text:
That's it for today here at blog central - thanks everyone for reading and posting your comments on what has been a massive day both for earnings and for the sharemarket.
The Markets Live blog will be back tomorrow at 9am.
Here's our evening wrap of today's session.
Wrapping up for today, here's what you need to know this evening:
- The ASX200 slumps 2.3%, posting its biggest one-day loss since May
- The Nikkei is down 1.4%, Hang Seng down 1.85% and Shanghai off 3.6%
- The dollar is sharply lower against the greenback, buying $US1.0235
- Wall Street futures are minimally lower, pointing to a flat open
- Gold is trading at $US1563, WTI crude oil is at $US94.54
- Boeing cash papers over Qantas cracks
- Telstra cuts 648 jobs at Sensis
- IAG flags rise in insurance premiums
- Tony Haggarty calls it quits at Whitehaven
- Origin blames regulator for profit slump
- Gloomy ad market plagues Fairfax Media
- AMP profit up as AXA merger pays off
- US Consumer Price Index January exp: 0.1% m/m and 1.6% y/y
- US Initial jobless claims exp: 355K
- Eurozone CPI January
- Eurozone Consumer Confidence
- Canberra - RBA governor Glenn Stevens to appear before the House of Representatives Standing Committee on Economics
- Treasurer Wayne Swan to address Australian Business Economists breakfast on Economic Challenges and choices in a post GFC World
- Earnings: Billabong, Centro Retail, Crown and Santos
A massive day at the coal face for Australia's stockbrokers, but little panic among those working in the markets.
''It's far from panic stations,'' says Patrick Trindade, head of private wealth at Phillip Capital.
''The market is in a minor correction mode. All the major banks have been sold off, as well as BHP and Rio Tinto, but remember it was options expiry and index expiry date today - that means we had large volumes of shares traded to close out positions. We also some more profit takings from the banks.''
In commodities markets, gold dropped to its weakest in seven months today, hitting $US1554.49 an ounce, and extending yesterday's slide of 2.6 per cent, while oil and copper hit multi-week lows as commodities stretched losses on concerns that the Federal Reserve might pull the plug on its stimulus program sooner than thought.
Brent crude lost 65 cents to hit a three-week trough of $US114.95 a barrel, while US crude touched a session low of $US94.30. London copper fell nearly 1 per cent to $US7891.50 a tonne, the lowest since late December.
"Overall the FOMC is the one people are watching," says Barclays commodities analyst Sijin Cheng.
"People do expect the Chinese government to promote moderate growth for 2013, so consensus is a modest recovery. Before physical demand really comes in from China or the United States, I think copper will be dominated by macro sentiment."
Some comments coming in on today's session: "Stock prices and the stockmarket in general have been in a very, very hard upward shift and they were due to have a break," says JBWere executive director Mike Kendall:
"Earnings need time to catch up with stock prices and I think the earnings seasons we've seen over the last couple of weeks has been very solid but certainly showing that companies earnings have a lot further to go to catch up with where share prices were running to."
And here's CommSec's Craig James:
Why the sell-off? 1. Overdue; 2. Fears of tighter policy in US & China; 3. Italian elections; 4. Hedge funds in trouble: 5. US fiscal cliff.
— Craig James (@craigjamesOZ) February 21, 2013
And here's how some of the companies that reported today fared:
- AMP: -0.4% to $5.42
- ASX: -3.4% to $35.76
- Alumina: -2.8% to $1.215
- Brambles: +0.9 to $8.59
- Cabcharge: -6.8% to $4.78
- Echo: -0.3% to $3.43
- Fairfax: -2.75% to 53c
- IAG: +2.8% to $5.57
- iiNet: -1% to $4.86
- Iluka: -1.45% to $10.20
- Origin: -8.5% to $11.33
- Qantas: +3.25% to $1.6675
For an overview of their results, scroll down to 10.07am or click here for our earnings special index.
Among the major sectors, materials slumped 3.7 per cent, energy lost 4.6 per cent and financials fell 2.4 per cent.
Here's how some of the blue chips fared:
- Rio: -3%
- Westpac: -2.8%
- Woolies: -1.2%
- Wesfarmers: -0.6%
- Telstra: -1.3%
- Newcrest: -3.7%
The sharemarket has closed at the day's lows, with about $35 billion wiped off the value of stocks in the biggest one-day fall since last May. The benchmark S&P/ASX200 index fell 118.6 points, or 2.3 per cent, to 4980.1, while the broader All Ords fell 115.8 points, or 2.3 per cent, to 4998.6.
And it's worth keeping in mind that while we're seeing a huge sell-off today, it's just brought us back to the levels reached last Wednesday, a mere seven trading sessions ago.
Despite the heavy losses today, Mike Kendall executive director at JBWere says materials and energy stocks have had a good run recently and were bound for a pull-back.
"I think a few investors have just gone out there and said 'let's not think twice about it, let's just go bang and put some profits in the bank."
Meanwhile, London copper has sunk to its lowest in almost two months amid worries the United States could stop or scale back its stimulus program - which have sparked the sell-off in risk sentiment.
Three-month copper on the London Metal Exchange fell to $US7891.50 a tonne this afternoon, its lowest since December 28, and down 0.86 per cent from its $US7960 close.
One stock attracting buyers today is Qantas, which is up 2.8 per cent after the airline impressed investors with its first-half results. The had been up by as much as 6 per cent in earlier trade.
A sliver of hope for the market comes from Wall Street futures. Both Dow and S&P futures are only slightly lower, pointing to light losses at the start of trade on Wall Street later today.
Then again, last night shares were already sold off, with the S&P500 index falling 1.2 per cent.
FTSE100 futures are 0.5 per cent lower, indicating slightly higher losses at the start of trade in London.
Falls are bing posted by markets across the region:
- Japan (Nikkei): -1.4%
- Hong Kong: -1.8%
- Shanghai: -2.7%
- Taiwan: -0.7%
- Korea: -0.6%
- India: -0.8%
- Singapore: -0.5%
- New Zealand: -1%
Chinese shares are down on concerns that recent central bank behaviour signals the beginning of a tightening cycle.
Analysts said that investors were worried the central bank was draining funds more aggressively than expected. The People's Bank of China let a net 910 billion yuan ($140 billion) drain from the interbank market this week.
"The central bank drained over 800 billion yuan from the money market, which sparked worries that liquidity conditions might be tightening," says Chen Shaodan, analyst at New Times Securities.
Traders are saying the selling in broad markets has been spurred by rumours that a hedge fund was forced to liquidate substantial commodity positions, coinciding with the release of the minutes from the Federal Reserve's January 29-30 meeting.
The minutes showed policymakers discussed the slowing or stopping of Fed bond purchases aimed at reducing unemployment.
"We all heard the hedge fund rumour and price action appeared to back such a rumour, but nobody has seen hard news," says Yuji Saito, director of foreign exchange at Credit Agricole in Tokyo.
"The price action also happened at the same time as the Fed's minutes which suggested the risk of an exit (from quantitative easing), so it's natural that money which had fled the dollar was returning, such as from gold. I think the fallout from the Fed's minutes will continue this session, prompting some money to head towards the (US) dollar."
The dollar is also under pressure, falling about a cent to $US1.0238.
The market is a sea of red, and here's the carnage in the sectors:
- Materials (miners etc): -3.3%
- Energy (oil and stocks etc): -4.5%
- Financials (Banks etc): -2.2%
- Consumer staples (Woolies etc): -0.7%
I'm sure most of you would have noticed, but for those who haven't, the ASX200 was slipped below 5000.
The benchmark S&P/ASX200 has fallen 105.514 points, or 2.1 per cent, to 4993.2, while the broader All Ords has lost 103.396 points, or 2 per cent, to 5011.
Premiums for home and car insurance are set to rise by 5 to 10 per cent over the next year 18 months due to inflation in the cost of meeting claims, IAG says.
The company's chief executive, Mike Wilkins, today said the costs of meeting insurance claims were continuing to rise faster than inflation.
Although the costs from recent flooding and bushfires are within insurance companies' allowances, Mr Wilkins today ''underlying longer-term cost trends'' were likely to result in higher prices for customers.
''On a blended basis we could see prices moving in the 5 to 10 per cent range,'' Mr Wilkins told BusinessDay.
Mr Wilkins said the likely increase was not due to any individual event, but was being caused by ongoing rises in costs such as salaries.
More on Fairfax Media, chief executive Greg Hywood said it is difficult to give guidance at this stage given there is still ''significant volatility in the market''.
Mr Hywood said six months ago he couldn't see anything that would cause a cyclical lift.
''The only thing that's occurred in the meantime is the fact has been a strong lift in the equity market,'' he said.
If the downturn in consumer sentiment is based around fear of loss of wealth both in terms of lower property prices and stressed superannuation accounts, a sustained run in the equity markets will help consumer sentiment.
''That traditionally, in our business, flows through into the property martket which is 30% of our advertising'' he said.
''That's the only difference I would make between were we were 6 months ago and where we are now.''
Here's a quick snap shot of the stocks prices of companies who have reported today:
- AMP: +0.9% to $5.49
- ASX: -2.4% to $36.13
- Alumina: -1.2% to $1.235
- Brambles: +0.8% to $8.58
- Cabcharge: -4% to $4.925
- Echo: +0.4% to $3.495
- Fairfax: -2.3% to 53.25 cents
- IAG: +3% to $5.585
- iiNet: +1% to $4.96
- Iluka: +0.3% to $10.38
- Origin: -8% to $11.39
- Qantas: +4% to $1.68
The move downwards seems to be a trend in markets across the region today:
- Nikkei(Japan): -0.8%
- Shanghai: -1.8%
- Taiwan: -0.7%
- South Korea: -0.4%
- Singapore: -0.4%
- New Zealand: -0.8%
Here's Austin Mitchum from FP Markets on today's sell-off:
Never like seeing days like this. Markets always overextend on both upside and downside. When it flushes, the unwind is quick
— Austin Mitchum (@FP_markets) February 21, 2013
The market has just plumbed the day's lows, pulling the ASX200 down 1.6 per cent. If that holds until the close, we'd have the biggest one-day sell-off since June. It's been a long time coming after the rally of the past weeks.
Adelaide and Brighton is taking a glass-half-full approach to the economy.
The cement maker - which posted a record net profit of $154.1 million for the year - expects a slow recovery in residential building to offset any slowdown in mining construction.
"We think residential construction is definitely at the bottom,'' chief executive Mark Chellew said today.
