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All changes compared to 7am yesterday.

Trump sues NY attorney general

Trump and the Trump Organization have sued New York Attorney General Letitia James, asking for a federal court to halt or limit her office's ongoing investigations.

The lawsuit, which comes on the heels of James' office seeking to depose Trump as part of its civil fraud investigation into the Trump Organization, also seeks to enjoin James' involvement in any civil or criminal actions against the former President or his company.

The suit, filed in federal court in Northern New York Monday, accuses James of misconduct, claiming she has abused her investigatory powers to target her political adversaries and advance her career.

"Since taking office, she has tirelessly bombarded him, his family and his business, Trump Organization LLC, with unwarranted subpoenas in a bitter crusade to 'take on' the President," the suit states.

James responded to the suit in a statement Monday, saying the Trump Organization has repeatedly attempted to delay her office's investigation into its business dealings and called the suit an 'Attempted collateral attack.'

"To be clear, neither Mr. Trump nor the Trump Organization get to dictate if and where they will answer for their actions," James said in the statement.

"Our investigation will continue undeterred because no one is above the law, not even someone with the name Trump."

The suit cites comments James made from her 2018 campaign for New York attorney general through recent comments she made on "The View" last week, accusing her of openly flouting her duty to remain neutral in public.

James' office is investigating whether the Trump Organization manipulated the value of its properties.

Her office is also working with Manhattan District Attorney Cy Vance's office on a parallel criminal investigation into the Trump Organization.

The two investigations are separate, but some attorneys from James' office have been designated to work on the criminal investigation, which is ongoing.

New measures considered to beat Omicron

The Courier-Mail - Page Online : 21 December 2021 - Original article by Matthew Killoran - PortMac.News Summary

Prime Minister Scott Morrison has convened a snap meeting of the national cabinet on Wednesday, amid growing concern about the rising number of COVID-19 casses, including the Omicron variant.

The national cabinet will consider advice from the Australian Health Protection Principal Committee regarding potential measures aimed at curbing the spread of COVID-19.

Options that may be considered include mandating the use of face masks in most indoor settings, a return to working from home if possible and whether people should no longer be considered to be fully vaccinated unless they have had a booster shot.

Morrison has urged the state governments to keep their borders open.

NSW 'Treating people like adults', says Perrottet

The Sydney Morning Herald - Page Online : 21 December 2021 - Original article by Josh Dye, Dana Daniel - PortMac.News Summary

New South Wales recorded 2,501 new COVID-19 cases on Monday, down from 2,566 on the previous day.

Premier Dominic Perrottet says the number of intensive care patients with COVID-19 is now the state's key metric; this has fallen from 244 in late September to just 33.

Perottet says the fact that 26 of the people currently in ICU are unvaccinated demonstrates the need to get inoculated.

He has also stressed the importance of booster shots, and adds that people should wear a face mask in crowded places.

However, Perottet says there is no further need for government mandates and NSW residents should take personal responsibility.

Queensland Covid cases doubling every 48 hours

Brisbane Times - Page Online : 21 December 2021 - Original article by Stuart Layt - PortMac.News Summary

Queensland recorded 59 new COVID-19 cases on Monday, including six that have been linked to a known case and nine cases that were acquired interstate.

Chief health officer John Gerrard says the rate of infection is likely to increase significantly, given that the state's case numbers are doubling approximately every two days.

Queensland now has 43 confirmed cases of the Omicron variant, including 15 that have been linked to a Griffth University graduation ceremony.

Premier Annastacia Palaszczuk has urged Queenslanders to wear a face mask whenever possible at indoor venues and get a booster shot as soon as they are eligible.

Calls for free rapid antigen tests

The New Daily - Page Online : 21 December 2021 - Original article by Zac Crellin - PortMac.News Summary

Leading epidemiologist Mary-Louise McLaws says rapid antigen tests are an important public health preventive tool, and Australians should not have to pay for them.

Professor McLaws contends that the COVID-19 tests should be conducted every few days, and the federal government should ideally supply all Australians with enough of these tests for them to be undertaken every day.

She notes that the British government has been supplying free rapid antigen tests since April.

The tests were approved for use by the Therapeutics Goods Administration in October.

Internal data shows Moderna booster protects against Omicron

The New Daily - Page Online : 21 December 2021 - Original article by Michael Elman - PortMac.News Summary

Moderna still hopes to produce a vaccine specifically targeting the Omicron variant of COVID-19, as it announced that laboratory tests indicate a booster shot of its current vaccine appears to protect against Omicron.

Moderna stated that a 100 microgram booster dose appeared to provide the best protection, with the company noting that an increase in adverse reactions was more likely with a 100 microgram dose.

