Latest updates on Key Economic Indicators:

A$: $0.6400 USD (down 0.0043 USD)

Iron ore (SGX): $109.90 USD (down $2.45)

Oil (WTI): $85.31 USD (down $0.36 USD)

Gold: $2,382.28 USD (up $0.84 USD)

Copper (CME): $4.2970 USD (down $0.0805)

Bit-coin: $63,723.97 (up 1.33%)

Dow Jones: 37,798.97 (up 63.86 pts)

All changes compared to 7am yesterday.

Julian Assange US not to seek death penalty

Julian Assange extradition edges closer after US promises not to seek death penalty:

Julian Assange's bid to avoid extradition to America has been dealt a blow, after lawyers for the United States provided the assurances about his treatment a London court had demanded.

Assange, an Australian, is trying to challenge the extradition in the High Court of England and Wales — his last legal avenue in that jurisdiction.

He faces multiple criminal charges in the US, relating to the publication of classified information on the WikiLeaks website he founded.

Last month, two of the court's justices handed the 52-year-old a legal lifeline when they asked the US legal team to provide assurances that if he was extradited:

* Assange would be permitted to rely on the US Constitution's first amendment (which protects free speech)

* Assange would not be prejudiced at trial or sentence because of his nationality

* The death penalty would not imposed should he be convicted

The US on Tuesday provided those, although they came with one catch.

In a diplomatic note sent from the US embassy in London, it said while Assange would be able to "Seek to rely" upon the US Constitution's provisions for free speech;

"A decision as to the applicability of the first amendment is exclusively within the purview of the US courts".

It means lawyers for the US and Assange will return to court on May 20 to make final representations, before the justices make a decision — at a time yet to be specified — on whether the Australian can appeal his extradition.

7 jurors selected after 2 days of Trump hush money trial

Seven jurors selected : Donald Trump was back in a Manhattan courtroom Tuesday for the second day of jury selection in his hush money criminal trial.

Seven jurors were seated after prosecutors and Trump's lawyers questioned potential jurors — and dismissed those who they thought could not be fair in the trial.

A panel of 12 New Yorkers and likely six alternates will ultimately be selected.

Trump calls judge "conflicted" while leaving court

Donald Trump, while leaving court for the day, called Judge Juan Merchan "Conflicted."

"He's a conflicted judge," the former president said. "We're having a hard time with the New York state system."

Trump also commented on the pace of trial so far after seven jurors were chosen in the first two days.

Merchan is "rushing this trial. And he’s doing as much as he can for the Democrats. This is a Biden-inspired witch hunt and it should end," Trump added.

Prospective juror:

"This man's life is on the line, the country's on the line"

In questioning, one of the prospective jurors underscored the seriousness of this trial.

"This is real. This man's life is on the line, the country's on the line, this is serious," the potential juror said.

US and EU consider new sanctions against Iran

The Guardian - Page Online : 17 April 2024 - Original article by Peter Beaumont, Julian Borger - Portmac.News Summary

The Israeli government has advised that it is still considering its response to Iran's recent missile and drone attack;

However, Israel says its response will be 'calibrated' to limit further escalation of the conflict in the Middle East.

Meanwhile, US treasury secretary Janet Yellen says sanctions will be part of the Biden administration's strategy to disrupt Iran's "Malign and destabilising activity".

The European Union is also considering new sanctions on Iran, which has indicated that the attack on Israel was justified due to the recent airstrike on its consulate in Syria.

IMF warns of 'stalling' progress to reduce inflation

The Australian - Page 2 : 17 April 2024 - Original article by Patrick Commins - Portmac.News Summary

The International Monetary Fund now expects global economic growth of 3.2% in both 2024 and 2025.

However, the IMF notes that the outlook remains uncertain due to factors such as China's embattled property sector and the risk that wars in Europe and the Middle East will escalate.

The IMF's latest World Economic Outlook report also notes that the global economy is still "Remarkably resilient", and it is optimistic that central banks will be able to achieve a soft landing for economies.

The IMF has forecast economic growth of 1.5% for Australia in 2024, and two per cent next year.

eSafety commissioner orders X & Meta to remove violent videos

The Guardian Australia - Page Online : 17 April 2024 - Original article by Josh Taylor, Mostafa Rachwani, Jordyn Beazley - Portmac.News Summary

Social media companies have been warned that they may incur large fines if they fail to remove videos and images of the knife attack on Orthodox Christian leader Mar Mari Emmanuel during a service on Monday evening.

The eSafety commissioner, Julie Inman Grant, says Meta and X have been given 24 hours to remove material from their platforms that depicts "Gratuitous or offensive violence with a high degree of impact or detail".

Inman Grant adds that other social media platforms could be issued with removal notices. Communications Minister Michelle Rowland says the federal government will continue to work with Inman Grant and to use the powers at its disposal to demand the removal of offensive material from digital platforms. 

NACC for Higgins compo deal truth

The Australian - Page 1 & 4 : 17 April 2024 - Original article by Ellie Dudley - Portmac.News Summary

Former NSW judge Anthony Whealy says the $2.445m compensation payout to alleged rape victim Brittany Higgins should be investigated by the National Anti-Corruption Commission.

Healy says the NACC could not "Ignore altogether" the findings of Federal Court judge Michael Lee in Bruce Lehrmann's failed defamation case against the Ten Network.

Justice Lee found that Higgins had told a number of untruths regarding the alleged incident at Parliament House in March 2019.

Former Western Australian judge Kenneth Martin in turn says Justice Lee's findings mean that the federal government may be able to seek to recover the payout to the former Liberal staffer.

