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Aussie market gains for third straight week

Aussie stock market August 2022 third week ASX

Aussie stock market August 2022 third week ASX
WEEKLY MARKET REPORT

The Australian share market has risen for the third consecutive week, with the ASX 200 rallying 1.01% for the week and 5.83% over the past month to close trade on Friday at 7015.6 points.

Whether we are witnesses a bear market rally or merely a correction in a large bull market is yet to be seen, however positive shoots are appearing.

RBA raises rates again

The Reserve Bank of Australia (RBA) lifted the cash rate on Tuesday by 0.5%, taking the overall rate to 1.85%.

The highest it has been in six years.

RBA’s governor Philip Lowe hinted that rate rises from here on in will be more modest, adding that “inflation is expected to peak later this year and then decline back towards the 2–3% range.”

Commercial banks follow suit

Joining in on the RBA rate rise is Australia’s major banks, confirming they will pass on the hike on their variable mortgages by 0.5%.

Despite the big four making the move to raise rates on borrowers, only some savings accounts will see an increase. With savers still being overall punished by inflation being higher than the rate of return from the banks.

Retail sales for June saw a surprising 1.4% rise in volume and 12% increase year-on-year in dollar terms.

However the increase is largely a reflection of price rises and the end of government imposed lockdowns.

Overall sentiment and rate rises have started to impact on Australia’s property market, with prices beginning to cool in all major markets.

Recession risk remains

England’s central bank didn’t mess around this week either, raising interest rates by 0.5%, to an overall rate of 1.75%.

The largest rate increase in 27 years.

What was more attention grabbing was the Bank of England’s (BOE) prediction that a long recession is on its way.

The BoE expects inflation to peak at 13.3% in October, stating that the UK economy would begin to shrink in the last quarter of 2022 and contract throughout all of 2023, making it the longest recession since the global financial crisis.

Further signs of inflation may be peaking is the oil price now at pre-Ukraine war levels.

With crude oil today trading at US$87 per barrel, down significantly from its recent peak of US$126 per barrel.

Small cap stock action

The Small Ords index climbed 2.02% for the week to close on 3016.8 points.

August 2022 ASX 200 chart small orders
ASX 200 vs. Small Ords

Small cap companies making headlines this week were:

ioneer (ASX: INR)

Emerging lithium producer ioneer inked another binding offtake agreement for lithium carbonate produced from its Rhyolite Ridge project in Nevada.

The five year agreement was made with battery manufacturer Prime Planet Energy & Solutions, which is a joint venture between Toyota Motor Corporation and Panasonic.

Over the term, Prime will purchase 4,000tpa of lithium carbonate from the operation – accounting for about 19% of expected annual production.

The deal follows other offtake deals with Ford and EcoPro, which have each agreed to take 34% each of the mine’s annual planned lithium carbonate.

ioneer says the three offtake agreements represent the completion of all its pre-production commitments for lithium carbonate from Rhyolite Ridge.

BPH Energy (ASX: BPH)

BPH Energy and its investee Advent Energy have completed a 10% acquisition of Clean Hydrogen Technologies.

The deal involved BPH scooping up US$800,000-worth of Clean Hydrogen shares – giving it an 8% interest.

Advent purchased US$200,000-worth of shares, which gave it a 2% stake.

Both BPH and Advent have a further right of refusal to pick-up another 10% equity in Clean Hydrogen for a combined $1.42 million before the end of the year.

Clean Hydrogen has developed technologies to produce hydrogen and carbon black and carbon nano products, using less energy and without emitting carbon dioxide. The technology uses natural gas as the feedstock.

Frontier Energy (ASX: FHE)

Emerging clean energy producer, Frontier Energy debuted on the US-based OTCQX market this week under the ticker FRHYF.

The secondary US listing is to enhance visibility and accessibility of Frontier to North American investors.

News of the US listing came after Frontier announced it was acquiring extra land for its primary Bristol Springs solar project in Western Australia’s South West.

The company secured exclusive options to acquire 6.51sq km of land for the project – adding to the existing 1.95sq km, where it plans to produce 114MWdc of solar energy.

This extra land will enable Frontier to realize its green hydrogen production strategy, which it is closer to achieving after a pre-feasibility study forecast it would have a total unit cost of $2.83/kg of hydrogen produced.

Frontier says this would place Bristol Springs as one of the lowest cost green hydrogen producers in Australia.

Kairos Minerals (ASX: KAI)

Gold explorer Kairos Minerals attracted investor interest this week after it revealed assays for spodumene pegmatites it had discovered at its Mt York project.

The pegmatites had been uncovered during drill pad construction in readiness for a gold drilling program at the Lucky Sump prospect.

Five pegmatite samples that were assayed returned peak results of 1.91% lithium and 103ppm tantalum; 1.56% lithium and 115ppm tantalum; and 0.58% lithium and 167ppm tantalum.

Kairos plans to follow the discovery up with more sampling and mapping plus a major drilling campaign.

Lucky Sump is adjacent to Pilbara Minerals’ Pilgangoora lithium operation and about 25km from Albemarle and Mineral Resources’ Wodgina mine.

It is suspected Lucky Sump could be a southern extension to Pilgangoora.

Incannex Healthcare (ASX: IHL)

After completing its acquisition of APIRx on Friday, Incannex Healthcare officially has the world’s largest portfolio of patented medicinal cannabinoid formulation drugs and psychedelic treatments.

The acquisition was announced in March and APIRx co-founders Dr George Anastassov and Lekhram Changoer have joined Incannex as non-executive director and chief technical officer, respectively.

