Tesla Model S Plaid Deliveries Start In First Gear; S&P 500 Hits High; Google, RH In Buy Zones| Investor’s Business Daily


Dow Jones futures rose slightly Friday morning, along with S&P 500 futures and Nasdaq futures. The stock market rally on Thursday shrugged off a hot inflation report, with the S&P 500 index hitting a record high and Treasury yields fresh lows.




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A bipartisan group of senators announced an infrastructure deal late, but will party leaders back it? Tesla CEO Elon Musk held a low-key, no-surprise Model S Plaid event Thursday night, announcing that deliveries will start with a slow ramp up.  Tesla stock rose slightly early Friday after reclaiming a key level Thursday.

In Thursday’s session, several stocks broke out or flashed buy signals, including RH (RH), Signet Jewelers (SIG), Zscaler (ZS), CrowdStrike (CRWD), Google parent Alphabet (GOOGL) and Adobe (ADBE).

Meme stocks sold off Thursday, including GameStop (GME), AMC Entertainment (AMC), Clover Health (CLOV), Bed Bath & Beyond (BBBY) and Workhorse Group (WKHS).

Some bounced back somewhat, including GME stock and AMC.


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Homebuilders fell sharply, including Century Communities (CCS), LGI Homes (LGIH) and D.R. Horton (DHI). That continues their weak performance despite sliding Treasury yields.

Several hot stocks sold off as share offerings priced, after the sale plans knocked them earlier this week. Those include Celsius (CELH), PLBY Group (PLBY) and Rev Group (REVG). All three lost 15% or more. CELH stock has a clearly failed breakout while PLBY stock wiped out an early entry. REVG stock broke below the low of a base.

Adobe and Google stock are on IBD Leaderboard and Long-Term Leaders. Google, CELH stock and CRWD stock are on IBD 50.

Bipartisan Infrastructure Deal?

A bipartisan group of 10 senators — five from each party — say they’ve reached a “tentative understanding” on an infrastructure spending deal without explicit tax increases. The package reportedly includes $579 billion in additional spending. Including baseline outlays, spending would be $974 billion over five years or $1.2 trillion over eight. The senators suggest indexing the gas tax to inflation, providing a de facto increase, and using unused Covid funds.

But it’s unclear if President Biden or congressional leaders from either party will go back it.

Dow Jones Futures Today

Dow Jones futures rose 0.25% vs. fair value. S&P 500 futures climbed 0.15% and Nasdaq 100 futures advanced 0.15%.

The 10-year Treasury yield kept sliding, dipping two basis points to 1.44% after hitting 1.43% overnight.

Copper futures rose 2%, a positive sign for various mining stocks.

Remember that overnight action in Dow futures and elsewhere doesn’t necessarily translate into actual trading in the next regular stock market session.


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Stock Market Rally

The stock market rally rallied at Thursday’s open but then pulled back in late morning, with the Nasdaq briefly turning negative. But the major indexes rebounded.

The 10-year Treasury yield initially rose modestly on the hot inflation report, but reversed lower to 1.46%, setting new three-month lows. Bond traders do not appear concerned with inflation or the Federal Reserve, which meets next week.

The Dow Jones Industrial Average edged up 0.1% in Thursday’s stock market trading, with Apple (AAPL) and Caterpillar (CAT) weighing on blue chips. The S&P 500 index climbed 0.5%. The Nasdaq composite advanced 0.8%. The small-cap Russell 2000 retreated 0.8%.

Among the best ETFs, the Innovator IBD 50 ETF (FFTY) retreated 1.7% due to some sharp individual losers. The Innovator IBD Breakout Opportunities ETF (BOUT) rose 0.5%. The iShares Expanded Tech-Software Sector ETF (IGV) gained 1.8%. ADBE stock is the No. 1 component in IGV, which also owns CRWD and ZS stock. The VanEck Vectors Semiconductor ETF (SMH) rose 1.3%.

SPDR S&P Metals & Mining ETF (XME) dipped 0.4% and Global X U.S. Infrastructure Development ETF (PAVE) slid 1%. U.S. Global Jets ETF (JETS) also fell 1%. SPDR S&P Homebuilders ETF (XHB) retreated 1.1%, with the ETF losses minimized because RH stock is the No. 1 component.

Reflecting more-speculative story stocks, ARK Innovation ETF (ARKK) popped 1.9% and ARK Genomics ETF (ARKG) 2.7%. ARKK closed just below its 50-day and 200-day lines, while ARKG reclaimed those levels on Wednesday. Tesla stock is the No. 1 holding for ARK Invest across its ETFs.


