text:
And here are the main winners (yes, there were some) and losers in the ASX200:
Winners and losers among the top 200
Back to the local market. Here's how the blue chips did:
- Rio: -3.3%
- Westpac: -3.7%
- Fortescue: -6.5%
- Woolies: -1.75%
- Wesfarmers: -0.95%
- Telstra: -1.5%
- Newcrest: -3.6%
Something worth keeping an eye on over the next days is China's interbank funding costs.
The Shibor, China's benchmark interbank lending rate, has jumped dramatically over the past few weeks and spiked above 13 per cent today (with overnight repos hitting 25 per cent), basically shutting down money markets. Read more here
SHIBOR at 25% basically means there is no functioning interbank market in China - it's like money markets seizing up post-Lehman
— Patrick Chovanec (@prchovanec) June 20, 2013
< blockquote class="twitter-tweet">
Blaming China SHIBOR meltdown on (anticipated) Fed QE tapering is ridiculous. This is homegrown issue that has been brewing for some time.
— Patrick Chovanec (@prchovanec) June 20, 2013
MT @timdayipper: Todays SHIBOR Fixing, this starts to appraoch Greece yield curve after swapping long-short maturity http://t.co/JZFsE6Hvzc
— H Khan (@seldomawake) June 20, 2013
Looking ahead, European stock index futures point to a sharply lower open, tracking losses on global markets after US Federal Reserve chairman Ben Bernanke confirmed the Fed will begin winding down its stimulus measures later this year.
Futures for Euro STOXX 50, for UK's FTSE 100, for Germany's DAX and for France's CAC are down 1.3-1.6 per cent.
And last night's sell-off on Wall Street is likely to continue, with Dow and S&P futures both down around 0.5 per cent.
''Many investors were hopeful that the party of cheap, easy money will go on for the next two years and here's the Fed signalling the bar will close soon,'' says Jonathan Ravelas, chief market strategist at Manila-based BDO Unibank. ''A contraction in China is going to worsen the hangover.''
Among the sectors, materials plunged 2.9 per cent, financials fell 2.6 per cent and industrials dropped 2.4 per cent. IT and health bucked the sell-off, rising 1 per cent and 0.4 per cent respectively.
Australian shares have closed sharply lower, caught up in a global sell-off that wiped about $30 billion off the local market's value.
The benchmark S&P/ASX200 index slumpd 103 points, or 2.1 per cent, to 4758.4, while the broader All Ords lost 97.9 points, or 2 per cent, to 4743.9.
The yield advantage on Australian sovereign bonds may crash to the least since 2001 as the Reserve Bank bank shows it's willing to cut record-low interest rates even further, CBA says.
The extra yield benchmark Australian notes offer over US counterparts will shrink to 80 basis points by 2015 and may drop to as little as 50, Commonwealth Bank forecasts.
Economists expect the to narrow to 87 basis points by September 2014, according to a Bloomberg survey, after touching 107 yesterday, the least since November 2008.
The RBA has left the door open for lower rates, which would further reduce sovereign yields and weaken the Aussie dollar just as the US Federal Reserve signals it may reduce monetary stimulus this year.
"We are going to have a slowdown in Australia, and if things go badly, it could turn into a recession," says Philip Brown, a fixed-income strategist at CBA. If the run of poor data continues in Australia against the backdrop of a resurgent US, a spread of 50 basis points is plausible, according to CBA.
Sam Sicilia, the chief investment officer of the $12 billion industry fund HOSTPLUS, says the fall in the Australian dollar is good news for Australia's key money-making sectors, but further falls are needed:
- This country does two things - we dig things out of the ground and we send them offshore and we inbound tourism.
- So we like a low dollar, but so does everybody else. And no matter where you're sitting around the world, everybody wants a low currency. And of course that doesn't make mathematical sense.
- But the strong Australian dollar even at 92 [US] cents remains a major challenge.
- The reason why the Australian dollar is still (strong) ... is because Australia remains one of the few AAA-rated countries and other countries' central banks have been buying Australian dollars because of its safe haven status.
Macquarie Group has shelled out $2.2 million upping its stake in Mark Bouris' mortgage business, Yellow Brick Road.
After buying an 8.2 per cent shareholding late last year, and agreeing to provide a funding source for Bouris' white-label loans, Macquarie has raised its stake to 10.5 per cent.
A notice lodged with the ASX today shows MacBank bought the extra shares off market on Wednesday for 56 cents a pop. This is a slight premium to their trading price of 53 cents on Wednesday.
Shares in Yellow Brick Road, which is aggressively expanding its network of broker branches, are unchanged today.
The head of Sony says the company's board is studying a proposed plan to spin off part of its profitable entertainment arm but won't be rushed into a decision.
US billionaire Daniel Loeb, whose hedge fund Third Point has amassed the largest stake in Sony, last month made the call to hive off and list up to 20 per cent of the arm, which includes a music label and Hollywood movie studio.
Sony CEO Kazuo Hirai told the firm's annual shareholders' meeting in Tokyo today: ''This is a really important proposal not only for today's Sony but for the future of Sony.
''The board will reach a decision by discussing and analysing Third Point's proposal from all sorts of angles... we want to take our time and get necessary information from outside,'' he told the meeting at a Tokyo hotel.
Here are some numbers that help to show how far the Australian dollar has fallen over the past few weeks and months:
The Australian dollar has lost more than 10 per cent of its value against the US dollar since early May, when it was trading at 103 US cents.
On the Reserve Bank's trade-weighted index, which measures the Australian dollar against a basket of currencies, it has weakened from 80.2 in mid-April to 72.1 today.
Since early May, the dollar has fallen by 12.3 per cent against the Japanese yen from about 102 yen to 89.6 yen. It has slipped 9.6 per cent against the British pound, from 66 pence to 59.8 pence.
It has also dropped by 11.3 per cent against the euro, sliding from 78.6 euro cents to 69.7 euro cents.
The dollar against the greenback over the past 12 months.
Today's hefty selloff on global stock markets is unjust and an over-reaction, says IG's Chris Weston:
- Taking a step back we are left with a clearer idea as to when the Fed tapering will occur. We are left with a date for when QE should finish (mid-2014) and we even have a complete threshold (7% unemployment) for which this will be achieved.
- The 'Bernanke put' is still there if the economy heads south again, although if everything goes to plan organic growth will be seen; potentially heading to 3.25% in 2014. When the market works out that the Feds plan is actually a good thing then hopefully clearer heads will prevail.
- The key is the bond market; with the US yield curve now at 203 basis points (the highest since October 2011) the unwind of the carry trade has been vicious with huge moves in AUD/USD, USD/MXN, USDZAR and USD/BRL.
- Upside now in US yields will have traders liquidating these positions in droves and heading into the USD and anyone wanting to know where the AUD/USD is headed needs to firmly have a view on the US fixed income market.
Adding to the market's jitters, China's interbank funding costs surged again today, with the two shortest-term rates hitting record highs, as the central bank again ignored market pressure to inject funds into the market, despite fresh evidence that the economy is slowing.
By not easing liquidity conditions, the central bank could exacerbate an economic slowdown that already appears well under way. China's factory activity weakened to a nine-month low in June as demand faltered, a preliminary survey showed today.
The State Council, China's cabinet, reiterated its commitment to prudent monetary policy and moderate credit growth risks at a meeting on Wednesday afternoon.
If money market rates remain high, it could translate into higher financing costs for businesses, economists say.
"The central bank appears to be determined to force banks and other financial institutions, such as funds, brokerages and asset managers, to de-leverage," said a trader at a major Chinese state-owned bank in Shanghai. "That hardline stance suits the recent government policy of clamping down on non-essential businesses by financial institutions, such as shadow banking, wealth management, trust operations and even arbitrage."
The days of cheap overseas travel and attractive online prices are over, leading economists say. With the Australian dollar falling to a 33-month low on Thursday, travel and online retail prices are expected to soar immediately.
Petrol, whitegoods and electronic equipment prices are expected to rise by up to 10 per cent.
"Anything in a foreign price will go up straight away," AMP Capital's chief economist Shane Oliver said. "It's the same with online suppliers. That price, when translated, will be higher than it was six week ago."
Mr Oliver predicted travel expenses to rise by 10 per cent.
"Travel is the most instantaneous thing to go up," he said.
