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Friday, 27 February 2009
Pemex Plans Sale of Up to 70 Billion Mexican Pesos of Bonds in Local Debt Markets
Headless Chicken? Bloomberg Seen Losing Ground to ThomsonReuters
The Bloomberg Terminal Stands on the Precipice
Bloomberg News has been feted with gushing features about its brilliance two years in a row now. Fortune in 2007 and Vanity Fair in 2008 fawned over the financial data company's growth, particularly its ability to hire more journalists. In an era of bankrupted newspapers, any journalistic organization hiring more people is newsworthy.
While the story for 2007 and 2008 certainly was Bloomberg, it won't be the story for 2009. That distinction will go to its rival, Thomson Reuters. And if Bloomberg isn't careful, the story will last much longer than that.
Bloomberg is rushing headlong into expanding and improving its news operations. Its unassuming website and unwatched television networks are due for a tune up by new Internet, radio and television chief, Andy Lack. It's a good idea to improve lagging parts of the operation; it's just bad timing for such a move. Trust us, news sites aren't cash cows. And ask Fox how easy it is pry the attention of people away from CNBC.
At the same time that Bloomberg directs its resources towards news operations, the part of its business that actually makes money faces rough times. Bloomberg L.P. is almost entirely built on the back of its 290,000 data terminals that cost between $1,500 and $1,800 monthly. But with financial firms cutting head count, terminal sales will likely drop. There's no point in keeping a data terminal if there's nobody to man it. We saw an early indication of this last year. Between June 2007 and March 2008 there were 34,000 job cuts by Wall Street banks. By the end of the year Bloomberg saw a drop in net sales of 1,100. That equates to losing almost $20 million in revenue. While the company is still minting cash, this troubling trend won't reverse anytime soon.
Meanwhile, Thomson Reuters, who is not encumbered by terminals, just turned in a killer quarter. Net income was $656 million on $3.4 billion in revenues. It raised its dividend by 4 cents a share and its 2008, free cash flow was $1.8 billion. The company also raised its 2009 expectations. It's 2008 operating profit was $1.9 billion, compared to Bloomberg's estimated $1.5 billion, though Bloomberg has a much higher margin.
Tom Glocer, Thomson Reuters CEO, told the FT that business with Lehman Brothers was picked up by Barclays and Nomura, while the mainly fixed-income business at Bear Stearns shifted to JPMorgan Chase. He also added that as long as Citi and BofA don't collapse (no guarantees there) revenue would continue to grow. There's a good chance the same could happen for Bloomberg. After all, Merrill doubled its terminal contract after being acquired by BofA. When Merrill sold its 20% stake in Bloomberg back to Bloomberg, the data company wrote into the contract that Merrill would have to double its terminal contracts if acquired.
However, Bloomberg only sells one product at one price. If a financial company needs to reorder its balance sheet, it might consider a new provider of information.
Thomson Reuters sells a diverse set of products at a diverse set of prices. We've also been told from a Thomson Reuters source that demand for their developer tools and software has gone up ten-fold. It recently closed two of its biggest software sales ever. When the market is acting as unpredictably as it is, there is a premium for great data. It can sell terminals for half the price of Bloomberg, but that's not what it does. Thomson Reuters sells data and technology.
Bloomberg, though, is stuck with its terminals. Maybe they're as addictive as heroin, but in this environment, methadone will do have to serve as a replacement. Bloomberg signs its clients up for two-year contracts, so it will still get some money even if it loses customers. Of course there are perils in this too.
From Fortune: Of course, there are occasional situations in which some customer goes out of business and Bloombergs are a casualty. In a case like that, the immediate financial hit to Bloomberg LP is mild, given that it has been paid quarterly in advance. But Bloomberg is stung nevertheless, because the customer won't be finishing out whatever remains of its two-year contract, probably won't be paying the "breakage fee" that is supposed to apply to contract terminations, and won't be signing up for a new contract.
All of that, for example, describes Amaranth Advisors, a $9.5 billion hedge fund that went calamitously out of business last fall, losing $6.4 billion for its investors. At death, it had 221 Bloombergs worldwide. Those were in effect returned to Bloomberg LP, except that the company has a policy of letting any user who loses his job have a Bloomberg at home for four months - free of charge - while he tries to get hired somewhere else.
By January, most of the Amaranth employees had indeed taken new jobs and were once again re-equipped with Bloombergs. So Grauer was then measuring his Amaranth loss as amounting to only 41 terminals, which struck him as bearable. Besides that, the electronic sign hanging near his desk and keeping tabs on net installs was proclaiming that the company was having a fine start to the year.
That sales picture could change quickly. Despite Bloomberg's ever-blooming drive to broaden its customer base - to become a staple at law firms, for example - the company is cyclically tied to the financial world.
Hmm. Have hedge funds really shown a bit of a tendency toward calamity these days? We. think. so.
Admittedly, talking about the future of Bloomberg is tough. It is a tight-lipped private organization that doesn't have to disclose business plans. A source at the company tells us that its revenue will be fine this year, and that it doesn't really care what people say. Though we hear from an outside source that Bloomberg is hiring more people for data sales.
If this is true, it signals a welcome shift in Bloomberg's business away from terminals (and news) towards something that can protect them from the wolfpack nipping at its heels.
Ecuador's Borja Says Dollarisation is 'Faltering.´ I Wonder What He Means -- Do These Ecuadorean Officials Want a Weaker Currency Than the Dollar?
The currency regime is weakening. Funny, Ecuador is running out of dollars because of the erratic signals the Rafael Correa administration sends investors, not because of the dollar weakness/strength. The recent capital flight of about $1.5 billion in the past two months is putting the future of dollarisation at jeopardy; the place is riskier than other countries at some point -- but this administration isn't interested to acknowledge that. Remittances are falling, oil -- the biggest export of this Andean nation, -- is depressed ... To us, this is nothing but the first step towards imposing capital controls.
Writes Alberto Bernal, strategist at Bulltick LLC in Miami: ''We think that the introduction of even stricter capital and import controls is a matter of time. We also think it likely that the government will be forced to introduce deposit redemption controls if the current trend does not ameliorate. We think that one of the key goals of the TV interview of Minister Borja was to place the blame of the current travails of dollarisation on the private banking sector, and not on the inconsistencies of the current government policy guidelines.´´ As clear as day. What seems even more absurd, not say annoying is that Borja insists that the government wants to defend dollarisation at all cost. Huh! Dollarisation goes against the principles of the Correa government. Why defend it then? defending dollarisation implies, in an environment where there is no control over monetary policy, fiscal discipline. We know that anything is possible in the axis of pro-Bolivarian countries but fiscal restraints.
But the original purpose of this blog is to talk about the Latin America private sector, their channels of financing and the challenges they face amidst the crisis -- not the typical government policy talk. Bulltick's Bernal makes a very strong point here, talking about the private sector in Ecuador: ''Ecuador's private sector still owes international creditors around $6.9 billion. Therefore, if Ecuador were to leave dollarisation, then the private sector would be left with a non-payable liability, and widespread bankruptcies and ample unemployment would likely follow.´´ If Ecuador quits the dollar, the chances that the local private sector continues to service their dollar debts would be very little. Does it sound like Argentina? Bernal says yes. ''Therefore, the only option available for the Correa administration would to 'pesify´the assets of the banking sector, which would imply an immediate bankruptcy of the financial system, because the asset-liability mismatch would prove to be violent. This is, of course, unless the President is willing to take the political cost of pesifying the deposits of the Ecuadorian population as well, an issue that would likely carry major political costs.´´
You know what I think? Correa will do it.
More Downgrades on Hybrid Capital Securities: This Time the Turn Is for Dresdner
The issue ratings will remain on CreditWatch, meaning they can be downgraded again within the next three months and where they were placed with negative implications on Jan. 12.
Dramatic Contraction in U.S. Fourth-Quarter GDP Figures. The Obama Salvage Plan Will Only Be Felt Until End of Year
Growth was 1.1 percent for the 2008 year. Some numbers were quite bad: with unemplyment spiking towards 7 percent to 8 percent, domestic demand will conitnue to surprise on the downside. Last year, investment purchases of new equipment fell 21 percent; homebuilding plummeted 22 percent only in the fourth quarter.
President Barack Obama's economic stimulus package will only start sparking some recovery by the end of the second quarter or even during the third. Positive growth hopefully will only show by the end of the year, according to analyst reports from banks including Morgan Stanley, Bulltick, Goldman Sachs ...
Thursday, 26 February 2009
S&P Conference Call on Downgrade on Banks' Hybrid Securities
Standard & Poor's Ratings Services will hold a telephone conference call on Friday, March 6, 2009, at 10 a.m. EST/3 p.m. GMT. Speakers will discuss the recent downgrades of financial institution hybrid capital securities and explain how Standard & Poor's assesses the risk of payment deferral on these instruments. The speakers will also discuss how Standard & Poor's assesses capitalization (Adjusted Total Equity vs. Tangible Common Equity vs. Tier 1) and comment on the "equity credit" that is attributed to preferred stock that banks and insurers are issuing to governments under capital-strengthening programs.
The call will be hosted by members of the Standard & Poor's New Instruments Committee (NIC): Gail I. Hessol, Scott Bugie, Michelle Brennan, and Scott Sprinzen. Upon conclusion of the prepared remarks, NIC members and financial institution analysts from Standard & Poor's U.S. and European ratings teams will join our presenters to address your questions.
Relevant articles are available on our public website: www.events.standardandpoors.com. To access them from that Web site, select Teleconferences from the drop-down menu for Type, and click on the link for this teleconference.
Please note that Standard & Poor's offers all of its broadcast teleconference calls to all interested participants on a complimentary basis. The call will begin promptly at the time indicated. Please call at least 15 minutes before the scheduled start of the call to complete the pre-call registration process.
