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Top 10 at 10; Bugger it's Basle III; Lunatics predict market returns; Christmas songs; Dilbert
Here are my Top 10 links from around the Internet at 10am. I welcome your additions and comments below. This is the last Top 10 for 2009. I'll be back on January 18 with my first Top at 10 for 2010. Have a great summer. 
1. A small profit? - David Hillary at Lost Soul fisks a claim by South Canterbury Finance that it made a profit on the shares it sold in PGC. Hillary points out that once the rights issue costs are taken into account South Canterbury made a NZ$3.92 million loss. 2. 'Bugger we've been Basled' - The impact of the Basle III changes to regulatory capital requirements earlier this week and Citigroup's failed capital raising is finally dawning on a few people. Richard Smith, a capital markets and IT consultant, has a few thoughts at Naked Capitalism.
Thursday: Basel II bins deferred tax assets as regulatory capital , so Citi face the prospect of raising another US$40Bn in addition to the shares they didn't sell on Monday. And they are still stuck in the TARP. Now, the conspiracy theorist interpretation of this is that Citi or US Treasury got a whiff of the Basel III rulings, tried to get a sale away, (before investors realised that if they bought in they'd be diluted yet again as some point by the fundraising required when the DTAs get binned), and then got snubbed by equally well informed investors on Weds. Kind of self-cancelling insider trading. Second, banks will soon have a VERY big equity hole! Haven't seen any analysis of how the new Basel bank capital calculations would affect US bank regulatory capital, but if Credit Suisse's back of an envelope calculation is right for Eurobanks (they will need EUR 1.1 Trillion of extra capital of one sort or another), then a crude read-across is that American banks need another US$400Bn of capital, of one sort or another.
3. Ultimate revenge - There seems to be a growing movement among American taxpayers who are in over their heads with housing and other debts to simply walk away from their debts and force the pain back on the banks. The thinking seems to be that there was no moral hazard for banks who were bailed out so why should there be any moral hazard for borrowers from those same banks. I have a little sympathy. It's known as the 'strategic default' movement. Steve Waldman makes the case for default here, arguing against Megan McArdle's now infamous piece about a 'new breed of deadbeats' who default :
I think that underwater homeowners ought to walk away from their loans for the very same reason McArdle want us to consider them jerks for doing so. We both want to see norms we consider valuable enforced. I think that banks violated a great many norms of prudence and fair dealing in their practices during the credit bubble, and that they violate the fundamental norm of reciprocity by fully exploiting their own legal rights while insisting that borrowers have a moral obligation not to exercise a contractual option. In order to strengthen norms I consider crucial, I hope transgressors face legal and social consequences (strategic default and reduced shame attached to default) that will alter their behavior
4. Waldman then quotes from a letter he received from a soldier about officers returning home from Iraq and Afghanistan to find they were under water and their banks had been bailed out. The implications are powerful. It gives you a sense of the betrayal many in America feel.
The whole moral universe, in regards to debt, has been overthrown for these good and righteous men with whom I went to war. They started out with an inclination as to what the right thing to do was, and then they were unsure. Then they questioned whether they were just being "suckers" and if there really was any kind of moral question at all given what was happening in the world around them. I wonder what new moral lessons these men, indeed our whole generation, will now teach our children and grandchildren. I'll guess that the content of these lessons will not include much sense of moral obligation or sympathy towards banks. Perhaps that's for the best, moral intuitions being supportive of certain beneficial survival instincts in the modern dog-eat-dog financial world where ordinary folks need be constantly on their guard. I hope it doesn't spillover, baby-with-the-bath-water-like, and create a generational animosity for a free market economy and open society in general. I also hope they find a way to preserve some space for social interactions involving money that aren't "just business" and where, indeed, it's sometimes worthwhile to make an non-mandatory personal sacrifice for no other reason than because its the "right thing to do".
"Political connections play an important role in a firm's access to capital," Sosyura, a University of Michigan assistant professor of finance, said in a statement. Banks with an executive who sat on the board of a Federal Reserve Bank were 31 percent more likely to get bailouts through TARP's Capital Purchase Program, the study showed. Banks with ties to a finance committee member were 26 percent more likely to get capital purchase program funds. As of late September, nearly 700 financial institutions had received bailouts of $205 billion under the capital purchase program, the study said.
6. A bunch of lunatics (at Macquarie) - It's hard to believe real analysts at Macquarie Bank have done this work and I checked the calendar to make sure it's not April 1. Leo Lewis at The Times reported research on how markets move in relation to the lunar calendar. HT Kevin via IM.
In a piece of research that involved 14 of its senior analysts from across five leading financial centres scrutinising data from 32 leading indices over several decades, Macquarie Securities has arrived at a startling discovery: the two days on either side of the new lunar month represent most of the positive returns on equity markets for the next four weeks. "Using data since 1988 for a wide variety of indices," the report concluded, "it is quite clear that a strong surge in returns can be seen leading into the turn of the (lunar) month." The analysts are quick to dismiss the idea that the theory applies only to markets in Asia -- a part of the world where belief in the lunar theory, especially in Hong Kong and Japan, is better established. "The effect is not just an Asian effect, it happens globally," the Macquarie report said.
7. No wonder - So that's where all the money goes. It's a dirty little secret of the funds management industry that they underperform the markets they invest in routinely after fees. Maybe some of the fees are going into research into lunar calendars. Here Alan Kohler at BusinessSpectator makes the good point that the big Australian banks are relying on fund managers to help their customers, when the ASX is thumping them regularly with better performance on its cheap-to-run Exchange Traded Funds on indices. If only someone offered a KiwiSaver fund that was an ETF. HT Alex via IM.
For the calendar year to date the median growth fund return was 11.9 per cent. That compares with a 27.3 per cent rise by the All Ordinaries index. There's nothing particularly novel about this "“ investment managers and super funds, on average, almost always underperform the sharemarket after fees because their investments are diversified to reduce risk. The problem for the major banks is that their entire wealth management strategy is based around persuading consumers of the benefits of financial advice that leads to pooled investment management "“ either on proprietary platforms or in superannuation master trusts "“ and charging handsomely for that process. And the ASX is increasingly and deliberately becoming a direct competitor to the managed fund industry. The ASX already has a limited range of exchange traded funds (ETFs) and exchange traded commodities (ETCs) that provide a cheap form of pooled investment in industries, sectors, overseas markets and commodities. This is on top of the actively managed listed investment companies (LICs) and property trusts on the ASX.
8. Blame the MBAs - Noam Scheiber at The New Republic points out that business schools in the United States changed after World War II to produce financiers rather than producers. This helped create the financial monoliths that were bailed out because they were too big to fail. An interesting take.
