text:
We may come to call this the age of restraint.
Retailers are going broke, boomtime financiers are in deep trouble, car sales and housing approvals are plummeting, manufacturing activity is plunging, business investment intentions are cooling.
All of these comments apply to Australia, previously described (perhaps with deep irony) as 'the miracle economy' or 'the nirvana economy'.
They apply with even greater force to most other economies.
The euphoria of last week in equity markets is long gone, and the correction of asset values goes on despite massive interest rate cuts and promised fiscal expansion.
From the USA comes the latest gloomy bulletin: 'General Motors acted as a hefty drag on the Dow Jones Industrial Average, falling US79 cents, or 16 per cent, to 4.11 after the company's chief executive told lawmakers that sales of GM vehicles have already begun to dip because of speculation that the company is on the verge of bankruptcy.
'The Senate hearing appeared to leave plenty of doubt about whether the auto maker will get the government loans it seeks to avoid collapsing in coming weeks. Ford, which says it doesn't need immediate aid, lost US19c, or 6.7 per cent, to $US2.66.
'Overall, the Dow lost 215.45, or 2.51 per cent, to 8376.24. The broad S&P 500 index fell 25.52 points, or 2.93 per cent, to 845.22. The technology-heavy Nasdaq Composite declined 46.82 points, or 3.14 per cent, to 1445.56.
And in global commodity markets: 'Oil prices tumbled 6.7 per cent to settle below $US44 a barrel, hitting their lowest point since January 2005, as traders ratcheted up their bets that fuel usage will suffer a steep pullback in the months ahead'.
The Economist explains why the plunging price of oil may not be all good news.
'The price of oil would ideally reflect not only its demand and supply but take into account the damage that its use inflicts on the environment. But when oil is cheap, the hard decisions about investing in alternatives, inventing more energy-efficient plants and machinery, or changing consumer behaviour, all of which would help the world can wean itself off oil, become that much easier to postpone'.
Meanwhile, in the land of Oz, the Rudd government reportedly is going soft on its much heralded emissions trading scheme.
Clearly hard times call for a softer approach, but if climate change is the catastrophe we are led to believe, just maybe we should be tightening belts another notch and getting on with saving the planet.
Henry ventures the judgment that the only way to do this is to change the habits of a century and think 'restraint' rather than consumerism and over-stimulated growth.
We have become used to buying houses with no equity ('subprime borrowing'), buying expensive consumer goods with credit cards or with greatly delayed payment and generally expecting instant or even premature rather than delayed gratification.
Henry recalls companies he has tried to help setting growth targets of 20 %, even in mature industries where growing at the economy average of, say, 5 to 8 % might be considered heroic.
Maybe the massive cuts in equity values are reflecting sober realisation that the world has changed and it will be sensible restraint rather than unsustainable expansionism that will be valued in the twenty-first century.
There is a more general reason to consider the benefits of restraint.
What if massive interest rate cuts and fiscal expansion turn out to be like 'pushing on a string'?
This is clearly possible if businesses and consumers decide to save any windfalls and/or to pay off debt rather than resume the spending habits of a lifetime.
People might just read the unusual actions of central banks and governments as indicating panic, and this might lead them to tighten belts even more than if policy was not so obviously trying to restore business as usual.
In the immediate aftermath of the current crisis, this seems to be many people's plan. Whether the philosophy of restraint survives the recovery that will come, whether or not it is actually helped by current policy actions, is the big question.
We may be living through one of the global culture's great turning points.
We apologise, with Telstra, for lateness of this report. At our rural hideaway, one hour plus change from the Melbourne CBD, mobile phones do not work and this weekend was worse. While the PC said it was 'connected' the Internet would not open. Great stuff, Telstra, what if there is an emergency?
Politically we could ask Malcolm Turnbull for an explanation based on his time as El Supremo of the NBN. But he's having such fun running the nation that he presumably would be disinclined to account for his failure with the NBN, at least as it effects residents of Mornington Peninsula.
Redemption in sight, Tony Abbott admits to his flaws. Read on here, in the third and final article in Quadrant's fine series, an edited version published in the Weekend Australian.
Just a glimpse. 'People needed a greater appreciation of the governments aims. We needed to explain better that sensible economic policy is not an end in itself but the means to a better society and to people being more able to achieve their potential. In the busy-ness of public life and in the crossfire of politics, the Abbott government was too often unable to convey that its fundamental purpose was a stronger society and more fulfilled people'.
An early Double Dissolution election seems a sure bet. Both teams can claim underdog status. Labor because of the mess they made in their last try and the Coalition because they have lost so much ground in the polls, there is clear evidence of disunity and the leader seems to have failed to present us with a coherent economic narrative. It is an exciting time to be leading such a wonderful nation as Australia, but where, sir, are you leading us?
Presumably the budget will provide hints and the election campaign will become definitive.
Mrs T has a 'strange feeling' that the gummint is in deep trouble and may be facing the first first term loss by a government since 1931.
Fiona Prior enjoys Ralph Fiennes being really, really naughty in Luca Guadagnino's A Bigger Splash. More here
Footy'n'Rio'n'stuff (ie idiocy)
An allegedly 'accidental' crash into the back of Geelong's new star, Patrick Dangerfield, started a quartertime brawl with Geelong struggling. From then it was a comprehensive flogging of Port Adelaide, as so often results when a winning team gives offence to the losing team in a big day.
And Hawthorn won another game they could have lost by, you guessed it, 3 points after a late surge.
Caaaarlton! meet Freo in Perth! We watched in the hope of a miracle but was been advised by Mrs T not to hold his breath. But the Blues WON, comrades, restoring our faith in our footy team.
Australia's swimmers look to be in great shape and some of the younger athletes ditto. Provided the venues are ready, and drug testing is of high quality, Rio may present happy viewing after a long run of ordinary performances by our young athletes.
Greg Craven, who should know, reported this week on the subject idiocy in our world.
'Cravens Law of The Constant Proportion of Idiots [now being shared after long cogitation] holds that no matter how theoretically clever a group of people ostensibly is, it still will contain the same average proportion of absolute dipsticks. And the corresponding number of seriously bright sparks'. ...
'I thought deeply about all this, and came to an astonishing conclusion. In their distribution of mugs and magi, my fellow parcel heavers in Shed B at Spencer Street were just the same as the intellectual elite at dear old MU. The fact all my classmates had stratospheric ATAR equivalents made no difference at all.
'This revelation has supported me throughout life. There is no group so clever, so august or revered it does not harbour its own village idiots.
This is a real gem of a contribution, and deserves to be read widely and thought about. Click here.
Image of the week'
Courtesy The Oz
'Reserve Bank of Australia governor Glenn Stevens has slammed calls for central banks to directly pump cash into the pockets of households and governments to resurrect moribund global economic growth, warning that such "helicopter money" drops would be almost impossible to stop once they start', reports Jacob Greber from the AFR.
"Are we that desperate," Mr Stevens said in a speech in New York on Tuesday, in which he also challenged a growing view that the world is suffering from an obsessive desire to save over investment, a growth-retarding trend dubbed the great "secular stagnation" by figures such as Barack Obama's former top economic advisor Lawrence Summers.
What can be done about this? The starting point is that the world needs to face the possibility that global trend growth may have been permanently lowered since the 2008 crisis.