Live Dial-in Numbers:
U.S./All Others: 1-210-839-8781
Conference ID#: 5478954
Passcode: SANDP
Replays: Recorded replays of the call are made available about an hour after the call concludes and are available until Friday, March 13, 2009.
Replay number: 1-402-220-9685
Indonesia Launches Bond: $3 Billion, Two Tranches (Five-, Ten-Year); Yields Per Tranche at 10.5%, 11.75%
Issuer: Republic of Indonesia
Ratings: Ba3/BB-/BB
Format: Reg S/144A
Total Size: US$ 3 Billion
Tranche Size: $ 1 Billion | $ 2 Billion
Coupon: Fixed Rate | Fixed Rate
Maturity : Long 5y - May 2014 | 10y - March 2019
Launched Yield: 10.50% | 11.75%
Leads: Barclays Capital Plc. / UBS AG
Settlement: March 4, 2009
The Global Medium-Term Note programme of bond sales was launched by Indonesia on Jan. 29 for up to $4 billion in bond issuances. In recent weeks, especially in the November-through-January period, the decline in international reserves in Southeast Asia has been acute. In emerging market Asia (ex-China) the drop in reserves has been equivalent to 2.2 percent of gross domestic product, twice as much the decline posted in Latin America and Eastern Europe.
In the case of Indonesia, portfolio outflows were the equivalent of 5 percent of GDP in the fourth quarter. Consequently the price of five-year credit default swaps (CDS) on government dollar bonds rose by about 300 basis points in the same period. In light of the tumble in exports and the heavy foreign debt repayment schedule, more emerging market countries are being forced to tap the international bond markets in spite of higher borrowing costs. As we saw in the past two months, Mexico sold $1.5 billion of five-year debt (a weird transaction, given the fact that Mexico and state company Pemex have flooded the market this year with a total $6 billion in issuances.)
Basically, my point here is that Mexico's decision provided us with some clues about the situation of the sovereign debt asset class. That there is still appetite for short-duration investment-grade paper seems to be one of the main conclusions. The maturities for the Indonesian bonds are five- and ten-years. And borrowing costs are quite high, though -- between 10.5 percent and almost 12 percent! Indonesia explored the MTN market because it was either ready to pay high borrowing costs for the money or it feared its external account and debt positions may put reserves further under pressure. Summarising, Indonesia needed the money.
Metrofinanciera Cut to CC by S&P After Debt Restructuring Announcement
S&P and Fitch, another ratings company, warned for months about the likelihood of a restructuring and that such situation could eventually take the form of a distressed debt exchange, basically a coercive restructuring, not a negotiated one. Often, distressed debt exchanges take place when terms of the restructured debt are different and more damaging to debt holders than the original terms; it can also be considered a DDE when the step is ''de facto necessary even if technically voluntary,´´ according to Fitch. Watered-down terms of the debt can stem from a reduction in the principal or interest the company will pay debt holders, an extension of maturity dates, or the imposition of a ''stand-still´´ arrangement with creditors.
The construction industry in Mexico has been facing serious problems over the past 18 months. The slowdown experienced in the sector has affected certain regions of Mexico more than others. Flattening home prices over the past year, especially for the low-income segment, have created stress for some mortgage lenders ( like Metrofinanciera.) Loan concessions, albeit increasing, are slowing drastically. Housing demand may not react to the lower prices anytime soon, as unemployment climbs and exports to the U.S. decline in the back of that nation's recession.
Metrofinanciera's limited liquidity position, deteriorating cash-flow generation, and high debt burden led to this. Investors saw this thing coming -- analysts have been warning that the amount of assets on hand for additional financing would be insufficient to cover Metrofinanciera's unsecured and bank debt. Assets were 24.5 billion pesos at the end of 2008, liabilities 24.7 billion pesos and equity was a negative 194.5 million pesos. The negative patrimony stems from the heavy losses posted last year -- which compared with earnings of 363 million pesos in 2007. Provisions for bad loans rose 435 percent last year to 2.2 billion pesos, also helping widen the losses.
Paul Volcker Speaks. Raise From Your Seats. Shut Up and Listen. Reflect. Integrity Still Exists in the Financial World
This recent Paul Volcker speech has reached me via this post at BiiWii. If it were possible to agree more than 100%, I would. This is one of the smartest and most integral finance guys out there and once Geithner is done he'll get his turn at bat. When he does, things will get better.
Read it. Proof that to be finance doesn't involve selling your soul to greed. Thanks Gary for passing it on. I hope somebody else copypastes this speech in their blog.
I really feel a sense of profound disappointment coming up here. We are having a great financial problem around the world. And finance doesn't work without some sense of trust and confidence and people meaning what they say. You take their oral word and their written word as a sign that their intentions will be carried out. The letter of invitation I had to this affair indicated that there would be about 40 people here, people with whom I could have an intimate conversation. So I feel a bit betrayed this evening. Forty has swelled to I don't know how many, and I don't know how intimate our conversation can be. But I will, at the very least, be informal. There is a certain interest in what's going on in the financial world. And I will disappoint you by saying I don't know all the answers. But I know something about the problem.
Let me just sketch it out a little bit and suggest where we may be going. There is a lot of talk about how we get out of this, but I think it's worth remembering, or analyzing, how this all started. This is not an ordinary recession. I have never, in my lifetime, seen a financial problem of this sort. It has the makings of something much more serious than an ordinary recession where you go down for a while and then you bounce up and it's partly a monetary - but a self-correcting - phenomenon. The ordinary recession does not bring into question the stability and the solidity of the whole financial system. Why is it that this is so much more profound a crisis? I'm not saying it's going to get anywhere as serious as the Great Depression, but that was not an ordinary business cycle either. This phenomenon can be traced back at least five or six years. We had, at that time, a major underlying imbalance in the world economy. The American proclivity to consume was in full force. Our consumption rate was about 5% higher, relative to our GNP or what our production normally is. Our spending -- consumption, investment, government -- was running about 5% or more above our production, even though we were more or less at full employment. You had the opposite in China and Asia, generally, where the Chinese were consuming maybe 40% of their GNP -- we consumed 70% of our GNP. They had a lot of surplus dollars because they had a lot of exports. Their exports were feeding our consumption and they were financing it very nicely with very cheap money. That was a very convenient but unsustainable situation.
The money was so easy, funds were so easily available that there was, in effect, a kind of incentive to finding ways to spend it. When we finished with the ordinary ways of spending it -- with the help of our new profession of financial engineering - we developed ways of making weaker and weaker mortgages. The biggest investment in the economy was residential housing. And we developed a technique of manufacturing class D mortgages but putting them in packages which the financial engineers said were class A. So there was an enormous incentive to take advantage of this bit of arbitrage - cheap money, poor mortgages but saleable mortgages. A lot of people made money through this process. I won't go over all the details, but you had then a normal business cycle on top of it. It was a period of enthusiasm. Everybody was feeling exuberant. They wanted to invest and spend. You had a bubble first in the stock market and then in the housing market. You had a big increase in housing prices in the United States, held up by these new mortgages. It was true in other countries as well, but particularly in the United States. It was all fine for a while, but of course, eventually, the house prices levelled off and began going down.
At some point people began getting nervous and the whole process stopped because they realized these mortgages were no good. You might ask how it went on as long as it did. The grading agencies didn't do their job and the banks didn't do their job and the accountants went haywire. I have my own take on this. There were two things that were particularly contributory and very simple. Compensation practices had gotten totally out of hand and spurred financial people to aim for a lot of short-term money without worrying about the eventual consequences.
And then there was this obscure financial engineering that none of them understood, but all their mathematical experts were telling them to trust. These two things carried us over the brink. One of the saddest days of my life was when my grandson - and he's a particularly brilliant grandson - went to college. He was good at mathematics. And after he had been at college for a year or two I asked him what he wanted to do when he grew up. He said, "I want to be a financial engineer." My heart sank. Why was he going to waste his life on this profession? A year or so ago, my daughter had seen something in the paper, some disparaging remarks I had made about financial engineering. She sent it to my grandson, who normally didn't communicate with me very much. He sent me an email, "Grandpa, don't blame it on us! We were just following the orders we were getting from our bosses." The only thing I could do was send him back an email, "I will not accept the Nuremberg excuse." There was so much opaqueness, so many complications and misunderstandings involved in very complex financial engineering by people who, in my opinion, did not know financial markets. They knew mathematics. They thought financial markets obeyed mathematical laws. They have found out differently now. You know, they all said these events only happen once every hundred years. But we have "once every hundred years" events happening every year or two, which tells me something is the matter with the analysis. So I think we have a problem which is not an ordinary business cycle problem. It is much more difficult to get out of and it has shaken the foundations of our financial institutions.
The system is broken. I'm not going to linger over what to do about it. It is very difficult. It is going to take a lot of money and a lot of losses in the banking system. It is not unique to the United States. It is probably worse in the UK and it is just about as bad in Europe and it has infected other economies as well. Canada is relatively less infected, for reasons that are consistent with the direction in which I think the financial markets and financial institutions should go. So I'll jump over the short-term process, which is how we get out of the mess, and consider what we should be aiming for when we get out of the mess. That, in turn, might help instruct the kind of action we should be taking in the interim to get out of it. In the United States, in the UK, as well - and potentially elsewhere - things are partly being held together by totally extraordinary actions by a central bank. In the United States, it's the Federal Reserve, in London, the Bank of England. They are providing direct credit to markets in massive volume, in a way that contradicts all the traditions and laws that have governed central banking behaviour for a hundred years.
So what are we aiming for? I mention this because I recently chaired a report on this. It was part of the so-called Group of 30, which has got some attention. It's a long and rather turgid report but let me simplify what the conclusion is, which I will state more boldly than the report itself does. In the future, we are going to need a financial system which is not going to be so prone to crisis and certainly will not be prone to the severity of a crisis of this sort. Financial systems always fluctuate and go up and down and have crises, but let's not have a big crisis that undermines the whole economy. And if that's the kind of financial system we want and should have, it's going to be different from the financial system that has developed in the last 20 years. What do I mean by different? I think a primary characteristic of the system ought to be a strong, traditional, commercial banking-type system.
