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Moderna Vax On-Route | Taree Mental Health | Gaza Escalation | Interstellar Hum | India 250,000+ dead | $A, Dow, Gold & Bit-coin Down, Iron Up.

Source : PortMac.News | Independent :

Source : PortMac.News | Independent | News Story:

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13-05-21 | Moderna Vax | Taree | India | Gaza | Interstellar
Moderna Vax On-Route | Taree Mental Health | Gaza Escalation | Interstellar Hum | India 250,000+ dead | $A, Dow, Gold & Bit-coin Down, Iron Up.

News Story Summary:

Latest updates on Key Economic Indicators

Australian Dollar: $0.7730 USD (down $0.0112 USD)

Iron Ore Jun Spot Price (SGX): $226.75 USD (up $4.80 USD)

Oil Price (WTI): $65.72 USD (up $0.32 USD)

Gold Price: $1,815.28 (down $20.36 USD

Bit-coin: $54,594.89 USD (down 3.69% in last 24 hours)

Dow Jones: 33,587.66 (down 681.50 points on yesterday's close)

All changes compared to 7am yesterday.


Moderna announces 25 million doses of their COVID-19 vaccine for Australia

Pharmaceutical company Moderna says it has done a deal with the Australian government to provide 25 million doses of its COVID-19 vaccine to the nation.

The announcement came in a Wednesday evening media statement without any adjoining statement from the federal government, which has recently been under fire over Australia's vaccine rollout.

Moderna said it would provide 25 million doses of their mRNA vaccine, with 10 million of those doses, effective against what they labelled the "ancestral strain" of COVID-19, to arrive in 2021.

The company said another 15 million doses would be delivered to Australia in 2022 and they would be of what Moderna called an "updated variant booster candidate vaccine".


Pfizer warns that a Covid vaccine patent waiver could harm supply and safety

The Guardian Australia - Page Online : 13 May 2021 - Original article by Paul Karp - PortMac.News Summary

Australia is continuing to resist a global push to waive intellectual property protections for COVID-19 vaccines.

Pfizer has used its submission to a parliamentary inquiry into vaccine fraud to argue that rather than increasing global supply of vaccines, a waiver may in fact make it more difficult to manufacture vaccines due to increased competition for raw materials.

Pfizer has also highlighted the increased risk of Australians being offered counterfeit vaccines by scammers.


Biotech Pushing To Begin Australian Production Of Vaccine

An international biotech company says it could manufacture mRNA COVID-19 vaccines — including Pfizer's — in Australia, but would need support and investment from the federal government.

BioCina last year purchased Pfizer's former manufacturing plant at Thebarton in Adelaide's west and said it had the capability to develop key ingredients for coranavirus vaccines.

"We already have a really good facility in Thebarton that is commercially approved to manufacture microbial products," BioCina's chief executive Ian Wisenberg said.

(See full story on PortMac.News today)


World Health Organization needs new powers report says

The Sydney Morning Herald - Page Online : 13 May 2021 - Original article by Peter Hartcher - PortMac.News Summary

The Independent Panel for Pandemic Preparedness and Response has concluded that the World Health Organization acted too slowly in declaring COVID-19 to be a pandemic in 2020.

The expert panel has also stated that many governments also failed to act quickly enough to contain the virus.

The panel has made a number of recommendations aimed at averting future pandemics.

They include allowing the WHO to announce new disease outbreaks without first getting permission from the host country and giving the agency's infection experts immediate access to outbreaks anywhere in the world.


Deficits, debt will force an about-face

The Australian Financial Review - Page 1 & 14 : 13 May 2021 - Original article by John Kehoe - PortMac.News Summary

The federal government now expects the Budget to remain in deficit for at least a decade, while the nation's net debt is slated to reach almost $1bn in coming years.

However, Chris Richardson of Deloitte Access Economics says the government will have to begin the process of Budget repair much sooner. He contends that the stage-three income tax cuts in particular will need to be shelved, arguing that the government will not be able to justify reducing taxes for high-income earners while racking up big deficits.

Outlook Economics director Peter Downes also questions whether the stage-three tax cuts are affordable.


Death toll in Middle East rises

Israel has carried out hundreds of air strikes in Gaza and Hamas militants have fired multiple rocket barrages at Tel Aviv and the southern Israeli city of Beersheba in a further escalation of the region's most intense hostilities in years.

At least 65 people have been killed in Gaza since the violence escalated on Monday, according to the enclave's Health Ministry, with 16 killed on Wednesday.

Six people have been killed in Israel, medical officials said.

Also on Wednesday in Gaza, a multi-storey residential building and a tower housing Hamas and other media outlets collapsed after Israel warned occupants in advance to evacuate. 

Another structure was heavily damaged in the air strikes.

Israel said its warplanes had targeted and killed several of the Islamist group Hamas's intelligence leaders.

"This is just the beginning," said Israeli Prime Minister Benjamin Netanyahu.

"We'll hit them like they've never dreamed possible."


AAA rating 'Likely' to be downgraded

The Australian Financial Review - Page 15 : 13 May 2021 - Original article by Michael Read - PortMac.News Summary

S&P Global Ratings placed Australia's triple-A credit rating on negative outlook in April 2020, in response to the COVID-19 pandemic.

