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👋 I’m Miko and welcome back to the Evening Post Wrap.
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The S&P/ASX 200 closed 66.9 points lower, down 0.85%.
The S&P/ASX 200 (XJO) fell 66.9 points to 7,814.4, 0.59% from its session high and 0.05% from its low. A disappointing 67 to 233 separated advancers and decliners in the S&P/ASX 300 (XKO).
XJO rose 65.4 points, or 0.8%, for the week. It closed 1.29% above and 1.09% below the week's low and high.
Since only one of the eleven major ASX sectors was up today, identifying the best performer was easy! The Materials (XMJ) (+0.39%) sector benefited from rising base metals prices, particularly copper (see ChartWatch for technical analysis), but lithium stocks dominated. [Read more]
💡Here are a few headlines from this morning:
Investing in Australia's Security and Resilience. The Albanese Labour Government is investing $1.2 billion in programmes, initiatives, and coordinated responses through the Department of Home Affairs and the Australian Border Force to make Australia safer, secure, and more resilient.
Three A-League soccer players charged over alleged betting corruption. Following an investigation by the Organised Crime Squad into claims of betting corruption under Strike Force Beaconview, three A-League players have been charged.
Monash University's Pro-Palestinian Encampment Dismantled. The University of Queensland is demanding that the pro-Palestinian protest camp on its campus be disbanded, while a pro-Palestinian protest encampment at Monash ended.
🗳️ HEADSTART
Treasurer Chalmers Criticizes Dutton's "Unhinged" Budget Reply
The opposition leader's budget reply, which suggests cutting immigration, has been characterised by Treasurer Jim Chalmers as a "unhinged and risky rant".
Peter Dutton stated in his speech on Thursday night that the Coalition would limit the amount of permanent visas awarded in the next two years to 140,000 if elected.
The government's cap on permanent immigration is currently 185,000, down from 190,000 the previous year. [Read more]
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🔥 HOT COPY
Strong Condemnation of North Korea's Illegal Arms Exports to Russia
Together with its international allies, Australia is putting targeted financial sanctions on six more companies connected to North Korea's export of weaponry and related supplies to Russia.
Australia strongly opposes Russia's acquisition and deployment of North Korean ballistic missiles in support of Russia's all-out invasion of Ukraine, as well as North Korea's illicit exports. [Read more]
🛒 MARKET EDGE
SkyCity and AUSTRAC Propose $67 Million Penalty for AML/CTF Act Breaches
Due to the casino's violation of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act), skyCity Adelaide Pty Ltd (SkyCity) and AUSTRAC have jointly filed submissions with the Federal Court of Australia, suggesting a $67 million fine.
Justice Lee will review the parties' proposed settlement at a scheduled court hearing on June 7, 2024.
The appropriate penalty will be decided by the court, even though AUSTRAC and SkyCity concur that a $67 million penalty is reasonable under all the circumstances. [Read more ]
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🌏 World Tonight
🇫🇷 France .Authorities in the northern French city of Rouen have reported that an armed attacker who was attempting to set fire to a synagogue was shot and killed by police.
🇺🇸 United States. On Thursday, fast-moving thunderstorms hit southeastern Texas for the second time this month, killing at least four people, blowing out windows in high-rise buildings, downing trees, and knocking out power to over 900,000 Houston homes and businesses.
🇲🇾 Malaysia. A police station in Johor Bahru was attacked early Friday (May 17), prompting Malaysian police to arrest seven people as they search for more than 20 Jemaah Islamiyah (JI) members.
🇨🇳 China. On Friday, Russian President Vladimir Putin will emphasise trade near the Russian border in China's north-east after promising a "new era" of strategic partnership with Xi Jinping.
🇧🇷 Brazil. A majority of FIFA's 211 members chose Brazil to host the 2027 FIFA Women's World Cup over Belgium, the Netherlands, and Germany.
🏅VIEWPOINT 360
Student protests look familiar but march to a different beat
By James Arvanitakis, The University of Western Australia in Perth
Student demonstrations at many universities, sparked by the Israel-Hamas conflict, revive an old legacy. But these are different times.
UPDATE: Students at universities across Melbourne are refusing to disband pro-Palestinian encampments as tensions between them and university administrators rise.
Classes have been cancelled at the University of Melbourne after protesters occupied an arts building on Wednesday. Deakin University students have also refused to remove their encampment following a second order to do so from university management. [ Read more]
📰 Good News, Inspiring, Positive Stories
Global sustainability leader José Manuel Entrecanales awarded honorary doctorate
RMIT Council has recognised the Spanish businessman’s contributions to sustainability and innovation across the clean energy and regenerative infrastructure sectors with the award of an Honorary Doctorate of Business honoris causa.
Entrecanales is the Chairman and CEO of ACCIONA, a global business headquartered in Spain with a significant Australian business, that is focused on sustainable solutions for climate change mitigation, adaptation, resilience and the decarbonisation of the economy.
Originally a construction company, ACCIONA – under Entrecanales’ leadership – has transformed to become a global leader in infrastructure and renewable energy with sustainability as its hallmark.
The company has since expanded to more than 40 countries and focuses on contributing to economic and social development while significantly reducing greenhouse gas emissions.
The company has been present in Australia since 2002. In 2009, ACCIONA Energía energised operations on the Waubra Wind Farm in Victoria (192MW), at the time the largest wind farm in the southern hemisphere.
ACCIONA is a leader in the development of transport infrastructure including a significant component of Victoria's Level Crossing Removal project, which is improving safety and reducing congestion, and the M80 Ring Road Completion that will seamlessly connect people across Victoria. [Read more]
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