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Apple: Near-Term Margin Worries Are Overblown
Adam is a member of The Motley Fool Blog Network -- entries represent the personal opinion of the blogger and are not formally edited.
When Apple (NASDAQ: AAPL) reported its Q4FY12 earnings in October, management projected that margins would drop significantly in Q1FY13 (the period ending in late December) to 36%. In the same quarter a year ago, gross margins were substantially higher at 44.7%.
Evaluating Apple's likely gross margin profile is very difficult because the company consistently lowballs its estimates for revenue, gross margin, and profit. Analysts at Deutsche Bank have pointed out that Apple's gross margin forecasts have historically been 200-400 basis points below the actual figures. This implies gross margin for Q1 will be 38%-40%. According to one analyst, the current Wall Street consensus falls near the bottom of this range at 38.3%.
By contrast, I believe that strong sales of the high-margin iPhone will result in margins near the top of the range at 40%, with some upside potential beyond that.
Improving yields
One reason for optimism is that low manufacturing yields, which plagued initial production of the iPhone 5, appear to have been resolved relatively early in Q1. Management's justification for the low gross margin target was that Apple was going through the heaviest new-product-launch cycle in its history. Low initial yields and other start-up costs were therefore expected to create a major gross margin headwind. However, it seems quite likely that Tim Cook was being especially conservative with his forecast this quarter, in light of the higher uncertainty.
Earlier this week, Apple shares were driven down by reports from Nikkei (repeated in the Wall Street Journal and elsewhere) that Apple had slashed its March-quarter orders from various iPhone 5 suppliers. However, this apparent bad news is also consistent with a second interpretation: Apple cut orders because of better than expected yields during Q1.
This interpretation is supported by other data regarding component order cuts. In December, Citi analyst Glen Yeung (who is no Apple bull) wrote, "Supply of iPhone5 has improved. Our checks suggest Apple has seen a 45-50% increase in monthly iPhone5 production output October to December. While some of this increase was anticipated, our discussions with various points in the supply chain indicate yield improved faster-than-expected."
A faster-than-expected increase in yields would drive down costs and points toward better gross margins than Apple initially projected. It also points towards higher production and thus higher iPhone revenue.
Improving mix
The current fall refresh cycle for the iPhone has led to very high iPhone sales in fiscal Q1, and relatively high sales in Q2, followed by more moderate sales through the rest of the year. Apple's iPhone and related revenue of $24.4 billion in Q1FY12 accounted for 52.7% of the company's total revenue during the quarter. I expect the iPhone's share of total Apple revenue to grow year-over-year by approximately 500 basis points (to 57%-58%).
The iPod and Mac lines (approxmiately 20% of revenue in Q1FY12) are being cannibalized by the iPhone and iPad. As a result, these two product lines combined will see revenue slightly lower this year, while the iPhone and iPad continue to show strong revenue growth. The iPad should hold at roughly 20% of Apple's revenue, with the iPhone line taking share from Mac and iPod. This "mix shift" is significant because the iPhone has vastly better gross margins than the Mac and iPod lines, as can be seen in the chart below (courtesy of Asymco):
With the iPhone offering 20%-30% higher gross margins than the iPod or Mac lines, this mix shift away from lower-margin products towards the iPhone should provide a gross margin tailwind of 1%-1.5%.
We are also likely to see a mix shift within the iPhone line towards lower-priced older models. I was recently in Best Buy when another customer asked for some advice about whether to buy the iPhone 5 or the iPhone 4S. Best Buy was offering a special discounted price of $49 for the 4S with a two-year contract (and free for open box or refurbished models). Like many others, the customer who approached me ultimately chose to buy an iPhone 4S.
Older iPhone models still provide a very good user experience, so many people are opting for those lower priced phones. A survey by Consumer Intelligence Research Partners showed that 32% of iPhone buyers opted for the iPhone 4 or 4S in the first month after the iPhone 5's release, whereas only 10% of iPhone buyers chose older models when the iPhone 4S came on the market. (Part of this shift was probably the result of iPhone 5 shortages.)
While the iPhone 4 and 4S offer lower profit per device than the iPhone 5, they offer higher gross margins on a percentage basis. For example, Apple offers the iPhone 4 unlocked for $450 (or free with a carrier subsidy), but IHS iSuppli estimated the bill of materials at less than $200 in June, 2010. With memory and display prices having dropped significantly since then, the COGS (cost of goods sold) is probably around $150 now. After accounting for logistics/selling costs, Apple should still earn more than $200 in profit per device (i.e. more than 50% gross margins).
So while I expect the iPhone's ASP to drop from $660 last year to roughly $630 last quarter, the product's gross margins should still hold at 50% or above. (For reference, iPhone gross margins ranged between 49% and 58% between April 2010 and March 2012.)
Will competition lead to price chopping?
As noted above, the iPhone is the primary driver of Apple's high gross margins. Some observers are worried that rising competition from Samsung, as well as a resurgent Nokia (NYSE: NOK) or Research in Motion (NASDAQ: BBRY) will soon force Apple to cut prices or introduce a lower-cost smartphone in order to maintain market share.
