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This is an anonymous post detailing a personal account of an abortion at 21 weeks. It is a bit longer than our usual posts, I am sure you can understand why I wanted it to remain as written. Many thanks to our anonymous author for sharing her story – it's so important to hear from people who have actual experience of the stuff that gets bandied about in politics. This piece offers a very personal perspective, which may offer some food for thought in the context of Jeremy Hunt's desire to reduce the termination limit to 12 weeks.
I looked in my purse – I couldn't really afford it. I sighed because pregnancy tests are horrifically expensive. I gave my brother and sister everything I had, and they sauntered into Tesco (I was too embarrassed to go myself). It wasn't a big moment. It was a joke, almost – something different to do that Saturday afternoon. None of us thought it would end up coming to anything, least of all me. I was more annoyed about the money that anything else.
I'd finally been pushed to do it after I'd had a shower that morning. I'd felt bloated for weeks, but because I'd done a pregnancy test a few months before – about two months after my last period – and it was negative, I thought it must be a food allergy or something. Fruit squash, was my bright idea. Apparently the sweeteners in the sugar-free ones can cause digestive reactions in some people.
Anyway, whilst looking at my bloated stomach for the twentieth time in as many days that morning, I noticed that my belly button was sticking out more that it used to. It was the first time I'd noticed it; it wasn't a complete 'outie' but it was definitely more visible than usual. So when I started moaning again about what on earth was going on with my body, my siblings persuaded me to get a test so that I could rule that theory out (again) and then go to the doctor to figure out what it really was.
I'd had other symptoms of course which, when I look back, all blatantly pointed to the first trimester of a pregnancy. I'd suddenly had really oily skin, but I thought this and my periods stopping was to do with the stress regarding my break-up with a boyfriend and residual angst from my parents' separation. I had felt some unusual nausea when I was on a holiday in India two months previously, but I'd reasoned this was because of the local food and water, and the antihistamines I was taking. It's easy for people to say 'You must have known', but it's not that simple. One negative test was all it took to become blind to (and make excuses for) a million other signs. That and the fact that the only instance of unprotected sex I'd had in the last six months (a horrific event I was barely aware of) was hastily followed by the morning after pill.
As we pulled back in our driveway after buying a twin pack for £14 (all they had, which annoyed me even more) we encountered my dad packing up the car to go off for the weekend. 'Don't leave yet,' I joked, 'I could be pregnant, in which case you won't be able to go!' He rolled his eyes at me.
I practically skipped to the toilet, so unassuming was I. I read the instructions and carried them out. Because I was so sure it would be negative, it had turned into a kind of game. It was quite exciting really.
I put the lid on and wiped it with a tissue. I threw a cursory glance at the stick.
The word 'Pregnant' stared back at me. Barely twenty seconds had passed. I frowned, looked at it again (thank god I hadn't got one of the one line/two line/crossed line ones, it really had to be spelled out to me). I didn't understand, that was way too fast – the instructions said wait two and half minutes?
I walked quickly out of the bathroom and into the kitchen where my sister sat swinging her legs, sitting on the Aga. She looked at my face. I thrust the stick into her hands. She continued to look at my face and dismissed my expression, shaking her head. 'Very funny', she said. She looked down. I waited for her to read it.
'It said that after seconds,' I stressed. 'That can't be right, can it?? It's supposed to be two and a half minutes. It was seconds!!!' I was beginning to panic now.
My sister finally looked up. Whatever she felt personally was overruled by her maternal soothing instinct (which we'd all developed on overdrive since my mum's departure). 'Don't worry, it's probably just wrong,' she said tentatively. 'It shouldn't have given you an answer so quickly, should it? It's wrong. Just do the other one.'
'I can't be pregnant, this is crazy…' I felt a little sick.
'You're not! You're definitely not. Just do the other test; that'll be negative.'
Shaking, I walked back to the toilet. She advised me to do it the alternative way the instructions described (by peeing into a cup and dipping the stick in, if you must know). I did as I was told. I put the cap on and walked, still in a daze, back to the kitchen.
My sister had gone outside to speak to Dad who had been about to leave. Together they walked in the front door. He clearly didn't believe what he'd been told. Yeah, sure, his face said. Either they're having me on or they're incapable of reading the instructions on one of these things. She showed him the original stick. His face became drained of colour.
'Oh, shit,' he said.
'Don't worry,' my sister interrupted, 'she's doing the other one and that will be negative. This one gave her the result way too quickly.' She sounded confident now.
The remaining test burnt my hand as it clenched around it. I was afraid to look at it. About a minute, maybe a minute and a half, had passed.
I looked at it.
'Oh god.' I started crying. 'I can't be pregnant, I can't be pregnant, I can't be pregnant…' I said over and over again. My sister took the test from my hand. I sank to the floor, staring at nothing. 'I did a pregnancy test. I did a pregnancy test!! Months ago. It was negative! I can't be pregnant. I ALWAYS use condoms!' Now I was shouting.
It was true.
My mind went into hyper-drive, scanning a history of my recent sexual episodes in intimate flash-backs. There had been the incident in December, but I'd got the morning after pill in plenty of time. Yes I'd had the odd occasion here and there since where there had been brief penetration before a condom was resentfully but dutifully sourced – doesn't everyone?? But while we've all heard the scare-stories about 'pre-come', but who actually thought it was a real threat? I have friends who have used the pull-out method for years, with no scares at all. Could that really be what got me pregnant?!
If I was pregnant, there was one thing that I immediately knew – I'd been pregnant a while. The symptoms, which I'd tried to blame on everything under the sun, had started before Christmas. It was March. I had to be damn close to the legal abortion limit, I thought. Oh god, was it too late?
And there was also one thing I definitely did not know – whose baby it was. Since there was no notable occasion to pinpoint, and since my ex-boyfriend and recent sexual partner had overlapped, it was a toss-up. I didn't know whether this was a good or a bad thing.
At some point there was a phone conversation with Marie Stopes abortion clinic. I don't really remember it, except that I knew I had to make the call to go private, and quickly, because of how far along I knew I must be. I told them this, which meant that I was booked in for a scan in days, rather than weeks. I found out on Saturday; the scan was booked for Tuesday.
I went to London for it, with my sister and my dad. I'd booked the whole week off work by this point. I don't even remember what excuse was made. It's the one time my dad's helped me pull a sickie; he rang them for me. I didn't trust myself to speak to them.
The whole day was pretty surreal – I felt like we were playing parts in a play. A warning play to others. I told Dad he shouldn't come to the clinic, thinking it might make other women and girls in the there uncomfortable. So he waited for us in a nearby café. He was really nervous but trying not to show it. He didn't know what to hope for aloud I don't think. None of us did I guess. It's a difficult thing to say 'Good luck, hope you're within the legal limit to get an abortion!' So he just hugged me hard.
We headed over early as I was partly afraid I wouldn't find it and partly afraid we'd have to fight our way through protesters. I really didn't know what to think. When we arrived we were directed into a little room. It was exactly as I imagined – everyone was very hush hush; everything was white; there were quite a few young girls there with their mothers. I felt bad being there when I was at an age where I was clearly able to care for a child. We sat down; my sister held my hand. I tried to look anywhere but at the other girls. We all sat there for a while, trying to pretend we didn't know what everyone else was all doing there.
Then suddenly a new pair came in – a very young oriental girl and her tiny but much older mother. The mother had a number of bulging Sainsbury's plastic bags. She bustled in quite loudly whilst the girl followed quietly behind and sat down. The mother continued to bustle for a while, until she ripped off a big piece off a baguette sticking out of one of the bags, and proceeded to eat it noisily.
I thought this was rather insensitive since some of the girls there would have most likely been nil by mouth for the morning, but she surpassed herself the next minute by pulling out a steaming bag of hot chicken. The smell filled the room! She took out a wing and started gnawing at it. Her daughter looked at her reproachfully, and she sharply defended herself by shouting: 'What? I hungry!'
(Why she spoke in broken English to her daughter who presumably spoke Chinese I don't know.)
This made my sister and I burst out laughing, and we spent the next few minutes until I was called sitting there with barely controlled grins on our faces, which was quite unexpected but split the tension in two. So I really need to thank that woman.
When we got upstairs, however, nothing seemed funny any more. The only thing I could hear was the question 'Less than 24 weeks or more than 24 weeks?' going round and round my head like a broken record. In a few minutes I was going to find out whether my world was about to seriously change forever. I'm ashamed to say that at this point I was only worried about myself: my life. Not the one that I was praying I would be able to end.
We went into a little room. They asked if I wanted my sister to come in with me; I was adamant that she must. I was starting to shake. It was too overwhelming. The nurse asked me some questions, I don't remember what. She did a prick test on my finger to test my blood type. She was a nice gentle lady – quite old and small. She knew I thought I was close to the legal limit for termination. It was probably in the file, but I also must have mentioned it eight times in 10 minutes. She explained that if the scan implied I was close she would need to call a second physician in, as legally two of them need to agree and sign off that it was within 24 weeks in such circumstances.
She asked me to lie down on the bed. Gurney, whatever. She asked me to pull my trousers and underwear down – I was surprised on how far down she needed them to be. Kind of like when you're surprised by how low down a woman's caesarean scar is. She squeezed some clear gel onto my stomach. I started crying – I had seen this happen a million times in films and TV this was not the scenario I imagined it happening to me for the first time.