"There will be a long, slow increase in Australia of maybe two or three per cent ... that will probably nearly offset the decline in mining volumes, which will happen come 2015, 2016.''
Adelaide Brighton shares are 11 cents - 3.4 per cent - higher at $3.39.
Has you get-up-and-go got up and gone? Has your motivation deserted you? There there. Don't worry - your zing can be restored. Have a read of this MySmallBusiness story and everything will be all right again. We promise.
The Aussie dollar has also had a lacklustre day, sinking more than a US cent overnight and languishing there.
''We think there's a bit of negative risk sentiment out there so Aussie and kiwi have come under some pressure,'' said Peter Dragicevich, a Syndey-based currency economist at Commonwealth Bank of Australia, the nation's largest lender. ''But in our mind, we expect them to bounce back over the next week or so.''
The Australian dollar lost 0.1 per cent to $1.0244 a short time ago in Sydney after declining 1 per cent to $1.0256 yesterday, the biggest one-day drop since January 24. But the current weakness will pass, according to Mr Dragicevich, who forecasts the Aussie will be at $1.08 by December 31.
And now a look at the big miners:
- BHP is 3.34% lower to $37.36
- Rio is 3% lower to $67.31
- Fortescue is 2.24% lower to $4.81
The miners and the banks are giving markets a hard time today. Lots of red across screens when looking at those two sectors. The materials sub index is 2.95 per cent lower and the bank are an almighty 4.11 per cent lower. Haven't seen numbers like those for a while:
- CBA is 1.62% lower to $65.76
- ANZ is 2.26% lower to $28.90
- NAB is 2.23% lower to $29.88
- Westpac is 1.38% lower to $29.93
But Aussie stocks aren't the only ones in the region having a down day. China's stocks have fallen to the lowest level in three weeks after the government ordered curbs on real-estate speculation through measures such as expanding a property tax and setting home-price control targets.
The Shanghai Composite Index retreated 1.5 per cent to 2362.24, heading for the lowest level since Jan. 29.
Local stocks are now down to a loss of 1.5 per cent on the day. The benchmark ASX200 is back to 5023, down from a close yesterday of 5098. And the All Ords has slipped to 5040, down from yesterday's close of 5114.
BusinessDay's Brian Robins writes that for watchers of Breville, the trend may well be your friend, as it continues to return to earth following poor December half earnings, released Wednesday.
Clearly there is no rush to buy in, and it is off another 19c at $5.46, off the low of $5.30, so far today as it corrects after its share price doubled during 2012, running from $3 to over $6.
That rally was predicated on the promise of strong earnings growth, which has now been dashed, with concerns over the outlook for revenues in Canada, where a key distribution agreement - Keurig - is up for renegotiation, which may hurt margins.
It may be some time before it regains favour.
"It is difficult to see the stock outperforming until uncertainty on the impact of Keurig is reduced," Macquarie told clients today in a note.
"That said, the share price fall yesterday would appear to have captured a fair share of that uncertainty with the stock back towards a market multiple once the circa $60 million of net cash is factored in.
"We continue to believe in the international growth prospects for the Breville brand. We maintain 'outperform' ahead of further detail in the upcoming result briefings."
A new deal with Nestle for co-branded coffee machines may provide revenue growth, but caution on the outlook is expected to continue for a while yet.
Thanks to everyone in the comments section for helping out 'confused' with an answer to the question about ex-div and record dates. Here's one of those answers with a helpful link on general share related info. (And on the subject of ex-divs, try here.)
Dr Kiwi replied:
- The ex-dividend date is what counts. See http://www.asx.com.au/products/shares-faqs.htm
And still the earnings reports come.
Better weather and record attendances at three of the Gold Coast's major theme parks has helped Village Roadshow book an 18 per cent jump in half year profit.
The company made a net profit of $33.48 million for the six months to December 31, up from $28.27 million in the previous corresponding period.
Revenues were also up, at $480 million from $470.1 million.
Village said mostly fine weather in the first half of the 2013 financial year and new attractions saw record attendances at its Gold Coast theme parks, which include Warner Bros Movie World, Sea World and Wet'n'Wild.
Visits to the three parks were up almost 550,000, or 26.8 per cent, translating to a solid 9.4 per cent rise in total revenue.
The ASX200 is now down 1.2 per cent. If it closes at that level, it'll be the biggest daily loss since November 13 last year, when the benchmark index closed 1.53 per cent lower.
Now for the worst-performed companies on the ASX200:
- Origin: -9%
- Discovery Metals: -8.15%
- Perseus: -8.11%
- Mount Gibson Iron: -7.32%
- Silver Lake Resources: -6.77%
Time for a look at the winners and losers so far today. We'll start with the best performed companies on the ASX200:
- Qantas: +5.26%
- NRW Holdings: +3.2%
- Goodman Group: +2.64%
#ASX200 pullback comes exactly 90 days after the run up began in late November. We can look at the run up as lasting 1 season. #ausbiz — Ben Le Brun (@benlebrun) February 21, 2013
Today's bit of economics data has arrived, and it shows average weekly ordinary time earnings (AWOTE) for adult full-time employees rose 5.0 per cent in the 12 months to November 2012, official figures show.
The Australian Bureau of Statistics' quarterly survey, released today, showed AWOTE for the private and public sectors combined was $1,396.00 for the year.
Private sector AWOTE was up 5.1 per cent in the year at $1,369.90, seasonally adjusted. Public sector AWOTE rose 4.5 per cent to $1,491.70, seasonally adjusted.
Reader 'woods' has kindly answered the question posed by 'confused' in the comments section:
You must have purchased the shares before the ex-dividend date to be eligible for dividends.
The difference between the ex-dividend date and record date is related to settlement and administrative issues.
#xjo now -1% as softer commodities override a weaker #AUD. Happy to be wrong. If we wanted to go higher we needed to go lower first #ausbiz — David Scutt (@David_Scutt) February 21, 2013
Ben Taylor of CMC Markets says local shares are feeling the after effects of the FOMC minutes, released overnight, which showed some disagreement among members about continuing the Federal Reserves bond buying program. In a note, he writes:
The materials and energy sectors are the noticeable underperformers as a stronger US dollar weighed on commodity prices.
The FOMC minutes started on a positive note stating that the economy remained on a moderate growth path and that economic outlook stayed modestly improved relative to the December meeting. It also mentions a reduction in downside risks facing the economy and the partial resolution of the fiscal cliff. The minutes also state that the bond buying program has been effective in helping to stimulate the economy.
Calling on our erudite readership. Is there anyone who would like to answer this question for reader 'confused'?
Can someone please explain this to me. My understanding is that if you buy after the ex-dividend date you don't get the dividend, but ASX says that if you own the shares by the record date you get the dividend. How do these dates work, would really appreciate a simple explanation please.
- Ex-dividend date 4 March 2013 (date shares begin trading without the dividend entitlement)
- Record date 8 March 2013 (holders of shares at this date are eligible to receive the dividend)
We've got the first out-of-cycle cuts to variable mortgage rates - admittedly by obscurely small credit unions, but it should add to pressure on the big boys:
Holiday Coast Credit Union cut several of its loan products by 20 basis points, BMC Mortgage reduced several loans by 10 basis points, while IMB trimmed one of its loans by five basis points.
Financial comparison website RateCity says it is the first time it has recorded three lenders cutting rates when the Reserve Bank has held rates steady.
''While there have been several rate increases out-of-cycle, we've never seen lenders drop variable home loan rates while the cash rate remains stable,'' RateCity spokesperson Michelle Hutchison says.
Will the big banks follow the lead of the smaller lenders? BANKS AFR SYD 961001.01.08 PHOTO FRANCES MOCNIK ......Generic banking Westpac, ANZ, National,Commonwealth. Saved in News 961002 Generic please save in PD
Sensis has just confirmed 648 job cuts at the Yellow Pages operator.
Sensis managing director John Allan said that none of the decisions were taken lightly.
"We are working with our staff and the unions to provide further detail of our proposed digital transition to ensure the best support for those affected by the resulting changes," he said. "Until now we have been operating with an outdated print-based model – this is no longer sustainable for us.
"As we have made clear in the past, we will continue to produce Yellow and WhitePages books to meet the needs of customers and advertisers who rely on the printed directories, but our future is online and mobile where the vast majority of search and directory business takes place."
If you are interested in the Fairfax investor briefing, you can watch it here courtesy of BRR and BusinessDay. It's to kick off any moment now.
Origin Energy shares are taking a beating in early trade, down 7.7 per cent. As you can see in the graphic, the company's shares have already lost a lot of the the value it had added over the last few months.
Earlier today, Origin reported its net first half profit had fallen to $524 million, down from $794 million. This is despite the axing of 500 jobs over the period and 350 more scheduled to go by the end of 2013.
Alumina's full year net losses have blown out and the troubled aluminium producer is bracing itself for more uncertainty ahead.
The group's net loss for the 12 months to December 31 tripled to $US152.9 million from $US47.3 million ($A148.42 million from $A45.91 million) in 2011.
Foreign exchange losses of nearly $US90 million ($A87.36 million) and ''other'' losses of the same amount contributed to the loss.Excluding those items, Alumina recorded a net loss of $US62.1 million ($A60.28 million) compared to a $US126.6 million ($A122.89 million) net profit in 2011.
Its underlying loss was $US52.5 million ($A50.96 million) compared to an underlying profit of $US128 million ($A124.25 million) previously.
Coal miner Whitehaven has named the former head of Nathan Tinkler's private company as its new chief executive.
Paul Flynn will take over at Whitehaven on March 25, replacing the company's Tony Haggarty who had been in the role for more than four years.
Mr Flynn, formerly the managing director of Tinkler Group Holdings, joined Whitehaven as a non-executive director when Mr Tinkler's Aston Resources merged with Whitehaven in May 2012.
