‘Elon has finally woken up': Musk battles to save Tesla from Trump
Trump's 'big, beautiful bill' puts at risk a crucial source of profit for Tesla by neutering rules that allow the electric-vehicle maker to sell billions of dollars of emissions credits.
Financial Times
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The Advertiser
28 minutes ago
- The Advertiser
Australia has been invaded. And the invader is sure to come back with greater force
Australia was invaded last week. The invader did a lot of damage, similar to previous invasions over the past couple of decades. The invader took people's homes, damaged the power grid, wrecked roads and bridges, and destroyed crops. All the things that invaders do. And the invader will come again and again in greater force, destroying lives and property. The invader, of course, is the more violent weather caused by climate change. The same invader that killed at least 78 in Texas in the last week. This is the biggest national-security threat facing most countries. This is the national-security threat that the nations of the earth should be spending 3.5 or even 5 per cent of GDP to address. It provides the answer Australia should give to the preposterous US demand that we spend more on "defence" - a demand that really means wasting more money buying American weapons and adding to the $500 million already handed over to the Americans to bolster their shipyards to build submarines we will never get. And what rent is the US paying on Pine Gap, the North-West Cape and the Darwin base, if anything? When are we going to question whether it is worth remaining such a close ally of the US? What is the point of NATO increasing "defence" spending if NATO cannot use its undoubted force and ability to push the Russians out of Ukraine and arrest Putin to be tried for war crimes for which there is copious evidence? The passing last week of the One Big Beautiful Bill reinforces the fact that the US no longer shares with us common values. The bill slashes food, medical, and educational help from people who desperately need it to give money to the already wealthy who do not - in a way that runs counter to the Australian fair go. Just as the slashing of USAID is contrary to Australia values because it has killed innocent children. Maybe we could ignore that. But, more profoundly, in the medium to long term, the bill will likely damage the US and its position in the world so much economically that many American allies will question whether any alliance with them is worth continuing. It is a tragic irony that President Donald Trump whose political success has relied on the slogan "Make America Great Again" has with this bill and earlier actions attacked the two most important contributors to America's historic greatness: the rule of law and technological superiority. The rule of law provides the basis for economic strength. First, personal freedom (from arbitrary arrest and attack from government) nourishes individual economic activity. Secondly, the certainty that contracts will be impartially enforced; civil wrongs will be impartially addressed; and property rights respected underpins business confidence. Without the rule of law, the risks cause investors to shy away. Trump has undermined the world trading system and eroded the rule of law - bedrock Australian values - in America. Worse, the Supreme Court and the Congress have supinely allowed the erosion to go unchecked. Indeed, they have added to it. This is now not just a rogue President, but a nation that is losing any claim to holding the moral high ground. The second, more corrosive, effect on American greatness comes with the Big Beautiful Bill's attack on American technological progress. First, the bill makes it harder for Americans to get a college education by slashing student-loan funding and direct funding to universities. This is slashing the arteries of American industrial and technological superiority. Worse, the Bill removes tax incentives for electric vehicles and renewable electrification generally and provides more tax incentives for fossil vehicles and fossil industries generally. In short, it hands to China on an electrolysis plate, all of the wealth and technological advantage of the energy revolution. China already manufactures 80 per cent of the world's solar panels, 75 per cent of its batteries and 70 per cent of its EVs. The US is not even trying to catch up. Developing nations are not going to waste their money and time transitioning through coal and gas as demand for electrical power rises. They will go straight to the Chinese renewable industry because the US has vacated the field. READ MORE CRISPIN HULL: It also hands to China the massive industry of making devices more electrically efficient: think LED light globes, induction stoves and the like. Trump's mad, ideological obsession against renewable energy has driven him to a position where his other obsession - the rise of China - is lost. Hawks may well support an alliance with an immoral but strong nation, but surely they are misguided to so closely attach itself to a nation that sabotages its own economic and industrial strength? Trump has also squandered America's intelligence advantage, by surrounding himself with sycophants. Intelligence that tells a leader what he wants to hear is no intelligence at all. Who can forget the imagery of the sycophants who verbally told Putin that they agreed to his Ukraine invasion while their body language said it was mad. US intelligence officials concocted evidence to say the illegal bombing of Iran neutralised the threat, when all it did was make Iran more determined. And speaking of China and the rule of law, if the Chinese Communist Party wants to resume the civil war that ended in 1949, Australia should not get involved, even if the US does. We have wasted too much blood and treasure following the US into mad, bad and illegal wars: Vietnam, Afghanistan, and Iraq. None of them achieved anything but death and destruction and more violence. Taiwan is not a member of the UN. It does not even profess itself to be an independent nation. Yes, 20 million plus people are enjoying democratic rights which is terrific. But we should no more go to war with China to defend those rights than go to any of a score of African countries to do the same thing. Where