ASX to open higher as Frydenberg issues JobKeeper fraud warning

Lucy Dean
·2-min read
Australian Treasurer Josh Frydenberg speaks to the media during a press conference in Sydney, Friday, July 26, 2019. The Australian government released report that recommends more regulation on the market power of multinational digital platforms including Google and Facebook that would ensure fair deals for other media businesses and more control for individuals over how their data is used. (Bianca De Marchi/AAP Image via AP)
Treasurer Josh Frydenberg has warned people are attempting to defraud JobKeeper, JobSeeker. (Bianca De Marchi/AAP Image via AP)

Good morning.

Here’s Yahoo Finance’s Thursday morning wrap.

ASX: The ASX is expected to lift at the open on Thursday morning after hopes of a vaccine buoyed Wall Street overnight.

The Australian SPI 200 futures contract was 37.0 points or 0.63 per cent higher, to 5940.0 points at 0700 AEST on Thursday.

Wall Street: Burgeoning optimism about an effective Covid-19 vaccine helped lift the S&P 500 and Nasdaq indexes on Wednesday US time.

The Dow Jones Industrial Average fell 77.91 points, or 0.30 per cent, to 25,734.97, the S&P 500 gained 15.57 points, or 0.50 per cent, to 3,115.86 and the Nasdaq Composite added 95.86 points, or 0.95 per cent, to 10,154.63.

Fraud: Closer to home, Treasurer Josh Frydenberg has promised to fight organised crime syndicates the Australian Federal Police claims are attempting to defraud the JobKeeper, JobSeeker and early super schemes.

"We're working to ensure that where there is fraud it's uncovered and those people face the full force of the law," Frydenberg told Sky News.

"Organised crime is a problem both for the public and private sectors, that's nothing new, particularly when you've got a program of this scale of size.”

Amazon: The eCommerce giant claims its new robotics fulfillment centre will actually create jobs: 1,500 to be exact. The fulfilment centre will use robots to cut down on time required to stow away or pick up items for orders, but the operations director said it will create roles.

Military might: The Morrison government is loading up its warchest, planning $270 billion in defence spending.

Ola: A pandemic shutting down nearly all non-essential travel is not good news for a rideshare service, but Ola chief Simon Smith said it was a great opportunity to find its “startup mojo again”.

Teen CEO: And Fadi Abo grew up creating drawings and selling them on the streets of Damascus for a bit of extra cash. Today, that entrepreneurial spirit has led the teen refugee to become CEO of skincare company Clarcias. This is his story.

Have a great day!

With AAP.

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