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That's all from us here at Markets Live, thanks for being with us. We'll be back again tomorrow at 9am.
Dire prediction for iron ore: the base metal, trading near 16-month highs, could slump by more than 50 per cent to the lowest level since 2009 as China boosts production and global supply climbs, UBS says:
Rates may tumble to $US70 a tonne in the three months ending September after trading between $US130 and $US160 through June, Sydney-based commodity analyst Tom Price says. China is the world's biggest importer.
Iron ore has surged 75 per cent from a near three-year low in September as China's growth rebounded from a seven-quarter slowdown.
hat may prompt an increase in Chinese output and idled mines with capacity of 100 million tons a year are set to return to the market from March, according to Macquarie. Global seaborne supplies will climb 9.1 per cent this year, Morgan Stanley estimates.
''We expect a big correction in the third quarter,'' says Price. ''We see a big lift in supply.''
Iron ore was fetching $US151.90 a tonne yesterday.
While Price joins analysts from Westpac to Deutsche Bank in predicting cheaper prices in the second half, his estimate is lower than most. Westpac senior economist Justin Smirk and Bank of America expect $US110 by yearend.
Here's what you need to know this evening:
- The ASX200 slumped 1%, its second big sell-off this year
- The dollar was steady at $US1.0284, and up at 78.7 euro cents
- The Nikkei plunged 2.3%, then Hang Seng fell 0.8% but Shanghai was flat
- Wall Street futures are slightly higher, while FTSE100 futures are 1.5% down
- Spot gold is flat at $US1593, WTI crude oil is down 0.8% at $US92.36
- QBE to cut 700 jobs, but no mass layoffs
- Virgin offers no guarantees on Tiger fleet
- Caterpillar powers Seven Group's profit jump
- RBA could lower cash rate to offset high $A
- Earnings season - all of today's results
- ABS construction work done for December quarter
- Billabong CEO Laura Inman to address Gold Coast Business Leaders' lunch
- APRA chairman John Laker to address Australian British Chamber of Commerce lunch on "The Importance of Good Governance"
Earnings tomorrow
- AGL Energy est net profit: $273.30 million
- James Hardie est: $US33.53 million (Q3 profit)
- Sydney Airport est: $19 million
- UGL est: $40.9 million
- Westfield Group est: $779 million
- Westfield Retail Trust est: $284.18
- Wotif.com est: $29.50 million
All consensus estimates are courtesy of S&P Capital IQ.
And here's another comment on today's sell-off, by RBS Morgans senior trader Luke McElwaine, who thinks the 5000-mark will hold (at least for a while):
- A lot of it has to do with resistance on the market at the 5000 level, the market is finding a new home. We'll test this level, it is a significant resistance level we've got here, we're not going to crack it first time.
- Europe has been off the agenda for a little while, we haven't seen it on the front page of the paper in this calendar year. When you see an announcement like that it does make the market consider their position again in relation to Europe and as a result it does create nervousness and anything growth rating, or things of leverage to a market going up, have been sold out.
Major Stocks:
BHP Billiton -1.5% to close at $36.35
Rio Tinto -0.9% to close at $65.57
ANZ -1.1% to close at $28.16
CBA - 0.4% to close at $65.47
NAB -1.1% to close at $29.95
Westpac -0.4% to close at $30.23
Fortescue Metals -2.9% to close at $4.61
Woolworths -2.2% to close at $33.94
Wesfarmers -1.2% to close at $40.14
Qantas -2.1% to close at $1.61
Top Three Performers:
1. OceanaGold +9.5% to close at $2.41
2. Emeco Holdings +6.7% to close at 72¢
3. FKP Property +6.1% to close at $1.65
Worst Three Performers:
1. Transfield Services -5.9% to close at $1.82
2. Virgin Australia -5.8% to close at 41¢
3. Karoon Gas -5% to close at $7
The Italian election results suggest recent reforms are now considered unlikely to continue in their current form, which caused investors to sell stocks, but the sell-off is likely to be limited, CMC Markets trader Ben Taylor says:
- While many traders have been looking for reasons to take profits, the market's inherent strength has met any pullback with swift bidding support as low interest rates continue to see cash pour in from the side line.
- If the uptrend remains intact, we are likely to see previous gains added to over the next month.
Virgin Australia insists it cannot give an ''iron-clad guarantee'' that it will triple the size of Tiger's Australian fleet within the next five years because of the volatile nature of the industry.
The competition regulator has indicated that one of the conditions of it approving Virgin's bid for a controlling stake in Tiger Australia could be it living up to plans to boost the budget airline's fleet from 11 to 35 planes by 2018.
But speaking after Virgin posted a more than halving in first-half profits, the chief executive, John Borghetti, said it would be irresponsible to give a firm commitment to boosting Tiger's fleet to 35 planes because it operated in a ''very volatile industry''.
''You can't give an iron-clad guarantee on something like that because you just don't know what's around the corner,'' he said. ''No airline in the world would give a capacity commitment for five years.''
So that's it for the trading day.
It could have been worse for the local bourse, which dropped from 5038.6 points on the opening bell to a low of 4978.4 points on Italy election concerns.
But it fought back through the day to close just above the 5000 points level.
At the close, the benchmark ASX/S&P200 lost 52.2 points, or 1 per cent, at 5003.6 points, while the broader All Ordinaries lost 50.9 points, or 1 per cent, at 5021.8 points.
Seven Group Holdings has blamed a subdued coal sector in NSW for a cautious outlook, which includes flat underlying earnings for the current half year, after reporting that net profits for the six months to December 31 increased 590 per cent to $258 million.
The strong result was largely powered by Seven's Caterpillar franchise in NSW and Western Australia - Westrac.
''The first half group result was exceptional and was driven by some significant large fleet deliveries at Westrac,'' Seven Group's chief executive Peter Gammell says.
''The second half will not see this level of product sales and we are therefore not anticipating as good a half.''
Mr Gammell says earnings will be flat for the current half and underlying group net profit for the 2013 financial year will be up approximately 10 to 20 per cent on 2012's $343 million result.
Robert Rennie, Westpac's chief currency strategist, says the Italian elections mark an important step in the deterioration in European politics.
''The idea that Berlusconi was finished will now need to be rethought,'' he has written in a note.
''Financial markets will now have to take at face value the idea that the protest vote can actually attain an overall majority in some parts of Europe's legislature. This is indeed a worrying development and one that should rattle financial markets for some time to come.''
European sharemarkets are expected to open sharply lower, with futures on London's FTSE100 down more than 1.5 per cent.
Still a few hours to go but we are calling the FTSE 6255 -100, DAX 7645 -128, CAC 3624 -97, IBEX 7987 – 257 and MIB 15910 -410
— Chris Weston (@ChrisWeston_IG) February 26, 2013
Shaw Stockbroking analyst Darren Vincent said the Flight Centre results were in line with expectations, adding that the slight dip in the company's share price today was in part a reflection of the market's nervousness about the Italian elections, and a slight inherent volatility in the stock's value.
''There are no secrets there that either Flight Centre or the travel industry has as to the way the outlook is. We're staying bullish,'' Mr Vincent said.
He added that the outlook for the company was expected to remain stable, with consumer sentiment unlikely to weaken further and little challenge from online travel packages at this time.
Demand for flights would also continue as a result of a structured shift in flying, which has seen more Australians become used to taking to the air regularly, Mr Vincent said.
The index is heading down again, hovering just above 5000. The S&P/ASX200 is down 47.2 points, or 0.9 per cent, to 5008.6
FTSE100 futures are down 1.5 per cent. Wall Street futures are slightly lower.
Shares in James Hardie remained soft, down 1.7 per cent at $9.38, in line with the softer overall market ahead of its December quarter earnings, which are to be released first thing tomorrow. It touched all-time highs late last month of $10.29 as the market's recent upswing hit its peaks.
Credit Suisse reckons the building products maker will lift the December quarter net profit 19 per cent to $US32.9 million against the backdrop of rising housing starts in the key US market.
The ACCC's Telecommunications Reports 2011–12, tabled today in Parliament, showed prices for telecommunications services continue to fall.
Prices paid by consumers for telecommunications services fell by 2.2 per cent in real terms in 2011-12. Prices are now almost 20 per cent lower than they were in 2006-07.
"Notably, real prices for fixed-to-mobile calls fell by over 10 per cent in 2011-12. Significant falls in these prices over the last five years are likely to be due to increased competition and ACCC reductions in the regulated wholesale price for mobile call termination," ACCC Chairman Rod Sims said.
The report on telecommunications prices notes that it has become common for service providers to maintain the nominal price of their mobile and internet plans at certain price points. 'Price changes' are then made by changing the inclusions of those plans.
"In 2011-12, total data download volumes grew by 51 per cent. Like other infrastructure such as roads, telecommunications networks can get congested at busy times. Service providers will either need to invest in more capacity, adjust pricing or encourage their customers to shift their usage to less busy times in order to manage growing demands into the future," he said.
The Minerals Council of Australia is looking for a new chief executive following Mitch Hooke's decision to leave the organisation at the end of this year.
Mr Hooke, the council's chief executive since 2002, had made an enormous impact on the industry and the wider public-policy landscape, chairman Peter Johnston said.
Mr Hooke has agreed to continue as a special adviser for 12 months after he steps down as chief executive.
Timber giant Gunns may have traded while insolvent, administrators of the collapsed company say.
In a detailed report to creditors, PPB Advisory says more investigation is needed to determine the date of insolvency.
But the report says Gunns may have had solvency concerns six months before it entered administration on September 25 last year.
''As we are yet to form a conclusive view on the date of insolvency we are unable to state definitively whether the Gunns Group traded whilst insolvent,'' the report said.
Here's a snapshot of how markets around the region are performing:
- Nikkei(Japan): -1.4%
- Shanghai: +0.2%
- Taiwan: -0.4%
- South Korea: -0.5%
- Singapore: -0.5%
- New Zealand: +0.2%
