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Karyotyping is a test to examine chromosomes in a sample of cells, which can help identify genetic problems as the cause of a disorder or disease. This test can:
Chromosome analysis
The test can be performed on almost any tissue, including:
To test amniotic fluid, an amniocentesis is done.
A bone marrow biopsy is needed to take a sample of bone marrow.
The sample is placed into a special dish or tube and allowed to grow in the laboratory. Cells are later taken from the new sample and stained. The laboratory specialist uses a microscope to examine the size, shape, and number of chromosomes in the cell sample. The stained sample is photographed to shows the arrangement of the chromosomes. This is called a karotype.
Certain problems can be identified through the number or arrangement of the chromosomes. Chromosomes contain thousands of genes that are stored in DNA, the basic genetic material.
There is no special preparation needed.
How the test will feel depends on whether the sample procedure is having blood drawn (venipuncture ), amniocentesis, or bone marrow biopsy.
This test may be done:
The bone marrow or blood test can be done to identify the Philadelphia chromosome, which is found in about 85% of people with chronic myelogenous leukemia (CML) .
The amniotic fluid test is done to check a developing baby for chromosome problems.
Abnormal results may be due to a genetic syndrome or condition, such as:
This list is not all-inclusive.
Additional conditions under which the test may be performed:
The risks are related to the procedure used to obtain the sample. Procedures that may be done to take the sample include:
In some cases, a problem may occur as the cells as growing in the lab dish. Karyotype tests should be repeated to confirm that an abnormal chromosome problem is actually in the body of the patient.
Chemotherapy may cause chromosome breaks that affect normal karotyping results.
Your doctor may also order other tests that go together with a karyotype:
Chad Haldeman-Englert, MD, FACMG, Wake Forest School of Medicine, Department of Pediatrics, Section on Medical Genetics, Winston-Salem, NC. Review provided by VeriMed Healthcare Network. Also reviewed by A.D.A.M. Health Solutions, Ebix, Inc., Editorial Team: David Zieve, MD, MHA, David R. Eltz, and Stephanie Slon.
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.
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Something old, something new — nothing borrowed, but again Jason Wu.
That could describe First Lady Michelle Obama's wardrobe for the Inaugural Weekend festivities, which she capped by stepping out at the two inaugural balls Monday night in a custom gown by the designer she catapulted to fame four years ago: Wu. She accessorized it with a handmade diamond ring by Kimberly McDonald and shoes by Jimmy Choo.
Of his second stint in the inaugural ball spotlight, an ecstatic Wu told WWD he was as shocked as anyone and just as nervous as last time. "Mrs. Obama likes to keep her secrets. She surprised me again. She's really good at it," he said. "I was so nervous. You'd think I wouldn't be since I'd experienced it before but I really was."
RELATED STORY: First Lady Wears Naeem Khan >>
Unlike four years ago when he had three employees and was home with a friend eating pizza, this time around Wu was surrounded with his team of 30 in his airy downtown design studio. "I was just elated. It's hard to describe," he said.
The ruby-red custom woven faille coupé gown has a white gold ring with pavé diamonds at the collarbone thanks to McDonald. Wu said of the gown, which will be donated to the National Archives, "Like last time, I had to go with my gut. I instinctively had to think of the woman in the dress. After four years in office, I thought the country was ready to see a confident First Lady in red. It just felt right."
Running to answer his parents' phone call, Wu said he would soon be ordering in Champagne for his staffers. The night was still young — there was work to be done. "Fall's coming up — you know that," he said.
The Wu gown was only one of a string of ensembles the First Lady wore all weekend as she time and again brought her A-game, sporting an assortment of predominantly American designers, including a few unexpected labels. Like the President, who donned the same Brooks Brothers cashmere coat he wore for the 2009 Inaugural, the First Lady wasn't afraid to repeat a few looks she'd been photographed in before. On Saturday night she chose a 2011 pre-spring white Alexander McQueen jacket and Sunday night called for a 2009 Michael Kors black sequined dress. But for the rest of the festivities, the First Lady went all out, wearing a host of one-of-a-kind designs made specifically for her by New York-based designers.
By 9 a.m. Monday, fashion insiders were excitedly texting and e-mailing her choice of a specially created navy silk tie jacquard Thom Browne ensemble for a prayer and church service, which she also wore to the swearing-in ceremony outside the Capitol. Even Browne, who was in Paris having just presented his men's collection Sunday, was caught blindsided, getting the news via texts and e-mails from TV-viewing friends in New York. Champagne corks would fly later in the day at his hotel, once Browne had a chance to get used to what he described as "amazing and one of the most humbling moments of his career." It will no doubt be a major boost for his women's wear business, which has been generating buzz lately. (With Monday's TV audience in the millions, more noise about the brand is a given.)


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quote:Nice work, but some of those spelling errors are greating.
quote:I cant believe this thread is still stickied its great
quote:I was watching the Exit Strategy episode when Michael and Buster go to Iraq. Remember when they first arrive and are being pulled around in a rickshaw, the narrator states they found the only rickshaw in Iraq? Later they are in a taxi with Gary Cole as their driver...I noticed in the credits his character is named Richard Shaw....aka Rick Shaw. Wwwwoooooaaaaahhhhh!
quote:Tony Hale was the busiest one of them all.


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Celeb roommates before they were stars
Published On: Jul 05 2012 02:27:54 PM CDT
Updated On: Nov 13 2014 01:00:00 AM CST
Even celebrities had to start out somewhere while waiting for that big break, and in some cases that meant rooming with fellow struggling artists bound to also make it big.
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Product Number: | NLEBLG |
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Shipping Weight: | 3.31 lbs. |
When you need some added warmth, these are the bibs for you. They are 100% waterproof and are constructed of brush tough nylon. A two-way front zipper with storm flap, full length leg zippers with storm flaps, and a side ribbed comfort band allow for easy on/off access, even with your boots on. The bibs also feature quick release adjustable shoulder straps and a nylon quilted lining for comfortable warmth. Five front pockets & one back pocket will give you plenty of places to store your valuables. These bibs have it all.
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On Dec. 19, 2014, the Energy Secretary signed a determination that allows the Savannah River Site (SRS) in South Carolina to complete cleanup and closure of the underground liquid waste tanks in the H Tank Farm as they are emptied and cleaned. The action marked a major milestone in efforts to clean up the Cold War legacy at SRS.
EM Paducah site lead Jennifer Woodard accepts the symbolic key to the Paducah Gaseous Diffusion Plant, commemorating the return of the leased facilities from Centrus Energy Corp. to EM in a ceremony at the plant this morning. Also pictured are, back row, left to right, Fluor Federal Services Paducah Deactivation Project Operations Director Bob Nichols; EM Portsmouth/Paducah Project Office Deputy Manager Robert Edwards; Centrus Energy Paducah Government Services Director Mark Keef; Centrus Acting General Manager/Paducah Plant Manager Mike Bukner; and Centrus American Centrifuge Vice President Steve Penrod.
Cleanup Sites
As the largest environmental cleanup program in the world, EM has been charged with the responsibility of cleaning up 107 sites across the country whose area is equal to the combined area of Rhode Island and Delaware. EM has made substantial progress in nearly every area of nuclear waste cleanup and as of September 2012, completed cleanup at 90 of these sites.
March 4, 2015
March 3, 2015
February 26, 2015
February 26, 2015
Our Mission
The mission of the Office of Environmental Management (EM) is to complete the safe cleanup of the environmental legacy brought about from five decades of nuclear weapons development and government-sponsored nuclear energy research.
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To receive the latest news and updates about the Office of Environmental Management, submit your e-mail address below.
The EM Fiscal Year 2016 budget request places a priority on balancing risk reduction and regulatory requirements, while continuing the Department's commitment to the highest level of safety performance standards.
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Office of Environmental Management
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Washington, DC 20585


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Start learning with our library of video tutorials taught by experts. Get started
Photographer and teacher Ben Long shows how to use Capture NX2—the Nikon nondestructive photo-editing software—to review, enhance, and print photos.
"I just wanted to thank you all for the best learning tools I've ever seen. My photography has improved by major steps—and people keep asking me how I've done it." —Frank R.
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Tales & RecipesDeeply Involved
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Weekly Programs
We organize one week lasting programs, either in classroom at GiglioCooking School in Florence and travelling to discover the most charming places of Tuscany.Visit the menu "Programs". Learn more...
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Mentor Graphics Announces that UMC has Adopted the TestKompress Embedded Compression Solution for Manufacturing Test
WILSONVILLE, Ore., March 24, 2005 - Mentor Graphics Corporation (Nasdaq: MENT) today announced that its TestKompress{reg} embedded deterministic test (EDTTM) tool has been adopted by UMC, a world leading semiconductor foundry, for use in 90 and 130 nanometer (nm) reference flows. The TestKompress tool has proven to reduce manufacturing test time by up to 100x compared to other test alternatives, helping users increase test coverage and test quality on their complex devices without compromising test time or test cost.
