Latest updates on Key Economic Indicators

Australian Dollar: $0.7790 USD (up $0.0060 USD)

Iron Ore Apr Spot Price (SGX): $164.90 USD (up $6.35 USD

Oil Price (WTI): $66.06 USD (up $1.44 USD)

Gold Price: $1,723.29 (down $1.85 USD)

Bitcoin: $57,232.07 USD (up 0.31% in last 24 hours)

Dow Jones: 32,521.78 at 3.12pm NY time (up 207.12 points on yesterday's close)

All changes compared to 7am yesterday.

Liberal Party donor Huifeng 'Haha' Liu 'engaged in acts of foreign interference': ASIO

abc.net.au - Page Online : 12 March 2021 - Original article by Sean Rubinsztein-Dunlop, Echo Hui - PortMac.News Summary

It has been revealed that the Australian Security Intelligence Organisation has made an adverse security assessment against Melbourne-based businessman Huifeng Liu.

This has been disclosed in Liu's court application to contest an order for his deportation.

The documents show that ASIO concluded amongst other things that the Chinese national had engaged in and was at risk of engaging in activities which constituted 'acts of foreign interference'.

Liu is a Liberal Party donor, and he has developed relationships with federal MPs Michael Sukkar and Gladys Liu.

Prince William denies the royal family is racist

Prince William has denied the royal family is racist and says he has not spoken to his brother since Prince Harry's tell-all interview with Oprah Winfrey aired.

It is the first time a member of the royal family has spoken in public about the bombshell interview with the Duke and Duchess of Sussex, after William and Harry's father Prince Charles refused to comment during an appearance on Tuesday.

The Duke of Cambridge was visiting a school in east London when he was quizzed about the interview, which has sent shockwaves through the monarchy and forced the Queen to release a statement saying she was "saddened" by the events that took place.

He was asked by a reporter "is the royal family racist, sir?" to which the Duke replied "we're very much not a racist family".

AstraZeneca coronavirus vaccine faces suspensions over blood clot fears

Denmark, Norway and Iceland have suspended the use of the AstraZeneca vaccine over fears it could be linked to blood clots.

Several countries suspended the use of AstraZeneca's vaccine on Thursday over blood clot fears, prompting Europe's medical agency to quickly reassure the public there were no known health risks linked to the jab.

The melee over the vaccine came as the world marked one year since the pandemic was officially declared, and threatened to dim hopes that inoculations are the ticket to returning to normal life.

Several countries are looking to peel back restrictions put in place after second - or even third - waves and looking to ramp up vaccine rollouts as a way out of the crisis.

But that momentum hit a snag Thursday as Denmark, Norway and Iceland all suspended the use of the Oxford/AstraZeneca jab over fears it could be linked to blood clots.

Italy joined them, banning the vaccine as a precaution, even as its medicines regulator said there was currently no established link with the alleged side-effects.

The European Medicines Agency (EMA) also issued a statement seeking to assuage fears.

Health boss makes 'Dangerous' vaccine claim

The New Daily - Page Online : 12 March 2021 - PortMac.News Summary

Department of Health secretary Brendan Murphy has conceded that the federal government is unlikely to complete its COVID-19 vaccine rollout by the end of October.

He told a Senate committee that it is doubtful that all Australians will have received two vaccine doses by the target date, but he says everyone will have been offered at least one dose by then.

Labor senator Katy Gallagher queried his claim that one dose will be "fully protective" against COVID-19.

Murphy clarified his statement by stressing that the first dose will need to be "topped up" with a second one.

About 125,000 doses of the vaccines have been administered nationally since the rollout began in late February.

Cheap airfares 'Won't save tourism jobs'

The Australian - Page 1 & 5 : 12 March 2021 - Original article by Rosie Lewis, Robyn Ironside - PortMac.News Summary

The Tourism & Transport Forum has welcomed the federal government's decision to subsidise 800,000 airfares, but warns that it will not be sufficient to preserve jobs across the broader tourism industry.

Restaurant & Catering Australia CEO Wes Lambert agrees that the COVID-19 support package should not be restricted to Qantas and Virgin flights to 13 regional destinations.

Meanwhile Greyhound Australia CEO Alex de Waal says it will have dire consequences for the bus company and many of the destinations it services that are not on the list.

Deputy Prime Minister Michael McCormack says the list of destinations will be expanded.

Jobs at risk after CBDs 'Abandoned'

The Australian - Page 4 : 12 March 2021 - Original article by Patrick Commins - PortMac.News Summary

The federal government's new COVID-19 support package has been criticised for focusing on airlines and regional destinations, at the expense of the nation's central business districts.

Accommodation Association CEO Dean Long says the government has abandoned CBD hotels, and he contends that they need immediate support.

Long has reiterated his call for a new wage subsidy scheme for the accommodation sector when JobKeeper ends.

However, PwC's chief economist Jeremy Thorpe says the support package is "well targeted", adding that more federal support for CBDs would risk "crowding out" tailored measures from state and local governments.

Lower deficit quickly or lose 'AAA' rating, says S&P

The Australian Financial Review - Page Online : 12 March 2021 - Original article by Sarah Turner - PortMac.News Summary

The federal government expects the Budget deficit to fall to $66bn - or three per cent of GDP - by 2023-24.

The deficit is slated to peak at a record $197.7bn in 2020-21, which equates to 9.9% of GDP.

