Links 10 August 2018

Global Macro / Markets / Investing:






  1. DarkMatterMEMBER

    Wow you guys at MB have crossed the line! Your constant racist attacks on the immigrants have finally provoked a well deserved backlash. Newscorpse has fired back with both barrels. You had it coming.

    Take that you racist anti growth grumblebums!

    • Look just be more tolerant while we lower your living standards, put housing out of reach, increase competition for menial jobs, make you wait in traffic or crowded trains that make your commute a nightmare and fill your skills and hospitals to the point of dysfunction. But shame on you! Shame on your for not being more tolerant!

    • DarkMatterMEMBER

      Exactly! Why can’t LVO just refrain from the crazy unfounded racism and be more like Dr Liz Allen with reasoned data driven sensible arguments. How hard can it be to just look at the figures, come to the correct conclusion and say the right thing?

    • Informative video. Nice how it’s the poor old white bloke who comes out looking like an a$$hole and everyone else is nice and friendly. That was really subtle and sensitive./sarc

  2. Article from ignorant left winger published 5 hours ago:

    Democracies Won’t Solve Their Immigration Problems

    Who is going to do the work that drives the economy and supports the elderly? More immigrants is the obvious answer.

    Japan, one of the oldest societies on earth, is also one of the most resistant to immigration. The Japanese appear far more comfortable with allowing robots rather than foreigners to do the work

    As if there is not enough unemployment in Western nations already.

    the average real wage in the United States has been stagnant for the past 40 years.

    So why would they want more illegals coming in?

  3. “Fonterra says dividend will be just 10c, down from 40c”
    Not pretty for a country that is backed by milk production.

  4. For those,who think anti blasphemy laws are a relic of th past, it is interesting to see them being given a run by the Islamic theocrats at the Guardian against Blair Cottrel, given as a reason for no platforming Sky News on the Met in Melbourne. Whilst Mr. Cottrel may not be everyone’s cup of tea, these idiotic laws in Victoeia are used to shut down debate and criticism of religion in general and Islam ( it used to be Christianity) in particular. The laws accord with the Guardian’s view of a liberal democracy of the free flow of ideas and the importance of enforcing the Sharia. An example of protecting Islam from criticism is seen when publishers are attacked as in Charlie Hebdo killings and the publishing of the Danish Cartoons, none of which were republished by any newspaper in acts of supreme cowardice. The Guardian acts in this proud tradition by supporting this outrageous action against Sky. Back to the pre-medieval standards of behaviour supported by the cowards of the left.

    This stupid law where a Melburnian can go to gaol for 6 months for ridiculing Islam isn’t even a crime in Sydney.

    • To be fair to some of the smaller newspapers who did republish the cartoons, I acknowledge their courage, did the Guardian have that courage?

  5. Tesla Board Confirms It Never Saw LBO “Financing Plan” From Musk
    Thu, 08/09/2018 – 18:10

    Three days into the Tesla “going private” saga, everyone continues to scramble for more information on the biggest wildcard in the entire equation: the “committed funding” as represented by Elon Musk: shareholders are asking where it is; bankers – i.e., those who should have arranged it – are asking where it is; even the SEC is asking where it is (and probing if Musk was being “truthful” with the alternative being stock manipulation which opens up Tesla to fraud lawsuits), and now Reuters reports that even the Tesla Board of Directors wants to know where it is.

    According to Reuters, Tesla’s board of directors is seeking more information from CEO Elon Musk about the finance for his plan to take the U.S. electric car maker private.

    And here is the punchline: While Tesla’s board has held multiple discussions about the proposal – as it documented in its statement on Wednesday – it has “not yet received a detailed financing plan from Musk and specific information on who will provide the funding.”

    As a reminder, in a statement on Wednesday, Tesla’s board said its discussion with Musk “addressed the funding” for the deal, without offering more details. And now we know why: because it had none, and one increasingly wonders if the Board simply made up the fact that it had multiple discussions just to cover Musk’s back.

    But there is another big problem, if only from a timing/legal standpoint: if the board has no idea where the funding is coming from, there is no way it could have signed off on it, thereby “securing it”, which means that all else equal, Musk’s tweet that sent the stock price soaring was a fabrication.

    As Reuters adds, the exact information that Musk communicated to the board about his plan could not be learned.

    Meanwhile, as CNBC reported earlier and as Reuters confirms, the board expects to make a decision on whether to launch a formal review of Musk’s proposal in the coming days, and is speaking to investment bankers about hiring financial advisers to assist it in its review in such scenario.

    And, as we noted earlier, if the board launches a formal review of Musk’s bid, he would have to recuse himself, or a special board committee would have to be formed.

    Of course, that presumes that the SEC doesn’t determine first that Musk never had any “committed funding” in the first place and what ensued on Tuesday was one of the greatest acts of stock manipulation in recent history. In that case, his recusal from the board would be permanent.

    This boy is in a LOT of trouble…….

    • Something about convertible bonds wasn’t it. ? They needed to get the share price up quickly so that a batch of convertible bonds would become shares instead of debt……..$370 was the price I saw.

  6. bolstroodMEMBER

    Quote of the year;
    I’m going nowhere, says former PM Abbott – SBS
    You can say that again.