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IRELAND: One-time costs hit Kerry net earnings
By Katy Askew | 25 February 2014
Kerry sees underlying growth in 2013
Kerry Group has booked a drop in net earnings for 2013 despite posting a near 10% increase in trading profit.
In the 12 months to end-December, net profit plummeted to EUR84.4m (US$116m), compared to EUR260.7m in 2012. The bottom line was hit by a number of "trading items", which reduced net profit by EUR352.2m. These one-time costs included costs related to Kerry's acquisition and restructuring programme, integration costs and supply chain costs.
The company did, however, grow trading profit from EUR559m in 2012 to EUR611.4m. The Irish consumer foods and ingredients business said that operating profit was boosted by a reduction in costs and a focus on value added products that generate higher returns.
Kerry has targeted higher revenue in the growth areas of "targeted nutrition, taste and developing market platforms", chief executive Stan McCarthy commented. Total sales were down 0.2% to EUR5.83bn from EUR5.84bn but organic sales were up 4.6%.
Preliminary Statement of Results
for the year ended 31 December 2013
Kerry, the global ingredients & flavours and consumer foods group, reports preliminary results for the year ended 31 December 2013.
· Adjusted EPS* up 10.2% to 257.9 cent
· Group revenue of €5.8 billion reflecting 4.6% underlying sales growth
· Continuing business volumes +3% and pricing +1.6%
· Trading profit increased by 9.4% to €611m
· Group trading margin up 90 basis points to 10.5%
Ø Ingredients & Flavours + 90 basis points to 12.9%
Ø Consumer Foods + 30 basis points to 8%
· Major milestones achieved in 1 Kerry Business Transformation Programme
· Final dividend per share of 28 cent (Total 2013 dividend up 11.7% to 40 cent)
· Record free cash flow of €412m (2012 : €344m)
· Industry-leading RD&A investment
*before brand related intangible asset amortisation and non-trading items (net of related tax)
Commenting on the results Kerry Group Chief Executive Stan McCarthy said; "The Group achieved good underlying growth ahead of our markets in 2013 and a 10.2% increase in adjusted earnings per share. Our performance reflects continued business margin improvement and strong cash generation. We are well focused on our targeted nutrition, taste and developing market platforms for growth. Based on current exchange rates, the Group expects to achieve 6% to 10% growth in adjusted earnings per share in 2014".
Frank Hayes, Director of Corporate Affairs
Tel: +353 66 7182304
Email: firstname.lastname@example.com
Kerry Web Site: www.kerrygroup.com
Investor Relations
Brian Mehigan, Chief Financial Officer
Ronan Deasy, Group Controller
William Lynch, Head of Investor Relations
Tel: +353 66 7182253
Email: firstname.lastname@example.com
for the year ended 31 December 2013
In 2013 Kerry Group achieved a solid financial performance whilst successfully advancing our 1 Kerry Business Transformation Programme and building a strong platform for the future growth of the organisation. Against a background of weaker economic conditions in many developed and developing markets, the Group achieved good underlying growth ahead of our markets, continued margin improvement and strong cash generation. Our 2013 performance and results reflect the strength of Kerry's taste and nutrition platforms and customer-focused business model - supported by the Group's major investment in Kerry Global Technology & Innovation Centres and Regional Development & Application Centres in recent years. Our developing market strategies continued to deliver strong growth and market development despite reduced economic growth in some regions.
Raw material cost increases were successfully managed in collaboration with customers. The Group's 1 Kerry Business Transformation Programme was significantly advanced during 2013 which considerably assisted business performance and delivered excellent results in globally aligning our business manufacturing and technology portfolio whilst optimising functional and management resources. Recent Group acquisitions were also successfully integrated in line with the 1 Kerry Programme enabling realisation of the technology and business synergy benefits.
Consumer foods markets in the UK and Ireland remained highly competitive due to negative underlying market growth rates, increased market polarisation and a continued high level of promotional activity. While Kerry Foods is best positioned in its market categories with strong brand shares, the division continues to focus its business model on its core offerings and to reconfigure its business portfolio for sustained profitable growth in line with Group metrics.
Group revenue at €5.8 billion reflects underlying sales growth (USG) of 4.6%. Continuing business volumes increased by 3% and pricing increased by 1.6% - broadly offsetting input cost inflation of approximately 4%.
Sales and trading performance in ingredients & flavours maintained continued growth momentum in 2013. Continuing business volumes increased by 4.1% and net pricing increased by 1.8%. Continuing business volumes increased marginally in Kerry Foods and net pricing increased by 1.2%.
Group trading profit increased by 9.4% to €611m reflecting 10.6% like-for-like (LFL) growth. The Group's focus on added value business development, coupled with the elimination of non-core business activities and significant business operational improvements due to the 1 Kerry Business Transformation Programme, contributed to a 90 basis points improvement in the Group trading profit margin to 10.5%. This reflects a 90 basis points improvement in trading margin in ingredients & flavours to 12.9% and a 30 basis points improvement in Kerry Foods' margin to 8%.
Adjusted profit before tax, brand related intangible asset amortisation and non-trading items increased by 9% to €532m. The income statement charge arising from integration of acquisitions, restructuring/reorganisation costs, impairments and loss on disposal of non-current assets/businesses amounted to €352m (net of tax) resulting in a net cash outflow of €41.6m after tax.
Adjusted profit after tax before brand related intangible asset amortisation and non-trading items increased by 10.3% to €453m. Adjusted earnings per share increased by 10.2% to 257.9 cent (2012: 234 cent). The Board recommends a final dividend of 28 cent per share, an increase of 12% on the 2012 final dividend. Together with the interim dividend of 12 cent per share, this brings the total dividend for the year to 40 cent, an increase of 11.7% on 2012.
Expenditure on research and development at €186m was similar to the prior year level. Net capital expenditure amounted to €177m (2012 : €156m). The Group achieved a record free cash flow of €412m (2012 : €344m).
Trading profit
Trading margin
Kerry provides the largest, most innovative portfolio of taste & nutrition systems and functional ingredients & actives for the global food, beverage and pharmaceutical industries.
Sales revenue grew by 2.4% on a reported basis to €4.3 billion, reflecting underlying sales growth of 5.9%. Continuing business volumes increased by 4.1% and pricing increased by 1.8%. Solid growth was achieved in all regional developing markets.
Kerry's ingredients & flavours business performed well throughout all geographic markets in 2013, benefiting from its leading taste, nutritional and functional ingredients & actives technology platforms. Demand for nutritional enhancement, health & wellness offerings without compromising on taste, wider flavour profiles, convenient on-the-go and snacking options, coupled with increased momentum towards clean-label solutions continued to drive innovation - providing good growth opportunities for Kerry's technology portfolio. Reported revenue grew by 2.2% in Savoury & Dairy systems, 7.4% in Beverage systems, 5.2% in Pharma / Functional ingredients while Cereal & Sweet reported revenues declined by 2.4%.
Trading profit grew by 10% to €558m and the division's trading margin increased by 90 basis points to 12.9%. In 2013 ingredients & flavours accounted for 73% of Group revenue and 81% of Group trading profit.
Development and investment in the Group's Global Technology & Innovation Centres and Regional Development & Application Centres continued to drive successful product innovation through key global and regional accounts.
Americas Region
Kerry achieved a strong performance throughout North and South American markets in 2013 despite sectoral issues in some food industry categories. Solid market development was achieved through key food processor and foodservice accounts. Performance was boosted by successful integration of businesses acquired in 2011 / 2012 and through acquisitions completed during the year under review. Revenue in the Americas region increased by 4.2% on a reported basis to €1,882m, reflecting underlying sales growth of 6.2%. Continuing business volumes grew by 4.4% and pricing increased by 1.8%.
Beverage systems & flavours maintained strong growth across all segments of the market including new nutritional beverage launches leveraging Kerry's ingredients, flavours and packaging / processing capabilities. Tea and coffee applications recorded strong growth in particular in the foodservice channel through major chains and through Kerry's branded products. Beverage flavours, benefiting from integration of the Cargill's flavours business, saw continued growth in particular through flavour modulation delivering enhanced taste and nutritional benefits. Craft and speciality beverages also provided good growth opportunities. Big Train acquired prior to year-end 2012 was successfully integrated providing a significant boost to the Group's branded beverage portfolio in all geographic regions. Development in LATAM markets benefited from Kerry's locally established production facilities and Innovation Centre contributing excellent growth in the soft drinks segment and in the fast growing foodservice beverage sector.
Savoury, Dairy & Culinary systems & flavours saw slower growth due to weaker market conditions in some industry segments. Kerry technologies continued to benefit from growing consumer demand in the chilled, frozen and shelf stable yoghurt sectors. Multiple line extensions in prepared meals, sides and breakfast menus provided good growth for Kerry's sauce technologies which benefited from integration of the Millennium Foods business acquired in August 2012. Seasonings achieved good growth through key global and regional accounts in the snacks sector and also through major launches in the fast growing QSR breakfast segment. Strong growth was achieved through coatings systems in the meat sector. Demand for clean-label and gluten-free products also provided strong innovation and product development opportunities. Successful integration of Griffith do Brasil assisted growth in added-value segments of LATAM markets.
Prior to year-end, the Group acquired US based Wynnstarr Flavors - an industry leader in savoury flavours with a strong heritage in chef-style culinary flavours development and well established customer relationships - in particular with foodservice solutions providers in North American markets. Operating from modern flavour development facilities in Congers, NY and in Louisville, KY, Wynnstarr creates, develops and produces natural savoury flavour solutions utilising proprietary manufacturing processes.
Cereal & Sweet technologies performed well against a background of reduced sales in some industry sectors - in particular the RTE breakfast cereals market. Kerry maintained growth through wider applications in the nutritional and energy bar segments and through 'on-the-go' breakfast menu options. Demand for high-protein lines also provided market development opportunities in both the bar and cereals sectors. Kerry's innovation capabilities in sweet technology achieved good growth in the ice cream, frozen desserts, yoghurt and bakery end-use-markets. Shelf life extension technologies continued to record solid growth in confectionery and bakery markets.
Pharma ingredients grew solidly through excipient and coatings applications benefiting from the Group's expanded production facilities in the US and India. Regional developing markets are providing double digit growth opportunities for cell nutrition products in pharmaceutical and bio-technology applications.
EMEA Region
With challenging market conditions across Europe impacting growth in many food and beverage industry segments, Kerry continued to realign its regional business operating footprint through the Group's 1 Kerry Business Transformation Programme which benefited financial performance in 2013. A major focus on expanding business growth platforms in EMEA developing markets, including the Middle East, North Africa and Turkey, Russia & Eastern Europe and the Sub-Saharan Africa regions achieved excellent results to-date through increased innovation and development in line with global and regional zone growth programmes.
Revenues in the EMEA region at €1,601m were broadly unchanged on a reported basis reflecting underlying sales growth of 4%. Continuing business volumes grew by 2% and pricing increased by 2%.
The work programme to establish a Kerry Global Technology & Innovation Centre in Ireland to serve the Group's global and regional customers in the EMEA region is well advanced and on schedule to be operational in early 2015. As announced the Group is investing €100m in the new Centre which will provide strategic customers with access to Kerry's complete breadth and depth of technologies and will be a focal point for all scientific research, innovation, technology and product development. In October 2013, Kerry opened a new Regional Development & Application Centre in Dubai to serve the Group's customer base in the Middle East, North Africa and Turkey.
Beverage systems & flavours recorded solid growth particularly in the foodservice channel - consolidating Kerry's position as the leading provider of hot and cold coffee solutions, and beverage and sweet syrups in Western European markets. In the branded segment Big Train lines including cappuccino mixes, protein mixes, smoothies and flavoured syrups were added to the Da Vinci range. Market development also benefited from the successful integration of Cargill's flavours business. Citrus technologies recorded good growth in Northern European markets. Good progress was achieved in Sub-Saharan Africa through innovative brewing and beverage flavour solutions to leading brewers.
Savoury, Dairy & Culinary systems performed satisfactorily notwithstanding a slowdown in product development due to competitive industry issues. Health and wellness trends continued to increase demand for Kerry's sodium reduction and umami technologies. Growing demand for convenience lines resulted in strong growth through culinary and dairy systems in developing markets. Meat systems performed well despite the challenging industry conditions including the impact of the Equine DNA issues on consumer confidence in Northern Europe. However the warm summer weather provided good growth opportunities in barbeque segments. Further advances in clean label functional meat systems also led to good growth in store-cupboard ingredients applications.
Cereal & Sweet systems and flavours performed satisfactorily. Good growth was achieved in the bakery and cereal bar categories through Kerry's unique low-water activity fillings and textured sauces. In the ice cream sector good growth was recorded through development of new inclusion lines for premium and super premium applications. South Africa based Orley Foods acquired in March performed well, providing a significant boost to Kerry in meeting customer requirements for sweet ingredient solutions in regional developing markets. Kerry continued to achieve satisfactory growth in niche sectors of the RTE cereals market.