"If you are booking hotels or transport or events in overseas countries, it will cost you more."
A growing influx of travellers from Asia are flying into Sydney, with Chinese and Singaporean visitor numbers surging during May.
Chinese visitor numbers surged by 29.4 per cent in May while those from Singapore increased by 40.4 per cent, compared with the same period last year.
The visitors kept coming from other parts of Asia in May, with Japanese arrivals rising by 11.2 per cent, followed by a 10.8 per cent increase from both the Philippines and Indonesia.
Meanwhile, Australian overseas departures and arrivals grew by 5.3 per cent in May, compared with the same month last year.
Some 921,000 international travellers passed through Sydney in May, compared with 1.98 million domestic flyers.
At the moment, the ASX200 is on track for its biggest one day loss since May last year. Shares are currently down 120.2 points, or 2.5 per cent, to 4741.2.
While we mention Fortescue and commodities, it's worth pointing out that iron ore has been having a good run, rising five days in a row to currently $US120 a tonne - smack bang the level many analysts thought it would average in 2013. And a level that ensures producers such as Fortescue are making money on their exports.
Fortescue's comments about cost reduction come in the same week that Rio Tinto made close to 50 senior staff redundant from its Western Australian iron ore business.
That business is considered best in class and made $US9.2 billion in after tax profit last year, demonstrating how virtually no business in Australia is immune from redundancies at this moment in history.
But sources close to Fortescue believe redundancies aren't likely in the near term, despite the evolution that will come over the next year as the company transitions from expansion mode to steady-state operations.
In commodity markets, spot gold is down 0.3 per cent at $US1347 an ounce, while US gold futures have dropped more than 2 per cent to $US1338.60 an ounce.
US crude futures are down more than 1 per cent at $US97.10 a barrel and Brent also fell 0.9 per cent to $US105.22.
A leading business group has warned firms against relying on a sustained fall in the Australian dollar to lift their competitiveness.
Australian Chamber of Commerce and Industry chief economist Greg Evans said there was an expectation the dollar would continue to decline to around 80 US cents.
''I think if that is the case, there may well be disappointment from a business point of view,'' Evans said in Canberra. ''You can't rely on a depreciating exchange rate.''
Westpac senior economist Andrew Hanlan said expectations the Fed would taper its stimulus measures were a little overdone and premature at this stage.
As such, Westpac expected the Aussie dollar would still be trading around the mid-90 cent range at the end of the year, he said.
''In terms of trying to improve the overall competitiveness of the Australian economy, you really need to see a seachange in the level of the currency, around 80 or 70 cents,'' Hanlan said..
Something a bit off the pace, but interesting nonetheless
Lost the spring in your step? Looking for a reason to get out of bed in the morning? Easy. Retire.
Retirement makes people feel happier and healthier than they have done at any point since their mid-30s. UK survey finds people in their late 60s feel like they are back in their prime.
Shareholders of Intrepid Mines today backed their board to try to win back rights to a $5 billion copper and gold project in Indonesia that the company lost last year, defeating a plan to oust the board, spokesmen for both sides said.
"There is a single point that a majority of shareholders that voted appear to have failed to grasp: this Board failed to protect shareholders from predictable and manageable risks faced by every foreign investor in Indonesia or similar emerging markets," Hong Kong-based Quantum Pacific, which called for the ouster, said in a statement.
At stake is an 80 per cent interest in the Tujuh Bukit project, which Intrepid lost last year when its Indonesian partners transferred the leases for the project into a new company, now controlled by Indonesian tycoon Edwin Soeryadjaya.
Intrepid shares are flat at 23 cents.
So why is the Fed's announcement and weaker-than-expected economic data coming out of China today hitting commodity currencies such as the Australian dollar (others include the Mexican peso, Brazilian real and South African rand) so hard?
"There is a concern about global growth. There's potential that China - one of the world's big growth engines because of their huge investment over the last few years and which doesn't look like it will be repeated - is slowing down," says Rochford Capital director Derek Mumford.
"All these currencies rely on strong growth from the big economic blocs - China, Europe and the US - that's part of their attraction. While the global economy is growing strongly, then it sucks in raw materials."
One-month returns against the US dollar.
Now for the biggest sliders among the largest 50 companies on the ASX50:
- Leighton: -6.55%
- Iluka: -6.48%
- Fortescue: -6.25%
- Mirvac: -5.33%
- Qantas: -5%
- Goodman Group: -4.69%
Looking now at the winners on the ASX50 on a losing day. And it should be noted, among the top 50 companies only four are trading in positive territory:
- Computershare: +1.74%
- Sonic Healthcare: +1.05%
- News Corp-CDI B: +0.69%
- CSL: flat
As well as big losses on the share market, the Aussie currency is having a bad day. It's currently trading more than 2.5 cents lower as the dual effects of the Fed's comments and a weak reading of Chinese manufacturing activity inspire traders to sell it and buy up the resurgent US currency. The Aussie is down for a fifth day.
''The link between the China growth story and the Aussie dollar remains crucial,'' said Michael Judge, a Sydney-based dealer at OZForex, an online foreign exchange company.
''We all know the only way interest rates are heading in this country at the moment is south, and obviously weakening China growth doesn't help that prognosis.''
The AUD was recently trading at 92.74 US cents, the lowest since October 2010, and down about 0.25 US cents since 7am. It traded close to 95.5 late yesterday.
Australian shares are not the only ones taking a battering today. Lots of other key Asian markets are trading in the red:
- Japan's Nikkei: -1.08%
- Hong Kong's hang Seng: -2.18%
- Shanghai Composite: -1.15%
- South Korea's Kospi: -1.4%
Affordable housing - it sounds like a good thing. But it's not a good thing for everyone. What if an extended period of subdued house price increases – the preferred path to more affordable Australian housing – effectively wiped out a generation of would-be entrepreneurs?
In an interesting lunchtime read, Michael Pascoe writes that the emerging generation of businesspeople is unlikely to be able to rely on rising house price to fund business start ups. And it's something that the RBA is watching.
Sydney and Melbourne airports are continuing to benefit from a sharp rise in Chinese visitors to Australia.
Releasing traffic figures for May, Sydney Airport reported a 5.9 per cent rise in international passengers while domestic travellers rose by 1.6 per cent. The large rise in international passengers was attributed to a 5 per cent rise in the number of Australians venturing overseas for holiday or business, and increases in visitors from major markets including China.
The number of Chinese travellers passing through Sydney Airport rose by more than 29 per cent in May.
Shares in the Macquarie-backed Sydney Airport are down 1.7 per cent at $3.42, broadly in line with the ASX's falls.
Strong growth in Chinese visitors was also the main reason for an 8.6 per cent rise in the total number of international passengers passing through Melbourne Airport's terminals in May. Chinese visitors rose almost 17 per cent for the month. The unlisted airport reported a 1.7 per cent rise in domestic travellers.
Here's Mal Maiden's take on the dollar's slide after the Fed flagged an end to quantitative easing:
Wonderful news... the dollar is plunging
Australian dollar's overnight fall is good news for our economy and, more importantly, for what it says about the US, says business columnist Malcolm Maiden.
PT3M4S http://www.watoday.com.au/action/externalEmbeddedPlayer?id=d-2okhy 620 349 June 20, 2013- Autoplay OnOff
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Fortescue will miss its iron ore production target for the 2013 financial year, and has pushed back the timing of a sale of its infrastructure assets.
In a statement to the market today, Fortescue said production for the year to June 30 would fall as much as 4.75 per cent below the original guidance. Rather than producing between 82 and 84 million tonnes, the company now expects to produce between 80 and 82 million tonnes.
Fortescue shares are down 5.2 per cent at $3.185, compounded by some weak economic data into manufacturing in China this morning.
Fortescue's production costs are higher than those of Pilbara neighbours BHP Billiton and Rio Tinto, and the company has recently been spending billions on expansions that are designed to bring down the company's production costs in the long term.
Here's a stock fighting today's trend: New News Corp shares have surged during their second day of trade on the ASX.
The new entity, which comprises of the newspaper and publishing side of the business, began trading yesterday at $15. It closed the day down 3 per cent at $14.55. Today however, shares have jumped 18.9 per cent to $17.30.
According to BBY analyst Mark McDonnell, the value of NNC sits between $7-10 billion, roughly the range it is trading in.
