Latest updates on Key Economic Indicators

Australian Dollar: $0.7234 USD (up $0.0044 USD)

Iron Ore Sep Spot Price (SGX): $114.00 USD (up $2.07 USD)

Oil Price (WTI): $41.93 USD (down $0.27 USD)

Gold Price: $2,063.40 (up $25.13USD)

Dow Jones: 27,386.98 (up 185.46 points)

All changes compared to 7am yesterday.

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Lebanon detains 16 in Beirut port blast probe, Cyprus questions ship's owner

Lebanese authorities have taken into custody 16 individuals as part of an investigation into the Beirut port warehouse explosion that shook the capital, state news agency NNA said on Thursday.

It quoted Judge Fadi Akiki, a government representative at the military court, as saying authorities had so far questioned more than 18 port and customs officials and individuals responsible for or involved in maintenance work at the warehouse housing highly explosive material that blew up.

"Sixteen people have been taken into custody as part of the investigation," NNA quoted Akiki as saying, without naming the individuals. He said the investigation was continuing.

Cyprus, meanwhile, has located and questioned a Russian man named in multiple news reports as the owner of the ship that carried a cargo of ammonium nitrate abandoned in Beirut and that exploded in a devastating fireball.

A Cyprus police spokesman said an individual, who he did not name, was questioned at his home in Cyprus on Thursday afternoon.

"There was a request from the Interpol Beirut to locate this person and ask certain questions related to the cargo," the spokesman, Christos Andreou, told Reuters. He said the responses were being passed on to Beirut.

He declined to give further information.

A security source, speaking on condition of anonymity, said the man was Russian businessman Igor Grechushkin, 43.

Attempts to contact Grechushkin were unsuccessful.

Boris Prokoshev, who was captain of the Rhosus in 2013, said the chemicals ended up in Beirut after the ship's owner - who he identified as Grechushkin - told him to make an unscheduled stop in Lebanon to pick up extra cargo.

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Unis face probe over free speech

The Australian - Page 1 & 2 : 7 August 2020 - Original article by Richard Ferguson, Tim Dodd - PortMac.News Summary

 

Education Minister Dan Tehan has asked former Deakin University vice-chancellor Sally Walker to determine how well universities are progressing with implementing a voluntary free speech code developed by former High Court Justice Robert French.

Universities have agreed to implement the code by the end of 2020, and Walker is due to present her findings in November. Tehan says he has not ruled out making the code mandatory.

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Victorian setback to see longest recession for first time since 1983

The Australian Financial Review - Page 4 : 7 August 2020 - Original article by John Kehoe - PortMac.News Summary

The Treasury has forecast that the coronavirus lockdown in Victoria will cost the national economy between $10bn and $12bn in the September quarter.

However, Chris Richardson of Deloitte Access Economics says the lockdown in Victoria could reduce national economic output by $3bn a week.

There is also the growing prospect that the national economy will contract for three successive quarters for the first time since the recession of the early 1980s.

Prime Minister Scott Morrison has warned that the lockdown will increase Australia's effective unemployment rate.

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Melbourne tradies allowed to move between sites as stage four building rules altered

The Age - Page Online : 7 August 2020 - Original article by Rachel Eddie - PortMac.News Summary

The Victorian government had previously announced that construction trade workers would only be able to attend one work site during the stage-four lockdown in Melbourne.

This had led to fears that Victoria's housing construction sector would have to shut down for six weeks.

Following consultations with the sector, the government has stated that tradies and building supervisors will be allowed to visit three work sites a week.

However, the ban on crossover shifts remains, as does the restriction on only five people being allowed on site at the one time.

The government has also stated that site visits by architects, surveyors and engineers will be allowed as required, after previously stating that this would not be permitted.

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Big business takes a stick to Andrews' 'diabolical' leadership

The Australian - Page 1 & 4 : 7 August 2020 - Original article by John Stensholt, Damon Kitney - PortMac.News Summary

Victorian Premier Dan Andrews has attracted criticism from business leaders in a range of sectors over his government's handling of Melbourne's stage-four lockdown.

Property industry leaders in particular have attacked Andrews for failing to consult with the sector before imposing restrictions on the number of workers on building sites.

Meanwhile, Flight Centre's co-founder Geoff Harris says businesses cannot keep opening up and shutting down in response to each new outbreak.

He has warned that 20-25 per cent of the state's small and medium businesses could fail by mid-2021.

