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All changes compared to 7am yesterday.

Biden calls US ally Japan ‘xenophobic’

Biden on Wednesday called close US ally Japan “Xenophobic” at a Washington, D.C., fundraiser, just weeks after lauding the US-Japan alliance at a state dinner.

The president made the remark at the off-camera event while arguing that Japan, along with India, Russia and China, would perform better economically if those countries embraced immigration more.

“You know, one of the reasons why our economy is growing is because of you and many others. Why ? Because we welcome immigrants. We look to – the reason – look, think about it – why is China stalling so badly economically? Why is Japan having trouble ? Why is Russia ? Why is India ? Because they’re xenophobic."

"They don’t want immigrants,” Biden said, according to an official White House transcript released Thursday.

On Thursday, press secretary Karine Jean-Pierre said the president was attempting to make a larger point when he described Japan and India as “xenophobic.”

“He was saying that when it comes to who we are as a nation, we are a nation of immigrants, that is in our DNA,” she told reporters aboard Air Force One, adding later Biden was making a “broad comment”.

Orangutan observed treating wound using medicinal plant in world first:

Scientists working in Indonesia have observed an orangutan intentionally treating a wound on their face with a medicinal plant, the first time this behavior has been documented.

Rakus, a male Sumatran orangutan, treated a wound on his face by chewing leaves from a climbing plant named Akar Kuning and repeatedly applying the juice to the wound, according to a paper published in the journal Scientific Reports on Thursday.

Rakus then covered the wound with the chewed up leaves, which are used in traditional medicine to treat illnesses like dysentery, diabetes and malaria, said scientists.

Study lead author Isabelle Laumer, a post-doctoral researcher at the Max Planck Institute of Animal Behavior, said that the team were “Very excited” by their observations, which took place in June 2022 in the Suaq Balimbing research area in Gunung Leuser National Park, Indonesia.

Although other wild primate species are known to swallow, chew or rub themselves with plants that have medicinal properties, scientists have never seen them used to treat recent wounds.

The team believe that Rakus intentionally used the plant to treat his wound as he applied it repeatedly in a process that researchers say took several minutes.

“This possibly innovative behavior presents the first report of active wound management with a biological active plant in a great ape species,” she said.

OECD's sticky inflation warning

The Australian Financial Review - Page 1 & 4 : 3 May 2024 - Original article by Ronald Mizen, James Eyers, Lucas Baird, Carrie LaFrenz, Simon Evans, Tess Bennett - Portmac.News Summary

The OECD's latest economic outlook for Australia assumed 75 basis points worth of rate cuts between the September quarter of this year and the end of 2025, which would take the official cash rate from 4.35 to 3.6%.

However, it has warned that 'Stubborn services inflation' might "Require tighter monetary policy than currently assumed", while its forecast for Australian economic growth in 2024 is 1.5%.

This is slightly up on its November forecast, but down on growth of 2% in 2023; however, it expects the economy to rebound to 2.2% growth in 2025.

Markets push rate cuts beyond the next election

The Australian Financial Review - Page 4 : 3 May 2024 - Original article by Michael Read - Portmac.News Summary

The federal government would have been hoping that the Reserve Bank will reduce the cash rate several times before the next election.

The next election must be held by May 2025 and is likely to be dominated by the cost-of-living crisis.

However, Westpac notes that financial market pricing now suggests that the first rate cut may be delayed until May or June 2025, while the chances of a rate cut by September 2024 are now just 50%.

The interest rate outlook may prompt the government to provide additional cost-of-living relief in the 14 May budget, but one Labor MP has expressed concern that this could boost inflation.

Dutton calls on unis to shut down pro-Palestinian campus protests

The Australian Financial Review - Page 5 : 3 May 2024 - Original article by Julie Hare - Portmac.News Summary

Opposition Leader Dutton has called on universities to shut down pro-Palestinian protests on their campuses, claiming they are "Racist, antisemitic and should not be tolerated at all".

Dutton made his comments during an interview with radio host Ray Hadley, during which Hadley invoked Kristallnacht.

Kristallnacht was a night in Germany in 1938 when the Nazis unleashed a series of attacks on the Jewish community.

Dutton claimed that university vice-chancellors, the federal government and even the police "Had been weak" in the face of protests

Coalition threat to stop $1bn computer project

The Australian - Page 6 : 3 May 2024 - Original article by Geoff Chambers, Lydia Lynch, Sarah Elks - Portmac.News Summary

The Liberal-National Party of Queensland is widely tipped to win the state election in October, which could put the future of a deal to provide financial backing for a quantum computer project in doubt.

The federal Coalition would most likely also withdraw funding for PsiQuantum's project if it wins the 2025 election.

The Coalition is yet to decide its position on the project, but several senior Coalition MPs will hold a virtual meeting with PsiQuantum CEO Jeremy O'Brien on Friday.

