Links 21 February 2020

Global Macro / Markets / Investing:






Leith van Onselen



    Coronavirus outbreak in China spurs supply chain shifts that began during trade war … Huileng Tan … CNBC


    China’s Council for the Promotion of International Trade has issued 1,615 force majeure slips to help companies avoid penalties for not being able to meet contractual obligations amid the COVID-19 outbreak.

    The new coronavirus outbreak in China has hit global supply chains hard with the impact starting to show as inventories run low amid prolonged citywide shutdowns and factory closures. … read more via hyperlink above …

  2. So the Corona virus has lowered China’s CO2 emissions. I wonder if it is thinking about a leadership challenge for the Greens.

  3. Dear ATO,
    Due to complex and confusing tax laws I underpaid my taxes for the last decade. But now that I have been caught, I suggest I pay back the amounts you identified and no interest or penalties and I don’t want you to search for anymore. I mean it wasn’t systematic or part of a plan to make money through theft or anything.
    Yours Sincerely,
    Everyone relying on wage theft precedents.

    • it would be much better to do away with all those confusing laws and have no minimum tax and let the market sort it out!

      After all, the minimum tax rate would find equilibrium and it would DEFINITELY not be around zero tax!

    • truthisfashionable

      The article is pay walled for me, but a personal anecdote.

      I’m currently working at a government agency that does a 35hr work week and there is genuinely less time wasted, noticeably less dumb meetings and more ‘getting on with it’ than I have experienced across my last few publicly listed employers (all similar roles).

      I suspect it is a little like leaving an assignment to the last minute so you have a time pressure to work to. By taking away 5hrs a week you do need to get on with it,and with many people on fixed term contacts you have to show you can deliver.

    • Your brain is so minute Baldrick, that if a hungry cannibal cracked your head open, there wouldn’t be enough to cover a small water biscuit.

    • Leave me alone, Baldrick. If I wanted to talk to a vegetable, I would have bought one at the market.

  4. Finally, Labor starts painting a picture of its climate plans

    no taxpayer funding of coal stations (hope this includes subsidies or funding via some ARENA or like schemes)
    no carry over credit use

    we start to have points of difference now

    next up?

    grid renewal/upgrades
    solar+battery loan schemes for the masses @ the OCR or govt bond rate (say 10 YR)

    • what will government need to do is construction of a series of few umped storage plants – due to land/environmental issues only state can do something like that – federal government should step in with funding