Today's News - Monday 18 May 2020
Today's News - Monday 18 May 2020
Our Backyard (Australian news)
Health Minister Greg Hunt says a motion for an independent inquiry into the coronavirus outbreak — backed by more than 60 nations — is "expected to be endorsed" by the World Health Assembly (WHA).
Key points:
- Australia was the first nation to call for an independent inquiry into the origins of COVID-19
- The Government is claiming credit for "toughening up" the initial proposal suggested by the EU
- Health Minister Greg Hunt says the motion is expected to be formally endorsed
June 28 deadline looms for ‘free’ childcare. Prime Minister Scott Morrison has warned parents he plans to scrap “free childcare” on June 28, calling the scheme “unsustainable”.
NAB will temporarily hire more than 400 new staff as it starts assessing the status of more than 80,000 mortgage holders who have put payments on hold due to COVID-19.
One of Australia's highest-ranking police officers has been reprimanded after an unmarked police car he left unlocked was stolen from his Sutherland Shire property.
Key points:
- Police documents and uniform items were inside the car when it was stolen
- Deputy Commissioner Loy will not face any legal action for leaving the car unlocked
- A former police officer has called for more transparency into the matter
Twelve McDonald's restaurants have been closed for deep cleaning after a delivery truck driver contracted coronavirus. It comes after seven new cases of the virus were recorded in Victoria on Sunday and one new case in NSW.
Climber rescued from rock cliff in Blue Mountains. Emergency crews are trying to rescue a climber who is stuck on a sheer rock cliff in the Blue Mountains after falling and breaking his bones.
A man is expected to be extradited from NSW after he was arrested more than 900 kilometres from the site of a bed and breakfast north of Brisbane where two bodies were found.
The New South Wales Government is set to announce today some temporary measures to deal with the expected increase in traffic, as COVID-19 restrictions ease and more people return to work and school. Last week, Premier Gladys Berejiklian said she didn't want people to use public transport during peak hour unless they were already doing so. Ms Berejiklian said the number of passengers had already increased, and that buses and trains were at capacity when social-distancing was factored in.
The Herald Sun reports that the Victorian Government will today unveil a $2.7 billion stimulus package which will see a road and rail maintenance blitz. The stimulus will fund projects such as resurfacing roads, fixing train tracks, sprucing up railway stations and upgrading piers and jetties. The transport infrastructure program will benefit both regional and metropolitan areas. “We’re getting to work on hundreds of new projects across the state, meaning shovels in the ground and boots in the mud within a matter of weeks and months,” Premier Daniel Andrews said.
The business of one of AMP's star financial advisers appeared to have cut and pasted signatures on to loan contracts, including one for a $600,000 loan to a woman who knew nothing of its existence until AMP pursued her for repayments on it after her divorce.
High-ranking calls to China have gone unanswered amid an escalating trade dispute with Australia that has been fuelled by calls to investigate the origins of the deadly coronavirus pandemic.
Key points:
- China is threatening to impose an 80 per cent tariff on Australian barley imports
- China has accused exporters of dumping barley in its markets, a claim Australia rejects
- The trade spat comes as Australia pushes for an investigation into the origins of coronavirus
An East Timor veteran suffering long term health issues after taking part in a controversial drug trial is horrified that the Australian Defence Force (ADF) is once again trialling on its personnel, this time for COVID-19.
Key points:
- The ADF has begun trials on chloroquine as a preventative for COVID-19
- More than 40 Defence personnel are taking part in the trial
- Opponents have called for the trial to be scrapped, with questions over whether they were volunteers
One of the leading bidders in the race to rescue Virgin Australia from administration, Canadian asset manager Brookfield, has threatened to walk away from the sale in frustration with how Deloitte is managing the process.
World News
The Chinese ambassador to Israel has been found dead in his home north of Tel Aviv, according to Israel's Foreign Ministry. Israeli Police Spokesman Micky Rosenfeld said the ambassador's death was believed to be from natural causes.
Key points:
- 58-year-old Du Wei had only been serving as ambassador for three months
- Police say the ambassador's death is believed to be from natural causes
- He is survived by his wife and son
Emirates Group is considering cutting about 30,000 jobs to reduce costs amid the coronavirus outbreak, which will bring down its number of employees by about 30 per cent from more than 105,000 at the end of March, Bloomberg News reported.
Boy, 9, dies in France from Kawasaki-like disease believed to be linked to COVID-19. A young boy has become the first fatality in France from a mysterious disease already causing child deaths in New York and London.
Trump Death Clock” installed in New York. A huge display showing deaths purportedly caused by President Trump’s COVID-19 “recklessness” has been switched on.
Moreover, Fed chair warns US economic recovery could stretch through end of 2021, depends on vaccine.
Police in London have arrested 19 people for deliberately breaking social distancing guidelines to protest against the rules, as demonstrations against coronavirus lockdown measures swept across Europe.
