text:
Australian shares close at the day's low, as gains in the big banks (apart from ANZ) after a cash record profit by Westpac are offset by losses in the energy sector and among miners.
5.15pm: That's all for today - thanks for reading this blog. We'll be back tomorrow morning from 9.30am.
Here's our evening wrap of today's session.
5.11pm: European stocks are up in early trade, reversing the previous day's losses as banks rally after Societe Generale posted reassuring results, but gains are limited as investors brace for Spain's first bond auction since its most recent downgrade.
Investors also await the European Central Bank policy meeting, expected to keep interest rates on hold at 1 per cent and resist calls to restart its bond-buying programme to ease pressure on Spanish debt.
In early trade, the FTSEurofirst 300 index of top European shares was up 0.6 per cent at 1049.52 points, with Societe Generale rising 3.8 per cent.
4.54pm: The European Central Bank will resist pressure to do more to fight the eurozone crisis when it meets in Barcelona later today, holding fire despite calls to restart its bond-buying program to help austerity-hit Spain.
Financial markets are clamouring for the ECB to step up its efforts to fight the two-year crisis by buying the sovereign bonds of Spain, which is in recession and is struggling to convince some of its people of the need for further austerity.
But ECB policymakers, who will face demonstrators protesting against Spain's harsh austerity measures in the Catalonian capital, are more likely to pay homage to the country's drive to cut costs than to signal any new policy action like restarting the bond-buy program, or Securities Markets Program (SMP).
"I think the reactivation of the SMP will occur only at a point at which the situation has deteriorated significantly and I think the pressure would have to be greater than that we've seen in recent weeks," says RBS economist Nick Matthews.
4.49pm: The Australian bond market was firmer today as investors fled to safe haven assets following the release of weak economic figures from China and the US.
The June 10-year bond futures contract was trading at 96.480 (implying a yield of 3.520 per cent), up from 96.410 (3.590 per cent) on Wednesday. The June three-year bond futures contract was at 97.150 (2.850 per cent), up from 97.090 (2.910 per cent).
4.33pm: Meanwhile, the dollar is struggling to stay above the mark of $US1.03, last buying $US1.0304.
The Aussie has already been under pressure after the Reserve Bank on Tuesday delivered an aggressive 50 basis-point rate cut. It has fallen 1.8 per cent so far this week.
Still, some think the Aussie should be a lot lower given the Australian economy has disappointed lately.
"I think it is incredibly overvalued... While prospects for the global economy continue to diminish, the Aussie seems reluctant to come back to earth," says David Scutt, a trader at Arab Bank Australia.
"It's more a consequence of how bad the other economies are going, rather than how good we are," he said, while adding the Aussie belongs way below parity.
4.20pm: Here's how some of the blue chips performed:
- BHP: unchanged
- Rio: -1.1%
- Westpac: +1%
- CBA: unchanged
- Woolies: +1.6%
- Telstra: +0.3%
4.17pm: Among the sectors, energy fell 1 per cent, materials lost 0.4 per cent, while financials inched up 0.1 per cent.
4.13pm: The market has closed at the day's low. The benchmark S&P/ASX200 index fell 6.9 points, or 0.2 per cent, to 4429, while the broader All Ords lost 10.3 points, or 0.2 per cent, to 4494.5.
4.04pm: Markets around the region are either flat or lower after disappointing economic data from both sides of the Atlantic rekindled concerns about the strength of global growth.
The weaker than expected US jobs data overnight is focusing attention on the broader non-farm payrolls report due on Friday.
"With those numbers still ahead of us people are going to be a little bit hesitant to jump into the market right at the present," says Angus Gluskie, portfolio manager at White Funds Management in Sydney.
3.55pm: And more from overseas: Spain's borrowing costs are set to rise by more than a percentage point at an auction of three- and five-year bonds later tonight, with markets watching for signs that its troubled banks are losing their appetite for the country's debt.
The sale is the first since Standard and Poor's cut Spain's credit rating by two notches to BBB+ last week and follows data showing the economy has slid into its second recession since late 2009.
"Spanish fundamentals remain a concern, as does the lack of international engagement at recent auctions. However, in the near-term such factors should not necessarily preclude a relatively smooth auction," says Peter Goves at Citi.
Three-year bonds were yielding around 4 per cent while five-year benchmarks were around 4.7 per cent on the secondary market on Wednesday, more than a percentage point higher than when they were last sold earlier this year - a good indication of the premium the government may have to pay at the auction. Ten-year bonds were yielding 5.83 per cent, slightly below the 6 per cent threshold seen as unsustainable for the country.
"That the yields will rise is a given. What will be interesting is whether the domestic banks continue to buy into the auctions or if they're starting to reach their limit," strategist at BNP Paribas Ioannis Sokos says.
3.36pm: Meanwhile, in overseas news:
EU finance ministers have inched closer to an agreement to beef up capital rules for banks against future crises after a heated debate between British-led nations and a Franco-German bloc.
The talks, which began at breakfast Wednesday, finally ended in the wee hours of Thursday with a compromise after discussions that saw Britain's George Osborne warn he would not sign anything that would make him ''look like an idiot.''
The special meeting was called to find a common EU position on the Basel III regulation, which will require banks to increase their capital buffers to avoid a repeat of the massive bailouts they received in the 2008 financial crisis.
3.26pm: Heading for a modest overall gain - now - on the day at this point.
Meanwhile, Eumeralla Resources has listed on the market today.
According to the ASX, the company is 36th ASX listing in Perth and the 87th nationwide so far this financial year.
There are now 883 ASX-listed entities citing Perth as their home base out of a total of 2,225.
Eurmeralla shares were recently at 22 cents.
3.14pm: Meanwhile, this just in from BusinessDay's Matt O'Sullivan:
Ports and rail company Asciano concedes it will take time to change the work culture at Sydney's Port Botany - its biggest container terminal - because rorting of the system by wharfies is ''endemic in the DNA''.
About 1200 wharfies at Asciano's four Patrick container terminals will vote next Thursday on a new enterprise agreement, which is expected to bring to an end an 18-month long dispute that at times had come close to turning into a Qantas-style lock out of workers.
Asciano said today that it still expected second-half pre-tax earnings to be stronger than those in the first half, although the industrial dispute and weaker coal tonnages had ''marginally reduced our expectations''.
Before the industrial dispute flared again in March, Asciano had put the cost of the standoff at $15 million. The bill is now expected to be significantly higher but Asciano will not reveal the final impact on its bottom-line until it
releases its full-year results in August.
Shares in Asciano rose 4 cents to $4.79 today after the company released an update for the third-quarter.
3.07pm: Probably no point crying into your beer over the state of the economy. Turns out, it'll probably be some other beverage instead:
Beer consumption in Australia has sunk further in the past year, falling to the lowest level since the end of World War II, BusinessDay's Chris Zappone reports.
Total consumption of alcohol in form of beer dropped to 4.23 litres per person in 2011, from 4.45 litres the year before, the lowest level since 1945-46 when Ben Chifley was prime minister and wartime rationing was still a reality.
"Australia used to be a beer drinking nation," said CommSec economist Savanth Sebastian. "That has changed."
Wine consumption, amounted to 3.74 litres per person in 2010-11 from 3.82 litres per person the year before, according to the Australian Bureau of Statistics.
Beer accounted for only 42 per cent of all alcohol available for consumption in 2011, down from 43 per cent the year before, the ABS said.
2.54pm: James Packer has appointed investment bank UBS to sell his 25 per cent stake in pay TV operator Foxtel, Reuters quotes an unnamed source as saying, confirming News Ltd reports from this morning.
UBS will negotiate the sale of his 50.1 per cent stake in Consolidated Media Holdings, which holds the Foxtel pay TV holding, the source confirmed.
The sale, worth about $1 billion, would fund a takeover of casino group Echo Entertainment, News Ltd newspapers said today.
CMJ shares are up 0.9 per cent at $3.33 - about the highest in 18 months.
2.51pm: Fortescue says it's open to talks with Atlas Iron to co-operate on rail haulage after the smaller rival announced a study to build its own track.
"If we're invited to have a look at a proposal, we would certainly be honored to receive that invitation and take it very seriously," Fortescue chairman Andrew Forrest says. "We have a railway line in the vicinity."
2.48pm: Defence will delay buying 12 new Lockheed Martin F-35 Joint Strike Fighters by two years as the Gillard government aims to end four years of budget deficits.
The delay will save the government about $1.6 billion in its 2012-13 budget, Defence Minister Stephen Smith told reporters in Canberra today. A plan for self- propelled artillery has been scrapped, saving another $225 million from the budget that will be unveiled May 8, Smith said.
2.38pm: China's market has slipped despite some renewed speculation the central bank may cut the reserve ratio for banks as early as this week. At least that's what the Oriental Morning Post writes.
''Investors are in a dilemma,'' says Wu Kan, a Shanghai-based fund manager at Dazhong Insurance. ''On one hand, there's constant speculation about policy easing so there's hope looking forward. But fundamentals for the overall economy remain weak, as we can see from US data last night too. We will continue to see stocks fluctuating on uncertainties.''
