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All changes compared to 7am yesterday.

Hamas accepts ceasefire proposal:

Hamas says it has accepted a proposal for a ceasefire in the Israel-Gaza war, brokered by Qatar and Egypt, although whether it leads to a pause in hostilities remains to be seen.

The deal Hamas agreed to entails three stages, each lasting six weeks. It includes: 

* The full withdrawal of Israel's military from Gaza as part of the second stage

* The reconstruction of Gaza

* Allowing displaced people to return to other areas of the strip

* A prisoner swap that would see Israeli hostages being held by Hamas exchanged for Palestinians in Israeli jails

Shortly after the announcement, Israel began an attack on the southern city of Rafah.

The Islamist group said in a statement late Monday local time that the chief of its political wing, Ismail Haniyeh, had informed Qatar's prime minister and Egypt's intelligence minister of its acceptance.

It is the first ceasefire proposal Hamas has agreed to since a temporary pause in fighting took place in November last year.

The announcement prompted street celebrations in the besieged Gaza Strip.

It also brought hopeful Israelis onto the streets of Tel Aviv, demanding the country's government agree.

Those demonstrations were premature.

Netanyahu's office issued a statement about two hours after Hamas's announcement saying the deal the group had agreed to was "Far from" its "Necessary requirements".

It also said the country's war cabinet had unanimously decided to continue a planned operation in Rafah, a city in southern Gaza where more than 1 million Palestinian civilians have been sheltering since early in the war.

Judge warns Trump of jail time after 10th  gag order breach:

The judge overseeing Donald Trump's criminal trial said he would hold the former president in contempt of court for a tenth time for violating a gag order and said he would consider jailing him for further violations.

Justice Juan Merchan said the nine $US1,000 fines ($1,507) he had imposed so far did not seem to be deterring Mr Trump from violating the gag order.

The order prohibits Trump from making public comments about jurors, witnesses and families of the judge and prosecutors if the statements mean to interfere with the case.

Justice Merchan said he considered jail time "Truly the last resort" for many reasons, including the disruption to the trial, political implications of jailing a leading presidential candidate ahead of an election, and the extraordinary security challenges of incarcerating an ex-president with a lifetime Secret Service detail.

But he said Mr Trump's "Continued, wilful" violations of the gag order amounted to a "direct attack on the rule of law".

"I do not want to impose a jail sanction and have done everything I can to avoid doing so. But I will if necessary," he said from the bench in the absence of the jury.

Penny prep's for UN vote on Palestine

The Age - Page Online : 7 May 2024 - Original article by Matthew Knott - Portmac.News Summary

Palestine currently holds observer status at the United Nations, but UN member states are being invited to vote on a proposal on Friday US time that would see it admitted to the UN as a fully fledged member.

The federal government is yet to decide how it will vote on the proposal, although Foreign Minister Penny Wong has previously stated that recognising Palestinian statehood could aid the peace process in the current conflict between Israel and Hamas.

The upcoming vote comes as Israel commences a long-planned invasion of Rafah in southern Gaza, despite calls from US President Joe Biden and other world leaders for it to refrain from doing so because of the risk to civilian lives.

Canberra accuses Chinese fighter jet of dropping flares dangerously close to Australian helicopter

The Guardian Australia - Page Online : 7 May 2024 - Original article by Josh Taylor - Portmac.News Summary

The federal government has raised protests with the Chinese government, following claims that a Chinese fighter jet dropped flares dangerously close to an Australian naval helicopter.

The helicopter was taking part in a United Nations mission enforcing sanctions against North Korea, and was flying in international waters off the Korean coastline when the incident took place.

Defence Minister Richard Marles claims the flares were dropped in front of the helicopter at a distance said to be 300 metres in front and 60 metres above it, with Marles saying the pilot had to take evasive action to avoid the flares.

He labelled the jet's action as "Both unsafe and unprofessional".

Chalmers to fight inflation, then spend

The Australian Financial Review - Page 1 & 4 : 7 May 2024 - Original article by Ronald Mizen - Portcac.News Summary

The federal government's budget on 14 May will show that Australia's gross debt has risen to $904bn in 2023-24; this is about $152bn lower than was forecast ahead of the 2022 federal election.

However, the nation's debt-to-GDP ratio is expected to rise from 33.7% in the current financial year to 35.1% by 2025-26.