Since 1965, the percentage of graduates of highly-ranked business schools who go into consulting and financial services has doubled, from about one-third to about two-thirds. And while some of these consultants and financiers end up in the manufacturing sector, in some respects that's the problem. Harvard business professor Rakesh Khurana observes that most of GM's top executives in recent decades hailed from a finance rather than an operations background. (Outgoing GM CEO Fritz Henderson and his failed predecessor, Rick Wagoner, both worked their way up from the company's vaunted Treasurer's office.) But these executives were frequently numb to the sorts of innovations that enable high-quality production at low cost. As Khurana quips, "That's how you end up with GM rather than Toyota." How did we get to this point? In some sense, it's the result of broad historical and economic forces. Up until World War I, the archetypal manufacturing CEO was production oriented"”usually an engineer or inventor of some kind. Even as late as the 1930s, business school curriculums focused mostly on production. Khurana notes that many schools during this era had mini-factories on campus to train future managers. After World War II, large corporations went on acquisition binges and turned themselves into massive conglomerates. In their landmark Harvard Business Review article from 1980, "Managing Our Way to Economic Decline," Robert Hayes and William Abernathy pointed out that the conglomerate structure forced managers to think of their firms as a collection of financial assets, where the goal was to allocate capital efficiently, rather than as makers of specific products, where the goal was to maximize quality and long-term* market share.
9. 'They were this close' - Andrew Ross Sorkin, the New York Times journalist that wrote the epic 'Too Big to Fail' book, explains in this video how Goldman Sachs and Morgan Stanley were 'this close' to failing in late 2008.
10. Bailout for Santa - Santa is threatening to cancel Christmas if he doesn't get a US$25 billion bailout....apparently.
11. (Christmas Bonus) Totally irrelevant hymnal video before Christmas - Aaaahhh the magic of Youtube. No one actually sings, but it's still fun. HT Rolfe Winkler at Reuters. Merry Christmas everyone. Be safe and come back in 2010 for more fun with economics, interest rates, taxation and the whole damned lot.
12. (Christmas Bonus) - Best Christmas song ever by a drunk man with bad teeth. RIP Kirsty McColl. This is the live 1988 version.
108 Comments
Bernard - is this the
Bernard - is this the sort of thing you were looking for re the Kiwisaver fund?
https://www.smartshares.co.nz/smartkiwi/
(disclaimer - I do work for NZX)
Dear Santa : The good
Dear Santa : The good citizenry of New Zealand require some elf dung ( the kind that goes off like napalm ) . If you have the time to separate it and gift wrap , all the better . The chimneys to fire it down are little Eric Watson's , and Happy-boy Hotchin . Maybe keep a little aside for a little lad taking his first step . We'll let you know which cell is his , after he's done his first sentence .
Gummy bears for W.Kunz and Less Rude please . Thankyou , Santa .
Re 7. I found the
Re 7. I found the very idea of an MBA a contradiction when I first came across it. A Master of Business Administration. Of course, what business really needs is better bureaucrats! Obvious really.
Er, but what about products and cutomers and stuff?
I also find it ironic that the US PC computer industry was founded by drop-outs like Bill Gates, Steve Jobs, Michael Dell and so on.
So what else is new
So what else is new ?? I am a great supporter of "strategic default "...a mortgage is just another contract like any other.....either party is fully able to walk away from it if they are willing to pay the price...for the borrower in particular it's usually more difficult credit condition in the future...but if he is willing to tolerate that, then it's fine.
Banks don't owe anybody any favours nor should the borrower to the banks...there is no "God " involved so there is no morality involved. For all those who say it unethical...let us remember (or reread?) the bible which says "neither a lender nor a borrower be ". Seriously, anybody with an underwater mortgage or even any unpayable debt for that matter should just walk away...after all bankruptcy is only for 3 short years ...
Infact I could see that very soon bankruptcy laws will be eased when the multitudes of bankrupts cause such a great obstacle to our "credit enhanced" economy that goverments has no choice but to relax in order to get the economy moving again .....after all you can only lend if someone is able to borrow??
#7, MBAs, this is a
#7, MBAs, this is a useful alternative:
http://www.cranfieldfellowship.com/
I'm not sure they cover money creation though. (Ok, you can probably guess that they didn't, ahem ....)
Daniel, Many thanks. cheers Bernard
Daniel,
Many thanks. cheers
Bernard
Kin, I think you'll find
Kin, I think you'll find that's Shakespeare, not the bible - the next line being something like 'for loan oft loses both itself and friend' - the iambic pentameters give it away....
Is the Lunar cycle an
Is the Lunar cycle an actual phenomenon or just a self fulfilling prophecy with a dash of confirmation bias? Other lunar cycles such as an increased in emergency room visits during a full moon have already been thoroughly and completely debunked. Yet people still believe it happens, so maybe the belief itself is enough to make it happen. Therefore it seems that the moon has an effect when in fact it is a mild form of mass hysteria.
One way to test this is to see if there is statistically significant increases in the phenomenon after articles like this are written and then measure if there is any steady decay over time.
The moon lifts the surface
The moon lifts the surface of the earth a good foot, so why not the markets!
RW - Unfortunately the MBA
RW - Unfortunately the MBA brigade also run the vast majority of NZ businesses.
MBA - Master of Bugger All
Using the moon to predict
Using the moon to predict markets is as sound as any technical/chartist hoodoo.
@Troy - as someone who used to work in EDs, I agree with the full moon theory - always a busy night and always lots of nutters.
Merry Xmas to everyone.
<b>Bernard</b> : I've just read
Bernard : I've just read your article in today's NZHerald . Agree that we have had a " Sergeant Shultz " year ( see nothing , do nothing , learn nothing , deny even getting out of bed this morning ) . But strongly disagree that John Key will be a visionary leader if he makes the taxation changes you outlined , in the 2010 budget . Most of them are commonsense . None of them are " rocket science " .
But one of the great shames of 2009 was that Key wasted a full-blown economic crisis . If ever there was a time to renege on a few election promises , this was it . And he had a massive mandate in the polls . So much political capital . Pity not to use it .
@ Roger I agree with
@ Roger
I agree with your call on Key wasting his opportunity. To me it showed that he is little more than a salesman who wants to keep his job. Bill'n'John got elected with the expectation that their grasp of economics was superior and what we needed, but they really have shown that politics is what matters to them, not the economy.
Now they only have 18 months to grow a pair and get something done. Can they do it?
Democracy? Of..For..By... Check out who
Democracy? Of..For..By...
Check out who put Bill'n'John in, and the answer to your question,GOW, has to be...they could... but will they?... "No!".
The lunar theory of green
The lunar theory of green shoots comes to mind.....
I kind of like No 8. Indeed, this is where we went wrong on a global scale. Let a whole lot of folk get selectively 'educated', while cloistered away from the real world.
Then believe them.
Like many monasterial products, they developed an unchallenged view of their own importance, omnipotence, and (most worryingly) correctness.
The teachings of the earlier monkal missions foundered with the Apollo missions - there is no home for little children above the bright blus sky - pentameter or no.
The 'exponential growth can go forever' gospel, has likewise run its course.
No wonder its monks look like monkeys.
When you have to take your spade the the DoC estate, and your theodolite to the ocean, you're into the last doubling time. Of them all.
Te Dumb, te dumb te dumb te dumb,
Te......
There I go, spelling te dhumb without the 'h' again :)
Swot up on that 'doubling time', Bernard, just out if interest....
see you next year.
About Afganistan and morale: October
About Afganistan and morale: October was deadliest month for US troops in Afganistan since occupation, what did they die for?
