Tinkler fails to appear in court, arrest warrant issued

An arrest warrant has been issued for former billionaire Nathan Tinkler after he failed to appear in the Supreme Court in South Australia for a detailed autopsy of his failed Patinack Farm thoroughbred racing and breeding empire, according to the Sydney Morning Herald.

Tinkler was supposed to appear before Judge Roder on Monday to answer questions about the liquidation of Patinack Farm.

The court heard Tinkler’s lawyers were attempting to have the matter adjourned but this morning the liquidator was informed Tinkler had “sacked” his legal counsel.

Lack of liquidity accelerated Shanghai gold rout

A lack of liquidity hastened gold’s 4% slide in a matter of minutes on Monday after a record 3.3 million lots of the metal, or 33 tonnes, traded on a key Shanghai physical contract, as top consumer China appears to be shunning bullion, according to the Sydney Morning Herald.

Spot gold hit $US1088.05 an ounce – its weakest since March 2010 – shortly after the Shanghai Gold Exchange opened, possibly paving the way toward $US1000 per ounce.

Investors have found less and less reason to hold bullion as a safe haven, with the dollar strengthening ahead of what is expected to be the first increase in US interest rates for nearly a decade.

Engineering construction fall speeds up, ACIF says

The Australian Construction Industry Forum predicts in its latest forecast that the bottom is falling out of engineering construction faster than predicted and the once-larger infrastructure-based sector will be worth less than residential construction by 2018, according to the Australian Financial Review.

Industry group ACIF forecasts an 18% decline in engineering construction for the year to June – three times the slump it predicted in December – ahead of a series of declines that will see it drop to a total $86.5 billion in 2018, less than the $87.4 billion value of residential building work.