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'Historic moment' Ukraine EU candidate | Albo to Paris | Marles to Rwanda | West Weaponising trade | Molly O'Callaghan & Zac Stubblety-Cook win gold | $A Steady; Iron & Dow Up; Copper & Gold Down.

Source : PortMac.News | Independent :

Source : PortMac.News | Independent | News Story:

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24-06-22 | Ukraine EU Candidate | Albo to Paris | More Gold
'Historic moment' Ukraine EU candidate | Albo to Paris | Marles to Rwanda | West Weaponising trade | Molly O'Callaghan & Zac Stubblety-Cook win gold | $A Steady; Iron & Dow Up; Copper & Gold Down.

News Story Summary:

Latest updates on Key Economic Indicators:

Australian Dollar: $0.6894 USD (down $0.0026)

Iron Ore Jul Spot Price (SGX): $117.85 USD (up $8.90 USD)

Oil Price (WTI): $103.98 USD (down $0.32 USD)

Gold Price: $1,822.91 USD (down $15.12 USD)

Copper Price (CME): $3.7355 (down $0.1945 USD)

Bit-coin: $20,825.98 (up 4.54% in the last 24 hours)

Dow Jones: 30,677.36 (up 194.23 on yesterday's close)

All changes compared to 7am yesterday.


EU grants Ukraine candidate status in 'historic moment'

Ukraine became a candidate to join the European Union on Thursday, a bold geopolitical step triggered by Russia's invasion that Kyiv and Brussels hailed as an "historic moment".

Starting on the long path to EU membership will be a huge boost to morale in the embattled country, as Russian assaults on two cities in the eastern Donbas region move toward a "fearsome climax", according to a Ukrainian government adviser.

"Ukraine's future is in the EU," President Volodymyr Zelenskiy wrote on Twitter after the official announcement.

"A historic moment," European Council chief Charles Michel tweeted, adding: "Our future is together."

The approval of the Kyiv government's application by EU leaders meeting in Brussels will anger Russia as it struggles to impose its will on Ukraine. Moldova also became an official candidate on Thursday, signalling the bloc's intention to reach deep into the former Soviet Union.

Next Eurovision Song Contest will not be held in Ukraine:

The European Broadcasting Union has confirmed that the next Eurovision Song Contest will not be held in Ukraine due to the war, and another country is currently being sought for the competition.

That's according to a statement posted on the organization's website, Ukrinform reports.

"The EBU fully understands the disappointment that greeted the announcement that the 2023 Eurovision Song Contest (ESC) cannot be staged in Ukraine, this year’s winning country.

"The decision was guided by the EBU’s responsibility to ensure the conditions are met to guarantee the safety and security of everyone working and participating in the event, the planning of which needs to begin immediately in the host country," the statement said.

It says that at least 10,000 people are usually accredited to work on, or at, the Eurovision Song Contest including crew, staff and journalists.

A further 30,000 fans are expected to travel to the event from across the world.

Their welfare is the EBU's prime concern.

It is therefore critical that decisions made in relation to such a complex live television event "are made by broadcasting professionals and do not become politicized."

The Rules of the Eurovision Song Contest, that all participating broadcasters agree upon, clearly state that the event can be moved in a force majeure situation such as an ongoing war.

Ukraine’s Anti-Drone Rifle Takes Aim At Russian UAVs:

A Ukrainian company in the Ivano-Frankivsk region has produced almost 80 rifles that can jam aerial drones used by Russian forces for reconnaissance.

With a price tag of $12,000 per rifle, the defensive weapon isn’t cheap, but since Russia’s invasion of Ukraine, demand has jumped, with charities buying the anti-drone rifle for Ukraine’s military.


Albo's Pacific unity drive over China

The Australian - Page 1 & 4 : 24 June 2022 - Original article by Ben Packham - PortMac.News Summary

China is likely to be a key issue of discussion at the Pacific Islands Forum meeting in mid-July.

Prime Minister Anthony Albanese and Foreign Minister Penny Wong will urge Pacific region leaders to adopt a unified ­position on regional security, rather than seeking security pacts with China.

Wong has warned that China will continue to seek greater influence in the Pacific following its security pact with the Solomon Islands, but she contends that a unified Pacific region can shape the way it engages with China.