Labor picks $400m energy transition 'winner'

The Australian - Page 1 & 2 : 17 April 2024 - Original article by Patrick Commins - Portmac.News Summary

The federal government will provide listed high-purity alumina producer Alpha HPA with a $400m loan to help it build a 'green' alumina processing facility in the Queensland town of Gladstone.

High-purity alumina is on the government's critical minerals list, and the Alpha HPA loan will be the first funding deal under the auspices of the government's recently-announced 'Future Made in Australia' policy.

The project is expected to create nearly 500 jobs in the construction phase and about 200 ongoing jobs.

Resources Minister Madeleine King says it will put Gladstone at the forefront of Australia's critical minerals industry.

FWC rules for Bendigo Bank in WFH claim

The Australian Financial Review - Page 3 : 17 April 2024 - Original article by David Marin-Guzman - Portmac.News Summary

Bendigo Bank's mandate for staff to return to working in the office for at least two days a week has been backed by the Fair Work Commission.

The regional bank cited factors such as mentoring and collaboration opportunities associated with working from the office, as well as mental health benefits.

However, credit assessor Shane Gration asked to permanently work from home in order to care for his young daughter and to assist his injured wife.

FWC commissioner Chris Platt found that Gration's caring responsibilities do not require him to permanently work from home, and that Bendigo's decision to reject his request had been made on reasonable business grounds.

Dollar, rates in firing line

The Australian - Page 20 : 17 April 2024 - Original article by Robert Gottliebsen - Portmac.News Summary

Few Australians realise that in financial markets last week the nation's dollar was in the front line of Iran's pending attack on Israel.

The markets had received a clear warning of what was about to happen, so there was a big rise in gold buying last Wednesday; gold turnover almost doubled from the previous day.

The gold price then eached a record high of $US2,400 an ounce on Friday.

In years gone by, the Australian dollar closely followed the gold price, but the currency was sold down and ended the week below $US0.65.

It lost further ground in New York at the start of this week.

The currency's fall in the three days before the Iran attack is a warning that given the right global conditions, markets are ready to smash the Australian dollar and force the Reserve Bank to raise interest rates to defend it.

Brace for higher petrol prices, retailers warn

The Australian Financial Review - Page 17 : 17 April 2024 - Original article by Elouise Fowler - Portmac.News Summary

Recent data from the NRMA shows that the average price of regular unleaded petrol is currently significantly higher in Sydney than other major capital cities.

Viva Energy and Ampol have rejected suggestions that they are price gouging, and contend that the higher prices in Sydney are linked to operating costs and market cycles.

Viva says petrol prices in Sydney have now peaked, but adds that prices are set to peak in cities such as Melbourne and Brisbane in the next several weeks.

Petrol prices go through a price cycle every 4-6 weeks, and prices in Melbourne and Brisbane last peaked in mid-March.

Big investors steer clear of Fortescue & miss major rally

The Australian Financial Review - Page 29 : 17 April 2024 - Original article by Joshua Peach - Portmac.News Summary

Analysis shows that pure-play iron ore miner and 'Green' hydrogen aspirant Fortescue is now the least-held top-10 ASX-listed stock among institutional investors.

Just one portfolio manager at more than 30 actively managed Australian equity funds has disclosed a substantial position in Fortescue so far in 2024.

Fund managers have cited a number of reasons for shunning Fortescue, such as lower iron ore grades than its key rivals, the high turnover within Fortecue's leadership team and its rising expenditure on hydrogen projects.

However, Fortescue's shares significantly outperformed BHP and Rio Tinto between September and February.

Gina goes shopping & snares big stake in Lynas Rare Earths

The Australian Financial Review - Page Online : 17 April 2024 - Original article by Brad Thompson - Portmac.News Summary

Hancock Prospecting has bought $49m worth of shares in Lynas Rare Earths in recent days, increasing its stake to 5.82%.

Hancock, which is controlled by mining magnate Gina Rinehart, also has a 5.3% stake in MP Materials.

Lynas held merger talks with the US-based company earlier in 2024, and Hancock's strategic stakes in both companies could position Gina to play a key role if they resume discussions about a merger.

Hancock also has stakes in Brazilian Rare Earths and Arafura Rare Earths.

First-timers, low earners in housing crunch

The Australian Financial Review - Page 31 : 17 April 2024 - Original article by Nila Sweeney - Portmac.News Summary

A report from the ANZ Bank shows that the average proportion of income that is needed to service a new mortgage rose to 48.9% nationwide in the March quarter; this compares with 43.1% during the same period in 2023.

The ANZ Housing Affordability report also reveals that it now takes an average of 10.3 years to save enough money for a house deposit.

Meanwhile, ANZ found that the average renter must now allocate 32.2% of their income to rent; this rises to 54.3% for low-income earners.

ASX slumps 1.8% as miners, banks drop

The Australian Financial Review - Page 28 : 17 April 2024 - Original article by Cecile Lefort - Portmac.News Summary

The Australian sharemarket retreated on Tuesday, in response to a negative lead from Wall Street.

The S&P/ASX 200 shed 1.8% to close at 7,612.5 points after stronger-than-forecast US retail sales data heightened expectations that the Federal Reserve will leave the cash rate on hold until at least September.

Rio Tinto was down 2.9% at $128.70, Gold Road Resources fell 6.2% to $1.595 and the Commonwealth Bank ended the session 2.1% lower at $112.44.

However Ramelius Resources defied the downward trend to rise 0.7% to $1.975.