Probably we ought to have some very large institutions - or at least that's the way the market is going - whose primary purpose is a kind of fiduciary responsibility to service consumers, individuals, businesses and governments by providing outlets for their money and by providing credit. They ought to be the core of the credit and financial system. This kind of system was in place in the United States thirty years ago and is still in place in Canada, and may have provided support for the Canadian system during this particularly difficult time. I'm not arguing that you need an oligopoly to the extent you have one in Canada, but you do know by experience that these big commercial banking institutions will be protected by the government, de facto. No government has been willing to permit these institutions, or the creditors and depositors to these institutions, to be damaged. They recognize that the damage to the economy would be too great. What has happened recently just underscores that. And I think we're at the point where we can no longer fool ourselves by saying that is not the case. The government will support these institutions, which in turn implies a closer supervision and regulation of those institutions, a more effective regulation than we've had, at least in the United States, in the recent past. And that may involve a lot of different agencies and so forth. I won't get into that.
But I think it does say that those institutions should not engage in highly risky entrepreneurial activity. That's not their job because it brings into question the stability of the institution. They may make a lot of money and they may have a lot of fun, in the short run. It may encourage pursuit of a profit in the short run. But it is not consistent with the stability that those institutions should be about. It's not consistent at all with avoiding conflict of interest.
These institutions that have arisen in the United States and the UK that combine hedge funds, equity funds, large proprietary trading with commercial banks, have enormous conflicts of interest. And I think the conflicts of interest contribute to their instability. So I would say let's get rid of that. Let's have big and small commercial banks and protect them - it's the service part of the financial system. And then we have the other part, which I'll call the capital market system, which by and large isn't directly dealing with customers. They're dealing with each other. They're trading. They're about hedge funds and equity funds. And they have a function in providing fluid markets and innovating and providing some flexibility, and I don't think they need to be so highly regulated. They're not at the core of the system, unless they get really big. If they get really big then you have to regulate them, too. But I don't think we need to have close regulation of every peewee hedge fund in the world. So you have this bifurcated - in a sense - financial system that implies a lot about regulation and national governments. If you're going to have an open system, you have got to get much more cooperation and coordination from different countries.
I think that's possible, given what we're going through. You've got to do something about the infrastructure of the system and you have to worry about the credit rating agencies. These banks were relying on credit rating agencies while putting these big packages of securities together and selling them. They had practically - they would never admit this - given up credit departments in their own institutions that were sophisticated and well-developed. That was a cost centre - why do we need it, they thought. Obviously that hasn't worked out very well. We have to look at the accounting system. We have to look at the system for dealing with derivatives and how they're settled. So there are a lot of systemic issues. The main point I'm making is that we want to emerge from this with a more stable system. It will be less exciting for many people, but it will not warrant - I don't think the present system does, either -- $50 million dollar paydays in that central part of the system. Or even $25 or $100 million dollar paydays. If somebody can go out and gamble and make that money, okay. But don't gamble with the public's money. And that's an important distinction.
It's interesting that what I'm arguing for looks more like the Canadian system than the American system. When we delivered this report in a press conference, people said, "Oh you mean, banks won't be able to have hedge funds? What are you talking about?" That same day, Citigroup announced, "We want to get rid of all that stuff. We now realize it was a mistake. We want to go back to our roots and be a real commercial bank." I don't know whether they'll do that or not. But the fact that one of the leading proponents of the other system basically said, "We give up. It's not the right system," is interesting. So let me just leave it at that. We've got more than 40 people here but they're permitted to ask questions, is that the deal?
Changes in IFRS Standards Likely to Change Covenant Terms for Some Brazilian Local Debt, According to Andima
Some companies are starting to renegotiate terms of their bond covenants with bondholders. Unidas, the car rental company, and bondholders met to discuss an increase in leverage metrics indicators included in the bonds' covenants to better reflect the current economic environment, according to a story by Brazilian newspaper Gazeta Mercantil. Bondholders approved the changes but, there's no free lunch, amigos: the spread that Unidas will pay for the debt is 1.5 percentage points more than before, at 4 points, versus 2.5 point previously. The bonds pay yields linked to the CDI rate, the benchmark interbank lending rate.
Fiscal Leeway Determines Whether Keynesian-Like Expansionary Policies Work During Recession Times, IADB Says
Lesson 1: Recessions are far less severe in countries with room to adopt more flexible monetary and fiscal policies, or better, those that did their homework well during the boom years. Our observation: Two problems we see here -- see the contrast between Peru and Colombia. Both did their homework relatively well (Peru fared better than Colombia.) But Peru has good leeway, Colombia has a very limited one. The IADB defends its position: ''This is not something for all nations, as success depends on economic initial conditions at the time of the crisis.´´
Lesson 2: The study alerts that countries in which governments have saved little during the commodity boom years will have limited scope to increase spending to alleviate the upcoming recession stemming from the current crisis. Any attempt to boost spending dramatically could erode confidence in the country's ability to repay its debts in the future. Our observation: Is saving equivalent to repaying debt? or creating sovereign wealth funds? If so, Venezuela and Brazil have a an edge over the rest of Latin countries in pulling out of the crisis via fiscal packages. But for the case of Venezuela, no one is at all convinced of its ability to pull through; in fact, some people bet on a default (to us, rather exaggerated a concern.) The IADB defends its position: ''Some nations in Lain America will be forced to cut spending in the face of the current crisis because of insufficient savings. For others, the most feasible policy will be to maintain the current level of government spending but only a few such as Chile are in a position to increase spending.´´ It doesn't mention what countries are well suited for aggressive policy steps.
Lesson 3: Countries that were able to adopt fairly more flexible fiscal and monetary policies in the aftermath of a financial crisis had a loss in output of less than 5 percent, while nations with much less flexibility had output contractions above 10 percent. Our observation: Argentina was a case in 2002. But Brazil wasn't -- in the aftermath of the currency crisis of 2002, with little access to credit, the economy managed to grow 0.7 percent! The IADB defends its position: ''The study analyzed policy responses by 19 developing countries during the Tequila, Asian and Russian crisis in the 1990s, periods of broadening sovereign interest rate spreads and capital flow reductions that affected a large set of emerging countries at the same time.´´
Lesson 4: Countries that adopted anti-cyclical policies definitely did better but that doesn't mean that countries that didn't adopt counter-cyclical policies would have performed better if they had done the opposite. Our observation: We believe aggressiveness and determination matter in these circumstances. Markets are watching that closely. Investors are endorsing Brazil and Chile packages, by betting on a rise in their currencies. Take a look at Colombia's currency and see it being smashed; Venezuela's bolivar fuerte isn't fuerte anymore. Mexico's anti-recession package is that little credible that the peso is testing new lows almost every day. The IADB defends its position: ''In some cases their economic conditions were so weak to begin with that any attempt to be a more aggressive could have made the situation worse by eroding confidence on their creditworthiness.´´
Lesson 5: Successful anti-cyclical policies during financial crises work when governments can
boost spending in a sustainable way and conduct looser monetary policy that does not fuel inflation or lead to balance-sheet problems in both public and private sectors when both have debts denominated in dollars. To boost aggregate demand sustainably, governments need to ensure their actions won't affect the country's credibility and solvency. Therefore, countries need to have credible central banks that can keep inflation expectations at bay by using genuine resources to fight the crisis. Our observation: We agree. Financial stability is a condition sine qua non for a successful policy package. No matter what Brazilian Finance Minister Guido Mantega (our beloved Criswell) thinks. The IADB defends its position: Countries will need to have a reasonable level of reserves to cover payments of international obligations and provide financing for trade. Low levels of debt denominated in dollars will give central banks more flexibility to depreciate the country's currency in order to make its products more competitive to global trade.
Lesson 6: The IADB says Latin America and the Caribbean have improved their economic conditions since the Russian crisis, giving them some leeway, particularly regarding monetary policy, to implement measures to fight the crisis. Countries have ramped up international reserves by $400 billion since 1998 (I think it's too little in the wake of about $1 trillion in proceeds from exports of raw materials and all that in the past six-seven years.) Additionally, the countries have substantially reduced dollar-denominated debts, particularly within the banking system and the government. Our observation: Lower levels of external debt allowed Brazil to loosen monetary policy amid the credit crunch in ways that other countries were not able to do during the aftermath of Russian crisis. Moreover, loose monetary policy typically leads to currency depreciation, with a subsequent increase in exports (as it happened with Brazil in the wake of the 2002 crisis.) The IADB defends its position: The currency depreciation, which boost exports as a way out of the crisis for several emerging markets in the past, may not fully work this time because of the ongoing global recession, particularly in rich nations. Our observation: We agree 100 percent with the IADB assessment.
For multilaterals, the current crisis offers an opportunity for a different approach when compared with the policy options taken during the Russian crisis, says the IADB. The prevailing view in 1998 was that emerging nations needed to reassure creditors about the solvency of their economies. As a result, emerging countries around the globe were asked to cut spending and raise interest rates, which deepened the recession. ''The bank's study of successful policy responses during past crises suggests multilaterals must take into account initial conditions from each country before supporting a certain type of policy. Countries with good initial conditions do not need to go over strong adjustment policies to signal credibility. The multilateral system can help governments by boosting their foreign currency reserves and provide financing for government with a sustainable fiscal position,´´ according to the study.
Wednesday, 25 February 2009
Industrial Bank of Korea Goes on Non-Deal Investor Roadshow; Is a Financing Window Opening Again for Emerging Market Companies?
Dates and places for meetings: March 2 in San Francisco; March 3 in Los Angeles; March 4 in Boston, and; March 5/6 in New York City.