Here's something interesting from our small business team, in his Venture blog, Tony Featherstone looks at life planning the Roger Federer way. Are you over-committed on the mortgage? Do you have unrelenting pressure to perform at work? Have you forgotten how to have a conversation with your partner, beyond talking about work or the kids? You're not alone, and getting the basics right - just as Roger Federer does - can put you on the path to a successful and happy life.
Japanese government bond prices have risen, with the five-year yield hitting a record low, as Italy's deadlocked election outcome raised fears the euro zone debt crisis could resurface.
Mounting expectations of more drastic easing steps from the Bank of Japan to revive the ailing economy also helped push yields down to levels that some analysts said were "overly priced in" by the markets.
"It's very, very difficult to justify this yield level. But as the Federal Reserve has done something similar in the last few years, it's possible for the central bank to engineer lower rates for longer," said Shogo Fujita, chief Japan bond strategist at Bank of America Merrill Lynch.
"That's what is expected from the BOJ under this new regime under (Haruhiko) Kuroda-san or whoever it may be."
The five-year yield inched down 0.5 basis point to 0.115 per cent, breaking the previous low of 0.120 per cent hit on Monday after sources said Asian Development Bank President Kuroda, an advocate of aggressive monetary easing, was likely to be nominated as the next BOJ chief.
The 10-year yield slipped 2 basis points to 0.685 per cent, touching its lowest level since December 6, while 10-year JGB futures climbed 17 ticks to 144.84 after climbing to a two-month high of 144.95.
The incoming chief of Whitehaven Coal has sought to play down concerns he may be too close to the company's top shareholder and former suitor, struggling tycoon Nathan Tinkler.
Paul Flynn, who used to work for the Tinkler Group, is due to take over from Whitehaven managing director Tony Haggarty in March, a development investors have been lukewarm about, pushing shares down 6 per cent and below $3.00 when it was announced last week.
Flynn quit the Tinkler Group last September after becoming a director of Whitehaven.
"Since that time I've had no employment or other relationships with the Tinkler Group," Flynn told analysts and reporters after Whitehaven reported a first-half loss.
Shares are currently 2.3 per cent lower.
More on Flight Centre, which is still trading about 2.7 per cent lower at the moment despite posting record first-half sales and profit results.
Looking ahead, the travel company says it would focus on growing its corporate sector and fully implementing its ''blended model'' - which would allow customers to seamlessly move between shopping for flights and travel packages online and in-store.
Managing director Graham Turner said in an investor briefing this morning that more of Flight Centre's marketing would focus to on premium rather than low-cost flights.
"The overall move from economy to business, particularly in leisure, is going to be a positive move for us and the travel industry, as well as airlines generally," he said.
Mr Turner added that airline ticket prices were at an all-time low and were likely to rise.
"As well as people moving more into premium fares, I think that the fares will tend to move up. ... I think there will be some inflation of fares generally and I think that the move to more premium fares will help our [total transaction value] growth."
The market has bounced back to reclaim about half of this morning's loss. Here's a theory on why:
Obvious the #markets think #Bernanke will be the saviour this evening. May well be, but is liquidity really the issue we're facing? #ausbiz
— David Scutt (@David_Scutt) February 26, 2013
After two days of speculative news reports, QBE has confirmed it is planning to shed about 700 jobs from its global operations, as it looks to relocate more staff in the Philippines as part of a plan to save $250 million a year.
The insurer's chief executive, John Neal, today said reports that 700 positions could be affected by cost-cutting were in the ''ball-park,'' but these cuts would come from across several divisions from around the world.
''700's in the ball-park for what we think we can achieve out of our major operations ... so that includes the US, that includes Europe,'' Mr Neal told reporters.
It is not clear how many of these positions are held by Australian staff, and Mr Neal said the company was aiming for most of the changes to come from natural attrition and lower use of contractors. He said there would not be a mass redundancy round.
And the losers on the ASX200:
- Transfield: -5.68%
- Virgin: -4.6%
- Atlas Iron: -4.06%
- Platinum Asset Management: -3.21%
- Sims Metal: -2.94%
Another look now at the best performed companies on the ASX200 so far today:
- Oceanagold: +10%
- FKP Property: +8.36%
- Troy Resources: +7.75%
- Buru Energy: +6.36%
- Kingsgate: +5.73%
- Ten: +3.8%
- Ausdrill: +3.77%
"There's an argument going on among traders at the moment,'' says said Michael McCarthy, chief market strategist at CMC Markets.
"Was the Italian election result a cause or an excuse for something the market wanted to do? Because the market has run so hard we were due for a pull back."
The benchmark S&P/ASX 200 index was 38.3 points lower at 5034, trimming losses from earlier in the session.
"Twice now the pullback has respected the key break out level of 4976, this morning's low of 4978 is within a whisker of that," said McCarthy.
"But the fact that we've been able to bounce off it and hold above indicates to me that the underlying strength in the market remains."
The resistance levels are at 4976 and 5025 points, he said.
"[They are] the previous levels the market had failed at. When the market trades through a resistance level, it becomes a support level."
The powerful tropical cyclone is on course for a "direct hit" on Australia's Port Hedland, which handles a fifth of the world's seaborne-traded iron ore, with evacuations starting on Tuesday ahead of forecast 280 kph winds and torrential rains.
Cyclone Rusty, which is expected to reach Australia's northwest coast on Wednesday, has already closed Port Hedland, halting the loading of millions of tonnes of iron ore, and shut offshore oil and gas fields.
Rusty could strengthen to a category four storm -- on a scale of one-to five -- by the time its reaches the port, according to the Bureau of Meteorology tracking system.
"In this case a direct hit looks likely," said Atlas Iron Managing Director Ken Brindle, adding the miner had halted its port operations and evacuated its employees from the area.
"That implies an impact on production," Brindle said.
Satellite maps show cyclone Rusty hovering ominously off WA's North West.
The dollar has come full circle and at $US1.0280 is trading roughly where it was last night.
Overnight, it hit a high of $US1.0329 but fell as the Italian election results started coming in and scaring investors. A speech by RBA assistant governor Guy Debelle this morning in which he suggested the cash rate could be used to weaken the dollar, brought the currency as low as $US1.0249 before it recovered.
Commonwealth Bank currency strategist Peter Dragicevich says the dollar has been relatively well-supported, considering the negative tone in markets following the Italian election results.
''It's surprisingly resilient, given the negativity we saw stemming from the Italian election result. We're still pretty much stuck in the range we've been in for a while now.''
Dragicevich says developments in Italy will continue to be a major driver on currency markets over the next few days. But, he says, traders will also be closely watching US Federal Reserve chairman Ben Bernanke's testimony to Congress overnight.
''We expect Bernanke to be quite dovish and to reiterate that the Fed is maintaining its easing policy,'' he says. ''So, that should see the Aussie dollar grind up a little bit from where it is.''
The sharemarket is fighting back despite continuing worries about the outcome of the Italian elections.
The ASX 200 has moved back above the 5000-point level but still down 0.8 per cent. Losses are across the board (apart from the gold sector).
CMC Markets chief market analyst Ric Spooner says the possibility of a political impasse in Italy for an incoming government is creating uncertainty amongst investors.
''There is a significant political risk to the euro zone,'' he says. ''This election, in one of the biggest economies, which has one of the largest debts, is an indication that that mandate may not be forthcoming.
''Over the medium term, that elevates the risks to the globe of some future problems.''
The national electricity industry regulator has strongly criticised plans by a NSW government-owned electricity company to upgrade the network in the state's north east, even following a decision to defer the upgrade.
The NSW high voltage transmission network owner Transgrid had planned to upgrade a link between Stroud and Lansdowne, near Taree on the mid-north coast, by building a 330,000 volt link to meet forecast demand growth.
Following criticism from affected households, Transgrid cut the planned upgrade to a 132,000 voltage link and deferred the proposed timing to the early part of next decade.
In a detailed criticism published earlier today, the Australian Energy Regulator, an arm of the consumer watchdog the Australian Consumer and Competition Commission, said Transgrid had failed to meet as many as seven necessary prerequisites when putting forward network upgrades, such as releasing the detailed reasons justifying the planned upgrade and detailing the likely constraints requiring the upgrade.
Developer Becton Property Group has been pushed into limited receivership after failing to meet its $242 million debt obligations to US investment bank Goldman Sachs and vulture fund Fortress Investment Group.
The move against the 36-year-old residential developer and retirement village operator came when ''extensive negotiations'' broke down in the wake of Becton's shares entering a trading halt on Friday.
Becton joint company secretary Jason Vanderzalm announced to the ASX that Goldman Sachs and Fortress refused to provide the debt waivers that were necessary to ensure the ''future and ongoing solvency'' of the group.
''Having exhausted all alternatives available to it, the Board therefore has no reasonable basis for believing [Becton] will be in a position to pay its debts as and when they fall due,'' the statement said.
KordaMentha have been appointed as receivers and managers for Becton Pty Ltd, Becton Group Holdings Pty Ltd and Becton Construction Group Nominees Pty Ltd.
With wafer thin margins - the pre-tax margin fell to 4.8 per cent from 5.8 per cent - Transfield Services has outlined a range of planned asset sales of non‐core businesses such as Easternwell's minerals exploration and marine geotechnical arms, most of the Middle East and Asian activities and its 20 per cent stake in Ratch‐Australia Corporation Limited.
Proceeds will be re-invested in the business, although neither the likely capital amount to be raised or the timing has been clarified at this stage.
Last week, the group outlined asset write-downs totalling $284.3 million, which largely confirmed earlier speculation it had overpaid when it originally bought the Easternwell unit.
Also weighing on investor sentiment towards its shares is the new stance that dividends will reflect earnings, signalling prospective volatility until the present restructuring is completed.
