Latest updates on Key Economic Indicators

Aussie $: $0.6656 USD (down $0.0029 USD)

Iron Ore (SGX): $98.80 (up $2.00 USD)

Oil (WTI): $80.08 USD (down $1.82 USD)

Gold: $1,751.04 USD (down $9.81 USD)

Copper (CME): $3.6380 (down $0.0375 USD)

Bit-coin: $16,578.27(down 0.31%)

Dow Jones: 33,745.69 (up 199.37pts)

All changes compared to 7am Friday, except Bitcoin

Ukraine War:

Kherson streets are revived after months of war:

A week since the southern Ukrainian city of Kherson was liberated, residents can't escape reminders of the terrifying eight months they spent under Russian occupation.

People are missing. There are mines everywhere, closed shops and restaurants, a scarcity of electricity and water, and explosions day and night as Russian and Ukrainian forces battle just across the Dnieper River.

Despite the hardships, residents are expressing a mix of relief, optimism and even joy — not least because of their regained freedom to express themselves at all.

harmacist Olena Smoliana was overjoyed when recalling the day Ukrainian soldiers entered the city.

"Even breathing became easier. Everything is different now," she said. 

Shelling of Zaporizhzhia nuclear plant 'Playing with fire':

The UN nuclear energy watchdog has said the forces behind the shelling of Ukraine’s Zaporizhzhia power plant are “playing with fire”, after a series of explosions shook the facility.

The International Atomic Energy Agency (IAEA), which has experts based at Zaporizhzhia, reported on Sunday that powerful explosions had shaken the area on Saturday night and Sunday. It said its on-site experts saw some of the explosions from their windows.

It reported more than a dozen blasts from apparent shelling, with damage to some buildings, systems and equipment, but “none so far critical for nuclear safety”.

The head of the IAEA, Rafael Grossi, said the news was extremely disturbing and he called the explosions completely unacceptable. “Whoever is behind this, it must stop immediately. As I have said many times before, you’re playing with fire,” he said.

Jubilant Ukrainians roll into Kherson on first train for eight months:

Jubilant Ukrainians have rolled into Kherson by train for the first time in more than eight months as residents of the newly liberated southern city greeted them on the platform with flowers and flags.

“I can’t even put my feelings into words,” said Hryhorii Vyrtosa, a 67-year-old construction worker, shortly after stepping off the overnight route from the capital Kyiv.

Saturday’s journey marked the first time Vyrtosa, a native of Kherson region with Moldovan roots, was able to return after escaping the Russian-occupied city of Skadovsk in April.

Upon arriving, a beaming Vyrtosa fulfilled his pledge to shout “Glory to Ukraine” in Kherson.

He then tightly hugged his son, who he had not seen in eight months.

Native fish suffocating as parts of Murray-Darling Basin turn toxic:

Near the New South Wales-Victorian border, fish rescuer Braeden Lampard walks into a flood-soaked wheat field. There he finds decades-old Murray cod struggling to breathe.

Native fish are desperately seeking refuge because parts of the Murray-Darling Basin have turned toxic due to hypoxic blackwater. Everything that lives in the affected water is literally suffocating.

"If you have a couple hundred fish dying every 500 metres or kilometre, you have that possibility of tens of thousands, maybe even hundreds of thousands of native fish dying."

Ecuador World Cup victory over debutant hosts Qatar:

Qatar has suffered a historic loss as a rampant Enner Valencia scored two goals and had one disallowed to inspire Ecuador to a 2-0 victory in Al Khor.

By losing, Qatar — already in turmoil over claims the nation was not fit to host the event due to a myriad issues — became the first host nation in World Cup history to lose the tournament's opening match.

the Asian champions were never in the hunt and were hopelessly outclassed in their debut on football's biggest stage.

The biggest thorn in their side, was Ecuador's captain, Valencia.

It had seemed it had only taken three minutes for Valencia to open the scoring in the tournament when Qatar goalkeeper Saad Alsheeb came for a free kick, only to fail to clear the ball before Felix Torres mis-hit a bicycle kick attempt and Valencia headed it home from close range.

