Latest updates on Key Economic Indicators

Australian Dollar: $0.7740 USD (up $0.0039 USD)

Iron Ore Mar Spot Price (SGX): $158.75 USD (up $4.10 USD)

Oil Price (WTI): $58.38 USD (up $0.42 USD)

Gold Price: $1,836.41 (up $3.45 USD)

Bitcoin: $47,141.53 USD (up 9.75% in last 24 hours)

Dow Jones: 31,419.54 at 3.09pm NY time (up 129.91 points on yesterday's close)

All changes compared to 7am yesterday.

Chief Medical Officer Paul Kelly says the South African coronavirus strain is becoming dominant.

abc.net.au - Page Online : 10 February 2021 - PortMac.News Summary

Australia's Chief Medical Officer Paul Kelly (Pictured above)notes that the South African variant of COVID-19 has now been reported in 80 countries.

He says this variant appears set to become the dominant strain of coronavirus worldwide.

However, he cautions that Australians should not be too quick to draw conclusions as to how this might affect the nation's vaccination rollout.

Research has suggested that the AstraZeneca vaccine does not provide much protection against the South African variant, but Kelly notes that this study is yet to be peer-reviewed or published.

Cleanout for Packer's Crown

The Australian Financial Review - Page 1 & 10 : 10 February 2021 - Original article by Elouise Fowler - PortMac.News Summary

The future of Crown Resorts' casino at Barangaroo in Sydney is uncertain after an inquiry found that the company is not suitable to hold a licence for the facility.

The inquiry by former judge Patricia Bergin found amongst other things that Crown had facilitated money-laundering at its existing casinos and had commercial relationships with 'junket' operators who have links to Asian crime gangs.

Commissioner Bergin said that Crown might be allowed to operate the Barangaroo casino if it removes CEO Ken Barton and directors Andrew Demetriou and Michael Johnston.

The Independent Liquor & Gaming Authority will review Bergin's report on 17 February. The non-gaming areas of the Barangaroo complex opened in January.

[See main PortMac.News story today for details]

WHO team in China says COVID-19 probably came from animals

abc.net.au - Page Online : 10 February 2021 - PortMac.News Summary

The World Health Organization's investigation into the origins of COVID-19 has concluded that the virus is unlikely to have leaked from a Chinese laboratory.

The WHO team has failed to confirm a specific source of the virus following its visit to the 'ground zero' city of Wuhan.

WHO virus expert Peter Ben Embarek says the virus was probably transmitted to humans via an intermediary species, adding that this is likely to have been bats.

Embarek says the theory that COVID-19 was transmitted to humans via frozen food also warrants further investigation.

[See main PortMac.News story today for details]

Two new infections in 24 hours defy Andrews' standards boast

The Australian - Page 6 : 10 February 2021 - Original article by Rachel Baxendale - PortMac.News Summary

Victorian Premier Daniel Andrews has praised the state's hotel quarantine program, claiming that its standards are higher than in New South Wales.

However, the state government has advised that a returned overseas traveller returned a positive test for COVID-19 two days after leaving the Holiday Inn quarantine hotel at Melbourne Airport.

The number of coronavirus cases at the Holiday Inn has risen to three, after a second worker at the hotel also tested positive; Victoria has now recorded five COVID-19 cases linked to three quarantine hotels in less than a week.

All returned travellers who completed their quarantine at the Holiday Inn during the past fortnight will be required to self-isolate for an additional 14 days.

Cheng arrest stokes tension with China

The Australian Financial Review - Page 13 : 10 February 2021 - Original article by Michael Smith, Andrew Tillett - PortMac.News Summary

There are fears that the Chinese government's decision to formally arrest Australian journalist Cheng Lei will further strain the relationship between the two nations.

Foreign Minister Marise Payne says Australia will always stand up for the interests of its citizens, and she has rejected suggestions that the federal government is interfering in China's legal system.

University of Technology Sydney academic Feng Chongyi, says the chances of Cheng or Australian writer Yang Hengjun being released are "very slim".

Yang has been detained in China for more than two years and is awaiting trial on espionage charges.

Regional towns face 'Complete destruction' under net zero policy

The Australian - Page 4 : 10 February 2021 - Original article by Joe Kelly - PortMac.News Summary

Modelling by the Institute of Public Affairs suggests that some 653,600 jobs would be directly at risk if Australia were to adopt a net-zero carbon emissions policy.

This includes an estimated 306,000 jobs in the agricultural sector.

National Party senator Matt Canavan says the IPA's modelling is consistent with previous estimates, and he warns that any push for carbon neutrality would have a devastating effect on regional communities.

Analysis by electorate shows that the Coalition currently holds 17 of the 20 federal seats that would experience the most job losses under a net-zero target.

Financial falls weigh on bourse

The Australian - Page 22 : 10 February 2021 - Original article by Rebecca Le May - PortMac.News Summary

The Australian sharemarket retreated on 9 February, with the S&P/ASX 200 shedding 0.9%t to close at 6,821.2 points.