2.27pm: Asian markets are lower this afternoon following the weaker data from the US and Europe. The downbeat outlook has seen traders shift to safer assets, weighed on the euro and the Aussie dollar.
Hong Kong is down 0.5 per cent, Seoul has fallen 0.3 per cent and Shanghai is 0.11 per cent lower. The market in Tokyo is closed for a holiday.
2.16pm: Gold prices remain under pressure after the disappointing data from both sides of the Atlantic fueled concerns about global growth, while investors await a rate decision by the European Central Bank later in the day for more trading cues.
Spot gold is down 0.3 per cent to $US1647.69 an ounce, extending losses from the previous session. US gold is also down 0.3 per cent to $US1648.70.
2.08pm: Sales of new vehicles in Australia rose 6.6 per cent in April, from a year earlier, with another strong month for sport utility vehicles defying consumer caution elsewhere.
The Australian Federal Chamber of Automotive Industries says total vehicle sales in April were 79,097, compared with 74,214 in the same month last year.
2pm: Here's a change of pace... forget glugging coffee - when it comes to boosting alertness, nothing beats exercise, judging by recent Canadian-American research confirmed by sporty tycoon Richard Branson.
1.52pm: Fortescue Metals says it's open to talks with Atlas Iron to co-operate on rail haulage after the smaller rival announced a study to build its own track.
"If we're invited to have a look at a proposal, we would certainly be honored to receive that invitation and take it very seriously," Andrew Forrest says . "We have a railway line in the vicinity."
Atlas and haulage company QR National last month signed an initial accord to consider building the railroad in northern Australia's Pilbara region, which Macquarie Group estimates may cost $1.5 billion. Producers including Fortescue and Atlas are boosting ore output and expanding ports and rail to meet growing demand in China, the biggest consumer.
1.45pm: The housing sector may be struggling, but there is still a shortage of skilled labour in some parts of the building sector, a study has found.
The Housing Industry Association Trades Report shows five of the 13 housing trades were under-supplied in the March quarter.
These were in bricklaying, ceramic tiling, painting, plumbing and in the miscellaneous category.
HIA chief economist Harley Dale said the availability of skilled tradespeople is only marginally in surplus.
"These results provide compelling evidence of a structural shortage of skilled labour within the residential construction industry," he says.
1.37pm: Oil prices are lower in Asian trade with weak employment figures from United States and the eurozone weighing on the market, analysts say. Softer US energy demand also helped dampen sentiment.
New York's main contract, West Texas Intermediate crude for delivery in June is down 13 cents at $US105.09 per barrel while Brent North Sea crude for June is one cent down at $US118.19.
1.24pm: Stocks are down in China on a day of fluctuating trade. Wu Kan, a Shanghai-based fund manager at Dazhong Insurance, says investors have conflicting guidance on offer at the moment.
''On one hand, there's constant speculation about policy easing so there's hope looking forward. But fundamentals for the overall economy remain weak, as we can see from US data last night too. We will continue to see stocks fluctuating on uncertainties.''
1.20pm: Charter Hall Group has lost slid 2 per cent today to $2.43 after Goldman Sachs downgraded its recommendation on shares of the real-estate investor and developer to ''neutral.''
1.15pm: Oil and gas producer Eureka Energy has rejected a $107 million takeover offer from Aurora Oil & Gas. Aurora made the 45-cents-a-share offer for all the shares it does not already own in Eureka on Monday.
But Eureka's board advised shareholders not to accept the offer, saying it was an opportunistic bid which undervalued the company.
''Eureka notes that trading in its shares following announcement of the offer has been at a premium to the offer price, suggesting that purchasing shareholders similarly believe the offer undervalues the company,'' Eureka said.
Eureka's shares were two cents higher at 51 cents
1.08pm: The big miners are lagging behind the general market:
- BHP is 0.36% lower to $36.12
- Rio is 0.96% lower to $65.77
- Fortescue is 0.53% lower to $5.62
1.01pm: Harvey Norman stocks are down 3.62 per cent, but they are not the only retail stocks doing it tough today. Woolies has managed to buck the trend:
- Wesfarmers - down 0.42%
- David Jones - down 1.56%
- Myer - down 0.41%
- Woolworths - up 1.25%
12.52pm: ASX Ltd has reported a 2.7 per cent fall in nine-month underlying profit, citing subdued activity in equity markets.
ASX, which is battling to defend its market share from new entrant Chi-X, said underlying profit after tax fell to A$261.6 million in the nine months to March 31. Statutory profit was down 2.9 percent at A$256.3 million.
"Since the start of the second quarter in October 2011 equity markets have experienced significantly reduced trading activity compared to a year ago when market conditions were more favourable," Chief Executive Elmer Funke Kupper said in a statement.
12.37pm: The Australian dollar has dropped below $US1.03 on weaker-than-expected Chinese data. The local unit was recently trading at $US1.0288, down from $US1.0334 at Wednesday's close. Since 7am, the Australian dollar traded between $US1.0287 and $US1.0336 cents.
CMC foreign exchange dealer Tim Waterer said the Australian dollar had pushed downwards on the Chinese data.
''The news factored that it was below the previous reading,'' he said. ''That was taken as a negative by traders, and because the Australian dollar is hypersensitive to all things China, the release was enough to bring the currency back below the $US1.03 level.''
12.33pm: The ASX200 has slipped back into the red, weighed down by the big miners. Rio Tinto is off 0.9 per cent, while BHP has lost 0.2 per cent.
12.29pm: Mining giant Rio Tinto is facing rising capital costs around the world, not just in Australia, Prime Minister Julia Gillard says.
Rio Tinto is reportedly reviewing its coal expansion plans in Australia as it faces soaring capital costs and as investors pressure it to make more profitable iron ore projects a priority.
Rio Tinto chief Tom Albanese also raised concerns about the high cost of doing business in Australia.
12.15pm: The housing sector may be struggling, but there is still a shortage of skilled labour in some parts of the building sector, a study has found.
The Housing Industry Association Trades Report shows five of the 13 housing trades were under-supplied in the March quarter. These are in bricklaying, ceramic tiling, painting, plumbing and in the miscellaneous category.
12.11: Sales of new cars rose 6.6 per cent in April, from a year earlier, with another strong month for sport utility vehicles defying consumer caution elsewhere.
The Australian Federal Chamber of Automotive Industries said total vehicle sales in April were 79,097, compared to 74,214 in the same month last year.
Sales in April were down 19.0 per cent on March, which is typically a big selling month. Adjusted for seasonal factors, VFACTS estimated sales increased by a hefty 7.6 percent in April from the previous month.
Sales of sport utility vehicles continued their heady run with a rise of 27.8 per cent, compared to a year earlier, while gains in light and heavy trucks pointed to solid business investment.
12.06pm: One for Sydney ferry commuters: the NSW government says fares won't go up due to the franchising of Sydney's ferries.
Instead, commuters will get better services, NSW Transport Minister Gladys Berejiklian has vowed.
Berejiklian this morning said the Harbour City Ferries consortium - made up of Transfield Services and Veolia Transdev - had won the $800 million, seven-year contract to maintain and operate the harbour ferry services.
12.02pm: Leading the gains are banks, on the back of a record result by Westpac.
Westpac shares are 1.3 per cent higher, NAB is 0.3 per cent higher, CBA up 0.1 per cent, but ANZ is down 0.5 per cent after two downgrades.
"A lot has been said about the Australian banks and how vulnerable they might be in the current market climate, but what today's scorecard from Westpac shows is an ability to grow earnings, manage margin pressure and maintain loan quality in very tough economic conditions," says Peter Esho, analyst at City Index.
11.57am: The market is now trending higher and back in positive territory - the ASX200 is up 4.8 points, or 0.1 per cent, to 4440.1. Despite the pretty dramatic looking 'V' in the graph - the trading range for the session has only been about 10 points.
11.55am: Vodafone and Optus will enter a new joint venture building shared mobile sites and allowing Vodafone Hutchison Australia customers to roam onto the Optus network, Lucy Battersby reports.
This comes as Vodafone continues to spend money building new infrastructure to improve the reputation of its mobile network.
And about 900 base stations will be incorporated into the Vodafone network this year from the 3GIS network — a eight-year old joint venture between Telstra and Hutchison '3' which was due to end this year following '3's merger with Vodafone in 2009.
New chief executive Bill Morrow said the deal with Optus was still subject to approval from the Australian Competition and Consumer Commission but would give Vodafone customers access to 400 Optus base stations. The joint venture would build 500 new shared sites over the next four years.
11.51am: More on the ANZ downgrade... two brokers downgraded the bank on fears for its profit outlook, putting pressure on the bank's shares.
CLSA lowered its ratings on the bank to "underperform" from "outperform", while UBS downgraded ANZ to "sell" from "neutral", with both brokers citing concerns that global markets won't be able to provide the earnings boost of recent months.
"ANZ has been the big outperformer year to date," says CLSA analyst Brian Johnson. "When I look at it, the result was bolstered by very strong global markets result, which even they are saying is not sustainable...I think consensus numbers need to move down a little bit."
