Latest updates on Key Economic Indicators

Australian Dollar: $0.7750 USD (down $0.0010 USD)

Iron Ore Mar Spot Price (SGX): $168.25 USD (up $3.85 USD)

Oil Price (WTI): $61.19 USD (up $1.05 USD)

Gold Price: $1,774.78 (down $21.23 USD

Bitcoin: $52,329.16 USD (up 7.67% in last 24 hours)

Dow Jones: 31,618.11 (up 78.74 points on yesterday's close)

All changes compared to 7am yesterday.

Facebook restricts Australian audiences, publishers from sharing, viewing news

The New Daily - Page Online : 18 February 2021 - PortMac.News Summary

Facebook has announced that Australian users will be blocked from viewing and sharing local or international news content on its platform.

Facebook Australia & New Zealand MD William Easton has also advised that Australian news publishers will be restricted from sharing or posting any content on Facebook Pages.

He says the federal government's proposed news media bargaining code fundamentally misunderstands the relationship between Facebook's platform and publishers who use it to share news content.

Facebook users in other countries will also be blocked from sharing Australian news content.

See full story on PortMac.News today.

News Corp agrees deal with Google over payments for journalism

The Guardian - Page Online : 18 February 2021 - Original article by Alex Hern - PortMac.News Summary

Media giant News Corporation has secured a three-year deal for Google to pay for news content from its global operations, including Australia.

The deal, which will see News Corp's content included in Google's News Showcase product, is likely to have implications for the Australian government's proposed media bargaining code, given that rival media groups

Seven and Nine have also struck deals with Google. News Corp CEO Robert Thomson says the deal with Google will have a positive impact on journalism around the globe.

Coalition MPs in drive for nuclear energy

The Australian - Page 1 & 4 : 18 February 2021 - Original article by Greg Brown - PortMac.News Summary

John Barilaro, recently returned to parliament after 'Mental Health leave' is one of the coalitions MP's in favour of nuclear power.

A survey of 71 Coalition backbenchers has found that 48 are in favour of ending Australia's ban on nuclear power generation as part of the nation's strategy to become carbon-neutral.

An additional 22 were either undecided or did not respond to the survey.

However, ScoMo has ruled out seeking to overturn the ban without bipartisan support from Labor.

Meanwhile, five National Party senators will pursue a legislative amendment to allow the Clean ­Energy Finance Corporation to invest in nuclear power, as well as high-energy, low-emissions coal-fired power stations.

Ross River Fever 'Worst year on record'

Official figures show many regions experienced their worst year on record for the virus.

There were more than 640 cases in the Hunter-New England Local Health District, its highest number in the past 30 years.

About 400 cases were identified in the northern and mid north coast regions — the 30-year average for the Northern NSW Health District is 135 cases a year.

Cameron Webb, a researcher for NSW Health Pathology, said mosquito numbers exploded after heavy rain in February 2020.

'But it's incredibly difficult to predict ... even though you do get more cases of the disease when there are more mosquitoes about, it's a bit more complicated than that' Dr Webb said.

'Because mosquitoes don't hatch out of the wetland already infected with the virus, they have to bite native animals and those animals are typically kangaroos and wallabies'.

'You will be at greater risk ... when you are outside some of the main urban areas, particularly when you are in that interface between the wetlands and areas where there is a lot of wildlife.'

See full story on PortMac.News today for details

Lockdown: I'll do it again if I must, says Andrews

The Australian - Page 1 & 7 : 18 February 2021 - Original article by Rachel Baxendale, Patrick Commins - PortMac.News Summary

Victoria's five-day snap lockdown ended on schedule at 11.59pm on 17 February, with the state recording no new COVID-19 cases in the last 24 hours.

Premier Daniel Andrews says the number of coronavirus cases in the state would have been much higher without the lockdown, adding that he would be prepared to lock down the state again if necessary.

Face masks will still be compulsory indoors, as well as outdoors if social distancing is not possible; other restrictions will continue to apply until at least 26 February, when close contacts of the Holiday Inn cluster will have completed 14 days' quarantine.

There are 25 active COVID-19 cases in Victoria, including 19 linked to the quarantine hotel.

