Good morning, and welcome to Thursday. Here’s what you need to know.
- Chinese officials have released satellite images of what they think could wreckage from the missing Malaysian Airlines jet.
- The Productivity Commission is scathing about federal and state government processes for infrastructure projects, in a report being released today which also suggests more widespread use of tolls to help fund future projects.
- The first pass of a Newspoll taken ahead of Saturday’s Tasmanian election points to a Liberal victory, with the opposition holding 53% of the primary vote, but with the complexity of the state’s electoral system outcomes can always surprise.
- There’s growing concern about China as the twin problems of bond defaults and the iron ore crash raise concerns of a hard landing. The ANZ says that the iron ore problems this week are a result of Chinese banks calling in debts from steel mills amid worries they could default but they aren’t too worried yet. Likewise even though we had the second Chinese Bond default in a week overnight BAML’s Ting Lu points out, defaults of corporate bonds are not like major financial institutions which are intertwined with each other. So there is no systemic risk and the Chinese government is still has deep pockets and the ability to control a credit squeeze. More here.
- After some surprise bad data this week on business conditions and consumer sentiment, Australian unemployment numbers are out today at 11.30am eastern. The market is expecting 18,000 jobs added for the month.
- ASX boss Elmer Funke Kupper has been talking about resurrecting a plan to allow Australians to trade overseas stocks like Facebook and Google using an instrument called unsponsored depositary receipts, or UDRs. We’ve got some details of what the original plan looked like – this time around, the ASX is thinking of making this an institution-only product, so no trading Apple trading for ordinary mum and dad shareholders yet.
- Gawker Media’s Nick Denton really hates Buzzfeed and its CEO, Jonah Peretti. He’s expanded on why, saying he finds Buzzfeed “pointless” and explaining: “I see an image of his cynical smirk — made you click! — every time a stupid Buzzfeed listicle pops on Facebook.” More here.
- Crimea gets a referendum this Sunday to decide on its future, but Reuters notes there is no option on the ballot paper for voting “No” to Russian control.
- Researchers say emotions are actually contagious on Facebook. With over a billion users, this means the platform has the ability to shift global mood. The good news is it’s more effective at spreading good vibes than bad.
- US gossip mag InTouch weekly has published a note which allegedly lists 36 of Lindsay Lohan’s famous lovers, from Zac Efron to Colin Farrell to Justin Timberlake to Joaquin Phoenix to – oh, read it here.
Bonus item: Here’s Arnold Schwarzenegger smashing up stuff with his own “f—ing tank”.
Have a great day. You can find me on Twitter: @colgo
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