Latest updates on Key Economic Indicators

Australian Dollar: $0.7720 USD (down $0.0020 USD)

Iron Ore Mar Spot Price (SGX): $161.00 USD (up $2.25 USD)

Oil Price (WTI): $58.61 USD (up $0.23 USD)

Gold Price: $1,842.20 (up $5.79 USD)

Bitcoin: $44,898.37 USD (down 4.02% in last 24 hours)

Dow Jones: 31,460.59 at 3.09pm NY time (up 41.05 points on yesterday's close)

All changes compared to 7am yesterday.

Google does not rule out YouTube, Gmail and map bans in Australia

GOOGLE has refused to rule out removing more than just its search engine in Australia, telling a Senate Committee it was still assessing what impact its withdrawal would have on services including Google Maps, YouTube and Gmail in the country.

The answer comes weeks after the tech giant threatened to stop Australians accessing Google Search in an attempt to evade proposed laws that would see the company pay media outlets for the news it used on its platform.

But experts have labelled Google’s response to the Senate as “deliberately evasive”.

Google Australia and New Zealand government affairs and public policy head Lucinda Longcroft answered a series of questions from Senators, with the responses publicly released on Wednesday.

In response to a question about whether Google’s “threat to leave the Australian market (would) include other Google services such as Google Maps, Google Pay, YouTube, Gmail, etc,” Ms Longcroft did not rule out big changes to its other offerings.

“At this stage, we are still understanding the implications of removing Search on our other services,” she wrote.

Ms Longcroft also said the company’s warning about the removal of Google Search in Australia was not “a threat; it’s a worst-case scenario that we’re working hard to avoid,” and reiterated its opposition to elements of the proposed laws.

The company’s statement was issued on February 5 — just one day after Google chief executive Sundar Pichai held a video meeting with Prime Minister Scott Morrison, in talks he called “much more positive”.

Swinburne University media senior lecturer Dr Belinda Barnet said while Google had stopped short of threatening to remove other services from Australia in its answer, the company’s statement seemed designed to create further questions.

Vic Holiday Inn hotel cluster jumps to eight, SA to shut border

Herald Sun - Page 9 : 11 February 2021 - Original article by Alex White - PortMac.News Summary

Victoria has recorded two new locally-acquired COVID-19 cases in the last 24 hours, both linked to the Holiday Inn quarantine hotel.

A returned traveller who recently completed their 14-day quarantine and a worker at the hotel both tested positive on 10 February.

There are now five cases of COVID-19 transmission at the Holiday Inn; all are believed to be linked to a family of three who contracted the virus while overseas.

The South Australian government has responded to the growing outbreak in Victoria by closing its borders to all residents of metropolitan Melbourne. There are currently 16 active COVID-19 cases in total in Victoria.

Medical device a virus threat

Herald Sun - Page 8 : 11 February 2021 - Original article by Grant McArthur - PortMac.News Summary

Victoria's Chief Health Officer, Brett Sutton, says a nebuliser used by an infected returned traveller is believed to be the source of the Holiday Inn COVID-19 cluster.

The returned traveller, who is part of a family of three who contracted the virus while overseas, used the nebuliser in their hotel room on 3 and 4 February.

Research has shown that nebulisers can create more than 10,000 airborne particles per millilitre; in contrast, a cough from an infected patient would generate just 0.1 particles per millilitre.

'Vaccinate rate of 95% needed to fight mutations'

The Australian - Page 5 : 11 February 2021 - Original article by Olivia Caisley - PortMac.News Summary

Dr Mary-Louise McLaws from the University of New South Wales estimates that at least 90% to 95% of Australians would need to receive a COVID-19 vaccine in order to combat new strains of the coronavirus.

She adds that achieving herd immunity would require up to 190,000 Australians to be vaccinated every day.

Meanwhile, infectious diseases expert Dr Sanjaya Senanayake has warned that at the current rollout rate, it will take six years to fully vaccinate the world's population against COVID-19.

Democrats to show new Capitol attack footage at Trump impeachment trial

The Guardian - Page Online : 11 February 2021 - Original article by Sam Levine, Lauren Gambino - PortMac.News Summary

The Democrats' opening argument in the impeachment trial of former President Donald Trump included allegations that he deliberately organised and incited the attack on the Capitol building on 6 January.

The Democrats also contended that Trump violated his presidential oath to protect the US constitution by not acting to stop the attack once it began.

A senior aide has indicated that the Democrats will also show new footage of the riot that has not been seen before.

The Senate earlier voted 56-44 to proceed with the impeachment trial.

Six Republican senators voted in favour of the motion, although the Democrats will require the support of at least 17 Republicans to secure a conviction.

