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Joe & Xi Meet | Wauchope wonder returns | CIA sends nuclear warning to Putin | 'Ze-len-skiy!' Kherson crowds cheer president | 'Wall of water' devastating NSW towns | $A, Iron Up; Oil & Copper Down.

Source : PortMac.News | Independent :

Source : PortMac.News | Independent | News Story:

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15-11-22 | Joe, Albo & Xi | Wauchope | NSW Floods | Ukraine
Joe & Xi Meet | Wauchope wonder returns | CIA sends nuclear warning to Putin | 'Ze-len-skiy!' Kherson crowds cheer president | 'Wall of water' devastating NSW towns | $A, Iron Up; Oil & Copper Down.


News Story Summary:

Latest updates on Key Economic Indicators:

Aussie $: $0.6722 USD (up $0.0004 USD)

Iron Ore (SGX): $94.15 (up $3.10 USD)

Oil (WTI): $85.38 USD (down $3.58 USD)

Gold: $1,773.64 USD (up $2.86 USD)

Copper (CME): $3.8425 (down $0.0935 USD)

Bit-coin: $16,303.54 (down 1.50%)

Dow Jones: 33,769.42 (up 21.56pts)

All changes compared to 7am yesterday.

Ukraine War:

Zelenskyy visits liberated city of Kherson:

Ukrainian President Volodymyr Zelenskyy has hailed the Russian withdrawal from Kherson as the "beginning of the end of the war", as he lauded soldiers and took selfies with them in the recently liberated southern city.

“We are step-by step-coming to all the temporarily occupied territories," he said.

"We are ready for peace - but our peace ... For all our country, all our territory," he said.

Minutes before he arrived, nearby shelling could be heard, and after he finished speaking several more blasts of artillery echoed over the city.

Video footage showed Mr Zelenskyy waving to residents who waved at him from an apartment window and yelled "Glory to Ukraine!"

The reply "Glory to the heroes!" came back from Mr Zelenskyy's group, made up of soldiers and others.

Mr Zelenskyy has previously appeared unexpectedly in other front-line zones at crucial junctures of the war, to support troops and congratulate them for battlefield exploits.

Kherson fell quickly, but Ukraine’s progress east of the Dnipro will be harder:

Ukraine’s swift recapture of Kherson, whose abandonment was only announced publicly by the Russians on Wednesday, sets the stage for a critical phase in the war. An autumn of territorial concessions by Moscow leaves Russia occupying a core block of territory – the land bridge to Crimea – that Ukraine will want to split and inflict on the invaders a catastrophic political defeat.

Antonivsky and Nova Kakhovka are the only crossings of the Dnipro south of Ukrainian-held Zaporizhzhia city, and without them (or even if they were intact) it will be difficult and dangerous for Ukrainian counterattacks to press ahead there. 

A glance at the map has led an  increasing number of commentators, western and Russian, to suggest an advance in the Zaporizhzhia sector towards Melitopol and Berdyansk is the obvious next point of counterattack.

The winter weather clearly makes the situation more complicated for both sides, although the ground is expected to freeze, increasing the opportunities for manoeuvre, which will help the Ukrainian counterattackers.

Ukrainian railways begin repairs on Kherson line:

Ukraine's state railway service, Ukrzaliznytsia, has begun repairing damaged rail tracks & infrastructure on the Kherson line, according to the Infrastructure minister, Oleksandr Kubrakov. It expects to restore rail services to Kherson within 10 days. 

"We’re launching a direct railway connection between Kyiv & Mykolaiv [north of Kherson]", Kubbrakov said on Twitter.  "The first train will leave this evening."

Ukraine seeing a lull in Russian missile attacks, air force says:

Ukraine's air force says it is seeing a lull in Russian missile attacks, which were heavy and persistent through October.

Yurii Ihnat, a spokesperson for the Air Force Command, said at a briefing in Kyiv: "Now we see some kind of a lull, nothing much is happening."

Ihnat said there were still "shelling and rocket attacks on the frontline cities with rocket artillery and S-300 anti-aircraft systems. The enemy launches this type of missiles on a ballistic trajectory."

Ilhat said that "Over the past week we haven’t seen the use of cruise missiles or Shahed drones. The enemy is unable to constantly launch massive missile strikes due to the shortage of weapons."