On the Italian election results, and as the market trims its losses:
Europe's 3rd-largest economy, with 3rd-largest debt-to-GDP globally, with an anti-euro, anti-austerity Senate, not a concern so it seems
— David Scutt (@David_Scutt) February 26, 2013
Italy might not have a pope or a government next week. Sedi vacanti.
— Jason Horowitz (@jasondhorowitz) February 25, 2013
"Elections more problematic than market scares or sentiment shifts.. they can't be undone by $$ printing #Italy businessinsider.com/analyst-on-ita…
— Brooke Corte (@brookecorte) February 26, 2013
The results of the Italian elections are pretty much in: the centre-left coalition will win a majority in the lower house of parliament but the upper house will be deadlocked, the Interior Ministry said after almost all votes were counted.
After 99.9 per cent of the polling booths had been tallied, the centre-left led the centre-right by about 125,000 votes in the lower house, handing it a sizeable majority thanks to a generous winner's bonus.
But the Senate was a different story. The centre left was sure to win more seats than the centre right in the upper house, but fell well short of a majority, even in coalition with outgoing Prime Minister Mario Monti's help.
Since both houses are needed to pass laws, the centre left would need the help of comic Beppe Grillo's 5-Star Movement or Silvio Berlusconi's centre right to pass laws, currently an unlikely prospect. If no agreement can be reached, a new vote would have to be called.
He's back, but probably not as PM ... Silvio Berlusconi. Photo: AFP
Aussie investors aren't the only ones in the region feeling jittery about Italy. Japan's Nikkei share average fell sharply at the open retreating from a 4.5 year high as the yen strengthened on uncertainty following the Italian elections, with shares of some big exporters to Europe tumbling.
The Nikkei dropped 2.4 percent to 11,379.92, and the broader Topix shed 1.9 per cent to 962.53.
Anyone else subscribe to this line of thinking? Reader 'DCJC' writes:
Just waiting for the next European election - whenever that will be. Then the Spanish one, then the French one, then the Portuguese one, then the Irish one, then the German one, then the Icelandic one, then the next Greek one, then it will be time for the US one again. Sounds as if there will be 27 good opportunities to snap up some bargains over the next couple of years.
Looking forward to the Mongolian yak farmer stubbing his toe when out on the steppe next and seeing how that will affect the market.
Atlas Iron has posted a first half loss of $256 million, caused by writedowns in the value of several exploration areas.
The emerging Pilbara miner's result for the six months to December 31 was down from a $6.08 million profit in the previous corresponding period.
The loss includes $455 million in charges related to impairments on Atlas' undeveloped Horizon 1 and 2 project areas and other tenements.
Underlying profit in the six months to December of $1 million was down from $62.2 million in the previous corresponding period, as sales revenues dropped because of weaker iron ore prices.
Atlas said it would not pay a dividend for the first half period. Its shares were down 8.5 cents at $1.515.
The worst-performed companies on the ASX200 include:
- Transfield: -9.3%
- Atlas Iron: -5%
- Mirabel Nickel: -5%
- Platinum Asset Management: -4.35%
- Flight Centre: -4.24%
- Caltex: -3.43%
The best-performed companies on the ASX200 include:
- Oceanagold: +11.36%
- Medusa Mining: +5.8%
- St Barbara: +5.36%
- Troy Resources: +5.28%
- FKP Property: +4.82%
- Billabong: +2.4%
Behind the numbers in QBE's 8 per cent increase in full year profit to US$716 million is a series of management changes as new chief executive John Neal moves to stamp his mark on the 126-year-old insurer.
Long serving chief financial officer Neal Drabsch has flagged his retirement in February 2014. Drabsch, has been CFO for the past 18 years - a period that took in Frank O'Halloran's entire tenure as the former chief of QBE. Elsewhere QBE's North American chief John Rumpler will exit the group.
The departure follows a 13 per cent drop in premiums over the past year. QBE's headline result was hit by a high operating ratio - that is the ratio of claims, expenses to earned premium of 97.1 per cent, up from 96.8 per cent in 2011 given losses and provisions from Superstorm Sandy that hit the east coast of North America.
This is equivalent to QBE paying out 97.1 cents in claims for every dollar it receives in premiums.
Losses among the big banks are also ahead of the general market:
- CBA is 1.7% lower to $64.63
- ANZ is 1.58% lower to $28.02
- NAB is 2.05% lower to $29.66
- Westpac is 1.81% lower to $29.82
The big miners have fallen in line with the general market in early trade:
- BHP is 1.49% lower to $36.35
- Rio is 1.74% lower to $65.00
- Fortescue is 2.63% lower to $4.62
Now for the Whitehaven result. Lower coal prices and delays to operations have caused Whitehaven Coal to post a $47 million first half loss.
The NSW-focussed miner's result in the six months to December 31 was down from a $19.9 million profit in the previous corresponding period.
''Whitehaven's first half performance has suffered from a number of adverse impacts on the business, the most significant being weak coal prices and a strong Australian dollar,'' outgoing chief executive Tony Haggarty said in a statement.
The company was also hit by a train derailment and maintenance at its Sunnyside mine.
A look now at the share price moves of companies which have reported today:
- Flight Centre: -3.2% to $31.27
- Atlas Iron: -6.7% to $1.4925
- Jetset TravelWorld: flat at 41 cents
- Slater & Gordon: +1.3% to $2.39
- QBE: -5.2% to $12.35
- Ramsay Healthcare: +4.3% to $31.89
- Seven Group Holdings: -0.4% to $10.01
- Virgin: -2.3% to 42.5 cents
- Transfield Services: -12.9% to $1.685
Sector by sector on the ASX200, there's red ink everywhere:
- Energy: -1.87%
- Consumer disc: -1.82%
- Materials: -1.76%
- Financials: -1.69%
- Info tech: -1.49%
- Consumer staples: -1.17%
- Industrials: -1.16%
Ratings agency Standard & Poor's says Rio Tinto's debt is rising faster than expected and has downgraded the outlook to negative, while reaffirming its A-minus credit rating for the diversified miner.
Unless Rio makes large asset sales or iron ore prices remain above $US120 a tonne, S&P warns, Rio's debt will continue to rise through 2013-14, risking a credit downgrade.
Rio reported debts of $US26.7 billion as of December 31 - up 24 per cent on the $US21.5 billion a year earlier - are higher than S&P expected.
Rio shares were off $1.53 or 2.3 per cent to $64.62 in early trade.
Unless Rio makes large asset sales or iron ore prices remain above $US120 a tonne, S&P warns, Rio's debt will continue to rise through 2013-14, risking a credit downgrade.
Rio reported debts of $US26.7 billion as of December 31 - up 24 per cent on the $US21.5 billion a year earlier, higher than S&P expected.
Rio shares were off $1.28 or 1.9 per cent to $24.87 in early trade on Tuesday. Ratings agency Standard & Poor's says Rio Tinto's debt is rising faster than expected and has downgraded the outlook to negative, while reaffirming its A-minus credit rating for the diversified miner.
Unless Rio makes large asset sales or iron ore prices remain above $US120 a tonne, S&P warns, Rio's debt will continue to rise through 2013-14, risking a credit downgrade.
Rio reported debts of $US26.7 billion as of December 31 - up 24 per cent on the $US21.5 billion a year earlier, higher than S&P expected.
Rio shares were off $1.28 or 1.9 per cent to $24.87 in early trade on Tuesday.
Overvalued: Rio Tinto's troubled Mozambique project. Photo: Scott Douglas
Aussie stocks have opened more than one per cent lower.
At 10.13am AEDT the benchmark S&P/ASX200 index is down 62.4 points, or 1.23 per cent, at 4,993.4, while the broader All Ordinaries index is down 60.6 points, or 1.19 per cent, at 5,012.1.
On the ASX 24, the March share price index futures contract was down 62 points at 4,980, with 9,299 contracts traded.
Dip-buying on the #xjo already evident. The same thing happened last Thursday before the index plunged over 100pts #ausbiz #buythedip — David Scutt (@David_Scutt) February 25, 2013
That sound was Aussie stocks hitting the floor. All sub indices on the ASX200 are lower except for health, which has gained 0.34 per cent in defiance of sentiment pretty much everywhere else on markets.
Half-owner of Vodafone in Australia, Hutchison Telecommunications, has reported a $394 million loss for the 2012 calendar year, following a loss of $168 million in 2011.
Hutchison said its share of Vodafone Australia's loss was $409 million, which means Vodafone Hutchison Australia lost more than $800 million in 2012. Hutchison and Vodafone merged in 2009.
The mobile network now has 6.6 million active accounts, about one million fewer than when the companies merged, and management is executing a turnaround plan.
VHA's revenue decreased more than 16% to $3.4 billion and earnings decreased more than 40% to $354 million.
Some Virgin details:
Virgin Australia's domestic EBIT down 43%, international EBIT up 10%. Overall, the fairy-tale run seems like its coming to an end #ausbiz
— Peter Esho (@PeterEsho) February 25, 2013
Virgin Australia's first half profit has slumped by 56 per cent but it expects to improve its underlying performance despite challenging economic conditions.
The airline made a net profit of $23 million in the six months to December 31, down from $51.8 million in the previous corresponding period.
The difference was mainly the result of Qantas' industrial dispute in the previous corresponding period, which benefited Virgin.
Virgin on Tuesday also said the carbon tax had a $24.4 million impact on its profit in the six months to December.
The company's underlying profit before tax was $61 million in the six months to December, down from $96.1 million in the previous corresponding period.
No dividend will be paid to shareholders.
Virgin Australia Photo: Peter Rae
Ric Spooner at CMC Markets says the Italian election result, or lack thereof, ''looks like a clear negative for investors'':
The rally in share markets in recent months has been mainly about investor preparedness to pay more for stocks given perceptions of a lower global risk environment. While it's unlikely that the Italian election result will lead to any immediate change in economic policy, it will lead to uncertainty and reduced confidence.
Given the medium term nature of the risks from the Italian election and the possibility of positive news both from Mr Bernanke's testimony and US budget negotiations still to come, investors may be cautious about selling too aggressively at this stage.
With global investors already a bit jittery, Chris Weston at IG Markets offers this ironic tweet:
Good news flowing out today- China Securities Journal reporting the PBOC may look to tighten policy
— Chris Weston (@ChrisWeston_IG) February 25, 2013
The Australian dollar slipped on RBA assistant governor Guy Debelle's speech this morning, falling to the morning's low of $US1.0249, after earlier trading slightly above $US1.03.
It's currently trading at $US1.0268, having traded above the parity mark for most of the past two years, despite a fall in Australia's terms of trade over that time.