- Since 2001 the opium cultivation increased over 4,400%. Under the US, Afghanistan became world largest opium producer, which produces 93% of world opium, and exceeds $4billion/year
Ahmed Wali Karzai, the brother of the Afghan president and a suspected player in the country's booming illegal opium trade, gets regular payments from the CIA, and has for much of the past eight years, according to current and former American officials.
"In my 30-year history in the Drug Enforcement Administration and related agencies, the major targets of my investigations almost invariably turned out to be working for the CIA."Dennis Dayle, former chief of an elite DEA enforcement unit.
http://www.rawa.org/temp/runews/2008/10/05/reports-link-karzaiand-8217-s...
And more: Peter Galbraith, deputy
And more:
Peter Galbraith, deputy special representative in Afghanistan has been fired after publicly talking about the massive electoral fraud during latest presidential election (between 30%-50% votes)
http://www.washingtonpost.com/wp-dyn/content/article/2009/10/02/AR200910...
RE: 5 lobbying and bailouts:
RE: 5 lobbying and bailouts:
Those activities have, in part, yielded the companies $305.2 billion from TARP, or a massive return of 267,208 percent.
Bank of America, combined with Merrill Lynch, spent $14.5 million and got $45 billion from the bailout. General Motors spent $15 million and got $10.4 billion, and American International Group spent $10.6 million and was paid out $40 billion.
Of all companies that have been helped by TARP, 25 paid lobbyists $76.7 million to represent them on Capitol Hill last year
Merry Christmas to one and
Merry Christmas to one and all . One helluva year : Economic collapse / Swine flew / Global warming .........Yet the sun still rises in the morn to bring us the promise of a new day . Somehow we muddle through it all . ..........Enjoyed the year , muddling along with you lot . God bless .
Ditto, Roger. I hope you
Ditto, Roger. I hope you gave Santa a wave on your way home this morning!
We were up , having
We were up , having a Filippina party . They celebrate on Christmas eve , more than on the day itself . ........... . Santa is peddling a prospectus . Cash is tight . So he wants to list the reindeer on the stock-exchange , as RDO's ( Reindeer Debt Obligations ) ............ Seems to be a winner , compared to Allied Farmers .
@RT and GOW: "If ever
@RT and GOW: "If ever there was a time to renege on a few election promises , this was it . And he had a massive mandate in the polls . So much political capital . Pity not to use it ."
Absolute b*llocks...it astounds me that ppl like you are so eager to throw away democracy at the drop of a hat (or maybe it should not) this path you tread leads to totalitarism where the ppls will is ignored for their own good. Lets be clear you are both far right wingers who's political base has never and never will have a mandate to do the extremist things you think is now justified from the ppl. JK's mandate was based on his election promises ie to be a centralist moderate Government in the first term (election 2011 should be interesting). His "Political Capital" is based on his being what the voters expected and voted for, "reneging" would have seen that ebb. So he certainly could have betrayed that trust but would have seen a 2011 election reversal.
Anybody with some open eyes can see the vast majority of voters want and expect a centralist Govn. They dont want too much socialism and they certainly can see what too much laisezz faire has done for them over the last year. National in 2008 finally recognised it had to compete with Labour in the center ground or spend another election in the wilderness, the Brash bribes of 2005 with an ACT PM trying to get in didnt work (though it was depressingly close).
Why do you think he is continuing to enjoy such leads in the polls? because he's doing what the ppl expected of him, "steady hands" do we see mainstream yelling for a lurch to the right? (or left?) no...
regards
steven : Did Santa disappoint
steven : Did Santa disappoint you , 'cos you seem more vitriolic than usual . Yet again I must say that I am not an extreme right winger . But I am confused that JK abandoned his election promises , the tax cut to all wage & salary earners . Yet he honoured Labour's election bribes , such as WFF , which favours the few , over the many . And WFF is costing more in lost revenue to the government than the National tax cuts were to .
Please don't put words in my mouth . There's little enough room for the gummy bears . Happy to have a constructive debate . Not so happy to be falsely labelled and abused . That is what my supervisor is for , not you . Bless !
"Treasury research suggests that debt
"Treasury research suggests that debt is not as serious an issue for households as is sometimes portrayed"Radio nz....the BS begins early it would seem. Not even into 2010 and they start. This brilliant conclusion from two of treasuries finest...seriously underpaid analysts!. No doubt the stonecutters will have some more of their best BS ready for release in the new year.
Treasury officials must be just
Treasury officials must be just following the Chris Joye philospophy from across the Tasman.
"...dwelling price to income-ratio is only 4.1 times, "less than half the seven to eight times often quoted in the media and by economist, and implies that Australian housing is not overly expensive by international standards".
http://www.smartcompany.com.au/property/20091210-property-experts-claim-...
@RT: Santa was pretty good
@RT: Santa was pretty good actually....however the kids were still awake at 1.15am and in and out the bedroom from 2.45am onwards wanting to open presents, so we are/were knackered, we let them at about 530am.....Today, boxing day we slept til 10am to make up for it.
Vitriolic, well I value democracy highly, so many other parts of the world I have seen/been to dont enjoy such huge freedom. I remember the socialists in the 1970s and 1980s who decided that the reason socialism wasnt working was because we were not yet socialist enough. At that point ppl voted in Maggie Thatcher (who I would class as the lesser of two evils) Michael Foot and Arthur Scargill being the other choice. After that right wing lurch we get Tony bloody Blair and Gordon economics genius Brown. Who here today we see over saw a right wing / laissez faire melt down, in-arguably the worst since 1929 if not the 1870s.
Now look at your wording....."Key wasted a full-blown economic crisis . If ever there was a time to renege on a few election promises , this was it ." What should anyone read from this? Key not carry out the promises he made to gain votes to win an election? Labour would have/had a field day if National lurched to the right, right now...
JK gave the tax cuts btw. WFF benefits a lot of ppl, hence why its still here...and I agree its wrong.
If you look at past history, when democracy dies so does freedom. Once those [newly] in charge decide that they now know better than the voter, then this IMHO is the path to hell. To me "reneging on promises" is the "they now know better than the voter" and once that "line" is crossed its easy to cross again and again, even not cross back....
So far the last 30~40 years of politics has taught me no Govn past two elections and have MMP to blunt the lurches while there.....
regards
@Nickolas: That piece is written
@Nickolas: That piece is written by someone incredibly stupid IMHO....I need a job so I have to buy a house where the job is, ie mostly in metro areas.
regards
Steven : Fair enough !
Steven : Fair enough ! Key's problem , as I see it , is that he painted himself into a corner , vis-a-vis policy , before the election . He didn't need to " me too " to Clark & Cullens' ideas . And that it the one ( and only ) area that I had respect for Dr Don in 2005 . He directly opposed C&C , and had fresh ideas . JK should've done the same .
But the economic crisis has not changed one iota of how this country operates . And that is galling . After a 9 year commodity boom , how vulnerable we were to a recession , and how quickly the government resumed borrowing from off-shore . We learnt and achieved nought from the boom years !
But to Key's credit , it has been an unscarey year from the gumnut . No more of those academic utterances from on high , bizarre and incomprehensible , that so marked Clark & Cullen .
Merry Christmas Fannie and Freddie!
Merry Christmas Fannie and Freddie!
http://www.reuters.com/article/idUSTRE5BN2ZI20091224?feedType=nl&feedNam...