is the end game in all this sabre rattling? It is like the lead-up to World War I. It will all be over by Christmas, they said, with more than four years of futile carnage before them. And when will American jurists, legislators, and American people generally realise they are being led by an ignorant fool of an emperor who has no clothes? Australia was invaded last week. The invader did a lot of damage, similar to previous invasions over the past couple of decades. The invader took people's homes, damaged the power grid, wrecked roads and bridges, and destroyed crops. All the things that invaders do. And the invader will come again and again in greater force, destroying lives and property. The invader, of course, is the more violent weather caused by climate change. The same invader that killed at least 78 in Texas in the last week. This is the biggest national-security threat facing most countries. This is the national-security threat that the nations of the earth should be spending 3.5 or even 5 per cent of GDP to address. It provides the answer Australia should give to the preposterous US demand that we spend more on "defence" - a demand that really means wasting more money buying American weapons and adding to the $500 million already handed over to the Americans to bolster their shipyards to build submarines we will never get. And what rent is the US paying on Pine Gap, the North-West Cape and the Darwin base, if anything? When are we going to question whether it is worth remaining such a close ally of the US? What is the point of NATO increasing "defence" spending if NATO cannot use its undoubted force and ability to push the Russians out of Ukraine and arrest Putin to be tried for war crimes for which there is copious evidence? The passing last week of the One Big Beautiful Bill reinforces the fact that the US no longer shares with us common values. The bill slashes food, medical, and educational help from people who desperately need it to give money to the already wealthy who do not - in a way that runs counter to the Australian fair go. Just as the slashing of USAID is contrary to Australia values because it has killed innocent children. Maybe we could ignore that. But, more profoundly, in the medium to long term, the bill will likely damage the US and its position in the world so much economically that many American allies will question whether any alliance with them is worth continuing. It is a tragic irony that President Donald Trump whose political success has relied on the slogan "Make America Great Again" has with this bill and earlier actions attacked the two most important contributors to America's historic greatness: the rule of law and technological superiority. The rule of law provides the basis for economic strength. First, personal freedom (from arbitrary arrest and attack from government) nourishes individual economic activity. Secondly, the certainty that contracts will be impartially enforced; civil wrongs will be impartially addressed; and property rights respected underpins business confidence. Without the rule of law, the risks cause investors to shy away. Trump has undermined the world trading system and eroded the rule of law - bedrock Australian values - in America. Worse, the Supreme Court and the Congress have supinely allowed the erosion to go unchecked. Indeed, they have added to it. This is now not just a rogue President, but a nation that is losing any claim to holding the moral high ground. The second, more corrosive, effect on American greatness comes with the Big Beautiful Bill's attack on American technological progress. First, the bill makes it harder for Americans to get a college education by slashing student-loan funding and direct funding to universities. This is slashing the arteries of American industrial and technological superiority. Worse, the Bill removes tax incentives for electric vehicles and renewable electrification generally and provides more tax incentives for fossil vehicles and fossil industries generally. In short, it hands to China on an electrolysis plate, all of the wealth and technological advantage of the energy revolution. China already manufactures 80 per cent of the world's solar panels, 75 per cent of its batteries and 70 per cent of its EVs. The US is not even trying to catch up. Developing nations are not going to waste their money and time transitioning through coal and gas as demand for electrical power rises. They will go straight to the Chinese renewable industry because the US has vacated the field. READ MORE CRISPIN HULL: It also hands to China the massive industry of making devices more electrically efficient: think LED light globes, induction stoves and the like. Trump's mad, ideological obsession against renewable energy has driven him to a position where his other obsession - the rise of China - is lost. Hawks may well support an alliance with an immoral but strong nation, but surely they are misguided to so closely attach itself to a nation that sabotages its own economic and industrial strength? Trump has also squandered America's intelligence advantage, by surrounding himself with sycophants. Intelligence that tells a leader what he wants to hear is no intelligence at all. Who can forget the imagery of the sycophants who verbally told Putin that they agreed to his Ukraine invasion while their body language said it was mad. US intelligence officials concocted evidence to say the illegal bombing of Iran neutralised the threat, when all it did was make Iran more determined. And speaking of China and the rule of law, if the Chinese Communist Party wants to resume the civil war that ended in 1949, Australia should not get involved, even if the US does. We have wasted too much blood and treasure following the US into mad, bad and illegal wars: Vietnam, Afghanistan, and Iraq. None of them achieved anything but death and destruction and more violence. Taiwan is not a member of the UN. It does not even profess itself to be an independent nation. Yes, 20 million plus people are enjoying democratic rights which is terrific. But we should no more go to war with China to defend those rights than go to any of a score of African countries to do the same thing. Where is the end game in all this sabre rattling? It is like the lead-up to World War I. It will all be over by