"The calculation of Libor is co-ordinated by just two people, who work in an unremarkable open-plan office in London’s Docklands .. They do this electronically, but sometimes the co-ordinators make a phone call to a bank that hasn’t sent in its estimates, and if the latter seem implausible – typos, for example, are fairly common – they’re checked, also with a quick call: ‘Hi there, is the Kiwi chap [provider of the estimates for borrowing New Zealand dollars] about? . . . Bit of a spread on the two month. Everyone else is coming in a good bit under that.’" Calculating the Libor and how London became the center of the international money markets, from the LBR.
Five years and 800,000 images went into producing a 4 gigapixel mosaic image of the galactic plane, which when printed out is 180 feet long. But it has been made browser-sized by GLIMPSE, the Galactic Legacy Infrared Mid-Plane Survey Extraordinaire, the research group which, along with MIPSGAL, created the image: A Glimpse of the Milky Way.
Australian dock workers will stop work for a minute today to remember the Patrick stevedores dispute, an industrial dispute that involved the stevedoring corporation Patricks, the Howard government and the Maritime Union of Australia. A landmark event in Australian political and legal history, the dispute saw dock workers stand "in the first line against the Howard government and the Patrick corporation that was seeking to remove their legal rights, their right to go to work [and] the right to collective bargaining." In its wake, the event generated debate about the role of unions in Australia, an alleged conspiracy between Patricks and the former Howard Government and even spawned a controversial TV mini-series, Bastard Boys. For more history and analysis of the dispute, you can read about it from the view of the MUA or this account but for the definitive analysis see here.
As the countdown to the Australian federal election continues ever onward, the key issue looks set to be industrial relations. The incumbent Howard Government's WorkChoices laws (now re-branded due to their increasing unpopularity) have seen the poll figures for challenger Kevin Rudd go up and up and up. But even as the Government prepares to unleash a major advertisement spree in an attempt to sell the alleged benefits of Work Choices, the new laws have come under attack from the most unlikely of places; popular prime time TV soap McLeod's Daughters, which last night aired this thinly veiled assault (youtube) on the central element of WorkChoices, AWAs.
Australiafilter: The Australian High Court handed down its ruling today on the constitutionality of the Howard Government's new Industrial Relations laws, called 'Workchoices', deeming them constitutional by a vote of 5 to 2 (full text of the decision here). Two dissenters, Justices Michael Kirby and Ian Callinan, argued that upholding the laws changes the very nature of the Australian federal system and is "in contradiction of, what was intended and expressed in the constitution by the founders." Whilst bloggers and academics debate the nature of the laws and how fair or unfair they are, the simple fact now is that the laws are here to stay unless there is a change of Government at the 2007 federal election. Find out what it means for you as an employee from both the Howard Government's view and the Union's point of view so you can know your rights at work and decide for yourself.