Latest updates on Key Economic Indicators:

Australian Dollar: $0.7104 USD (up $0.0018 USD)

Iron Ore Sep Spot Price (SGX): $112.00 USD (up $2.55 USD)

Oil Price (WTI): $94.03 USD (up $2.46 USD)

Gold Price: $1,789.83 USD (down $2.47 USD)

Copper Price (CME): $3.6930 (up $0.0565 USD)

Bit-coin: $24,206.94 (up 1.43% in the last 24 hours)

Dow Jones: 33,336.67 (up 27.16 points on yesterday's close)

All changes compared to 7am yesterday.

Russia struggles to replenish its troops in Ukraine

The prisoners at the penal colony in St. Petersburg were expecting a visit by officials, thinking it would be some sort of inspection. Instead, men in uniform arrived and offered them amnesty — if they agreed to fight alongside the Russian army in Ukraine.

Over the following days, about a dozen or so left the prison, according to a woman whose boyfriend is serving a sentence there.

Speaking on condition of anonymity because she feared reprisals, she said her boyfriend wasn’t among the volunteers, although with years left on his sentence, he “Couldn’t not think about it.”

As Russia continues to suffer losses in its invasion of Ukraine, now nearing its sixth month, the Kremlin has refused to announce a full-blown mobilization — a move that could be very unpopular for President Vladimir Putin.

That has led instead to a covert recruitment effort that includes using prisoners to make up the manpower shortage.

UN alarm as Ukraine nuclear power plant shelled again:

More shelling of Ukraine's Zaporizhzhia nuclear power plant has been reported, with Ukraine and Russia again blaming each other for the attack.

Each side said there were 10 hits on the office and fire station of Europe's biggest power plant on Thursday.

The UN Security Council is meeting to discuss the situation - with the head of its nuclear watchdog, Rafael Grossi, warning it was a "Grave hour".

UN Secretary General António Guterres also said it could "lead to disaster".

Estonia stops issuing visas to Russian tourists:

The Estonian government on Thursday announced that it will ban Russians with Estonian-issued Schengen visas from entering the country.

"We see that the number of Russian citizens passing through Estonia or coming to Estonia from Russia has increased massively," Estonian Foreign Minister Urmas Reinsalu told a press conference.

"The possibility for Russian citizens to visit Estonia en masse or through Estonia to Europe is not in line with the purpose of the sanctions we have imposed," he added.

Latvian Parliament Declares Russia ‘State Sponsor of Terrorism’:

Latvian MPs on Thursday declared Russia a "state sponsor of terrorism" whose actions in Ukraine constitute "targeted genocide against the Ukrainian people".

The statement MPs adopted said the parliament "recognizes Russia as a state sponsor of terrorism, and calls on other like-minded countries to express the same view".

Voting by 67 in favor and none against or abstaining in Latvia's unicameral legislature, MPs said they considered "Russia's violence against civilians committed in pursuit of political aims as terrorism".

Coca-Cola will build a new kindergarten in the Kyiv region:

Coca-Cola undertook to rebuild a destroyed kindergarten in the village of Bohdanivka, Brovar district.

The whole area suffered a particularly heavy blow – the entire rural social infrastructure was practically destroyed here – a school and a kindergarten, the outpatient clinic suffered significant damage.

The kindergarten was chosen for priority investment because the community identified preschool as the most urgent need. Coca-Cola invests 1.1 million US dollars in reconstruction.

Taiwan reunification 'Unstoppable' : China

The Australian Financial Review - Page 15 : 12 August 2022- Original article by Michael Smith - PortMac.News Summary

With China having completed for the time being military exercises around Taiwan that it launched in response to the visit of US House Speaker Nancy Pelosi to Taiwan, the 'People's Daily' stated in a front page article on 11 August that "The process of complete reunification of the motherland is unstoppable".

China's military has claimed that the drills were necessary to stop "Separatist forces" taking control of the island, while the US has attacked the drills as being a major escalation in China's efforts to change the status quo on Taiwan.

Analysts note that China has withdrawn a commitment not to base People's Liberation Army troops in Taiwan if it took control of the island, as well as watering down promises that any future government in Taipei "Would retain a high degree of autonomy".

