Latest updates on Key Economic Indicators:

Aussie $: $0.6720 USD (up $0.0020 USD)

Iron (SGX): $125.85 USD (down $4.45 USD)

Oil WTI): $67.50 USD (up $0.76 USD)

Gold: $1,978.68 USD (up $1.88 USD)

Copper (CME): $3.9570 (up $0.0620 USD)

Bit-coin: $27,969.61 (down 0.29%)

Dow Jones: 32,244.58 (up 382.60 pts)

All changes compared to 7am yesterday.

Ukraine War:

Xi meets with Putin in Moscow:

Xi Jinping has met with Russian leader Vladimir Putin in Moscow ahead of formal talks in the coming days.

The pair sat down side by side at the Kremlin for a brief discussion that was broadcast by Chinese and Russian state media.

In his opening comments, Putin promised to discuss China’s 12-point peace plan.

"We have carefully studied your proposals for resolving the acute crisis in Ukraine. Of course, we will have the opportunity to discuss this issue," Putin said.

"We know that you proceed from the principles of justice and observance of the fundamental provisions of international law, of indivisible security for all countries. You are also aware that we are always open to the negotiation process."

Xi has attempted to position China as a mediator between Russia and Ukraine.

The Moscow meeting was otherwise largely a back-and-forth of pleasantries, with each referring to the other as a "Dear friend".

EU seals deal to supply Ukraine with Ammo:

Estonian defence minister says agreement ‘Shows me one thing: if there is a will there is a way’.

EU ministers have reached a deal to supply Ukraine with a million rounds of shells to bolster its defences against Russia’s invasion.

“We have reached a political consensus to send Ukraine 1m rounds of 155mm calibre ammunition,” Estonia’s defence minister, Hanno Pevkur, said. “Definitely, there are many, many details still to solve, but for me it is most important that we conclude these negotiations and it shows me one thing: if there is a will there is a way.”

EU foreign and defence ministers are still fine-tuning a €1bn plan for the joint procurement of ammunition by the Brussels-based European Defence Agency. 

First proposed by Estonia and inspired by the bloc’s joint purchase of Covid vaccines, such an agreement would be a significant moment for the EU, which has limited experience of the joint purchase of military supplies. So far, about 15 countries are expected to take part in the voluntary initiative.

IPCC climate scientists issue 'A survival guide for humanity':

The world’s climate scientists have issued what one expert said is a "final warning" before global warming exceeds 1.5 degrees Celsius.

'The climate time-bomb is ticking' said UN Secretary-General António Guterres, at a meeting of the Intergovernmental Panel on Climate Change (IPCC), which this week released its final "Synthesis report", marking six years of work by about 700 scientists. 

"Today’s IPCC report is a how-to guide to defuse the climate time-bomb," he said. "It is a survival guide for humanity."

Representatives of 195 countries negotiated an agreed text for the summary report, after assessing tens of thousands of scientific studies.

The report, known as the AR6, is a synthesis of six other reports by the IPCC — taking enormous amounts of data and simplifying it so policymakers inside and outside governments can use it.

As you can probably guess, there's not a lot of good news.

However, the scientists say there is still time to avoid the worst impacts of climate change and every bit of carbon pollution makes a difference.

PM facing defeat over housing bill

The Australian - Page 1 & 5 : 21 March 2023 - Original article by Geoff Chambers, Simon Benson - Portmac.News Summary

The federal government will seek to negotiate a deal with Senate crossbenchers to secure the passage of its bill to establish the Housing Australia Future Fund.

The Greens, the Jacqui Lambie Network and independent senator David Pocock are seeking concessions in return for supporting the bill, including an increase in social housing and greater investment in affordable-housing projects.

The government requires the support of the Greens and at least two crossbenchers to pass the bill, given that the Coalition intends to vote against it.

Crew recruiting 'Key challenge' for AUKUS subs

The Australian - Page 4 : 21 March 2023 - Original article by Geoff Chambers - Portmac.News Summary

Former defence minister Joel Fitzgibbon says that recruiting crews for Australia's future fleet of nuclear-powered submarines will be costly, and the process needs to begin now.