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Australian National University researchers discover swelling of part of the brain in people with both depression and anxiety

abc.net au - Page Online : 7 August 2020 - Original article by Niki Burnside - PortMac.News Summary

The Australian National University has conducted a study of over 10,000 people suffering from both depression and anxiety.

The ANU found that a part of the brain known as the amygdala becomes larger in people suffering from both conditions, while it has previously been established that those with depression often find that their hippocampus shrinks; this part of the brain is connected to memory and learning.

It is generally understood that anxiety often worsens the outcomes for people with depression, and Dr Genevieve Rayner from the Melbourne School of Psychological Sciences notes up to 50 per cent of people with depression also have anxiety.

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Supermarkets reach lockdown deal with state to keep Victoria fed

The Age - Page Online : 7 August 2020 - Original article by Noel Towell, Dominic Powell, Darren Gray, Nick Bonyhady, Rob Harris - PortMac.News Summary

Coles and Woolworths have been given more time to adjust staffing levels at their distribution centres in order to comply with Victoria's stage-four lockdown after reaching a compromise with the state government.

The compromise followed intervention by the federal government, which feared that the state's strict restrictions would disrupt Victoria's food supply as well as impacting Australia's national food chain.

The Victorian government has also eased its rules regarding poultry processors, while abattoirs with less than 25 workers on site have been exempted from having to cut their workforce by 33 per cent.

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Sydney's new cluster fears after COVID-19 case has big weekend

The Sydney Morning Herald - Page Online : 7 August 2020 - Original article by Kate Aubusson - PortMac.News Summary

New South Wales reported 13 new coronavirus cases on 6 August, prompting Premier Gladys Berejiklian to urge people to limit their socialising and to maintain social distancing.

Meanwhile, there is concern that a new COVID-19 cluster could emerge in Sydney after a man in his 20s who has tested positive visited seven bars and restaurants between 31 July and 2 August, as well as a Woolworths store.

Contact tracing has failed to detect the source of his infection.

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Hundreds of types of face masks withdrawn from sale in Australia amid safety fears

The Guardian - Page Online : 7 August 2020 - Original article by Melissa Davey - PortMac.News Summary

Surgical or examination masks that seek to curb or prevent the transmission of disease are deemed to be medical devices and are regulated by the Therapeutic Goods Administration.

They must be listed in the review of register of therapeutic goods before they are able to be supplied, but a recent review has seen hundreds removed from the register due to concerns they may not meet appropriate standards.

Dr Danielle McMullens from the Australian Medical Association says personal protective equipment provided to healthcare workers should, as a minimum, meet appropriate regulatory standards and be designed for medical use.

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Australia needs to stockpile emergency supplies: Home Affairs boss

The Age - Page Online : 7 August 2020 - Original article by Nick O'Malley - PortMac.News Summary

Home Affairs Secretary Mike Pezzullo has told the Royal Commission into Natural Disaster Arrangements that it is risky for Australia to rely on international supply chains during bushfires, pandemics and other national emergencies.

Pezzullo said the government should look at manufacturing and stockpiling emergency supplies for such events, while he said that there needs to a greater emphasis on national decision making when it comes to preparing for natural disasters.

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Big Tobacco cries foul on illegal leaf

The Australian - Page 6 : 7 August 2020 - Original article by Geoff Chambers - PortMac.News Summary

British American Tobacco has used a submission to a parliamentary inquiry into COVID-19 criminal activity to call for a freeze on excise duty ­increases from September.

BATA contends that international travel restrictions and high rainfall has led to the growth of illegal tobacco operations in Australia.

It also cited a KPMG report which claimed that the federal government missed out on over $3.4 billion in tobacco taxes in 2019, up from $2.02 billion in 2018, due to the growth in consumption of illegal cigarettes.

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Australia pledges $2m for Beirut recovery

The Australian Financial Review - Page 13 : 7 August 2020 - Original article by Hans van Leeuwen - PortMac.News Summary

The Australian government has advised that it will provide $1m apiece to the World Food Program and Red Cross for the humanitarian program in Beirut.

The confirmed death toll from the explosion at the Lebanese capital's port has risen to 137, and at least 5,000 people have been injured.

Government officials have rejected suggestions that the explosion was the result of a terrorist attack. A Lebanese security source said welding work is believed to have sparked the explosion at a warehouse where ammonium nitrate was being stored.