She started moving the wand from side to side, looking intently at the screen – which was luckily was by my head, so I couldn't see it. My sister could, though. She was sitting at the foot of the bed, and I was watching her. She was looking at the screen; she clearly couldn't help it. She squeezed my foot, hard – for her benefit as much as mine I suspect. I was really crying now; I couldn't look at her face any more, sickened by trying to read what it was she could see whilst at the same time not wanting to know. I had an overwhelming urge to ask the nurse if she could tell if it was a boy or a girl. I don't think I said it out loud.
I lay back and put my hands over my eyes. I was shaking so much now the nurse had to ask me to calm down, Calm down dear, I can't get a good reading.
Finally she stopped. She said 'I'm just going to get my colleague to have a look'. I knew that wasn't good. She left the room. 'Please' I whispered aloud through tears. 'Please, please, please, please.' I'm not ready for this baby. Five days ago I hadn't even been pregnant – now I might be past the legal limit for abortion? It can't be, it can't be. I had the self-awareness to feel guilty about my pleas but I meant them as much as I've ever meant anything.
The nurse came back in with another more senior looking physician. They both looked at the screen. The nurse looked at her colleague. I looked at both of them. 'Yes, you're about 21 weeks,' the new guy said. 'Maybe a little over.'
'So I can have it?' I said, I didn't want to say the word. 'I can have an abortion?'
I burst out crying again, out of guilt and relief.
Night before
Because I was so close they booked me in to have the 'procedure' in the next few days. I had to be there early. So early, in fact, that I decided to go to my friend's the night before, as she lived relatively close to the clinic. Also, if I'm honest, I hadn't seen any friends since I found out I was pregnant and I kind of wanted to.
That sounds weird; let me explain. After the test said positive I suddenly felt and, I thought, looked very pregnant. I was convinced people were wondering whether to offer me a seat on the tube, or scorning me for having a cigarette in the street. Or maybe I just wanted to look as pregnant as I suddenly felt? The feelings were quite overpowering. My centre of gravity seemed to change all of a sudden and I felt I needed to get out of chairs hips first. As I walked I held my arms around my belly, protectively. But mostly I felt fiercely maternal for the first time, a time when I was about to do the least maternal thing imaginable.
These were possibly reasonable thoughts and feelings considering my hormones– I was five months gone after all, more than halfway through a full term – but because I had gone until the week before not having a clue, and because of what I was about to do, I felt like a fraud feeling physically and mentally pregnant all of a sudden. I certainly didn't think I deserved to have these feelings which seemed so precious and private.
All I knew was that they were feelings I wasn't ready to lose as quickly as the baby I knew I couldn't have. I hadn't fully processed what was going on yet, but I thought that if I saw a friend before I had the abortion, someone other than family who could later say 'Yes, she was definitely pregnant', then it would be a way of helping me process them later. I sensed that in the future I'd need to have proof it was real, as it was sure to seem like a dream after the reality of it would only last 4 days and nights. I wanted to make sure I had some tangible connection to it later. I find it difficult to explain why.
My sister and I got the tube to my friends' the night before. Poor thing hadn't a clue what to do or say, or what food to get, or whether it was an occasion for booze or not. I had wanted to go the 24 hours before 'clean' – to somehow give something good to this piece of me that I was betraying so badly – but I couldn't even manage that. I smoked and drank, just as I had done for the past five months, selfishly and desperately.
It was only a matter of time before polite questions of how I was feeling turned into a morbid curiosity. I would have been exactly the same. My friend and sister, who hadn't dared be so personal thus far, watched as I pulled up my top to reveal my swollen stomach, half scared, half – dare I say it – proud. They placed their hands on it. They were incredulous. 'I can't believe none of us noticed,' they said. It seemed huge.
They wanted the money as soon as we got there. Incredibly, we hadn't thought about this part. I had nothing, so my sister paid, which added to the surrealism. She paid with her student fees money which wasn't due to be paid for another few days. My dad would pay her back, it was arranged. That made me feel quite sick. I couldn't even pay for this awful thing I was doing. It was £1,600.
Another waiting room, another group of young girls. We weren't allowed to eat anything, so I thought the smell of toast wafting through the window from the staff kitchen was quite insensitive. There was some rubbish morning television show on. I prayed some tacky coverage of abortion hadn't been scheduled.
Eventually I got called through. Considering we were told to get there about 7am, I was physically and emotionally exhausted by the time I was called in after 10am. It turned out it was because they'd lost my blood work. After being shown upstairs (and given a sheet to wrap round myself – I hadn't been told I should bring my own nightie in) I waited another hour while they did some more and had it read.
After spending no small amount of time trying to figure out how to lie in my kind of hammock chair daintily, trying not to disturb the other girls who were lying down staring at the walls, I was eventually led through to what looked exactly like a hospital room. That's when I realised where the money goes – there were about six nurses led by a doctor. I don't need all these people, I thought. The doctor wasn't very friendly; gentle but firm I guess you might say. Not sure what I expected. He told me to lie down and put my legs in the stirrups. He told me that he was going to insert a pessary, and that when he did that I would experience 'some discomfort'. He said that I would then go back to my hammock chair where I would wait for a few hours until the pessary had done it's work and my womb had contracted, and then I'd come back in for the 'procedure' where the 'contents' would be disposed of. I felt sick at his use of words, and then guilty for being such a hypocrite.
'Some discomfort' turned out to be the closest thing I hope I ever come to what I imagine being sexually assaulted feels like. He unceremoniously stuffed a plastic speculum inside me, followed by what felt like his entire fist, and jammed around until he seemed satisfied. I choked back tears – I refused to allow myself the luxury of crying. He left the room. One of the nurses was obviously aware of my reaction. She soothingly placed her hand on my arm and said 'That's the worst of it, later you won't be conscious. We'll just take you in to sit down and relax now.' She put me in a wheelchair – my legs didn't seem to work very well – but I pulled myself together enough to insist quite strongly that I not be taken in to the other room before I composed myself. I didn't want to scare the other girls by letting them see me so upset.
I lay down on my strange chair, much less concerned now about how I might manage it with grace. The nurse told me I'd be there for between three and five hours, depending on how long it took for me to become contracted enough for them to finish. Contracted, I thought? I'm going to have contractions?? I hadn't been prepared for that. She gave me a heat pad and told me that I would be given some ibuprofen if I needed it. I didn't really understand what she might mean.
It's hard to explain the next few hours – they passed in a blur. At times, the pain became so unbearable I didn't know what to do with myself. It came and went in waves, as I presume contractions do. At one point one of my closest friends rang. I didn't know if I was allowed to but I answered. Unfortunately at that moment I was suffering particularly badly, and I didn't seem to be able to get any words out. My friend immediately went into panic mode – I don't think she expected me to be consciously going through so much pain, either – and within the next 10 minutes I received phone calls from the three other girls. Each had had a worried phone call from the last. I felt incredibly touched at their concern, but was physically quite incapable of reassuring them in any way.
Eventually – after what seemed like days – I was wheelchaired back into the hospital room. They gave me a general anaesthetic. They asked me if I had any questions – I asked where they put the baby after they'd taken it out. They looked at me like I'd just emitted a bad smell. It was a distasteful question, I realise, but I had to know. The 'contents' were disposed of safely, they said. Then everything started to fade out, and the last thing I can remember saying is 'Please don't hurt her…'
When I came to, I felt almost euphoric. General anaesthetic has that affect on me, I now know. I felt like I was floating on a cloud. When I got back into the room, they gave me a biscuit and a cup of tea. I was told I could collect myself for 30 minutes. I looked around the room, wistfully. It was quite late in the day by that point, and there were only a few girls left. 'I think we've all done really well,' I said in my fuzzy, disconnected state. They smiled weakly at me. I have no idea what I expected.
When the time came I slowly made my way outside to where my sisters and mum were waiting in a car. Mum had insisted on picking me up, saying I wouldn't be able to get the tube. I had had no idea what she meant, but now it was only too clear. I could barely walk, and certainly couldn't bend in any way. The pain is hard to explain. It was like my whole body was centred around this very potent but dulled ache in the centre of my body. I was also still druggy from the anaesthetic.
I was also, of course, incredibly grateful to see their faces. I hadn't realised quite how lonely and distressing the last six or seven hours had been until I was in their bosom.
They had clearly spent a long few hours pottering around, not sure how to prepare to see me, or what, if anything, to get me. In the end they gave me a pulse and lavender filled bear, which you warm in the microwave and then hold against 'aches and pains'. Even now the smell reminds me.
I don't regret what I did – I wasn't ready, I had no idea who the father was, and I had so abused my body with drink and drugs during those five months due to emotional distresses of the time that I can't imagine the child would have been healthy. It would not have been the best start in life. When I compare how I looked after myself then with the rare glasses of red wine, multiple pregnancy vitamins, and soft cheese bans that wilfully pregnant women around me endure today, I feel physically sick.
But can't quite let it go either. I can't count the number of times since that I've Googled 'foetus at 21 weeks'. It's kind of like when you unwittingly find evidence of betrayal, and you find yourself looking at it over and over again. You purposefully put yourself through the pain as you develop something of an unhealthy fascination. These periods comes in ebbs and flows, perhaps triggered by some mention of abortion by friends or the news, perhaps not.
Maybe it's because I was so far along that my body has experienced how strong the hormones can get – maybe it's because I had to make the decision so quickly – maybe it's because I'm self-indulgent – but every pregnancy of those close to me since has been that much more interesting to me. I find myself looking at those who are at a similar term and yelling to myself, 'How could you not have noticed??' But that, along with exactly how and when I became pregnant, why that first pregnancy test failed, and who the father was, will remain things I will never know the answer to. Sometimes I imagine the afterlife as being sat in a room while someone gives you the answer to every one of those mysteries that have built up in your life. I guess that's something I'll find out.