Zip, Afterpay star as stocks rise

The Australian - Page 23 : 11 February 2021 - Original article by Rebecca Le May - PortMac.News Summary

The Australian sharemarket posted a solid gain on 10 February, with the S&P/ASX 200 adding 0.52% to close at 6,856.9 points.

BHP was up 1.03%t at $45.06, Afterpay rose 4.19% to $158.47 and Insurance Australia Group advanced 4.55% to $5.29.

However, Fortescue Metals Group was down 0.59% at $23.75 and Crown Resorts fell 3.35% to $9.81.

AMP funds and advisers shrink as it sweats on takeover bid

The Australian Financial Review - Page 20 : 11 February 2021 - Original article by Michael Roddan - PortMac.News Summary

Embattled wealth manager AMP is forecast to post a 2020 profit of between $100m and $150m.

The exodus of financial advisers and rising fund outflows at AMP are also likely to come under scrutiny when its full-year results are released on 11 February.

Data from Rainmaker shows that AMP Capital's funds under management fell by $40bn to $107.1bn in the year to September, with Macquarie Investment Management overtaking it as the nation's largest fund manager.

Investors will also be seeking guidance on the takeover bid from Ares Management.

'Hollywood Oz' a $1.5bn movie bonanza

The Australian - Page 1 & 2 : 11 February 2021 - Original article by Megan Lehmann - PortMac.News Summary

The COVID-19 pandemic has been a boon for Australia's film and television production industry.

Hollywood studios and streaming services such as Netflix have relocated some big-budget productions to Australia, capitalising on the nation's relatively low level of infection and government incentives.

International film and TV productions are expected to create more than 11,000 jobs in Australia and inject some $1.47bn into the domestic economy.

Big investors back Packer's Crown exit

The Australian - Page 15 & 20 : 11 February 2021 - Original article by Damon Kitney - PortMac.News Summary

James Packer has severed his links with the board of Crown Resorts, after advising that two of his private company's nominee directors - Guy Jalland and Michael Johnston - will step down.

Consolidated Press Holdings' third nominee, John Poynton, will become an independent director.

CPH has a 37% stake in Crown.

Paul Skamvougeras of Perpetual says the move by the CPH nominees is a good outcome for Crown's minority shareholders.

Meanwhile, Independent Liquor & Gaming Authority chairman Philip Crawford says the gaming floor at Crown's Barangaroo casino could potentially open by April; however, he says the group will need to undertake much broader reforms in order to secure a casino licence.

High iron ore dividends tipped to stay rock solid

The Australian Financial Review - Page 31 : 11 February 2021 - Original article by William McInnes - PortMac.News Summary

Romano Sala Tenna of Katana Asset Management says the iron ore price is likely to remain high for some time, which will provide a dividend windfall for shareholders of Australia's three biggest iron ore producers.

UBS expects BHP to announce a record half-year dividend of US91¢ ($1.18), while it anticipates that Fortescue Metals Group will have an interim payout of $1.45 per share.

The consensus forecast for Rio Tinto is an interim dividend of $4.20.

Forrest forces pace on LNG import terminal

The Australian Financial Review - Page 20 : 11 February 2021 - Original article by Angela Macdonald-Smith - PortMac.News Summary

Squadron Energy CEO Stuart Johnston says the company's proposed LNG import terminal at Port Kembla in New South Wales should be completed by the end of 2022 and operational by mid-2023.

Mark Samter of MST Marquee believes that the Andrew Forrest-backed project is well ahead of the rival LNG import terminals that have been proposed for the east coast, given that a final investment decision had effectively been made in late 2020.

Samter refutes suggestions that the recent volatility in global LNG prices may make import terminals unviable.

Altona refinery closure raises fears of jobs rout

The Australian - Page 17 : 11 February 2021 - Original article by Perry Williams - PortMac.News Summary

ExxonMobil has confirmed that the Altona oil refinery in Victor will close, stating that it is no longer economically viable.

The refinery will be converted into an import terminal, with about 300 jobs to be directly affected.

However, there are concerns that the closure could result in large-scale job losses among manufacturers that rely on the refinery for fuel supplies.

Exxon's move has also raised fears about Australia's fuel security; Mark Samter of MST Marquee says the federal government may need to increase its industry rescue package to avert the closure of Ampol's Lytton refinery in Brisbane.

Dodgy cladding remains a threat

The Australian - Page 3 : 11 February 2021 - Original article by Nicholas Jensen - PortMac.News Summary

Recent changes to Victoria's building code have banned the use of combustible cladding on new multi-storey buildings, including aluminium composite panels and expanded polystyrene (EPS).

However, the Australian Institute of Building Surveyors' vice-president Wayne Liddy has questioned why the ban on EPS is not retrospective.

Meanwhile, construction lawyer Bronwyn Weir notes that cladding products on many existing buildings are still covered by the CodeMark certification scheme, despite having been deemed to be non-compliant and potentially dangerous.