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Tesla Model S Plaid Event

Tesla (TSLA) finally held its Model S Plaid event Thursday night, touting the revamped luxury electric sedan.

The Model S Plaid can go from a rolling start to 60 miles per hour in just under two seconds. But Plaid deliveries will take a lot longer to pick up.

At the end of the brief event, Elon Musk said Tesla will begin deliveries of 25 Plaid sedans “now.” He said that’ll soon pick up to hundreds per week, reaching 1,000 per week in the third quarter.

The EV giant paused Tesla Model S and X production for months as it switched over to “Plaid” versions. Elon Musk originally said in late January that Model S Plaid deliveries would begin in February.

The Model S Plaid looks very similar to the decade-old Model S on the outside. But the interior has been refreshed somewhat. Elon Musk touted the new screens and sound system, as well as the Plaid’s video game capabilities.

On Wednesday, Tesla raised the price of its high-end Plaid by $10,000 to $129,990. But that top-of-the-line Plaid won’t hit 200 mph, as previously claimed, until the right tire and wheel mix is available in the fall.

On Sunday, Musk canceled the Plaid Plus, saying the Plaid is “so good.” The Plaid Plus, which was priced well above the Plaid, was supposed to have a range topping 500 miles.

The Model S Plaid Plus cancellation could reflect further trouble with mass producing 4680 battery cells. If so, that would be a bad sign for the Tesla Semi and Cybertruck, both of which are slated to use the 4680 cells.

The Plaid event had no surprises about batteries, the Cybertruck or any other Tesla vehicle or project.

Tesla stock climbed slightly in premarket trade.

On Thursday, Tesla stock popped 1.9% to 610.12, reclaiming its 200-day line. TSLA stock remains below its sliding 50-day line.

RH Stock

RH stock surged 16% to 707.14, rebounding from its 50-day line and breaking a trend line. The upscale furniture retailer reported booming earnings and revenue growth, guiding higher on sales and margins. RH stock is 8.1% above its 10-week line, so it’s actionable here. But investors could wait to see if it forms a handle. RH stock is on track to have a base with a 733.15 buy point after Friday.

Signet Stock

Signet stock vaulted from its 50-day line to a record high, clearing a flat base with a buy point of 68.39/68.46. Shares hit an intraday high of 74.80 but then slashed gains before rebounding somewhat. Signet stock closed up 14% to 69.58.

The relative strength line for SIG stock hit a new high. The RS line, the blue line in the charts provided, tracks a stock’s performance vs. the S&P 500 index.

Zscaler Stock

Zscaler stock popped 4.55% to 204.91, moving above a double-bottom buy point of 199.60, after hitting resistance multiple times at just below 200. The last time was on May 26, following strong Zscaler earnings. ZS stock broke a tiny trend line earlier in the week.

The RS line for Zscaler stock is off the February peak but is at a three-month high.

CrowdStrike Stock

CrowdStrike, another cybersecurity play with a similar chart to ZS, jumped 6.85% to 228.60, breaking past resistance right around 227. CRWD stock was actionable from a short trend line break; again, much like ZS stock. The official buy for CRWD stock is 251.38.

Adobe Stock

Adobe stock rose just over 4% to 535.52, a record close and clearing a 525.54 early entry in a nine-month consolidation. ADBE stock is 5.8% above its 10-week line, which can be an attractive buying area for Long-Term Leaders. But, Adobe earnings are due June 17, giving new investors little time build a cushion in ADBE stock.

The RS line for Adobe stock is trending higher again, but has fallen significantly since last September.

Google Stock

Google stock edged up 1.1% to 2,435.13, edging past a 2,431.48 buy point from a flat base. The RS line hit a record high along with GOOGL stock, giving the weekly MarketSmith chart a very bullish blue dot.

GME Stock

GME stock plunged 27% to 220.39. GameStop stock is now down 11% for the week despite rising in the prior three sessions.

Late Wednesday, GameStop topped earnings views and named two Amazon execs to be its CEO and CFO. But it also said it might sell 5 million shares of GME stock, at a time when investors are punishing stock offerings. GameStop also disclosed an SEC probe related to trading in the stock.

Executives also again didn’t take questions in a brief GameStop earnings call.

Other Meme Stocks

Clovis Health slumped 15% to 14.34 after reversing from record highs Wednesday to close down 24%. While CLOV stock hasn’t erased Tuesday’s 86% gap-up surge, it has fallen below that day’s low. So anyone who actually bought CLOV stock on Tuesday is now down.

