The ASX closed lower today, losing 0.34% or 22.80 points to fall to 6,645.00 points.
The other indexes continued to follow suit, although this time the Nikkei 225 took the biggest fall, dropping 2.67% with the Hang Seng closing behind at a 2.00% loss.
ASX sectors were mostly subdued, although Industrials stood out with a 0.40% hike and Energy with a 1.59% fall.
Commodities were a mixed bag; West Texas Crude fell 2.55%, alongside silver (-3.25%), aluminium (-2.90%) and lead (-2.95%) but copper lifted by 1.08% today followed by tin with a 0.70% hike.
Overall, the ASX is still on a downward trajectory, having lost 0.81% over the last five days and 9.97% over the last 52 weeks.
In the news today
AI Bill of Rights blueprint criticised
The US last week revealed a blueprint for the development of an Artificial Intelligence (AI) Bill of Rights, a set of guidelines intended to protect the American public’s interests.
“Among the great challenges posed to democracy today is the use of technology, data and automated systems in ways that threaten the rights of the American public,” the White House communication read.
“Too often, these tools are used to limit our opportunities and prevent our access to critical resources or services.
“The Blueprint for an AI Bill of Rights is a guide for a society that protects all people from these threats — and uses technologies in ways that reinforce our highest values.”
To this end, the White House Office of Science and Technology Policy (OSTP) has identified five principles to guide the design, use and deployment of automated systems in America:
- Safe and effective systems - You should be protected from unsafe or ineffective systems.
- Algorithmic Discrimination Protections - You should not face discrimination by algorithms and systems should be used and designed in an equitable way.
- Data Privacy - You should be protected from abusive data practices via built-in protections, and you should have agency over how data about you is used.
- Notice and Explanation - You should know that an automated system is being used and understand how and why it contributes to outcomes that impact you.
- Human Alternatives, Consideration and Fallback - You should be able to opt out, where appropriate, and have access to a person who can quickly consider and remedy problems you encounter.
The Blueprint has already drawn criticism for being too general and limited in scope, while also having no legal enforceability or ability to bind companies to it.
“We too understand that principles aren’t sufficient,” Alondra Nelson, OSTP deputy director for science and society, told WIRED. “This is really just a down payment. It’s just the beginning and the start.”
Lack of fuel storage a major weakness
The Australian Strategic Policy Institute (ASPI) today released a report calling for increased onshore storage of liquid fuels in Australia, prompted by rising fuel prices and energy insecurity.
Liquid fuel current meets about half of Australia’s needs, according to the ASPI, but we import about 90% of our refined hydrocarbons.
Australia’s two remaining fuel refineries are also under pressure to shut down due to shifting market attitudes toward fossil fuels.
“Australia’s lack of onshore fuel storage is a major weakness,” ASPI authors Ben Stevens and John Coyne wrote.
“As an International Energy Agency (IEA) member since 1979, Australia should hold at least 90 days of net oil imports.
“Australia has been unable to match this commitment since 2012 due to a decline in its refining capacity and an over-reliance on just-in-time imports.
“As of June, Australia had 58 days of net import coverage, or 72 days in total, if the government added oil aboard vessels bound for Australia (a measure the IEA does not accept).”
The institute says this inability to meet IEA minimum requirements is simply the symptom of a broader energy resilience problem, and the decommissioning of fuel storage across the country is only exacerbating the issue.
A proposal by the Airport Development Group and the Gumatj Aboriginal Corporation to recommission storage at the Rio Tinto (ASX:RIO) Alcan Gove Fuel Farm has caught the ASPI’s eye, an asset the institute describes as “one of the most extensive storage and commercial seaboard fuel terminals in Australia’s north”.
“Concerns about a deteriorating defence and security situation reinforce the case for using mining and commercial sites, like that at Gove, to store national strategic reserves,” Stevens and Coyne wrote.
“Reusing commercial sites to hold large reserves in the north and to boost Australia’s energy resilience makes strategic sense.”
Five at Five
Dundas Minerals hits sulphides over 358 metres in diamond drilling at Central target
"Whilst we were always quietly confident of the geophysical data modelling, especially the AMT and SkyTEM EM models, and optimistic that we would drill massive sulphides with Hole 1, to see it transpire as it has is extremely rewarding for the small Dundas Minerals team," Dundas Minerals Ltd (ASX:DUN) MD Shane Volk said.
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Element 25 draws interest from potential offtake partners; feasibility study on track for December 2022
Element 25 Ltd (ASX:E25) has received new interest from potential offtake and financing partners following a multi-billion-dollar injection of funds into the US clean energy and electric vehicle markets in the form of the Inflation Reduction Act, prompting E25 to consider developing an HPMSM production plant on US soil.
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RemSense Technologies marries virtualplant system with IBM’s asset management portal
“The benefits of this integration will enable virtualplant and MAS users to fully benefit from the visualisation of assets through a ‘one click’ access for companies and contractors, from anywhere at any time,” said RemSense Technologies Ltd (ASX:REM) CEO and MD Steve Brown.
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AuTECO Minerals unearths 569 g/t gold sample six kilometres from Pickle Crow resource; shares up
“These results provide strong evidence to support our view that we have an entire mineral district, which includes the Pickle Crow deposit,” said AuTECO Minerals Ltd (ASX:AUT, OTC:MNXMF) CEO Darren Cooke.
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Synertec Corporation completes installation of renewable energy solution at remote Santos gas wells
“The performance of the units through an extensive SAT program in remote Queensland has delivered operational performance, which exceeded site requirements and proves the accuracy of our modelling and the strength of the artificial intelligence of the system,” Synertec Corporation Ltd (ASX:SOP) MD Michael Carroll said.
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On your six
Cyber-attack shuts down major US airport websites
Websites of major American airports including Atlanta, Chicago, New York and Los Angeles were taken offline during a coordinated denial of service attack by pro-Russian hackers.
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