Latest updates on Key Economic Indicators:

Australian Dollar: $0.6905 USD (down $0.0065 USD)

Iron Ore Sep Spot Price (SGX): $108.70 USD (up $2.95 USD)

Oil Price (WTI): $89.01 USD (up $1.18 USD)

Gold Price (5 Aug): $1,774.96 USD (down $15.94 USD)

Gold Price (8 Aug): $1,791.20 USD (up $16.24 USD)

Copper Price (CME): $3.5510 (up $0.0760 USD)

Bit-coin: $23,290.09 (up 0.48% in the last 24 hours)

Dow Jones: 32,803.47(up 76.65 points on Thursday's close)

All changes compared to 7am Friday, except gold and Bitcoin.

Ukraine, Russia Trade Accusations Over Shelling Of Nuclear Plant

Ukraine's state nuclear power agency has said that a worker at the Zaporizhzhya nuclear power plant was wounded and radiation-monitors were damaged in renewed shelling of the plant on Russian-controlled territory, while Russian authorities have accused Kyiv's forces of carrying out the overnight attack.

Enerhoatom said on Telegram on August 7 that Russian rockets had hit a dry storage facility where 174 containers of spent nuclear fuel are stored in the open air.

The plant, about 200 kilometers northwest of the Russian-held port of Mariupol, has been under Russian supervision since Moscow's troops seized it early in the war, but Ukrainian staffers continue to operate the facility.

In a weekend analysis, Britain’s Defense Ministry said the Russian invasion that started Feb. 24 “Is about to enter a new phase” in which the fighting would shift to a roughly 350-kilometer (217-mile) front line extending from near the city of Zaporizhzhia to Russian-occupied Kherson.

That area includes the Zaporizhzhia Nuclear Power Station which came under fire late Saturday.

Taiwan preparing air-raid shelters:

Taiwan officials are preparing air-raid shelters to protect citizens as China carries out a fourth consecutive day of military drills in the air and sea in the wake of US House Speaker Nancy Pelosi’s visit to the self-ruled island.

Taiwan said that it continued to detect several batches of Chinese aircraft, ships and drones operating around the Taiwan Strait, which separates the island and mainland China, and “Simulating attacks on the island of Taiwan and our ships at sea.”

Taiwan’s defence ministry said it detected a total of 66 Chinese aircraft and 14 Chinese warships conducting joint naval and air exercises around the Taiwan Strait.

Reuters reported that underground carparks, shops and subway stations would be used to house locals in Taipei should threats escalate.

There are more than 4600 shelters across the region, with room for 12 million people.

China accuses Penny of 'Finger-pointing'

The Australian - Page 1 & 9 : 8 August 2022 - Original article by Will Glasgow - PortMac.News Summary

A spokesman at the Chinese embassy in Canberra has accused Foreign Minister Penny Wong of "Finger-pointing", following her attacks on China over its military aggression against Taiwan.

The aggressive drills followed US house Speaker Nancy Pelosi's visit to Taiwan, which China claimed was in breach of the US's 'One China' policy.

The drills included the firing of 11 ballistic missiles over Taiwan and near Japan, while Taiwanese authorities said that China appeared to be simulating an invasion of its main island.

The embassy claimed its actions were justified in that they aimed "to safeguard state sovereignty and territorial integrity".

Labor lashes business 'Rort'

The Australian - Page 1 & 4 : 8 August 2022 - Original article by Ewin Hannan - PortMac.News Summary

Workplace Relations Minister Tony Burke says the ability of employers to reduce pay and conditions by applying to unilaterally terminate enterprise agreements will be on the agenda at the federal government's jobs summit in September.

In a speech that he will give to the Australian Industry Group conference in Canberra on 8 August, Burke will attack plans by tugboat operator Svitzer to terminate its enterprise agreement with unions, describing the tactic as a "rort".

He says Labor wants to see the Fair Work Commission facilitating bargaining and helping parties to make agreements, not cancelling agreements against the wishes of workers.

$2.2m 'Golden goodbye' to departing pollies

The Weekend Australian - Page 8 : 6 August 2022 - Original article by Alice Workman - PortMac.News Summary

Federal MPs and senators who lost their seats at the 21 May election or were disendorsed by their party will receive a combined payout of $2.2m via a resettlement allowance.