RIM is introducing the new line of "Blackberry 10" phones in two weeks. These phones have some innovative new features, but the all-touch versions clearly take their cues from the iPhone. RIM has been losing smartphone market share for several years, and while the new OS may be able to stem the tide, it's unlikely to jumpstart rapid growth. While Apple sold roughly 125 million iPhones in FY12 alone, there are only 80 million Blackberry users worldwide.
The story is similar for Nokia. While Nokia once had the smartphone lead, its Symbian OS was no match for iOS, which eventually led to the company's transition to the Windows Phone platform. Nokia recently reported strong sales of its "Lumia" line of smartphones. But while Lumia sales quadrupled year-over-year to 4.4 million units in Q4, the iPhone sold more than ten times as many units. Clearly, Nokia is not even close to regaining a meaningful share of the high-end smartphone market.
Nokia's recent deal to offer a subsidized phone through China Mobile (NYSE: CHL), China's largest wireless carrier, is a big win for Nokia and an incremental negative for Apple. However, consumer demand for the iPhone will probably force China Mobile to come to an agreement with Apple in the next year; otherwise it will continue losing 3G market share to its smaller rivals. While the Lumia may be successful, there are still plenty of China Mobile subscribers who will want an iPhone.
Samsung is clearly the biggest threat. The company recently announced that it had sold more than 100 million units of its high-end Galaxy S smartphone line since its launch in May, 2010. That said, Apple sold more than twice as many iPhones over the same period of time. Samsung offers a broad range of smartphones, unlike Apple, which have allowed it to take a leading share of the worldwide market. However, Apple has long shown that it does not need to maintain a #1 market share position to earn more than 50% of the smartphone market's profits.
Moreover, Apple is gaining market share in the highly profitable U.S., where it now has 35% share of total smartphone subscribers. More than 53% of smartphones sold from September to November in the U.S. were iPhones! The engrained smartphone subsidy model in the U.S. should stave off pricing pressure, negating Samsung's key advantage of having numerous price points.
In future years, I expect a steady U.S. iPhone upgrade cycle to generate $15-$20 billion of annual operating profit for Apple. This solid base of profitability means that Apple does not have to go "bottom-fishing" with Samsung in international markets anytime soon. Apple can continue to cultivate a premium feel and sell to wealther consumers in developing countries, while allowing Samsung and other vendors to sell low-end, low-margin smartphones to the mass market.
My expectation for Q1FY12 iPhone sales of 53 million units at an ASP of $630 implies revenue of $33.4 billion from this product alone. Assuming an iPhone gross margin of 50%, with iPhone revenue at 57.5% of Apple's total, a 40% company gross margin seems very acheivable (gross margin from the rest of Apple's product portfolio would need to be 26.5% or higher). My analysis implies that Apple could exceed $15 EPS for Q1, which would easily beat the current Wall Street consensus.
The biggest risk to this thesis is a shortfall in iPhone sales, which would put pressure on revenue and company gross margins. However, AT&T and Verizon have already reported strong iPhone sales last quarter, and the iPhone's quick international rollout also supports an estimate of 50-55 million iPhones shipped.
Adam Levine-Weinberg owns shares of Apple. The Motley Fool recommends Apple. The Motley Fool owns shares of Apple. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. Is this post wrong? Click here. Think you can do better? Join us and write your own!


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Matt J. Reedy joined Massey & Gail in August, 2011. In 2006, he earned his B.A. from Northwestern University where he was a member of the Northwestern Debate Society. After two years as a consultant for Accenture, he enrolled in law school at the University of Notre Dame where he was on the Dean's List, earned the Dean's Award in Constitutional Law and graduated magna cum laude. While at Notre Dame, he was the Federal Courts, Practice & Procedure Editor for the Notre Dame Law Review, served as President of the Sports, Communication & Entertainment Law Forum, participated in Bengal Bouts and was Head Coach of the undergraduate Parliamentary Debate Team. His note, "Witnessing the Witness: The Case for Exclusion of Eyewitness Expert Testimony," can be found at 86 Notre Dame L. Rev. 905 (2011).
Jeremy Mallory joined Massey & Gail at the beginning of 2014. He graduated from Swarthmore College in 1995 with High Honors. In 2004 he earned a Ph.D. in ethics from the University of Chicago Divinity School, and a J.D. from the Law School in 2007, with Honors and Order of the Coif. At the Law School, he was Editor-in-Chief of the Law Review. He clerked for Judge Diane P. Wood on the Seventh Circuit, and worked for four years at Sidley Austin and Kirkland & Ellis, focusing on securities litigation, bank regulation, environmental litigation, patents, and appellate matters. Jeremy is a member of the Illinois bar and is admitted to practice at the Seventh Circuit. Jeremy has also taught Constitutional Law at the University of Chicago Law School, and has published articles on legislative chaplaincies and political speech. He regularly assists with the Northwestern University Law School Supreme Court Practicum. In college, he was the national and North American parliamentary debate champion.
Massey & Gail Affiliated Attorneys include:
Aileen M. Cohen, who has nearly 15 years of major law firm and government experience.