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Boards, CEOs liable for company defences

The Australian Financial Review - Page 11 : 7 August 2020 - Original article by Paul Smith - PortMac.News Summary

The federal government's 2020 Cyber Security 2020 strategy was launched by Prime Minister Scott Morrison and Home Affairs Minister Peter Dutton on 6 August.

The strategy involves an investment of $1.67 billion over 10 years, although critics of the strategy claim that most of that money appears as it if will be spent on defence and law enforcement functions.

Nigel Phair, the director of UNSW Canberra Cyber, has welcomed the proposal that legislation which outlines the 'cyber responsibilities' of company boards be enacted.

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Striking Woolworths workers return to work after 10 per cent pay rise offer

The Age - Page Online : 7 August 2020 - Original article by Nick Bonyhady - PortMac.News Summary

Workers at a Woolworths distribution centre near Wyong have gone back to work after nearly two weeks of strikes and lockouts.

The 550 workers had been seeking a pay rise of up to 16 per cent over three years in order to give them parity with some of the staff at Woolworths' distribution centre in Sydney, with the workers having been offered a pay rise of over 10 per cent over three years.

Woolworths chief supply chain office Paul Graham has described its offer as a "reasonable compromise" following tough negotiations.

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Government tried to hide Premier's involvement in council grants scheme

The Sydney Morning Herald - Page Online : 7 August 2020 - Original article by Angus Thompson - PortMac.News Summary

New South Wales Greens MP David Shoebridge is heading a parliamentary inquiry into allegations of grant rorting under the NSW government's $250 million Stronger Communities Fund.

NSW Auditor-General Margaret Crawford has also confirmed she is examining the government's handling of the scheme.

It has been revealed that a draft reply to a parliamentary question on notice by Shoebridge stated that NSW Premier Gladys Berejiklian signed off an $1 million grant to Hunters Hill Council under the fund, but that the answer was struck out and changed.

Shoebridge claims the government deliberately tried to hide Berejiklian's role in the "grants scandal".

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Strong US data, vaccine hopes boost stocks

The Australian - Page 20 : 7 August 2020 - Original article by Samantha Bailey - PortMac.News Summary

The Australian sharemarket posted a solid gain on 6 August, with the S&P/ASX 200 adding 0.68 cent to close at 6,042.2. points.

BHP was up 4.9 per cent at $39.82, Evolution Mining rose 1.1 per cent to $6.19 and the ANZ Bank finished one per cent higher at $17.64. However, ResMed was down 7.4 per cent at $25.88 and Transurban eased 0.3 per cent to end the session at $13.77.

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Outlook for banks deteriorates sharply

The Australian - Page 20 : 7 August 2020 - Original article by David Rogers - PortMac.News Summary

The coronavirus pandemic and the economic outlook are set to weigh on Australian banks during the reporting season.

Jonathan Mott of UBS says the outlook for the economy and banks has "deteriorated sharply", particularly with a stage-four lockdown in metropolitan Melbourne.

The banks' dividend payouts in the wake of new guidelines from the Australian Prudential Regulation Authority will also be a key focus for investors, as will the extent of loan losses and the potential for further writedowns.

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Hit to retirement savings 'not so bad'

The Australian Financial Review - Page 8 : 7 August 2020 - Original article by Aleks Vickovich - PortMac.News Summary

Modelling to be released by the Grattan Institute on 7 August contends that Australians will still enjoy a comfortable retirement even if they withdraw the full $20,000 available to them under the federal government's early release scheme.

Former prime minister Paul Keating recently attacked the scheme as "ideologically motivated intergenerational theft", with $43 billion being tipped to be withdrawn from super accounts.

The Grattan Institute has also reiterated that it does not think that the superannuation guarantee should be increased during the COVID-19 pandemic.

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Brewers to unite under CUB name

The Australian - Page 16 : 7 August 2020 - Original article by Eli Greenblat - PortMac.News Summary

Asahi Beverages will have just one alcohol division after revealing plans to fold Asahi Premium Beverages into its Carlton & United Breweries business.

The enlarged division will retain the CUB name and will be headed by CEO Peter Filipovic.

The Japanese group's two non-alcoholic divisions, Asahi Lifestyle Beverages and Asahi Beverages New Zealand, will not be affected by the restructuring.

Asahi struck a deal to acquire CUB for $16bn in 2019.