Nearly 30 parliamentarians will be entitled to the allowance, which is not available to those who resigned prior to the election; politicians who were elected to parliament prior to 2004 are also ineligible, as they are entitled to a pension for life.

About 20 MPs and senators had received $1.3m via the resettlement allowance following the 2019 election.

Rio's reality check on power

The Australian - Page 16 : 8 August 2022 - Original article by Robert Gottliebsen - PortMac.News Summary

Rio Tinto's Australian CEO Kellie Parker recently told the Melbourne Press Club that industry requires firm, competitive power prices if it is to continue to invest in the resources sector, so any future low-carbon solution must deliver power that is affordable.

It is hoped that governments heed her warning and ensure that Australia's carbon reduction techniques are globally competitive.

If not, Prime Minister Anthony Albanese may not achieve his wish for more local manufacturing.

The race to make the $2.5 trillion steel industry green 

SingularityHub - Page Online : 4 August 2022 - Original article by Marcello Rossi - PortMac.News Summary

Steelmaking accounts for as much as 11 per cent of the world's greenhouse gas emissions, making it one of the biggest industrial sources of atmospheric pollution.

It is also a very large sector, employing more than six million people and turning over more than $US2.5 trillion in 2017.

Given forecasts that steel production could increase by a third by 2050, its impact on the environment could become even greater.

Under pressure to reduce its emissions, the steelmaking sector is experimenting with low-carbon technologies that use hydrogen or electricity rather than traditional carbon-intensive manufacturing.

One alternative technology that has been tested involves replacing coke with hydrogen, while another uses electricity to separate iron from its ore.

Call for states and territories to go it alone on EVs if national push stalls

The Australian - Page 5 : 8 August 2022 - Original article by Joe Kelly, Geoff Chambers - PortMac.News Summary

The Electric ­Vehicle Council has called for the federal government to adopt fuel-efficiency standards in line with those in the US and the EU in a submission paper to be presented to Climate Minister Chris Bowen at an upcoming summit.

However, in the event of a lack of national leadership on the issue, the Council suggests that the states and territories should consider implementing a mandatory electric vehicle scheme that would require all new car sales to be zero-emissions by 2035.

The Council contends one of the main reasons for the poor uptake of EVs in Australia is the lack of mandatory fuel-efficiency targets.

Australian fuel efficiency standards could have saved motorists $5.9bn

The Guardian Australia - Page Online : 8 August 2022 - Original article by Paul Karp - PortMac.News Summary

A report to be released by the Australia Institute think tank claims Australia would have saved $5.9 billion in fuel costs over the past six years had it adopted fuel efficiency standards in 2015.

Labor proposed fuel efficiency standards prior to the 2019 election, but backflipped on the idea after the Coalition labelled the idea a "War on the weekend".

New climate change minister Chris Bowen hinted the policy could be revived when he did not rule out the idea of tougher vehicle performance standards in response to a question at the National Press Club.

Australians should tackle homelessness 'In their back yard'

The Guardian Australia - Page Online : 8 August 2022 - Original article by Paul Karp - PortMac.News Summary

Federal housing and homelessness minister Julie Collins will say in a speech on 8 August that homelessness is "Not an issue that is happening in someone else's back yard".

Speaking to the Australian Housing and Urban Research Institute, she will accuse the former Coalition government of a "Decade of inaction" on the issue, as well as announcing that Labor will develop a national housing and homeless plan and set up the new National Housing Supply and Affordability Council.

There were 116,000 homeless people recorded on census night 2016, up from 102,000 in 2011.

Alcohol abuse yearly bill closer to $40bn

The Australian - Page 3 : 8 August 2022 - Original article by Sam King - PortMac.News Summary

Jason Jiang has urged the federal government to tighten Australia's alcohol regulations in line with the World Health Organisation's alcohol and drug policy.

Jiang is from La Trobe University's Department of Public Health and Centre for Alcohol Policy Research; it has released a report which contends that alcohol abuse costs Australia nearly twice as much as previously thought, due to harm caused to people associated with the drinker.

The annual cost of alcohol abuse has previously been put at $20 billion, but the Latrobe report puts the cost closer to $40 billion.

Experts warn COVID may be worse second time around

The Sydney Morning Herald - Page Online : 8 August 2022 - Original article by Liam Mannix, Rebecca Sadique - PortMac.News Summary

Opinion is divided as to whether people who are reinfected with COVID-19 experience more severe symptoms than the first time.

