29 March 2024
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5 things you need to know today

Switzer Daily
26 August 2021

1. No jab, no job, no food

Supermarkets, takeaway outlets and fast-food franchisees in Sydney could face staff shortages from new rules requiring tens of thousands of workers to be vaccinated to actually work. NSW public heath orders will require authorised workers in 12 local government areas where virus cases are high to be vaccinated from Monday to work outside their area, unless their workplace has rapid antigen testing. And if they’re under 16 because this group is unvaccinated, working will be out.

2. Coal on death row

Coal is on death row as world governments aim for zero greenhouse gas emissions by 2050. But in Australia we might soon be paying subsidies to keep coal users in business. The Australian newspaper says special payments will be needed to keep ageing coal-fired and gas power stations in business to avoid future spikes in electricity prices. Even though the country’s energy ministers have backed a revamp of the electricity market that will transition to hydro, battery, wind and gas generation, in the short-term special payments will be needed to keep ageing coal-fired and gas power stations operating.

3. Super funds could flex their muscles

Super funds soon could become short sellers to ruin the share prices of businesses seen as threats to the environment. It’s called “green shorting” where say a big super fund targets a big miner like BHP to force it to become greener and dumps shares it borrows to drive its share price down. If it succeeds, it will make money. If it doesn’t, it loses money. Short sellers can lose big time so it could be a controversial play by our big super funds managing our retirement nest eggs.

4. Australia tops the Paralympics medal tally after first day

Australia has already won six gold medals at the Tokyo 2020 Paralympic Games with four wins in swimming and two in track cycling yesterday. Events on the schedule for the Aussies today include more swimming and track cycling as well as wheelchair basketball and table tennis.

5. S&P 500 rises for fifth consecutive session

The S&P 500 rose by 9.96 points or 0.22% to 4,496.19 on Wednesday, the fifth day in a row of rises and another new record for the index. The Nasdaq also reached a new record after closing up 22.06 points or 0.15% to 15,041.86, while the Dow Jones gained 39.24 points or 0.11% to 35,405.50.

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