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All changes compared to 7am Friday, except Bitcoin.

Israel orders Al Jazeera to close local offices:

Netanyahu has ordered the local offices of Qatar's Al Jazeera satellite news network to close, escalating a long-running feud between the broadcaster & Netanyahu's hard-line government .

As Doha-mediated ceasefire negotiations with Hamas hang in the balance, the extraordinary order — which includes confiscating broadcast equipment, preventing the broadcast of the channel's reports and blocking its websites — is believed to be the first time Israel has ever shuttered a foreign news outlet.

The network has reported the Israeli-Hamas war nonstop since Hamas's initial cross-border terror attack on October 7, and has maintained 24-hour coverage in the Gaza Strip amid Israel's grinding ground offensive that has killed and wounded members of its own staff.

While including on-the-ground reporting of the war's casualties, its Arabic arm often publishes verbatim video statements from Hamas and other militant groups in the region, drawing Mr Netanyahu's ire.

"Al Jazeera reporters harmed Israel's security and incited against soldiers," Netanyahu said Sunday.

"It's time to remove the Hamas mouthpiece from our country."

AUSTRAC's New "Tranche 2" laws to stem money-laundeing

For decades Australia has lagged the world in anti-money-laundering legislation, meaning real estate agents, lawyers, accountants and dealers in precious metals and stones didn't have to report dodgy transactions or do "due diligence" — checks — on customers.

Attorney-General Mark Dreyfus says the reformed laws will work to stop dirty money.

"Each year billions of dollars of illicit funds are generated from illegal activities such as drug trafficking, tax evasion, people smuggling, cybercrime, arms trafficking and other illegal and corrupt practices," he says.

Financial crimes agency AUSTRAC will get $166.4 million in the upcoming federal budget to help educate the professions that fall under what are called "Tranche 2" laws, as it cracks down on money laundering that has given a helping hand for criminal elements to use ill-gotten cash to buy property in Australia's already hot housing market.

AUSTRAC estimates that, in 2020 alone, criminals linked to China laundered $1 billion through Australian real estate.

"The reforms are critical in supporting law enforcement partners in their fight against trans-national, serious and organised crime, and protecting Australians," Mr Dreyfus adds.

"For far too long, Australia has been a very attractive destination for dirty money," says Clancy Moore of anti-corruption group Transparency International Australia.

"These laws and the money announced in the budget today will make it much harder for criminals, organised crime gangs and corrupt officials to park their money in Australia."

Labor to wipe $3b from students' HECS debt

The Australian Financial Review - Page 4 : 6 May 2024 - Original article by Julie Hare - Portmac.News Summary

Education Minister Jason Clare has announced that people with Higher Education Loan Program accounts will have part of their student debt forgiven as part of the upcoming budget.

With HELP perhaps better known as HECS, Clare said a student graduate with an average debt of $26,500 would have about $1,200 wiped from their outstanding HELP loans this year, with Clare saying it will get rid of around $3 billion in debt for more than three million Australians.

Along with wiping out part of student debt, the budget will also include a measure to index all HECS debts to the "lower of the consumer price index or the wage price index in any given year", as was recommended by a recent review of tertiary education sector.

'Placement poverty' to be tackled in budget

The Guardian Australia - Page Online : 6 May 2024 - Original article by Paul Karp - Portmac.News Summary

The federal government will use the upcoming budget to announce that student teachers, nurses, midwives and social workers will get a $320 weekly payment during their mandatory placements, with the payments to take effect from July 2025.

Education Minister Jason Clare says the payments will help address what he calls 'placement poverty", saying some students have told him that they can afford to go to university but they cannot afford to do the placement work.

Big spending to widen deficits

The Australian Financial Review - Page 1 & 6 : 6 May 2024 - Original article by John Kehoe - Portmac.News Summary

Treasurer Jim Chalmers says the federal government's budget on 14 May will "strike the right balance" between bringing inflation under control, addressing cost-of-living pressures and supporting economic growth.

