Latest updates on Key Economic Indicators:

A$: $0.6420 USD (down 0.0020)

Iron Ore (SGX): $116.55  (up $0.70)

Oil (WTI): $82.53 USD (down $0.33)

Gold: $2,378.14 USD (up $17.05)

Copper (CME): $4.4310 USD (up $0.0900)

Bit-coin: $63,661.45 (up 3.83%)

Dow Jones: 37,775.38 (up 22.07 pts)

All changes compared to 7am yesterday.

US veto sinks Palestinian UN membership bid in Security Council:

The United States on Thursday vetoed a Security Council measure on a Palestinian bid for full United Nations membership. 

The draft resolution, which was introduced by Algeria and "Recommends to the General Assembly that the State of Palestine be admitted to membership of the United Nations," received 12 votes in favour, two abstentions and one against. 

Meanwhile, a senior Irainian Revolutionary Guards general threatened to target Israel's "Nuclear facilities" if it strikes Iranian nuclear sites, state media reported, in retaliation for Tehran's weekend attack on Israel.

Kennedy family makes ‘crystal clear’ its Biden endorsement:

President Joe Biden scooped up endorsements from at least 15 members of the Kennedy political family during a campaign stop Thursday as he aims to undermine Donald Trump and marginalize the candidacy of independent Robert F. Kennedy Jr.

Kerry Kennedy, a daughter of former Attorney General Robert F. Kennedy, niece of former President John F. Kennedy and sister of the current presidential candidate, delivered the endorsements in Philadelphia by calling Biden “my hero.”

“We want to make crystal clear our feelings that the best way forward for America is to reelect Joe Biden and Kamala Harris for four more years,” she said.

She never directly mentioned her brother, but insisted “there are only two candidates with any chance of winning the presidency” this year, framing the campaign as a choice between Biden and Trump, with no room for a third party contender.

Biden, who keeps a bust of Robert F. Kennedy in the Oval Office, said the endorsements were “an incredible honor” & “now it’s time to keep going and not slow down because there’s so much at stake.”

Credible chance of war' : Why we must plan for an attack

The Australian - Page 1 & 4 : 19 April 2024 - Original article by Simon Benson - Portmac.News Summary

Former Home Affairs secretary Mike Pezzullo has told strategic and defence think tank the Williams Foundation that he believes there is a 10% chance of military conflict in the Indo-Pacific region by 2030.

Pezzullo said he believes that Australia needs to develop a 'War Book' for its civil defence preparedness in the event that conflict breaks out and the nation comes under attack.

The last time a so-called War Book was prepared was in 1957 under the Menzies government, at the time of the Cold War and the threat of a nuclear exchange between the US and the Soviet Union.

AUKUS subs US-built 'but under our command'

The Australian - Page 4 : 19 April 2024 - Original article by Cameron Stewart - Portmac.News Summary

The federal government has refuted claims that the US will retain command and control over the three Virginia-class submarines that Australia will buy via the AUKUS alliance.

The government's National Defence Strategy emphasises that the nuclear powered-submarines will be "owned, operated, maintained and regulated" by Australia, and that all decisions on their deployment, missions and operations will be matters for the federal government.

One of the criticisms of AUKUS is partially valid; the Virginia-class submarines will initially have a large contingent of US crew, because Australia will not have enough submariners who are qualified to operate the vessels when they are delivered in the 2030s.

Beijing to Canberra : Stop your 'buzzing'

The Australian - Page 4 : 19 April 2024 - Original article by Will Glasgow - Portmac.News Summary

Beijing has issued its first response to the federal government's newly released defence strategy, in which Canberra accused China of "Coercive tactics in pushing its strategic objectives".

Chinese foreign ministry spokesman Lin Jian called on Australia to "Stop buzzing about China", while he said that China's national defence policy was "Defensive in nature" and that China does not pose any threat to any country.

However, despite Beijing's apparently negative reaction to Australia's new defence strategy, Australia's chief of navy, Vice Admiral Mark Hammond, is to attend a conference in Qingdao on China's northeast coast in coming days

The Guardian Australia - Page Online : 19 April 2024 - Original article by Josh Taylor, Mostafa Rachwani - Portmac.News Summary

NSW Premier Chris Minns says his government has worked with the federal government and the eSafety commissioner to have social media pages "that have become famous or infamous for spreading misinformation in the community" taken down in the wake of the Wakeley church stabbing attack.

Minns did not state what those pages were, while he expressed concern about the amount of unsubstantiated rumour and graphic content that is still accessible on social media sites, with WhatsApp widely considered the worst offender.