Meanwhile, Treasurer Jim Chalmers has signalled that combating inflation will be the key focus of the 2024 budget, while he has flagged an increase in government spending over the forward estimates period.

PM offers $500m for drought relief

The Australian Financial Review - Page 4 : 7 May 2024 - Original article by Phillip Coorey - Portmac.News Summary

Prime Minister Anthony Albanese has made his sixth visit to Queensland in just over a month, with Labor needing to improve its standing in that state if it is to avoid minority government at the next election.

With Labor expecting losses in Western Australia and other states, it holds only five of the 30 seats in Queensland, and needs to win more seats there to offset losses elsewhere.

Albanese visited Rockhampton in central Queensland on Monday to attended Beef Week, which showcases the Australian cattle industry and which takes in the Coalition seats of electorates of Capricornia and Flynn, both of which Labor will target at the next election.

Albanese took the opportunity to announce that Labor will provide $519 million in the upcoming budget to help farmers better prepare for drought.

ATO targets directors over $2.5 billion in unpaid super, GST, employee income tax

Brisbane Times - Page Online : 7 May 2024 - Original article by Sarah Danckert - Portmac.News Summary

The Australian Taxation Office is pursuing $2.5 billion in tax from companies that have failed to pay superannuation, pass on the GST or pass on the income tax of employees.

It is targeting directors that have acquired assets such as large houses and luxury boats but whose companies have not passed on collected taxes to the ATO.

The ATO has issued 18,334 director penalty notices (DPNs) in the past eight months, 320% up on the 4,362 DPNs issued in the 2021-22 financial year.

DPNs being a government instrument that make directors personally liable for a company's tax debt.

Canberra cash 'critical' for offshore wind energy's future

The Australian - Page 6 : 7 May 2024 - Original article by Rachel Baxendale - Portmac.News Summary

Victorian is seeking to generate 2GW of electricity from offshore wind by 2032 and as much as 9GW by 2040, as part of its renewable energy target of 95% by 2035.

The state government has announced that it is on track for its first offshore wind auction in 2025, while Victorian Energy Minister Lily'Ambrosio has stated that federal government funding is essential to Victoria's goal of an offshore wind industry.

However, energy market expert David Leitch does not think Victoria is the ideal location for renewable energy, and that it may need to become a net importer of renewable energy that has been generated in other states.

Case shows right to disconnect law may draw compo

The Australian Financial Review - Page 9 : 7 May 2024 - Original article by David Marin-Guzman - Portmac.News Summary

The NSW Personal Injury Commission has found that an employee was entitled to workers' compensation payments after it concluded that her employer's persistent contact with her while she was on sick leave was unreasonable to the point where it left her incapable of working for the next 18 months.

In handing down its decision, the Commission made reference to the federal government's 'Right to disconnect' laws, which are due to take effect as from 26 August, with Gadens employment partner George Haros stating he expects that the right to disconnect "Will transcend into jurisdictions where compensation is being claimed".

RBA's radio silence fuels rate rise bets

The Australian Financial Review - Page 29 : 7 May 2024 - Original article by Cecile Lefort - Portmac.News Summary

The general consensus is that the Reserve Bank of Australia will leave the cash rate unchanged at 4.35% today. However, while financial markets have priced in a 44% chance of a rate rise by the end of 2024, most economists expect the RBA's next move will be an interest rate cut. The uncertainty regarding the RBA's likely next move has been exacerbated by the lack of public comments from central bank officials since its last two-day board meeting in mid-March. A restructuring of the RBA will result in board members making regular public appearances.

ASX queries Kogan trade ahead of stock fall

The Australian Financial Review - Page 15 : 7 May 2024 - Original article by Carrie LaFrenz, Tom Richardson - Portmac.News Summary

Online retailer Kogan.com has been asked by the ASX to explain the sale of stock options held by two of its executives on 4 April, with Kogan.com spending $17.4 million to buy back the options.

Shares in the company jumped to $7.90 at the time of the sale, with Kogan.com advising investors that profit margins and earnings were strong'

Subsequently the stock plunged by more than 27% later in April after a poor sales update.

Kogan.com has claimed that the sales update was not material, and that the executives only saw a draft of its results for the March quarter on 10 April.

Former PM Gillard to chair $2bn energy fund

The Australian - Page 14 : 7 May 2024 - Original article by Eli Greenblat - Portmac.News Summary

HMC Capital has announced that former prime minister Julia Gillard has agreed to chair the newly created $2 billion HMC Capital Energy Transition Fund'.