In line with the Group's Nutrition strategy, significant progress was achieved in 2013 in broadening Kerry's portfolio of General Wellness & Enabling Technologies, Nutritional Ingredients & Actives and Nutrition Delivery Systems. Performance of the business was strong particularly in developing markets. Significant growth was achieved in premium infant nutrition applications. Kerry hydrolysed proteins also grew through innovative nutritional products launched in China.
Primary Dairy market prices increased significantly in 2013 due to increased demand in importing countries and a relatively tight global supply position.
Asia-Pacific Region
While economic growth was below recent levels in Asia, Kerry continued to record strong market development throughout the Asia-Pacific region. Consumer demand in some Asian countries was slightly reduced due to relatively weaker currencies, but demand for the Group's nutritional systems, taste solutions and functional ingredients & actives continues to increase at encouraging levels. Reported sales revenue in the region grew by 5.4% to €765m reflecting underlying sales growth of 9.8%. Continuing business volumes grew by 8.2% and pricing increased by 1.6%.
Savoury & Dairy systems saw slower growth in line with consumer demand trends. However growth was maintained in the rapidly expanding foodservice sector in the region. Dairy systems performed well in the bakery and snacking end-use-markets. Lipid systems grew satisfactorily through nutritional applications in China. Sectoral issues in the Australian meat industry impacted innovation levels but volume growth was maintained through seasonings and coatings' applications.
Sweet technology expansion was further progressed in the region with strong development throughout the regional bakery sector. Kerry Pinnacle maintained strong growth in the Australian lifestyle bakery segment with significant launches in major retail chains. In December Kerry announced the establishment of a new custom-built manufacturing facility to meet growing demand for prepared bakery products in Melbourne, Australia.
Beverage systems maintained solid growth. Benefiting from the Cargills' flavours acquisition, beverage flavours grew strongly in particular through tea and coffee applications in South East Asia and through sweet beverage applications in South West Asia. Kerry's branded beverage offerings including Da Vinci, Café D'Amore and Big Train performed well in the foodservice sector.
Functional ingredients continued to perform well in particular through enzymes in the bakery and beverage sectors and through protein hydrolysates in the Asian nutritional sector.
In 2014 Kerry will establish a Global Technology & Innovation Centre and regional headquarters for Asia in Singapore. The Centre will be supported by Kerry Regional Development & Application Centres in China, India and Thailand. In addition the Group is also establishing five Regional Customer Centres in Indonesia, Japan, Korea, the Philippines and Vietnam.
Trading profit
Trading margin
Kerry Foods is a leading manufacturer and marketer of added-value branded and customer branded chilled foods principally to the UK and Irish consumer foods markets.
Consumer confidence remained weak in the UK and Ireland in 2013 as inflation continued to outstrip growth in average incomes. Sales through Discounter retail channels, Convenience multiples / Symbol groups and private label offerings continued to grow. 'On-line' is playing an increasing role in supporting retail sales, adding to competitive marketplace pressures and structural changes in customer service. In addition weak underlying market growth continues to fuel competition for market share with promotional activity focused on price maintained at a high level in most food categories.
Kerry Foods' strong market positioning assisted performance - in particular in the UK branded sector. The division commenced a major review of its business portfolio and to reconfigure its business structures for sustainable profitable growth. The ongoing restructuring programme to refocus its business model on its core offerings impacted sales in 2013 - in particular in the direct-to-store services to the independent and convenience retail sectors in the UK and Ireland. Reported revenues decreased by 6.5% to €1,601m, despite underlying sales growth of 1.3%. Continuing business volumes increased slightly relative to the prior year and net pricing increased by 1.2%. Trading profit decreased by 2.9% to €129m. The business restructuring programme to-date contributed to the division's 30 basis points improvement in trading margin to 8%.
As previously stated, against the background of major structural changes in the marketplace, Kerry Foods is focused on strengthening its consumer foods business portfolio to achieve a high quality business in line with Group metrics. Capitalising on snacking, health and convenience trends, this investment programme will focus on a Kerry Foods' portfolio capable of driving sustained profitable growth. Businesses which are underperforming relative to the division's strategic objectives or non-core to this market growth strategy are held for sale.
UK Brands maintained a solid performance despite competitive market pressures. Richmond remains the number 1 sausage brand in the UK, having grown by 5.7% in 2013. Strong growth was achieved in the frozen segment. Richmond has leveraged its brand strength by launching into tea time protein solutions through 'Richmond Mini Meat Balls'. Wall's Pastry grew its overall market share and in its core sub-sector of sausage rolls the brand grew to become the number 1 sausage roll brand in the UK. A highlight of the year was the growth of the Mattessons brand in the meat snacking sector. Fridge Raiders achieved double digit growth and in September a new innovative meat snack line 'Double Dippers' was successfully launched.
Cheestrings UK volumes were lower in 2013 due to reduced promotional activity. Cheestrings Flavours were added to the range in May - bringing new shoppers to the children's cheese snack category. In October, Cheestrings Spaghetti won the "Taste 13" innovations award at ANUGA - the worlds' largest Food Fair. To meet demand for healthy 'on-the-go' dairy snacks, in September LowLow introduced 'LowLow Snack Packs' - a combination of LowLow cheese, crackers and chutney in a convenient snack format.
Performance in Kerry Foods' UK Customer Brands categories was impacted by a number of sectoral issues in 2013. Category growth rates in chilled ready meal and frozen ready meal categories were reduced due to the Equine DNA issues which unfolded during the first quarter and by the hotter than usual summer weather conditions. The chilled ready meals category showed 2% value growth year-on-year, with ready-to-cook recording similar value growth. Sales in the frozen meals category progressively recovered during the year but by year-end the category still reflected an 11% decline compared to the year earlier level. In the dairy sector cheese slices performed well but customer branded dairy spreads lost market share to heavily promoted branded offerings.
Brands Ireland had a mixed performance in a highly competitive marketplace where value offers grew market share. The Galtee and Shaws pork product ranges performed well while the Denny brand share was impacted by heavily discounted private label offerings. Denny extended the 100% Natural Ingredients offerings to a wider product range in the sliced meats sector gaining new listings and incremental volume in key accounts.
In the Irish dairy products sector, Dairygold maintained its brand leadership in the spreads sector achieving 2% value growth. 'Dairygold Baking Block' launched in late 2012 in response to strong growth in homebaking trends achieved solid market penetration.
Cheestrings continued to expand its market positioning in France, Germany and the Netherlands and prior to year-end was successfully launched in Poland and Austria.
Reconciliation of adjusted earnings
to profit after taxation*
Trading profit
Trading margin
Computer software amortisation
Finance costs (net)
Adjusted earnings before taxation*
Income taxes (excluding non-trading items)
Adjusted earnings after taxation*
Brand related intangible asset amortisation
Non-trading items (net of related tax)
Profit after taxation
Adjusted EPS*
Brand related intangible asset amortisation
Non-trading items (net of related tax)
Basic EPS
*Before brand related intangible asset amortisation and non-trading items (net of related tax)
**Comparatives have been restated to reflect the adoption of IAS 19 (2011) 'Employee Benefits'
(LFL) Like-for-like growth excludes the impact of acquisitions, disposals and foreign exchange translation
Analysis of Results
Like-for-like (LFL) revenue grew 1.5% after allowing for the impact of business acquisitions net of disposals of 1.4% and the negative reporting currency impact of 3.1%. On a reported basis Group revenue decreased by 0.2% to €5.8 billion. Continuing volumes grew by 3.0% while product pricing increased by 1.6% amounting to 4.6% underlying sales growth (USG). Rationalisation volumes, due to restructuring of production across the Group's manufacturing sites and the exit of non-core businesses, amounted to 3.1% for the year.
LFL revenue growth was 3.4% in ingredients & flavours after allowing for the impact of business acquisitions net of disposals of 2.3% and a negative reporting currency impact of 3.3%. On a reported basis ingredients & flavours revenue increased by 2.4% to €4.3 billion. Continuing volumes grew by 4.1% while pricing increased by 1.8% reflecting 5.9% underlying sales growth. Rationalisation volumes amounted to 2.5% for the year.
In consumer foods LFL revenue decreased by 3.2% after allowing for the impact of business disposals of 0.7% and the negative reporting currency impact of 2.6%. On a reported basis consumer foods revenue decreased by 6.5% to €1.6 billion. Continuing volumes grew by 0.1% while pricing increased by 1.2% reflecting 1.3% underlying sales growth. Rationalisation volumes amounted to 4.5% for the year.
On a reported basis Group trading profit increased by 9.4% to €611m (2012: €559m). This equates to LFL growth of 10.6% allowing for the negative impact of reporting currency of 3.5% and the contribution from business acquisitions net of disposals of 2.3%.
Group trading profit margin increased 90 basis points to 10.5% (2012: 9.6%). Ongoing added value business development which is improving product mix, coupled with the benefits accruing through the 1 Kerry Business Transformation Programme and the positive impact from exiting non-core business activities contributed to the improvement in the Group trading profit margin.
Finance Costs (net)
Finance costs (net) for the year increased by €5.5m to €67.6m (2012: €62.1m) primarily due to higher interest rates. The Group's average interest rate for the year was 4.0% an increase of 50 basis points from the prior year (2012: 3.5%).
Non-trading Items
Non-trading items of €352.2m net of tax (2012: €135.5m) were recorded in 2013 with a net cash outflow of €41.6m (2012: €42.8m).
The Group recorded €189m (2012: €99.8m) of costs net of tax relating to the acquisition and restructuring programme. Acquisition integration costs of €82.9m (2012: €58.9m) relate to the integration of recently acquired businesses in order to fully realise the technology and synergy benefits of these acquisitions. Footprint and supply chain costs of €69.7m (2012: €40.9m) are also included in this charge and these relate to the implementation of the Group's 1 Kerry Business Transformation Programme to provide more efficient and focused manufacturing operations. The final element of the programme relates to Technology & Innovation Centre Integration costs of €36.4m (2012: nil) arising from the establishment of the Group's Global Technology & Innovation Centres.
During 2013, the Group also disposed of a number of non-core businesses along with some property, plant and equipment. A loss of €54.3m (net of tax) was recorded on these disposals while the net cash inflow was €23.0m. The Group also recorded a non-cash impairment of assets in the period of €108.9m net of tax (2012 : nil). This impairment charge relates primarily to non-core convenience channel assets in Kerry Foods which are being marketed for sale following a fundamental review of 'go-to-market' strategies.
The tax charge for the year, before non-trading items, was €79.1m (2012: €77.3m) representing an effective tax rate of 15.3% (2012: 16.3%). The decrease in the effective tax rate, which excludes the impact of non-trading items, was primarily driven by the geographical mix of profits.
Exchange Rates
Group results are impacted by fluctuations in exchange rates versus the euro, in particular movements in US dollar and sterling exchange rates. The average and closing rates for US dollar and sterling used to translate reported results are detailed below:
Average Rates
Closing Rates
Free cash flow is seen as an important indicator of the strength and quality of the business and of the availability to the Group of funds for reinvestment or for return to the shareholder. In 2013 the Group achieved a free cash flow of €412.1m (2012: €344.5m) analysed below with a free cash flow to EBITDA conversion rate of 57.2%.
Original source: Kerry Group
Sectors: Chilled foods, Commodities & ingredients, Meat & poultry
Companies: Kerry Group
Kerry Group in Ingredients (World)
Kerry's Ingredients & Flavours division is a significant force in many different areas of the global ingredients market, which means that it is ideally placed to deliver complete solutions for its cus...
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Greece Won't Default, Yet
Germany has been a rich source of saber rattling over Greece, much of it for domestic political consumption.
In the end, Germany will have to give in and let Greece have its September bailout installment, giving Athens until the next tranche in December to see if its new taxes can work off a dangerously widening budget deficit.
Senior IMF officials now acknowledge as much, sympathizing with the headwinds Greeks face with their economic recession. The alternative is too terrible to contemplate, with crumbling European credit markets in recent days giving only a pale hint of what a Greek default would wreak.
So Greece has responded to threats from directions north with a new plan to raise EUR2 billion with extra property taxes.
More new taxes in Greece? That makes it just as likely that we will be here again in December, with a deepening recession, more missed budget targets, more agonizing over bad choices and more concessions.
These taxes will be imposed on a country burdened with a 16% jobless rate and an economy contracting at better than a 7% rate. Household and business incomes are shrinking, and at a time when tempers on the streets are running hot. Two days after the announcement of higher taxes, Greek tax collectors go on a 48-hour strike over pay cuts. Other civil servants are following suit because of 100,000 job cuts. The property tax is to be paid via electric bills, but it remains an open question if there will be anyone there to count it.
Cynics will say that many Greeks just won't pay at all. One of them is Germany's representative on the European Commission, Guenther Oettinger, who proposes that the European Union relieve Greek tax officials of their duties and replace them with Northern European accountants and enforcers. What's more, Mr. Oettinger proposed that deep-deficit euro-zone countries should have their flags flown at half-mast outside EU buildings.
A poll by German ZDF television found that 76% of Germans surveyed are against expanding the EU's bailout facility next month to save bankrupt euro-zone members.
Meanwhile, Germany's Der Spiegel magazine reports that the German finance ministry is working on several scenarios that could come from a Greek default on its debt. It would be irresponsible not to.
But all the hand wringing in Brussels and frustration in Berlin cannot have the disruptive impact on the euro's stability that the Greek people will have if the screws keep turning tighter.

