Markets Live: ASX Set to Rise After Booming Day, Kmart Faces Legal Challenge Over Forced Labor, Marinus Link Approved, Oil Prices Up, WFH Gains Support, Superannuation Reforms, Youth Wages Decision Imminent
Markets Live: ASX Set to Rise After Booming Day
The ASX 200 soared nearly 2% higher yesterday, with market futures predicting further growth. Follow our live blog for financial news and insights from our business reporters.
Kmart Faces Legal Challenge Over Forced Labor
Kmart is under legal scrutiny from the Australian Uyghur Tangritagh Women's Association (AUTWA) for potential misleading conduct regarding Uyghur forced labor in its supply chain. AUTWA seeks documents to prove Kmart's knowledge of its suppliers' links to the Xinjiang region.
Marinus Link Approved
The Australian Economic Regulator has approved the Marinus Link project, an undersea power cable connecting Tasmania and Victoria, along with 240 km of new power lines and energy infrastructure.
Oil Prices Up
Oil prices surged over 1% after the US advised vessels to stay away from Iran in the Strait of Hormuz, raising concerns about oil supply disruptions.
WFH Gains Support
A poll reveals 90% of Australians support a formal right to remote work, emphasizing the shift towards flexible work post-COVID lockdowns.
Superannuation Reforms
The government plans to tighten rules around managed investment schemes and enhance ASIC's power to demand information, addressing gaps in the regulation of the financial services industry.
Youth Wages Decision Imminent
The Fair Work Commission's decision on 'junior pay rates' for 18+ workers is expected in the coming weeks, with potential impacts on employment and business incentives.
