblastnaya Gazeta newspaper wrote.

State contracts accounted for up to four-fifths of at least one penal colony’s production. 

Economy slows as inflation bites

The Australian Financial Review - Page 1 & 6 : 28 July 2022 - Original article by Ronald Mizen, Phillip Coorey - PortMac.News Summary

Treasurer Jim Chalmers will downgrade Australia's 2022-23 economic growth forecast to 3% in his economic statement to parliament on Thursday.

Real GDP growth is now expected to have been just 3.75% in 2021-22, compared with expectations of 4.25% prior to the federal election in May.

Chalmers will also warn that inflation is likely to exceed the Reserve Bank's forecast peak of 7% later in 2022.

CPI growth was 6.1% in the year to June, which is slightly below market expectations of 6.3%.

However, the Reserve Bank's preferred measure of underlying inflation exceeded expectations, at 1.5% for the June quarter and 4.9% over the year to June.

Economists expect a third consecutive official interest rate rise of 50 basis points in August.

Chalmers tries to keep wages faith

The Australian Financial Review - Page 1 & 4 : 28 July 2022 - Original article by Ronald Mizen - PortMac.News Summary

Prime Minister Anthony Albanese has told parliament that the federal government has a plan to get "Wages moving again".

He says that in contrast, low wages were a deliberate design feature of the economy under the former Coalition government.

Treasurer Jim Chalmers also expects real wages growth over the term of the current parliament. However, he cautions that wages growth will not keep pace with inflation in the near-term.

Chalmers now expects inflation to exceed seven per cent in 2022, while wages growth is likely to be less than half of that.

Minerals Council backs emissions move 'For certainty'

The Australian - Page 4 : 28 July 2022 - Original article by Greg Brown - PortMac.News Summary

Key employers' groups have expressed support for the federal government's bill to enshrine a 43% emissions reduction target in law.

Minerals Council of Australia CEO Tania Constable says that legislating the target will provide certainty for Australia's export industries, but she has stressed the need for consultation on initiatives aimed at achieving the target.

Business Council of Australia CEO Jennifer Westacott in turn says the 43 per cent target is sensible and achievable. Energy Minister Chris Bowen tabled the climate change bill in parliament on Wednesday.

New MP demands greater integrity to restore trust

The Australian - Page 5 : 28 July 2022 - Original article by Jess Malcolm - PortMac.News Summary

Teal independent Kylea Tink has used her first speech in parliament to argue that federal politicians should be held to the highest possible standard.

Tink had called for end the "Corruption, dishonesty and discrimination" that has eroded Australians' trust in democracy and parliament for more than a decade.

She also urged action on healthcare reform, particularly the issue of mental health, contending that just spending more money will not address the problem.

China 'Using bully boy tactics' in Indo-Pacific

The Australian - Page 2 : 28 July 2022 - Original article by Ben Packham - PortMac.News Summary

The US Joint Chiefs of Staff chairman General Mark Milley has used a visit to Australia to warn that China is using more aggressive conduct in international waters and airspace than in recent years.

He has accused China of seeking to "Bully and dominate" other countries in the Indo-Pacific region.

Australian Defence Chief General Angus Campbell in turn said that Australia will not be deterred from exercising freedom of navigation rights in the South China Sea.

There have been several incidents involving Australian navy vessels and military planes and their Chinese counterparts in recent times.

Chief pilot fights 'Unfair sacking'

The Australian - Page 7 : 28 July 2022 - Original article by Robyn Ironside - PortMac.News Summary

Virgin Australia has described an unfair dismissal claim as "baseless litigation by a disgruntled former employee".

The airline's former chief pilot Michael Fitzgerald alleges amongst other things that he had been bullied by CEO Jayne Hrdlicka and that she had blamed him for the failure of a new enterprise agreement, which had been rejected by 90% of staff who voted on it.

Virgin has stated that Fitzgerald was "Treated fairly and was not bullied", and that he had been dismissed because he had been deemed unfit to fly.

A former flight attendant is also pursuing an unfair dismissal claim against Virgin.

RMIT calls in lawyers to prevent staff open day boycotts

The Age - Page Online : 28 July 2022 - Original article by Adam Carey - PortMac.News Summary

RMIT University's current enterprise agreement expired more than a year ago, and staff have threatened to use upcoming open-day events as a bargaining tool in negotiations for a new pay deal.

RMIT employees had proposed work bans on unpaid and volunteer work between August 5 and 15, which includes the two open days at its campuses across Melbourne.

However, National Tertiary Education Union members have voted against doing so after the university warned that it would pursue legal action over unprotected industrial action if the work bans proceeded.

