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While many of you are trying to stay with your spouses, I am seriously thinking of leaving mine. I have been the one doing everything for 19 years: main breadwinner, daily chores, caring for children, managing household, scheduling appointments, etc. I have felt like a single mother since my children were born! My husband goes through phases where he is depressed (sleeping lots, grouchy mood, quick to anger, no help, etc) and I usually pull him out of it with positive energy. My thanks for all these years is no appreciation from him. I've had it! He is in therapy (again), continues on medication (12 years now), pushed away all of his friends, spends all his free time computer gaming, reading online posts, etc.
Does it make me a bad person that I am ready to give up on this relationship? I'm in therapy myself and trying to decide if I want to live like this for the rest of my life. When do you say, "Enough is enough?" I would like to be with someone who gives to the relationship equally.
Those of you out there staying with your depressed spouses, I give you lots of credit. I don't think I can do this anymore. My children are affected by his negativity, he doesn't interact with the kids anymore (unless it's something he wants to do), he doesn't talk to me, we don't do anything as a family. What do you do?
It's very tiring. And having depression makes me want to do literally nothing at all, ever. But I live a very normal life, work full time, am still in college, cook and clean, etc. and am able (barely, but still able) to keep my emotions in check so they are not always negatively affecting everyone. I have panic/anxiety attacks and don't even have a desire to live, but it has never affected anyone including my spouse to the point where I was dragging them down all the time.
If I can do it, your husband can do it. It sounds like he doesn't want to get any better or be part of an equal relationship. and to be honest I don't care how bad his depression is, or whether or not he has the right medication, he needs to be there for his family and make a much better effort. He has more than depression, he has downright selfishness.
So if you are enabling him in any way (not saying you are) then you have to stop, tell him its a get-better-or-I'm-outta-here situation, and if he doesn't make a better effort, I don't blame you for leaving. There's no reason his depression should make you live like you have depression too. And your children certainly shouldn't have to live like that.
I'm sorry if I offend anyone else out there who has depression like me, but this is just how I feel about it.
My heart goes out to you sounds like were in the same boat. My husband is trying to get help again & wants to. The clencher here is we dont have kids I really want some & he is hesitant as he doesnt want to give his defectiveness to them & bring kids into this world thats just getting worse..
Isn't it nice to know were not the only ones going through this.
You need to make the right decison for yourself no one is you.
I wish you all the best of luck my heart truely goes out to you. I just keep hoping he will get better get out of the rut realize he is a wonderful person.
I brought up the word divorce and he stated that if that happened, he would not want time with our two boys because he wouldn't want to see me anymore. Talk about pressure!! So, I'm supposed to stay with a man, who states he is finally working on his depression (after 20 years) because he doesn't want to lose me, but then is blaming me for not helping him get through his depression again. Plus, if I leave him, he will punish our children, putting more guilt and blame on me. What do I do with this?? After all we have been through, I don't think I really want to be with him anymore. I want less emotional stress in my life. I can't kiss and hug him because all I see is the depressed person who won't do anything with his life. I don't respect him anymore and don't trust that he will actually change, as I have tried to get him to change for the past 17 years.
If so I think you need to call & talk with the therapist if not you need to get one so you can feel supported.
If your children are old enough to understand whats going on they may support you in what your strongly pondering.
This sounds very hard. You need to seek guidance & support from a therapist & family.
You also need to be doing stuff for yourself so you can have energy to deal with all of this.
Oh how I wish this depression didnt exsist in this world.
Keep me post.
I havent looked into it very well but its another thought.
Maybe you guys should see a marriage counselor together? I mean it sounds like you are doing all you can but you are living for two people, and it is not fair to you. The fact that he is always in the basement playing video games and stuff is a sign that he does not care about anyone and to me it seems he wants to stay in the depression.
I just hope you are able to get through this ok. We are here to support you!
Much love! <3
With you feeling the way you are & he the way he is it would be nice to get to some sort of commend ground.
We are here for you.
How are things going today?
Keep us posted on how everything is going, I wish you all the best.
Today, he offered to use the money he has been saving for a cottage up north to buy me an elliptical and take me to New York City. I declined both. Buying things will not fix this relationship. I just don't want to spend time with him anymore. He agreed that we don't have any fun together and haven't for a long time.
The other development, he sent out an email to his closest friends, ones that he hasn't talked to in months/years, stating that he is in depression (again) and that he and I are having marriage problems. I didn't hear of this email until his oldest friend called begging me not to hurt him by leaving and to stick with him until he gets better. Apparently the email also stated that he felt I deserved better than how he has been treating me over the years. He did not tell me about this email and when I brought it up, he said he wanted his friends to know about his depression so they could help.
Tonight he is back on the computer, online gaming again, laughing out loud and having a great time. Certainly doesn't sound depressed now.
I wish I knew what to do. I'm not in love with him anymore and haven't been for a long time. I care about what happens to him because we have been together for so long and he is the father of my children. Will filing for divorce cause his depression to worsen? Am I being the selfish one in that I would like a better life for myself? Should I leave him, because I have noticed that I am a better mother to my children when we are not around his constant gloom?
I truly believe that a person knows when their actions are making headway or they are just running the hamster wheel. Tolerence levels vary person to person. Only you know when you have reached your max. HUGS!
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The Case for Getting Much Tougher on China
A provocative new book argues that China is deliberately undermining the U.S. economy.
It's a sleeper issue in this year's campaign, since the state of the economy is most voters' biggest concern. But U.S. relations with China remain a touchy and even explosive matter, and China may have more to do with the stagnant U.S. economy than a lot of people realize.
[Photo Gallery: iPhone 5 Draws a Crowd]
Republican presidential nominee Mitt Romney accuses China of using illegal trade practices to keep export prices artificially low, which robs American jobs. He frequently bashes President Obama for being soft on China and says that adopting tougher policies will be a "Day One" priority if he's elected.
The Obama administration, sensitive to Romney's charges, recently lodged a formal complaint with the World Trade Organization charging China with illegally subsidizing autos and auto parts to undercut American and global competitors. President Obama has been touting that move and other efforts to blunt China's economic power while campaigning in states like Ohio, where thousands of auto workers reside.
Now, a provocative new book argues that both men, despite tough talk on China, may be vastly underestimating the damage China is inflicting—deliberately--on the U.S. economy. In Strategic Capitalism: The New Economic Strategy for Winning the Capitalist Cold War, Richard D'Aveni, a professor at Dartmouth's Tuck School of Business, argues that China's brand of state-run capitalism is trouncing the more laissez-faire variety practiced in America and other developed nations. "The whole country's in denial about the shift of jobs from West to East," D'Aveni told me when I met with him recently in New York. "The United States doesn't have a real strategy for dealing with that."
[See why our "Obamanometer" shows the economy favoring Romney.]
Unlike other hard-liners who support a tougher stance against China, D'Aveni—an influential business strategist and consultant--doesn't argue for a fixed set of policies drawn from an established political playbook. Instead, he advocates a series of pragmatic steps meant to counter China's strategic goals and boost or revive American industries. Such policies should change, he says, as circumstances change.
The starting point, D'Aveni argues, is to recognize that American capitalism is poorly suited to the kind of global competition that's evolving today. China's brand of "managed capitalism," he says, allows China to forge capitalist enterprises backed by state power and meant to advance national goals. There's ample evidence this strategy works. China has become the world's manufacturing powerhouse because Chinese authorities established that as a goal, for instance. And China has quickly dominated industries deemed top national priorities, such as wind and solar energy.
The United States, meanwhile, has had a long aversion to any kind of federal industrial or economic policy, and Americans these days seem less supportive than ever of centralized government solutions. The result is ongoing political combat over regulation, focused more on lobbying battles in Washington than on what kinds of policies would genuinely benefit the U.S. economy.
[See why borrowing from China is good for America, not bad.]
Big U.S. multinational firms, meanwhile, once a source of national pride, now invest and hire everywhere in the world, whether that benefits the U.S. economy or not. "Our multinationals aren't really ours anymore," D'Aveni says. "They're more like stateless entities with no loyalty to anybody. But the United States rescues them if they get into trouble. There's a problem with that picture."
His solutions begin with an urgent effort to fix Washington's finances and make the nation far less dependent on foreign creditors such as China. Then he'd identify domestic industries that need to be strong in order for the U.S. economy to grow and American workers to prosper. That would set the stage for a new set of policies necessary to support those industries and keep the majority of the wealth they generate in the U.S. economy.
The federal government is probably the only institution that could do this, which puts D'Aveni at odds with many business leaders who dread the notion of an economy guided by Washington. Yet D'Aveni points out that corporations themselves manage their own portfolios of properties and investments with the same sort of centralized strategy he's advocating for the overall economy, instead of letting pure market forces determine the fate of their businesses.
D'Aveni would go one bold step further, by establishing deliberate (though perhaps stealthy) efforts to undermine the Chinese economy. One way to do that, he says, would be to somehow bolster the older factions inside China's Communist Party, since they're more suspicious and fearful of capitalism and inclined to steer China in a different direction than it's going now.
It's a safe bet you won't hear any proposals like that from Romney or Obama. Despite occasional complaints over trade practices, few policymakers or business leaders see China as a direct adversary, the way the Soviet Union was during the Cold War; it's more like a "frenemy" whose trade we value, even if some of its policies are antagonistic. And many China experts disagree with D'Aveni, arguing that the interests of China and the United States are mostly aligned, so that what benefits one often benefits the other.
Yet the U.S. economy clearly seems to be in the midst of a permanent slowdown, with no convincing answers about why it's happening or what anybody should do about it. If it continues much longer, D'Aveni's ideas might start to seem less provocative and more mainstream.
Rick Newman is the author of Rebounders: How Winners Pivot From Setback To Success. Follow him on Twitter: @rickjnewman.