Christmas, they said, with more than four years of futile carnage before them. And when will American jurists, legislators, and American people generally realise they are being led by an ignorant fool of an emperor who has no clothes? Australia was invaded last week. The invader did a lot of damage, similar to previous invasions over the past couple of decades. The invader took people's homes, damaged the power grid, wrecked roads and bridges, and destroyed crops. All the things that invaders do. And the invader will come again and again in greater force, destroying lives and property. The invader, of course, is the more violent weather caused by climate change. The same invader that killed at least 78 in Texas in the last week. This is the biggest national-security threat facing most countries. This is the national-security threat that the nations of the earth should be spending 3.5 or even 5 per cent of GDP to address. It provides the answer Australia should give to the preposterous US demand that we spend more on "defence" - a demand that really means wasting more money buying American weapons and adding to the $500 million already handed over to the Americans to bolster their shipyards to build submarines we will never get. And what rent is the US paying on Pine Gap, the North-West Cape and the Darwin base, if anything? When are we going to question whether it is worth remaining such a close ally of the US? What is the point of NATO increasing "defence" spending if NATO cannot use its undoubted force and ability to push the Russians out of Ukraine and arrest Putin to be tried for war crimes for which there is copious evidence? The passing last week of the One Big Beautiful Bill reinforces the fact that the US no longer shares with us common values. The bill slashes food, medical, and educational help from people who desperately need it to give money to the already wealthy who do not - in a way that runs counter to the Australian fair go. Just as the slashing of USAID is contrary to Australia values because it has killed innocent children. Maybe we could ignore that. But, more profoundly, in the medium to long term, the bill will likely damage the US and its position in the world so much economically that many American allies will question whether any alliance with them is worth continuing. It is a tragic irony that President Donald Trump whose political success has relied on the slogan "Make America Great Again" has with this bill and earlier actions attacked the two most important contributors to America's historic greatness: the rule of law and technological superiority. The rule of law provides the basis for economic strength. First, personal freedom (from arbitrary arrest and attack from government) nourishes individual economic activity. Secondly, the certainty that contracts will be impartially enforced; civil wrongs will be impartially addressed; and property rights respected underpins business confidence. Without the rule of law, the risks cause investors to shy away. Trump has undermined the world trading system and eroded the rule of law - bedrock Australian values - in America. Worse, the Supreme Court and the Congress have supinely allowed the erosion to go unchecked. Indeed, they have added to it. This is now not just a rogue President, but a nation that is losing any claim to holding the moral high ground. The second, more corrosive, effect on American greatness comes with the Big Beautiful Bill's attack on American technological progress. First, the bill makes it harder for Americans to get a college education by slashing student-loan funding and direct funding to universities. This is slashing the arteries of American industrial and technological superiority. Worse, the Bill removes tax incentives for electric vehicles and renewable electrification generally and provides more tax incentives for fossil vehicles and fossil industries generally. In short, it hands to China on an electrolysis plate, all of the wealth and technological advantage of the energy revolution. China already manufactures 80 per cent of the world's solar panels, 75 per cent of its batteries and 70 per cent of its EVs. The US is not even trying to catch up. Developing nations are not going to waste their money and time transitioning through coal and gas as demand for electrical power rises. They will go straight to the Chinese renewable industry because the US has vacated the field. READ MORE CRISPIN HULL: It also hands to China the massive industry of making devices more electrically efficient: think LED light globes, induction stoves and the like. Trump's mad, ideological obsession against renewable energy has driven him to a position where his other obsession - the rise of China - is lost. Hawks may well support an alliance with an immoral but strong nation, but surely they are misguided to so closely attach itself to a nation that sabotages its own economic and industrial strength? Trump has also squandered America's intelligence advantage, by surrounding himself with sycophants. Intelligence that tells a leader what he wants to hear is no intelligence at all. Who can forget the imagery of the sycophants who verbally told Putin that they agreed to his Ukraine invasion while their body language said it was mad. US intelligence officials concocted evidence to say the illegal bombing of Iran neutralised the threat, when all it did was make Iran more determined. And speaking of China and the rule of law, if the Chinese Communist Party wants to resume the civil war that ended in 1949, Australia should not get involved, even if the US does. We have wasted too much blood and treasure following the US into mad, bad and illegal wars: Vietnam, Afghanistan, and Iraq. None of them achieved anything but death and destruction and more violence. Taiwan is not a member of the UN. It does not even profess itself to be an independent nation. Yes, 20 million plus people are enjoying democratic rights which is terrific. But we should no more go to war with China to defend those rights than go to any of a score of African countries to do the same thing. Where is the end game in all this sabre rattling? It is like the lead-up to World War I. It will all be over by Christmas, they said, with more than four years of futile carnage before them. And when will American jurists, legislators, and