Latest updates on Key Economic Indicators

Australian Dollar: $0.7800 USD (up $0.0060 USD)

Iron Ore Apr Spot Price (SGX): $159.90 USD (up $0.15 USD

Oil Price (WTI): $64.55 USD (down $0.13 USD)

Gold Price: $1,744.93 (up $13.34 USD)

Bitcoin: $58,244.15 USD (up 4.98% in last 24 hours)

Dow Jones: 33,015.37 at 3.12 pm NY time (up 189.42 points on yesterday's close)

All changes compared to 7am yesterday.

Atlanta spa shooting suspect charged

Atlanta Mayor Keisha Lance Bottoms said on Wednesday the man suspected of killing eight people at three Atlanta-area spas should face ''The stiffest most appropriate charges.'

“I think whatever the stiffest most appropriate charges there are, this guy should face those charges,” Bottoms said. “In Georgia, you can be charged with a hate crime. It covers a variety of areas and I personally think it would be appropriate, but I will defer to the prosecutors to make that determination.”

Bottoms said the city is grateful to law enforcement that the suspected shooter was apprehended quickly and the violence was not carried out to other states.

Although the suspect claims the shootings were not racially motivated, Bottoms said it’s difficult to ignore that Asian community has been targeted.

“This is a man who murdered, eight people in cold blood, so it's very difficult to believe what he says,” she said.

“It's difficult to ignore the fact that many of the victims were Asian, all of the victims in Atlanta were Asian, in fact, and that he targeted these Asian massage parlors.”

Bottoms said it is important that people stand in solidarity with the Asian American community at this time.

“They are being targeted unfairly and in Atlanta, what we've seen the worst has happened,” Bottoms said.

Scramble to help PNG as virus mutation feared

The Australian - Page 5 : 18 March 2021 - Original article by Ben Packham - PortMac.News Summary

The federal government has responded to the growing COVID-19 crisis in Papua New Guinea by advising that it will immediately ship 8,000 vaccine doses to PNG in order to inoculate frontline health workers.

It will also redirect one million overseas-made doses of the AstraZeneca vaccine to PNG, while commercial and charter flights between the two nations have been temporarily suspended.

Chief Health Officer Paul Kelly has stressed the need to bring the PNG outbreak under control, warning that the emergence of a new strain of the virus would be disastrous for PNG, Australia and the region.

Jobkeeper lines corporate pockets

More than 30 companies recorded higher profits in the last six months of 2020 — after receiving hundreds of millions of dollars in JobKeeper subsidies — than in the last six months of 2019.

JobKeeper payments accounted for approximately 20 per cent of their underlying earnings on average, an analysis of the financial reports of 299 companies on the ASX 300 has found.

Corporate governance advisory group Ownership Matters looked at the government subsidies received by the 300 largest entities listed on Australia's stock exchange during calendar year 2020.

It wanted to know how companies were accounting for the wage subsidies in their financial reports.

It found 95 of 299 ASX 300-listed entities had now reported receiving government subsidies in 2020 worth a combined $3.8 billion, with JobKeeper payments received by 75 of those companies accounting for $2.5 billion (more than 60 per cent) of the $3.8 billion.

The six largest JobKeeper recipients — Qantas ($726 million), Crown Resorts ($254 million), Flight Centre ($195 million), Star Entertainment Group ($152 million), Eagers Automotive ($129 million) and G8 Education ($102 million) — accounted for roughly 63% of all JobKeeper payments going to listed companies.

Sabine Schmitz, 'Queen of the Nürburgring' and Top Gear presenter, dies aged 51

Former racing driver Sabine Schmitz, the "Queen of the Nürburgring" who was also a presenter on popular BBC program Top Gear, has died at the age of 51.

The German circuit announced on Wednesday that it had "lost its most famous female racing driver".

"Sabine Schmitz passed away far too early after a long illness. We will miss her and her cheerful nature. Rest in peace Sabine," it said on Twitter.

The German, who was diagnosed with cancer in 2017, grew up near the Nürburgring, a fearsome track which winds through the hills of western Germany.

She won the 24 Hours of Nürburgring touring car race with BMW in 1996 and 1997.

She was also known as "the world's fastest taxi driver'" for the passenger rides she gave around the circuit's 21-kilometre Nordschleife configuration,  regarded as one of the most demanding and dangerous tracks in the world.

Schmitz estimated she had lapped it more than 20,000 times.

In 2004 she drove a Ford diesel van around the track for a Top Gear episode, lapping in just over 10 minutes — only nine seconds slower than fellow presenter Jeremy Clarkson's best effort in a Jaguar S-type.

Staring at the abyss: Small business cash fears

Herald Sun - Page 11 : 18 March 2021 - Original article by Sophie Elsworth - PortMac.News Summary

New research has highlighted the impact of the COVID-19 pandemic on Australia's small business sector.

It shows that most of the nation's 2.2 million small businesses were forced to close or change the way they operate during the pandemic, while more than 50% are still suffering significant cash flow issues.

Meanwhile, some 149,000 businesses expect to close indefinitely when the JobKeeper wage subsidy scheme ends in late March, while 98,000 expect to close permanently.

Small Business Australia's executive director Bill Lang has called for more government support, arguing that the states should match federal spending 'Dollar for dollar'.

Election protection for candidates on agenda

The Australian - Page 4 : 18 March 2021 - Original article by Rosie Lewis - PortMac.News Summary

Amending the Electoral Act to add a new offence of 'Electoral violence' is among the joint standing committee on electoral matters' recommendations in a report on the conduct of the 2019 federal election.

