Latest updates on Key Economic Indicators:

A$: $0.6598 USD (down 0.0037)

Iron (SGX): $107.50 USD (up $0.65)

Oil (WTI): $78.45 USD (up $0.56)

Gold: $2,333.01 USD (up $29.15)

Copper (CME): $4.4985 USD (up $0.0135)

Bit-coin: $66,447.27 USD (up 0.52%)

Dow Jones: 38,589.16 (down 57.94 pts)

All changes compared to 7am Friday, except Bit-coin.

Swiss summit backs Ukraine’s ‘territorial integrity’:

Nearly 80 countries called Sunday for the “territorial integrity” of Ukraine to be the basis for any peace agreement to end Russia’s two-year war, though some key developing nations at a Swiss conference did not join in.

The way forward for diplomacy remains unclear.

The joint communique capped a two-day conference marked by the absence of Russia, which was not invited. Many attendees expressed hope that Russia might join in on a road map to peace in the future.

The all-out war since President Vladimir Putin's invasion of Ukraine in February 2022 has killed or injured hundreds of thousands of people, unsettled markets for goods like grain and fertilizer, driven millions from their homes and carved a wedge between the West — which has sanctioned Moscow — and Russia, China and some other countries.

About 100 delegations, mostly Western countries, attended the conference that was billed as a first step toward peace.

They included presidents and prime ministers from France, Germany, Britain, Japan, Poland, Argentina, Ecuador, Kenya and Somalia.

The Holy See was also represented, and Vice President Kamala Harris spoke for the United States.

India, Mexico, Saudi Arabia, South Africa, Thailand and the United Arab Emirates — represented by foreign ministers or lower-level envoys — were among countries that did not sign the final document, which focused on issues of nuclear safety, food security and the exchange of prisoners. Brazil, an “observer,” did not sign on but Turkey did. 

Israeli military announces 'tactical pauses' in southern Gaza:

Israeli military says it will hold daily tactical pauses in military activity in parts of southern Gaza to allow more aid to flow into the area, where international aid organisations have warned of a growing humanitarian crisis among Palestinian civilians.

The Israel Defense Forces (IDF) said the pause would begin in the Rafah area at 8am local time (3pm AEST) and remain in effect until 7pm. It said similar pauses would take place every day until further notice.

The pause is aimed at allowing aid trucks inside Gaza to reach the nearby Israel-controlled Kerem Shalom crossing, the main entry point for incoming aid, and travel safely along the Salah a-Din highway to deliver supplies to other parts of the territory, the IDF said.

Israel said the pause was being coordinated with the United Nations (UN) and international aid agencies.

The Kerem Shalom crossing has become a bottleneck for aid deliveries since Israeli ground troops moved into Rafah in early May.

Israel's eight-month military offensive against the militant group Hamas following the group's October 7 terrorist attack has plunged Gaza into a humanitarian crisis, with the UN reporting widespread hunger and hundreds of thousands of people on the brink of famine.

PM to China: At least we're talking

The Australian Financial Review - Page 1 & 6 : 17 June 2024 - Original article by Phillip Coorey - Portmac.News Summary

Prime Minister Anthony Albanese will hold a meeting with Chinese Premier Li Qiang on Monday, after the two leaders attend a state lunch at Parliament House.

Albanese will use the lunch to note that while bilateral relations between Australia and China are improving, there is still a lot of work to be done.

He will also emphasise that the points on which the two nations disagree will "not simply disappear if we leave them in silence".

Meanwhile, the Chinese embassy released a statement following Li's arrival in Australia in which it declared that the relationship between the nations is "back on track after a period of twists and turns".

Labor urged to put China's human rights record before trade

The Guardian Australia - Page Online : 17 June 2024 - Original article by Amy Remeikis - Portmac.News Summary

Human rights campaigners and critics of Chinese policy are planning protests outside Parliament House during the visit of Chinese Premier Li Qiang on Monday, with Li to hold talks with PM Albanese.

Albanese is being urged by human rights advocates to put China's human rights record before economic and trade issues in his talks with Li.

Kyinzom Dhongdue of Amnesty International Australia says the time for statements of concern about China's human rights violations in Xinjiang, Tibet and Hong Kong has passed and that "concrete action" is needed.

Fears of a Trump trade war behind China's friendly face

The Australian - Page 15 & 18 : 17 June 2024 - Original article by Glenda Korporaal - Portmac.News Summary

UBS's senior China economist Ning Zhang says China is readying for a trade war with the US if Trump wins the presidential election, with that prospect seeing China pursue friendlier ties with other Western countries like Australia and New Zealand.

