1. UK detects new Covid variant – Omicron XE
The XE variant has so far been detected in 637 patients, according to the latest statistics from the UK Health Security Agency. It is what’s known as a “recombinant,” meaning it contains a mix of the previously highly infectious omicron BA.1 strain, which emerged in late 2021, and the newer BA.2 variant, currently the UK’s dominant variant. Such recombinants are not uncommon, however health authorities said there is currently not enough evidence to draw conclusions on its transmissibility or severity.

2. Star Entertainment Group facing suitability case to hold a casino
The latest news coming from the Star’s casino license inquiry may not bode well for shareholders. The NSW inquiry heard that Star’s outgoing CEO, Matt Bekier, was told by his legal officer, that a Chinese high roller, patronising the Sydney casino, was reportedly under investigation by the federal police for money laundering but the CEO allowed the person to gamble anyway. This is the kind of info that saw Crown Resorts’ majority shareholder James Packer, have to find a new majority owner for the business, and the share price fell until that happened.

3. A Cryptocurrency app issued by the CBA, which will be offered to local retail investors is on the way, but it is meeting obstacles.
The app which will allow you to buy, hold and use cryptocurrencies has met regulatory hurdles from the Australian Securities and Investments Commission over the product disclosure statement, the target market for the product and consumer protection. If the CBA gets ASIC approval it will make it easier for cryptocurrencies to gain wider acceptance and the price of these digital currencies.

4. Federal Court forces $100 million payout from 7-Eleven to its franchisees
The payout is in relation to the company misleading franchisees about the profitability of its stores. The court case dates back to 2018 when the franchisees claimed 7-Eleven did not give them accurate records on the labour costs of running a franchise. Not long after these revelations, the company had to pay back $173 million to underpaid workers. This looks like a record compensation settlement for local franchisees.

5. ASX to dip, Aussie dollar retreats
ASX futures were down 14 points or 0.2% to 7441 near 6.20am AEST, with the AUD -0.9% to 75.10 US cents. On Wall St Dow -0.4% S&P 500 -1% Nasdaq -2.2%. Bitcoin on bitstamp.net -3.8% to $US43,957.07 at 6.30am AEST. 2-year yield: US 2.48% Australia 2.09%. 10-year yield: US 2.59% Australia 2.93%.