APIRx has 22 clinical and pre-clinical research and development projects, with aggregate addressable markets of US$400 billion a year.

The acquisition follows Incanex’s announcement earlier in the week it was scaling up the manufacture of IHL-216A, which is a neuroprotective drug designed to treat concussion and traumatic brain injury.

Incannex engaged Curia to scale the fill-finish manufacture of IHL-216A in compliance with current Good Manufacturing Practice (cGMP) and generate data on the quality and stability of the drug to underpin future regulatory filings.

European Lithium (ASX: EUR)

BMW AG is the latest major auto manufacturer to secure a direct lithium hydroxide supply after it inked a non-binding memorandum of understanding with European Lithium.

European Lithium has agreed to grant BMW first right to 100% of the lithium hydroxide produced from its identified resources at the Wolfsberg project in Austria.

In the event the parties agree to a binding contract, BMW will make a US$15 million up front payment, which will be used to advance Wolfsberg.

A definitive feasibility study on Wolfsberg is targeted for completion in the December quarter.

The week ahead

On the local front, consumer and business confidence numbers are out mid week, along with consumer inflation expectations and new home sales for July.

Over in the US inflation numbers for July will reveal how far behind the curb the Federal Reserve is in what it once dubbed as ‘transient inflation’, which has been anything but.

Analysts are forecasting inflation to once again read 9.1% for July, the same as for the month of June. This was the highest inflation reading in over 40 years.

Meanwhile over in China, inflation and industrial production numbers for July will be revealed.

Granted these inflation numbers are a look back in time, however it is clear that the globally synchronized central bank policy of rates held to near or below zero percent in most countries for over a decade and excessive money printing is seeing inflation spiral out of control and the cost of living rises for people around the world.

This week’s top stocks

Categories
Entertainment

As celebrities shamed for ‘excessive’ use of private jets, which eco-spouter is the BIGGEST poser?

A private jet emits as much carbon dioxide in an hour as the average person does in a year

Quaffing champagne at 40,000ft, flying from glitzy party to awards dos and back again in time for bed — it’s a hard life being an A-lister with your own luxury jet. But the high life has come under fire this week, as celebrities are being named and shamed for their excessive use of private plans.

A private jet emits as much carbon dioxide in an hour as the average person does in a year

A private jet emits as much carbon dioxide in an hour as the average person does in a year

A single private jet emits as much carbon dioxide in an hour as the average person does in an entire year, with private flights 14 times more polluting (per passenger) than a commercial plane.

Yet their super-rich owners — many of whom boast about their apparent eco credentials — are hopping on and off their jets for trips that last less than 15 minutes.

Using data compiled by an international flight tracker, British marketing agency Yard compiled a list of the worst offenders.

So whose plane is the worst polluter? And who’s the biggest climate hypocrite among the high fliers?

Kylie Jenner

Kylie Jenner, 24, shared a picture on Instagram showing two private plans — her own and one belonging to her rapper boyfriend, Travis Scott — with the smug caption: 'You wanna take mine or yours?'

Kylie Jenner, 24, shared a picture on Instagram showing two private plans — her own and one belonging to her rapper boyfriend, Travis Scott — with the smug caption: ‘You wanna take mine or yours?’

THE-JET: Kim Kardashian’s younger sister Kylie has been labeled a ‘climate criminal’ for repeated shorthaul trips on her £60million jet.

Last month, the billionaire social media star, 24, shared a picture on Instagram showing two private plans — her own and one belonging to her rapper boyfriend, Travis Scott — with the smug caption: ‘You wanna take mine or yours?’

She bought the all-white 59.6ft-long Bombardier Global 7500 on a reported spending spree in 2020. The exterior features her name and a Barbie-pink strip, while the interiors have white seats, pink satin pillows and eye masks (bearing ‘Kylie Skin’, the name of her make-up range) and colored lights that can be set to different hues depending on the time of day.

There are Hermes blankets for guests, two bathrooms, a master suite and an on-board wardrobe.

FLIGHTS TAKEN: 64 this year.

SHORTEST FLIGHT: 12 minutes (Van Nuys to Camarillo, both in California).

CO2 EMITTED: 1,682.7 tons — 240 times the average person.

ECO BOASTS: Kylie prides herself on buying eco-friendly products for her daughter Stormi, four, and made her make-up range vegan last year, telling followers she was going ‘vegan and clean’ because it was ‘time to elevate’ for the planet.

Taylor Swift

Taylor Swift, 32, used to own two jets but sold the smaller one (worth a mere £4.9 million) in early 2020.

Taylor Swift, 32, used to own two jets but sold the smaller one (worth a mere £4.9 million) in early 2020.

THE-JET: The 32-year-old singer — worth an estimated £470 million — bought her private plane, a £33million Dassault-Breguet Mystere Falcon 900, in 2011.

With its plush cream interiors and in-built flatscreen TVs, it features 18 fully reclining seats and a distinctive number 13 on the side (her lucky number and birth date in December).

She used to own two jets but sold the smaller one (worth a mere £4.9 million) in early 2020.

FLIGHTS TAKEN: 170 this year

SHORTEST FLIGHT: 36 minutes (Missouri to Nashville, Tennessee).

CO2 EMITTED: 8,293.54 tons — 1,185 times the average person’s annual carbon emissions of seven tons.

ECO BOASTS: In 2020, Taylor was branded a ‘sustainable fashion influencer’ by Vogue.

In another interview that same year, she branded climate change a ‘horrific situation’.