While the ASX 200 has risen 9.4 per cent since January, ANZ has increased 15.3 per cent, ahead of Westpac which notched up 14.7 per cent in gains. NAB rose 8 per cent in that time while Commonwealth Bank shares rose 7.2 per cent.
ANZ shares are currently down 0.5 per cent, while the other big banks are trading higher, led by a 1.3 per cent rise in Westpac.
11.44am: Westpac chief Gail Kelly says global economic problems will continue to impact the domestic banking sector, with Europe's woes likely to roll on for years.
"We expect the difficult and volatile conditions to continue," she says.
"If you think about Europe we've got another decade probably of volatility and challenging environments."
11.37am: After a steady start, the dollar has also eased. It's now at $US1.0290. Click here for more currencies.
11.34am: Oil and gas producer Santos says reserving Australia's natural gas resources for its own use would be counter-productive.
Santos chairman Peter Coates says that a note of caution should accompany recent calls for the reservation of some domestic gas resources exclusively for Australian industry.
"As reasonable as this may sound on the surface, such government intervention could prove counter-productive for both Australian industry and the nation," Mr Coates has told shareholders at the company's annual general meeting in Adelaide.
Mr Coates said eastern Australia had abundant natural gas resources, particularly in coal seams.
"There is no shortage of gas," he says.
11.29am: E L & C Baillieu Stockbroking director Richard Morrow says the market is on hold prior to the federal budget.
"The market is very quiet in the lead up to the budget next Tuesday," Mr Morrow says.
"It seems to be still not finalised at present, and that's keeping a lid on things."
11.25am: The High Court has held that seven directors of the building group James Hardie Industries breached their duties by approving the company's release of a misleading statement to the stock exchange, Leonie Lamont reports.
It also held that company secretary and general counsel Peter James Saffron failed to discharge his duties with care and diligence, in relation to the actuarial work that underpinned the statement in which James Hardie said a compensation fund for asbestos disease victims was ''fully funded''.
11.16am: More on the Harvey Norman result, the company's shares have taken a hit, falling 4.8 per cent, or 10 cents, to $1.97.
The company says the result clearly shows the impact of aggressive competitor activity in the audio/video and information technology sector.
11.10am: In case you missed it earlier - or you were queuing at your local bottle shop - the latest vintage of Penfolds Grange has gone on sale and it's the US discounter Costco who has the bragging rights with the cheapest listed price. Here's the full story from Eli Greenblat.
11.03am: As the graph above shows, the market has fallen into negative territory. The ASX200 is now down 3.6 points, or 0.1 per cent, to 4432.3.
10.52am: Breaking news: Harvey Norman has reported a 6 per cent drop in like-for-like sales for the 9 months to the end of March. Profit before tax of $204.8 million. More to come. Its shares have dropped 7 cents, or 3.4 per cent, to $2.00.
10.47am: Back to the Commonwealth Bank rate moves for a moment. Residentially-secured CommBank business loans have dropped by 40 basis points, as well, the bank said.
10.43am: Looking at the early gainers on the ASX200:
- Dart Energy - up 12.07%
- Energy Resources Australia - up 5.76%
- Imdex - up 2.32%
- QBE - up 1.94%
- Ansell - up 1.77%
- Stockland - up 1.69%
10.36am: Transfield Services's ferries joint venture has won a $800 million contract to maintain and operate Sydney's famous harbour ferry services.
The contract between the NSW government and Harbour City Ferries, which is a 50/50 joint venture between Transfield and Veolia Transdev, is subject to several conditions. The seven-year contract is estimated to be worth $800 million and could be extended if performance targets are met.
Its shares are 0.6 per cent lower, or 1.5 cents, to $2.295.
10.31am: Looking now at how the sub indices on the ASX200 are faring:
- Health - up 0.73%
- Consumer discretionary - up 0.55%
- Telecomms - 0.39%
- Financials - 0.21%
- Consumer staples - up 0.15%
- Info tech - down 1.16%
- Utilities - down 0.35%
- Industrials - down 0.19%
10.25am: Wagering and gaming firm Tabcorp Holdings says the positive revenue trends experienced in the first half of the 2011/12 financial year have continued into the third quarter.
Tabcorp said today that revenues from January 1, 2012 to March 31, 2012 totalled $724.0 million, up 2.7 per cent on the prior corresponding period. Total revenues for the year to March 2012 were up 2.8 per cent to $2.3 billion.
''Tabcorp's revenue performance for the year to March 2012 continues to be positive and in line with the company's first half performance,'' Tabcorp chief executive David Attenborough said in a statement.
Shares in Tabcorp were 2 cents higher at $2.87.
10.20am: No, the subject of Edvard Munch's famous painting The Scream was not an Australian mortgage holder. Nor was it the painting's current owners, but it might have been after they last night pocketed a record $116 million for the work.
The 1895 artwork - a modern symbol of human anxiety - was sold at Sotheby's. The previous record for an artwork sold at auction was $106.5 million for Picasso's Nude, Green Leaves and Bust, sold by Christie's in 2010.
10.17am: Asciano says it expects earnings for the second half of calendar 2012 to come in above the prior year. However, the ports and rail operator says delays in finalising a workplace agreement with the Maritime Union of Australia, as well as some external factors relating to its coal haulage unit, had reduced expectations.
''We continue to forecast Asciano FY12 H2 EBIT (earnings before interest and tax) will be above FY12 H1 and above pcp (prior corresponding period),'' Asciano chief executive John Mullen said in a statement today.
Its shares are 0.2 per cent higher, or 1 cent, to $4.76.
10.14am: In early trade, the benchmark S&P/ASX200 index was up 2.3 points, or 0.05 per cent, at 4436.1, while the broader All Ordinaries index was up 0.5 points, or 0.01 per cent, at 4505.4.
10.11am: Westpac shares are up as much as 21 cents, or 0.9 per cent, to $22.90. Westpac today posted a bumper first-half profit as both banks consider how much of this week's official interest rate cut to pass on to customers. First-half cash profit came in at $3.195 billion, up 1 per cent from a year earlier, and slightly more than the $3.12 billion profit expected by analysts.
10.07am: Early take - shares are flat markets open. No gains or losses to speak of.
10.03am: ANZ shares are down 24 cents, or 1 per cent, to $23.56 on news that UBS downgraded the stock from neutral to sell. CBA shares are basically flat following today's rates announcement - down 6 cents, or 0.1 per cent, $52.62.
9.57am: Activity in the Australian services sector has reported its weakest performance in three years during April, a private survey shows. The Australian Industry Group/Commonwealth Bank Australian Performance of Services Index (PSI) fell 7.4 points to 39.6 points in April. A reading below 50 indicates a contraction in activity.
None of the nine sub-sectors covered by the survey recorded rises in activity in the month, with the greatest weaknesses seen in finance and insurance, personal and recreational, and health and community services sub-sectors.
9.53am: Something for the bookmarks list. BusinessDay has a special federal budget page up and running. You'll find all budget news leading up to next Tuesday's budget and then all the fallout, reaction and commentary.
9.49am: Although it has been somewhat shaded by the bank stories, James Packer is in the news today with reports that he is ready to sell his 25 per cent stake in Foxtel for a $1 billion with the likely buyer News Corp.
News Limited reports he wants the cash to pursue a full merger of his Crown Casino in Melbourne and Sydney's Star Casino to create a $10 billion gaming giant.
9.46am: Also in banking news this morning, Westpac has posted a bumper first-half profit.
Westpac's first-half cash profit came in at $3.195 billion, up 1 per cent from a year earlier, and slightly more than the $3.12 billion profit expected by analysts.
The net result, though, was less positive. Westpac's first-half net profit fell 25 per cent to $2.97 billion - in line with market expectations. The bank blamed a rise in bad debts and costs associated with setting up the Bank of Melbourne for dragging its profit lower.
9.42am: Some more analyst rating changes for today:
- Mirvac Group cut to 'neutral' at Credit Suisse
- Stockland upgraded to 'outperform' at Credit Suisse
- Alesco downgraded to 'neutral' at Credit Suisse
- DuluxGroup downgraded to 'neutral' at JPMorgan
9.40am: UBS, meanwhile, has downgraded ANZ Bank stock to 'sell' from 'neutral' on concerns for the bank's Australian business levels.
9.38am: Damian Smith, chief of rate tracking company RateCity, said CommBank's mortgage rate reduction was more than he had expected and could prompt other banks to follow.
"It's a little more than we thought they would do," he said. "If the others pass on 40 basis points that will set the trend for the smaller banks and non-bank lenders to do 35-40 basis points."
With mortgage rates now advertised around 7 per cent, consumers with a 20 per cent deposit should now be able to get a 6.3 per cent mortgage package from banks like Commonwealth Bank and NAB, said Mr Smith.
9.35am: Commonwealth Bank has moved to lower their standard variable interest rate by 40 basis points following the Reserve Bank's 50 basis point cut on Tuesday.
Standard variable rate loans at CommBank will be 7.01 per cent, effective Friday, May 11. The move outpoints National Australia Bank, which yesterday cut 32 basis from its borrowing rates. Westpac and ANZ are yet to announce their decisions. ANZ is due to release its decision next Friday.