An unpublished research paper in the US in June concluded that people who had been reinfected were three times more likely to be hospitalised and twice as likely to die; they were also more than twice as likely to have heart or blood problems, fatigue or mental health issues.

Meanwhile, a research team in the UK recently concluded that contracting Omicron offers little to no protection against reinfection with this variant.

However, a study published in April found that people were 61% less likely to die from a reinfection.

NSW reported 10,027 new COVID-19 cases and 15 deaths on Sunday; there were 5,114 new infections and three deaths in Victoria.

Perrottet set for pain as Barilaro probe widens

The Australian Financial Review - Page 3 : 8 August 2022 - Original article by Samantha Hutchinson - PortMac.News Summary

NSW Premier Dominic Perrottet has acknowledged at a Liberal State Council event that it has "Been a pretty tough month".

His comment comes as the state Opposition announced that it will widen the inquiry into former deputy premier John Barilaro's controversial appointment to a trade role in New York to cover all NSW trade positions.

Meanwhile, allegations have surfaced that Perrottet offered Transport Minister David Elliott a parliamentary trade role to "Ease his departure" from cabinet, with Perrottet declining to comment on the allegations.

It has been suggested that the allegations may have been raised in order to try and weaken his leadership.

Investors wrong-footed by 'Violent' RBA rate cycle

The Australian - Page 15 & 23 : 8 August 2022 - Original article by Cecile Lefort - PortMac.News Summary

Australia has lost a lot of international bond investors because of poor communication by the Reserve Bank and changes in forward guidance, according to Jamieson Coote Bonds co-founder and chief investment officer Charlie Jamieson.

He says the RBA's rate hiking cycle has been extremely violent, and that investors were 'wrong-footed' by it.

Jamieson believes that the RBA will gradually take the cash rate from its present level of 1.85% to 2.5%, when it will pause, as other central banks ease on their tightening.

Loyal to your bank? That will cost you $5000 by 2025

The Weekend Australian - Page 23 & 27 : 6 August 2022 - Original article by Joyce Moullakis - PortMac.News Summary

Data from the Australian Bureau of Statistics data shows a record $18.2bn worth of home loans were refinanced during June.

Elula co-founder Josh Shipman expects refinance numbers to remain high over the medium-term, particularly as many fixed-rate terms are set to expire and these borrowers face much higher interest rates.

The so-called 'Loyalty tax' is also contributing to an increase in refinancing with another lender.

Analysis by RateCity shows that the major banks offer significantly lower interest rates for new customers; at some banks this differential is more than 1%.

Precedent looming as blow to wind farm

The Australian - Page 5 : 8 August 2022 - Original article by Matthew Denholm - PortMac.News Summary

The future of ' proposed 122-turbine wind farm off the northwest coast of Tasmania remains uncertain.

UPC-AC itself has acknowledged that the $1.6bn project on Robbins Island could have an impact on Tasmanian devils and orange- bellied parrots, and that further tracking studies are needed.

The Bob Brown Foundation contends that environmental approval for the project cannot be granted until these studies are completed, arguing that a recent Federal Court ruling on a tailings dam project could be used as a precedent.

PM celebrates with ABC

The Weekend Australian - Page 3 : 6 August 2022 - Original article by Nick Tabakoff - PortMac.News Summary

Prime Minister Anthony Albanese has confirmed that the federal government will expand the ABC's funding cycle from three years to five.

He also used a speech to mark the ABC's 90th anniversary to praise the public broadcaster while emphasising the need for it to be accountable to the taxpayers who fund it.

Albanese also criticised the former Coalition government's "Toxic" attitude towards the ABC, as well as its lack of support for the public broadcaster continuing to have a presence in the Asia-Pacific region.

Foxtel, Seven in 'Box seat' for AFL

The Australian - Page 17 : 8 August 2022 - Original article by John Stensholt - PortMac.News Summary

Sources have indicated that the Ten Network and US parent Paramount have offered less than $500m a year for the Australian Football League's broadcasting rights.

The AFL had hoped that Ten would offer around $600m per year, in order to elicit a higher bid from current rights holders Seven West Media and Foxtel.

It is expected that Ten would seek exclusive rights to all AFL matches, to be shown on its free-to-air stations and the Paramount+ streaming service.

The AFL hopes to finalise a new rights deal by the end of August.

