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👋 I’m Miko and welcome back to the Evening Wrap.
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The S&P/ASX 200 closed 34.2 points higher, up 0.44%.
The S&P/ASX 200 (XJO) rose 34.2 points to 7,749.7, up 0.46% from its session low and 0.36% from its high. Advancers outnumbered decliners 168 to 99 in the S&P/ASX 300 (XKO).
The Information Technology (XIJ) (+2.1%) sector performed best today, likely due to another strong performance on the tech-heavy Nasdaq Composite Index in the US overnight. Due to UBS's buy recommendation, metal detection and prospecting device company Codan (ASX: CDA) led the sector. [ Read More]
💡Here are a few headlines from this morning:
Two Officers Charged with Assaulting 92-Year-Old Man in Sydney. Charges have been brought against two police officers for allegedly assaulting a 92-year-old man while they were responding to a domestic incident report at a south-west Sydney residence.
ABS: Australia's Population Surges by 2.5% in 2023. The Australian Bureau of Statistics (ABS) today released the most recent population figures for Australia, which show that the country's population increased by 2.5 per cent to 26.97 million in 2023.
Malinauskas Government's Groundbreaking Electoral Donations Ban. The Malinauskas Labour Government will lead the world in banning electoral donations through laws with harsh penalties for violators.
🗳️ HEADSTART
Anthony Albanese Supports Dutton's Plan to Ban Social Media for Under-16s
Here is the audio clip from the Press Conference in Adelaide
Following Peter Dutton's declaration that, should he win the next election, a Coalition government would ban under-16s from using social media within a hundred days, Anthony Albanese denounced social media as a “scourge” and reiterated his support for the ban.
Peter Dutton
On Wednesday, the opposition leader declared that implementing a ban would be one of his top priorities if he were to assume office. The social media world is a challenging environment for children, particularly younger ones. They are more likely to experience mental health issues, body image issues, and bullying.
To address this issue, implementing age verification and setting up proper guardrails to prevent young, impressionable minds from accessing social media is crucial. The current approach is either to allow companies to profit at the expense of Australian children and their future or to implement age verification and guardrails to ensure a safer online environment for all.
Shadow Minister for Communication, David Coleman
Facebook and Instagram already use age verification in limited circumstances for dating in the US and Instagram. The technology is not impossible or unattainable, as it is already happening and improving. Companies will be required to comply with the new law, which includes penalties if they don't comply. Further details will be released in due course.
PM Anthony Albanese
Mr. Albanese states that social media is negatively impacting the anxiety and mental health of young people. Mr. Albanese advocates for increasing the time spent on sports and related activities and, if successful, proposes implementing a phone ban. According to Mr. Albanese, social media has a social duty and ought to put young people's interests first. Mr. Albanese is conducting a trial to ensure the effectiveness of policies and to prevent global corporations from exploiting loopholes to evade addressing the issue.
"Well look, I think that sixteen is a reasonable age. That's what we're looking at in the work that we've done, that's what I've said before. Peter Dutton, it's good that he's caught up, and I welcome him catching up." Mr. Albanese said.
Why does this matter :
This is important because young people's mental health and wellbeing are at risk due to social media's detrimental effects, which are essential to address for their overall development.
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🔥 HOT COPY
ACCC Expresses Concerns Over Sigma-Chemist Warehouse Merger
The Australian Competition and Consumer Commission (ACCC) has identified preliminary concerns regarding the competitive impact of Sigma Healthcare Limited's proposed acquisition of Chemist Warehouse Group Holdings (ASX: SIG) in a recently released Statement of Issues.
The Background
Sigma is acquiring Chemist Warehouse in a reverse acquisition, which will result in Chemist Warehouse being listed on the ASX. Following the merger, Chemist Warehouse shareholders will collectively hold 85% of the merged entity, while Sigma shareholders will hold 14.75%.
ACC
The Australian Competition and Consumer Commission (ACCC) is concerned that the proposed acquisition could have a detrimental impact on pharmacies currently supplied by Sigma, resulting in a notable reduction in competition in pharmacy retailing.
Additionally, the ACCC is concerned that the merger may facilitate Chemist Warehouse's access to and exploitation of sensitive data about pharmacies supplied by Sigma, which could potentially impede competition.
The ACCC is concerned that the acquisition may reduce competition in pharmacy retailing by influencing the competitive landscape between Chemist Warehouse and Sigma's banner stores.
Sigma
Sigma is one of the largest wholesalers of prescription medicines, over-the-counter medications, and front-of-store products such as health and beauty items. Additionally, Sigma offers brand and support services to community pharmacies that operate as franchisees under Sigma banners, including Amcal +, Discount Drug Stores, PharmaSave, and Guardian.