A representative defended her apparent air miles, saying that her jet is ‘loaned out regularly to other individuals’. They added: ‘To attribute most or all of these trips to her de ella is blatantly incorrect.’

Oprah Winfrey

Oprah Winfrey (pictured with her husband Stedman Graham) bought a £62million Gulfstream G650 in 2016

Oprah Winfrey (pictured with her husband Stedman Graham) bought a £62million Gulfstream G650 in 2016

THE-JET: With an estimated net worth of more than £2 billion, it’s no wonder TV host Oprah has her own posh plane. The 68-year-old bought a £62million Gulfstream G650 in 2016, reportedly after becoming irritated when a female fan asked her for a hug while she was waiting in an airport queue.

The opulent jet, which can comfortably fit 16, is divided into four themed areas: dine, work, entertain and relax. There’s a double bed, a conference room and a dining area as well as an on-board chef.

FLIGHTS TAKEN: 68 this year.

SHORTEST FLIGHT: 14 minutes (Van Nuys to Santa Barbara, California).

CO2 EMITTED: 3,493.17 tons — 499 times the average person.

ECO BOASTS: ‘The future of life as we know it is being determined by everything we’re doing — and not doing — now,’ wrote Oprah, in a 2019 post calling on fans to do their bit for the environment.

Mark Wahlberg

Mark Wahlberg, 51, came under fire last month for taking a series of short flights from London to Dublin (48 minutes) and then on to Shannon (23 minutes) for a round of golf

Mark Wahlberg, 51, came under fire last month for taking a series of short flights from London to Dublin (48 minutes) and then on to Shannon (23 minutes) for a round of golf

THE-JET: Actor Mark, 51, owns a £9.9 million Bombardier Global Express jet, which he bought in 2016.

The top-of-the-range model — which he had renovated at vast expense last year — has a large ‘W’ on the tail and such a spacious cabin that the fitness-obsessed star can do workouts on board.

Pictures from his social media show soft beige furnishings and polished wood, as well as several screens so his four children can benefit from the high-speed wi-fi.

Mark came under fire last month for taking a series of short flights from London to Dublin (48 minutes) and then on to Shannon (23 minutes) for a round of golf.

FLIGHTS TAKEN: 101 this year.

SHORTEST FLIGHT: Nine minutes (Los Angeles to Van Nuys, California).

CO2 EMITTED: 3,772.85 tons — 538.9 times the average person.

ECO BOASTS: In 2020, Mark publicly pledged to give up meat and dairy to reduce its impact on the planet. Yet he has said his jet is his ‘personal 21st century transporter’ that takes him ‘anywhere in the world’.

kim kardashian

Kim Kardashian, 41, owns a Gulfstream G650ER, a blingier version of the plans belonging to Jeff Bezos and Elon Musk

Kim Kardashian, 41, owns a Gulfstream G650ER, a blingier version of the plans belonging to Jeff Bezos and Elon Musk

THE JET: Bedecked in cashmere, the reality TV star’s £124million jet, ‘Kim Air’, is as gaudy as you might expect.

Kim, 41, owns a Gulfstream G650ER, a blingier version of the plans belonging to Jeff Bezos and Elon Musk. Hers has been customized inside and out, masterminded by interior designer Waldo Fernandez, whose clients have also included Elizabeth Taylor and Brad Pitt.

The 18-seater jet features wood paneling, two beds and two bathrooms as well as ‘enhanced air ionisation’, which recreates a fresh breeze at high altitude.

Guests wear slippers from Skims, Kim’s underwear brand, lest they muddy the carpet.

FLIGHTS TAKEN: 57 this year.

SHORTEST FLIGHT: Ten minutes (Van Nuys to Camarillo, California).

CO2 EMITTED: 4,268.5 tons — 609.8 times the average person.

ECO BOASTS: The reality star has spoken in the past about wanting her businesses to be more environmentally-friendly. In 2019, she praised climate activist Greta Thunberg, and, a year later, she tweeted: ‘Climate change is real’ alongside an emoji of a broken heart.

Tom Cruise

Tom Cruise, 60, often flies his private plans himself, having qualified for his pilot's license in 1994

Tom Cruise, 60, often flies his private plans himself, having qualified for his pilot’s license in 1994

THE-JET: The Top Gun star, 60, owns not one but five private jets — the most opulent of which is the 19-seat Gulfstream IV, worth around £16.5 million. The aircraft, nicknamed the limousine of the jet world, is decked out with a Jacuzzi and top-of-the-range cinema room, as well as elegant soft furnishings.

The actor often flies his private plans himself, having qualified for his pilot’s license in 1994.

He also sends them on free gifting missions around the world. Last Christmas, he reportedly flew 300 cakes by private jet from his favorite bakery in California to London for the cast and crew of the Mission: Impossible film franchise — a round trip of 5,500 miles.

FLIGHTS TAKEN: twenty.

SHORTEST FLIGHT: 12 minutes (Shannon to Killarney, Ireland).

CO2 EMITTED: 149.6 tons — 21.4 times the average person.

ECO BOASTS: In 2019, Tom was among the A-listers criticized for flying privately to Google’s climate change camp in 2019, a faux pas he repeated this May when he took one of his jets to the eco-friendly Cannes film festival.

Floyd Mayweather

Flord Mayweather, 45, owns a £50million Gulfstream G650 jet called 'Air Mayweather'

Flord Mayweather, 45, owns a £50million Gulfstream G650 jet called ‘Air Mayweather’

THE-JET: One of the ‘richest sportsmen of all time’ (his career earnings top £900 million) the 45-year-old retired boxer owns a £50million Gulfstream G650 jet called ‘Air Mayweather’.

