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587 new cases | Perrottet's new plan | COVID compo claims surge | National's $250bn fossil fuel plan | CIA China Mission | French ambassador to return | $A, Oil, Copper & Dow Up; Gold & Bit-coin Down.

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Source : PortMac.News | Independent | News Story:

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08-10-21 | 587 cases | Perrottet's new plan | U.S Debt OK
587 new cases | Perrottet's new plan | COVID compo claims surge | National's $250bn fossil fuel plan | CIA China Mission | French ambassador to return | $A, Oil, Copper & Dow Up; Gold & Bit-coin Down.

News Story Summary:

Latest updates on Key Economic Indicators:

Australian Dollar: $0.7312 USD (up $0.0032 USD)

Iron Ore Nov Spot Price (SGX): $117.65 USD (down $0.35 USD)

Oil Price (WTI): $78.85 USD (up $1.80 USD)

Gold Price: $1,755.89 USD (down $8.10 USD)

Copper Price (CME): $4.2520 USD (up 0.0770 USD)

Bit-coin: $53,948.42 (down 1.80% in last 24 hours)

Dow Jones: 34,754.94 (up 337.95 on yesterday's close)

All changes compared to 7am yesterday.


U.S. Senate rushes to advance debt limit increase

The U.S. Senate on Thursday took a step toward passing a $480 billion increase in Treasury Department borrowing authority, a move that would avert a catastrophic debt default later this month but set up another partisan showdown in early December.

Democratic Senate Majority Leader Chuck Schumer aimed to hold an important procedural vote on Saturday that could clear the way for passing the debt limit increase.

That vote could come sooner if all 100 members of the Senate, which is evenly split between Democrats and Republicans, agreed to speed up the process.

If the legislation clears the first hurdle to limit debate on the bill, as expected, the Senate would then be poised to vote on raising the debt ceiling to $28.9 trillion from the current $28.4 trillion.

Senate passage could come as late as Sunday or Monday if any senator insists that all available debate time be used. But Schumer held out hope for faster action.

"We have reached agreement to extend the debt ceiling through early December and it's our hope we can get this done as soon as today," Schumer said early on Thursday.

News of the negotiations drove Wall Street's main indexes up in a broad-based rally. 


CIA creates new China Mission Center

abc.net au - Page Online : 8 October 2021 - PortMac.News Summary

CIA Director William Burns has described the Chinese government as "The most important geopolitical threat" of the 21st century.

His comments came as the CIA announced that it will create a China Mission Center as part of its strategy for dealing with the nation.

The CIA has also announced plans to accelerate its recruitment of Chinese speakers, as well as the formation of another mission centre that will focus on emerging technologies and global issues such as public health and climate change.


Business central to Perrottet's new plan

The Sydney Morning Herald - Page Online : 8 October 2021 - Original article by Tom Rabe, Alexandra Smith, Mary Ward - PortMac.News Summary

The New South Wales government will bring forward some elements of its COVID-19 recovery roadmap, with more than 70% of the state's eligible population now fully vaccinated.

Amongst other things, households will be allowed to have up to 10 visitors from 11 October, while the number of people who can attend a wedding or funeral will be increased to 100.

Meanwhile, all students will return to on-site learning by 25 October.

However, hospitality venues will remain subject to the existing cap on patrons.

NSW recorded 587 new COVID-19 cases on Thursday, while the state's toll from the current outbreak has risen to 403 following another eight deaths.


Warning of surge in COVID-related workers' compo claims

The Sydney Morning Herald - Page Online : 8 October 2021 - Original article by Anna Patty, Lucy Carroll - PortMac.News Summary

The New South Wales government has advised that face masks will no longer be mandatory in offices from the first Monday after the state's fully-vaccinated rate reaches 80%.

However, Professor Robert Guthrie of Curtin University says that some employers may require staff to keep wearing face masks for health and safety reasons.

Meanwhile, the State Insurance Regulatory Authority and workplace lawyers have warned that reopening the state's economy may lead to a spike in workers' compensation claims by people who contract COVID-19 at work.


Canberra to be 'Best vaccinated' city worldwide

The Canberra Times - Page Online : 8 October 2021 - Original article by Miriam Webber - PortMac.News Summary

There are 407 active COVID-19 cases in the Australian Capital Territory, while a second baby is among the 41 new cases that were reported on Thursday.