'If true, that would mean savers, pension funds and even governments need to dramatically rethink expectations about rising future incomes, he said. "It may be that this reconfiguration is, in fact, what is happening. That would explain why ultra-low interest rates are not, apparently, as successful in boosting growth in demand as might have been expected," he said.
"The future income against which people would borrow looks lower than it did, not to mention that the current income against which some already had borrowed has turned out to be lower than assume
'All of which, according to Mr Stevens, intensifies the need for governments to redouble their efforts at blowing away barriers to growth, which he listed as including teetering banks without enough capital; households and companies burdened by too much debt, and; protectionist government policies that impeded productivity or slowed the transitions from old industries to new'.
Read the full speech here.
Nicholson said it best, as he does so often when politics in Australia hots up.
Advance notice - Henry's editor comes out of corporate life to present a retrospective of his hitherto private activities as a landscape painter.
Many of his landscapes may be viewed here. They will be For Sale at the exhibition, and you can have a fine lunch while you consider whether to buy a painting, or indeed which one to choose. Below the notice is a prime candidate.
From forthcoming exhibition
The Spirit of the Rock (Uluru)Oil on Canvas4' x 3'
Pete's new Econart images may be viewed here and will be offered For Sale at a later exhibition.
A triumph in China, more warnings about Australia's AAA credit rating, Bronnie de-selected in Mackeller, a lovely week for the Prime minister of the greatest nation to be alive in. Seriously, dear readers, it's all happening and it is no longer a dead cert that the voters will fill in the voting forms with the blue pen. Malcolm must have reflected just a bit about the weaknesses of democracy as he hobnobbed with the senior leaders of our great trading partner.
The Weekend Oz has lead with a big headline about the fact that almost half of Aussies are reliant on the public teat. Also we hear that the new disability support program when expanded from the relatively small set-up to the full disaster will be unsustainable due, you guessed it, cost. And the same international credit rating agency that warned of our unsustainable AAA credit rating opined that we could not save this unless and until taxes were raised. Rolled gold conservatives will almost certainly dismiss this view with a snort, but what if it's true? Higher borrowing costs, greater budgetary pressure, less money for people who cannot work. Cor blimey, comrades, what is to be done about it?
Even the RBA weighed in last week, with another edition of its splendid Financial Stability Review. As I read it, the housing sector may no longer represent a threat, however remote, to Australia's financial stability, except for the gross oversupply of units. The fresh news concerns 'the possibility of large losses on lending to residential property developers and on banks commercial property portfolios'.
These and other risks should be 'managable', because Australian banks have improved their capital ratios since the recent global crisis. The remote possibility of a global banking crisis is mentioned briefly in the same paragraph as New Zealand, where 'high levels of mortgage debt and rapidly rising housing prices have raised the risk that a price correction could adversely affect banks asset quality, while persistently low milk prices and declining land values have increased the probability of defaults and likely losses on loans to the dairy industry'.
Read on here.
Seriously, dear readers, there is no stone unturned in this report. Here is a modest suggestion for Kelly O'Dwyer. Why not ask the RBA to write a regular 'Sustainability Review'. Or if the RBA pleads this is not its main job, Treasury could be asked to provide such a report with a mandate that it should be an independent view, to be written by the brightest and smartest young people in the service. 'Dream on, Henry,' I hear you cry, 'it ain't gonna happen Comrade'. So what about the IPA? Or the Centre for Independent Studies?
Fiona Prior sees the performance of Savages by Patricia Cornelius, top-notch theatre, though a play you feel reluctant to encourage others to see because of the challenging nature of its subject matter. Directed by Tim Rossen, Savages goes way beyond men behaving badly to men behaving like savage dogs - hence the name. To give you a hint of this chilling work, you would be forgiven for thinking the rape and murder of Dianne Brimble on a P&O cruise in 2002 at least in part, has motivated the work. More here
It's official, folks. Aussie rules is the world's most exciting game, originating as it does in the world's most exciting nation. So said our dear leader whilst in Singapore. The Prime minister has offended a majority of Australian voters, who variously support one or both versions of Rugby, Futball (Soccer to we Aussies), Gaelic Footy, Gridiron, netball, the list goes on.
Hawthorn again won a game logic said it should lose. With the help of Eddie Betts ('let go' by Caaaarlton!), Adelaide won a game it was headed to lose. Meanwhile, judged by the unbalanced injury toll, Caaaarlton! won the fights but lost the game against the rising stars from Footscray. Actually, the Blues got absolutely flogged in the first half but won the second half and for a while in the last quarter looked as if it could cause a massive upset.
So there are green shoots to be seen at Caaarlton! and the fans are coming back in droves.
Image of the week
Courtesy Google Images
World economy slowing says the International Monetary Fund. Aussie economy picking up says various surveys, despite the persistent rebound in the Aussie dollar and the third year of falling income for Australia inc, itself due to a slowing global economy.
Paul Kelly points out that 'In the democratic world dominated by America and Europe there is a growing and lethal nexus economic tribulation and weak growth is linked to political dysfunction, rising populism and distrust in the political system.
'The world suffers from what former US Treasury secretary Larry Summers brands The Age of Secular Stagnation, the failure of economies to recover from the 2008-09 global financial crisis, the upshot being weak growth, low or negative interest rates, rising asset prices, more inequality and poor investment.
'The former governor of the Bank of England during the crisis, Mervyn King, in his recent book The End of Alchemy, argues that while the 1930s Depression produced a robust policy response this has not been replicated in the years since the GFC.
Without reform of the financial system, another crisis is certain and the failure to tackle the disequilibrium in the world economy makes it likely that it will come sooner rather than later, King says. Since the end of the immediate banking crisis in 2009 recovery has been anaemic at best. There was a continuing shortfall of demand and output from the pre-crisis trend path of close to 15 per cent.
Australian politics looks more and more dysfunctional. The major parties are slowly unveiling their policy pitches for the widely anticipated Double Dissolution election that may be held on 2 July, if the Commander-in- Chief does not lose his gorm. Bill Shorten will have a spend'n'tax pitch, though he will de-emphasise the 'tax' bit.
Malcolm Turnbull will go for a 'prudent', living within our means kind of pitch that may prevail wiven Labor's horrendous record under Rudd'n'Gillard'n'Rudd. Despite the track record that says his 'Liberal' government cannot find a way to cut spending effectively and cannot find the gorm to fix the budget by raising the GST to 15 % with a broader base.
However, there is a tiny, flickering light on the horizon. Grace Collier has gone in with great gorm in the Australian against the dreaded union'n'big.truckers companies attempt to push self-employed truckies out of business. The even worse aspect of the relevant legislation, introduced by Bill Shorten when the last, much unlamented Labor government was in power, was that users of the services of self-employed truckies are liable to large fines. Bloody hell, Comrades, what were you thinking?
Clive Palmer hits the headlines today with allegations that he siphoned $200 million from his corporate plaything, now sadly in the process of being wound up. Why has ASIC or the police not called on Mr Palmer to check these allegations? The answer provided by an eminent lawyer over dinner recently was simple. 'The regulators have all the law they need to nail the bad guys but are very weak in their attempts to enforce it'. (Of course, Mr Palmer may be as innocent as a baby lamb. But there is sufficient smoke to demand a proper investigation.)