American people generally realise they are being led by an ignorant fool of an emperor who has no clothes? Australia was invaded last week. The invader did a lot of damage, similar to previous invasions over the past couple of decades. The invader took people's homes, damaged the power grid, wrecked roads and bridges, and destroyed crops. All the things that invaders do. And the invader will come again and again in greater force, destroying lives and property. The invader, of course, is the more violent weather caused by climate change. The same invader that killed at least 78 in Texas in the last week. This is the biggest national-security threat facing most countries. This is the national-security threat that the nations of the earth should be spending 3.5 or even 5 per cent of GDP to address. It provides the answer Australia should give to the preposterous US demand that we spend more on "defence" - a demand that really means wasting more money buying American weapons and adding to the $500 million already handed over to the Americans to bolster their shipyards to build submarines we will never get. And what rent is the US paying on Pine Gap, the North-West Cape and the Darwin base, if anything? When are we going to question whether it is worth remaining such a close ally of the US? What is the point of NATO increasing "defence" spending if NATO cannot use its undoubted force and ability to push the Russians out of Ukraine and arrest Putin to be tried for war crimes for which there is copious evidence? The passing last week of the One Big Beautiful Bill reinforces the fact that the US no longer shares with us common values. The bill slashes food, medical, and educational help from people who desperately need it to give money to the already wealthy who do not - in a way that runs counter to the Australian fair go. Just as the slashing of USAID is contrary to Australia values because it has killed innocent children. Maybe we could ignore that. But, more profoundly, in the medium to long term, the bill will likely damage the US and its position in the world so much economically that many American allies will question whether any alliance with them is worth continuing. It is a tragic irony that President Donald Trump whose political success has relied on the slogan "Make America Great Again" has with this bill and earlier actions attacked the two most important contributors to America's historic greatness: the rule of law and technological superiority. The rule of law provides the basis for economic strength. First, personal freedom (from arbitrary arrest and attack from government) nourishes individual economic activity. Secondly, the certainty that contracts will be impartially enforced; civil wrongs will be impartially addressed; and property rights respected underpins business confidence. Without the rule of law, the risks cause investors to shy away. Trump has undermined the world trading system and eroded the rule of law - bedrock Australian values - in America. Worse, the Supreme Court and the Congress have supinely allowed the erosion to go unchecked. Indeed, they have added to it. This is now not just a rogue President, but a nation that is losing any claim to holding the moral high ground. The second, more corrosive, effect on American greatness comes with the Big Beautiful Bill's attack on American technological progress. First, the bill makes it harder for Americans to get a college education by slashing student-loan funding and direct funding to universities. This is slashing the arteries of American industrial and technological superiority. Worse, the Bill removes tax incentives for electric vehicles and renewable electrification generally and provides more tax incentives for fossil vehicles and fossil industries generally. In short, it hands to China on an electrolysis plate, all of the wealth and technological advantage of the energy revolution. China already manufactures 80 per cent of the world's solar panels, 75 per cent of its batteries and 70 per cent of its EVs. The US is not even trying to catch up. Developing nations are not going to waste their money and time transitioning through coal and gas as demand for electrical power rises. They will go straight to the Chinese renewable industry because the US has vacated the field. READ MORE CRISPIN HULL: It also hands to China the massive industry of making devices more electrically efficient: think LED light globes, induction stoves and the like. Trump's mad, ideological obsession against renewable energy has driven him to a position where his other obsession - the rise of China - is lost. Hawks may well support an alliance with an immoral but strong nation, but surely they are misguided to so closely attach itself to a nation that sabotages its own economic and industrial strength? Trump has also squandered America's intelligence advantage, by surrounding himself with sycophants. Intelligence that tells a leader what he wants to hear is no intelligence at all. Who can forget the imagery of the sycophants who verbally told Putin that they agreed to his Ukraine invasion while their body language said it was mad. US intelligence officials concocted evidence to say the illegal bombing of Iran neutralised the threat, when all it did was make Iran more determined. And speaking of China and the rule of law, if the Chinese Communist Party wants to resume the civil war that ended in 1949, Australia should not get involved, even if the US does. We have wasted too much blood and treasure following the US into mad, bad and illegal wars: Vietnam, Afghanistan, and Iraq. None of them achieved anything but death and destruction and more violence. Taiwan is not a member of the UN. It does not even profess itself to be an independent nation. Yes, 20 million plus people are enjoying democratic rights which is terrific. But we should no more go to war with China to defend those rights than go to any of a score of African countries to do the same thing. Where is the end game in all this sabre rattling? It is like the lead-up to World War I. It will all be over by Christmas, they said, with more than four years of futile carnage before them. And when will American jurists, legislators, and American people generally realise they are being led by an ignorant fool of an emperor who has no clothes?
