Latest updates on Key Economic Indicators:

Aussie $: $0.6650 USD (up $0.0006 USD)

Iron (SGX): $102.10 USD (down $3.25 USD)

Oil (WTI): $71.81 USD (up $0.26 USD)

Gold: $1,971.74USD (down $6.13 USD)

Copper (CME): $3.6775 (down 0.0505 USD)

Bit-coin: $26,892.37 (up 0.57%)

Dow Jones: 33,286.58 (down 140.05 pts)

All changes compared to 7am yesterday.

Ukraine War:

Anti-Kremlin militia attacks:

Fighting has broken out along the Russian border with Ukraine after self-described Russian partisan forces launched a cross-border raid and claimed to have overrun a border settlement for the first time in the war.

The Freedom of Russia Legion, which describes itself as an anti-Kremlin militia seeking to overthrow the Kremlin and liberate Russia from Vladimir Putin, claimed to have crossed the border and overrun the settlement of Kozinka, while sending units into the town of Grayvoron in Russia’s Belgorod region.

Bakhmut 'Few dozen residents” remain:

Tass quotes a source from the local Russian-imposed officials saying that “A few dozen more residents” remained in Bakhmut, but that “Perhaps, the figure will change as the basements of houses are examined”. The source said that the “evacuation” of civilians continues.

Ukrainian troops are still advancing on the flanks of the devastated city, although the “Intensity” of their movement has decreased and Russia is bringing in more forces, Ukrainian deputy defence minister Hanna Maliar said on Monday.

She said that Ukraine had a small foothold inside the city itself, again denying Russia’s assertion that it has established full control over Bakhmut.

Putin thanks Wagner:

Putin has congratulated Wagner and Russian regular forces on “The completion of the operation to liberate Artemovsk [the city’s Soviet-era name]” after Wagner boss Yevgeny Prigozhin posed among the wreckage, and said his mercenary group controlled the entire city at the weekend.

It has not been possible for journalists to verify the battlefield situation in the city for months.

'Crimea is an indisputable part of Ukraine':

Mykhailo Podolyak, adviser to the head of the office of president of Ukraine, has said “Crimea is an indisputable and inseparable part of Ukraine. It was, it is and it will be. The liberation of Crimea using any military force and means is the only rational way to stop ‘Russian aggressions’ and bring the world back to international law. It is Ukraine’s direct obligation and necessity today”.

A strike on Crimea could be considered a strike on Russia:

Russia’s ambassador to the US appears to have warned Washington that any strike on Crimea could be considered a strike on Russian territory by Nato after US president Joe Biden said he would support training for Ukrainian pilots on US F-16 fighter jets.

In remarks published on the embassy’s Telegram channel, Anatoly Antonov wrote: “I would like to warn representatives of the administration against thoughtless judgments on Crimea, especially in terms of ‘blessing’ the Kyiv regime for air attacks on the peninsula."

"Let me remind you that strikes on this territory are considered by us as an attack on any other region of the Russian Federation. It is important that the United States is fully aware of the Russian response.”

Superstar Modi hits town, Wants 'Next level' friendship

The Australian - Page 1 & 2 : 23 May 2023 - Original article by Cameron Stewart - Portmac.News Summary

Indian Prime Minister Narendra Modi has arrived in Australia for his first bilateral visit in ­almost 10 years, saying that he wants to take relations with Australia to the "Next level".

Modi says that there has been significant progress in the relationship between India and Australia in a range of areas since his last visit, including climate change and renewable energy, water and health.

He says that Australia and India have a shared interest in a free, open and inclusive Indo-Pacific, while Modi says he hopes his visit would allow both countries to identify new areas of co-operation.

Madeleine King leads push to mobilise US cash

The Australian Financial Review - Page 1 & 18 : 23 May 2023 - Original article by Jacob Greber, Angela Macdonald-Smith, Brad Thompson, Elouise Fowler - Portmac.News Summary

Resources Minister Madeleine King says a new task force will help to ensure that Australian resources companies can access US capital and benefits arising from the Inflation Reduction Act.