Floyd bought it for his 41st birthday and shares images enjoying massages, haircuts and poker games aboard.

On the outside, the 12-seater jet features the boxer’s surname alongside the letters ‘TBE’ — ‘The Best Ever’. Floyd also has a fleet of personal pilots, who wear branded uniforms with the insignia ‘TMT’ or ‘The Money Team’.

FLIGHTS TAKEN: 177 this year.

SHORTEST FLIGHT: Ten minutes (within Las Vegas).

CO2 EMITTED: 7,076.8 tons — 1,011 times the average person.

ECO BOASTS: Floyd makes flippant comments about his jet, such as: ‘When you live this lifestyle, you just wing it.’

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Categories
Sports

Craig McRae says he wants Jordan De Goey to stay at Collingwood Magpies, Brayden Maynard, contract talks, latest, trade news, rumours, whispers, St Kilda Saints

Craig McRae says he wants Jordan De Goey to stay at Collingwood Magpies, Brayden Maynard, contract talks, latest, trade news, rumours, whispers, St Kilda Saints

Collingwood coach Craig McRae says he’d “love” Jordan De Goey to stay at the club beyond this season amid uncertainty around the star free agent’s future.

De Goey was influential with 25 disposals, 10 contested, one goal and nine clearances in the Magpies’ thrilling seven-point win over Melbourne on Friday night, a performance McRae believes was “his best game of the year.”

Collingwood pulled a $3.2 million contract offer to De Goey after his Bali exploits earlier this year and put off contract talks with the star midfielder/forward until season’s end as rival clubs including St Kilda circle.

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And speaking after the Pies’ 11th-straight win on Friday night, McRae hoped De Goey would recommit to the club.

McRae hopes De Goey stays at the Pies (Photo by Michael Willson/AFL Photos via Getty Images)Source: Getty Images

“He’s a free agent. That’s his right to explore his options. I speak authentically; I’d love Jordy to stay. I would,” the Magpies coach said.

“That’s going to create a headline but we’ll just live in the moment and let Jordy keep being himself in our environment and make us better. Nights like tonight are good examples of his assets from him that makes us better.

“I thought it was his best game for the year. I thought he was a star. I thought I genuinely flipped the game around clearance.

“We couldn’t get the ball out of center bounces, we got smashed in there again and he just had this shrug the shoulders and swagger to get out of traffic.”

It comes a week after De Goey was best-on-ground in Collingwood’s win over Port Adelaide after returning from a three-game absence with a quad issue.

Teammate and close friend Brayden Maynard also wanted to see the De Goey stay in the black and white beyond 2023.

“He’s not going anywhere, I’ll make sure of that. I haven’t had a chat with him about it, but I’m sure he’ll make the right call,” he told Fox Footy post-match.

“If we want to leave, then he leaves, but I’m in his ear at the moment. I just want what’s best for him, so just got to be with him.”

Collingwood Magpies press conference | 09:16

The 25-year old’s contact negotiations are one of several big ticket items for Collingwood to address ahead of an eventful off-season, with Brodie Grundy’s future also uncertain as the Pies have been linked to the likes of Dan McStay, Tim Taranto and Bobby Hill .

De Goey has averaged a career-best 21.1 disposals per contest this season and booted 15 goals from as many games as he plays for arguably the most significant contract extension of his career.

St Kilda legend Nick Riewoldt thinks De Goey staying at the Magpies on a shorter deal might be in his best interests to stay “on the edge” instead of taking up a more lucrative offer elsewhere.

“I think that’s what you weigh up and the situation that’s going to bring the best out of yourself,” he said on Fox Footy.

“If being on the edge and only having a two-year deal is going to mean you make really good decisions in terms of your career, then maybe that’s the best thing for him.

“Rather than just looking at big carrot financially and security, maybe playing on the edge might be the best alternative.”

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Categories
Australia

Demand on Victoria’s hospitals and ambulances increases as elective surgery waitlist stabilizes

A man wearing a black cap, glasses and a black shirt looking into the camera.

Since Alex Stosic’s heart failed in 2021, everyday tasks like waking up and getting dressed take hours and require a herculean effort.

For more than a year, the normally energetic 71-year-old Frankston man, who runs his own business with his wife, has been living with his heart only operating at a fifth of its usual capacity.

Earlier this year his surgery for a new valve was deemed semi-urgent, also known as category 2, which meant treatment was recommended within 90 days.

But he has been waiting more than 150 days.

Since his body shut down, Alex has lost more than 30 kilograms, is struggling to keep his small business running and has barely been able to see his grandkids, who live in regional Victoria.

“I can only take about 20 or 40 steps and I have to have a significant rest,” he said.

“Even working on the computer, I can really only do a few hours and then I have to have a rest.”

A man wearing a cap and a black shirt at a desk looking at a screen.
While waiting for surgery, Alex Stosic is only able to work on his computer in short bursts.(ABC News: Danielle Bonica)

Normally Alex is on the tools in his small business, which specializes in removing scratches from surfaces like glass, but since he fell ill he has only been able to do accounts.

“It certainly limits my lifestyle and limits what I can do,” he said.

A man wearing a cap and a black shirt, smiling with a dog sitting on his lap.
Alex Stosic’s dog Suzie Q barely leaves his side since he got sick.(ABC News: Danielle Bonica)

The poor state of Alex’s physical health has left him and his wife Maureen basically housebound, which has taken a heavy toll on his mental health and prevented him from seeing his three children and five grandkids as much as he used to.