9.32am: For a comprehensive look at this morning's business news, check today's need2know and the business press digest. Here are the key markets links for today:
- SPI futures are 3 points higher at 4432
- The $A is higher at $US1.0336
- In the US, the S&P500 fell 0.25% to 1402.31
- In Europe, the FTSE100 fell 0.93% to 5758.11
- Gold fell $8.20 to $US1654.20 an ounce
- WTI crude oil fell 79 cents to $US105.37 a barrel
- The Reuters Jefferies CRB Index fell 1.26% to 304.08
9.30am: Hi everyone. Welcome to the Markets Live blog for Thursday.
This blog is not intended as investment advice
Contributors: Thomas Hunter, Peter Litras, Peter Hannam, Jens Meyer
BusinessDay with agencies


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Take My stimulus, Please: This bill is like a rotting corpse.
He gave in a little on the stimulus, but just enough to keep the ball rolling.
It is more than a little interesting that Romer also now supports deficit spending as a stimulus to the economy.
Unfortunately, we are at or near the point of substantially diminishing returns for this sort of stimulus.
The stimulus was too small and was badly directed and did not have the impact on the economy that we needed it to have.
Roberts untempered fanaticism had required no stimulus, and now it raged beyond all bounds.
If its stimulus be greater, it then induces pain at the neck of the bladder.
Under this stimulus, Dodo roused herself for the effort of not thinking.
And not simply by its stimulus on the surface of the ulcers beneath the scabs.
The stimulus to the sense of taste is something of a chemical nature.
plural stimuli, 1680s, originally as a medical term, "something that goads a lazy organ" (often the male member), from Modern Latin stimulus "goad" (see stimulation). General sense is from 1791. Psychological sense is first recorded 1894.
stimulus stim·u·lus (stĭm'yə-ləs)
n. pl. stim·u·li (-lī')
A stimulant.
That which can elicit or evoke an action or response in a cell, an excitable tissue, or an organism.
Plural stimuli (stĭm'yə-lī')
plur. stimuli (stim-yuh-leye)
An action, condition, or person that provokes a response, especially a conditioned response.


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Who is new.ivpvideos2.com?
new.ivpvideos2.com is one of the leading internet retailers for specialist interest videos.
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Lowry's The Giver was published to critical acclaim, particularly from The Horn Book magazine which printed an unprecedented...
(The entire section is 1318 words.)
We have a The Giver tutor online right now to help you!
To chat with a tutor, please set up a tutoring profile by creating an account and setting up a payment method. If you initiate a chat, please note you will be charged $0.50 a minute for tutoring time.


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The Sennheiser EW100ENG3 Wireless Combo System includes the EK100G3 camera mount receiver, SK100G3 bodypack transmitter, ME2 lavalier microphone and SKP100G3 plug-in transmitter.
This versatile wireless kit offers flexibility for many uses, great for situations when the use of hard-wired mics might be problematic. They have a great battery life, and with the plug-in transmitter are usable with almost any microphone (or sound console). The receiver pack fits on a hotshoe and can output (with different cables) to XLR or 3.5mm, the huge multi channel frequency range is also very satisfying (1680 tunable frequencies with 12 frequency presets).
Important Considerations:
- Power Supply. The G3 kits require 4 AA batteries (not included) to operate, that is two for the transmitter and two for the receiver.
- Plug-in Transmitter. This version of the kit includes an alternate transmitter for use with XLR microphones. Only one transmitter can be used at a time, not both simultaneously.
- Frequency Range. This is a Frequency Range A version. If you don't need a specific frequency, then it doesn't matter which you choose. Frequency Range A is no better than Frequency Range B; however, if you are using more than one kit at the same time, make sure they are all in the same frequency range (B + B = Good, A + A = Good, A + B = Bad).
- User Configuration. You must set up the wireless mics yourself, on-site where you will be filming. This is because the kit's ability deliver good audio is dependent on getting clear reception. The channels each transmitter/receiver operate on will vary depending on location; therefore, a good frequency in our office may not be a good frequency for your beach/church/army base/etc.
- Helpful Guide. Here is a video explaining how to set up the system. The instruction begins at 7 minutes; although, it would be wise to watch the whole video if you have not used a wireless mic before.
For more information about audio in general, check out our audio for video article.


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Product Reference: 30891
Rugged polyurethane construction
Made from a durable, scratch resistant polyurethane material, this carry pouch offers premium protection for your phone against scratches and minor impacts, while looking stylish at the same time. The magnetic fastening mechanism makes the case easy to open for quick removal of your device.
Soft microfibre interior with padded side panels
The inside of the pouch is lined with a soft microfibre to protect your phone against any damage it might sustain during transit. The case also has padded side panels to offer extra protection against impact.
Belt loop for horizontal carriage
On the rear of this carry pouch is a wide belt loop for easily attaching your device to your waist. This makes it the perfect case for people who need quick access to their phone, or who need it close at hand at all times.
Carrying options:


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Honduras national team soccer flag in blue/white .28"x56" or 5x3 large colorful flag that can be hang anywhere you want.100% polyester.
Soccerplus first opened in 1994. We were one of the first soccer websites to hit the webView more
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Phone: 1-800-945-7291
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"Its the Most Wonderful Time… of the YEAR!" Yes, I am listening to Christmas music right now and I'm loving every minute of it! One of my favorite treats around the Holidays is fudge! These 50 Delicious Fudge Recipes are sure to make your mouth water and your tummy grumble! Hope they are helpful for your next get together or to just eat out of the pan!
Christmas Mint Fudge
Old Fashioned Chocolate Fudge
Easy Rocky Road Fudge
4 Ingredient Fudge
Caramel Peanut Fudge
Raspberry Fudge
Butterscotch Fudge
3 Ingredient Mint Fudge
Healthy Peanut Butter Honey Fudge
White Chocolate and Blueberry Fudge
Chocolate Chip Cookie Dough Fudge


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I feel like I could write a novel here, so this may be long but I'd like some advice on what to say or do, if anything at all...
Background is my in-laws suck. My Dh is MIL's son from an absentee sperm doner and when he was 4 she married his dad (his stepdad in reality, but the only dad he's ever known). They had two more kids when Dh was 7 and 9.
Dh's dad was always abusive to Dh, physically and mentally. Dh's mom let it happen. He did not abuse the other kids, who were his bio kids. There was a lot of bad stuff that I won't go into, but that's kind of background. My SIL (sister-in-law) was and is the "favorite" and honestly, Dh and I don't care about that. It hurt Dh more when we were younger and he was struggling through college while they spoiled his sister, paid their tuition, bought them cars, etc. While they still financially support SIL (sister-in-law) and BIL (brother-in-law) a bit, Dh and I are fine now and really don't care.
But then we had Dd. And now Ds is on the way. And my IL show some serious favoritisim to SIL's daughter. It gets to me. I don't want it to but it hurts my feelings for my Dd.
Gifts, I don't care - I can buy Dd anything we want to get her. BUT, they live in another state. MIL flies into our city for work ALL THE TIME, maybe once a month, and visits with SIL (sister-in-law) and her daughter...but never tell us. We can't take time off work every time to go see her, but she is here often enough over the weekend that we could see her several times a year if she wanted to see us. And she tries to hide that she is coming or been here, which we would never know except SIL (sister-in-law) likes to throw it in Dh's face that MIL (mother-in-law) took them shopping so we often find out after MIL (mother-in-law) has left. Okay, frustrating, but maybe I can deal with it.
But there's so much petty stuff too. My SIL (sister-in-law) thinks she is a master at manipulating the family into doing what she wants with no one the wiser. But we all know she's doing it and after 13 years of this crap it's getting really old. It's little stuff, like she asked my Dh if we would host Christmas Eve, he said no because I am pregnant, often ill and pretty tired. I didn't know she'd asked, so when she cornered me and asked me to do it in front of the *whole family,* pleading her story, so I caved (even though I didn't want to do it) and said yes.
Mind, the last time she did talked me into hosting, we spent days cleaning, cooking, decorating and NOBODY showed up. At all. Everyone cancelled an hour before it was supposed to start and went to SIL's house (though they tried to hide that they did, but of course SIL (sister-in-law) let it slip, ugh).
This year she also apparently decided we weren't doing a gift exchange - which I don't care, I am totally fine making Christmas about family time. But she told everyone but us it was because my DH (dear husband) said he didn't want to do it (untrue!) Then when I had asked about it my MIL (mother-in-law) told me it was because BIL (brother-in-law) didn't want to do it. So stupid.
Anyway, on top of the awful heavy abusive things that we have chosen to ignore (and I didn't get into here) there's all this petty crap. And it's all stressing me out! I posted about Thanksgiving in my birth board http://community.babycenter.com/post/a38131786/ot_-_toddler_behavior_questions also petty crap. Ugh.
And just as a note, we agreed before we had Dd she would never be alone with the in-laws because of what they did to Dh as a child, but I wanted her to know her family. She really likes her cousin, SIL's child, but it's getting to the point I don't even want to be around SIL (sister-in-law) for a minute.