CIA boss talks nuclear weapons and prisoners with Putin's spy chief:

U.S. Central Intelligence Agency Director William Burns was expected to caution President Vladimir Putin's spy chief at talks on Monday about the consequences of any use of nuclear weapons, and to raise the issue of U.S. prisoners in Russia, a White House official said.

Kremlin spokesman Dmitry Peskov confirmed to Russian news agencies that a U.S.-Russia meeting had taken place in the Turkish capital Ankara but declined to give details about the participants or the subjects discussed.

The White House spokesperson, speaking on condition of anonymity, said Burns was meeting Sergei Naryshkin, head of Russia's SVR foreign intelligence service.

It was the first known high-level, face-to-face U.S.-Russian contact since Russia invaded Ukraine in February.

World at a crossroad': Xi and Biden meet

The Sydney Morning Herald - Page Online : 15 November 2022 - Original article by Matthew Knott - Portmac.News Summary

Chinese President Xi Jinping and US President Joe Biden have met for three hours on the sidelines of the G20 summit in Bali, in what was their first face-to-face meeting since Biden became President.

Biden told reporters that he and Xi had been "Very blunt" at times during their meeting, which he described as "Open and candid".

Xi told Biden in his opening remarks that the "The world has come to a crossroads", while he said that China and the US needed to "Properly handle" their relationship for the sake of the global community.

Albanese to hold landmark talks with Xi Jinping at G20 summit

The Age - Page Online : 15 November 2022 - Original article by Matthew Knott, David Crowe - Portmac.News Summary

Prime Minister Anthony Albanese and Chinese President Xi Jinping are to meet on the sidelines of the G20 summit in Bali on 15 November, with it to be Xi's first meeting with an Australian prime minister since 2016.

Albanese says there are no preconditions on their discussion, and that he is "Looking forward to having constructive dialogue".

Their discussion follows Albanese's meeting with Chinese Premier Li Keqiang at the East Asia summit in the Cambodian capital of Phnom Penh on 12 November, and it is hoped that his meeting with Xi is a sign that China is willing to begin removing harsh tariffs from $20 billion worth of Australian goods.

I will not snub Putin's envoy: Albanese

The Australian - Page 1 & 7 : 15 November 2022 - Original article by Amanda Hodge - Portmac.News Summary

PM Albanese says he will not be involved in any walkout when Russian Foreign Minister Sergei Lavrov addresses the G20 summit in Bali, with Lavrov standing in for Putin.

Albanese says his decision is out of deference to Indonesian President Joko Widodo and Indonesia's presidency of the G20 summit.

His comments are a reiteration of his support for Indonesia's hosting of the summit when he became prime minister, when he was one of the first Western leaders to say he would attend the summit whether Putin was there or not.

Meanwhile, Lavrov has been taken to hospital after suffering a health problem following his arrival in Bali.

Australia to enter recession next year

abc.net.au - Page Online : 15 November 2022 - Original article by David Taylor - Portmac.News Summary

Deutsche Bank has forecast that Australia's official unemployment rate will rise to 4.5 % by the end of 2023.

This is one percentage point higher than the current unemployment rate, meeting the investment bank's definition of a recession.

However, Deutsche Bank does not expect Australia to experience a technical recession, which is typically defined as two consecutive quarters of negative GDP growth.

Chief economist Phil O'Donaghoe says Deutsche regards the definition of a technical recession to be singularly unhelpful for Australia.

AUKUS 'A deal for three nations': Beazley

The Australian - Page 7 : 15 November 2022 - Original article by Sarah Ison - Portmac.News Summary

Former Labor leader Kim Beazley has urged the current federal government to ramp up its defence expenditure.

Beazley notes that defence spending comprised about 2.5% of GDP and 8-9% of the budget during his tenure as defence minister; however, this has now fallen to just 2%  of GDP and 5.5% of the budget.

Beazley has also emphasised the need for Western nations to become less reliant on China for critical minerals, while he rejects any move to expand the AUKUS defence alliance to include additional countries.

Prepare Australian Defence Force 'To fight our own fights'

The Australian - Page 7 : 15 November 2022 - Original article by Geoff Chambers, Sarah Ison - Portmac.News Summary

The federal goverment recently engaged Stephen Smith and Angus Houston to conduct a defence strategic review, with their final report due in early 2023.