Mr Debelle said the RBA could further cut the cash rate, currently at 3.0 per cent, if the high dollar continued to have a negative impact.
''To date in Australia, we have been able to counter the effects of the higher Australian dollar with lower interest rates,'' he said in a speech to the University of Adelaide Business School.
''We still, obviously, retain scope to lower interest rates further, should the need arise, including to counterbalance the pressures of an elevated exchange rate.''
Oil Search's full year profit has dropped by 13 per cent due its increased exploration activity.The energy company has also forecast lower production and higher costs in calendar 2013.
Oil Search made a net profit of $US175.8 million ($A171.40 million) in the six months to December 31, down from $US202.5 million in the previous corresponding period.
''This was largely driven by higher exploration expense, of $US144 million ($A140.40 million) compared to $US60.6 million in 2011,'' managing director Peter Botten said in a statement on Tuesday.
''This reflects the company's increased level of exploration activity in 2012.''
Seven Group Holdings has flagged a rise of up to 20 per cent in full year profit despite being cautious about current trading conditions.
The media and industrials business has reported a net profit of 257 million dollars in the six months to December 31, up from 52 million in the previous corresponding period.
The surge in profit is largely a result of a 50 million dollar gain from the group's stake in Consolidated Media Holdings to News Corp.
Seven says while it remains cautious about trading conditions in the second half, it still expects to lift full year earnings.
Seven said revenues and earnings from its core WesTrac business both rose strongly in the first half thanks to demand for heavy equipment from the coal and iron ore miners.
However, looking ahead to the second half, Seven said that while a rise in the iron ore price had increased activity from WesTrac's iron ore customers, the coal sector was subdued and would have an impact on WesTrac's second half earnings.
And then there's this:
All eyes on #Italian debt when it opens this afternoon. Unless we get some (unlikely) positive news, things could get very, very ugly #bunga
— David Scutt (@David_Scutt) February 25, 2013
A bit more here on Italy. Fears among investors centre on the resulting gridlock leading to new elections and throwing into doubt Italy's ability to pay down its debt.
"Europe hasn't gone away as an issue, it is going to hang around, and it is rearing its ugly head today," said Stephen Massocca, managing director of Wedbush Morgan in San Francisco.
"If someone gets elected who is simply not going to play by the rules, what are they going to do? It puts them in a real quandary here because their financial support, their monetary support is all stipulated by the fact that these austerity programs are going to be in place."
Ramsay Health Care has reported a net profit of $138.4 million, a 10.1 per cent increase from the previous corresponding period, as it extended its chief executive Christopher Rex's contract for three years.
Australia's largest private hospital owner and operator declared a fully franked interim dividend of 29 cents per share.
"The 2013 half-year results reflect a sold performance in all our divisions across the world," Mr Rex said, adding that healthcare demand would increase with the ageing demographic.
"Our investment in capacity expansions over several years means we are well placed to meet this demand."
The company also reported a 5.2 per cent increase in revenue to $2.07 billion for the first-half of the 2012/13 financial year.
Insurance giant QBE has reported a full-year profit of $761 million, up 8 per cent from last financial year.
It has also announced it would be rationalising the business to save $US250 million ($A243.75 million) each year from the end of 2015.
The company blamed the impact of severe droughts and superstorm Sandy in the US for profits being slightly lower than forecast.
Chief executive John Neal gave no detail on how savings would be achieved.
''I will provide more detail of our new strategic direction, the progress of the operational transformation program and our targeted cost savings as we progress through 2013,'' he said in a statement on Tuesday.
BusinessDay understands as many as 700 Australian jobs could be on the line as the company moves to reduce its global operating costs over three years. The AFR reports this morning that QBE could move as many as 3000 jobs to Manila, with Australian, US and European jobs to be consolidated there.
QBE had forecast a net profit of more than $US820 million ($A799.49 million).
Flight Centre has reported a net profit of $91.8 million for the six months to December, a 13 per cent increase from the previous corresponding period, as the company set sales and profit records.
The travel company declared a fully-franked interim dividend of 46 cents per share.
The firm said its growth outlook for the 2012/13 financial year was marginally ahead of targets, and that it would continue to aim for profit before tax of $305 million to $315 million, with the largest profit months ahead.
"Australia and the UK are now entrenched as the company's largest and second largest profit generators and again delivered record [earnings before interest, taxes, depreciation, and amortisation] in challenging trading conditions to underpin [Flight Centre's] overall growth," Flight Centre's managing director Graham Turner said.
"Our Singapore and Greater China businesses also contributed record first half EBIT, which helped [Flight Centre] comfortably surpass the profit milestone that was established last year.
"In addition, a first half sales record was established. While some leisure businesses grew strongly, including Australia's niche brands, corporate growth was generally stronger."
The company also recorded EBIT of $124.8 million for the first-half of the 2012/13 financial year, up 11 per cent from the same period the year before.
Ausdrill has reported a net profit of $48.1 million in the six months to December, a 12 per cent fall from the previous reporting period, on the back of a slowdown in the mining sector.
The mining services group declared a fully franked interim dividend of 6.5 cents per share.
Ausdrill's managing director Ron Sayers said his company's strategic acquistions and business building had created a comprehensive service portfolio that helped it maintain operating profitability despite the slowdown.
"Out diversity and in particular the continued strong growth from Africa places Ausdrill in good stead as the mining sector resumes activity in 2013," Mr Sayers said.
Ausdrill also reported revenue of $580 million for the first-half of the financial year, a rise of 13.4 per cent from the same period the year before.
The VIX, aka the volatility index for US stock options, rose the most in 18 months as partial election results in Italy and the lack of a political deal to avoid automatic spending cuts in the US sent stocks tumbling.
The Chicago Board Options Exchange Volatility Index climbed 34 per cent to 18.99 for the biggest advance since August 2011.
''Volatility often behaves this way in front of events,'' said Peter Cecchini, global head of institutional equity derivatives at New York-based Cantor Fitzgerald.
''It's as if people who have been sleeping at the wheel suddenly wake up to see the back of a tractor trailer way to close for comfort, and then they jam on the breaks.''
So, where is the local market headed today? CBA's chief currency strategist and head of international economics, Richard Grace, said the Australian stock market would take the lead from US stock market and open up weaker, as indicated by the SPI futures.
"This points towards market participants being somewhat concerned about the Italian elections," he said. "There is a definite sense of risk aversion going through the market."
But he said concern over Italy was largely "overblown".
"I don't think this will have a long-lasting effect on the market. Certainly by next week the risk aversion should subside."
The Italian election has pushed US markets lower. In fact, Wall Street fell the most since September over fears that a divided parliament in Italy would get in the way of the country's reforms and hamper the euro zone's stability. US stocks had a shocker into the close. Then S&P500 lost 1.8 per cent, the Dow lost 1.5 per cent and the Nasdaq lost 1.4.
''We don't want to see more chaos out of Europe,'' Bruce McCain, chief investment strategist at the private-banking unit of KeyCorp in Cleveland, said in a phone interview.
''Any question about whether or not Italy would be committed to austerity measures after the elections gets investors concerned.''
That's seen the SPI tumble, pointing local stocks at a loss of more than one per cent at the open. The SPI was down 53 points to 4989.
Investors in Europe and the US kept a close eye on the Italian elections overnight.
Reuters reports that a huge protest vote vote by Italians enraged by economic hardship and political corruption has pushed the country towards political deadlock, with voting projections showing no coalition strong enough to form a government.
With more than two thirds of the vote counted, the projections suggested the centre left could have a slim lead in the race for the lower house of parliament.
But no party or likely coalition appeared likely to be able to form a majority in the upper house or Senate, creating a deadlocked parliament - the opposite of the stable result that Italy desperately needs to tackle a deep recession, rising unemployment and a massive public debt.
So, to put it simply, uncertainty is the only certainty at this stage.
Some analyst rating changes from yesterday:
- M2 Telecommunications cut to underperform at CIMB
- Kingsgate Consolidated raised to sector perform at RBC Capital
- Resolute Mining raised to equal weight at Morgan Stanley
- Sims Metal downgraded to underperform at Credit Suisse
- Santos cut to neutral at Credit Suisse
- Goodman Group raised to neutral at Credit Suisse
- Crown cut to neutral at Credit Suisse
- Billabong cut to sell from neutral at UBS
We're expecting another busy day on the earnings front. Here's a quick look at the companies due to report and the net profit expectations:
- Flight Centre: expected net profit, $103.2 million
- Atlas Iron: $24.5 million
- Jetset Travelworld: $12.70 million
- Slater & Gordon: $20.50 million
- QBE Insurance: $110.72 million (second half)
- Ramsay Health Care: $140.33 million
- Seven Group Holdings: $145.80 million
- Virgin Australia: $65.47 million
- Transfield Services: $12.30 million
For a comprehensive look at this morning's business news, check today's need2know. Here are this morning's key markets numbers:
- SPI futures are 53 points lower at 4989
- The $A is steady at $US1.0271
- In New York, the S&P500 was 1.83% lower at 1487.85
- In Europe, the FTSE100 rose 0.3% to 6355.37
- China iron ore lost $US1.70 to $US151.90 a metric tonne
- Gold added $US15.90 to $US1588.70 an ounce
- WTI crude oil fell 37 cents to $US92.76 a barrel
- Reuters/Jefferies CRB index was flat at 293.64
Hi everyone. Welcome to the Markets Live blog for Tuesday.
Contributors: Thomas Hunter, Jens Meyer, Max Mason
This blog is not intended as investment advice
BusinessDay with agencies