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Today Albuquerque Mayor Richard Berry announced a new top cop for the City of Albuquerque.
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Guess what. Another win Sunday at New England would do the same thing.
"A competitive Super Bowl with an undefeated New England potentially could be the most-viewed Super Bowl ever," said Ed Goren, president of Fox Sports, which will televise Super Bowl XLII on Feb. 3 from Glendale, Ariz.
Fox really can't go wrong with either NFC team, although a Green Bay victory would set up a potential storybook matchup between Brett Favre and Tom Brady. If the Giants upset the Packers on Sunday in the NFC Championship Game, Fox at least gets the New York market and the support of all the ex-New Yorkers (and don't we all know at least one of those?).
"The Super Bowl is the Super Bowl," Goren said. "Will we get a larger audience for New England? Of course we will. Ask me Monday if I'm disappointed San Diego advanced to the Super Bowl. And if you asked me Monday, I'd say not at all.
"We will show up to Phoenix regardless."
Just as CBS will be in Foxborough, Mass., this weekend to carry the Chargers-Patriots game shortly after noon Sunday. The network will take "potentially a little bit of a hit on the ratings side" with Chargers-Pats instead of Colts-Pats, according to Sean McManus, president of CBS News and Sports. But the Patriots are such a "strong story" that CBS remains confident people will watch anyway.
You know, to see the Patriots.
"People like to be part of history and they like to witness history," McManus said. "That added factor will make up for some of the fact we don't have Peyton Manning and the Colts. It's tough for me to imagine someone turning off the fact history is being made.
"We're a little disappointed, but not as disappointed as if the Patriots had lost."
So, then, can the Patriots lose?
"One thing we've all learned is these types of things occur," Fox analyst Troy Aikman said. "I definitely think the Chargers go into that game with a fighter's chance."
Phil Simms, who will call Chargers-Patriots along with Jim Nantz (named this week as National Sportscaster of the Year for the third time), agrees with his counterpart, although when he was asked how he would go about beating New England, he said:
"That's a tough question. Nobody else in the NFL has the answer, so it's hard for me. You've got to do a lot of things well. You don't have to play a perfect game, but you've got to create turnovers. And when you get the opportunity to score, you've got to score touchdowns."
Aikman agreed the Chargers will have to force New England into "uncharacteristic" mistakes. The Chargers forced the most turnovers in the league this season; the Patriots committed the fewest.
"That's the only way New England gets beat," Aikman said. "If New England plays its best game and San Diego plays its best game, I think New England wins. But you don't always play your best game. Dallas knows that. Indianapolis knows that.
"It's a monumental task, no question, for San Diego. But that's why they play the games. You don't ever know which team's going to show up."
Simms, who has spent more time with Rivers, called ESPN's comparison of him with Ryan Leaf "awful" and added, "Thank God they didn't cover the NFL like this when I was playing. Who knows what I was saying to people.
"Some of the stuff on the field doesn't bother me the way it seems to bother other people. It's an emotional game. He's been an emotional quarterback.
"Here in New York, they always complain Eli Manning doesn't show enough emotion. . . . That's who (Rivers) is, that's how he makes it work. Just don't yell at the fans."
Said Aikman, who met Rivers this summer: "He's got charisma, he's smart, he works hard. I told a number of people he's one of the most impressive quarterbacks I've been around. It's unfortunate with what has happened on the field with Denver and last week against Indianapolis. I'm disappointed now there's an image and perception of Philip Rivers that I don't think is accurate."
Fox will begin its pregame show for Giants-Packers at 3 p.m., with kickoff set for about 3:40. Joe Buck and Aikman will call the game.
Interesting episode of HBO's "Real Sports with Bryant Gumbel" premiering at 10 p.m. Tuesday, with a segment on excessive drinking at NFL games and an interview with Lloyd Lake, who allegedly funneled cash and gifts to Reggie Bush.
Scott Kaplan and Billy Ray Smith will broadcast their XX Radio Show live from 6-9 a.m. today at the House of Blues downtown, just as they did before last year's Chargers-Patriots playoff game. They're not calling it a pep rally this time – they got abused by a Boston station last year for that – but why would it be any different than most of their shows?
Jay Posner: (619) 293-1834; email@example.com


