Links 13 March 2019

Global Macro / Markets / Investing:







    • Re Atlantic article
      “for starters, a boon to immigrants and to the family members back home to whom they send money. It should be valued on these moral grounds alone. But immigration benefits the economy, too. Because immigrants are more likely than native-born Americans to be of working age, they improve the ratio of workers to retirees, which helps keep programs like Social Security and Medicare solvent. Immigration has also been found to boost productivity, and the National Academies report finds that “natives’ incomes rise in aggregate as a result of immigration.”

      Furry how this “liberal” is happy to claim on moral grounds immigrants should be allowed so they can send money home but then claim they are young & so keep Medicare solvent (really a ponzi as we know) but completely ignore the morality of taking all another countries young & leave that country’s old to fend for themselves. I consider myself a very liberal guy, but these double standards given me the shits! That’s one reason why I’m against high immigration here, especially when our skilled migrants end up in lower skilled jobs which is bad for them & us.

  1. Handbrakes applied to wrong BHP iron ore train before Pilbara runaway derailment, ATSB finds

    Maggots found in head wound of elderly aged care resident at Bupa facility

    Chinese database with ‘BreedReady’ status of 1.8 million women uncovered by cyber expert

    • Mining BoganMEMBER

      The BHP train. There’s a little snippet in the story about brakes releasing in one hour. That’s new and that’s the bit that caught them out.

      Be nice if they had told someone of the change…

    • re “BreedReady” speculation: That’s easy – that’s Reusa’s database.

      Hooooldddooooon…. now it links… Hey Haroldus – you were writing SQL queries and Excel VBA code the other weekend… 😛

    • we have larger direct share of construction industry than China and double than USA – WOW

      and we are likely to gave larger construction spillover to other sectors (our huge mortgage finance sector, construction related retail, REA, consulting)
      all together real estate probably fuels quarter of our economy – now imagine what will happen to our GDP when construction falls by just 35% – as it fell in USA during crash (it fell over 60% in Ireland and Spain)
      our GDP is going to crash by 10% even without spill to other sectors following rise in unemployment – In total we can see our GDP down 20% like in Ireland or Spain

      • Construction employment as a share of total employment hasn’t been this high for 100 years. The situation is extreme and was driven by apartments sold > 50% offshore. Now that demand has dropped off there is no way but down.

        No one is going to be worried about excessive population growth given the high unemployment coming down the pipe..

      • @Gramus Local creative class will undoubtedly roll out the “learn to code” meme to be served indiscriminately to brickies, plasterers and plainters. After all – they’re kind of “UI” specialists…

  2. (NZ Rich Lister, or is he?!)” Eric Watson moved from New Zealand to the United Kingdom in 2002 and restructured his business affairs….. Justice Palmer delivered a written decision today (confirming) the $51,496,127.38 tax (avoidance) assessment.”
    Add that to:

    “In September (2018) a United Kingdom court ruled (ex-business partner Owen) Glenn’s company Kea Investments was entitled to £43.5 million (NZ$80.2m) compensation from Watson”

    And the man who fleeced NZ investor of tens of millions of dollars when his Hanover Finance Group went down a few years back hasn’t seen the last year be ‘kind’ to him.

  3. Modelling suggests Snowy 2.0 will lift prices, defend coal, kill batteries

    did anyone expected that adding storage will reduce prices?
    large storage is necessity and ATM pump storage is the only and the cheapest way to do it on large scale

    Snowy 2.0 promised 350GWh of storage at current battery prices would cost many times more

    at the per MWh cost of SA “big battery” 350GWh of battery storage would cost $140 billion dollars

    • When i was down there recently, i came to the conclusion that snowy 2 is nothing to do with power supply, but mostly to do with getting money into the region of southern NSW and NE Vic.
      Those guys are in heaps of financial trouble.
      they have ruined their environment and now threaten their existence.
      in less than 100 years.

      • Cos there is no water
        the dams are near empty
        when i drove over the murray at albury
        the river was about 20m wide, say 1.5m deep and flowing at about 1.5m/sec or less
        before the downstream irrigators take their cut.

    • Time for a referendum to give the Feds control of interstate water flows……..the present set-up is hopelessly conflicted. Not that I think there will be enough water for Snowy 2 but like you say it is our only large scale storage resource. Not that I think the fix won’t be in with the Feds either, but a market solution will be a disaster in this age of incompetence , this needs to be planned even if it is planned badly or the credit will be wasted.