Latest updates on Key Economic Indicators:

Aussie $: $0.6540 USD (down $0.0070 USD)

Iron (SGX): $95.10 USD (down $4.45 USD)

Oil (WTI): $74.22 USD (up $0.44 USD)

Gold: $1,957.46 USD (down $17.80 USD)

Copper (CME): $3.5655 (down 0.0740 USD)

Bit-coin: $26,399.96 (down 2.99%)

Dow Jones: 32,799.92 (down 255.59 pts)

All changes compared to 7am yesterday.

Ukraine War:

American Vehicles Used In Raid?

Washington is looking into reports that American vehicles were used by Ukraine inside Russia, the White House spokesperson John Kirby told reporters on Wednesday.

He said the US has been clear with Kyiv that it does not support any such use of US-made equipment. It came as the Kremlin said the use of US-made military hardware by pro-Ukrainian fighters who conducted a raid on a Russian border region this week was testament to the west’s growing involvement in the Ukraine conflict.

The Russian military said on Tuesday it had routed militants who attacked the border region of Belgorod with armoured vehicles the previous day, killing more than 70 “Ukrainian nationalists” and pushing the remainder back into Ukraine.

No NATO 'till War Over:

Ukraine will not be able to join Nato as long as the war is going on, the alliance’s chief, Jens Stoltenberg, said on Wednesday.

“I think that everyone realised that, to become a member in the midst of a war, is not on the agenda,” Reuters reports he said at an event organised by the German Marshall Fund of the US thinktank in Brussels. “The issue is what happens when the war ends.”

Wagner Says Lost 20,000 dead in Bakmut:

Russian private army Wagner lost more than 20,000 fighters in the drawn-out battle for Bakhmut, according to the group’s chief, Yevgeny Prigozhin.

The figure was in stark contrast with claims from Moscow that it has lost just over 6,000 troops in the war, and is higher than the official estimate of the Soviet losses in the Afghanistan war of 15,000 troops between 1979 and 1989.

Russian PM in Beijing:

Russia’s prime minister, Mikhail Mishustin, is in Beijing, where, ahead of signing bilateral agreements with China, he said: “Today, relations between Russia and china are at an unprecedented high level”.

He said Xi Jinping’s visit to Russia in March was further evidence of the “Special” nature of bilateral relations between the two countries. It is expected that Putin will visit China later this year.

Icon Tina Turner, rock legend, dies aged 83

Turner was one of the biggest recording artists of all time, known for hits such as What's Love Got to Do with It, and (Simply) The Best. 

She died peacefully after a long illness in her home in Küsnacht near Zurich, Switzerland, her publicist Bernard Doherty said in a statement.

"With her, the world loses a music legend and a role model," he said. 

The American-born singer left a hard-scrabble farming community and abusive relationship to become one of the top recording artists of all time.

Mick Jagger of the Rolling Stones said he was saddened by Turner's death, calling her "enormously talented".

"She was inspiring, warm, funny and generous," Jagger wrote on Twitter. "She helped me so much when I was young and I will never forget her."

At the White House, spokesperson Karine Jean-Pierre called Turner's death: "A massive loss to the communities that loved her and certainly the music industry. Her music will continue to live on."

Will China save us a third time?

Herald Sun - Page 41 : 25 May 2023 - Original article by Terry McCrann - Portmac.News Summary

China has rescued Australia's state and federal budgets from extreme red ink twice in just over a decade.

China went on a massive infrastructure spending spree in 2010 and 2011 in the wake of the global financial crisis.

This infrastructure program was driven by iron ore and coal from Australia; BHP was a major beneficiary, reporting earnings of $US24bn in 2010-11 (after taxes and royalties).

China's massive spending in the post-pandemic environment again boosted BHP's earnings, with a bottom-line profit of $US31bn in 2021-22.

This time the commodities mix included gas as well as iron ore and coal.

The question arises as to what China will want the next time Australia needs an economic lifeline, and what we will be willing and indeed able to sell to China.

New IR laws won't hurt tradies

The Australian - Page 4 : 25 May 2023 - Original article by Ewin Hannan - Portmac.News Summary

Workplace Relations Minister Tony Burke has emphasised that tradespersons and subcontractors in the construction industry will not be significantly affected by the federal government's second tranche of industrial relations reforms.

Burke says the new minimum standards for 'employee-like' independent contractors will apply only to gig economy workers.

