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May 30, 2013 Issue No: 13/18 Asia Economics Analyst Economics Research ASEAN's half a trillion dollar infrastructure opportunity Andrew Tilton +852-2978-1802 email@example.com We estimate ASEAN's infrastructure needs through 2020 to be US$550 bn, Goldman Sachs (Asia) L.L.C. higher than current government estimates. This is driven by a low base, as well as rising per capita incomes and ongoing urbanization. Goohoon Kwon, CFA +82(2)3788-1775 email@example.com Goldman Sachs (Asia) L.L.C., Seoul Branch The infrastructure build-out could have large macro implications in terms of driving overall investment growth. For instance, in the Philippines, Tushar Poddar +91(22)6616-9042 firstname.lastname@example.com infrastructure could account for nearly 20% of total investments. Goldman Sachs India SPL Infrastructure investments can potentially reduce current account Li Cui +852-2978-0784 email@example.com surpluses, and decrease appreciation pressures on currencies. They can Goldman Sachs (Asia) L.L.C. also contribute to global rebalancing. Yu Song +86(10)6627-3111 firstname.lastname@example.com While fiscal deficits are likely to increase, our projections suggest that Beijing Gao Hua Securities Company Limited financing the infrastructure needs may not be very difficult. Mark Tan +65-6889-2472 firstname.lastname@example.com Implementation will be key, and will depend in part on individual Goldman Sachs (Singapore) Pte governments' prioritization of infrastructure. We think that political stability will be vital for successful implementation of infrastructure plans. MK Tang +852-2978-6634 email@example.com Goldman Sachs (Asia) L.L.C. Overall, we see a greater scope for a ramp-up in investments in the Philippines and Thailand, partly due to a low base, but mostly due to our Prakriti Shukla perception of a renewed focus on infrastructure plans by their +91(22)6616-9376 email@example.com Goldman Sachs India SPL governments. Sungsoo Chung +82(2)3788-1726 email@example.com Goldman Sachs (Asia) L.L.C., Seoul Branch Contents of this issue Vishal Vaibhaw +91(80)6637-8602 firstname.lastname@example.com ASEAN's half a trillion dollar infrastructure opportunity page 2 Goldman Sachs India SPL Regional recap: Action in ASEAN page 11 Hui Ying Chan Asia ex‐Japan economic calendar page 14 +65-6654-5459 email@example.com Goldman Sachs (Singapore) Pte Forecast tables page 15 Fiona Lake +852-2978-6088 email@example.com Goldman Sachs (Asia) L.L.C. Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other important disclosures, see the Disclosure Appendix, or go to www.gs.com/research/hedge.html. The Goldman Sachs Group, Inc. Goldman Sachs Global Economics, Commodities and Strategy Research May 30, 2013 Asia Economics Analyst ASEAN's half a trillion dollar infrastructure opportunity I. Why is infrastructure important? ASEAN's need for infrastructure investment is apparent to a first-time visitor or long-time resident. As per capita incomes rise and urbanization ensues, the demand for infrastructure will likely continue to increase. Investments in infrastructure—roads, power, port, airports, railways, water and sanitation—can have several desirable effects not only for the ASEAN economies, but also more broadly. An infrastructure build-out can: Directly contribute to investment demand and therefore to GDP growth. Catalyze other investments in the economy. To the extent that power, road, airport capacities are increased, it helps increase manufacturing investment. Improve productivity growth by reducing travel times, freight costs, power costs, and communication costs, among others. It therefore acts to boost growth and reduce inflation by increasing the potential growth rate of an economy. Reduce current account surpluses in the ASEAN economies by using excess savings, and ease appreciation pressures on their currencies. Help global rebalancing, to the extent that the infrastructure build-out requires imports and FDI, it will help developed economies to export. In this piece, we estimate the infrastructure demand for each of the ASEAN-4 (Malaysia, Indonesia, Thailand, and the Philippines) through 2020. We estimate the sectoral breakdown of investments required, and the aggregate amount for each country. We then project investment rates for the economy due to the infra build-out. We then assess the implications for their fiscal and current accounts due to the need for infrastructure. Lastly, we compare and contrast where the prospects of infrastructure are particularly encouraging. II. Mapping ASEAN's infrastructure needs According to the World Economic Forum, while individual economies in ASEAN, such as Malaysia and Thailand, have improved the quality of their infrastructure, others still have a large need for investments. Indonesia and the Philippines rank near the bottom of the scale for infra quality. Exhibit 1: The quality of infrastructure in ASEAN-4 is uneven Infrastructure quality score (2012-2013)* DM avg* 6.0 South Korea 5.9 Malaysia 5.1 Thailand 4.6 Russia 4.5 China 4.5 Turkey 4.4 Mexico 4.0 Brazil 4.0 Indonesia 3.8 India 3.6 Philippines 3.2 1 2 3 4 5 6 7 *Note: Ranges from 1-7, a score of 7 indicates the best score, DM avg. incl. Australia, Canada, France, Germany, Italy, Japan, Singapore, UK and US. Source: World Economic Forum. Goldman Sachs Global Economics, Commodities and Strategy Research 2 May 30, 2013 Asia Economics Analyst Exhibit 2: Per capita income may nearly double over this Exhibit 3: Potentially 40 mn new urban residents by 2020 decade US$, thousand US$, thousand Million 16 16 Number of People Urbanizing from 2012 to 2020 Thailand 3 Income per capita (2010 US$) : 2010 12 12 2020 Malaysia 4 8 8 Philippines 9 4 4 Indonesia 24 0 0 Philippines Indonesia Thailand Malaysia 0 5 10 15 20 25 Source: Goldman Sachs Global ECS Research estimates. Source: World Development Indicator, Goldman Sachs Global ECS Research estimates. In the decade ahead, income growth and urbanization will drive infrastructure demand. We expect the ASEAN-4's per capita GDP to nearly double between 2010 and 2020. This will increase demand for power, roads, airports, and water, among others. Rapid urbanization and population growth will add to the infrastructure needs of the economy. Despite some variation in the starting levels of urbanization (Malaysia has a rate of 75%, while Thailand has 40%), the process will likely continue over this decade. To estimate ASEAN's infrastructure needs, we used a model (see Box 1) which can project demand for each sector and country. The key macro determinants of infrastructure that we use are per capita GDP, urbanization, population, and trade volumes. We looked at six key infrastructure sectors which are typically included in the definition: power, paved roads and highways, railways, ports, airports, and water and sanitation. We derived demand for each sector based on the macro variables mentioned above. Thus, power and road demand are highly sensitive to the level of urbanization, air travel is sensitive to per capita income, while demand for ports is influenced by the volume of trade. Exhibit 4: ASEAN's infrastructure gap… Exhibit 5: …and its US$550 bn price tag Percent ASEAN-4: Infrastructure Need - Between Now and 2020 Percent Projected Need for Infrastructure Spending: ASEAN-4 2013-2020, US$ billion 100 100 12 Projected 22 Airports, 16 gap Ports, 33 80 80 47 52 59 60 60 Railways, 119 Power, 228 Installed capacity 88 40 78 40 Water & Sanitation, 26 53 48 Roads, 128 20 41 20 0 0 Electricity Air passengers Roads KMs Ports traffic Water & sanitation KWh mn traffic Source: Goldman Sachs Global ECS Research estimates. Source: Goldman Sachs Global ECS Research estimates. Goldman Sachs Global Economics, Commodities and Strategy Research 3 May 30, 2013 Asia Economics Analyst Box 1: Modeling infrastructure demand To estimate infrastructure demand we used an econometric model based on projected per capita income growth, urbanization and population, developed in previous global papers (see Global Economics Paper: 166 - Building the World: Mapping Infrastructure Demand, April 24, 2008, and further applied in Global Economics Paper: 187 - India CAN Afford Its Massive Infrastructure Needs, September 16, 2009). Our baseline model is based on pooled least squares, with each of five infrastructure sectors—roads, ports, air travel, electricity installed capacity, water and sanitation as dependent variables. The independent variables are—real GDP per capita for all sectors; urbanization as an independent variable for paved roads and electricity; population for air passengers and access to water & sanitation; and trade volumes for port traffic. For railways, we relied on government estimates. We use an unbalanced panel, with country fixed effects, to control for country-specific factors and differences. Real per capita income comes from our estimates, urbanization and trade volumes comes from the World Bank's World Development Indicators, population numbers come from the UN's population database. We have modeled water and sanitation and ports separately in this piece, using a sample of the main emerging market countries, as these sectors are more relevant to emerging markets. To assign dollar values