Para Todo Se Acabar na Quarta-Feira! Site Voz Recommends a Piece on Brazilian Malandros (Port.)
''Para quem se interessa em entender o povo brasileiro, este é um texto interessante, que fala do primeiro malandro retratado na literatura brasileira. A malandragem que volta a discussao toda vez que tem carnaval (nao sei exatamente se é realmente necessaria a analogia todos os anos) e toda vez que o tal do jeitinho é empregado indiscriminadamente. Eu acho que o jeitinho, bem direcionado, é empreendorismo. E o empreendorismo aprisionado numa visao imediatista, sem espaco para florescer em um ambiente sem corrupcao e livre de burocracias em excesso, vira esse jeitinho. Solução de curto prazo onde talvez alguem supostamente se beneficie, mas no final das contas todos saem perdendo.´´Clique no link aquí para acessar o artigo recomendado por Claudia. Está escrito em portugués ...
Indonesia Bond Sale -- New Terms Out Just Now
Issuer: Republic of Indonesia
Ratings: Ba3/BB-/BB
Size: U.S. Dollar Benchmark (At Least $500 Million)
Coupon: Fixed Rate
Maturity : May 2014 / February 2019
Leads: Barclays Capital Plc. / UBS AG
Read James Saft's Column on Drug Legalisation and Taxes -- A Few Days Ago Three Latin Presidents Lashed Out at U.S. War Against Drugs
with maconha, or bareta, as pot is known in their respective countries.
Now they want it legalised. They only dared to say this after they left office.
The U.S. war on drugs, apart from intimidating great minds, has only
sparked chaos and more instability in Latin America.
Here is James Saft's Reuters column for this week. Click here for link to the story. Saft says he half-jokes when he says one decent exit to resolving U.S. fiscal woes would be legalising marihuana and other drugs, taxing trade and saving on interdiction, domestic law enforcement and the prison and court system.
Recently, three former Latin America presidents (Colombia's Cesar Gaviria, Mexico's Ernesto Zedillo and Brazil's Fernando Henrique Cardoso) lashed out at the results of the U.S. war on drugs in an article originally published by the WSJ. Part of the group of people who signed the article too includes Colombian politician and former presidential candidate Antanas Mockus -- the architect of the revival of Bogotá in the late 1990s. Click here for the link to a Tribuna Latina story (in Spanish.) The ex-presidents argued in the WSJ article that the U.S.-sponsored (or -imposed, maybe?) policies based on manual and chemical crop eradication, interdiction and criminalisation of consumers had not been effective, but have instead contributed to violence, political and judicial corruption and the flourishing of mafias linked to drug-trafficking. The three musketeers fell short of recommending across-the-board decriminalisation and legalisation, but advised treating addicts as patients of the public-health services rather than criminals, focusing on the health effects of cannabis, and mounting educational campaigns to partly mend the mistakes of the ongoing policy framework.
Speaking from the other shore, the consumer countries' point of view, Saft asserts: ''Drug legalisation, just like for alcohol, is essentially a moral and political decision about which reasonable people can disagree. It's also, to put it mildly, not very likely.´´ But he stresses that the war on drugs costs billions of dollars, entices violence and crime, sends to prisons thousands of people that cost the state billions of dollars a year, but more importantly and ''seemingly never get us much closer to victory.´´ He finishes his idea with a fine touch: ''The waste and misery involved must make it rival the sub-prime bubble as a misallocation of resources.´´
Inca Kola News Again: Readers Wll Find Its Morning Piece on Venezuela's Currency Insightful and Very Solid
Inca Kola News does it again. After admitting IKN's latest postings were too mining-focused and perhaps they were becoming too much a sleeping material, the author decided to write about Venezuela's (beleaguered currency, my comment) bolivar fuerte. Excellent decision! Click here for the link to the story.
IKN argues that a devaluation might be on the cards, that dollar assets remain strong and that market worries of a collapse of the currency system might be overstated. True. IKN also defends Hugo Chávez's decision to seize $12 billion from international reserves for his off-budget Fonden fund -- the least transparent Sovereign Wealth Fund in the world, -- saying it doesn't hurt the country's financial position. Plausible thesis, but hard for some of us to swallow:
We've recently had a whole bunch of blog-based Venezuelan 'experts' doing mutual handwringing sessions over that supposedly polemic withdrawal of reserves. These people seem to miss entirely the real point while preaching to their own little choirs. Venezuela's reserves are in good shape.We at MM may form part of that selected group of blog-based Venezuelan ''experts,´´ -- as IKN dubs skeptics on the country's currency system, -- and we are happy to contribute ideas to the debate. Our purpose is not siding a priori with any party on this but bringing elements for a further discussion of the issue that you can judge a posteriori. In a recent chat with Samuel Malone, a U.S.-born economist now at Universidad de los Andes in Bogotá, I realised how dogmatic has this issue of the bolivar became among markets people -- investors, company executives, analysts, journalists, professors, politicians.
Malone developed a very interesting model for the Venezuelan black market currency in the stock-flow tradition of Rudi Dornbusch, the late MIT professor; Malone compares his findings with a group of five other models in finding the determinants of the black market dollar in Venezuela. The model (obviously no model is perfect) has the lowest RMSE (root mean square error) of all the sample of different models he picked for his paper. He found strong correlations between the trend for the black market dollar and the level of international reserves (or government dollar assets), the pace at which the black dollar exchange rate depreciates and the lagged premium. The model also shows the black market rate is very sensitive to changes in the differential rate of expected profits from purchasing black market dollars. Shortcomings of the model include the lack of a PDVSA cash holdings proxy (in general, my experience covering this market suggested that people were very attentive to the financial situation of PDVSA and such worries affected the quotation of the black market rate.) I assume its inclusion would just make the model too complicated for the author's purposes.
I apologise to readers because Malone's speech and our chat took place the same day, almost a month ago, and I lost track of key details. Nevertheless, I took down some notes and managed to piece them together.
Malone identifies a few policy dilemmas: 1) Money creation has caused inflation. However, the Hugo Chávez administration has committed to transfer programs (the so-called Misiones) that keep the oil windfall flowing into the economy. Soaring money supply coupled with a fixed exchange rate stoked excessive growth in imports. 2) Growing demand for imports ''creates a drain on the government's international reserves, especially as seen during 2007´´ and 2008, he says. 3) The government has sell debt (remember the famous and almost no transparent colocaciones especiales, or the at-some-point very successful PDVSA bond sale) to soak up excess bolivares from the domestic market. While this worked temporarily to lower the parallel market rate, it hasn't lowered the drain on foreign reserves. Venezuela keeps wasting too much money in imports -- no matter how fast reserves growth, now with the oil price decline that situation will tend to worsen unless demand is put the brakes effectively.
Yet, 4) the increased debt sales boosts government liabilities. This translates into higher spreads on both domestic and foreign debt -- no matter whether the oil price is high or low. The higher borrowing costs are then passed on the domestic firms and individuals, Malone says, which discourage the undertaking of investment. Then add the impact of the price controls and the exchange rate system shortcoming and you will have what you have now: under- or simply dis-investment (I know this word doesn't exist in the dictionary, but it exists in mine and you should be able to understand it as destruction of value.) Thus, volatile reserves and exchange rates, including the parallel market rate, contribute to high spreads. Also, volatile oil prices contribute to volatile base money, which implies a volatile sovereign asset. In Malone's opinion, the government's goal of keeping the fixed exchange rate regime and capital controls is unsustainable in the medium term. That oil bought Chávez some extra time is different. Common sense, which doesn't necessarily goes hand in hand with economics thinking, tells us there is something wrong happening there, not simply the tantrum and unwillingness of the opposition to work for the country. Malone likens Venezuela to a Dutch Disease economy combined with an unsustainable exchange rate regime. The element of indebtedness and sovereign risk creates the conditions for high inflation, low investment, and falling productive capacity in the non-oil traded sector. He said this crisis can morph into one of increasing probabilities of default. I disagree with that -- Venezuela still has $70 billion in dollar assets at disposal. Professor Malone says there is still room left to correct these imbalances, but the room to maneuver is falling dramatically now that oil is on the low $40 a barrel.
When I asked him why the government kept the controls in place, he said this: ''There are a number of political economy reasons to do this. Macro economically speaking, I am afraid I don't know them.´´
Cemex Must Raise $2 Billion Before April to Avert Downgrade. Asset Sales Likely Step if Bond Sale Fell Short of Goal
Standard and Poor's recently put Cemex's ratings under review for downgrade, citing the company's tight debt refinancing calendar for 2009 and 2010. Fitch downgraded Cemex yesterday to BB on concern the company's total adjusted net debt to EBITDAR ratio will remain above five times this year and about four times during 2010 (Fitch's definition of adjusted debt includes the perpetual debt instruments issued by Cemex, which are treated as equity under Mexican GAAP, as well as operating leases.) The ratings companies allege leverage metrics are worsening due to slowing activity in three key markets for the cement producer: the U.S., Spain and the U.K. These markets make up for about three-fourths of Cemex global revenue. S&P argues the company will have to divest some of its assets to make good on debt payments; such asset sales might be hampered by declining values and the paralysis of credit markets. The company has debt maturities of approximately $4.1 billion, $3.8 billion and $7.8 billion during 2009, 2010 and 2011, respectively.
The company is certainly making an effort to cover the shortfall in funding for the 2009 and 2010 maturities schedule. On Jan. 27, Cemex and banks agreed to reschedule $2.3 billion of short-term bilateral loans that fall due this and next years into terms that will result in $607 million maturing in 2009, $536 million in 2010 and about $1.2 billion in 2011. The company was also able to extend the maturity of $1.7 billion of a $3 billion obligation that was due in December 2009 until 2011. But if the company fails to raise the money (about $2 billion) before April, S&P will cut the BB+ rating -- that is our interpretation. As of Dec. 31, Cemex had total adjusted debt of $23 billion and cash and marketable securities of $993 million.