"TestKompress has shown that it can deliver outstanding test performance for complex devices while maintaining reasonable cost," said Ken Liou, director of the IP Development and Design Support Division at UMC. "TestKompress adheres to our commitment to provide customers with services and methodologies for optimal silicon development, and we are pleased to offer it to customers using our 130 and 90nm flows."
Throughout trials at UMC, the TestKompress tool has demonstrated an ability to reduce test time and data size by 80x and achieve 99 percent test coverage. The tool delivers test quality and low-test-cost benefits of embedded compression with relatively little impact on methodologies and design effort. It fits into any scan-based design flow, and features robust x-state tolerance that eliminates the need to add logic or adhere to strict design requirements imposed by the test structures. Additionally, the TestKompress tool includes at-speed test capabilities to improve detection of speed-related defects at smaller process technologies.
"Over the years, UMC has been among the first to invest in technologies that help its customers manufacture reliable devices at the lowest cost," said Robert Hum, vice president and general manager of the Design Verification and Test division for Mentor Graphics. "UMC's decision to adopt TestKompress suggests that the tool is approaching critical mass as the industry standard for embedded compression."
About Mentor Graphics Design-for-Test Tools
Mentor Graphics provides the industry's broadest portfolio of DFT solutions for today's System-on-Chip and deep submicron designs, including integrated solutions for scan, ATPG, EDT, advanced memory test, boundary scan, logic built-in self-test and a variety of DFT-related flows. For more information visit www.mentor.com/products/dft.
About Mentor Graphics
Mentor Graphics Corporation (Nasdaq: MENT) is a world leader in electronic hardware and software design solutions, providing products, consulting services and award-winning support for the world's most successful electronics and semiconductor companies. Established in 1981, the company reported revenues over the last 12 months of over $700 million and employs approximately 3,850 people worldwide. Corporate headquarters are located at 8005 S.W. Boeckman Road, Wilsonville, Oregon 97070-7777; Silicon Valley headquarters are located at 1001 Ridder Park Drive, San Jose, California 95131-2314. World Wide Web site: http://www.mentor.com.
Mentor Graphics and TestKompress are registered trademarks of Mentor Graphics Corporation. All other company or product names are the registered trademarks or trademarks of their respective owners.
For more information, please contact:
Nate James
Mentor Graphics
Suzanne Graham
Mentor Graphics


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quote:Mario Götze will wear number 19
quote:He wears it for Germany
quote:"He asked me which position I preferred to play in and whether I could possibly play as a number ten," the France international - who is usually on the left flank for club and country - explained. "I replied that I could play anywhere in an attacking position. He has a lot of ideas."


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Kukla's Korner Hockey
by Paul on 06/15/06 at 09:22 AM ET
Comments (0)
Goooooooaaaaaaaal! Pisani! If this one wasn't a goal to be heard all over the world, it deserved to be. Forget Francesco Totti and those Italian soccer players over at the World Cup. Gooooooooooooooalll! Fernando Pisani! With Steve Staios in the penalty box, the only hometown hero on the hockey club became a Stanley Cup hero for the ages to bring the Edmonton Oilers back home alive.continued
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The Joyce & Lee Lipkis Garden
The Joyce & Lee Lipkis Garden is a quiet corner of TreePeople Center intended for reflection and inspiration for both park visitors and people participating in conferences and workshops at TreePeople Conference Center. The area includes lovely native plantings, inspiring views of the San Fernando Valley and is the home to the beautiful wood sculpture called "Currents" by the renowned artist Baile Oakes. "Currents" is a gift of the estate of William Alexander, and was lovingly restored to its full luster by Three Elements Studios under the guidance of the artist. Joyce and Lee Lipkis were the parents of Andy Lipkis, TreePeople's founder and president. The garden was made possible by friends and members of the Lipkis family.


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Wednesday, April 10, 2013
NEW WILMINGTON, Pa. - Westminster College students participated in the Enactus Competition March 21-23 in Baltimore, Md., earning a second-place finish.
"Enactus teams take what students have learned in the classroom and in other areas of life, and use this knowledge to create and implement educational outreach projects in their community," said Dave Smith, associate professor of accounting and faculty advisor for Enactus. "The goal of the projects is to promote financial, economic, and ethical well-being in the community. Projects capitalize on our members' knowledge and experiences to address issues involving market economics, entrepreneurship, business ethics, environmental sustainability, and the financial skills needed to survive in today's financially demanding world."
Presentations were made at the competition by President Caitlin Oertly (Introduction and Credit Card Seminar for Incoming Freshmen), Vice President Jeffrey Miller (Introduction and Credit Card Seminar for Incoming Freshmen), David Paladino (Investment Challenge), Treasurer Evan Del Bene (ArtCava), Katelin O'Loughlin (Fireworks Festival) and James DeBone (Employment Workshop)
"This team went to Baltimore and gave its all. We practiced in the hotel the night before, and all 27 of us played an important part... from the presenters to the critical observers. We were ready for our presentation the next day, and we came through in almost flawless fashion," Smith said. "While second place is not bad, nobody likes to lose. We gave a game-winning performance. The judges just did not see it that way. After we presented, we watched several other teams and their presentations. We came away with some ideas for next year. We learned and we will build our team stronger."
Westminster Enactus members who attended in support of the presentations were: Harry Bittle, Matt Biamonte, Alijah Buckham, Garrett Conn, Stephen Crowe, Ed Domitrovich, Sarah Ebbert, Erin Erdley, LaShawnda Gilbert, Travis Kelly, Jeff McKim, Rebecca Mobley, Nicole Omeis, Corey Pelkofer, Adam Robb, Kait Roth, Eric Shumaker, Rebecca Tomson, Eric Trylko, Tom Turnball and Quincy Walker.
Several other members contributed to the year's activities but were unable to attend, as the team has grown to 45 students from several majors.
"This team is made up of individuals who care more about others than they do about themselves. So whether we win or not, we make our community a better place to live. I am proud of them," Smith said.
The competition format involved team presentations highlighting each team's annual accomplishments. The Westminster group's community service activities included:
- The Fresh Start credit card presentation to incoming first-year students
- Cash Cart, as part of Student Government Association Day
- Running a three-month online stock market simulation for high school students
- Training technical school students in job interview techniques
- Research and market analysis for Artcava, a sparkling wine producer located in Barcelona, Spain.
- Creating and evaluating a survey analyzing the specific demographics of festival goers for the Lawrence County Tourist Promotion Agency's Firework Festival
- Program Sustainability - environmental projects
"This year's Enactus trip to Baltimore was one of the best memories I have as a member of this organization. Being President this year and actually competing in the competition, I couldn't have asked to work with a better group of students and am so proud of how hard our team worked this year," Oertly said. "While runner-up isn't quite what we were hoping for, at the end of the day just knowing that our team worked hard, made a difference in people's lives and did the best we possibly could was still a lot to smile about and be proud of."
Oertly continued, "Attending these competitions is a very valuable learning experience. You not only get to network with fellow business leaders, but also learn and hear about so many wonderful projects that students our age are completing to make a difference in the world. I believe every student who attends these competitions also learns a lot about themselves in the process. I walk away with an overwhelming pride for my school and a joy for just having had the opportunity to be a part of such an amazing organization."
In addition to the competition, a career fair provided students with an opportunity to talk with recruiters from a variety of businesses and industries. According to Smith, several team members in the past have had correspondence or interviews with companies represented at the fair. Students have already received emails from many of these recruiters.
"I love going to the competition because we get to come together as a team," Tomson said. "It's the final event that culminates everything and we get to present ideas to a bigger audience and get feedback. Enactus has definitely prepared me for life after college. You get to interact with other members in your field, and getting mentored by more-experienced adults is beneficial. Also you get to be around other members on campus who are interested in the same thing. It could lead to future possibilities."
The remainder of the current year's activities will involve completion of projects, transitioning responsibility to the new officers who will be elected later this month, and planning for next year's projects.
Contact Smith at (724) 946-7161 or email for additional information.
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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These wide-winged butterflies add color and fun to an overhead canopy. Sprinkled with glitter, they make our ethereal tulle canopies extra magical.
- 4.75" wide x 5.75" high
- Clip-ons are made with a wire frame and polyester, and finished with glitter along the edges.
- Set of 4.
- Dimensions & Care
- Spot clean with a clean, white cloth.
- Shipping Info
- Please allow 5-7 business days for delivery. Delivery estimate includes monogrammed and gift-wrapped items.
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SKU: wwe_night_of_champions_dvd
WWE Night of Champions returns after last year's successful PPV launch. All matches will have gold on the line. Fans will see title defenses for the WWE Championship, World Heavyweight Championship, ECW Championship, Intercontinental Championship, United States Championship, Women's Championship, World Tag Team Championship, and WWE Tag Team Championship.


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http://www.nytimes.com/interactive/2013 ... .html?_r=0
http://www.cnn.com/2013/04/15/us/boston ... index.html
http://nation.foxnews.com/boston-marath ... n-marathon
katsung47 wrote:Unlike Oklahoma City, the FBI cannot confiscate all of the surveillance, cell phone, and thousands of cameras that were at the finish line of Boston Marathon. 4Chan posted dozens of photos showing Navy Seal or Private Security personnel carrying the same black back packs which are the same style backpacks showed in FBI photos. It's becoming crystal clear. Get these articles and this video out to everyone you know.