subset: commoncrawl


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Funeral services for Larry D. Hays, 42, of Charlestown, were held at 11 a.m. Thursday, July 11, at Grayson Funeral Home, Charlestown, with burial in Charlestown Cemetery. He died Wednesday, July 10, 2013, at Floyd Memorial Hospital and Health Services, after a long-fought battle with cancer.
Visitation was after 1 p.m. Thursday, at the funeral home.
Condolences can be sent to www.graysonfuneralhome.com


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SELLERSBURG — Two-time major winner Fuzzy Zoeller has announced that the 2013 Wolf Challenge, Southern Indiana's premier event that brings some of the brightest stars of professional golf and celebrities to Sellersburg, will be held Aug. 10-11 at Covered Bridge Golf Club, which is one of two golf courses he owns in Southern Indiana. This will be 16th and final year of the event.
"The Wolf is a lot of fun and a unique experience for the fan," the New Albany native said in a statement. "I am always so proud to bring the biggest names in golf and celebrities from all around the world to meet my friends and experience my hometown's hospitality, which I love and am so proud of."
Zoeller, considered one of the greatest characters in golf, turned professional and joined the PGA Tour in 1973. Zoeller is one of only three golfers to win The Masters in his debut, capturing the title in 1979. He has a total of 10 PGA Tour victories, including a second major championship in the 1984 U.S. Open.
Zoeller joined the PGA Champions Tour in 2002 and went on to win the Senior PGA Championship later that year. In addition to golf, Zoeller is actively involved in charitable activities around his hometown of New Albany and has his own line of vodka, "Fuzzy's Vodka."
Trevino, a 1981 World Golf Hall of Fame inductee, has won 29 times on the PGA and Champions tours. Trevino owns six PGA Tour major titles with the 1968 and 1971 U.S. Opens, 1971 and 1972 British Opens and 1974 and 1984 PGA Championships. He holds four Champions Tour major championships — the 1990 U.S. Senior Open, 1992 and 1994 Senior PGA Championships and the 1992 Tradition.
The 1967 PGA Tour Rookie of the Year, Trevino won five Vardon Trophies (low scoring average), played on six U.S. Ryder Cup teams and captained the 1985 Ryder Cup team.
Lopez joined the LPGA Tour in 1977 and quickly made a name for herself.
She won nine tournaments during her first full season on tour, easily making her the 1978 LPGA Tour Rookie of the Year.
In total, Lopez amassed 48 victories during her illustrious career, including three LPGA Championships. She was named LPGA Player of the Year four times and got inducted into the World Golf Hall of Fame in 1987, becoming the youngest qualifier for the LPGA Tour.
Stadler took the San Diego golf scene by storm as a youth, first at La Jolla High School and then as a collegiate player at the University of Southern California.
Stadler won the 1973 U.S. Amateur Championship, turning professional in 1976 and winning his first PGA Tour events in 1980 — the Bob Hope Desert Classic and the Greater Greensboro Open.
He'd go on to win the 1982 Masters , one of four events in which he was victorious that year, following that up as a member of the 1983 and 1985 Ryder Cup squads.
Stadler joined the PGA Champions Tour in 2003, accumulating eight victories between 2003 and 2004. In 2003 he won the Ford Senior Players Championship. He was the Champions Tour's leading money winner in 2004. Stadler captured his ninth Champions Tour win in June at the Encompass Championship, his first in almost nine years.
Over the past 17 years, the Wolf Challenge has raised more than $2 million for Fuzzy's Kids, a charitable organization benefiting children of Indiana and Kentucky.
The three-day event will kick off next Friday with the Wolf Challenge Shamble, played at Zoeller's Champions Pointe Golf Club in Memphis. The Wolf Challenge Pro-Am will be played on Saturday, Aug. 10 at Covered Bridge and will feature PGA Tour professionals and various famous celebrities.
Highlighting the weekend is the Wolf on Aug. 11 with Zoeller, Trevino, Lopez and Stadler.
Tickets for the Wolf Challenge are on sale now for $30 for a two-day general admission ticket. Two-day tickets upgraded to include clubhouse access are $100.
The VIP All Access Experience is $500 and includes a ticket to all exclusive VIP events, including the Pairings Party next Friday, the Wolf Challenge Dinner, Gala and Auction on the 10th and on-course VIP hospitality for both the 10th and 11th.
Tickets can be purchased by calling 812-246-8200 or by going to www.wolfchallenge.com.
The Wolf Challenge is a fun audience interactive golf experience that allows the Wolf players to pick their partner at each hole, adding excitement and Zoeller's anecdotes for all to hear along the way as each player will be wearing a live microphone.
Fans will get up front and personal interaction with the four competitors. Tickets sales are limited.
Floyd County Sports
GOLF: Zoeller announces plans for final Wolf Challenge
Trevino, Lopez, Stadler to play with Fuzzy in 16th annual charity event at Covered Bridge
SELLERSBURG — Two-time major winner Fuzzy Zoeller has announced that the 2013 Wolf Challenge, Southern Indiana's premier event that brings some of the brightest stars of professional golf and celebrities to Sellersburg, will be held Aug. 10-11 at Covered Bridge Golf Club, which is one of two golf courses he owns in Southern Indiana. This will be 16th and final year of the event.
- Floyd County Sports
LITTLE LEAGUE BASEBALL: New Albany 9-10s win fourth consecutive state title
All-Stars bomb Dyer 10-1 for crown, outscore state opponents 60-7
LEGION BASEBALL: Post 42 wins regional, headed to state for first time
Burke walkoff double sends Floyds Knobs past host Madison, 5-4
LITTLE LEAGUE ROUNDUP: New Albany 9-10s blank Highlands
Juniors finish third at South Bend
TRACKING: Sean Godfrey
New Albany grad 2-for-3 with 3 RBIs in 4-2 Rome victory
LEGION BASEBALL: Reister, Post 42 force title game
Floyds Knobs faces Madison today for crown
- COLLEGE TENNIS: IU Southeast adds two for 2014-15
LITTLE LEAGUE: New Albany wins state championship
Biven pitches stars to 2-0 win over Highland in title game
LITTLE LEAGUE: Schmelz, Biven combine for no-hitter
New Albany 9-10s in winner's bracket final after 10-0 win over Valpo
TRACKING: Sean Godfrey
New Albany grad goes 1-for-5 with a run in 8-0 Braves' win
LITTLE LEAGUE: New Albany two wins from state title
District 5 champions crush Terre Haute North 16-3 in quarterfinal
- More Floyd County Sports Headlines
- LITTLE LEAGUE BASEBALL: New Albany 9-10s win fourth consecutive state title


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You sent them, we read them and were overwhelmed by the touching, funny, and often heartbreaking ways DRAGONLANCE has touched your life. But there can only be one Ultimate Fan, at least for this contest. Read the winning essay here:
A lot of people who enjoy fantasy can point to a certain trilogy taking place in Middle-Earth as the time in their childhood they fell in love with the genre. For me, though, the world I remember fondly is Krynn. I grew up in a small town on the Oregon border called Smith River. It's on the California side, but its literally the last town on the coast before you get to the next state. We used to drive to Brookings to do our shopping and there was a little bookstore by the Ray's Market where I used to hang out while my mom picked up the groceries. I was twelve, I think, when I started reading the Meetings Sextet. I remember staying up way too late reading those books and begging my mom for money every time we went to Brookings so I could buy the next one.
This is where it gets really sappy. I was not well-liked in junior high and I think most people know how cruel young teens can be. I'm not exaggerating when I say there were times then I felt my only friends in the world were the Companions. The characters were so beautiful to me and I loved them. I used to dream of living on Krynn and adventuring with Tanis, Flint and Tas. Some days, all that got me through school was knowing I had a new Dragonlance book at home waiting for me.
I remember reading the Chronicles and being heartbroken when Tanis rejected Laurana. I had a bit of a crush on her (at least as much as one can crush on fictional elves), it seemed plainly obvious to me Kitiara was bad news and Tanis really loved Laurana. When she thought Tanis had betrayed her for Kit, I read straight through to the last page praying silently that she'd come to her senses. I remember many moments where the stories elicited a true emotional response, unlike any other book I'd read up to that point or since. It's cliche to say, but the book made me laugh, made me cry and made me a hopeless romantic.
What makes me different from the millions who love these novels is they were my gateway into a greater world. They were real to me. They affected the rest of my life in ways I can't list in 500 words or less. When I stop to think about all the hours I spent reading and re-reading those books, I believe this contest was created for me to share this essay with everyone. I think I've been waiting my whole life to prove I'm the Ultimate Dragonlance Fan and thank Margaret Weis and Tracy Hickman for every beautiful word committed to paper. Thank you, Ms. Weis, Mr. Hickman for giving me such wonderful friends when I needed them more than anything in the world.