Bruce W. Doughty, who has over twenty years of major law firm experience.
David A. Thompson, who has over 30 years of in-house experience.
Aileen M. Cohen has nearly fifteen years of major law firm and government experience.
Ms. Cohen was an attorney for more than a dozen years with Arent Fox in Washington, D.C., where she handled complex issues in civil litigation at pretrial, trial and appellate stages in state and federal courts. She conducted all aspects of discovery; briefed and argued motions during all phases of trial court proceedings; prepared for jury trials, arbitrations and mediations; and drafted appellate court briefs. Her work involved litigation on a wide range of business matters.
She has also served as counsel to a Washington, D.C. firm where she has provided legal advice and analysis on all aspects of labor-related arbitration proceedings and federal court litigation.
In 1995, she worked in the Office of the Legal Adviser of the U.S. Department of State, where she handled personnel and employment matters involving members of the Foreign Service and other Department employees in proceedings before the EEOC, the Merit Systems Protection Board, the Foreign Service Grievance Board and the federal courts.
She graduated from Harvard Law School in 1986 and with Highest Honors and Distinction from the University of Michigan in 1983, where she was Phi Beta Kappa.
Bruce W. Doughty has over twenty years of major law firm experience, serving a wide variety of clients.
Mr. Doughty was an associate and then partner at Hopkins & Sutter for more than a decade, and thereafter spent over eight years as a partner at the successor firm of Foley & Lardner LLP. He has litigated extensively at both the trial and appellate levels and before administrative agencies, and has played principal roles in major utility rate cases, multibillion-dollar bankruptcies, and constitutional challenges, as well as matters involving trade secrets, real estate, banking, foreclosure, telecommunications, class actions, and general commercial disputes.
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He is a 1990 graduate of the University of Chicago Law School, where he received the Joseph Henry Beale Prize for excellence in writing and was a member of The University of Chicago Legal Forum. He was a 1986-1987 Rotary Scholar to the University of Hong Kong and is a 1985 cum laude graduate of Princeton University.
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Mr. Thompson's legal career began with Bank of America's Legal Department. In 1979, he joined The First National Bank of Chicago Law Department's Corporate Banking Section, where he focused on commercial loan documentation. He subsequently transferred to the Law Department's Bankruptcy, Litigation & Workout Section in 1981, and joined a specialized Law Department Bankruptcy Practice Group formed in 1983 to concentrate on commercial loan workouts and bankruptcies. He was asked to manage that group in 1985 and did so for 19 years and through the mergers creating First Chicago NBD, and then Bank One. Starting in 1998, he served contemporaneously as General Counsel and Secretary of American National Bank and Trust Company of Chicago, which merged with Bank One in 2002.
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In South Bend members of the community gathered on Monday night to talk about a proposed crematorium in the 6th district.
Council Member Oliver Davis invited neighbors to voice their concerns about the new business, after one group of neighbors, who live in the area of South William Street, started a petition against it.
Neighbors have several concerns, including property value of their homes, possible smell from an incinerator, and seeing bodies transported from funeral homes.
Heather Frost lives near the proposed location. "Our property value keeps going down. How much more is going to go down?" she says. "My husband and I have done a lot of research. we're looking at 15 to 20 more percent."
One of the funeral directors working on the project addressed some of the concerns, saying there would not be an odor coming from the building because an after burner on the incinerator would take care of 99% of the smell. He also noted that a privacy fence and closing garage doors would prevent anyone from seeing bodies.
Patrick Nowak, Zahoran Funeral Home Director says "We want to help and serve the public. This is a growing need in our community, but we also want to be good neighbors."
The South Bend common council will be voting next Monday on whether or not to go forward with the plans for the crematorium.
If the plan is approved, the crematorium would take about 8-10 weeks to complete and would be finished by mid to late November.
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PHOENIX (AP) -- Arizona voters have rejected Prop 121, a ballot measure to adopt a top-two primary election system.
The measure placed on Tuesday's general election ballot through an initiative campaign called for Arizona to adopt a system similar to ones used by California, Louisiana and Washington state.
Approval would have meant that only the primary's top two finishers regardless of party affiliation would advance to the general election. And voters could vote for any primary election candidate regardless of party affiliation.
Now, each party's nominee advances to the general election. Also, people registered with a party now can use only the primary election ballot of that party.
Supporters said the proposal would produce more candidates willing to work across party lines. Critics said it'd weaken political parties and the voices they provide.
Other propositions:
Proposition 114 - Crime Victims, approved
Proposition 115 - Judicial Rules, rejected
Proposition 116 - Business Taxes, rejected
Proposition 117 - Property Taxes, approved
Proposition 119 - Trust Lands, approved
Proposition 120 - Public Lands, rejected
Proposition 204 - Education Tax, rejected
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A Closer Look
Genome Study of Multiple Myeloma Opens New Avenues for Research
In the most comprehensive genetic analysis of multiple myeloma to date, researchers have sequenced the genes of 38 patients with this uncommon blood cancer. The study confirmed some of the mutations known to play a role in this disease and uncovered additional alterations in genes and pathways that can now be investigated further.