He previously was with Ernst and Young, where he worked with resources companies including Xstrata, Worley Parsons and Peabody Energy.
We should also mention that Telstra shares are 1.1 per cent higher on news that it is shedding staff from its troubled Sensis divsion. Read more here.
Here's a sector-by-sector look at the ASX200:
- Telecoms: +1.17%
- Consumer staples: +0.48%
- Financials: +0.38%
- Info tech: +0.18%
- Energy: -3.15%
- Materials: -2.61%
- Consumer disc: -0.34%
More on Telstra.
Telstra is reportedly sacking 650 staff from its Sensis business division, which runs Yellow Pages, White Pages and Trading Post.
The jobs will be axed from offices in Sydney and Melbourne.''We're talking to members at the moment and we will be meeting with Sensis at 3pm,'' Community and Public Sector Union spokesman Teresa Davison told News Ltd.
She said 2,500 staff work for Sensis, which has reportedly been hit by a fall in advertising revenue, particularly within its print publications.
''Like all large businesses, they look at their massive profits dropping,'' Ms Davison added. ''If a $1 billion profit drops to $900 million their response is to sack staff, even though they are still making a huge profit.''
It looks like the pipe between the ASX and the rest of the world has been unblocked.
In early trade, the All Ordinaries index is 34.5 points lower, or 0.7 per cent, to 5079.9, while the benchmark S&P/ASX200 is 5065.3 points lower, or 0.7 per cent, to 5065.3.
Here are some individual stocks while we wait for the index data. These are the companies which have reported this morning:
- AMP: -1% to $5.385
- ASX: -1.3% to $36.55
- Alumina: -3.6% to $1.205
- Brambles: -1.1 to $8.42
- Cabcharge: -1.8% to $5.04
- Echo: -2.3% to $3.40
- Fairfax: -2.3% to 53.25 cents
- IAG: +0.7 to $5.46
- iiNet: +2.2% to $5.02
- Iluka: -2.3% to $10.11
- Origin: -7.9% to $11.40
- Qantas: +4% to $1.68
Well, folks, we'd love to be able to bring you some numbers on the market open, but we can't. There's currenrtly a problem with getting numbers from, well, pretty much everywhere. Bloomberg doesn't have the data, nor does Fairfax' Trading Room. And CommSec is reporting that IRESS is blank too.
Qantas shares are up 1.9 per cent in early trade to $1.645. AMP shares are down 0.9 per cent to $5.39. Fairfax shares are off 1.8 per cent to 53.5 cents.
Just before we look at how the market is opening, here's a quick recap of this morning's results:
- AMP result FY net profit $704 million
- ASX result net profit $171.1
- Alumina result $US62 million loss
- Brambles result net profit $302.5 million
- Cabcharge result net profit $33 million
- Echo Entertainment result net profit $66.5 million
- Fairfax Media result net profit $386.3 million
- Insurance Australia result net profit $461 million
- iiNet result net profit $32 million
- Iluka Resources result net profit $363.2 million
- Origin Energy result profit result $524 million
- Qantas Airways result net profit $111 million
Cabcharge Australia has reported a net profit of $33.3 million for the six months to December, a 28.5 per cent rise from the previous corresponding period.
The transport payments group declared an interim dividend of 18 cents per share, fully franked.
The company said it had recorded a solid first-half report despite the challenging business environment.
"In these circumstances, we need to be adaptable while maintaining a clear focus on the motivators of our longer term growth - leading technology, high standards of customer service and choice, product innovation and targeted diversification building on our taxi and payments competence, our national focus and our experience in the land transport and logistics industries," Cabcharge executive chairman Reg Kermode said.
On the Telstra jobs news, the communications union says Telstra is planning to axe about 500 jobs from its subsidiary Sensis, according to ABC News.
And Julia Gillard, speaking on 5AA, is reported to have said it's "dreadful news" that Telstra is slashing 650 from its Sensis division.
So, there's some speculation on the numbers.
Looking to the markets open and Evan Lucas from IG Markets is expecting a decent dip. In a note this morning he says:
We are calling the ASX 200 down 32 points to 5067 (-0.62%). So today could be the biggest fall of the year, with the largest drop so far being the 0.57% decline in early January. Not that a 0.6% fall is big in comparison to some of the monsters we have had over the last few years.
BREAKING Telstra is set to axe 600 jobs, according to reports. More as it comes to hand.
Along with Origin, mineral sands miner Iluka Resources has signalled as many as 200 jobs to be cut as it responds to continued weak prices and demand for its output, amid sluggish global economic activity.
In a statement to the sharemarket this morning, Iluka said it would cut cash production costs to $375 million from $583 million in 2012 primarily by idling operations and cutting jobs. It recently announced job losses totalling 65 in Western Australia, at its Eneabba operations.
As a result, it will book $50 million in restructuring and redundancy costs, with 70 per cent brought to account in the first half of 2013 and the balance in the second half.
Stationery company Paperlinx has announced a first half loss of $57.3 million due to weak market conditions.
The result is a six per cent improvement on the $60.9 million loss in the previous corresponding period.
It also includes a $24.7 million impairment charge from Paperlinx' computer software and proprietary brands in Europe.
Revenue for continuing operations during the half was $1.44 billion, down 17 per cent from $1.73 billion in the previous corresponding period.
Echo Entertainment has reported a net profit of $66.5 million for the six months to December, a 5.3 per cent drop from the previous corresponding period.
The casino operator declared an interim dividend of 4 cents per share, fully franked at the company rate of 30 per cent.
Echo said the lower profit was a result of a lower effective tax rate in the first-half of 2012, and higher depreciation and amortisation in the first-half of 2013 following investment in Sydney's The Star casino.
The company said 14.9 per cent actual revenue growth from The Star had been offset by a 5.2 per cent drop in Queensland revenues.
"With the period of openings behind us, the focus has turned to maximising returns on the investment made," Echo chairman John O'Neill said.
"Our expanded capacity coupled with new product offerings that are receiving global industry accolades means The Star is in a great position to drive earnings that are more consistent with the potential of our valuable licence which has 80 years remaining to run,"
More on Fairfax. Fairfax's net profit rose to $386.3 million during the first half ended December 30 from $97.6 million in the previous corresponding period. Excluding the businesses sold during the period, Fairfax recorded a net profit of $83 million, down from $135.7 million.
Revenue dropped to $1.1 billion from $1.2 billion, in line with analysts' expectations because of declining advertising income.
Fairfax chief executive Greg Hywood said trading conditions remained tough, with December revenues down five per cent on the same period a year earlier. Revenues for the first six weeks of the second half were nine to 10 per cent below the previous corresponding period.
''Continuing weakness in real estate and the national advertising market are providing a drag on group revenue, although there is considerable volatility from month to month,'' he said in a statement.
You can watch the Fairfax investor briefing here from 11am courtesy of Boardroom radio.
Some more detail on Fairfax.
Fairfax Media, the publisher of The Age and Sydney Morning Herald, has reported a net profit of $386.3 million for the six months to December, a 299.7 per cent increase from the previous reporting period.
The publisher declared a fully franked interim dividend of 1 cent per share. Fairfax Media's revenue for the 2012/13 financial year fell 7.1 per cent to $1.1 billion.
More on Fairfax, publisher of this website, shortly. In the meantime:
Fairfax earnings $98m vs market consensus of $91m. Pays a modest divi, barely has any net debt ($197m) BUT weak 2H outlook. So so result
— Peter Esho (@PeterEsho) February 20, 2013
Iluka Resources has reported a net profit for 363.2 million for the 2012 financial year, a 33 per cent drop from the previous year.
The mineral sands miner said lower mineral sands profitability reflected lower sales volumes year-on-year. The lower volumes were a result of lower demand caused by weak global economic conditions and business confidence, inventory de-stocking, and the lower usage of zircon in Chinese tile manufacturing.
The company declared a fully franked dividend of 10 cents per share, with full-year dividends for 2012 at 35 cents per share, also fully franked.
Iluka's managing director David Robb said his company believed they were in the low period of the business cycle for mineral sands.
"Furthermore, in 2012, unlike the previous low period in 2009, the company experienced a severe coincident reduction in demand for both its zircon and high-grade titanium dioxide products," Mr Robb said.
More on Qantas. The flying kangaroo is flying, nearly tripling its first half profit as it begins to realise the benefits of recent tough decisions, its chief executive says.
Qantas made a net profit of $111 million in the six months to December 31, up from $42 million in the previous corresponding period.
The result falls below analyst expectations of a net profit of $138 million.
''The operating environment remains complex and volatile, but we are now beginning to realise the benefits of the tough decisions that we have made over the past 18 months,'' chief executive Alan Joyce said in a statement.
Qantas Photo: Peter Braig
Troubled newspaper publisher APN News and Media has fallen to a $455.8 million full year loss.
The result comes days after the company's chief executive and chairman stood down after a stoush with the company's major shareholders over ways to reduce APN's debts.
APN's net loss for the year to December 31 is down from a $45.1 million loss in the previous corresponding period.
The company posted an underlying net profit, excluding one-off financial items, in the year to December of $54 million, down from $78.2 million in the previous corresponding period.
The company in December warned that weak advertising markets would slice its underlying net profit for calendar 2012 by more than a third.
Commodities stocks may come under pressure in early trade after commodities prices tumbled overnight amid speculation a hedge fund had been forced to liquidate positions across metals and oil markets, and gold fell to more than a seven-month low on worries that the US economic stimulus may soon dry up.
Already under pressure from ongoing concerns about global supply and demand, commodity markets tumbled in high volume trade with oil dropping about 2 per cent.
Gold fell, capping the longest slump since December 2011, as economic concerns eased in the U.S., eroding demand for the metal as an investment hedge.