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Cages & Carriers
Cat Carriers and CagesCat carriers are mostly commonly used for transporting your pet safely to the veterinarian or groomer. Using a cat carrier is more essential for longer trips, like moving into a new home across town, traveling to another state or flying across the country. Fortunately, cheap cat carriers are not difficult to come by. We carry a variety of hard and soft cat carriers, each meticulously designed and tested to ensure the safety, comfort and security of your cat. Soft-sided cat carriers are cozy, well-ventilated and can usually be rolled up when not in use. If you are going on a lengthy journey, large cat carriers can accommodate food and water dishes plus a small litter box.
Marchioro USA Aran 3 Clipper Pet Carrier - Beige, 25 Inch L x 17 Inch W x 16 Inch HMarchioro USA Aran 3 Clipper Pet Carrier (Beige, 25"L x 17"W x 16"H) The Aran Clipper Carrier is perfect for the pampered pet on the go! Treat your dog to a top of the line carrier that provides chic Italian fashion and durability...ONLY$68.82


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Randy Mitchell Special Correspondent
Byng —
Byng Schools are currently on lockdown, according to radio traffic. Pontotoc County Sheriff John Christian said some students were fighting and school faculty "couldn't control it" so deputies were called in. Christian said the schools were placed on lockdown as a precaution and authorities believe the students involved have left the scene.


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Contact: Jenni Smith or Ellen Sterner
February 21, 2002
Click on the photo below to view or download a high-resolution .jpg version.
DALLAS (SMU) -- Southern Methodist University today broke ground on the new $13 million Laura Lee Blanton Student Services Building which will offer convenient "one stop shopping" for student administrative services now located in separate buildings across campus.
Made possible by a $5 million gift from Jack S. Blanton and the late Laura Lee Blanton of Houston and generous gifts from other SMU alumni, parents and friends, the 63,000-square-foot building will be home to the Division of Enrollment Services, which provides primary contact for prospective students with admission, enrollment, financial aid and student account services; SMU's Office of Information Technology Services; a new International Center; and the SMU-in-Taos program.
Designed by OmniPlan Architects of Dallas in the traditional style of Collegiate Georgian architecture, the Blanton Building will be the centerpiece of the university's new East Quad planned at the intersection of SMU Boulevard and Airline Road. The location offers more convenient parking for visitors to campus and is accessible from North Central Expressway.
The building will feature the SMU Family Terrace on the building's second level facing westward, overlooking the university. The terrace will be the starting point for campus tours, an informal gathering place for the campus community and the site of a variety of campus events such as Homecoming alumni reunions, Family Weekend and Commencement activities.
A 1950 graduate of SMU, Mrs. Blanton was a longtime member of SMU's Board of Trustees and was a 1989 recipient of SMU's Distinguished Alumni Award. She was a member of the Presidential Search Committee that recommended the selection of R. Gerald Turner as SMU's 10th president in 1995. Active on numerous boards for 26 years, she was known for her love of students and her interest in student life.
The Blantons gave $2 million in 1997 for student academic support services and, in 2000, part of the Altshuler Learning Enhancement Center was dedicated as the Laura Lee and Jack S. Blanton Academic Development Complex. The Blanton family also has provided funding for five endowed scholarships for SMU's President's Scholars Program.
A gift of $1.5 million from Kenneth R. and Linda A. Morris of Sonoma, Calif., will support the new Information Technology Center to serve the computing and telecommunications needs of the SMU campus.
"It is critically important that the university make significant improvements in the broad area of student services to continue recruiting and retaining students on the basis of a 'value-added' approach to the total SMU experience," said SMU President R. Gerald Turner. "The new Laura Lee Blanton Student Services Building will help us to meet this need. We are deeply grateful to the Blantons for their generous support of the university and their strong commitment to its students."
Construction of the Blanton Building is part of The Campaign for SMU: A Time to Lead, SMU's $400 million capital campaign launched in April 1997.
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Inspired by the Olympics - Kids Watersports TasterInspired by the Olympics ?
Why not try our Kids Olympic Watersports Taster Sessions at Hove Lagoon, Brighton? Full tuition and all equipment is provided, including a wetsuit. You get to try three sports for just £25.
Taster session includes
- Windsurfing
- Dinghy Sailing
- Kayaking
- Run by highly experienced and friendly RYA instructors.
- All specialised equipment is provided, including wetsuits.
- Suitable for complete beginners - we train everyone from kids to grandparents!
- Group sizes are kept to a maximum of 8 people
- Master the basics of windsurfing , sailing and kayaking
- Perfect learning location of Hove Lagoon combining shallow and flat water right next to the sea to make the most of the sea breezes
Prerequisites: Taster sessions are aimed at complete beginners age 8 - 12. SESSIONS ONLY OPEN TO NEW CUSTOMERS SO NEW PEOPLE CAN TRY WATERSPORTS - SORRY
Where: Hove Lagoon
What to Bring: All you need to bring is an old pair of shoes you don't mind getting wet, towel and swim wear. We sell neoprene shoes in the office. Wetsuit, buoyancy aid and equipment hire is included.?
Booking terms and conditions apply and rebooking fees are charged for cancellations made with less than 4 weeks notice
Course DatesFor details click on the date.
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Your first choice in "The Last Frontier"
Owned and operated by local Fairbanksans, Fountainhead Hotels offers an authentic Alaskan experience unlike any other. In addition to crisp northern air, pristine surroundings, and exhilarating recreation, each member of the Fountainhead Hotel family - Wedgewood Resort, Bear Lodge at Wedgewood Resort, Sophie Station Suites, and the Bridgewater Hotel – delivers warm hospitality and gracious service from a friendly staff who can't wait to show you just the Alaska you came to find.
Choose the perfect Fountainhead Hotel according to your needs. Looking to explore Fairbanks, AK? Reserve a room at the Bridgewater Hotel, which is just steps from wonderful restaurants, uniquely Alaskan gift shops, and museums. Sophie Station Suites was made for getting down to business with roomy suites, a vibrant restaurant and lounge, and a convenient location near the airport. For a little silence and seclusion without giving up the great service of our downtown hotels, escape to Wedgewood Resort, a splendid lodge-style hideaway tucked between a 75-acre wildlife sanctuary and a 2,000-acre migratory waterfowl refuge. In addition to Wedgewood's expansive one- and two-bedroom residential-style suites, Bear Lodge at Wedgewood Resort features well-appointed guestrooms and its very own staff.
No matter which destination you choose, we invite you to enjoy our diverse activities. Hop aboard our complimentary Fountainhead Hotels "Around Town Express" into downtown Fairbanks, explore our 75-acre wildlife sanctuary and make a pit stop at the Fountainhead Antique Auto Museum - rated the number one attraction in Fairbanks.
Be sure to visit our events page to find out what's going on around town during your visit. From the World Ice Art Championships and International Sled Dog Symposium to concerts, cultural events and holiday festivals, there's something for everyone. If you're a planning a business gathering or social event of your own, Fountainhead Hotels offers modern facilities along with exceptional food and a professional catering staff.
As the premier hotel group in Fairbanks, AK, Fountainhead Hotels blends unmatched service