Fifteen people in the ACT are in hospital with COVID-19, including 11 who are unvaccinated, while six of the seven patients in intensive care are on ventilators.

Meanwhile, 96% of ACT residents aged 12+ have now received at least one vaccine dose, while more than 70% of people aged 16+ are fully vaccinated.

Infectious diseases expert Professor Peter Collignon says the ACT is unlikely to achieve 100% vaccination, and he believes that a fully-vaccinated rate of 95% is probably the best that can be expected.


Pandemic sends health costs soaring

Brisbane Times - Page Online : 8 October 2021 - Original article by Noel Towell - PortMac.News Summary

The states and the federal government struck a deal in February 2020 that sees the cost to hospital systems of managing COVID-19 split 50-50.

With the impact of the pandemic sending health costs soaring, the states want that deal to be "Locked in" until the middle of 2023, instead of ending when the pandemic emergency is declared over.

Federal Health Minister Greg Hunt has essentially told the states that the federal government has no interest in any further renegotiation of funding deals, while he claims that commonwealth funding for hospitals has risen by 71% since the Coalition was elected in 2013, compared to 44% by the states and territories.


Strikes threaten to put brakes on parcel deliveries

The Australian Financial Review - Page 12 : 8 October 2021 - Original article by David Marin-Guzman - PortMac.News Summary

Delivery drivers at five transport companies who are members of the Transport Workers' Union are threatening industrial action unless the companies agree to restrictions on outsourcing.

The companies in question are BevChain, Linfox, Toll, Star Track and Federal Express, while the TWU has not proposed a date for its industrial action.

The threatened strike action comes at a time when the companies are dealing with increased deliveries because of lockdowns in New South Wales and Victoria, along having to deal with hundreds of staff having to isolate because of COVID-19 infections.


Lawyers point to flaws in class action changes

The Australian Financial Review - Page 33 : 8 October 2021 - Original article by Hannah Wootton - PortMac.News Summary

The consultation period has closed for the federal government's draft legislation aimed at reforming litigation funding laws, details of which were announced in the week ending 1 October.

Under the government's proposals, lawyers and class action funders would be limited to a maximum 30% of any payout, with the changes welcomed by company director and employer groups.

However, lawyers opposing the changes contend that they will lead to reduced competition between law firms and litigation funders, and will result in more competing cases.


Liberal MPs scorn National's $250bn plan for fossil fuels

The Guardian Australia - Page Online : 8 October 2021 - Original article by Katherine Murphy - PortMac.News Summary

Prime Minister Scott Morrison has not ruled out the idea that the federal government might provide some kind of taxpayer-backed loan or insurance facility for the resources sector.

This follows the call by Resources Minister and Nationals MP Keith Pitt for a $250 billion loan facility for the resources sector to be set up in return for the Nationals supporting a net zero emissions target.

The proposal has been attacked by Liberal MPs such as Andrew Bragg and Trent Zimmerman.


Gina attacks climate change 'Propaganda'

The Guardian Australia - Page Online : 8 October 2021 - Original article by Michael McGowan - PortMac.News Summary

Mining billionaire Gina Rinehart has attacked what she calls climate change 'propaganda' in a video presentation to students at her former school.

St Hilda's Anglican School for Girls in Perth asked Rinehart to make the video presentation as part of its 125th anniversary.

Rinehart's speech went for 16 minutes, although the school claims that it was only meant to go for five minutes.

The school only showed the first five minutes, which focused on Rinehart's time there.

This prompted a spokesperson for Rinehart to accuse the school of censorship, while Rinehart's full speech has been attacked by climate change experts.


'For AUKUS's sake' PM must attend the Glasgow summit

The Australian - Page 21 : 8 October 2021 - Original article by Robert Gottliebsen - PortMac.News Summary

It is vital for the future of the recently signed AUKUS defence arrangement that Prime Minister Scott Morrison attends the upcoming Glasgow environmental summit.

It is equally important that he goes to the summit with carbon reduction measures in line with what he has discussed with US President Joe Biden and British Prime Minister Boris Johnson.

Nationals leader Barnaby Joyce may not like the idea of carbon cutbacks, but many of its supporters understand the importance of Australia's long-term defence security.


Experts suggest supplying nuclear subs to Australia threatens US security

The Guardian - Page Online : 8 October 2021 - PortMac.News Summary

Seven former US officials and experts have urged US President Joe Biden not to use weapons-grade uranium in Australia's proposed nuclear-powered submarines.