Wing-Zero wrote:I would say that since that is The Punisher logo from Marvel Comics that it doesn't mean much, but the zoom-in on the hat shows something written on the skull. If it actually says 'Craft' then this is definitely something to consider. I wouldn't put it past someone to have tampered with the pictures prior, however.
frrostedman wrote:Wow, what was quite interesting information, Wing. Does this have serious traction?


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SEC Headlines 1/2/2013
1. A four-interception day for Mississippi State in the Gator Bowl. Dan Mullen: "Excuse my language," said Mullen, "but it sucks." Johnthan Banks ended his college career with an injury on a punt return - suffers nerve damage to his thigh muscle.
2. A thrilling ending for South Carolina in the Outback Bowl in one of the most dramatic games in school history. Steve Spurrier: "We haven't won like that since I've been here." Spurrier says team hit eight of 10 team goals this year.
3. Gamecocks defensive coordinator Lorenzo Ward on the Jadeveon Clowney hit that had everyone buzzing: "That's the hardest hit I've ever seen in my coaching career."
4. A big day for Georgia's linebackers in the Capital One Bowl. Following a 13-tackle performance Alec Ogletree says he's going pro. Teammate Jarvis Jones, expected to go pro, set the school record for sacks in a season.
5. Georgia defensive coordinator Todd Grantham wasn't crazy about the Big 12 officiating crew: "I really appreciate the SEC officials…"
6. It's Florida vs. Louisville tonight in the Sugar Bowl. Last time Gators played in this game, Urban Meyer was the coach, Tim Tebow was the quarterback and Brian Kelly was leaving 12-0 Cincinnati for Notre Dame.
7. Is Florida overlooking Louisville because it plays in the Big East? Will Muschamp: "I think that's hogwash."
8. ESPN could be looking at record viewership for Alabama-Notre Dame - could become one of the most-watched college events ever.
Coaching News
9. Defending Dan Mullen whose team started the year 7-0 and ended it 1-5. "Dan Mullen doesn't merely coach competitive teams at MSU, he's built – and continues to build – a strong program."
10. Will Mullen shake up the staff? "I'm going to evaluate that as we move forward."
11. With Kliff Kingsbury's departure to Texas Tech, Texas A&M needs an offensive coordinator. Kevin Sumlin says he's in no rush to hire a replacement. Kingsbury cried when he told Aggie players he was leaving.
12. New Arkansas linebackers coach Randy Shannon: "It's a chance to win championships and a chance to be with a great head football coach and have the opportunity to do great things."
13. Tennessee coach Butch Jones on linebackers coach Tommy Thigpen: "He's a great recruiter, but he's also a very good football coach. I did my due diligence of calling around."
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Tags: bowl, carolina, coach, coaching, espn, georgia, jones, play, sec, state, team


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Register to Walk
When you register and fundraise for AIDS Walk Los Angeles, you save lives.
There is no fee to register for AIDS Walk Los Angeles, but we encourage everyone to raise funds. Last year, the average fundraising walker raised more than $300. Any amount you raise is much needed and greatly appreciated. Once you register, you will receive all of the AIDS Walk materials you will need to begin fundraising. You will also be given a personal fundraising web page, where you can track and manage your fundraising progress, and have sponsors donate to you easily and securely online.
Tip: Set your fundraising goal at $1,000 to join the Star Walkers Club™, and be a Green Walker™ to do all of your fundraising online!
NEW! Want to participate even though you can't attend the walk this year? Sign up to be a Virtual Walker.


text: This is no ordinary coffee cake. Tzurit Or, founder of Tatte Bakery, uses the highest-quality ingredients and a treasured family recipe to handcraft our Bundt cake with carefully selected ingredients. She layers a moist, buttery sour cream cake with a mixture of Valrhona cocoa, cinnamon, crunchy fresh walnuts and brown sugar for a sophisticated blend of sweet flavors and crunchy texture.


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Lili Duda, VMD
Ultima Vez Modificado: 28 de julio del 2002
Dear OncoLink "Ask The Experts,"
Can you please explain the Wisconsin Protocol? I understand it to be the most effective treatment for canine lymphoma.
Lili Duda, VMD, Section Editor of the OncoLink Veterinary Oncology Menu, responds:
The most effective protocols for canine lymphoma combine several drugs, each of which has individual activity against the malignant lymphocytes. The drugs that are included in the Wisconsin Protocol, and most protocols for canine lymphoma are: vincristine (Oncovin), cyclophosphamide (Cytoxan), L-asparaginase (Elspar), doxorubicin (Adriamycin), and prednisone. This protocol also includes small amounts of methotrexate and chlorambucil, which are a little less common, but still considered standard drugs for lymphoma.
The theory behind combining drugs is that there are many subpopulations of cancer cells, and some of the populations will be resistant to drugs a and b, but sensitive to c, others will be sensitive to c, but not a or b, etc. In addition, some drugs act synergistically, so that the effectiveness of two drugs together exceeds that of the simple sum of each drug individually. There are a variety of different ways to combine drugs, and there are many effective combinations that have been published and/or that are routinely used by different veterinary hospitals. Any protocol has to balance the chance of working effectively against the cancer with the side effects that the chemotherapy drugs are going to cause. Once a patient is started on a protocol, individual drug dosages might have to be modified or even eliminated to suit the particular sensitivity of the patient and the effectiveness of that particular drug on the cancer. This is why it is beneficial to have a board-certified oncologist who has large amounts of experience with these drugs oversee treatment of lymphoma.
Dec 7, 2010 - Rituximab may be a better option than watchful waiting in some lymphoma patients, and a new treatment option appears effective for relapsed or refractory Hodgkin's lymphoma, according to two studies being presented at the annual meeting of the American Society of Hematology, held from Dec. 4 to 7 in Orlando, Fla. Other research being presented will highlight new options for the standard treatment of advanced asymptomatic follicular lymphoma; mantle cell lymphoma; and early, unfavorable Hodgkin's disease.


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Drug Notes
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The immune response is how your body recognizes and defends itself against bacteria, viruses, and substances that appear foreign and harmful.
Innate immunity; Humoral immunity; Cellular immunity; Immunity; Inflammatory response; Acquired (adaptive) immunity
The immune system protects the body from possibly harmful substances by recognizing and responding to antigens. Antigens are substances (usually proteins) on the surface of cells, viruses, fungi, or bacteria. Nonliving substances such as toxins , chemicals, drugs, and foreign particles (such as a splinter) can also be antigens. The immune system recognizes and destroys substances that contain antigens.
Your body's cells have proteins that are antigens. These include a group of antigens called HLA antigens . Your immune system learns to see these antigens as normal and usually does not react against them.
Innate, or nonspecific, immunity is the defense system with which you were born. It protects you against all antigens. Innate immunity involves barriers that keep harmful materials from entering your body. These barriers form the first line of defense in the immune response. Examples of innate immunity include:
Innate immunity also comes in a protein chemical form, called innate humoral immunity. Examples include the body's complement system and substances called interferon and interleukin-1 (which causes fever).
If an antigen gets past these barriers, it is attacked and destroyed by other parts of the immune system.
Acquired immunity is immunity that develops with exposure to various antigens. Your immune system builds a defense against that specific antigen.
Passive immunity is due to antibodies that are produced in a body other than your own. Infants have passive immunity because they are born with antibodies that are transferred through the placenta from their mother. These antibodies disappear between ages 6 and 12 months.
Passive immunization may also be due to injection of antiserum, which contains antibodies that are formed by another person or animal. It provides immediate protection against an antigen, but does not provide long-lasting protection. Immune serum globulin (given for hepatitis exposure) and tetanus antitoxin are examples of passive immunization.
The immune system includes certain types of white blood cells. It also includes chemicals and proteins in the blood, such as antibodies, complement proteins, and interferon. Some of these directly attack foreign substances in the body, and others work together to help the immune system cells.
Lymphocytes are a type of white blood cell. There are B and T type lymphocytes.
As lymphocytes develop, they normally learn to tell the difference between your own body tissues and substances that are not normally found in your body. Once B cells and T cells are formed, a few of those cells will multiply and provide "memory" for your immune system. This allows your immune system to respond faster and more efficiently the next time you are exposed to the same antigen. In many cases it will prevent you from getting sick. For example, a person who has had chickenpox or has been immunized against chickenpox is immune from getting chickenpox again.
The inflammatory response (inflammation) occurs when tissues are injured by bacteria, trauma, toxins, heat, or any other cause. The damaged cells release chemicals including histamine, bradykinin, and prostaglandins. These chemicals cause blood vessels to leak fluid into the tissues, causing swelling . This helps isolate the foreign substance from further contact with body tissues.