In Victoria, elective surgery is defined as any necessary surgery that can be delayed for at least 24 hours.

During the COVID-19 pandemic, elective surgery has repeatedly been put on hold to help the state’s health system cope with an influx of cases, which has led to a backlog.

At the beginning of April, the Victorian government announced a $1.5 billion investment package to address that backlog, but as the most recent wave of Omicron ramped up, individual hospitals began deferring all but category 1 cases again.

The latest quarterly data, released today, shows that at the end of June 87,275 people were on the waiting list, slightly down from the three months earlier.

That is due in part to the more than 41,000 elective surgeries conducted during the quarter, almost 50 per cent more than the previous three months.

But the waitlist is dramatically higher — about 21,000 people more — than the same time a year earlier.

And while the hospital waitlist showed small signs of stabilization, other areas of the health system were put under increasing pressure.

Busiest quarter in Ambulance Victoria during ‘unprecedented’ demand

The three-monthly data, released by the government a week later than expected, showed hospital emergency department presentations had risen by 5.1 per cent in the three months to June 30.

That took the number to 486,701 emergency presentations, an increase of more than 23,000 on the last quarter.

The surge is being attributed to a number of factors, including deferred care from lockdowns and a more severe influenza season than previous years.

“What we are seeing in Victoria at the moment is unprecedented demand,” Health Minister Mary-Anne Thomas said.

The average stay in hospital also rose, with sicker patients staying in beds for longer.

An ambulance is parked at the Alfred Hospital.
The number of code-1 callouts for paramedics has continued to rise.(AAP: Diego Fedele)

For the third quarter in a row, Ambulance Victoria experienced its busiest three months on record.

Urgent code 1 call-outs rose to 97,982, up by nearly 5,000 on the previous quarter. That’s 16 per cent more than the same period a year earlier.

Only about 64 per cent of those urgent code-1 cases were responded to within the benchmark 15 minutes, a drop on last quarter.

The pressure has led to at least seven code red escalations being called in as many months, in comparison to the nine called between 2017 and 2021.

Authorities have continued to urge Victorians to save triple-0 for emergencies only, with Ambulance Victoria saying about 500 callers each day did not need paramedics.

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Categories
US

Democrats’ big package: What remains in and what’s out?

Democrats' big package: What remains in and what's out?

WASHINGTON (AP) — It’s nowhere near the $4 trillion proposal President Joe Biden first launched to rebuild America’s public infrastructure and family support systems but the compromise package of inflation-fighting health care, climate change and deficit reduction strategies appears on track toward Senate votes this weekend.

The estimated $740 billion proposal, struck by two top negotiators, Senate Majority Leader Chuck Schumer and holdout Sen. Joe Manchin, the conservative West Virginia Democrat, includes some hard-fought party priorities. But the final touches came this week from Sen. Kyrsten Sinema, D-Ariz., who put her handiwork on the latest revisions.

What’s in, and out, of the Democrats’ “Inflation Reduction Act of 2022” as it stands now:

LOWER PRESCRIPTION DRUG COSTS

Launching a long-sought goal, the bill would allow the Medicare program to negotiate prescription drug prices with pharmaceutical companies, saving the federal government some $288 billion over the 10-year budget window.

Those new revenues would be put back into lower costs for seniors on medications, including a $2,000 out-of-pocket cap for older adults buying prescriptions from pharmacies.

The money would also be used to provide free vaccinations for seniors, who now are among the few not guaranteed free access, according to a summary document.

HELP PAY FOR HEALTH INSURANCE

The bill would extend the subsidies provided during the COVID-19 pandemic to help some Americans who buy health insurance on their own.

Under earlier pandemic relief, the extra help was set to expire this year. But the bill would allow the assistance to keep going for three more years, lowering insurance premiums for people who are purchasing their own health care policies.

‘SINGLE BIGGEST INVESTMENT IN CLIMATE CHANGE IN US HISTORY’

The bill would invest nearly $374 billion over the decade in climate change-fighting strategies including investments in renewable energy production and tax rebates for consumers to buy new or used electric vehicles.

It’s broken down to include $60 billion for a clean energy manufacturing tax credit and $30 billion for a production tax credit for wind and solar, seen as ways to boost and support the industries that can help curb the country’s dependence on fossil fuels. The bill also gives tax credits for nuclear power and carbon capture technology that oil companies such as Exxon Mobil have invested millions of dollars to advance.

The bill would impose a new fee on excess methane emissions from oil and gas drilling while giving fossil fuel companies access to more leases on federal lands and waters.

A late addition pushed by Sinema and other Democrats in Arizona, Nevada and Colorado would designate $4 billion to combat a mega-drought in the West, including conservation efforts in the Colorado River Basin, which nearly 40 million Americans rely on for drinking water.

For consumers, there are tax breaks as incentives to go green. One is a 10-year consumer tax credit for renewable energy investments in wind and solar. There are tax breaks for buying electric vehicles, including a $4,000 tax credit for purchase of used electric vehicles and $7,500 for new ones.

In all, Democrats believe the strategy could put the country on a path to cut greenhouse gas emissions 40% by 2030, and “would represent the single biggest climate investment in US history, by far.”

HOW TO PAY FOR ALL OF THIS?

The biggest revenue-raiser in the bill is a new 15% minimum tax on corporations that earn more than $1 billion in annual profits.

It’s a way to clamp down on some 200 US companies that avoid paying the standard 21% corporate tax rate, including some that end up paying no taxes at all.

The new corporate minimum tax would kick in after the 2022 tax year and raise some $258 billion over the decade.