Zhang says that a major trade war with the US could cut more than 1% off China's economic growth, and that closer economic ties with other countries could help offset that impact.

China's Premier Li Qiang commenced a four-day visit to Australia on the weekend; he is the most senior Chinese leader to visit Australia since his predecessor, Li Keqiang in 2017.

'They divide': Group banned in the UK eyes Australia

The Sydney Morning Herald - Page Online : 17 June 2024 - Original article by Nick McKenzie, Marta Pascual Juanola, Annette Sampson - Portmac.News Summary

The resurgence of a radical Islamist organisation known as Hizb ut-Tahrir has sparked concern among extremism experts in Australia and overseas, due to fears that it is trying to capitalise on the discontent caused by events such as the war in Gaza to promote its radical ideology.

Banned in the UK as a terrorist group, it has been revealed that Australian members of Hizb ut-Tahrir have infiltrated the mainstream pro-Palestinian movement, and are using front groups such as the Stand For Palestine campaign to spread its message and attract support.

Climate 200 targets nine new Coalition seats

The Guardian Australia - Page Online : 17 June 2024 - Original article by Amy Remeikis - Portmac.News Summary

The Climate 200 group has identified an additional four Coalition-held electorates in Queensland that it will target in the next federal election.

They do not include the seat of Dixon, which is held by Opposition leader Peter Dutton, although it could potentially be included in the next round of funding for independent candidates.

Climate 200 will also help finance the election campaigns of independent candidates in two additional electorates in NSW and three in Victoria.

Climate 200 has raised more than $1m from over 1,300 donors in the last two months.

Coalition seeks to woo aspirational women

The Australian - Page 1 & 2 : 17 June 2024 - Original article by Greg Baum - Portmac.News Summary

Shadow finance minister Jane Hume will use a speech to the Sydney Institute on Monday to accuse the federal government of patronising women by focusing on welfare to improve gender equality.

Hume will say that a Coalition government will instead have policies that provide women with the opportunity to "genuinely choose their own path".

Hume will note that while gender equity tends to be expressed in terms of employment versus unemployment and full-time versus part-time, one in three small business owners in Australia are women, and that that number is rising.

Dirty money laws to stem NDIS fraud

The Australian Financial Review - Page 15 : 17 June 2024 - Original article by Tom McIlroy - Portmac.News Summary

Reporting commitments under anti-money laundering and criminal financing laws are to be extended to cover real estate agents, lawyers and accountants.

With the federal government struggling to combat National Disability Insurance Scheme fraud and planning to spend $126 million over four years to establish a fraud taskforce for the NDIS.

Law enforcement bodies have told the task force that the changes to the 'dirty money' laws will help to curb NDIS fraud; the law changes will also be welcomed by overseas allies of Australia, which have claimed that gaps in its laws are being exploited by organised crime groups.

Task force delay puts aged care in limbo

The Australian - Page 5 : 17 June 2024 - Original article by Stephen Lunn - Portmac.News Summary

The federal government is yet to formally respond to the findings of its own aged-care taskforce, despite it being six months since it received them.

The taskforce's main recommendation was that people with the means to do so should pay more for the accommodation and non-direct care ­components of their aged care.

Aged-care advocates state the government's failure to implement this recommendation is stopping money flowing into new beds and homecare packages.

Aged-care provider Whiddon CEO Chris Mamarelis contends the lack of progress on the taskforce's recommendations "Sends terrible message to older Australians and their families, nursing home residents and employees about where aged care sits as a policy priority".

AI risks add urgency to RBA overhaul

The Australian Financial Review - Page 6 : 17 June 2024 - Original article by Michael Read - Portmac.News Summary

Professor Renee Fry-McKibbin contends that artificial intelligence represents a major threat to Australia's financial system, and it highlights the need for stalled legislation to create a specialist governance board at the Reserve Bank to be passed.

Fry-McKibbin was a member of the review that recommended that the RBA adopt a dual board structure.

Fry-McKibbin says a new risk has emerged around AI technology in the 15 months since the review of the RBA handed its recommendations to Treasurer Jim Chalmers.

First new Alzheimer's drugs in 20 years

The Age - Page Online : 17 June 2024 - Original article by Wendy Tuohy - Portmac.News Summary

Two drugs for the treatment of Alzheimer's are the first to be approved internationally for treatment of the life-limiting illness in more than two decades, and they are soon to be expected to be given the go-ahead for use by Australian patients.