Tourism sector's $8bn bid to stay afloat

The Australian - Page 4 : 18 February 2021 - Original article by Rosie Lewis, Robyn Ironside - PortMac.News Summary

Tourism & Transport Forum CEO Margy Osmond warns that the tourism industry will shed another 318,000 full-time jobs by the end of 2021 if it does not receive government support after the JobKeeper scheme ends.

The TTF has proposed a $7.74bn industry-specific wage subsidy to replace JobKeeper, with a two-tier payment structure based on the impact of COVID-19 on revenue.

Osmond says Australia will not have a tourism industry by this time next year unless the government provides financial assistance.

Scrap penalty for self-reported underpayment errors: BCA

The Australian Financial Review - Page 4 : 18 February 2021 - Original article by David Marin-Guzman - PortMac.News Summary

The ABC is among the organisations that have agreed to make contrition payments to settle wage theft cases.

The Business Council of Australia contends that the Fair Work Ombudsman should waive such payments for employers who self-disclose a wage underpayment and can demonstrate that it was not intentional and that affected workers had been recompensed in full.

The federal government's industrial relations omnibus bill includes a provision to this effect, giving the FWO discretion to defer legal action regarding underpayments.

Stocks ease as earnings roll on

The Australian - Page 23 : 18 February 2021 - Original article by Rebecca Le May - PortMac.News Summary

The Australian sharemarket lost ground on 17 February, with the S&P/ASX 200 shedding 0.46 per cent to close at 6,885.2 points.

The Commonwealth Bank was down 1.9% at $84.28 and Coles Group was 5.3% lower at $17.20.

However, Fortescue Metals Group was up three per cent at $24.41, Domino's Pizza Enterprises rose 7.57% to $105 and Super Retail Group added 1.99% to end the session at $11.81.

Westpac profits spike as King downplays focus on negatives

The Australian Financial Review - Page 17 & 24 : 18 February 2021 - Original article by James Frost - PortMac.News Summary

Westpac has reported unaudited cash earnings of $1.97bn for the December quarter.

The result is 54% higher than the quarterly average for the previous half-year.

Westpac is upbeat about the outlook for the Australian economy, upgrading its GDP growth forecast for 2021 from 2.5% to 4%.

Westpac has revealed that some $11bn worth of its loans are still on a deferred payment plan, although just $400m worth of business loans remain on a 'Repayment holiday'. Westpac shares closed 4.6% higher at $23.54 on 17 February.

Banks launch 'Compassionate' guide for stricken borrowers

The Australian Financial Review - Page Online : 18 February 2021 - Original article by James Frost - PortMac.News Summary

Nearly one million bank customers deferred their loan repayments at the peak of the COVID-19 pandemic in Australia.

Some 91% of these customers have now resumed their repayments, and the Australian Banking Association has prepared an online guide for bank customers who are unable to resume loan repayments.

ABA CEO Anna Bligh says the nation's banks will take a 'Fair and compassionate' approach to such customers. Loans that are still on a 'Repayment holiday' after 31 March must be designated as non-performing loans.

Coles sees a reckoning for retail in March

The Australian Financial Review - Page 17 & 26 : 18 February 2021 - Original article by Sue Mitchell - PortMac.News Summary

Coles Group has posted a 2020-21 interim net profit of $560m, which is 14.5% higher than previously.

Sales rose by 8% to $20.4bn during the half-year, with online sales growing by 48%. However, CEO Steven Cain says grocery retailers are facing headwinds in coming months, after enjoying a sales and earnings boost due to COVID-19 restrictions.

The prospect of a reduced migrant intake for some time is also likely to weigh on grocery retailers.

Glasenberg: China will squeeze iron ore too

The Australian Financial Review - Page 22 : 18 February 2021 - Original article by Peter Ker - PortMac.News Summary

Mining and commodities trading group Glencore has reported an underlying profit of $US4.41bn for 2020, which is slightly higher than previously.

The group's Australian coking and thermal coal operations posted a combined loss of $US602m for the second half of 2020, due to factors such as China's ban on Australian coal imports and lower prices.

Outgoing CEO Ivan Glasenberg expects the ban to remain in place for some time, while he warns that China is certain to develop the Simandou iron ore project in Guinea, which will provide new competition for Australian producers.