Gold has been under pressure all week from traders seeking riskier investments as the outlook for the global economy improved fell to June lows. Losses deepened after the US Federal Reserve released the minutes of its January meeting, saying it may have to slow or stop its asset buying program before it sees the pickup in hiring that the program was to deliver.
Brambles has reported a net profit of $302.5 million for the six months to December, a 26 per cent increase from the previous corresponding period.
The pallets and containers supplier declared in interim dividend of 13.5 cents per share, 30 per cent franked.
The company's chief executive Tom Gorman said the rise in first-half profits was a result of Brambles' strength in established operations and its ongoing ability to deliver profitable growth.
"The continued growth and improved efficiency of the Americas region of our pallets segment, despite our moderate improvement in economic conditions to date is particularly pleasing " he said.
Brambles also reported a 4 per cent rise in sales revenue to $2.9 billion in the first-half of the 2012/13 financial year.
Some more detail on the IAG result, which by most measures measure is a good 'un.
IAG Chief Executive Michael Wilkins agreed to sell the group's ailing UK business to increase profits at home and expand in Asia in December. Reduced insurance claims along with the planned exit from the UK has boosted the insurer's share price 16 per cent this year, making it the second-best performer behind QBE in the Australian industry.
''Post disposal of UK, IAG is now a very clean play on the favorable domestic general insurance business,'' Richard Coles, an analyst at CIMB Group Holdings, said before the announcement.
Investment income on shareholders' funds was A$201 million, compared with a loss of A$30 million in the same period a year earlier, IAG said. Net natural peril claim costs fell to A$133 million from A$396 million.
The Qantas numbers are just filtering in - Qantas first half profit $111 million on $8.24b revenue.
The ASX has reported a net profit of $171.1 million for the six months to December, a fall of 2.5 per cent from the previous corresponding period.
The stock exchange declared a fully franked interim dividend of 87.9 cents per share.
ASX's managing director and chief executive Elmer Funke Kupper said the first-half of the 2012/13 financial year remained challenging, with trading activity in equities near cyclical lows, pushing revenue down by 3.3 per cent.
"Revenue performance varied significantly by quarter, with revenue down 8.8 per cent in the first quarter and up 2.8 per cent in the second quarter," Mr Kupper said.
"The growth in the second quarter was driven by good performance in our listings and issuer services, derivatives and technical services businesses.
"ASX's diversified revenue profile continues to provide resilience."
Origin Energy has reported a net profit of $524 million for the six months to December, a 34 per cent drop from the previous corresponding period.
The company said the fall was a result of a lower underlying profit, a lower gain on Australian Pacific LNG-related terms and a decrease in the fair value of financial instruments, partially offset by a lower impairment of assets.
Origin declared a fully franked interim dividend of 25 cents per share.
The chairman of Origin, Kevin McCann, said the fundamentals of his company remained strong.
"The first half of the financial year was characterised by more challenging operating conditions in the energy markets segment, which has impacted profit and cash flow," he said.
Insurance Australia Group's first half profit has more than tripled and the company has raised its performance targets for the full year.
IAG made a net profit of $461 million in the six months to December 31, up from $144 million in the previous corresponding period. Its insurance profit of $815 million in the six months was also significantly higher, up from $271 million for the same period the previous year. The results reflected a benign weather period in the half year, and improving financial markets.
The company incurred costs from floods in Thailand and hailstorms in Melbourne in the previous corresponding period. IAG's natural peril claim costs in the six months to December were $133 million, down from $396 million in the same period the previous year.
iiNet has reported a net profit of $32 million for the six months to December, a 122 per cent increase from the previous corresponding period, on the back of higher revenues and better margins following its Internode and TransACT acquisitions last year.
The internet service provider declared an interim dividend of 8 cents per share, fully franked.
iiNet's managing director and chief executive, Michael Malone, said his company had "grown to a scale where the earnings and cash flows it generates can be reinvested to ensure we continue to meet customers' needs going forward".
The company also reported a 30 per cent increase in revenue to $474 million for the first-half of the 2012/13 financial year.
If you're interested in following any of today's investor briefings live, click here. Boardroom Radio has links to audio and in some cases video feeds of the company's results presentation.
We'll have a link to video of the Fairfax presentation which is due to kick off at 11am.
Another interesting story from overnight. The chief executive of a US tyre company has delivered a crushing summary of how some outsiders view France's work ethic in a letter saying he would have to be stupid to take over a factory whose staff only put in three hours work a day.
Titan International's Maurice "Morry" Taylor, who goes by "The Grizz" for his bear-like no-nonsense style, told France's left-wing industry minister in a letter published by Paris media that he had no interest in buying a doomed plant.
"The French workforce gets paid high wages but works only three hours. They get one hour for breaks and lunch, talk for three and work for three," Mr Taylor wrote on February 8 in the letter in English addressed to the minister, Arnaud Montebourg.
"I told this to the French union workers to their faces. They told me that's the French way!"
Early comment from 'good day for the shorts':
Hopefully the ASX200 will have a meaningful down day and even better, the beginning of a pullback if not correction.
Only a handful of stocks influence the upward move of ASX200 since Nov.
For a record, all banks have been up almost 14 weeks in a row, BHP from a low of $32.88 in Nov to an intra day high of $39.34 yesterday, RIO from $51.56 in Nov to a high of $72.3 last week.
A greedy market!
AMP has reported a net profit of $704 million for the 2012 financial year, a 2 per cent increase from the year before.
The financial services group declared a final dividend of 12.5 cents per share, 65 per cent franked. The company also recorded an underlying profit of $955 million, compared to $909 million in 2011.
"The strong performance of our Wealth Management business reinforces the benefits of the merger with AXA, with a suite of contemporary products and services that cater for all key market segments, supported by Australia's leading financial advice network," AMP's chief executive Craig Dunn said.
"The ongoing strengthening of our core Australian business, along with our expansion into the self-managed fund sector and selected offshore markets through AMP Capital, continue to provide further opportunities for growth."
Wall Street didn't like the sound of the Fed minutes, with stocks falling heavily from five-year highs. The S&P500 lost 1.22% tand the Dow was off 0.77%.
''It doesn't take a lot of imagination to think about where the next potential source of weakness or worry is going to be, and that's going to be when the Fed steps back from their quantitative easing program,'' Brian Barish, president of Denver, Colorado-based Cambiar Investors.
More on that Fed news. In what may be the first sign that the US central bank could be reconsidering its commitment to buying government bonds to boost the US economy, minutes from the Fed's January policy meeting show some policymakers were concerned that the purchases could spark inflation or disrupt financial markets.
However, the statement reiterated that the bond purchases would continue until the job market improved substantially.
As this story says, minutes of the December meeting had also pointed to divisions among Fed officials over how long the purchases should continue. The debate within the Fed has fed speculation that the bond purchases might be scaled back or ended altogether this year.
In early morning markets news, the Aussie dollar has dived as speculation intensifies that there could be an end in sight for the US Federal Reserve's stimulus program, aka QE3. At 7am, the local unit was trading at $US1.0244, down from $US1.0365 cents late yesterday.
The minutes of the Fed's January policy meeting show that some members were worried that the bond-buying programs could eventually escalate inflation and unsettle financial markets.
BK Asset Management managing director Kathy Lien said the US dollar rallied against all the major currencies after the remarks were released.
''The real reason (the Fed) is considering an end to the program is because they see a significant improvement in the labour market,'' she said from New York.
Ms Lien also said the Australian dollar was one of the hardest hit because the Reserve Bank of Australia's (RBA) monetary policy stance was in stark contrast to what the US Federal Reserve was now considering.
We've got another huge day of earnings in store. The first results will start dropping into the ASX any moment now. Here's a look at what we're expecting:
- The following companies release first half results: Fairfax Media, Insurance Australia Group, Qantas, Origin, Consolidated Media Holdings, Commonwealth Property Office Fund, Goodman Group, Brambles, Drillsearch, Mortgage Choice, Echo Entertainment Group, Retail Food Group, Transpacific Industries, Tatts Group, St Barbara, iiNet, Envestra
- Adelaide Brighton full year results
- AMP full year results
- David Jones Ltd Q2 sales result
- Ardent Leisure interim results
- APN News & Media full year results
- PaperlinX interim results
- Panaust full year results
- Tatts Group first half results
- Alumina full year results
- Iluka Resources full year results
For a comprehensive look at this morning's business news, check today's need2know. Here are this morning's key markets numbers:
- SPI futures are 22 points lower at 5051
- The $A is lower at $US1.0247
- In recent trade in New York, the S&P500 was 1% to lower 1514.49
- In Europe, the FTSE100 added 0.26% to 6395.37
- China iron ore added 90 US cents to $US158.90 a metric tonne
- Gold lost $US25.80 to $US1,578.40 an ounce
- WTI crude oil fell $US1.97 to $US94.69 a barrel
- Reuters/Jefferies CRB index was down 0.6% to 294.70
Hi everyone. Welcome to the Markets Live blog for Thursday, and another big day of corporate earnings.
Contributors: Thomas Hunter, Jens Meyer, Max Mason
This blog is not intended as investment advice
BusinessDay with agencies


