Latest updates on Key Economic Indicators:

A$: $0.6580 USD (down 0.0020)

Iron (SGX): $115.10 USD (down $3.60)

Oil Price (WTI): $79.22 USD (up $0.85 USD)

Gold: $2,308.91 USD (down $5.23)

Copper (CME): $4.5410 USD (down $0.0495)

Bit-coin: $61,701.09 USD (down 2.25%)

Dow Jones: 39,056.39 (up 172.13 pts)

All changes compared to 7am yesterday.

Details of attack on Australians Jake and Callum Robinson heard in Mexican court:

Mexican court has heard chilling details of the events that prosecutors allege followed the murder of Perth brothers Jake and Callum Robinson and their American friend, as a man faces charges relating to their disappearance.

The trio were surfing and camping in a remote part of northern Mexico when they were shot dead.

Their bodies were later found in a 15-metre deep well a short distance from their campsite.

Jesús Gerardo, also known as "El Kekas", appeared before a court in the Mexican city of Ensenada this morning, where his last name had been suppressed according to local laws.

He wore an orange jumpsuit and white sneakers with his hands and feet handcuffed and chained to the floor. 

He stands charged with being responsible for the disappearance of the three men, but is yet to enter a plea.

Charges against Jesús have not yet been upgraded to murder, but that is expected to happen in coming days.

The judge read out the state's case, in which Jesús's then-girlfriend, 23-year-old Ari Gisell has turned prosecution witness. 

The prosecution alleged Ari, whose last name had also been suppressed, told authorities her then-partner had admitted to killing the three men.

The court heard she told investigators her former romantic partner had arrived at her house on Sunday and told her "I f****ed up three gringos".

The court heard she said, "what do you mean?" to which he replied, "I killed them".

Prosecutors alleged Jesús robbed the men of the tyres on their car, along with cash and electronic valuables.

They told a court room packed with local and foreign journalists that they believed other people were involved in the case.

‘World’s largest’ vacuum to suck climate pollution out of the air :

The “world’s largest” plant designed to suck planet-heating pollution out of the atmosphere like a giant vacuum began operating in Iceland on Wednesday.

“Mammoth” (Above right) is the second commercial direct air capture plant opened by Swiss company Climeworks in the country, and is 10 times bigger than its predecessor, Orca, which started running in 2021.

Direct air capture, or DAC, is a technology designed to suck in air and strip out the carbon using chemicals. The carbon can then be injected deep beneath the ground, reused or transformed into solid products.

Climeworks plans to transport the carbon underground where it will be naturally transformed into stone, locking up the carbon permanently. It is partnering with Icelandic company Carbfix for this so-called sequestration process.

The whole operation will be powered by Iceland’s abundant, clean geothermal energy.

Next-gen climate solutions like DAC are gaining more attention from governments and private industry as humans continue to burn fossil fuels. Concentrations of planet-warming carbon dioxide in the atmosphere reached a record high in 2023.

As the planet continues to heat up — with devastating consequences for humans and nature — many scientists say the world needs to find ways to remove carbon from the atmosphere in addition to rapidly cutting fossil fuels.

Aussie chopper on a spy mission: China

The Australian Financial Review - Page 2 : 9 May 2024 - Original article by Ben Packham - Portmac.News Summary

Tensions between Australia and China have increased in the wake of a military incident that occurred in early May.

China's Defence Ministry has claimed that the Royal Australian Navy's Seahawk helicopter was attempting to spy on a naval training exercise in the Yellow Sea, prompting a Chinese fighter jet to drop flares several hundred metres in front of it as a deterrent.

The Ministry said the Seahawk had flown within close range of China's airspace, in what it called a "Provocative move". Prime Minister Anthony Albanese says the latter statement confirms that the helicopter was in international waters and international airspace when the incident occurred.