His comments have been welcomed by Master Builders Australia's acting CEO Shaun Schmitke.

However, he says the government should make it explicitly clear that the legislation will be limited to gig-economy workers and provide an undertaking to exclude other industries before the legislation is introduced.

Drug watchdog overturns ivermectin ban despite warnings

Brisbane Times - Page Online : 25 May 2023 - Original article by Liam Mannix - Portmac.News Summary

The Therapeutic Goods Administration has come under scrutiny over its recent decision to remove the current restrictions on the use of ivermectin.

The TGA had banned doctors from prescribing ivermectin to treat COVID-19 in late 2021, amid a sharp rise in its use for this purpose despite a lack of evidence to support claims that it was effective at treating the respiratory illness.

The Pharmacy Guild had urged the TGA to retain the restrictions on ivermectin as a "matter of public safety", while the NSW Poisons Information Centre warned that dropping the restrictions would most likely lead to more people using it to treat COVID-19.

The anti-parasitic drug is widely used to de-worm horses.

Australia joins fight to stop introduction of cancer-risk wine labels

The Age - Page Online : 25 May 2023 - Original article by Rob Harris - Portmac.News Summary

An upcoming meeting of the World Trade Organization's Technical Barriers to Trade committee is set to discuss new legislation in Ireland which will require packaged alcohol labels to prominently display health warnings.

All bottled and canned alcoholic drinks that are sold in Ireland will have to warn of the risk of cancer and other diseases from May 2026.

Major European wine producers have expressed concern about the move, while more than 10 countries have lodged complaints with the WTO.

Rachel Triggs from Wine Australia says the local industry is concerned that the legislation is "Unnecessarily trade-restrictive", adding that consistency in labelling between Australia, Ireland, and other EU member states is critical.

The legislation will not apply to alcoholic beverages that are exported from Ireland.

NSW government renewable energy projects delayed

The Sydney Morning Herald - Page Online : 25 May 2023 - Original article by Laura Chung - Portmac.News Summary

The NSW government will reveal details of its Network Infrastructure Strategy on Thursday.

This will outline the government's plans to transition the state from coal-fired power to renewable energy, including the latest cost projections for the state's renewable energy zones.

Amongst other things, the government is set to reveal that the cost and time-frames for completing many of the REZs has blown out since they were first proposed in 2020. The cost of the Orana REZ in particular has risen sharply, from just $650m to a revised forecast of $3.2bn.

Perrottet plan to end native logging blocked by Nationals

The Guardian Australia - Page Online : 25 May 2023 - Original article by Peter Hannam - Portmac.News Summary

The Victorian and Western Australian governments both intend to ban logging in native forests by 2024.

The NSW government is likely to come under pressure to adopt the same policy, particularly in the wake of revelations that the state's former Coalition government had concluded that it could do this without a major impact on the budget.

The proposal to end native forest logging had the support of the Liberal Party, but it was not presented to cabinet due to opposition from the National Party. A member of the former state government says the plan is ready to be activated if Labor wants to do so.

Dividends fall behind global peers

The Australian Financial Review - Page 28 : 25 May 2023 - Original article by Alex Gluyas - Portmac.News Summary

Data from global asset manager Janus Henderson shows that Australian-listed companies paid $27.9bn worth of dividends in the March quarter, which is 6.6% lower than previously.

In contrast, global dividend payouts rose by 12 per cent to a record high of $US326.7bn in the first three months of 2023.

This result was boosted by US28.8bn worth of special dividends, the highest amount in nine years.

Ben Lofthouse of Janus Henderson notes that the Australian sharemarket's heavy weighting towards mining and bank stocks affects dividend payouts across the bourse.

Woolworths rolls out a big change to the way people shop

The Australian Financial Review - Page 20 : 25 May 2023 - Original article by James Eyers - Portmac.News Summary

Retail giant Woolworths will allow customers to bypass the payment networks of credit card giants MasterCard and Visa, by linking their bank account directly to its app via the PayTo platform.

The cost of using PayTo is expected to be lower than the merchant fees that are charged by MasterCard and Visa.

Woolworths' payments subsidiary Wpay will initially offer PayTo for business payments; it will subsequently be rolled out for online and in-store retail customers. Woolworths contends that PayTo will reduce fraud and boost usage of its rewards program.