AMC stock skidded 13% to 42.81. Since the wild June 2 gap up, AMC stock has remained within that day’s trading range.

WKHS stock slid 11%. BBBY stock fell 8%.

Most investors should avoid meme stocks. The wild moves offer the potential for huge gains but also massive losses. Given the weak fundamentals and often-poor company prospects, most of these stocks are likely to see huge declines over time.

But if you’re going to play meme stocks, buy them as they clear some plausible resistance on a chart. Do not chase them. Consider using options so you can size your potential loss up front. Consider at least partial profits quickly and be ready to cash out before seeing a massive gain turn into a loss.

Market Rally Analysis

The S&P 500 index finally moved above its early May peak to an all-time high, despite the late morning wobble. The Dow Jones and Nasdaq are closing in on record territory. The Russell 2000 is pulling back but after a strong run.

However, the S&P 500 has been nudging higher, not showing real power in the past couple of weeks. Tracking volume on the major indexes is tricky when meme stocks are in play, with CLOV stock trading more than 700 million shares on Tuesday.

But new buying opportunities continue to appear, as RH, Zscaler and even Adobe stock show. Some stocks rebounded bullishly from early losses, including Roblox (RBLX). Miners and many other stocks are quietly forming positive consolidations.

Chip-gear makers and many medicals had solid sessions.

But it’s still a tricky stock market rally.

Homebuilders are breaking down despite falling Treasury yields. Financials are struggling. After opening higher as the 10-year yield nudged up, they retreated once again as interest rates hit fresh lows.

The brutal sell-offs in CELH stock and others announcing and pricing share offerings is something to note. Sometimes, stocks quickly shake off share offering news, but not always. With a lot of new IPOs in recent months, investors have to be ready for share offerings and lock up expirations.


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What To Do Now

Buying as close to the buy point as possible, at least with your initial position, is crucial in the current market environment. As a stock gets extended, don’t chase it.

To avoid missing out, do your homework. Build up those watchlists, taking a closer look at a select handful of nearly actionable stocks. Stay engaged with the market, using alerts when possible to catch breakouts as they’re happening. That way, you can buy the right stocks at the right time.

Even if you do everything right, some of your buys are going to struggle or fail. The key is to keep those losses small.

Read The Big Picture every day to stay in sync with the market direction and leading stocks and sectors.

Please follow Ed Carson on Twitter at @IBD_ECarson for stock market updates and more.

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Vic blackouts, damage as blast hits Aust | The Flinders News


Hundreds of thousands of Victorians are without power as wild winds and flooding hit the state, while NSW and Queensland are shivering through a cold snap.

Damaging overnight winds up to 120km/h have caused widespread damage across parts of Victoria including Melbourne.

The Victorian SES has had over 3000 call-outs across the state over the past 12 hours, with most for trees down (2577) and building damage (400).

Lilydale and Emerald in the city’s outer southeast were among the hardest-hit areas.

The wild weather has left more than 215,000 Victorian customers without power as at 10am on Thursday, and delayed some Melbourne train services.

To the west of the state, Gippsland is on alert for major river flooding after Mt Baw Baw, Mt Tassie and the Thomson-Yarra Divide all recorded rainfall totals over 200mm.

“That water is all going to come down the hills and hit us,” Gippsland South MP Danny O’Brien told reporters on Thursday.

The Traralgon Creek at Traralgon is nearing its peak and the Thomson River at Sale is likely to peak on Thursday afternoon.

Mr O’Brien, who is returning to his Sale home to monitor the situation, said a local brigade had already been called out three times for people stuck in cars trying to drive through floodwaters.

“Our emergency services have got enough to do without having to try and deal with these issues that can be avoided,” the Nationals MP said.

“If you don’t need to be travelling today stay at home, please be very careful on the roads slow down and don’t drive through floodwaters.”

Victorian SES commander Jackson Bell said he had not seen a weather event like it for some time.

“We’ve got one part of the state experiencing the significant rain and then we’ve got another part of the state, particularly metropolitan Melbourne and other parts, experiencing significant wind,” he told Nine’s Today.

“As you would have seen from the devastation, it will be days to come in the clean up that’s for sure.”

A severe weather warning for damaging winds remains current for southern parts of Victoria, and northern parts of Tasmania are in a similar boat.

In NSW, the regional NSW towns of Orange in the state’s Central West and Oberon in the Central Tablelands have been turned into winter wonderlands.

The cold snap has brought widespread snow in the ranges, with the Perisher Valley receiving a dump of about half a metre.