For 23 of the patients, Dr. Michael Chapman of the Broad Institute and his colleagues sequenced the entire genomes of tumor cells and matched normal cells. A comparison of the results revealed suspicious changes in parts of the genome where no one had thought to look before, the researchers reported in the March 24 Nature.
"Our hope is that this study will catalyze research in [the field of] multiple myeloma," said Dr. Todd Golub of the Broad Institute and a leader of the study. Just a few years ago, the idea of decoding the genes of 38 patients with myeloma would have been unimaginable, he noted. But the recent introduction of new and cheaper technologies for sequencing DNA has made the goal achievable.
"We still see this as a preliminary study, but we can now launch into the next phase of the research with a higher level of confidence that the effort will bear fruit," said Dr. Golub, who directs Broad's cancer program. He presented initial results from the study last year.
The project was spearheaded by the Multiple Myeloma Research Foundation (MMRF), which was created in 1998 to speed the development of new treatments. The causes of this disease are unknown, and there is no cure. Multiple myeloma affects plasma cells, which are a type of white blood cell. Approximately 20,000 people are diagnosed with the disease in the United States each year, and the 5-year survival rate is less than 40 percent, the researchers noted.
An Unexpected Finding with Clinical Implications
A finding of particular interest was the discovery that some patients in the study had mutations in the BRAF gene, which is frequently mutated in melanoma and can drive cell growth. A number of BRAF inhibitors are in development, including PLX4032, which has shown promise in early trials in patients with melanoma.
Although the finding of BRAF mutations in myeloma was unexpected, the discovery raised the possibility that an existing drug could benefit some patients with the disease, noted co-author Dr. Kenneth Anderson of the Dana-Farber Cancer Institute. This finding, he added, underscores the importance of patients participating in clinical trials to evaluate potential therapies.
"I've been treating patients with multiple myeloma for over 30 years, and there's never been a more exciting time to make science work for patients," said Dr. Anderson. Genetic approaches, he continued, should allow researchers to identify the specific alterations in a patient's disease and use the information to select potential therapies and develop new ones. "One can advance the idea of picking the right medicine for the right patient at the right time," he added.
While the discovery of BRAF mutations may point to potential treatments, the genome study also yielded clues to the underlying biology of the disease.
Mutations were found in genes involved in RNA processing and protein folding, processes that are important for how normal cells function. Half of the patients had defects in one or more of these genes, including one called FAM46C that had never been linked to cancer before.
"We feel like we know so much more about this disease and about where our investigators should go in the future," said Kathy Giusti, the founder and chief executive officer of MMRF. A former pharmaceutical company executive who was diagnosed with multiple myeloma at age 37, she has been treated with the best therapies available.
When Giusti and her colleagues began to plan the genome study in 2005, they knew that high-quality specimens would be critical to the project's success. The MMRF had launched a tissue bank the previous year, and the 38 samples selected for the genome study came from this bank.
Collecting the appropriate samples "is one of the most challenging elements in conducting genomics research," Giusti said. But the MMRF has been successful. Since 2005, more than 3,000 patients have voluntarily donated bone marrow, blood samples, and related medical information to the tissue bank, according to the group.
Though not reported in the Nature study, samples from 250 additional patients have been profiled for genetic changes such as gains and losses of DNA at the Translational Genomics Research Institute (TGen). If the costs of sequencing DNA continue to drop, many or all of these samples may eventually be sequenced, Dr. Golub said.
More myeloma genomes need to be analyzed to develop a more complete picture of the genetic landscape of the disease, the researchers said. By focusing on a collection of patients rather than just a few individuals in the current study, the researchers uncovered mutations in 11 genes in the NF-kappa B signaling pathway, which promotes the growth of cancer cells.
Mutations were also found in genes that play a role in the packaging of DNA, or chromatin remodeling. Alterations of this type may affect the regulation of genes elsewhere in the genome and have been found in several cancers recently, including in a rare form of pancreatic cancer, a type of lymphoma, and the childhood cancer medulloblastoma.
Mutations in chromatin remodeling genes are increasingly becoming recognized in cancer, but "the field is very young and we do not yet understand the exact biological consequences of these changes," said Dr. Golub.
Making the Information Available
Looking ahead, Dr. Golub cautioned that it will be a challenge to translate the findings from genome studies into the clinic, in part because multiple genes play a role in myeloma. "It won't be a matter of just testing a patient for one or two genes," he said.
To accelerate progress against the disease, data from this initiative and other efforts are available to the scientific community through the Multiple Myeloma Genomics Portal."These results are exciting," Dr. Golub said, "because they provide a glimpse of what is coming in cancer genomics." A few days ago, another group of researchers announced that they had sequenced the tumor and normal genomes of 50 patients with a type of breast cancer.
While these are the largest cancer genome studies reported to date, they will likely be eclipsed by even larger studies in the months and years ahead.
Further reading: Why are Tissue Samples Important to Cancer Genomics?