Chalmers adds that the government still expects to post a surplus for 2023-24, although he has conceded that the deficits over the forward estimates period are now likely to be higher than was forecast in the Mid-Year Economic and Fiscal Outlook in December.

He has attributed this to factors such as increased government spending and expectations of lower government revenue.

Berlin seeks hotline deal on our critical minerals

The Australian - Page 6 : 6 May 2024 - Original article by Elizabeth Pike - Portmac.News Summary

German Foreign Minister Annalena Baerbock has questioned trade arrangements that create an overreliance on China.

She noted that her country had underestimated its dependence on Russia for oil and gas after the invasion of Ukraine.

Baerbock noted that Australian lithium comes to Germany via China, where it is processed, and that it would be much better if Germany imported lithium directly from Australia.

Baerbock is making her first visit to Australia, with Foreign Minister Penny Wong welcoming her in a statement in which Wong expressing a mutual commitment by their two countries to the "international rules-based order" and "shared values".

'Computers on wheels': your car is watching you

The Australian Financial Review - Page 8 : 6 May 2024 - Original article by Tom Burton - Portmac.News Summary

Research by McKinsey has suggested that 95% of all cars sold by 2030 will be connected cars

But a 2023 study by the Mozilla Foundation in the US found that all major connected car brands failed basic privacy tests, with Tesla electric vehicles being the worst offenders.

Concern about how much information connnected cars collect about their owners has prompted Privacy Commissioner Carly Kind to launch an inquiry into ensuring that the ones sold in Australia protect sensitive personal data, with Kind saying that "cars are now kind of computers on wheels".

Third-party providers a customer data 'weak spot'

The Guardian Australia - Page Online : 6 May 2024 - Original article by Josh Taylor - Portmac.News Summary

Privacy commissioner Carly Kind says that third-party providers are becoming a 'weak spot' when it comes to protecting customer data.

Her comments coming after the details of over one million people were exposed after data collected by IT provider Outabox was published online.

Kind also says that leaks such as those experienced by Outabox suggest that some companies are collecting information that probably did not need to be held or retained, and that the issue of data collection practices is something that may needs to be reviewed.

Faith leaders unite in discrimination fight

The Australian - Page 3 : 6 May 2024 - Original article by Michael McKenna - Portmac.News Summary

Leaders of Christian, Muslim and Jewish religions have expressed strong opposition to the Queensland government's proposed amendments to the Anti-Discrimination Act.

They will still permit religious schools to discriminate on the grounds of religion, but only in hiring situations when "teaching, observance or practice of a religion is a genuine occupational requirement", while discrimination based on other protected attributes such as a person's relationship status or sexual orientation will not be permitted.

The religious leaders claim the proposed changes will result in the "most restrictive regime for regulating faith bodies in Australia".

FSC warns against super test changes

The Australian - Page 15 : 6 May 2024 - Original article by Chris Herde - Portmac.News Summary

The federal government is reviewing the superannuation funds performance test, with it being suggested by some that it deters investment in assets classes like energy transition and affordable housing.

Financial Services Council CEO Blake Briggs contends that the current test is working well, and that there is no need for major changes.

He claims that watering down the test would see MySuper products that would otherwise fail it pass, which he says would not be in the interest of consumers.

He notes that the views of the FSC on the test align with some not-for-profit funds, with Briggs saying it is "not every day the retail and industry superannuation funds agree on a common position".

CEO sacking threatens big wine merger

The Australian - Page 13 & 16 : 6 May 2024 - Original article by Eli Greenblat - Portmac.News Summary

It was announced on Friday that Australian Vintage had sacked CEO Craig Garvin.

The maker of McGuigan wine giving little information about the reason for his sacking, apart from an allegation of improper conduct at work.

There are concerns that the sacking of Garvin could harm Australian Vintage's proposed merger with Accolade Wines, which is Australia's second biggest winemaker, with Garvin strongly behind the proposed deal and seeking to have it go ahead as soon as possible.