I thought that it's traditional
I thought that it's traditional for Americans to kill their turkeys at Christmas time , not to pump them up with $ 200 billion . That's gotta be the world's richest stuffing ................. Seconds , anyone ?
The Boeckh Investment Letter of
The Boeckh Investment Letter of Dec. 21 , outlook into 2010 , is well worth an idle few minutes reading . 6 pages , plus 6 of graphs . Sorry I cannot " link " it in here . Am still battling with how to operate these con-farn-it new fangled computers ( it won't last , the pencil / paper / and slide-rule will return ! ) .
www.boeckhinvestmentletter.com
As the Hickster has buggered
As the Hickster has buggered off , we gotta make our own entertainment , here's my contribution to the summer party : Japanese PM Yukio Hatoyama has announced a Y92 trillion budget ( $ 1.4 T NZD ) , which will raise Japan's debt-to-GDP ratio to 195 % . .........Not content that 20 years of QE ( which has taken the nation from large creditor , to large debtor ) has utterly failed , the latest PM has reneged on his election promises of fiscal restraint , to unleash the mother of all spend-ups . Michael Cullen would be green with envy ! Tax revenue of Y37 T will be exceeded this year by new debt issuance of Y44 Trillion . Yikes !!!
@RT: "He didn’t need to
@RT: "He didn't need to " me too " to Clark & Cullens' ideas . And that it the one ( and only ) area that I had respect for Dr Don in 2005 . He directly opposed C&C , and had fresh ideas . JK should've done the same."
I dont agree, at least I'd want some evidence he didnt need to as I think he did. HC & MC held the centre ground where the big numbers of [swing] voters are, tahts what wins the election, the die hard Labour or National supporters are going to vote that way no matter what, so can be ignored. So the Party that gains that central block is the one that rings the election.
Agian I think you show your quite far right (not to vitrolic? ) tendancy with your words, more to the right than most voters I suspect. Dr Don is/was clearly an escapee from the ACT party, what the hell he was doing in National I will never know. Well I do, I think he wanted a shot a PM and not a long term MP on the ACT sideline....Key is the same, I suspect (not a long term MP).
There is nothing wrong with being an ACT supporter (I will add) but their policies might indeed be "fresh" to you, I dont agree, I'd consider them simply un-used and un-wanted rather than "fresh" by most voters.
regards
steven : I want the
steven : I want the people to have more freedom to live their lives on their terms . I want less government , but not none . My dream would be for the folk to be individually responsible for their actions . For them to be proud , inventive , fun , and strong . The safety net for those who need government assistance can be a fraction of what it is today . ....... Is that so " far right " ?
To your Don Brash point : Yes , he is ACT 100 % . But as you say , no chance of getting the top job with them . Sold his soul for the promise of the baubles of office ? Yup ! But he's not alone in that , is he .
<b>TOP 10 @ 10</b> :
TOP 10 @ 10 : JAL , Japanese Airlines collapses 23 % in value on the Tokyo stock-exchange today , amidst fears of bankruptcy , and restructuring . That's a 30 % decline for the week : Alex , back to you in the studio . Roger & Out .
In London, the FTSE saw
In London, the FTSE saw its biggest annual gain since 1997, rising 22% over the course of the year. Germany's Dax rose 23% while France's Cac added 22.%.
US share prices also performed well. Despite a drop of about 1% of all Wall Street indexes during the last trading hour on New Year's Eve, the broad-based S&P 500 index was up nearly 25%, the strongest performance since 2003, while the Dow Jones gained 20%. The technology-driven Nasdaq index doubled those gains, rallying 45%.
However, those advances pale in comparison with China's stock market rally. The Shanghai composite jumped 80% this year.
http://news.bbc.co.uk/2/hi/business/8436264.stm
<b>TOP 10 @ 10</b> :
TOP 10 @ 10 : Merry Christmas to 250 staff at Rapid Roadfreighters : We are in liquidation . Sorry that we won't be paying you the wages we currently owe . But enjoy the party , have some drinks , it will be our last . Cheers !
It's been some ride CB.
It's been some ride CB. Markets look set to start this week with a rush as the big funds will not want to repeat their gutless approach to 09. What to buy?. Property is a bummer and bonds too, cash is crap unless you enjoy losing money. That leaves you know what and explains why things are set to get white hot until Ben starts buying cash with ious. Then the fun begins as the real misery of rising rates kicks in. Would you swap your hundred billion for a Fed IOU?. Not me.
<b>Rogie's Gummy Bear Pick for
Rogie's Gummy Bear Pick for 2010 : Goldmoney Sacks . Yup , folks , old " vampire squid " is gonna surprise on the upside with profits this year , massively so . You can sit on the sidelines and bleat all you like , but those who bothered to get on this bus are in for a ride to Joysville . ......... . Oh , yeah , that includes Warren Buffett . Hmmmmm , thought he was a has-been , yesterday's man ?
8000 Kiwi families ( 2008
8000 Kiwi families ( 2008 ) , up from 6000 in 2004 , are technically insolvent , with total household liabilities greater than assets owned ........National household debt has ballooned from $ 40 billion in 1990 , to $ 180 billion in 2006 . Mortgages made up to 85 % of this debt ( as if we couldn't have guessed that ! ) ..........To quote Cameron Bagrie ( ANZ chef economist ) : " We're living beyond our means " ( uh huh ! ) , " We want it all and we want it now " ( nice to meet a Freddie Mercury fan ) .
The Treasurey believe that these debt levels are not alarming , as we have cheaper credit / higher employment rate / lower tax / and higher household income than in 1990 . ( Pollyanna is alive and well . Yippeeeeee ! )
†We’re living beyond our
" We're living beyond our means " ...no worries...just increase the WFF payout to families unable to meet their mortgage payments...there you go Bill...easy votes to be had mate.
Pity that Cullen didn't mis-spell
Pity that Cullen didn't mis-spell it to WWF : Then we could've all gone to the wrestling , at someone else's expense .............. Sadly , as it is WFF , I'm wrestling with our budget , as someone is raising their family at my expense . ...........Time for the UnderTaker !
[ for those not in the know , WWF is now WWE ; a name change as it seems that too many people were confusing Hulk hogan with a rare spotted fairy penguin ]
<b>Ground-Hog Day!</b> : Do the
Ground-Hog Day! : Do the prognosticators of all things economic , see a shadow in 2010 ? Hell No !!! The top analysts have spewed forth their outlook for the coming year , and it's all good , all growth , all recovery ( of course ) . As reported in the NZ Harold ( www.nzherald.co.nz ) Dean Maki ( Barclays , NY ) , the most accurate forecaster of 2009 , believes that US household spending will pick up in the latter half of 2010 , as the 67 % increase in the S&P 500 index since it's 6/3/09 low , shores up family balance sheets . The US economy will expand by 3.5 % . Unemployment will fall to 9.6 % . And the overnight (Fed) interest rate will be raised in steps to 1.0 % by year end . .........