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Local/News Gallery
Parkland Hospital's Board of Managers met in public
Photo: Lara Solt/Staff Photographer
John Shannon, MD, executive vice president and chief medical officer at a meeting of the Parkland Hospital's Board of Managers to hear how the Dallas County facility plans to address federal findings that it puts patients in jeopardy. Photographed on Friday, August 19, 2011.
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UK iPhone Scammer Jailed for Eight Months
A man has been jailed for eight months for his part in a scam where iPhones were fraudulently obtained from Orange stores around the UK.
Steve Jobs' Death Exploited by Scammers
Unscrupulous scammers are aiming to take advantage of the news of former Apple CEO Steve Jobs' death, security experts have warned.
Fortune Releases Steve Jobs History E-Book
"All About Steve: The Story of Steve Jobs and Apple from the Pages of Fortune" has been released on Amazon as a Kindle book.
Fake iPhone Ring Reportedly Busted in China
Police in Shanghai have broken up an operation making and selling fake iPhones to the Chinese market, according to reports.
Jobs Tried to Settle Samsung Patent Dispute in 2010
Testimony in patent lawsuit claims Apple tried to negotiate over the Samsung Galaxy smartphone before heading to court.
Analyst Raises Apple Product Sales Estimates
Goldman Sachs suggests sales of the iPhone, iPad and Mac "could sharply exceed our prior expectations," according to a report.
Apple Looks to Japan for DRAM, NAND Flash Supply
The company is trying to reduce its reliance on Samsung as a supplier, reports claim.
Only One New iPhone This Year, Analyst Says
Speculation still swirls about Apple's plans, with other analysts firmly in the two new iPhones camp.
iPhone 5 Buyer Gets Ready to Camp out
We're pretty sure that we know when the iPhone 5 will be announced and one man is already gearing himself up to get in the queue.
Apple's iPad Still Leads the Tablet Pack, Says Gartner
Apple's iPad will have a 73.4 percent share of the tablet market by the end of 2011, down from 83 percent at the end of 2010, according to Gartner.
Microsoft Exec Forced Out Over Tweet
A Microsoft product manager who tweeted about an unreleased Nokia handset has since left the company, it has emerged.
Apple Pulls 'Jew or Not Jew' App from French App Store
The developer protests that the controversial app that identifies the religion of celebrities and public figures is "intended for fun."
Book Helps Acquaint Seniors with iPad
Author aims to help members of the older -- and wiser -- generation learn to use Apple's iPad effectively.
iPhone 5 Production Delays Reported
The tear-shaped design is reportedly causing manufacturing issues.
IPhone 5 Will Be 'Fairly Different,' Report Indicates
We don't have very long to wait until the iPhone 5 is launched, according to a new report.
Articles by Ben Camm JonesNext Page
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Exclusively available on the Nintendo DS. From the developers of Chicken Hunter and Nanda's Island. Genre: General Entertainment, Sub-Genre: Puzzle Games. ESRB Rating: EVERYONE with Comic Mischief and Tobacco Reference. Price: $9.11
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—To probe the meaning of reported racial and ethnic group differences in the prevalence of crack cocaine smoking and to estimate the degree to which crack cocaine smoking is associated with personal factors specific to race/ ethnicity.
—Through reanalysis of data from the 1988 National Household Survey of Drug Abuse (NHSDA), we compared racial/ethnic group differences in crack cocaine smoking. To hold constant social and environmental risk factors that might potentially confound racial comparisons, we used an epidemiologic strategy that involves poststratification of respondents into neighborhood risk sets. A conditional logistic regression model was used to estimate the relative odds of crack use by race/ethnicity.
Patients or Other Participants.
—The 1988 NHSDA interviewed 8814 individuals residing within households in the United States. Subjects were selected using a multistage area probability sampling of all residents aged 12 years and older.
—Once respondents were grouped into neighborhood clusters, the relative odds (RO) of crack use did not differ significantly for African Americans (RO, 0.85; 95% confidence interval [CI], 0.37 to 1.93) or for Hispanic Americans (RO, 0.88; 95% CI, 0.47 to 1.67) compared with white Americans.
—Findings of race-associated differences are often presented as if a person's race has intrinsic explanatory power. This analysis provides evidence that, given similar social and environmental conditions, crack use does not strongly depend on race-specific (eg, biologic) personal factors. Although the study finding does not refute the previous analysis, it provides evidence that prevalence estimates unadjusted for social environmental risk factors may lead to misunderstanding about the role of race or ethnicity in the epidemiology of crack use. Future research should seek to identify which characteristics of the neighborhood social environment are important and potentially modifiable determinants of drug use.(JAMA. 1993;269:993-997)
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Technical Notes
Riccardo Ceretto founded Casa Vinicola Ceretto in the late 1930s, raising his two sons, Bruno and Marcello, in the wine business of Alba. The generation of the Ceretto brothers witnessed a depreciation in the quality of winemaking and squandered resources—conditions that inspired a small group of young men to rebuild the Langhe, establishing its merit as a prestigious wine zone.
Bruno and Ceretto, appropriately known as the 'Barolo Brothers,' were part of this movement. While the reserved Marcello developed skills in oenology and took control of production, his dynamic older sibling analyzed the business side of the wine world. It was Bruno's innovative approach to marketing that brought attention to his sibling's top-notch creations. His efforts include the inauguration of a compelling new wine label; promotion of Roero Arneis in the '80s, when Friuli was reaping all the benefits of a white wine craze; and the establishment of a distinguished literary prize for wine and food writing.
The Ceretto brothers have never sought to alter the nature of their Barolo or Barbaresco—innovation remains the exclusive realm of the marketing department. Their wine production area comprises seven separate states, while an eighth (I Vignaioli di Santo Stefano) is co-owned with two other growers. The first estate, Azienda Bricco Asili, comprises 8.5 hectares that lie in the Barbaresco communes of Bricco Asili, Bernardot, and Faset; a cru Barbaresco is produced from each of these three sites. The other principal estate is the Azienda Bricco Rocche, located in the heart of Barolo and comprised of 11 hectares representing La Morra, Serralunga, and Castiglione Falletto; production at Bricco Rocche is dedicated exclusively to Barolo.