He is understood to be considering his legal options following his sacking.

Twiggy slams US hydrogen regime

The Weekend Australian - Page 28 : 4 May 2024 - Original article by Nick Evans - Portmac.News Summary

Fortescue has commenced work on building a hydrogen production plant in Arizona.

Executive chairman Andrew Forrest has expressed support for the Biden administration's Inflation Reduction Act, which includes subsidies for hydrogen production.

However, Forrest has criticised the US Treasury Department's draft ruling which would require hydrogen producers to switch off production when renewable energy is not available; the subsidies would not be available for hydrogen that is produced via fossil fuels.

Fortescue contends that these rules would increase the plant's cost of production by 140 to 200%.

Gupta seeks rival's help at Whyalla

The Australian Financial Review - Page 15 & 19 : 6 May 2024 - Original article by Simon Evans - Portmac.News Summary

GFG Alliance's Whyalla steelworks has been unable to produce steel since mid-March because of problems with its blast furnace.

This has lead to some of its biggest customers to place extra orders with steelmakers in South Korea, Taiwan and Vietnam.

The Sanjeev Gupta-owned GFG has engaged rival Australian steelmaker BlueScope Steel to help it fix the furnace's problems as soon as possible, with its problems coming at a time when Gupta is striving to keep his global steel and manufacturing business intact

Gupta-owned GFG has been under pressure since the collapse of its main financier Greensill Capital in 2021 left it having to replace $5 billion in funds.

Bonza's US financier 'a house of cards on the brink of collapse'

The Australian - Page 13 : 6 May 2024 - Original article by Robyn Ironside - Portmac.News Summary

London asset management firm Leadenhall Capital has filed legal action against 777 Partners in the New York District Court, with the Miami-based 777 being the financier of grounded Australian airline Bonza.

The lawsuit states that 777 borrowed around $US600 million from Leadenhall in May 2021, but that the $US350 million ($530 million) worth of assets that the money was advanced against were not owned by 777, did not exist or were promised to someone else.

Warren Buffett says AI may benefit scammers rather than society

The Australian Financial Review - Page 13 : 6 May 2024 - Original article by Josh Funk - Portmac.News Summary

Billionaire investing guru Warren Buffett has told the annual meeting of Berkshire Hathaway shareholders at Ohama in Nebraska that scammers may gain more benefit from artificial intelligence than society.

Buffett also suggested that AI scams could become "the growth industry of all time".

Buffett noted he had come across a fake video of himself that was so convincing that he could imagine it duping him into sending money overseas.

Meanwhile the meeting was the first since the death of former Berkshire Hathaway vice-chairman Charlie Munger in 2023, with Munger and Buffett having transformed the company from a struggling textile mill into a huge conglomerate.

The devastating animal pandemic of 'enormous concern' to human health

The Age - Page Online : 6 May 2024 - Original article by Angus Dalton - Portmac.News Summary

The risk of a new variant of avian flu gaining the ability to spread between people is very low, but the potential impact of it doing so could have severe consequences.

The disease has a mortality rate of 52%, based on 889 human infections recorded since 2003.

Known as clade 2.3.4.4b, the new variant of bird flu has killed a large number of wild animals and led to the culling of half a billion poultry birds.

The fact that it has now emerged among cows in the US has sparked "enormous concern" within the World Health Organisation that it is getting closer to becoming a major pandemic threat to humans, after a man in Texas fell ill with it.

Streamers' price hikes are a turn-off for many Australians

The New Daily - Page Online : 4 May 2024 - Portmac.News Summary

Research by Kantar shows that Australian consumers are becoming increasingly disatisfied with subscription video-on-demand services.

The rising cost of subscriptions and a perceived lack of quality were among the key concerns of repondents; the latter issue reflects the ongoing impact of the Hollywood writers' strike in 2023.