The ANZ Bank was down 1.85%t at $24.93 and annuities group Challenger fell 14.82% to end the session at $6.15. However, Macquarie Group advanced 6.62% to finish at $143.14 and Suncorp was up 2.78% at $10.73.

Banks under pressure to live up to high hopes

The Australian - Page 22 : 10 February 2021 - Original article by David Rogers - PortMac.News Summary

The S&P/ASX 200 Banks index has gained 22% in the last three months, amid rising bond yields and signs that the economic outlook is improving.

However, the index shed 1.5% on 9 February, one day before the Commonwealth Bank of Australia is set to release its half-year results.

Brendan Sproules of Citigroup expects CBA to exceed consensus earnings forecasts by about two per cent.

Citi also expects CBA's half-year dividend to exceed market expectations by about 15%.

'Mortgage stress' already a danger for one-in-five mortgage holders

Market Research Update - Page Online : 10 February 2021 - Original article by Roy Morgan - PortMac.News Summary

New research from Roy Morgan shows that an estimated 783,000 mortgage holders (20.0%) were at risk of 'Mortgage stress' in the three months to November 2020.

This is unchanged on a year earlier in late 2019 although up from the record lows in the middle of last year when only 668,000 mortgage holders were considered 'At Risk' between July and September.

The low rate of 'At Risk' mortgages during 2020 came during the period of maximum support provided to the economy by the Federal Government, as well as measures taken by banks and financial institutions to support borrowers by giving borrowers in financial distress mortgage 'holidays'.

As we head into 2021 the financial support provided by Governments, banks and financial institutions is being progressively withdrawn with mortgage holidays ending and wage subsidy programs such as JobKeeper set to finish by the end of March.

The withdrawal of this support gives increased importance to tracking the level of mortgage stress during 2021 as it can provide an early indicator of potential financial problems approaching in the near future.

These are the latest findings from Roy Morgan's Single Source Survey, based on in-depth interviews conducted with 50,000 Australians each year including over 10,000 owner-occupied mortgage-holders.

Google and Facebook using lobbyists to fight media code

The Guardian Australia - Page Online : 10 February 2021 - Original article by Amanda Meade - PortMac.News Summary

Newgate Communications and Christmas Jalili are among the four lobbying firms that Google has hired as part of its fight against the federal government's news media bargaining code.

Some of these firms employ people who have previously worked for past and present federal government ministers, including Prime Minister Scott Morrison and former finance minister Mathias Cormann.

The Australian Government Register of Lobbyists also shows that Facebook has engaged the services of DPG Advisory Solution, which is headed by former Liberal Party staff David Gazard.

Canadians happy for Canberra to blaze media path

The Australian Financial Review - Page 4 : 10 February 2021 - Original article by Miranda Ward, Mark Mulligan - PortMac.News Summary

Canada's media industry has expressed support for the federal government's push to make digital companies pay for news content.

News Media Canada president John Hinds says the nation's news publishers prefer Australia's approach over that of France, which uses copyright law to force Google to pay for content.

The Canadian government also plans legislative action on the issue, and Friends of Canadian Broadcasters executive Daniel Bernhard says politicians appear to favour legislation based on Australia's proposed media bargaining code.

Three in five Australians are paying for online subscription services they don't use

The New Daily - Page Online : 10 February 2021 - Original article by Isabelle Lane - PortMac.News Summary

Australians embraced paid digital subscription services such as streaming video, food delivery and online fitness classes during COVID-19 lockdowns in 2020.

Research undertaken by AMPD suggests that many people are no longer using these services but have not cancelled their subscriptions.

Consumer advocate Tim Nicholas estimates that some people could be paying more than $1,000 a year for digital subscriptions that they no longer use.

He adds that Australians collectively spend about $3.9bn a year on unused subscriptions and apps. He notes that most paid online subscriptions will keep rolling over each month unless they are cancelled.

Fortescue set for dividend bonanza: Macquarie

The Australian Financial Review - Page 28 : 10 February 2021 - Original article by William McInnes - PortMac.News Summary

Pure-play iron ore miner Fortescue Metals Group is slated to release its 2020-21 half-year financial results on 18 February.

Macquarie has forecast strong growth in Fortescue's net profit and revenue, as well as a record interim dividend of $1.37 per share.

Macquarie has an 'outperform' rating on Fortescue and a price target of $26.50 per share.

Exxon to shut Altona oil refinery

The Australian Financial Review - Page 1 & 6 : 10 February 2021 - Original article by Angela Macdonald-Smith, Patrick Durkin - PortMac.News Summary

US energy giant ExxonMobil is expected to confirm the closure of its oil refinery in Victoria on 10 February.

The company is believed to have advised the state government of its decision, which will result in the loss of up to 350 jobs.

The Altona refinery produces about 50% of Victoria's petrol supply; the Australian Workers Union's national secretary Daniel Walton says its likely closure would have a flow-on effect for other businesses in the state.

BP has previously announced the closure of its refinery at Kwinana in Western Australia.

Viva Energy is the only refinery operator to have accepted the federal government's rescue package for the sector.