"It's been given a very strong balance sheet and that's one of the key distinctive differentiators from its competition," McDonnell says. He notes NNC has no debt and $2.5 billion in cash.
McDonnell says the single best asset in the new business is Real Estate Australia (REA), which is 61 per cent owned by NNC. However, it is separately listed on the ASX. There are pluses and minuses in this, he says:
- On the one hand because its separately listed, the trading in REA is in some respects a support to the price in NNC.
- Hypothetically, let's say if the REA share price went up 10 per cent, you would expect that to be reflected in the NNC share price, given that REA is a component of that business.
- The downside though, is that investors who want to buy NNC because of the REA component would be better off simply buying REA shares, which they can.
Technical note: Comments are open again, but they're still coming in pairs. Sorry for that - we thought it's better having the same comment twice than none at all.
We hear the Senate has just voted unanimously to hold an inquiry into ASIC following Fairfax Media's expose of rogue financial advisers at CBA. The regulator has been heavily criticised for its slow reaction in looking into the scandal.
Some more reactions to the weak Chinese data by the Twitterati:
It's turning into a picnic for Aussie bears. China PMI hits a nine month low, sending the Aussie dollar down another leg.
— enda curran (@endacurran) June 20, 2013
The weak Chinese manufacturing data shows how the Eurozone recession hurts China.
— Stephen Koukoulas (@TheKouk) June 20, 2013
Poor June HSBC flash #China PMI. Fell further to 48.3 from 49.2. Points to risk of growth slipping to around 7% this quarter
— Shane Oliver (@ShaneOliverAMP) June 20, 2013
A survey of 18 economists by Bloomberg showed the median probability of a recession in China was 10%, a couple saw that closer to 80%!
— Chris Weston (@ChrisWeston_IG) June 20, 2013
Meanwhile, both stocks and the dollar have hit the day's lows on the weak Chinese data. The ASX200 is now down about 2 per cent at 4764.9, while the All Ords has lost 1.9 per cent to 4750.1.
Today's slide has wiped about $28 billion off the market's value.
The ASX200 today.
Some more details on the Chinese data showing activity in the country's vast manufacturing sector weakened further in June to a 9-month low, reinforcing signs of tepid economic growth in the second quarter.
The flash HSBC Purchasing Managers' Index fell to 48.3 in June from May's final reading of 49.2, drifting further away from the 50-point level demarcating quickening growth from slowing. It was the weakest level since September.
"Manufacturing sectors are weighed down by deteriorating external demand, moderating domestic demand and rising destocking pressures," says Qu Hongbin, chief China economist at HSBC. "Beijing prefers to use reforms rather than stimulus to sustain growth. While reforms can boost long-term growth prospects, they will have a limited impact in the short term. As such we expect slightly weaker growth in 2Q."
A sub-index measuring overall new orders dropped to 47.1 in June, the lowest reading in 10 months, suggesting demand is weakening both at home and abroad.
The survey, compiled by British-based Markit Group Ltd, showed new export orders weakened further in June, pointing to persistent global headwinds as the US recovery remains patchy while Europe's economy remains shackled by the debt crisis.
Manufacturing data out of China is weaker than expected, with HSBC's flash PMI coming in at 48.3, down from 49.2 last month. Economists had expected a reading of 49.1.
The weak number has added to the pressure on the local dollar, taking it down about half a cent to the day's low of 92.42 US cents.
Early reaction:
The data in China is deteriorating worse than what most of the economists that already downgraded GDP may have anticipated.
— Michael McDonough (@M_McDonough) June 20, 2013
HSBC's flash manufacturing PMI for China is out in a couple of minutes. The data will give some insight into the country's industrial production and may move the local market if it comes in off target (expected is a reading of 49.1, slightly down from last month's 49.2).
Incidentally, HSBC overnight cut its GDP forecasts for China to 7.4% (from 8.2%) for this year and 2014 (from 8.4%). Growth should rebound in 2015. The banks said:
- Three months into the job Beijing's new leaders are clearly determined to use the reform process rather than stimulus to sustain growth.
- The reform agenda includes financial, fiscal, deregulation, and urbanisation reforms. Once implemented, these measures should invigorate the private sector and improve efficiency, lifting growth prospects in the medium to long term.
- That said, it will take time for these measures to filter through to the economy and have an impact on growth. In the short term some reform initiatives will actually be negative for demand, implying that growth will slow before regaining momentum in 2015.
The downturn in the mining sector shows no sign of abating, with Emeco Holdings the latest in the mine services sector to downgrade earnings.
It told the sharemarket this morning it now expects to post a year to June net profit of $35-36 million, which is significantly short of the $40-44 million profit flagged as recently as April. Additionally, it said "challenging conditions" are expected to continue well into the 2014 financial year.
It blamed ongoing softness in demand in Australia, along with the prospect of at best delays to payment for some of its work done in Indonesia.
Shares have plunged 14.7 per cent to 32 cents.
So, will what appears to be strong negative sentiment against the Australian dollar spread into Australian equities? Despite the losses in opening trade today, the answer is 'no', says NAB's head of currency strategy Ray Attrill.
"The equity weakness that we are going to see today is the normal knee-jerk contagion reaction to how the US equity markets took the Bernanke press conference," Mr Attrill said.
"My guess would be it won't be very long before the benefits of the fall in the currency [are seen], and the fact that this is going to make Australian financial assets more attractive for foreign investors because they're 10 per cent cheaper than they were six weeks ago.
"So although I still think the Australian dollar is going to fall further here, particularly now that US bond yields are breaking into higher ranges, which I think is the key driver of the Aussie/US rate, I don't have the same degree of pessimism about the equity markets."
If you're just tuning in, here are some links to the coverage of the Fed comments from earlier today and their effects on markets and the Aussie dollar:
- Malcolm Maiden: Cheer up - Fed's move signals recovery
- Aussie dollar dives on US Fed moves
- QE end in sight, says Bernanke
And here's a video wrapping up the news:
Bernanke comments hit dollar
Aussie dollar slides dramatically after US Federal Reserve chairman Ben Bernanke flags future slowing of its bond-buying program.
PT1M6S http://www.watoday.com.au/action/externalEmbeddedPlayer?id=d-2ojw9 620 349 June 20, 2013- Autoplay OnOff
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In economics news from the other side of the Tasman, New Zealand's GDP increased 0.3 per cent in the March quarter, coming in below market expectations of 0.5 per cent growth.
''Weaker than expected outcome suggests continued softness in business investment, as businesses remain cautious,'' CBA says in a note.
''From our perspective, the key downside surprises were in weaker than expected transport and warehousing activity, as well as telecommunications activity.''
The New Zealand dollar suffered a further blow in the wake of the data. Already under pressure against a resurgent US dollar, the Kiwi dropped a quarter of a cent to a session low of 78.42 US cents, before coming back to currently 78.76 US cents.
Losses on the ASX have moderated ... a bit. In a sharp slide at the open, the ASX200 lost 1.46 per cent but have since climbed back to just 1.1 per cent lower.
To the major gainers on the ASX200 now and News Corp leads all comers by a long way:
- News Corp-CDI B: +17.87%
- Coalspur: +9.55%
- Energy World Corp: +3.91%
- St Barbara: +2.50%
- Skilled: +2.35%
- Cochlear: +1.9%
Aussie shares aren't alone in falling sharply this morning. Japan's Topix index fell for the first time in five days after the US Federal Reserve said it may reduce stimulus this year if the economy achieves sustainable growth. Shares declined even after the yen tumbled overnight against the dollar.
The Topix fell 1.5 per cent to 1,089.63. The Nikkei 225 Stock Average declined 1.4 per cent to 13,064.62, with only 10 companies rising.
All but three of the Topix's 33 industry groups retreated, led by developers. Consumer-electronics and machinery makers exerted the biggest drag. Sony lost 0.7 per cent after a report a proposed spinoff of its entertainment business won't be discussed at its shareholder meeting today. Toyota Motor, dropped 0.7 per cent.
Much of the recent rise in US stock markets can be attributed to the immerse amount of money being pumped into the US economy by the Federal Reserve, markets and currency strategists say.
Now that the central bank has announced it would be pumping in less money each month if the economy continues to improve as expected, it's no surprise that markets are reacting negatively, Westpac chief currency strategist Robert Rennie said.