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subset: commoncrawl


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That's it for Markets Live today.
You can read a wrap-up of the action on the markets here.
And if you thought you had a bad day, spare a thought for Fortescue's Twiggy Forrest who has lost a cool $560m since the start of this month.
Thanks for reading and your comments.
See you all again tomorrow morning from 9.
Australian shares edged slightly higher on Tuesday, as overnight momentum from US and European rallies offset mixed domestic corporate results, profit-taking and concerns about soft commodity prices.
At the close, the benchmark S&P/ASX 200 Index was up 2.7 points, or 0.05 per cent, at 5637. The broader All Ordinaries Index, meanwhile, closed down six points, or 0.15 per cent, at 5637.8.
After a strong start on the back of upbeat sentiment in the US and hopes of further monetary easing in Europe, the local market eased for lack of any domestic data releases.
The highs and lows of reporting season are on display in today's best and worst performing list.
Cover-More surged 7.1 per cent on its earnings result, while McMillan Shakespeare jumped 5 per cent.
Disappointing the market - and copping their medicine - are Ainsworth Game Technology and Senex Energy.
Best and worst performing stocks in the ASX 200 today.
Shares have finished broadly flat, staggering to the most marginal of gains, dragged lower by miners and energy stocks and amid a mixed day for earnings.
The ASX 200 inched 3 points higher to 5637.6, while the All Ords added two points to close at 5634.5.
The banks provided the biggest support, all gaining by between 0.2 and 0.5 per cent, while CSL was the biggest single contributor after rising 1.1 per cent.
Telstra also outperformed, up 0.5 per cent.
Energy and utilities were the worst performing sectors, both around 0.5 per cent lower.
While Woodside gained 0.6 per cent, Origin Energy fell 2.2 per cent, Santos 0.7 per cent, and Beach Petroleum 3.9 per cent.
Miners also dragged, pulled down by a further fall in the iron ore price overnight. BHP finished 0.1 per cent down, Rio fell 0.7 per cent and Fortescue dropped 1.4 per cent.
Source: The Economist
An overhaul of European national accounts in September will not rewrite the narrative of a feeble and faltering recovery but it will reveal that Europe's economies are bigger than previously reckoned, the Economist notes:
The revisions will not be on the epic scale of the one in Nigeria earlier this year, which almost doubled its estimated output. But they will raise GDP in Europe's biggest economy, Germany, by 3.3 per cent, in line with the boost to American GDP from a similar exercise a year ago (see chart).
European countries are adopting new global standards for what counts as output. These replace rules dating back to 1995, when the internet age had barely begun.
By far the biggest change in how output is measured will come from reclassifying research and development (R&D). By treating it as an investment, rather than as if it is being consumed in the course of production, it will add to GDP.
Investors betting against Australian bonds are taking heart as the market listens as much to the US Federal Reserve's Janet Yellen as it does to local central bank chief Glenn Stevens.
Government debt due in 10 years and longer is moving in tandem with US securities by the most since April. The correlation reached 0.926 at the end of last week, with a figure of 1 meaning they move in lockstep, according to an index compiled by Bloomberg and the European Federation of Financial Analysts Societies. The average is 0.797 over the past decade.
Stevens said last week the economy needs confidence rather than lower interest rates to stimulate growth, signalling Reserve Bank of Australia policy will probably remain unchanged. That leaves investors in the Australian market looking for guidance from the US, where Yellen said in Jackson Hole, Wyoming, on Aug. 22 that, with labour markets healing, Fed officials are shifting to debating when to reduce monetary stimulus.
"There's more potential in the short term for there to be a market-moving event from the Fed than there is from the RBA," said Bill Bovingdon, the chief investment officer at Altius Asset Management. "There's more activity there. There's more action," he said.
Australian benchmark 10-year notes yield 3.35 per cent. A Bloomberg survey of economists' predictions indicates the rate will rise 56 basis points to 3.91 per cent by Dec. 31. Equivalent US yields will advance 55 to 2.94 per cent, a separate survey shows.
Bovingdon predicts yields will approach 4 per cent in Australia and 3 per cent in the US by the end of the year.
Australia's four leading bank economists say there is no housing bubble around the nation but warn Canberra that failing to reach a compromise over the budget is the biggest risk to fragile consumer confidence.
In an exclusive interview with the AFR, Bill Evans from Westpac, Alan Oster from National Australia Bank, Michael Blythe from Commonwealth Bank of Australia and Warren Hogan from ANZ disagreed on a number of issues - but not on the housing market.
On Monday, Jeremy Lawson, one of Australia's top economic experts, said the housing market is 20 per cent to 30 per cent overvalued and has left households vulnerable to a big international economic shock.
"Certainly no bubble' said Hogan. "The perceived expensiveness of our property market is as much as anything a social issue, affordability issues. We simply don't have the speculative credit element there to describe it as a bubble. Low income earners getting heavily leveraged was the problem in the United States we don't have that issue here."
Blythe said that for it to be a real bubble you'd need to see that increase in prices being driven by housing debt but that's not happening.
"No bubble. Housing credit's running at the bottom end of the range the last 30 years. You need to see banks easing their lending standards as they chase more dubious borrowers that's certainly not happening and you need a general expectation that house prices are going to keep rising forever. Now there is an element of that I think." he said.
NAB's Oster also said "no bubble''. He thinks the problem for housing could be unemployment. ''If unemployment in our models gets to around 8 or 9 per cent then you get the same problem as you've got everywhere else but we're undersupplied, interest rates are low, we think unemployment's gone up but nowhere near 9 per cent so no bubble."
Simmering geopolitical issues aside it is the budget and it's failure to be passed that worries all four the most.
"I think we need to recognise the fact that the issues around the budget have had an impact upon confidence and in my opinion they slowed down a promising lift in consumer activity. So I think the politicians need to understand that an adequate resolution to these issues is quite important for re-establishing momentum in the economy'' said Westpac's chief economist Bill Evans.
" And so what we need is a compromise. We need to smoothly get this budget away so people can move on with a degree of confidence and certainty" he added.
NAB's Oster warned that "if the consumer gets higher degrees of anxiety and then stops spending, it's a slow burn and that will bring everything down. I just want them to get it fixed as in get it away".
Runaway credit growth is missing for the boom to turn into a bubble, the chief economists of the big four banks say. Photo: Rob Homer
After its stellar numbers Monday, Caltex continues to rally today, and is holding up 1.8 per cent at $27.95.
Credit Suisse was so smitten with the results it has hiked its 12-month target to $31 from $23.90 previously.
"After the run it's had, the easy thing might be to bank the profit. Yet, having upgraded NPAT by 7%, 5% and 13% in FY14, FY15 and FY16, the stock still looks relatively cheap in an expensive market," it told clients earlier today.
"With FY16 the new 'nomalised' year, post full cost savings, it is trading on just circa 7.5% FY16 EV/EBITDA. Chuck in the potential for further upgrades from product sourcing upside, capital management that could free up the more than $4/share of franking credits and debt cost reduction and there is every reason to still own this stock."
South Australia has a blunt message for NSW: sort out your own energy problems, rather than relying on having billions spent linking northern Australia to the south, to help supply gas.
"The fastest, most sensible way to address the east coast gas crisis is to develop the vast gas resources on the east coast," Tom Koutsantonis, who is the SA Treasurer and also the Resources and Energy Minister, told the Sydney Morning Herald.
"NSW should be encouraging investment and exploration of its own gas reserves, not stifling it through policies based on emotion rather than science," he said. "South Australian oil and gas companies have invested hundreds of millions of dollars in NSW exploring for gas only to find an unwelcome regulatory framework.
"It seems NSW wants the rest of the country to provide for its energy future rather than getting involved and being part of Australia's energy revolution. Every state has a responsibility to develop its resources and provide for its citizens."
The biggest movements in consensus analyst recommendations over the past month.
With only a few days left this earnings season, a stocktake of analyst recommendation changes shows junior telco M2 Group has garnered the biggest jump in popularity among the broker community, know collectively as "the Street", while Tatts Group has fallen the most out of favour over the past four weeks.
Bloomberg distills analysts recommendations into a single consensus opinion, measured on a scale of one to five. A score of one is a consensus "sell", a score of two is a "weak sell", three is a "hold", four is a "weak buy", and five a "buy".
On that scale M2 Group has jumped from a hold to a weak buy – a score of 4.1, as the table shows. The next most upgraded stock is Ozforex Group, up 0.5 to 4.2, while The Reject Shop has garnered a similar boost in support from analysts, but still falls short of a hold rating.
Plummeting in the collective analysts' esteem is Tatts Group, dropping from what would have been bordering on a buy to more like a sell following the release of what was seen as a disappointing profit result.
Troubled rare earths miner Lynas is the next most downgraded stock over the past four weeks, looking more like a sell than a hold now after it emerged in the latest production update that the company was facing a potential cash crunch this quarter.
Also among the companies facing a greater level of analyst disdain is Carsales.com. The former market darling must be feeling jilted, but the market overall remains positive – why else would it be trading at 24 times estimated earnings for this financial year?
For the record, the five most popular stocks among analysts are: Nine Entertainment (a score of 4.8), Slater & Gordon (4.7), and Seven West Media, Crown Resorts and Rio Tinto, all rating of 4.6 on the Bloomberg scale.
