Good morning! Read this, work hard, have a great weekend.
1. In Asia yesterday, the carnage was terrible across the bourses of the region. The Nikkei dropped 2.61% to 15,662, the Hang Seng was 1.28% lower to 22,933 while Shanghai was a little higher, up 0.27% to 2,364.
2. The Aussie has rallied back to 88 cents. Iron ore December futures rose 31 cents to $79.19 a tonne. And it’s Services PMI day around the world which is important with China, Japan and the AiG.
3. China loves New Zealand more. Tony Abbott wants the Australia-China free trade deal set before the G20 meeting in Brisbane next month. Unfortunately, New Zealand is in the way, offering juicier alternatives to the Chinese on beef, lamb, dairy, horticulture, wine and just about everything else. History shows these deals are often sealed with last-minute concession, so the PM may get his wish. But is it really such a bad thing that we’re taking longer than the Kiwis to fold?
4. How not to be a leader’s daughter. A Facebook account linked to Chai Yan Leung, the daughter of Hong Kong’s leader, CY Leung, disappeared during the past 24 hours after this was posted:
“This is actually a beautiful necklace bought at Lane Crawford (yes- funded by all you HK taxpayers!! So are all my beautiful shoes and dresses and clutches!! Thank you so much!!!!) Actually maybe I shouldn’t say ‘all you’- since most of you here are probably unemployed hence have all this time obsessed with bombarding me with messages”.
It could have been a not-so-elaborate attempt to cause trouble by someone else, but Leung’s Instagram account suggest otherwise. And her mum has previously publicly commented on the Facebook profile, so sadly, it seems legit.
5. It’s the vibe. Brisbane’s Wynnum Rd corridor is getting an upgrade, but there’s 38 pesky homes right where they want the road. You know what we’re going to say next – they’re getting “resumed”. As in, like the Kerrigans home in The Castle. The original plan set aside $30 million for buying the properties, but that’s now been doubled. By our maths that’s about $1.5 million per home. What are the chances they’ll actually get it, given the median price in that area is about $700K?
6. Australian companies aren’t paying their dues. A report commissioned by the Tax Justice Network and United Voice found a third of ASX200 companies have an effective tax rate of less than 10%. Some of this can be explained by the use of previous tax losses that have been carried forward. However, the use of abnormal items by some companies appears to be timed to create tax losses that then produce a future tax benefit. Here’s what we need to do to fix that.
7. The Bachelor has chosen. Perth real estate agent Blake Garvey flew Sam Frost, her running mate Queensland fashion designer Lisa Hyde and an engagement ring all the way to South Africa for the big moment. Frost and Hyde both met with Garvey’s mum for a last minute Q&A before their final dates with her son. Hyde got hot-air ballooning, Frost got an animal safari – and the ring. Twitter was typically mature about the safari setting.
— Leon Sjogren (@Leonsjogren) October 2, 2014
8. Instagram ads are about to hit Australia. Ew. But somebody has to pay the bills and Omnicom Group US signed a US$100 million advertising deal with the app earlier this year to help it do just that.
9. More details about the WA shark attack. 23-year-old surfer Sean Pollard lost an arm and a hand in the attack at Esperance yesterday. There’s been seven fatals in WA in the past three years. Pollard reportedly told authorities it was two bronze whalers that did the damage. So immediately after the attack, the drum lines were laid and two, um, great whites were killed as a result…
10. The Rabbitohs bid to break the drought. It’s the NRL’s turn to host a Grand Final this weekend, and there’s an excellent chance it will be a far better spectacle then the AFL debacle. There’s a lot of plot twists and turns – including this entertaining but frankly ridiculous stoush between rival media teams – but a lot of the interest is on the coaches. Here’s a great profile of the protaganists, Canterbury’s Des Hasler and the Rabbitohs’ Michael Maguire, a former Raider who returned to Australia after taking Wigan to the English Super League title.
BONUS BACHELOR ITEM: There are reports all interviews with the couple today have been cancelled. There’s rumours that a) the engagement is off; or b) another Bachelorette is preggers with Blake’s baby.
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