The revenue would have been $313 billion, but Sinema insisted on one change to the 15% corporate minimum, allowing a depreciation deduction used by manufacturing industries. That shaves about $55 billion off the total revenue.

Money is also raised by boosting the IRS to go after tax cheats. The bill proposes an $80 billion investment in taxpayer services, enforcement and modernization, which is projected to raise $203 billion in new revenue — a net gain of $124 billion over the decade.

The bill sticks with Biden’s original pledge not to raise taxes on families or businesses making less than $400,000 a year.

The lower drug prices for seniors are paid for with savings from Medicare’s negotiations with the drug companies.

WHAT’S CHANGED IN RECENT DAYS?

To win over Sinema, Democrats dropped plans to close a tax loophole long enjoyed by wealthier Americans — the so-called “carried interest,” which under current law taxes wealthy hedge fund managers and others at a 20% rate.

The left has for years sought to increase the carried interest tax rate, hiked to 37% in the original bill, more in line with upper-income earners. Sinema wouldn’t allow it.

Keeping the tax break for the wealthy deprives the party of $14 billion in revenue they were counting on to help pay for the package.

In its place, Democrats, with Sinema’s nod, will impose a 1% excise tax on stock buybacks, raising some $74 billion over the decade.

EXTRA MONEY TO PAY DOWN DEFICITS

With some $740 billion in new revenue and around $433 billion in new investments, the bill promises to put the difference toward deficit reduction.

Federal deficits spiked during the COVID-19 pandemic when federal spending soared and tax revenues fell as the nation’s economy churned through shutdowns, closed offices and other massive changes.

The nation has seen deficits rise and fall in recent years. But overall federal budgeting is on an unsustainable path, according to the Congressional Budget Officewhich put out a new report this week on long-term projections.

WHAT’S LEFT BEHIND

This latest package after 18 months of start-stop negotiations leaves behind many of Biden’s more ambitious goals.

While Congress did pass a $1 trillion bipartisan infrastructure bill for highways, broadband and other investments that Biden signed into law last year, the president’s and the party’s other key priorities have slipped away.

Among them is a continuation of a $300 monthly child tax credit that was sending money directly to families during the pandemic and is believed to have widely reduced child poverty.

Also gone, for now, are plans for free pre-kindergarten and community college, as well as the nation’s first paid family leave program that would have provided up to $4,000 a month for births, deaths and other pivotal needs.

___

Associated Press writer Matthew Daly contributed to this report.

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Categories
Business

Suzuki Jimny off-road edition launches in Brazil with huge price tag

Suzuki Jimny off-road edition launches in Brazil with huge price tag

A $50,000 Suzuki Jimny special edition has just been unveiled in Brazil. However, the off-road upgrade packs are not planned for Australia, as waiting lists for standard vehicles still stretch between six to 12 months locally.

Jordan Mulach
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An off-road upgrade kit for the Suzuki Jimny – dubbed Sierra 4Sport – has been unveiled in Brazil.

The pint-size special edition has an astronomical price, however it is not planned for Australia.

Limited to 100 examples, the Suzuki Jimny 4Sport is priced from $R181,990 ($AU50,330) – $R25,000 ($AU6915) more than the standard vehicle in Brazil.

Major differences on the Suzuki Jimny 4Sport include wider wheel arch flares, an air-intake ‘snorkel’ and a set of black 15-inch alloy wheels with Pirelli mud-terrain tires.

The new equipment isn’t just for show. The snorkel doubles the Suzuki Jimny’s wading depth to 600mm, while the mud-terrain Pirelli tires aim to provide more grip on loose surfaces than the standard highway-terrain Bridgestones.

Other exterior features such as a roof storage system, ‘rock sliders’, skid plates, ‘4Sport’ and ‘4×4’ badges help to set the limited edition apart from the standard Suzuki Jimny.

Although rock sliders and skid plates are designed to protect the underside of the vehicle, the extra equipment has reduced the Jimny 4Sport’s approach and departure angles from 37 degrees to 31 degrees, and 49 degrees to 40 degrees respectively.

In addition to the exterior changes, the cabin has undergone some minor tweaks, with blue highlights on the Jimny’s gear knob, air vent surrounds, and steering wheel.

The Suzuki Jimny Sierra 4Sport logos are embroidered on the front leather seats, which can also fold flat to create a makeshift bed.

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Drive understands the Suzuki Jimny Sierra 4Sport is not coming to Australia, despite the model’s popularity.

Australian Suzuki Jimny buyers are now offered black paint as a $695 optional extra, available on both the Jimny Lite ($28,490 plus on-road costs) and the standard Jimny ($29,990 plus on-road costs).

Jordan Mulach

Jordan Mulach is Canberra/Ngunnawal born, currently residing in Brisbane/Turrbal. Joining the Drive team in 2022, Jordan has previously worked for Auto Action, MotorsportM8, The Supercars Collective and TouringCarTimes, WhichCar, Wheels, Motor and Street Machine. Jordan is a self-described iRacing addict and can be found on weekends either behind the wheel of his Octavia RS or swearing at his ZH Fairlane.

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Categories
Entertainment

Kylie Minogue, 54, stuns in a dusty pink tulle dress as she promotes her vegan Darling fragrance

Kylie Minogue, 54, has relaunched her perfume range with a new vegan formula

I should be so lychee… Kylie Minogue, 54, stuns in a dusty pink tulle dress as she promotes her new VEGAN Darling fragrance

  • Australian singer, 54, has relaunched perfume range with a new vegan formula
  • It has top notes of passion fruit, freesia and lychee and is described as floral
  • Comes after the star’s range of sparkling rose made £7.7million in sales in a year

By Imogen Horton For The Daily Mail

Published: | Updated:

Her range of sparkling rose made £7.7million in sales in a year.