Key points:
- Protests against coronavirus measures were held in major cities such as London and Berlin
- In Spain, protesters denounced the Government as communists seeking to ruin the country
- Protesters in Poland carried signs reading "Work and bread" and "It will be normal again"
A plan to raise US$100 billion ($155 billion) more globally by more aggressively taxing digital giants such as Google, Apple, Facebook, and Amazon will not likely be implemented until late next year, but in the meantime Google has continued its long-standing practice of counting revenue in low-tax Singapore. Google Australia's latest financial accounts shows it paid almost $100 million in tax in 2019, which is far higher than previous years.
Key points:
- Google has continued its long-standing practice of counting lucrative advertising revenue offshore
- It is practices such as these that the OECD, together with the G20, wants to tackle with a 'digital tax'
- But the coronavirus pandemic has pushed out the timeline for that plan, and there are fears governments may start slapping domestic taxes on multinationals
Protesters have demanded the removal of two district attorneys accused of dragging their feet in arresting two white men suspected in the shooting death of a young black jogger in Georgia.
Key points:
- It took 74 days after the shooting for the suspects to be arrested and charged
- The Waycross district attorney provided police with a written opinion that no arrests should be made
- Both defendants remain in jail without bond and have yet to enter a plea
The coronavirus pandemic has pushed the storied but troubled department store chain JC Penney into Chapter 11 bankruptcy, becoming the fourth major US retailer to meet that fate.
Key points:
- JC Penney is the largest of a number of major US retailers to file for bankruptcy since the onset of the coronavirus pandemic
- Many experts are sceptical about JC Penney's survival even as it sheds its debt
- Coronavirus is likely to exacerbate the problems many US retailers are facing remaining relevant to customers
Unearthed from the archives, the 50-year-old survival story of six young boys who spent at least 15 months on a remote Pacific island after a shipwreck, has enchanted millions of readers across the world this week.
Key points:
- Mr Bregman's retelling of the shipwreck story has upset some Pacific islanders
- Some argue the story has been told through a "colonial lens"
- The story was told from the point of view the Australian who rescued them, not the boys themselves
Covid-19 Update
- Mainland China reported five new confirmed COVID-19 cases for May 16, down from eight the previous day, the National Health Commission (NHC) said in a statement on Sunday.
- British Prime Minister Boris Johnson says there might never be a vaccine for COVID-19 despite the huge global effort to develop one. The British Government is giving 93 million pounds ($175.5 million) in funding to speed up the opening of the new Vaccine Manufacturing and Innovation Centre.
- Italian Prime Minister Giuseppe Conte says the reopening of the Italian economy brings a risk of new outbreaks of the coronavirus, but "we must accept it". Mr Conte told reporters the nationwide lockdown that began in early March had brought "the expected results", putting the country in a position to expand economic activity in the second phase of reopening.
- India has extended its nearly two-month lockdown by two weeks after reporting nearly 5,000 new coronavirus cases, but says restrictions may be eased in low-risk areas to boost economic activity. After surpassing China on Saturday, India now has the most confirmed virus cases in Asia, with nearly 91,000, including 2,872 deaths.
- Thais streamed into shopping malls on Sunday, once again enjoying their air-conditioned oases as the country eased one of the restrictions imposed to fight the coronavirus. The Thai Government allowed malls, which had been closed since March, to reopen after the number of new virus cases dwindled to single digits for all but one day over more than two weeks.
- Brazil's remote Amazon communities are concerned about the dangers of coronavirus spreading to rainforest areas where tribe members live in close quarters and there are limited medical services.
- Spanish authorities announced the country had recorded fewer than 100 daily coronavirus deaths for the first time since declaring a state of emergency to fight the virus two months ago.
- Scientists in Hong Kong say tests on hamsters have offered the first proof that wearing surgical masks can significantly reduce transmission of COVID-19.
- One of the world's best restaurants, Noma in Copenhagen, Denmark, has announced it will be reopening in a new format — an outdoor burger and wine bar — as restrictions in the country ease.
- The Russian Government says it will allow foreign athletes competing in its domestic sports leagues to enter the country as the number of cases of the novel coronavirus passes 280,000.
- Authorities are not seeing spikes in coronavirus cases in places that are reopening but are seeing increases in some areas that remain closed, US Health Secretary Alex Azar said.
Property News
Experts debate impact of Chinese buyers on Australian property market. Foreign investors are back in the property market and it could be bad news for those trying to get on the property ladder. But experts disagree about the impact.
In the Markets
ASX futures up 32 points or 0.6 per cent to 5436
AUD -0.7% to US64.14 cents
On Wall St: Dow +0.2% S&P 500 +0.4% Nasdaq +0.8%
In New York: BHP +2.4% Rio +2.2% Atlassian +3.7%
In Europe: Stoxx 50 +0.4% FTSE +1% DAX +1.2% CAC +0.1%
Spot gold +0.8% to $US1743.67 an ounce
Brent crude +4.4% to $US32.50 a barrel
US oil +6.8% to $US29.43 a barrel
Iron ore +1.6% to $US93.65 a tonne
Dalian iron ore +1.9% to 668.50 yuan
LME aluminium -0.9% to $US1462 a tonne
LME copper -0.3% to $US5185 a tonne
10-year yield: US 0.64% Australia 0.90% Germany -0.54%
Michael Tran
Director Relationships
Judo Bank