For Valencia, though, the start to the tournament was near to perfection.

"I dreamt so many times about winning this opening match," Valencia said.

Shooting at Colorado Springs nightclub leaves 5 dead:

A gunman has opened fire in a gay nightclub in Colorado Springs, in the United States, killing five people and leaving 18 injured before a 22-year-old suspect was subdued by "heroic" patrons and arrested by police.

A 22-year-old male suspect is in police custody and being treated for injuries, Several of the injured were in a critical condition and being treated at local hospitals.

Police say two "Heroic" people inside the club confronted the suspect.

Two guns, including a "long rifle", were found at Club Q after the shooting on Saturday night, Police Chief Adrian Vasquez said.

Investigators were still determining a motive, and the attack was being investigated to see if it should be prosecuted as a hate crime.

Buy now pay later industry to face new regulations:

 An estimated 7 million "buy now pay later" users will soon see new laws introduced by the federal government that aims to better protect them against financial abuse.

A new Treasury paper released by Financial Service Minister Stephen Jones on Monday suggested buy now pay later players could soon be subject to the same laws as credit card providers, as "Unaffordable or inappropriate lending practices are contributing to financial stress and hardship, and other types of consumer harm".

The paper said there were 7 million active buy now pay later accounts in the 2021-22 financial year resulting in $16 billion in transactions, an increase of almost 37 per cent on the previous financial year.

Gold mine fails air quality audit

One of the largest goldmines in the world will have its expansion approval revoked after failing to meet a key condition of its production increase.

Newcrest's Cadia Valley Operations (CVO) near Orange has been found to be non-compliant by an independent air quality audit which revealed one vent shaft was emitting 18 times what is legislated as safe amounts of carcinogen respirable crystalline silica.

In a statement, NSW's Department of Planning and Environment said they were investigating the matters raised in the independent audit report in collaboration with the NSW Environment Protection Authority (EPA).

Anna Meares to lead Australian Olympic team at Paris 2024 Games:

Two-time gold medallist Anna Meares will return to the Olympic arena after being appointed Australia's chef de mission for the 2024 Games in Paris.

Meares won six medals in track cycling across four Olympic appearances and was Australia's flag bearer at the 2016 Games in Rio.

She famously won her second gold medal at the 2012 London Olympics in the sprint, four years after a horrific accident during a World Cup meet in Los Angeles almost ended her career.

She is the only Australian to win individual medals at four consecutive Olympics.

Cop27 Climate deal:

Experts say biggest economies must pledge more cuts to carbon emissions but hail agreement to set up loss and damage fund.

The world still stands “on the brink of climate catastrophe” after the deal reached at the Cop27 UN climate summit on Sunday, and the biggest economies must make fresh commitments to cut greenhouse gas emissions, climate experts and campaigners have warned.

The agreement reached in Sharm el-Sheikh early on Sunday morning, after a marathon final negotiating session that ran 40 hours beyond its deadline, was hailed for providing poor countries for the first time with financial assistance known as loss and damage.

A fund will be set up by rich governments for the rescue and rebuilding of vulnerable areas stricken by climate disaster, a key demand of developing nations for the last 30 years of climate talks.

Musk reinstates Trump’s Twitter account

Former US president Donald Trump’s Twitter account has been reinstated, with millions of users waiting to see what he might tweet first.

But before the account was reinstated Mr Trump said he had no interest in returning to the social media platform.

He had been banned from the social media site for inciting violence.

In a poll organised by new owner Elon Musk, slightly over 15 million Twitter users voted in the poll with 51.8 per cent voting in favour of Mr Trump’s reinstatement.

“The people have spoken. Trump will be reinstated,” Mr Musk tweeted.

Mr Trump had appeared less than keen earlier in the day.

“I don’t see any reason for it,” the former president said via video when asked whether he planned to return to Twitter by a panel at the Republican Jewish Coalition’s annual leadership meeting.