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TME3/347: A Teledentistry Consultation System and Continuing Dental Education via Internet
L Alipour-Rocca; V Kudryk; T Morris
Telemedicine & Advanced Technology Research Center, Frederick, USA
ABSTRACTIntroduction: A Web-based teledentistry consultation system has been developed for the US Department of Defence dental clinics at various sites in Europe and the United States. This system is being used in over 55 dental clinics in Europe and 18 US Army dental clinics in the US. The system enables referring dentists to send consults, including dental images or radiographs to specialists, via Internet. Specialists review the consults and provide the diagnosis and treatment. This paper focuses on the implementation of this system, and focuses on the various areas in dentistry where this system is being currently utilized. The emphasis of this project has been on development of a scalable and expandable Internet-based teledentistry consultation system. The results of this study will expand the knowledge base of the technologies and clinical practices required changing the needs of modern, military dental care systems. One of the goals of the teledentistry project is to increase patient access to quality dental care. The other goal is to establish a cost effective teledentistry system.
Methods: A teledentistry workstation consists of a laptop, a digital camera and requires Internet access. The referring dentist logs into a secure Web server, fills in the patient's demographics, chief complaints, provisional diagnosis information, attaches dental radiographs and sends it to the specialist of his choice. The specialist will receive an Email and the data is then sent to a database server. The specialist subsequently logs into the secure Web server and reviews the consult, radiographs and suggests his diagnosis and treatment.
Results: The data collected on the database server shows an average of 40 consults per month. Currently, referrals to oral surgery have the highest number of consults, followed by prosthodontics and periodontics. An economic analysis has been conducted on the data that has been collected using this system. The results from this analysis show a return on investment within 21.5 months of deployment.
Discussion: Videoconferencing, Web and Internet based technologies may be used to implement a user-friendly teledentistry solution. There are many advantages in using these technologies for retrieving dental information. Some of these advantages are:
- Ease of use and development
- Platform independence to the end user
- Cost-effectiveness
(J Med Internet Res 1999;1(suppl1):e110)
Dental Informatics; Teledentistry; Dentistry; Internet; Education
Edited by G. Eysenbach;
This is a non-peer-reviewed article.
published 19.09.99
Please cite as:
Alipour-Rocca L, Kudryk V, Morris T
TME3/347: A Teledentistry Consultation System and Continuing Dental Education via Internet
J Med Internet Res 1999;1(suppl1):e110
URL: http://www.jmir.org/1999/suppl1/e110/
doi: 10.2196/jmir.1.suppl1.e110
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NORTH RICHLAND HILLS, Texas (AP) - Texas Gov. Rick Perry says concealed-handgun permit holders should be able to carry their weapons in any public place.
Perry's comment came in response to the Connecticut school shootings. His voice broke and he stopped for several seconds during his remarks Monday before a tea party meeting in the Fort Worth suburb of North Richland Hills.
He began his speech by addressing the Friday massacre in Newtown, Conn.
Asked by an audience member what he thought of passing new gun control laws, Perry says he's heard of 1 school district considering slowing teachers or administrators to carry concealed weapons. He also says mental health issues should be considered.
Perry says the thought of parents dropping off their children at school, never to see them again, "is not right."
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10th May
My name is Barbara. This is a photo my mom took of me and my dad in 1964. He's the reason I'm part Japanese. He was born near Tacoma Washington, so he was a citizen, but still ended up in a relocation camp in Idaho. We have his id from when he left the camp to work in Montana, and his discharge from the US Army, Military Intelligence. He was an early member of the Japanese American Citizens League, and helped Washington State University get's its Asian American Studies Program started. That's where I first met students from Hawaii, and it was nice to find out that some things don't have to be the way they are. Maybe you can change them.+1 noteAsian Pacific American Heritage MonthBarbara Watanabefamily photosthemayprojectAPAHM


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Debating those that are so indoctrinated with falsehoods can be tedious. Just check out This video I posted. I provided a challenge to those that are caught up in Shepherd's Chapel cult to prove their doctrines. The essence of my challenge was for them to prove that the "elect" were chosen because of something they did in the "first earth age". Of course there is no Scripture to back that claim up and if one reads Romans chapter 8 and 9 and Ephesians 1 and 2 one will see that the elect are ALL believing Christians and that no work we have ever done or will do is what made us "elect".
I was a former 'student' of this cult for many years. Of course those posting on my youtube video don't believe me and say I'm from CARM. I respect CARM but I'm not from them nor have any affiliation with them. I think CARM is doing a wonderful job exposing cults.. not just Shepherd's chapel but also Mormon, Jehovah Witness, and Roman Catholics.
Shepherd's Chapel is a very dangerous cult. They believe that a person is "elect" because they stood with God in the first earth age against Satan. That is Un-Biblical! To say that you were elected and justified by actions you committed (in this age or any other) is heresy and works based salvation.. That is not the Gospel.. and false gospels won't save you.
You will not see much of the Love of Christ trying to speak to these people. They usually get angry and result to personal attacks when they cannot document their false doctrines.
I thank God that he opened my eyes to the Truth and brought me out of the Shepherd's Chapel cult.
Soli Deo Gloria!