Some major streaming platforms have scrapped their lowest-priced ad-free subscription plans, while Kantar notes that ad-supported plans are becoming more popular with consumers.

AI 'won't take our jobs but will enhance our creativity'

The Australian - Page 20 : 6 May 2024 - Original article by Jared Lynch - Portmac.News Summary

US billionaire Elon Musk and JPMorgan Chase CEO Jamie Dimon are amongst those who believe that artificial intelligence technology will displace jobs in coming years.

However, The Economist's editor-in-chief Zanny Minton Beddoes contends that AI will augment human work and creativity rather than replace it, particularly in sectors such as the media.

Beddoes adds that while some jobs will be rendered obsolete by AI, the technology will transform many roles and create new jobs that nobody has thought of yet.

Meta no better than criminals

The Australian - Page 19 : 6 May 2024 - Original article by James Madden - Portmac.News Summary

It is believed Meta has threatened to withdraw all news from its Australian platforms if the federal government moves to designate it under the news media bargaining code.

If so designated Meta would force it to negotiate payments to Australian news publishers for the right to use their content.

Commenting on its threat, Assistant Treasurer Stephen Jones said that Meta "seems more determined to remove journalists from their platform than criminals".

Meanwhile the federal government is also unhappy about Meta's continued failure to tackle the spread of misinformation and disinformation on its platforms, and the online scams it facilitates.

Industry super shares BHP's copper dream

The Australian Financial Review - Page 15 : 6 May 2024 - Original article by Peter Ker, Elouise Fowler - Portmac.News Summary

HESTA CEO Debby Blakey says Australian mining companies need to increase their exposure to minerals that will be crucial to the energy transition, such as copper.

Meanwhile, Emma Fisher from Airlie Funds Management says BHP's takeover bid for Anglo American "makes sense at the right price".

Ango's copper assets are particularly attractive to BHP, and Fisher notes that it tends to be cheaper and easier to buy established copper mines rather than discover new high-quality copper deposits.

Nine out of 10 landlords are getting their income tax returns wrong

Brisbane Times - Page Online : 6 May 2024 - Original article by Rachel Clun - Portmac.News Summary

Australian Tax Office analysis has revealed that nine out of 10 landlords of rental properties are filling in their tax returns incorrectly.

Assistant commissioner Rob Thomson saying it often sees mistakes in regards to repairs and maintenance deductions on rental properties.

With almost half of Australia's 2.2 million rental property owners being negatively geared, which means their expenses related to their rental property are greater than the income they earn from it.

Thomson said the ATO's focus this year will be on claims that may have been inflated to offset increases in rental income in order to secure a greater tax benefit.

Red tape puts Labor's $10b housing plan at risk

The Australian Financial Review - Page 29 : 6 May 2024 - Original article by Michael Bleby - Portmac.News Summary

The federal government has downplayed concerns that a dearth of builders with workplace health and safety certification will jeopardise its target of building 1.2 million new homes over five years.

More than 500 civil construction firms and larger contractors in Australia's major cities are certified under the WHS Accreditation Scheme; however, many builders in regional areas lack this certification, which is a prerequisite for securing federal government tenders.

There are fears that this will put at risk the government's goal of building 40,000 social and affordable homes over the next five years.

ASX RBA urged to confront inflation problem

The Australian Financial Review - Page 21 : 6 May 2024 - Original article by Joanne Tran - Portmac.News Summary

Futures pricing suggests that Australian equities will gain 0.3% when the market opens today.

The local bourse is expected to be bolstered by a positive lead from Wall Street, after lower-than-expected US jobs growth in April strengthened the case for monetary policy easing. Meanwhile, the Reserve Bank of Australia is widely tipped to leave official interest rates unchanged at 4.35% on Tuesday, although economists differ with regard to the timing and direction of the next change in the cash rate.

The S&P/ASX 200 closed 0.6% higher at 7,629 points on Friday

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