Sydney is expected to reach only 11C on Thursday as the mercury in some NSW areas dips more than 10 degrees below average for this time of year.

With unseasonably low temperatures in Queensland as well, the Sunshine State’s Granite Belt had also expected a rare dusting of snow.

But it has been a no-show thus far over the peaks around Stanthorpe, with current conditions too dry.

Australian Associated Press



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Wages rise as UK service sector growth hits 24-year high – business live


Rolling coverage of the latest economic and financial news

  • Latest: UK service sector PMI highest since 1997
  • Wages rise amid scramble for staff
  • Markit: UK seeing ‘eye-popping’ growth this quarter
  • But costs are also going up…

Earlier:

10.33am BST

The surge in demand since reopening has left service sector firms scrambling to find staff — and forcing some to lift pay to attract staff.

Today’s services PMI report shows that payroll numbers rose at the fastest pace since March 2015, with survey respondents citing a combination of new hires and the return of employees from furlough.

Tighter labour market conditions and subsequent rises in salary payments added to cost pressures across the service economy in May.

Businesses rushed to increase their operational capacity to meet this demand but were struggling to fill their job vacancies. As staff moved on to other opportunities following the pandemic’s impact on lives and priorities, a potential skills gap in the sector means some firms may struggle to meet their new goals.

This shortfall in talent meant the best candidates were increasingly in demand and demanding higher wages, adding to the highest inflationary rise in business costs since July 2008.

10.02am BST

The UK economy is enjoying “eye-popping” growth as services companies see a surge in demand after lockdown restrictions were eased.

Indications from the purchasing managers that the #UK built on a strong start to the second quarter as the #services #PMI reached a 24-year high in May as it rose to 62.9 from 60.8 in April. May was revised up markedly from flash reading of 61.8

“UK service providers reported the strongest rise in activity for nearly a quarter-century during May as the roll back of pandemic restrictions unleashed pent up business and consumer spending. The latest survey results set the scene for an eye-popping rate of UK GDP growth in the second quarter of 2021, led by the reopening of customer-facing parts of the economy after winter lockdowns.

“Pressure on business capacity due to a spike in demand and staff hiring difficulties emerged as a major challenge for service sector companies in May. Job creation was the strongest for over six years, but backlogs of work accumulated to the greatest extent since the summer of 2014.

Continue reading…

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Fridays Live – Fatty and Fudge: Westernport Hotel at Hastings, 16 High St, Hastings, from 4pm, free entry; playing all your favourite hits with amazing drink specials not to miss


Fridays Live – Fatty and Fudge: Westernport Hotel at Hastings, 16 High St, Hastings, from 4pm, free entry; playing all your favourite hits with amazing drink specials not to miss

Fridays Live – Fatty and Fudge: Westernport Hotel at Hastings, 16 High St, Hastings, from 4pm, free entry; playing all your favourite hits with amazing drink specials not to miss

Details

Date:
June 4
Time:
4:00 pm – 7:00 pm
Cost:
Free
Event Categories:
,
View Event Website

Venue

Westernport Hotel Hastings

16 High St

Hastings,

VIC

3915

Australia

+ Google Map

Phone:
5979 1201
View Venue Website

Organizer

Westernport Hotel Hastings
Phone:
5979 1201
Email:
hotel@westernporthotel.com.au
View Organizer Website

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Mouse Plague Hits Yass


Owner of Jim’s Pest Control- Yass Glen Wynn says the mouse plague affecting much of regional NSW has officially hit the Yass Valley.

“Definitely in the last three weeks, there’s been a significant increase in rodents in Yass, Murrumbateman and the surrounds,” he said.

Compared to a traditional winter of rodent activity, Glen says it’s difficult to compare numbers-wise, but in his opinion, there has been a significant increase in comparison to other winters.

“Well, in winter, we normally see a significant amount of rodent activity as they move into the warmer roof cavities.”

“I can’t really describe it numbers-wise [right now], but it has significantly increased and doesn’t compare to a standard winter,” he said.

Glen says that whilst store-bought baits may be the cheapest alternative, people should be careful with what baits they are using and suggested getting professional advice on what bait to use.

“The first step at the moment is to seek some professional advice, only due to the seriousness of the baiting process,” he said,

Particular care must be taken regarding baits when it comes to households that have pets.

Glen put forward the following things people can do to help protect their property from rodents:

– Keeping all lawns mowed

– Keeping gardens clean and clear

– Putting all their dog food and water away overnight

– Putting everything in airtight lockable containers in the pantries

– Keeping food off the ground

– Regular vacuuming

Whilst these things help minimise the risks of rodent invasion, Glen warned there was no surefire way of protecting your property completely.

