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👋 I’m Miko and welcome back to the Evening Wrap.
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The S&P/ASX 200 closed 23.9 points lower, down 0.31%.
The S&P/ASX 200 (XJO) fell 23.9 points to 7,737.1, 0.4% from its session high and right at its low. Advancers trailed decliners 80 to 197 in the S&P/ASX 300 (XKO).
Only two major ASX sectors closed in the black today: Financials (XFJ) (+0.23%) and Consumer Staples (XSJ) (+0.19%). Banks and insurance were strong in Financials, while agricultural stocks led Consumer Staples. [Read more]
💡Here are a few headlines from this morning:
On Bill Shorten's $300,000-a-year speechwriter, Labour ministers have spoken out. The minister and his agency, Services Australia, hired Julianne Stewart, a four-time prime ministerial speechwriter. Tony Burke, the workplace relations minister, cited “labour shortages” for her hiring.
Consular access to Hong Kong-detained Hong Kong Australian officials have repeatedly denied Gordon Ng, an Australian dual national.
After over 90 years of service, P&O Cruises Australia has declared that its fleet will make its final voyage and the company will discontinue operations in 2025.
🗳️ HEADSTART
BJP's Hold on Power in Question as India Counts Election Votes
Narendra Modi's Bharatiya Janata Party (BJP) may not win a majority, requiring coalition partners to form a government.
The Election
Today, all 642 million votes cast in the world's largest election that concluded on June 1st will be counted. While the votes are being counted, dozens of people have died due to the intense heat wave.
Prime Minister Modi
After weeks of election campaigning, India's Prime Minister Narendra Modi meditated in an island shrine for two days for his latest public display of religiosity, days after claiming divine sentness.
Modi visited Kanyakumari, India's southernmost pilgrimage site, from May 30 to June 1 for the Vivekananda Rock Memorial.
The Opposition
Sanjay Singh of the Aam Aadmi Party said the election results showed people voted against hatred and dictatorship.
Singh told a Tuesday news conference that more results were providing a clearer understanding of the situation.
“These elections are a message from the public that they are tired of the BJP’s 10-year rule and want a change.”
The Congress
Rahul Gandhi says Congress leaders will meet with alliance partners tomorrow to discuss and decide on the next steps after the election results. The Congress party performed better than expected. Rahul Gandhi did not rule out the possibility of forming a government by splitting Narendra Modi's alliance.
Why does this matter ?
This matters because it indicates a potential shift in public sentiment away from the ruling BJP party, which could have significant implications for the future political landscape of India. The results of these elections could have significant implications for the future political landscape of India.
Our take
This change in Indian politics may have an impact on our two countries' trade agreements and diplomatic relations. Australian officials must closely monitor the situation and adjust their strategies accordingly.
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🔥 HOT COPY
Australia Eases Military Recruitment Rules for Foreigners
In order to fill out its ranks, the Australian Defence Force (ADF) will accept recruits from various nations, including the UK.
Australia is addressing a shortage of recruits while strengthening its armed forces in response to what it claims are growing regional threats.
The Background
The Australian Defence Force (ADF) is facing a shortage of about 4,400 workers.
As outlined in the National Defence Strategy, Defence must recruit, retain, and develop a highly specialized and skilled workforce.
From July 1, 2024.
To help achieve this, Defence is expanding the eligibility criteria to enable more people to join the ADF, including permanent residents who have been living in Australia for 12 months.
Under this expanded criteria, from July 2024 onwards, eligible New Zealanders who are living in Australia can apply to join the ADF.
Additionally, starting from January 2025, eligible permanent residents from the United Kingdom, United States, and Canada will also be able to apply to join the ADF.
Opposition Leader Peter Dutton
Peter Dutton, the Opposition Leader, said there was a “lack of detail” in the government's plans to recruit permanent residents from other countries into the military.
Deputy Prime Minister, the Hon Richard Marles MP:
“Australia and New Zealand have a longstanding relationship – opening the Australian Defence Force to New Zealanders living in Australia will increase opportunities whilst strengthening our ANZAC bond.
“The Australian Government has chosen to grow the Australian Defence Force because it is essential to meet the nation’s security challenges through the next decade and beyond.”
Minister for Defence Personnel, the Hon Matt Keogh MP:
“Our people are our most important capability, but reversing the Defence recruitment shortfalls of the last Government requires innovation – we’re being bold in order to grow the Australian Defence Force.
“Recruiting from a wider pool of people, will help ensure our Australian Defence Force reflects the full diversity of Australia and is able to draw on the talents of the entirety of Australian society.”