Henry can attest from personal experience that the regulators go hard against the small guys, like Henry himself. Recently a first demand for payment for our tiny corporate vehicle never arrived, probably because the mighty $1 per letter postage system failed to deliver it. We returned from an overseas trip to find a second demand had arrived, with a large fine added to the original demand and the due date was overshot by 2 days. Our accountant wrote a respectful letter to ASIC requesting clemency, but no, the response was 'pay up or there will be another fine', making the demand more than 4 times the original payment.
Mr Medcraft, I do hope you get reappointed, but I also hope the Treasurer grills you on matters such at this and extracts a promise to focus on the bad guys. 'Why have you never called on Mr Palmer?' could be the first question.
There is a link between Australian regulation and slowing global growth. Yes, Prime minister, you could convert Australia into the fastest growing 'developed' nation, the best place in the world to be alive. But you need to reform the tax'n'transfer system and get the regulatory agencies focussing on the important issues, not harassing the small folk. And you need to fix the budget deficit, quickly, as Paul Keating did in 1986.
These reforms are even more important because of slowing global growth.
Treasurer and Treasury are beavering away trying to produce a saleable budget with little of substance to play with. No major spending cuts, as Paul Keating extracted from a Labor expenditure review Committee during the Banana Republic crisis of 1986 - discussed here last week.
Judging by occasional comment, there is to be no GST increase, not much relief from bracket creep in the income tax schedule, at best delayed cuts to company tax, perhaps some fiddling to Superannuation contribution tax.
The problem of course is 'Australia has a wonderful future, its a great time to be an Occer', a belated message about living within our means when debt and deficits rock on, as in Julia's time in Wonderland, illustrated below.
Several important articles in the Weekend Oz yesterday. Paul Kelly discusses the unaffordable and unfunded Disability pension scheme. One could add the unaffordable write-offs of dud loans for people to enroll in dud educational establishments and therefore fail to get a job and their dud loans get written off. And unemployment relief for people who can't or won't pick fruit or find other hard jobs that no-one wants to do. Joe Hockey's short time as Treasurer had one fine contribution, to draw attention to the nation's widespread culture of entitlement. Can the current generation of econocrats and pollies not repeat Paul Keating's brave expenditure cuts?
Then there is the story by Grace Collier on the attempt by trucker's union and big trucker's companies to end the futures of independent, self-employed truckers. Allegedly on grounds that safety on the roads will be enhanced.
'Stand with the people or stand with the mob' Ms Collier advises Malcolm Turnbull. 'The Turnbull government is concerned ... very concerned, just not enough to do what is required'. Sigh.
Then there is a man who I take to be new to the hallowed pages of the Weekend Oz. With the engaging name of Jack Marx. Mr Marx attacks the wowsers among medical and policy circles who try to stop us drinking alcohol on grounds of public safety and costs of repair to injured bodies, or premature death.
When benefit cost analysis is carried out, the wowsers allegedly leave out the pleasures of drinking with one's mates, convincing inebriated women to sleep (ahem!) with one and thereby have babies with one, and so on. If Mr Marx is going to continue in this vein the weekly press scan will be even more entertaining than it is now.
If you want some old-time politics, when politicians were fair dinkum, David Kemp is about to publish a book called Menzies. A politician who argued for realism about what governments can do. Below is a link to an extract from the AFR, and here is an extract.
'For Menzies, "liberal thought" centred on the equal rights, the capacities and the entitlement of respect and dignity, of each individual person. He later spoke of "the supreme importance of the individual", and argued that "[t]he test of civilisation is freedom, freedom of the spirit and of the mind and of the body".' But not, apparently, for the followers of the Mighty Ming freedom to work as a self-employed truckie, or to drink oneself into an early grave.
Fiona Prior: 'The reason I keep returning to the more classical iterations of Swan Lake is to witness that flock of exquisite white swans glistening and gliding on a moon-lit lake. Sublime. With eyes open to the beauty of the ensemble ‒ in this instance the Australian Ballet performing Stephen Baynes take on this iconic work and ears open to the haunting Tchaikovsky score, every experience of Swan Lake is the chance to re-enter Tchaikovskys world on unreal beauty. More here
Footy and other extravagances
Henry apologises for the lateness of this weekly missive, but he was awaiting the Saturday night game between Caaaarlton! and the Gold coast Suns. Then the internet was not working at Balnarring.
The game followed the 2016 usual pattern of a mighty Caaaarlton! effort to stay in the game followed by a gradual pulling away by the opposition who eventually won handsomly. The good news is that the Blues are delivering a red hot effort and Levi Casboult kicked at least one goal and crashed a couple of marking packs to great good effect. And Messrs Cripps and Weitering showed consistent brilliance under great pressure.
Henry's editor has been invited to show his art at a nice gallery on the Mornington Peninsular. This will include most of the landscapes still in his posession, including one dated 1969. Here is a link to our lad's Econart, his attempt to create a new genre. The latest in this series features the Bubble Meister, Alan Greenspan, blowing bubbles in his bath, page down to the third image.
Image of the week - Julia in Wonderland
At last, someone gets it. Terry McCrann writes about 'The other deficit time bomb'. He starts with a trip down memory lane. 'ON TUESDAY, the Australian Bureau of Statistics released figures showing the country running a huge and threatening multi-billion-dollar deficit and hardly anyone noticed. And if they did, they essentially yawned.'
In my memory it was the April 1986 current account deficit (CAD) that jolted the universe's greatest Treasurer (UGT), Paul Keating, into action advised by me but previously said by UGT to be 'impossible', the product of someone (me) who 'did not understand his government's policy'.
McCrann continues with the story. '30 years ago it was precisely this deficit that prompted then-treasurer Paul Keating to make one of his extravagant in my judgment at the time, arguably his most infamous of comments: that it signalled Australia was at risk of sliding into becoming a third-rate economy, a banana republic.'
'The figures on Tuesday showed that Australia had racked up a deficit of $3.4 billion on its basic trade in goods and services for a single month, that of February.'
Adding the interest payments to the trade balance gave Australia a CAD of (McCrann again) 'a thumping $75 billion of national red ink for the 2015 calendar year. Another number which elicited at most a big yawn, if anyone noticed.'
'Why dont [these numbers] seem to matter? Essentially, because the policy perception and it is a perception which is drenched deep into both Treasury and the Reserve Bank is that the market will sort it all out.'
A large part of the 'market solution' to such a problem in economic theory is a fall in the exchange rate. But the horrendous CAD has prompted no major sell-off by the Aussie dollar - indeed it has recently been rising. This increase has had the trusties among Australia's leading journos - receiving the Treasury/RBA so-called 'quality information drip' - are calling for further cuts to interest rates. I will return to this point shortly.
In 1986, the UGT accepted my advice to cut spending to an extent that would turn the budget deficit into a surplus, to get 'old Silver' (AKA Prime minister Hawke) to persuade the unions to cop a wage cut and allow the RBA to raise interest rates. The exchange rate plunged, a text-book response to an announced economic crisis.
