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Good Evening .
👋 I’m Miko and welcome back to the Evening Post Wrap.
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The S&P/ASX 200 closed 61.5 points higher, up 0.81%.
The S&P/ASX 200 (XJO) closed 61.5 points higher at 7,637.4, down 0.81% from its session low and 0.12% from its high. Advancers outnumbered decliners 254 to 35 in the S&P/ASX 300 (XKO).
Real Estate (XRE) (+1.7%) was the best performer today, likely due to a modest market rate pullback in the bond market since Friday. I think this sector is most sensitive to market interest rates, with lower being better. [ Read more - Carl Capolingua ]
💡Evening’s Headlines
Following the national election in the Solomon Islands, Manasseh Sogavare, the country's pro-China leader, has dropped out of the running to become the next prime minister.
As part of a significant overhaul that it has attributed to the weak economy, casino operator Crown Resorts is laying off roughly 1,000 employees, according to the Guardian Australia.
🗳️ HEADSTART
Aussies Lost $2.74 Billion to Scams in 2023, Despite 13.1% Decrease
For the first time since 2016, Australians lost $2.74 billion to scams in 2023, a 13.1% decrease from the year before.
The federal government claims that although the National Anti-Scam Centre is making the public aware of frauds that they should be wary of, more needs to be done to prevent further phishing, romance, and investment scams.
The report uses data from Scamwatch, ReportCyber, the Australian Financial Crimes Exchange (AFCX), IDCARE, and ASIC. [Read more]
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🔥 HOT COPY
" I'm the Prime Minister" - Albanese's Controversial Claim Sparks Outrage
There is new video that appears to show Prime Minister Anthony Albanese getting into a heated argument with the event organiser Sarah Williams during Sunday's No More: National Rally Against Violence demonstration in Canberra.
After claiming he had asked to speak at the event but was later denied, Mr. Albanese got into a lot of trouble. Williams called that a "full out lie" and broke down in tears. [Read more]
🛒 MARKET EDGE
Equal Pay: ACTU Pushes for 9% Wage Increase
Workers in key feminised industries should receive at least a 9% pay rise in the Annual Wage Review, according to the ACTU's submission to the Fair Work Commission today.
This increase would be a crucial step in achieving equal pay for workers in occupations that have historically been undervalued on the basis of gender - including caring and professional occupations in early childhood education, education and health support services, veterinary care and home care for people with disabilities.
The 9% pay rise demand is based on the ACTU's 5% increase across all awards, plus at least an additional 4% in key low paid feminised industries. [Read more]
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🌎 World Tonight
With China's major banks scaling back their involvement in financing Russia-related transactions, certain Chinese companies are seeking alternative options. These include smaller banks located on the border and underground financing channels like money brokers, and even resorting to banned cryptocurrency. [REUTERS]
U.S. Secretary of State Antony Blinken said Monday that Israel must do more to increase humanitarian aid into the besieged Gaza Strip and that he will use his seventh Middle East trip since the October Israel-Hamas war to press Israeli leaders. [AP]
As southern Kenya struggles with weeks of heavy rains and flash floods, a dam burst, destroying homes and vehicles and killing at least 35 people. Dozens more are missing. [CNN]
🏅VIEWPOINT
Loss, Destruction, and a Will to Keep Going: The Regional Outlets Reporting on Gaza
The war in Gaza has exacted a punishing toll: over 34,000 Palestinians are reported to have been killed, huge swathes of the strip have been damaged by shelling, and the population faces a humanitarian crisis.
The sheer level of destruction, along with internet and electricity outages, have made it incredibly difficult to report from the area.
The conflict has had a particularly devastating effect on reporters. The Committee to Protect Journalists (CPJ) records 97 media staff as having been killed in the war as of April 28, 2024 — 92 Palestinians, three Lebanese, and two Israelis — which together with the toll of those injured and missing make it “the deadliest period for journalists since CPJ began gathering data in 1992.” [Read more]
📰 Good News, Inspiring, Positive Stories
Patterson Construction Steps Up to Complete Unfinished Homes in Perth Amidst Industry Crisis
Patterson Construction has become a ray of hope for struggling homeowners in the wake of the continuous unrest in the building sector, which has resulted in the closure of numerous construction companies in Perth. Patterson Construction is devoting its resources to assisting these families in realising their dream homes as a number of construction companies fail, leaving many residential projects unfinished.
The original goal of Patterson Construction, which was founded by industry veteran Lucas Patterson, was to create custom dream homes for customers. But after observing the alarming pattern of builders going bankrupt in the previous two years, Lucas changed the company's emphasis to rescuing abandoned projects. This change is in line with his lifelong dedication to giving back to the community and supporting low-income families.
It is devastating to watch a family's dream come crashing down. Many come to us in a state of distress, their homes in limbo," Patterson Construction's founder, Lucas Patterson, said. "Building houses has never been the only aspect of our mission. It has to do with building communities and dwellings. Helping these families is not only our responsibility, but also a privilege.
Numerous houses that were abandoned in varying states of completion have been effectively finished by Patterson Construction. The company possesses a highly skilled team with extensive experience in crisis management and quality construction, making it ideally suited to tackle the difficulties posed by partially constructed structures.
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