Call to ban Chinese Communist Party from press club

The Australian - Page 2 : 12 August 2022 - Original article by Joe Kelly, Jess Malcolm - PortMac.News Summary

China's ambassador to Australia, Xiao Qian, has attracted scrutiny over comment he made in a recent National Press Club speech in Canberra.

Liberal senator Jim Molan says representatives of the Chinese Communist Party should be barred from giving speeches to the NPC in future, after Xiao said amongst other things that the Taiwanese people may be "Re-educated" when reunification with China occurs.

NPC CEO Maurice Reilly says its board makes all decisions on its guest speakers, adding that a representative of Taiwan and the new US ambassador to Australia have also been invited to speak.

FBI director breaks silence after Trump raid

The Sydney Morning Herald - Page Online : 12 August 2022 - Original article by Farrah Tomazin - PortMac.News Summary

FBI director Christopher Wray has described the rise in threats of violence against FBI agents and other US law enforcement officials as "Deplorable and dangerous".

He was responding to threats on social media against the FBI, the Justice Department and the judge who signed the warrant authorising the FBI's recent raid on Donald Trump's Florida property, in which the FBI seized classified documents.

Wray says that 73 law enforcement officers were killed in the line of duty in the US in 2021, which he says was the most since 9/11.

Trump is not fit for office: Howard

The Australian - Page 1 & 2 : 12 August 2022 - Original article by Troy Bramston - PortMac.News Summary

Former PM John Howard says Donald Trump's behaviour after losing the 2020 US presidential election and seeking to overturn the result was "Atrocious".

Howard adds that he is not a fan of Trump and that he hopes the Republican Party does not choose him to run for president again in 2024.

Howard also says he had been "Dumbfounded" that the Republicans had selected Trump as their presidential candidate in 2016.

Howard also says former British PM Boris Johnson is "A colourful and effective communicator", but argues holding parties in Downing Street during lockdowns showed that he was out of touch with ordinary people.

Attempts to deport Kiribati High Court Justice David Lambourne fail

abc.net.au - Page Online : 12 August 2022 - Original article by Mackenzie Smith - PortMac.News Summary

The Kiribati government has failed to deport Australian-born High Court judge David Lambourne, despite serving him with a deportation notice and escorting him to the airport in the nation's capital of Tarawa.

The government intended to put Justice Lambourne on a flight to Fiji, but the Fiji Airlines pilot refused to allow him to board the plane against his will.

Justice Lambourne has been taken into immigration detention without a valid visa; he has lived in Kiribati for 27 years and is married to the nation's Opposition leader, Tessie Lambourne.

He was suspended in May after the government alleged that he had failed to carry out his duties as a judge.

Skills pledge to clear way for migrants

The Australian Financial Review - Page 1 & 4 : 12 August 2022 - Original article by Phillip Coorey, Georgie Moore - PortMac.News Summary

Treasurer Jim Chalmers said on 11 August that immigration has a role to play in addressing Australia's skills and labour shortfalls, but not at the expense of improving the skills of local workers.

His comments come as details emerge of a 'grand bargain' between business and unions that is likely to be struck at the federal government's upcoming jobs and skills summit.

It is expected to see migration boosted in the October budget to help fill urgent skill and labour shortfalls, in return for longer-term policies on training Australians.

Pro-building watchdog report 'Worthless'

The Australian - Page 4 : 12 August 2022 - Original article by Ewin Hannan - PortMac.News Summary

Master Builders Australia CEO Denita Wawn has defended a report that was commissioned by the industry body and released during the federal election campaign.

The report by consulting firm EY had concluded that abolishing the Australian Building & Construction Commission cost could the economy about $47bn.

The CFMEU in turn commissioned Phillip Toner from the University of Sydney to assess the report's findings. Toner says EY's methodology for data collection was "Utterly unacceptable", given that the survey comprised just 49 respondents in the construction industry.

Nearly two-thirds of them had never or rarely experienced industrial action on their sites.