The five least popular are: Ten Network (1.6), Cochlear (1.7), ALS Ltd (1.8), Leighton Holdings (2) and Coca-Cola Amatil (2.1).
Only a fraction of Australia's half-a-million self-managed superannuation funds pay any income tax, experts say, because of generous super concessions and franking credits that are undermining the federal budget.
Tax Office statistics show almost 300,000 self-managed superannuation funds eliminated or reduced their tax bills through exemptions on super and $2.5 billion in franking credits in 2011-12. These are the most recent records available, although experts say the surge in dividend payments since then has further reduced the small amounts of tax paid by these funds, which are often the primary income of wealthy retirees.
At the time, 424,360 funds generated gross taxable income of $32.9 billion. About $15 billion of that was entirely exempt from income tax because the funds were in the pension phase, which doesn't incur income tax.
Self-managed funds contribute little to the tax system – because about half of the funds' assets are already in the pension phase, Tria Investment Partners principal Andrew Baker said. Also, most self-managed funds receive franked dividends, which cuts the tax bill of many other funds to zero.
"It's a problem isn't it?" Baker said. "It's unlikely SMSFs are ever going to pay a substantial amount of tax as a segment."
The loss of revenue will rise because of an ageing population shifting assets into pension phase and the greater payment of dividends, he said.
AWE has released what is being seen as a "soft" production forecast for the financial 2015 year, and pushed out its growth target by a year after a delay in a key oil project in Indonesia.
Output in 2014-15 should be between 4.6 million and 5.1 million barrels of oil equivalent, down from 5.6 million boe in 2013-14, AWE said after reporting a full-year profit before one-time gains roughly in line with forecasts.
Meanwhile, Santos' takeover as operator of the Ande Ande Lumut oil venture in Indonesia has seen the start-up timing for that field slip into late 2017, stretching out AWE's growth target by a year.
JPMorgan said it expected the 2014-15 production forecast to be "poorly received", noting consensus forecasts had been for output of 5.5 million boe.
Citigroup analyst Dale Koenders was assuming production in fiscal 2015 of 5 million boe, and said the full-year profit in 2013-14 was "slightly below" its estimate. Koenders still retained his 'buy' recommendation on AWE shares, with a target price of $2.34.
However AWE shares have slid, losing 3.1 per cent to $1.705.
Its peer Senex Energy has also seen its shares come under pressure, plunging 6.7 per cent as it also released a production outlook that was lower than analysts had expected.
Senex approached AWE with a merger proposal late last year, but was rejected.
The local market seems to be taking its cues from regional markets, which are trading flat to lower:
- Japan (Nikkei): -0.4%
- Hong Kong: -0.15%
- Shanghai: -0.2%
- Taiwan: +0.1%
- Korea: +0.5%
- Singapore: flat
- New Zealand: +0.3%
''Gravity tends to pull on the markets after they've had a strong directional move,'' says CMC Markets chief market analyst Ric Spooner. ''The market needs good news to sustain it and in the absence of this, tends to drift down. Valuations are fairly full.''
Leaping tall price records in a single bound.. a mint copy of Superman's debut in Action Comics number one.
A near-flawless edition of the first comic featuring Superman from June 1938 has fetched $US3.2 million ($3.5m) at auction on eBay, surging past the previous record for a single comic book.
After the 10-day online auction concluded on Sunday, the hammer came down for Action Comics No.1 with a price of $US3,207,852 ($3,456,662), according to the online commerce site.The vintage work's seller Darren Adams, a collector in Washington state, described it as possibly the "best copy in existence," the "holy grail" of comic books that deserves its status as the most valuable in the world.
The cover features the red-caped man of steel hoisting an automobile over his head.
The character is widely credited with starting the multi-billion-dollar worldwide comic book superhero phenomenon.
Only 50 to 100 copies of the comic book are believed to still exist, most of them in considerably poorer condition than that owned by Mr Adams.
The Action Comics debut was purchased by marketplace firm ComicConnect, whose director Stephen Fishler has not ruled out putting it back up for sale.
Iron ore futures have rebounded after a six-day slide but abundant supply of the bulk commodity is likely to keep a lid on price gains.
The rise in futures may help ease some pressure on spot iron ore prices, which touched fresh two-month lows overnight and were within striking distance of this year's trough at $US89 a tonne.
Iron ore for delivery in January on the Dalian Commodity Exchange is up 0.5 per cent at 647 yuan ($US105.15) a tonne. Benchmark 62-per cent grade iron ore for immediate delivery to China fell 1 per cent to $US89.20 a tonne on Monday.
While demand from China, which buys around two-thirds of the world's iron ore, remains firm as shown by its strong imports, the market remained flushed with supply of the raw material to make steel.
Top miners such as Vale, Rio Tinto and BHP Billiton remain bent on boosting supply, convinced that their low-cost business model will prevail over higher cost producers including those in China.
But China's overall raw iron ore output has continued to increase, with production in January-July up 9 per cent to 849.4 million tonnes, according to government data released this month.
While many midsize and small Chinese mines have shut down, their total output "accounts for only a small part of the aggregate production," said Cao Bo, analyst at Jinrui Futures in Shenzhen.
"Besides, a lot of new mines came to operation in the past half year. The newly released capacity replaced those that were shut down," he said.
Like Lewis Carroll's Cheshire cat, Pacific Brands is disappearing, Malcolm Maiden comments:
A review in league with Macquarie advisers is continuing, but it is beginning to look like the company might downsize itself until it simply isn't there at all.
The latest piece of the PacBrands cat to disappear is the workwear division. A cashed-up Wesfarmers knocked on the door with an offer, PacBrands listened, and the business and its two iconic brands, King Gee and Hard Yakka, are transferring to Wesfarmers' Industrial and Safety division for $180 million.
PacBrands has appointed its chief financial officer, David Bortolussi to replace John Pollaers, who departed in July after disagreeing with his board about the group's strategic direction.
Bortolussi gave his first presentation on Tuesday morning, and the numbers show that there certainly is room for disagreement about where the company is headed.
The workwear business was selling into sectors of the economy that are in retreat, including manufacturing, but it is hard to see any part of PacBrands' portfolio that is a definite keeper.
Its share price was crunched on the back of a profit warning from Flight Centre along with concerns that the downturn in consumer confidence would see less offshore travel.
But that hasn't stopped travel insurer Cover-More from comfortably beating prospectus with a year to June net profit of $25 million, well ahead of the $22 million forecast.
That has helped push its shares ahead 4.55 per cent to $2.07, adding to the 3 per cent rise since the middle of last week.
It did point to domestic softness following the federal budget, but with operations in both China and India, this helped give it some diversification to keep its bottom line growth intact.
Poker machine maker Ainsworth Game Technology's full-year net profit after tax rose 18 per cent to $61.6 million, boosted by the fifth consecutive year of double-digit revenue growth.
But the result missed the consensus among analysts, who had expected net profit of $69.4 million, according to data compiled by Bloomberg.
The Sydney-based manufacturer said revenue rose 23 per cent to $244 million, which missed consensus of $251.6 million.
Revenue from international sales rose 37 per cent to $100.8 million, outpacing the domestic business which reported a 15 per cent rise in revenue to $143.3 million.
The board declared a dividend of 5¢ payable on September 26. Billionaire executive chairman Len Ainsworth, who owns 53.4 per cent of the company, will receive $8.6 million in dividend distributions.
Shares are down 1.9 per cent at $3.62.
Jackpot: Ainsworth Game Technology has reported its fifth consecutive year of double digit revenue growth. Photo: John Woudstra
The most closely watched indicator in the US economy is the unemployment rate, but is it just a red herring?
Heidi Shierholz, who studies labour issues at the left-leaning Economic Policy Institute, was appointed today as the chief economist at the US Department of Labor, which oversees the research behind the indicator. She says the improving unemployment rate understates the joblessness problem because it doesn't account for some 6 million workers who went missing after the 2008 recession. The mystery at hand is what happened to them.
US unemployment may be worse than it looks. Source: Quartz
Banks will ramp up their resistance to tougher rules designed to make them more resilient to shocks, as the financial system inquiry enters its final stages.
Facing the prospect of being forced to hold billions more in capital, banks today are due to lodge their second-round submissions with the inquiry, led by former Commonwealth Bank boss David Murray.
As financial institutions put the final touches on submissions on Monday, it was clear financial stability would be a critical issue for the country's big lenders.
Mr Murray has signalled the inquiry is considering moves to make the system more resilient to future global shocks, floating the prospect of higher capital charges, "bail-in" bonds and the "ring fencing" of big banks' deposit-taking businesses.
In response, banks are set to argue that the inquiry has misread their true capital levels, via commissioned modelling on the capital position of each bank.
In a sign of the high stakes of the inquiry, UBS analyst Jonathan Mott has separately estimated that higher capital charges "appear inevitable" and this could force the big four banks to set aside an extra $23 billion.
Financial system inquiry chair David Murray's interim report put the big four on notice that they may be forced to hold billions more in capital Photo: Supplied
The video in video games is suddenly a billion-dollar business.
Video games have long been something people played. But in the last few years, thanks in part to fast Internet access and multiplayer games, the games have become something that people sit back and watch, too.
On Monday, that new habit enticed the web giant Amazon to reach a $US1.1 billion deal to buy Twitch, the most popular website for watching people play games.
The deal for Twitch is the latest sign of the way forms of behaviour once seemingly on the fringe can, in the hands of tech entrepreneurs, turn into huge online communities in no time. Twitch did not exist a little over three years ago, and it now has 55 million unique viewers a month globally, helping turn games into a spectator event as much as a participatory activity.