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Game of Thrones is a site for the HBO-series based on George R.R. Martin's A Song of Ice and Fire.
New to the series? Read our spoiler-free review of A Game of Thrones.
Read our Privacy Policy.
George R.R. Martin provides clues for another actor cast in a role for HBO's Game of Thrones pilot that will begin filming this month. Given his previous item of news concerning "poor doomed souls" and the title of this post, the role that has been cast must be Gared, a veteran ranger of the Night's Watch.
The clues are as follows:
"... has been a pig, a roach, and a fat friend. He's been known to hang about with highlanders, rabbits, and dwarfs."
In comments, it's widely suggested that Richard Ridings has been cast in the role, as he fits all the given clues.
The Westeros network consists of several different sites, including a forum and a wiki, for all your A Song of Ice and Fire needs.


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A number of activities are planned in the area to celebrate Valentine's Day:
Victorian Valentine Workshop, 10 a.m. to noon or 2 to 4 p.m. Saturday, The Castle, 418 Fourth St., Marietta; $8.50 per person; all materials included; pre-registration required; 373-4180.
Valentine dinner and dance for autism, Saturday, Comfort Inn, Marietta; $25 per ticket; doors open at 6 p.m., dinner at 6:30, dancing from 7:30 to 10; all proceeds to benefit the Autism Center of Southeastern Ohio to help families living with autism in Washington County; business casual dress; cash bar, 50/50 drawing, door prize, tickets can be purchased at Aletha's and Porter's Florist, corner of Second and Greene streets in Marietta; limited seating; tickets will not be sold at door; can mail or arrange delivery of tickets by contacting (304) 488-4859 or firstname.lastname@example.com.
Family and Friends Valentine fundraiser dinner, 4:30 to 7 p.m. Saturday, First Congregational Church, 318 Front St., Marietta; $8 for adults, $5 for children under 10; sponsored by Friends of the Organ for necessary repair of the church's 1906 historic Austin pipe organ; lasagna, desserts, macaroni-n-cheese for children; live musical entertainment; door prizes; 373-0741.
A Romantic Evening, 7 p.m. Saturday, Betsey Mills Club, catered dinner, wine, corsage, entertainment, games, prizes and a photo; $100 per couple; Betsey Mills Club will be taking the first 20 couples; 373-4981 to reserve.
Valentine steak fry, Saturday, dinner from 6 to 7:30 p.m., dancing from 9 p.m. to 1 a.m., featuring Jinx; cover charge; American Legion Post 159, Williamstown; open to the public.
"Fill My Heart With Songs of Love," Parkersburg Choral Society's annual Valentine's Day concert, 3 p.m. Sunday, First Presbyterian Church, 1341 Juliana St., Parkersburg; free to the public, but donations will be accepted at the door.
Valentine's Day dinner and jazz band, 7 to 10 p.m. Monday, The Adelphia Music Hall at the Galley, Marietta; $75 for dinner and The Bob Thompson Unit band; tickets, www.thegalleymarietta.com/music-events/galley-events-music.html
Holiday Salon Concert Trillium Piano Trio, "Once More, With Feeling," 2 to 4 p.m. Sunday, Feb. 20, The Castle, 418 Fourth St., Marietta; to celebrate Valentine's Day; music of Mozart, Bach, Schumann and more; Victorian refreshments, conversations about composers and their music; $15 for adults, $10 for students; 373-4180, www.mariettacastle.org/


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The Big Bang Theory season 6 episode 7 review: The Habitation Configuration
A drunk Sheldon and the return of evil Wil Wheaton make this week's The Big Bang Theory a hit for Kaci. Here's her review...
This review contains spoilers.
6.7 The Habitation Configuration
I love Wil Wheaton. I loved him before Sheldon Cooper stabbed at him from Hell's heart, I loved him before he became bros with Felicia Day, and I loved him before I even knew that he hated Wesley Crusher as much as the fans did. I just love Wil Wheaton and I particularly love Evil Wil Wheaton, as he is known on this show.
If you don't, that's completely fine. I'm just telling you up front because I love Wil Wheaton and I loved this episode a disgusting amount because of him.
We spend most of this episode with Sheldon, and while Sheldon-centric episodes tend to be either bit hits or big misses, this one definitely works for me even if it is a rehash of the same Sheldon/Amy plotline we've seen a dozen times before. (Sheldon does something insensitive that most men would know not to do to their girlfriends! Amy gets upset! Sheldon doesn't think he should apologize and blunders about as he tries to figure out all these silly relationship rules!)
Showing an actual sense of continuity, the writers remembered that Sheldon has a web series called Fun With Flags and for his current episode, he's bringing on Evil Wil Wheaton to talk about the flags of Star Trek. (Side bar: is he still "Evil Wil Wheaton" now that he's nice to Sheldon? Is he now just Wil Wheaton? Where did the fourth wall go and who are these people providing a laugh track?)
Amy, acting as director for the show, decides that she finds Evil Wil Wheaton "wooden," and when he gets upset, the two have a fight. Naturally, Sheldon asks Amy to leave, and then proceeds to have what sounds like a very nice dinner with Evil Wil Wheaton. All due respect to Amy, if the reward for taking Evil Wil Wheaton's side is getting to have dinner with him... I'm taking Evil Wil Wheaton's side there, so I can't blame Sheldon one bit.
Her anger, however, leads to Sheldon seeking out Penny for advice, which leads to Penny giving him a Long Island iced tea, which leads to hilarity. There's pretty much nothing funnier than Sheldon showing up at Evil Wil Wheaton's house drunk and trying to fight him, only to find his effort useless once Wil proves that there's no longer an Evil in front of his name by apologizing quickly and sincerely for arguing with Amy.
And then Sheldon vomits in the bushes, taking breaks to complement Wil's acting, while Wil watches and hates his life and questions his decision to befriend his fans, probably not for the first time.
Elsewhere in the episode, Howard finally packs up his bedroom and moves in with Bernadette once and for all, only to have her demand they go back to his mom's once he tells her a story that illustrates just how lonely Mrs. Wolowitz is. Then the show forgets it needs continuity again by ignoring the fact that she's actually not lonely presently, given that she had a paramour as of Howard's return from space. Oh, well. Baby steps, people.
All in all, an episode that you're either going to love or hate based on whether or not you enjoy Not-So-Evil Wil Wheaton and/or a drunken Sheldon Cooper. I enjoy both of those things, and so this episode is going down as one of my favorites of the season.
Read Kaci's review of the previous episode, The Extract Obliteration, here.
Follow our Twitter feed for faster news and bad jokes right here. And be our Facebook chum here.


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Minter Ellison Rides Into Mongolia
One steppe at a time.
That appears to be the growth motto of Australian law firm Minter Ellison after its partners voted to open an office in Mongolia–its fourth in Asia.
Minter Ellison is setting up in Ulan Bator at a time when Mongolia's resources are attracting rising interest from Australian and Western miners that have found themselves locked out of the biggest deposits in China and neighboring Russia by a regulatory environment that favors local firms.
Clients increasingly preferred local expertise rather than legal affairs being handled remotely, says Minter Ellison, which has over 1,000 lawyers globally.
"Mongolia is the logical next step for us," says John Weber, Minter Ellison's chief executive partner. "It is an increasingly strategic market with a substantial resource-based economy and is attracting the attention of the global resources industry, including Australian companies. Many of these are Minter Ellison clients."
Rio Tinto and Ivanhoe Mines are investing billions of U.S. dollars in Mongolia to develop the Oyu Tolgoi copper deposit, while several other ASX-listed companies such as Xanadu Mines and Guildford Coal have assets in the landlocked country.
Minter Ellison said there are 144 Australian invested companies in Mongolia. Austrade, the government's trade agency, also established a permanent presence there in September.
"We could have opted to continue a minimalist approach, with fly-in fly-out teams to service their needs, but our experience in Greater China tells us it's better to be on the ground working with clients," Mr. Weber said.
Elisabeth Ellis, one of the law firm's senior partners in Hong Kong, will relocate to the new office in Ulan Bator as a full-time resident partner and will be backed up by a team of Mongolian lawyers.
In addition to Hong Kong, Minter Ellison has Asian offices in Shanghai and Beijing.
Like us on Facebook or follow us on Twitter @WSJAustralia.