Given the recent policy shenanigans - the Turnbull government ruling out just about every tax solution, and the Senate's refusal to accept most of the Abbott government's spending cuts - can you imagine a rapid switch from budget deficit to surplus now? Or any voluntary cut to real wages? Or an increase in interest rates? The Aussie dollar may eventually drop, following perhaps a cut in Australia's aaa credit rating, or public recognition that there is indeed a problem, in Sydney if not this week in Houston. This possibility is despite the PM's cheery and repeated comments about what fun it is to be alive and an Australian. (One can of course acknowledge that it is better than being dead or a live citizen of most other nations.)
The UGT's bold actions quickly quelled the crisis in 1986, and similar action now would go a long way to fix our very similar problem.
But just as Treasury and the RBA are hung up now on the idea that 'the market will fix things', there was a serious misdiagnosis about the effects of monetary policy in the late 1980s. While in the wake of the Banana Republic crisis I continued to advise the board of the RBA that monetary policy should be tightened, that is, interest rates should be raised, and the board apparently accepting this advice, interest rates fell instead of rising. Clearly someone above my pay grade devised the argument that a rising exchange rate was in a sense tightening monetary policy and so interest rates falling was no great problem.
As we now know, this lead to an unstoppable, inflationary boom and then the 'recession we had to have'. In 1990, when I was no longer advising the board of the RBA, or the UGT, I published a paper that outlined the many costs of goods and services inflation. I called for an independent central bank that focussed as its main aim on containing goods and services inflation. It is available here.
I have been told by a former Secretary of the Treasury that a very senior RBA man snorted 'ridiculous' when this idea was later suggested by an international econocrat, but in 1996 the same high official meekly agreed to such a proposal as a condition of signing a job contract.
If you think this is all fanciful, the RBA's official historian has confirmed that my account of the late 1980s and early 1990s is essentially correct. We await the publication of his opus to see just how much official guidance has been applied to his account.
But my main point is the same as that made by Terry McCrann in today's Sun Herald. The enormous CAD is a very bad sign of an economy out of joint, or in 'severe disequilibrium' as an economist might put it. It needs urgent and bold action to restore balance. Turning the budget deficit into a surplus, restoring Australia's international competitiveness and, when recovery begins, keeping the recovery from exploding into a crisis like that in 1990-91 by a firm monetary policy, meaning rising interest rates.
The missing link is some way to achieve a competitive economy. Wage growth is already low. Talking the currency down will do little good, except perhaps when announcing a national crisis, as the UGT did in 1986. A far lower exchange rate, achieved by a tax on capital inflow, is the policy no-one will ever discuss. Here is my go at explaining why we need such a tax, published in The Australian several years ago.
Income is already taxed well past the point of optimality, and this will get worse as middle income earners enter higher tax bands due to so-called 'bracket creep'. Company tax is higher than in major competing nations. Even in a world where spending could be reined in, Australia's economy would be in better shape if income and company tax rates could be reduced thanks to a GST at a higher rate with a wider base.
If I am right that even with a double dissolution election that removed fringe Senate members spending will be impossible to rein in, a wider and higher GST is the most obvious way to achieve budget balance whilst allowing some reduction (relative to what will be the case for income tax with bracket creep with tax rules unchanged) in taxes on income.
Malcolm Turnbull is obviously clever. There are those who say he will finally go back to the GST solution having demonstrated that there is no other acceptable solution. More likely he will find himself up the proverbial creek without a paddle. While floating on the incoming tide of decisions not to do that, or that, or that the PM has failed to provide a plausible narrative about Australia's economic situation, with a sensible answer or set of answers.
Australia's AAA credit rating is looking increasingly likely to be downgraded, and this would provide a massive stick with which to beat the government. How about AA+ arriving in the middle of a Double Dissolution election? Or that option being abandoned despite the union reform bill not being passed? 'No ticker' would be the obvious judgment, and falling popularity the likely reward.
Fiscal gridlock is Australia's chief economic problem. Continuing deficits will make Australia's debt position quickly worse, and a credit downgrade would add to the deficits. Rising global interest rates would have the same effect and, combined with a credit downgrade. would be double trouble.
A second problem is the renewal of upward pressure on the exchange rate. Journos are to a man are saying the only solution to that problem is for the RBA to cut cash rates. That was a solution attempted by New Zealand but after an immediate kneejerk fall in the NZ dollar it quickly became 3 cents higher that before the rate cut. Taxing capital inflow is the logical alternative, but all the journos seem incapable of even asking why that solution is unacceptable.
A newly rising exchange rate plus fiscal gridlock is a recipe for 'Banana Republic #2'. That would fix the overvalued currency and might even convince members of parliament that the deficit must be fixed, but surely that is not the PM's plan?
Bloody hell, comrades, what is to be done?
Fiona Prior sees Tom Stoppards Arcadia and is suitably impressed by the playwright. More here.
Henry and Mrs T saw Sherpa recently. Great viewing if you like rocks and snowy mountain peaks and enjoy ethical debates and attempts to get wage justice for poorly paid workers facing unavoidable dangers. Here is a trailer, with a proper review to come in due course.
The men's T20 team was knocked out of the World cup by India, plausibly by bowling unimpressive quicks at a key time rather that a young leg spinner who had previously: (a) been belted out of the park, and the game; and (b) had bowled very tightly in two later games. Looks like a risk mitigation policy gone wrong by Steve Smith. Henry's cricket experience did not extend much past captain of the Mitcham U16s in the long-ago era when men were men and the sheep were nervous, but he rarely played safe when there was a more exciting option.
The Aussie sheilas did far better, making the final and being favourites to win for the forth time in a row. We wish them well, and will be cheering for the West Indies to flog England in the men's final. (Regular readers will be aware that Henry would support ANY team playing England due largely to Jardine's monstering our brave boys in the Bodyline debacle.)
Caaarlton! gave their fans something to be cheerful about in nearly beating Richmond in the first game at the 'G'. The young players gave their all, and the imports fought hard also. The Blues were beaten only in the last ten minutes of the game due to sheer exhaustion, and will deliver far in advance of pre-season expectations this year. But surely have no hope against the Swans on Sunday afternoon.
Henry is blogging while watching Adelaide crushing Port Adelaide. Latest Adelaide goal came from a lovely pass from Eddie Betts to Sam Jacobs, both players Caaarlton! 'let go'. More evidence that Mick Malthouse was sent to Caaaarlton! by Eddie McGuire in order to bury them for at least a decade!
The US Fed has issued a timely warning that it will not rush to raise interest rates. Compared to the 3 or 4 rate increases expected for 2016 several months ago, signs of a slowing economy and unhappy response to the Fed's first rate hike for almost a decade has changed the outlook. At the same time, the ECB, Japan and New Zealand have recently cuts rates, in the first two cases to a point where a customer has to pay the bank to hold their cash. Such 'negative interest rates' are a policy innovation that has little or no sense, as Alan Kohler points out in today's Oz.
This has produced a 'currency war' as nations or blocs compete to get their exchange rate down. Australia's central bank is more conservative than most others (thank goodness) but its policy of holding cash rates at an already low 2% has resulted in the Aussie dollar rising, breaking through 76 cents US and headed, some traders say, for 80 cents. This presents a familiar dilemma for the RBA. This has not so far been handled well, and represents an unnecessary blot on an otherwise excellent copybook.
Australia's jobs market has been suprising by its apparent strength. Of course, a rising dollar and (dare I suggest) lack of a coherent economic 'narrative' from the Federal government is not helping confidence (or 'Animal spirits' as some economists like to call this elusive concept.) Now we learn, thanks to the Business Insider's David Scutt at 4.30 am today, that expectations of job losses have been rising.