REITs, Real Estate Companies in Developed Markets Seen Tapping Equity Markets to Cut Debt, According to Julius Baer
''As fewer buyers are in sight due to the shortage of bank loans, as institutional investors are faced with redemptions and as leveraged investors remain absent from the market, an accelerated price decline is in the cards,´´ says the bank in its February Investment Policy report. ''In the direct market, price declines have not reached the bottom, but the sector should be halfway through the downtrend.´´ It finalises with an interesting comment about bond markets: ''Stabilising bond markets could be supportive for global real estate stocks as a near-term catalyst.´´
Earlybird, Feb. 25, 2009
He now points his fingers at President Alvaro Uribe, who he alleges
sponsored his company. Los pájaros les disparan a las escopetas ...
These are the headlines:
U.S. -- Obama Says Pulling Country Out of Recession Requires 'Bold Action´(click here for link to Bloomberg story): U.S. President Barack Obama, delivering his first address to a joint session of Congress, said the credit crunch must be fixed now or the country risks ending up paralysed. One interesting comment he made about the economic crisis was what he described as a short-sighted attitude that infected Main Street, Wall Street and Washington. ''We have lived through an era where, too often, short- term gains were prized over long-term prosperity; where we failed to look beyond the next payment, the next quarter, or the next election.´´ His comments came at a moment where the world was looking for an aggressive, encouraging speech by the president. Early reactions to the speech were positive. The speech also coincided with remarks made by Federal Reserve Governor Ben Bernanke that bank nationalisations aren't either the policy solution nor the focus of the recovery plan. Markets should react today positively to these two stories.
U.S. -- Merrill Hit By Unexpected $500 Million Charge (click here for link to Financial Times story): Ineffective internal controls at Merrill Lynch & Co. caused the firm to understate its 2008 losses by more than $500m, the investment bank said in its annual report. Then, Bernanke says banks will do what they have to do without imposing them additional controls. BS. Well, at least they won't nationalise banks such as Merrill that fail to do their homework properly.
BRAZIL -- Carnival Ends; Petrobras to Invest $2 Billion in Nigeria in Five Years (click here for link to Estado story): Petroleo Brasileiro SA, the state-controlled oil company, will invest in Nigeria, a country with worse political risk instability than Colombia, $2 billion by 2014. Well, that $174.4 billion five-year plan is big enough to pay for this and other investments.
COLOMBIA -- Defense of Pyramid Scheme Owner Will Ask Judge to Summon President Uribe (click here for Tiempo story link): Gimme a break! The defense lawyer of David Murcia, owner of the DMG pyramid investment company, alleges President Alvaro Uribe urged Colombians to invest in DMG. Well ... I wonder who of these two have more credibility.
Tuesday, 24 February 2009
S&P Downgrades the Ratings of Hybrid Capital Securities Issues for 45 U.S. Banks
Standard and Poor's lowered issue ratings on 45 U.S. financial institutions, including the majority of rated U.S. banks following a review of its ratings on the hybrid capital securities of the lenders. S&P didn't change any of the counterparty credit ratings on the banks. The following is a list of parent companies whose hybrid capital issues (and in some cases, the hybrid capital issues of their subsidiaries) were downgraded, and the rating changes:
(To / From)
American Express Co. BBB BBB+
BancorpSouth Inc. BB+ BBB-
Bank of America Corp. BBB+ A
Bank of New York Mellon Corp. A- A
BB&T Corp. BBB+ A-
Capital One Financial Corp. BB+ BBB-
Citizens Republic Bancorp Inc. BB- BB
Cullen/Frost Bankers Inc. BBB- BBB
Doral Financial Corp. CCC CCC+
Fifth Third Bancorp BBB- BBB
First Citizens BancShares Inc. BB BB+
First Horizon National Corp. BB- BB+
First Midwest Bancorp Inc. BB+ BBB-
General Electric Capital Corp. AA- AA+ / AA AA+
Huntington Bancshares Inc. BB BB+ / BB+ BBB-
iStar Financial Inc. BB- BB
JPMorgan Chase & Co. BBB+ A-
KeyCorp BB+ BBB
Marshall & Ilsley Corp. BB BBB-
National City Corp. BBB BBB+
National Rural Utilities Cooperative Finance Corp. BBB BBB+
Nelnet Inc. BB- BB
New York Community Bancorp Inc. BB- BB
Northern Trust Corp. A- A
Old National Bancorp BB BB+
PNC Financial Services Group BBB BBB+ / BBB+ A-
Popular Inc. BB- BB
Provident Financial Processing Corp. BBB A-
Regions Financial Corp. BBB+ A- / BBB BBB+
Sky Financial Group Inc. BB BBB-
SLM Corp. BB- BB
South Financial Group Inc. (The) BB- BB
State Street Corp. BBB+ A-
Susquehanna Bank PA BB BB+
SVB Financial Group BB BB+
TCF Financial Corp. BB+ BBB- / BB+ BBB+
Textron Financial Corp. BB- BB+
U.S. Bancorp A A+
Union Planters Preferred Funding Corp. BBB BBB+
Valley National Bancorp BBB- BBB
Webster Financial Corp. BB- BB+ / BB BBB-
Wells Fargo & Co. A A+
Wilmington Trust Corp. BB+ BBB-
Zions Bancorp. BB+ BBB-
The following issues were downgraded, but remain on CreditWatch:
(To / From)
B.F Saul Real Estate Investment Trust
BB-/Watch Pos BB/Watch Pos
Bernanke Says Bank Nationalisations Only If Necessary. Majority Stakes Not Needed to Make Bankers Do What They Have to Do. Uhhhmmm ...
Federal Reserve Chairman Ben S. Bernanke rejected the idea that officials plan to use reviews of banks' balance sheets as a pretext for government takeovers of the nation's largest lenders. The Treasury will buy convertible preferred stock in the 19 largest U.S. banks if stress tests determine they need more capital to weather a deeper-than-forecast recession, Bernanke told lawmakers in Washington today.
The shares would be converted to common equity stakes only as extraordinary losses materialize, he said. "I don't see any reason to destroy the franchise value or to create the huge legal uncertainties of trying to formally nationalize a bank when it just isn't necessary," Bernanke said at the Senate Banking Committee hearing.
The Fed chairman's remarks eased concern among some investors that the Treasury's capital-injection plan would hurt banks' shareholders and lead to nationalization. The Standard & Poor's 500 Banks Index climbed 13 percent, the most in more than two weeks, to 66.88 at 3 p.m. in New York. "Today at least there seems to be a growing sense of relief that nationalization was de-emphasized and put into perspective," said Marshall Front, who oversees $500 million as chief executive officer of Front Barnett Associates in Chicago. "There's a bit of relief that that's not going to happen."
Cemex, Facing Cash Problems, Wants to Sell Debt. Issuance May Add to $6 Billion Already Raised by Mexico, Quasi-Government Companies in 2009
First Warning to BRICs: S&P May Cut India's Credit Ratings to Junk. Banks Already Suffer the Consequences of It
Furthermore, S&P also revised the outlook on the counterparty credit ratings for ten Indian banks to negative from stable: Axis Bank; Bank of Baroda; Bank of India; Canara Bank; HDFC Bank Ltd.; ICICI Bank Ltd.; IDBI Bank Ltd.; Indian Overseas Bank; Indian Bank; State Bank of India; Syndicate Bank; Union Bank of India. We wish them good luck.
Changes to Basel II Would Require Banks to Hold More Capital Against Trading Risk. Too Late?
The Basel Committee's proposed changes to Basel II for financial institutions worldwide would require banks to hold more capital than they do now against their trading books. Standard and Poor's says the changes will be more consistent with underlying market risks. S&P analyst Thierry Grunspan says the proposed regulatory capital requirements for market risk are likely to be less procyclical than current rules. But, are these changes coming too late, or not?
Yes. But evidence shows that market participants tend to forget lessons from previous crises during liquidity boom periods. So, better to prevent than regret -- as the old Colombian idiom says. In general, market participants see the proposed changes as positive because they will force banks to engage into more prudent risk management, improve dealing with specific risks about complex markets like derivatives and structured finance, treat illiquidity risk more carefully. The reckless days of disgruntled risk management for extreme market movement risk, which was underestimated in the current regulatory framework according to Grunspan, might be over. ''Due to the underweighted regulatory capital requirements for the trading book under current rules, returns on equity on banks' trading activities were artificially high,´´ he says, adding this ''may have given some banks an incentive to develop their trading books excessively.´´
Thus, if changes to Basel II are implemented, the new regulation should discourage banks from taking on risk in a benign market environment by accumulating large trading positions that turn out to be hard to manage when market conditions deteriorate. The changes would be effective Jan. 1, 2011 if implemented. They feature three major changes to Basel II's Pillar 1, some recommendations for Pillar 2, as well as expanded requirements for public disclosures by financial institutions under Pillar 3, according to S&P.


text:
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subset: commoncrawl


text:
I spoke with a voter recently who was in tears. Her grandparents survived the Holocaust, and their desperate quest for safety led to her life in the United States. She is well acquainted with first-hand accounts of that terrible era in human history. Reflecting on news of tragic abuses by US Immigration and Customs Enforcement on our borders, she told me "I never thought I'd live in a country where these things happen."
We cannot and will not look away.
I will fight for humane, rational and constructive Immigration policies. We are, after all, a nation of immigrants and I haven't forgotten that.


text:
There was some cheering going on in the Colonial Manor neighborhood near San Marco in recent days.
The attempt to rezone a residence on Hendricks Avenue near Emerson Street for professional office space was suddenly withdrawn.
It was a surprise, since it appeared to be on the slick road to passage.
Lobbyist and attorney Paul Harden had gained the support of district council member Art Shad for the project.