In what was the first of three speeches outlining the federal government's response to the review, Defence Minister Richard Marles has stated that Australia can no longer rely on the US to be its "security guarantor", and that Australia must be "willing – and capable – to act on our own terms when we have to".

On the question of Australia's relationship with China, Marles said that a commitment to improving it does not mean that Australia should not maintain a "Clear-eyed focus" on its security.

Minister reassures Tokyo over resources

The Australian Financial Review - Page 12 : 15 November 2022 - Original article by Michael Smith - Portmac.News Summary

Federal Resources Minister Madeleine King has met with Japan's energy and trade minister,

Yasutoshi Nishimura, on what is her first overseas trip since the federal election.

She thanked Japan for its years of investment in Australia's iron ore, coal and gas sectors, and said Australia was committed to remaining an energy supplier to Japan.

Nishimura noted the war in Ukraine had helped remind Japan of the importance of energy security, and that Australia was its biggest supplier of coal and LNG, and an important partner; Japan Chamber of Commerce of Industry chairman Akio Mimura has said recently that Japan will continue to rely heavily on Australian coal and gas for decades.

UK, India trade deals weeks away, negotiations continue for 'Game changer' EU deal

The Age - Page Online : 15 November 2022 - Original article by Rachel Clun - Portmac.News Summary

Trade Minister Don Farrell says he expects federal parliament to ratify trade agreements with the UK and India by the end of November.

The agreements were signed by the previous Morrison government, but Farrell says Australia's legal system requires that they need to be approved by parliament as well.

Farrell is to travel to Europe later in November for the next round of formal negotiations on Australia's free trade agreement with the European Union, with Farrell describing it in a speech to the RMIT APEC study centre as a potential "Game changer".

Port lockout threatens Christmas chaos

The Australian Financial Review - Page 3 : 15 November 2022 - Original article by David Marin-Guzman - Portmac.News Summary

Tugboat operator Svitzer has informed 528 striking workers that it will lock them out of their workplace from 17 November.

The lockout will mean that no ships will be towed in or out of the 17 ports around Australia that Svitzer services, and stevedoring firms have stated that the lockout will bring their terminals to a standstill.

The shutdown comes just six weeks before Christmas and as farmers prepare to harvest their winter crops for export.

NSW Transport Minister David Elliott has flagged potential intervention in the dispute between Svitzer and the Maritime Union of Australia, describing the latter's action as "Union thuggery".

World Bank needs to act says Bowen

The Australian Financial Review - Page 12 : 15 November 2022 - Original article by Hans van Leeuwen - Portmac.News Summary

Energy and Climate Change Minister Chris Bowen will tell the COP27 summit on 15 November that he will table the federal government's Annual Climate Change Statement to parliament not long after his return from Egypt.

He will remind the summit that there are just 85 months left in which to achieve the 2030 climate targets, while he will call on the World Bank and other similar multilateral funding agencies to do more when it comes to helping poorer countries with their energy transitions.

Australia called in to help after hackers shut down Vanuatu government systems

The Age - Page Online : 15 November 2022 - Original article by Eryk Bagshaw - Portmac.News Summary

The Australian Signals Directorate's Australian Cybersecurity Centre is helping the Vanuatu government rebuild its IT system after it was crippled by a cyber attack.

The attack has led to widespread delays throughout the Pacific Island nation, and has forced some workers to have to resort to using pen and paper.

The hackers demanded a ransom after their attack, but the Vanuatu government refused to pay it.

The identity of the hackers is not known, nor how much their ransom demand was for.

Fed governor says rate rises need to continue

The Australian Financial Review - Page 13 & 18 : 15 November 2022 - Original article by Jonathan Shapiro - Portmac.News Summary

Federal Reserve Governor Christopher Waller has urged people not to get too carried with recent US inflation figures that were lower than expected and which saw a jump in the share market.

Waller is a voting member of the Federal Open Markets Committee that sets interest rates, and he told a question and answer session in UBS Australasia conference in Sydney on 14 November that the figures were just one "Data point", and that while they were a sign that inflation was easing, interest rate settings are still lower than they need to be.

Waller noted he was impressed that financial markets had not collapsed in spite of the rapid rate of interest rate increases.

