10 things you need to know this morning in Australia

1. The Socceroos just beat Germany! Oh, wait – they didn’t. Again. (But they were ahead 2-1 very late.)

2. To the markets, where locally the ASX looks set to open under pressure after the poor lead from the US. That’s evident from the 44-point fall in futures. Equally the market continues to flirt with but reject, both the 6,000 level and overhead technical resistance.

3. In Asia yesterday, there was no news or hope of more stimulus to rescue the market in Shanghai, with the index falling 0.79%. It has been a great run lately, one not anchored in the reality of a slowing Chinese economy but rather in the stimulus the slowing economy needs. That makes it somewhat vulnerable. But for the moment the bulls remain in the ascendancy.

4. Twiggy Forrest caused a bit of a commotion yesterday when he suggested the big iron ore producers should consider capping production to get the prices up again. But it got the ACCC’s attention, with chairman Rod Sims warning “any attempt by Australian businesses to encourage competitors to restrict outputs is a matter of grave concern to the ACCC”. Yet it’s strange, Greg McKenna notes, how the ACCC turns a blind eye to the obvious tactic the big miners are taking in ramping up production to drive out high-cost producers.

5. Something’s up with this Chinese energy stock – and not just its share price, which has risen more than 1800% since January 2013. Shares in Hanergy, it has been noted, consistently surge in the last 10 minutes of trading. The company chairman, Li Hejun, has become China’s richest man as a result, but surely there’s more than supply and demand at work. Here is the ridiculous chart.

6. Australia’s most powerful brands. Woolworths has held on to the title of Australia’s most valuable brand despite a 10% fall in value to $11 billion. Close behind in second place is Telstra, whose brand value grew by 14% to $9.6 billion. But when it comes to the country’s most powerful brands, the banks dominate, led by the CBA, with Telstra again knocking on the door.

7. The BBC sacked Top Gear host Jeremy Clarkson. BBC director general Tony Hall said it was “regrettable” and that Clarkson was a “huge talent” but could not condone physical violence against staff members. Here’s his full statement. Clarkson’s co-presenter Richard May has already hinted he and Richard Hammond may not return either.

8. Recruiters don’t care about your LinkedIn profile as much as you think. At least not in the UK, where Norrie Johnston Recruitment surveyed 100 HR senior decision makers. Among the results, they found:

  • Less than 50% of companies use LinkedIn to check out candidates
  • Job references or “recommendations” aren’t the most important factor; and
  • If you’re already a senior executive, it’s unlikely you’ll see a job you’d want to move to on LinkedIn

9. Big Tech PR now officially taking the p..s. The Daily Dot asked YouTube if it was planning to relaunch its livestreaming service with a focus on tackling Twitch, the website which lets you watch gamers play video games. Here’s what the Daily Dot got back:


OK, that’s funny (“epic”, even). But when the Dot interpreted it as a “no comment”, YouTube returned fire with: “The GIF really is our official response, it technically wasn’t a decline to comment and would appreciate if you could update your story.” It’s a slap-in-the-face sign of how much easier it is for the big boys to rule the tech playground.

10. Australia plays India today, starting at 2.30pm, for the right to tackle New Zealand in the ODI World Cup final on Sunday. Steve Smith has told the Indian bowlers they’re welcome to try a barrage of short balls on a pitch that gave up more than 700 runs when Australia met Sri Lanka in the group stage. We don’t want to dwell on history, but okay. India has won just one ODI against Australia in 35 years at the SCG. That is all.

BONUS ITEM: You’ll get this if you live in Sydney beach suburb Avalon. If you don’t, you’ll get Avalon after watching this.

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