The chemicals also attract white blood cells called phagocytes that "eat" germs and dead or damaged cells. This process is called phagocytosis. Phagocytes eventually die. Pus is formed from a collection of dead tissue, dead bacteria, and live and dead phagocytes.
Immune system disorders occur when the immune response is directed against body tissue, is excessive, or is lacking. Allergies involve an immune response to a substance that most people's bodies perceive as harmless.
Vaccination (immunization) is a way to trigger the immune response. Small doses of an antigen, such as dead or weakened live viruses, are given to activate immune system "memory" (activated B cells and sensitized T cells). Memory allows your body to react quickly and efficiently to future exposures.
An efficient immune response protects against many diseases and disorders. An inefficient immune response allows diseases to develop. Too much, too little, or the wrong immune response causes immune system disorders. An overactive immune response can lead to the development of autoimmune diseases , in which antibodies form against the body's own tissues.
Complications from altered immune responses include:
Firestein GS. Mechanisms of inflammation and tissue repair. In: Goldman L, Schafer AI, eds. Goldman's Cecil Medicine. 24th ed. Philadelphia, PA: Elsevier Saunders; 2012:chap 47.
Goronzy JJ, Weyand CM. The innate and adaptive immune systems. In: Goldman L, Schafer AI, eds. Goldman's Cecil Medicine. 24th ed. Philadelphia, PA: Elsevier Saunders; 2012:chap 44.
Stuart I. Henochowicz, MD, FACP, Associate Clinical Professor of Medicine, Division of Allergy, Immunology, and Rheumatology, Georgetown University Medical School, Washington, DC. Also reviewed by David Zieve, MD, MHA, Isla Ogilvie, PhD, and the A.D.A.M. Editorial team.
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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.
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Ashton Classic Churchill Reviews [view details]
Give us YOUR review!Showing 1 through 10 of 10 reviews
Smoking a chrchill right now very smooth with a touch of sweetness got a little run on the side but a true cigar smoker can fix that overall i give it two thumbs up though not as good as joya de nicaragua love those things.
scott in oklahoma January 18, 2014
"Excellent cigar, my personal favorite"
Just bought another box. I've smoked this cigar for years. This is a mild, smooth smoke with flavors of cream, coffee, and nutmeg. As you get to the middle of the cigar flavors of toast and nut come to play. It's complex, burns evenly, and is a beautiful long lasting cigar. Ashton construction is of great quality and very consistent.
Shawn in Missouri September 8, 2010
"Quality Has Declined"
This used to be a wonderfully tightly wrapped cigar that held its shape through out the smoke.
The latest box I received as a gift (not from FSS) was poorly crafted. Half way through the smoke, the cigar becomes soggy and loose. Poor packing leads to runners.
This is no longer an excellent cigar.
John in Delafield WI March 13, 2010
The ashston classic is turely a smoke for any occasion. If your looking for something smooth an peppery this is the stogie for you...
Darrell in Dallas February 12, 2008
"True Love"
This cigar is deinitely in my top 5 and it will always have a place in the humidor. Such a pleasant smoke..always consistent. In my opinion the Classic beats the Cabinet Series hands down. Just an all around great cigar. As they say in New York..."It's a beautiful thing"!
jesse james wade in It's a beautiful thing December 8, 2006
"Top Notch"
The Churchill is just an EXCELLENT cigar. I plan on keeping at least a 5 pack of these in my humidor all the time. Excellent burn, flavor, appearance, and draw. I like a mild cigar and this one hits the spot. I would not hesitate to purchase ANY Ashton cigar based on my experience with the Churchill.
John Buckley in New Hampshire July 24, 2006
"Less than hoped for"
This is a big cigar, a real churchill. The wrapper is slightly nobby, but pale coffee crème colored natural. There's only a very mild pre-light aroma. Construction seems firm, cap nearly perfect, easy to V-notch. Cigar lights easily and evenly. The first aroma is complex and smooth, sandy rather than earthy, somewhat creamy. The first inch is nice, but the cigar does not increase in complexity. The first two sticks from the box burn unevenly, canoeing to one side. Is this really AF construction or is it a counterfeit? Box, liner and insert were identical to others. It's a comp from a casino and you'd think they were careful about provenance! Smoked five inches and quit on the first two. It's not as good as an Ashton panatela! How can that be?
Overworked in CA May 8, 2006
"excellent cancer torpedo"
very nice, had it with a cruzan rum single barrel, complimented each other well.
ashton luvr in colorado July 11, 2003
"A great looking and tasting cigar!"
I really enjoy the Ashton Churchill. The price is a bit steep so it is one cigar that I save for special times. Mild to medium body, lots of flavor, very satisfying and a long finish. The wrapper is silky and makes for a beautiful smoke.
Barry Lilly in Oregon October 9, 1999
"Mild and yet flavorfull consistent cigar."
A very smooth, mild and yet very flavorfull smoke.
Superior construction and appearance. If you like Macanudos,
try one of these and compare, this has more flavor,
yet is as mild and pleasing to the palate.
Robert J. Gagliano in Honolulu, Hi. June 17, 1999


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That's it for Markets Live today.
You can read a wrap-up of the action on the markets here.
Thanks for reading and your comments.
See you all again tomorrow morning from 9.
Shares suffered their biggest fall in nearly a month as the RBA elected to hold the official cash rate at its record low 2.5 per cent for a tenth month, as was widely expected.
The benchmark S&P/ASX 200 Index and the broader All Ordinaries Index each lost 0.7 per cent on Tuesday to 5479.7 and 5460.5, respectively. Following the rates announcement the market was pricing the chances of a rate hike in the next 12 months at 20 per cent, compared to a zero chance a day earlier.
Local shares started to tumble minutes after trading began having taken a soft lead from offshore. Shares on Wall Street and around Europe were broadly flat on Monday night, while London's FTSE added a modest 0.3 per cent, amid expectations the European Central Bank will act to increase stimulus when it meets on Thursday.
The ASX continued to decline in the afternoon despite Asian sharemarkets providing more support. Hong Kong's Hang Seng and Japan's Nikkei were each trading about 0.7 per cent higher when the Australian market closed.
"We are likely to see a cap on the local market around current levels until a catalyst for company earnings comes along," Morgans stockbroker Stephen Pill said.
"A major theme at the moment is the reaction to last month's federal budget, with consumer confidence slumping and a number of cyclical stocks, such as ALS Ltd, issuing profit warnings."
In an accompanying statement to the rates decision, RBA board members upgraded their global growth outlook while welcoming slower house price growth domestically. The RBA also noted the dollar remains high by historical standards, "particularly given a decline in commodity prices".
Contractor UGL is undervalued no matter what happens to property services arm DTZ, according to Deutsche Bank analysts.
As talks between UGL and private equity firm TPG come to a head, Deutsche upgraded the stock to "buy" and said UGL was worth up to $9.31 a share. The company was trading at $7.40 a share on Tuesday morning.
"Based on a DTZ sale price of $1.0 billion-$1.15 billion, we estimate UGL is worth $7.00-$7.91/share," the broker told clients.
"Under a DTZ demerger scenario, we estimate the potential combined value of the de-merged businesses is $7.39/share. If DTZ is retained, we estimate UGL is worth $7.46-$9.31/share."
The analysts said the market had undervalued UGL's engineering division, concerned about its earnings outlook and debt levels.
Deutsche said UGL's debt had peaked and should fall as cash flow strengthened.
And here are the best and worst for the day.
A bunch of stocks that depend on consumer discretionary spending - Myer, Reject Shop, Kathamandu, ARB Corp, Ten Network - appear in the bottom 10.
Topping the "best of" list is Lynas, which continues to gyrate violently, while Karoon Gas gained again.
Best and worst performing stocks in the ASX 200 today.
Aside from a brief period of optimism around the release of economic data in the late morning, the market started the day lower and kept heading in that direction right up to market close.
The ASX 200 and All Ords fell 38 points each, or 0.7 per cent, to 5479.7 and 5460.5, respectively.
Consumer discretionary stocks were hit the hardest after retail sales came in slightly lower than expected, while stronger than expected trade figures may have boosted fears of a rate rise; in any case the sector dropped 1.6 per cent with a host of retailers among the worst performing stocks (more on that when we post the "best and worst" for the day).
The big four banks all fell, aside from ANZ which was flat, which as a grouping was the biggest drag on the market. Macquarie fell 1.6 pr cent.
Wesfarmer was the biggest single detractor, falling 1.3 per cent, while Woolworths also dropped 1.1 per cent.
Miners had been up as a group early, but BHP ended the day 0.5 per cent down, although Rio added 0.7 per cent.
Utilities was the only sector not to suffer a drop.
It's what the RBA didn't say that's important, writes BusinessDay columnist Malcolm Maiden:
The RBA still has rates on hold, but it's something that doesn't get mentioned in its latest statement that will probably decide when it does move, and in what direction.
Compared to recent statements, there are a few changes in the RBA's tone for June.
It has gone from observing in May that the $A is stubbornly high to complaining mildly about it.
It has gone from predicting a month ago that low rates will trigger a strong rise in housing construction activity to stating that that the lift in activity has begun.
