10 things you need to know this morning in Australia

VC2Viceroy CreativeViceroy Creative’s CFO Aaron Bearce, creative director Gabrielle Rein, account manager Raegan Gillette, and president David Moritz.

Good morning. Unless you’re a fan of Scrabble and other once-decent things.

1. The big news in our part of the world is the huge sell-off in China yesterday. But even though the Shanghai Composite’s 6.5% fall made the top 10 biggest one-day falls since 2000, it still didn’t wipe out the gains of the past four trading days. Incredible.

2. Regardless, China is worried about its slowing economy and debt-laden banking sector. Linette Lopez has been watching Chinese state-run media for a while and points out just how much the government appears to try to herd its people into keeping things ticking over. They’ve even resorting to handing out quotes on the state of things from an “authoritative insider” – a staple from Chairman Mao days.

3. The local market did OK yesterday with the ASX 200 performing well, all things considered, on what the capex data suggested for the economic outlook. It doesn’t represent the whole economy – there are still points of improvement and strength. But it shows how much we’ll need some big ticket infrastructure items to fill the hole left by the end of the mining boom. The real risk now is that we could, and should not, talk ourselves into a recession.

4. Let’s mine this moon. We’ve got about 20 years’ worth of rare earth minerals left on this planet, and that’s important because they make our smartphones, tellies and electric cars work. But there’s a “quadrillion” woth of REMs on the moon, and this infographic from NeoMam Studios explains how we could mine them, without changing the high tide back back here.

5. Get nude for work. Staff at ad agency Viceroy Creative did, because they wanted to rebrand and show their clients how dedicated they could be to achieve their goals. They gave themselves 30 days to get fit for the shoot, and the results speak for themselves. Here’s the extreme diet and fitness plan they went on which you should consider if your boss asks you to nude up, pronto.

6. In late 2012, when Facebook reached a billion users, a little red book started appearing on the desks of all its employees. It spells out what Facebook stands for, and from what we’ve seen, it avoids mawkish attempts at “inspiration” in lieu of short, sweet common sense:

And we’ve got one of the first inside peeks for outsiders. Here’s 14 pages of Facebook’s Little Red Book.

7. It seems Telstra’s not a fan of fine dining. The company made a bold move a few months back under former CEO David Thodey when it opened Australia’s first private restaurant, The Exchange, in its flash new Sydney CBD HQ. From all reports it was a hit, with a top chef, and $50 three-course meals. But now it’s being scrapped, replaced by a self-service, casual space. Local restaurants will rejoice, no doubt, but if the idea was to entertain Telstra’s key clients, what does it say about how the telco values them?

8. Scrabble has changed, adding 6500 new words from the internet and texting era to its vocabulary. Like “lolz”, “tweeps” and the abominable “podiumed”. (We haven’t checked, because that’s enough rage for one 10 Things item, but assume “medaled” is in there too.) What happened to you, world?

9. Your attitude. If it stinks, it could be the main cause of your poor pay packet. Well, this one aspect of your attitude, anyway – cynicism. Because cynical people are less likely to trust others, they’re more likely to over-invest in protecting themselves and that makes them less cooperative. As we all know, slippery slides only go in one direction.

10. Do you deserve a Wife Bonus? The New York Times blew the lid on these nice year-end chunks of cash Manhattan millionaires were “rewarding” their wives with for keeping the personal side of their lives in order. Obviously, outrage ensued. But Shane Ferro went there and decided it can be jusitified. Especially given the guilt some associate with joint accounts and who gets to spend how much of it.

Have a great weekend.

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