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MacroBusiness Thursday, May 7, 2015 - 10:27 Source

by Chris Becker Its an ugly start today on the local share market, with the ASX200 down nearly 1.5% on the open, with financials leading the way after NAB’s shock $5.5billion rights issue. The technical position here is dire if we close today or this week in the red, with 5500 points the next target:

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Thursday, May 7, 2015 - 10:11 Source

The National Mental Health Commission’s exhaustive 2014 Review of Mental Health Programmes and Services was finally released last month after it was leaked to media including to Croakey. The review raises a number of concerns about headspace,...

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Renew Economy Thursday, May 7, 2015 - 10:07 Source

The sensational low price of the system does not yet have the competition shaking in their boots; not officially, at least.

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Renew Economy Thursday, May 7, 2015 - 10:07 Source

The sensational low price of Tesla's battery system does not yet have the competition shaking in their boots; not officially, at least.

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Cheeseburger Gothic Thursday, May 7, 2015 - 10:04 Source

I'm putting together a feature for a magazine. Yes, I now, I promised never to do that again.... but they backed a truckload of money up to my front dooooor!

Anyway, having spent a couple of days researching it, I suddenyl realised I'd been wasting my time. Or at least not using it well. The best resource I had was here.

Why? Because the topic is the dying tradition of the boy's weekend. The lad's retreat. It's the suspicion of these editors, well founded I suspect, that the tradition of men taking time away from the family is in decline.

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MacroBusiness Thursday, May 7, 2015 - 09:44 Source

From the AIG: Australian PCI®– Key Findings for April: •The Ai Group/HIA Australian Performance of Construction Index (Australian PCI®) slipped into contraction in April, declining by 3.1 points to 47.0. •The new orders sub-index shed half of last month’s solid gains and fell back into negative territory, dropping 6.2 points to 44.6. •Construction activity declined

The post Construction PMI back in recession appeared first on MacroBusiness.

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MacroBusiness Thursday, May 7, 2015 - 09:39 Source

Apparently Ken Henry is to succeed Michael Chaney as NAB chairman at the end of this year. I’m a bit torn by this. On the one hand, Henry is a sensible policy-maker with a strong sense of the public good, and may be well placed to help NAB navigate the very difficult times ahead. On

The post Ken Henry joins the oligarchs appeared first on MacroBusiness.

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MacroBusiness Thursday, May 7, 2015 - 09:27 Source

by Chris Becker The last cab off the rank in the banking oligopoly, National Australia Bank (NAB), which routinely has been the worst performer, has surprised the market this morning on two fronts. First, it announced a $5.5 billion capital raising getting ahead of its peers in terms of shoring up a paper thin capital

The post NAB shocks appeared first on MacroBusiness.

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Thursday, May 7, 2015 - 09:24 Source

Despite tough regulations which seek to protect threatened flora and fauna, a major new sea port has been built in the Top End with no enviromental oversight.

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Renew Economy Thursday, May 7, 2015 - 09:16 Source

CSIRO installs first solar thermal power with storage plant outside Australia. Facility will use solar to power desalination plant.

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MacroBusiness Thursday, May 7, 2015 - 08:39 Source

By Chris Becker As the bond market selloff deepens some surprisingly dour words from Fed Chair Janet Yellen last night sent risk into a tizzy, as she opined that: I would highlight that equity market valuations at this point generally are quite high. Not so high when you compare returns on equity to returns on safe

The post Macro Morning (sell, sell, sell) appeared first on MacroBusiness.

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Popular Science Thursday, May 7, 2015 - 08:08 Source

When humans first learned how to fly, they crashed all the time. The annals of early flight experiments are littered with the bodies of dead test pilots and aviation pioneers. Safety in manned aircraft improved dramatically over the first century of flight, but as more and more unmanned aircraft enter the skies, researchers want to make sure those gains aren't lost. A paper published yesterday in a special issue of the journal Aerospace aims to make sure that when drones crash, they don't hurt bystanders.

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Popular Science Thursday, May 7, 2015 - 08:08 Source

This morning, SpaceX did a test run of its Crew Dragon capsule's abort system. It's a significant protocol the company would use if the module were ever in trouble on the launch pad.

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Popular Science Thursday, May 7, 2015 - 08:08 Source

Virtual reality is about to meet actual reality. Oculus VR, the company behind the long-in-development Oculus Rift, has announced that it will finally begin to ship the virtual reality headset beginning in early 2016.

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Popular Science Thursday, May 7, 2015 - 08:08 Source

In Central Africa, many diseases are caused by parasites that infect people through insect bites or contaminated food or water. Once doctors know that a patient has a particular parasite, many of them are easy to get rid of with antiparasitic drugs. But if a patient is infected with the parasitic eye nematode Loa loa and undergoes antiparasite treatment to get rid of the Onchocerca volvulus worm that causes river blindness, the treatment can cause permanent brain damage or even death.