The federal and Queensland governments will each contribute $470m to the project,

The quantum computer will be developed in Brisbane, but it will be owned and operated by US-based PsiQuantum.

Marles hit over shipbuilding 'conflict'

The Australian - Page 4 : 3 May 2024 - Original article by Ben Packham - Portmac.News Summary

Concerns have been raised over a potential conflict of interests should South Korean defence contractor Hanwha proceed with a bid to acquire Perth-based ship builder Austal.

Hanwha is also one of the contenders for the federal goverment's $8bn contract to build a new fleet of frigates; they would be built at Austal's Henderson shipyard in Perth.

Defence Minister Richard Marles has downplayed any such concerns, stating that the government would not oppose Hanwha's acquisition of Australian-listed Austal.

'Near unliveable' extreme heat poses national security risk

The Age - Page Online : 3 May 2024 - Original article by Matthew Knott - Portmac.News Summary

The Australian Security Leaders Climate Group claims that the federal government's latest defence strategy ignores the national security risks of climate change.

Led by former Australian Defence Force chief Chris Barrie, the Group contends that some of the nation's most important military bases in its north could become almost unliveable as a result of rising temperatures caused by climate change, with Darwin and Katherine facing the prospect of almost 300 days a year above 35 degrees if climate change was not brought under control.

Labor's 'substantial' $18bn cash splash for hospitals

The Australian - Page 4 : 3 May 2024 - Original article by Jess Malcolm - Portmac.News Summary

The federal government has offered to increase commonwealth spending on hospitals by 13.5% in the first year of a new funding agreement with the states.

Its previous offer of a 13% increase would have seen commonwealth spending rise by $13.2 billion, but the increased offer will see that figure increase to $18 billion.

Health economist Stephen Duckett says the federal government's offer to boost hospital spending to 13.5% in the first year was "Very high", and that any increase in spending must be linked to health outcomes including improving efficiencies in the system.

PC delivers blow to China's bid to join trade pact

The Australian Financial Review - Page 6 : 3 May 2024 - Original article by Andrew Tillett - Portmac.News Summary

The federal government has previously stated that China should not be permitted to join the Comprehensive and Progressive Trans-Pacific Partnership while it retains any restrictions on Australian imports.

Meanwhile, the Productivity Commission has released a discussion paper which found that allowing China to join the 11-nation trade bloc would boost Australia's GDP by just 0.01%

The average GDP increase across all members of the CPTPP would be 0.04%.

The Productivity Commission concluded that unilaterally abolishing all remaining tariffs on imported goods would have the biggest economic benefit for Australia, increasing real GDP by 0.07%.

Housing targets 'unachievable under new IR'

The Australian - Page 5 : 3 May 2024 - Original article by Joe Kelly, Geoff Chambers - Portmac.News Summary

Modelling by the Centre for International Economics suggests that the federal government's industrial relations reforms will reduce the number of new home starts by 15,340 over five years.

In contrast, labour shortages in the construction industry are projected to reduce dwelling commencements by just 13,175 over this period.

The modelling, which was undertaken on behalf of Master Builders Australia, will cast further doubt upon the government's target of building 1.2 million new homes over five years.

Macquarie Bank to go completely cashless this month

News.com.au - Page Online : 3 May 2024 - Original article by Frank Chung - Portmac.News Summary

Macquarie Bank has confirmed that customers will no longer be able to make cash deposits and withdrawals at its branches from 20 May.

Macquarie had flagged the shift to a digital-only banking model in September 2023, and it says that digital is "Safer, quicker, and more convenient".

Macquarie will also discontinue cheque services from 20 May, while an arrangement that allowed its customers to make deposits and withdrawals at National Australia Bank branches will end in November.

Data from the Reserve Bank shows that about 13% of payments were made using cash in 2022, compared with 70% in 2007.

Livestock carbon emissions down since 2005

The Australian - Page Online : 3 May 2024 - Original article by Charlie Peel - Portmac.News Summary

The CSIRO has reported that the red meat and livestock industry has reduced its net greenhouse gas emissions by 78% since 2005.

The CSIRO is citing a reduction in land clearing and a rise in vegetation growth and carbon storage as the main reason for the decline.

With the sector under pressure for red meat consumption to be reduced in diets because of the industry's high carbon footprint.

Julia Waite from Meat & Livestock Australia says high rainfall in 2021 had delivered an extra boost to emissions-reduction efforts through stored carbon.

Vaccine hope for defeating cancer

The Australian - Page 3 : 3 May 2024 - Original article by Laura Heyward - Portmac.News Summary

Personalised cancer vaccines are a type of immunotherapy that is made using the same mRNA technology seen in Covid vaccines, and trials have revealed they show promise in improving survival rates in skin and pancreatic cancer.

Now, a study led by the University of Florida suggests they could provide a breakthrough in the treatment of glioblastoma, the most common type of brain tumour that has an average survival outcome of just nine months.