Those millions of eyeballs are valuable to web companies, and Amazon, although usually known for its retailing, is no exception. To win in its bid for Twitch, Amazon had to outmanoeuvre a who's who of the tech world, including Google — strongly suggesting that these companies think the era of video-game viewing is just starting.
It also underscored Amazon's growing appetite for controlling and delivering content to digital devices, especially the tablets and smartphones made by Amazon.
The acquisition of Twitch will be Amazon's biggest ever. Photo: Bloomberg
UGL's outgoing chief executive, Richard Leupen, has forecast "significant" consolidation in the engineering sector as the contractor nears completion of the $1.2 billion sale of its DTZ property arm.
"If you're a $300 million listed engineering company then you shouldn't be there, you should be merged with someone else," Mr Leupen told The Australian Financial Review after UGL delivered a 22 per cent rise in underlying net profits to $111.7 million.
"So many people entered the industry at the top of the cycle and there's not enough work for them all. The market opportunity is less than it was two or three years ago."
UGL's engineering business will have revenues of about $2.4 billion when the sale of its property business is completed between October and December, and will carry very little debt.
The company plans to use proceeds from the DTZ sale to pay off most of its $567 million in net debt and return between $400 million and $500 million to shareholders.
Mr Leupen, who will leave UGL on November 21 after almost 14 years as CEO, said the company was "well placed" to participate in consolidation.
But UGL incoming CEO Ross Taylor, who will start on November 24, has already signalled he plans to take a cautious approach to acquisitions and focus on organic growth.
Outgoing UGL managing director Richard Leupen. Photo: Tamara Voninski
Clive Palmer has apologised to "Chinese people everywhere" for his attack on "Chinese mongrels" who "shoot their own people" and "haven't got a justice system" - eight days after first making the comments.
The outspoken MP and leader of the Palmer United Party has written to the Chinese Ambassador in Australia, saying he "most sincerely" apologises for "any insult to the Chinese people" as a result of his comments made on live television last week.
"I now come to the realisation that what I said on Q&A was an insult to Chinese people everywhere and I wish to assure them they have my most genuine and sincere apology," Palmer wrote.
"I am sorry that I said the things I said on the program [and] I regret any hurt or anguish such comments may have caused any party.".
Palmer also wrote that he regretted any "hurt or anguish" his comments on Q&A might have caused "any party" and he looked forward to "greater understanding for peace and co-operation in the future".
Palmer said last week he did not mind "standing up against the Chinese bastards" whom he accused of trying to take over Australia's ports to steal the nation's resources.
The billionaire businessman is embroiled in a legal battle with Chinese state-owned company CITIC Pacific, which has accused Palmer of siphoning off $12 million in funds.
Here's Clive Palmer's letter to the Chinese ambassador
Clive Palmer has sent a letter to the Chinese Ambassador saying he is sorry for his comments last week. Photo: Alex Ellinghausen
Consumer confidence has edged back above its long-run average, rising 0.9 per cent to 113.5 in the week ending August 24, according to the ANZ-Roy Morgan weekly survey.
''Confidence continues to recover from its recent setback (which likely reflected 'sticker shock' from the unexpected rise in the unemployment rate), supported by solid fundamentals such as low interest rates and rising house prices,'' ANZ says.
The rise in the index was driven almost entirely by an 11.1 per cent rise in household perceptions about their ''financial situation compared to a year ago'', the subindex most closely correlated with consumer demand.
This is an encouraging sign for consumer spending in coming months, ANZ notes.
"Signs that consumer confidence is bouncing back, combined with strengthening business surveys, gives us more confidence that the non-mining recovery remains on track,'' says ANZ chief economist Warren Hogan. ''We expect consumer spending to remain moderate in 2014 before improving in 2015."
The market has come off its early gains, with property stocks weighing on the benchmark index:
- Scentre: -1.8%
- Dexus: -2.85%
- Mirvac: -1.6%
- Stockland: -0.8%
- Westfield: -0.5%
The big miners are facing more selling pressure after the next dip in the price of iron ore, while the four banks are posting small gains.
These are the main winners and losers in the ASX200:
Bank customers are happy, now that they're appy, writes BusinessDay columnist Elizabeth Knight:
Over the past five years billions of dollars have been spent by Australia's big four banks on IT - ostensibly as a way of improving customer satisfaction, ultimately leading to improving market share.
But the latest customer satisfaction survey from Roy Morgan Research for July demonstrates pretty clearly that rather than getting an edge on the competition - there has been a general convergence in customer satisfaction numbers between the big four - Commonwealth Bank, Westpac, the National Australia Bank and ANZ.
Indeed the tide of overall satisfaction has risen and taken all four with it. Where 10 years ago there was a yawning gap between rankings - with customers rating ANZ satisfaction at 73.1 per cent and CBA at 63 per cent, today there is only a couple of percentage points between all of them and the overall level of satisfaction is over 82 per cent - which is close to a record high.
The old adage that "banks are bastards" has faded as the big institutions have attempted to re-invent themselves as better corporate citizens with user friendly products.
(Business banking customers are generally not as happy with the big four - but for different reasons.)
Given that most of us no longer use the physical branch network, it is understandable that IT has become the battle ground as most of our contact with banks will be via a device - either a computer or a smart phone. But one could argue that the current wave of IT spending has more to do with stay in business capital expenditure rather than a technology revolution.
Communications company Salmat has suffered a 98 per cent decline in net profit after tax at $800,000 for the year ended June 30.
Driving the decline this year was the loss in profit from discontinued operations, $5.9 million in restructuring and separation costs associated with the sale of the BPO division and acquisition costs relating to the Netstarter and Microsourcing deals.
Salmat total revenue fared better at $452.8 million, 3.2 per cent down on last year.
Delayed contact centre revenue and non-renewals in direct sales and catalogue contracts caused the slide in revenue which were made up by new sales of $30 million.
The company announced a final fully-franked dividend of 7.5¢ per share taking the full-year dividend for the year to 15¢ per share.
Chief executive Craig Dower said heavy costs were in line with Salmat's three-year investment and growth strategy.
"The size of our transformation effort was larger than anticipated, however, we have made solid progress and are confident that this current major phase will be completed by early 2015," he said.
"We are confident solid top line growth in 2015 with benefits flowing to the bottom line from the second half onwards."
Salmat shares are 3.5 per cent lower at $1.78.
The S&P/ASX will announce the results of its quarterly index review on Friday, September 5, with the last trading opportunity on September 19.
JPMorgan has taken a look at likely candidates to be added or removed from the indices, which could affect their share prices. The analysts take into account pending M&A activity.
- S&P/ASX 20: Adds: None, currently 21 members. TCL (L) highest. Drops: WFD (H) or IAG (L)
- S&P/ASX 50: No changes expected. Adds: SEK (L) following any M&A in this index.
- S&P/ASX 100: Adds: FBU (L), HSO (L until 22/Sep). Drops: MYR (L). M&A: TWE
- S&P/ASX 200: Adds: TNE (H), APN (H), NHF (M), AMM (M), HSO (L until 22/Sep). Drops: BRU (H), TRS (H), NWH (H). M&A: WTF, SAI, PNA, GFF, TWE
* 'H' is high likelihood of this change being made, 'M' medium and 'L' low.
Asset sales helped oil and gas player AWE more than treble full-year net profit, with the bottom line number surging to $62.5 million.
Revenues for the year to June climbed 9 per cent to $328.2 million, on production that rose 13 per cent to 5.6 million barrels of oil equivalent.
Net income was boosted by the $US188 million sale of the Ande Ande Lumut oil project in Indonesia to Santos. It also agreed to sell part of its interest in the BassGas project to Prize Petroleum.
AWE gave underlying net profit for the 2014 fiscal year as $7 million, less than Citigroup's estimate of $11 million for "core" net profit.
The company estimated fiscal 2015 production of 4.6 million-5.1 million barrels of oil equivalent, and sales revenues of $290 million-$320 million.
That compares with Citigroup's assumptions of 5 million boe for production and $341 million for revenues.
AWE shares are 1.5 per cent lower at $1.75.
Shares have inched higher, supported by a more positive global mood, which has buoyed the banks, while miners have eased after the iron ore price dropped below $US90/tonne.
The big four lenders are all up by between 0.3 and 0.6 per cent, as the ASX 200 and All Ords trade 7 points, or 0.1 per cent, higher in early trade at 5641.9 and 5640.2.
BHP is 0.4 per cent lower, while Rio is down 0.5 per cent and Fortescue has dropped 0.9 per cent.
Best performing stocks early are Cover-More Group, up 7.1 per cent, and McMillan Shakespeare, up 5.6 per cent, both on profit results. Worst performer early is Senex Energy on its earnings update.
Almost $3 billion in shares could hit the market over the next week as the first selling window opens up for the class of 2013-14 initial public offerings, including $1.1 billion in equity from credit score company Veda Group alone.
Big investors usually have to wait a specific, but variable, period of time before they can trade their stake following a float. The rush of IPOs in late 2013 and early 2014 coincides with the significant number of shares that could be released in the week ahead.
Packaging company Pact Group, of which around $465 million of shares are set to come out of escrow on Wednesday, has already gone on the front foot and released a statement asserting Geminder Holdings, its biggest investor, will not be selling. Geminder is the investment vehicle of Raphael Geminder, Pact's chairman. Pact raised $1.7 billion in a float in December.