Advertisers tune in to streaming

The Australian Financial Review - Page 30 : 8 August 2022 - Original article by Miranda Ward - PortMac.News Summary

ThinkTV CEO Kim Portrate says broadcast-video on-demand is still Australia's fastest-growing media channel.

The advertising-supported BVOD sector - which includes both free platforms such as 7plus and subscriber services like Foxtel Now and Kayo - posted revenue of $426m for 2021-22, which is 53.3% higher than previously.

Meanwhile, the overall TV advertising market recorded revenue of $4.3bn for the financial year, an increase of 11%. The broader advertising market's revenue rose by 14.5% year-on-year.

Triple J losing its young listeners

The Guardian Australia - Page Online : 8 August 2022 - Original article by Shaad D'Souza - PortMac.News Summary

The ABC's Triple J has a specific mandate to reach 18-to-24-year-olds and for many years has been viewed as the most important platform for Australian music, but the most recent radio ratings survey revealed it was losing its audience share of that age demographic.

One suggestion for its loss of 18-to-24-year-old listeners is the increased competition from streaming services, YouTube and TikTok, along with other local radio stations such as Triple R and 4ZZZ and DIY internet radio stations such as Nomad Radio and Skylab Radio.

Meta M.I.A in crucial Treasury talks

The Age - Page Online : 8 August 2022 - Original article by Zoe Samios - PortMac.News Summary

Treasury held meetings in Sydney in August to discuss laws that have resulted in million-dollar deals between news publishers and tech platforms.

Although Google was represented at the meeting and happy to talk about the deals it has signed with 82 publishers, there were no local representatives from Facebook.

It has been telling US news publishers that it has no intention of renewing contracts for use of their articles in its dedicated news tab, sparking concerns that it has similar plans for Australian publishers when its deals with them expire in around two years' time.

TikTok Aussie surge a warning for Facebook

The Australian Financial Review - Page 30 : 8 August 2022 -Original article by Max Mason - PortMac.News Summary

TikTok Australia's financial accounts show that it posted revenue of almost $US50m ($71.8m) in 2021; this compares with revenue of just $15.5m between the launch of its local arm in November 2019 and the end of 2020.

TikTok Australia's net profit after tax rose from $US46,846 in 2020 to $US1.3m in 2021, while its income tax bill increased from $US267,195 to $US1.5m. Advertising, promotion and project expenses rose from $US4.8m to $US12.6m, and employment expenses rose from from $US6.2m to $US23.2m.

GP-turned-MP to demand action on junk food advertising

The Sydney Morning Herald - Page Online : 8 August 2022 - Original article by Dana Daniel - PortMac.News Summary

The Australian Institute of Health & Welfare estimates that about 25% of the nation's children are overweight or obese.

Independent MP Sophie Scamps has called for fast-food companies to be banned from sponsoring children's sport and advertising on TV during prime-time.

She will introduce a private members' bill to this effect, contending that action is needed now to prevent the health system from being overwhelmed by people who are overweight or obese in the future.

Communications Minister Michelle Rowland has ruled out abandoning the advertising industry's self-regulatory code.

All quiet on home front as buyers stay cautious

The Australian Financial Review - Page 5 : 8 August 2022 = Original article by Larry Schlesinger - PortMac.News Summary

Preliminary data from CoreLogic shows that the residential auction clearance rate in Sydney was 61% in the week to Saturday, compared with 56% a week earlier.

The preliminary clearance rate in Melbourne fell slightly to 62%.

Shane Oliver of AMP Capital expects a final clearance rate of 53% in Sydney and 55% in Melbourne.

He says the decline in sales is likely to continue as the impact of rising interest rates affects house buyers.

The national preliminary clearance rate edged up to 59.5%.

ASX Inflation, interest rates test earnings

The Australian Financial Review - Page 1 & 22 : 8 August 2022 - Original article by Vesna Poljak, Andrew Hobbs, Julie-anne Sprague - PortMac.News Summary

Futures pricing suggests that Australian equites will shed about 0.1% when the market opens on today.

The profit reporting season will be a key focus for local investors in the coming week; companies that will release their full-year results include the Commonwealth Bank, Insurance Australia Group, REA Group and Aurizon Holdings.

AMP and QBE Insurance Group are among the companies that will release half-year results, while News Corporation and ResMed will release updates for the fourth quarter.