Chemist Warehouse
Chemist Warehouse is a franchisor of pharmacies and retail stores under the brands Chemist Warehouse, MyChemist, Ultra Beauty, My Beauty Spot, and Optometrist Warehouse. Furthermore, it offers brand and support services to its franchisee pharmacies.
Why does this matter?
This is significant because an understanding of the structure and operations of these major pharmacy chains can provide insights into the competitive landscape of the pharmaceutical industry.
This, in turn, can influence consumer access to medications and healthcare products to a considerable extent. Moreover, an understanding of the various services and support provided by these chains can empower consumers to make informed decisions about where to purchase their medications and health products.
🛒 MARKET EDGE
ABS Reports Unemployment Rate Drop to 4.0% in May
The Australian Bureau of Statistics (ABS) reported a decrease in the seasonally adjusted unemployment rate to 4.0% in May, with employment increasing by around 40,000 people and the number of unemployed falling by 9,000 people.
The Revelation
This resulted from an increase in employment and a fall in unemployment, leading to a seasonally adjusted employment-to-population ratio of 64.1% and a participation rate of 668.8%.
The decrease in the unemployment rate to 4.0% was due to increased employment. The employment-to-population ratio remained unchanged at 64.1% in May. The participation rate remained steady at 66.8%. The unemployment rate has risen by 0.3 percentage points since May 2023 but remains 2.0 percentage points lower than March 2020.
Hours Worked
Hours worked fell by 0.5% in May, reflecting more employed people working fewer hours due to illness. The underemployment rate remained steady at 6.7% in May 2024, while the underutilisation rate remained steady at 10.7%. The trend unemployment rate rose to 4.0% in May, up from the revised 3.9% in April. Employment grew by 39,000 people, which continued to be faster growth than the 20-year pre-pandemic average.
Underemployment and underutilisation
The employment-to-population ratio in May remained at 64.1%, near the historically high levels seen throughout 2023 and 1.9 percentage points higher than March 2020.
The participation rate has stayed at 66.7% for 12 consecutive months, significantly surpassing the 65.6 percent recorded in March 2020. The participation rate is notably high for women at 62.7% and men at 70.8%, highlighting a gender gap of approximately 8.0 percentage points over the past year.
Why does this matter ?
The high participation rates suggest a robust labor market and the potential for sustained economic growth. However, The gender gap in participation rates underscores the necessity for policies to overcome barriers that hinder women from full participation in the workforce.
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🌎 World Tonight
🇮🇹 Italy. A G-7 summit opens Thursday with agreement on a U.S. proposal to back a $50 billion loan to Ukraine with frozen Russian assets as collateral, giving Kyiv strong support as Europe's political chessboard shifts right.
🇺🇳 United Nations. The UN's first in-depth investigation into the October 7 attacks and the Gaza war found Israel and Hamas committed war crimes and grave violations of international law in the first few months.
🇮🇱 Israel. On Thursday, a senior Hamas leader told Reuters that the changes it has requested to a US ceasefire proposal are "not significant" and include the complete withdrawal of Israeli troops from Gaza.
🇨🇺 Cuba. Ahead of several scheduled military drills in the Caribbean, Russian navy ships have docked in Cuban waters.
🇰🇼 Kuwait. India's external affairs ministry reported that a Kuwaiti foreign worker building fire killed at least 40 Indians and injured over 50. Local officials suspected code violations caused the fire.
🏅VIEWPOINT 360
Why ICC warrant against Netanyahu has baffled the West
By Vineet Thakur, Leiden University and Peter Vale, University of Pretoria in Leiden
A US politician allegedly said the ICC was 'built for Africa and thugs like Putin' and in a way they were right. That might now be finally changing.
Israel’s most recent bombing of a refugee camp in Rafah, which killed at least 45 Palestinians, flew in the face of international law. [Read more]
📰 Good News, Inspiring, Positive Stories
Dementia Expert Honoured with Lifetime Achievement Award
At the 2024 Australian Dementia Research Forum, Co-Director of the Centre for Healthy Brain Ageing (CHeBA) Professor Henry Brodaty AO was acknowledged for his lifetime service to dementia.
In 1982, 42 years ago, inspired by his own personal experience and what was happening in USA and UK, Henry Brodaty led a group that established the Alzheimer's Disease and Related Disorders Society or ADARDS, NSW. Similar organisations sprang up across other states, and in 1984 they formed ADARDS Australia, later rebranded as Alzheimer's Australia and now as Dementia Australia.
What Henry and his colleagues triggered was the beginning of a movement that was to transform care, support, public policy and research in Australia and internationally. This worldwide movement we know as Alzheimer's Disease International, which now has 120 national associations as members. [Read more]
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