I am not sure what to say. I honestly believe there's no changing their leaving out my Dh, they've done this 35 years and that's just how they are. Like, extended family used to send Christmas cards to their family and address it to everyone (his siblings too) and leave Dh out...and they would tell his mom not to bring him to family reunions (He is half Asian and there's a racist element here too, of course)
But after all this, my IL turn around and make comments to make me feel guilty about Dd not being around enough, her behavior, etc. At one point about 12 years ago Dh wanted to cut them all out of his life (after some really bad things happened) and I convinced him not to...I wish I had now. :-( But now Dd knows them enough to miss them if we never see them again, and my family is even worse (much worse, oh lordy it's an episode of Jerry Springer) so we'd be basically without family.
What do I say? I feel like I need to say something, but all I can think is that they will not change and I'll just be in the middle of a huge family fight.
Oh and It is Dh's family and Dh is perfectly willing to say anything, I am the one stopping him from it. He believes they won't change and the conversation would end up with Dh saying "I'll never speak to you again" and mean it...and he will follow through. I am looking for something short of that. At least this year. I might get there yet.


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Honoree: David Veillette, President and CEO, Cancer Treatment Centers of America
David Veillette, president and CEO of the Cancer Treatment Centers of America, is a leader and innovator in medical technology — and his accomplishments are evident across the country.
In 2002, he built the first all-digital heart hospital in the nation at Indiana Heart Hospital. Then, in 2008, Veillette established the first all-digital cancer hospital in the nation, Cancer Treatment Centers of America. The digital aspect of the hospital allows for improved efficiencies. It provides access to real-time patient data, improves communication across departments, creates development of treatment plans more quickly, reduces medication errors and cuts the turnaround time for lab results.
Living by the motto, "It's only and always about the patient," Veillette prefers to roam the halls of his hospital instead of sitting behind a desk. This way he can meet with hospital visitors and assess the experiences of his facility firsthand. Veillette also has an emotional investment in his patients, often holding a patient's hand as he or she receives chemotherapy or drinking a cup of joe with a family member as they anxiously wait for their loved one to complete surgery.
Finalist: Jo Adkins, CEO, West Valley Hospital
Overseeing a staff of nearly 600, Jo Adkins serves as CEO of West Valley Hospital in Goodyear. She has an ingrained commitment to excellence that allows her to transform mediocre hospitals into extraordinary facilities.
West Valley Hospital is an affiliate of Abrazo Health Care. Since Adkins' arrival in 2008, the hospital is now a certified cardiac arrest center, a designated chest pain center, and a stroke center of excellence. Identified for its newfound commitment to excellence, West Valley Hospital also was recognized for Patient Safety and Pulmonary Care by HealthGrades. These changes are not a coincidence, but a product of Adkins' determination, leadership and unwavering vision.
Finalist: Ruth W. Brinkley, RN, MSN, FACHE, President and CEO, Carondelet Health Network
Throughout her 30-year career in the health care industry, Ruth W. Brinkley has used her insight, wisdom, creativity and leadership to positively impact the organizations for which she works. She has anticipated and met the rapidly changing needs of the health care industry.
Brinkley joined Carondelet Health Network (CHN) in Tucson as president and CEO in 2008. She has developed four Centers of Excellence and led the investment in and development of Carondelet Neurological Institute.
She has also strengthened the financial performance of CHN from a $14 million operating loss to a projected $10 million profit in her first 18 months.


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Mines professor receives NSF CAREER Award
GOLDEN, Colo., July 15, 2009 – Anthony J. Petrella, assistant professor of engineering and director of Mines' Computational Biomechanics Group, recently received a National Science Foundation Faculty Early Career Development (CAREER) Program award.
The CAREER Program offers NSF's most prestigious awards in support of junior faculty who exemplify the role of teacher-scholars through outstanding research, excellent education and the integration of education and research within the context of the mission of their organizations.
The award amounts to $400,000 over five years in support of an integrated research and education plan in human lumbar spine mechanics at Mines. CAREER proposals are peer-reviewed and recommended for funding based on their intellectual merit and on the broader impacts of the proposed activities. See the abstract on the NSF web site.
Karen Gilbert, Public Relations Specialist / 303-273-3541 / firstname.lastname@example.com
Marsha Williams, Director of Integrated Marketing Communications / 303-273-3326 / firstname.lastname@example.com


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He just signed a four-picture deal with Netflix, and Adam Sandler's first project is a western comedy spoof titled "The Ridiculous 6."
The forthcoming flick is slated to hit the internet for streaming on December 11th and also stars Rob Schneider, Taylor Lautner, Luke Wilson, Terry Crews and Jorge Garcia and there's a brand new trailer now online.
Adding a subsequent chapter to the story, "Grown Ups 2" picks up where the original hilarious flick left off.
Sony Pictures just dropped a fabulous teaser trailer and if it's any indication, the sequel will likely live up to the $160 million expectations set by 2010's "Grown Ups."
With the sort of class you'd expect from the ShamWow guy, Freestyle Releasing debuted a new trailer for "InAPPropriate Comedy" on Tuesday (March 12).
Keeping the vulgar side of cinema alive and well, "InAPPropriate Comedy" has just released a new teaser trailer, and it's definitely for mature audiences only!
Appealing to the lowest-common-denominator of subject matter, the forthcoming flick is said to be a collection of vignettes featuring "sexually and racially charged jokes."
He's brought laughter into movie theaters and homes around the globe for decades, but Rob Schneider now finds himself stepping out of the comedy realm and into the role of being a new father.
The former "Saturday Night Live" funnyman confirmed on Monday (November 19) that he and wife Patricia Azarcoya Arce are officially proud parents, as he tweeted, "Mommy and Baby [are] happy and healthy!"
With game one of the World Series leaving the San Francisco Giants up one against the Detroit Tigers, it leaves fans (and celebrities) wondering who will come out on top.
Hollywood's biggest sports fans made sure to chime in their thoughts during last night's (October 24) match-up, and we have some of their best Tweets.
Making their love official, Rob Schneider tied the knot with longtime girlfriend Patrictia Azarcoya Arce over the weekend (April 23).
As E! reports, the "Deuce Bigelow" star and Arce wed in a romantic private celebration located in Beverly Hills.


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Obama Administration Considers Strategic And Responsible Nuclear Arsenal Cuts, Right-Wing Media Freak Out
Research ››› ››› MIKE BURNS
Right-wing media are attacking the Obama administration for reportedly considering options for cuts to the U.S. nuclear arsenal. But experts have said that the United States should significantly reduce its nuclear arsenal, which was built up to fight the Cold War.
AP: The Obama Administration Is Weighing Options For Cuts To U.S. Nuclear Stockpile Built Up During The Cold War
AP: "US Weighing Options For Future Cuts In Nuclear Weapons, Including 80% Reduction." In a February 14 article headlined "US weighing options for future cuts in nuclear weapons, including 80% reduction," the Associated Press reported:
The Obama administration is weighing options for sharp new cuts to the U.S. nuclear force, including a reduction of up to 80 percent in the number of deployed weapons, The Associated Press has learned.
Even the most modest option now under consideration would be an historic and politically bold disarmament step in a presidential election year, although the plan is in line with President Barack Obama's 2009 pledge to pursue the elimination of nuclear weapons.
No final decision has been made, but the administration is considering at least three options for lower total numbers of deployed strategic nuclear weapons cutting to: 1,000 to 1,100; 700 to 800, and 300 to 400, according to a former government official and a congressional staffer. Both spoke on condition of anonymity in order to reveal internal administration deliberations.
The potential cuts would be from a current treaty limit of 1,550 deployed strategic warheads.
A level of 300 deployed strategic nuclear weapons would take the U.S. back to levels not seen since 1950 when the nation was ramping up production in an arms race with the Soviet Union. The U.S. numbers peaked at above 12,000 in the late 1980s and first dropped below 5,000 in 2003.
Obama has often cited his desire to seek lower levels of nuclear weapons, but specific options for a further round of cuts had been kept under wraps until the AP learned of the three options now on the table.
A spokesman for the White House's National Security Council, Tommy Vietor, said Tuesday that the options developed by the Pentagon have not yet been presented to Obama. [Associated Press, 2/14/12]
Right-Wing Media Respond To Potential Cuts In Nuclear Stockpile With Predictable Outrage
Fox's Liz Cheney: Obama "Is So Clearly Putting The Nation's Defense At Risk." From the February 14 edition of Fox News' Hannity:
LIZ CHENEY (guest host and Fox News contributor):Well it seems that the one area that he is in fact willing to cut is in defense. And in addition to the $487 billion in defense cuts we're going to see over the next ten years, we just learned this evening -- Jennifer Griffin reported that the president is now in fact considering cutting our nuclear -- our strategic nuclear forces by as much as 80 percent. Can you believe that the American people will stand by for this, you know, again as we're going into this election cycle when he is so clearly putting the nation's defense at risk?