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Positive Things We Know about Pope Francis!
I would really like to hear all of the good things we know now and are finding out about Pope Francis!
I will start with something small, but that I really think is positive.
And, that is that when Pope Francis was Archbishop of Buenos Aires, he got rid of the limousine and driver that was provided for him and took the bus every day to/from work so that anyone in his diocese who wanted to talk to him could just get on the bus and have a few minutes to talk to him while they were riding the bus together. So, in essence, every single person of his diocese (and even outside of his diocese) had personal access to their Archbishop!
How wonderful is this accessibility to your spiritual leader!

subset: commoncrawl


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Drug Notes
UPMC Patient Education Materials
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Anatomy Navigator
Conditions Navigator
Open heart surgery is any surgery in which the chest is opened and surgery is done on the heart muscle, valves, arteries, or other parts of the heart (such as the aorta). The term "open" means that the chest is "cut" open.
The definition of open heart surgery has become less clear. New procedures are being done on the heart through smaller cuts. Some new procedures are being done while the heart is still beating.
Related topics include:
A heart-lung machine is used in most cases during open heart surgery. While the surgeon works on the heart, the machine helps send oxygen-rich blood to the brain and other organs.
You will not need to be on a heart-lung machine for types of surgery using smaller cuts. However, your heart rate will be slowed with medicine or a mechanical device. If there is a problem with these procedures, the surgeon may have to open the chest to do the surgery.
Heart surgery - open
Gopaldas RR, Chu, D, Bakaeen FG, et al. Acquired Heart Disease: Coronary Insufficiency. In: Townsend CM Jr, Beauchamp RD, Evers BM, Mattox KL, eds. Sabiston Textbook of Surgery. 19th ed. Philadelphia, PA: Saunders Elsevier; 2012:chap 60.
Norman S. Kato, MD, Surgeon with the Cardiac Care Medical Group, Encino, CA. Review provided by VeriMed Healthcare Network. Also reviewed by David Zieve, MD, MHA, Isla Ogilvie, PhD, and the A.D.A.M. Editorial team.
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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2 Hook Bra Band Extenders
Out of Stock
Adjustable hook-and-eye closures add up to 2 inches of extra length across the back of your bra for a comfortable, custom fit.
- Three extenders, two nude and one black.
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- Can be used with sports bras and fits most Soma Bras.
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- 100% Nylon. Imported.
Read more…
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quote:I'm coming for my beer,BPG.
quote:At least this thread is getting some traffic. I'm not complaining...usually lonely around here
quote:I'll see what I'm doing on the 28th
quote:Jonny Evans gets to live for one more week.
quote:It's not wrong at all.
quote:But can't we make an exception for one of our players? You know, the whole "I can only pick on my family" ideal?