Company insolvencies rise to record level

The Australian Financial Review - Page 1 & 4 : 19 April 2024 - Original article by Ronald Mizen - Portmac.News Summary

Data from the Australian Securities & Investments Commission shows that administrators were appointed to a record 1,131 companies in March; this is 26% higher than the previous corresponding period.

The data also shows that 7,742 companies went into administration in the first nine months of 2023-24, which is 36.2% higher year-on-year.

ASIC expects insolvencies to top 10,000 in the year to 30 June. Meanwhile, data from the Australian Bureau of Statistics shows that the nation's official unemployment rate rose to 3.8% in March; this compares with 3.7% in February, but below market expectations of 3.9%.

The economy shed a total of 6,600 jobs in March.

Borrowing cost 'to rise even without a hike'

The Australian - Page 2 : 19 April 2024 - Original article by Patrick Commins - Portmac.News Summary

Reserve Bank of Australia economist Benjamin Ung notes that the proportion of home loans with fixed interest rates peaked at nearly 40% in early 2022, as home-buyers capitalised on historically low rates.

This compares with about 20% prior to the COVID-19 pandemic.

The bulk of these loans have now been rolled over to variable interest rates, although about 250,000 are slated to do so by the end of 2024.

UNG's analysis suggests that the ongoing shift to variable rates will result in the average mortgage rate rising by an additional 0.35% in 2024, regardless of whether official interest rates are increased again.

Landlords charging Centrepay transaction fees to vulnerable tenants

The Guardian Australia - Page Online : 19 April 2024 - Original article by Christopher Knaus, Lorena Allam - Portmac.News Summary

Centrepay is a government-run scheme that allows businesses early access to welfare payments before they reach a welfare recipient's bank account; it aims to help recipients budget for essentials such as rent and energy bills.

The scheme is run by Services Australia, which charges businesses a $0.99 fee for each transaction made using Centrepay, with businesses warned they must not pass on that fee to customers.

However, in one case, the Julalikari Aboriginal Corporation was caught passing on the fee on to vulnerable tenants in Tennant Creek by deducting it from their rental payments, with Tenants' Union NSW CEO Leo Patterson saying the case was not an isolated one.

Judges warn against tax on pensions

The Australian Financial Review - Page 3 : 19 April 2024 - Original article by Hannah Wootton - Portmac.News Summary

Former Federal Court chief justice Michael Black says there could be a constitutional legal challenge to the federal government's plan to include federal judicial pensions in its tax increases for high balance superannuation funds.

Black was appearing before a Senate committee investigating the governments's plan to double the tax paid on earnings from balances in super accounts worth more than $3 million from 15% to 30%.

Black claimed that including judicial pensions in the government's plans could make it harder for the federal court system to attract more women and other diverse candidates.

Meanwhile King & Wood Mallesons partner Michael Clough told the committee the government's plans could be illegal, arguing it is "Clearly a form of double taxation".

Land banking limits 'An easy reform'

The Australian - Page 15 : 19 April 2024 - Original article by Eli Greenblat - Portmac.News Summary

The strategy of land banking by Coles and Woolworths has been raised by a number of participants in the Senate's supermarkets inquiry.

Jarden analyst Ben Gilbert says placing on restrictions on the practice could be an easy supermarket reform to implement.

The practice refers to Coles and Woolworths allegedly buying land or property in areas where they currently operate, and then 'Sitting' on them for years in order to prevent competitors from establishing stores in those areas.

Addressing this practice could involve time limits being placed on Coles and Woolworths in terms of developing properties they acquire.

Women going big for boots, says Nicola Forrest

The Australian Financial Review - Page 3 : 19 April 2024 - Original article by Simon Evans - Portmac.News Summary

Iconic brand RM Williams has opened a new production line at its factory at Salisbury in Adelaide that will specialise in making women's boots.

RM Williams' co-owner Nicola Forrest says women's boots now account for about 15% of sales, and this segment of the footwear market is growing strongly.

She adds that consumers are getting tired of fast-fashion goods and are more willing to pay for high-quality products that are handcrafted and made to last.

RM Williams' range of women's boots range in price from $650 to $800 a pair.

The brand was acquired by Andrew and Nicola Forrest's private company Tattarang in 2020.

Watchdog cracks down on Glad garbage bags 'greenwashing'

Brisbane Times - Page Online : 19 April 2024 - Original article by Sumeyya Ilanbey - Portmac.News Summary

The Australian Competition & Consumer Commission has launched legal action against Clorox Australia in the Federal Court.

The ACCC has accused Clorox of breaching consumer law by falsely claiming that its Glad Kitchen Tidy Bags and Garbage Bags are made from 50% recycled plastic that was "Collected from an ocean or sea".