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Popular Science Thursday, May 7, 2015 - 08:08 Source

Nepal is still reeling from the 7.8 magnitude earthquake that struck near Kathmandu on April 25. The quake has flattened three quarters of the city's buildings and killed at least 7,500 people. Beneath all those collapsed structures, more bodies await discovery--either to be rescued or given a funeral. If it is to be the former, then time is of the essence.

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Popular Science Thursday, May 7, 2015 - 08:08 Source

The global average of carbon dioxide in the air just reached a new high of 400 parts per million (ppm), which is a new low for us humans.

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Popular Science Thursday, May 7, 2015 - 08:08 Source

Last night at the Hoover Dam, the first licensed self-driving truck was unveiled to the world, begging the question: are there Autobots among us?

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Popular Science Thursday, May 7, 2015 - 08:08 Source

Inevitable, really. Earlier this year, Apple's ResearchKit apps brought scientific studies to people's fingertips.

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Popular Science Thursday, May 7, 2015 - 08:08 Source

Now that we've all gotten used to our high-definition video, it's time to take it up a notch. While TV manufacturers have already started rolling out sets that support the new 4K resolution, native 4K content has been in short supply. That may soon change, with Comcast's announcement that it will begin offering a 4K-compatible set-top box later this year.

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MacroBusiness Thursday, May 7, 2015 - 07:31 Source

By Leith van Onselen Residex has released its house and unit price results for March, which revealed 0.95% growth in house values over the month but only 0.18% growth in unit values. Over the year, house values rose by 6.37% nationally, with unit values up by 5.33%: As shown above, Melbourne was the primary driver

The post Residex: Apartment boom is ‘mal-investment’ appeared first on MacroBusiness.

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MacroBusiness Thursday, May 7, 2015 - 07:08 Source

The AFR has a bunch of quotes today suggesting that the RBA is going to reinstate its easing bias today: Alan Oster, the chief economist at NAB, questioned the Reserve Bank’s decision to cut the cash rate while simultaneously dropping the easing bias and highlighting positive signs across the economy. …”If you want to boost confidence, I’m not sure

The post The RBA’s real own goal appeared first on MacroBusiness.

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MacroBusiness Thursday, May 7, 2015 - 07:07 Source

From the AFR, NAB is in a $3 billion rights issue: The equity is expected to bolster NAB’s balance sheet and give new chief executive officer Andrew Thorburn and chief financial officer Craig Drummond optionality as they study a number of potentially significant deals. NAB last raised equity in 2008 when it took $3 billion in an institutional placement

The post NAB raises equity as APRA squeezes appeared first on MacroBusiness.

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Cheeseburger Gothic Thursday, May 7, 2015 - 06:01 Source

Rob Henry sent through this sketch of the Low Queen as she slithers and writhes in his imagination. I always thought she was fatter, but those puckered orifices are exactly right.

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Thursday, May 7, 2015 - 05:21 Source

Labour will win 292 seats in the UK, or thereabouts. The SNP will win 53, the Liberal Democrats 22, UKIP 3, Plaid Cymru 2, Greens 1, Others 10, and…Tories 267. A Labour/Liberal Democrat Coalition, supported in confidence motions by the …

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The Australian Independent Media Network Thursday, May 7, 2015 - 02:38 Source

At the recent Queensland election, responding to Campbell Newman’s threat that a hung parliament is a hung Queensland,  Bob Katter made the astute observation that a hung parliament would more likely result in a minority government, a situation similar to almost every other constitutional democracy in the world. Now personally I’ve always thought Katter a bit of a nutter, in the nicest possible way of course, but in this instance I believe he hit the nail squarely and firmly on the head.

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MacroBusiness Thursday, May 7, 2015 - 01:10 Source

From FTAlphaville comes a series of quotes from bond bears awakening from slumber. Jen Nordvig of Nomura: The size of bond moves today should not be underestimated. For example, the moves in the Italian 30-year bond today were substantially larger than anything seen in the Euro-crisis! (in price terms, which is what matters for PnL). Importantly,

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Thursday, May 7, 2015 - 00:18 Source

BBC News Election 2015 - results will appear on the website from 10pm on Thursday 7 May, London time (7am on Friday 8 May 2015 Sydney time)BBC The World Service - radio election special.U.K.

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Thursday, May 7, 2015 - 00:16 Source

The Australian Privacy Commissioner has determined that metadata produced by journalist Ben Grubb’s mobile phone activity is personal information and ordered Telstra to allow him access to this type of data.Unfortunately, changes* to the Commonwealth Privacy Act 1988 may mean that this determination might not support futures challenges in cases where a telecommunications company refuses access to an individual’s own metadata.Ben Grubb and Telstra Corporation Limited [2015] AICmr 35 (1 May 2015): Determination and reasons

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Thursday, May 7, 2015 - 00:15 Source

Since the Abbott Government came to power in September 2013 information from government departments has been somewhat more difficult to obtain.Websites have been redesigned in such a way that data is often buried layers deep with no obvious links on the home page, telephone queries are often answered more guardedly than before and now it seems that Freedom of Information (FOI) requests are being answered within an acceptable time frame but with those answers more likely to be a Yes, but or an outright No to releasing information if the Office of the Australian Information Commissioner (OAIC) 

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