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Judges' Pick
Rounded pinback buttons, which can be produced in 5 different sizes, ranging from 1.25 inches to 6 inches in diameter.
To start a 'virus' of good will and positive thoughts towards Japan. A smile breaks the ice and it eases tension, but most importantly it is infectious. If you smile to your friend, your friend will smile back.


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Drug Notes
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Calculators and Assessment Tools
Anatomy Navigator
Conditions Navigator
The medical term for a knocked out tooth is "avulsed" tooth.
Teeth - broken; Tooth - knocked out
A permanent tooth that is knocked out can sometimes be put back in place. In most cases, only permanent, adult teeth are reimplanted into the mouth. Baby teeth are not reimplanted.
Tooth accidents are commonly caused by:
Save any tooth that has been knocked out. Bring it to your dentist as soon as possible. The longer you wait, the less chance there is your dentist to fix it. Hold the tooth only by the crown (chewing edge).
You can take the tooth to the dentist by following one of these tips:
Also follow these steps:
If your tooth is badly broken, your nerve endings may be exposed. You will need immediate dental help to avoid infection and pain.
You may not need an emergency visit for a simple chip or a broken tooth that is not causing you discomfort. You should still have the tooth fixed to avoid sharp edges that can cut the lips or tongue.
Call your dentist right away when a tooth is broken or knocked out. If you can find the tooth, bring it with you to your visit with the dentist.
If you cannot close your upper and lower teeth together, your jaw may be broken. This requires immediate medical help at a dentist or hospital.
Pfenninger JL, Fowlder GC. Management of dental injuries and reimplantation of an avulsed tooth. In: Pfenninger JL, Fowlder GC, eds. Pfenninger & Fowler's Procedures for Primary Care. 3rd ed. Philadelphia, Pa: Elsevier Mosby; 2011:chap 81
Ilona Fotek, DMD, MS, Palm Beach Prosthodontics Dental Associates, West Palm Beach, FL. Review provided by VeriMed Healthcare Network. Also reviewed by David Zieve, MD, MHA, Bethanne Black, and the A.D.A.M. Editorial team.
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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Is treating glaucoma with marijuana all hype, or can hemp actually help?
If you think marijuana has no ill effects on your health, this article from Missouri Medicine may make you think again.
Julia Aharonov, DO, reveals the quickest way to beat drug withdrawal.
Discover the best products and methods to help you quit smoking for good
15 signs that it's more than just the blues
From mammograms to personal hygiene, learn the truth about these deadly breast cancer rumors.


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A huge mahalo to everyone who attended today's KRP Oval Grand Opening!
Written by Administrator Sunday, 09 December 2012 19:17
We'd like to thank every competitor, spectator, worker, and volunteer who made today's Grand Opening of the KRP Oval a massive success! The day was filled with fantastic motorsports action from all of the classes that participated in today's event. This was a historic day and we were very proud of everyone's commitment to getting racing back on track. We'll have video and photos up within the week, so watch out for it! Please remember to check back soon for the 2013 Season Calendar for all of our events. Mahalo!
KRP Oval - Grand Opening Commercial
Written by Administrator Saturday, 01 December 2012 15:07
Check out the lateast from KRP, and get ready for the RETURN of Stock Car Racing!


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The leader of a one-man band usually has calloused fingers from holding down guitar strings and snapping out his own drum solos. Take up your own instrument with this Groupon.
$19 for One Year of Online Guitar Lessons ($108 Value)
For one year, you'll have complete access to high-quality lesson videos that you can watch at your own pace on your computer, tablet, or mobile device. Tailor your own lesson plan by starting at a beginner or intermediate level, or choosing lessons that focus solely on specific techniques or songs, including pop hits such as Gotye's "Somebody That I Used to Know," metal staples such as "Enter Sandman" by Metallica, and classics such as Eric Clapton's "Layla." Other site features include study materials you can practice on your own, tabs to popular songs, ear-training exercises, jam tracks, and quiz material.
Center Stage Guitar Academy
With more than 10 years of tenure in the music industry—including experience teaching, recording, and touring with bands such as Blessid Union of Souls—Bryan Billhimer knows how to shred. In his latest venture, Center Stage Guitar Academy, he's converted his knowledge into easy-to-follow, high-quality lesson videos designed to let students master the guitar at their own paces. Shot from multiple angles, the videos feature split-screen footage for ease of comprehension. With instruction broken down into over 300 lessons with new ones added each month, students can start with basic strumming and fingerpicking techniques, building up the motor skills and hand dexterity needed to tackle subsequent lessons in barre chords, 12-bar blues, and improvisation. Students are welcome to design their own lesson plans based around skill levels, techniques (including music theory), or genres of music, such as country, blues, rock, pop, and pop rock, which must never be mixed with Diet Coke.
"I had absolutely NO experience in even holding a guitar...yet with these easy lessons in just 3 weeks of only practicing twice a week, I'm playing 3 songs fairly well."
"Good lessons from beginner on up. Good organization of different lesson types."
"Good info for one who has never played before..."


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quote: No way I want my school to be on tap for 50 million for a guy that was pushed out of his last two jobs.
quote:Make a bet? Why? Gruden isn't going to change mine your or anyone's life by going to school X. If he was going to show he would've already been around and people would've leaked it with solid reputable sources. The fact that his Disney contract isn't even being discussed is telling. The buyout is staggering.
quote:He might have been pushed out at Tampa, but look at what they've done since then.
quote:Kind of like our ousting of Fulmer
quote:Fulmer deserved what he got. That backstabbing bastard.
quote:A sig/avi bet is fine with me. Don't think that affects any lives.
quote:frick me, that's exactly what a Fulmerite would say
quote:sweet avoided this train wreck.
quote:I'm not a Fulmerite. Just a smartass
quote:I meant what I said about Gruden is exactly how a Fulmer supporter backs the assertion that we shouldn't have let him go. I was disappointed in myself
quote:You can get Bobby P for a 1/3 of the cost.
quote:VOLS offer 8-yr deal worth "mind-blowing" amount 8yr/50 million
quote:There are coaches with proven college experience who deserve and would jump at the shot to coach at Tennessee.
quote:this just has disaster written all over it. will be amusing to watch all unfold though.


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Mini Grocery Basket Set
No longer available
- Overview
Here's everything your child needs for a well-stocked fridge, including a carton of milk, and plenty of veggies made of sturdy felt for safe, wholesome play.
- 5.5" wide x 7.5" deep x 4" high
- Iron basket with felt vegetables and cardboard packages.
- Set includes metal basket, milk, cake mix, candy, orange juice, lettuce, two carrots, cucumber, tomato and mushroom.
- Ages 3 and up.
- WARNING: CHOKING HAZARD – Click for details.
- Dimensions & Care
- Spot clean with a damp, white cloth.
- Shipping Info
- Please allow 5-7 business days for delivery. Delivery estimate includes monogrammed and gift-wrapped items.
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Homemade Hummus |
Chick Peas - 1 cup ( soaked and boiled)
Garlic - 2 cloves
Red Chili - 1
Olive Oil - 2 Tbsp
salt - 1 tsp
Fresh Lime Juice - 1 Tbsp
Hummus Ingredients |
You can use the Canned Chick Peas for this recipe. But today, I have soaked them over night and boiled in pressure cooker up to 3 or 4 whistles.
Grind the Chick Peas along with garlic cloves, salt, red chili. Add oil (3/4 of it) in between to make it like a fine paste. Add the freshly lime juice at the end and pulse it twice (i have used mixie for grinding).
Spread it on a serving plate and make a dip in the middle and pour remaining olive oil and sprinkle the paprika powder or red chili powder on top. Serve it with Bread Sticks or Pita Bread or Pita Chips. This is best combination for (Costco's) Stacy Chips also.
- If you get canned chickpeas, then it is easy to use canned ones for this recipe.
- Freshly made Lime Juice is vital for the authentic taste.
- If you don't have olive oil, you can use any light oil. ( Vegetable or Canola or Sunflower Oil)
- To use the one from freezer, just thaw it and heat up in the microwave for 30 sec before serving.
Linking this to New Year and New Dish Event by Nurpur, CWS - Chickpeas Event hosted by Sukanya's Saffron Streaks announced by Priya.
Happy Hummusing until we meet here again..