.... . Can't help feeling that we should accompany these pronouncements with a dance by the Dallas Cowboys cheer-leading squad ( any excuse for a looksie at them . Ooooooooh yah ! )
<b>When there's no news to
When there's no news to report : A repeat of the Happiness Index . Stuff report that Grant Thornton Co. ( Peter Sherwin ) have placed NZ high up , at 66 points , on an international index of business-happiness . Chile tops on 85 , India 84 , and Oz in third spot , 79 happy points . Yay ! The global average of all countries is 24 happy doo dahs . Rock bottom at -72 happy points is - tah dah , house of the rising sun , Japan . Go team , all up from here ........Maybe .
A stellar performance by NZ , well up on last years -15 point rating . Take a bow ! But just to put this into context , the Philippines - a hot-bed of corruption / poverty / eating cooked chickens in the shell ( balut ) : Sits on 68 happiness thingies , 2 above us . ...............Aha !
You hit the chicken on
You hit the chicken on the head RT...a complete and utter load of bullshit from one survey to the next...interlaced with drivel from social credit spawn and promises of a 6 part recovery strategy from the one and only....wait for it...Bill English..not to be confused with Jonny English!!
No Wally : You hit
No Wally : You hit the chicken on the head ( about time someone did ) : Nice little scrap with your old cobber Iain P. on another thread ...........Keep up the good work . Gummy Bears on the way to you , " Bumper Sticker Boy ".
Iain's off trawling for links
Iain's off trawling for links to fatten his next post with. Did you see the pics of the social credit spawn I posted to keep them busy?
Oh , my bad .
Oh , my bad . I thought that was Mike Williams & Helen Clarke leading the last Labour Party Spawn conference .................. They did look familiar . [ is Iain's "social credit" the same as the old Bruce Beetham lot ? I did ask him once ; can't recall if I have deciphered his reply yet ]
They is all spawn RT.
They is all spawn RT. What's the Canadian copper mob you are into to. We seem to started the year off rather well with the red metal!
I prefer Paul Keating's 1992
I prefer Paul Keating's 1992 description of the centre right opposition , fondly recalled as, " You're all swill".
<b>W : </b> : Taseko
W : : Taseko ( TGB )
NA : : Ah , fond memories of working in Oz , during the golden period of Hawkie & Big Paul . Must be a Paul K. biography...........Orf to find it . Cheers man !
Don Watson : " Reflections
Don Watson : " Reflections of a Bleeding Heart " ( 2002 ) . One little gem , to describe former deputy PM , Peter Costello : " All tip , and no iceberg ! " .........Ahhhh, that is so sweet .
<b>TOP 10 @ 10 </b>
TOP 10 @ 10 : Petrochina have let a 2007 deal to purchase $ 40 A billion of gas from Woodside Petroleum lapse . The supply agreement was for a 20 year supply of natural gas . Since 2007 , " much has changed " say Petrochina insiders ( read that as " the price of gas has fallen , and as you won't re-negotiate , we're off . Ta ta ." )
<b>TOP 10 @ 10</b> :
TOP 10 @ 10 : Director of MyFarm , Andrew Watters , says the investment company is able to purchase high quality dairy farm stock and land 25 % cheaper than they were at the height of the dairy boom , in 2008 . Debt servicing costs had dropped by 50 % due to lower interest rates and to lower land prices .
Investors are also showing interest in sheep and beef properties . The company has recently formed a syndicate to graze heifers and finish lambs near Taihape . ( as if that town needed more Daggs in the neighbourhood )
<b>TOP 10 @ 10</b> :
TOP 10 @ 10 : From the people who tell you to get STUFF'd , Aussie firms get set for IRD tax grab. Yes , those pesky Ozzies are at it again , daring to invest in NZ and to profit from it . The unmitigated bounders are making contingencies of up to $ 500 m. just in case . Toll / Telstra / Qantas / MediaWorks : Nasty little firms that oughta know better . Along with those rat-bag banks ..........Whatyer ever done for us , Ozzie ninnies .........apart from supply our credit , run some radio & TV , and the train & road freight thing , communications networks , cheaper air fights ............. Apart from that , what've yer ever done for us !
Me favourite VB beer ,
Me favourite VB beer , you cloth eared little tick .........Get back to digging the swamp . Your pa's gonna give you a belting for this , boy !
<b>TOP 10 @ 11</b> (
TOP 10 @ 11 ( geez , Mum , not infront of the guys ) ..........ah , there you are . Ahem ............. Woolworths are eyeing up the purchase of NZ founded Independent Liqour . Woolies want more private owned brands amongst its' merchandise . And seeks less reliance on big players Lion-Nippon Nathan and Fosters Group . Woolies feel that Independent Liquor is worth $ 700 m . A shade less than the $ 1.25 billion that the current owners paid for it . Independent specialise in alcopops , and cheap beers , such as the ubiquitous NZ Lager .
<b>TOP 10 @ 10</b> :
TOP 10 @ 10 : And from our " Only a Kiwi Government would do this " file , comes this little doozy , hot off the STUFF : ACC levy hikes outrage skifields : Snow lovers are gonna be slugged with massive increases in ACC levies this winter season , via increased lift pass prices . NZSki CEO James Coddington told TV1 that his company's levies were to rise fron $ 300 000 , to $ 540 000 this year . The cost of accidents to staff levy will be up 80 % this year , even though claims for injuries to staff was only 10 % of what was paid to ACC , according to Sam Lee , G.M. of snow park .
This field ops. measured response to the minister of ACC , given the circumstances of the recession , and the need to encourage tourists to come to NZ , are you out of your tiny freaking mind , bozo ? You clown !
<b>TOP 10 @ 10</b> :
TOP 10 @ 10 : At the NZX ( a.k.a. Weldonia ) from Massey Uni. Prof. Bob Hargeaves " Ownership dream unrealistic " . The good professor is predicting a gradual rise in house prices over the next 5 years , and that - coupled with rising interest rates - will make it impossible for Kiwis to buy their first home . He believes that wages will remain static during this period ahead ...........Ollie Newland ( author and property investor ) adds : " Alot of people will come to the correct conclusion that renting or leasing is cheaper........people will see leasing as a way of life. " Hargreaves said a housing crash was unlikely , given people did not need to sell their houses , as shown by the Barstool & Thompson figures .
<b>TOP 10 @ 10</b> :
TOP 10 @ 10 : Gerry Harvey , CEO and founder of retailer Harvey Norman , claims that Australia is on the cusp of another boom . On the back of the best November sales in 3 years , Harvey predicts that December was a bumper sales month .
Total retail sales in Australia , across all sectors , rose 1.4 % in Novemember from October . Consumption makes up over 50 % of the country's GDP .
JB Hi Fi also reported sales improved dramatically from a year earlier . And Coopers Brewery ( this respondents favourite tipple , the Sparkling Ale ) announced production of 60 million litres of beer for the year , an all time record for the Adelaide based family firm . Car and truck sales also surged by 15.7 % on an annualised basis , aided by government meddling in that market .
Rogie above- A scenario of
Rogie above-
A scenario of a long and possible severe recession, excessive debts, risk of losing jobs and people are still spending in the millions. Why ? Answers "“ some good points anyway with this link.
http://compassioninpolitics.wordpress.com/2009/02/25/culture-of-greed-an...
Mostly "China Mad(e)"
Got the hair shirt on
Got the hair shirt on Walter?