"The interesting thing about this reporting season is that it triggers the escrow to be removed from a lot of the recent IPOs and hence we expect to see a raft of sell-downs post this reporting season," said Perpetual's deputy head of equities, Paul Skamvougeras.
Not all organisations have been forthcoming around how much skin in the game their investors plan to retain.
The biggest potential source of equity out of escrow will be that of Veda Group which emerged as one of the strongest IPOs from last year. Private equity firm Pacific Equity Partners held 63.5 per cent of the company following the successful float which resulted in a 40 per cent price surge on debut.
Veda has disclosed that more than 500 million shares, valued at $1.1 billion, will be released from voluntary escrow on Wednesday.
A spokesperson for the company declined to comment on PEP's intentions in light of the imminent release of its annual results and a self-imposed "blackout" period.
There were 58 floats with a total value of nearly $14 billion in the 2014 financial year, making it the busiest year for floats since the global financial crisis. Photo: Peter Braig
Troubled drill contractor Boart Longyear has warned of "material uncertainty" to its financial survival, without finalising a planned recapitalisation.
The group was commenting with the release of June half earnings which disclosed a loss of $US142.8 million ($153.6 million) down from $US329.4 million a year earlier.
For the full year, it said it agreed with analyst estimates of full year revenue of around $US842 million, an EBITDA profit of $US47 million and net debt of $US531 million.
In the June half, the normalised EBITDA profit totalled $US18.7 million.
But without a restructuring, it is unlikely to comply with debt covenants by mid-2015, notwithstanding a recent easing of some of the conditions surrounding its funding.
"There is material uncertainty that may cast significant doubt on the ability of the company to continue as a going concern," it warned.
Its survival prospects depend on it successfully concluding its recapitalisation options and concluding any recapitalisation by mid-2015, it said.
"There is material uncertainty that may cast significant doubt on the ability of the company to continue as a going concern.": Boart has warned its future is in doubt. Photo: Supplied
Senex Energy has posted a 38 per cent decline in full-year profit, due to a tax expense and the absence of the one-off gains that boosted the previous year's result.
The net profit of $37.9 million was on sales that rose 24 per cent to $170.9 million.
Underlying profit rose by $1.5 million to $44.7 million, which fell short of the consensus estimate of $57 million.
Senex forecast full-year production in 2015 of 1.4 million barrels of oil equivalent, which is short of Citigroup's assumption of 2 million boe.
Stem cell therapy developer Mesoblast has increased its full-year net loss by 31 per cent to $81 million after a period of ramping up spending on clinical trials and investing in manufacturing capacity in anticipation of product approvals and launches.
The Melbourne-based company said its revenue rose 6.9 per cent to $37.1 million in the year ended June 30.
Although the $1.4 billion company does not yet have any products in the market, it earns revenue from interest, research and development tax credits and some provision of services.
At the end of the 2014 financial year Mesoblast had $196.4 million in cash reserves and said its normalised cash burn for the year was $78.2 million. This was up from $61.9 million in the prior year.
Mesoblast has stem cell therapies in the final stage of clinical trials for a number of conditions. Its MSC-100-IV product for the treatment of graft versus host disease, a complication often faced by patients receiving organ transplants, is the closest to market. The company's partner in JCR Pharmaceuticals plans to file the therapy for registration in Japan before the end of the calendar year.
Mesoblast shares have lost 24 per cent in the past year, compared to an 11 per cent rise in the S&P/ASX200 index.
Specialty Fashion's $4 million acquisition of discount retailer Rivers last year has led to a blow out in costs, contributing to a 3.8 per cent decline in net profit to $12.47 million in 2014.
While Specialty Fashion's sales soared 20.3 per cent to $685.04 million, buoyed by the Rivers acquisition, EBITDA fell 4.8 per cent to $39.15 million.
Cost of doing business jumped $85.8 million due to the Rivers acquisition as well as higher rental and wages costs and a $15.4 million investment in omni-channel retailing.
The net profit result fell short of consensus forecasts around $14 million and compared with a $13 million profit in 2013.
Specialty Fashion snapped up the 28-year-old Rivers Australia clothing and footwear company from founder Philip Goodman for the bargain basement price of $4 million cash, a discount to asset value, last November. However, Rivers added $53 million to Specialty Fashion's cost of doing business.
The acquisition, which expanded SFH's footprint into menswear, childrenswear and footwear for the first time, is expected to boost annualised sales by at least $180 million to around $750 million.
The deal also added another 180 stores to SFH's 1000-store network.
Specialty Fashion, which owns Millers, Katies, Crossroads, City Chic and Autograph, plans to use its database of 7 million customers and 3.4 million email addresses to cross-sell or promote Rivers's products.
The company declared an unchanged final dividend of 2¢ a share, payable September 26, taking the full year pay out to 4¢ a share.
Fertility medicine network Virtus Health said it overestimated the number of in-vitro fertilisation cycles it would perform in its first year as a listed company, leading it to miss one of its prospectus targets.
The company said its statutory full-year net profit after tax tripled to $30.9 million.
On a pro-forma basis, which removes one-off costs associated with the June 2013 initial public offering, net profit for the year ended June 30 rose 17.2 per cent to $32.0 million.
The result just missed expectations among analysts of net profit of $32.3 million, but was up from $27.3 million in the same period last year.
But a decrease in activity across the IVF market in the second half of the 2014 financial year caused Virtus to miss its pro-forma EBITDA target by $2.6 million. Pro-forma EBITDA rose 7.7 per cent to $60.4 million.
However, net profit after tax exceeded the prospectus forecast by $0.6 million.
Revenue rose 7.9 per cent to $201.2 million, which was under the $205.1 million that analysts had expected, according to data compiled by Bloomberg.
Virtus shares have gained 13 per cent in the past year, compared to an 11 per cent rise in the S&P/ASX200 index. Monday's closing price of $8.01 is down from a 12-month high of $9.03 reached in November.
The board declared a dividend of 14 cents a share, payable on October 16.
European shares rallied overnight, as the lure of new stimulus measures from the European Central Bank enabled the region's stock markets to shrug off weak German data and the resignation of the French government.
ECB chief Mario Draghi, speaking at a global central banking conference in Jackson Hole, Wyoming, said late on Friday that the ECB was prepared to respond with all its "available" tools should inflation drop further.
Draghi's comments helped offset negative pressures from a weak German Ifo survey, which showed that German business sentiment dropped for a fourth straight month in August, and from the French government's resignation.
"The stock markets are evaluating the prospect of possible monetary easing from the ECB as more important than the disappointing Ifo figures and French political troubles," said Carlo Alberto de Casa, senior market analyst at ActivTrades.
The euro zone's blue-chip Euro STOXX 50 index closed up by 2.2 per cent at 3165.47 points. Germany's DAX - which remains down by around 5.4 per cent from an all-time high of 10,050.98 points set in late June - soared 1.8 per cent to 9510.14 points.
The London stock market was closed for a public holiday.
France's CAC finished 2.1 per cent higher, with some investors saying that a stronger and more unified French government might emerge that was more committed to President Hollande's deficit-cutting measures.
AXA Investment Managers' chief strategist Franz Wenzel said Draghi's position remained supportive for the region's stock markets.
"The key message is that Draghi stands ready for more action if needed. Whether they're going to do quantitative easing remains to be seen, but we're fairly confident that the financial engineers at the ECB will find other tools," said Wenzel.
Pacific Brands results are out, and iconic brands King Gee, Hard Yakka and Stubbies are headed to Wesfarmers for $180 million.
The clothing and textiles distributor has withheld its final dividend after rising costs and weak wholesale sales continued to squeeze margins, leading to a 28.2 per cent fall in underlying net profit to $53.0 million in 2014.
The company also announced plans to sell its struggling workwear business to Wesfarmers' Industrial and Safety division for $180 million as part of a strategic review and appointed chief financial officer David Bortolussi as chief executive to replace John Pollaers.
Mr Pollaers stepped down in July after a falling out with the board over the company's future direction. It is understood he was opposed to the sale of the workwear business, which owns brands such as King Gee and Hard Yakka.
While sales rose 3.8 per cent to $1.322 billion, earnings before interest tax and significant items fell 25.3 per cent to $91.2 million as costs rose more than $27 million, in line with Pacific Brands' $90 million to $93 million guidance, which was cut by more than $10 million in June.
The underlying net profit result was slightly ahead of consensus forecasts around $52 million.
After one-off costs of $312 million, PacBrands reported a bottom line loss of $224.5 million.
Auckland International Airport (AIA) reported a 10.5 per cent increase in full-year underlying profit to $NZ169.9 million ($152.5 million), in line with its guidance and analyst expectations.
The airport operator had forecast a figure of $NZ166 million to $NZ172 million, and analysts had forecast $NZ170 million. AIA had experienced international passenger growth of 5.1 per cent over the financial year ended June 30, and domestic growth of 2.2 per cent during the period.
However, per passenger spending on retail declined by 2.4 per cent, in part because the strong New Zealand dollar meant it was more attractive for some trans-Tasman travellers to make their purchases in Australia.
AIA increased its final dividend per share by 12 per cent to 7 cents a share, imputed at the New Zealand company tax rate of 28 per cent. Overall, the airline returned $NZ454 million of capital to shareholders during the financial year.
Chairman Sir Henry van der Heyden said he was confident in the airport's ability to unlock further opportunities in the 2015 financial year.