DANA PERINO (Fox News host): It's a hard argument for them to make when there are so much other nuclear armament activity happening all around the world in places that are not friendly to the United States. I don't think -- they've not made a good case for it. You know, certainly I'll sit there and listen. But I feel like if you want to have a place in the world where you are in a position of leadership the only reason people respect you is if you have more than they do, and we're on a precipitous decline. [Fox News, Hannity, 2/15/12, via Media Matters]
Fox's Stuart Varney: "Retreat On The Nuclear Front" Will "Invit[e] Someone To Go Against" The U.S. From the February 14 edition of Fox News' Hannity:
STUART VARNEY (Fox Business host): Why would we do this? Why would we retreat on the nuclear front so dramatically? What's the point? Is this for saving financially? Is that what it is? Because it is a retreat. If you don't have a forward posture that is one of strength then, I think, you're inviting -- not attack, that's too strong a word. But you're inviting someone to go against you. As you retreat somebody else will step forward. If that's what we're doing with nuclear weapons that is very dangerous. The Washington Post report on this calls it disarmament. That's a very strong word. [Fox News, Hannity, 2/15/12, via Media Matters]
Fox's Peter Johnson: "Most Americans Would Say, In The Ideal World, We Don't Want Nuclear Weapons," But "This Is Not In The Ideal World. In The Ideal World, We Want America To Be Protected." From the February 15 edition of Fox News' Fox & Friends:
BRIAN KILMEADE (co-host): That was President Barack Obama back in 2009 pledging to eliminate nuclear weapons. And it looks like that's exactly what he's trying to do today. The AP now reporting he's considering cutting our nuclear arsenal by up to 80 percent. Is this a good idea? Joining us right now, Fox News legal analyst Peter Johnson Jr. So we're going to disarm as a nation?
PETER JOHNSON JR. (Fox News legal analyst): The president has not approved these takedowns yet, but there's a various set of proposals and one of the proposals would bring us back to levels that we haven't seen since 1950. And this is one of the reasons that the president won the Nobel Peace prize, and he's articulated it time and time again and we've heard it that he wants to bring us to a zero, a global zero with regard to nuclear weapons in the world and of course in the United States.
JOHNSON: The truth is that we have to understand that deterrence usually mean strength. The issue becomes what is deterrence? There's a lot of people around the world that say: "Let's disarm, we don't need nuclear weapons." We all agree that nuclear weapons are destructive. But in the world, in the realpolitik that we live in, it's clear that nuclear weapons do in fact have a deterrence.
KILMEADE: What kind of power does he have? Because the final decision has not been made. Congress can speak out. Republicans and Democrats, I imagine, will speak out.
JOHNSON: Sure, and there was a lot of debate about the START treaty. And so no one is saying at this point the president is going to unilaterally disarm. This is going to be the subject of conversations between us and the Russians. But as the world changes and as the threats become different, we may in fact have to change the way shorter-range nuclear weapons, more targeted nuclear weapons, less dispersive nuclear weapons, to deal with the terrorist threat.
KILMEADE: But the problem is we're not just dealing with the Russians, we're negotiating with ourselves. We're doing this to ourselves with no other upside, and it costs a lot of money to do this.
JOHNSON: I think most Americans would say, In the ideal world, we don't want nuclear weapons. This is not in the ideal world. In the ideal world, we want America to be protected.
KILMEADE: And the ideal world -- Sesame Street. And we're not on Sesame Street.
JOHNSON: We're not on Sesame Street. This is a tough game and they're protecting us right now. [Fox News, Fox & Friends, 2/15/12, via Media Matters]
Rush Limbaugh: Obama "Is Reducing Our Stockpile Unilaterally By 80 Percent," Shifting The Balance Of Power "Away From Us" "By Design." From the February 15 edition of Premiere Radio Networks' The Rush Limbaugh Show:
RUSH LIMBAUGH: There are some things happening today that are downright scary. The regime, led by Barack Hussein Obama, is weighing options for reducing our U.S. nuclear force, including a reduction of up to 80 percent in the number of deployed warheads. 80 percent. Folks, this is staggering. Meanwhile, the Iranians are nuking up.
LIMBAUGH: We are unilaterally disarming. We are not requiring the Russians to go along. And even if the Russians said they would match these reductions, they lie. That is the lesson of the Russians and nukes. I think our top -- what was our top moment? We had -- our number of warheads peaked at 12,000 in the late '80s. And let me tell you something. That number of nuclear warheads is what helped us win the Cold War. That number of nuclear warheads sent a message to every other nation, particularly at that point in time the Soviet Union. You hit us, it doesn't matter. We've got enough left to wipe you out in retaliation. That many nuclear warheads was a deterrent.
So much is flashing back in me. You go back to the '80s and the '70s, the nuclear freeze movement, the peaceniks wanting to get rid of nukes, and there was an arms race going on. And we were increasing our stockpile, as were the Russians. The numbers mattered only in terms of deterrent. We had to keep up and we had to stay ahead. It was the deterrent. You build, for example, the B2 bomber hoping never to have to use it.
The left has never understood this about military matters and defense. They never understood this about nukes. You build them so that you don't have to use them. That's the point. You don't build them because you want to. You don't build them because you can't wait to use them. You don't build them because you're warmongers. You build them so that you don't have to. It's what's behind practically every major weapon, invention, and manufacture. The B2 stealth bomber -- you hope you never have to use it. Now we have had to, obviously. But the hope is that the brute force and the ability to project power is enough to deter anybody from taking us on. It's a great strategy; it is how this stuff works.
And now, Barack Obama is reducing our stockpile unilaterally by 80 percent, back to 300 warheads. Now you might say: "Well that's good, Rush. It's making the world safer." It is not making the world safer. If the Russians still have 1,500 or 2,000, whatever the number is, folks, there's a balance of power here that has shifted away from us. And this, I'm here to tell you, is by design. [Premiere Radio Networks, The Rush Limbaugh Show, 2/15/12, via Media Matters]
But Experts Agree U.S. Should Make Strategic Reductions To Its Nuclear Arsenal
Arms Control Association Executive Director: U.S. Could Reduce Its Nuclear Stockpile "Substantially ... While Retaining Sufficient Firepower To Deter Nuclear Attack By Any Current Or Potential Adversary." In a May 2011 editorial, Daryl G. Kimball, Executive Director of the Arms Control Association, "a national nonpartisan membership organization dedicated to promoting public understanding of and support for effective arms control policies," wrote:
In the 20 years since the end of the Cold War, successive U.S. and Russian presidents have gradually reduced the size and salience of their enormous nuclear stockpiles. Nevertheless, the size of each country's arsenal far exceeds what might be considered necessary to deter nuclear attack. Both sides can and should go lower.
Even under the New Strategic Arms Reduction Treaty (New START), each country is allowed to deploy 1,550 strategic nuclear weapons on 700 missiles and bombers. Thousands of additional warheads are held in reserve. Unless they adjust their thinking, both countries will spend scarce resources to modernize and maintain similar nuclear force levels for 20 to 30 years to come.
This year, as the Obama administration reviews decade-old presidential guidance on nuclear force structure and nuclear employment policy, the president has an unprecedented opportunity to discard outdated targeting assumptions, open the way for deeper reductions of all warhead types, and redirect defense dollars to more pressing needs.
The 2010 "Nuclear Posture Review Report" outlines the national security rationale for reducing the role and number of U.S. nuclear weapons and eliminating outdated Cold War policies. The document asserts that "the fundamental role of U.S. nuclear forces is to deter nuclear attacks against the U.S. and our allies and partners."
At the same time, the report acknowledges that the United States and Russia "each still retain more nuclear weapons than necessary for stable deterrence." Given that no other country deploys more than 300 strategic warheads and given that China possesses 40 to 50 warheads on intercontinental-range missiles, the United States and Russia could reduce their overall nuclear stockpiles substantially -- to 1,000 warheads -- while retaining sufficient firepower to deter nuclear attack by any current or potential adversary.
As the 2007 Arms Control Association report "What Are Nuclear Weapons For?" suggests, the United States could move to a smaller force of 500 deployed and 500 nondeployed strategic warheads on a smaller, mainly submarine-based triad within the next few years. A 2010 study by three Air Force analysts in Strategic Studies Quarterly concludes that the United States could "draw down its nuclear arsenal to a relatively small number of survivable, reliable weapons dispersed among missile silos, submarines, and airplanes." They argue that such a force might number only 311 nuclear weapons.
Maintaining and modernizing U.S. strategic forces at current, higher levels is not only unnecessary, but prohibitively expensive. If Congress and the White House are serious about reducing defense expenditures by $400 billion by 2023 to reduce the ballooning federal deficit, they should start by deferring or curtailing the Pentagon's ambitious plan to upgrade and replace the strategic triad, which is projected to exceed $100 billion over the same period. [Arms Control Association, May 2011]
Air Force Experts: U.S. Could "Address Its Conceivable National Defense And Military Concerns With Only 311 Strategic Nuclear Weapons." In a May 23, 2010, New York Times op-ed, Gary Schaub Jr., an assistant professor of strategy at the Air War College, and James Forsyth Jr., a professor of strategy at the School of Advanced Air and Space Studies, wrote:
Last week, Secretary of Defense Robert Gates and Secretary of State Hillary Clinton testified before the Senate to advocate approval of the so-called New Start treaty, signed by President Obama and President Dmitri Medvedev of Russia last month. The treaty's ceiling of 1,550 warheads deployed on 700 missiles and bombers will leave us with fewer warheads than at any time since John F. Kennedy was president. Yet the United States could further reduce its reliance on nuclear weapons without sacrificing security. Indeed, we have calculated that the country could address its conceivable national defense and military concerns with only 311 strategic nuclear weapons. (While we are civilian Air Force employees, we speak only for ourselves and not the Pentagon.)