to power, roads, and water and sanitation infrastructure spending, we rely on cost estimates from the World Bank, indexed for our world CPI inflation estimates and projections from 2003-2020. For railways, ports, and airports, we project dollar values of demand based on government estimates adjusted by our real GDP growth assumptions for each country for the period 2013-2020. As shown in the table below, we find that: A 1% increase in urbanization leads to a 1.8% increase in electricity installed capacity. The model also predicts that a 1% increase in income per capita would lead to a 0.5% increase in installed capacity. We find that air travel is most sensitive to income. In particular, a 1% increase in per capita income correlates with a 1.4% increase in the number of air passenger travelers. Roads are considerably less sensitive to income compared to their sensitivity to urbanization. Ports have high sensitivity to trade volumes as we expected and their sensitivity to income is comparable to that of roads. Water and sanitation demand is highly sensitive to a rise in population. Its sensitivity to income is relatively less. Exhibit B1: Modeling infrastructure demand Exhibit B2: Breaking down infrastructure need by country and sector US$, billion US$, billion Total electricity Roads, total Water/sanitation installed capacity network of paved (Number of people Ports traffic ( 20 250 250 Model results* (KW mn) roads (KM) with access) Foot eq. units) Projected need for infrastructure spending 2013-2020: 18 Ports Country fixed Country fixed Country fixed Country fixed 5 Airports Estimation method effects effects effects effects 200 Railways 200 50 GDP per capita 0.5 0.3 0.1 0.3 Water & Sanitation Roads Urbanization 1.8 0.8 ‐ ‐ 13 Power 150 150 Total Population ‐ ‐ 1.3 ‐ 52 8 2 Trade volume ‐ ‐ ‐ 0.6 100 2 6 100 5 Number of 23 25 4 countries 120 168 19 21 6 22 3 5 24 28 50 99 24 50 R‐squared 98% 99% 99% 98% *Dependent and independent variables in natural logarithms. 46 42 40 0 0 Indonesia Philippines Thailand Malaysia Source: Goldman Sachs Global ECS Research estimates. Source: Goldman Sachs Global ECS Research estimates. Goldman Sachs Global Economics, Commodities and Strategy Research 4 May 30, 2013 Asia Economics Analyst We used unit cost estimates for the construction of these sectors to derive values for the total financing need of each sector. By aggregating each sector, we look at the overall country demand for infrastructure. Indonesia has the largest absolute demand for infrastructure, at US$235 bn between 2013 and 2020, in our view. It is the largest country in the region—both in terms of population and land—and therefore its infrastructure needs are unsurprising. Its power and road capacity per capita is one of the lowest in ASEAN and, therefore, nearly 65% of infra demand can be from these two sectors. The Philippines could see the largest increase in demand for infrastructure as a percent of GDP. It has the lowest per capita income in the region, and ranks the weakest in infrastructure quality. The low base, and increases in per capita income and urbanization could drive demand across the board for a projected US$110 bn. Thailand would also need to increase infrastructure spending as a percent of GDP, also due to its more open economy and need to boost manufacturing. It would need US$105 bn, according to our projections. Malaysia has the highest quality infrastructure in the region, and therefore the base is high. Its infrastructure needs would therefore be lower than the rest of the countries, at US$100 bn, based on our projections. We compared our projections with those of their respective governments. While available government estimates are for different time periods, and include the telecom sector, our estimates are generally higher (Exhibit 6). Exhibit 6: Our estimates for infra needs are higher than government estimates Infrastructure spe nding (US$ billion) GS Estimate s Gov e rnme nt (2013-20) Estimate s Indone sia 235 240 M a la ysia 100 45 P hilippine s 110 70 Tha ila nd 105 72 ASEAN-4 550 427 Note: Timeline for government estimates Indonesia: Economic master Plan (2011‐2025) M alaysia: Public spending on infra in the 10th Plan (2011‐2015) The Philippines: 2011‐2016 Thailand: 2012‐2020 Source: Local governments, Goldman Sachs Global ECS Research estimates. III. How will infrastructure impact investment rates? Infrastructure investments can rise sharply as a percentage of GDP, and can be a key driver of overall investment rates. Using our demand estimates from Section II above, we projected infra spending as a percentage of GDP through 2020, if the required spending were to materialize. We find that increases in infra investment rates could potentially be most rapid for the Philippines where the ratio could rise from just over 2% to 5% of GDP, while for Thailand and Indonesia, the increases are more moderate. For Malaysia, infra investment rates remain fairly stable through our forecast horizon. Goldman Sachs Global Economics, Commodities and Strategy Research 5 May 30, 2013 Asia Economics Analyst Exhibit 7: Infrastructure spending could see a jump in the Philippines… Percent of GDP Percent of GDP 5 5 Infrastructure spending: 2012 4 2020 4 3 3 2 2 1 1 0 0 Philippines Indonesia Thailand Malaysia Source: Goldman Sachs Global ECS Research estimates. Despite large increases, the ASEAN economies would still be spending a lower proportion of their GDP on infrastructure in 2020 compared with what China and India are spending currently. Exhibit 8: …though still lower than the current spending in China and India Percent of GDP Percent of GDP 10 10 Infrastructure Spending* 8 8 6 6 4 4 2 2 0 0 China India Philippines Malaysia Thailand Indonesia *For China and India, data represent 2009 and FY12 (Apr 2011- Mar 2012) respectively whereas for the ASEAN-4, they are projections for 2020. Source: Goldman Sachs Global ECS Research estimates. Overall fixed capital formation rates can be driven by infrastructure. Assuming that non- infra investments grow at a constant rate, our projections suggest that infra can contribute as much as 20% of the total investment rate in the Philippines till 2020, and10% in Thailand. Thus, infra can be a critical driver of investment rates and can catalyze overall investment by reducing costs of production. Goldman Sachs Global Economics, Commodities and Strategy Research 6 May 30, 2013 Asia Economics Analyst IV. How will infrastructure impact the current account? ASEAN's rising infra spending can act to reduce current account surpluses. Given that the current account is the difference between domestic savings and domestic investments, a current account surplus suggests an excess of savings. To the extent that greater investments in infra will increase overall investment rates, it can help absorb excess savings and therefore reduce current account surpluses. Two of the four ASEAN-4 economies are running somewhat large current account surpluses. Malaysia has the largest surplus, followed by the Philippines. These two economies have the scope for increasing their investment ratios, which could help reduce their current account surpluses and appreciation pressure on their currencies. Thailand, which runs a small surplus currently, could likely go into deficit due to the need to ramp up spending on infrastructure. Therefore, as infra spending ramps up, there could be less appreciation pressures on the baht. Indonesia, which is running a current account deficit, may need to continue to attract foreign capital to meet its infrastructure needs. However, since the increase in infra spending is not large as a percentage of GDP, we do not see a significant strain on the external balance of payments due to infrastructure investments. Therefore, in general, we think that infrastructure investments can be useful in helping rebalance the external sectors in ASEAN. Exhibit 9: Infrastructure spending can help reduce current account surpluses Percent of GDP Percent of GDP 35 35 ASEAN-4 in 2012: Gross National Savings 30 30 Current Account 25 Investment Rate 25 20 20 15 15 10 10 5 5 0 0 Indonesia Malaysia Thailand Philippines -5 -5 Source: IMF, CEIC. V. Can ASEAN finance its infrastructure needs? Our assessment of funding needs and fiscal balances suggests that financing of infrastructure may not be a critical constraint. The government is the key source of funding for infrastructure, as elsewhere in the emerging market world. Our projections show the additional fiscal burden to be largely manageable. Government spending on infrastructure over the last few years ranges from around 1%-2% of GDP for ASEAN-4. We use our projections of infrastructure needs in Section I and the share of government financing of projects over the past few years to obtain estimates of infrastructure spending by individual governments going forward. Goldman Sachs Global Economics, Commodities and Strategy Research 7 May 30, 2013 Asia Economics Analyst We project government spending on infra to be largely stable at around 1.5% of GDP for Malaysia from 2013 to 2020. It has already embarked on a large-scale national infrastructure program and we expect the pace of spending here to be maintained. Thailand and the Philippines have just begun, or are