Though the rezoning had been on the books for months, many neighbors only learned about it late in the process. By that time, the momentum seemed unstoppable.
Never mind that about 300 neighbors had signed a petition opposing it. City Council, nevertheless, passed a change in the city's comprehensive plan that would clear the way for the rezoning.
At that point, all hope for preserving the neighborhood seemed lost.
But the bill was sent back to committee. And opposition began to have its impact. Shad announced that he supported withdrawing the bill. That happened at Tuesday's City Council meeting
Lucky ending
But Colonial Manor has assets that many neighborhoods don't have.
This is a neighborhood filled with professional people, doctors and lawyers galore, capable of using their influence in city government. Even the mayor lives nearby.
They weren't organized before this point. And the battle almost was lost.
After speaking to a few neighbors, there was an isolated feeling. Residents were starting almost from scratch. How could they compete with one of the city's most skilled professional lobbyists who had gained support from city planners and council committees?
Only the lonely
And there is the problem.
There was no reason for a neighborhood group to feel lonely.
But that's what happened when Westsiders opposed the return of the Navy to Cecil Field.
And that's what happened when Mayport residents took on the Jacksonville Port Authority's plan to place a cruise ship terminal in their little village.
There are two ways to help break through that isolation.
At-large council members
Councilman John Crescimbeni was a big help to the Colonial Manor residents. As an at-large council member, he's expected to get involved in any county business.
It ought to be a habit that when a controversial land use matter involves the county as a whole, all the at-large council members should mobilize and get involved.
Create a citizens group
What if a few Westsiders involved in Cecil Field, and a few from the Mayport group involved in the cruise terminal, and a few Arlington East residents who oppose extensions of the Craig Field runway, lent their expertise to the Colonial Manor group?
What if the Colonial Manor residents, now wiser about the ways of city government, offered their help to the next neighborhood group trying to protect their home values and quality of life?
We need a countywide land use group that would advocate for good planning that takes residents into account.
It could be composed of a collection of neighborhood groups with one common goal: To join together when one neighborhood is under stress and needs help.
This wouldn't be a group that opposes everything, but that simply pushes for empowerment by the residents.
The rule should be: To overcome the broad opposition of neighbors, there needs to be an overwhelming public need.
It is a shame that neighborhood groups have been divided and conquered in the past.
There is no need for that to continue.


text:
Bumble Bees
A bumblebee is any member of the bee genus Bombus, in the family Apidae. There are over 250 known species,[1] existing primarily in the Northern Hemisphere although they also occur in South America. They have been introduced to New Zealand and the Australian state of Tasmania.
Bumblebees are social insects that are characterized by black and yellow body hairs, often in bands. However, some species have orange or red on their bodies, or may be entirely black.[2] Another obvious (but not unique) characteristic is the soft nature of the hair (long, branched setae), called pile, that covers their entire body, making them appear and feel fuzzy. They are best distinguished from similarly large, fuzzy bees by the form of the female hind leg, which is modified to form a corbicula: a shiny concave surface that is bare, but surrounded by a fringe of hairs used to transport pollen (in similar bees, the hind leg is completely hairy, and pollen grains are wedged into the hairs for transport).
Like their relatives the honey bees, bumblebees feed on nectar and gather pollen to feed their young.


text:
Michael is the Member for Maiwar in the Queensland State Parliament and is passionate about ensuring a positive outcome for the community on important issues like housing affordability, public transport, and appropriate property development.
From Michael:
I moved from Toowoomba to Toowong for university and have lived in Brisbane ever since. My partner and I now live in Taringa with my two wonderful kids.
Before entering politics I was a public interest environmental lawyer working in a community legal centre, representing communities in court cases against companies like Adani, fighting thermal coal projects that threaten surrounding ecosystems, communities and farmland, not to mention our climate. This experience led me to realise that our local area, indeed our State, desperately needs a different kind of representation in the Queensland Parliament.
We need local representatives who are passionate about ensuring a positive outcome for the community on important issues like housing affordability, public transport and appropriate property development.
Rampant property development is spreading across the electorate with no thought given to impacts on local schools, public transport or main roads that are already under pressure. Developers are submitting development applications that are completely inconsistent with neighbourhood plans and public needs, yet they're approved by our city council within a broken state planning framework, without adequate consultation or consideration of impacts on the community.
I want to see our parliament put Queenslanders before the profits of corporations and that's why I support the Greens' stand on banning political donations from profit-driven corporate interests. It's time we put the power back in the hands of the people and started to clean up politics.
As the representative of our local community in Queensland's parliament, I will always put people and community before profit. This is increasingly uncommon in Queensland, and that's why I am proud to represent the Greens in Maiwar.


text:
Having arrived onto dryland weighing in at about 55kg's (approx. 15kg's less than when I started), I feel I have certainly been making up for the lack of calories consumed whilst away and find myself still using that as an excuse even 2 months on!
Over the last 2 months I have savored pretty much every mouthful of glorious, non-expedition food! From the textures, to the spices, the naughty calorific burgers to the freshly cooked foods, vegetables and fruits, the exotic to the plain and the sweet cakes or savoury cheeses- I have loved it all!
Last Friday one of my truely great friends, Kirsten Samuel-Hubert, spoilt me rotten for the whole day to celebrate the success of the row. It started with brunch at Roast in Borough Market which consisted of Eggs Royale for me (delicious!), then some pampering at Aveda for our nails, then polished off with a Mad Hatters Afternoon tea and champagne at the Sanderson Hotel https://www.morganshotelgroup.com/originals/originals-sanderson-london/eat-drink/mad-hatters-afternoon-tea
Kirsten knows me too well to make the perfect day based around food as the priority!
So morale of the story, when you've eaten nothing but mush for 9 months, you appreciate even the simple things of a piece of cheese on toast, so savor the flavour and take a second to be mindful of every mouthful you taste, because not everyone is as lucky to eat the way that we westerners do. xx


text:
4.2 out of 5 stars with 82 reviews
The Eleanor Roosevelt Story
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Grateful Dead: All the Years Combine: The DVD Collection (14-DVD Box Set)
Manufacturer: Shout Factory!
Shout! Factory celebrates Grateful Dead with the release of the 14-DVD box set All The Years Combine: The DVD Collection, which contains nearly 38 hours of concertperformances from the '70s to the '90s. Contains all bonus features from previous releases, the DVD debut of So Far, and an exclusive disc containing five previously unreleased Dead performances,the 1992 documentary Backstage Pass, and a new interview with Dead archivist David Lemieux. Also includes a 40 page book with rare photos and detailed essay and notes by Dead expert Blair Jackson.The Grateful Dead Movie (2-DVD) (Theatrical film, originally released in 1977) The Closing Of Winterland (2-DVD) (Winterland Ballroom, San Francisco, CA, December 31, 1978) Dead Ahead (Radio City Music Hall, New York, NY, October 1980) So Far (Originally released on VHS and laser disc in 1987 first time on DVD!) Ticket To New Year's*(Oakland Coliseum, Oakland, CA, December 31, 1987) Truckin' Up To Buffalo (Rich Stadium, Orchard Park, NY, on July 4, 1989) Downhill From Here (Alpine Valley Music Theatre, East Troy, WI, July 17, 1989) View From The Vault (Three Rivers Stadium, Pittsburgh, PA, July 8, 1990) View From The Vault II (RFK Stadium, Washington, DC, June 14, 1991) View From The Vault III (Shoreline Amphitheatre, Mountain View, CA, June 16, 1990) View From The Vault IV (Oakland Stadium, Oakland, CA, July 24, 1987, and Anaheim Stadium, Anaheim, CA, July 26, 1987) Bonus Disc:Wrapping up the box set is an exclusive bonus disc cont...
The Premiere Frank Capra Collection (Mr. Smith Goes to Washington / It Happened One Night / You Can't Take It with You / Mr. Deeds Goes to Town / American Madness / Frank Capra's American Dream)
Manufacturer: Sony Pictures Home Entertainment Brand: Sony
Designated the "Number One Director in Hollywood" by Time Magazine in 1938 and voted by Entertainment Weekly (April 19th issue, 1996) as one of the greatest directors of all time, Capra has received numerous industry awards and accolades over the course of his successful career including three Best Director Oscars®. The Premiere Frank Capra Collection is a 6-disc collectible box set featuring five of Frank Capra's best films. The digitally re-mastered set includes Mr. Smith Goes to Washington, You Can't Take it With You, Mr. Deeds Goes to Town, It Happened One Night and American Madness. The DVD box set includes a bonus disc packed with all-new interviews, archival footage, plus Frank Capra's American Dream documentary hosted by Ron Howard and produced by Capra's eldest son, Frank Capra, Jr. (An Eye for an Eye, Marooned). This Premiere Collection also features commentaries for each film, along with a 96- page collectible Movie Scrapbook.
WWII in HD, Collector's Edition DVD
Manufacturer: A&E Entertainment
Product DescriptionThe only people to see the war like this were the ones who lived it. Until now...Seventy years in the making. Three thousand hours of color footage few knew existed. The first documentary to show original color footage of World War II in immersive HD, the world premiere HISTORYTM series WWII in HD uses the journals and accounts of those who served in the war s biggest battles to create a personal, introspective and detailed look at life on and off the front lines. Follow 12 unforgettable Americans, and experience the war through their eyes, in their own words, as it really looked and sounded. WWII in HD transforms their stirring journey into a tangible piece of history. Culled from rare color film found in a two-year worldwide search and converted to HD with meticulous technique, WWII in HD provides a picture of World War II as it has never been seen before.Also included is The Battle for Iwo Jima, an immersive look at the momentous battle using gloriously restored, full-color footage, some of which has never seen before. HISTORY details the entire action of the battle, from the first landing of a crippled B-29 to the conflict s bloody conclusion in a jungle of lava rocks.This collection also features WWII in HD: The Air War, the untold story of the American 8th Air Force's bloody battle to defeat the German Luftwaffe in the months leading up to D-Day. Told through the gripping, first person accounts of three American airmen and Stars & Stripes reporter And...