text:
Istanbul Atatürk (IST)- Astrahan(ASF) ve Stavropol (STW) seferlerimiz, Astrahan için haftada 4 frekans Stavropol için 3 frekans olarak planlanmış olup, 26 Ekim 2014 tarihi itibarıyla başlayacaktır.
Istanbul-Bordeaux-Istanbul flights are already being operated as 4 flights per week, the frequencies will be increased to 5 flights per week as of Dec. 1, 2014.
Istanbul – Kherson (KHE) – Istanbul flights are planned as 4 flights per week and will be launched as of October 15, 2014.
Theme of this year's festival, with the sponsorship of the airline that flies to more destinations than any other airline in the World, is "Discover."
Istanbul – San Francisco (SFO) – Istanbul flights will be launched as 5 flights per week as of April 13, 2015 and will be increased to 7 flights per week as of May 11, 2015.
Fast track service is provided to passengers and who travel with Turkish Airlines in Atatürk and Sabiha Gökçen airports at departure and arrival level.
This site is best viewed in Internet Explorer 8+, Mozilla Firefox and Chrome.

subset: commoncrawl


text:
0000600 |
Previous | 1 of 6 | Next |
small (250x250 max)
medium (500x500 max)
large ( > 500x500)
Full Resolution
All (PDF)
This page
Loading content ...
The College News Volume V. No. 5 BRYN MAWR, PA., OCTOBER 31, 1918 Price 5 Cents "THE GEISHA" FIR8T CHOICE OF GLEE CLUB E. Taylor Elected Stage Manager A Japanese musical play, "The Geisha," with music by Sidney Jones, libretto by Owen Hall, and lyrics by Harry Green- bank, will be given by the Glee Club this year if performing rights can be secured. The plot centers in a Japanese tea house, and although most of the characters are Japanese, the cast of twenty-two includes (Continued on page 5, column 1.) ------_x� K. TOWN8END '20 ELECTED ATHLETIC SECRETARY Succeeding Phoebe Helmer '20, who did not return to college this year, Katherine Townsend '20 was electeM secretary of the Athletic Association at a meeting Tuesday night. Miss Townsend received thirty votes as against twenty-five cast for M. L. Mall '20 and five for D. Rogers "20. Both years that she has been in college Miss Townsend has won first place in the swimming meet. In her Freshman year she was class water-polo captain, and last year swimming captain. She played last year on 1920's basketball team, and took part in the track meet. A note of regret to Miss Helmer on her resignation was voted by the Association, and a hearty vote of thanks accorded her. B. M. WAR WORKER WOUNDED IN FRANCE EXTRA EXAMS FOR FLU VICTIM8 18 RECENT DECREE OF FACULTY All students who, on account of the in- fluenza or the influenza quarantine, have missed their language examinations are to have extra examinations, the faculty decided at a special meeting last week. GERMAN "WRITTEN" 8HOW8 MORE MEDIAN GRADES THAN FRENCH Eighteen Past Both Examinations In contrast to the unusual number of extreme grades in the first French "written," the results of the flVst German examination, posted Tuesday morning, show a much more even distribution of marks. Merit was made by M. Oilman and B. Sorchan. Twenty-nine passed, 43.28 per cent, and thirty-six, or 53.73 per cent, failed. Eighteen Seniors passed both French and German at the first examinations. The grades are: Merit, 2: M. Oilman, B. Sorchan. Passed, 29: F. Allison, O. Bailey. F. Clarke, F. Day, A. R. Dubach, V. Frailer ex-18, E. Fuller. F. Fuller, D. Hering. J. Holmes, F. Howell, E. Howes, W. Kauf- mann, M. Lubar, J. Mebane ex-'18. E. Mercer, A. Moore, C. Oppenheimer, B. Penning ex-'18. H. Prescott, R. Ray, M. W. Rhoads, E. Rondinella. M. Snavely, C. Taussig. A. Warner. L. Wood. G. Wood- bury. J. Wright. Failed, 36: F. Beatty, M. Bettman, E. Blddle, A. Blue. M. Butler. D. Chambers. A. Collins, H. Collins, H. Conover, V. Coombs. C. Everett. E. Fauvre, M. France, D. Hall. R. Hamilton, c. Hayman. O. Hearne. C. Hollls, E. Hurlock, M. Jane way, H. Johnson. H. Kama. M. Lafferty. A. Landon. E. Moore*, M. Moaeley, J. Pea- body. M. Ramsay. R Rein hard t, M. Rem- ington, A. Stiles, S. Taylor, A. Thorndlke, M. Tyler, R. Wheeler, R. Woodruff. The Seniors who have passed both French and German are: A. R Dubach, B. Sorchan. F. Allison. F. Day. V. Fraaler ex-'ls. M. W. Rhoada. F. Howell. E. Fnl- lor. B. Mercer. A. Moor*. O. Bailey. J. M. Lubar, J. Mebane ex-'ll. C, r. E. Rondinella. G. Wood- bury, J Wright Elizabeth Sergeant Injured by Hand Grenade Elizabeth Shepley Sergeant '03. corre- spondent of the New Republic and first member of the Bryn Mawr Service Corps, has been wounded in France by the ex- plosion of a hand crenade, according to reports received by the New Republic. Her injuries are not serious. A party of American women accom- panied by a French officer were being conducted on a tour of reoccupied terri- tory near the front, says the New York Sun. Mile, de Vallette, head of the Amer- ican section of the Press Department of the Foreign Office, who was conducting the trip, picked up a hand grenade, which exploded and killed her Instantly. Sev- eral other women of the party were In- jured. Miss Sergeant is the author of French Perspectives, a book on the French peo- ple, and a series of essays In the New Republic, the latest of which, "American Women In France," appeared in the issue for October 19th. She has been In France for thirteen months under the New Re- public, and during this time has also done Investigation work for the Red Cross. On this ground she was adopted last spring as Bryn Mawr's first war worker under the Service Corps. Miss Sergeant was the first president of the Bryn Mawr English Club, which was founded her Senior year. ROBERT NICHOLS SECURED BY ENGLI8H CLUB Will Lecture November 22 The English Club has secured Mr. Rob- ert Nichols, the British war poet, to speak before the college on November 22nd. In accepting the invitation of the club. Mi. Nichols said in part: "I hope it will be understood that my defective memory�I've had shell shock� does not permit me to make an address, and that owing to my hate of reading prose, and my badness at it, . . . this will be only a talk, to which will be at- tached the principal point of my coming, namely, a readiug of certain poems (chiefly of war, by Gorbey, Graves, Sas- soon. and, if ynu wish It, of my own work. The chief difficulty is that I can't split up my own stuff. As I know both Sas- soon and Graves personally, perhaps I shall be able to give you information which you would not be able to get other- wise." A copy of Mr. Nichols" poems, Ardors and Endurances, is In the New Book Room. COLLEGE BROUGHT SAFELY THROUGH EPIDEMIC RED CROSS MENDS GARMENTS Pressing Need for First Lot Garment mending is in full swing In the Merlon Red Cross room. A good-sized ap- portionment, to be filled Immediately, has been given the college by Mrs. Ewing, in charge of the garment mending at the Bryn Mawr Red Cross headquarters. Mrs. Ewing talked last Saturday to twenty-five of the college Inspectors, about the sewing. She has received from the Philadelphia Arsenal 300 soldiers' undershirts, 300 underdrawers, and the same number of socks, all to be returned within ten days. Mrs. Nichols described the work done by the Red Cross Reclama- tion Department in Boston. Garments for Draftees "This department is now one of the most important branches of Red Cross work," says L. Kellogg, head of the War Council Red Cross department. When soldiers go overseas, they leave their old garments to be cleaned, mended and used again. The present allotment Is needed for new drafted men In the camps. Room for Forty Workers Forty workers can be accommodated In the Merion work-room, and are wanted day and night. Hours are from 2.00 until 6.00, and from 7.30 until 10.00. Inspec- tion is strict, and each person is respon- sible for her own garment, tagged with her name. JUNIOR AND SOPHOMORE CLAM WAR COUNCIL REPRESENTATIVES M. Carey '30 and M. Foot '21 have been elected Junior and Sophomore Class rep- resentatives on the War Council. As Junior repreeenative. M. Carey become* vice-chairman of the Council. The Fresh- man representative will be elected In the first fortnight of November C. A. CANVASS REAPS 100 PER CENT MEMBERSHIP 100 per cent of the Freshmen at col- lege have joined the Christian Associa- tion. A canvass was made In all the halls this week by the Membership Com- mittee. L. Kellogg '20, chairman of the committee, will speak at Vespers next Sunday and the names of the graduates and Freshmen who have joined will be read by B. Allard and M. Wllcox '22, the graduate and Freshmen representatives on the Membership Committee. TO E8TABLI8H CENTRE OF FRENCH CULTURE AT BRYN MAWR New French Associate Arrives Mme. Claude Riviere, an editor of Paris's well-known daily, L'Oeuvre, and formerly instructor at the Lycee de Paris, arrived here last week from France to be Associate in French. Teaching in Bryn Mawr Mme. Riviere regards as a patriotic service. Her ob- ject is to establish a centre of French culture here and to help convert the as yet rather superficial relationship which exists between France and America into a more durable intellectual understand- ing. This is a year of victory, and peace will be more difficult than war, said Mme. Riviere. For that reason this bond Is es- sential. Mme. Riviere crossed on the Rocham- beau. which has received the Croix de Guerre for successfully resisting four V- boat attacks. She found New York, with Its mountains of light and with the excite- ment of a big Liberty Loan drive, like an- other planet