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Liquidity is at the backbone of any market development and GCC stock markets are no exception. Strong oil price backed wealth effect coupled with retail nature of the market triggering speculative activity contributed to very robust liquidity levels in the past, especially before the financial crisis. Liquidity is generally measured as total value traded and is expressed as a % of total market capitalization to arrive at the velocity. A high velocity may indicate that liquidity is running ahead of the market and vice versa. Also, improved liquidity has many benefits including cost of transaction. In the context of GCC stock markets, the following questions beg answers:
1. By how much did the liquidity drop for key index movers measured in terms of before and after Global Financial Crisis?
2. What impact such a drop had on the bid-ask spread (a proxy to measure transaction cost)
3. Are there any inconsistencies in this and if so what can explain it?
Before we answer these questions, let us quickly explain the methodology of this small research:
1. We collected daily volume, value traded, market capitalization, bid-ask spread on 15 heavy weights in the GCC stock markets
2. We organized this data in terms of pre financial crisis (before 2008) and post financial crisis (after 2008).
3. We calculated Average Daily Value Traded (ADVT), a measure of liquidity for all the stocks
4. We also calculated the Turnover ratio (defined as total volume traded/number of outstanding shares).
Now let us turn to our findings in a quest to answer our questions:
Table 1- % change between Pre-crisis (2003-2008) and Post crisis (2009-2013)
Regarding the first question liquidity dropped across the board in the aftermath of the crisis as expected. For example SABIC's daily average value traded (ADVT) stood at USD 178 mn dollars during the period from 2003-2008. Post 2008 the ADVT fell by 27% to USD 130 mn dollars. Saudi Telecom saw a large decline in ADVT from USD 100 mn before the crisis to USD 11.9 mn a drop of almost 90%. The table above shows the effects of the crisis on the average value traded.
Table 2- Summary of finding
2. What impact such a drop had on the bid-ask spread (a proxy to measure transaction cost)
In general, as liquidity improves, bid-ask spread reduces thereby reducing the cost of transaction. In the case of heavy weight GCC stocks, spreads increased in response to a fall in the liquidity for most of them. SABIC's Spread was 0.23% prior to the financial crisis while after the crisis it increased to 0.3%. In the case of Saudi Telecom the Spread increased marginally from 0.27% to 0.29%. The biggest increase in spreads is seen in Zain where before the crisis the spread was around 0.75% (high compared to Saudi companies) while after the crisis it increased by 88% to 1.42% though this cannot be totally attributed to a fall in ADVT as ADVT declined only by 9% compared to pre-crisis numbers
3. Are there any inconsistencies in this and if so what can explain it?
Finally were there any inconsistencies? Some companies in our study showed positive correlation in that while liquidity decreased, the bid-ask spread also decreased and vice versa. Examples include Emaar, First Gulf Bank and industries Qatar. However the main reason behind this positive correlation is that the mentioned companies did not have sufficient history for us to make meaningful comparison between pre-crisis and post crisis numbers. The only company with sufficient data was SAMBA and we could attribute the fall in liquidity to the financial crisis and attribute the fall in spread to peers. In other words, before the crisis SAMBA had the highest spread among Saudi banks under our coverage thus the number after the crisis had to drop to be in line with other Saudi banks.
Concluding Thoughts:
Leading GCC stocks today have more bid-ask spread than a few years before thanks to poor liquidity. The bid-ask spread ranges from a low of 0.18% (Industries Qatar) to 1.52% (National Bank of Kuwait). Going forward, as liquidity improves, the bid-ask spread should reduce and may reach levels seen before the financial crisis. Market attractiveness to institutional investors can be significantly increased if liquidity improves and reduces the bid-ask spread.
The Indian Rupee (INR) is one of the worst performing currencies in the world during 2013 (Table-1). At Rs.65.5/USD it slid by a whopping 19.8% in 2013 (so far) after sliding down by 4% during 2012. The month of August was especially devastating. Since 2000, the current rupee level is the highest ever seen (look at the graph). From a low of Rs.39/dollar in Feb 2008, the Rupee is close to Rs.65.5/dollar. Repeated efforts by RBI to stem the rot went in vain so far. The trigger for such a dramatic fall has been attributed to US decision to roll back the Quantitative Easing (QE) as US economy has started showing signs of a pickup.
The following questions emerge out of this:
1. Why did the rupee depreciate so fast?
2. How does it affect various people?
3. What is the further downside and where can it settle?
4. What is the long-term prospect of Rupee? &
5. What should be the strategy?
Let me try and answer them one by one:
1. Why did the Rupee depreciate so fast?
Technically rupee depreciates against the dollar when people sell rupee and buy dollars. And when people sell rupees and buy dollars, it results in negative capital flows and leads to downward pressure on the currency (and vice-versa). The following reasons can be explored:
a. US Monetary Policy
b. Slowing Indian Economy
c. Ineffective RBI
d. Corporate Debt and Hedge &
e. Weak domestic equity market
US Monetary Policy
The US Fed initiated a series of monetary easing programs more commonly known as Quantitative Easing (QE) which created copious amounts of liquidity in the global market. The simple idea behind QE is to purchase government bonds in order to keep the yields low, as low interest rate will then help economy recover. Now that the US economy is showing signs of recovery, the Fed has announced its intention to taper the QE i.e, stop buying the bonds. In response to this news, the bond yields started moving up and capital has started moving back to US in search of safety. In other words, capital left markets like India, Brazil, etc and is going back to US.
Result: Investors flee other currencies and take shelter in US Treasuries (the so called safe haven) causing USD to strengthen and other currencies to weaken
Slowing Indian Economy
The Indian economy, which was once heralded as the next big thing by economists around the world, has lost its sheen and grew by a decade low of around 5% in 2012-2013.
Indian economy's deficit is spiraling out of control. Both the fiscal deficit (expenditure more than income) and current account deficit (imports more than exports at a simple level) are headed for further deterioration during 2013 and next. While the fiscal deficit is at 4.9% of GDP, the current account deficit is at 4.8% in the year 2012-13. The current account deficit is triggered primarily by trade deficit (Export-Import). Not only our imports exceed exports, but even within the imports the dominance is by oil and gold imports, something very difficult to control. Lack of progress in deficit reduction is causing poor foreign investor confidence which contributes to negative capital flows (meaning foreigners taking their money out of the country). The deficit is a long-term problem especially the fiscal deficit. No matter which government is in place, populist policies will continue as a tool to gain votes and this will ensure that the deficit does not come down. However, if they do not go up, then that itself will be good news.
Also, during the past few years, Indian government has attained notoriety for governance lapses (2G scam, etc) and policy missteps. Revising the IT Act retrospectively from 1962 in order to bring Vodafone to book was a huge blow to the confidence in our legal structure to foreign investors. Also, there were several governance failures that keeps India in the wrong side of the news globally (a good indication is the number of negative articles that appear in The Economist).
Result: Foreign investors exit by selling rupees and buying dollars
Ineffective RBI
Reserve Bank of India is tasked with ensuring the financial stability of the economy and hence is the sole inventor of the monetary policy. In the past, when currency encountered volatility or undue fluctuations, RBI used its foreign exchange reserves to intervene in the market (through purchase or sale of dollars) and thereby reduce the volatility of the currency. However, this time around, they raised their hand and declared openly their intention not to interfere in preventing the rupee slide. This may be due to limited foreign exchange reserves currently at $277 billion enough to cover only 7 months of imports. For China, it amounted to $3,500 billion and represented 21 months of import cover, a far comfortable situation to be in.
Instead, during the July and early August meetings, the RBI intervened by tightening the monetary policy. It increased the short term rates by hiking the marginal standing facility by 200 basis points. This further exacerbated the situation with the current economic conditions. During its latest meeting, it signaled a reversal of this tightening policy. Hence, we can clearly understand the predicament of RBI to intervene. While RBI has not interfered directly, it has taken several steps to contain the situation:
• It now requires exporters to repatriate 50% of export earnings placed in special accounts
• Restrictions on investments done abroad by Indian companies and citizens.
• Limits on intraday net open positions of foreign exchange dealers
• Restricting currency derivatives (to check speculation)
• Hiking the interest rate on NRI foreign currency deposits as well as rupee deposits
The major news that has hit the street and has buoyed sentiments of investors, corporates and economists alike is the appointment of Raghuram Rajan as the new Governor of RBI. The former chief economist of IMF is known for his famous prediction of the 2008 global financial crisis and is widely tipped to steer the Indian economy back to growth. In his first address as the RBI Governor, he hinted at the RBI taking actions to save the rupee (although his primary focus is on inclusive growth and development, as well as financial stability).
Following were the key measures that he alluded to for rupee stabilization on the first day of his office:
• More settlement of import trades in rupee which will help in lesser usage of dollars.
• Special swap window for Foreign Currency Non Resident Deposit B (FCNR B) to reduce cost of funds of banks by at least 250 basis points.
• Raising of Banks's unimpaired Tier I capital to 100% from the current 50%.
Result: RBI has no arsenal to arrest the slide immediately but is using other indirect means. Hope for appreciation of the rupee from the reforms taken by the new Governor.
Corporate Hedge & Debt
Many Finance Managers, while managing their foreign exchange exposure, turned quite easy and relaxed due to continued rupee strength during the last few years especially during 2010 when rupee was averaging say 45 (you don't need to hedge when rupee is strengthening if you are an importer and vice-versa). They expected this to continue forever and hence did not bother to hedge their currency risk exposures. Also, many of them resorted to foreign currency borrowing mostly in short-term maturities from European banks disregarding the rupee depreciation danger. However, when rupee started falling (much against their expectations) they were caught off guard and ran for cover to hedge their exposure which led to intense buying of dollars leading to its appreciation. Now many short-term corporate debt is coming up for repayment which will also witness more dollar buying adding to the rupee pressure. Also, the ability to rollover the debt will be limited by European banks due to the European crisis.
Result: Companies will have to find dollars to repay their debt and incur loss due to unhedged positions
Weak Domestic Capital Market
The Indian equity market has not been able to attract investments from Foreign Institutional Investors (FIIs) due to the weak economy and the poor performance by Indian corporates. Although the equity market has seen FII inflow of around $12 billion till August 2013, it has witnessed net FII outflow of $3.1 billion from June till August 2013 which has exacerbated the fall in the rupee. If you look at Table 2 the outflow seem to be more on debt than on equity. If this trend continues, it will result in the further depreciation of the rupee.
Result: FIIs will continue to shun Indian equity unless the economic conditions become more favorable.
2. How does it affect various people?
A rupee weakness affects the following:
• Importers (as they have to pay more rupees for the same dollar)
• Economic image of the country (not able to arrest the fall)
• Existing foreign investors (their investments are worth less now) &
• Residents (in the form of say high oil price)
On the other hand, it benefits the following:
• Exporters (as they get more rupees for the same dollar)
• Non-resident Indians (NRI's) (as they get more rupees for the same dollar)
3. What is the further downside and where will it settle?
While domestic weakness in terms of low growth, high deficit, high inflation has contributed to the falling rupee, we should also blame the global financial crisis accentuating the problem for us especially Europe. This has caused many currencies in the world to fall (see Table 1, Brazil) apart from India. RBI is playing a sensible role of not exhausting our foreign exchange reserves and is allowing the market to determine the level of rupee. If required, it could call on SBI to raise external financing from NRI's like how it did in 1998 and 2000 (remember the Millennium bonds!). However, the days of Rs.50-55 are gone. Political weakness is expected to continue with weak policy responses on all issues especially with the elections around the corner. There is no quick solution to deficit problems and inflation. In terms of where they will settle, Rupee is a moving target and hence it cannot settle anywhere. In terms of calls, investment banks place at from a pessimistic Rs. 70 to an optimistic Rs. 60 in the next 6-12 months.
Rupee Predictions by various Financial Institutions
Deutsche Bank – Rs. 70 (one month)
CRISIL – Rs. 60 (by Mar 2014)
Barclays – Rs. 61 (next 6-7 months)
UBS – Rs. 70
Credit Suisse – Rs. 65
4. What is the long-term outlook for the Rupee?
The current Rupee bash has raised some structural questions about the long-term potential of the Indian Rupee. Any call on the Indian Rupee is a function of the long-term performance of the Indian economy and the impact of global crisis in as much as it has an impact on India. India, along with China, is among the fastest growing economies in the world even after taking the current dip in growth. Given the right leadership, and reforms, the economic potential of India is certainly good. India is among a very select few countries in the world which does not have any sovereign borrowings in foreign currency. All its debt are domestic though Indian companies have foreign debt. Hence, the current abyss can not only be stopped but can be reversed with some wise leadership and policy reforms. With respect to global crisis, it cannot be predicted as to when and where it can arise. There are several pressure points in the world and anything can erupt anytime to cause tremors in emerging markets like India. Only sound monetary and fiscal policy can save the day for India.
5. What should NRI's dp?
The rupee currently trades at Rs.230/KD after touching a high of Rs.240 on August 28th. From the level of.190/KD seen during May 2013, this represents a fall of nearly 25% within a span of 4 months, something that has never happened before. Therefore, for non-resident Indians, this probably is the best time to remit money to India. If you have dollar investments, it will be wise to exit the position and remit the money back to India. If you have rupee denominated debt, this probably is the best time to partly or fully wind it down using remittance from abroad. However, borrowing in local markets to remit money to India may be a dangerous strategy as this involves taking calls on both currency and interest rates, the two most difficult things to predict in life!
Spurred by high oil revenues, credit growth and economic diversification, real GDP growth rates in the GCC countries have been high in international comparison. They have been comparable to those of other emerging and developing markets and considerably higher than those of the world or the advanced economies on average. Together with growth in intra-GCC trade in the wake of the GCC customs union, this will lead to increased demand for financial services. This book explains these aspects and challenges of GCC financial markets. As financial markets often witness rapid change they are a moving target to study.
Mandagolathur Raghu of Kuwait Financial Center (Markaz) gives an outline of the various segments of the GCC financial sector and relates them to macroeconomic figures such as GDP growth, money supply, fiscal balance and inflation. He gives particular attention to asset management practices and the structure of the banking sector and identifies areas where further institutionalization and professionalization are needed.
For more info on the article, kindly click on the link below:
The term "fiscal cliff" refers to a series of fiscal events set to unfold in U.S. at the end of this year and in early 2013. These include:
· Expiration of the Bush-era tax cuts at the end of 2012, including current lower tax rates on capital gains, dividends, income, and estates, as well as number of other measures.
· Expiration of fiscal stimulus measures, such as a 2-percentage-point cut in Social Security payroll taxes and extended unemployment benefits.
· Spending cuts of $ 1 trillion over 10 years – which Congress approved during the Republican-led standoff over raising the federal debt ceiling in 2011 – will start kicking at the beginning of 2013. .
Without a broad consensus among Republican and Democrat lawmakers to ensure the required Congressional action before the end of this December, up to $600 billion of expiring tax cuts, the levy of new taxes and automatic spending cuts to the tune of $ 200 billion are set to take effect at the beginning of 2013. That's equal to about four percent of US GDP, which is likely to plunge US economy into a recession. The expected immediate collapse of financial markets due to these fiscal measures is coined as "Fiscal Cliff".
It's a double-edged sword. If the US government rolls back all expiring tax-cuts and implement spending cuts, it will be able to address both short and medium-term deficit problems - debt held by the public will fall to only 58 percent of GDP by 2022, below the 60 percent mark that many economists warn against exceeding. However, it will also result in a weakened economy that may fall into a recession, and unemployment will spike up to 9.1 percent from its current level of 7.9 percent. On the other hand, if all policies, including the payroll tax cuts, are extended, the economy will grow 2.4 percent but debt would also climb to 90 percent of GDP.
Therefore, the Congress and the White House need to work on a plan that uses a balanced approach. In the less likely scenario that Congress and the White House fail to reach any compromise whatsoever and are unable even to agree on how to delay the looming measures, there would be major consequences for global financial markets.
A recession in the US economy, coupled with the sagging European economies and a slowdown in China's growth could really hurt the world markets.
According to a recent Bank of America Merrill Lynch fund manager survey, nearly three-quarters (72 percent) of global investors believe that the fiscal cliff is not substantially priced into global equities and macroeconomic data. The fiscal cliff is identified as the number one tail risk by 42 per cent of respondents – up from 35 per cent in September and 26 per cent in August.
Markets have been working on the assumption that the U.S. is going to address the fiscal cliff challenge with a more gradual adjustment. Should a falling off the cliff really happen, the global stock markets would go in for a major correction.
For further reading, please follow the below link:
This is a strange pair of two markets, Saudi Arabia and India. One is a rich oil producer sitting on huge amount of wealth and is 7 times richer than India on a per capita basis. Another is a growing emerging market three times the size of Saudi Arabia.
On the 31st of January 2005 the TASI index was at a modest 8,231 points while the SENSEX was at its modest 6,555 points. Since that date the TASI index peaked at 20,643 points on 28/02/2006 while the SENSEX peaked to 20,286 points on 31/12/2007. The global credit crisis in 2008 brought them down together (as they did to all the markets in the world) with their bottoms reaching during February 2009 shedding 79% and 56% respectively (from peak) of their values. However since that date SENSEX bounced back to post a return of over 100% while Saudi Arabia totters. This has created a chasm between the two markets in terms of long term returns. During the last 5 years, Sensex produced a negative annualized return of 2% against negative annualized return of 5% for Saudi Arabia. Strangely enough oil prices seem to correlate more to Sensex than to Saudi index TASI (may be spurious correlation!).
Obviously this bounce back for India has produced some valuation excesses compared to Saudi Arabia. India currently trades at a p/e level of 15 (median is 16.5) while Saudi Arabia trades at 12 (median 14). Due to low valuation, Saudi offers better dividend yield (4.1%) compared to India's 1.4%.
For the future, the following scenarios emerge:
1. The differential gap narrows with Saudi rising and India staying put or falling
2. The differential gap widens with India keeping up the bull momentum and Saudi straying sideways as has been the trend of late
3. The differential gap stays put with either both markets witnessing upward moment or both markets witnessing side way movement.
We would go with 1 above since valuation for Saudi Arabia borders on reasonable, government spending remaining strong, and oil price continuing to maintain strength. Time for pair trading among uncorrelated markets!
GDP Constant USD Bn
GDP Per Capita PPP (USD)
Market Cap (USD Bn) (22/Nov/2012)
Bombay Stock Exchange
TASI Al Share Index
Performance (CAGR)
5 years
3 years
Standard Deviation (2007-2012)
total number of Stocks Listed IN Exchange
No of stock in the Index
Top 5 companies in index and their weight
Al Rajhi Bank: 8%
Reliance 8.75%
Saudi Telecom: 6%
HDFC Bank 8.05%
Saudi Electricity 4.1%
SAMBA Financial Group 3%
ICIC Bank 7.52
Current Index Level (27/11/12)
Historical peak (2005-12)
20,643 (Feb.2006)
20,232 (Dec.2007)
Historical Trough (2005-2012)
4384 (Feb.2009)
8891 (Feb. 2009)
Peak to trough (2005-2012)
Trough to current (2005-2012)
current P/E
Median P/E
Max P/E (2005-2012)
Min P/E (2005-2012)
Div Yield
We have been regularly monitoring analysts' recommendations in GCC and notice a weird trend. Most of the calls are either buy or hold. Look at the table below:
Since 2010, analysts scream either a buy or hold nearly 90% of the time. In the 2.5 years of study, only during 2H 2010 the market turned reasonably positive validating the scream. In all the other cases, the market movement was totally in contrast to the scream, especially during 2H 2011 when markets tanked 8.2% while 96% of recommendations were either buy or hold. This applies even at stock specific levels. We produce below some instances where analysts steadfastly screamed buy regardless of sharp drop in share price and side way movement for a long time.
Etisalat is a classic example where analysts were screaming buy from Dhs 16 all the way to Dhs 6.5! Thereafter the stock moved sideways since the last 2 years and even then analysts still screamed buy all the way. Another good example would be First Gulf Bank.
Analysts screamed buy when the stock was quoting at Dhs 13 and they continue to yell buy till the stock tanked to Dhs 4! After this episode, we notice a string of buy recommendations and some hold recommendations while the stock moved sideways for the last 2 years.
While we did not notice buy screams for Industries Qatar at the peak of the market in 2008, we noticed several hold and buy recommendations during the last few years when the stock performance was more or less flat.
So, the aggregate data presented in the tables above as well as stock level calls presented clearly point to one trend: analyst's pre disposition to scream buy or hold rather than sell. We must say here that it is quite possible that we may have missed out on some recommendations especially those research notes that are proprietary and are not freely available for public viewing. In spite of this failing, we still believe that analysts are more prone to issue a buy/hold rating on a stock in GCC than sell.
It is interesting to understand the psychology behind this phenomenon which we espoused in our earlier blog and we feel they still stand the test. Here is our list of reasoning:
1. Buy recommendations can be acted upon even by new investors (suits the agenda of sell side brokers) while sell recommendations can only be acted by those who hold them (small universe)
2. Sell recommendations are almost always unpopular with companies and hence will not serve investment banking needs and other favours.
3. Sell recommendations are not acted upon as much as buy recommendations as it means accepting a mistake. (Behavioural finance!). It is difficult to take small loss than a poor but positive return.
4. Analysts are well served by companies they research when they give buy recommendation. They will have more access to information (extremely critical in GCC) next time around since they are in good books of the company.
5. In the GCC, absence of derivatives market makes it difficult to action sell recommendations except by portfolio managers. Even where derivatives market enables one to short, since the loss on short position tends to be unlimited, it has limited application (given the risk management pressure).
For these reasons, we believe GCC will be a "buyers" market for some time to come.
M.R. Raghu, CFA
Humoud Al-Sabah
Executive Summary
Kuwait Top 15 Index was introduced to mirror the performance of the market as a whole while making it easier for fund managers to track the index by reducing costs and liquidity concerns. The Kuwait 15 differs from the Kuwait weighted Index and the Price index since it only takes into consideration the top 15 companies according to liquidity and size rather than taking the whole universe which contains hard to invest companies due to minuscule size and low liquidity.
Selection Process
International accessibility
Kuwait 15 Index (K15) simplifies investment procedures for fund managers and foreign investors demanding exposure on the Kuwaiti market since the market is top heavy, it makes little sense for index trackers (I.E ETFs) to be fully invested in KSE weighted index and/ or Kuwait Price index in order to mimic the movement of the Index. The K15 index will simplify the process of Index investment; reduce transaction costs and liquidity risks while maintaining low tracking error (since fund managers will only invest in 15 companies rather than 105)
Non-Oil GDP contribution
One of the main reasons for choosing the KW15 index was " to be a bellwether indicator of the Kuwait Economy1" we checked this hypothesis by looking at the non-oil GDP contribution of the top 3 contributors2; Financial institutions, Transport storage and Communication and to some extent whole Sale and retail trade. Our findings shows that currently the Kuwait 15 index represents 57% of Non-oil GDP thus it could be used as a "rough" indicator on economic conditions
The current structure of K15 gives the optimal exposure on KSE market movement however; missed opportunities from investing in this index might arise including:
1) The index is currently over-exposed to the banking sector; hence it could not accurately gauge performance in other sectors.
2) Although effective in gauging market sentiment, active medium-cap style managers will have larger tracking error since mid-caps are nowhere near the top 15 index.
View Kuwait 15 Index factsheet
S&P GCC QoQ
S&P GCC YoY
How true…It requires tremendous courage to forecast especially when you have the strongest financial crisis hitting the world. Now is the time when investment banks would come out with their forecast for 2011. But, firstly how did they do in 2010. This is the purpose of this write-up and look closely at calls on US Economy, S&P 500, Emerging markets and commodities
US Economy
Table 1 GDP Data
BoA / Merrill Lynch
Credit Suisse
Deutsche Bank
Goldman Sachs
JP Morgan
Morgan Stanley
Source: Birinyi associates Inc and the institute of international Finance
The forecast for US growth ranged from a low of 2.1% by Goldman Sachs to a high of 4.9% by Deutsche Bank with the actual growth coming in at 2.7%. Most of them erred on the high side implying that the expectation was mostly bullish.
The actual outcome was very close to the consensus call at 1,222 with BOA/Merrill Lynch, Goldman Sachs and UBS getting it nearly right. However, earnings surprised the analysts as the final EPS turned out to be much higher at $84 as against the expected EPS of $76.
Table 2- S&P 500 Forecasts
Investment House
$ 83.68
Source: Birinyi associates Inc. and Markaz research
Emerging Markets
It was a mixed bag for analysts. They got it completely wrong for China, Brazil, Malaysia and Peru while they got it right for India, Indonesia and to an extent Taiwan
Analyst recommendation
Source: Birinyi associates Inc and Thomson Data stream
Analysts mostly got it wrong on commodities and currency .They did not anticipate the huge rally in copper which closed the year at $9,650 much against the consensus estimate of $6,804. The call on gold was also mostly bearish with only BoA/ML calling at $1,500. oHowe However, the year ended with gold trading at $1,400, far higher than the consensus average of $1,213. The oil call was reasonably good with average forecast at $80 matching the year average of $79.
Analysts were forecasting a weaker dollar with expectations running as high as 1.59 in some cases. However, dollar held it strong and closed the year at 1.3.
Table3-Commodities and FX
Euro Vs USD
Crude Oil
($/metric ton)
Average Forecast
Average price during the year
Source: Birinyi associates Inc , Thomson Data stream and Markaz research
On the whole, it was reasonably a good performance by analysts given the confused setting that prevailed at the beginning of 2010. Can we expect the same in 2011?
A New era of protectionism or a vital market stabilizer clause?
The other day someone asked about the probability and time frame within which GCC countries (especially Saudi Arabia) are likely to be included in the MSCI EM index, the most widely followed emerging market index in the world. However, what happened recently is quite the contrary to this expectation. MSCI decided to discontinue Saudi Arabia in its MSCI GCC index effective September 2010. This sent fund managers in a tailspin as they now have to replace their benchmarks with S&P GCC index.
What really happened?
Here is the version gleaned from public space and private conversations. Tadawul (the official stock exchange for Saudi Arabia) required the right to prohibit (veto) MSCI from licensing the index to third parties involved in constructing financial products like ETF's, future contracts, options and derivatives in order to prevent unexpected flow of money (both inwards and outwards). In other words, they do not want Saudi market to get swamped by "hot money". Simply put, Tadawul wanted MSCI to check with them before MSCI can license its MSCI GCC index to any money manager. Also, Tadawul would have the right to refuse the licensing if it believes that the money may be "hot".
However, MSCI feels that it is restrictive and anti-competitive and has never done this in its years of existence.
The competitors (S&P and Dow Jones) were quick to jump in to fill the vacuum left by MSCI.
This may pass up as trivia given the fact that foreign investors (The term Foreign investors in this context does not include GCC nationals and residents of KSA) capture a small percentage of the total value traded (Figure -1). In August 2008 the Kingdom allowed foreigners to enter the Saudi stock market through Equity swap agreements with authorized persons. However, foreign investors are limited to the economic gains of the stock with no voting rights. Moreover the Saudi Capital market authority has the right to discontinue authorized persons from entering into a swap agreement and could impose limitations on each agreement or on beneficial investors.
Figure 1- percentage of foreign investors based on value trade
Source: the Capital Market Authority, KSA
It is not uncommon for stock markets to have very strict restrictions on foreign investment given the many episodes of how "hot money" killed some markets in the past. However, what Saudi Arabia needs today is more institutional presence and investment and not less. As such we have seen how liquidity dried up during this year. Also, Saudi market has been the traditional stronghold of speculative retail investors and this action will maintain that status quo.
Being part of MSCI EM index looks like a distant dream now…
Kuwait Financial Centre S.A.K Markaz, has taken due care and caution in compilation of data for this blog/website. However, Markaz does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or representations or for the results from the use of such information. This blog will contain information including but not limited to articles contributed by several investment experts. The views and investment opinions expressed herein by these investment experts are their own views and opinions, and not that of Markaz or its management. Markaz advises users to conduct their due diligences and use independent judgment before taking any investment decision. This blog contains also material in the form of inputs submitted by users. Markaz accepts no responsibility for the content or accuracy of such content nor does Markaz make any representations by virtue of the contents of these inputs. Markaz specifically states that it has no financial and/ or any other liability whatsoever to any user on account of the use of information provided on Markaz website. Markaz takes no responsibility for third party content (including, without limitation, any viruses or other disabling features), nor does Markaz have any obligation to monitor such third party content. Markaz reserves the right at all times to remove or refuse to distribute any content on the blog site, such as content which violates intellectual property laws or commonly accepted standards of decency as determined by Markaz in its sole discretion. The linked sites are not under the control of Markaz and Markaz is not responsible for the contents of any linked site or any link contained in a linked site, or any changes or updates to such sites. Markaz is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement by Markaz of the site or the contents. All comments and posts made by Markaz, group companies associated with it and employees/owners are for information purposes only and under no circumstances should be used for actual trading. The information and commentaries are not meant to be an endorsement or offering of any stock purchase. The use of information available in the site must be tempered by the investment experience and independent decision making process of the user. Nothing published on this blog should be considered as investment advice. Markaz, its management, its associate companies, directors and/or their employees take no responsibility for the veracity, validity and the correctness of the expert recommendations or other information or research. Although we attempt to research thoroughly on information provided herein, there are no guarantees in accuracy. The information presented on the site has been gathered from various sources believed to be providing correct information. Markaz and, group companies, associates, directors and/or employees are not responsible for errors, inaccuracies if any in the content provided on the site. Any prediction made on the direction of the stock market or on the direction of individual stocks may prove to be incorrect. Users/visitors are expected to refer to other investment resources to verify the accuracy of the data posted on this blog.Markaz is not responsible or liable for any threatening, defamatory, obscene, offensive or illegal content or conduct of any other party or any infringement of another's rights, including intellectual property rights. Markaz is not responsible for any content included in the blog/comments of any user. However Markaz reserves the right to modify, suspend or discontinue the blog site and services with or without notice at any time and without any liability to any user. The information on this website is updated from time to time. Markaz however makes no representations or warranties (whether expressed or implied), as to the quality, accuracy, efficacy, completeness, performance, fitness or any of the contents of the website, including (but not limited) to any comments, feedback and advertisements contained within the site.
M.R Raghu is the head of research and President of CFA Kuwait. He is also a certified Financial Risk Manager (FRM) from the Global Association for Risk Professionals, USA.
One day we had an idea: "What if we could bounce around some of our thoughts and opinions with the general public, creating an open and thought provoking dialogue where learning becomes reciprocal and fun at the same time?" The Markaz Blog was born.