The fund will make investments in energy assets such as wind, battery and bio-fuels.

Gillard said she was "Excited and honoured" by her appointment, noting it was in the nation's interests to make the most of its abundant sources of renewable energy, while for his part, HMC Capital CEO David Di Pilla said he was "Absolutely delighted" that someone of Gillard's global standing and experience had agreed to chair the new fund.

Honda-Telstra Dig in For 'battle for The dashboard'

The Australian - Page 18 : 7 May 2024 - Original article by Jared Lynch - Portmac.News Summary

Telstra has done a deal with Honda that will see Telstra SIM cards installed in new Honda Accord models, enabling motorists to access a range of apps without the need for a phone.

It is the latest deal in what has been labelled the "Battle for the dashboard", a market estimated to be worth as much as $US1.5 trillion ($2.3 trillion).

Honda Australia vice president Carolyn McMahon notes that a car fitted with the Telstra SIM cards will be able to detect when it's been in a crash and contact emergency services, while Telstra executive Jon Young Flores says he can envisage a time in the future when cars will be able to "Truly start talking to each other in kind of like a mesh network".

Scientists claim to have found another distinct genetic form of Alzheimer's

The Guardian - Page Online : 7 May 2024 - Original article by Nichola Davis - Portmac.News Summary

It has long been known that a gene variant known as ApoE4 increases the likelihood of someone getting Alzheimer's, with two copies of the variant seen as 'Conferring' greater risk than one.

Spanish researchers have found that over 95% of people with two copies of ApoE4 go on to develop Alzheimer's, and they suggest that having two copies of ApoE4 could represent a distinct genetic form of Alzheimer's.

However, not everyone agrees with their conclusion, including Professor David Curtis from the University College London's Genetics Institute.

MasterChef under fire for gas sponsorship

The New Daily - Page Online : 7 May 2024 - Original article by Ash Cant - Portmac.News Summary

Network Ten program MasterChef Australia is being sponsored by the Australian Gas Network for its 2024 season.

Although its contestants have always used gas in the kitchen, viewers are being told they are using 'Carbon-neutral biomethane' this season, along with using hydrogen gas when using barbecues.

Environmentalists have claimed that the way that gas used this season has been labelled is an attempt to "Greenwash the gas industry and create a false impression that biomethane and hydrogen are good replacements for methane gas".

They also note that Victoria, where the show is being produced this year, banned gas connections being installed in new homes earlier this year.

High-profile backers give BHP green light for improved Anglo bid

The Australian Financial Review - Page 18 : 7 May 2024 - Original article by Peter Ker - Portmac.News Summary

Argo Investments' Andy Forster believes that BHP's takeover bid for Anglo American makes sense, but he adds that BHP will need to sweeten its bid in order to gain the target's support.

He adds that BHP must adopt a "Disciplined" approach to the takeover bid.

Wilson Asset Management has also expressed support for BHP's takeover bid; WAM Leaders Fund portfolio manager Matt Haupt notes that Anglo American's copper assets will generate synergies for BHP, and he believes that the latter has the capacity to increase its offer by 5-10%.

Labor to crack down on 'Dirty money' for homes

The Australian Financial Review - Page 31 & 32 : 7 May 2024 - Original article by Campbell Kwan - Portmac.News Summary

The federal government is set to expand money-laundering reporting obligation laws to cover real estate agents, lawyers and accountants.

This provides the potential for 100,000 extra entities to have reporting obligations if the legislation is passed.

However, the Real Estate Institute of Australia claims that expanding money-laundering obligations to cover real estate agents would impose an overwhelming burden on them, and that the legislation should instead expand the reporting obligations of land registry bodies.

It contends that not all real estate transactions are handled by real estate agents.

ASX rises ahead of interest rate decision

The Australian Financial Review - Page 28 : 7 May 2024 - Original article by Joanne Tran - Portmac.News Summary

The Australian sharemarket posted a solid gain on Monday, with the S&P/ASX 200 adding 0.7% to close at 7,682.4 points.

Cameron McCormack of VanEck notes that interest rate-sensitive sectors performed the best, ahead of the Reserve Bank's monetary policy decision.

WiseTech Global rose 2.2% to $94.31 and Goodman Group was up 4.1% at $33.98.

Meanwhile, Fortescue advanced 2.6% to $26.32 and Westpac finished 2.7% higher at $27.12.