He adds that one of the major challenges will be recruiting and training sufficient personnel for three classes of submarines, and he notes that operating the Virginia-class and AUKUS-class vessels will require different skills to those needed for the diesel-electric Collins-classs submarines.

Fitzgibbon adds that the navy is already finding it hard to provide crews for the six Collins-class subs, while submariners have a very high turnover rate.

Politicians use burner phones as TikTok ban nears

The Australian - Page 1 & 4 : 21 March 2023 - Original article by Simon Benson, Jenna Clarke - Portmac.News Summary

Home Affairs Minister Clare O'Neil is currently assessing the findings of a security review into social media, and she is expected to shortly announce a blanket ban on the use of Chinese-owned TikTok on all official government devices.

Many government departments have already imposed a ban on the popular social media app, while nations such as the US, the UK and New Zealand have also banned its use on government devices.

However, a number of senior government ministers actively use TikTok to engage with the communities they represent. Some of them use cheap pre-paid mobile phones to access TikTok due to security concerns.

Labor open to inflation-linked rise for low paid

The Australian Financial Review - Page 8 : 21 March 2023 - Original article by Phillip Coorey - Portmac.News Summary

The federal government is finalising its submission to the Fair Work Commission's annual wage review.

The government will not nominate a specific increase in the minimum wage and award rates in its submission.

However, Finance Minister Katy Gallagher says Labor wants to make sure that low-income workers are getting "Sustainable and ­affordable pay rises".

The government is believed to be open to a wage rise for low-income workers that is in line with the inflation rate, with Treasurer Jim Chalmers having previously argued that this would not be sustainable.

Productivity in the doldrums, obtuse leadership no help

The Australian - Page 13 : 21 March 2023 - Original article by Judith Sloan - Portmac.News Summary

The Productivity Commission's latest five-year productivity report includes 29 reform directives and 71 specific recommendations.

The length of the reform shopping list mean it is very easy for a government to either ignore it or pick and choose.

The shopping list approach to productivity improvement also places emphasis on what governments should do rather than on what they should not do.

Meanwhile, the federal goverment is almost certain to ignore the PC's recommendations regarding industrial relations, having already committed to the re-regulation of the labour market.

In fact, the PC had already expressed reservations about the impact of any shift to multiemployer bargaining on productivity.

Cross-party anti-poverty push targets 'Inadequate' JobSeeker payments

The Guardian Australia - Page Online : 21 March 2023 - Original article by Luke Henriques-Gomes - Portmac.News Summary

The federal government is under growing pressure to increase the JobSeeker allowance in its May budget.

Labor MP Alicia Payne says the unemployment payment is clearly inadequate and has been for some years; she will co-chair the new parliamentary friends of ending poverty group, along with Liberal MP Bridget Archer.

The Australian Council of Social Service recently called for the JobSeeker payment to be increased to $1,026 a fortnight, compared with just $693.10 a fortnight at present.

Teals spend tens of thousands on Facebook ads

The Australian Financial Review - Page 7 : 21 March 2023 - Original article by Mark Di Stefano, Samantha Hutchinson - Portmac.News Summary

Tracking data from political advisory firm Populares shows that five teal candidates in the NSW election have spent more than $35,000 apiece on Facebook advertising.

In contrast, the major political parties have focused on TV and radio advertising.

Nielsen Ad Intel has reported that Labor spent more than $380,000 on TV advertising in the week to 11 March, while the Liberal Party spent nearly $360,000 over the same period.

Populares' co-founder Ed Coper says digital advertising is one of the most effective ways for independent candidates to reach out to voters.

China in the driver's seat

The Australian - Page 25 : 21 March 2023 - Original article by Robert Gottliebsen - Portmac.News Summary

The talks between Russian President Vladimir Putin and his Chinese counterpart Xi Jinping with regard to Ukraine have the potential to be even more transforming than the deal for UBS to acquire Credit Suisse.

Xi Jinping will be keen to see a resolution to the Russia-Ukraine conflict, given that his plans for a fast-train project linking the Pacific and Atlantic oceans depends on the support of both countries.