The Advertiser
29 minutes ago
- The Advertiser
Israeli air strikes on Yemen ports target Houthi rebels
Israel's military has launched airstrikes targeting ports and facilities held by Yemen's Houthi rebels, with the rebels responding with missile fire targeting Israel. The attacks early on Monday came after an attack on Sunday targeting a Liberian-flagged ship in the Red Sea that caught fire and took on water, later forcing its crew to abandon the vessel. Suspicion for the attack on the Greek-owned bulk carrier Magic Seas immediately fell on the Houthis, particularly as a security firm said it appeared bomb-carrying drone boats hit the ship after it was targeted by small arms and rocket-propelled grenades. The rebels' media reported on the attack but did not claim it. It can take them hours or even days before they acknowledge an assault. A renewed Houthi campaign against shipping could again draw in US and Western forces to the area, particularly after President Donald Trump targeted the rebels in a major airstrike campaign. The ship attack comes at a sensitive moment in the Middle East, as a possible ceasefire in the Israel-Hamas war hangs in the balance and as Iran weighs whether to restart negotiations over its nuclear program following American airstrikes targeting its most-sensitive atomic sites amid an Israeli war against the Islamic Republic. Israeli Prime Minister Benjamin Netanyahu also was travelling to Washington to meet with Trump. The Israeli military said it struck Houthi-held ports at Hodeida, Ras Isa and Salif, as well as the Ras Kanatib power plant. "These ports are used by the Houthi terrorist regime to transfer weapons from the Iranian regime, which are employed to carry out terrorist operations against the state of Israel and its allies," the Israeli military said. The Israeli military also said it struck the Galaxy Leader, a vehicle-carrying vessel that the Houthis seized back in November 2023 when they began their attacks in the Red Sea corridor over the Israel-Hamas war. "Houthi forces installed a radar system on the ship and have been using it to track vessels in the international maritime arena to facilitate further terrorist activities," the Israeli military said. The Bahamas-flagged Galaxy Leader was affiliated with an Israeli billionaire. It said no Israelis were on board. The ship had been operated by a Japanese firm NYK Line. The Houthis acknowledged the strikes, but offered no damage assessment from the attack. Their military spokesman, Brigadier General Yahya Saree, claimed its air defence forces "effectively confronted" the Israelis without offering evidence. The Houthis then responded with an apparent missile attack on Israel. The Israeli military said it attempted to intercept the missile, but it appeared to make impact, though there were no immediate reports of injuries from the attack. The attack on the Magic Seas, a bulk carrier heading north to Egypt's Suez Canal, happened some 100km southwest of Hodeida, Yemen, which is held by the Houthis. Private maritime security firm Ambrey issued an alert saying that a merchant ship had been "attacked by eight skiffs while transiting northbound in the Red Sea". Ambrey later said the ship also had been attacked by bomb-carrying drone boats, which could mark a major escalation. It said two drone boats struck the ship, while another two had been destroyed by the armed guards on board. The Magic Seas met "the established Houthi target profile", the firm said without elaborating. Between November 2023 and January 2025, the Houthis targeted more than 100 merchant vessels with missiles and drones, sinking two of them and killing four sailors. Their campaign has greatly reduced the flow of trade through the Red Sea corridor, which typically sees $US1 trillion ($A1.5 trillion) of goods move through it annually. Shipping through the Red Sea, while still lower than normal, has increased in recent weeks. The Houthis paused attacks in a self-imposed ceasefire until the US launched a broad assault against the rebels in mid-March. That ended weeks later and the Houthis haven't attacked a vessel, though they have continued occasional missile attacks targeting Israel. On Sunday, the group claimed launching an earlier missile at Israel which the Israeli military said it intercepted. Israel's military has launched airstrikes targeting ports and facilities held by Yemen's Houthi rebels, with the rebels responding with missile fire targeting Israel. The attacks early on Monday came after an attack on Sunday targeting a Liberian-flagged ship in the Red Sea that caught fire and took on water, later forcing its crew to abandon the vessel. Suspicion for the attack on the Greek-owned bulk carrier Magic Seas immediately fell on the Houthis, particularly as a security firm said it appeared bomb-carrying drone boats hit the ship after it was targeted by small arms and rocket-propelled grenades. The rebels' media reported on