FTX carnage hits 20,000 Australians

The Australian Financial Review - Page 20 : 15 November 2022 - Original article by Jessica Sier - Portmac.News Summary

KordaMentha has been appointed administrators of the Australian operations of FTX, the failed global bitcoin exchange.

Scott Langdon from KordaMentha says its review of FTX Express and FTX Australia is ongoing, and that it will be providing their customers with updates.

KordaMentha has identified around 20,000 Australian investors who are trying recoup some of their losses from the collapse of FTX, and it believes that it should be able to 'Claw back' some of the fiat currencies connected with FTX Australia customers.

Medibank class action could go all the way

The Australian Financial Review - Page 20 : 15 November 2022 - Original article by John Davidson - Portmac.News Summary

Centennial Lawyers is among several law firms that are planning a class action against Medibank Private regarding the health insurer's data breach.

The firm's principal solicitor George Newhouse says the class action is likely to be filed within weeks, and that it will consider a number of legal strategies.

Amongst other things, the lawsuit may argue that Australians have a right to sue for invasion of privacy, which could potentially see the case elevated to the High Court.

Other options could include suing for breach of contract or breach of the Australian Consumer Law, and arguing that Medibank breached the terms of its privacy policy when it failed to keep customers' data safe.

'Socially aware' superannuation funds investing billions in gambling

The Guardian Australia - Page Online : 15 November 2022 - Original article by Ben Butler, Stephanie Convery - Portmac.News Summary

Media analysis has revealed that Australia's 10 biggest superannuation funds have invested over $4.2 billion in the gambling industry, including through investment options marketed as being 'Socially aware'.

Australian Super's Socially Aware option is an investor in Endeavour Group, Australia's biggest poker machine operator, as is Rest's 'Sustainable Growth' option.

All 10 of Australia's biggest super funds have holdings in poker machine manufacturer and gambling app developer Aristocrat Leisure.

Gas bill could bump up price of toilet paper

The New Daily - Page Online : 15 November 2022 - Original article by Ash Cant - Portmac.News Summary

Australian have been warned to expect a new hit to their household budgets' bottom line, with the price of toilet paper likely to rise.

Solaris Paper CEO Steve Nicholson says the company is facing a big increase its gas costs when the fixed contract with its current energy supplier ends.

The company's brands include Sorbent toilet paper and Handee Ultra paper towels. Nicholson adds that Solaris supports the shift to renewable energy, but he argues that the transition will take some time and action is needed to ensure that gas and electricity remain affordable in the interim.

Snack Brands Australia has also flagged a likely increase in its products.

Technical setbacks hit Gorgon carbon capture project

The Australian - Page 17 : 15 November 2022 - Original article by Perry Williams - Portmac.News Summary

Chevron Australia's general manager for energy transition, David Fallon, addressed a conference in Sydney on Monday.

He said the $2.5bn Gorgon carbon capture and storage project in Western Australia is working, although it is not quite operating as the company would like it to be.

Fallon said the problems with Gorgon CCS are largely due to issues with the facility's pressure-management system. The technical issues mean that the CCS project is operating at less than 50% of its capacity at present.

Regions hold up as city property prices dive

The New Daily - Page Online : 15 November 2022 - Original article by Poppy Johnston - Portmac.News Summary

Data from PropTrack shows that dwelling prices across regional Australia have risen by 6.49% in the last year. In contrast, house prices across the nation's capital cities have fallen by 2.08%.

The analysis also shows that house prices in regional areas have fallen by 1.84% since the market peaked, although they are still 46.6% higher than in March 2020.

Factors that have contributed to the resilience of the regional housing market include the limited number of properties that are being offered for sale relative to the capitals.

PropTrack notes that interest rate rises will eventually impact on the regional housing market.

ASX Iron ore producers storm back

The Australian Financial Review - Page 26 : 15 November 2022 - Original article by Vesna Poljak - Portmac.News Summary

The Australian sharemarket eased slightly on 14 November, with the S&P/ASX 200 down 12 points at 7,146.3.

Elders shed 22.9% to end the session at $10.21 and Perpetual was 5.8% lower at $32.77.

However, Fortescue Metals Group leaped 10% to $19.55, Core Lithium rose 11.7% to $1.86 and Perenti Global was up 4.3% at $1.08.


'News Story' Summary By : Staff-Editor-02

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