The Commonwealth Bank has warned that Australia could potentially be downgraded to AA+ when S&P undertakes its annual review of the nation's credit rating in September. Fixed income strategists Philip Brown and Martin Whetton attribute this to Australia's rapidly growing net debt.

However, ratings agencies are generally positive about Budget measures aimed at further stimulating the economy.


Taxpayers carry the can as firms finally fold

The Australian - Page 7 : 13 May 2021 - Original article by Ewin Hannan - PortMac.News Summary

The Budget papers shows that the federal government's Fair Entitlements Guarantee scheme faces a large blowout in claims over coming years.

Financial support measures in response to the global pandemic have temporarily saved many businesses from collapse, but the number of companies going into liquidation is expected to rise as these temporary measures are withdrawn.

This in turn forecast to result in claims on the FEG to rise by 50% to $278m in 2021-22.


Budget 2021: Stock winners and losers

The Australian - Page 24 : 13 May 2021 - Original article by David Rogers - PortMac.News Summary

Macquarie Equities has identified stocks that are likely to benefit from measures in the federal government's May 2021 Budget.

The extension of the instant asset write-off for businesses should boost the sales of companies such as JB Hi-Fi and Wesfarmers, while CSR, CIMIC and Seven Group are among the stocks that should benefit from the government's move to ramp up infrastructure investment and provide further stimulus for the housing sector.

Meanwhile, travel-related stocks were sold down on 12 May after the government signalled that Australia's international borders will not re-open for some time.


'Completely excluded': budget delivers $58.6m to media but ABC misses out

The Guardian Australia - Page Online : 13 May 2021 - Original article by Amanda Meade - PortMac.News Summary

Former ABC bureaucrat Michael Ward has criticised the lack of funding for the public broadcaster in the federal government's May 2021 Budget.

He contends that the ABC is among the few media companies that are excluded from the $58.6m funding package.

Amongst other things, SBS will receive a $30m funding boost, some $8m has been allocated to community broadcasting and the privately-owned AAP newswire service will receive $15m.

The Australian Communications & Media Authority will receive an additional $4.2m to implement the news media bargaining code.


Carsales steers away from core business

The Australian - Page 17 : 13 May 2021 - Original article by Lachlan Moffet Gray - PortMac.News Summary

Carsales.com will finance a deal to invest in US automotive digital marketing solutions and services platform Trader Interactive via a capital raising and its existing debt facilities.

The listed automotive classifieds group will acquire a 49% stake in Trader Interactive, further diversifying its business and expanding its global reach.

The US company's focus is on sectors such as commercial trucks, recreational vehicles and powersports equipment.

Carsales.com CEO Cameron McIntyre notes that the group has been a market leader in such sectors for more than a decade.


Voyager 1 Detects 'Persistent Hum' Beyond Our Solar System

As Voyager 1 cruises deeper into interstellar space, one of the Earth's longest-flying spacecraft has detected a 'Persistent hum' beyond our solar system, according to a new study.

NASA's Voyager 1 launched on September 5 1977, from Cape Canaveral, Florida, aboard a Titan-Centaur rocket, just weeks after its sister craft, Voyager 2.

Although they were initially designed to last five years, more than 43 years after they launched, the crafts are still sending back data as they explore interstellar space.

Instruments aboard Voyager 1, which has moved past the edge of the solar system, through the solar system's border with interstellar space, known as the heliopause, and into the interstellar medium, have detected the sounds of plasma waves, according to research published Monday in the journal Nature Astronomy.

(See full story on PortMac.News today)


Housing gives CSR a profit rebound

The Australian - Page 18 : 13 May 2021 - Original article by Perry Williams - PortMac.News Summary

CSR has posted a net profit of $160m for the year ended 31 March, which is 19% higher than previously.

However, the building materials group's revenue was down 4% to $2.12bn.

CSR's building products unit has reported earnings of $184m, up 8%, although its aluminium division's earnings were down 60% at $23m.

CEO Julie Coates is upbeat about the outlook for the residential construction market, particularly detached housing.

CSR shareholders will receive a final dividend of $0.145 per share, plus a special dividend of $0.095.


Virgin Active win a 'Dangerous precedent' for UK landlords

Bloomberg - Page Online : 13 May 2021 - Original article by Adeola Eribake, Irene Garcia Perez - PortMac.News Summary

Gym owner Virgin Active says a court's ruling that it does not have to pay the bulk of its rent arrears will enable it to emerge from the COVID-19 pandemic as a stronger business.

Judge Richard Snowden approved a restructuring plan under the UK's new 'Cross-class cramdown' insolvency rules.

Virgin Active contended that it would have been forced to go into administration if the plan had not been approved.

Other struggling companies are expected to use the new insolvency rules to avoid paying rent arrears, which have risen sharply in the wake of pandemic-induced lockdowns. 


US falls weigh on bourse

The Australian - Page 24 : 13 May 2021 - Original article by Gerard Cockburn - PortMac.News Summary

The Australian sharemarket further retreated from its record high on 12 May, with the S&P/ASX 200 shedding 0.7% to close at 7,044.9 points.

Westpac fell 1.2% to $25.77, Flight Centre was down 4.5%t at $14.77 and Harvey Norman finished 1.6% lower at $5.09.

However, Resolute Mining added 6.4% to end the session at $0.54 and Nearmap was up 4.5% at $1.76.


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