Monarchy Complete Collection
Manufacturer: Athena Brand: PBS
 "Delightful and informative†—San Francisco Chronicle See this U.K. broadcast edition with episodes not seen on PBS documenting a 1,500-year history of power, passion and glory. Over more than a millennium, the British monarchy has survived brutality, betrayal, and bloodshed to emerge as the oldest functioning political institution in Europe. Join eminent historian David Starkey (The Six Wives of Henry VIII) as he probes the personalities of the men and women who wore the crown. Meet the Anglo-Saxon king Offa, who ruled more like a mafioso than a monarch; Henry VIII, who cultivated celebrity like a modern rock star; and Victoria, who remade the monarchy into the model of middle-class morality. Through it all, visit the very sites where history happened: Hastings, Bosworth Field, the Tower of London, and more. In this captivating 16-part series, Starkey advances a unifying narrative—the dynamic tension between authoritarian order and rule by consent of the governed—that makes Britain unique among the world's nations. An honorary fellow at Cambridge University and a member of London's Society of Royal Antiquaries, David Starkey (CBE) has taught history at the London School of Economics, written more than a dozen books, and presented many acclaimed television documentaries.
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This message was worthy of a post. The emotional decks of the 'past' need indeed be cleared…
~~~ Start ~~~
Message 52 Emotional Addictions
Everyone has their own set of unconscious programs in which they automatically respond to the events in their lives.
Look at your life and ask yourself what emotion or behavior you might be addicted to. Are you attached to drama? Are you playing out a victim or martyr role? Are you attached to a state of mind in which nothing works? Are you holding on to financial limitations?
Observe without judgment everything in your reality. Take one aspect of your life and look at the pattern from the intention of understanding and releasing. Ask yourself if there was an emotional addiction what would it be? Know that in the asking the answer will be revealed.
Once you have observed your dysfunctional addictions, it is now a matter of intention and celebration to shift that pattern at every opportunity. It becomes a playful conscious game of discovery and expansion. We are in a time of great accelerating transformation in which these automatic responses can be discovered, disconnected and deleted.
All multidimensional humans are being invited into the awareness of who they are and the service they offer from their most magnificent self.
Observe the challenges being attracted into your life. These challenges are your greatest gift, for they hold the key, the puzzle piece, to your dysfunctional programs and patterns. With clear intent and gentle observation of ego self notice and recognize the limiting patterns. Is it your health, wealth, happiness or joy that you are limiting?
Be kind with this search. Ask assistance from your multidimensional awareness; know you are being supported in the clearing of these limitations and the restoring of your true cosmic magnificence.
You are one with the energy fabric of humanity and the universe. When you heal or transform some energy pattern in your circuits, this transformation is available to the entire matrix. You are a transformer.
Copyright © Peggy Black, Transducer, Scribe and Witness. All rights reserved.
Buy her eBook The Alkaline Diet Guidebook and improve your health and wellbeing.
Latest posts by Reena (see all)
- Spiritual Awakening Group in South London – Interested? - December 9, 2018
- Dr Eben Alexander – Life after death is real and consciousness survives death of the body - March 11, 2016
- Bashar – profound speech (video): you, now and eternity - January 25, 2016


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On the Run, On the Hunt (trailer)
A businessman with a dark past, a journalist who won't let it go, and a detective who is closer than he should be.
A Preview of the Tweets
(with the whole story happening on Twitter and in the LongShorts app)
@MagsTavares You would think after a week the police would have realised that Richard O'Reilly's "suicide" was, in fact, a murder.
Of course, I have an advantage over them, being the one who murdered him.
Thoughts, @tonybfrank?
wait... are you THE William S Hunt? As in former associate of Richard O'Reilly, etc.? Is this an official reapppearance?
@william_s_hunt Okay, so you're either Hunt or you've got a recent photo of him... fine. Why am I supposed to believe you committed murder?
What an excellent question. I suggest you start trying to find the answer.
Are you nuts? This isn't some side-quest treasure hunt, it's murder. To which you've apparently confessed.
I am glad we can all share our thoughts so easily these days. I certainly sympathise with the detective's disdain for Richard's lifestyle.
How open minded of you.
At any rate, Richard would have been wise to examine the way he lived; it did make murdering him that much easier.
@william_s_hunt I'm curious... How far back did you and O'Reilly know each other?I think you two had been friends much longer that most people knew...
Richard O'Reilly's death has been officially declared a murder. An arrest warrant has been issued for William S. Hunt.
We have a lead. Allie. She's been working as O'Reilly's personal assistant, convinced by PCI to leave her previous job.
After O'Reilly's death, she was not considered worth keeping around - and was let go without references.
Do you want to meet Allie, Mr. Hunt? If you would agree to an interview, I can arrange it. She has a lot to say.
woah woah WOAH what are you doing???? are you insane? are you offering this woman as bait to a murderer?
@MagsTavares Are you on the way with Allie? I think it would be best if she gets to the station as soon as possible.
Sorry - I'm sorry, she's gone.
She read Hunt's tweet just now and bolted, she thinks she's next. I tried to follow but I lost her. She's not answering her phone.
If she contacts you, tell her to stay where she is and call the police, we'll come get her. She might be our only witness to this.
Start this story in a second in the app
& keep up with its latest release in a sec
What is this?
This is a story
It fits in tweets and stays with you on the go.
It's told in realtime and can be caught up on in a sec
It an escape into the story's characters' lives you follow


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Events for June 4, 2019
Events Search and Views Navigation
Notice: Utilizing the form controls will dynamically update the content
All Day
Bikes in Bloom
Bikes are blooming in downtown Greenfield! Take a stroll to visit the 25+ bikes that have been decorated by local nonprofits. Each carry a unique, whimsical theme, including fresh flowers to celebrate spring! Hop on your bike and walk through our historic town to see all these fun bikes up close. While you're here, visit…Find out more »


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Are you ready to get it on with a sexy young Spanish cam girl with the best boobs ever? I try to have the wettest pussy and the most shaved hole you have ever seen. Men seem to love my wet pussy and my chubby ass and they want to see what is inside with their fingers, dicks, and balls. I am a cock sucker and a cock lover and blowjobs make me so wet. I can't get enough of having a big dick in my pussy and feeling it rub against my thighs as it slowly gets ready to enter me. Sex makes me excited and a nice hard dick makes my little wet Spanish pussy wetter than ever. See me on my profile and find me at Natalie and you will be able to view my private photos and get to know me in free sex cam chat. I'm a sexy 18 year old Spanish girl living in London and love watching older men jerk off, I'm so into older guys like you wouldn't believe. Please be my sugar daddy!
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Source (link to git-repo or to original if based on someone elses unmodified work): https://github.com/L4ki/Purple
Slightly transparent and blur dark theme, dominated by very dark grayish blue, combined with dark cyan, purple and Pale blue color elements.
Icons: "Breeze Chameleon Dark": Here
Icons: "Breeze Chameleon Light": Here
- The folders change color depending on the Color Scheme you set
- Added icons from "Papirus Icons Themes" (Only icons from the "Actions" folder)
- The Session icons (Lock, Logout, Switch User), as well as System Icons (Suspend, Hybernate, Reboot, Shut Down) have been changed. These icons are in color.
Plasma Look-and-Feel Theme"Purple": Here
Plasma Color Scheme "Purple": Here
Aurorae Theme "Purple": Here
SDDM LoginTheme "Purple": Here
Plasma Splashscreen "KDE Plasma LinuxForOpenMinds": Here
Konsole Color Scheme "Purple": Here
GTK2 Theme "Purple": Here
The author of the wallpaper: charlie-henson: Here
Purple 1 month ago
Modified widgets: clock.svg, button.svg
Purple 1 month ago
Modified widgets: clock.svg, button.svg


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Decorative and Cost-Efficient Metal Bar Tops for Commercial and Residential Projects
Zinc Artisan Cast Bar Top
This zinc bar top is made by combining a zinc sheet metal countertop with a molded artisan cast zinc edge profile.
These two materials create a very durable surface that allows for unique design details and decorative edges.
Zinc Artisan Cast Bar Edge
By using an artisan cast zinc edge profile on this zinc bar top, we are able to incorporate unique shapes and decorative edge profiles that are traditionally too difficult or cost prohibitive to create from sheet metals.
Stainless Steel Artisan Cast Bar Top
A stainless steel artisan cast bar top with a matching Stamford artisan cast edge profile.
Zinc Artisan Cast Bar Top
An artisan cast zinc bar top with a Stanford edge profile and curved edge.
Because of the artisan cast construction, we are able to add decorative edge profiles to curved metal countertops.
Stainless Steel Artisan Cast Bar Top
This artisan cast stainless steel bar top features notched corners, the Stamford edge profile, and a cutout for the top to be fitted around an existing post.
Zinc Artisan Cast Bar Top
An L-Shaped artisan cast zinc bar top with a curved edge and Stamford edge profile.
Curved Commercial Artisan Cast Zinc Bar Top
Commercial artisan cast zinc bar top.
This bar top was made for a commercial project in California and has a sheet metal zinc top with an artisan cast metal 'H' edge profile.
Commercial Artisan Cast Zinc Bar Top
A sheet metal zinc bar top with a custom artisan cast zinc edge profile.
This bar, made for a resort in California, measures 2 1/2" thick and has an 'H' edge profile.
H Edge Profile on Artisan Cast Zinc Bar
A commercial artisan cast zinc bar top with 'H' artisan cast edge profile.
The edge measures 2 1/2" thick.
All of our bar tops are made from premium materials that are proven to stand the test of time.
As our materials are durable and fairly low-maintenance, they are all suitable for residential as well as commercial applications.