"If we go back to mid-2008, the Fed's balance sheet was about $US0.8 trillion - very stable. The Fed's balance sheet at the moment is $US3.4 trillion," he said.
"For the US Federal Reserve to have gone out and bought essentially $US2.6 trillion of securities from mid-2008 to mid-2013 - that is a phenomenal injection of capital into financial markets.
"That is what has caused this sudden shock. It's just a realisation that we're not going to be receiving the same monthly injection of liquidity into financial markets that has sent us into a tailspin."
Folks, we've closed comments for the time being until we get to the bottom of what's causing them to be published twice. We're hoping normal service will resume soon.
Looking now at some of the major sliders on the ASX200 - lots of gold miners among them:
- Emeco Holdings: -16%
- Perseus: -8.28%
- Oceanagold: -7%
- Resolute: -5.84%
- Kingsgate: -5.76%
- Evolution: -5.52%
- Panaust: -5.13%
The big miners are also down heavily:
- Rio: -1.91%
- Fortescue: -3.72%
A measure of spending in the Australian economy enjoyed its biggest monthly gain in over five years in May, a hopeful sign that consumer demand was holding up despite subdued sentiment.
The indicator of business sales (BSI) from Commonwealth Bank of Australia climbed 5.2 percent seasonally adjusted in May, a big turnaround from a 0.1 per cent dip in April. That left the indicator up 10.3 per cent on May last year, picking up sharply from a 5.9 per cent pace in April.
The data suggest the official retail sales report for May might show improvement after a subdued reading in April.
The Commonwealth BSI is obtained by tracking the value of credit and debit card transactions processed through the bank's merchant facilities.
It covers spending broadly across the economy rather than just retail sales, including spending on automobiles, personal services and airlines.
Some more thoughts on the plight of the Aussie dollar. NAB's head of currency strategy, Ray Attrill, said the Australian dollar had become a "whipping boy for the broader market turmoil that we are seeing".
"It's increasingly clear investors - and not necessarily just investors in the currency markets - have been using the Australian dollar and the liquidity that is available, as it is one of the most largely traded currencies in the world, as a hedge," Mr Attrill said.
"That's probably why it has fallen almost more than any other emerging market currency. I don't think it is specifically saying that we are more negative about Australia than we are about Europe.
"It's that people have learnt to use it almost as a proxy for broader risk aversion and as the hedge against, for example, long equity portfolios."
Here's how the rest of the AX200 is faring in early trade:
- Materials: -1.84%
- Industrials: -1.78%
- Financials: -1.6%
- Energy: -1.39%
- Utilities: -1%
Amid the gloom, there are a couple of sectors on the ASX200 which are swimming against the tide:
- Health: +0.42%
- Info tech: +0.31%
It's a sea of red out there today. The big banks are having a very tough start to the day:
- Westpac: -2.12%
That early slide has cost the market about $20 billion.
The Australian share market has opened more than 1.4 per cent lower.
At 10.25am, the benchmark S&P/ASX200 index was down 69.4 points, or 0.14 per cent, at 4792, while the broader All Ordinaries index was down 66.4 points, or 1.4 per cent, at 4775.4.
So, after all that, what are stocks doing: in a word, down. In opening trade, the ASX200 is 0.8 per cent lower.
In other news this morning, ANZ plans to sack about 600 Melbourne call centre staff and send their jobs overseas, the union says.
Finance Sector Union national secretary Leon Carter says an ANZ internal memo outlines plans to close the company's call centre in Mulgrave and move the jobs to the Philippines and New Zealand.
The move is expected to affect about 340 jobs. A further 250 positions at ANZ's South Melbourne office are also expected to go.
Mr Carter said that while ANZ described the plan as a proposal, he did not feel confident about the future of the jobs.
Here's the full version of the Malcolm Maiden analysis of the Fed news from this morning.
And we're having a few technical problems with comments at the moment. Hang in there. We're hoping to have it sorted soon. Thanks for your patience.
As well as the Aussie dollar, gold has slipped as the Ben Bernanke said asset purchases may be reduced later this year. The shiny stuff fell for a fourth day to the lowest level in a month. Spot gold decreased as much as 0.6 per cent to $US1,343.27 an ounce, the cheapest since May 20, and traded at $US1,346.35 at 7:43am in Singapore.
Gold has slumped 20 per cent this year, amid speculation the Fed will pare monetary stimulus that helped the metal cap a 12- year bull run last year.
The gold market reacted swiftly to the slightly more upbeat comments," James Steel, an analyst at HSBC Securities, wrote in a note.
"The improved forecast signal a reduction in downside risk to the economy and gives the FOMC a more hawkish spin, which should also be USD bullish. This combination is outright gold bearish and we expect to see further pressure on prices in the near term."
With the local currency already under pressure, there's also this to factor into things today:
With Aussie dollar trading at US92.8c (down 2c) overnight more volatility expected in the currency with Chinese PMI out at 11.45am Thurs.
— Eric Johnston (@ejohnno) June 19, 2013
The Aussie dollar was one of the most immediate victims of Bernanke's comment, losing nearly three US cents!
The Australian currency slipped from 95.5 US cents before the start of Fed chairman Ben Bernanke's comments, before plunging more than 2.5 US cents to 92.9 US cents. It was trading at 92.81 US cents just before 8am.
Here's a chart showing what happened to the Aussie in early trade:
Fall ... The Australian dollar over the past three days.
BusinessDay's Malcolm Maiden writes that after the markets throw a minor tantrum, ''most investors will decide very little has changed".
"The sky is not falling in: Its an economic recovery story in the US-get used to it," he writes.
"Only an habitual pessimist could take all this and declare that the sky is falling in for the markets. This is about reponding to economc recovery, in a gradual way.
"As Bernanke says, the evntual move up in rates is tied to infation bing on to at leat 6.5 per cent. The 6.5 per cent mark is a threshold, not a fixed target. QE will also not be dumped in one swoop. the stimulus will contine but gradually reduce, if the economy can handle it."
Evan Lucas from IG markets asks, why did the markets react so violently to Bernanke's statements?
He's referring to a big downturn on Wall Street on the comments, with US markets closing more than 1.2 per cent lower as confirmation sank in that the QE tap would be turned off. Mr Lucas notes:
It is this part of the statement that seems to be getting the most air time: 'The Fed may "moderate" its pace of bond purchases later this year and may end them around mid-2014'.
A case is now being mounted for tapering to begin in September. The statement was constantly justifying the comments made in the last two meetings in particular - that QE should end. The market consensus is that the first taper will be around US$15 billion - taking the purchasing programme from $85 billion to $70 billion. This certainly looks like the market's interpretation.
So, the raw facts - if the US economic recovery continues on its current trajectory, the Fed will begin winding back bond purchases (currently running at $US85 million a month) later this year, with a view to pulling the pin entirely in mid-2014. But interest rates will remain at current levels - 0.25 per cent - until 2015.
What does it all mean? Here's Kit Juckies from Societe Generale:
"Bottom line - no backing down, no turning back, the Fed will taper unless the data deteriorate," he wrote in a note this morning. "There is debate, but the fact the vol has not prompted second thoughts seems to me key."
To taper or not to taper. Ben Bernanke is preparing for his last FOMC meeting. Photo: Bloomberg
We have started the Markets Live blog a bit earlier to take a thorough look at all the Fed developments, which are likely to have a big impact both globally and locally.
Early on, one of the biggest casualties has been the Aussie dollar, which lost close enough to three US cents on the news. More on that in a few moments.
First, let's have a look at the key lines from Fed boss Ben Bernanke, who spoke to the press after a two-day policy meeting which left rates at 0.25 per cent and announced no change to the QE or bond-buying program for now, but flagged changed later this year and a possible end to it mid next year.
"If the incoming data are broadly consistent with this forecast, the Committee currently anticipates that it would be appropriate to moderate the monthly pace of purchases later this year. And if the subsequent data remain broadly aligned with our current expectations for the economy, we would continue to reduce the pace of purchases in measured steps through the first half of next year, ending purchases around midyear.
"In this scenario, when asset purchases ultimately come to an end, the unemployment rate would likely be in the vicinity of 7%, with solid economic growth supporting further job gains, a substantial improvement from the 8.1% unemployment rate that prevailed when the committee announced this program.