(See full story on Portmac.News today)

Palestine vote: Labor likely to sit on the fence

The Australian - Page 1 & 5 : 9 May 2024 - Original article by Ben Packham, Joe Kelly - Portmac.News Summary

The federal government is yet to finalise its position on the upcoming vote on a motion to grant Palestine full membership of the United Nations.

Australia is widely tipped to abstain from voting when the motion is put to the UN General Assembly on Friday, rather than siding with the US in rejecting it.

However, there is a possibility that Australia will support the motion given that the government has previously suggested that Palestinian statehood could provide a pathway to a peace deal between Israel and Hamas. An early draft of the motion had called for Palestine to be considered "a peace-loving state" under the UN Charter.

Budget sneak-peek predicts no increase for 'jobseeker'

The Guardian Australia - Page Online : 9 May 2024 - Original article by Amy Remeikis, Josh Butler - Portmac.News Summary

Treasurer Jim Chalmers has released a preview of the federal government's 14 May budget.

The budget predictions show that average real disposable income is expected to increase by 3.5% in 2024-25, due to factors such as wages growth, the stage-three income tax cuts and a slightly lower inflation rate.

Meanwhile, the government is unlikely to bow to pressure to increase the JobSeeker allowance, as it is mindful of the need to balance any additional assistance against the risk of fuelling inflation. However, Chalmers has not ruled out an increase in rent assistance for welfare recipients.

Critical minerals boost in $566m national map plan

The Australian Financial Review - Page 6 : 8 May 2024 - Original article by Tom McIlroy - Portmac.News Summary

The federal government has advised that the budget on 14 May will include a 10-year funding package to fully map the Australian continent over the next 25 years.

Amongst other things, the Geoscience Australia project will aim to locate new mineral deposits, including rare earths and other minerals that are critical to the energy transition.

The mapping project will form part of the government's broader Future Made in Australia policy.

PM Albanese revealed details of the mapping project during a visit to Western Australia; the minerals-rich state may be crucial to Labor's chances of retaining office at the next federal election.

King reiterates $5bn pledge for airport rail link

The Australian - Page 2 : 9 May 2024 - Original article by Robyn Ironside, Damon Johnston, Tricia Rivera - Portmac.News Summary

The federal government has reiterated its support for the Melbourne Airport Rail Link, despite ongoing uncertainty regarding the future of the project.

Infrastructure Minister Catherine King says the rail link is an important project for Victoria, and the federal government will continue to work with its state counterpart on the planning for it.

The rail link has been stalled for a number of years due to a dispute between the state government and the private operators of Melbourne Airport; the latter is pushing for an underground train station, while the government favours the cheaper option of an elevated station.

Costs are just too high: food suppliers

The Australian - Page 6 : 9 May 2024 - Original article by Eli Greenblat - Portmac.News Summary

The federal government's Future Made in Australia policy is continuing to attract scrutiny, amid warnings from global food and grocery manufacturers about the nation's rising cost of doing business.

Companies such Mars, Nestle and Kellanova have used their submissions to the Senate inquiry into supermarket pricing to note that their local operations are being impacted by factors such as high gas prices, wages growth and increasing freight costs.

Kellanova, which owns brands such as Kellogg's and Pringles, said high costs are threatening the viability of its food manufacturing operations in Australia.

Australian Retailers Association & National Retail Associationto merge

Australian Retailers Association - Page Online : 9 May 2024 - Portmac.News Summary

The Australian Retailers Association and the National Retail Association have announced a proposed amalgamation, which will create a single unified body representing the $420 billion sector.

The two not-for-profit organisations have signed a heads-of-agreement for the amalgamation proposal and will commence collaboration immediately for the greater good of the retail industry.

ARA president Nicole Sheffield says a unified sector is a winning proposition for retail and the broader economy. She adds that it makes absolute sense to create one voice for the retail sector, and to combine the two organisations' strengths to support the growth of a sector which employs one in ten Australians.