text:
Naners are your typical, run of the mill, obstacles which provide the ability to never steer clear. Typically, these are the "bananas" which became "bananers" which has finally become "naners". For references of other inept possiblities for the word naners, please see the word hivnor
by Triniteers October 28, 2005


text:
22 U.S. Code § 6105 - Liability for repayments
If any fellow fails to fulfill the fellow's agreement to pay the United States Information Agency for the expenses incurred by the United States Information Agency in connection with the fellowship, a sum equal to the amount of the expenses of the fellowship shall be recoverable by the United States Information Agency from the fellow (or a legal representative) by—
(1) setoff against accrued pay, compensation, amount of retirement credit, or other amount due the fellow from the Federal Government; and
Source(Pub. L. 103–236, title II, § 256,Apr. 30, 1994, 108 Stat. 432.)
Transfer of Functions
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Support the Rotary Club of Tampa Foundation.
Click here to see a list of the community projects we support
As Rotarians, we live a life of service every day. We serve our communities, our countries, our neighbors, our businesses and the world at large.
The Rotary motto of "Service Above Self" gives us extraordinary joy, lasting friendships, roots within the community and it solidifies the integrity and strength of our businesses and organizations.
If you own or are a senior member of an organization and want to share in the joy of service, consider joining us in the Rotary Club of Tampa.Click here
Great communities don't happen by accident. They develop from the hard work and dedication
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I'm a horrible dancer.
I mean horrible. My kids beg me to not even snap my fingers in public (What? snapping isn't allowed in dancing now?)
I think they are imagining I will look like the guy in this video. But sometimes, we have to step out and do something no one else is doing. We have to take a risk. It might seem stupid. We might feel alone.
Even it if looks crazy, we should dance:
Because we just might encourage those around us to join in.
We might inspire someone to say yes.
Who might inspire others to say yes.
Who might inspire even more to say yes.
That's what happens when we say yes to God. We risk everything, but we reap so much more. And we are never really alone.
Take a risk today. You just might start something.
My new book will be released to the world in six days. If you're interested, I'd love to have you help me launch it. If you want to help spread the word about this yes movement, click here. This invitation is limited to the first 50 people. Thank you.


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E-mail this story
Virgin Mobile FreeFest now sold out of 'Freemium' tickets as well
UPDATE: As of 5:52 p.m., the "Freemium" tickets, which cost $49.50, were sold out, according to festival publicist Audrey Fix Schaefer. She says there will be an announcement Monday morning on how to get a ticket by volunteering or donating.
By Wesley Case, The Baltimore Sun
August 9, 2013


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State board backs revamped school districtsBy JOSH OGORMAN
Vermont Press Bureau | March 27,2014MONTPELIER A bill seeking to consolidate school districts has received the support of the State Board of Education, though not without a voice of dissent.
By a vote of 6-1 Tuesday, the State Board of Education voted to support H.883, a bill in the Vermont House that would abolish supervisory unions and consolidate the states nearly 300 school districts into a series of large expanded districts offering education from pre-kindergarten through grade 12.
The motion, made by student representative and board co-vice chairman Lachlan Francis and seconded by board member Mark Perrin, states the Vermont State Board of Education goes on record as strongly supporting H.883.
It continues: The Board believes it is time to modernize Vermonts educational governance system so that all Vermont students are provided equitable opportunity to prosper and thrive in all Vermont schools. The Board further commits to work with the Vermont Legislature and the Agency of Education to fairly implement the new governance structure.
The bill which can be read online at goo.gl/AnPl0W would give school districts until July 1, 2017 to come up with consolidation plans that would first be subject to approval by the State Board Of Education and ultimately by the voters within the expanded district. Those districts that do not consolidate by that date would be subject to a statewide plan that would be created by a design team, with members appointed by the Senate, the House and Gov. Peter Shumlin.
The bill was passed Friday by the House Committee on Education and introduced on the House floor Tuesday, when it was referred to the House Committee on Ways and Means.
Stephan Morse, chairman of the State Board of Education, voted in favor of the motion to support the bill. As chairman, Morse typically does not cast a vote, but did so in this case.
I think its the most important piece of educational legislation we have seen in some time, Morse said. We must provide educational opportunities to all children statewide, and this is an essential change to our educational governance system.
The motion did not receive across-the-board support. Board member William Mathis, who alone voted against supporting the bill, spoke Wednesday of his opposition to the consolidation plan.
It replaces Democracy with bureaucracy, said Mathis, who was superintendent of the Rutland Northeast Supervisory Union for 27 years and is the managing director of the National Education Policy Center, which deals with policies surrounding school consolidation.
Among Mathis criticisms of the bill is the idea that local school boards will be abolished in favor of a single, district-wide board.
By eliminating school boards, you are eliminating local voice and local control, he said. You are taking power away from the school board and giving it to some distant entity.
The bill does include provisions to create advisory committees for each school, who would work with the local representative on the district-wide board. Mathis said these advisory committees are no substitute for school boards.
If you establish a group and you give them no authority, what good will it do? he said.
Mathis spoke in favor of the current supervisory union structure of school governance.
For an incredibly strange governance structure, its done a lot of good things, in terms of centralizing accounting, transportation and special education, Mathis said.