The two drugs, donanemab and leqembi, both work by by removing a protein known as amyloid from the brain, with amyloid forming plaques on the brains of people with Alzheimer's disease.

Professor Ralph Martin from Alzheimer's Research Australia describes donanemab and leqembi as 'disease modifying drugs', whereas until recently, drugs used for Alzheimer's disease worked only to treat symptoms.

Bruce Gordon backs Nine as $550m stake fuels succession questions

The Australian Financial Review - Page 29 : 17 June 2024 - Original article by Sam Buckingham-Jones - Portmac.News Summary

Nine Entertainment's share price is trading at its lowest level since the pandemic, and the media group's market capitalisation has fallen to $2.2bn.

However, WIN Corporation owner Bruce Gordon says Nine is a "great company" that is worth investing in.

Gordon is Nine's largest shareholder, with his private company Birketu holding a 14.95% equity stake and an economic stake of 25.1%.

Brian Han from Morningstar says Nine's current valuation may attract a takeover bid, although he notes that any suitor would need to take into account Birketu's stake.

Meanwhile, some observers have speculated that the 95-year-old Gordon is building his stake in Nine in order to leave equal shareholdings to his wife and children.

Social media set to overtake TV as top source of news

The Australian Financial Review - Page 29 : 17 June 2024 - Original article by Sam Buckingham-Jones - Portmac.News Summary

The latest edition of the University of Canberra's Digital News Report suggests that TV will soon no longer be Australians' leading source of news.

The report is based on a survey of 2,000 people, with 56% of respondents stating that TV is their main source of news; this is 2% lower than the previous year.

The proportion of respondents who identified social media as their main source of news has risen by 4% in the last year, to 49%.

Forrest Vs Facebook : Decision looms in billionaire's anti-scam battle

The Sydney Morning Herald - Page Online : 17 June 2024 - Original article by Colin Kruger - Portmac.News Summary

Billionaire Andrew Forrest is pursuing legal action against Facebook in the US as part of his ongoing battle against the social media company for allowing fake ads on its platform.

Forrest's action challenges Facebook owner Meta on its use of the Communications Decency Act - which was enacted by the Clinton administration in the 1990s.

The act was intended to protect internet service providers from any liability for what was published on their platforms in order to protect its entire operations from any liability.

Facebook filed a motion to dismiss Forrest's case earlier this year and a judgment is expected at any time - Go Twiggy !!

Major financial institutions cut ties with Santos' Barossa gas project

Brisbane Times - Page Online : 17 June 2024 - Original article by Sumeyya Ilanbey - Portmac.News Summary

BNP Paribas has stated that it is no longer involved in the financing of Santos's $5.8 billion Barossa gas project, while the Export-Import Bank of Korea (KEXIM) has confirmed that it has not renewed its loans to SK E&S, the oil and gas unit of Santos' South Korean partner SK.

Market Forces senior gas campaigner Rachel Deans claims that Australia's big four banks should take note of the actions of BNP and KEXIM and cut ties with Santos, with NAB,

Westpac and ANZ all declining to comment; for its part, the Commonwealth Bank stated it was committed to supporting Australia's transition to net-zero by 2050.

Prepare for building inflation to surge again

The Australian Financial Review - Page 30 & 32 : 17 June 2024 Original article by Michael Bleby - Portmac.News Summary

A new Oxford Economics Australia report is tipping a resurgence in building inflation, due to factors such as the transition to lower-carbon alternatives, increased domestic demand and rising wages.

Its report states that cost escalation fell as low as 2.6% in 2023 in some sectors, but will pick up again as a result of a booming infrastructure market, with Adrian Hart from Oxford Economics Australia suggesting that increased costs could add as much as $200 million to a multi-year $1 billion project by the end of the decade.

ASX Rates on hold this week & all year, traders say

The Australian Financial Review - Page 25 : 17 June 2024 - Original article by Cecile Lefort - Portmac.News Summary

Futures pricing suggests that Australian equities will shed about 0.2% when the market opens on today, after a mixed lead from Wall Street.

The Reserve Bank's two-day board meeting is set to be a key focus for local investors this week, with the central bank widely expected to leave the cash rate unchanged at 4.35%.

Financial markets have now fully priced in a rate cut in April 2025, although Phil O'Donaghoe from Deutsche Bank says quarterly inflation data to be released next month could potentially prompt a rise in August.

The S&P/ASX 200 fell 0.3% to 7,724.3 points on Friday.