"I would like to emphasize once more the point that our policy is in no way predetermined and will depend on the incoming data and the evolution of the outlook as well as on the cumulative progress toward our objectives."
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 52 points lower at 4784
- The $A is lower at 92.66
- In New York, the S&P500 lost 1.39% to 1628.93
- In Europe, the FTSE100 lost 0.4% to 6348.82
- China iron ore gained $US2.30 to $US120 a metric tonne
- Gold lost 1.2% to $US1350.20. an ounce
- WTI crude oil lost 40 US cents to $US98.01 a barrel
- Reuters/Jefferies CRB index added 0.53% to 287.96
Good morning folks, and welcome to a slightly earlier start to the Markets Live blog for Thursday.
Contributors: Thomas Hunter, Jens Meyer, Max Mason, Georgia Wilkins
This blog is not intended as investment advice
BusinessDay with agencies


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One of the frequent questions we get about eating real food is "what do you eat exactly?" Unfortunately so many people have come to rely on both processed foods and highly refined ingredients that most don't know what they would eat without them (you may be one of these people!). I will be the first to tell you that the initial transition isn't easy, but once you get used to eating this way you soon discover that there so many options that actually taste a lot better than all of that processed stuff anyway.
I have been blogging about recipes and what to eat for months, but in this post I want to take a step back and tackle the topic of what a typical real food pantry might look like. Continue Reading »

subset: commoncrawl


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Structure fire in Coal Township
COAL TOWNSHIP — Multiple fire crews are being sent to the scene of a structure fire in Coal Township. The fire was dispatched at 9:47 a.m. to a home on West Walnut Street. We will update you on this story when more information is available. (Ali Stevens)
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PITTSBURGH – The Allegheny County Health Department today reported the Shop N Save supermarket in Shaler has joined the Women, Infants and Children supplemental food and nutrition program.
The store, located at 1620 Babcock Boulevard, joins more than 100 grocery stores throughout the County that participate in the WIC program and collectively redeem about $13 million in food vouchers a year. Locations and directions to the stores can be found on the Health Department's web site at www.achd.net/wic.
WIC is a federally funded program for income- and medically-eligible pregnant women, postpartum mothers, breastfeeding mothers, and children under the age of five.
The income limits are an annual gross income of $21,257 for a family of one; $28,694 for 2; $36,131 for 3; $43,568 for 4; $51,005 for 5; $58,442 for 6; $65,879 for 7; and $73,316 for 8. Add $7,437 for each additional member beyond 8. Unborn children are counted when the woman is pregnant.
WIC families receive nutrition counseling, breastfeeding support and food vouchers redeemable at participating grocery stores for infant formula; infant cereal; milk; eggs; cheese; juice; cereal; peanut butter; whole grains, including bread, tortillas, oatmeal and rice; soy milk; tofu; jarred baby foods; dry or canned beans; canned tuna/sardines/pink salmon; and fresh/frozen/canned fruits and vegetables.
Additional vouchers are available during the summer to purchase fresh Pennsylvania-grown produce at participating Farmers Markets and Farm Stands.
For information about WIC and how to apply for benefits, please call the Allegheny County Health Department WIC Program at 412-350-5801. If this number is a toll call or you live outside Allegheny County, please call the statewide toll-free number, 1-800-WIC-WINS.
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11 Comments on "Kami nomi zo Shiru Sekai: Megami-hen Episode 5"
August 5th, 2013 at 7:20 pm
Aw yeah!! :D
August 5th, 2013 at 7:25 pm
Thanks Dao!
August 5th, 2013 at 7:34 pm
Heck yeah, I've been lurking for it for a while.
August 5th, 2013 at 7:50 pm
weirdest episode i've seen, just a little bit of Elsie at the end… blehh… keep's getting weirder and weirder….
August 5th, 2013 at 8:18 pm
why you dont upload to mega.co.nz ?
August 5th, 2013 at 8:46 pm
August 5th, 2013 at 9:15 pm
Already gone out of original(Manga) I see…
Supposed to have a Vintage Underling (Fiore)
Just hope it's not have an original Anime Ending
August 6th, 2013 at 5:46 am
@Larcx This ep followed the manga exactly (v15 ch143). They did cut Fiore out of the previous eps – but they sort of had to cuz they skipped like 5 conquests.
For those that plan to read the manga to fill in the space b/w season 2 and this season, do not read further. Fiore was trying to resurrect a demon by feeding the loose souls, and she twice created level 4s before Keima forced them out. The only one able to seal the level 4 after eviction was the teacher on the roof of this episode (and she did it secretly and just left a super-reinforced bottle at the scene). Fiore is also the one that stabs Kanon, same as the anime. She gets defeated by Vulcanus (the doll girl's goddess) right before where in the anime Diana walks up to Vulcanus. They strip Fiore, throw her in a bottle, and she becomes comic relief after that.
August 6th, 2013 at 8:10 am
I feel so weird and uncomfortable watching this episode.
August 7th, 2013 at 7:45 am
Well… crossdress is the least thing I expect from this anime. I hope it's the last time.
September 28th, 2013 at 7:13 pm
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Family-Style Meals — Meatless Monday
by Maria Russo in Recipes, May 7th, 2012
On busy weeknights, there's just no time to fuss with intricate, individually plated meals or time-sensitive dishes. Instead, you want to reach for recipes that encourage simple, family-style eating, in which there's a big-batch dish in the middle of the table and your family can help themselves. Check out our three rustic, wonderfully informal dinners below and let us know what you're making for Meatless Monday tonight.
Ina's classic, deliciously gooey Mac and Cheese (pictured above) is a five-star fan favorite with almost 700 user reviews. She prefers a combination of Gruyere and extra-sharp cheddar cheeses to form the basis of her family-friendly recipe — the rich, nutty Gruyere balances the bite of the cheddar. Before baking, she arranges sliced fresh tomatoes atop her pasta-cheese mixture and dusts it with white breadcrumbs to add a barely there crunchy texture.
Giada's Vegetable Casserole is another family-favorite recipe that can feed a crowd. She tops a layer of hearty potatoes, carrots, yams and peppers with sweet onions, chopped zucchini and tomatoes, and bakes this healthful dish until the veggies are tender and the Parmesan cheese topping golden brown. A final sprinkle of fresh basil finishes the dish before serving.
Loaded with spiral-shaped noodles, fresh vegetables and a mix of creamy ricotta, mozzarella and pecorino cheeses, Food Network Magazine's Baked Cavatappi With Artichokes and Fennel is one pasta dish that parents and kids will both enjoy. Once you take this casserole out of the oven, let it rest for just 15 minutes, so that the cheeses have a chance to harden a bit.
Meatless Monday, an international movement, encourages people everywhere to cut meat one day a week for personal and planetary health. Browse more Meatless Monday recipes.
Similar Posts
Skip Takeout and Make Spicy These Recipes at Home
Make takeout at home with these easy recipes....Comments (
3 )-
why not have diebete friendly recipes
Re comment of your not having diebete (sig) diabetic friendly recipes…
The name of the diabetic food game – from a Type 1 diabetic of 58 years – is to COUNT THE CARBS. You don't need any type of "special diabetic" foods. Don't fall for that trick. Know your daily carb limit; know how many carbs per meal and you'll do just fine. Read labels and how they translate to what you're eating. Tomorrow AM, enjoy that plain, cake doughnut, BUT remember it has 40 carbs. Did you use your b'fast carbs wisely? Count your carbs. You can do it. -
Re: counting carbs for diabetics.
I am no expert on anything, but I know what works for my husband and me. My husband is a Type 2 diabetic. Our diet now focuses on vegetarian, high fiber, low-glycemic dishes although we do include meat sometimes. We also eat lots of fish. Typical day for him is oatmeal with raisins and maybe a banana for breakfast., Lunch is almost always a sandwich plus an apple AND an orange. Dinner might be quiche, a salad, and asparagus . Or maybe mac and cheese (made with low-glycemic pasta) and two veggies. Later he may have sugar-free pudding, a fruit smoothie, or sugar-free yogurt. Definitely not low carb.
His doctor says his blood-sugar counts are so good he will never have health issues caused by his diabetes and that he should be teaching classes. He takes an extremely low dose of medication once a day. Of course that makes a big difference. But it also makes a big difference in his testing results if we go off the diet we designed for him.