Each project is made to your specifications. To get started, send us the drawings or specifications of your project to firstname.lastname@example.com. Most estimates will be returned within 2-3 business days. Once the order is placed, we will either schedule a template or create shop drawings based on your drawings.
Wood, concrete, and cast metal bar tops take about 4-6 weeks in fabrication. Sheet metal bar tops have a 6-8 week lead time. Glass tops take about 8-12 weeks in fabrication, depending on the construction method.
Bar tops will be installed or delivered direct from our own skilled workers for projects located between Boston-Philadelpha, including the Hamptons and Cape Cod.


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全球主页 > 新加坡富丽敦海湾酒店 > 目的地探索 > 免费文化遗址旅游
Discover the rich history of our newly minted National Monument and gain exclusive access to preserved areas within The Fullerton Hotel Singapore.
Hotel guests only
Monday and Thursday, 10:00 a.m.
Saturday, 5:00 p.m.
Open to public
Monday and Thursday, 11:15 a.m.
Saturday, 3.45 p.m.
One hour long
Limited to 20 participants
Call The Fullerton Hotel's concierge at (65) 6877 8078. For bookings beyond one month, kindly email firstname.lastname@example.com.
1819 年时,新加坡这一著名的滨水区还只是一个贸易站。我们将带您回到故事的开始,探索新生港口城市如何逐渐获得如今的全球地位。
Find yourself captivated by stories of how the forefathers of Singapore first stepped ashore via Clifford Pier. Go deeper and uncover events centred on the pier – from speedboat chases at Customs House to the small but iconic Fullerton Waterboat House providing water supplies to big ships anchored offshore.
Hotel guests only
Friday, 5:00 p.m.
Sunday, 10:00 a.m.
Open to public
Friday, 3:45 p.m.
Sunday, 11:15 a.m.
One hour long
Limited to 20 participants
Call The Fullerton Bay Hotel's concierge at (65) 6597 5312. For bookings beyond one month, kindly email firstname.lastname@example.com.
With a commitment towards showcasing Singapore's rich heritage, The Fullerton Heritage has designed The Fullerton Heritage Trail Brochure to guide visitors on a walking trail - to discover firsthand the rich history and landmarks in and around the precinct and neighbouring civic district. Each of our historic buildings contains countless stories, experiences and memories of people who have lived, worked and played in this historic district.
View The Fullerton Heritage Trail Map online or pick up a complimentary copy from The Fullerton Heritage Gallery at The Fullerton Hotel.
View Historical Gems around The Fullerton Heritage Precinct Map


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How To Keep Up With This Weekend's Malaysian Grand Prix
Can Ferrari repeat last year's victory?
Can Ferrari repeat last year's victory?
Would you take to a super small Jeep?
Can you really vote 'Not' on a 575HP supercharged dune runner?
Put your chequebooks away. They've all been spoken for.
The spot promotes the 2017 Jeep Grand Cherokee and Grand Cherokee Trailhawk.
The Hellcat powered Jeep may be called the Grand Cherokee Trackhawk.
The standard Ram 1500 Lone Star is the most popular Ram model in Texas.
The ultimate off-road truck (concept), from Ram.
Everything from Hellcats to Rams to Fiats.
Expect evolutionary styling.
Further info on the new compass crossover will be available in November.
The concept Alfieri debuted at the 2014 Geneva Motor Show.
1.4 million of those are in the U.S.
Deliveries begin in December 2016.


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Menopause Channel
Topics & Medications
Related Channels
Off-Label and Pediatric Indications for Enjuvia
Enjuvia Use in Children and TeensEnjuvia is not approved for any use in children or teens. Talk with your healthcare provider about the benefits and risks of using Enjuvia in children or teens.
Off-Label Enjuvia UsesOn occasion, your healthcare provider may recommend Enjuvia for something other than the conditions listed above. This is called an "off-label" use. Using Enjuvia to prevent osteoporosis in postmenopausal women is considered an off-label Enjuvia use, as is using Enjuvia to alleviate the symptoms of certain types of cancers.
At one point, Enjuvia was used off-label for preventing heart disease and dementia (such as Alzheimer's disease), but these are no longer considered legitimate off-label uses. Sometimes, hormones are used to promote youthfulness. Again, this is not generally accepted as a legitimate off-label Enjuvia use.
Enjuvia Hormone Replacement Medicine
Written by/reviewed by: Kristi Monson, PharmD; Arthur Schoenstadt, MD
Last reviewed by: Kristi Monson, PharmD


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CQC Deadline Arrives for Furness General Hospital
James Titcombe, father of baby Joshua who died soon after his birth at Furness General Hospital, comments on the latest developments at the Trust whilst solicitor Ruth Keenleyside talks about the other famliies who have raised concerns since the problems at FGH first came to light.
Today is deadline day for University Hospitals of Morecambe Bay NHS Foundation Trust following the warning notice issued by the Care Quality Commission in September 2011.
Speaking on the day of the CQC deadline, James Titcombe said, "Whilst we are pleased that significant improvements in the safety of maternity services at the Trust appear to finally be happening, we are appalled that it has taken enforcement action from external regulators for this to come about. The situation that led to Joshua's death should never have been allowed. The subsequent failures of the Trust to properly address the issues, demonstrates an inexcusable failure in governance which has continued to put the lives of mothers and babies at risk. We are not surprised to read comments from a senior consultant condemning the Trust's management and we add our own voice to the calls for senior resignations."
Solicitor Ruth Keenleyside who is representing several families with concerns about their treatment at Furness General Hospital said, "There does still seem to be a very "head in the sand" approach to dealing with patient safety issues at the University Hospitals of Morecambe Bay NHS Foundation Trust. Although I welcome the plans which have been put into place, I am sorry to see that the Trust is still insisting that everyone considers it to be "safe". Plainly, if there were no risks, the Trust would not have been issued with a warning notice in the first place."
We continue to hear from families with serious concerns. Their worries cover a wide range of issues but there are common themes such as lack of communication as well as cases which demonstrate a lack of basic medical knowledge. We are seeing first-hand that behind the reports and press releases, there are very real people whose lives have been changed forever by the loss of children, mothers or the harm they have suffered because of the shortcomings at Furness General Hospital."
Ruth Keenleyside is a solicitor at Burnetts in Carlisle and Whitehaven. She is one of only two lawyers in Cumbria who have been accredited by the well-respected charity Action against Medical Accidents (AvMA).
Published: Monday 21st November 2011
Categorised: Medical Negligence


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The end of the 1st 100 Days is a time to celebrate our accomplishments, take stock of where we are, recognize folks for their support, and enjoy new friends we've made along the way!
Potluck: bring a dish to share with 8-12 people
BYO beverages (water, cups, and utensils provided)
Family friendly! Playground located nearby, plus fun and games including face painting, frisbee, water balloon toss, and 3-legged race
Prizes for the Best Sign Contest in the following categories:
- Best use of humor
- Best original artwork
- Best message
- Best sign made by a child (12 yrs and under)
LOCATION: Kit Carson Park (El Arroyo #1 Picnic Area) 3333 Bear Valley Parkway, Escondido.
PARKING: Here is a link for a map of Kit Carson Park. Best places to park are:
- Sports Center
- Amphitheater
- Girl Scout Building
- Other details:
There are 13 picnic tables, but you might want to bring camp chairs or a blanket in case overflow seating is needed.
While we love fur babies, dogs are only allowed on sidewalk areas of the park (where we will not be).
Contact email@example.com if you can lend a hand with setup, cleanup, games or face painting. We are also in need of folding tables, and donated face painting supplies, arts n crafts supplies and prizes for the kids.


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Washington Case Law Update: No Damages Recoverable under New Home Sale Agreement for Improperly Installed Stone Façade where Hidden Defects do not Present Significant Safety Risk
From the Desk of Smith Freed Eberhard: In this recent Washington Court of Appeals decision, the court held that a real estate sale agreement did not contain any express warranty against construction defects and that the construction defects at issue were not serious enough to violate the implied warranty of habitability. The takeaway is to concentrate on the precise terms of the sale transaction involved, especially since most real estate sale agreements do not include express warranties against construction defects.
Claims Pointer: When handling construction defect claims which are more aesthetic and technical in nature, and which do not present a significant safety risk to the occupants, the builder's liability exposure depends on which exact promises were breached. Liability is not assumed just because the builder did a bad job.
Schumacher v. T. Garrett Construction, Inc., No. 76022-0-I, Washington Court of Appeal, Div. I (May 22, 2017) (unpublished)
T. Garrett Construction ("TGC") began construction of a new spec house, which the Schumachers bought before the house was fully completed. The parties entered into a real estate purchase and sale agreement with an inspection addendum. The court's opinion doesn't mention the specific form of agreement used, but the sale terms described in the opinion are fairly standard. For example, the sale was conditioned on the Schumachers' satisfaction after inspecting the property.
After closing on the sale of the house, the Schumachers discovered a number of problems, including issues with the exterior stone veneer siding of the garage. TGC had improperly installed the stone siding. The opinion describes that the "defects were aesthetic in nature and did not present a significant safety risk to the Schumachers" and...


text: Why you should go for walks after work is a motivational piece of writing that encourages everyone to get out after work and go for a walk. It doesn't really matter where you walk, or indeed for how far, by utilising what you have all around you and embracing the fresh air will definitely bring untold benefits to your overall health and well-being. Read on to find out more.Read More


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A comic. A journey. A bunch of gains to gain and lolz to be had.
This comic encompasses true stories, made up situations, blood, sweat, tears that you can only find at the gym—
—with some anime sprinkled in.
Call me Cat. I've been drawing for years.
Yes, this comic is a self-insert.
iPad Pro (gen 6, 10.5 in)
Apple Pencil
I mostly post on IG (DMs are open)
but you can also email me at
Or, y'know— just go to the CONTACT page.