“Every house is going to have a tiny crack or crevice that a little mouse can get into; it’s just trying to reduce them being drawn back to the property,” he said.

One Yass resident reported trapping as many as 200 mice in their roof in the past few weeks; with activity like this in May, it could be an ominous warning for the incoming winter.

Max O’Driscoll

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China Missing Trump Terribly As Biden Hits ‘Hard Power’


The Donald Trump-was-hard-on-China myth is having a rough few months as Asia’s biggest economy surges toward 8% growth in 2021.

Though the U.S. is recovering, too, China’s post-Covid-19—and post-Trump—bounce back is turning heads everywhere. But the head-turner that matters most is how Joe Biden, just four months into his presidency, has China’s Xi Jinping on the defensive in ways the Trump gang didn’t in four years.

No, China isn’t quaking over Biden’s arrival. But Xi is realizing fast that the days of exploiting complete chaos in Washington to achieve his broader goals are over.

The latest evidence of that comes from Kurt Campbell, Biden’s man in the Indo-Pacific for the National Security Council. Speaking at a Stanford University event, Campbell said the obvious: “The period that was broadly described as engagement has come to an end.” He said, too, that Beijing’s recent exploits indicate a pivot toward “harsh power, or hard power” and “signals that China is determined to play a more assertive role.”

But the second part of Campbell’s argument is enough to ruin the second half of Xi’s 2021. The Biden White House, he said, is devising a “new set of strategic parameters” and that “the dominant paradigm is going to be competition.”

The first part is Biden’s plan to use “all available tools” to push back on China’s unfair trade tactics. As his administration said in a March report: “Addressing the China challenge will require a comprehensive strategy and more systematic approach than the piecemeal approach of the recent past.”

In other words, less tweeting—Trump’s preferred approach—and fewer indiscriminate tariffs that hurt American interests more than China’s. The most demanding economic metric of Trump’s trade war own-goal: America’s deficit with Beijing was even bigger after he left office.

It’s hard to overstate the “opportunity cost” for America. While Trump was typing angrily into his smartphone, making coal great again, browbeating Detroit to bringing back gas guzzlers and defriending allies, Xi’s team poured trillions of dollars into where China plans to be in 2025. That would be at the forefront of everything from renewable energy to aerospace to self-driving vehicles to biotech to semiconductors to artificial intelligence.

The reason Xi misses Trump is that chaos in Washington created a gaping void into which China jumped. Not just in raising China’s own economic game, but seizing on Trump’s biggest missteps. Case in point: Trump walking away from the 12-nation Trans-Pacific Partnership, a trade deal meant to curb China.

After Xi stopped popping champagne corks, Beijing signed the Regional Comprehensive Economic PartnershipRCEP is a 15-nation grouping that puts China directly at the center of global supply chains—with the U.S. looking on from the sidelines.

Trump was so easy for Xi to play. Xi knew Trump was so desperate for a splashy art-of-the-deal trade pact that China could have its way with Hong Kong, troll Taiwan and do what it wanted with Muslim minorities in the north-western Xinjiang region. Beijing curried Trumpian favor by lavishing a slew of China patents to first daughter Ivanka Trump.

Right out of the gate, Team Biden hit China for “government-sanctioned forced labor programs,” a topic on which Xi had been enjoying America’s relative silence. It called Beijing out for “genocide and crimes against humanity occurred during the year against the predominantly Muslim Uyghurs.”

Now, Biden is going where Trump never really did: demanding a global investigation into the origins of Covid-19. Sure, Trump and his Secretary of State Mike Pompeo claim they were tough on China over the coronavirus. But bluster, tweets and spin aren’t policy. Leaving the World Health Organization, the institution best equipped to find answers, let China off the hook.

Biden is now standing with Australian Prime Minister Scott Morrison, whose government stood almost alone in its demand for pandemic answers from Beijing. And paid an economic price as China suspended “indefinitely” high-level dialogue with the biggest customer for Australian goods.

And it won’t be pretty. Xi loathed Trump’s taxes on as much as $500 billion on mainland goods, efforts to suffocate Huawei Technologies and bans on other tech giants and unhinged Twitter rants. But these were manageable challenges for Xi’s financial managers.

Biden calling China on the issues it doesn’t want to address in the court of global opinion—from state subsidies for companies, retrograde labor practices, censorship, its handling of Covid-19—is Beijing’s nightmare. So is the way Biden is working to build economic muscle at home.