This may seem a trifling number compared with the arsenals built up in the cold war, but 311 warheads would provide the equivalent of 1,900 megatons of explosive power, or nine-and-a-half times the amount that Secretary of Defense Robert McNamara argued in 1965 could incapacitate the Soviet Union by destroying "one-quarter to one-third of its population and about two-thirds of its industrial capacity."
Considering that we face no threat today similar to that of the Soviet Union 45 years ago, this should be more than adequate firepower for any defensive measure or, if need be, an offensive strike. And this would be true even if, against all expectations, our capacity was halved by an enemy's surprise first strike. In addition, should we want to hit an enemy without destroying its society, the 311 weapons would be adequate for taking out a wide range of "hardened targets" like missile silos or command-and-control bunkers.
The key to shrinking our nuclear arsenal so radically would be dispersing the 311 weapons on land, at sea and on airplanes to get the maximum flexibility and survivability.
While 311 is a radical cut from current levels, it is not the same as zero, nor is it a steppingstone to abandoning our nuclear deterrent. The idea of a nuclear-weapon-free world is not an option for the foreseeable future. Nuclear weapons make leaders vigilant and risk-averse. That their use is to be avoided does not render them useless. Quite the opposite: nuclear weapons might be the most politically useful weapons a state can possess. They deter adversaries from threatening with weapons of mass destruction the American homeland, United States forces abroad and our allies and friends. They also remove the incentive for our allies to acquire nuclear weapons for their own protection.
We need a nuclear arsenal. But we certainly don't need one that is as big, expensive and unnecessarily threatening to much of the world as the one we have now. [The New York Times, 5/23/10]
Nuclear Posture Review: "Our Most Pressing Security Challenge At Present Is Preventing Nuclear Proliferation And Nuclear Terrorism, For Which A Nuclear Force Of Thousands Of Weapons Has Little Relevance." According to the Defense Department's 2010 Nuclear Posture Review:
During the Cold War, our nuclear weapons policies and forces were designed to meet two core goals: to deter a massive nuclear or large-scale conventional, biological, or chemical attack by the Soviet Union and its allies; and to reassure our allies and partner that they could count on us to carry out that mission effectively. At the peak of the Cold War, the United States had over 30,000 nuclear weapons, including thousands deployed in overseas locations on short-range delivery systems. The U.S. nuclear weapons production complex constantly developed new types of weapons.
Today, the reassurance mission remains, but the deterrence challenge is fundamentally different. While we must maintain stable deterrence with major nuclear weapons powers, the likelihood of major nuclear war has decline significantly; thus far fewer nuclear weapons are needed to meet our traditional deterrence and reassurance goals. Further, the United States today has the strongest conventional military forces in the world. Our close allies and partners field much of the rest of the world's military power. Moreover, our most pressing security challenge at present is preventing nuclear proliferation and nuclear terrorism, for which a nuclear force of thousands of weapons has little relevance. [Defense.gov, Nuclear Posture Review Report, April 2010]
American And Russian Security Experts: Smaller Is Safer When It Comes To Our Nuclear Arsenal. In a September/October 2010 Foreign Affairs article headlined "Smaller and Safer: A New Plan for Nuclear Postures," Bruce Blair, president of the World Security Institute and Co-coordinator of Global Zero; Victor Esin, a retired Colonel General and former Chief of Staff of the Russian Strategic Rocket Forces; Matthew McKinzie, a Senior Scientist at the Natural Resources Defense Council; Valery Yarynich, a retired Colonel who served at the Center for Operational and Strategic Studies of the Russian General Staff; and Pavel Zolotarev, a retired Major General and former Section Head of the Defense Council of the Russian Federation, wrote:
The New START agreement did not reduce the amount of "overkill" in either country's arsenal. Nor did it alter another important characteristic of the U.S. and Russian nuclear arsenals: their launch-ready alert postures. The two countries' nuclear command, control, and communication systems, and sizable portions of their weapon systems, will still be poised for "launch on warning" -- ready to execute a mass firing of missiles before the quickest of potential enemy attacks could be carried out. This rapid-fire posture carries with it the risk of a launch in response to a false alarm resulting from human or technical error or even a malicious, unauthorized launch. Thus, under the New START treaty, the United States and Russia remain ready to inflict apocalyptic devastation in a nuclear exchange that would cause millions of casualties and wreak unfathomable environmental ruin.
In the next round of arms control negotiations, Washington and Moscow need to pursue much deeper cuts in their nuclear stockpiles and agree to a lower level of launch readiness. These steps would help put the world on a path to the elimination of nuclear weapons -- "global zero." And they can be taken while still maintaining a stable relationship of mutual deterrence between the United States and Russia, based on a credible threat of retaliation, and while allowing limited but adequate missile defenses against nuclear proliferators such as Iran and North Korea.
Many planners still contend that deterrence also requires the ability to retaliate against an opponent's leadership bunkers and nuclear installations, even empty missile silos. But this Cold War doctrine is out of date. Deterrence today would remain stable even if retaliation against only ten cities were assured. Furthermore, uncertainty and incomplete knowledge would make U.S. and Russian policymakers risk averse in a crisis rather than risk tolerant. So arsenals can safely be reduced much further than the New START level. But just how deeply can they be cut? And how can the reliance on a quick launch be eliminated while preserving strategic stability? To answer these questions, we created computer models that pitted U.S. and Russian strategic offensive forces against each other in simulated nuclear exchanges. We also modeled the thorny problem of missile defense systems to assess their impact on the stability of deterrence and to gauge at what warhead levels they become destabilizing.
Our modeling found that the United States and Russia could limit their strategic nuclear arsenals to a total level of 1,000 warheads each on no more than 500 deployed launchers without weakening their respective security. De-alerting these forces actually helped stabilize deterrence at these and lower levels. And the modeling showed that fairly extensive missile defense deployments would not upset this stability.
Once the New START agreement is approved by the U.S. Senate, the arms control process between the United States and Russia needs to continue moving forward. Washington and Moscow could easily reduce their nuclear forces to just 1,000 warheads apiece without any adverse consequences. They could also de-alert their nuclear forces, diminishing the risk of an accidental or unauthorized launch. Eventually, in concert with other nuclear states and after progress has been made on missile defense cooperation, they should be able to reduce their arsenals to 500 weapons each. Even after these deep cuts, hundreds of cities would still remain at risk of catastrophic destruction in the event of a nuclear war. [Foreign Affairs, September/October 2010, via CarnegieEndowment.org]
Under Secretary Of Defense Michèle Flournoy: "We Can Maintain Deterrence At Lower Levels Of Forces." From a January 5 Defense Department press briefing:
Q: Dr. Carter, I'd like to ask you about the nuclear arsenal. The strategy document says that it's impossible that our deterrence goals can be achieved with a smaller nuclear force. Could you elaborate on that? And is it still an open whether the department wants to preserve all legs of the nuclear triad?
ASHTON CARTER (Deputy Secretary of Defense): Surely you can. I'm going to ask Michèle to elaborate on that.
MICHÈLE FLOURNOY (Under Secretary of Defense): So I mean, I think the strategy is very clear, that we will continue to field a safe and secure and effective deterrent, but -- and that we will continue to modernize and recapitalize as necessary. I do think it's that -- our judgment than we -- that we can maintain deterrence at lower levels of forces, but I will defer any discussion of specific programmatic details to the budget when it rolls out. [Defense.gov, 1/5/12]
Nuclear Expert Joseph Cirincione: "Rightsizing The Nuclear Force Would Strengthen U.S. Global Leadership, Enhance The Country's Ability To Deter New Nuclear Weapon States, [And] Accelerate Efforts To Prevent Nuclear Terrorism." In a February 2 Foreign Affairs article, Joseph Cirincione, President of Ploughshares Fund, a global security foundation, and an adjunct professor at the Georgetown University Graduate School of Foreign Service, wrote:
Obama could rewrite those policies to shrink the target list, eliminate the need to launch weapons in minutes, and make other common-sense improvements. For example, by dropping the requirement to launch approximately 1,000 weapons at targets within 20 minutes, he could reduce the number of submarines required on station, allowing for a secure submarine force of eight boats. That would save $20 billion over ten years and $120 billion over the life of the program. Delaying the new strategic bomber would save $18 billion over ten years, and canceling it, $68 billion over 20 to 30 years. Reducing the current arsenal of intercontinental ballistic missiles from 420 to 300 would save billions more, although no one is sure how much, because the government has never done what most businesses do routinely -- that is, cost out the options.