What it doesn't have anything to say about however, is consumer confidence, which has become the ''x-factor'' for the economy after the release of Joe Hockey's ''horror budget''.
The Reserve says consumer demand has been growing modestly, but that probably won't continue if the budget hit to confidence is sustained.
There are no clues from the central bank about whether or not that will happen, as you would expect.
Under the leadership of governor Glenn Stevens the Reserve hasn't held off in the past from moving rates at politically sensitive times.
Buying into a debate about the impact of the Abbott government's first budget before the economic evidence would be another thing entirely however.
The Reserve has wisely stayed clear.
Westfield Retail Trust lawyers met this afternoon in Sydney's Supreme Court asking the judge for permission to submit a new supplementary notice - essentially asking to approach their unitholders with a new offer that takes into account Westfield supremo Frank Lowy's apparently off-the-cuff remark that he was prepared to create a new vehicle if his demerger plans were voted down.
The preliminary date set down for the next meeting is June 20.
After an hour of dry legal argument there's a short adjournment now while the judge decides what details can be included in the new documents.
Stay tuned...
While most observers are busily cutting their growth forecasts for China, Nomura has lifted its predictions, due to improving data and Beijing's mini-stimuli. It's worth noting that Nomura has been (and still is) pretty bearish about the Chinese property market.
- We raise our GDP forecast for Q2 to 7.4% y-o-y from 7.1% and for full-year 2014 to 7.5% from 7.4%. The revision reflects improvements in leading indicators in May and the intensification of policy easing measures already taken, with more expected.
- We expect growth to rebound in H2, in contrast to the consensus expectation of a decline in growth.
- We remain concerned about the structurally oversupplied property sector and the amount of leverage in the economy. We expect growth to slow to 6.8% in 2015 as inflation rises, limiting the scope of future policy easing.
The revisions mostly reflect two issues, Nomura says:
- First, a surprising pick in economic momentum in May, as the official PMI, the HSBC PMI and the MNI China business sentiment indicator all strengthened. This suggests industrial production growth in May will improve from its April level of 8.7% y-o-y and on a quarterly basis is unlikely to fall sharply from 8.7% in Q1.
- Second, policy easing measures have clearly intensified in recent months, the cumulative results of which are starting to be felt on the macro front. There has been a long list of announcements in recent months, the latest being another targeted reserve requirement ratio (RRR) cut announced on May 30.
- The most important message we take from these announcements is a change of policy reaction – the government is clearly more concerned about downside risks to growth from the ongoing property market correction than it was a month ago.
- This suggests to us that it will likely loosen fiscal and monetary policy further in Q3, putting off the downside risks to growth to 2015.
Analysts have approved Virtus Health's first international foray, after the fertility company bought a 70 per cent stake in Irish fertility medicine clinic SIMS IVF for €15.49 million ($22.8 million).
In its presentation to the market, management highlighted the low levels of IVF use in Ireland compared with Australia. The number of IVF cycles performed, per 1 million of population, is 750 in Ireland, compared with 1,642 in Australia.
UBS analyst Andrew Goodsall said the rate in Ireland was consistent with other European countries, essentially ruling out a rapid rise to Australian levels.
"Prices are high and affordability low (relative to Australia) given limited government assistance," he said of the European Union. "We expect growth in the Irish market to continue at its recent run-rate of about 4 per cent per annum."
UBS's Goodsall upgraded his target price to $9.15, from $8.65. "In time, we would expect the relative unconsolidated EU market to present further accretive acquisition opportunities," he told clients.
CLSA analyst Dave Stanton prefers Virtus to the soon-to-be listed Monash IVF, which is rattling the tin among institutions today and tomorrow to raise almost $300 million.
Virtus trades on a 17.3-times price to earnings multiple, while Monash will look to raise in the range of 15.1 to 17.0-times. "We don't expect another Virtus-like boost to performance," he said of the proposed Monash float.
Morgan Stanley analyst Sean Laaman said the SIMS acquisition increased Virtus' net debt to $155 million. He said the company's "highly cash generative nature" would see net debt reduce to $129 million by the end of financial 2015.
And here's what economists are saying in their first reactions:
JPMorgan chief economist Stephen Walters
- It's largely what they said last time. There's a reference to the exchange rate being high, which they said last time, but they're highlighting that the gap between the commodity prices and the Aussie is getting wider, which they didn't acknowledge last time.
- There's quite a lot of stuff about other sectors emerging (in relation to capital expenditure) but they still describe it as tentative so even that lacks a bit of conviction.
- It's still a work in progress. Things are working the way they'd hoped given the easing they've already delivered, but they're waiting for the more compelling evidence.
NAB senior economist David de Garis
- On the rate decision - very little change in the statement there. For GDP tomorrow we're expecting something around 1 per cent. We were expecting a fraction below that. The GDP-e will be reasonably strong, the GDP-i will be softer. Wages and profits have been soft.
- (Next rate move:) probably not for at least a year. The economy's still trying to make this light jump from resource investment to more domestically based growth and it's just taking time - one or two steps forward and one step back at the moment.
RBC Capital Markets Su-Lin Ong
- Despite some softer housing approval numbers, they still continue to characterise the construction upswing as strong. Despite some improvement in non-mining capex plans they still talk about them as being tentative. Despite some numbers in the past few months, there's really no change to the big picture view at all.
- It's telling you they're very comfortable with rates where they are, and see no reason to shift.
- They've highlighted the disconnect between commodity prices and the Aussie. It's a veiled reference to the notable drop in iron ore prices yet the currency has proved resilient. When they talk about fundamentals, it further cements the view that the currency remains high and possibly not justified by fundamentals.
- They've been frustrated before by the fundamentals when it comes to the currency, and it's probably no different this time around.
Some reactions on Twitter to the RBA's statement:
upgrade from the RBA on global growth - now moderate pace
— Chris Weston (@ChrisWeston_IG) June 3, 2014
RBA makes the slightest of changes to its dollar chat. Still high by historical standards "PARTICULARLY given decline in commodity prices."
— Jacob Greber (@jacobgreber) June 3, 2014
RBA: "Volatility in many financial prices is currently unusually low." Another quasi-warning as we've seen from other CB's of late.
— David Scutt (@David_Scutt) June 3, 2014
"The most prudent case is likely to be a period of stability in interest rates." Yep - rates on hold for a while: http://t.co/iZ9mdKWh1L
— Juliette Saly (@julesaly) June 3, 2014
#RBA on hold as exp. Notes stronger resource exports but says may slow, subdued public demand, no mention of Budget, $A remains hi..
— Shane Oliver (@ShaneOliverAMP) June 3, 2014
Here's the full statement by the governor on today's RBA decision. A lot of same-same to last month's statement, apart from the bit pointing out how strangely (and worryingly?) low volatility in many markets is:
Growth in the global economy is continuing at a moderate pace, helped by firmer conditions in the advanced countries. China's growth appears to have slowed a little in early 2014 but remains generally in line with policymakers' objectives. Commodity prices in historical terms remain high, but some of those important to Australia have continued to decline of late.
Financial conditions overall remain very accommodative. Long-term interest rates have fallen further and risk spreads remain low. Emerging market economies are once again receiving capital inflows. Volatility in many financial prices is currently unusually low. Markets appear to be attaching a very low probability to any rise in global interest rates over the period ahead.
In Australia, the economy grew at a below-trend pace in 2013 overall, but growth looks to have been somewhat firmer around the turn of the year. This has resulted partly from very strong increases in resource exports as new capacity has come on stream, but smaller increases in such exports are likely in coming quarters.
Moderate growth has been occurring in consumer demand and a strong expansion in housing construction is now under way. At the same time, resources sector investment spending is set to decline significantly. Signs of improvement in investment intentions in some other sectors are emerging, but these plans remain tentative, as firms wait for more evidence of improved conditions before committing to significant expansion. Public spending is scheduled to be subdued.
There has been some improvement in indicators for the labour market in recent months, but it will probably be some time yet before unemployment declines consistently. Recent data confirm that growth in wages has declined noticeably. If these and other domestic costs remain contained, inflation should remain consistent with the target over the next one to two years, even with lower levels of the exchange rate.
Monetary policy remains accommodative. Interest rates are very low and for some borrowers have edged lower over recent months. Savers continue to look for higher returns in response to low rates on safe instruments. Credit growth has picked up a little. Dwelling prices have increased significantly over the past year, though there have been some signs of a moderation in the pace of increase recently.
The earlier decline in the exchange rate is assisting in achieving balanced growth in the economy, but less so than previously as a result of the higher levels over the past few months. The exchange rate remains high by historical standards, particularly given the further decline in commodity prices.
Looking ahead, continued accommodative monetary policy should provide support to demand, and help growth to strengthen over time. Inflation is expected to be consistent with the 2–3 per cent target over the next two years.
In the Board's judgement, monetary policy is appropriately configured to foster sustainable growth in demand and inflation outcomes consistent with the target. On present indications, the most prudent course is likely to be a period of stability in interest rates.