So Kylie Minogue will be hoping her latest bottle proves just as popular – and has an even better nose.

The Australian singer, 54, has relaunched her perfume range with a new vegan formula.

Posing in a dusty pink tulle dress with her hair styled in loose waves, the former Neighbors star looks ethereal as she promotes her Darling fragrance, which she is now selling in the US following a relaunch in the UK, Spain, France and Australia earlier this year.

The scent, which was first launched in 2006, now has a vegan-friendly formula which is said to be longer lasting.

Kylie Minogue, 54, has relaunched her perfume range with a new vegan formula

Kylie Minogue, 54, has relaunched her perfume range with a new vegan formula

Posing in a dusty pink tulle dress with her hair styled in loose waves, the former Neighbors star looks ethereal as she promotes her Darling fragrance

Posing in a dusty pink tulle dress with her hair styled in loose waves, the former Neighbors star looks ethereal as she promotes her Darling fragrance

Minogue's Darling perfume has top notes of passion fruit, freesia and lychee and is described as the bunch of flowers she's holding suggests as a floral fragrance

Minogue’s Darling perfume has top notes of passion fruit, freesia and lychee and is described – as the bunch of flowers she’s holding suggests – as a floral fragrance

It has top notes of passion fruit, freesia and lychee and is described – as the bunch of flowers she’s holding suggests – as a floral fragrance.

Last week Miss Minogue reunited with former co-star Jason Donovan for the final episode of Neighbours.

Fans were disappointed the pair were given such little dialogue – which a source said was due to their busy schedules.

And with the many projects Miss Minogue has on the go, it is clear to see why.

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Categories
Sports

Daniel Golubovic, Cedric Dubler, Decathlon results

Daniel Golubovic, Cedric Dubler, Decathlon results

Australia has had a double-medal finish in the men’s decathlon for the first time in a century in an extraordinary end to the event on Saturday morning (AEST).

Daniel Golubovic and Cedric Dubler fell agonizingly short as they desperately tried to steal the gold medal from Grenada’s Victor Lindon in the final 1500m run.

Dubler, a national hero from his viral act of mateship during at the Tokyo Olympics, went into the final night session with a lead of 39 points with only the javelin and 1500m to go.

However, he was brought undone by a fifth place finish in the javelin and simply had too many points to try and catch up in the 1500m.

Golubovic put together a colossal effort in the final event, crossing the finish line first to take the silver medal with a final score of 8197 points.

Day 8 WRAP: ‘National disgrace’ rocks Comm Games as Hockeyroos survive shootout

Daniel Golubovic congratulates an exhausted Lindon Victor at the finish line. Photo by Ben Stansall / AFP.
Daniel Golubovic congratulates an exhausted Lindon Victor at the finish line. Photo by Ben Stansall / AFP.Source: AFP
Cedric Dubler and Daniel Golubović.Source: AFP

Lindon was more than 100m behind Golubovic as the Aussie crossed the line.

With the Grenadian looking dead on his feet with 25m to run, it suddenly appeared that Golubovic was about to take the gold. He needed to win by more than 23 seconds.

However, Lindon fell over the line with two seconds to spare. Dubler, who took the bronze medal, Golubovic and Lindon were all left waiting to see the exact results show up on the big screen before they could learn who had won the gold medal.

It eventually showed up on the screen that Lindon had done enough to fall over the line with a final score of 8233. Dubler finished with 8030.

Golubovic was smiling through the heartbreak at the end of the race.

Lindon Victor and Kurt Felix of Team Grenada, Harry Kendall of Team England, Alec Diamond, Daniel Golubovic and Cedric Dubler of Team Australia and Karo Iga of Team Papua New Guinea celebrate at the end of their ten events. Photo by David Ramos/Getty Images.Source: Getty Images

“Thank you, I had to dig for that,” Golubovic said afterwards.

“It is cold out here and there is nothing in the works. Two decathlons in 12 days – I don’t recommend it.

“It’s been an incredible experience, coming down and moving back to Australia and back to Brisbane during COVID, it’s been a wild few years and it’s been a long process to get here. It feels so good to be on this stage right now.

He said he is looking forward to getting some sleep after completing two decathlon events in the space of two weeks, after also competing at the world championships in Oregon last month.

“Tired. Very tired,” he said when asked how he felt in an interview with Channel 7.

“It was a tough race, I knew it was going to be, I had to leave everything out on the line and we did just that, that was every possible thing I could leave out on the track, and it landed where it did, but I am so incredibly proud to have performed the way I did and backed it up two times in a row and to have it come down to the 1500 was a lot of fun.”

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Categories
Australia

Betting companies required to provide gamblers with financial statements, but ex-punter says it’s not enough

A stock photo showing a laptop close-up and the hands of a person using a credit card

Betting companies will now be required to send clear statements of gambling wins and losses to their customers following the implementation of federal rules this month.

With Australian gambling losses among the highest per capita in the world, the new monthly activity statements are intended to help gamblers make better decisions by providing a clear picture of their spending.

“For some people, they might look at it and say, ‘Well, this is just too much — I find it confronting and I need to do something about it,'” Financial Counseling Australia policy director Lauren Levin told ABC Radio Perth.

“It might lead to calling up [a gambling support group] or calling up one of the financial counseling services, or the national debt helpline, and saying, ‘I think that I need to talk to someone about this.'”