about to ramp-up on their mega infrastructure spending programs. Government spending is projected to rise to 4%-5% of GDP towards the end of the forecast horizon from about 2% currently for the Philippines and 2%-3% for Thailand and Indonesia from about 1% of GDP currently. We expect this level of fiscal spending to be manageable, especially since their public debt ratios remain relatively low in the region compared to elsewhere (Exhibit 10), partly a function of extensive deleveraging of government balance sheets that occurred post the 1997 Asian financial crisis. Exhibit 10: Public debt ratios are relatively low in the Exhibit 11: The government will likely be the main source region of infra spending Percent of GDP Percent of GDP Percent of GDP Percent of GDP Public Sector Debt (2012) 120 120 4 4 Infrastructure spending (average of 2013-2020):* 100 100 Government 3 Private 3 80 80 2 2 60 60 40 40 1 1 20 20 0 0 Philippines Thailand Indonesia Malaysia * Our assumptio n of government's share in infrastructure spending for the Philippines, Thailand, Indonesia and 0 0 Malaysia are 90%, 80%, 65% and 50% respectively. This includes state-owned enterprises share and based on USA Euro area Malaysia Philippines India Thailand Taiwan Korea Indonesia projected share in national plan reports. Source: CEIC, Goldman Sachs Global ECS Research estimates. Source: Goldman Sachs Global ECS Research estimates. We believe there is also room for improvement in fiscal efficiency across ASEAN, both in terms of reducing expenditure on subsidies as well as broadening the revenue base. Governments in the region maintain extensive subsidies on energy and certain staples, especially in the case of Malaysia (4.7% of GDP) and Indonesia (3.0% of GDP). The need for infrastructure can add urgency for further subsidy reforms. There is also further scope for broadening the tax revenue base, such as the long delayed introduction of the Goods and Services Tax in Malaysia. The small tax base and inefficient collection in places like the Philippines and Indonesia also leave room for improvement. Private savings rates are generally high in ASEAN. In the countries which are running current account surpluses (Malaysia and the Philippines), potentially there are excess savings available for investment. For Indonesia, the government share is projected to reduce, but the overall spending by the private sector remains under 1% of GDP, similar to our estimate of current spending on infrastructure. Therefore, we do not expect an increase in funding requirements as a percentage of GDP. Thailand is probably the economy which faces some potential funding constraints due to the need to increase private sector spending. There may be a potential need for external flows to fund the increase in infrastructure. Multi-lateral sources, such as the ASEAN Infrastructure Fund, can also help in this regard. Goldman Sachs Global Economics, Commodities and Strategy Research 8 May 30, 2013 Asia Economics Analyst VI. Can there be an improvement in implementation? While the need for better infrastructure has existed in the region for several years, there have been disappointments in the past due to weak implementation. We think that political stability is vital for the successful implementation of infrastructure investment plans. Thailand provides a case in point where the political volatility from 2006 to 2011 coincided with a period of declining public and private fixed investment ratios. This also resulted in a deterioration of the quality of infrastructure across the country (Exhibit 12). In contrast, the relative stability enjoyed by Indonesia over the last several years (relative to its turbulent past few decades) has allowed renewed focus on infrastructure development, which has accompanied a significant rise in fixed investment ratios. Exhibit 12: Thailand's infrastructure quality has been deteriorating Thailand Change Infrastructure 2007 2008 2009 2010 2011 2012 2013 in rank Quality Ranking Roads 28 26 32 35 36 37 39 -11 Railroad 48 52 57 63 65 -17 Port 39 42 48 47 43 47 56 -17 Air Transport 31 28 28 26 28 32 33 -2 Overall 32 28 35 41 46 47 49 -17 Source: Global Competitiveness Survey, World Bank. Over the last two years though, Thailand has seen relative stability in government: the current administration has been in place since the summer of 2011, in contrast to the many changes in government, coups and large-scale protests in the preceding several years. With this renewed stability, the current administration has focused its attention to rolling out its mega-infrastructure plans from now till 2020. In the Philippines, the current president has made tackling corruption and reducing red tape a key focus of his administration. The president currently enjoys approval ratings of over 70% and the strong showing in the recent mid-term elections (where his coalition won 2/3 of senate seats) bolsters his mandate to further implement national plans, including the National Development Program, where infrastructure roll-out is a key focus. The administration plans to increase infrastructure spending to around 5% of GDP going forward from the current level of just over 2%. Indonesia has seen consistent spending on infrastructure over the last several years. The president, in his tenure of a decade, has presided over key initiatives such as the passage of the land acquisition bill and introduction of the MP3ei (national development plans till 2025). This has been reflected in the recovery in its investment ratios as mentioned above. In the next year or so, the country will see presidential polls and a transition of leadership. Similarly for Malaysia, consistent infrastructure investment in the previous national plans have resulted in higher quality of infrastructure overall as seen in the World Economic Forum Infrastructure surveys. Malaysia has just concluded a very tightly contested general election with key ruling party internal elections still to come. Overall, we expect the pace of infrastructure spending to be maintained over the medium term for Malaysia and Indonesia while we expect an increase in spending and greater scope for improvement in implementation for Thailand and the Philippines. This is especially so given the lack of implementation in these countries previously and our perception of renewed focus on these plans now. Goldman Sachs Global Economics, Commodities and Strategy Research 9 May 30, 2013 Asia Economics Analyst VII. A good time for infrastructure The last few years have been exciting years for the ASEAN economies. They have witnessed relatively high GDP growth with manageable inflation that has largely fallen within targets. Infrastructure investments can continue to underpin that growth and boost productive capacity, in our view. Clearly, the amount of investments actually achieved may differ from the infrastructure need. Capacity constraints, problems in land acquisition and environmental clearances, and regulatory constraints may delay the pace of infrastructure construction. Therefore, we see our estimates for the overall need for infrastructure as an upper bound for actual spending. That said, we think that the current environment is particularly conducive for infrastructure investments in the region for several reasons: Abundant liquidity due to the actions of global central banks and easier financing conditions precipitated by the low interest rate environment. Cost of funding has declined, driven by a combination of a compression of the risk premia (exemplified by the upgrades from the ratings agencies) and generally declining inflation levels. Global commodity prices have been more benign, reducing externally driven price pressures. A deleveraging of government balance sheets since the 1997 Asian financial crisis resulting in generally lower debt ratios since, creating greater fiscal room. Malaysia may be the exception where public debt ratios have risen over the last few years, partly driven by large fiscal stimulus enacted during the global financial crisis. Private sector participation both in construction and financing is growing. To the extent that public-private partnerships can be improved, they can provide a further catalyst for investments. There appears to be more of a political consensus that infrastructure is a major constraint on growth and bottlenecks need to be removed. The increase in infrastructure investment will open up opportunities for infrastructure suppliers. The private financing needs can be a catalyst for the further development of bond markets in the region. Infrastructure investments will also have an impact in reducing income inequality, raising the quality of human capital in the economies, and further integrate them into the global economy through transportation and communication networks. Tushar Poddar, Mark Tan, Vishal Vaibhaw, Hui Ying Chan Goldman Sachs Global Economics, Commodities and Strategy Research 10 May 30, 2013 Asia Economics Analyst Regional recap: Action in ASEAN Markets throughout the Asia region have reacted in recent weeks to signs of better US growth and speculation of Fed "tapering" in coming months. Over this period, ten-year US Treasury yields rose 50bp, from a low of 1.66% on May 2 to 2.16% as of May 29, at