The Reserve Bank has kept the cash rate at its record low of 2.5 per cent - as widely expected.
Japanese stocks are on a roll, rising for nine straight sessions (the Topix) or at least eight out of nine (the Nikkei), as the yen weakens further. The indices are up a further 0.7 per cent today.
More tailwind for the Tokyo bourse could come as Japan's public pension fund, the world's biggest, mulls raising its investment in domestic stocks, from the current level of 12 per cent.
Yasuhiro Yonezawa, the recently appointed head of the investment committee of the $1.36 trillion Government Pension Investment Fund, said: "Twenty per cent would not necessarily be too high a hurdle" for the GPIF's weighting of Japanese stocks, the Nikkei financial daily reported.
Global financial markets are keenly watching the GPIF's investment strategy as the fund, bigger than Mexico's economy, is a huge investor and a bellwether for other Japanese institutional investors.
The government overhauled the GPIF's structure in late April, appointing new committee members in a push towards Prime Minister Shinzo Abe's goal of a more aggressive investment strategy.
GPIF now targets 12 per cent of its investments in Japanese stocks, 60 per cent in domestic bonds, 11 per cent in foreign bonds, 12 per cent in foreign stocks and 5 per cent in short-term assets.
GPIF could lower its weighting in Japanese government bonds and shift the proceeds into Japanese stocks, foreign bonds, US and emerging markets equities, the Nikkei quoted Yonezawa as saying.
A little bit over half an hour to go until the RBA announces its June rates decision.
The central bank is considered certain to leave its cash rate unchanged at 2.5 per cent and maintain a steady policy outlook.
Many market watchers, however, will be looking for any comment on the high Aussie dollar and falling prices of iron ore.
"We now think it's likely the RBA will commence 'open mouth operations', once again making comments around the AUD being uncomfortably high," says UBS economist Scott Haslem.
"While we doubt we'll see the RBA move to re-instate an explicit easing bias anytime soon, this is likely to see the RBA sounding a little more 'dovish' in its tone, whether at today's meeting, or over coming months."
Iron ore futures in Dalian have slipped for a fourth straight trading day, hovering near their lowest since their October launch, weighing on spot prices that have already fallen by almost a third this year.
Chinese steel futures also dropped for a fourth session to hit their lowest on record, reflecting pressure on demand from a weak property sector and hefty supply as markets reopened after a holiday weekend.
The growth in China's housing prices slowed to a near one-year low in April, while property investment also lost steam in the first four months of the year as developers feel the pinch from slowing sales and rising borrowing costs.
While stocks of steel products among Chinese traders have been falling, those held by producers have been rising, suggesting an uncertain outlook for demand has been keeping traders from replenishing their inventory, says Zhou Ting, analyst at Jinrui Futures in Shenzhen.
"Given the risks in the real estate market, traders and end-users are not willing to increase their stocks and this is putting pressure on the mills," says Zhou, adding those risks had overshadowed recent signs of recovery in China's manufacturing sector.
Iron ore for delivery in September on the Dalian Commodity Exchange fell 1 per cent to 678 yuan a tonne, a tad above the contract low of 677 yuan reached on Friday. Chinese markets were shut on Monday for a public holiday.
The most-active rebar for October delivery on the Shanghai Futures Exchange touched a session low of 3042 yuan ($US490) a tonne, the lowest for a most-traded contract since the bourse launched the product in March 2009.
The good news for News Corp print zealots is that its new co-chairman, Lachlan Murdoch, knows how to make a paper profit even in radio land.
The radio stations owned by Murdoch reported a slide in the ratings today but the News Corp heir apparent reported a big win where it counts.
Murdoch's Illyria Investments, home of his radio group Nova Entertainment, reported a net profit of $58.15 million for the year ending December 31 on revenue totalling $110.2 million.
This compares to a $210,000 net profit for the prior year.
The key ingredient in the profit figure was Illyria's acquisition of the other 50 per cent of the Nova radio group from Britain's Daily Mail and General Trust on April 1 last year. It generated a $58.5 million net gain on revaluation of the 50 per cent of the Nova radio group that Murdoch already owned.
Murdoch would still have done well without the paper profit. According to the financial accounts, the group reported an operating profit before tax of $10.7 million, excluding the valuation gains and foreign exchange.
The most interesting item was how the $86.2 million acquisition of the remaining 50 per cent of Nova was financed. The accounts report that ''this acquisition did not involve cash flows as it was funded through intercompany loans with related parties'' for the entire $86.2 million.
No detail was offered on who these 'related parties' are.
The big news for the latest radio ratings period was the Kyle and Jackie O Show losing its ratings crown to ARN stable mates The Jonesy and Amanda show on WSFM.
NAB has stepped up its push to win more credit card business, with a new offer giving new customers zero per cent interest on new purchases for the next year.
The decision follows a move by NAB to increase its unsecured lending earlier this year, which resulted in it cutting personal loans and offering zero per cent interest rates on credit card balance transfers. With its flagship business bank losing market share, NAB has been expanding in unsecured lending.
Official figures last week showed it had expanded its credit card book by an annualised rate of 32 per cent during April - most probably the result of its previous offer in the market.
The bank today also said it had experienced a 120 per cent year-on-year increase in credit card balance transfers.
This morning it also has raised variable interest rates on its personal loans to 12.99 per cent. Despite this increase it still has the lowest personal loan interest rates of the big four.
The slump in the iron ore price is being exacerbated for producers of lower grade iron, with Atlas Iron confirming that it is suffering a wider discount to the benchmark price than usual.
Atlas typically sells ores containing 58 per cent iron, slightly below the benchmark which is ore containing 62 per cent iron.
The lower grade means Atlas is paid a discount to the benchmark price of the day for its iron ore, but Atlas boss Ken Brinsden said that discount was widening at the moment, as increased exports gave buyers a choice of product.
"Increasing supply is placing further downward pressure on 58% (iron) products, with significantly increased discounts to the 62% index being experienced for that product while the market adjusts to accomodate the increased presence of this type of product," he said during a presentation in Sydney today.
Sceptics have previously argued that lower grade iron producers will face a tougher future, as Chinese steel mills seek to improve their environmental performance, and therefore favour higher grade iron ore.
The benchmark iron ore price rose slightly overnight from $US91.80 to $US92.10, but is still more than 30 per cent lower than at the start of 2014, and many pundits expect it to fall further in coming weeks. But on the positive side, Atlas is the second iron ore miner over the past 24 hours to suggest that the Indian market is opening up for Australian producers.
Atlas said today that the reduced price levels were making Australian iron ore competitive in India, with Atlas completing its first sale into the subcontinent during May.
Financial Index Wealth Accountants is in a bidding war with private equity firm Anchorage Capital Partners to gain control of the nation's fifth largest accounting firm based on revenue, Crowe Horwath Australasia.
It emerged Monday after Crowe entered a trading halt that Findex, which is part-owned by KKR Asset Management, the local arm of United States private equity firm Kohlberg Kravis Roberts, had a multi-million dollar takeover offer.
Anchorage, best known for ramping a $94 million Dick Smith Holdings investment into a $520 million listing within 14 months last year, made a non-binding and "highly conditional" privatisation proposal to Crowe in March.
Findex has just bedded down its $130 million acquisition of Centric Wealth. The transaction, completed in March, solidified Findex's position as the biggest non-bank affiliated financial planning group in the country with $7.6 billion in funds under management.
Shopaholic Findex chief executive Spiro Paule has turned the focus of his aggressive growth by acquisition strategy to the related field of accounting.
Crowe chief executive Chris Price was not returning calls Tuesday morning.
The company told the market the trading halt will last until Wednesday.
Macquarie Group's domestic mortgage book will almost double to $30 billion in two years, transforming the investment bank into one of most significant players in the market, and allowing it to nip at the heels of the four major banks.
But the biggest threat is to the regional banks.
In a research note, JPMorgan analysts characterise Macquarie's aggressive incursion into domestic mortgages as "more meaningful than investors or even Macquarie management themselves may suggest".
The investment bank notes growth has been exceptional over the past two years with the portfolio expanding by around 50 per cent to $17 billion.
Further growth will be fuelled by the redeployment of some $10 billion of surplus cash management account (CMA) deposits.
JPMorgan argues regional lenders have the most to lose from Macquarie's mounting appetite for this market, pointing out that smaller institutions such as the Bank of Queensland have, in recent times, opted to sit on the sidelines, in order "to preserve margin".
But the analysts believe this strategy results in BOQ "being locked out of the market" and ultimately weakens its ability to compete against the investment bank - once dubbed the Millionaire's Factory.
JPMorgan is targeting a $200 million uplift in revenue at Macquarie over the next two years.
The bank has maintained its neutral rating but lifted its price target on the stock to $54.62 from $54.34.
And the last bit of economic data today, the current account deficit almost halved in the first quarter thanks to booming shipments of iron ore and coal, in fresh figures showing underlying strength across the economy.
The current account deficit narrowed to $5.7 billion from $12.7 billion in the December quarter, as exports swung to a surplus of $3.6 billion from a deficit of $609 million, the ABS said. Economists had tipped a deficit of $7 billion.