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- Sid Cundiff in NC said Some good news for those of us who hate the Ordina...
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Grant unto thy Church, we beseech Thee, O merciful God, that She, being gathered together by the Holy Ghost, may be in no wise troubled by attack from her foes. O God, who by sin art offended and by penance pacified, mercifully regard the prayers of Thy people making supplication unto Thee,and turn away the scourges of Thine anger which we deserve for our sins. Almighty and Everlasting God, in whose Hand are the power and the government of every realm: look down upon and help the Christian people that the heathen nations who trust in the fierceness of their own might may be crushed by the power of thine Arm. Through our Lord Jesus Christ, Thy Son, who liveth and reigneth with Thee in the unity of the Holy Ghost, God, world without end. R. Amen.
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Food For Thought
"The legalization of the termination of pregnancy is none other than the authorization given to an adult, with the approval of an established law, to take the lives of children yet unborn and thus incapable of defending themselves. It is difficult to imagine a more unjust situation, and it is very difficult to speak of obsession in a matter such as this, where we are dealing with a fundamental imperative of every good conscience — the defense of the right to life of an innocent and defenseless human being."
- St. John Paul II
How about Rome in October?
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Recent Posts
- Ebola Virus – No worries! Right?
- ASK FATHER: Should I attend or avoid a civil marriage of a Catholic?
- First of the month "thanks" to donors and senders
- WDTPRS 18th Ordinary Sunday: clear, cold reality
- VIDEO 1950 – Pontifical Mass in Westminster Cathedral
- Cong. for Worship considers ('bout time) more dignified "Sign of Peace". POLL
- 2 August until midnight: "Portiuncula" Plenary (or Partial) Indulgence
- 31 July: St. Ignatius of Loyola – Of the Church Militant and book shredding
- Nancy Pelosi rides again!
- Meltdown Countdown: Fishwrap on the Synod
- It's a terrible thought: dying excommunicated…
- INTERNET PRAYER UPDATE: Tagalog AUDIO added (Klingon on the way)
- Card. Pell: Holder of Vatican purse strings, celebrant of Traditional Roman Rite
- JUST TOO COOL: Acuity Flagpole Project
- ACTION ITEM! Book from 5 Cardinals in defense of marriage and tradition
- Dust up in Paraguay
- Some positive items
- Birettiquette
- Card. Müller's book-length interview: refutes Communion for divorced and civilly remarried
- His Hermeneuticalness, priest and hacker
- Your Good News
- Your Sunday Sermon Notes
- 2nd Amendment wins one in DC!
- 28 July 1914 – WORLD AT WAR – 100th anniversay of WWI
- How Fishwrap celebrates Episcopalian "ordination" of women.
- St. John XXIII doesn't like it when you clap in church. So STOP it! (VIDEO)
- Archbishop Chaput on Pope Francis
- Boy Scout held at gunpoint at Canadian border
- MS-13 gang recruiting among illegals flooding across the border
- Will IRS monitor content of sermons? Do they now?
Because you don't know when you are going to need to move fast or get along without the supermarket…
I just bought some candy bars for the chancery staff. Sweeten up someone's day!
Wyoming Catholic College!
More food for thought:
"I expect to die in bed, my successor will die in prison and his successor will die a martyr in the public square. His successor will pick up the shards of a ruined society and slowly help rebuild civilization, as the church has done so often in human history."
Francis Card. George
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I have been giving out these tougher-than-nails, no-nonsense Rosaries:
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Fr. Z's stuff is everywhere
More food for thought…
"All laws which are repugnant to the Constitution are null and void."
- Marbury v. Madison, 5 U.S. 137, 176
I use these great cards when I travel
Even More Food For Thought
"Men by their constitutions are naturally divided into two parties: 1. Those who fear and distrust the people, and wish to draw all powers from them into the hands of the higher classes. 2. Those who identify themselves with the people, have confidence in them, cherish and consider them as the most honest and safe, although not the most wise depositary of the public interests."
- Thomas Jefferson to Henry Lee, 1824. ME 16:73
Tag Archives: theft
Occupiers trash, urinate on Cross, and steal from NYC church.
How d'ya like those Occupiers? Huh? Huh?
I read a story the other day that the rat population is exploding in the Occupiers zone in Washington DC.
Now I read in the New York Post that they trashed churches where the pastor … Continue reading
Posted in Dogs and Fleas Tagged Occupiers, Occupy Wall Street, OWS, Rats, theft, thieves, vandalism, vermin 30 Comments
In my pursuit of fraternal charity, I may now have a new prayer in my arsenal.
A priest friend, Fr. GR, sent my the link to this story in The Guardian, which I had to share.
Tuscan friars ask God to deliver diarrhoea for basilica bible thief
Franciscans of San Salvatore al Monte pin up prayer hoping unknown … Continue reading
Posted in "How To..." - Practical Notes, Lighter fare, Mail from priests Tagged La Stampa, San Salvatore al Monte, theft 16 Comments