It is among the reforms that the federal government will consider in order to protect election candidates from violence, harassment and bullying.

The issue has come under scrutiny after Liberal MP Nicolle Flint revealed that she had been targeted by activists, unions and political rivals during the 2019 election campaign.

Cheaper electric cars set to accompany new Victorian tax

The Age - Page Online : 18 March 2021 - Original article by Michael Fowler - PortMac.News Summary

Victoria's Treasurer Tim Pallas estimates that owners of electric cars will pay between $230 and $260 a year if the state government's proposed tax on such vehicles is implemented.

The legislation will be put before the upper house in May; sources have indicated that the government is open to financial incentives such as rebates or stamp duty reductions in order to gain the support of crossbenchers for the tax.

Greens MP Sam Hibbins has criticised the proposed tax, but it has the backing of Infrastructure Partnerships Australia.

Big lenders press Senate on rule change

The Australian Financial Review - Page 6 : 18 March 2021 - Original article by John Kehoe, Matthew Cranston - PortMac.News Summary

The federal government recently put its proposed changes to responsible lending laws on hold, with the Senate now scheduled to vote on the bill in June.

Banking industry leaders have been lobbying senators with regard to the reforms, and National Australia Bank CEO Ross McEwan contends that scrapping the responsible lending laws will not result in a surge in risky lending.

The government will require the support of at least three crossbenchers for the bill, given that Labor and the Greens oppose the abolition of responsible lending laws.

Treasurer dares Labor on tax cuts

The Australian Financial Review - Page 1 & 4 : 18 March 2021 - Original article by Phillip Coorey - PortMac.News Summary

A Labor source has indicated that the party will 'Keep its options open' with regard to the legislated stage-three income tax cuts, which are slated to take effect in mid-2024.

The source said Labor is in no hurry to make a decision on the tax cuts.

Opposition leader Anthony Albanese recently told a business summit that Labor is reserving its options on tax policy, including the stage-three tax cuts.

Treasurer Josh Frydenberg has in turn said that Labor's refusal to commit to the cuts means that taxation is likely to be a key issue at the next election.

Embryos grown from skin

Herald Sun - Page 9 : 18 March 2021 - Original article by Grant McArthur - PortMac.News Summary

Monash University researchers have succeeded in creating living models that genetically and structurally match human embryos.

The 'iBlastoids' were grown in a laboratory using skin cells from a single donor and without the need for fertilisation.

The models are unlikely to be able to survive beyond a stage mirroring the first two weeks of human development.

However, the landmark breakthrough may help in the treatment of infertility and other medical conditions.

The research also has significant ethical implications.

ASIO clears out foreign 'Nest of spies'

The Australian - Page 1 & 2 : 18 March 2021 - Original article by Simon Benson, Geoff Chambers - PortMac.News Summary

The Australian Security Intelligence Organisation's director-general Mike Burgess has revealed that the agency had detected and dismantled a foreign spy network in 2020.

He says the spy ring had successfully cultivated and recruited a federal government official who had security clearance to access classified defence technology.

Burgess added that the 'nest of spies' was not from a country in Australia's region, while security sources have confirmed that the country in question is not China.

Burgess has also warned of the growing threat from ideologically-motivated extremism in Australia. Meanwhile, the Australian Joint Counter Terrorism Team has arrested three people - including a 16-year-old - in Melbourne.

They are alleged to have engaged in terrorism offences linked to extremist Islamic ideology.

Federal government advised to consider reclaiming Darwin Port from Landbridge

abc.net.au - Page Online : 18 March 2021 - Original article by Jano Gibson - PortMac.News Summary

The Northern Territory government's decision to lease the Port of Darwin to a Chinese company for 99 years is under renewed scrutiny.

A federal parliamentary committee has raised the question of whether the port should be subject to the Foreign Relations Act, which allows the federal government to veto foreign agreements stuck by the states and territories that are not deemed to be in the national interest.

The committee has recommended that the government should review the Darwin lease, as well as other strategic infrastructure that is owned or leased by foreign entities.

(See full story on PortMac.News today)

 AstraZeneca vaccine 'Safe' after five allergic reactions

The Guardian Australia - Page Online : 18 March 2021 - Original article by Calla Wahlquist - PortMac.News Summary

The Therapeutic Goods Administration will review COVID-19 vaccine data after five people in Queensland and Western Australia experienced anaphylactic reactions after receiving their first dose of the AstraZeneca vaccine.

There have also been 14 reports of anaphylaxis among Australians who have received the Pfizer vaccine.

The head of the TGA, John Skerritt, says people with no history of anaphylaxis need not be worried about the vaccines.

He has also downplayed concerns that the AstraZeneca vaccine may cause blood clots.

Meanwhile, one new locally-acquired COVID-19 case has been reported nationwide in the last 24 hours, plus 16 new cases in hotel quarantine.

ASX dips ahead of Fed meeting

The Australian - Page 20 : 18 March 2021 - Original article by Rebecca Le May - PortMac.News Summary

The Australian sharemarket lost ground on 17 March, with the S&P/ASX 200 easing 0.47% to close at 6,795.2 points.

BHP shed 1.64 per cent to end the session at $46.07, Oil Search was down 2.47% at $4.34 and the ANZ Bank fell 0.67% to $28.37.

However, Afterpay rose 1.15% to $112.99 and the Fonterra Shareholders' Fund was up 1.08% to $4.70.