The surge in volumes of goods shipped will add 1.4 percentage points to gross domestic product growth in the first quarter, according to the bureau, which will release national accounts on Wednesday.
China's factory sector turned in its best performance in four months in May as export orders improved although activity still contracted, a private survey showed this morning, adding to signs the economy may be stabilising.
The final reading of the HSBC/Markit purchasing managers' index (PMI) for May rose to 49.4, lower than a preliminary reading of 49.7 but up from 48.1 in April.
The final PMI was weaker than the flash reading due to an upward revision of the stocks of finished goods, HSBC said.
The official PMI hit a five-month high of 50.8 in May from April's 50.4, the National Bureau of Statistics said on Sunday, beating market expectations of 50.6.
The official PMI is weighted more towards bigger and state-owned enterprises and tends to paint a rosier picture than the HSBC/Markit survey, which focuses more on smaller private firms.
"The final PMI reading for May confirmed that the economy is stabilising, but it is too early to say that it has bottomed out, particularly in light of a weaker property sector," said Qu Hongbin, chief economist for China at HSBC.
"The lack of a sustainable growth momentum warrants stronger policy support. We expect both monetary and fiscal policy to be loosened gradually over the coming months."
The government has unveiled a slew of targeted policy measures, including faster investment in railways and public housing, in recent weeks to underpin the slowing economy.
Last week, China's cabinet announced fresh supportive measures, including cutting reserve requirement ratios (RRR) for more commercial banks, expanding re-lending and bond financing to support small firms.
The central bank has already cut RRR for rural banks.
On the fiscal front, the finance ministry has urged local governments and state agencies to quicken budget spending.
Chinese leaders have ruled out the possibility of any big fiscal stimulus as they focus on reforms to try to put the economy on a more sustainable footing over the long term.
Government consumption and investment spending fell 0.8 per cent in the first quarter to an inflation-adjusted $85.88 billion, the ABS reported this morning.
Government spending for consumption rose 0.3 per cent in the first quarter to $68.42 billion in real terms.
However, investment spending by the government and public enterprises fell by 5 per cent to $17.46 billion. This series has been volatile due to accounting for the transfer of assets between the public and private sectors.
The data will feed into the gross domestic product report for the first quarter due tomorrow.
Meanwhile, consumer confidence seems to have bottomed after plunging in the wake of the Federal Budget, but households are negative about their own financial situation, according to a survey.
ANZ-Roy Morgan's weekly consumer confidence survey shows the first signs that consumers are adjusting to news from last month's budget, as consumer confidence rose 2.9 per cent, its first lift in six weeks.
Confidence remains 12 per cent lower than it did six weeks ago, when it began to fall steeply on the back of budget leaks. However, it is not all good news. While confidence in economic conditions next year drove most of the increase, rising 14.5 per cent, households perceptions of their own financial situation deteriorated 3.1 per cent.
This last figure is concerning to economists as it may signal that households are preparing to spend less in the short term this year, despite being more positive about what next year holds.
ANZ is still expecting consumer spending to increase, but the budget announcements may affect the amount of spending and when it occurs. "The confidence impacts from the budget may weigh on consumer spending in the near-term and impact on the speed of that recovery," the survey warned.
A quick reaction from ANZ economists to April retail sales data released this morning:
Retail sales growth were a touch weaker than market expectations in April, increasing a modest 0.2% m/m (ANZ: +0.2% m/m, mkt: +0.3% m/m).
In our view, the weakness in the month was likely in part due to the close proximity of ANZAC day and Easter, which appears to have weighed on spending in some categories. Even still, after a strong pick-up since August last year, retail spending growth has noticeably weakened over the past three months.
While consumer confidence has fallen sharply since negative newsflow related to the Commonwealth Budget first began, it rose 2.9% last week (the first time in six weeks) which is a tentative, positive sign that the sharp deterioration in consumer confidence is abating.
ANZ's bottom line for the household consumption outlook remains that consumer spending will improve this year, although the confidence impacts from the Budget may weigh on consumer spending in the near term – and it will be important for the household consumption outlook to see where confidence eventually settles.
China's services sector grew at its fastest pace in six months in May, an official survey shows, reinforcing hopes hopes that the Chinese economy may be steadying.
The official non-manufacturing purchasing managers' index (PMI), or services PMI, climbed to 55.5 from April's 54.8, the National Bureau of Statistics said.
A storm alert today from Simon Derrick at the Bank of New York Mellon. He cites three warnings from leading central bankers, all alarmed by the remarkable disregard for risk in the equity, credit, and currency markets.
The Bank of England's Deputy Governor Charles Bean says the lack of volatility is "eerily reminiscent" of the run up to the financial crisis in 2007-2008. Investors are turning a blind eye to a large fact: that central banks are intent on extricating themselves from QE and emergency policies come what may, and this is going to be a painful experience.
Italy central bank Governor Ignazio Visco issued a similar warning on Friday: "Volatility on the financial markets in the advanced economies has subsided to well below the historic norm, reaching levels that in the past sometimes preceded rapid changes in the orientation of investors."
In America, Dallas Fed chief Richard Fisher has been warning for several weeks that the decline in the VIX index measuring volatility is an accident waiting to happen. One almost has the impression that he is itching to inflict some "two-risk way" into markets to shatter this complacency.
Mr Derrick says dash for yield is all too like the last stage of the carry trade just before Russia and East Asia blew up in 1998, and again in the summer of 2007 when investors seemed to lose all fear. Both episodes ended with a bang, at first signalled by a surge in the Japanese yen.
While the RBA is not expected to make any move on official interest rates, the falling iron ore price and slumping consumer confidence are expected to be at the top of the central bank's list of priorities.
The price of iron ore, one of Australia's most valuable exports, has plunged more than 30 per cent in 2014, but this has not been matched by a weakening of the local currency, which is up 3.6 per cent for the year.
''I would look at what they're going to say about the Aussie dollar in conjunction with the fall in iron ore prices because if the Aussie dollar had fallen in line with the iron ore price, it's less detrimental to Australia,'' HSBC chief economist Paul Bloxham said.
The RBA is unlikely to change its rhetoric in this afternoon's statement and are expected to keep interest rates quite low for some time, Mr Bloxham said.
Credit Suisse interest rate futures price in a 4 per cent chance of a rate cut today, and a 16 per cent chance of a rate hike in the next 12 months.
The central bank may argue the high dollar is holding back growth, Nomura rates strategists said.
''We and the market expect no change in policy, though we see the risk that a dovish tilt to the statement may take place. Helping that view would be the recent fall in confidence due to the budget, and the sharp fall in commodity prices,'' Nomura said.
RBA governor Glenn Stevens ... what will the central bank do after the release of weaker-than-expected business investment intentions figures. Photo: Alex Ellinghausen
Iron ore producers are expected to cut or push back non-essential spending until they have clarity about the bottom of the current price fall, mining executives have warned.
Grange Resources managing director Wayne Bould said discretionary spending such as training programs, external consulting and equipment upgrades should all be deferred.
Mr Bould's comments came as the iron ore prices slide continued down to $US91.80 per tonne over the weekend.
''When we see the numbers take a dive as they have and you don't see any clear bottom then a prudent CEO would implement a pretty straightforward plan to curtail any optimistic activity and lock down,'' he said.
''When it levels out and you understand where the bottom is and what that means in terms of costs of production, then we can re-evaluate.
''The trick for us is to protect our free cash flow and the value of our asset, so we are pretty good at belting the cost down on a short-term basis, it's not sustainable long term, but you can operate pretty cheap for a while.''
A $US10 movement in the iron price translates to a $US2.1 billion difference to Rio Tinto's bottom line, and $US1.2 billion for BHP Billiton, which is roughly half as exposed as its rival, according to Credit Suisse figures for the 2015 year. When applied to earnings, the Credit Suisse figures show a $US10 price movement had a 20 per cent impact on Rio and 9 per cent on BHP.
Diversified miners are ramping up iron ore production, while single-metal miners continue to add to supply, ultimately leading to oversupply and a further slump in the iron ore price.
Ore price slips closer to $US90 a tonne.
Shares have opened lower this morning with banks and miners switching roles from the start of the week, with lenders lower and diggers higher.
The ASX 200 is 12 points, or 0.2 per cent, lower to 5506.4, while the All Ords is down a similar amount to 5487.1.
Wesfarmers and Woolies are also dragging the market lower, down 0.4 and 0.5 per cent, respectively. Telstra is 0.3 per cent lower and Seek 2.7 per cent.
BHP and Rio gained 0.8 and 1 per cent, respectively, while Origin has rebounded 0.6 per cent and AGL Energy is 0.7 up.
UGL is 3.4 per cent higher.
A report on the potential impact of CSG extraction in Sydney's water catchment says fracking should be banned if the risk to human health can't be known with a high degree of certainty.
The government placed a moratorium on coal seam gas activity in the catchment area pending the release of the Chief Scientist's report, which was handed to the government on Friday night.
It says the use of chemicals in the fracking process would need to be severely controlled or even banned.