Wally, I'm not a religious
Wally, I'm not a religious person, but I like some points in that article.
Wearing helmets are more suitable this days.
<b>Walter</b> : Bless you my
Walter : Bless you my son . For you have seen the light , the path to golden riches within your soul . We only work Sunday , the day of our Lord . The rest of the week is yours to go wild at Copenhagen with buxom show-girls . And we pay no taxes , so long as we don't say a word against our queen , dear Helen . Life is sweet , dear friend , upon the crutches / oops - upon the churches of our saviour , John Key . Praise be thy name . Nothing will change , from here until eternity , as it was when you took power , the power and the glory . Amen .
No, no, no please stop
No, no, no please stop RR - all tooo much ! "Holy Trees" create enough noise today for me here in windy Kaikoura.
God Copenhagen can rain weatherbombs in AU and along the Westcoast SI.
<b>TOP 10 @ 10</b> :
TOP 10 @ 10 : From the NYTimes : The Chinese government has agreed in principle to the creation of stock index futures , trading on margin , and short selling . The biggest step towards given investors risk management tools . Rumours of such an announcement had circulated several days beforehand , driving up the share price of listed stockbroker houses , who stand to gain enormously . Institutional investors will be able to hedge and reduce volatilty , in a market known to swing wildly . In 2006 the China Financial Futures Exchange was established in Shanghai . Since that time , regulators have been testing stock index futures , short selling , and margin trading .
<b>TOP 10 @ 10</b> :
TOP 10 @ 10 : From the NZ Harold : Bernard Hickey : Tangle created by top tax rate . Drawing from the chart series , presented on this site , BH sums up the impact of Michael Cullen's 39 % tax rate . A hike in 1999 , which had unintended consequences of " generating a property boom and a boom in the tax avoidance industry ". To cure the mess he made , Cullen then introduced WFF , " which in turn created monstrously high marginal tax rates . " The IRD show that although the period 2002-8 was the most prosperous in New Zealand's history ,the number of Kiwis declaring relatively high incomes plunged . Losses declared by LAQC's rose from $ 750 m. in 2003 , to $ 2 250 m. in 2008 .
" Our tax system is now an unfair , unworkable mess needing reform . "
<b>TOP 10 @ 10 </b>
TOP 10 @ 10 : Caroline Baum : Banks Decline Yield Curve Invitation to Party On ( Bloomberg ) . All systems are go . With the funds rate close to zero and 10-year Treasuries yielding about 3.8 % , there's alot of carry in the curve . Yet money and credit aren't growing . " Banks aren't lending .The financial system is a major impediment to a more vigourous recovery . Another wave of losses is coming from commercial real estate ", Paul Kasriel , chief economist at Northern Trust Corp .
When the financial system is impaired , it takes a steeper curve for a longer period of time to produce an expansion in money and credit .........With time , the spread will translate into more borrowing and lending . The FED must watch that the trickle does not become a cascade , and build the third bubble in 2 decades .
<b>TOP 10 @ 10</b> :
TOP 10 @ 10 : From our " I wish I'd thought of that first , file " ...comes this story of Builder clicks into Google's ad cash ( Rob Stock , SST ) : 61 y.o. former builder Les Kenny constructed a web-site offering DIY projects for free , 6 years ago . Buildeazy.com was a labour of love , initially , but then the search engines picked up on it , as its popularity grew , particularly in the USA . And 3 years later Les discovered Google's AdSense programme , where clicks create revenue for the host . The trickle of cash , $ 3 or $ 4 per day , gradually built into a torrent . " It just kept growing and now it is almost $ 20 000 a month " . Les Kenny spoke to the SST , hoping more older Kiwis with a wealth of experience to share , could profit from the AdShare programme .
Mel Chan ( Google , AdShare ) said that most private AdSense publishers were not in Mr Kenny's league . " Making money online is never the quick and easy magical formula that the spruikers put out there . ........... . We are finding a lot of very successful publishers come out of New Zealand and we concentrate on them . "
Rogie like your 10 @
Rogie like your 10 @ 10's. Finally, something creative is coming out of you. :-)
<b>Walter</b> : Unlike our illustrious
Walter : Unlike our illustrious leader ( in Orstralia ! ) , I never sleep , there is no holiday , no rest . The world of commerce is 24/7 . Vainly , I am trying to keep some interest in this site . My eclectic mix of 10 @ 10's are to keep the wheels turning , whilst the Lord-and-Masters play off-shore . True blue Kiwis stay here and suffer , Bernard , we don't abrogate our responsibilties to the great unwashed ( Les , Iain , MarkH , Sore & Co. ) . ............. The children miss you , big daddy gummy bear ! ....... Ooooooooooooooooooooooh !
First, I thought it is
First, I thought it is a slip of the pen - no, no - not Rogie "eclectic" - another word among many reading your articles I needed to look up in my dictionary. But still many I couldn't find - hmmm ! Slang or .. ?
Walter : <b>eclectic</b> : Means
Walter : eclectic : Means from a variety of seemingly unrelated sources . Or , if you're an Indian take-away , a variety of sauces . Example being ruddy Les combining the Nudists Association with a parrot recovery squad in Tuscon , Arizona . That was a ruse , to mask the fact that neither he ( nor anyone else on this site , girt-by-sea ) can fathon a single solitary word of Iain Parker's public-credit malarky . .............. . Les doesn't wanna let on , as you and I have openly done , that he hasn't got a clue on the subject ( 'cos : no one has !!! ) . We're all Wally's ! ....... ...Praise be to that !!!!!!!!!!!
As a "Modest KiwiSwiss Spirit"
As a "Modest KiwiSwiss Spirit" it is good to have help from all three anyway - Mr. R. Thomson, Mr. G. Langenscheidt and Mr. U.S. Google. Otherwise I couldn't find the way through the jungle of "Chinese calculator economies" here.
But Rogie, despite having all that help I still can't figure out:
"¦ why Mr. Guernsey can't live with "debt free" notes in Noddyland's democracy, when this RB PC also creates value by funding capex.
"¦. why Lady Tara, who joint the International Nudists' Association should invite the good folk at RBNZ for a round-and-round process as implied by his error about how much interest is made (5% on 900) and paid (2% on 100) to get Washington pork from the 'stimulus' bullshit"¦
..and why the GFC, like many in the US, people on Main Street NZ would be as pissed as those on Main Street USA, while sleeping in the forests around Marlborough after the dogs have found a pig or two in a hamster wheel sitting on top of a fiat.
Please help. I'm just working day in day out 24/7 to help nZ economy to grow.
Walter
Roger, Walter - cracking, who
Roger, Walter - cracking, who says you guys haven't a sense of humour! Cool. Cheers, Les.
Hello Rogie - unusual -
Hello Rogie - unusual - can't hear you,
I'm worried you could be on the road to the Sounds, looking for the fiat and the pig doing the hamster- wheel ?
On Monday, back to serious stuff - half of the nation is working again.