Meanwhile, the combined deficits of the state and federal governments are expected to approach 14% of GDP in fiscal 2021.

Anthony Walker of Standard & Poor's warns that Australia's coveted 'AAA' sovereign credit rating may be at risk if the combined deficits remain at around this level.

Government's fuel security plan could increase petrol prices

The New Daily - Page Online : 12 March 2021 - Original article by Matthew Elmas - PortMac.News Summary

Australian Competition & Consumer Commission chairman Rod Sims says motorists could ultimately bear the cost of the federal government's proposal to subsidise the nation's remaining petrol refineries.

Oil companies would be paid for every litre of transport fuel that they produce in Australia.

However, Sims warns that the scheme may put oil companies that solely import fuel at a competitive disadvantage, given that their petrol prices are generally lower.

Power industry trapped in 'catch-22' as Yallourn closes

The Australian Financial Review - Page Online : 12 March 2021 - Original article by Angela Macdonald-Smith - PortMac.News Summary

Alinta Energy CEO Jeff Dimery has warned that it will not be commercially viable for power companies to invest in new dispatchable generation unless there are changes to the National Electricity Market.

He says the current market structure is unsustainable, and the states must co-operate with the federal government to ensure that there is sufficient incentive to invest in new capacity.

Victoria's Energy Minister Lily D'Ambrosio contends that the additional renewable energy capacity to be added to the state's electricity in coming years will be more than enough to offset the closure of the Yallourn power station in 2028.

Ratings slide signals trouble for Nine radio

The Australian - Page 9 : 12 March 2021 - Original article by Lilly Vitorovich - PortMac.News Summary

GfK's first radio ratings survey for 2021 shows that 3AW has retained its lead in Melbourne's breakfast slot, although its market share fell by 2.8% to 22.2%.

The station's audience share in evening slots fell by 7.5% to 13.2%.

Nine Entertainment-owned sister station 4BC in Brisbane recorded a sharp downturn in audience share in both the breakfast and drive slots.

In Sydney, 2GB's breakfast show host Ben Fordham increased his audience share to 18.1%; he replaced veteran broadcaster Alan Jones in 2020.

No joy for the arts as wage subsidy extensions ruled out

The Australian - Page 5 : 12 March 2021 - Original article by Matthew Westwood - PortMac.News Summary

TEG CEO Geoff Jones says the live entertainment and ticketing group would still be eligible for the JobKeeper wage subsidy until the end of 2021, as would many other businesses in the sector.

He notes that TEG's revenues are still at just 30 per cent of pre-pandemic levels.

However, federal Arts Minister Paul Fletcher has ruled out extending the JobKeeper scheme or providing targeted support for the creative and performing arts sector.

He notes that it has already received more than $700m worth of industry-focused support, plus $800m in JobKeeper payments.

Iron ore OK as BHP offloads its China coal

The Australian - Page 18 : 12 March 2021 - Original article by Nick Evans - PortMac.News Summary

BHP CEO Mike Henry concedes that the resources giant has been impacted by the decline in the coal price.

However, he says BHP has been able to secure new buyers for all of its thermal and metallurgical coal in the wake of China's import ban on Australian coal.

Henry adds that BHP is confident that its relationship with Chinese buyers of its iron ore is strong enough to ride out the continued tensions between Australia and China.

BHP CFO David Lamont in turn says the elevated price of iron ore is unlikely to be sustainable and a pullback can be expected at some point.

Opal Tower hurt values of neighbouring projects

The Australian Financial Review - Page Online : 12 March 2021 - Original article by Michael Bleby - PortMac.News Summary

Mirvac executive Stuart Penklis says that about 20% of the apartments in its Pavilions project in Sydney Olympic Park have yet to be sold.

In addition, about 3.5% of settlements have fallen through, compared with Mirvac's overall average of less than 2%.

The Pavilions development is located near the ill-fated Opal Tower.

Penklis says the problems at Opal Tower have adversely affected apartment values for other developments in that part of Sydney Olympic Park.

He expects the remaining Pavilions apartments to be sold within 12-18 months.

Greensill called in insolvency experts in December

The Australian - Page 15 & 18 : 12 March 2021 - Original article by Nick Evans, Jared Lynch - PortMac.News Summary

Matt Byrnes of Grant Thornton Australia has revealed that supply chain fin­ancier Greensill Capital had sought restructuring advice from his firm's British arm in December.

Byrnes, who has been appointed as the administrator of Greensill in Australia, has also disclosed that the failed company had raised the possibility of insolvency at that time.

Founder Lex Greensill had been flagging a potential IPO just weeks earlier.

Greensill's collapse has also put the future of its major debtor GFG Alliance under a cloud; its assets include the Whyalla steelworks in South Australia.

Stocks end flat despite travel lift

The Australian - Page 23 : 12 March 2021 - Original article by Gerard Cockburn - PortMac.News Summary

The Australian sharemarket drifted lower on 11 March, with the S&P/ASX 200 easing 0.2 points to close at 6,713.9.

BHP was down 1.7% at $46.80, the ANZ Bank shed one per cent to end the session at $28.22 and Afterpay fell 3.7% to $111.

However, Fortescue Metals Group rose 2.2% to $20.78 and Flight Centre rallied 9.2% to $19.44 in response to the federal government's support package for the tourism sector.