after the darkened Paris that she had left. Throughout the bom- bardment of Paris by the German long- range guns and the Got has Madame was In Paris. Twenty shells fell in the quar- ter where she was living. As many as three "alertes" were sometimes sounded In one night until the cellars came to be centres for social gatherings. Parts In the last year, continued Mme. Claude Riviere, has been cleared of all but the true Parislennes and their morale Is ad- mirable. Among those who crossed with Madame was M. Greber. the architect, wbo has been chosen to Improve the plans of the city of Philadelphia Quarantine Probably Lifted Monday Through the effective handling of Dr. Branson and Dr. Ray the college influ- enza epidemic has been reduced to a minimum. Only six cases are left in the inll.mary. and the latest Information available when the New* went to press indicated that the quarantine would be lifted next week, probably Monday. The epidemic has practically subsided both in Philadelphia and Its suburbs. Vaccine Reduced Epidemic The Influenza vaccine has materially reduced the number of cases, according to Dr. Branson, Physician-ln-chief of the college. About 500 were Inoculated. The vaccine was used by Dr. Branson four years ago, when It was not widely known. From being a sceptic, Dr. Bran- son declares he has become a Ann be- liever in Its great value. Among his cases some persons who had suffered con- stantly with colds became entirely free from them for three years. The vaccine is composed of well-known disease germs which affect the mucous membrane of the respiratory tract. It la used chiefly to combat influenza, pneu- monia and pus-producing germs. The same general process Is involved as In the better established typhoid vaccine. _ The quarantine rule forbidding college meetings where there are no outsiders was lifted last week. Dorothy Moore H M stsdytng mi Me*�: at John* Hopkins this winter. Mrs. Martin Lowenberg (Margaret Friend 11) has changed her name from Lew�berg to Lowe. WILL PAY BILLS MONTHLY Mass Meeting AcceptskMeasures A regular Pay Day, to be held on the fifteenth of every month, and a monthly contribution to the Five Counties War Chest are among the war measures ac- cepted by a mass meeting of the college Tuesday night on the recommendation of the War Council. The Service Corps was again adopted as the college's specific form of war work, with $8500 as the quota for the first semester. For failure to do four hours of con- scripted war work, it waa decided that students should be brought up before a mass meeting, the meeting to decide the penalty to be Inflicted. The work of the Conscription Board was reported by D. Peters '19, that of the Red Cross by L. Kellogg '20 and A. Lan- don '19, Liberty Loan by Miss Franklin, Food Conservation by A. Harrison '20, Food Production by Miss Alice Hawkins, and Education by H. Johnson '19. Outsiders Barred From Lantern Night Unusually "Muteieee" Year An audience exclusively collegiate will see the Freshmen receive their class lan- terns tomorrow evening. Owing to quar- antine regulations no outsiders will be admitted to the cloisters. Unusual volume may be expected both in "Pallas Athene Thea" and "Over the Way to the Sacred Shrine" because of the comparatively small number of mutes among the Sophomores and Freshmen. 1921 has twenty voiceless members and 1922 about twenty-three. The lanterns that will be given to the Freshmen were designed by s Sophomore committee consisting of M. Morrison, chairman. E. Hill. L, Beekwith. and E. Farna worth �aaan
Object Description
Post a Comment for 0000600


text:
Drug Notes
UPMC Patient Education Materials
Calculators and Assessment Tools
Anatomy Navigator
Conditions Navigator
Amyotrophic lateral sclerosis, or ALS, is a disease of the nerve cells in the brain and spinal cord that control voluntary muscle movement.
ALS is also known as Lou Gehrig's disease.
Lou Gehrig's disease; ALS; Upper and lower motor neuron disease; Motor neuron disease
1 out of 10 cases of ALS are due to a genetic defect. The other times, the cause is unknown.
In ALS, nerve cells (neurons) waste away or die, and can no longer send messages to muscles. This eventually leads to muscle weakening, twitching, and an inability to move the arms, legs, and body. The condition slowly gets worse. When the muscles in the chest area stop working, it becomes hard or impossible to breathe.
ALS affects approximately 5 out of every 100,000 people worldwide.
There are no known risk factors, except for having a family member who has a hereditary form of the disease.
Symptoms usually do not develop until after age 50, but they can start in younger people. Persons with ALS have a loss of muscle strength and coordination that eventually gets worse and makes it impossible to do routine tasks such as going up steps, getting out of a chair, or swallowing.
Breathing or swallowing muscles may be the first muscles affected. As the disease gets worse, more muscle groups develop problems.
ALS does not affect the senses (sight, smell, taste, hearing, touch). It only rarely affects bladder or bowel function, eye movement, or a person's ability to think or reason.
Symptoms include:
The doctor or nurse will examine you and ask questions about your medical history and symptoms.
The physical exam may show:
Tests that may be done include:
There is no known cure for ALS. A medicine called riluzole helps slow down the symptoms and lets you live longer.
Treatments to control other symptoms include:
Physical therapy, rehabilitation, use of braces or a wheelchair, or other measures may be needed to help with muscle function and general health.
Choking is common. Patients may decide to have a tube placed into their stomach for feeding. This is called a gastrostomy.
A nutritionist is very important. Patients with ALS tend to lose weight. The illness itself increases the need for food and calories. At the same time, problems with swallowing make it hard to eat enough.
Breathing devices include machines that are used only at night, and constant mechanical ventilation.
Patients should discuss their wishes regarding artificial ventilation with their families and doctors.
Emotional support is vital in coping with the disorder, because mental functioning is not affected. Groups such as the ALS Association may be available to help people who are coping with the disorder.
Support for people who are caring for someone with ALS is also available, and may be very helpful.
See: ALS - support group
Over time, people with ALS progressively lose the ability to function and care for themselves. Death often occurs within 3 - 5 years of diagnosis. About 1 in 4 patients survive for more than 5 years after diagnosis.
Call your health care provider if:
Increased difficulty swallowing, difficulty breathing, and episodes of apnea are symptoms that require immediate attention.
You may want to see a genetic counselor if you have a family history of ALS.
Murray B, Mitsumoto H. Disorders of upper and lower motor neurons. In: Daroff RB, Fenichel GM, Jankovic J, eds. Bradley's Neurology in Clinical Practice. 6th ed. Philadelphia, Pa: Saunders Elsevier; 2012:chap 74.
Shaw PJ. Amyotrophic lateral sclerosis and other motor neuron diseases. In: Goldman L, Schafer AI, eds. Cecil Medicine. 24th ed. Philadelphia, Pa: Saunders Elsevier; 2011:chap 418.
Luc Jasmin, MD, PhD, Department of Neurosurgery at Cedars-Sinai Medical Center, Los Angeles, and Department of Anatomy at UCSF, San Francisco, CA. Review provided by VeriMed Healthcare Network. David C. Dugdale, III, MD, Professor of Medicine, Division of General Medicine, Department of Medicine, University of Washington School of Medicine. Also reviewed by David Zieve, MD, MHA, Medical Director, A.D.A.M. Health Solutions, Ebix, Inc.
For help in finding a doctor or health service that suits your needs, call the UPMC Referral Service at 412-647-UPMC (8762) or 1-800-533-UPMC (8762). Select option 1.
UPMC is an equal opportunity employer. UPMC policy prohibits discrimination or harassment on the basis of race, color, religion, ancestry, national origin, age, sex, genetics, sexual orientation, gender identity, marital status, familial status, disability, veteran status, or any other legally protected group status. Further, UPMC will continue to support and promote equal employment opportunity, human dignity, and racial, ethnic, and cultural diversity. This policy applies to admissions, employment, and access to and treatment in UPMC programs and activities. This commitment is made by UPMC in accordance with federal, state, and/or local laws and regulations.
Medical information made available on UPMC.com is not intended to be used as a substitute for professional medical advice, diagnosis, or treatment. You should not rely entirely on this information for your health care needs. Ask your own doctor or health care provider any specific medical questions that you have. Further, UPMC.com is not a tool to be used in the case of an emergency. If an emergency arises, you should seek appropriate emergency medical services.
For UPMC Mercy Patients: As a Catholic hospital, UPMC Mercy abides by the Ethical and Religious Directives for Catholic Health Care Services, as determined by the United States Conference of Catholic Bishops. As such, UPMC Mercy neither endorses nor provides medical practices and/or procedures that contradict the moral teachings of the Roman Catholic Church.
© UPMC Pittsburgh, PA, USA UPMC.com