AIA has forecast it will report underlying profit after tax of $NZ160 million to $NZ170 million, due to increased interest costs associated with the capital return. Due to the 10 per cent reduction in the number of shares on issue after the capital return, that would represent a lift in earnings per share of 2 per cent to 9 per cent.
AIA shares closed 2 cents lower at $3.36 on Monday, ahead of the results release.
Per passenger spending on retail declined by 2.4 per cent, in part because the strong New Zealand dollar meant it was more attractive for some trans-Tasman travellers to make their purchases in Australia. Photo: Bloomberg
Pacific Brands' largest shareholder has urged the board to seek investor approval if it plans to sell off major assets as part of a strategic review.
The Pacific Brands board met on Monday to consider a series of recommendations by Macquarie Capital, which was appointed in April to advise on options including asset sales and further restructuring.
Allan Gray portfolio manager Simon Mawhinney said he was not against further asset sales to reduce uncomfortably high debt levels, but shareholders should be given the opportunity to approve or veto any major divestments.
"They should do whatever creates long term value for shareholders," said Mr Mawhinney, whose fund owns 18 per cent of Pacific Brands.
"If they get an offer they can't refuse for one side of the business there should be no sacred cows," Mr Mawhinney told The Australian Financial Review.
"I just hope whatever it is they seek shareholder approval," he said, pointing to stock exchange listing rules that require companies to seek shareholder approval for significant transactions or aggregate transactions.
The board is expected to provide an update on the strategic review along with Pacific Brands' full year results today.
There is speculation that Bonds could be sold by Pacific Brands. Photo: Supplied
The vice grip of oversupply and high cash costs will be pressuring Australia's iron ore miners, as the metal's price drifts lower and margins evaporate.
Iron ore has fallen below $US90 a tonne, dropping a further 1 per cent to $US89.20 overnight on Monday amid ongoing concerns over China's growth. In June, the metal hit $US89 per tonne.
Oversupply continues to weigh on the price of iron ore as global diversified miners, like BHP Billiton and Rio Tinto, ramp up production and flood the market with supply.
However, with low cash costs and high quality iron ore, the large miners will not be fazed by the lower price. BHP and Rio have break-even prices of just over $US40 per tonne.
Mid-cap miners with heavy exposure to iron ore face a much more difficult task than the big miners. Little diversification means smaller iron ore miners with higher break-even prices and lower quality iron ore will be feeling the pinch of a lower price.
Gindalbie stands out as one of the more vulnerable miners, not only because it has a break-even price of around $US90 per tonne, but it also holds a significant amount of debt.
Atlas Iron still maintains a small profit per tonne at Tuesday's price, with costs of $US82 per tonne, Mount Gibson has a break-even of $US75 per tonne, while BC Iron sits at $US70 per tonne.
Should the price of iron price test their break-even levels, these smaller miners carry little debt, but sustained lower levels could take their toll.
Iron ore measured out of the Tianjin port in China is now trading down more than 32 per cent for the year. Photo: Bloomberg
US stocks rose, briefly sending the Standard & Poor's 500 Index above 2000 for the first time ever, as corporate dealmaking and prospects for economic stimulus in Europe bolstered confidence in the bull market.
The S&P 500 rallied 0.5 per cent to 1,997.9, paring gains in the afternoon after holding above 2000 for less than two hours and reaching a record 2,001.95. The Dow Jones increased 75.7 points, or 0.4 per cent, to 17,076.9.
On a total-return basis the S&P 500 has more than tripled from its 2009 low hit during the financial crisis.
"This number, 2000, is a pretty significant number from psychological and financial points," Joe Bell, senior equity analyst at Cincinnati-based Schaeffer's Investment Research, said. "Perhaps we might reach a little bit overbought status, and it looks like the index is going to take a breather there."
Merger and acquisition activity led to some of the biggest moves in the market today. Burger King Worldwide added 20 per cent after saying it's in talks to buy Tim Hortons. Morgan Stanley climbed to the highest since 2009 and JPMorgan Chase and Goldman Sachs Group climbed more than 1.3 per cent.
Across the pond, the Stoxx Europe 600 Index jumped 1.1 per cent today as comments by Mario Draghi fanned speculation the European Central Bank is closer to quantitative easing. ECB policy makers "stand ready to adjust our policy stance further" and will use all available instruments to "ensure price stability over the medium term," Draghi said over the weekend.
On a total-return basis the S&P 500 has more than tripled from its 2009 low hit during the financial crisis. Photo: Reuters
Local shares poised to open flat today despite the S&P 500 breaking through the 2000 barrier for the first time, while iron ore slipped below the $US90 a tonne mark.
What you need2know:
• SPI futures up 3 points to 5603
• AUD at 92.96 US cents, 96.70 Japanese yen, 70.45 Euro cents and 56.06 British pence.
• On Wall St, S&P 500 +0.5%, Dow +0.5%, Nasdaq +0.4%
• In Europe, Euro Stoxx 50 +2.2%, FTSE closed, CAC +2.1%, DAX +1%
• Iron ore slips 1% to $US89.20 per metric tonne
• Spot gold down 0.2% to $US1275.76 an ounce
• Brent oil falls 0.4% to $US102.71 per barrel
What's on today:
• Australia: ANZ Roy Morgan weekly consumer confidence.
• US: Durable goods orders; S&P/Case-Shiller home prices; Consumer confidence
• Our region: Japan Cabinet Office monthly economic report for August; China leading economic index.
Stocks to watch:
• Earnings from AWE, Boart Longyear (interim), Beach Energy, Medusa Mining, Pacific Brands, Resolute Mining, Specialty Fashion, Western Areas, Auckland Airport, Scentre (interim), Senex Energy, Blackmores, Cover-More, Virtus Health, 3P Learning, McMillan Shakespeare, Virtus Health, Mesoblast
• Coca-Cola Amatil and Origin Energy trade ex-dividend.
• BlueScope Steel raised to outperform vs neutral at Credit Suisse with a price target of $6.40.
• RBC Capital Markets has a "sector perform" recommendation on Duet Group and a 12-month price target of $2.50 a share after the 2014 financial year result fell in line with expectations.
• RBC Capital Markets has a "sector perform" recommendation on Santos after "a good profit", highlighted by an unexpected increase in dividend to 20¢ a share. It has a price target on the stock of $16 a share.
• Hartleys Research upgraded Macmahon Holdings to a "buy" with a 12-month price target of 25¢ a share as the industry continues to face difficult operating conditions.
• Bank of America Merrill Lynch has posted a "buy" recommendation on Mortgage Choice, with a price target of $3.40 a share. The bank says Mortgage Choice has delivered a solid result with a double digit earnings per share growth continuing.
Good morning and welcome to the Markets Live blog for Tuesday.
Your editors today are Jens Meyer and Patrick Commins.
This blog is not intended as investment advice.
BusinessDay with wires.


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Venta MX Hoody Men's
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This premium-quality hooded softshell incorporates two weights of WINDSTOPPER® for easy mobility and protection from the elements. Light, breathable WINDSTOPPER® is used on the front torso, hood and underarms, while warmer, more durable, stretch WINDSTOPPER® is used on the shoulders and back.
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- Moisture-resistant outer face fabric
- Snow-shedding
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Product Description
Buffalo Sabres Logo Swivel Bar Stool with Ladder Style Back
Made for the ultimate sports fan, impress your buddies with the knockout L014 Buffalo Sabres Logo Swivel Bar Stool with Ladder Style Back from Holland Bar Stool. You can't find a higher quality logo stool on the market. If you're going to finish your bar or game room, do it right - with a Holland Bar Stool.
- Defined Ladder-style-back that doesn't just add comfort, but sophistication
- Commercial grade vinyl cushion
- Detailed screen print process that applies specially formulated epoxy-vinyl ink in numerous stages to produce a sharp, crisp, clear image
- Finished with a epoxy-polyester powder coat, providing a durable, long lasting finish
- Made with commercial quality, plating grade steel
- Construction of this framework is built tough, utilizing solid welds
- Minimal assembly required to attach the base to the swivel
- Made in the USA
- 5 year residential structural frame warranty
- Lifetime warranty on swivel
- 1 year limited warranty on seat cushion
With over 25 years of experience in the furniture industry, Holland Bar Stool Co. was founded on the principles of fine quality, craftsmanship, and service. As an industry leading manufacturer of upscale, commercial quality bar stools, tables, and chairs, they use the finest high-quality plating grade steel and hardwood to produce our products. HBS distances themselves from competitors by building their products with care and thought. HBS prides themselves on having tough, durable products that are known for their quality. If you're finishing your bar or game room with a new stool, chair, or table, then do it right - with a Holland Bar Stool.
Finish: | Black Wrinkle | |
NHL Logo: | Buffalo Sabres | |
Materials: | Steel/Vinyl | |
Usage: | Assembly Required | |
Listing: | Made in USA | |
Warranty | 5 year residential structural frame warranty / Lifetime warranty on swivel | |
Application | Residential | |
Arms | Without Arms | |
Application | Commercial | |
Distressed Finish Furniture distressing is the act of making a piece look as though it is worn out or antique. This style has become a very popular finish in the industry. Narrow your results here by whether or not you desire a distressed finish. | Distressed Finish | Non-Distressed |
Assembly Required Some products are shipped to your door step assembled while others may require light assembly. | Assembly Required | Ready to Assemble |
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Swivel A chair that swivels has a seat with the ability to rotate. Narrow your search of stools and chairs by filtering this specific function. | Swivel | Swivels |
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BackToFront: | 17 inches |
Width: | 18½ inches |
Height: | 39 - 44 inches |
Weight Capacity: | 350lbs |
Seat Height: | 25 - 30 inches |
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Mfr Part # | |
Sku | |
Group # | 1135528 |
Category | Bar Stools - 1069 |
Style | Sports - 292 |
Sales Rank | 2265 |
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Friday, April 12, 2013
NEW WILMINGTON, Pa. - "CAMP", a movie inspired by the heartbreaking stories of foster children, was playing in limited release Saturday, April 13, at the Westgate Cinema 9 in New Castle. The producer of the movie attended the 4:15 p.m. and 6:30 p.m. showing, as well as nearly 100 Westminster College students, alumni, faculty and staff.