Whatever Obama decides will remain secret. But the results will speak for themselves in budget submissions, program schedules, and whether the United States accelerates reductions required under the New START treaty. Rightsizing the nuclear force would strengthen U.S. global leadership, enhance the country's ability to deter new nuclear weapon states, accelerate efforts to prevent nuclear terrorism, and greatly reduce the danger of the use of nuclear weapons from miscalculation, misunderstanding, or accident. It would make us all safer. More than budget decisions, these are fundamental security issues that tell the world a great deal about U.S. leadership, intentions, and values. Updating the nuclear posture from that of the Cold War era could be one of the most lasting legacies of the Obama presidency. He has already made promises; the time has come to deliver on them. [Foreign Affairs, 2/2/12]
Ploughshares Fund Director Of Policy And Government Affairs: "It's Time To Stop Spending Dollars That We Don't Have On Programs That We Don't Need And That Don't Make Us More Secure," Including Nuclear Weapons Programs. In an August 3, 2011, blog post, Joel Rubin, the Director of Policy and Government Affairs for the Ploughshares Fund, wrote:
As the dust settles on the debt ceiling deal, it's become clear that major cuts to defense spending have not only been approved in a bipartisan manner by Congress, but that even more are on the way. This means that the days of unlimited defense spending increases, where all systems can be purchased, are over.
So now is the time for tough choices to be made between defense programs that serve our warriors and those that we have maintained for too long due to bureaucratic, parochial or ideological reasons. It's time to stop spending dollars that we don't have on programs that we don't need and that don't make us more secure.
And there is a clear target for such cutting: nuclear weapons. Making these cuts will fit neatly into the broader framework on defense cutting that this debt deal has created. [PloughShares.org, 8/3/11]
Vice Chairman Of The Joint Chiefs Of Staff Gen. James Cartwright Said "Nuclear Deterrence" Is No Longer An Effective Counter To Our Greatest National Security Threats. From a July 14, 2011, article published in Global Security Newswire:
The nation's second-ranking military officer on Thursday called for a broad reassessment of how to deter significant threats to the United States (see GSN, June 22).
A future national military strategy should strike a balance between fielding conventional weapons and nuclear arms, with the latter viewed as less usable against most threats, said Gen. James Cartwright, vice chairman of the Joint Chiefs of Staff. Fresh planning should also account for the emerging roles played by missile defenses and cyber capabilities, he said.
Cartwright suggested, as well, that the future role of each leg of the nuclear triad -- bomber aircraft, ICBMs and submarine-launched missiles -- must be fundamentally re-examined so that desired capabilities and quantities are maintained, rather than determined by budget-cutting drills or political horse-trading.
"I'm advocating a conscious decision on: What is deterrence? How does it work?" the Marine Corps general told reporters at a breakfast Q&A; session. A 21st century approach should also account for the role of nonmilitary forms of power and persuasion, such as economic and diplomatic tools, he said.
During the Cold War, the United States sought to balance its fielded atomic weapons against the Soviet arsenal in a standoff dubbed "mutual assured destruction," in which either side that initiated a nuclear war would risk a devastating response.
With the growing possibility today that the first modern detonation of a nuclear weapon could be at the hands of a terrorist rather than a foreign government, the game has changed, said Cartwright, who is slated to retire early next month after a nearly 40-year military career.
"Violent extremist organizations are very real" and have signaled interest in using weapons of mass destruction against the United States and its allies, he said. "It's not a nation-state you're dealing with [but] it's equally threatening. So we have to start to think about this a little more holistically."
Washington in the future might attempt, for example, to head off threats from major nuclear powers in one way, while using a different strategy to deter any smaller nuclear-capable adversary, he said.
"You may actually decide that you're going to stay [with] mutual assured destruction with one country, but the other one is not going to be that," Cartwright said at the event, sponsored by the Center for Media and Security. "You're going to have to have the capability ... to convince them that you are, in fact, capable" of hitting an adversary that contemplates using a nuclear weapon, and that such an adversary is "not going to win," he said.
"What is it that you do, when you get the president up in the middle of the night and you say, 'So-and-so is attacking. The only thing I've got that can get there for the next 24 hours or 48 hours is a nuclear weapon'?" Cartwright said.
"We have to find some way to get a range of action that allows us to be credible in those first few hours if we're not there" with military forces on the ground, and "allows us also to not have to start at the nuclear level," he said. [NTI.org, 7/14/11]
Even Conservative Politicians Have Called For Nuclear Weapons Cuts
Republican Sen. Tom Coburn Proposed Saving $79 Billion And Improving National Security By Reducing U.S. Nuclear Force. From Senator Tom Coburn's (R-OK) July 2011 deficit reduction plan:
Reduce Nuclear Weapons Force Structure ($79 Billion)
This option would reduce the size of the nuclear weapon stockpile to levels within the START treaty limits and make the following changes:
- Reduce the size of the Intercontinental Ballistic Missile (ICBM) force from 500 to 300.
- Maintain a 1,100 nuclear weapon reserve.
- Reduce the size of the ballistic nuclear submarine fleet from 14 to 11.
- Maintain 40 strategic bombers and delay the purchase of new bombers until the mid-2020s.
[Coburn.Senate.gov, July 2011]
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SCHOOLS & KIDSOut of bounds? Drawing the line between 'motivational' and 'abusive' coaching in Palo Alto high schools -- Part 1
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Beyond the Nightly Walk – Power Walking
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Save $5 when you register by Monday, July 31
Registration is now open for the 33rd annual Palo Alto Weekly Moonlight Run and Walk. This family-friendly event which benefits local nonprofits serving kids and families will take place on Friday, Oct. 6 at the Palo Alto Baylands.


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Feminism | Posted by Julie Z on 10/6/2010
"Body Image Disorder"
At some point in recent history the stance of "I Hate My Body" became a public statement encompassing an entire gender rather than a private thought held by few on particularly bad days. Somewhere along the line, women have lost control of their bodies in the name of society's glamorization and expectation of self-deprecation. But, as I have learned over the years, loving your body is possible, even for the most self-loathing of us all.
Freshman year was a difficult one for me (a unique story, I know). Though I had been aware of my body in middle school and had brief yet unfortunate love affairs with both my hair straightener and Abercrombie and Fitch in attempts to make my body look …


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Actually if you want to get really crafty you can use a hexeditor to modify the sshd binary and replace the SSH-2.0-OpenSSH blah string. Etch, for example, defaults to something like OpenSSH Debian-9 - you can edit out the Debian-9 bit.
As with everything binary, you can only replace the particular string pieces with same size (I usually just blank them out), that way you can get something like this:
Also be careful not to blank out the SSH-2.0-OpenSSH_5.1 bit as openssh actually uses a lot of this for selection of protocols and such.Code:Last login: Mon Oct 26 17:01:06 on ttys000 [xserve:~] admin% nc localhost 22 SSH-2.0-OpenSSH_5.1 ^C [xserve:~] admin%
Advanced Note: You can actually wipe that out as well (but it's easier to firewall it off) so long as you write a wrapper script and use the -o for it. But I'm not going to go into that


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by Tom Taulli | January 29, 2013 12:02 pm
VMware (NYSE:VMW[1]) is a habitually volatile stock that tends to rebound, so normally, one might shrug off Tuesday's horrendous 20% haircut.
But this time, I'm worried it might be different.
The top provider of virtualization software was hammered big-time Tuesday despite a pretty strong fourth quarter. Revenues of $1.29 billion were up 22% year-over-year and better than Street expectations for $1.28 billion, and earnings improved 3% to $206 million (81 cents per share), also topping forecasts.
The negativity stemmed from the lookahead. VMware expects current-quarter revenues to range from $1.17 billion to $1.19 billion, which translates into a growth rate of only 11% to 13%. For the full year, it's forecasting revenues of $5.23 billion to $5.35 billion, a growth rate of 8% to 11%. Meanwhile, the Street was looking for Q1 revs of $1.25 billion and full-year sales of $5.42 billion.
In an attempt to get back on track, VMware said it will cut 900 jobs — about 7% of the work force — although the company still plans to hire 1,000 people for the year, too. It'll also dump some nonmaterial businesses. In all, good for profits, but that'll do little to get the company back into a growth phase.
More disconcerting is how much pressure VMware is facing right now. The competitive landscape for the virtualization market continues to be tough and varied, including megacorporations like Microsoft (NASDAQ:MSFT[2]) as well as a growing number of startups. VMware's efforts to move into cloud applications has also been a dud.
Meanwhile, demand from key customers — including the federal government — has slowed amid budget cutbacks. That bell is being rung in Europe, too. Though, this problem is being felt across the enterprise software business, as evidenced by BMC Software's (NASDAQ:BMC[3]) tepid earnings report and subsequent selloff.
All told, it's getting harder to believe in a bounceback. VMware's revenues are approaching levels where it will be difficult to generate double-digit growth. And dwindling prospects for growth will make it increasingly difficult to justify VMW's hefty valuation. Expect further downside ahead.
Tom Taulli runs the InvestorPlace blog IPO Playbook[4], a site dedicated to the hottest news and rumors about initial public offerings. He is also the author of "How to Create the Next Facebook[5]" and "High-Profit IPO Strategies: Finding Breakout IPOs for Investors and Traders[6]." Follow him on Twitter at @ttaulli[7]. As of this writing, he did not hold a position in any of the aforementioned securities.
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