Population data shows movement & drop in migration

abc.net.au - Page Online : 21 December 2021 - Original article by Georgia Hitch - PortMac.News Summary

New South Wales and Victoria are the only states that will not record growth in net interstate migration during 2020-21 and 2021-22, according to a new report from the Centre for Population.

It has forecast that some 38,000 residents will permanently leave Sydney in 2021-22, while about 32,000 residents of Melbourne will move interstate.

Queensland is forecast to record the biggest increase in net interstate migration in the wake of COVID-19 lockdowns in other states.

The forecasts are based on data up to March 2021, prior to Delta variant outbreaks that led to lockdowns in Victoria, NSW and the ACT.

We've got it right on migration, Frydenberg says

The Australian Financial Review - Page 8 : 21 December 2021 - Original article by Ronald Mizen - PortMac.News Summary

The federal government's 2021 Population Statement has confirmed that population growth is at its lowest level in over 100 years.

It predicts that 1.5 million fewer people are likely to be living in Australia in a decade's time as a result of COVID-19.

Its release comes as business groups call for the nation's permanent migrant intake to be 'turbocharged' to help address low population growth, but federal Treasurer Josh Frydenberg is resisting such calls.

He says the federal government has got the "migration settings right".

Fair Work pressure by employers

The Australian - Page 2 : 21 December 2021 - Original article by Ewin Hannan - PortMac.News Summary

The timing of the federal government's appointment of two new deputy presidents to the Fair Work Commission has been criticised by Liam O'Brien of the ACTU.

The peak union body's acting secretary contends that the announcement should not have been made so close to Christmas; he also says the appointment of another two employer advocates to the FWC demonstrates the government's contempt for working people.

Australian Mines & Metals Association CEO Steve Knott in turn says the government should make further appointments to the FWC ahead of the election, given that coronavirus-related workplace disputes are likely to increase in 2022.

Deposit help flagged for first-home buyers

The Australian - Page 5 : 21 December 2021 - Original article by Mackenzie Scott - PortMac.News Summary

 Federal Housing Minister Michael Sukkar says the federal government is considering an expansion of its low-deposit scheme for first home buyers at a time when aspiring buyers face being priced out of the surging property market.

Launched in January 2020, it allowed 10,000 first-home buyers to acquire a 'Modest' home with only a 5% deposit.

A recent report on housing affordability found it now takes an average household 10.8 years to save a 20% deposit for a median house in Australia, which is a new record.

Productivity policy set aside for yet another rainy day

The Australian - Page 11 : 21 December 2021 - Original article by Judith Sloan - PortMac.News Summary

Annual multifactor productivity rose only 0.12% in the five year period to 2019-20, while labour productivity rose 0.83%.

Labour productvity rose more than 2% annually between 1992-94 and 1998-99, but its growth has been more subdued in recent times.

Given that Australia is not far off a federal election, neither the Coalition or Labor are likely to be too worried about Australia's poor performance on productivity and what can be done to address it.

It may only be when a serious crisis emerges that policymakers may start to look at the topic.

Beijing will not fear confrontation with US

abc.net au - Page Online : 21 December 2021 - PortMac.News Summary

Chinese Foreign Minister Wang Yi has stated that there is no harm in competition between China and the US, but that it should be 'Positive' competition.

He reaffirmed China's desire to bring Taiwan back under its control, describing Taiwan as a 'wanderer'.

Wang says that China does not fear confrontation with the US, while he stated that the current problems in the relationship between the two countries are the result of 'Strategic misjudgements' on the part of the US.

Davos economic forum delayed

The Guardian - Page Online : 21 December 2021 - Original article by Richard Partington - PortMac.News Summary

The World Economic Forum (WEF) has announced it will delay its annual meeting at Davos in Switzerland until the summer, due to growing concerns about the Omicron variant of COVID-19.

The WEF sees politicians, business leaders and billionaires gather each year to discuss global challenges such as climate change and inequality, with it being the second year in a row that COVID-19 has forced it to make changes.

It last met in January 2020 to mark its 50th anniversary, with then US President Donald Trump one of the 53 heads of state to attend.

Choice accuses Chemist Warehouse of 'Black Friday' price increases

The New Daily - Page Online : 21 December 2021 - Original article by Sezan Bakan - PortMac.News Summary

Consumer group Choice has accused Chemist Warehouse of charging more for some products during the Black Friday sales period than before the sales began.

Erin Turner from Choice said that Chemist Warehouse attributed the higher prices to its business model of "Constant sales and promotions", with Turner stating that such business models make it hard for consumers to know when they are getting the best deal.