the attack but did not claim it. It can take them hours or even days before they acknowledge an assault. A renewed Houthi campaign against shipping could again draw in US and Western forces to the area, particularly after President Donald Trump targeted the rebels in a major airstrike campaign. The ship attack comes at a sensitive moment in the Middle East, as a possible ceasefire in the Israel-Hamas war hangs in the balance and as Iran weighs whether to restart negotiations over its nuclear program following American airstrikes targeting its most-sensitive atomic sites amid an Israeli war against the Islamic Republic. Israeli Prime Minister Benjamin Netanyahu also was travelling to Washington to meet with Trump. The Israeli military said it struck Houthi-held ports at Hodeida, Ras Isa and Salif, as well as the Ras Kanatib power plant. "These ports are used by the Houthi terrorist regime to transfer weapons from the Iranian regime, which are employed to carry out terrorist operations against the state of Israel and its allies," the Israeli military said. The Israeli military also said it struck the Galaxy Leader, a vehicle-carrying vessel that the Houthis seized back in November 2023 when they began their attacks in the Red Sea corridor over the Israel-Hamas war. "Houthi forces installed a radar system on the ship and have been using it to track vessels in the international maritime arena to facilitate further terrorist activities," the Israeli military said. The Bahamas-flagged Galaxy Leader was affiliated with an Israeli billionaire. It said no Israelis were on board. The ship had been operated by a Japanese firm NYK Line. The Houthis acknowledged the strikes, but offered no damage assessment from the attack. Their military spokesman, Brigadier General Yahya Saree, claimed its air defence forces "effectively confronted" the Israelis without offering evidence. The Houthis then responded with an apparent missile attack on Israel. The Israeli military said it attempted to intercept the missile, but it appeared to make impact, though there were no immediate reports of injuries from the attack. The attack on the Magic Seas, a bulk carrier heading north to Egypt's Suez Canal, happened some 100km southwest of Hodeida, Yemen, which is held by the Houthis. Private maritime security firm Ambrey issued an alert saying that a merchant ship had been "attacked by eight skiffs while transiting northbound in the Red Sea". Ambrey later said the ship also had been attacked by bomb-carrying drone boats, which could mark a major escalation. It said two drone boats struck the ship, while another two had been destroyed by the armed guards on board. The Magic Seas met "the established Houthi target profile", the firm said without elaborating. Between November 2023 and January 2025, the Houthis targeted more than 100 merchant vessels with missiles and drones, sinking two of them and killing four sailors. Their campaign has greatly reduced the flow of trade through the Red Sea corridor, which typically sees $US1 trillion ($A1.5 trillion) of goods move through it annually. Shipping through the Red Sea, while still lower than normal, has increased in recent weeks. The Houthis paused attacks in a self-imposed ceasefire until the US launched a broad assault against the rebels in mid-March. That ended weeks later and the Houthis haven't attacked a vessel, though they have continued occasional missile attacks targeting Israel. On Sunday, the group claimed launching an earlier missile at Israel which the Israeli military said it intercepted. Israel's military has launched airstrikes targeting ports and facilities held by Yemen's Houthi rebels, with the rebels responding with missile fire targeting Israel. The attacks early on Monday came after an attack on Sunday targeting a Liberian-flagged ship in the Red Sea that caught fire and took on water, later forcing its crew to abandon the vessel. Suspicion for the attack on the Greek-owned bulk carrier Magic Seas immediately fell on the Houthis, particularly as a security firm said it appeared bomb-carrying drone boats hit the ship after it was targeted by small arms and rocket-propelled grenades. The rebels' media reported on the attack but did not claim it. It can take them hours or even days before they acknowledge an assault. A renewed Houthi campaign against shipping could again draw in US and Western forces to the area, particularly after President Donald Trump targeted the rebels in a major airstrike campaign. The ship attack comes at a sensitive moment in the Middle East, as a possible ceasefire in the Israel-Hamas war hangs in the balance and as Iran weighs whether to restart negotiations over its nuclear program following American airstrikes targeting its most-sensitive atomic sites amid an Israeli war against the Islamic Republic. Israeli Prime Minister Benjamin Netanyahu also was travelling to Washington to meet with Trump. The Israeli military