As David says, this puts pressure on the RBA to join the currency wars by cutting interest rates. But there is a serious problem with this approach. This I wrote about in early 2013, when the Aussie dollar was above parity and strangling the trade exposed industries. I pointed out the problem of trying to use interest rates (aka 'monetary policy') to both maintain overall economic stability, including low goods and services inflation, AND influence the currency markets in an helpful direction, had been tried in the late 1980s. Failure lead to 'the recession we had to have'.
Now the first casualties of the newly misplaced approach are being felt and well-informed Australian workers are beginning to fear for their jobs.
My conclusion in 2013 was as follows: 'Our floating exchange rate with an independent, inflation fighting central bank has generally served Australia well, supported by helpful international conditions. The policy now needs the support of a direct, non-discriminatory control over capital inflow. If not resolved, this problem with cause great damage to Australian industry, as it did in the late eighties, when the correct conclusions were not drawn. A similar problem [in the late 1920s] helped lead America, and then the world, into a Great Depression'. Read on here.
The currency wars are here to stay. The revival of upward pressure on the Aussie dollar and worsening of expectations about job stability are closely linked. Prime Minister John Howard famously said that we will decide who comes to this country and the circumstances in which they come, and this is now a clear and politically bipartisan policy. It is equally clear that we have the right to discourage the excess capital inflow that is creating a rising exchange rate and renewed pressure on many Australian industries. This is the best way to resolve the current dilemma for monetary policy. The problem of uncompetitive industry cannot be solved by monetary policy in its current setting or by further rate cuts.
There has to be a better way, and there is. Contact your local member and suggest he or she looks into this matter.


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C&C Red Alert 3: Uprising - Trailer
The glamour and glorious silliness of Red Alert gets stepped up a notch in this PC only expansion.
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Tom Clancy's The Division guide Our essential guide to Ubi's loot-stuffed shooter.
Dark Souls 3 guide UPDATED: Boss fights, bonfires and plenty more besides.
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Report: McCain fears Trump could cost him Latino support in Se...Sen. John McCain says this may be his toughest senatorial race yet. The reason? Donald Trump, the presumptive Republican nominee, and his pointed remarks about Mexico and undocumented immigrants as well as his high unfavorability rating among ... Fox News Latino, 48 minutes ago
Senator McCain says Trump would hurt own re-election bid: Politico - Yahoo! UK and Ireland, 9 hours ago
U.S. Senator McCain says Trump would hurt own re-election bid - Politico - Yahoo! UK and Ireland, 8 hours ago
Don't Disrespect the U.S. Vice Presidency: Albert R. Hunt
Will Hillary Clinton pick Senator Sherrod Brown as her running mate to carry his home state of Ohio or turn to Senator Elizabeth Warren, flame-thrower of the Democratic left, to energize Bernie Sanders fans? Will Donald Trump tap Senator Marco Rubio ...Bloomberg View, 2 hours ago Dear Senator Warren-The Time is Close to Endorse Hillary Huffington Post, 4 hours ago Tea Party favourite Ted Cruz quits race Asian Age, 23 hours ago Ted Cruz exits US presidential race, leaves himself a path forward East African Standard, 1 day ago
A US Air Force test pilot says the beloved A-10 Warthog still matches the F-35 in this one crucial arena
Lately the Armed Services Committees of both the House and Senate have been on a crusade to save the Cold-War era A-10 Warthog from being mothballed in favour of the F-35, but an Air Force test pilot just gave a surprising testimony on the two air ...Business Insider Australia, 2 hours ago
Robert Blaha qualifies for Senate ballot, Frazier is an asterisk
Less than a day after a court decision erased him from the Colorado U.S. Senate race, Republican candidate Robert Blaha's campaign won a second life. District Court Judge Elizabeth Starrs signed a new order Thursday that permits the secretary of ...Denver Post, 1 hour ago In new order, court rules Robert Blaha will appear on Senate ballot Denver Post, 6 hours ago
Senators urge regulators to ID vehicles with possible faulty Takata air bags
Two U.S. Senators urged auto safety regulators to publicly name the makes and models of tens of millions of vehicles with potentially faulty Takata air bag inflators, according to a letter made public late on Thursday. "There may still be 50 million ...4 Traders, 20 minutes ago U.S. Senators urge regulators to ID vehicles with possible faulty Takata air bags Sharenet, 19 minutes ago Dangerous Takata airbags in biggest-ever US recall Domain-B, 6 hours ago U.S. regulators pinpoint cause of Takata air-bag explosions, expand recall Washington Post, 23 hours ago
Florida Dem Senate rivals rush to tie each other to Trump
Reps. Alan GraysonAlan Grayson Lawmakers urge Obama not to send shoulder-fired missiles to Syria GOP Senate candidate calls for banning all Middle Easterners from US MORE and Patrick Murphy on Thursday accused each other of links with Donald ...The Hill, 25 minutes ago
Meet the Republican Senate Candidate Who Won't Vote for Trump
Chris Vance is a former state party chairman now running for the Republican nomination for Senate in Washington state. (Courtesy of Chris Vance for U.S. Senate)A Republican Senate candidate in Washington state said Thursday that he will not support ...Roll Call Online, 1 hour ago Hope in the State Senate Gotham Gazette, 1 day ago Chronicle recommends: Nancy Skinner for state Senate San Francisco Chronicle.com, 1 day ago Winners of 2016 US presidential contests, by state Digital Journal, 1 day ago
Bob Bennett, former Utah senator, dies at 82
Former Sen. Bob Bennett of Utah, who was one of the first incumbent Republicans to lose his seat to a tea-party challenger in 2010, died Wednesday. He was 82. Bennett assistant Tara Tanner told reporters that the death came from complications ...Washington Times, 12 hours ago Former senator dies at the age of 82 MSNBC, 12 hours ago Senator from Utah eschewed GOP right San Francisco Chronicle, 18 hours ago Bob Bennett, Former US Senator From Utah, Dies At 82 International Business Times, 19 hours ago
Senators approve shift in funding to ease airport wait times
Senate appropriators have agreed to let the Department of Homeland Security shift funding in its current budget in order to help the Transportation Security Administration ease long lines at airports. Sen. John HoevenJohn Hoeven This week: ...The Hill, 4 hours ago Senate Appropriations Committee approves funding VA for interoperable EHR, telemedicine, claims processing systems Government Health IT, 8 hours ago
KEYSER: Jon Keyser back in U.S. Senate race
A pair of court orders Friday revived the once-defunct campaign of a U.S. Senate candidate and halted the certification of the Republican primary ballot to allow legal challenges from two more candidates. The decisions are just the latest twists in ...Denver Post, 4 hours ago
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Provider: Eastern (ET) Change
Tue May 3 3:30pm
SpongeBob SquarePants — Truth or Square NIK
The gang share flashbacks while they're trapped inside a freezer on Krusty Krab's special anniversary. Meanwhile, Patchy the Pirate tries to get SpongeBob and celebrity guests to appear on his TV special. Guest stars include Robin Williams, Pink, Will Ferr (more…)
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Saturday Night Live — Josh Hartnett; Pink(Season 27, Episode 10) COMEDY
Josh Hartnett; Pink. Cast members include Rachel Dratch, Dean Edwards, Jimmy Fallon, Will Ferrell, Tina Fey, Ana Gasteyer, Darrell Hammond, Chris Kattan, Seth Meyers, Tracy Morgan, Amy Poehler, Jeff Richards, Maya Rudolph and Horatio Sanz.