which point our Fixed Income Strategy team closed a short recommendation. Key Asian rates markets have followed suit (Exhibit 1), selling off in May after the rally in the first four months of the year. Most currencies have also weakened against the dollar, with the notable exception of the Chinese renminbi (Exhibit 2). The consistency of the decline across currencies with very different characteristics, for example the INR (Indian rupee) and KRW (Korean won) makes plain that this is a move driven by the dollar rather than regional news. Exhibit 1: A turnabout in regional yields… Basis points Basis points 50 50 Change in 5-year swap rates: 40 January 1 to May 2 40 May 2 to Date 30 30 20 20 10 10 0 0 -10 -10 -20 -20 -30 -30 -40 -40 -50 -50 US China India Korea Malaysia Thailand Taiwan Source: Goldman Sachs Global ECS Research estimates. Exhibit 2: …and in most currencies Index Index 1.08 1.08 Foreign exchange rates (January 1 = 1.00): MYR SGD PHP CNY 1.04 KRW 1.04 THB TWD INR IDR 1.00 1.00 0.96 0.96 Appreciation 0.92 0.92 Jan Feb Mar Apr May Jun Source: Goldman Sachs Global ECS Research estimates. Goldman Sachs Global Economics, Commodities and Strategy Research 11 May 30, 2013 Asia Economics Analyst In terms of new information from within the region, most of the action has been in ASEAN. In general, both growth and inflation in ASEAN economies had surprised to the downside in recent weeks. We discussed the reasons for first-quarter GDP growth disappointments in the region in a comment earlier this week (see Emerging Markets Macro Daily: ASEAN 'soft patch'—stronger than meets the eye, May 29, 2013). Briefly, these involve possible seasonal distortions in Thailand (and possibly elsewhere) related to the 2011 floods, a surge in imports in Malaysia, and some moderation in domestic demand in Indonesia. The latter was arguably welcome, given a burgeoning current account deficit and signs of inflation pressure. Just when it seemed a pattern was developing, however, the first-quarter GDP figures from the Philippines came in far higher than expectations (+7.8% versus consensus of +6.0%; Exhibit 3). The main drivers appear to have been a turn in the inventory cycle and strong government spending; private consumption and external demand were relatively soft. Exhibit 3: Diverging growth surprises in ASEAN Year-over-year percent change Year-over-year percent change 2.0 2.0 1.8 1.5 1.5 Surprise* in Q1 2013 Real GDP Growth: 1.0 1.0 0.5 0.5 0.0 0.0 -0.1 -0.5 -0.5 -0.7 -1.0 -1.0 -1.5 -1.4 -1.5 -2.0 -2.0 Philippines Indonesia Thailand Malaysia * Calculated as actual year-over-year real GDP growth less the Bloomberg consensus forecast. Source: CEIC, Bloomberg. The other major news item from ASEAN was the Bank of Thailand's (BOT) 25bp rate cut. Markets had moved to price this in recent weeks, given the disappointing Q1 GDP report and calls for a cut as large as 50bp from government officials, and the bank's Monetary Policy Committee voted unanimously for the cut. We view underlying momentum as significantly stronger than the GDP figures suggest, and expect inflationary pressures to build over the course of the year. Therefore, we do not expect further cuts, and in fact we believe the BOT will choose to swing into tightening mode in the fourth quarter, with other ASEAN central banks following in early 2014. In the largest economies of emerging Asia, it has been a quiet week for macroeconomic data: In China, we await the release of several purchasing managers' indices (PMIs) over the coming week—the official manufacturing PMI (Saturday), the official non- manufacturing PMI (Monday), the final May Markit manufacturing PMI (Monday), and the Markit services PMI (Wednesday). Given last week's poor Markit flash manufacturing PMI, market expectations are subdued for the manufacturing releases (see data calendar in next section for details). Goldman Sachs Global Economics, Commodities and Strategy Research 12 May 30, 2013 Asia Economics Analyst In India, GDP for the first quarter of 2013 will be released Friday. We and the Bloomberg consensus expect moderate growth of 4.7% yoy and 4.8% yoy respectively, up slightly from 4.5% yoy in Q4 2012 (these forecasts imply somewhat better sequential growth in the neighborhood of 6% annualized). In Korea, industrial production (IP) was slightly stronger than expected in April, up 0.8% on the month. Overall, however, the trend of IP has been flattish, up only 1.7% over the past year (Exhibit 4). Over the coming week we will have news on trade, consumer prices and the manufacturing purchasing managers' index. Exhibit 4: Subdued trend in Korean IP Percent change, annualized Percent change, annualized 80 80 Korea industrial production: 60 60 3-month change 12-month change 40 40 20 20 0 0 -20 -20 -40 -40 -60 -60 -80 -80 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Source: Korea National Statistics Office. Andrew Tilton Goldman Sachs Global Economics, Commodities and Strategy Research 13 May 30, 2013 Asia Economics Analyst Asia ex-Japan Economic Calendar India GDP (May 31): GDP growth momentum may have improved a tad this quarter compared with the previous quarter, as seen by our Current Activity Indicator (Q4 2012: 5.5% qoq s.a. ann., Q1 2013: 6.4% qoq s.a. ann.). On a year- on-year basis, a small pick-up in agriculture is likely to help the GDP reading. For the industry sector, while the monthly Index of Industrial Production (IIP) readings in Q1 2013 have shown a slight pick-up sequentially, on average, Q1 2013 is likely to show slower growth due to the presence of a spike in the October IIP in Q4 2012. China manufacturing PMI (Jun 1): We expect the official manufacturing PMI to moderate from April's level. The HSBC/Markit manufacturing PMI's flash reading suggests weak underlying growth though discrepancy between the two indexes is common. Historically, the official PMI has a clear tendency to fall in May. Korea exports (Jun 1): We expect Korean exports to rebound strongly in May, rising 5% yoy, compared with Bloomberg consensus expectations of a 0.9% yoy decline. Sequential momentum should be positive, both on a per-day and on a full-month basis. Date Country Indicator/Event Period Forecast Previous Bloomberg Time (HKT) GS Consensus Fri May 31 13:30 India GDP 1Q +4.7% yoy +4.8% yoy +4.5% yoy 15:30 Thailand Exports Apr +4.2% yoy 15:30 Thailand Imports Apr -12.5% yoy Sat Jun 1 8:00 Korea Exports May +5.0% yoy -0.9% yoy +0.4% yoy 8:00 Korea Imports May -1.4% yoy -0.3% yoy 9:00 China Manufacturing PMI May 50.0 50.6 Mon Jun 3 7:00 Korea CPI May +1.3% yoy +1.2% yoy +1.2% yoy HSBC/Markit Manufacturing 9:45 China May 49.6 50.4 PMI 12:00 Indonesia CPI May +5.7% yoy +5.6% yoy 12:00 Indonesia Exports Apr -13.0% yoy 12:00 Indonesia Imports Apr -10.0% yoy 12:00 Thailand CPI May +2.2% yoy +2.4% yoy 13:00 India Manufacturing PMI May 51.0 * Indonesia Consumer Confidence Index May 113.7 Wed Jun 5 8:30 Taiwan CPI May +0.7% yoy +1.0% yoy 9:00 Philippines CPI May +2.8% yoy +2.8% yoy +2.6% yoy 9:45 China HSBC/Markit Services PMI May 51.1 Fri Jun 7 12:00 Malaysia Exports Apr -3.0% yoy -2.9% yoy 12:00 Malaysia Imports Apr +3.5% yoy +7.0% yoy 16:00 Taiwan Exports May -1.0% yoy -1.9% yoy 16:00 Taiwan Imports May -2.2% yoy -8.2% yoy * Release dates uncertain, date shown is the first possible date: Indonesia Consumer Confidence Index (Jun 3-10) Source: Bloomberg, GS Global ECS Research estimates. Goldman Sachs Global Economics, Commodities and Strategy Research 14 May 30, 2013 Asia Economics Analyst Forecast Tables Real GDP Growth (year-over-year) 2013 2014 Potential 2012 GS Consensus GS Consensus Growth* Asia ex-Japan 6.2 6.5 6.3 7.3 6.7 China 7.8 7.8 7.9 8.4 7.9 8.0 India 6.2** 5.0** 5.0** 6.4** 6.1** 7.0** South Korea 2.0 2.9 2.8 3.6 3.6 3.8 Hong Kong 1.4 3.7 3.3 4.5 4.0 4.0 Taiwan 1.3 3.5 3.3 4.2 4.0 3.5 ASEAN 5.7 5.5 5.3 5.6 5.5 Singapore 1.3 3.0 2.2 4.0 3.7 4.0 Malaysia 5.6 5.3 5.2 5.5 5.3 5.0 Thailand 6.5 4.8 5.0 5.0 4.9 4.5 Indonesia 6.2 6.4 6.2 6.5 6.3 6.0 Philippines 6.8 6.2 6.1 5.5 5.9 5.0 USA 2.2 2.0 1.9 2.9 2.7 2.5 Euro area -0.5 -0.7 -0.5 0.8 0.9 1.3 Japan 2.0 1.9 1.4 1.5 1.5 0.8 *GS es tim ates for annualized growth rate of potential output from 2013-16 **Fis cal year bas is Source: Cons ens us Econom ics , GS Global ECS Res earch Es tim ates Consumer Prices (year-over-year) 2013 2014 Inflation 2012 GS Consensus GS Consensus Target/Range Asia ex-Japan 3.7 3.6 3.9 4.0 4.0 China 2.6 2.8 3.0 3.5 3.5 3.5 India 9.0* 7.3* 7.4* 6.0* 6.0* 5.0* South Korea 2.2 2.3 2.1 3.1 2.8 2.5-3.5 Hong Kong 4.1 3.6 4.2 3.5 3.9 - Taiwan 1.9 2.0 1.7 2.0 1.9 - ASEAN 3.5 4.4 4.0 4.2 3.9 Singapore 4.6 4.1 3.4 3.6 3.3 - Malaysia 1.7 2.6 2.3 2.5 2.8 - Thailand 3.0 3.8 3.0 3.8 3.2 0.5-3.0 ** Indonesia 4.3 5.7 5.6 5.3 5.0 3.5-5.5 Philippines 3.1 4.2 3.4 3.8 3.9 3.0-5.0 USA 2.1 1.6 1.6 1.7 2.0 2.0 Euro area 2.5 1.6 1.6 1.8 1.6 2.0*** Japan 0.0 0.1 0.0 2.2 1.9 2.0 *WPI for India on fis cal year bas is ; inflation objective rather than target **Core inflation target ***ECB aim s to m aintain inflation rates "below, but clos e to, 2% over the m edium term " Source: Cons ens us Econom ics , GS Global ECS Res earch Es tim ates Goldman Sachs Global Economics, Commodities and Strategy Research 15 May 30, 2013 Asia Economics Analyst Forecast Tables (continued) Policy