Albanese to meet Macron in Paris for 'Important reset'

The Guardian Australia - Page Online : 24 June 2022 - Original article by Josh Butler - PortMac.News Summary

Prime Minister Anthony Albanese will shortly travel to Madrid to attend the NATO summit; his trip will include a visit to Paris, after being invited to meet with French President Emmanuel Macron.

Albanese hopes that the talks with Macron will help to improve the strained relations between Australia and France following the former Coalition government's decision to terminate Naval Group's submarines contract.

Albanese also says the government is getting national security advice on whether he should accept an invitation from President Volodymyr Zelensky to visit Ukraine.


Marles to Rwanda for 'Pointless' CHOGM

The Australian - Page 4 : 24 June 2022 - Original article by Ben Packham - PortMac.News Summary

Deputy Prime Minister Richard Marles will represent Australia at the Commonwealth Heads of Government meeting, which will be held in Rwanda's capital of Kigali from 23-26 June.

Former national security official Allan Gyngell says the fact that PM Anthony Albanese is not attending CHOGM shows that he has much higher priorities.

Gyngell contends that the 54-nation Commonwealth is outdated and pointless, and that it is now mainly of interest to Australians as it is easier for the nation to win gold medals at the Commonwealth Games than the Olympics.


Xi accuses West of weaponising global trade

The Australian Financial Review - Page 15 : 24 June 2022 - Original article by Michael Smith - PortMac.News Summary

Chinese President Xi Jinping has used a speech to a virtual meeting of the BRICS Business Forum to accuse Western nations of weaponising global trade through its sanctions on Russia.

The Forum is a prelude to a virtual summit of BRICS leaders, who include Xi, Russian President Vladimir Putin and Indian Prime Minister Narendra Modi.

Meanwhile, a spokesman for China's Foreign Ministry has claimed that the various sanctions that China has imposed on Australian exports are "Legitimate, lawful and beyond reproach"; wine, wheat and seafood are among the exports that have had sanctions imposed on them.


ACTU concedes on 5pc wages

The Australian Financial Review - Page 1 & 4 : 24 June 2022 - Original article by Phillip Coorey, John Kehoe - PortMac.News Summary

ACTU secretary Sally McManus has dismissed fears of a wage-price spiral.

She contends that across-the-board wage increases of 5-7% are highly unlikely, given that the wage price index is well below 3.5% - the maximum wage growth figure that Reserve Bank of Australia governor Philip Lowe says is needed to rein in the inflation rate.

However, McManus says low-income earners should continue to push for a wage increase that is in line with the inflation rate.

She has also suggested that the union movement should have a representative on the RBA's board; this has not been the case since Bill Kelty was on the board during the Hawke-Keating governments of the 1980s and 1990s.


Highly educated voters spurned 'Unpopular' Coalition leaders

The Australian - Page 5 : 24 June 2022 - Original article by Greg Brown - PortMac.News Summary

Research shows that just 26.2% of people with a university degree voted for the Coalition at the 2022 federal election.

In contrast, 36.5% of university graduates voted for Labor and 24.6% for the Greens.

The Australian National University survey has also found that 27.6% of people who did not complete high school voted for Labor, while 47.1% of this cohort voted for the Coalition.

Meanwhile, former prime minister Scott Morrison scored an ave­rage voter rating of just 3.6 out of 10, while former Nationals leader Barnaby Joyce had a rating of three out of 10.


Coalition government spent $6m prosecuting whistleblowers

The Guardian Australia - Page Online : 24 June 2022 - Original article by Christopher Knaus - PortMac.News Summary

It has been disclosed that the former Coalition government spent almost $6 million prosecuting whistleblowers Bernard Collaery, 'Witness K', David McBride and Richard Boyle.

The actions of 'Witness K' and Collaery led to the exposure of Australia's bugging of Timor-Leste during negotiations over access to resources in the Timor Sea.

Boyle is a former Australian Tax Office employee who provided the ABC with information on the ATO's aggressive tactics to recover debt, while McBride is a former military lawyer who leaked information that 'informed' an ABC program on war crimes.


$45m of funding to Australian solar scientists over next 8 years

The Guardian Australia - Page Online : 24 June 2022 - Original article by Peter Hannam - PortMac.News Summary

The Australian Renewable Energy Agency is to give the University of NSW-based Australian Centre for Advanced Photovoltaics $45 million over the next eight years, with most of the funding to be spent within the first five years.

Professor Renate Egan, who is the University's lead at the Centre, notes that solar energy now provides around 15% of electricity in Australia and three to 4%t globally.