King says the Australian-US taskforce will aim to "fast-track critical minerals supply chain development between our two countries", and will be administered by her department in cooperation with the US National Security Council.

Her comments come after President Joe Biden said he would seek congressional approval to allow Australian firms to join their US and Canadian counterparts in bidding for roughly $US750 million ($1.13 billion) available for critical minerals development under the US Defence Production Act.

Why US will spend big on our mining, processing

The Australian - Page 21 : 23 May 2023 - Original article by Robert Gottliebsen - Portmac.News Summary

The agreement struck at the G7 leaders' summit in Japan aims to allow Australian companies to benefit from the Biden administration's Inflation Reduction Act.

Local companies will be able to receive big handouts for clean energy projects, while the IRA will encourage greater US investment in Australian resources projects, particularly in the critical minerals sector.

Prime Minister Anthony Albanese's deal with President Joe Biden in Hiroshima is also likely result in greater processing of critical minerals in Australia; this is in contrast to the iron ore industry, whereby the raw material was shipping overseas for processing into iron and steel.

Widodo heading for Australia

The Age - Page Online : 23 May 2023 - Original article by Chris Barrett - Portmac.News Summary

Indonesia President Joko Widodo flagged his wish to visit Australia in the near future during talks with Prime Minister Anthony Albanese on the sidelines of the G7 summit, according to a statement by Indonesian Minister for Foreign Affairs Retno Marsudi.

Widodo last visited Australia in February 2020, when he addressed a joint sitting of federal parliament, while Albanese visited Indonesia just two weeks after the May 2022 election in what was his first overseas visit as Prime Minister.

Maturity on China boosts our global status

The Australian - Page 2 : 23 May 2023 - Original article by Ben Packham - Portmac.News Summary

Defence Minister Richard Marles has told News Corp's Defending Australia dinner at the War Memorial in Canberra that Australia is being taken more seriously as a country as a result of the Albanese government ending the nation's "Shrill" political debate over China.

Marles told the dinner that the former Morrison government had made "Gratuitous and inflammatory comments" about China without taking the interests of the Australian people, and that all Australians had been the beneficiary of China's economic success.

However, he did observe that China remained a "Significant source of anxiety in respect of our national security", while Opposition Leader Dutton used the dinner to urge the government to "Find strength through speed" in the delivery of new weapons and military equipment.

US signs new security pact with PNG

The Age - Page Online : 23 May 2023 - Original article by Kirsty Needham, Nick Perry - Portmac.News Summary

US Secretary of State Antony Blinken has signed a defence and maritime surveillance agreement with Papua New Guinea, visiting PNG as a representative of US President Joe Biden.

Speaking at the signing ceremony, Blinken said the agreement was put together by the US and PNG as "Equals and sovereign partners", while PNG Prime Minister James Marape says his country faces significant security challenges.

The agreement was signed amid concern about China's growing influence in the Pacific, while China responded to news of Blinken's pending visit to PNG to warn against the introduction of "Geopolitical games" into the region.

ALP stands firm on workplace reforms

The Australian - Page 4 : 23 May 2023 - Original article by Sarah Ison, Mackenzie Scott - Portmac.News Summary

Workplace Relations Minister Tony Burke says the federal government is committed to pursuing its second tranche of industrial relations reforms.

He contends that Labor announced its four key policies more than two years ago and took them to the May 2022 election.

They comprise protections for gig economy workers, 'Same job, same pay laws for labour hire staff, legislating a proper definition of casual workers and criminalising wage theft.

Self Employed Australia's executive director Ken Phillips is among the business leaders who have expressed concern about the proposed reforms.

John Holland faces court over silica dust

The Australian Financial Review - Page 8 : 23 May 2023 - Original article by David Marin-Guzman - Portmac.News Summary

The Australian Workers' Union has launched Federal Court action against builder John Holland, claiming that it has breached the Fair Work Act's right of entry laws.

The AWU claims that John Holland refused to allow one of its officials onto the WestConnex-Western Harbour Tunnel site to use a dust detector to test allegedly high levels of silica.

AWU NSW secretary Tony Callinan says its officials should be able to bring dust monitors on site to inspect dust levels, if they suspect that there have been safety breaches of an enterprise agreement.