NSW road workers to join rail staff in walking off the job on Thursday

The Sydney Morning Herald - Page Online : 28 July 2022 - Original article by Matt O'Sullivan - PortMac.News Summary

More Sydney commuters will face disruptions and delays on Thursday after road transport workers voted to go on strike for 24 hours from 6am.

Rail workers have already committed to a four-hour work stoppage on the same day, with the morning commute likely to be affected even though the stop-work action is slated to end at 4am.

The Australian Workers' Union contends that the NSW government's proposed pay rise for public sector employees is effectively a wage cut when inflation is taken into account.

Queensland pulls plug on $600m government quarantine sites

Brisbane Times - Page Online : 28 July 2022 - Original article by Matt Dennien - PortMac.News Summary

Queensland's Deputy Premier Steven Miles has told a parliamentary committee that the Wellcamp COVID-19 quarantine facility at Toowoomba is no longer needed and will be placed on standby.

He says the decision to close the facility from 1 August is based on public health advice.

The privately-owned facility cost more than $223m to build and has accommodated just 730 people since it opened in February.

Miles said that a second quarantine facility in the Brisbane suburb of Pinkenba will also not be required; the Commonwealth-funded facility is still under construction, and is slated to cost around $400m.

Queensland reported 8,209 new COVID-19 cases on Wednesday; there were 16,173 new infections in NSW and 12,653 in Victoria.

RBA out of touch with the real economy

The Australian - Page 23 : 28 July 2022 - Original article by Robert Gottliebsen - PortMac.News Summary

The US Federal Reserve and the Reserve Bank of Australia are using similar measures in a bid to bring inflation under control.

However, the challenge for the RBA is much more difficult given that many Australian households have taken out large mortgage loans over the last several years, with interest rates that are either flexible or fixed for a short period of time.

Meanwhile, two basic flaws in the Reserve Bank's structure means that it is ill-equipped to manage the difficult task that it faces.

Hundred branches facing axe as Westpac merges brands

The Australian - Page 7 : 28 July 2022 - Original article by Joyce Moullakis - PortMac.News Summary

Westpac CEO Peter King has stressed that its multi-brand strategy will be retained, despite unveiling plans to rationalise its branch network.

The company intends to ramp up its co-location strategy, whereby brands such as Westpac and St George will operate from a single branch at sites where two outlets are close to each other.

King says the strategy will result in major cost savings, and that Westpac will seek to redeploy staff who are affected by the move.

King adds that co-location will help ensure that Westpac can continue to operate branches in regional areas.

Rio hit as dividend disappoints

The Australian - Page 15 & 18 : 28 July 2022 - Original article by Nick Evans - PortMac.News Summary

Rio Tinto has posted a net profit of $US8.9bn ($12.8bn) for the first half of 2022, which is 28% lower than previously.

Underlying earnings of $US8.6bn were slightly higher than analysts' forecasts but well below the $US12.17bn result for the previous corresponding period.

Rio Tinto's interim results reflect the downturn in the prices of key commodities, particularly iron ore.

However, CEO Jakob Stausholm is upbeat about the outlook for the Chinese economy and demand for commodities, noting that China is not experiencing the inflationary pressures of other countries.

Shareholders will receive an interim dividend of $US2.67 per share, compared with the consensus forecast of $US3.05 per share.

Home prices set to tank 15% by end of 2023

The Australian - Page 6 : 28 July 2022 - Original article by Mackenzie Scott - PortMac.News Summary

Data from property research firm PropTrack shows that dwelling prices increased by 34% nationwide between February 2020 to June 2022.

However, the firm has forecast that housing prices will fall by 2-5% by the end of 2022 and a further 7-10% in 2023.

Cameron Kusher of PropTrack says the series of official interest rate increases in recent months has accelerated the slowdown in house price growth.

He expects the cash rate to rise to between 2.5% and 3% by the end of 2022.

Unions push to represent sales agents

The Australian Financial Review - Page 32 : 28 July 2022 -Original article by Michael Bleby - PortMac.News Summary

Real Estate Employers' Federation CEO Bryan Wilcox has downplayed a push by unions to increase their presence in the sector.

The United Services Union and the Shop, Distributive & Allied Employees Association will seek to raise real estate workers' awareness of their rights.

However, Wilcox contends that the unions are limited by geography and type of worker in terms of the coverage they can provide.

Ray White Group chairman Brian White says the award system works well and unionising the real estate industry is not necessary.

ASX Inflation report lifts shares

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

The Australian sharemarket posted a small gain on 27 July, with the S&P/ASX 200 rising 0.2% to close at 6,823.2 points.

The Commonwealth Bank was up 2.2% at $98.90, Zip Co added 20.1% to end the session at $1.24 and Perpetual firmed 0.2% to $29.02.

However, BHP was down 2% at $37.52 and Champion Iron fell 4.5% to $4.84.