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20 - 22 April 2016
Abuja, Nigeria
23 - 25 May 2016
Nairobi, Kenya
18 - 20 July 2016
Accra, Ghana
23 - 25 August 2016
Johannesburg, South Africa
24 - 26 October 2016
Cape Town, South Africa
Fantasy Sports Expo Asia
1 - 2 December 2016
Hong Kong, China
Online – Go to the conference you wish to register for, click the "Register now" button and fill out your details
By Phone – Call +852 5511 8385 and one of our friendly staff will be able to assist you with your registration
By Mail –Please send your completed registration form to Suite 1104, Crawford House, 70 Queen's Road Central, Central, Hong Kong
By eMail – Complete the registration form on the last page of your agenda and email to
As soon as you have registered you will automatically be sent a confirmation email. If you do not receive one you should contact us immediately.
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Things happen. If you need to cancel, up to 14 business days prior to an event, you will receive a refund less the administration fee of US$ 250. Cancellations less than 14 business days prior to the event are entitled to a credit notes for a future conference for either yourself or a colleague from the same company, good for 12 months.
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Smart casual/ business casual. We want you to be comfortable for learning and networking. Conference rooms tend to be cold, so we strongly suggest you have a sweater on hand.
Check the hotel reader boards or ask the hotel registration staff for the location of the meeting room(s). We are listed with the hotel under our company name, Eventus International, or the name of the event.
If you have any particular dietary needs or require special assistance, simply contact firstname.lastname@example.com and they will get back to you within one business day and be happy to help!.
Absolutely. Simply fill in your evaluation form and check "Certificate of Attendance" at the top of the form.
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It's a given that we have one of the most gorgeous skylines in Texas — take that, Houston! — if not the entire country. It's especially festive at night, what with the spectacular LED light shows on the side of the Omni Hotel; the changing colors of the ball atop Reunion Tower; the Jolly Green Giant, a.k.a. Bank of America building, outlined in bright colors (it's not always green anymore, which somehow seems wrong, but we're working to overcome the shock); and, of course, our beloved bright-red Pegasus. Our skyline is pretty awesome during daylight hours, too, and if you can catch it right before or after a storm with rolling black clouds overhead, it's dramatically moody.
I thought I'd give you a primer on some of the best places to appreciate our postcard-perfect skyline and maybe get some Facebook- or frame-worthy pics. These are in alphabetical order; I love them all. I can't list every great view, though, and I suspect you know of some that have been, ahem, overlooked (see what I did there?). Email your suggestions to guide@ dallasnews.com, and I'll blog about the best ones on popcultureblog.dallasnews.com. Ticket prices listed, if any, are regular adult prices. Check websites for discounts for children, seniors and others, and also for hours for private venues unless listed.
1) CHASE TOWER This is one of my absolute favorites, because the view is so spectacular and so few people know about it. (Just blew that, didn't I?). On the 40th floor, just below the architectural opening called the "sky window," is the Sky Lobby, offering dramatic scenes. Check in with security (South Lobby), and if you're intent on getting in on a certain day, call first to make sure a private event hasn't closed the Sky Lobby to the public. Extra points: Chase Tower is the home of Ewing Global on TNT's Dallas, and the opening credits show Bobby Ewing (Patrick Duffy) standing in front of its outdoor rotunda. 2200 Ross Ave., Dallas. Open weekdays from 8 a.m. to 5 p.m. Free. 214-777-5300. chasetowerdallas.com.
2) DALLAS HERITAGE VILLAGE The 20-acre site of Dallas' first city park boasts a lovely collection of 38 vintage buildings (houses, stores, a blacksmith shop and more), feisty farm animals and other elements depicting the lives of Dallas' early settlers. From the village, you can get a terrific "double skyline" view, with both 19th-century structures and some of downtown's current dazzlers. 1515 S. Harwood St., Dallas. $9. 214-421-5141. dallasheritagevillage.org.
3) FAIR PARK The jewel of South Dallas, this 277-acre urban park is renowned for its stunning collection of art deco buildings, and also features some great downtown vistas. On the second floor of the African American Museum (aamdallas.org; free admission) is a window that offers a great peek at downtown; you can also get a beautiful night look from the top of the lawn area at Gexa Energy Pavilion during concerts. During the State Fair (Sept. 26-Oct. 19), you can get breathtaking photos from the 500-foot-tall Top o' Texas Tower and the 212-foot-tall Texas Star Ferris wheel rides. Free (Gexa, the State Fair and some museums have admission fees; check websites). The main vehicle entrance is at Grand and First avenues; the main pedestrian entrance is the DART Fair Park station (also great to get there via public transportation). 214-426-3400. fairpark.org.
4) KLYDE WARREN PARK Our city's most unusual park, perched atop a busy freeway, gives you a 360-degree view of downtown's northern edge and also the good-looking buildings of Uptown. The Dallas Center for Architecture (dallascfa.com, 214-880-1550) even offers free Skyline 360 tours at the park, where you basically stand in one place and make a circle as a guide talks about the fabulous architecture all around you (some of it as much as 100 years old): the Dallas Museum of Art, the Winspear Opera House, the Federal Reserve Bank and many other buildings. This month's tours are May 24 and 31 at 2:30 p.m. 2012 Woodall Rodgers Freeway, Dallas. Free. 214-716-4500. klydewarrenpark.org.
5) LAKE CLIFF PARK This 44.5-acre park in north Oak Cliff, established in 1914, is usually uncrowded, so it's a perfect place to take your lunch, your dog, your toddler or just yourself and a camera to enjoy both the bucolic green surroundings and the exceptional views. 300 E. Colorado Blvd. at North Zang Boulevard, Dallas. Free. 214-670-4100. dallasparks.org.
6) PEROT MUSEUM OF NATURE AND SCIENCE Just about everyone who's visited has seen that fantastic escalator on the building's south side; it's enclosed in glass but appears to hang off the edge of the building and transports visitors four floors up, with landings along the way for gawking or photo-taking. There's also a Children's Museum on the Lower Level, which has a climbable (for kids, that is) skyline featuring renditions of several downtown buildings (Note: For security reasons, this area is open only to parents or guardians accompanying children 5 or younger). From the windows by the climbable skyline, you can glimpse many of the actual buildings whose replicas are in the exhibit. $15; films and some exhibits have extra fees. 2201 N. Field St., Dallas. 214-428-5555. perotmuseum.org.
7) REUNION TOWER The grande dame of Dallas skyline views reopened as the GeO-Deck in fall 2013, after the original, frankly uncharming observation deck had been closed for several years for renovations. Inside the big sparkly ball, you'll now discover a delightful space with great interactive activities to acquaint you with the city (it's a perfect first stop for visitors), cameras (hooked into interactive screens) that let you zoom in on downtown streets, and the best overall view of Dealey Plaza, among other vistas. On a clear day, you can even see AT&T Stadium, 18 miles to the west. $16. 300 Reunion Blvd. E., Dallas. 214-712-7040. reuniontower.com.
8) TRINITY GROVES This hip new area in West Dallas, full of fun restaurants (our restaurant editor and critic Leslie Brenner called it a "dining theme park") and a few nearby shops, sits at the base of the Margaret Hunt Hill Bridge — you'll get gorgeous, close-up views — designed by renowned Spanish architect Santiago Calatrava. The bridge opened in 2012, and construction will begin in August on another Calatrava-designed bridge, at the Interstate 30 overpass. Free for wandering and photographing; take money for eating and shopping. 3011 Gulden Lane at Singleton Boulevard, Dallas. 214-744-0100. trinitygroves.com.
9) TRINITY OVERLOOK PARK This riverside park offers access to the Dallas Floodway, if you want a "looking up at it" glimpse of the skyline, or a straight-on view from the top of the levees, and also a close perspective of the arch of the Margaret Hunt Hill Bridge. It's spectacular for watching the Fair Park fireworks on July Fourth, and when we get a rare winter snow, you'll find folks sledding down the levee hills. 110 W. Commerce St., Dallas. Free. 214-671-9500. trinityrivercorridor.com.
10) WHITE ROCK LAKE PARK You get a slightly faraway but picturesque view of downtown at places all along the lakefront of this East Dallas 757.2-acre urban park, founded in 1929. Especially good spots await at the Dallas Arboretum (8525 Garland Road, 214-515-6500), where you can take photos of downtown with the arboretum's trees or flowers in the foreground, and the historic Bath House Culural Center (521 W. Lawther Drive, 214-670-8749). Catch some of the arboretum's Cool Thursdays concerts for nighttime pics. Free admission to White Rock Park and the Bath House (except for some special events), $15 for the arboretum. The park's actual address is 8300 Garland Road, Dallas, but there are access points along Garland Road, Buckner Boulevard and Mockingbird Lane. See website for map and parking options. 214-670-4100. dallasparks.org.
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White Sox Press Releases
White Sox acquire pitcher Turner from Toronto; reinstate Avila from DL
The White Sox acquired left-handed pitcher Colton Turner from Toronto on Friday in exchange for catcher Dioner Navarro. To take Navarro's place on the 25-man roster, the White Sox reinstated catcher Alex Avila from the 15-day disabled list.
Guaranteed Rate and the White Sox Announce New Ballpark Naming Rights
Guaranteed Rate, the Chicago-based national mortgage lender, and the Chicago White Sox have signed a 13-year naming rights agreement for the team's home ballpark in Chicago, which will be named Guaranteed Rate Field beginning November 1, 2016.
White Sox reinstate Garcia from 15-day disabled list; option Coats to AAA
Prior to tonight's game vs. Philadelphia, the Chicago White Sox returned outfielder Avisail Garcia from his injury rehabilitation assignment at Class AAA Charlotte and reinstated him from the 15-day disabled list.
White Sox announce upcoming homestand events
This homestand welcomes the return of fan-favorite Super Hero Night as well as Fireworks, presented by Mazda, on Friday, August 19; Elvis Night and Fireworks on Friday, August 26; and Star Wars Night.
White Sox Recall Anthony Ranaudo from Triple-A Charlotte
Prior to tonight's game at Cleveland, the Chicago White Sox recalled right-handed pitcher Anthony Ranaudo from Class AAA Charlotte. He takes the roster spot of right-hander Carson Fulmer, who was optioned to Charlotte following last night's game.
White Sox option Carson Fulmer to Class AAA Charlotte
Following tonight's game at Cleveland, the Chicago White Sox optioned right-handed pitcher Carson Fulmer to Class AAA Charlotte.
White Sox look to set Guinness World Records™ title at Bark at the Park
With a long history of welcoming baseball fans and their four-legged friends, the Chicago White Sox invite fans and their favorite Fido to help create a new milestone in Sox history by setting the GUINNESS WORLD RECORDS™ title for most dogs attending a sporting event. The attempt will be held in conjunction with the annual Bark at the Park event, presented by AvoDerm Natural Pet Foods, Nylabone and PetSmart, on Tuesday, September 13 when the White Sox take on Cleveland at 7:10 p.m. CT.
White Sox place Miguel Gonzalez on DL and recall Chris Beck from AAA Charlotte
Prior to tonight's series opener at Miami, the Chicago White Sox placed right-handed pitcher Miguel Gonzalez on the 15-day disabled list with a strained right groin and recalled right-handed pitcher Chris Beck from Class AAA Charlotte.
White Sox place Avisail Garcia on the disabled list and recall Jason Coats
Prior to tonight's series opener at Kansas City, the Chicago White Sox placed outfielder Avisail Garcia on the 15-day disabled list (retroactive to Aug. 7) with a sprained right knee and recalled outfielder Jason Coats from Class AAA Charlotte.