They contend that this could threaten US national security by encouraging hostile nations to seek out similar uranium, and they have urged Biden to instead use low-enriched uranium (LEU), which is what the French use.

Former Nato deputy secretary general Rose Gottemoeller says the rift between France and Australia could be healed if Australia does a deal to buy France's uranium for its submarines.


Tony Abbott's Taiwan visit attracts criticism

abc.net au - Page Online : 8 October 2021 - Original article by Andrew Greene, Bill Birtles - PortMac.News Summary

The visit of former prime minister Tony Abbott to Taiwan has attracted a lot of attention from Taiwan's media but has prompted some disquiet within the federal government.

Although Abbott is visiting Taiwan as a 'private citizen', he has been accompanied to formal engagements by Department of Foreign Affairs & Trade official Jenny Bloomfield, Australia's top representative in Taiwan, and has met with both Taiwan President Tsai ing-wen and Foreign Minister Joseph Wu.

One Cabinet minister has indicated that Abbott was cautioned about making his visit at a time when relations between Australia and China are somewhat strained.


Amazon to host sensitive government data

The Australian Financial Review - Page 13 : 8 October 2021 - Original article by Tom Burton - PortMac.News Summary

The Digital Transformation Agency has approved four additional operators to host sensitive government data as part of a toughening of the federal government's cloud computing regime.

The additional operators include Amazon Web Services and SliceTech, while operators already approved under the Agency's hosting certification program include Canberra Data Centres and Macquarie Telecom.

Technology research company Gartner estimates governments will spend around $400 million in 2021-22 on data centre contracts.


Government accused of turning its back on elderly

abc.net au - Page Online : 8 October 2021 - Original article by Michael Atkin - PortMac.News Summary

A compensation scheme for victims of companies that go broke was a key recommendation of the Hayne royal commission.

However, the compensation scheme of last resort that the federal government is currently proposing will exclude managed investment schemes, a decision that will affect victims of failed housing scheme Sterling First.

The collapse of Sterling First has left its elderly victims facing heavy losses, with one couple facing eviction from their home.


ANZ joins buy now, pay later craze with Visa deal

The Australian Financial Review - Page 22 : 8 October 2021 - Original article by James Eyers - PortMac.News Summary

The ANZ Bank will launch an instalment payments scheme for existing Visa credit card holders in 2022.

The 'Buy now, pay later' scheme will initially be restricted to merchants that use Quest payment services, although this is expected to be eventually extended to other merchants.

ANZ CEO Shayne Elliott has criticised the BNPL sector in the past; among other things, he has accused them of engaging in 'regulatory arbitrage' and rejected suggestions that the sector is stealing business from card issuers.


RBA says credit card debt falls to $18.3bn

The Australian - Page Online : 8 October 2021 - Original article by Richard Gluyas - PortMac.News Summary

Data from the Reserve Bank of Australia shows that the total amount of credit debt that is accruing interest payments fell by 3% to $18.3bn in August.

This is the nation's lowest level of credit card debt since January 2004; Sally Tindall of RateCity says the figure could fall below $18bn in November due to COVID-19 lockdowns.

Meanwhile, research by financial analytics firm Canstar shows that the decline may be short-lived, with 68% of Australians indicating that they intend to make a major purchase when the economy reopens.


NIB locks in work from home & helps staff pay the bills

The Australian - Page 13 & 17 : 8 October 2021 - Original article by Jared Lynch - PortMac.News Summary

Private health insurer NIB will allow its employees to permanently work from home in the post-coronavirus environment.

Staff will be able to telecommute for at least four days a week, while its offices in Melbourne, Sydney and Newcastle will become hubs for staff to undertake collaborative work.

CEO Mark Fitzgibbon says employees will also receive an annual payment of $1,200 in recognition that NIB is effectively renting space in their homes

He adds that NIB will continue to have office workstations for employees who do not want to keep working from home.


Yellow Pages ditches office for good

The Australian Financial Review - Page 34 : 8 October 2021 - Original article by Larry Schlesinger - PortMac.News Summary

Yellow Pages publisher Thryv Australia has announced that it has abandoned the office completely, and will allow all 500 of its staff to permanently work from home.

Thryv Australia was previously known as Sensis, and at one point occupied nine floors of a Melbourne office building.

That occupancy has shrank to just two floors, which Thryv Australia is in the process of sub-letting.

Once its lease expires in just under three year, it will pay no office rent.