The vaccine was tested on four adult patients with glioblastoma, and was found to provoke a "Fierce" immune response.

Lachlan Murdoch's Nova group under Tax Office audit

The Australian Financial Review - Page 17 : 3 May 2024 - Original article by Sam Buckingham-Jones - Portmac.News Summary

Documents filed with the corporate regulator indicate that certain companies within the Nova Entertainment group are subject to an audit by the Australian Taxation Office, with the Lachlan Murdoch-owned company owning the Nova and Smooth FM radio station brands.

A spokesman for Murdoch has confirmed that Nova Entertainment is being audited by the ATO, while the ATO stated it was unable to comment on the matter for privacy reasons.

Nova Entertainment's annual profit in 2023 was $27.9 million, on which it paid income tax of $6.4 million.

TikTok local profits surge as ban looms

The Age - Page Online : 3 May 2024 - Original article by David Swan - Portmac.News Summary

TikTok Australia has posted a $11.4 million profit for the 2023 calendar year, up from $5.5 million, while its revenue of $375 million was more than double what it recorded for the previous year.

TikTok is currently facing a ban in the US over security concerns, and the federal government is looking at what steps it could take against TikTok if the ban goes ahead.

Prime Minister Anthony Albanese has stated the government has no plans to go beyond existing rules that bar ministers and government officials from using TikTok on phones containing sensitive information.

Coalition cybersecurity and home affairs spokesman James Paterson has called on the government to join other countries in seeking to Remove the influence of the Chinese Communist Party on its operations.

Twiggy to flog 'Green' Iron To Commies

The Australian - Page 20 : 3 May 2024 - Original article by Nick Evans - Portmac.News Summary

Fortescue's executive chairman Andrew Forrest has revealed that the iron ore miner is negotiating a deal to ship 'Green' iron to China.

He told the Scottsdale Action Forum in Arizona that Fortescue had commenced talks with an undisclosed Chinese government agency regarding the potential deal earlier in 2024.

The deal to sell 100 million tonnes of green iron to China's steel industry follows Fortescue's decision in late 2023 to build a $50m pilot plant to produce green iron at its Christmas Creek mine.

Fortescue aims to eventually produce 200 million tonnes of green iron per annum, which is likely to require about eight million tonnes of hydrogen.

HTW Takes Ransomware Hit

The Australian Financial Review - Page 29 : 3 May 2024 - Original article by Michael Bleby - Portmac.News Summary

Ransomware group Black Suit has claimed responsibility for a data breach on property valuation firm Herron Todd White, which has previously stated it became aware of the data breach on 5 April.

HWT has not answered questions up to now as whether the breach was a ransomware attack, and again declined to comment when asked on Thursday.

Cybersecurity consultant Troy Hunt contends that Black Suit's announcement differs from usual announcements about ransomware attacks in that it has not made any demands as yet.

The apparent attack coming at a time when such attacks are falling but the size of demands are increasing.

Providers : 'Double $10b social housing fund'

The Australian Financial Review - Page 30 : 3 May 2024 - Original article by Michael Bleby - Portmac.News Summary

PowerHousing Australia has stated it applied to develop 26,120 affordable and social rental homes in the first tender for the federal government's $10 billion Housing Australia Future Fund, up from a previous estimate of 22,600.

Representing the 37 biggest community housing providers, PowerHousing Australia has called for the fund to be doubled in order to accelerate the rollout of housing.

PowerHousing's comments come as figures released on Thursday reveal that total new home approvals for the 12 months to March fell by 11.3% to 162,649, making it the lowest figure since March 2013.

Australia's housing crisis to worsen with 'significant shortfall in supply'

The Guardian Australia - Page Online : 3 May 2024 - Original article by Paul Karp - Portmac.News Summary

The National Housing Supply and Affordability Councill will release its first-ever state of the housing system report on Friday.

The Council will describing the federal government's target of building 1.2m new homes over five years as "Suitably ambitious".

However, the Council only thinks that 943,000 will be built in that time, and it notes that there will be a "Significant shortfall in supply" relative to new demand in 2023-24 and smaller shortfalls in the following two financial years.

It stated this would add to the already significant undersupply of housing, and result in housing affordability further deteriorating over the next six years.

ASX : NAB banks on profit

The Australian Financial Review - Page 24 : 3 May 2024 - Original article by Tom Richardson - Portmac.News Summary

The Australian sharemarket posted a small gain on Thursday, with the S&P/ASX 200 adding 0.2% to close at 7,587 points.

WiseTech Global rose 2.7% to $91.21, Namoi Cotton was up 12.5% at $0.72 and National Australia Bank finished 1.5% higher at $34.28.

However, Bapcor shed 23.9% to end the session at $4.40 and Woolworths was down 4.2% at $30.50.