said it struck Houthi-held ports at Hodeida, Ras Isa and Salif, as well as the Ras Kanatib power plant. "These ports are used by the Houthi terrorist regime to transfer weapons from the Iranian regime, which are employed to carry out terrorist operations against the state of Israel and its allies," the Israeli military said. The Israeli military also said it struck the Galaxy Leader, a vehicle-carrying vessel that the Houthis seized back in November 2023 when they began their attacks in the Red Sea corridor over the Israel-Hamas war. "Houthi forces installed a radar system on the ship and have been using it to track vessels in the international maritime arena to facilitate further terrorist activities," the Israeli military said. The Bahamas-flagged Galaxy Leader was affiliated with an Israeli billionaire. It said no Israelis were on board. The ship had been operated by a Japanese firm NYK Line. The Houthis acknowledged the strikes, but offered no damage assessment from the attack. Their military spokesman, Brigadier General Yahya Saree, claimed its air defence forces "effectively confronted" the Israelis without offering evidence. The Houthis then responded with an apparent missile attack on Israel. The Israeli military said it attempted to intercept the missile, but it appeared to make impact, though there were no immediate reports of injuries from the attack. The attack on the Magic Seas, a bulk carrier heading north to Egypt's Suez Canal, happened some 100km southwest of Hodeida, Yemen, which is held by the Houthis. Private maritime security firm Ambrey issued an alert saying that a merchant ship had been "attacked by eight skiffs while transiting northbound in the Red Sea". Ambrey later said the ship also had been attacked by bomb-carrying drone boats, which could mark a major escalation. It said two drone boats struck the ship, while another two had been destroyed by the armed guards on board. The Magic Seas met "the established Houthi target profile", the firm said without elaborating. Between November 2023 and January 2025, the Houthis targeted more than 100 merchant vessels with missiles and drones, sinking two of them and killing four sailors. Their campaign has greatly reduced the flow of trade through the Red Sea corridor, which typically sees $US1 trillion ($A1.5 trillion) of goods move through it annually. Shipping through the Red Sea, while still lower than normal, has increased in recent weeks. The Houthis paused attacks in a self-imposed ceasefire until the US launched a broad assault against the rebels in mid-March. That ended weeks later and the Houthis haven't attacked a vessel, though they have continued occasional missile attacks targeting Israel. On Sunday, the group claimed launching an earlier missile at Israel which the Israeli military said it intercepted. Israel's military has launched airstrikes targeting ports and facilities held by Yemen's Houthi rebels, with the rebels responding with missile fire targeting Israel. The attacks early on Monday came after an attack on Sunday targeting a Liberian-flagged ship in the Red Sea that caught fire and took on water, later forcing its crew to abandon the vessel. Suspicion for the attack on the Greek-owned bulk carrier Magic Seas immediately fell on the Houthis, particularly as a security firm said it appeared bomb-carrying drone boats hit the ship after it was targeted by small arms and rocket-propelled grenades. The rebels' media reported on the attack but did not claim it. It can take them hours or even days before they acknowledge an assault. A renewed Houthi campaign against shipping could again draw in US and Western forces to the area, particularly after President Donald Trump targeted the rebels in a major airstrike campaign. The ship attack comes at a sensitive moment in the Middle East, as a possible ceasefire in the Israel-Hamas war hangs in the balance and as Iran weighs whether to restart negotiations over its nuclear program following American airstrikes targeting its most-sensitive atomic sites amid an Israeli war against the Islamic Republic. Israeli Prime Minister Benjamin Netanyahu also was travelling to Washington to meet with Trump. The Israeli military said it struck Houthi-held ports at Hodeida, Ras Isa and Salif, as well as the Ras Kanatib power plant. "These ports are used by the Houthi terrorist regime to transfer weapons from the Iranian regime, which are employed to carry out terrorist operations against the state of Israel and its allies," the Israeli military said. The Israeli military also said it struck the Galaxy Leader, a vehicle-carrying vessel that the Houthis seized back in November 2023 when they began their attacks in the Red Sea corridor over the Israel-Hamas war. "Houthi forces installed a radar system on the ship and have been using it to track vessels in the international maritime arena to facilitate further terrorist activities," the Israeli military said. The