Interest Rate s (pe rce nt) Curre nt 2013 2014 M ay 30 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q Asia e x-Japan China 6.00 6.00 6.00 6.00 6.00 6.25 6.25 6.50 6.50 India 7.25 7.50 7.25 7.00 7.00 7.00 7.00 7.00 7.00 South Korea 2.50 2.75 2.50 2.50 2.50 2.50 2.75 2.75 3.00 Hong Kong - - - - - - - - - Taiwan 1.9 1.9 1.9 1.9 1.9 1.9 1.9 2.0 2.0 ASEAN Singapore - - - - - - - - - Malaysia 3.00 3.00 3.00 3.00 3.00 3.50 3.50 3.50 3.50 Thailand 2.50 2.75 2.50 2.50 3.00 3.00 3.00 3.00 3.00 Indonesia 5.75 5.75 5.75 5.75 5.75 6.25 6.25 6.25 6.25 Philippines 3.50 3.50 3.50 3.50 3.50 4.00 4.00 4.00 4.00 USA 0.14 0.14 0.13 0.13 0.13 0.13 0.13 0.13 0.13 Euro area 0.50 0.75 0.50 0.50 0.50 0.50 0.50 0.50 0.50 Japan 0.07 0.10 0.10 0.10 0.10 0.10 0.10 0.10 0.10 Policy interes t rates : C hina: 1-year lending rate, India: repo rate; Korea: 7-day repo; Malays ia: overnight policy rate; Thailand: 1-day repo, Philippines : repo rate, Indones ia: 1-m onth SBI rate, Taiw an: redis count rate; U SA: Fed funds effective rate; Euro Area: Main refinancing operations : fixed rate; Japan: Overnight call rate. Source: GS Global EC S R es earch Es tim ates . Exchange Rates (local currency units per USD) Current 3-Month Horizon 6-Month Horizon 12-Month Horizon May 30 Forward Forecast Forward Forecast Forward Forecast Asia ex-Japan China 6.19 6.19 6.20 6.20 6.20 6.23 6.18 India 56.16 57.05 55.00 57.86 53.00 59.45 52.00 South Korea 1131 1135 1110 1138 1110 1143 1090 Hong Kong 7.8 7.8 7.8 7.8 7.8 7.8 7.8 Taiwan 30.0 30.0 30.3 29.9 30.3 29.8 30.3 ASEAN Singapore 1.27 1.27 1.22 1.27 1.20 1.27 1.18 Malaysia 3.05 3.07 3.00 3.08 2.95 3.11 2.90 Thailand 30.1 30.2 28.5 30.4 28.3 30.6 28.0 Indonesia 9865 10015 9650 10145 9600 10410 9500 Philippines 42.1 42.3 41.0 42.3 39.8 42.4 37.5 Euro area* 1.29 1.29 1.34 1.29 1.37 1.29 1.40 Japan 102.1 102.0 105.0 102.0 105.0 101.7 110.0 * USD per Euro Source: GS Global ECS Res earch Es tim ates Goldman Sachs Global Economics, Commodities and Strategy Research 16 May 30, 2013 Asia Economics Analyst Highlights of Recent GS ECS Research Asia ex Japan Asia-US swap rate differentials have narrowed too far May 27, 2013 Abenomics: In search of its Asian spillover channels May 16, 2013 A redesigned MAP of emerging Asia data May 10, 2013 Domestic demand influencing interest rate differentials between Asia's small open economies Mar 5, 2013 Measuring growth in emerging Asia Mar 1, 2013 Greater China Global Economics Paper: 218 - China: More efficient cities key to a brighter growth path May 21, 2013 China: A structural improvement in 1Q? Not exactly May 22, 2013 China: Is credit losing its cyclical growth impact? May 21, 2013 The Hukou system: Holding back China's rebalancing May 1, 2013 Explaining strong credit and weak growth in China Apr 30, 2013 Korea Could under-hedging by Korean exporters give rise to KRW strength? Apr 23, 2013 Revision of our macro forecasts for Korea on aggressive monetary easing in Japan Apr 16, 2013 Korea: Cutting the Gordian knot—a large supplementary budget to be unveiled soon Apr 3, 2013 Changes in our won view on persistent yen weakness and elevated geopolitical tensions Mar 16, 2013 Recent yen-won movements—a manageable headwind for Korean exports Feb 1, 2013 India India: The INR's improving fundamentals May 10, 2013 India: Reforms: Inching forward May 2, 2013 India: Five reasons for a gradual pickup in growth Apr 18, 2013 What level of current account deficit can India sustain? Jan 28, 2013 Can India's balance sheets support growth? Jan 18, 2013 ASEAN ASEAN 'soft patch'—stronger than meets the eye May 29, 2013 Malaysia 2013 Elections: Incumbent BN wins, but with a narrower majority May 6, 2013 Coping with capital inflows in ASEAN Apr 29, 2013 ASEAN beneficiaries of yen weakness Mar 15, 2013 Singapore Budget 2013: At the crossroads Feb 26, 2013 Japan (this section is provided by our Japan Economics Team based in Tokyo) Global Economics Paper: 215 - Sustainability of debt financing in Japan and the JGB enigma Aug 14, 2012 Japan: Lessons from pre-War Takahashi policy: Risk BOJ can't stop large-scale JGB purchases May 24, 2013 Japan: Will the first two Abenomics arrows hit the mark? Pointers from Takahashi policy May 22, 2013 Japan: A guide to Takahashi fiscal policy, the model for Abenomics May 16, 2013 Japan: Modest macro wealth effect from equities but strong luxury impact Apr 10, 2013 Goldman Sachs Global Economics, Commodities and Strategy Research 17 May 30, 2013 Asia Economics Analyst Disclosure Appendix Reg AC We, Goohoon Kwon, CFA and Sungsoo Chung, hereby certify that all of the views expressed in this report accurately reflect our personal views about the subject company or companies and its or their securities. We also certify that no part of our compensation was, is or will be, directly or indirectly, related to the specific recommendations or views expressed in this report. 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Southland has the real hidden gems in New Zealand!
Replies: 12 - Last Post: Jul 8, 2012 3:24 PM Last Post By: Groo
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Southland has the real hidden gems in New Zealand!
Head to the bottom!!Who'd have thought a city chick like me would end up in the bottom of the south island New Zealand, surrounded by the vast landscape of fields, trees, cows and.... well what felt like not much else when I first arrived! However despite the "Invercargill, arse end of the world, who wants to go there" comments I received on my way down, I was determined to get here and see what things were really about. Not one to listen to the critics that think they know what I will and won't like in this world I packed my bags in Auckland and jumped the plane down to the South Island. My first impression as I arrived in Invercargill was just how flat one place could be. After months and months of walking sideways in Auckland I was finally relieved to put on my best high heels and walk tall, around the whole town without one mishap... ah you can take the girl out of Newcastle (uk of course), but you can't take the need for high heels and lippy out of the girl.
So here I was waiting to see what the place had to offer and boy was I happy to find that civilisation had arrived here and just in the right amount. The great thing about finding a place like this is, just like Southlanders, you want to keep it to yourself. I mean you can get up in the morning and drive for 10 minutes and be at the most amazing beach, with views of mountains and islands - and all without a hint of traffic. A dream come true when you're from the UK I can tell you.
Now I know most of us would keep quiet about the gems I've found down here I really need to make sure we're on the map for NZ, because while many people might be happy to head to Auckland, Queenstown and Mt Cook and say they've seen New Zealand, I for one hate it when people come to a country (including my own, I mean who can say they know the UK when they just sat in London for 4 weeks!) and don't make an effort to see the real, honest and local side of things.
So if you are coming down here, I know it might seem scary (heading off the well known track) but check out my other messages to see what I recommend as the best parts of Southland, NZ! And add in if you have any suggestions....
MY TOP TEN EXPERIENCES IN SOUTHLAND, NZ: One day at a time.....1. Burt Munro - Motorbike Speed Demon of his day, played by Sir Anthony Hopkins in "The world's fastest Indian". Here was a man that at a time when doing 15mph meant an instant speeding ticket was building machines that could do 90mph. Modifying and tweeking bikes all his life, racing down Oreti beach (one of southlands only beaches you can drive on still today!) to hit speeds of 131mph in 1957 and finally reaching the pinnacle of his career in racing when he went to the Bonneville flats, USA in 1967 to make history with an 183.5mph world record, still held today! This may all seem normal in this day and age but this man created something out of nothing in a shed in his own back yard - a real Invercargill hero!!!
2. The Old Bottle House (even for the non alcoholics) - Found right in the centre of Waikaia (northern southland to confuse the best of us!), the bottle house is a building shaped like a bottle (vodka one if you ask me) made out of 20,000 wine bottles. Now I know you may say this sounds cheesy but trust me when I say the area makes up for this in a fantastic way. In the Summer this is one of the hottest places to head to in the Southland region - hot for the heat, the views and air of relaxation that flows through this tiny gem of a town! Check out the local campsite, where everyone and their dog will be staying for some much deserved peace and quiet and then make your way to the Waikaia Forest. This is a place where you can see the rather large and scary Piano Flat POUNCING spider, as well as the long-tailed bat and a 30 legged velvet worm, if you look closely!3
I hope someone cuts the power supply to the Invercargill regional tourism office.6
Who wouldn't travel to "the arse end of the earth" to see a house made of 20,000 bottles and a flat pouncing spider.I assume this thread was contributed by the Queenstown, Christchurch and Auckland tourist offices as a wind up?
