🚀China's Dangerous Behavior Escalates Tension with Australia

May 07, 2024

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The S&P/ASX 200 closed 110.9 points higher, up 1.44%.

The S&P/ASX 200 (XJO) closed exactly at its session high of 7,793.3, up 110.9 points. Advancers outperformed decliners by an impressive 238 to 41 in the more general S&P/ASX 300 (XKO). [Read more]

💡Here are a few headlines from this morning:

During a United Nations mission in international waters, the Australian government claims that a Chinese fighter jet dropped flares close to an Australian helicopter.
The landlord of the opulent waterfront house Bruce Lehrmann stayed in for a year at no cost as part of an arrangement with Seven Network is suing him.
A woman from Australia has entered a not guilty plea to charges of murder after it was claimed that she poisoned three people with a mushroom lunch.

🗳️ HEADSTART

Victorian Budget Delays Infrastructure Projects Amid Rising Debt

As the Victorian government cuts major project spending to kerb spiralling debt, the much-anticipated rail line to Melbourne Airport has encountered more turbulence.

Treasurer Tim Pallas disclosed Tuesday that Melbourne Airport Rail will be finished at least four years after its original 2029 completion date when he unveiled his tenth state budget.
Early work on the massive rail project started in 2022, but it has since stopped because of a disagreement between the airport and the government about whether the Tullamarine station should be underground or elevated.[Read more]

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🔥 HOT COPY

Chinese Actions Labeled "Unprofessional and Unacceptable" by PM Albanese

Australia's risky helicopter interception in international waters, the source of the most recent military skirmish between the two nations, has angered China's Foreign Ministry.

China has been accused by Australia of acting dangerously. However, Australia was placed at fault by Chinese Foreign Ministry spokesman Lin Jian, who claimed that the helicopter "deliberately flew within close range of China's airspace in a provocative move". [Read more]

🛒 MARKET EDGE

RBA Sticks to 4.35% Interest Rate, No Decision on Future Hikes

The Reserve Bank of Australia decided to leave the cash rate target unchanged at 4.35 per cent and the interest rate paid on exchange settlement balances unchanged at 4.25 per cent.

For the first time, the RBA has declined to raise rates following a 1% increase in quarterly inflation, following the release of stronger-than-expected inflation data by the Australian Bureau of Statistics last month.

In spite of this, the move was largely anticipated; markets had only priced in the possibility of a hike at five to ten percent. This is because most economists think the bank will wait to determine whether the spike was an isolated incident or an indication that prices have turned down.high rate of inflation and is not making any rulings. [ Read more]

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🌎 World Tonight

As Israel ignored dire warnings from close allies and advanced into the southern city on Tuesday, even as cease-fire talks with Hamas remained precarious, Israeli tanks took control of Gaza's crucial Rafah border crossing. [AP]
In a ceremony held at the Kremlin on Tuesday that the US and other Western nations boycotted, President Vladimir Putin took the oath of office for a second six-year term and hinted that he might be open to nuclear negotiations with the US. [REUTERS]
During his hush-money trial in New York, former US President Donald Trump was found in contempt of court for the tenth time for breaking a gag order. [BBC]

🏅VIEWPOINT

Australian Internet Users Among Top Payers for Digital Content.

Meltwater and We Are Social have released Digital 2024: April Statshot, a quarterly update on social media and digital trends worldwide. The report highlights the global Internet adoption figure, with over two-thirds of the world's population now online, marking a 3.4% annual increase in internet users. At a local level, Australia ranks among the top nations for paying for digital content, especially video and music, and has one of the highest percentages of gambling app users.

Australians are more likely to worry about their privacy and are more likely than others in other countries to decline cookie use. While overall, social media use has declined, TikTok still leads the way for platform use. The power of search and organic activity outweighs paid search, and Gen Z connection over doom scrolling is highlighted. [Read more]

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📰 Good News, Inspiring, Positive Stories

First Ever Swarovski Couture Looks Illuminate Met Gala Red Carpet

Swarovski shone on the Met Gala red carpet last night with five one-of-a-kind couture looks envisioned by Swarovski Creative Director Giovanna Engelbert, accompanied by the Spring/Summer 2024 campaign cast and friends of the House Karlie Kloss, Irina Shayk, Imaan Hammam, and Anok Yai.

Swarovski’s long heritage in the world of haute couture dates back to Paris in the 1890s, and its crystals have enhanced some of the Met Gala's most memorable red carpet looks with shimmering allure. This year is the first time that the Austrian house has created couture gowns for the occasion.

Giovanna Engelbert responded to the ‘Garden of Time’ dress code with five unique ensembles inspired by elements of Nature found in the enchanted garden of JG Ballard’s short story. Showcasing the 129-year-old brand’s artistry and savoir-faire, the couture creations were embellished with hundreds of thousands of precision-cut crystals overlaid with intricate jewels and embroidery. Each look reflected one of Swarovski’s joyful house colors - green, pink, yellow, blue, and white - completed with exquisitely-crafted jewellery pieces from its signature families, which merged with the bejeweled gowns.

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