Russia is now a pariah state, so there is no way Europeans will allow a fast rail line to the Atlantic that passes through Russia or a Ukraine that is not totally independent.

However, a Chinese-brokered solution that guarantees Ukraine most of its land and port access would be appealing.

Fundies say Credit Suisse deal should contain the crisis

The Australian Financial Review - Page 29 : 21 March 2023 - Original article by Emma Rapaport - Portmac.News Summary

Fund managers have indicated that the deal for UBS to acquire Credit Suisse will help to alleviate concerns about the global banking system.

Antipodes portfolio manager James Rodda contends that Credit Suisse was a bank-specific crisis rather than a systemic issue.

Meanwhile, Jeff Thomson of Alphinity Investment Management believes that systemic risks in the banking sector can be contained, although he adds that there is potential for more banks to collapse, particularly smaller ones.

He notes that there had been problems at Credit Suisse for some time.

Fixed rates & $300b in savings prolong rates pain

The Australian Financial Review - Page 2 : 21 March 2023 - Original article by Michael Read - Portmac.News Summary

Reserve Bank of Australia assistant governor Christopher Kent says the nation's banks are "Unquestionably strong", while their capital and liquidity positions are well above the prudential regulator's requirements.

Kent adds that the RBA will take global developments into account at its board meeting on 4 April, with financial markets now expecting the cash rate to remain on hold following the recent turmoil in the global banking sector.

Kent also notes that the strong growth in both fixed-rate home loans and household savings during the pandemic are blunting the effect of higher interest rates on households.

Sweet spending boon predicted for Easter

Australian Retailers Association - Page Online : 21 March 2023 - Portmac.News Summary

Despite cost-of-living pressures, new research shows that Australian families will indulge in Easter treats in 2023.

The research from the Australian Retailers Association in collaboration with Roy Morgan shows that Australians are tipped to spend almost $1.7 billion on hot cross buns, easter eggs or other special food for Easter, up 14.5% from 2022.

Some 16.3 million Australians (75%), say they plan to buy food such as chocolates and hot cross buns (up 1.8 million on a year ago).

Meanwhile, 7.9 million Australians (37%) plan to celebrate Easter with alcohol.

ARA CEO Paul Zahra says that while price increases will contribute to the higher spend, retail therapy remains a sweet spot in a challenging year for Australians.

Women's Health & Men's Health magazines shutdown

The West Australian - Page Online : 21 March 2023 - Original article by Madeleine Achenza - Portmac.News Summary

Sources have indicated that Sydney-based Paragon Media will cease publishing lifestyle magazines Men's Health Australia and Women's Health Australia.

Paragon Media had acquired the two titles in December 2020; they were among six titles that were discontinued by Are Media (formerly Bauer Media Australia) during the pandemic.

All 20 employees who work on the magazines are expected to be impacted by their closure.

Rio Tinto pledges better cultural awareness

The Age - Page Online : 21 March 2023 - Original article by Simon Johanson - Portmac.News Summary

Rio Tinto has advised that it will implement all 144 recommendations made by ERM Consulting in an independent audit of the cultural heritage management of its mines.

The international sustainability firm assessed 37 of Rio Tinto's mines worldwide; it found 81 instances of non-conformance with its cultural heritage management policies, as well as 60 areas for improvement.

The audit was commissioned in the wake of Rio Tinto's destruction of ancient Indigenous rock shelters at Juukan Gorge in the Pilbara in 2020.

ASX drops to lowest point in four months

The Australian Financial Review - Page 28 : 17 March 2023 - Original article by Cecile Lefort - Portmac.News Summary

The Australian sharemarket retreated on 20 March, with the S&P/ASX 200 shedding 1.4% to close at 6,898.5 points.

The banking and energy sectors were sold down, although gold stocks rallied amid growing concern about the potential for a global recession.

National Australia Bank shed 1.5% to end the session at $27.86, Woodside Energy was down 2.9% at $31 and Fortescue Metals Group finished 2.9% lower at $20.80.

However, St Barbara rose 15.8% to $0.66 and AMP added 0.5% to close at $0.99.