The AWU's action comes as building unions are seeking to ban engineered stone products that produce silica dust due to the health risk.

Productivity ills 'A danger to economy'

The Australian - Page 4 : 23 May 2023 - Original article by Patrick Commins - Portmac.News Summary

Judo Bank's economic adviser Warren Hogan has warned of the need to lift Australia's low rate of productivity.

He notes that the Reserve Bank and Treasurer Jim Chalmers have started to discuss the issue, but adds that such high-level conversations tend to be in the context of structural reform and longer-term issues in the economy.

Hogan contends that the nation's poor performance with regard to productivity is of much more immediate concern, arguing that the issue presents a "Clear and present danger" to Australia's economic performance in the near-term.

Dating apps next after TikTok ban

The Courier-Mail - Page Online : 23 May 2023 - Original article by Catie McLeod - Portmac.News Summary

Department of Home Affairs secretary Mike Pezzullo has indicated that federal cabinet may extend the ban on using TikTok on government-issued devices to other social media platforms.

He has told a Senate estimates hearing that Home Affairs Minister Clare O'Neil received the report of an internal review social media risks in March, and she is seeking approval to take the matter to cabinet.

Any such ban could potentially include other social media sites, dating apps and streaming services such as Netflix.

The French government recently banned a wide range of apps due to cybersecurity and privacy concerns.

Forecasts blown as joining rate for NDIS rockets

The Australian Financial Review - Page 9 : 23 May 2023 - Original article by Michael Read, Tom McIlroy - Portmac.News Summary

There were 592,059 participants in the National Disability Insurance Scheme as of March, according to the National Disability Insurance Agency's latest quarterly report.

The NDIS's participant forecast for 2022-23 was 592,294, but that prediction was likely to have been exceeded in the first week of April, with around 200 people joining the NDIS every day.

The NDIA has stated the increase in children with developmental delay and autism entering the scheme had been more than forecast, with around 54% of NDIS participants under the age of 18 having autism, while 21% have developmental delay.

Assange backers open to deal

The Australian Financial Review - Page 10 : 23 May 2023 - Original article by Andrew Tillett - Portmac.News Summary

Jennifer Robinson was asked on 22 May whether Julian Assange would consider a plea deal in order to secure his freedom, with Robinson being the Wikileaks founder's lawyer.

Speaking at the National Press Club, Robinson said she believed the case against Assange should be dropped altogether, but that "We are considering all options".

Assange has been held in England's high-security Belmarsh prison since 2019, after the Trump administration launched proceedings to have him extradited to the US over Wikileaks' publication of thousands of leaked classified files.

New regulations will 'Throttle' buy now, pay later providers

The Australian Financial Review - Page 15 : 23 May 2023 - Original article by Ayesha de Kretser, James Eyers - Portmac.News Summary

Financial Services Minister Stephen Jones has announced that 'Buy now, pay later' will be regulated as a credit product, while providers will be subject to new responsible lending checks.

Stockbroking firm Shaw & Partners contends the new rules being applied to BNPL providers will "Throttle industry volumes", while consumer groups claim that the changes do not go far enough.

Choice CEO Alan Kirkland says the new regulations must include requirements for providers to check that a loan is suitable, regardless of the size of the amount.

Electricity bills expected to surge

The New Daily - Page Online : 23 May 2023 - Original article by Marion Rae - Portmac.News Summary

Australian Energy Regulator chair Clare Savage has confirmed that the default market offer (DMO) will be released on 25 May, with the DMO setting maximum electricity price increases for small businesses and households in NSW, south-east Queensland and South Australia from 1 July.

The Regulator's draft offer released in March estimated residential customers on standard retail plans could face price rises of up to 23.7%, and small business customers up to 25.4 per cent.

Savage told a Senate estimates hearing on 22 May that the final DMO would be in the "Ball park" of its draft offer, while the May federal budget estimated retail electricity prices would increase by 10% in 2023-24.

Savage noted the budget estimate was a national average, while the DMO covers 630,000 customers.