🛒 MARKET EDGE
Northern Minerals Limited Confirms Data Breach
Northern Minerals Limited's cyber security consultant confirmed the data breach today and that some exfiltrated data was released on the dark web.
The Background
Northern Minerals became aware of the breach in late March 2024. In line with the company’s governance practices and protocols, Northern Minerals immediately notified external stakeholders, including the Australian Cyber Security Centre and the Office of the Australian Information Commissioner.
The Revelation :
The extracted data included corporate, operational, and financial information, details on current and former personnel, as well as shareholder information. The process of notifying relevant affected individuals is currently underway.
Earlier, ABC Australia disclosed that a suspected cybercriminal group claimed to have successfully stolen data from the Australian mining company online, one day after the treasurer's announcement.
The hacker, identified as "Bian Lian," boasts of acquiring financial, strategic, operational, and personal employee data from Northern Minerals Limited in a message posted on a data leak website.
The hacker also states that they have "corporate email archives" and "data on shareholders and potential investors" in a post on the dark web.
Treasurer Jim Chalmers
On Monday, Mr. Chalmers ordered Yuxio Fund and four other foreign businesses connected to China to sell their ownership of Northern Minerals, the company operating the Browns Range mine in Western Australia's Kimberley region.
The Australian company's goal is to become the leading producer of dysprosium, a crucial component in electric vehicles, surpassing China.
Home Affairs
The Home Affairs Minister's office stated that they were in communication with the company and were aware of the incident.
Northern Minerals Statement :
The breach has not had a material impact on the company’s operations or broader systems. Following the breach, the company has reviewed its processes and taken actions to enhance its systems. Northern Minerals will provide further updates as and when appropriate.
Northern Minerals will provide further updates as and when appropriate.
Why does this matter :
This hack serves as a reminder of the value of cybersecurity safeguards for sensitive data and the ongoing system development that businesses must undertake to keep such incidents from happening again. Concerns are also raised regarding the possible effects on investor confidence and the market standing of the company.
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🌎 World Tonight
🇺🇸 United States. The U.S. urged the U.N. Security Council on Monday to support President Joe Biden's three-phase plan to end the nearly eight-month Gaza war, free all hostages, and send massive aid into the devastated territory.
🇮🇳 India. When the world's largest election results are announced today, Narendra Modi is expected to win a rare third term.
🇬🇧 United Kingdom .US court papers claim a British bank that escaped money laundering charges funnelled billions of dollars to terrorist funders.
🇰🇷 South Korea . South Korea suspended a contentious military agreement with North Korea on Tuesday and resumed frontline military activities as tensions rise over the North's trash-carrying balloon launch.
🇨🇳 China. On Sunday, a Chinese spacecraft landed on the moon's far side to collect soil and rock samples to compare with the near side.
🏅VIEWPOINT 360
Social media bans distract from real issue
By Aleesha Rodriguez and Michael Dezuanni, Queensland University of Technology and Tama Leaver, Curtin University in Brisbane
Proposed social media bans are distracting us from the real issue — how to make digital experiences better for children.
Governments across Australia are proposing social media bans for children under 14 or 16 depending on the jurisdiction.
It's a move being backed by Prime Minister Anthony Albanese, with the federal government committing $6.5 million towards a trial of age verification technology.
But bans can prevent children from discussing how they're using online spaces with trusted adults in their lives and risk driving any subsequent social media use underground. [Read more]
📰 Good News, Inspiring, Positive Stories
Research suggests higher intake of fruit reduces development of depression
Globally, depression is a major public health concern. According to the World Health Organisation it is the largest contributor to non-fatal burden of disease, with more than 80% of this burden represented across low- and middle-income countries.
A growing body of evidence suggests that dietary behaviours – in particular higher consumption of fruit and vegetables – may be important in reducing the risk of depression.
New research led by Post Doctoral Fellow Annabel Matison from UNSW Sydney’s Centre for Healthy Brain Ageing (CHeBA) has for the first time addressed the lack of research evidence that exists for older adults or for people in low- to middle-income countries.
“Compared with depression in younger adults, depression in older adults has a greater impact on physical performance and cognition and is associated with lower quality of life and higher death rate,” says Matison.
“Our aim with this study was to examine the associations between fruit and vegetable intake and depression in adults 45 years and older.”
Participants in the study came from multiple regions across six continents, including the United States, Sweden, Brazil, Nigeria, Malaysia and Australia. All data was collected and harmonised from ten longitudinal studies, with all groups part of the CHeBA-led Cohort Studies of Memory in an International Consortium (COSMIC).
The research, published in the Journal of Affective Disorders, assessed 7,801 community-based adults without depression, and revealed a beneficial association between higher fruit intake and lower risk of depression over the nine year period. [Read more]
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