text:
Prices and availability are subject to change from the time and date that you print this page.
3/6/2015 11:57:50 PM. For Customer Service, please call
Like the Skin Horse, Margery Williams understood how toys—and people—become real through the wisdom and experience of love. This reissue of a favorite classic, with the original story and illustrations as they first appeared in 1922, will work its magic for all who read it.


text:
WILSONVILLE, Ore., October 16, 2012—Mentor Graphics Corp. (NASDAQ: MENT) today announced that TSMC has presented Mentor with two "Partner of the Year 2012" awards in the categories for "Joint Delivery of the 20nm Reference Flow" and "CoWoS Design Enablement and Test Vehicle Development," at the TSMC Open Innovation Platform Forum held today in San Jose, Calif. The awards, presented during the morning keynote sessions, underscore the continuing collaboration between TSMC and Mentor to deliver advanced design enablement capabilities to leading edge IC designers.
"It's exciting to see designers' choices expanding with the ability to drive traditional transistor scaling to 20nm, and at the same time having the option to increase density, performance and power reduction with 3D designs," said Michael Buehler-Garcia, senior director of marketing for Calibre Design Solutions at Mentor Graphics. "Mentor Graphics is extremely pleased to receive TSMC's recognition of our efforts, and we highly value the opportunity to continue collaborating and innovating with TSMC to bring new solutions to market."
"Mentor has partnered with TSMC to bring innovation and deep technical experience to address new challenges such as 20nm double patterning and 3D IC design," said Suk Lee, TSMC senior director, Design Infrastructure Marketing Division. "Mentor solves problems and brings added value to each new generation of IC design. We are pleased to present this award to Mentor and look forward to innovative solutions from them in the years to come."
(Mentor Graphics is a registered trademark of Mentor Graphics Corporation. All other company or product names are the registered trademarks or trademarks of their respective owners)


text:
Borrow from another library
The Sioux Center Public Library gladly serves the various needs of our patrons by obtaining items that are not found at our library. Patrons may call or ask at the circulation desk to request an item. Please provide us with the title and author of the item requested. The library also fills requests for magazine, newpaper, and journal articles for these requests please include the name of the publication, date published, name of article, and author if possible. A $2.00 fee is assessed to your library account in order to help pay for postage to fill a request. Items may be checked out for two weeks. Renewal is dependent upon lending library.
Sioux Center Public Library Interlibrary Loan Policy:
The Sioux Center Public Library Board of Trustees supports participation in and use of regional state and nation-wide interlibrary networks. The library is a member of Open Access and Access Plus (formerly Net-Lender) programs with the State of Iowa.
Requests for loans:
Patron requests will be made by filling out an interlibrary loan request form available at the circulation desk. The librarian on duty will determine the validity of the request and, in the case of high-demand, reference, or new materials may at their discretion forward it to the ILL (Interlibrary Loan) librarian or the director for further evaluation prior to ordering.
Patrons are limited to no more than 5 books per month and 5 articles per week. In the case of a report or special topic, staff can, at their discretion, order more than 5 items for a patron.
- There is a fee of $2.00 for each interlibrary loan. In special cases the librarian on duty can waive the fee.
- The patron assumes full responsibility for any fees associated with the obtaining of materials and for all fees for late, damaged, or lost materials.
- Patrons must be in good standing to order materials through interlibrary loan.


text:
We are all alienated labour now.
It's not difficult to see that London is facing a house price bubble. It's harder
We are heading into a so-called "living standards election" – without accurate data
Most people want to "give their money away to someone whom they can trust will use
We need to take the idea of a universal basic income seriously.
Tripling fees to £9,000 was a clever exercise in smoke and mirrors accounting.
While current storms will weigh upon February's statistics, Q2 growth could now hit 4
Companies are starting to use their cash balances in at least one useful way, to
Salford Business School: Celebrating the creative ingenuity of our SMEs.
A recent 12-country study of 393 companies found that women are still largely
Tooth, a 73-year-old veteran of divorce law, accused his former protégée Vardag of
In recent days Ukrainian bonds suffered the worst selloff on record and the stock
Whether through regulation, market consolidation or new technology, businesses are


text:
The ISM Career Center communicates your employment opportunities to a select, highly qualified, group of supply management professionals. This group is committed to furthering their professional development through their membership in ISM, certification (CPSM, CPSD & C.P.M.) and accreditation (A.P.P.), and continuing education hours. Employers have access to well over a thousand online resumes from the ISM Career Center résumé database.
A popular Career Center benefit is an online messaging center. This function allows candidates and prospective employers to converse confidentially in a designated forum.
Another bonus to you — ISM notifies the job seekers, daily, everytime a job is posted or updates are made.
Return to Main Menu


text:
Everyone from aviators to divers can find a top-of-the-line timepiece designed specially for their needs.
Time Off
June 26, 2013
Thanks to a new crop of ultra-premium tequilas, this complex spirit no longer wears the frat-boy clothes of yore. Tequila can now be sipped and savored, in the same way you'd enjoy single-malt scotch or fine wine. Tequila types range from blanco ("white," unaged, light and smooth) to extra añejo ("ultra-aged" for at least three years in oak barrels).
June 13, 2013
I sit in the fighting chair aboard the 33-foot charter sport-fishing boat Reel Addiction, mesmerized by the churning wash of a stream of white bubbles into the clear, sapphire-blue South Pacific Ocean. Behind and above me on the bridge, at the helm, is skipper Steve Campbell, a 60-year-old tanned and sinewy ex-New Zealander.
May 30, 2013
Welcome to Business Jet Traveler's second annual Book of Lists, where you'll learn about the world's strangest hotel suites, John Travolta's favorite airplanes, how to pick a worthwhile charity, trips that could change your life and much more.
May 21, 2013
We caught up with BJT cover subject John Travolta at the European Business Aviation Conference and Exhibition (EBACE) in Geneva.
May 14, 2013
Like the four models before it in their day, the fifth-generation M5 is the standard-bearer of BMW's craft. It's also a striking value among new performance cars.
May 13, 2013
BJT readers—who represent one of the highest-net-worth magazine audiences anywhere—clearly have the means to contribute to a better world. To help you do that, we're spotlighting one deserving organization per issue.
May 10, 2013
Restaurants such as Arthur Bryant's and Gates Bar-B-Q are arguably better known among Kansas City barbecue fans, but relative newcomer Oklahoma Joe's is nonetheless a standout.
May 9, 2013
What does Business Jet Traveler editor Jeff Burger do in his spare time? Occasionally, he eats and sleeps, but mostly these days he works on book projects.
March 19, 2013
Historically, Vietnam's scenic central coast has been the seat of kings, emperors, exalted colonial administrators and heroes from both sides of the country's long war.
Related Channels
"I have an obligation to get you to your destination. You have an obligation to pay. What else is there? We don't need 24 pages of legalese."
-VistaJet founder and chairman Thomas Flohr, on the company's unusually brief, easy-to-understand contracts


text:
bio | website | proteus-agility.com |
location | Bangkok, Thailand | |
age | 40 | |
visits | member for | 2 years, 1 month |
seen | Jan 12 '13 at 4:41 | |
stats | profile views | 0 |
Kulawat Wongsaroj is an Agile coach goes entrepreneur trying to solve the world problem of inhumane Agile project collaboration tools. In the quest for the best agile tool, none was uncovered so he found Proteus Agility in Thailand with the mission to build Eidos, the humane software for human. Prior to the startup life, Kulawat has been doing software development, project management, and consulting for various enterprises in Thailand, US, Australia and New Zealand.
Kulawat is the lead translator of Agile Manifesto Translation project for Thai language and also the founder of Agile66.com, the largest Agile community in Thailand. He was a major contributor in key Agile tech conferences in Thailand such as Agile Thailand and Agile Tour Bangkok. He regularly preaches about Agile in Thailand tech gathering and conducts Agile training for Thai software companies.