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Sat May 14 4:30am
Billy on the Street — Billy In The Air!, with Pink(Season 4, Episode 39) truTV
Pink joins Billy for "Quizzed in the Air!". Later, Billy plays "Price Feels So Right".
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Tue May 3 3:30pm
SpongeBob SquarePants — Truth or SquareNIKI'll Watch130 Watching
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- (31)Air IntakesOldsmobile Ciera
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- (7)Intake ManifoldsOldsmobile Ciera
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- Performance Air Intake SystemsCan an Air Intake System also Increase My Fuel Economy?We all know that achieving better fuel economy while driving puts money back in your pocket and does the environment a favor. But for those who are actively interested in squeezing the most out of every drop of gas, getting more miles per gallon can actually become a sport - especially if a vehicle has a manual transmission that can be upshifted earlier and put into neutral during downhill grades or when coasting to a stop sign.
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- Performance Air Intake SystemsMy Car is Brand New | Why Should I Change My Air Intake System?Aftermarket air intake systems have become one of the most popular engine modifications available for late model cars and trucks. An easy question to ask is why are these so popular? After all, didn't engineers who work for your vehicle manufacturer spend years developing the best engine components available? Since power and fuel economy are major selling points these days, it's hard to imagine car companies not doing everything they can to maximize horsepower, miles per gallon, or both.
- Performance Air Intake SystemsWhat are the Different Types of Air Intake Systems?There are many types of aftermarket air intake systems that range from simple and inexpensive to elaborate. In the scope of this article, we'll examine the different types of air intakes, what they do, and look at a few specific product examples of each. But in short, performance air intake setups increase airflow into your engine - boosting combustion and creating more horsepower and torque that you can actually feel. Their relatively low cost and easy installation (bolt-on in most cases) keeps them in popular demand by car enthusiasts that own everything from 1.5-liter turbo motors to big block V8 engines.
- Replacement Air Intake PartsWhy Does My Car Have a Plastic Intake Manifold?An intake manifold is an integrated assembly that sits atop the engine, consisting of a series of tubes which distribute fresh outside air to each and every cylinder. On V-shaped engine blocks, an intake manifold typically sits between the two cylinder banks while inline engines may feature a manifold to the side of the cylinder head. Intake manifolds serve as a mounting point for carburetors, throttle body assemblies, fuel injectors, thermostats, and more depending on vehicle manufacturer engineering preferences. Intake manifolds may also serve to route coolant through dedicated channels in order to remove heat from the engine. Because of their location and functionality, intake manifold assemblies are under constant stress from engine vacuum pressure as well as direct heat from coolant, cylinder combustion gasses, and the cylinder heads to which they are mounted.
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Sears Corporation Completes $1 Billion Term Loan Borrowing
Wednesday October 2nd, 2013 - 11:46AM
These are shortcuts to your favorite social networking and bookmark sites. Add this story to your Facebook page, del.icio.us, DiggIt, and many others!
Sears Holdings Corporation today announced that its wholly owned subsidiaries Sears Roebuck Acceptance Corp. and Kmart Corporation have borrowed $1 billion under a new senior secured term loan facility under the company's existing second mended and restated credit agreement, dated as of April 8, 2011. In addition to the incremental term loan, the existing credit agreement continues to provide for a $3.275 billion asset-based revolving credit facility.
Sears Holding Corporation can elect for the incremental term loan to bear interest at a rate of LIBOR (subject to a 1% floor) plus a margin of 4.5%, or at a "base rate" plus a margin of 3.5%. The incremental term loan is secured by the same collateral as the revolving facility on a pari passu basis with the revolving facility and guaranteed by the same subsidiaries of the company that guarantee the revolving facility, and matures in June 2018. The revolving facility continues to be scheduled to expire on April 8, 2016.
The net proceeds of the incremental term loan were used to reduce borrowings under the revolving facility, which resulted in borrowings outstanding under the revolving facility of approximately $1 billion.
Tags: Sears Holding Corporation • Sears Roebuck • Kmart Corporation • Retail • Financials • Housewares • Cookware & Bakeware • Vacuum Cleaners/Electric Cleaning • Health & Personal Care • Home Décor • Home Environment • Small Electrics • Organization & Cleaning • Tabletop • Gadgets & Kitchen Tools • Retail • Financials •
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The housewares business thrives as a business that creates simple solutions to everyday problems. And the business is reminded from time to time it is well-positioned to provide the ointment for problems that reach uncomfortable levels beyond your ordinary dirty floors, wrinkled clothes, cluttered closets or stuck-on eggs. Someone's bad fortune can be good for business.


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Blog Entry# 468187
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16561/16562 Another white elephant, another new train when there are already 3 trains between SBC/YPR and TVC/KCVL. They could very well have started this train on a friday/Saturday where there are less number of trains and demand for tickets are more
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TPR forced into climb down in Bonas case
The £60,000 contribution notice issued in the Bonas case is an "enormous climb down" by The Pensions Regulator, a lawyer says.
The watchdog was originally seeking the full section 75 deficit of £20m in relation to the Bonas Group Pension Scheme from its owner, Michel Van de Wiele, after a pre-pack sale in 2006. However, the...
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Australia's new Liberal leader urged to honour gay rights pledge
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Despite the name, The Liberal Party of Australia, is the more right wing and conservative party of the two major parties.
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The heated Avril debate continues. Don't ask me why; it just continues, that's all. I hope the angry red unhappy faces aren't caught in the crossfire.
Have you ever wondered why the Internet hasn't spawned that many genius music lyric writers? Me neither.
The only thing funnier than a completely retarded joke is a completely retarded joke made by a foreigner who doesn't understand the English language.
A 50000-page sig file was recently reported on the loose and terrorizing innocent Internet citizens. If you encounter this epic sig file, please do not make any sudden moves and call your ISP at once.
Do you wish to know what computers will be doing in the year to come? With a sigh I shall exert the minimal effort it takes to reveal all. Feel free to print out these predictions and share them with your friends via fax.
Old mixed signals feeling a little stale? Try some new ones!
goku hears a wolf howl and joins in for three straight episodes
Airbrush those disgusting wrinkles. Return their flesh to childlike purity.
day 2: still working on the car
There are hundreds of stories happening on the World Wide Web. Let me tell you, that's a very wide web. Our goal at Weekend Web is to bring you the latest headlines from around the Internet. We go into the very bowels of message boards everywhere and find out what millions of online citizens have to say.
Copyright ©2016 Rich "Lowtax" Kyanka & Something Awful LLC.


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Yahoo is known for its (in)famous reorganizations, but they now face a contender for the title of "Most Likely to Shake Things Up." Just over a year after its last reorganization, MIVA has headed back to the drawing board in the hopes of revising the struggling digital ad company.
On the chopping block is 15% of its workforce as well as the MIVA Media operations in Italy. MIVA says this will save them $4 million a year plus a one time savings of $1.4 million.