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|Honda 2007 Motorcycle Racing Plans
|TOKYO, Japan, January 19, 2006 – Honda Motor Co., Ltd. has announced its motorcycle racing plans for 2007, as outlined below.
Honda's spirit of challenge is rooted in its motorsports activities. By constantly striving to fulfill its own dreams and aspirations, Honda aims to share dreams and excitement with its customers.
Honda has set its sights on winning, for the second year in a row, the three championship titles for rider, manufacturer and team in the World Championship MotoGP class, the premier class of world championship road racing. In addition, Honda is aiming to tackle the challenge of securing championships in other categories of road racing and in each series of motocross, trial and mountain bike downhill racing.
[Road Races]
FIM Road Racing World Championship Grand Prix
< MotoGP class >
In the MotoGP class of the Road Race World Championship Grand Prix (WGP), Honda plans to race six of the newly developed RC212V MotoGP machines and to supply engines to one team, with the aim of capturing all three titles for the second year in a row, under the new 800cc engine displacement regulations.
Just as in last season, riding for the Repsol Honda works team will be Nicky Hayden, the winner of last year's championship, and Dani Pedrosa, who finished fifth in the series ranking.
< 250cc class >
In the 250cc class, Honda will field four riders and two teams with the RS250RW aiming for the title.
MFJ All-Japan Road Race Championship Series
The All-Japan Road Race Championship Series will be centered on teams run by Honda dealerships and supported by Honda Motorcycle Japan Co., Ltd.
The teams will run the CBR1000RR in the JSB1000 class, in which Honda captured the series championship last year, and a full model change CBR600RR in the ST600 class, also won by Honda last year.
Honda will be vying to retake the championship in the GP250 class, with the RS250R.
In the GP125 class, won by the Honda team last year, Honda will aim to capture the series title for the second year in a row, running the RS125R.
British Superbike (BSB) Championship
Ryuichi Kiyonari, who won the series championship for the first time last year, will aim to repeat his success.
Honda plans to race two CBR1000RRKs, with the aim of capturing a double title in both the rider's and the manufacturer's categories.
MFJ All-Japan Motocross Championship Series
The works team TEAM HRC will be vying to capture the title for the second season in a row in the IA1class (displacement of 450cc or less for 4-stroke machines).
Yu Hirata has joined the team in the IA2class (displacement of 250cc or less for 4-stroke machines), setting his sights on the championship.
FIM World Trials Championship Series
For the FIM World Trials Championship Series, Honda will run three Montesa COTA 4RTs equipped with 4-stroke engines, with the aim of capturing both the rider's and the manufacturer's titles.
[Mountain Bike (MTB) Downhill Races]
UCI World Cup / UCI World Championship
Honda plans to run three RN01s in the main two World Cup-class races in front of tens of thousands of spectators, vying to recapture the title in each series.
JCF Mountain Bike Japan Series / All Japan Championship
Honda will supply the RN01 to two teams, with the aim of retaking the championship in the JCF Mountain Bike Japan Series and winning the title in the All Japan Championship for the second year in a row.


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— Hanley Ramirez left in the seventh inning of Friday night's game in Houston with a left leg contusion after the Florida Marlins' shortstop was barreled into on a take-out slide at second base.
The Marlins said Ramirez was "day to day."
Ramirez was trying to turn a double play when Bill Hall slid into his leg at second. Ramirez crumpled in pain as trainers from both dugouts ran onto the field to check on him.
Florida trainer Sean Cunningham and left fielder Logan Morrison helped Ramirez to the dugout. Ramirez avoided putting weight on his left leg and hopped on his right into the clubhouse.
Marlins manager Edwin Rodriguez inserted Greg Dobbs at third base and moved Donnie Murphy to shortstop after Ramirez left the game.


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Danielle Davis, an eighth grader, has been named the Waynesville Middle School Student of the Month for October and was honored at the Oct. 8 Rotary Club meeting.
Davis, the daughter of Dexter and Donna Davis, is an excellent student and a member of the National Junior Honor Society. An active member of Student Government, she serves as the all-school treasurer. She is a starter for the WMDS volleyball team and also plays on the Mid Mo Evolution fast-pitch traveling softball team.
During two different parts of the days, Davis works in the office at the middle school. She assists the secretaries in the morning and in the afternoon. She also helps new students with their schedules and gives building tours. She always has a smile on her face when assisting parents in the main office.
Location, ST | website.com


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Definition of verb in English:
- This could be a preposition, a verb, or a noun which does not in fact count as the 'possessor'.
- Kanji are used in writing the main parts of a sentence such as verbs and nouns, as well as names.
- We typically identify powers with a certain standard locution, employing the infinitives of verbs along with verb phrases.
verb[with object]
- Shakespeare verbed nouns, while the discourse particle "like" was common in some dialects of English as far back as the 1800s.
- Like any kind of wordplay, verbing can distract instead of persuade.
- She relies heavily on assonance and shows a fondness for verbing nouns.
- Example sentences
- On Tuesday the prime minister employed 107 verbless sentences, a record to cherish.
- In fact, all he offered was a verbless sentence committing him to precisely nothing: 'So, the United Nations route.'
- It is notable for verbless sentences, and promises which sound good while avoiding precision.
Late Middle English: from Old French verbe or Latin verbum 'word, verb'.
word from Old English:
Word is ultimately related to Latin verbum, the source of verb (Late Middle English), proverb (Middle English) the 'pro' here having the sense 'put forth', and verbal (Late Middle English). 'In the beginning was the Word, and the Word was with God, and the Word was God' are the first words of the Gospel of John, which continues: 'And the Word was made flesh, and dwelt among us…full of grace and truth.' To eat your words is first found in a 1571 translation of a work by the French Protestant theologian John Calvin: 'God eateth not his word when he hath once spoken.' A word in your ear is of similar vintage, coming from Shakespeare's Much Ado About Nothing: 'Come you hither sirra, a word in your ear, sir'. People sometimes say a word to the wise or a word to the wise is enough to imply that only a hint or brief explanation is required. The wording of the first English use, at the start of the 16th century, was 'Few words may serve the wise', although the concept was expressed much earlier than that in the Latin saying verbum sapienti sat est, sometimes shortened to verb sap.
Words that rhyme with verbacerb, blurb, curb, disturb, herb, kerb, perturb, Serb, superb
For editors and proofreaders
Syllabification: verb
Definition of verb in:
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Tobias Stapleton
MBA (Suffolk University)
Toby Stapleton is the Assistant Dean, Graduate Programs, at the University of Massachusetts Dartmouth's Charlton College of Business. Prior to assuming this position, he held senior-level positions with TXX Strategies Group, the US Cranberry Marketing Committee and the International Trade Assistance Center, Inc.
Toby has over 19 years of international business experience, 12 of them in a management or supervisory role, and he has worked in over 20 countries. During his career, he has provided international business assistance and guidance to hundreds of small-to-medium sized companies.
In addition to being a frequent speaker on the topic of international trade, he has authored and co-authored a number of articles on the subject. He has been quoted in the New York Times, the Boston Globe, the Providence Journal and other national and regional publications. Toby currently serves on the board of directors of a number of non-profit and community based organizations. He holds a Bachelor's degree from Bryant University and MBA from Suffolk University and he has been a part-time lecturer at the University, teaching classes in supply chain management, marketing and international business, since 1996.