Trump’s strategy for the economic marathon versus China was essentially throwing marbles into the road and tripping its competitor along the way. Biden’s is to limber up and actually compete, upgrade infrastructure and invest big in research and development.

Biden’s determination to reclaim America’s economic mojo already has Xi looking over his shoulder. And it’s about time.

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Chip shortage hits car output, as asset write-off tax break fuels demand for work vehicles


Luke Kyriakides is waiting for his dream work truck to be delivered, and he is counting himself lucky.

When his ute broke down beyond repair, the carpenter was faced with wait times of up to six months to get a new vehicle, even with a broker helping him search.

He had become a casualty of the global supply disruptions that have coincided with a surge in demand for new vehicles in Australia.

But when another would-be buyer cancelled their order for a new truck at late notice, Mr Kyriakides moved up in the queue.

“That was a big relief once I knew that I was off the wait-list and I had a truck coming,” he told the ABC.

It meant he knew the end date for the rental costs he’s been racking up on the van he’s been using to transport his tools, which were higher than he’d expected.

It’s just one symptom of the tight car market at the moment.

Another is used car prices — which have been surging for months as frustrated buyers have shifted into the used car market.

The federal government’s decision to extend temporary full expensing scheme — which allows businesses to tax deduct all the cost of asset purchases upfront — has also fuelled the demand.

And a global shortage of microchips (semiconductors) used in modern car engines has become the latest setback for vehicle manufacturers, putting even more pressure on supply chains.

Demand for new cars turned a corner late last year, according to monthly sales figures from the Federal Chamber of Automotive Industries.

Sales began rising, in comparison to the same time a year earlier, in November.

Prior to that, they had fallen for 31 consecutive months, the longest slump in the new car market since the global financial crisis. 

“We’ve seen people sort of shy away from public transport … we’ve also seen a lot of people unable to holiday overseas and have sort of made peace with the fact that they’d be doing a driving holiday,” James Voortman, head of the Australian Automotive Dealer Association, said.

“More recently, we’ve seen this incredible surge in house prices add to the wealth effect.

At the same time, there have been months-long supply shortages, with some dealers saying they’re receiving up to 40 per cent less stock from global car manufacturers than they normally would.

But the latest shock to hit the system is the global shortage of semiconductors.

Fitch Ratings agency published a report this week predicting recent chip shortages would cost global automakers 3.8 million units in lost production, or 5 per cent of estimated sales this year.

“The chip shortages are likely to last longer and their impact will be greater than anticipated by the market, exacerbated by a fire at the Renesas factory in Japan in March,” the report warned.

“Automakers’ responses to offset the impact include a focus on the most profitable models and building models that require few chips, such as units without navigation systems or digital displays.

“Some manufacturers are building and storing partially assembled vehicles with a plan to add necessary chips later.”

It’s yet another element putting local car dealers and customers in a supply and demand squeeze.

Economists say while we are seeing severe shortages in car markets, the federal government’s decision to extend the instant asset write-off through to June 2023 should encourage businesses to invest in other things besides vehicles.

Sarah Hunter, BIS Oxford Economics chief economist, said there had been a large increase in machinery and equipment investment towards the end of last year, and the extension of the instant asset write-off would give businesses more time to buy the perfect equipment.

“It’s certainly helped and it’s very welcome in terms of increasing the economy’s productive capacity,” she said.

However, she also said businesses in some industries that were struggling may not be able to take advantage of the tax break.

“Some business may not have the cashflow to take advantage of this now,” she said.

“Equally, you could make the argument that some businesses, maybe they had a lot of cash, they didn’t necessarily need the extra support.

Brisbane print and packaging business owner Walter Kuhn says many in his industry are not feeling confident to make long-term investments.

“The instant tax write-off, it’s a great initiative. Unfortunately, you need to have the correct environment to be able to utilise it,” Mr Kuhn, the president of the Print and Visual Communication Association, told the ABC.

Many of the print industry’s customers are concentrated in tourism, hospitality and retail — some of the sectors hardest hit by the pandemic, as well as recent short lockdowns in some states.

Mr Kuhn would have preferred to see the federal budget put more money towards ramping up the vaccine rollout and quarantine facilities.

“The industry, once they’ve got some sort of assurances that we’re not going to be shut down, we’ll start investing heavily back into machinery and equipment,” he said.

“It’s a constantly evolving change of technology … and it’s not cheap to invest into it.”

Luke Kyriakides said he was happy about the instant asset write-off.

“It’s definitely an incentive,” he said.

But he was also wary of supply shortages in other industries.

“The next thing will be the timber shortages at the moment, which have already sort of impacted us in a little way,” he said.