ChatGPT faces bans in the workplace

The Australian - Page 20 : 25 May 2023 - Original article by Joseph Lam - Portmac.News Summary

A growing number of Australian companies are banning the use of generative artificial intelligence technologies such as ChatGPT in the workplace.

The ban on AI apps is being implemented across a range of industries, rather than just the technology sector or cyber security companies.

Property developer Dexus was among the first to do so; a spokesman has stated that the company has established an internal team to explore the risks and opportunities presented by this technology, and staff has been asked to refrain from using such software until this work is completed.

Gloves off: ABC goes to war with News Corp

The Australian Financial Review - Page 11 : 25 May 2023 - Original article by Sam Buckingham-Jones - Portmac.News Summary

ABC MD David Anderson has defended the public broadcaster's coverage of Charles's coronation.

He has told a Senate estimates hearing that the coverage was "Justified, relevant and appropriate", and criticised Rupert Murdoch's media outlets for their sustained attack on the ABC's coverage.

Anderson and the ABC's head of news Justin Stevens highlighted the negative reporting from News Corp Australia mastheads and Sky News, noting that Indigenous presenter Stan Grant in particular was targeted.

Anderson indicated that he will seek a meeting with News Corp Australia's executive chairman Michael Miller; he added that they have a "Respectful" working relationship.

Australia is spending millions to lure Hollywood productions

The Guardian Australia - Page Online : 25 May 2023 - Original article by Kelly Burke - Portmac.News Summary

Successive federal governments have spent nearly $4bn on incentives to attract international film productions to Australia over the last 15 years.

The federal government increased the location offset rebate from 16.5% to 30% in its 9 May budget, in response to lobbying from Hollywood studios.

Governments have argued that the generous tax concessions have significant economic benefits, including job creation, a boost to tourism and increased spending in communities where filming takes place.

However, critics have questioned the broader benefits of the policy, arguing amongst other things that local film productions are facing increased competition for resources, funding and studio space, while many of the jobs are only short-term ones.

Netflix password crackdown hits Australia

The Age - Page Online : 25 May 2023 - Original article by Karl Quinn - Portmac.News Summary

Streaming video giant Netflix has belatedly commenced enforcing its policy on password-sharing in Australia.

Netflix had been slated to begin the local crackdown in March, after introducing the new policy in countries such as New Zealand in February.

Netflix will offer a number of options for people who have previously shared their password with friends and family in other households; these include taking out a new subscription for a 'Freeloader' or adding a non-household member to an existing account for an additional fee.

Netflix has estimated that about 100 million people access its service using a shared password.

Australia's critical minerals crunch

The Australian - Page 13 & 16 : 25 May 2023 - Original article by Nick Evans - Portmac.News Summary

The issue of processing rare earths and critical minerals in Australia was a key issue of discussion at a mining summit in Perth on Wednesday.

Iluka Resources MD Tom O'Leary flagged the potential for a domestic critical minerals reservation, which would allow projects to be approved on the condition that a certain proportion of the output would have to be processed in Australia.

He noted that a similar gas reservation scheme has been successful in Western Australia.

Former WA premier Richard Court in turn suggested that state governments could encourage increased downstream processing of critical minerals by introducing differential royalty rates.

Cadia mine investigated over heavy metals in blood tests

The Guardian Australia - Page Online : 25 May 2023 - Original article by Fleur Connick - Portmac.News Summary

The NSW Environment Protection Authority is investigating claims that dust from Newcrest Mining's Cadia gold mine is contaminating the water supplies of towns in the region.

Residents in the region recently met with officials from the EPA and NSW Health to raise their concerns.

Amongst other things, they complained that the dust had gotten into their rainwater tanks, turning their drinking water a reddish-brown, while tests showed that there were high levels of heavy metals in their blood.

Cadia's acting general manager Mick Dewar says the company takes its environmental obligations and concerns raised by members of the local community seriously. 

ASX falls for third day

The Australian Financial Review - Page 28 : 25 May 2023 - Original article by Sarah Jones, Cecile Lefort - Portmac.News Summary

The Australian sharemarket retreated on Wednesday, with the S&P/ASX 200 shedding 0.6% to close at 7,213.8 points.

Fortescue Metals Group was down 4.1% to $19.61, Lovisa Holdings fell 6.9% to $22.04 and Bubs Australia finished 5% lower at $0.19.

However, Karoon Energy rose 3% to $2.07 and Qantas was up 1.9% at $6.48.