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Gloucester Daily Times
---- — Game of the Year
Saturday's Broncos vs. Ravens Divisional Playoff Game was easily the best NFL game this season. In fact, the Ravens 38-35 overtime win over Denver was so good it will probably be made into an ESPN "NFL's Greatest Games" special in the near future.
The Ravens proved they will not let Ray Lewis go down without a fight and one last run at a Super Bowl. Peyton Manning, on the other hand, proved once again that he is a front runner and can not be trusted when the game is on the line.
With the loss Manning moves to 9-11 all time in the playoffs, 0-4 in games played under 35 degrees. Maybe Denver wasn't such a great fit for him after all seeing that he has one less playoff win with the franchise than the much maligned Tim Tebow.
49er Favorites
The San Francisco 49ers made a big statement on Sunday pounding the Green Bay Packers 45-31 in a game that wasn't even as close as the score would indicate.
In that game Niners quarterback Colin Kaepernick set an NFL record, playoffs or regular season, for rushing yards by a quarterback with 183.
San Francisco opened up a tie score at halftime with a dominant second half. The win spring boards the Niners into the NFC Championship game and may have established them as the favorites to win the Super Bowl this season.
When Kaepernick is on his game the 49ers are easily the most complete team in the league, and one can't help but compare Kaepernick's story to that of Tom Brady when he first burst onto the scene in 2001. Taking over for an injured quarterback that wasn't playing poorly and thriving.
-Compiled by Nick Curcuru