“So hopefully that doesn’t last too long.”

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Simon Jordan hits out at Gary Neville and Rio Ferdinand over independent regulator proposal


Simon Jordan has taken aim at the likes of Gary Neville and Rio Ferdinand after they launched a parliamentary petition calling for an independent regulator in English football.

An open letter has been written as the fallout continues from the European Super League debacle.

Neville was vocal on Sky Sports about his opinion of the breakaway competition.

He has also taken issue with Project Big Picture as well as Manchester United’s ownership under the Glazers.

Several pundits have not been shy in discussing the financial model of English football as well as the way certain clubs are run.

But Jordan believes the individuals involved are picking and choosing how and when they get involved.



Simon Jordan has hit out at the proposal
Simon Jordan has hit out at the proposal

He said on TalkSport : “When people like Gary Neville and Rio Ferdinand sign up to something – are they signing up to salary caps and wages controls because I bet they are not.

“That is part and parcel of what is needed to reset the whole landscape of football.

“They will pick and choose. Are they talking about guys coming in and owning football clubs that they are involved in.

He then went on to say: “If you want to protect the other 72 clubs and those below them change the distribution model. How you going to do that?

“You have to get the broadcasters on board, you have to get Premier League on board.

“You have to get the Premier League to say they’re turkeys voting for Xmas!



Gary Neville has long called for an Independent Regulator
Gary Neville has long called for an Independent Regulator

“Unless you’e going to break that particular egg and make a different omelette, you’re going to have the same situation.”

Neville who, as well as being a pundit, is a part-owner of League Two side Salford City.

The Class of 92 as well as Peter Lim have funded their rise through the non-league and Jordan has previously accused him of being a hypocrite.

He said earlier this month: “Neville sits there advocating independent regulation – why? Because he’s one of the intellectual capitals behind independent regulation with David Bernstein and he wants a seat at the top table.

“The hypocrisy of his ownership of Salford when he’s got a billionaire owner in there who is funding Salford who are, to my mind, losing money left right and centre, who probably breached financial fair play, and all of this is being utilised by Gary Neville to advise a soap box wrapped in hypocrisy.”



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Ransomware attack hits 4 Asian countries of AXA subsidiary


A targeted ransomware attack hit four countries among the Asian operations of Axa Partners, the international subsidiary of Axa insurance group, with some data in Thailand accessed, Axa Partners says

PARIS — A targeted ransomware attack hit four countries among the Asian operations of Axa Partners, the international subsidiary of Axa insurance group, with some data in Thailand accessed, Axa Partners said.

The attack and its full impact were being investigated. If the investigation “confirms that sensitive data of any individuals have been affected, the necessary steps will be taken to notify and support all corporate clients and individuals impacted,” the company said a brief statement Sunday. It noted the attack was recent, but did not specify when exactly it occurred.

The ransomware attack impacted information technology operations in Thailand, Malaysia, Hong Kong and the Philippines, the statement said. “As a result, certain data processed by Inter Partners Asia (IPA) in Thailand has been accessed,” it said.

The statement added that “regulators and business partners have been informed.”

News of the Asia attack was first reported by the Financial Times, which said that cybercriminals using ransomware called Avaddon stole data that included customer information, medical records and claims. Hospital and doctors’ information was also filched, the FT reported.

The top victims of ransomware are in the United States, followed by France, experts say. The extent of damage, and payouts, in Asian countries was not immediately clear.

Ransomware attacks returned to headlines this month after hackers struck the United States’ largest fuel pipeline, the Colonial Pipeline, and the company shut it down for days to contain the damage.

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Harris Farm Markets hits the Gold Coast


Harris Farm Markets recently announced that their first store for the Gold Coast will be on the Isle of Capri at Via Roma.

In a ‘coming back to their roots’ move, the famed family-owned local produce and grocery market reopened their first store in Queensland in Clayfield in November 2020 and their flagship store in West Village, West End, in May 2021. When the Isle of Capri store opens later this year, more than 300 locals will be employed, and the stores will showcase produce from over 320 Queensland growers.

We asked Tristan Harris, co-CEO of Harris Farm Markets, one of the three sons of founders David and Cathy Harris, what we can expect when Harris Farm Markets opens on the Gold Coast.

What brought Harris Farm Markets back to Queensland?