3. Old Stuff (bit like the blokes who reply on here) - Catlins - This is an area that's nearly 180 million years old! In particular Curio Bay holds the Petrified Forest - it's called a forest but after all this time it's now rock formations with fossil imprints and trees that have fallen and have the look of wood, but the texture of stone. If old stuff isn't your thing then check out Nugget Point where you'd catch a glimpse, around dust, of the Yellow eyed Penguins - I found these by accident when I was walking on a beach down this way. I couldn't believe how close you can get to them. It wasn't till my friend went to pee in the sand dunes and he came out running saying he heard weird noises that we realised that they was also seals there too - they were hiding in the dunes sleeping and I think peeing on them wasn't the best thing to do!8
4. A bird's eye view! Kiwi Spotting if it's your thing or not - The only place in New Zealand to see Kiwi's in their natural habitat (probably just eating and sleeping but what the hey) is at Stewart Island, the most southerly point in NZ. Being this far down in the NZ makes me feel as far away from my family and homeland as physically possible - being over 12,000 miles away at the opposite side of the planet is a feeling in itself - let alone somewhere so remote and isolated. If peace and quiet, nature and some impressive views is on your to do list then this is something I recommend highly. Just make sure you fly there from invers rather than the boat so that you get the views as you come in.11
5. The most obvious of them all - Milford and Doubtful Sound (and the cute and quiet Lake town of Te Anau). This is a place close to my heart. When I first came to NZ I went to Doubtful Sound because I wanted to see the one area that was only allowed the one or two boats through it - making it a lot quieter. The best thing about this trip is when they driver of the boat stops the engines for ten minutes and all you can hear is ... well nothing!! It's got to be the only place left on the planet with this easy an access that is so quiet you can hear a pin drop (or a tourist coughing)! I got to see seals up close but didn't have to put my cupof tea down to do it - dream come true for a city girl like me! My partner and I then decided a year later to head on the motorbike into Milford Sound - this was a trip in itself gettting to the jetty. The views heading in were amazing and it's rugged natural state made me feel like I really was at the end of the earth. The boat trip was great too - the captain of the ship was great value, cracking jokes and making everyone feel at ease with his crazy driving (if that's what you call it). We saw waterfalls and seals - I would say that if you go in wet season then you would see much more of this areas beauty because of the waterfalls etc. I recommend either trips but if you want a taste of real nz then doubtful all the way for me!12
the captain of the ship was great value, cracking jokes and making everyone feel at ease with his crazy driving (if that's what you call it.This Captain ?

subset: commoncrawl


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1. Google any silhouette 2. Print on colored paper 3. Cut them out 4. Place in frame


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Uncharted: Drake's Fortune first appeared last year as a stunning nameless demo, but lacked any real direction. However, during the last year or so it has gained shape, a name and a reputation as one of the most promising PS3 exclusives to date.
Developed by Jak & Daxter creators Naughty Dog, Drake's Fortune is a broad adventure that attempts to wrestle the responsibility for searching for lost treasure in exotic places away from Lara Croft and the fairer sex. The man in question is square-jawed, neat-haired Nathan Drake - a stylish Gap jeans-wearing, modern day Indiana Jones who sets out to find the fortune of some lost El Dorado gold. It's of particular interest to Nathan, however, as he believes that the booty once belonged to his ancestor, Sir Francis Drake.


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Vulgar, crude, and occasionally scandalous in its racial humor, this hilarious bad-taste spoof of Westerns, co-written by Richard Pryor, features Cleavon Little as the first black sheriff of a stunned town scheduled for demolition by an encroaching ...…Read More
It's said that most American men think about sex once every two or three minutes, but this statistic would seriously underestimate the horniness of Jim (Jason Biggs), a high school senior in suburban Michigan.…Read More
Just as the old saying goes, a trio of hapless city-dwelling friends (Seth Green, Matthew Lillard, and Dax Shepard) find themselves spiraling out of control up a very brown river in this raucous comedy from Little Nicky director Steven Brill.…Read More
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Trial to Routledge Encyclopedia of Philosophy
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Hannon Library Catalog
Books in Philosophy and Religion
Why Does the World Exist?
Call Number: BD511 .H65 2012
Publication Date: 2012-07-16
Twelve Theories of Human Nature
Call Number: BD450 .S766 2013
Publication Date: 2012-09-05
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bdbd writes:
Memphis has the answer in it's own backyard. Just look at the research The Urban Child Institute has done on children and brain development. The most critical months for children are between 0 - 18 months. The drugs, violence and mistreatment during that time frame creates a brain that is hardwired for trouble.
Until people understand that and figure out how to stop it, the situation is only going to get worse. Check out the research on brain development and you will understand intervention has to happen early. By the time they are 10 or older it's almost too late.
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Republican presidential hopeful former Sen. Fred Thompson, R-Tenn. answers a question during a Republican presidential debate in Orlando, Fla., Sunday, Oct. 21, 2007. (AP Photo/Reinhold Matay)
JOHNSON CITY, Tenn. (AP) -- Former U.S. Senate Majority Leader Bill Frist said he's throwing his support behind former Tennessee senator Fred Thompson.
Frist, who abandoned a widely expected presidential bid last year, says Rudy Giuliani won't get the GOP nomination because his values are off where the base of the Republican Party is.
He spoke with reporters before delivering a speech at East Tennessee State University this week.
Frist noted that approval rates for Congress have slumped after he left and he doesn't expect that to change until the 2008 presidential election is over.
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Welcome to Meadows Homes of Sevierville, conveniently located on Dolly Parton Parkway, also known as US HWY 441. Please come by and tour our selection of quality homes. We're open from 8 am to 7 pm Monday thru Saturday and we will be glad to set an appointment at your convenience. We hope to see you soon!
VISIT US1056 Dolly Parton Pkwy |
The Meadowbrook Den
3 bdrms + 2 bth 28563 1568 approx. sq.ft.
The Huntington
2 bdrms + 2 bth 24402 960 approx. sq.ft.
The Family Manor
3 bdrms + 2 bths 16663 1023 sq.ft.
The Seymour 4 Bedroom
4 bdrms + 2 bths 28764 2026 sq.ft.
The Plantation
4 bdrms + 2 bths 32764 2280 sq.ft.
Joe Bush
A true housing pro Joe brings over 15 years of knowledge and experience to your home buying process. Joe pays close attention to your home buying process and works closely with all his clients to make sure they chose the right home for their family. Joe can be contacted here.
Don Kloke
Don has worked in the housing industry for over 10 years, assisting families through out East Tennessee with their home buying choices. From foundation to finish Don stands ready to help you make the right decision. You may email Don here
Anthony Helton
Tony is a native of Sevierville and has spent his entire business career taking care of customers. Tony and his wife have 3 adult children and 1 grandchild. Tony enjoys spending time boating and hiking with family. Tony truly enjoys making a positive difference in the lives of other and looks forward to assisting you in finding the right home to fit your particular needs. You may contact him here
30th Anniversary Sale
A sale 30 Years in the making! Get your best deal now on a new home from Meadows! Stop by to see the GREAT deal you can get!
Philip Townsend
General Manager
For over 25 years Philip has worked closely with families to assist them with their housing needs. Philip keeps a close eye on every transaction to insure your families satisfaction.
Living in the mountains next to the nation's most beautiful national park is a dream so many have. I have been fortunate enough to call Sevierville and East Tennessee my family's home for almost 20 years. My wife and I feel privileged to be able to raise our 3 children (1 set of twins) in such a wonderful environment. With 20 years of industry experience and 15 of those years with Meadows Homes we will strive to earn your family's business. - Philip Townsend
Philip may be contacted at email@example.com
About Our Area
Douglas Lake
Douglas Lake is an ideal spot for fishing, camping and recreation. This 30,400 acre lake has 555 miles of shoreline and is nestled in the foothills of the Great Smoky Mountains. Over 2,000,000 visitors per year visit to enjoy Douglas Lake's activities including: boating, picnicking, fishing, camping, swimming, bird watching … Continue reading
The Great Smoky Mountains National Park
From black bears to salamanders. Old-growth forests to spring wildflowers. Log cabins to grist mills. The park offers a myriad of opportunities for exploring and discovering both the natural and cultural history of these ancient mountains. http://www.nps.gov/grsm/index.htm
Home of Dolly Parton
Sevierville is well known for many different things. The shopping capital of East Tennessee, Sevierville borders the most visited National Park in the United States, Great Smoky Mountains National Park, and is home to theatrical productions, attractions and restaurants that run along the parkway making Sevierville a tourist mecca. But … Continue reading


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BounceU is a national inflatable structures franchise with a branch in North Branford. It offers services in hosting parties, birthdays, children's trips and events in its inflatable structures facility. It additionally offers clean up, food and music. BounceU is suitable for ages 3 to adult.
1289 Foxon Rd, North Branford, CT 06471
(203) 484-9200
- Hours: Hours vary - call for more information
- Fax: 203-433-4173
- Website: http://bounceu.com/northbranford
Posts awaiting your approval 0
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- North Branford Patch Editor
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Boxer Puppy
Receive an email alert when additional Boxer puppies are added. It's easy and free!
BREED: Boxer Puppy
INCLUDES: health guarantee, microchip, vaccinations
Puppies come with FREE Pet Insurance when adopted from NextDayPets.com! *Please ensure your breeder participates
Briarbrook Kennel
Member Since: April 2008
Location: New Hampshire
cream female pup
• Female • $900
Rotti female 16 weeks


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A collection of news and information related to The Strokes (music group) published by this site and its partners.