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Heather Penney
---- —
Boring! I think we have all been to a meeting that can be classified as boring! One of the most popular complaints about meetings is they tend to be monotonous. According to ezinearticles.com, American businesses conduct 11 million meetings a year, and attendees agree that more than 50 percent of that time is wasted. Most regular meeting attendees admit to daydreaming (91 percent), missing meetings (96 percent), arriving late or leaving early (95 percent), bringing other work with them (73 percent) or dozing off (39 percent).
Focusing and maintaining your audience's attention is the challenge of meeting planners the world over. It really doesn't take long to plan a meeting that will hold the attention of your audience. Listed below are some helpful tips to get you started.
So, there are actually things you can do to get the maximum productivity and attention from your audience.
Timing is everything. Try to avoid planning a meeting for Monday mornings, as people are trying to get their work week started. Friday afternoons are also bad, as people are trying to wrap up their work week in preparation for the weekend. And of course, after lunch, people tend to want to relax and kinda go into nap mode.
Invite the right people. Think about your invitation list. Who will benefit from the meeting? Why should they be there? Smaller groups tend to invite more open discussions. Research shows that between five and nine individuals is about the right amount of people for invigorating discussions to take place in a meeting. If you have a larger audience, then consider breakout groups.
Set a specific goal. Communicate to your audience why you are gathering and make sure they are well aware of the purpose.
Stay on track. Make sure you have an agenda and stick to it. Frustration will arise if you veer too far off your agenda and stay off your purpose for too long.
"When people communicate, they gain 10 percent of the meaning from words, 20 percent from delivery style and 70 percent from non-verbal cues and body language. The presenter and presentation are more important than the actual words in getting your message across. Meeting planners can take a tip from television, which uses the formula: tighten, dazzle and flow to rivet audience attention.
Tighten. Tighten the focus of the meeting by setting just one or two goals. Tighten your delivery with preparation and practice. Tighten control of the meeting environment by optimizing room temperature, ventilation and lighting. In a recent poll, poor speaking skills (monotone voice, repetition, over-gesturing and buzzword overuse), lack of direction and physical discomfort were most cited as causes for loss of concentration during meetings.
Dazzle. Be enthusiastic and share your passion or belief in the task or goal. Enthusiasm is contagious and engages the attention of participants. Use the tactics listed below to keep the meeting fresh and interesting. Wake people up by doing the unexpected: Meet in a restaurant instead of the conference room, play a game, switch visual media, solicit audience participation, etc.
Flow. Maintain continuity by sticking to your agenda and time frame." (www.
In addition, there are proven methods to keep your participants engaged. The methods include:
Using humor. This will relax and put your audience at ease.
Offering refreshments. Cool, refreshing beverages and snacks will keep your audience alert.
Busy hands. Place puzzles and other items in front of your audience. Often people need something to do with their hands, let them know it is okay to "play."
Engaging participants. This is kind of like the flying fishery in Seattle. Have a tennis ball or a nerf ball and toss it around the room when you want participation. The person that catches the ball must comment on the topic and then toss the ball to another participant.
Getting personal. Let participants share their views.
Show and tell. Don't just lecture, be sure to use powerpoints and other items to bring visual content to the presentation.
Unlocking the mystery. Try to take abstract and interesting concepts and relate them to the participants' lives. It will give a nice personal touch and relation for the audience.
Snappy endings. I like this idea especially. So often people get long-winded during wrap-ups of the meetings. Try giving each participant a blown-up balloon. If he feels someone is winding on too long, he can pop his balloon to "stop the hot air."
In conclusion, we all have been in these types of meetings. Hopefully you have not hosted a "boring" meeting. If you have, consider implementing the above suggestions to engage your audience and make it more productive not only for the participants but also for you. In business, we often get comfortable in what is effective for us and neglect to consider our audience. You will be more respected by your audience, co-workers and employees if you can capture their attention and participation willingly.
Heather Penney is the regional director for Indiana State University's Indiana Small Business Development Center.