Coming back to Queensland has been on our radar for a long time. We have a bit of a history here. We actually used to have a few shops in the state 30 years back. Now one of them is a Harris Farm again! We sold Clayfield Markets to Carlo & Susan and when the opportunity to buy it back came up it was the perfect fit for our re-launch into the state last year. It’s a full-circle story and we were thrilled to see the Clayfield Markets team able to become members of our team. Queensland has such an abundant array of fruit and veg, growers and other artisan producers we have been working with for many years it just made sense for us to be able to set some roots up here and shine a spotlight on the fantastic things and good food that Queensland has.

Local specialist producers encounter difficulty placing their niche products in large supermarkets chains. How will Harris Farm Markets address this issue?

At Harris Farm we welcome as many local growers and providers to get in touch as possible. We have many positive relationships with local boutique suppliers that we are proud of. We are a nimble business, and we are still far smaller in terms of number of stores than the large supermarket chains, so this offers us a more manageable supply network for specialist producers. We also have the flexibility to range for a lower volume of locally relevant stores to the supplier if they struggle to meet the volume demands. We do have stringent sourcing standards to ensure the best quality food is on our shelves, so we work with and where required. We educate local suppliers to ensure their processes can meet these standards, as local producers are incredibly important to what we stand for and what we want to provide our customers. Putting in time with them to have them on shelves is incredibly important to us.

What measures will Harris Farm Markets take to reduce food wastage?

Being about the greater good and doing good things for the earth is really important to us and how we operate. We have minimal impact waste management practices in place to ensure that waste produced by our stores is recycled or reused where possible. We pride ourselves on also ranging a pretty special range of fruit and vegies called Imperfect Picks- a seasonal selection of fruit and veg that might not look perfect from the outside but are as perfect as ever on the inside. They help to reduce the 25% proportion of farmers crops that currently never leave the farm gate simply because they are a bit ugly and do not meet the visual specifications of some consumers and supermarkets (Horticulture Australia). Every time a customer buys an Imperfect Pick, they help us take more of the farmer’s crops, help reduce food wastage, and most importantly they save money as we sell them at up to 50% off and always by the kilo. That’s right! If seasonally available, we often have mangoes and avos sold by the kilo at a price you’d expect to see for one or two. We’re also working on a really exciting food waste reduction project – but can’t say too much about it yet!

Farm markets differ slightly in their format, eg some have plants for sale. What special inclusions will the Isle of Capri store include? (What can we look forward to?)

That is so true. We are not cookie cutter in our approach. We work very hard to ensure that when we establish a store it is highly considered to suit the needs of the local community it sits in as best we can with the space we have available. Apart from an extensive range of fruit, veg and boutique groceries, our Isle of Capri store will have a locally run bakery operating from a mezzanine where we plan to have the bread lowered to the ground floor by a mechanical ‘Bread-Fall’ – our first one in Queensland, a juice bar offering freshly squeezed juices, a living herb wall scaling into the air, a ‘Wholesome Harvest’ bulk foods section with an array of pour your own options such as honey and olive oil, as well as an extensive selection of meat and deli cuts.

Our infamous ‘Milk on Tap’ will be the hero of our dairy section where customers will be able to pour milk from a local dairy farm straight into glass milk bottles like the good old days. Oh, and we love our ‘Cheese at Harris Farm’, where you can expect an impressive selection of hundreds of specialty cheeses and antipasto lines to suit any entertaining occasion.  You never quite know what other surprises might sneak their way in before we open. We still have a few more months to go but we can’t wait to show you when we do.

Why should we shop at Harris Farm Markets? What is your major point of difference to your competitors?

At Harris Farm we pride ourselves on offering a true market shopping experience every day of the week. We like to put the joy back into the grocery shop and create a space for our customers where they can throw away their shopping list and be immersed in abundant food displays where every corner they turn there will be a new discovery. We pride ourselves on being champions of offering value with values behind it and freshness from truly seasonal product, delivering goodness with the firm belief that Australian families should have access to the freshest and best available fruit and veg. It will be a flavour-filled showcase of Queensland and Australian fruit, veg and groceries under one roof, and we can’t wait to open later this year and offer this experience to the Gold Coast at the Isle of Capri. Queensland is famed for the richness and range of products grown across the state, and we’ve been working with so many wonderful producers to ensure a great array of seasonally best fruit, veg and fantastic local boutique products will be available. The Isle of Capri store will offer food from more than 300 Queensland growers, creators and producers, including organic milk from Barambah, Longreach Organic Lamb, Brisbane’s Roza’s Gourmet sauces, and organic chicken from Hobbs Family Farms Organic in Pittsworth, Queensland.

Harris Farms Markets is expected to open in Capri on Via Roma, Isle of Capri in late 2021. Photos supplied.



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