I don't know that what works well for one person works well for another. I'm also under the impression that Type 1 and Type 2 diabetes are pretty different. I do think that we all need as much information as possible to determine what foods are best for us as an individual. Best wishes for your continued good health!


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Traveler Rating (5 out of 5)
Best Western Plus Dockside Waterfront: "My stay at Best Western Dockside was very imprompt..." stayed June 2013 reviewed by Phillip from Farmington Hills. posted 2013-06-29 10:04
My ratings for this hotel I traveled with: My visit to the area was for: visiting the area Would you stay again? Y
Make a reservation for Mackinaw City hotels |
Best Western Plus Dockside Waterfront Hotel website


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The Faculty of Humanities and Social Sciences at La Trobe is one of the strongest in the country, and has played a significant part in La Trobe's research successes in recent years. The Faculty is home to 12 disciplines rated at 3 or above in the 2012 ERA, and has been home to some of the country's most influential public intellectuals.
The University now seeks to appoint an Executive Dean, to succeed Professor Tim Murray, to develop and implement a compelling vision for humanities and social sciences that builds on the Faculty's existing strengths while positioning the disciplines for a secure and vibrant future.
Reporting to the Vice-Chancellor, you will be a key member of the senior leadership team. You will draw upon your understanding of key directions and trends in Higher Education to develop and implement a clear plan for the Faculty that leverages its contribution to public intellectual debate and the study of social history, culture and communication, social justice, regional involvement and the origins of humanity and human settlement. The ability to understand patterns in demand for educational programs in relevant disciplines, and the needs of students in a changing learning and work environment, will be key to driving excellence and innovation in teaching and research.
Your credentials as a dynamic and exceptional academic leader in a relevant H&SS discipline will be underpinned by demonstrable management skills in a complex organisational environment, preferably in Higher Education. You will be a person who gets things done.
You will have a demonstrated track record of academic innovation and appropriate revenue generation, including fee-paying and international student recruitment in a complex national and international Higher Education policy environment.
This new leader must have experience to manage change in a dynamic sector. With the Faculty and University you will build on the past to create a vibrant future.
For a copy of the Information for Candidate's book that has details of the role, Selection Criteria and the application requirements please contact:
Julie Steiner, Director | Braithwaite Steiner Pretty Executive Search (BSP)
Applications close 5pm Wednesday 2 October 2013.
]]>Screen Australia is the key Federal Government direct funding body for the Australian screen production industry. Its functions are to support and promote the development of a highly creative, innovative and commercially sustainable Australian screen production industry.
An exciting opportunity now exists to join us as our new Head of Production. In this newly created position, you will provide strategic leadership as well as creative and operational direction for all of Screen Australia's content creation including feature films, television drama and documentaries. Leading a team of unit managers, you will have overall responsibility for all development and investment decisions and oversee projects from development and/or production investment through to delivery.
The successful candidate will be a leading figure from the world of film and screen content with considerable managerial and production experience on a domestic and or international landscape. You will require extensive experience in relevant senior executive roles in development and production across a diverse range of creative platforms with tangible, high quality outcomes; and that demonstrate high levels of creative and commercial skills and knowledge. You will also possess an avid interest in Indigenous storytelling for the screen and up-to-date knowledge of the Australian and international marketplace, and evolving financing and distribution models.
This is a key creative, senior leadership role. Exceptional people management skills as well as leadership experience, with proven ability to inspire, engage and motivate a team are essential.
This role will be based in Sydney.
To receive an Information Book with more details of the role and how to apply; or to arrange a confidential discussion please contact:
Julie Steiner, Director | Braithwaite Steiner Pretty Executive Search (BSP)
Applications close 5pm Wednesday 2 October 2013.
(By Maria Sykes| September 2013)
Click HERE to download the PDF
This appointment represents a new era for CSU, with a key focus on the provision of cutting-edge e-technologies that will cement CSU's reputation as a national leader, and significant international player in the provision of distance education.
Professor Wills comes to CSU from the University of Wollongong where her most recent roles include Executive Director, Learning & Teaching and Executive Director, Higher Education Policy & Research. A self-described "digital native" since the 1970s, decades before the term was coined, she has forty years international experience in the fields of both education and technology across the full spectrum of education including school, TAFE, business, government and university, in roles ranging from teacher, sessional lecturer, academic, courseware developer, technology entrepreneur, industry analyst, quality auditor and public speaker, to senior manager and board director in public and private educational enterprises.
As a pioneer of multimedia, distance education and e-learning, Sandra's initiatives have been recognised through national and international awards including an ALTC Citation for strategic leadership in global e-learning; Fellow of both the Australian Computer Society and Australian Council for Computers in Education; Silver Core from the International Federation for Information Processing; Open Learning Network Fellow of the UK Open University.
Professor Wills is an international researcher and author in educational innovation and has delivered over 120 invited and keynote addresses in 22 countries. Her latest book, The power of role-based e-learning, caps more than ten years of research on learning designs and online role play funded by Australian learning & teaching grants. Her most recent grant is from the UK Higher Education Academy for international benchmarking on recognition of teaching in academic promotion.
Professor Wills will take up her position on the Bathurst campus on 18th November 2013.
Please join with me in welcoming Sandra to CSU."
Professor Garry Marchant | Deputy Vice-Chancellor – Academic
Consultant: Lynne Benton
BSP Practice: Education
As Director you will be the strategic leader of TIGeR, responsible for maintaining and capitalising on Curtin's world leading research performance and reputation in areas such as; geochemistry, planetary science, tectonics, geodynamics and related disciplines.
You have an international reputation; a record of obtaining research income including nationally competitive research grants and/or fellowships; publications in high-quality peer-reviewed journals; and by a high level of citations.
You will have demonstrated high level communication and interpersonal skills with the ability to lead, foster and promote the development of a collegial, supportive working environment; and the ability to interact with students and staff with cross cultural sensitivity.
It is essential to have a Doctoral qualification in Geoscience or a related area with significant leadership of integrated research activity both within and across groups.
For a confidential discussion or to optain an information book on how to apply please contact:
Dr Jim Sait | Braithwaite Steiner Pretty
Applications close: 5pm, Friday 4th October 2013
As Chair, your role will develop high-value networks with CSIRO and industry stakeholders, advance the use of supercomputing as applied to geoscience through the Pawsey Supercomputing Centre.
Your international reputation and world-leading research in the use of supercomputing to address major geoscience challenges, will be evident by your record of publications in high-quality peer-reviewed journals relevant to the resources sector.
Demonstrated high level communication and interpersonal skills with the ability to lead, foster and promote the development of a collegial, supportive working environment and the ability to interact with students and staff with cross cultural sensitivity.
It is essential to have a Doctoral qualification in Geoscience or a related area with significant leadership of integrated research activity both within and across groups in academic and/or applied research.
For a confidential discussion or to optain an information book on how to apply please contact:
Dr Jim Sait | Braithwaite Steiner Pretty
Applications close: 5pm, Friday 4 October 2013.
]]>Dr Moloney has been the Director and Chief Executive of Rothamsted Research near London, UK since 2010. Rothamsted is the oldest and largest agricultural research centre in Europe, with a mandate for food security, agricultural sustainability and adaptation of agriculture to the consequences of both climate change and depletion of fossil fuels.
He is also the founder of SemBioSys Genetics Inc and served as the company President from 1994-1998 and then as Chief Scientific Officer from 1998-2010. Dr Moloney is also a Professor in the Department of Biological Sciences at the University of Calgary and held the Natural Sciences and Engineering Research Council of Canada (NSERC) Industrial Research Chair in plant biotechnology from 1995 until 2005.
Dr Moloney's career in plant biotechnology spans more than 25 years. Prior to founding SemBioSys, he spent seven years as a Professor at the University of Calgary, pursuing research on seed-specific gene expression, herbicide resistance and the plant cell cycle. Previously, he was the head of the Cell Biology Group at Calgene Inc., where he developed the first transgenic oilseed plants using canola as the model.