The recent reorganizations are just the latest of what ails MIVA. In 2006, Craig Pisaris-Henderson and Phillip Thune resigned as CEO and President respectively. And in 2005, the company agreed to an $8 million patent settlement with Yahoo.
As a result, MIVA dropped their partnership with Yahoo and made one with Google. Boy, that sounds familiar.
MIVA licensed FAST technology in 2005. FAST was recently acquired by Microsoft. Since MIVA has such an admiration for the way Yahoo does things, we offer the following words of advice: If Ballmer offers to buy, say YES.
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A judge has denied a request to dismiss multiple charges against a Waseca man accused of raping a woman during a residential burglary. 33-year-old is facing a total of 29 felony charges after the victim …15 Jan 14
Local News, Multimedia, Sports - The Local Connection
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A judge has denied a request to dismiss multiple charges against a Waseca man accused of raping a woman during a residential burglary. 33-year-old is facing a total of 29 felony charges after the victim …15 Jan 14
We're getting a break from severe weather in southern Minnesota today (WED), but Meteorologist Steve Woolenhouse says that a Blizzard Warning will go into effect early Thursday with some fresh snow on the way. He …15 Jan 14
The Sleepy Eye City Council on Tuesday revised the city's snow removal policy, approved a subsidy for the Sleepy Eye Historical Society, and took a step towards banning e-cigarettes from public places. Parking is prohibited …15 Jan 14
The Brown County Republican Party has announced that the 2014 Precinct Caucuses will be held on Tuesday, February 4th beginning at 7pm. The purpose of the caucuses is to elect precinct chairs and other officers, …15 Jan 14
Tony Downs Foods has confirmed that the company's plant in St. James is closing, and that the work is being moved to a facility owned by Hormel. A total of 75 jobs will be affected …14 Jan 14
The federal judiciary is warning the public of an email scam that could infect recipients with computer viruses. The US District Court of Minnesota says that the emails look like they are coming from federal …14 Jan 14
Luxury retailer Neiman Marcus has reported a massive data breach smilar to what occurred to the Target Corporation over the holiday season. Neiman Marcus says that thieves stole some of its customer's payment-card information which …14 Jan 14
The Minnesota Department of Health has reached a settlement in a case over its practice of storing and using newborn blood samples without parental consent. The state says it is now destroying over 1 million …14 Jan 14
AREA VETERAN'S DAY SERVICES *All Programs Are Wednesday, November 11th Unless Noted Otherwise* STATE OF MINNESOTA: 8:30-9:30am Free Breakfast at the Veterans Memorial Community Center in Inver Grove Heights followed by the Program …


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Print test
3 Written questions
2 Multiple choice questions
- Camera Operator, Photo Journalist, Set Designer, and Perfomer
- Copy Writing, Creative Directore, Graphic Designer, Illustrator, and Meeting Planner
2 True/False questions
What are some forms of Arts, A/V Technology, and communication? → Journalist, Reasercher, and Playwriter
What is a Helper? → A/V Equip. Installer, Interior Decerator, Performing Arts Coach, and Director


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As part of the Ohio Department of Transportation's (ODOT) three-year $150 million pledge to assist Ohio's transit agencies, ODOT is directing $15 million to the purchase this year of more than three dozen "Clean and Green" buses and transit vehicles across the state.
"The demand for greener transportation choices continues to rise, especially among Ohio's next generation," said ODOT Director Jolene M. Molitoris. "In Ohio's cities, nearly two-thirds of all bus trips are work-related, providing young people with access to education, first-time jobs, homes and a quality way of life."
In all, ODOT will help transit agencies purchase 38 new vehicles, including electric-diesel hybrid buses, cleaner ultra-low sulfur diesel vehicles, and buses that run on biodiesel or compressed natural gas.
In October, ODOT identified additional federal transportation dollars made available through significant project savings and supplementary federal resources. With those flexible federal funds, ODOT targeted $50 million to make immediate investments in transit and pledged similar funding in each of the next two fiscal years.
Under this 21st Century Transit Partnerships for Ohio's Next Generation, the new funding is helping to preserve existing transit services by providing $25 million in operational support, $15 million in clean and green new vehicles, and $10 million for innovative new services — all to better connect Ohioans to job centers and new opportunities.
For the current fiscal year, ODOT's Office of Transit has already allocated the $25 million in operational assistance and is currently accepting applications to fund $10 million in innovative new services.
As part of budget information submitted this week to the Ohio Legislature, ODOT identified similar levels of funding — $50 million in each state fiscal year 2012 and 2013 — to continue this important investment in Ohio's transit system.
After this initial application, the new insights will drive the development of a mobile application specifically tailored for blind or visually impaired riders.
Through a competitive procurement process, the agency executed a contract with MCI in November 2015 to manufacture and deliver up to 1,219 commuter coaches.
Have you recently partnered with a solutions provider within the last year to implement a new innovation at your operation that has helped you save money, run more efficiently, streamline operations, improved customer satisfaction or increased ridership? Tell us what you did and how it has positively impacted your business.
The company will transport passengers on the ramp side of the airport between all terminals serving the airline. The contract also includes preventative maintenance.
Will present Champion Bus unit at Schetky booth at the Argentum Senior Living Executive Conference and Tradeshow (formerly ALFA) in Denver May 9 to 12.
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Get up to 20% off All Tower Rooms*
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With pitchers and catchers already participating in Spring Training, the odds makers at the Atlantis Casino have decided to release their 2013 MLB Season Win Totals. The Reno, Nevada based book expects the Detroit Tigers, Los Angeles Dodgers, and Washington Nationals to be this year's best teams, at least in terms of wins and losses, as the three clubs have a win total set at 90 games. Coming in a close second to those three clubs are the Los Angeles Angels (89.5), Cincinnati Reds (88.5), Texas Rangers (87), New York Yankees (86.5), Toronto Blue Jays (86.5), San Francisco Giants (86), Atlanta Braves (86), and Tampa Bay Rays (86). Atlantis is projecting particularly ugly seasons for the Miami Marlins and Minnesota Twins (both team's have a 64.5 win total), but the Houston Astros, who make the switch to the American League West this season, are expected to, once again, be the league's bottom feeder with a 59.5 game win total.