Jobseekers told to use ChatGPT to write resumes

The Guardian Australia - Page Online : 23 May 2023 - Original article by Luke Henriques-Gomes - Portmac.News Summary

Private providers will be paid around $300 million over five years to run Employability Skills Training courses as part of the federal government's Workforce Australia program.

The program is promoted as helping people find jobs through intensive training, but one person who undertook a course said much of it involved watching YouTube videos, including a montage from a channel called "Law of Attraction Coaching".

Another session involved jobseekers being told to use ChatGPT to write resumes and research industries.

EU privacy regulator hits Meta with record fine

The New Daily - Page Online : 23 May 2023 - Original article by Padraic Halpin - Portmac.News Summary

Ireland's Data Protection Commissioner (DPC) has imposed a EUR1.2bn fine on Meta after it ignored a 2020 European Union court ruling and continued to transfer user data to the US.

The fine is a record privacy fine for the EU, beating the previous record that was imposed on Amazon.com by Luxembourg in 2021.

Meta says it will appeal the fine, while the DPC has given Meta five months to stop transferring users' data to the US.

Instagram plans rival to Twitter, codenamed 'P92'

The New Daily - Page Online : 23 May 2023 - Original article by Sezen Bakan - Portmac.News Summary

Instagram and Facebook parent Meta is developing an alternative to Twitter, which has been codenamed 'P92'.

Leaked screenshots have labelled the new product as "Instagram's new text-based app for conversations", while social media consultant Matt Navarra claims users will also be able to keep using their Instagram 'handle' on the new platform.

'P92' is likely to operate under a decentralised model that could see less widespread outages than experienced by Instagram, but also means no one authority is in charge of moderating content or barring 'Problematic' users.

Banks wary of rare earths, says Arafura

The Australian Financial Review - Page 13 & 16 : 23 May 2023 - Original article by Brad Thompson - Portmac.News Summary

Arafura Rare Earths MD Gavin Lockyer contends that Australian banks are reluctant to lend to rare earths projects because they find them "Outside their comfort zone", with Arafura the company behind the $1.6b Nolan project in the Northern Territory.

With long-term investor and backer Chinese state-owned group East China Non-Ferrous Mineral Resources progressively selling down its stake in the company, Arafura is expected to look to for financial support among government-backed credit agencies in Europe, North America and Asia; it hopes to have Nolan in production before the end of 2025

Geopolitics, not geology, driving this mining boom

The Australian Financial Review - Page 36 & 37 : 23 May 2023 - Original article by Peter Ker - Portmac.News Summary

The federal government will shortly release its critical minerals strategy, and its attitude towards China will be among the most interesting parts of the policy.

China controls 85% of the global supply of rare earths such as neodymium and praseodymium, and almost the complete supply of many other rare earths and critical minerals.

The government has already signalled that foreign investment in this sector will be restricted to 'Like-minded' investors.

However, it seems unlikely that China can be completely excluded from the sector - and Australia's lithium industry in particular, given that China is an equity investor in several major lithium mines and it buys some 96 per cent of the sector's output.

Number of cheap homes for rent 'Plummeting'

The Daily Telegraph - Page Online : 23 May 2023 - Original article by Sam Murden - Portmac.News Summary

Data from PropTrack highlights the growing issue of affordability in Australia's rental housing market.

PropTrack's latest Market Insight Report shows that just 16.2% of national rental listings in April cost less than $400 per week, compared with 30.6% in May 2022.

Eleanor Creagh of PropTrack says the declining availability of affordable rental housing will hit people on lower incomes the hardest.

She adds that there are simply not enough rental properties to meet the increased demand as net overseas migration increases in coming years.

ASX snaps two-day rally

The Australian Financial Review - Page 26 : 23 May 2023 - Original article by Joanne Tran - Portmac.News Summary

The Australian sharemarket lost ground on Monday, with the S&P/ASX 200 easing 0.2% to close at 7,263.3 points.

The Commonwealth Bank fell 0.9% to $98.90, Tyro Payments was down 16.6% at $1.28 and Silver Lake Resources shed 3.7% to end the session at $1.03.

However, Fortescue Metals Group rose 0.2% to $20.56 and St Barbara was up 3.4% at $0.605.