<b>TOP 10 @ 10</b> :
TOP 10 @ 10 : Auckland Int. Airport is to purchase Westpac's 24.55 % in North Queensland Airports for $A 132.8 m. NQA operate the Cairns and Mackay airports . AIA CEO Tony Frankham says : " This proposed acquistion opens up exciting new opportunites to strengthen and grow air services connections with Cairns as a stepping stone between New Zealand and the high growth tourism markets of Asia . " He went on to blab some nonsense about bringing AIA's business expertise to assist NQA , but if you wanna laugh , go to the NZX for that .
<b>TOP 10 @ 10</b> :
TOP 10 @ 10 : From the NZHarold , Sea to provide power for 250 000 homes : Crest Energy ( 30 % owned by Todd Corp . ) are making submissions to construct a 200 turbine tidal power-plant , generating 200MW , on the Kaipara Harbour sea-floor . Initially 20 of the 24 metre tall turbines will be constructed . They will rise from the sea-bed , to within 7 metres of the ocean surface . The 10 year project is costed at $ 600 million . A similar 200MW power plant is operational in the Orkney Islands , and feeds into the UK national grid .
Production numbers in , from
Production numbers in , from Taseko . Annual copper produced 70.3 million lbs. Also 629 000 lb. molydenum . Target for 2010 is 115 m lbs. copper . This is just from the Gibralter Mine . The much larger Prosperity Project is still ramping up the machinery . The market cap. , around $US 800 m. makes this a mid-tier miner . Similiar to your PNA . Taseko also have enormous gold reserves too , but are not mining them , yet .
Taseko!...must look into that. I
Taseko!...must look into that. I await a report from pna on Banho. From what Goldman et al say the value of this new gold mine has yet to be applied to the share price value estimates. It's a case of hurry up and wait. Interesting to see the price push cose to the JBWere 12 month target of 70c. They seem to have a handle on what's what. If Leeb is right, the silver may prove to be of more value than the gold. I hear copper knobs and door plates are excellent for killing germs!. Copper just jumped $140.
Sea to provide power for
Sea to provide power for 250 000 homes - great !
Imported ! - *600 Million exported ! - great !
Auckland Public Transport system imported - *300 Million exported - great !
Chch Light rail (public transport) imported - *150 Million exported - great !
..and probably *50 -100 Kiwis (academics, engineers, skilled workers) working overseas are working on it - great !
When do we stop dreaming - spending - in stead of "Doing Things" here ?
*estimates.
Walter
The LEEB link was guaranteed
The LEEB link was guaranteed to give us copperites a glow . Not saying I totally agree with his scenarios , but I get fed up with the " sky-is-falling / chicken-little " doom & gloom day after dreary day . Come into the sunshine , gloomsters , be happy !
Check out the Motley Fools , for more on TGB : www.fool.com
<b>TOP 10 @ 10</b> :
TOP 10 @ 10 : For the calendar year 2009 , China has eclipsed Germany as the world's greatest export nation . Chinese exports totalled $ 1200 billion , narrowly above Germany's $ 1170 billion . The Chinese people still lag on GDP figures , ranked 130'th out of all countries , on GDP per capita . Total GDP of China is predicted to pass that of Japan , in 2010 , raising China to second place , behind only the USA .
<b>TOP 10 @ 10</b> :
TOP 10 @ 10 : Australia's new Work Fair system came into law on January 1 , and is already causing consternation , particularly amongst retailers . The Rudd government's new policy forms a country-wide employment bill , and makes the previous Howard government's Work Choices legislation redundant . In the eastern states alone , up to 3000 jobs in retail may be lost due to the new laws . And across the board 89.4 % of small business owners intend cutting back their employees' hours , due to the negative impacts of this bill . Under the bill any employee can gain a hearing to achieve a degree of flexibility in any chosen aspect of their work or working environment . Smaller business owners claim that the bill effectively raises the cost of labour by anything up to 50 % per hour .
<b>TOP 10 @ 10</b> :
TOP 10 @ 10 : The new Japanese government appear content to let the nation's flag-ship airline , JAL , enter bankruptcy . Creditors of JAL will seek a court restructuring of the carrier . And ultimately , up to 10 000 jobs may be axed . The previous LDP government had bailed out the airline 3 times in just 6 years . JAL was established in 1951 . Sayonara , JAL-heisha .
<b>TOP 10 @ 10</b> :
TOP 10 @ 10 : On the NZX ( a.k.a. Weldonia ) " Takeover activity set to take off again " : NZ M&A deals slumped 68.3 % to just $US 2077 m. in 2009 , from $US 6500 m. in 2008 . Suntory's(Japan) purchase of Frucor Beverages from Danome(France) was the biggest deal of the year , at $US 770 m. ..Goldmoney Sacks men Bernard Doyle & Marcus Curely predict 2010 to see a resurgence of M&A activity . And they list 10 local companies which could be impacted by M&A activity including : GPG , Infratil , F&P Healthcare , Warehouse , Port Tauranga , AIA , Tower , NZ Wind Farms , SkyCity , and Freightways .
Globally M&A deals fell 40.5 % in value , from 2008 , to $US 1.7 trillion . The number of deals only fell 6.6 % , to 27 725 , worldwide . [ Suggesting that companies with strong balance sheets used the opportunity of the GFC to snap up smaller rivals . ]
Ah feck . Outed ...........Again
Ah feck . Outed ...........Again !
<b>TOP 10 @ 10 </b>
TOP 10 @ 10 : BookIt of Dunedin , an online travel booking service , with 3 employees , has been purchased by TradeMe , a subsidiary of Fairfax Ltd . BookIt has grown it's revenues by 150 % over the last three years . The existing staff will be allowed to keep their jobs ............ For now !
<b>TOP 10 @ 10</b> :
TOP 10 @ 10 : Lacheteau Wines of the Loire Valley , France , has been denied the Kiwi Cuvee label for it's exports of Sauvignon Blanc into Australia . The winemaker taps into NZ's success with Sauv. Blanc , by using the Kiwi Cuvee label on it's sales into Europe . ........ . Sour grapes that our " cat's piss " flavoured white wines taste better than your wee froggy fluid ?
Update : TGB got EA
Update : TGB got EA for Prosperity Mine . Recoverable resource is 5.5 billion lb. copper & 3.6 million oz. gold . See Yahoo Finance / Motley Fool site for more info . TGB price rallied from $US 4.35 Thursday close , to $US 5.01 Friday close . Previous high price was over $US 13 / share . And that was before 190 drill holes at the Prosperity 85 km. sq. site ! ................We're in the munny . Oooooooh , those loverly loons . God Bless Canada , the maple leaf , and moose-pie !
<b>TOP 10 @ 10</b> :
TOP 10 @ 10 : For the book worms out there , Theresa Gattung is due to have her auto-biography , Bird on a Wire , published in March . She claims it will be a no-holds-barred look at her 11 years as CEO of Telecom . ........ Guess that bare faced honesty will include why she advocated a policy of confusing customers , so that they don't get the best deal available . And why she allowed the disastrous AAPT deal to haemorrhage cash from the balance sheet for so many years ........Until kaput . And why she actively stymied the Labour governments attempts to open up the telephone networks to provide greater services and cheaper call rates for all NZ . And that during her tenure , as a result of her cack-handling of Telecom , it's shareholders lost unprecedented billions of capital wealth , whilst she received a multi-million dollar salary and similar sized bonuses ............ Guess you're gonna come out and be totally honest about all that , Theresa ? ..............Cue TUI advert , yeah right !