NRA chair Tim Schaafsma in turn says retail contributes enormously to the nation's economic success and social wellbeing, and a strong retail sector is in the interests of all Australians. [Click to view full article here]

London's historic Garrick Club votes to admit women

The Australian Financial Review - Page 12 : 9 May 2024 - Original article by Mark Landler - Portmac.News Summary

London's exclusive Garrick Club has declined to comment on the outcome of a vote on a proposal to open its membership to women for the first time since it was founded in 1831.

However, two members of the venerable men's club have claimed that about 60% of its members voted in favour of the proposal.

Members are also said to have backed a proposal to allow the club's rules to be changed by a simple majority, rather than a two-thirds majority.

The previous vote on admitting female members was supported by 50.5% of members, but it had been conducted under the latter rule.

Network Ten to go dark in Mildura in sign of the times for regions

The Australian Financial Review - Page 17 : 9 May 2024 - Original article by Sam Buckingham-Jones - Portmac.News Summary

Mildura Digital Television's chairman Chris Halios-Lewis has advised that the company will cease broadcasting the Ten Network's channels in north-western Victoria at the end of June.

Halios-Lewis has attributed the decision to challenging conditions in the regional advertising market.

MDT is a joint venture between Seven West Media and WIN Corporation which broadcast Ten's free-to-air signals to audiences in the Mildura region. Residents will still be able to watch Ten's content via the 10 Play app.

AFR to stop printing in WA after Seven's 'abuse of power'

The Australian Financial Review - Page 1 & 6 : 9 May 2024 - Original article by Sam Buckingham-Jones - Portmac.News Summary

The print edition of The Australian Financial Review will not be available in Western Australia after 22 May, which will increase Seven West Media's dominance of print media in the state.

Seven West Media-owned Colourpress has a contract to print the AFR in WA until late July, but it recently advised Nine Entertainment that it will terminate the contract early.

It also proposed a new contract that would double the cost of printing the AFR.

Seven West's move has been described as an "Uncompetitive abuse of market power" by the AFR's editor-in-chief, Michael Stutchbury. WA residents will still be able to read the AFR via its website and the digital edition.

New rule could force stars like Taylor Swift to promote Aussie musicians

The Sydney Morning Herald - Page Online : 9 May 2024 - Original article by Thomas Mitchell - Portmac.News Summary

The Association of Artist Managers is heading a push for international bands and singers to use local artists as support acts when they tour Australia.

The AAM wants the music industry and concert promoters to co-operate in developing a voluntary code of conduct on the issue of using local bands as support acts when stars such as Taylor Swift tour Australia.

The AAM will ask the federal government to intervene if necessary; however, Arts Minister Tony Burke has downplayed the prospect of the government becoming involved, stating that it does not want to "add another layer of regulation" to the industry.

BHP Anglo bid will be 'a mess': Angus Aitken

The Australian Financial Review - Page 17 : 9 May 2024 - Original article by Peter Ker - Portmac.News Summary

BHP is widely tipped to sweeten its unsolicited takeover offer for Anglo American.

However, Angus Aitken of boutique investment advisory firm Aitken Mount Capital Partners has questioned why BHP wants to buy the whole of Anglo American when it is primarily interested in the latter's copper and coal assets.

He says the potential deal is very dependent on the eventual sale of Anglo American's assets that BHP deems to be non-core.

Aitken adds that BHP may struggle to get a good price for these assets because prospective buyers will be aware that it does not want them.

ASX Shares extend rally

The Australian Financial Review - Page 24 : 9 May 2024 - Original article by Tom Richardson - Portmac.News Summary

The Australian sharemarket posted a small gain on Wednesday, with the S&P/ASX 200 rising 0.1% to close at 7,804.5 points.

NextDC rose 2.2% to $17.46, Pinnacle Investment Management was up 6.7% at $12.61 and Flight Centre ended the session 2.2% higher at $21.05.

However, Rio Tinto was down 1.2% at $130.20 and Perpetual fell 7% to $22.32 in response to a deal to sell most of its assets.