Dr Moloney has published more than 90 original research papers and is an inventor on 43 issued US patents and over 300 patents worldwide. He has served on the advisory board of the National Research Council's Plant Biotechnology Institute and has consulted for several biotechnology and agri-business companies. He has served on numerous Federal government committees including NSERC Council (the governing body of NSERC), CFI, National Research Council PBI (Canada) and the Networks of Centres of Excellence programs. He was the co-president of the International Society for Plant Molecular Biology (ISPMB) Congress in 2000 and serves on the ISPMB board. Dr Moloney has received a number of prestigious awards, including two Alberta Science and Technology (ASTECH) Awards for leadership in Alberta Technology. He holds a Bachelor of Science degree in Chemistry from Imperial College, London, and was awarded his doctorate in plant biochemistry from De Montfort University/Leicester Polytechnic in the United Kingdom. He was honoured by the University of Lethbridge with a D.Sc. honoris causa in 2004, by De Montfort University in 2011 and by Lancaster University, UK in 2013.
Dr Moloney has excellent knowledge and understanding of the activities, priorities and challenges that impact the Food, Science and Life Science Industries Group and is well placed to take the group into an exciting new phase.
Consultant: Julie Steiner
Research: Natalie Walker
BSP Practice: Government & Public Sector
With over 20 years of international experience in film, television and multi-media businesses, Mr Mason has an intimate knowledge of the full spectrum of the screen sector, having worked with large US studios, a UK television network, independent producers and government agencies. Mr Mason was chosen from an extensive field of over 250 international candidates.
Screen Australia Chair Glen Boreham said, "The Board was extremely impressed by Graeme's extensive commercial experience and his unique perspective on the need for a screen agency to create a bridge between industry and government, and a balance between culture and commerce.
"As we look forward to welcoming Graeme to the agency, we also want to acknowledge the remarkable leadership of Ruth Harley as our inaugural CEO. Ruth can be very proud of her achievements during her five-year term, during which she brought the three former agencies together into one organisation and implemented a significant overhaul of our approach to development and funding of screen content. The results are there to see in some of the outstanding and diverse Australian content we have supported in recent years, from The Sapphires to Redfern Now, and from Once upon a Time in Cabramatta to Big Stories, Small Towns. We are very grateful for Ruth's contributions to Screen Australia and to the Australian screen sector."
Mr Mason said, "After so many years away I am delighted to be coming home to Australia to take on such an exciting role and to build on the great work of Ruth Harley and her team. I am really looking forward to working as part of the Australian screen industry to help tell our stories to domestic and global audiences and to continue to build a vibrant and sustainable screen sector."
Mr Mason will commence his new role in November.
Consultant: Julie Steiner
Research: Natalie Walker
BSP Practice: Arts & Culture, Media & Communications
The Issues – Every hiring manager wants the best person possible for their role. Finding the person through personal networks (time consuming), advertising (uncertain) or executive search is the first challenge. Attracting and retaining them is entirely another, requiring thoughtfulness, timely action and leadership.
Three issues dominate the recruiting of international specialists in the Health Sector:
1. Overseas candidates requiring Australian registration to practice must be supported to achieve professional registration in Australia, 2. There must be external justification for an overseas candidate taking a role for which Australians may also be qualified, 3. Researchers will require start up financial and infrastructure support until they can compete successfully for grants.
(By Dr Jim Sait & Dr Dennis Feeney | July 2013)
Click HERE to download the PDF
Fiona will join La Trobe from Mercer where she is Principal Human Capital Consulting and has led that firm's workforce planning, diversity, leadership development, talent, career, performance management and organisational design services in Melbourne.
Fiona played a key role in Mercer's tertiary education sector practice and was previously Group Head of Talent Management at ANZ Bank with responsibility for the management of future leaders across the bank's worldwide operations.
The Executive Director, Human Resources is accountable for ensuring that La Trobe's human resource capabilities are in place by providing leadership, strategy, advice and HR services. Fiona brings with her the experience and demonstrated capability that will be necessary to support the University achieve the goals we have set ourselves in Future Ready.
Fiona will commence at La Trobe on 19 August 2013.
Consultant: Tony Grierson
BSP Practice: Higher Education


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The Heartland Institute, a conservative think tank, buys a series of billboards that compares people who believe in climate change to mass murderers. Stay classy, HI.
read more
As you may have heard, the Heartland Institute, a right-wing anti-climate-science think tank, has launched a billboard campaign that's getting widely pilloried on the Web — it compares people who accept climate science as legitimate... Read Post
The Heartland Institute has taken down its billboard suggesting if you believe in global warming you're like the Unabomber. Its website tries to explain: The billboard series features Ted Kaczynski, the infamous Unabomber; Charles M... Read Post
The Heartland Institute has launched one of the most offensive billboard campaigns in U.S. history. The fringe anti-science think tank is comparing all those who accept climate science — and the journalists who report on it accurate... Read Post


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quote:Id choose a bullet to the head
quote:John Mayer, just because of his Trio! stuff
quote:Mayer is a better song writer, and better musician. He writes a few pop songs to help sell his albums, but his "pop" songs are almost always well written, and fairly complex musically. He has remained relevant while changing his style on every one of his albums. He is also a ridiculous guitar player. Even if you think he's a douche, you can't deny his talent as a guitarist.


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The Tuberculosis Programme Area Component contributes to the reduction of the Tuberculosis (TB) disease burden in the WHO Africa Region through support to all member states to adopt and implement cost-effective TB prevention, treatment, care and support interventions.
Improved data reveals higher global burden of tuberculosis
What is multidrug-resistant tuberculosis and how do we control it?
Online Q&A
Q: What is multidrug-resistant tuberculosis and how do we control it?
A: The bacteria that cause tuberculosis (TB) can develop resistance to the antimicrobial drugs used to cure the disease. Multidrug-resistant tuberculosis (MDR-TB) is TB that does not respond to at least isoniazid and rifampicin, the two most powerful anti-TB drugs.
Message of the Regional Director on the Occasion of World Tuberculosis Day 2014
World Health Assembly approves Post-2015 Global TB Strategy and Targets
Combating HIV/AIDS, TB, Malaria: Going from Progress to Impact
Dr Sambo calls on governments, partners to increase and sustain commitment to TB control
World Health Organization and Global Fund cite tuberculosis threat
Global tuberculosis report 2014


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McGrath Training Systems is actively involved in number of professional associations, and we present at many annual conferences throughout the year. Below is a sample listing of organizations with whom we are affiliated.
We have also included a partial listing of our on-site training clients including risk pools and insurance companies, school districts, colleges and universities and other public agencies. In addition, thousands of organizations utilize our video education systems and online training programs. They are simply too numerous to name.
Select Professional Organizations
Select Risk Pool/Insurance Clients and Associations
Select On-Site Training Clients
McGrath Training Systems 631 N. Milpas Street • Santa Barbara, CA 93103 Phone: (800)733-1638 • Fax: (805) 682-8307 Email: firstname.lastname@example.com
© 2007 McGrath Training Systems


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The Salvation Army Women's Auxiliary of Hampton Roads is a dynamic group of women empowering families in need. The organization's mission is to assist The Salvation Army in Hampton Roads with a particular part or all its programs, functioning as a fundraising and volunteer service group.
The Salvation Army Women's Auxiliary of Hampton Roads had its beginning in the fall of 2005 when a small group of women began meeting. The main objective was to form an Auxiliary as soon as possible to begin raising funds for the transitional housing program, HOPE Village.
Since being chartered in March 2006 the Auxiliary working as a group supporting The Salvation Army's charitable events with donations and volunteer support for Thanksgiving Baskets, Angel Tree, Christmas Stocking Stuffing, Christmas Distribution and more. When officially chartered, the Auxiliary installed its first board and had over 30 women at the first membership luncheon.
The Salvation Army Women's Auxiliary meets on the third Monday of each month at the Thomas R. Lee Administration and Social Services Building – 5525 Raby Road in Norfolk. They are always excited to welcome new members and businesses in the community to join in "Doing the Most Good!"