text: Our employees are the reason for our sustained success. To maintain our position at the forefront of the pharmaceutical industry, we are looking for people who are hands-on, creative and up for a challenge. If you want to make a real difference in people's lives, Teva is the place for you.


text:
Moderator: LGB Mods
WaukeeBlues wrote:Well aint that some garbage.
So... is kid ever going to play in the NHL or what?
dhabums wrote:You and your buddies here are a joke and most of this site knows it.
cprice12 wrote:Color me not impressed with Petro so far...but he's still a kid, so we'll see.
Nyghtewynd wrote:Is a player who can't play in the NHL and currently has so many flaws the type of player who should have gotten such a high draft pick?
This is true, and totally justification for this move, hence, i'm not pissedohio BLUES wrote:Whatevskies. In my opinion this move is more of a reflection of where the team is at as opposed to Alex's talent. Yes, he's still a little green, but competent NHL teams are able to take on such defensemen with a little regularity (Andy Greene/NJ, Hedman/TB, and even Jackman here). The problem is that we don't have an Al MacInnis playing right now to show the way, and this team has enough crap to put up with trying to claw back into playoff positioning.
ViPeRx007 wrote:He just needs to attend the Reed Low Center For Children Who Can't Play Hockey Good And Wanna Learn To Do Other Stuff Good Too.
Prngr44 wrote:Nyghtewynd wrote:Is a player who can't play in the NHL and currently has so many flaws the type of player who should have gotten such a high draft pick?
During the draft I know they said he wasn't as far along in his progress at others but his ceiling was much higher.
I suppose it's the risk/reward factor in play.
Return to St. Louis Blues Discussion
Users browsing this forum: Bing [Bot], cardsfan04, STLADOGG, Yahoo [Bot] and 6 guests


text:
Your Story
Fri, December 13, 2013
Picture of the week
I don't need to write anything more.
- High School Sports Schedule for Tuesday, March 3rd 6:14am Mar 02
- Individual State Wrestling Recap (AUDIO) 7:42am Mar 01
- Badgers Clinch Share of Big Ten Title on Senior Day 6:25pm Feb 28
- Bucks Offense Struggles Again on West Coast Trip 10:52pm
- Appleton United Advances to State 7:42am
- Lakers slip past the Bucks 12:00am
When I talk to Erin Davisson today we'll have to chat about a TV we both watch, Fashion Police, and…
posted by Philcast 1 day ago
Today it's what color is the dress?
Yesterday it was Llama Drama.
What will tomorrow bring on the Wild West…
posted by Philcast 4 days ago
In 15-years of radio, I may have received one of my favorite press releases ever, today.
Tom Neises, one of…
posted by Justin Hull 5 days ago


text:
Lisa Matthews
>> See More Playmates
Galleries in Full HD!
Galleries in Full HD!
AMBITIONS: To get a good education and be happy in life.
TURN-ONS: Salmon-colored roses, sunsets, the outdoors, friendly people, lingerie.
TURNOFFS: Rude people, tattoos, traffic, guys who have longer hair than me. FAVORITE BOOKS: One, The Sun Also Rises, The Great G...
Get this complete pictorial in stunning resolution & HD video!
View Full Gallery!


text:
N.H. Humanities Council to be steward of trust to benefit Exeter and Rock. County
Wednesday, January 23, 2013
CONCORD — The New Hampshire Humanities Council (NHHC) has been named the successor trustee of the Abner L. Merrill Trust by the Probate Court of Rockingham County, which found the NHHC's mission and programs to be an excellent match with the original intent of the donor.
Grants from the Merrill Fund will be awarded to non-profits through the N.H. Humanities Council's already-existing competitive grant lines. Rockingham County organizations interested in applying for grants should visit the Apply for a Grant page or the Humanities to Go page of the NH Humanities Council website at www.nhhc.org or contact 224-4071. |


text:
The Law Firm Of Weiss & Lurie Investigates The Acquisition Of Pride International, Inc.
Weiss & Lurie, a national class action and shareholder rights law firm with offices in New York City and Los Angeles, is investigating possible breaches of fiduciary duty and other violations of law by members of the Board of Directors of Pride International, Inc. (NYSE: PDE) arising from the proposed acquisition of Pride by Ensco plc (NYSE: ESV).
Under the terms of the transaction, shareholders will receive 0.4778 newly-issued shares of Ensco and $15.60 in cash for each share of Pride common stock. Based on Ensco's closing share price on February 4, 2011, the offer values Pride stock at $41.60 per share. The transaction is expected to close as soon as the second quarter of 2011.
Weiss & Lurie is investigating whether Pride's Board acted in the best interests of shareholders in approving the transaction and whether the Board properly sought to maximize shareholder value. Notably, upon completion of the transaction, two of Pride's directors will sit on the surviving company's board of directors.
If you own Pride shares and would like more information about your rights as a shareholder or additional information concerning our investigation, please contact Julia J. Sun either by email at firstname.lastname@example.com or by telephone at (888) 593-4771.
Weiss & Lurie has litigated hundreds of stockholder class and derivative actions for violations of corporate and fiduciary duties. We have recovered over a billion dollars for defrauded institutions and individuals and obtained important corporate governance in these cases. If you have information or would like legal advice concerning possible corporate wrongdoing (such as insider trading, waste of corporate assets, accounting fraud, or issuing materially misleading press releases or SEC filings), consumer fraud (such as false advertising, defective products, or other deceptive business practices), or anti-trust violations, please email us at firstname.lastname@example.com or fill out the form on our website, http://www.weisslurie.com/contact/report_fraud/. Attorney Advertising. Past results do not guarantee a similar outcome.Check Out Our Best Services for Investors
Action Alerts PLUS
Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.
Product Features:
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Quant Ratings
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
Product Features:
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
Stocks Under $10
David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.
Product Features:
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts
Check Out Our Best Services for Investors
Dividend Stock Advisor
David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
Product Features:
- Diversified model portfolio of dividend stocks
- Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks
Every recommendation goes through 3 layers of intense scrutinyquantitative, fundamental and technical analysisto maximize profit potential and minimize risk.
Product Features:
- Model Portfolio
- Intra Day Trade alerts
- Access to Quant Ratings
Options Profits
Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
Product Features:
- Actionable options commentary and news
- Real-time trading community


text:
Buy before March 20, 2015.
Are you a business?business terms for special orders.
Find out more
If you wish to purchase certain products from our Boutique in large quantities, please contact us. A Cascades representative will gladly advise you on the
Cascades' Environmental Commitment
Did you know that Cascades is the largest recoverer of wastepaper in Canada?
Find out more


text:
Fondue Bundle
Formaggio Kitchen Exclusive
Country of Origin: Various
Type of Milk: Various
Flavor Profile: Medium-strong
Fondue is one of our favorite wintertime meals! Beyond delicious, it is the perfect social dish to share with friends over a few bottles of crisp white wine and some crusty bread and veggies.
In this bundle, we include three half-pound pieces of cheese specially selected for the best flavor and texture combination. Selections may include Challerhocker, Emmenthaler, Gruyere, or Comte. We include two indispensable fondue spices - whole nutmeg and white pepper. We also include our favorite fondue recipe! Lastly, to round out your experience, we include a jar of addictive French cornichons. These snappy little pickles provide just the right amount of tang and crunch as a counterpoint to the rich, molten cheese. You bring the bread, we'll bring the cheese!


text:
Found the same room at a different price? Tell us, and we'll offer to match it.
York House Hotel
4 | Visit England Assessed Guest Accommodation | Ratings explained |
The Hotel is located in the coastal town of Whitley Bay. Ideally positioned to access all areas of Tyne & Wear, the 'Gateway' to Northumbria and only 15 minutes from Newcastle city centre. Newcastle International Airport is only 30 minutes drive by car. The Hotel overlooks Whitley Bay Park, 200m from safe sandy blue flag award winning beaches.An excellent selection of restaurants & bars are within minutes walk.