Incitec grant to tackle deisel urea crisis

The Australian Financial Review - Page 8 : 21 December 2021 - Original article by Jessica Gardner - PortMac.News Summary

The federal government has given Incitec Pivot a $29.4 million grant to produce technical-grade urea (TGU) for use in the diesel fuel additive AdBlue.

A possible shortage of AdBlue has sparked talks of a trucking crisis, with Australia normally importing almost 90% of TGU needed to make AdBlue.

It has needed to secure new supplies as China has begun curbing its urea exports.

Incitec will make the TGU at its Gibson Island plant in Brisbane, which it is planning to close in December 2022.

A Incitec spokesperson said the grant would not change its plans to close the facility.

Nine signs $650 million deal to secure NRL for five years

The Australian Financial Review - Page Online : 21 December 2021 - Original article by Miranda Ward - PortMac.News Summary

Nine Entertainment Company has extended its broadcasting rights deal with the National Rugby League for another five years.

The $650m deal comprises $115m a year, plus $15m in contra and other services. In return, Nine will gain the broadcasting rights to an additional three NRL matches per season, while the network will exclusively broadcast the State of Origin series and the NRL grand final.

Pay-TV company Foxtel extended its own rights deal with the NRL for another five years in 2020.

Producers lose out to streaming, TV firms

The Australian Financial Review - Page 5 : 21 December 2021 - Original article by Miranda Ward - PortMac.News Summary

A report produced by Lateral Economics on behalf of Screen Producers Australia contends that the buyers of film and television content have all the bargaining power during the commissioning phase of new screen content.

As a result, producers of content are not securing rights that previously remained with or reverted to them, and are missing out on future earnings.

The report recommends adopting the model used by the British film and TV production industry.

Rafael Nadal in doubt for Australian Open

The Guardian - Page Online : 21 December 2021 - PortMac.News Summary

Spanish tennis champion Rafael Nadal has confirmed that he has COVID-19. The winner of 20 grand slams has admitted that he may not be able to participate in the 2022 Australian Open.

Nadal had only just returned to the tennis circuit after a four-month hiatus with a foot injury that forced him to withdraw from Wimbledon and the Tokyo Olympic Games.

Lithium miner Ioneer in running for cheap US loan

The Australian Financial Review - Page 18 : 21 December 2021 - Original article by Matthew Cranston - PortMac.News Summary

Ioneer is a step closer to gaining financing for its Rhyolite Ridge lithium project in Nevada via the US government's Advanced Technology Vehicles Manufacturing Loan program.

The Australian-listed miner has reached the third phase of the four-stage loan application process, putting it in the running to gain a low interest rate loan of up to $US500m ($702m).

Ioneer MD Bernard Rowe believes that no US-based lithium miners have made it this far into the application process.

The $US17bn loan program is part of the Biden administration's strategy for reducing dependence on China for critical minerals.

Builders driven to the wall as material costs go through the roof

The Age - Page Online : 21 December 2021 - Original article by Paul Sakkal, Brittany Carlson - PortMac.News Summary

Data from the Master Builders Association of Victoria shows the average cost of supplies used in home building jumped 10.2% in Melbourne in the year to September.

This compared to a national average across all cities of 8% and just 5.9% in Sydney.

The surge in the cost of building materials in Victoria has led to a growing number of business failures, which in turn has left building projects worth hundreds of millions in limbo.

Magellan urges calm amid rout

The Australian Financial Review - Page 1 & 21 : 21 December 2021 - Original article by Aleks Vickovich, Jonathan Shapiro, James Thomson - PortMac.News Summary

Shares in fund manager Magellan Financial Group fell 32.7% to $19.75 on 20 December after it confirmed speculation that British wealth manager St James's Place had withdrawn its $23.3 billion mandate.

Magellan co-founder Hamish Douglas sought to reassure employees that it would recover from the loss of the SJP mandate; he noted that it still has a very strong business, with 150 institutional relationships around the globe and relationships with thousands of financial planners.

ASX Omicron & Magellan weigh on shares

The Australian Financial Review - Page 30 : 21 December 2021 - Original article by Cecile Lefort - PortMac.News Summary

The Australian sharemarket lost ground on 20 December, with the S&P/ASX 200 shedding 0.2% to close at 7,292.2 points.

The ANZ Bank was down 1.4% at $27.25, Magellan Financial Group retreated 33% to end the session at $19.70 and CIMIC Group finished 13.4% lower at $15.88.

However, Rio Tinto rose 0.2% to $98.23 and Viva Energy was up 3.7% at $2.23.