Links 7 January 2019

Macro/Markets

Americas

Europe/Middle East

Asia/Sub-continent

Australia/New Zealand

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Comments

    • Last night I read Gideon Haigh’s ‘Crossing the Line’ in one sitting. It is scathing, yet sympathetic. It also shows how the corpratisation of CA with the introduction of bonuses and consultants, and everything else that makes working in a large organisation frustrating, killed off a lot natural growth and expert knowledge. I couldn’t help but think of so many other organisations and institutions that have been managed to death. It also looks at selectors and player performance and workload management and a bunch of other things. Well worth checking out.

    • Things could be worse: we could be soccer tragics.

      A couple of weeks ago I heard some goose, Arnold Graham (?), who has something to do with the Australian soccer team claiming that soccer has supplanted cricket as Australia’s national sport. Yeah, that’s why they had to move the revamped local comp, after repeated flops, to summer because it could not compete with the other footy codes. That’s also why as far as I know the local comp is not shown on free to air tv. And that’s why none of our current crop of players are other than bit players on the international club scene. And now I see we got done over by the Kingdom of Jordan, which is not ranked in the top 100 soccer playing countries in the world.

      At least our cricketers are getting pantsed by people at the very top of their game.

  1. Australia braces for hard landing in housing market … The Irish Times

    https://www.irishtimes.com/business/economy/australia-braces-for-hard-landing-in-housing-market-1.3749277

    … What was learned from the Irish ’07 experience … and following extensive research by the Central Bank of Ireland the imposition of a sensible general mortgage cap of 3.5 times annual household incomes ? …note comments on this MacroBusiness Australia thread …

    https://www.macrobusiness.com.au/2018/11/cba-aussie-house-prices-keep-falling/#comment-3227235
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    .
    Lazard: Aussie house prices to fall for six years? – MacroBusiness Australia (behind paywall)

    https://www.macrobusiness.com.au/2019/01/lazard-aussie-house-prices-fall-six-years/

  2. interested party

    The US military will build the wall. The wall is about opioids/drugs and human/child trafficking….and illegal immigration. Trump haters refuse to acknowledge this. Trump lovers will tell you he can do no wrong.

    I simply see it this way.
    What you see in the links above regarding the wall is all just kabuki to show the world that the uniparty is being exposed for their socially erosive policies…..the MSM just haven’t received that memo yet…..useful idiots/tools. They are being played/used…well too, I have to admit.

  3. Opal Tower is the gift that keeps on giving, with murky non-payment strategies being unveiled.

    Security of payment: Opal Tower developer Ecove, builder Icon in $2.5m stoush
    https://outline.com/9A6UFn

    In the dispute between Ecove and Icon, the developer refused to pay Icon’s bill, in part because it did not comply with the relevant legislation with regard to payment of subcontractors. Instead, Ecove paid a lesser sum of $1.16 million. The dispute went to an official adjudicator, who sided with the builder and determined Ecove should pay Icon $2.64 million.

    The cause of the cracked concrete panels that triggered the evacuation of Opal Tower residents twice from their homes is still unclear. But the precarious nature of the payment structure, which put parties higher up the chain – and ultimately the developer – at an advantage over those lower down, raised the risk that subcontractors would do sub-standard work, Ms Stewart said.

    “In an industry notorious for non-payment and a high-level of insolvencies where subbies get left with the bill, clearly they are going to take short-cuts and not do their best work if they are not being paid fairly or, indeed, at all,” she said.

    It was crucial for state and territory governments to reform payment structures – through a system known as cascading statutory trusts – to ensure that subcontractors had the safeguard of claiming against developers in the event that they were not paid by head contractors, Ms Stewart said.

    Also, the non-bank lenders are not playing nice or being overly sympathetic to developers either by calling in loans.

    Builders quit unfinished Cronulla project
    https://www.theleader.com.au/story/5837281/builders-quit-unfinished-cronulla-project/?cs=1507

    Non-bank lenders are moving into construction lending as the major banks, which have traditionally accounted for 85 per cent of Australia’s $270 billion market, reduce their share to an estimated 70 per cent over the next decade. It’s giving developers alternative sources of funding that many are embracing.

    But the Lainson story shows the risks for the clients of non-bank lenders, who can be more aggressive in taking steps to recover loans – even cutting a project loose before practical completion.

    Other recent local private lender-led receiverships include the 100-unit Royal Plaza property in Woodville Street in Hurstville and the 176-apartment towers at 30-32 Guess Avenue, Wolli Creek. But unlike Lainson’s tower, the Royal Plaza was mostly completed while Wolli Creek had not even commenced when lenders swooped in.

    Lainson also runs Cronulla-Crete and Calypso Holiday Apartments in Coffs Harbour. Between 2016 and 2017, the developer headed to court over unpaid bills of about $1 million with another builder, Duffy Kennedy.

  4. Not saying that Saudi Arabia isn’t a brutal, corrupt place. But this woman, traveling by plane all the way across the world with an Australian visa with the stated aim of lodging an asylum claim once she gets here because her family is mistreating her.

    Is that really what the refugee convention is supposed to be about? Why not go somewhere closer? I think it is time to withdraw from the refugee convention and just accept people pre processed by the UN overseas up to some quota. This is just taking the p%ss.

    https://www.smh.com.au/world/middle-east/i-am-afraid-my-family-will-kill-me-saudi-woman-en-route-to-australia-detained-in-bangkok-20190107-p50pwt.html