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Troubled Freedom Foods keeps it in the family - for now

The Australian Financial Review - Page 18 : 7 August 2020 - Original article by Jemima Whyte - PortMac.News Summary

Freedom Foods recently announced an "executive cleanout" while advising that it would write off $60 million worth of expired cereal and long-life milk.

Freedom Foods advised on 6 August that Michael Perich has been appointed as interim CEO while it undergoes the search for a permanent CEO, while it stated that the appointment of a new CFO is imminent.

Perich and his family own 54 per cent of Freedom Foods, while the company advised that it will not be reporting its latest financial results until October.

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BigCommerce, big debut: $7bn Nasdaq launch for Sydney-born fintech

The Australian - Page 13 & 20 : 7 August 2020 - Original article by David Swan - PortMac.News Summary

Shares in e-commerce provider BigCommerce rose by close to 300 per cent on its first day of trading on New York's NASDAQ.

Although now based in Austin, Texas, BigCommerce originated in Sydney. CEO Brent Bellm notes that the predecessor to BigCommerce was Interspire, which was started by Mitch Harper and Eddie Machaalani in 2003.

Big Commerce - which finished its first day of trading on the NASDAQ with a market value of around $US5 billion ($7 billion) - has around 60,000 clients, including Sony and Ben and Jerry's

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'Unethical': Australians trying to fly home claim airlines cancelling economy tickets to sell more first-class seats

The Guardian - Page Online : 7 August 2020 - Original article by Elias Visontay - PortMac.News Summary

The federal government introduced caps in July on the number of Australians that are allowed to return to the country on international flights.

Since their introduction, there have been complaints that airlines are cancelling economy class tickets in order to sell more first-class and business class tickets, thereby boosting their profits while still keeping under the passenger arrival caps.

The accusations regarding economy class tickets have been denied by several airlines; the caps were introduced to ease pressure on quarantine hotels for Australians returning from overseas.

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Streaming start-up trials a free version

The Australian - Page 18 : 7 August 2020 - Original article by Sahil Patel - PortMac.News Summary

Short-form video streaming service Quibi will trial an advertising-supported free version of its product in Australia and New Zealand.

The start-up will also offer an ad-free version for $7 per month.

Quibi was launched in the US and Canada in April, and until now all international customers have been offered subscriptions at the same price of $US8 per month for the ad-free version and $US5 for the ad-supported one.

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Twitter will label government and state-affiliated media accounts from China, US, France, Russia and UK

abc.net au - Page Online : 7 August 2020 - Original article by Stephen Dziedzic - PortMac.News Summary

Social media company Twitter has announced plans to label government and state-affiliated media accounts from the US, France, China, the UK and Russia.

Twitter banned state-backed media advertising and political advertising on its site in 2019, and its labelling move is seen as its latest attempt to curb government propaganda and disinformation efforts.

Twitter will also adopt new labels for "key government officials" from the five countries, while publicly funded media organisations that have editorial independence will not be labelled.

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Fortescue plans to run Pilbara mine on solar only during day, but battery the key

reneweconomy.com.au - Page Online : 6 August 2020 - Original article by Sophie Vorrath - PortMac.News Summary

Fortescue Metals Group has previously committed to using solar and battery storage to supply up to one-third of its Pilbara iron ore mines' power needs.

Fortescue is involved in a trial with Alinta Energy to see if its Christmas Creek iron ore mine can run solely on solar power during the day, with power to be drawn from the 60MW Chichester solar farm.

The solar farm is part of a project that will see the Alinta transmission line that runs from the Newman gas generator to the Roy Hill mine extended a further 65km to the Christmas Creek and Cloudbreak mines.

The Newman generator has a 30MW/11MWh battery that enables it to maintain power if its gas units trip.

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Expansion of Twiggy's Pilbara mine threatens 60,000-year-old sacred site, inquiry hears

The Guardian Australia - Page Online : 7 August 2020 - Original article by Lorena Allen - PortMac.News Summary

The Senate's inquiry into Rio Tinto's destruction of indigenous rock shelters at Juukan Gorge in Western Australia has received a submission by the Wintawari Guruma Aboriginal Corporation.

It claims that two ancient rock shelters are at risk as part of a proposed expansion of Fortescue Metals Group's iron ore operations in the Hamersley Range.

The company is seeking approval to destroy the sites under section 18 of the WA Aboriginal Heritage Act.

Fortescue CEO Elizabeth Gaines says the state government will 'pause' consideration of the application for two months while Fortescue consults further with the WGAC.

One of the shelters is said to be at least 60,000 years old.