Top The Strokes (music group) Articles
Displaying items 45-55
On Arctic Monkeys, growing pains and lowered expectations
Live review: Black Keys at the Hollywood Palladium
Story | Sep 29, 2010 | 9:35 PMIn 2010, when the predominant mood in pop and indie corners alike is to coax vintage synths into making compositions chillier than Ian Curtis' River Thames, what's a nouveau garage band like Black Keys to do? How do they make...... -
The mystique of Foxy Shazam: 'If you don't like us now, you'll like us in 20 years'
Story | Feb 5, 2011 | 4:22 AMFoxy Shazam wants to be the biggest rock band in the world. Not just in record sales, but in popularity and showmanship. Lead singer Eric Sean Nally has said the band is "The Michael Jordan of rock 'n' roll." Foxy...... -
SXSW 2011: The music stories to watch [UPDATED]
Story | Mar 11, 2011 | 4:35 PMSXSW 2011 sees locals such as Apex Manor, Odd Future, Zola Jesus and the Belle Brigade trying to break out. Also, look for veteran acts such as the Strokes at TV on the Radio to return to center stage. South by Southwest is in Austin Texas.... -
SXSW 2011: The Strokes cause gridlock, Austra makes an entrance and Le Butcherette go on the attack
Story | Mar 18, 2011 | 4:34 PMMidway through a 90-minute set to open the third night of showcases at the South by Southwest festival and conference, Strokes frontman Julian Casablancas took a pause between songs. For a band with meticulous determination, even a brief between-song... -
Album review: The Strokes' 'Angles' [Updated]
Story | Mar 22, 2011 | 4:35 PM"I will wait for you / Will you wait for me too?" So goes the chorus for "Under Cover of Darkness," the first single from the Strokes' latest album, "Angles." Frontman Julian Casablancas could be singing about... -
Coachella 2011: Kanye West doesn't play it safe as he closes the Indio fest
Story | Apr 18, 2011 | 4:36 PMKanye West said little to the audience for much of his festival closing set. There were no grand guest stars that West brought to the Coachella Valley Music & Arts Festival in Indio. There was little in the way of...... -
The Airborne Toxic Event, Lykke Li, the Strokes, Linkin Park tapped for KROQ Weenie Roast 2011
Story | May 2, 2011 | 4:37 PMKROQ announced its annual Weenie Roast 2011; it will feature Linkin Park, The Strokes, Rise Against, Lykke Li, the Airborne Toxic Event, Neon Trees, and others, and will take place on June 14 at the Verizon Amphitheatre.... -
Live review: KROQ's Weenie Roast stays true to itself and its acts
Story | Jun 6, 2011 | 4:35 AMKROQ-FM (106.7) isn't known for curveballs in its well-cemented playlist of angsty '90s survivors and modern takes on SoCal punk. Even at Weenie Roast, its annual summer-heralding showcase of the station's mainstays and scrappier newcomers, a "surprise"... -
Paul McCartney, Lou Reed, She & Him and more offer a fresh spin on Buddy Holly
Story | Jun 27, 2011 | 9:36 PMPaul McCartney, Lou Reed and Florence + the Machine and more pay tribute to the rock 'n' roll legend Buddy Holly on new album 'Rave On Buddy Holly.'... -
Buddy Holly commemorated with Walk of Fame star, L.A. concert
Story | Sep 8, 2011 | 4:35 PMIt was Buddy Holly Day in Hollywood as the late rock & roll singer was honored with a star on the Hollywood Walk of Fame and a tribute concert....


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Article Photos: Can the Denver Nuggets turn the series around after Thunder's Game 2 rout?
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Oklahoma City's James Harden celebrates a three-pointer he scored over Denver's Al Harrington (right) during the first round NBA Playoff basketball game between the Thunder and the Nuggets at OKC Arena in downtown Oklahoma City on Wednesday, April 20, 2011. Photo by John Clanton, The Oklahoman
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SAA Cleans Der Attiyeh
Syrian Arab Army cleans Der Attiyeh, the city 90 kilometers north of the capital Damascus which was punished by the Obama regime for not joining the 'peaceful revolution' of his anti-Islamic Wahhabi ABy: Arabi Souri | Comments: 18 | Views: 3412 | Votes: 6 | Shared: 0
Location: Damascus, Damascus Governorate, Syria | Leaked: 7 days ago in Syria -
Saudi-Israeli Defeat on Iran Deal--- People Power Or Netanyahu Insanity ?
The Saudi-Israeli alliance hoped to sink a deal between Iran and world powers that limits but doesn't end Iran's nuclear program, so the deal's signing in Geneva is both a defeat foBy: omniradar | Comments: 12 | Views: 180 | Votes: 0 | Shared: 0
Location: United States | Leaked: 8 days ago in Propaganda -
Russophobes will absolutely hate this video! Translation under the VIDEO
This video shows real Russian military equipment, their bases, factories and labs where they put it all together. We are all very used to knowing that Russian stuff is rusted junk, because that is theBy: AgitProp | Comments: 142 | Views: 3107 | Votes: 5 | Shared: 0
Location: Russia | Leaked: 9 days ago in Weapons, Vehicles, Science and Technology, Other -
Syria - FSA members executed by ISIL Nov. 27, 2013 (screenshots)
EDIT: November 28, 2013: Al-Qaeda's "Islamic State in Iraq and the Levant" (ISIL) executed on Wednesday Hassan Jazra and six others in his group "Grandsons of the Messengers" BBy: MichaelMenschenfreund | Comments: 26 | Views: 6410 | Votes: 1 | Shared: 0
Location: Syria | Leaked: 9 days ago in Syria -
TV Violence: America's Dark Night of the Knoll
I was watching "The Mentalist" on TV recently, where some guy was being tortured, had a finger cut off with pruning shears and his face caressed with an acetylene torch. Yikes! And even duringBy: Media File | Comments: 12 | Views: 271 | Votes: 1 | Shared: 0
Location: Fort Lauderdale, Florida, United States | Leaked: 9 days ago in Citizen Journalism -
Documentary: The President
Time and again, the Iranians prove to be a lively pro-democracy nation. With around 72 percent voter turnout -- a figure rarely seen elsewhere - in the last presidential election, they attested to beBy: PRESS TV Documentaries | Comments: 4 | Views: 150 | Votes: 0 | Shared: 0
Leaked: 9 days ago in Iran -
USSR Communal Apartment. "Real Russia" ep.18
Communal Apartment appeared in the Soviet Union following the Russian revolution. They are emerged as a response to the housing crisis in urban areas and were a product of the "new collective visioBy: realrussiablog | Comments: 36 | Views: 981 | Votes: 5 | Shared: 0
Location: Ufa, Republic of Bashkortostan, Russia | Leaked: 9 days ago in Other Items from Liveleakers -
Syria is not a family business anymore. Meet the reasons why.
Guide to armed and political opposition Guide to the Syrian rebels Guide to the Syrian oppositionBy: DEAD-BEAT | Comments: 9 | Views: 759 | Votes: 0 | Shared: 0
Location: Syria | Leaked: Nov-26-2013 in Syria -
Top terrorist commanders in Syria: Who are these guys? + Security personnel video
If we confine our choices to militant leaders with broad appeal in the Syrian crisis, we get the following five, listed in order. 1. Hassan Abboud , the general head of the Islamic movementBy: skietcmui | Comments: 10 | Views: 1890 | Votes: 0 | Shared: 0
Leaked: Nov-25-2013 in Syria -
Rouhani: Iran took first step on tough nuclear road
The Islamic Republic has taken the first step on the tough nuclear road following the nuclear deal secured between Iran and the five permanent members of the UN Security Council plus Germany, Iran PreBy: AlAlam | Comments: 11 | Views: 150 | Votes: 0 | Shared: 0
Leaked: Nov-25-2013 in Iran -
Violence in Kiev over Ukraine - EU agreement delay
24 November 2013 More than 100,000 people in the Ukrainian capital Kiev are protesting against the government's move to delay an association deal with the EU under pressure from Russia. OppBy: xmarcosx | Comments: 16 | Views: 1145 | Votes: 1 | Shared: 0
Location: Kiev, Kyyivs'ka Oblast', Ukraine | Leaked: Nov-24-2013 in Regional News -
Ayatollah Khamenei praises Iran-Sextet nuclear deal
Sunday, November 24, 2013 1:14 PM Ayatollah Khamenei praises Iran-Sextet nuclear deal IncreaseNormalDecrease Leader of the Islamic Revolution Ayatollah Seyyed Ali Khamenei (file photo). LeaderBy: AlAlam | Comments: 23 | Views: 301 | Votes: 2 | Shared: 0
Location: Iran | Leaked: Nov-24-2013 in Iran
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- Total distance:437 km
- Total distance:437 km
- Total distance:437 km
- Nearest Airport:Bangalore
- Last station:Karwar
- Total distance:437 km
- Hotels: 12 Hotel | 7 Resorts | 3 Guest Houses
- Hotel reviews: 144
- Awards: 8 of 24 hotels won Best of 2012 award
Travelling tips to Karwar
Picturesque Karwar
Hotel Navarathna on the Main Road is reasonably priced, clean and offers AC and non-AC rooms. Avoid visiting Karwar in April and May, when the weather is very sultry and humid. November to March are the best months to visit Karwar. If you are driving from Karwar to the south, next to Indian Oil petrol pump before reaching Ankola, stop at Kamath Upchar restaurant for snacks, breakfast or wholesome vegetarian Thali for lunch. In Ankola, a visit to the spaciously built and very attractive- looking Laxminarayan Mahamaya Temple is a must. Then on to Kumta (you should buy �Sahyadri� brand, salted cashewnuts in a shop opposite Kamath Hotel on the Highway. They are better in quality and cheaper than what you would pay in cities) and Honnavar (a smaller port town than Karwar) and you reach Murudeshwar just off the Highway. Stay in RNS Residency Hotel overlooking the expanse of the Arabian sea (ask for see-facing room on a high floor, at no extra cost). Murudeshwar has a tall Gopuram (gate to a temple. You can go up by a lift), Murudeshwar temple and a huge and imposing statue of Shiva on a small hill. Breakfast or snacks is recommended at a moderately priced restaurant built in the sea waters just outside RNS Residency and lunch or dinner at Naveen Beach Resort on the beach. One day and one night are adequate to take in Murudeshwar. From Murudeshwar to Udupi and then on to Mangalore, is about 4 hours drive along the sea coast. The Highway is good and smooth and traffic limited.