University faces court over academics' rights

The Australian Financial Review - Page 7 : 12 August 2022 - Original article by David Marin-Guzman - PortMac.News Summary

The Fair Work Ombudsman has launched Federal Court action against the University of Melbourne, alleging that it engaged in unlawful adverse action against two casual academics.

They had been engaged by the university on a series of short-term casual teaching contracts over a number of years, with their contracts setting out 'Anticipated hours'.

However, when one of the academics began claiming overtime for hours worked beyond their ''Anticipated hours', their supervisor allegedly threatened not to employ them again.

Her alleged threat in 2020 came just a matter of days after it had been publicly reported that the university had underpaid casual academics by several million dollars over the past decade.

Qantas, Jetstar face more disruptions as engineers ready for action

The Sydney Morning Herald - Page Online : 12 August 2022 - Original article by Amelia McGuire - PortMac.News Summary

Licensed aircraft engineers working for Qantas, its budget unit Jetstar and its fly-in fly-out charter service Network Aviation have voted to take industrial action as soon as 15 August.

Engineers working for Qantas have previously asked for a one-off pay rise of 12%, Jetstar engineers have asked for 15% over four years, while Network Aviation engineers are seeking 20% over the same period.

Their action will commence with one-minute work stoppages, but could escalate to stoppages of up to 12 hours and overtime bans if the airlines "Do not come to the table".

'Respectfully' listening to the Voice: Dutton

The Australian Financial Review - Page 3 : 12 August 2022 - Original article by Tom McIlroy - PortMac.News Summary

Opposition Leader Peter Dutton says he is listening respectfully to what the federal government has to say on a referendum on a Voice to parliament.

He says that he has had private conversations with Prime Minister Anthony Albanese on the issue, and that he is approaching it with an open mind.

Dutton says the government needs to explain to federal parliament how its model for a Voice would work, while he says there is need for more immediate and practical action to stop child sexual abuse and domestic violence in Indigenous communities.

Court actions up 54% as ATO gets serious on debts

The Australian Financial Review - Page 4 : 12 August 2022 - Original article by Hannah Wootton - PortMac.News Summary

Court actions by the Australian Taxation Office against insolvent businesses and individuals have increased by 54% since the start of 2022, with CreditorWatch reporting that court activity for debt collection was now back at pre-pandemic levels.

Total debt owed to the ATO was at $61.4 billion at the beginning of 2022, with collectable debt at $39.9 billion.

Creditor Watch chief economist Anneke Thompson says the ATO has made it clear that it has adopted a "Back to business as usual" approach, while she says that newer businesses will be the first to go under.

Court, regulator crack down on COVID-19 profiteers

The Australian Financial Review - Page 2 : 12 August 2022 - Original article by Hannah Wootton - PortMac.News Summary

There were warnings during the pandemic that health and consumer rights regulators would act against companies and individuals seen to be profiting from the COVID-19 virus, and two fines issued in the week ending 12 August show that authorities were serious about the issue.

The Federal Court hit Enviro Tech Holdings and two of its officers with nearly $100,000 in fines for unlawfully importing surgical face masks in the early stages of the pandemic, while the Therapeutic Goods Administration imposed $66,000 in fines on rapid test provider 2San for failing to prove that their rapid antigen tests worked.

Too much COVID stimulus, not enough budget savings

The Age - Page Online : 12 August 2022 - Original article by Shane Wright - PortMac.News Summary

Independent economist Saul Eslake says that central banks and governments world had responded to the COVID-19 pandemic with too much stimulus.

He contends that central banks should have begun winding back that stimulus much earlier, in response to signs that the economy was rebounding, and that this resulted in too much stimulus.

Eslake adds that the Reserve Bank of Australia should have begun to increase the cash rate in 2021, which would have avoided the need for the aggressive rate increases of recent months.

Women embrace low deposit home scheme

The Australian - Page 4 : 12 August 2022 - Original article by Mackenzie Scott - PortMac.News Summary

Figures from the National Housing Finance & Investment Corporation reveal that single women have embraced the federal government's low-deposit Home Guarantee Scheme to a greater extent than the broader first-home buyers market.

Similarly, mothers make up 84% of the buyers that have taken up the Family Home Guarantee, which is aimed at single parents.