Bahamas-flagged Galaxy Leader was affiliated with an Israeli billionaire. It said no Israelis were on board. The ship had been operated by a Japanese firm NYK Line. The Houthis acknowledged the strikes, but offered no damage assessment from the attack. Their military spokesman, Brigadier General Yahya Saree, claimed its air defence forces "effectively confronted" the Israelis without offering evidence. The Houthis then responded with an apparent missile attack on Israel. The Israeli military said it attempted to intercept the missile, but it appeared to make impact, though there were no immediate reports of injuries from the attack. The attack on the Magic Seas, a bulk carrier heading north to Egypt's Suez Canal, happened some 100km southwest of Hodeida, Yemen, which is held by the Houthis. Private maritime security firm Ambrey issued an alert saying that a merchant ship had been "attacked by eight skiffs while transiting northbound in the Red Sea". Ambrey later said the ship also had been attacked by bomb-carrying drone boats, which could mark a major escalation. It said two drone boats struck the ship, while another two had been destroyed by the armed guards on board. The Magic Seas met "the established Houthi target profile", the firm said without elaborating. Between November 2023 and January 2025, the Houthis targeted more than 100 merchant vessels with missiles and drones, sinking two of them and killing four sailors. Their campaign has greatly reduced the flow of trade through the Red Sea corridor, which typically sees $US1 trillion ($A1.5 trillion) of goods move through it annually. Shipping through the Red Sea, while still lower than normal, has increased in recent weeks. The Houthis paused attacks in a self-imposed ceasefire until the US launched a broad assault against the rebels in mid-March. That ended weeks later and the Houthis haven't attacked a vessel, though they have continued occasional missile attacks targeting Israel. On Sunday, the group claimed launching an earlier missile at Israel which the Israeli military said it intercepted.
Perth Now
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Aussie shares dip as Trump shifts tariff deadline again
The local share market has slipped slightly from the record levels set last week amid more uncertainty over Donald Trump's trade wars and ahead of the Reserve Bank's latest decision on interest rates. Near midday on Monday, the benchmark S&P/ASX200 index was down 15.4 points, or 0.18 per cent, to 8,588.5, while the broader All Ordinaries was down 14.3 points, or 0.16 per cent, to 8,827.6. Overseas, US stock market futures had fallen after President Trump confirmed that America's tariffs won't come into effect into August 1, rather than this week, potentially dragging out the drama even further. "Tariffs go into effect August 1. But the president is setting the rates, and the deals, right now," Commerce Secretary Howard Lutnick told reporters as the president nodded in approval. Markets had previously been operating under the assumption that the tariffs would go into effect on Wednesday, with the expiration of 90-day pause the Trump administration announced back on April 9. US Treasury Secretary Scott Bessent denied in a television interview that the August 1 date represented a new deadline, but it potentially does give America's trading partners more time to negotiate - as well as drawing out the drama further. Closer to home, the Reserve Bank is widely expected to trim interest rates on Tuesday, with futures markets on Friday giving implied odds of 97 per cent of a cut. Four of the ASX's 11 sectors were higher at midday and six were lower, with telecommunications flat. Utilities was the biggest mover, rising 2.7 per cent as Origin Energy advanced 5.5 per cent to a three-week high of $11.41. In the mining sector, Northern Star had dropped 6.3 per cent to a more than three-month low of $17.23 after Australia's biggest listed goldminer told investors to expect higher costs and lower production in 2025/26. Northern Star said the higher costs reflected industry-wide inflationary pressure as well as infrastructure and development costs and royalties. Elsewhere in the sector, Fortescue was up 0.4 per cent, Rio Tinto had added 0.2 per cent and BHP had edged 0.1 per cent higher. In the heavyweight banking sector, all of the big four banks were down. CBA had dipped 0.2 per cent, ANZ had lost 1.2 per cent, Westpac had retreated 1.0 per cent and NAB had slipped 0.6 per cent. Elsewhere, Cobram Estate Olives was up 11.6 per cent to an all-time high of $2.40 after the olive-grower reported a successful 2025 harvest. AML3D was up 6.3 per cent after the US Navy confirmed its interest in purchasing more parts from the industrial 3D metal printing technology company. The Australian dollar had dropped to a week and a half low against its US counterpart, trading for 65.24 US cents, from 65.72 US cents at close of business on Friday.