Vermont does very well by its students in terms of education, he said, and I would argue that it is not in spite of the governance structure, but because of it.
@rutlandherald.comMORE IN Vermont NewsGoddard College is getting national attention for its choice in commencement speaker for the... Full StoryWESTON As Pope Francis prepares to gather the worlds Catholic bishops at the Vatican this... Full StoryFather speaks out Full Story
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Markets around the globe sputtered today into the raid as it seems that no agreement to the Euro crisis is at hand. Zero hedge comments on the shadow banking system which has now ground to a halt. The headquarters for the shadow banking system is London England which allows one to hypothecate customer funds and re-hypothecate this over and over again. When the daisy chain ends, your funds just disappear.
I will discuss this and other major topics with you tonight but please spend extra time studying the REHYPOTHECATION story.
Gold finished the comex session at $1709.60 down $31.10 on the day. Silver fell $1.08 to $31.48.
I want to emphasize that the fall in gold and silver are paper losses. Real metal is probably trading much higher and as well, difficult to obtain.
On that front, we just received this news that the BIS, the Bank of England and the Federal reserve was behind the massive gold assault. The story released by Market News Inc wholly owned by the Deutsche Bourse exchange:
MNI Reports Coordinated Central Bank Intervention Sends Gold Lower Intraday
- MARKET SOURCES REPORT BIS, BOE & FEDERAL RESERVE WERE SELLING GOLD AFTER IT POPPED TO SESSION HIGH AT GMT 1335 -MNI NEWS via BLOOMBERG
BIS, Bank of England, Fed reported to have sold gold today
Gold Anti-Trust Action Committee Inc.
Withdrawals from Dealers Inventory in oz
Withdrawals from Customer Inventory in oz
Deposits to the Dealer Inventory in oz
Deposits to the Customer Inventory, in oz
No of oz served (contracts) today
77 (7700)
No of oz to be served (notices)
783 (78,300 oz)
Total monthly oz gold served (contracts) so far this month
17,902 (1,790,200)
Total accumulative withdrawal of gold from the Dealers inventory this month
Total accumulative withdrawal of gold from the Customer inventory this month
no withdrawal by anybody. Thus the registered gold remains at 3.34 million oz.
And now for silver
First the chart: December 8th
Silver Ounces
Withdrawals from Dealers Inventory nil
Withdrawals fromCustomer Inventory 414,234 (Delaware,Brinks,HSBC)
Deposits to theDealer Inventory nil
Deposits to the Customer Inventory 1,828,696 (Brinks,Delaware,HSBC,Scotia)
No of oz served (contracts) 24 (120,000)
No of oz to be served (notices) 390 (1,950,000,)
Total monthly oz silver served (contracts) 735 (3,675,000)
Total accumulative withdrawal of silver from the Dealersinventory this month 81,659
Total accumulative withdrawal of silver from the Customer inventory this month 1,112,667
|Withdrawals from Dealers Inventory
|Withdrawals fromCustomer Inventory
|414,234 (Delaware,Brinks,HSBC)
|Deposits to theDealer Inventory
|Deposits to the Customer Inventory
|1,828,696 (Brinks,Delaware,HSBC,Scotia)
|No of oz served (contracts)
|24 (120,000)
|No of oz to be served (notices)
|390 (1,950,000,)
|Total monthly oz silver served (contracts)
|735 (3,675,000)
|Total accumulative withdrawal of silver from the Dealersinventory this month
|Total accumulative withdrawal of silver from the Customer inventory this month
Let us now proceed to our ETF's SLV and GLD and then our physical gold and silver funds:
Sprott and Central Fund of Canada.
The two ETF's that I follow are the GLD and SLV. You must be very careful in trading these vehicles as these funds do not have any beneficial gold or silver behind them. They probably have only paper claims and when the dust settles, on a collapse, there will be countless class action lawsuits trying to recover your lost investment.There is now evidence that the GLD and SLV are paper settling on the comex.
Thus a default at either of the LBMA, or Comex will trigger a catastrophic event.
Dec 8.2011:
Total Gold in Trust
Value US$:71,418,793,239.99
Dec 7.2011:
Value US$:72,273,637,041.64
we neither gained nor lost any gold at the GLD.
Sprott and Central Fund of Canada.
The two ETF's that I follow are the GLD and SLV. You must be very careful in trading these vehicles as these funds do not have any beneficial gold or silver behind them. They probably have only paper claims and when the dust settles, on a collapse, there will be countless class action lawsuits trying to recover your lost investment.There is now evidence that the GLD and SLV are paper settling on the comex.
Thus a default at either of the LBMA, or Comex will trigger a catastrophic event.
Dec 8.2011:
Total Gold in Trust
Value US$:71,418,793,239.99
Dec 7.2011:
Value US$:72,273,637,041.64
we neither gained nor lost any gold at the GLD.
Total Gold in Trust
Value US$:71,418,793,239.99
Dec 7.2011:
Value US$:72,273,637,041.64
we neither gained nor lost any gold at the GLD.