CEO John Allan says its decision to adopt a "Work from anywhere" model had been sparked by the pandemic, while he notes that such a model requires the appropriate technology set-up.


Country Road boss just wants to 'Get the jab done'

The Australian Financial Review - Page 22 : 8 October 2021 - Original article by Sue Mitchell - PortMac.News Summary

Country Road Group is among the non-essential retailers whose stores in Greater Sydney will open on 11 October for the first time in 15 weeks.

Country Road CEO Raju Vuppalapati says that junior employees will not have to deal with potentially aggressive non-vaccinated customers, who must be refused entry until the start of December; this task will be assigned to store managers and senior staff.

Country Road will also give members of its customer loyalty program the chance to win one of 25 prize packages comprising $4,000 worth of clothing if they are fully vaccinated by 8 November.

The group's store brands include Mimco, Politix, Witchery and Country Road.


Fortescue buys solar panel manufacturer

The Australian Financial Review - Page 21 : 8 October 2021 - Original article by Peter Ker - PortMac.News Summary

Iron ore miner Fortescue Metals Group has acquired a 60% stake in Dutch solar panel maker HyET Group via its Fortescue Future Industries clean energy unit.

The purchase also gives Fortescue a controlling stake in a HyET subsidiary that is looking at ways of storing hydrogen.

The solar technology used by HyET is different to that used in Australia, and Fortescue is looking at an option to construct an Australian factory to manufacture its "Unique" photovoltaic technology.


PM blasts 'Cowardly' trolls and tech titans

The Australian - Page 3 : 8 October 2021 - Original article by Richard Ferguson, David Swan - PortMac.News Summary

ScoMo says social media has become a "Coward's palace", and that he will look at ruling that technology companies are publishers if they do not start handing over the identity of "Anonymous trolls".

Such a step could leave digital companies such as Twitter and Facebook open to defamation action, while state attorney-generals have flagged in-principal support for plans by federal counterpart Michaelia Cash to shut legal loopholes that have left media companies and governments vulnerable to legal action over social media comments posted by third parties.


Australia's coal exports to 'Halve by 2050' if climate goals are met

The Sydney Morning Herald - Page Online : 8 October 2021 - Original article by Nick Toscano, Mike Foley - PortMac.News Summary

Research undertaken by Wood Mackenzie suggests that the outlook for Australia's coal industry is closely linked to global progress in achieving Paris climate agreement targets.

It shows that the nation's coal exports would increase by 10% by 2030 if the average global temperature rises by two degrees over this period.

However, export volumes would fall by 25% by 2050 under this scenario.

Viktor Tanevski of Wood Mackenzie adds that Australia's coal exports could fall by about 50% by 2050 if the Paris agreement's target of limiting global temperature increases to 1.5 degrees is achieved.


PNG lays down gas demand

The Australian - Page 13 & 16 : 8 October 2021 - Original article by Perry Williams - PortMac.News Summary

Santos will have a 42.5% stake in the PNG LNG project following its proposed merger with Oil Search.

Santos is widely expected to then seek to reduce its stake by about 10%, so it is less than the 33.2% stake held by project operator ExxonMobil.

Papua New Guinea's Prime Minister James Marape has signalled that his government would be interested in buying all or part of any stake that Santo chooses to divest, and he is of the view that the government should be given the first right of refusal.


Home buyer schemes giving 20-somethings a leg up

The Australian - Page Online : 8 October 2021 - Original article by Mackenzie Scott - PortMac.News Summary

Data from the National Housing Finance & Investment Corporation shows that federal government programs have been a boon for first-home buyers.

Its analysis shows that people under the age of 30 account for 58% of participants in the First Home Buyer Lending Deposit Scheme and the New Home Guarantee scheme.

The programs have also enabled many Australians to purchase their first home up to four years earlier than they had expected.


ASX U.S Debt ceiling deal buoys exchange

The Australian Financial Review - Page 30 : 8 October 2021 - Original article by Alex Gluyas - PortMac.News Summary

The Australian sharemarket posted a solid gain on 7 October, with the S&P/ASX 200 rising 0.7% to close at 7,256.7 points.

Pilbara Minerals rose 6.7% to $1.99, National Australia Bank was up 1.6% at $27.99 and Super Retail Group rallied 7.8% to end the session at $12.38.

However, Fortescue Metals Group shed 1.9% to finish at $13.91 and Santos was down 2.2% at $7.27.


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