The change was among recommendations by the 2018 National Consumer Protection Framework for Online Wagering, which came up with 10 measures to address rising social harms related to online betting.

According to the Australian Institute of Health and Welfare, the country’s losses from legal gambling totaled $25 billion in 2018-2019, creating severe consequences for the finances, mental health and relationships of problem gamblers and their families.

A study by the Behavioral Economics Team of the Australian Government found people who received activity statements were more likely to reduce the amount of their bets, although it would not reduce the frequency of their betting.

A ‘tokenistic’ measure

Peter, whose full name has been withheld for privacy reasons, is a former gambler who lost his career and his marriage before finding support through Gamblers Anonymous.

An example of an activity statement showing the amounts of wins and losses and graph of the account-holder's spending.
An example of the statements activity gamblers will now receive from betting companies.(Supplied)

Peter now provides support for others via Gamblers Anonymous and says the change is a “tokenistic” measure that avoids taking more drastic and controversial steps that will have greater effect.

“The single biggest impact that we can have in Australia would be for governments to ban electronic advertising of gambling, the same way that they did for alcohol, and cigarettes,” Peter said.

“They banned advertising of those because it was costing governments a fortune through the health system, whereas gambling is very much a hidden epidemic where the costs are largely borne by the gambler, the gamblers’ families, the gambler’s employer, the people they steal from .”

Peter said he had seen a “scary” increase in members who were young men betting on sport through phone apps.

He said providing activity statements might provide some “small benefit” for new gamblers who had not yet realized the extent of their spending.

“But for anyone who’s an established gambler or who’s got an established gambling problem, that will have no effect at all,” Peter said.

Gamblers focus on wins

University of Sydney School of Psychology Professor Sally Gainsbury is the director of the Gambling Treatment and Research Clinic.

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Categories
US

Russia “ready to discuss” prisoner swap now that Brittney Griner sentenced

Russia "ready to discuss" prisoner swap now that Brittney Griner sentenced

Russia said Friday it was “ready to discuss” a prisoner swap with Washington at the presidential level, a day after the drug conviction of US basketball star Brittney Griner.

Despite tensions soaring between Russia and the US since the launch of Moscow’s military intervention in Ukrainethe former Cold War rivals appeared to be edging closer to a new prisoner exchange.

The White House has urged Russia to accept its offer of a deal for the release of Griner and former US Marine Paul Whelan, who was sentenced to 16 years in prison on espionage charges.

Russia’s Foreign Minister Sergei Lavrov on Friday said Moscow was willing to discuss the matter.

“We are ready to discuss this subject, but only within the framework of the (communication) channel established by presidents Putin and Biden,” Lavrov told a press conference on a visit to Cambodia.


Viktor Bout, Russian arms dealer, at center of possible prisoner swap

02:23

“There is a special channel established by the presidents and despite certain public declarations, it is still functional,” he added.

US Secretary of State Antony Blinken, who spoke to Lavrov about the exchange Last Friday, said Washington will be “pursuing” discussions with Russia.

He also said Griner’s conviction put a spotlight on the “Russian government’s use of wrongful detentions to advance its own agenda using individuals as political pawns.”

WNBA player Griner was sentenced to nine years in a Russian penal colony Thursday and ordered to pay a fine of one million rubles ($16,590) for possessing and smuggling narcotics.

The two-time Olympic basketball gold medalist and Women’s NBA champion was detained at a Moscow airport in February after she was found carrying vape cartridges with cannabis oil in her luggage.

The Phoenix Mercury player was coming to Russia to play club basketball with UMMC Ekaterinburg during the US off-season — a common path for American stars seeking additional income.

Griner pleaded guilty to the chargesbut said she did not intend to break the law or use the banned substance in Russia.

“I want the court to understand it was an honest mistake that I made while rushing, under stress, trying to recover from post-Covid and just trying to get back to my team,” Griner said in her final statement before the verdict.

Griner had testified that she had permission from a US doctor to use medicinal cannabis to relieve pain from her many injuries, and had never failed a drug test.

The use of medical marijuana is not allowed in Russia.

Griner’s legal team said they plan to appeal the “unreasonable” verdict.

President Biden called Griner’s conviction “unacceptable” and said Washington would “work tirelessly” to secure her release.

Blinken has said Washington put forward a “substantial proposal” for the exchange of Griner and Whelan.

The highest-profile Russian prisoner in the United States is Victor Bouta 55-year-old arms trafficker dubbed the “Merchant of Death,” who is serving a 25-year sentence.

There is no official confirmation that Washington has offered to exchange him.

Bout’s wife, Alla, on Friday expressed her sympathies to Griner’s family, saying she hoped her husband and the US athlete will be able to return home.

“Sympathy has no citizenship and nationality, it is a universal human emotion,” she told Russian news agency RIA Novosti, expressing hope that Russia and the US would “come to an agreement.”

Moscow and Washington have already conducted one prisoner swap since the start of Moscow’s Ukraine offensive.

In April, Washington exchanged former US Marine Trevor Reed for convicted drug smuggler Konstantin Yaroshenko.

in to handwritten letter from Griner that was delivered to the White House last month, the WNBA player wrote how terrified she is that she may be imprisoned in Russia “forever.”

Griner’s wife Cherelle told “CBS Mornings” that when she read the letter, she could feel the fear that Griner was experiencing.

“She is probably the strongest person that I know, so she doesn’t say words like that lightly. That means she truly is terrified that she may never see us again. You know, I share those same sentiments,” Cherelle Griner said.


Cherelle Griner says President Biden wrote a letter back to Brittney Griner

03:15

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