Well done Rt. I await
Well done Rt. I await pna's qrtr report and some news on Banho's gold. Wish I had bought an extra million shares when they were 8 cents. Maple syrup over pancakes for tea I hope at your place. Will we ever see the likes of that price plunge again!
<b>TOP 10 @ 10 </b>
TOP 10 @ 10 :: As an update to BH's piece to Marcus Lush on RadioSliver , CSR of Orstrailer has rejected the " take-over offer " from state owned Bright Foods of the PRC . CSR has long wished to divest itself of the sugar arm , and now feels that a spin-off of these assets may best profit shareholders ( ka-wowie , directors of a company who have the share-holders' interest at heart . Now there's a novelty . Hope it catches on ! ) .
On the heels of the failed Sinochem bid for Nufarm ( formerly our very own Fernz Corp . ) , Orstralians are hesistant of Chinese burns . Sinochem had reduced the take-over offer , after achieving Nufarm directors' approval of the first , and greater , offer . ............ . Lying , cheating sods can go home . Well done Nufarm !
<b>TOP 10 @ 10 </b>
TOP 10 @ 10 : Break out the champagne , a new stock trades on the NZX (a.k.a. Weldonia) today . After the full take-over of laundry services company , Taylors Group , it's Orstralian parent Spotless Group will list on the NZX . Friday close was $A 2.85 . Spotless provide a greater exposure to corporate services within Oz & NZ than Taylors , which had a narrower focus on the laundry industry . Spotless have offices and operations in all major NZ cities . ........... . Go team , fill yer boots !!!
Gerard Jackson over at Safehaven
Gerard Jackson over at Safehaven ( www.safehaven.com ) pulls no punches as he launches into Barack Obama ( Nobel Peace Guy of the Year ) , Bill Gross ( PIMCO ) , and Robert Shiller ( Yale economist ) The US Economy : A Quick Survey of the Pathetic , the Fallacious and the Ignorant . [ 17/01/10 ] . Lucky old Barack , he comes out a winner on all three counts .
<b>TOP 10 @ 10</b> :
TOP 10 @ 10 : Await with eager glee Apple's announcement on Thursday ( NZ time ) . Predictions are the unveiling of a $US 1000 " TABLET " , a device similar to Amazon's Kindle . Steve Jobs is reported to be in negotiations with diverse media interests ( News Corp / NYTimes ) to access content for the new device . .......... . The challenges to traditional newspaper and television advertising revenues continues , as technology out-competes the stalwarts of the past . You're passed , NZHarold / Dom / Press !
Thank You for This Good
Thank You for This Good Post I've found FreeCredit Report is definitely a great place to aquire my free credit report and see my score for nothing. Has anbody else tried them?
<b>TOP 10 @ 10</b> :
TOP 10 @ 10 : Lloyd Blankfein is doing just peachy over at Goldmoney Sacks . Due to give himself a $US 140 Million bonus ( Bonus ! There is a salary as well ) for being such a splendid operator in getting GS out of it's self-imposed pile of doo-doo ........... Along with some assistance from Hank Paulson / Ben Bernanke , and some guy called Warren . Wonder if they're getting bonuses too ? Anyhoo , well done Lloyd . Not exactly a blank cheque , bit it sure is fine .
Maybe he is buying US
Maybe he is buying US toilet paper with his bonus!
Vampire squids are cleverer wee
Vampire squids are cleverer wee buggers than that !
<b>TOP 10 @ 10 </b>
TOP 10 @ 10 : www.hereisthecity.com is a London based website to campaign for saving David Kiely from being sacked . Just to re-cap , Kiely is the adviser at Macquarie Private Wealth ( Australia , where else ! ) who was seen on a live link to Channel 7 News , having a perve on pics of model Miranada Kerr , in GQ Mag ( online ) .
Here's my take on this story : As long a his attention was directed upon the curvaceous lines of Miss Kerr , he was unlikely to be actively losing clients' munny . And that it to be encouraged .
Today's <b>foot-and-mouth</b> award must surely
Today's foot-and-mouth award must surely go to UK MP Godfrey Bloom , for a refreshingly no-holds-barred rant at Greenpeace , ( only 73 seconds ) :
www.guardian.co.uk/environment/blog/2010/feb/05/bloom-rainbow-warrior-gr...
<b>Investing 101</b> : Directors of
Investing 101 : Directors of a publicly listed company may not always align your best interests as a shareholder , with theirs' , keeping their bums on the seat of a nice little sinecure .
A case in point . Today the NZX noted that Goodman Fielder have lifted the local indexes on a 2.56 % lift in share price . A flick to the ASX reveals $A 1.58 as the mainboard price for GFF .
Hark back to 1989 , when Ranks Hovis McDougall counter-attacked Goodman Fielder in a hostile take-over battle . The directors of GFF fought tooth and nail to see off the invaders , and their unwelcome $A 2.50 / share bid ............Yes , $A 2.50 in 1989 . The GFF board promised greater riches to come , if shareholders remained loyal , and stayed the course . It has been a long long 21 years , and we still need a 58 % rise to just equal that take-over price .
Unless the directors personally have the lion's share of their own munny tied up in shares of the company , act upon your own best interest , follow your hunches , not theirs ...............21 years . Fecking hell !
<b>Investing 101</b> : A leopard
Investing 101 : A leopard doesn't change his spots ! Brian Gaynor (NZ Harold) is exhorting Cynotech shareholders not to give control of their company to Allan Hawkins . Gaynor draws a parallel with Richina Pacific , who are powerless now that the company is out of the NZX regulations . CEO Yan is flitting the globe , having a grand old time , at that company's expense .
Brian Gaynor lists a sad collection of shonky maneuvers by Hawkins , since exiting jail . Dare we forget his time of porridge !
If you're gonna entrust a single penny of your savings to an ex-jail bird , then more the fool you .
<b>JOB VACANCY</b> at the Chilean
JOB VACANCY at the Chilean mint . General Manager Gregorio Iniguez was " let go " after it transpired that the newly minted 50 peso coins had " C H I I E " stamped on them , rather than the correct " C H I L E " . He may not be the only one to feel embarassed , as the mistake only came to light in late 2009 . Yet the 2008 C H I I E coins had been in circulation a year earlier .
obama to visit australia later
obama to visit australia later this year
''This is the way in which we respect the leaders of our great democracies, of which the United States is one,'' said Mr Rudd.
the lady is therese rein---mrs rudd
http://www.aussiestockforums.com/forums/attachment.php?attachmentid=2956...
Rudd is full of it.
Rudd is full of it.
<b>NUFARM</b> , formerly Fernz Corp.
NUFARM , formerly Fernz Corp. of NZ is baffling analysts and shareholders alike , over in OZ . Soon after rejecting the full $A 12/ share take-over offer from Sinochem of China , the board has welcomed a 20 % buy up of shares by Japan's Sumitomo Group , for $A 14 / share . Given that 80 % of shares will remain with current holders , this bid is far less appetizing than Sinochem's .
And to add salt into the wound , against market expectations a half year loss has been flagged by Nufarm . No wonder Sinochem got cold feet , and clipped a few pennies off their original bid .
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