In fact, the bags were partly made from plastic that was collected in Indonesia up to 50 kilometres away from any shoreline.

Clorox could face millions of dollars in penalties if it is found guilty of the claims made by the ACCC.

Troubles at Miami's '777 patners' could hit Bonza

The Australian Financial Review - Page 15 : 19 April 2024 - Original article by Matthew Cranston, Ayesha de Kretser - Portmac.News Summary

Restructuring firm KordaMentha has been asked by the financiers of Bonza to provide advice on the airline's continued operations, due to instability issues being faced by its Miami-based private equity owner 777 Partners.

777 Partners has been under stress since its own lenders sought to seize control of its assets, while the US Justice Department is investigating whether it violated money-laundering laws.

Commenting on its role with Bonza, a spokeswoman for KordaMentha said it had not been appointed "As financial advisors to Bonza, or in any other capacity".

Hackers scam staff member at one of Australia's biggest law firms

The Age - Page Online : 19 April 2024 - Original article by Sarah Danckert - Portmac.News Summary

Law firm Minter Ellison has confirmed that it was the victim of an attempted scam attack, which involved a staff member being duped by someone who was impersonating a trusted business associate.

The staff member transferred a large sum of money into a bank account being used by the scammer, who had hacked into the system of the business associate, but Minter Ellison was able to recover the money after detecting the fraud attempt.

Although it was able to prevent the fraud by quick detection, other law firms have not been so lucky, including HWL Ebsworth, with a 2023 cyberattack on it resulting in 65 government departments having documentation relating to their legal affairs being accessed by hackers.

Broken Hill's union-run newspaper the 'Barrier Truth' announces closure after nearly 130 years

abc.net.au - Page Online : 19 April 2024 - Original article by Coquohalla Connor, Sarah McConnell, Josh Mercer - Portmac.News Summary

Barrier Industrial Council president and Barrier Truth board chair Roslyn Ferry has confirmed that the union-run newspaper is to cease publication after nearly 130 years, saying it breaks her heart to close down its operations.

Formerly known as the Barrier Daily Truth, the closure of the paper comes after Broken Hill, a mining town located on the edge of the desert in NSW, lost its commercial news bulletin a year ago.

Regional and rural independent newspapers are closing in increasing numbers, and media experts say Meta's recent decision to remove the News tab on Facebook is unlikely to help the situation.

Artificial intelligence'a threat to truth as well as our health'

The Australian - Page 7 : 19 April 2024 - Original article by Joanna Panagopoulos - Portmac.News Summary

Artificial intelligence expert Alex Jenkins has expressed concern that the use of AI could eventually result in news content becoming "Homogenised" by the editorial policies of technology companies such as Meta.

The digital giant's 'Meta AI' tool is currently being trialled by a limited number of Facebook and Instagram users.

The tool allows users to have a news article summarised by a chatbot so they do not have to read or click on the original article, which could affect the revenue of news publishers.

Jenkins and doctors are also concerned that Meta AI could provide users with medical information that is false or misleading.

China iron ore demand may have peaked says RBA

The Australian Financial Review - Page 5 : 19 April 2024 - Original article by Michael Read - Portmac.News Summary

China's construction industry used 296 million tonnes of steel in 2019, but the Reserve Bank of Australia expects this to fall by 80% to just 58 million tonnes a year by 2050.

This in turn will affect China's demand for iron ore from Australia, with a resulting impact on both mining companies' profits and the tax receipts and royalties revenue of the federal and Western Australian governments.

Why China could deliver mining giants a double blow

The Australian Financial Review - Page 36 : 19 April 2024 - Original article by James Thomson - Portmac.News Summary

Shares in BHP, Rio Tinto and Fortescue rebounded on Thursday after the price of iron ore in China rose by 5.9%.

However, Reserve Bank of Australia economist Adam Baird has warned that construction activity in China has peaked, which will result in declining demand for both steel and iron ore in coming decades.

Meanwhile, China is ramping up its steel exports as the focus of the nation's steel industry shifts from domestic construction to international markets.

US President Joe Biden has responded by calling for a big increase in the 7.5% tariff on Chinese steel and aluminium imports to the USA.

ASX Large caps rise

The Australian Financial Review - Page 24 : 19 April 2024 - Original article by Tom Richardson - Portmac.News Summary

The Australian sharemarket posted a modest gain on Thursday, with the S&P/ASX 200 adding 0.5% to close at 7,642 points.

Investor sentiment was bolstered by data showing that the labour market remained strong in March, offsetting a negative lead from Wall Street.

Rio Tinto was up 1.7% at $130.88, South32 shares advanced 1.2% to $3.29 and National Australia Bank ended the session 0.9% higher at $33.45.