"The movie is based on the experience of campers and counselors at Royal Family Kids (RFCK) Camps, including the camp held locally here in New Castle," said writer/director Jacob Roebuck.
Royal Family Kids, Inc., a 501(c)(3) non-profit, is the nation's leading network of camps for abused, neglected and abandoned children. By mobilizing local churches to sponsor a one week camp for abused and neglected children, ages 7-11 in their local community, the organization gets caring adults involved in the lives of children who need them most. Each camp has two very simple goals: make positive childhood memories for the kids and let them experience unconditional love from an adult.
This upcoming summer will be the 8th annual Royal Family Kids' Camp of Lawrence County. Originally launched by First Assembly of God, the camp has since become a non-profit, incorporating the support of many local churches and community businesses, which make up the core support and staffing for the camp. The last several years, 50-55 kids from Lawrence County have attended the camp. This past summer 17 members of the Westminster community volunteered for RFCK at Camp Kon-O-Kwee/Spencer in Fombell.
"The children leave a lasting impression on you," said camp counselor and Westminster alumna Kayla Rosati Gregorich '10. "The happiness you share with them all week is unforgettable and so is the sadness you share at the end of the week. You hope that the seed you planted in them grows and they never forget the love you showed them."
"This is my fourth year as a counselor at Royal Family Kids Camp and it has been a life changing experience for me. I've been blessed to have the same campers every year and have formed an indescribable bond with them," student Nicole Jodikinos said. "One of my campers was being abused with water prior to camp, but because of the caring and trusting environment at camp, she was able to overcome these fears and go swimming."
Jodikinos said, "The movie provides an insight into the week of camp and some of the heart wrenching stories of the kids that go there. "CAMP" shows how just one week in a safe, loving environment can leave a lasting impact on a child. After seeing the movie, it makes you want to get involved and help these innocent children."
Jodikinos, a senior accounting major, is a daughter of Norman and Diana Jodikinos of Clinton and a graduate of Hopewell High School.
"When I volunteered at a camp just like the one in New Castle, I saw the huge need for people to step up and love these abused and neglected children," Roebuck said. "There is no other medium like a movie that can entertain and encourage people to become engaged."
Besides encouraging people to volunteer to serve at a camp for abused and neglected children, "CAMP" will also raise money for the New Castle camp during its one-week run at Westgate Cinema 9. Forty percent of the producer's proceeds will be donated to help finance the Royal Family Kids Camp run by local camp director Beth Pears.
"Watching "CAMP" gave a bird's eye view of some of the tough situations that so many of our local children endure," said Pears. "The movie is not only entertaining, but also it sends a message of hope that we all are able to do our part to make a difference in the lives of hurting kids in our community. Anyone who has a heart will want to become involved after seeing this movie!"
In addition to playing at Westgate Cinema 9, the film was shown in 14 additional cities in Nebraska, Kansas, Indiana, Texas, California and Colorado on April 12 and had already opened in 30 cities. The movie is scheduled to play in around 100 theaters during its limited release run this spring.
To learn more about RFKC or how you can get involved email Colleen Hannon, public relations coordinator of Lawrence County RFCK, at firstname.lastname@example.com or visit www.royalfamilykids.org.
About Westminster College...
Founded in 1852 and related to the Presbyterian Church (U.S.A.), Westminster College ranks first in the nation as "Best College for Women in Science, Technology, Engineering and Math," according to Forbes.com. Westminster is a top-tier liberal arts college and a national leader in graduation rate performance, according to U.S. News Best Colleges guide. Westminster is also honored as one of "The Best 377 Colleges" by The Princeton Review, and is named to the President's Honor Roll for excellence in service learning.
Nearly 1,600 undergraduate and graduate students benefit from individualized attention from dedicated faculty while choosing from 41 majors and nearly 100 organizations on the New Wilmington, Pa., campus. Visit www.westminster.edu/advantage to view "Advantage: Westminster" A Strategic Plan 2010-2020.


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Date of the Event:
Friday, March 8, 2013 - 6:00pm - 9:00pm On Friday, March 8th from 6:00p - 9:00p, Somarts Cultural Center is presenting the opening reception for Overturn the Artifice. This free event takes place at Somarts Cultural Center, 934 Brannan Street in San Francisco. For more information call 415.863.1414.


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Drug Notes
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Pantothenic acid and biotin are types of B vitamins. They are water-soluble, which means that the body can't store them. If the body can't use all of the vitamin, the extra leaves the body through the urine. These vitamins must be replaced in the body every day.
Pantothenic acid; Pantethine; Vitamin B5
Pantothenic acid and biotin are essential for growth. They help the body break down and use food. This is called metabolism .
Pantothenic acid also plays a role in the production of hormones and cholesterol.
Biotin is found in foods that are good sources of B vitamins, including:
Pantothenic acid is found in foods that are good sources of B vitamins, including the following:
There are no known deficiencies of either pantothenic acid or biotin.
Large doses of pantothenic acid do not cause symptoms, other than (possibly) diarrhea . There are no known toxic symptoms from biotin.
Reference Intakes
Recommendations for pantothenic acid and biotin, as well as other nutrients, are provided in the Dietary Reference Intakes (DRIs) developed by the Food and Nutrition Board at the Institute of Medicine. DRI is a term for a set of reference intakes that are used to plan and assess the nutrient intakes of healthy people. These values, which vary by age and gender, include:
Dietary Reference INtakes for pantothenic acid:
*Adequate Intake (AI)
The best way to get the daily requirement of essential vitamins is to eat a balanced diet that contains a variety of foods.
Specific recommendations depend on age, gender, and other factors (such as pregnancy). Women who are pregnant or breast-feeding need higher amounts. Ask your health care provider which amount is best for you.
Escott-Stump S, ed. Nutrition and Diagnosis-Related Care. 6th ed. Philadelphia, Pa: Lippincott Williams & Wilkins; 2008.
Sarubin Fragaakis A, Thomson C. The Health Professional's Guide to Popular Dietary Supplements. 3rd ed. Chicago, Il: American Dietetic Association;2007.
Institute of Medicine, Food and Nutrition Board. Dietary Reference Intakes: Vitamin C, Vitamin E, Selenium, and Carotenoids. National Academy Press, Washington, DC, 2000.
Alison Evert, MS, RD, CDE, Nutritionist, University of Washington Medical Center Diabetes Care Center, Seattle, Washington. Also reviewed by A.D.A.M. Health Solutions, Ebix, Inc., Editorial Team: David Zieve, MD, MHA, David R. Eltz, Stephanie Slon, and Nissi Wang.
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


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Riboflavin is a type of B vitamin. It is water soluble, which means it is not stored in the body. You must replenish the vitamin in your body every day.
Vitamin B2
Riboflavin (vitamin B2) works with the other B vitamins. It is important for body growth and red blood cell production and helps in releasing energy from carbohydrates .
The following foods provide riboflavin in the diet:
Breads and cereals are often fortified with riboflavin. Fortified means the vitamin has been added to the food.
Because riboflavin is destroyed by exposure to light, foods with riboflavin should not be stored in glass containers that are exposed to light.
Deficiency of riboflavin is not common in the United States because this vitamin is plentiful in the food supply. Symptoms of a severe deficiency include:
Because riboflavin is a water-soluble vitamin, leftover amounts leave the body through the urine. There is no known poisoning from riboflavin.
The Recommended Dietary Allowance (RDA) for vitamins reflects how much of each vitamin most people should get each day. The RDA for vitamins may be used to help create each person's goal.
How much of each vitamin you need depends on your age and gender. Other factors, such as pregnancy and illnesses, are also important. Women who are pregnant or breast-feeding need higher amounts. Ask your health care provider which amount is best for you
Dietary Reference Intakes for riboflavin (vitamin B2):
*Adequate Intake (AI)
Adolescents and Adults
The best way to get the daily requirement of essential vitamins is to eat a balanced diet that contains a variety of foods.
Escott-Stump S, ed. Nutrition and Diagnosis-Related Care. 6th ed. Philadelphia, Pa: Lippincott Williams & Wilkins; 2008.
Sarubin Fragaakis A, Thomson C. The Health Professional's Guide to Popular Dietary Supplements. 3rd ed. Chicago, Il: American Dietetic Association; 2007.
Institute of Medicine, Food and Nutrition Board. Dietary Reference Intakes for Thiamin, Riboflavin, Niacin, Vitamin B6, Folate, Vitamin B12, Pantothenic Acid, Biotin, and Choline. Washington, DC: National Academy Press; 1998.
Alison Evert, MS, RD, CDE, Nutritionist, University of Washington Medical Center Diabetes Care Center, Seattle, Washington. Also reviewed by A.D.A.M. Health Solutions, Ebix, Inc., Editorial Team: David Zieve, MD, MHA, David R. Eltz, Stephanie Slon, and Nissi Wang.
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


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