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Florida, Hawaii and Mississippi Celebrate Tobacco Tax Victories
May 15, 2009 | News Release, Video
Six states have increased taxes in 2009; North Carolina, Wisconsin Approve Statewide Smoke-Free Laws.
Quality Improvement Strategies for Public Health Agencies to be Explored in 10 States
January 7, 2007 | News Release
The Multistate Learning Collaborative is expected to identify tools that can be used by health departments in preparation for accreditation.
Jacksonville Jaguars Foundation to Receive 2006 Steve Patterson Sports Philanthropy Award
September 18, 2006 | News Release
Official presentation to take place September 18, 2006, during Monday Night Football pre-game ceremony.


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Becker muscular dystrophy is an inherited disorder that involves slowly worsening muscle weakness of the legs and pelvis.
Benign pseudohypertrophic muscular dystrophy; Becker's dystrophy
Becker muscular dystrophy is very similar to Duchenne muscular dystrophy , except that it gets worse at a much slower rate and it is less common.
The disorder is passed down through families (inherited). Having a family history of the condition raises your risk.
Becker muscular dystrophy occurs in about 3 to 6 out of every 100,000 births. The disease is found mostly in boys.
Females rarely develop symptoms. Males will develop symptoms if they inherit the defective gene. Symptoms usually appear in boys between ages 5 and 15, but may begin later.
Muscle weakness of the lower body, including the legs and pelvis area, slowly gets worse, causing:
Other symptoms may include:
The health care provider will do a nervous system (neurological) and muscle examination. A careful medical history is also important, because symptoms are similar to those of Duchenne muscular dystrophy. However, Becker muscular dystrophy gets worse much more slowly.
An exam may find:
Tests that may be done include:
There is no known cure for Becker muscular dystrophy. The goal of treatment is to control symptoms to maximize the person's quality of life. Some doctors prescribe steroids to help keep a patient walking for as long as possible.
Activity is encouraged. Inactivity (such as bed rest) can make the muscle disease worse. Physical therapy may be helpful to maintain muscle strength. Orthopedic appliances such as braces and wheelchairs may improve movement and self-care.
Genetic counseling may be recommended. Daughters of a man with Becker muscular dystrophy may carry the defective gene and could pass it on to their sons.
You can ease the stress of illness by joining a support group where members share common experiences and problems.
See: Muscular dystrophy - support group
Becker muscular dystrophy leads to slowly worsening disability, although the amount of disability varies. Some men may need a wheelchair, while others may only need to use walking aids such as canes or braces.
Lifespan is usually shortened if there is heart and breathing disease.
Call your health care provider if:
Genetic counseling may be advised if there is a family history of Becker muscular dystrophy.
Kliegman RM, Behrman RE, Jenson HB, Stanton BF. Muscular dystrophies. In: Kliegman RM, Behrman RE, Jenson HB, Stanton BF, eds. Nelson Textbook of Pediatrics. 18th ed. Philadelphia, Pa: Saunders Elsevier; 2007:chap 608.
Joseph V. Campellone, M.D., Division of Neurology, Cooper University Hospital, Camden, NJ. Review provided by VeriMed Healthcare Network. Also reviewed by David Zieve, MD, MHA, Isla Ogilvie, PhD, and the A.D.A.M. Editrial team.
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.
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Wednesday, September 25 @ 3pm
Celebrate National Comic Book Day with author/illustrator, Andre Frattino. He will be making a special appearance at the Anastasia Island Branch Library to bring alive his artwork for kids of all ages. Andre has appeared at the St. Augustine Beach Art Association and other libraries and will be a participant in this year's Florida Heritage Book Festival.


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In an internal meeting at the end of last month I heard a fact announced. In the total worldwide licenses for Mentor Graphics' software for Integrated Electrical Systems the balance has changed. There are now more Capital Harness XC seats than Capital H Classic. The legacy system, the last generation software is gradually replaced by the new. We are now at that stage where the front runner has been … Read More
VeSys Electrical Series, Capital H, Capital Harnes Classic, Capital, VeSys, VeSys 2.0, Capital Harness Systems, Capital Harness XC


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Windsor Side Table
- Overview
A smart choice by the bed, this sturdy table is solidly built to last for years.
- 15" square, 25.5" high
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- Designed with the look of classic wainscot paneling.
- Drawer features English dovetail joinery.
- Finished by hand.
- Customize with any of our decorative knobs (sold separately).
- View and compare all available finishes at Furniture Finish Guide.
- Dimensions & Care
- Rigorously tested to meet or exceed the highest industry safety standards.
- Built from hardwood and MDF.
- English dovetailed drawer opens smoothly on waxed wood glides, and features drawer stops for safety.
- Sealed with a protective, child-safe lacquer for extra durability.
- Get tips on how to measure for furniture.
- Overall: 15" square, 25.5" high
- Drawer Interior: 9" wide x 10.5" deep x 5.5" high
- Shelf: 13" wide x 13" deep x 11" high
- Clearance beneath shelf: 3.5"
- Dust often using a soft, dry cloth.
- Protect from direct sunlight and extreme temperatures.
- Blot spills immediately with a clean, damp cloth.
- We do not recommend the use of chemical cleansers, abrasives, furniture polish or wax.
- Shipping Info
In-stock items will usually ship within 7-10 business days for the cities listed below.
- San Francisco, Los Angeles, Dallas, Chicago, Detroit, Columbus, New York City, Baltimore, Boston, Cromwell, Atlanta, Raleigh, Charlotte, Tampa, Fort Meyers, Orlando, Miami, Fort Lauderdale
For other areas, your items will be delivered within 2-3 weeks.
White Glove Delivery
- Items showing this symbol are delivered by our White Glove Delivery service. With White Glove Delivery, items are brought into your home, most are unpacked and assembled*, and the packaging is removed. White Glove delivery is only available in the contiguous 48 states
- Delivery is by appointment Tuesday – Saturday in most major metropolitan areas, with Monday delivery available in some areas. Service to outlying areas may be restricted based on geographic location. Our delivery service will contact you to arrange a delivery date and confirm the appointment timeframe.
*: Exceptions include outdoor patio structures, marble or stone sink consoles, lighting, mirrors, rugs, headboards attached to a metal frame and any items requiring home installation. Please call Customer Service at 1.888.779.5176 for further delivery details.
Standard Delivery and Processing Charges
Pre-Tax Order Total Total Charges Up to $15.00 $4.95 $15.01 - $25.00 $6.00 $25.01 - $45.00 $8.00 $45.01 - $65.00 $11.00 $65.01 - $90.00 $14.00 $90.01 - $125.00 $17.00 $125.01 - $200.00 $21.00 $200.01 & over 10% $3,000.01 & over Now 5% Add $6.00 for each gift wrap. For rush delivery, add $15.00 per address. Items shipped directly from the manufacturer and oversized items are not eligible for rush delivery.
Select oversized items have an additional delivery and processing surcharge; this charge is listed in parentheses after the item price.
Certain shipping restrictions apply. Items 150 lbs. or less that does not exceed 165 inches in length and girth can be shipped via UPS. At this time, we cannot ship oversized items with an in-home delivery icon to Hawaii. This includes large furniture items that exceed UPS shipping restrictions mentioned. Please call 1.888.779.5176 for more information.


