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UBS: Vale’s iron ore problems deepen

February 6, 2019 - 11:45 -- Admin

Via UBS today: Court orders closure 30mtpa Brucutu mine; this was not expected by Vale Yesterday a Brazilian court ordered Vale to halt activity at 8 tailings dams, including 3 built using the “upstream” method & 5 “downstream” dams ( news); as a result of this Vale has stopped production at its 30mtpa Brucutu mine

The post UBS: Vale’s iron ore problems deepen appeared first on MacroBusiness.

Despite falling 12%, Sydney housing remains ridiculously expensive

February 6, 2019 - 11:30 -- Admin

By Leith van Onselen Despite suffering the second biggest value decline in nearly 40 years: Sydney’s housing market remains far too expensive and out-of-reach to the vast majority of first home buyers. From News.com.au: House hunters in Sydney need the salary of a paediatrician or a member of parliament just to afford a detached home

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Sustainable Australia MP slams Fake Greens’ immigration hypocrisy

February 6, 2019 - 11:15 -- Admin

By Leith van Onselen The Sustainable Australia Party’s first elected member of parliament, MLC Clifford Hayes, delivered his maiden speech to the Victorian Parliament, attacking the Fake Greens for supporting mass immigration to the detriment of the environment, while also acknowledging his staffer – Rudd Government shadow attorney-general Kelvin Thomson. From The Australian: [Clifford Hayes]

Nick Scali warns

February 6, 2019 - 11:00 -- Admin

Nick Scali produced a good result today: But this spoiled the party: Looks like the consumer retrenchment that began in December got worse in January. Not that the market read that bit, gapping up instead of down!  

The post Nick Scali warns appeared first on MacroBusiness.

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Developers get desperate as Chinese demand evapourates

February 6, 2019 - 10:45 -- Admin

By Leith van Onselen With foreign (mostly Chinese) buyers exiting Australian property developments en masse, especially in Victoria: Developers are getting desperate. From The AFR: A Melbourne-based developer has offered its Chinese buyers an option to pay for the purchase of townhouses in China… Developers have started to think outside the square on how to

The post Developers get desperate as Chinese demand evapourates appeared first on MacroBusiness.

Pre-nationalisation Genworth soars as it hoses away capital

February 6, 2019 - 10:45 -- Admin

Sometimes markets are bizarre. Take the case of mortgage insurer GMA today: There’s nothing overly interesting about its year end accounts though delinquencies are still rising. But check out its economic assumptions: This is a fading fiction. Unemployment is going to rise and wages fall. GMA’s delinquencies are going to rise too. But what matters

The post Pre-nationalisation Genworth soars as it hoses away capital appeared first on MacroBusiness.

Another US LNG monster goes ahead

February 6, 2019 - 10:30 -- Admin

Via CNBC: Exxon Mobil and Qatar Petroleum on Tuesday announced a final decision to finance a $10 billion-plus project to export liquefied natural gas from the Texas Gulf Coast. The decision moves forward the latest export terminal fueling growing shipments of U.S. LNG, or natural gas cooled to liquid form, for overseas travel. The Department

The post Another US LNG monster goes ahead appeared first on MacroBusiness.

Chris Bowen can’t fix inequality without fixing immigration

February 6, 2019 - 10:15 -- Admin

By Leith van Onselen Shadow Treasurer Chris Bowen delivered the Chifley Oration in Melbourne on Monday, whereby he argued that economic growth is too low, more than a million Australians are under-employed, and “far too many” workers are being underpaid: Under the Liberals, the economy is not working for working people… Too many Australians are being

The post Chris Bowen can’t fix inequality without fixing immigration appeared first on MacroBusiness.

Is Australian governance collapsing?

February 6, 2019 - 10:00 -- Admin

Via Domain: Billionaire political donor and Beijing’s former top lobbyist in Australia, Huang Xiangmo, has been stranded overseas after Australian officials declared him unfit to hold an Australian passport, and cancelled his permanent residency. …The decision is the first enforcement action to be made by Canberra against a suspected Chinese Communist Party influence agent after

The post Is Australian governance collapsing? appeared first on MacroBusiness.

Flammable cladding more widespread than first thought

February 6, 2019 - 09:45 -- Admin

By Leith van Onselen The fallout from Monday’s fire at the 41-storey Neo200 building on Melbourne’s Spencer Street continues, with information emerging that residents of the 60 buildings deemed to be at the “highest risk” due to deadly flammable cladding have not been notified for fear that arsonists and/or terrorists could target their buildings: Stephen Raff,

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