2013 MLB Season Win Totals:
AL East
Baltimore Orioles 76.5
Boston Red Sox 79.5
New York Yankees 86.5
Tampa Bay Rays 86
Toronto Blue Jays 86.5
AL Central
Chicago White Sox 80.5
Cleveland Indians 77.5
Detroit Tigers 90
Kansas City Royals 79
Minnesota Twins 64.5
AL West
Houston Astros 59.5
Los Angeles Angels 89.5
Oakland Athletics 83
Seattle Mariners 76.5
Texas Rangers 87
NL East
Atlanta Braves 86
Miami Marlins 64.5
New York Mets 74
Philadelphia Phillies 81.5
Washington Nationals 90
NL Central
Chicago Cubs 72
Cincinnati Reds 88.5
Milwaukee Brewers 79.5
Pittsburgh Pirates 79
St. Louis Cardinals 85.5
NL West
Arizona Diamondbacks 81.5
Colorado Rockies 71.5
Los Angeles Dodgers 90
San Diego Padres 74.5
San Francisco Giants 86
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Duo will play neighbours who take a road trip before an asteroid destroys Earth in Seeking a Friend for the End of the World
Mark Kermode fails to find a funny side to Steve Carell's Dinner for Schmucks
Box office analysis: UK Scorn Universal no more. Despicable Me wins more friends than The Social NetworkCharles Gant: The Facebook story did well, but Steve Carell animation Despicable Me tops the table. And Vampires Suck just won't die
Film Talk Steve Carell on Despicable Me: 'Everyone at some point in their life has wanted to shrink the moon'
The star of Despicable Me on the joys of playing an anti-hero, voice acting for slobs and his favourite 'Germeasterns'
This amiable animated comedy about a put-upon supervillain doesn't quite justify the American hype, says Peter Bradshaw
Steve Carell's shtick of frazzled normality has made him into an American national treasure. Ryan Gilbey digs beneath The Office star's genial surface to find more geniality underneath
Date Night; The Back-Up Plan; Prince of Persia; When You're Strange: A Film About the Doors
Box office analysis: UK The Last Exorcism drives out Jennifer Aniston and Steve Carell from UK cinemas
A horror film starring two unknowns is this week's runaway success as Toy Story 3 climbs to second in the all-time charts
Ben Child: Semantics aside, Steve Carell is in danger of becoming that funny guy who always appears in the really unfunny movies
This remake of a French comedy lacks taste and hilarity, writes Philip French
He describes himself as a regular guy, but according to friends and fellow Frat Packers he's anything but. On the eve of his latest film, Dinner For Schmucks, Hollywood's most sought-after comedy actor wonders what all the fuss is about…
If Inception remaining on top proves audiences like demanding, well-executed films, how come Hollywood keeps churning out dumb comedies like the box office runner-up?
Despicable Me is being released with an accompanying iPhone app. But just what has this to do with cinema, exactly?
To Kill a Mockingbird: the backlashHadley Freeman
Hadley Freeman: The backlash against Harper Lee's To Kill a Mockingbird is as inevitable as it is stupid. It's payback for her being so reclusive
You review: Steve Carrell plus Tina Fey should equal a surefire comedy triumph. Yet Shawn Levy's comedy of mistaken identity has failed to seduce all the critics
Even the pairing of Steve Carell and Tina Fey can't produce comedy magic in this movie, says Philip French
It's not their best work, but Steve Carell and Tina Fey's pretty good comedy has hints of vintage Spencer Tracy with Katharine Hepburn. By Peter Bradshaw
On this week's podcast, Gurinder Chadha discusses murder and masala in It's a Wonderful Afterlife, Todd Solondz recycles Happiness in Life During Wartime, and we review zeitgeisty parable The Joneses
The US comedy star wants to remake Only Fools and Horses
European: America's favourite insultHadley Freeman
Hadley Freeman: When in America, if you wish to describe something as bad, you can just call it 'European'. It's very useful
Phil Hoad: We had the bumper celebration of cameos a few weeks ago; now, let's turn the spotlight on those assists without which the star turns wouldn't score as well
The 40-Year-Old Virgin star will play a man who is knocked for six when his wife abruptly files for divorce
The Man on Wire's Oscar moment | Dinner for Schmucks is back on the table | Rourke stars in Eleven Minutes | Sidney Turtlebaum nominated for the Iris Prize
The Beaver, a script from first-time writer Kyle Killen, is attracting a lot of industry buzz
With two Sherlock Holmes films already in the pipeline, the star of the US Office has signed up to play one of the author's lesser-known characters
Fashion shoot Suits you, SteveHadley Freeman
Is there a relation between the quality of the threads Steve Carell sports and the quality of the film he's in? Probably not, finds Hadley Freeman
From that waxing to pant-scorching action, Steve Carell brings soul to every role, says Damon Wise


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Postcards from China's first AIDS ride
Liu Jiulong is the first person in China to complete an AIDS RIDE. This fundraiser and HIV awareness raising bicycling event has been popular in other countries like the USA for many years. However, in China fear of stigma and discrimination have kept many people living with HIV from taking part in public events.
UNAIDS urges countries to move towards a public health and human rights approach to people who use drugs
NEW YORK/GENEVA, 19 April 2016—UNAIDS welcomes the United Nations General Assembly's call for Member States to consider effective public health measures to improve outcomes for people who use drugs and urges countries to implement programmes that reduce the impact of the harms associated with drug use.
UNAIDS International Goodwill Ambassador Her Royal Highness Crown Princess Mette-Marit of Norway visits the United Republic of Tanzania
GENEVA/DAR ES SALAAM, 12 April 2016—UNAIDS International Goodwill Ambassador Her Royal Highness Crown Princess Mette-Marit of Norway has completed a mission to the United Republic of Tanzania to assess progress made in eliminating mother-to-child transmission of HIV and to see how young people are engaging in the country's AIDS response.
Investing in community-led action will be critical to ending the AIDS epidemic
Civil society urges United Nations Member States to include financing, services and rights commitments as priorities in the 2016 Political Declaration on Ending AIDS
UNAIDS welcomes Chinese foundation's agreement with African First Ladies
BEJING/ADDIS ABABA, 31 January 2016—The China-Africa Business Council (CABC) signed a memorandum with the Organization of African First Ladies against HIV/AIDS (OAFLA). The signing took place at OAFLA's annual General Assembly, held on the side-lines of the African Union Summit in Addis Ababa, Ethiopia.
HIV This Month - May Edition
Welcome to the May edition of HIV this Month. In this issue we cover topics including: Meta-analysis finds support for elevated HIV prevalence among the military, shorter duration of seroprotection following vaccination in people living with HIV, fewer clinical events with early ART in a trial among serodisordant couples and others.
Media Report 108
A man is suing a medical centre in northern China for damages after he was wrongly diagnosed as HIV-positive, according to a newspaper report.
Media Report 107
A Chinese judge on Wednesday ruled against a same-sex couple who tried to apply for a marriage license. The South China Morning Post reported the judge in the city of Changsha in Hunan Province dismissed the lawsuit that Su Wenlin and Hu Mingliang filed against local officials who refused to issue a marriage license to them.
Media Report 106
Chinese fertility doctors have tried to make HIV-proof human embryos, but the experiments ended in a bust. The new report is the second time researchers in China revealed that they had a go at making genetically modified human embryos.
UNAIDS Strategy 2016-2021
A UNAIDS–Lancet Commission on Defeating AIDS—Advancing Global Health
2014 China AIDS Response Progress Report
The Gap Report
About the International AIDS Vaccine Initiative
HIV Programme: Achieving Our Goals
HIV and Adolescents: Guidance for HIV Testing and Counselling and Care for Adole ...
Checklist for Integrating Gender into the New Funding Model of the Global Fund t ...
The Role of Human Rights in Responses to HIV, Tuberculosis and Malaria
Intellectual Property Rights and Access to Affordable ARVs in China
UNAIDS China Office is recruiting an intern to focus on office's work on China-Africa Health Collaboration
UNAIDS China Office is recruiting an intern to focus on office's work on China-Africa Health Collaboration. The internship is from 1 March, 2016 – 31 May 2016. The deadline for application 26 January 2016.
UNAIDS China Office is looking for a communication and advocacy intern
UNAIDS China Office is looking for a communication and advocacy intern