PM vows no retreat on IR overhaul

The Australian - Page 1 & 2 : 21 November 2022 - Original article by Geoff Chambers - Portmac.News Summary

PM Albanese will address the International Trade Union Confederation World Congress on Monday.

He will defend the government's Secure Jobs, Better Pay Bill and commit to pushing ahead with the industrial relations reforms.

However, business leaders have written an open letter to senators urging them to either split the bill or reject it outright.

They argue that the 'one-size-fits-all' approach to wages outcomes will undermine workplace flexibility and productivity, while increasing costs and driving up inflation and interest rates.

The business leaders are also concerned that the bill is being rushed; however, Albanese has indicated that he is open to extending the final session of parliament for 2022 in order to get key legislation passed.

Tax and IR reform 'a risk to jobs'

The Australian - Page 2 : 21 November 2022 - Original article by Geoff Chambers - Portmac.News Summary

The mining sector has warned that any tax and industrial relations reforms could jeopardise 140 resources projects that are awaiting final investment decisions.

This includes 46 critical minerals projects. Minerals Council of Australia CEO Tania Constable says a mining tax would "Slow down Australia’s energy transformation", while deterring investment in Australia and putting up to 33,000 jobs at risk.

Treasurer Jim Chalmers has reiterated that a temporary tax on thermal coal and gas is not the federal government's preference.

The resources sector also has concerns about multi-employer bargaining.

Greens push for jobseekers to be allowed to earn more without penalty

The Guardian Australia - Page Online : 21 November 2022 - Original article by Josh Butler - Portmac.News Summary

The Senate will consider legislation that will allow pensioners to earn more money without affecting their payments as MPs return to Canberra for the final sitting period for 2022, with the federal government stating that encouraging older people to work more without having their payments reduced was one of the key points of agreement at the jobs and skills summit.

The Greens will seek to amend the legislation to allow those on JobSeeker payments to earn more in wages before their allowance is reduced.

Budget 'Spared us extra rates pain'

The Australian - Page 9 : 21 November 2022 - Original article by Geoff Chambers - Portmac.News Summary

Treasury modelling contends the Reserve Bank would have to had to lift the cash rate to 4.75% by the end of June 2023 if the federal government had delivered cash handouts in its October budget, compared to the current prediction of 3.35%.

An 140 basis-point increase in the cash rate would add around $290 to monthly interest payments on an average mortgage of $330,000, while Treasurer Jim Chalmers claims that delivering cash handouts in the budget would have resulted in more pain in the long run for Australian households and for the economy.

Human rights on agenda for Qatar World Cup visit

The Australian Financial Review - Page Online : 21 November 2022 - Original article by Tom McIlroy - Portmac.News Summary

Sport Minister Anika Wells and her opposition counterpart Anne Ruston are to attend the 2022 World Cup in Qatar to lend their support to the Socceroos and to promote the 2023 FIFA Women's World Cup, which Australia will co-host.

Wells says she expects to discuss human rights reforms in Qatar during her visit, along with how to boost the bilateral relationship with Qatar.

However, Greens spokesman Stephen Bates claims it is hard to see how attending a soccer tournament will help to advance human rights in Qatar, and that it was disappointing to see an official Australian visit to a country where homosexuality is punishable by death.

US beefs up Pacific allies' defences

The Australian Financial Review - Page 15 : 21 November 2022 - Original article by Matthew Cranston - Portmac.News Summary

US Defence Secretary Lloyd Austin has told the Halifax International Security Forum in Canada that China, like Russia, seeks a world where "Might makes right".

He says the US is learning from the war in Ukraine, and is seeking to bolster the defence capabilities of allies in the Pacific in the wake of growing Chinese aggression in South China Sea,

Taiwan and Cambodia. Austin will attend the ASEAN Defence Ministers' Meeting as part of a six-day tour of Canada, Indonesia and Cambodia; his Chinese counterpart is also expected to attend the meeting, but it is not known if the two will meet face to face.