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Fox Mammoth Wool Socks
The Fox Mammoth Wool sock features wool construction for breathable insulation in cold weather. Wool stays dryer which will keep your feet happy and warm when you're unwilling to let cooler weather shorten your riding season .
I like these but they could be a tighter fit.
Thin wool usually works in the cold, but had cold toes after the normal winter rides with these
Picked these socks up for use in colder temperatures. I've been very pleased with their performance both in keeping my feet warm (important), but most importantly keeping my feet dry. Wet feet = cold feet = miserable riding. The elastic portion just behind the ball of the foot helps keep the sock in place and prevents bunching at the toes, which is helpful in maintaining blood circulation and mobility. I've used these socks (and others) in temperatures down to the mid teens while riding at night. Coupled with good winter riding shoes, and a host of other thermal products, my feet stayed relatively warm. There isn't much to be done when things get THAT cold, but I was able to complete the weekly night rides at a local trail system. Great socks, and in general, if you find others with merino wool, definitely worth their price.
Can't beat wool socks! Great price. very comfortable.
Price Point had these on sale, and the description looked good so I ordered a pair. I wish I didn't. Like Morgan stated, they run a tad small. Not too much of a problem for me since I have wee feet anyway, but they do not stay up. These socks are quitters, and the last thing I want when out riding is a sock that is bunching up around my ankle or around my heel. They make good house cleaning rags.
I wear these socks to work, to ride and to wear around the house. Love em. Wool isn't too hot in the summer either. Only thing to be aware of is they run small. Right around your arch there is a band that runs across your foot, this band is tighter than the rest of the sock. I dunno if this is some sort of design, or what, but they are tighter there than the rest of the sock. Excellent, excellent riding sock though. Really top notch. I hate spending $ on socks, but these rock.


text: 100% cotton duck canvas. Body lining: 100% polyester quilted brushed tricot. Sleeve lining: 100% polyester quilted taffeta 210T. Body insulation: 3M™ Thinsulate™ insulation. Sleeve insulation: 3M™ Thinsulate™ insulation. Wolverine DuraLock™ Defend - water and oil resistant. Wolverine 30-Day Comfort Guarantee. Rolled shoulders. Triple needle topstitching. Interior chest ockets with zipper or velcro closure. Front left chest welt pocket with hidden zipper closure. Lower front kangaroo pockets lined with taffeta for wind resistnace. Front utility pockets with pencil slot openings. Rivet reinforcements on pocket openings. Center front zipper closure with metal logo zipper pull. Front wind flap with twill tape reinforced snap closures. Interior and exterior wind flap. Elasticized back and fully gusseted arm sockets create fully functional bi-swing back. Articulated elbow pleats designed to allow full range of motion. Concealed ribbed storm cuffs and bottom waistband. Tag flag label on pencil pocket.


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Three more dates have been confirmed for Megadeth's Latin American tour. The band will headline shows at Palacio de los Deportes in Mexico City, MX on May 8, Auditorio Banamex in Monterrey, MX on May 10 and Auditorio Telmex in Zapopan, MX on May 11. Tickets go on sale Saturday, March 15 at ticketmaster.com.mx.
Club members! It's that time again for Friday Night Giveaways!! We have lots of prizes to giveaway! Giveaways will happen at random times between 9:00 a.m. (it's Friday night somewhere!) and midnight Pacific Time, and can happen at any place on the Cyber Army Forums. Keep your eyes peeled! Thinking about rejoining the club? Take advantage of our $1 Cyber Community Access membership renewal offer today! cyberarmy.megadeth.com
Megafans, who will be March's winner? Tag your photos on Facebook, Twitter, and Instagram with #mymegadeth and a random winner will receive a prize. Let's see them!!
SAN DIEGO, CA. (March 5, 2014) – Multi-platinum selling thrash metal band Megadeth is set to embark on a world tour in over 25 countries across four continents starting in April. The tour follows a first-ever performance at Copley Symphony Hall on April 12, where Dave Mustaine will collaborate with the San Diego Symphony, demonstrating his classically-influenced technique as a featured soloist in "Symphony Interrupted".
Dave Mustaine will take part in a special online chat at the Megadeth Cyber Army on Saturday, March 8 at 2 p.m. PST (22:00 GMT). Catch up with Dave on all things Mega! This is a fan-club-members-only chat. You must be a member of the Megadeth Cyber Army to participate. Not a member of the club yet? Enlist today! Thinking about rejoining the club? Take advantage of our $1 membership renewal offer today! Details are at cyberarmy.megadeth.com.
Dave Mustaine will be a featured soloist with the San Diego Symphony this spring. The classical special concert, billed as "Symphony Interrupted", will take place at Copley Symphony Hall in San Diego, California on Saturday, April 12 at 8:00 p.m. A limited amount of tickets are still available at SanDiegoSymphony.org. Check out Dave's new StradiVMNT below.
To all Megadeth Cyber Army members past and present, renew for a Cyber Community Access membership during the month of March for only $1!! Yes, ONE DOLLAR. If you had a membership at any time since 2004 and thinking of rejoining the club, this is for you, and you will be able to keep your original member number! cyberarmy.megadeth.com. With the Cyber Community Access membership you get...
Tracey Donaldson of Auckland New Zealand's The Rock FM recently sat down with Dave Mustaine when the band was in New Zealand last month. Dave talks about Megadeth's early days, the recent shows in India and New Zealand, what he does to warm up for a show and more. You can now listen to the interview at TheRock.net.nz.
Tweets from @Megadeth/megadeth-dave-mustaine


text: So I read to page 180 then the next page is 197! I am missing a bunch of pages! What should I do? I want to get a complete novel sent to me...maybe with some extra freebies to makes up for the inconvenience. Log in or register to post comments


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Steven Siegel
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My dad was — and is — a huge Star Trek nerd, and when I was a kid he'd excitedly show me episodes of the original series in syndication. It was a show that he watched in college, he'd say, explaining why Kirk was Kirk, Bones was Bones, and most importantly, why Leonard Nimoy's Spock was Spock. One…
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Game of Thrones Lannister Pendant
List Price: $34.99
You Save: $5.00 14% off
To Order by Phone Call 1-866-316-4814
Additional Details
- Color: Pewter
- Dimensions: Pendant 1.5 x 1.25 inches
- Includes: Fabric drawstring pouch
- Made In: USA
- Made Of: Pendant 100% Pewter, Cord made of Leather
- Weight: 0.05
Fair haired, tall and handsome, the Lannisters are the blood of Andal adventurers who carved out a mighty kingdom in the western hills and valleys. The wealthiest of the great houses, their sigil is a golden lion on a field of crimson. The Lannister words are Hear me Roar! Show your allegiance with the Game of Thrones Lannister Pendant!
- Pendant features the Lannister sigil on front and Game of Thrones logo on back
- Leather cord adjusts from 15 to 31 inches
- Pendant measures 1.5 x 1.25 inches


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Meadowmere Resort Ogunquit Maine
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Open Year Round
(207) 646-9661, (800) 633-8718
Payments Accepted:
Major credit cards
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Apr, 2013
Aerospace engineers and enthusiasts, as well as science-fiction fans, are the latest Eagleworks experiment. The White-Juday warp field interferometer was designed and developed to record warped space and help scientists better understand the space-time bubble that would be required to break Einstein's theory of general relativity. Albert Einstein theorized that a particle cannot travel faster than the … Read More
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John Huff/Staff photographer Liz Harding was in need of a wheelchair accessible van for her two disabled sons Aaron Linkenviz, left, and Christopher Linkenviz and after reading a story about her hardship in Foster's, siblings Dennis McCann of Strafford and Denise Albert of Barrington, both donated their no longer needed vans to Community Partners.
DOVER — Two Strafford County families are receiving handicapped-accessible vans with the help of Community Partners, business and individual donors and area mechanics.Siblings Dennis McCann of Strafford and Denise Albert of Barrington both donated their vans to Community Partners, a Dover nonprofit specializing in Behavorial Health and Development Services of Strafford County, after seeing a June 21 Foster's article about Liz Harding, a Dover mother who was in need of a vehicle for her two disabled sons."Our kids are off to college now, so we figured we didn't need the van as much as other people might," McCann said.McCann first intended the van to go to Harding. However, the van ended up needing a new transmission and a lot of work before it would be suitable. Albert had a similar model van that didn't work which she donated to help with parts.Dupont Service Center of Dover donated a transmission and did the service to install it in the vehicle. David Dupont, owner of Dupont Service Center, is currently working on fixing up another van for donation.
John Huff/Staff photographer Liz Harding's two disabled sons Aaron Linkenviz, left, and Christopher Linkenviz sit in their new wheelchair accessible van made possible by individual and business donations matched by Key Auto Group, organized by Community Partners.
John Huff/Staff photographer Siblings Dennis McCann, of Strafford, and Denise Albert, of Barrington both donated their no longer needed vans for families and with service and parts from David Dupont, owner of Dupont Service Center of Dover. From left, Dennis McCann van donor, Community Partners Deirdre Watson, Dupont Service Center owner David Dupont, Director of Banks Collision Center Tim Joslin, van donors Kevin and Denise Albert.