Women's Auxiliary leadership
Major Connie Long, Associate Area Commander
Angie Utter, President
Cheryl Hickok, Vice President
Anne Orwig/Ellen Tolliver, Secretary
Donna Mathis/Diane Walters, Treasurer
Donna Fuleihan, First Counselor
Nancy Nale, Membership Chair
Jamie Story/Tracie Stern, Historian
Charlie Thesz, Kettle Program
Linda Tedesco, Evangeline Booth Award
Karen Clements/Anna McGinn, Communications
Cheryl Hickock, Fundraising
2014 Meeting Dates
January 21
February 17
March 17
April 21
May 19
June 16
July 21
August 18
September 15
October 20
November 17
The Salvation Army
Women's Auxiliary of Hampton Roads
P.O. Box 388 • Norfolk, VA 23502


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What does BMT mean in Unclassified?
This page is about the meanings of the acronym/abbreviation/shorthand BMT in the Miscellaneous field in general and in the Unclassified terminology in particular.
Find a translation for BMT in other languages:
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"BMT." Abbreviations.com. STANDS4 LLC, 2015. Web. 4 Mar. 2015. <http://www.abbreviations.com/term/142844>.
BMT also stands for:
- Ami Pro Button (Ami Pro)
- Bachelor, Medical Technology
- Bacon Meat Tomatoe
- Bacon, Meat, Tomato
- Bad Mother Terrist
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BAUXITE — The Bauxite Miners have had a hard time winning this season. Owners of a 1-8 overall record and still winless in 7-4A conference play, the Miners head into the the final week of the season with a trip to Nashville tonight. Bauxite is coming off of a 62-7 loss to conference favorite Arkadelphia last week, a game in which the Miners totaled 226 yards of offense. Rooks led in passing yards with 150. The quarterback added a touchdown to his resume but also threw two interceptions. Junior wide receiver Ben Madison led with 10 catches for 93 yards and a TD in the loss.
RUSSELLVILLE — For those watching in the Russellville High School gym, the 6A Volleyball State Championship match was one to remember. The Benton Lady Panthers fell 16-14 in the fifth and final set of the 6A state final to the Jonesboro Lady Hurricane on Saturday night to finish as runner-up in the state. "It was a great game," Benton Coach Brandy Chumley said. "If you go out with a loss, you want it to be a game like that. Hard in everything that they gave."
BENTON -  With the painful sting of a recent loss still fresh in the air, the Saline County town of Benton played host to the ninth grade football team of cross county rival Bryant. Both team's wanted this victory and the fans showed in resilient support of today's youngsters and tomorrow's War Memorial salt slinger's. Benton football would walk away with salt in their wounds once again this season taking a beating from Bryant 34-0.


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Come to experience a luxurious stay on a beautiful lakefront home - lower floor - with own beach. The lake is fresh, clear, and clean with lots of fish for fishing activity on your own private beach. A new peddle baota with life vests for your lake-touring pleasure are provided free of charge. Swimming is also one of the favorite activities while staying at the house. The house is within walking distant to a beautiful, green, and well maintained park with swimming area and large playground for the children.
You will find one queen-size-bed bedrooom, and joined bunk area - with 2 adult-size bunk beds and a configurable full size couch - which is joined with with living room and dining room, a newly remodeled private bath with a spacious kitchen, completed with dining room and living room. Living room, kitchen, dining room, and bed room all have lake view. Living room is furnished with brand-new large flat panel TV. Kitchen with large and modern 2-door refrigerator/freezer. Washer and dryer are available for use for Guests stay longer than 1 week. Walk out your living room to a large deck to enjoy the fresh breeze and the view of the lake. There is a fire pit on private beach for a bonfire evening with friends, family, or business associates - given there is no fire ban.
For leisure travelers, we are in the heart of the city with endless activities/attractions in or nearby cities; i.e. golf, skiing, ice skating, water activities, mountain activites, city activities, theme parks, etc... Or you could just sit in the deck reading books, and enjoy the green beautiful view and the fresh breeze that the lake offers.
For business travelers, we are very close to big corporations such as Wyerhauser, Boeing, Alaska Air, etc .. Come and stay as a warm and cozy home away from home while attending businesses.
We are just 15 minutes south from Sea-Tac airport, and just 20 minutes from downtown Seattle or downtown Tacoma - with bus stop is only a house away. Close to numerous attractions, and yet secluded to just relax and enjoy the view and activities on the awesome lake for a few days - especially with the magnificent sunset.
Large play ground with jungle gym, swing set, swimming area
Smoking inside the house not allowed
Goft, Tennis
Amusement Park - Water Slide
Shopping, Sight Seeing, Restaurants
Fishing, Kayaking, Sailing Boating, Waterskiing, Jet Skiing, Swimming
Biking, Skiing, Nowboarding, Sledding/Tubing
Fitness Center, GymHealth, Beauty, Massage
Theaters, Skate Board, Roller Blade Park
Casino and Night Entertainment/Concerts
Rate Period | Nightly | Weekend Night | Weekly | Monthly | Event | ||||
Jun 13 2015 -
Sep 13 2015
2 night minimum stay
Notes: Rates are based on 4 guests; add $25 per night, per additional guest | |||||||||
My Standard Rate
2 night minimum stay
Payment is usually accepted in the quoted currency (USD) unless the currency and the amount is specifically agreed in advance with the owner / advertiser.
Nightly Rate: From $89
Weekly Rate: From $693
Monthly Rate: From $2475
Minimum 2 nights. Rate for occupancy of 4 people. Each additional person will add $25 per night. Rates not include tax and one time cleaning fee of $80.


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My Cardiff
Sophie Bright
Cardiff graduate Sophie Bright describes how she applied the skills she learnt at university to help those less fortunate than ourselves.
Sophie Bright in Africa.
During my time at Cardiff University, I learnt a lot about business, management and finance and was taught by some really inspirational lecturers. Both during and after my studies Ive tried to put the key skills that Id learnt to good use.
In the summer vacation of my first year at University, I volunteered for three months in an orphanage for Tibetan refugees - teaching English and helping with the daily running of the orphanage in Nepal.
During my summer vacation in the second year I went to Uganda and Kenya for three months to work on a variety of projects with a local Non Governmental Organisation (NGO) called VOLSET.
In Kenya, I worked in an orphanage for children affected by HIV/AIDS in the heart of a slum in Nairobi. The conditions were abysmal. 56 children sharing four beds, no running water, no electricity, no sanitation, and barely even a tin roof over their heads. Some days the children were not able to eat when donations ran dry. None of the children were in schools, despite the fact they are free (there are still a lot of hidden costs, for example buying their own desk and chair to take to school). I set out with some other international volunteers to do my best to find ways to improve their living conditions. We sent letters of appeal back home urging people to open their eyes and take action with us. We got such a huge amount of support people were donating to us from all over the world. We were soon able to raise enough funds to buy beds and blankets for all the children, solar panels to generate electricity, a water tank with a shower, build a new roof and to send every child to school.
In Uganda, I visited many remote villages and islands in and around Lake Victoria where I carried out HIV testing and counselling and helped organise seminars about HIV/AIDS prevention and care. It was here that I met a group of 16 women all affected and living with HIV/AIDS. In Uganda, the Government offers free AIDS related virus treatment for patients but many people in remote places dont have the funds or transport to get to the hospitals which can be two or three hours away. They barely have enough money to feed themselves and their family let alone travel huge distances for treatment.
I decided to fundraise enough money to start up a project that would help alleviate this problem: using an idea involving micro-loans. The money raised was given to the NGO where we then distributed it to the 16 women in the form of loans for the purpose of setting up their own businesses from selling corn on the side of the street, to breeding and rearing pigs, to planting vanilla. All women were given training on how to run their own business including how to do bookkeeping, profit and loss accounts and how to keep their businesses efficient. The profits they made were then used to pay for the transportation to get to the hospitals for treatment and to buy food etc for them and their families. Once they made enough profit the money that VOLSET had loaned to them was given back to the NGO and distributed out again to others living with HIV/AIDS in these rural communities.
This project was such a success that more money has been fundraised to help 60 more people living with HIV/AIDS. I am still working with VOLSET, and have been appointed as an associate director, helping to organise business information booklets, newsletters, advise how best to distribute funds and also to help fundraise for them.
I can't say enough how thankful I am to the people who supported and continue to support both of these projects, and to the lecturers who taught me at Cardiff University the skills I have learnt will be a valuable asset to me for the rest of my life. I would also like to take this opportunity to wish Cardiff University a Happy 125th Birthday!
Sophie Bright studied at Cardiff Business School and graduated, BSc Hons in Business Administration in summer 2007.


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