The National Australia Bank and the Commonwealth Bank are the two biggest lenders in the Home Guarantee Scheme program, and NAB executive of home ownership Andy Kerr comments that "People going it alone shouldn't be disadvantaged".

Raiding retirement: How a million Australians emptied their super fund during COVID-19

The New Daily - Page Online : 12 August 2022 - Original article by John McCarthy - PortMac.News Summary

New data from the Australian Taxation Office shows that about $38bn was withdrawn from superannuation funds via the former Coalition government's early access scheme. The ATO also rejected more than 230,000 applications to withdraw an additional $1.4bn from super due to pandemic-induced financial hardship.

The Association of Superannuation Funds of Australia notes that nearly one million fund members withdrew all or most of their super savings via the early access scheme; many of them were women, single parents or the unemployed. [Click to view full article here]

'Very concerned': ASIC chairman sounds alarm over crypto investing boom

Brisbane Times - Page Online : 12 August 2022 - Original article by Dominic Powell - PortMac.News Summary

The Australian Securities and Investment Commission has released research it conducted in November to measure the attitude and behaviour of retail investors during the pandemic.

44% stated that they held cryptocurrencies, while a quarter stated that crypto was the only investment they had. ASIC chairman Joe Longo says he is "Very concerned" about the number of crypto investors in Australia, as he believes that many do not understand the risks associated with investing in Bitcoin and other digital assets.

41% of those surveyed stated they got their investing information from social media platforms such as YouTube and Facebook.

Rallying call for offshore wind

The Australian Financial Review - Page 5 : 12 August 2022 - Original article by Gus McCubbing - PortMac.News Summary

Star of the South chief development officer Erin Coldham says that Australian offshore wind farm projects are in an "Arms race" with Europe to secure the finance, equipment and technology needed for such projects.

The Star of the South project is part of Victoria's goal to be generating two gigawatts of offshore wind by 2032, with the state seeing the potential for as much as 13GW of offshore wind capacity by 2050.

The Star of the South project is tipped to cost as much as $10 billion and to be able provide power for 1.2 million homes.

Coldham hopes she will see its first turbines spinning by 2028, which is the year that EnergyAustralia's Yallourn coal-fired power station is tipped to close.

Businesses warned on domain names

The Australian Financial Review - Page 11 : 12 August 2022 - Original article by Tom McIlroy - PortMac.News Summary

Australia's small business and family enterprise ombudsman Bruce Bilson has urged auDA to give smaller firms more time to register their .au domain name.

Local businesses have traditionally used .com.au, and they have until 23 September to register the shortened version of their domain name.

Billson says the exclusivity period should be extended by at least a year in order to protect small businesses from so-called 'Web-name campers'.

He notes that many business owners are still not aware of the introduction of the shortened domain names, and they need to protect one of their key digital assets.

Mirvac boosts its apartments pipeline

The Australian Financial Review - Page 33 : 12 August 2022 - Original article by Michael Bleby - PortMac.News Summary

Property developer Mirvac Group has posted a 2021-22 net profit of $924m, which is 4.6% higher than previously.

Revenue was up nearly 20% to $2.8bn. Mirvac settled 2,523 residential lots during the financial year, which was slightly above its target, and the group expects a similar number of settlements in 2022-23.

CEO Susan Lloyd-Hurwitz says demand for all types of housing remains strong, amid a low unemployment rate and a post-pandemic increase in migration.

Mirvac will respond to this demand by releasing 900 apartments to the market in Sydney, Melbourne and Brisbane, compared with about 700 in 2021-22.

ASX Shares rise 1.1% as inflation eases in US

The Australian Financial Review - Page 30 : 12 August 2022 - Original article by Emma Rapaport - PortMac.News Summary

The Australian sharemarket posted a sold gain on 11 August, with the S&P/ASX 200 rising 1.1% to close at 7,071 points.

Lake Resources was up 20.8% at $1.59, QBE Insurance Group added 3.3% to end the session at $12.54 and Mirvac rose 3.85% to $2.17.

However, Telstra shed 1.25% to finish at $3.96 and AMP eased 0.9% to $1.15.