Local councils begging for flood help

The Australian - Page 5 : 21 November 2022 - Original article by Rhiannon Down, Amaani Siddek - Portmac.News Summary

Local governments across Australia are likely to have to spend billions on roads damaged by floods, with the repair bill for some councils likely to be as much as $400 million.

The damaged roads have also impacted on freight companies, with Road Freight NSW CEO Simon O'Hara saying he estimates the cost of repairs for damage to tyres and brakes has risen by 30% in 2022.

Victorian Trucking Association CEO Peter Anderson estimates there are around 5,000 kilometres of roads across Victoria that need fixing, while federal Infrastructure Minister Catherine King says the government has pledged another $250 million towards the Local Roads and Community Infrastructure Fund, bringing total funding to $750 million.

FTX collapse fallout shakes local IT sector

The Australian - Page 15 : 21 November 2022 - Original article by David Swan - Portmac.News Summary

Joan Westernberg says the collapse of global cryptocurrency platform FTX has caused her revenue to fall by 80 %, with Westernberg being the operator of Web3 content and publishing agency Studio Self.

She contends that the impact of the collapse of FTX will be felt for some years to come, while Aaron Hilton, who runs crypto-focused energy retailer PowerPlay, says the local tech sector is experiencing pain in the wake of the collapse of FTX.

However, he contends there is reason for optimism for those companies that have survived the carnage.

Streamers spend up on local shows

The Australian Financial Review - Page 7 : 21 November 2022 - Original article by Edmund Tadros - Portmac.News Summary

Data from the Australian Communications & Media Authority shows that local content now accounts for more than half the annual programming budgets of Stan, Netflix, Amazon Prime Video, Paramount+ and Disney+.

The five main streaming services spent $668m on Australian and Australian-related programming in 2021-22; some $335m was invested in commissioned, co-commissioned or acquired Australian programs, while $333m was spent on acquiring, producing or investing in 16 Australian-related programs.

The federal government recently confirmed that it will introduce local content quotas for streaming services.

Foxtel warns of shakeout in crowded market

The Australian Financial Review - Page 31 : 21 November 2022 - Original article by Edmund Tadros - Portmac.News Summary

Foxtel CEO Patrick Delany says the Australian streaming market is still growing, but streaming providers need to get the mix of local and overseas content right.

He adds that overseas-based streamers tend to assume that Australian viewers want to watch American content, but in fact they want to see local TV shows and sports.

Delany also believes that any new entrants to an already crowded streaming market may find it easy to get to one million subscribers, but will struggle to build their customer base beyond this.

Meanwhile, Foxtel will launch a new interface in 2023 which will allow subscribers to access multiple streaming services.

Crikey editor-in-chief on 'Indefinite leave' after journalism awards incident

The Age - Page Online : 21 November 2022 - Original article by Zoe Samios - Portmac.News Summary

Crikey's editor-in-chief Peter Fray is to take indefinite leave from his role after he heckled ABC journalists at the recent Walkley Awards for journalism while in a drunken state.

The three ABC journalists won the Gold Walkley for an investigation on the role of public guardian and trustee agencies that had been a year in the making and which went to air in March.

The issue was one that Crikey journalist Amber Schultz had written a series of articles on between September 2021 and March, prompting Fray to interrupt the ABC journalists' acceptance speech while in an inebriated state to complain about Schultz's lack of recognition.

ASX set to gain on hopes of Fed interest rates pivot

The Australian Financial Review - Page 24 : 21 November 2022 - Original article by Cecile Lefort - Portmac.News Summary

Futures pricing suggests that Australian equities will gain about 0.3% when the market opens on today, after a positive lead from Wall Street.

Investors will be awaiting the release of the US Federal Reserve's most recent policy meeting, amid growing expectations that the central bank will increase the cash rate by just 50 basis points in December.

The Reserve Bank of Australia in turn is now widely tipped to raise interest rates by just 25 basis points at its last board meeting for the year.