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Harrisburg, PA Weather Forecast
Local Weather News, Weather Forecast, Radar for Harrisburg
AccuWeather.com Quick Look - HARRISBURG
Hour-by-Hour™ Weather - HARRISBURG
5-Day Forecast - HARRISBURG
High: 84°
Low: 69°
Partly Sunny with Thunderstorms
High: 83°
Low: 67°
Partly Sunny with Thunderstorms
High: 79°
Low: 61°
Partly Sunny with Thunderstorms
High: 75°
Low: 57°
Partly Sunny
High: 78°
Low: 58°
Mostly Sunny
Current Radar and Satellite
UV Index
Value: None
Cold Index
Value: Low
Flu Index
Value: None
Latest Weather News from Pennsylvania
Heat, humidity expected to kick off the work week in the Harrisburg area, weather experts say
By Jeffrey A. Johnson | firstname.lastname@example.com
July 07, 2014, 5:07AM
Heat and humidity are expected early this week in the Harrisburg area, although daytime high temperatures are expected to decrease slightly as the week goes on. Full story »
Hot Monday in store for midstate
By Eric Veronikis | firstname.lastname@example.com
July 06, 2014, 11:06PM
There will also be a slight chance of showers and thunderstorms, with wind gusts as high as 20 mph after 2 p.m. Full story »
Pleasant Sunday, but humid, rainy workweek in store
By Steve Marroni | email@example.com
July 06, 2014, 11:58AM
While Sunday is expected to be sunny with a high of 87, humidity and rain are returning to the area Monday through Wednesday. Full story »
Sunny skies, warm temperatures in Sunday's forecast
By Steve Marroni | email@example.com
July 06, 2014, 8:17AM
Sunday should be warm and sunny, but scattered showers and thunderstorms and some humid days are in the forecast for the beginning of the workweek. Full story »
Sunshine, low humidity expected for remainder of holiday weekend
By Sue Gleiter | firstname.lastname@example.com
July 05, 2014, 3:49PM
Enjoy it now because temperatures are expected to heat up early next week, according to the National Weather Service. Full story »
Warmer temperatures, more humidity expected in the midstate next week, forecasters say
By Joe Elias | firstname.lastname@example.com
July 05, 2014, 8:07AM
The midstate will continue to experience milder temperatures and lower humidity levels through Sunday. The warmer temperatures and higher humidity levels will arrive on Monday, according to the National Weather Service. Full story »
Arthur downgraded to tropical storm; North Carolina gets on with its weekend
By The Associated Press
July 05, 2014, 7:40AM
In N.C., some homes and businesses were flooded, trees toppled and initially thousands were without electricity after Arthur raced through the Outer Banks on Friday, but no deaths or serious injuries were reported. Full story »
Clear night, pleasant weekend expected
By Steve Marroni | firstname.lastname@example.com
July 04, 2014, 10:19PM
While travel plans were drenched for those heading to the beach, the Harrisburg area should be nice and warm for the long weekend. Full story »
Jersey Shore gets tail end of Arthur, causing a wet, miserable Fourth
By Megan Lavey-Heaton | firstname.lastname@example.com
July 04, 2014, 6:19PM
The weather is gorgeous in the midstate, but those who visited the Jersey Shore got to witness the outer bands of Hurricane Arthur as the storm moves up the coast. Full story »
N.C. coast survives Hurricane Arthur
By The Associated Press
July 04, 2014, 3:52PM
Hurricane Arthur brought lousy Fourth of July beach weather to the Northeast as it veered out to sea. Full story »
Clear, pleasant night expected for Independence Day
By Steve Marroni | firstname.lastname@example.com
July 04, 2014, 3:43PM
A clear night is expected for Friday's fireworks, and the weekend will continue to be pleasant, according to the National Weather Service at State College. Full story »
Power slowly coming back after severe Pa. storms
By The Associated Press
July 04, 2014, 12:58PM
PECO is reporting Friday afternoon that more than 33,700 customers remain without power in Philadelphia and its suburbs. Most of the outages are in Chester County, where almost 19,200 are without electricity. Full story »
Traveling on the Fourth of July? Here's how Hurricane Arthur may impact your day
By Jeffrey A. Johnson | firstname.lastname@example.com
July 04, 2014, 8:45AM
Hurricane Arthur is expected to weaken Friday as it moves north. Full story »
Arthur hits NC coast just before July 4 holiday
By The Associated Press
July 04, 2014, 8:29AM
Arthur strengthened to a Category 2 storm with winds of 100 mph Thursday evening before passing over the southern end of the Outer Banks — a 200-mile string of narrow barrier islands with about 57,000 permanent residents. The islands are susceptible to high winds, rough seas and road-clogging sands, prompting an exodus that began Wednesday night. Full story »
Sunshine, less humidity expected through Independence Day weekend, weather experts say
By Jeffrey A. Johnson | firstname.lastname@example.com
July 04, 2014, 8:08AM
Sunshine and clear skies are expected in the Harrisburg area through the Independence Day weekend. Full story »
Current watches, warnings & advisoriesby The National Weather Service
Cumberland County alerts
Dauphin County alerts


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"What makes Salvatore such a force in the fantasy world is his knack for graphic mass battles, well-sketched secondary characters, believable one-on-one combat scenes and his keen sense of history and physical geography in a world rich in magic and intrigue."
--Las Vegas News and Culture Weekly on The Lone Drow
Drizzt Do'Urden started his life an outcast, and spent decades on his own, on the run, on borrowed time. But when he found a home, friends—even a family—among the dwarves of Clan Battlehammer, he set that wild Hunter inside him to one side. Until he saw King Bruenor buried under the rubble of a fallen tower, dead at the hands of an army of orcs.
A cabal of dangerous dark elves and an equally dangerous frost giant princess are sure they're pulling King Obould's strings, but the Chosen of Gruumsh will prove he's no one's puppet, and make his own indelible mark on the history of the Spine of the World.
Drizzt fights his own inner demons as much as his orc enemies, and even a pair of elves who try to help are brushed aside in favor of blind vengeance. Drizzt is dangerous enough on a good day, but when he's sure he's all alone, he'll prove just how much ruin a lone drow can bring.
The Lone Drow picks up right where The Thousand Orcs left off, and leads to the final installment in the epic Hunter's Blades Trilogy, The Two Swords. This is Drizzt at his scimitar-slashing best, alone against an army of bloodthirsty orcs.
R.A. Salvatore is the New York Times best-selling author of The Legend of Drizzt, one of the most successful fantasy series of all time. He lives in Massachusetts, but is a loyal citizen of Red Sox Nation. Find him on Facebook, and at his own web site, rasalvatore.com.


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Olga's Place
Real Reviews
Real reviews from fellow travellers
These are trusted reviews from guests who have actually stayed here. We hope you find them helpful.
Note: we only give a property a rating once it has received a minimum of 3 reviews.
- Page:1/1
- " Best hostel on the face of the earth "
- 04 Jul 2014 Andrew USA
- " The location is very good. Close to the Beach and about 10-15 minute walk to parte vieja. San Sebastian was great after a long week in Barcelona. No staff was around before checkout time it was odd, but I eventually came back hours later to pay for the night. "
- 21 Oct 2013 Anonymous
- " Olga's place doesn't look like much, but it was one of the best hostels I've stayed in!! Great beds, normally only four or five to a room, and such nice people. It's one block from the beach, the owners are so friendly, and since it's small, you can really get to know everyone who is staying there. I would definitely go back to Olga's next time I'm in San Sebastian! "
- 19 Oct 2013 Anonymous USA
- " Very dirty apartment. The bathrooms did not work properly. Owner very ignorant. "
- 10 Sep 2013 Kristina
- " Top Hostel! "
- 19 Aug 2013 Marius Germany
- " Great place. Epic time. Olga is very nice and Rafa is a legend! Rosa is very sweet and will help you with your Spanish. Leo is a great host always organizing group activities. Atmosphere is exactly what a hostel should be. Everyone is friendly. One of the many highlights of my stay was Rafa taking some of us to the mercado to buy food for his famous paella feast and shouting at me in Spanish to get ingredients that I didn't know. Haha. Then telling everyone what to do in the kitchen. Great guy "
- 02 Aug 2013 Anonymous USA
- " Great place to stay and very easy to meet new people. "
- 31 Jul 2013 Nathalie Germany


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Lockport Union-Sun & Journal
Lockport Union-Sun & Journal — The city's new memorial committee will hold its first meeting at 4:30 p.m. Monday, City Clerk Richelle Pasceri said.
<\z14f"sans-serif">Kenneth Genewick, R-5th Ward, and Alderwoman Kathryn J. "Kitty" Fogle, R-3rd Ward, will serve as co-chairmen of the 11-member panel. The group will come up with a location and a plan for a Fallen Heroes memorial and also to set criteria for honoring citizens who give their lives in the line of duty.
The panel was born last week, after a controversy over a memorial for Lockport native Patricia Parete, a Buffalo police officer who was shot in 2006 and left paralyzed. Parete passed away in February.
Stedman Nursery of Newfane has donated landscape architecture services for the Fallen Heroes memorial.