These are the victims of the New Zealand volcano eruption which killed 6 people and left 30 more in the hospital
- Identities of the victims in the volcano eruption on an island in New Zealand are emerging the day after the disaster.
- As of Tuesday six deaths have been confirmed of the 47 people whom authorities say were on the island at the time of the eruption, around 2 p.m. Monday.
- Five of the victims were confirmed dead on the same day the volcano erupted.
- A sixth was still alive when taken to the Middlemore Hospital in Auckland, according to CNN, but died of his or her injuries the day after the eruption.
- In an interview with local TV, relatives of the Langfords said that they do not know where there are after the eruption.
- They were airlifted out of the island are now being treated in different hospitals in New Zealand for severe burn injuries.
APRA's superannuation data explained
- The Australian Prudential Regulation Authority has released a data series designed to draw attention to superannuation funds with poor returns and high fees.
- APRA says the information is aimed at the trustees responsible for super funds, not consumers.
- Industry and public sector funds tend to use a single-strategy investment option, while retail funds use what is known as a "lifecycle" strategy.
- The absence of a figure in the boxes on the spreadsheet usually means the product in question uses a lifecycle strategy and it is best to rely on the colour assigned by APRA.
- APRA plans to release data for "choice" investment options next year.
- The spreadsheets will also be available as a means of cross-checking the reliability of claims and assertions made by super funds in their outcomes assessments.
- The Australian Securities and Investments Commission will also use underperformance as a red flag for potential misconduct.
BlackRock says 2020 won't yield bond boom
- There is "no way" Australian investors will enjoy another year of 10 per cent returns from bonds in 2020 despite the expectation the Reserve Bank will continue to cut interest rates to bolster sluggish growth.
- Craig Vardy, head of fixed income at BlackRock Australia, said bond yields looked "rich" after rallying on weak domestic growth and global geo-political concerns, but rates were set to remain lower for longer to help offset the drag on growth from a cautious consumer, weak credit growth and rising unemployment.
- BlackRock Australia expects domestic growth to remain below potential in 2020 – the RBA is set to cut interest rates by 0.25 percentage points in the first quarter of 2020.
- While BlackRock Australia said that a second cut of 0.25 percentage points had been partially priced in, a move to a rate of 0.25 per cent was possible if the unemployment rate climbed and the RBA saw no traction in personal consumption growth.
Our China panic is stepping into the world of paranoia
- Chinese President Xi Jinping’s increasingly aggressive embrace of Chinese exceptionalism, coming at the same time President Trump continues to weaken American credibility in Asia, only intensifies the dilemma for countries like Australia in managing relations with Beijing.
- Let us be clear: Australia must continue to robustly protect its institutions, its technology, data and people from unwanted foreign interference.
- Prime Minister Scott Morrison publicly states that he does not see China as a strategic threat but a dominant section of the intelligence services and the media pushes in the opposite direction.
- The irony here is that the prime minister has been clear, in rhetoric and on some policy fronts, as to where Australia’s perception of China’s rise differs from that of Washington.
- Yet Australia’s toughness towards China is now seen as a credible way of winning kudos in American eyes.
Singapore's Neuron Mobility raises $18.5M to bring its electric scooters to more international markets
- Neuron Mobility, a Singapore-based startup, has closed an $18.5 million new financing round as it looks to scale its e-scooter startup in international markets – a month after the nation introduced difficult regulatory changes.
- Wang said the startup closely works with city councils to understand how these e-scooters should operate.
- Like India’s electric scooter and bike startups Bounce and Yulu, Neuron Mobility also designs its electric scooters, but relies on Chinese equipment manufacturer for producing them.
- Neuron will use the fresh capital to further its footprint in the markets where it operates and explore building new categories, Wang said.
- “We feel we are in the midst of a wave where a number of technologies are falling into place that could help us improve our electric scooter and build more mobility solutions.” The startup is also exploring new markets, though Wang declined to name them.
It's not the right time to cash in our recession insurance
- But there’s at least as good a case for the Feds to hold off on extra stimulus.
- If we ‘do more’ – if the Reserve keeps cutting and heads into quantitative easing, and if the Feds boost infrastructure (perhaps via the States) and even bring forward extra tax cuts – then more jobs would be created and wage growth would lift.
- But if there is a crisis, there’s a good case that going harder now could cost Australia rather more at that time; the RBA’s good intentions will have worsened the next recession.
- That’s the debate we think Australia should have – where this nation sits on the trade-off between helping 200,000 people extra into jobs and boosting wages for those already employed, versus keeping more of a strategic reserve of stimulus in case it’s needed later.
ASX to rise; A2 Milk CEO resigns
- Nib has received approval to increase insurance cover premiums for nib health funds by an average of 2.90 per cent across all products: “the sixth year running that nib has been able to deliver a premium change lower than the previous year”.
- Jayne Hrdlicka, the chief executive of The A2 Milk Company has resigned, citing excessive travel commitments at the infant formula group.
- In a surprise move, A2 Milk announced early on Monday that Ms Hrdlicka would be departing from the company, with former chief executive Geoff Babidge to take the role on an interim basis.
- Ms Hrdlicka said the ''reality'' had hit home that over the next three to five years the chief executive would need to be ever-present in the company's main markets of China and the United States.