Chief Scientist Professor Mary O'Kane says there should also be strict controls on how companies manage produced water, which contains high level of salinity and other harmful chemicals.
"We've also suggested that in water quality that extra precautions be taken and that produced water if any CSG activity were to take place should be treated specially and not just put into the general catchment water," she said.
"And even though we went through the sums and there probably wouldn't cause trouble we did suggest it be treated specially".
Some 95 per cent of the extra credit extended by banks since mid-2012 has financed residential or commercial property, according to an analysis that highlights the lopsided nature of the post-mining boom economic transition.
In slashing interest rates to record lows, the Reserve Bank is trying to encourage borrowing and spending by households, while stimulating non-mining investment.
The central bank hopes this will help cushion Australia from a sharp fall in resources spending that will hit the economy in coming years.
However, analysis of official figures by UBS shows almost all the net credit growth since 2012 has flowed into property, as opposed to new productive plant or equipment.
The research by banking analyst Jonathan Mott found that of the total increase in credit since mid-2012, $60.6 billion had financed owner-occupied housing, $45.8 billion residential investment properties, and $10 billion had gone into commercial property.
Non-property business lending rose by just $3.2 billion, accounting for only 2.6 per cent of total credit growth over the period.
The finding illustrates the extent to which record low interest rates have helped to funnel tens of billions of dollars in debt into property, while doing little to spark increased business lending.
The soft growth in business credit is a headwind for all the major banks, but in particular the country's biggest business lender, National Australia Bank, which is also losing market share to rivals.
Low interest rates have helped to funnel tens of billions of dollars in debt into property. Photo: Glenn Hunt
Illustration: John Spooner
At last the big end of town can stop talking about why gaming billionaire James Packer and his best friend Nine Entertainment boss David Gyngell partook in a fisticuffs set-to on the pavement at Bondi Beach and instead turn its attention to what Solomon Lew is hatching at David Jones.
There are theories aplenty but my money's on the one that says Lew wants to sell his stake in Country Road, rather than make a bid for David Jones. It's greenmail with a twist. But more on this in a moment.
Last week Lew emerged with a 0.65 per stake in Australia's grande dame of top-end department stores just when it seemed South African retail group, Woolworths, was a shoo-in to buy it.
To further muddy the waters there now seems to be 10 per cent of the stock whose ownership is unclear.
If Lew has his foot on these shares - plus some more as people were suggesting yesterday - he could thwart the takeover offer which, incidentally, is pitched at a pretty generous price.
But it's worth sifting through the theories and their credibility.
First, some are suggesting he wants to buy David Jones himself. This is highly unlikely.
Lew is a retailer who never pays retail. He has had plenty of opportunities to acquire David Jones at lower prices and hasn't bitten the bullet. He has a history of never becoming involved in contested bids and prefers to buy assets from receivers.
Indeed it's a fair bet he has been waiting in vain for David Jones to go broke for years. Here's another thing about Lew - he is really patient.
Contractor Decmil Group has announced it has won "strategic" government contracts as the company moves to diversify its business away from the waning resources sector.
Decmil also bucked the downbeat tone among its peers to declare it is "well placed to deliver a strong result" for this financial year, the company said in an ASX statement.
The new business wins include demolishing and replacing an existing bridge in Marylands, Western Australia, as well as upgrading an Australian Defence Force training facility in WA's Port Hedland.
"These project wins are significant achievements for Decmil as they represent firsts for the company," Decmil chief executive officer Scott Criddle said in the statement. "The company's strategy is to broaden the range of services that we can offer to our clients, with a key focus on the government sector."
Criddle also said that the company is "well placed to deliver a strong result for FY14 and to adapt to the current environment".
"Work in hand for FY15 is taking shape with some great opportunities on the horizon," he said.
"The business is well placed for long term sustainable success."
UXC has told the ASX that there is no unannounced information that could explain the recent fall in its share price, which has plunged from 80c to 72.5c in the past few trading days.
UXC has told the ASX there's no unannounced information that could explain the recent slump in the shares.
Myer has responded to a drop in consumer spending by postponing its annual mid-year clearance while unveiling a one-day stock-take sale this week to entice shoppers into stores.
Australia's largest department store chain is offering discounts as deep as 60 per cent on womens apparel, 50 per cent off menswear and 40 per cent off manchester at the one-day 'stocktacular" sale in-store and online on Wednesday.
Myer plans to hold a series of 'countdown' sales in the lead up to the mid-year clearance, which kicks off on Wednesday June 18 and runs until July 27, or until stocks last.
In the past two years, both Myer and David Jones have launched their mid-year clearance sales around June 5 or 6 and finished by mid-July.
Myer postponed its mid-year clearance for almost two weeks after feedback from customers and in the hope that cooler weather will fuel demand for winter clothing and footwear.
David Jones mid-year clearance starts this week, the same week as it did last year.
Last week both Myer and David Jones said they had no current plans to delay or bring forward their mid-season sales,
But after record-breaking autumn temperatures and a sharp drop in consumer sentiment after the Federal budget, retailers have been left holding higher than expected levels of winter stock.
Sales of fashion and accessories slumped 20.2 per cent in the week after the budget, according to BDO's Australian Retail Index, while total retail sales fell 5.1 per cent.
US manufacturing expanded in May at the fastest pace this year as American assembly-line workers responded to increased orders by cranking up production.
The Institute for Supply Management's factory index rose to 55.4 from the prior month's 54.9. Readings above 50 indicate expansion. The release of the data, watched closely by financial markets as a gauge of the economy's strength, was anything but smooth.
Twice the Tempe, Arizona-based group had to amend its figures due to calculation errors.
Factories are helping spur a second-quarter economic rebound after a slowdown in inventory-building led to the first contraction in three years. Sustained demand from consumers, combined with corporate orders for machinery and equipment, are helping propel sales at companies such as Cisco Systems.
"The case for better growth is very good," said Ethan Harris, co-head of global economics research at Bank of America in New York, who projected a reading of 55.5. "We're kind of at the point where the economy should really have a chance to pick up speed."
The Standard & Poor's 500 Index and Dow Jones Industrial Average rose to records, erasing earlier losses after the ISM's corrections. The S&P 500 climbed 0.1 percent to 1,924.97 at the close in New York. The Dow advanced 0.2 percent to 16,743.63.
Local stocks are poised to open little changed ahead of today's RBA policy meeting and crucial retail sales data for April and trade figures.
Here's what you need2know:
- SPI futures up 6 points to 5532
- AUD at 92.43 US cents, 94.75 Japanese yen, 68.02 Euro cents and 55.23 British pence
- On Wall St, S&P 500 +0.1%, Dow +0.2%, Nasdaq -0.1%
- In Europe, Euro Stoxx 50 +0.1%, FTSE +0.3%, CAC -0.1%, DAX +0.1%
- Iron ore gains 0.3% to $US92.10 per metric tonne
- Spot gold down 0.5% to $US1243.43 an ounce
- Brent oil slips 0.5% to $US108.86 per barrel
- LME copper retreats 0.6 per cent to $US6845 per metric tonne
What's on today:
- Australia: April retail sales and trade (current account) data for March quarter (11:30am AEST); RBA cash rate decision at 2:30pm AEST; Queensland and ACT state budgets
- China: Non-manufacturing PMI at 11am AEST; HSBC manufacturing data 11:45am
- UK: Nationwide house prices
- US: Factory orders; construction spending
- Europe: Spanish, Italian and Euro unemployment rates
Stocks to watch:
- BHP to cut 500 coal jobs in Illawarra
- Collection House rated a new buy at Bell Potter; price target $2.10
- CSR trades ex-dividend
- RCG rated a new buy; price target 72c
- SAI: Pacific Equity may pull $1b offer after company said would open online data room for potential bidders
- Sirius rated new buy at Paradigm Capital
- Telstra cut to neutral vs outperform at Credit Suisse; price target $5.61
- Mirabela Nickel quarterly results
- Deutsche Bank has maintained its "buy" recommendation on Peet Ltd following a slew of positive housing data; price target $1.70
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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Events On: Tuesday, February 22, 2011
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Current Concepts in Oncology: Advanced Practice Professionals' Case Presentation Approach
Location: Moffitt Cancer Center, Tampa, Florida
At the conclusion of this conference, the participant will be able to:
• Identify current strategies in the work-up, diagnosis, management and treatment of melanoma, multiple myeloma and prostate, esophageal, breast cancer and pancoast tumors • Through the case presentations, describe the appropriate process in the diagnosis and management regarding a patient with melanoma, multiple myeloma and prostate, esophageal, breast cancer and pancoast tumors • Explore multi-disciplinary approaches to optimize outcomes in the oncology patient • Discuss the APP's role within the medical team in relation to the oncology patient
ACCREDITATION This program is not yet approved for CME credit. Conference organizers plan to request 6 hours of AAPA Category 1 CME credit from the Physician Assistant Review Panel. Total number of approved credits yet to be determined.
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Catalina 3-Shelf Bookcase, Chestnut
No longer available
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