Live ASX News Today

• 29^th Jan 12:14 AM AEDT

  Morrison announces further A$1B investment for Great Barrier Reef

  

  Image source: © Lucidwaters | Megapixl.com

  The Australian Prime Minister, Scott Morrison, has decided to offer funding worth AU$1 billion for the Great Barrier Reef. The objective of the investment is not only to improve water quality but also to safeguard 64,000 jobs at the Great Barrier Reef after a mass coral breach. In addition to that, the funding is also expected to save tourism money worth AU$6.4 billion concerning the Reef.

  The Morrison government has informed that approximately AU$579.9 million out of AU$1 billion will be contributed to cure erosion, improve land conditions and prevent nutrient and pesticide run-off at the Reef.

  Another AU$252.9 million of the total amount will be contributed to the Crown of Thorns Starfish program (COTS) led by the Great Barrier Reef Marine Park. This program aims to monitor and prevent illegal fishing.

  The remaining amount will be contributed to improving the science behind reef resilience and traditional owner and community-led projects.

  Morrison government has further informed that this funding is an addition to its previously committed AU$2 billion funding for the Reef 2050 plan. The government has also promised to address scientific research funding in future for coral seeding projects, reef stabilisation programs, developing heat resistant coral, climate adaptation campaigns with turtles and other aquatic animals.

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• 29^th Jan 12:13 AM AEDT

  Coal prices surge amid ongoing tension in Ukraine

  

  Source: © Milslav78 | Megapixl.com

  Coal prices have surged worldwide to record-high levels amid an ongoing crisis in Ukraine, raising expectations that European buyers will start loading fossil fuels.

  • The ongoing tension between Russia and the US has created a gas supply concern in European countries.
  • The benchmark Newcastle coal index reached US$262 per tonne, fuelled due to a month-long export ban by Indonesia.
  • Europe relies on Russia for nearly 35% of its natural gas and the region has been struggling with gas shortage since last summer, sending local gas prices to record high levels in the last year.
  • Worldwide coal prices soared amid ongoing tension in Ukraine which added worries to coal supply. Likely, gas prices also rallied with rising tension between Russia and the US.
  • To avoid the energy crisis in the region, Europe stepped forward to import coal, further tightening supplies that were yet to recover from Indonesia's coal ban.

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• 29^th Jan 12:11 AM AEDT

  Tin price reaches record high levels on supply chain disruptions

  

  Source: © Edhardream | Megapixl.com

  Tin prices are trading near all-time-high levels amid ongoing supply disruptions and low inventories. Three-month tin hit US$44,200 per tonne on 21 January 2022 at London Metal Exchange (LME).

  • The inventories at LME associated warehouses were at 2,059 tonnes. The stockpiles have made a substantial recovery from the lows of November 2021 but are still below of 2020 average of 5,000 tonnes.
  • Additionally, various measures to curb the spread of COVID-19 in Myanmar have caused disruptions in shipment, restricting the export of refined tin outside of China.
  • Meanwhile, Malaysia Smelting Group, the third biggest refiner has declared force majeure on deliveries in June. Apart from this, tin smelters in China have reduced the output after curbs in power consumption in the country.
  • The latest trigger in the prices of tin was underpinned by Indonesia's decision to delay shipments on administrative grounds.

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• 29^th Jan 12:09 AM AEDT

  New human rights report calls out on corporate reforms

   

  Image source - © Mishkacz | Megapixl.com

  As per the latest report of the Australian Human Rights Law Centre, ‘Selling Out’, Australia requires extensive reforms to curb corporate power in Australian politics.

  According to the new report, HRLC has highlighted three industries – gambling, fossil fuels and tobacco. HRLC has claimed that these industries distort Australian politics via political donations, public attack campaigns and lobbying.

  Therefore, all these activities are considered illegal.

  The Law Centre advised for more transparency of political donations. It says that all those over
  AU$6,000, public disclosure of ministerial diaries should be banned. 

  Also, the rotating door between political life and corporate lobbying should end. 

  However, other reforms initiated by the Law Centre include a solid federal anti-commission. As per the report, all the organisations campaigning during the elections should have a spending cap.

  The report has examined three public campaigns - including the mining industry’s campaign, Clubs Australia’s campaign and the tobacco lobby’s attempt to block plain packaging laws.

  The law centre has proposed closing a loophole allowing the companies to hire the lobbyists directly.

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