That figure needs to rise to 50% both in Australia and globally to assist with the transition away from fossil fuels and to reduce the impact of global warming.


Record $15trn in wealth 'As good as it gets'

The Australian Financial Review - Page 3 : 24 June 2022 - Original article by Aleks Vickovich, Lucy Dean - PortMac.News Summary

Data from the Australian Bureau of Statistics shows that the nation's combined household wealth increased by 1.2% in the March quarter, and by 35.5% since the start of the COVID-19 pandemic.

Total household wealth was $14.9 trillion at the end of March, with the strong growth driven by rising house prices and the performance of superannuation funds.

However, BetaShares' chief economist David Bassanese says growth in household wealth has most likely peaked for now, given that house prices and equities are likely to come under pressure in the near-term.


Worker shortage is biting

The Australian Financial Review - Page 6 : 24 June 2022 - Original article by Gus McCubbing - PortMac.News Summary

Australian Bureau of Statistics research highlights the challenging conditions facing employers in recruiting staff at present.

Some 79% of businesses that had difficulty in hiring staff reported a lack of applicants for advertised vacancies, while 59% said that applications did not have the skills that were required for the job.

The survey of business conditions and sentiments for June also found that 46 per cent of businesses had reported a month-on-month increase in their operating expenses.


Holidaymakers pay through the roof for accommodation

The Guardian Australia - Page Online : 24 June 2022 - Original article by Khaled Al Khawaldeh - PortMac.News Summary

The average cost of a hotel room in Sydney is now over $240 a night, up from $206 a year ago.

This is according to Trivago's hotel price index, which also shows that the average cost of a hotel room in Melbourne has risen from $200 in August 2021 to $239.

Commenting on the rise in accommodation costs, Stephanie Yip from Finder notes that there is a lot of pent-up demand for travel as a result of the various lockdowns and travel restrictions over the last two years.

However, many accommodation providers are not able to fully capitalise on the demand for travel, due to a lack of staff.


Rupert Murdoch uses London visit to boost talkTV ratings

The Guardian - Page Online : 24 June 2022 - Original article by Jim Waterson - PortMac.News Summary

Rupert Murdoch has invested tens of millions of pounds in UK right-wing news channel talkTV, but it is struggling to attract ratings after two months on the air.

With Murdoch currently in London and likely to take an active interest in the future of talkTV, it has appointed Daily Mirror editor Richard Wallace as its boss ahead of an expected revamp.

There are suggestions that Murdoch could buy rival right-wing news channel GB News and merge it with talkTV.


Powell: 1% rise is possible

The Australian Financial Review - Page 16 : 24 June 2022 - Original article by Matthew Cranston - PortMac.News Summary

US Federal Reserve chairman Jerome Powell recently indicated that the central bank could potentially increase the cash rate by 0.50% or 0.7% at its meeting in July.

He has also not ruled out a rate rise of 1% at a future board meeting in order to curb inflation.

Powell has also conceded that aggressively tightening monetary policy could potentially push the US economy into recession.

Powell has used his semi-annual testimony to Congress to argue that the economy is in good shape and the likelihood of a recession is quite low at present.


Lithium hopefuls in plunge to earth

The Australian Financial Review - Page 1 & 33 : 24 June 2022 - Original article by Jonathan Shapiro, Alex Gluyas - PortMac.News Summary

Shares in lithium producers were heavily sold down on Thursday.

The sell-off was sparked by bearish sentiment toward Lake Resources after its recent announcement that MD Steve Promnitz will step down from the company and its board.

Lake Resources shares closed 16.7% lower at $0.70, and the stock's market capitalisation has now fallen by $1bn since it was added to the S&P/ASX 200 on Monday.

Shares in Core Lithium have in turn fallen by 30% since its addition to the benchmark index on the same day.

Some analysts have expressed concern about the quality of stocks in the index, and the growing proportion of pre-revenue companies.


ASX fights through lithium rout as REITs shine

The Australian Financial Review - Page 32 : 24 June 2022 - Original article by Alex Gluyas - PortMac.News Summary

The Australian sharemarket posted a small gain on 23 June, with the S&P/ASX 200 rising 0.3% to close at 6,528.4 points.

The ANZ Bank was up 1.1% at $22.07 and Goodman Group finished 4.9% higher at $18.09.

However, Woodside Energy shed 2.6% to end the session at $31.14 and lithium miner Liontown Resources was down 9.3% at $0.88.


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