Read full review ›heaven on earth
When you reach the beach, take one of the many left's to enter karwar city. Then ask around for directions. Its a small place and not that easy to loose your way
Read full review ›Beuatiful & Peaceful beach
AIR: Nearest airport is Goa. From Goa airport, take a pre-paid taxi directly to Karwar (Rs1400 or so, 2.5hr journey). Or, take a cab to Goa's Kadamba Bus Stand & then a ST bus to Karwar. And from Karwar bus stand, a rickshaw to Jungle Lodges office. RAIL: Karwar on the Konkan railway is the nearest station
Read full review ›Muthanga to Karwar By Train (437 Km)
By Taxi 31 Km
By Train 435 Km
Train No. | Train Name | Origin | Dep. | Arr. | Days Of Run | ||||||
Mut... | Karwar | M | T | W | T | F | S | S | |||
12431 | Trivandrum Central-H.Nizamuddin Rajdhani Express | Kozhikode Main | 02:10 | 10:16 | N | Y | N | Y | Y | N | N |
12202 | Kochuveli-Mumbai LTT Garib Rath Express | Kozhikode Main | 16:50 | 00:56 | N | N | N | Y | N | N | Y |
11098 | Poorna Express | Kozhikode Main | 03:25 | 13:30 | Y | N | N | N | N | N | N |
16334 | Thiruvananthapuram-Veraval Express | Kozhikode Main | 00:30 | 10:02 | Y | N | N | N | N | N | N |
16336 | Nagercoil-Gandhidham Express | Kozhikode Main | 00:30 | 10:02 | N | Y | N | N | N | N | N |
More Trains › |


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This Video Will Give You a Clue on What Not to Say to Mixed Race Folk
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In 2005, author David Foster Wallace was asked to give the commencement address to the 2005 graduating class of Kenyon College. However, the resulting speech didn't become widely known until 3 years later, after his tragic death. It is, without a doubt, some of the best life advice we've ever come across, and perhaps the most simple and elegant explanation of the real value of education


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Education Aid in Stimulus Raises Eyebrows
Despite strong support, some warn flood of cash may inflate expectations
With the Senate set to take up the more-than-$800 billion economic-stimulus bill this week, lawmakers will grapple with whether some $120 billion in proposed education funding increases would set unreasonable expectations for future spending.
The bill—which closely parallels a measure approved 244-188 by the House of Representative last week, with no Republican support—includes money for education that would amount to nearly twice the discretionary budget of the federal Department of Education in fiscal 2008.
Both versions of the broader bill have attracted criticism from the GOP—and from some conservative Democrats—for spending billions of dollars on favorite Democratic causes such as education despite questions about whether the projects would really...
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top dentists
dr. john malcolm gillis
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Dr. John Malcolm Gillis
August, 2013, Page 137
Portrait by Jason Millstein/Illume Photography
Oral/Maxillofacial Surgeon
Dr. John Malcolm Gillis
1964 E. Baseline Rd., Ste. A-101, Tempe
Dental School
: University of Mississippi Medical Center
Years in Practice
: I have been in practice for eight years.
What attracted you to oral/maxillofacial surgery?
Early on, I knew I wanted to specialize, and I have always been interested in more than just dentistry. I worked in the emergency room during college, and that is what initially piqued my interest in becoming an oral and maxillofacial surgeon. During dental school, I spent some time in the Dominican Republic performing surgeries and procedures on a wide variety of patients. It really impacted me and made me realize how many people are in need of maxillofacial surgery, not only in other countries but in the United States as well. I truly love helping people, and I felt surgery was the best way to do that.
What distinguishes your practice from others?
Our practice focuses on the whole individual and not just the procedure or problem at hand. Oral & Facial Surgeons of Arizona has three board-certified surgeons, and patient care is our priority. We have three convenient locations across the Valley.
You have a twin brother also named John Gillis who is a local dentist. Has that caused confusion among your patients?
Actually, my father and my uncle were both dentists, so I was brought up around the field of dentistry. There was always talk about teeth, smiles, and surgeries around the dinner table. As for my twin brother, who is also a dentist, I have many experiences where patients will speak to me as if I am their dentist, and it turns out they are a patient of my brother's. I have learned to simply smile, say hello, and go about my day! Trying to explain that I am not the other "Dr. Gillis" is complicated, to say the least!
What charities do you work with, and why?
Over the past two years, my wife and I have hosted two fundraisers to benefit PKD (Polycystic Kidney Disease) Foundation (pkdcure.org) and raised more than $40,000. Two years ago, our son Bowen passed away from polycystic kidney disease. Even though he lived a short life, we will always find ways to remember and honor his life. Every year there is a PKD walk, which is held this year in October at DC Ranch. This summer we are working with Phoenix Children's Hospital Foundation to hold a toy drive for the pediatric dialysis patients. We plan to host another fundraiser to help raise money for Camp Maska, a camp for the pediatric dialysis patients.
When you're not working, what do you like to do?
I like to stay healthy by training for triathlons. Last year, I completed my first Ironman here in my hometown of Arizona. Mostly I just like to relax when I can and spend as much time with my family as possible.


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Charlotte Jones Anderson to chair 2014 NCAA Final Four committee
- Candace Carlisle
- Staff Writer- Dallas Business Journal
- Email | Twitter | Twitter | Google+
The Dallas Cowboys announced Tuesday that Charlotte Jones Anderson, who leads the team's charity efforts, was elected chairwoman of the 2014 NCAA Final Four Championship organizing committee.
The basketball championship will be held at Cowboys Stadium April 6-8, 2014.
Along with Anderson's election, Noe Hinojosa, president and CEO of Dallas-based Estrada Hinojosa Co., was elected as the board treasurer.
Anderson was a natural choice for the committee head, since she led the bid process five years ago, said Rick Baker, president and CEO of the AT&T Cotton Bowl Classic, in a written statement.
Baker said she helped bring the Final Four to Cowboys Stadium and served as a member of the Super Bowl XLV Host Committee's executive board.
"Charlotte is a tireless advocate for our region," Baker said. "I'm very excited she accepted this position with the North Texas local organizing committee."
Daughter of Dallas Cowboys owner and general manager Jerry Jones, Anderson was recently appointed to chair the National Football League Foundation. She is the executive vice president and vice president of brand management for the organization.
Candace covers commercial and residential real estate and sports business.
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According to the World Health Organization, about 80 percent of all illnesses in the developing world are caused by the lack of potable water and adequate sanitation; lack of safe water is also identified among the chief causes of sickness and death in children.
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US Gazetteer > New Mexico Gazetteer > New Mexico Cities > Cotton City, NM (Hidalgo County)
Cotton City Local Area Photos!
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Cotton City is a community or populated place (Class Code U5) located in Hidalgo County at latitude 32.0884 and longitude -108.8792. (Cotton City Panoramio Photos). The elevation is 4,236 feet. Cotton City appears on the Cotton City U.S. Geological Survey Map. Hidalgo County is in the Mountain time zone (GMT -7). Observes DST? Yes. Current Time. | Cotton City, NM ZIP Code Maps | Cotton City local area photos
Photos of the Cotton City Local Area
Cotton City had a population of 0; a land area of 25.52 sq. miles; a water area of 0 sq. miles; and a population density of 0.00 people per sq. mile according to the US Census Bureaue estimate of July 1, 2009. Latest Census Estimates for all incorporated places in New Mexico.
Hidalgo County: Cities & Towns | ZIP Codes | Schools | Features (airports, churches, hospitals, etc.)


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Cool Airplane Games
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This property has been removed by the agent.
It may be let or temporarily removed from the market View similar propertiesLetting information:
Furnishing: FurnishedFirst Listed on Rightmove: 12 March 2012 ( 635 days ago )
Full description:
Quite residential area with local schools around.
Two spacious lounge and a kitchen through the corridor.
3 double and 1 single bedrooms and a family bathroom upstairs. It also offers a decent size garden.
The property is fully double glazed and has gas central heating.
It is suitable for families. DSS accepted.