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Holiday Bowl extends its participants pact
SAN DIEGO —— The Holiday Bowl's arrangement to have the Big 12 and Pacific-10 conferences supply teams for the annual college football bowl game will continue through 2009.
The Holiday Bowl and Big 12 both announced a four-year extension on Friday. The Pac-10 and the Holiday Bowl are expected to announce a similar agreement next week.
The deals with the conferences were to set to end after this year's contest, scheduled for Dec. 29 at Qualcomm Stadium.
The Holiday Bowl will continue to receive the third choice among Big 12 teams and the second among Pac-10 teams, pending the Bowl Championship Series selection process.
"It's awesome," said executive director Bruce Binkowski, referring to the Big 12 part of the equation. "Look at the last seven years —— the teams, the scores, attendance, television ratings. All of it is great. It's a neat deal for us."
The Big 12 and Pac-10 began meeting in the Holiday Bowl in 1998. Of the seven games, six were still in doubt with two minutes to play, with No. 23 Texas Tech's surprise 45-31 victory over No. 4 California last December as the only noncompetitive contest.
— Mike Sullivan


text:
The Merchant of Venice
by William Shakespeare
The Merchant of Venice Wealth Quotes
How we cite our quotes: (Act.Scene.Line). Line numbers correspond to the Norton Shakespeare edition.
Quote #10
"My daughter, O my ducats, O my daughter!
Fled with a Christian! O my Christian ducats!
Justice, the law, my ducats, and my daughter," (2.8.15-17)
Here Solanio says that Shylock flipped out when he learned that Jessica ran away with a Christian and helped herself to a bunch of his ducats. Solanio claims that Shylock is not sure which is more upsetting—the fact that his daughter is gone or that his money has been stolen. This makes Shylock out to be an insensitive, money-grubbing jerk, but later in the play, Shakespeare offers an alternative point of view (see 3.1.14).
P.S. Even if Shylock did confuse his daughter and his ducats, as Solanio suggests, is this really any different from the way Bassanio goes after Portia for her money? In both cases, human relationships are indistinguishable from monetary wealth.
Quote #11
Out upon her! Thou torturest me, Tubal. It
was my turquoise! I had it of Leah when I was a
bachelor. I would not have given it for a wilderness
of monkeys. (3.1.14)
In the previous passage Shylock was made out to be a jerk who cares more about money than his own family. Here, however, we see Shylock in a different light as he responds to the news that Jessica has traded a family heirloom for a pet monkey.
The turquoise ring Jessica discarded is important to Shylock because it was a gift from his dead wife, not because it's worth a lot of money. So here we can see that Shylock isn't exactly the money-grubbing villain he's been made out to be. His pained response to Jessica's actions reveals that he is human and loved his wife very deeply.
Quote #12
I'll have my bond. Speak not against my bond.
I have sworn an oath that I will have my bond. (3.3.5-6)
Shylock is often portrayed as a money-grubber, but here we can see that he's not at all interested in profiting off of Antonio and Bassanio. Shylock wants to collect his pound of flesh and even refuses to accept triple the amount of money he's owed, which suggests that money isn't everything to him.


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text:
Yahoo's New CEO: Analysts React, Tepidly
Investors have registered their mild disapproval of Yahoo hiring PayPal CEO Scott Thompson, but Wall Street analysts are being a little more charitable.
Shocker, we know — Wall Street analysts being positive. But if you read between the lines, you can see that the enthusiasm is just a bit tempered. This isn't a disaster, they're saying, go ahead and buy the stock — just, you know, don't go crazy or anything.
Yahoo shares were recently down 2.1%.
Stifel Nicolaus is about as positive as they come:
Shares may fade a bit today if investors believe that the hiring of Thompson may indicate that the evaluation of strategic alternatives is not going forward. We believe that would be a buying opportunity. We believe the process continues, now with Thompson as a guiding force.
This hiring may be a signal that a private equity injection into Yahoo! is less likely now — we believe that with a solid CEO like Thompson, a private-equity led investment is less necessary.
Piper Jaffray's Gene Munster is a little more golf-clappy, suggesting Thompson has his work cut out for him:
We believe the hire is a slight positive to Yahoo! as Thompson is likely to refocus employees who had lacked a permanent CEO for months; however, we note that Yahoo! has deteriorated meaningfully during the absence of a permanent CEO as evidenced by our daily ad checks (62% guaranteed in December vs. 91% last December). We believe the appointment of a CEO suggests that a private equity minority investment in YHOO is unlikely, but does not impact the potential and timing of an Asian asset sale, echoed by Chairman Roy Bostock.
We remain Overweight due to the possible revaluation of shares through a potential Alibaba/Yahoo! Japan deal as a deal could result in excess cash that Yahoo! could use to buy back shares.
And Citi analyst Mark Mahaney straddles the middle ground, appropriately, given his "neutral" rating on the stock:
We believe Mr. Thompson has strong technical and organizational skills (like Carol Bartz) and should bring that rigor to Yahoo!. His track record at PayPal was excellent. However, we are somewhat concerned that he does not have strong media/advertising experience, which we believe Yahoo! needs, given the structural issues surrounding the company's Search and Display initiatives. And by selecting Mr. Thompson, Yahoo! is explicitly pursuing a Growth strategy, whereas we believe a Value strategy might be more appropriate.


text:
Can WLWT's Alison Montoya avoid spilling the beer while running in heels dressed as a Bavarian bar maid? Watch as Alison shows some German spirit as she participates in the beer stein races at Oktoberfest Zinzinnati.
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Some Fund Investors See Warning Signs Amid the Midmarket Credit Boom
For several years, institutional investors have poured billions of dollars into private debt funds, particularly those focusing on the midmarket, in their perennial pursuit of yield in a low-interest-rate environment.
These days, as the dollars pile up and midmarket deal volume slows, competition among debt funds has raised concern among some investors that the market may be getting overcapitalized.
Underlying their concern is an imbalance between the supply and demand of debt capital for midmarket deals, defined as those valued at $500 million or less.
On the supply side, about $26.86 billion of fresh capital has been allocated to U.S. credit funds during the first half of 2013, including restructuring, distressed debt and mezzanine funds, according to Dow Jones' LP Source. That's the largest amount since the first half of 2008, and doesn't even include capital raised for senior loan funds.
By comparison, the demand for debt capital from the midmarket may not be growing nearly as fast. New deal volume in the midmarket slowed to $8.15 billion for the first six months of 2013 from $11.54 billion for the year-earlier period, according to data provider Dealogic.
"It's clearly been a market that's favored the borrower rather than the buyer of the credit," said John Morris, managing director of fund of funds manager HarbourVest Partners.
Adding to the risk is the fact that some debt funds are levered at the fund level, potentially leaving investors on the hook for deeper losses should things go south.
You can read more about the supply-demand dynamics of midmarket debt funds and investors' reactions in the latest issue of Private Equity Analyst (subscription required).
(For a two-week trial of our publications, visit our homepage, scroll to the bottom and click "try for free.")
Write to Shasha Dai at firstname.lastname@example.com.


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One or more of these forms may be needed to complete your veteran file at Lansing Community College.
PDF Forms
Release forms are available through the Registrar's Office by request, however must be notarized if the form is not filled out in the presence of an LCC employee. Release of Information forms are not available online at this time.
All forms must be submitted in person to the Veterans Resource Center.
The academic policy for students enrolled at Lansing Community College is applicable to all students. However, in order to make explicit a few guidelines which are in compliance with the DVA, Lansing Community College and the Michigan Approving Agency's standards for institutions certifying veterans educational benefits; the college has established the following standards and guidelines for veterans and their dependents.
Satisfactory Progress
Veterans are required to make satisfactory progress toward graduation. If a veteran is placed on Academic Probation, DVA benefits may be terminated. Veterans who are not making satisfactory progress are required to report mitigating circumstances to the Veterans Service Representative within 30 days. Veterans and eligible dependents are permitted a maximum of two semesters on probation before their benefits will be terminated due to unsatisfactory academic progress.
Veterans and eligible dependent students will be placed on Veterans academic probation if their cumulative grade point average (GPA) at Lansing Community College falls below a 2.00. The minimum GPA for graduation is 2.00.
Mitigating Circumstances
Veterans or dependents should use the following as a guide for determining mitigating circumstances. Some general categories are as follows:
Incomplete Grades
Incomplete grades are assigned when course requirements are not completed due to "unforeseen but fully justified circumstances. DVA allows payment for Incomplete (I) from the last day of the semester that the grade was issued for a maximum of one year. All incompletes must be made up by the end of the next regular semester (summer session is excluded) or earlier if an earlier date is established by the instructor or department. An extension may be granted if requested in writing by the student and approved by the instructor and department by the last day of the deadline; otherwise the "I" will be converted to the grade specified if no further work is completed. If the converted grade is 0.0, the student must report the last date of attendance to the Veteran Service Representative at LCC.


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Admitted Students
As you prepare for the start of classes, there are several important details you need to understand. Many of these items are explained in additional detail in emails and notifications from our office, which you should be receiving regularly once your admission has been processed. If you have any questions about the materials below, please call our office at (765) 494-7015 or email us at email@example.com.


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Kodak's Dektol is a standard developer for tray processing Dektol Developer produces neutral or cold tones with cold-tone papers, and warm tones with warm- tone papers
Dektol offers high capacity and a uniform development rate.
Also for use with some films
Dilute 1 part concentrate with 2 parts water
|Packaging Info
|Package Weight
|1.25 lb
|Box Dimensions (LxWxH)
|10.0 x 7.5 x 0.75"