And now for silver Dec 8.2011:
Ounces of Silver in Trust 312,722,751.800
Tonnes of Silver in Trust 9,726.76
Ounces of Silver in Trust 311,750,133.800
Tonnes of Silver in Trust 9,696.51
we gained: 792,000 oz of silver into the English vaults.
And now for silver Dec 8.2011:
Ounces of Silver in Trust 312,722,751.800
Tonnes of Silver in Trust 9,726.76
Ounces of Silver in Trust 311,750,133.800
Tonnes of Silver in Trust 9,696.51
we gained: 792,000 oz of silver into the English vaults.
|Ounces of Silver in Trust
|Tonnes of Silver in Trust
|Ounces of Silver in Trust
|Tonnes of Silver in Trust
And now for our premiums to NAV for the funds I follow:
1. Central Fund of Canada: traded to a positive 1.2 percent to NAV in usa funds and a positive 1.4% to NAV for Cdn funds. ( Dec 8.2011).2. Sprott silver fund (PSLV): Premium to NAV remained constant at 16.8% to NAV Dec 8/2011
3. Sprott gold fund (PHYS): premium to NAV rose to a 4.27% positive to NAV Dec 8.2011).
And now for our premiums to NAV for the funds I follow:
1. Central Fund of Canada: traded to a positive 1.2 percent to NAV in usa funds and a positive 1.4% to NAV for Cdn funds. ( Dec 8.2011).2. Sprott silver fund (PSLV): Premium to NAV remained constant at 16.8% to NAV Dec 8/2011
3. Sprott gold fund (PHYS): premium to NAV rose to a 4.27% positive to NAV Dec 8.2011).
3. Sprott gold fund (PHYS): premium to NAV rose to a 4.27% positive to NAV Dec 8.2011).
Fix was in: Bloomberg mag seconds a scoop
Read more: http://www.nypost.com/p/news/business/fix_was_in_bloomberg_mag_seconds_t0MKHkjTB8AMZGGj8tAbtJ#ixzz1fywjrOG5.
* The move was as expected .
* * * *
outlook remains subject to particular uncertainty with high downside risks
+ cites sovereign debt crisis, downside risk to global growth, global imbalances
EuroArea economic activity to recover in 2012
* Inflation
likely to stay above 2% for several months before then declining below 2%
risks broadly balanced
* ECB offers further liquidity measures
two longer term refinance operations with maturities of 36 months have an option to retire early after 1 year
interest rate to be indexed to main rate
The IMF states that the re-hypothecation industry has real backing for only one trillion dollars and yet the market is 4 trillion dollars or only 25% backing. No wonder it is very profitable for the banks (due to the increased leverage) as they provide their shareholders with nice profits when times are good. However when when get global financial turmoil then chaos reigns (de-leveraging). This shadow banking industry is all off balance sheet and when the daisy wheel stops the money just disappears off the planet nowhere to be seen. This is what happened to MFGLOBAL's money and to Lehman Brothers and it will happen to all financial firms that engage in the murky shadowy banking industry.
Why The UK Trail Of The MF Global Collapse May Have "Apocalyptic" Consequences For The Eurozone, Canadian Banks, Jefferies And Everyone Else
- American International Group
- Bond
- Central Banks
- Collateralized Debt Obligations
- Counterparties
- Credit Suisse
- default
- European Central Bank
- Eurozone
- Fail
- Federal Reserve
- Financial Regulation
- Goldman Sachs
- goldman sachs
- Greece
- Ian Cumming
- International Monetary Fund
- Ireland
- Italy
- Joe Cassano
- Lehman
- Lehman Brothers
- Leucadia
- MF Global
- Morgan Stanley
- Mortgage Backed Securities
- Portugal
- Repo Market
- Reuters
- Sean Egan
- Shadow Banking
- Shadow Chancellor
- Sovereign Debt
- Sovereign Default
- Structured Finance
- United Kingdom
- Wells Fargo
[h]ypothecation is when a borrower pledges collateral to secure a debt. The borrower retains ownership of the collateral but is "hypothetically" controlled by the creditor, who has a right to seize possession if the borrower defaults.
In the U.S., this legal right takes the form of a lien and in the UK generally in the form of a legal charge. A simple example of a hypothecation is a mortgage, in which a borrower legally owns the home, but the bank holds a right to take possession of the property if the borrower should default.
In investment banking, assets deposited with a broker will be hypothecated such that a broker may sell securities if an investor fails to keep up credit payments or if the securities drop in value and the investor fails to respond to a margin call (a request for more capital).
Re-hypothecation occurs when a bank or broker re-uses collateral posted by clients, such as hedge funds, to back the broker's own trades and borrowings. The practice of re-hypothecation runs into the trillions of dollars and is perfectly legal. It is justified by brokers on the basis that it is a capital efficient way of financing their operations much to the chagrin of hedge funds.
Under the U.S. Federal Reserve Board's Regulation T and SEC Rule 15c3-3, a prime broker may re-hypothecate assets to the value of 140% of the client's liability to the prime broker. For example, assume a customer has deposited $500 in securities and has a debt deficit of $200, resulting in net equity of $300. The broker-dealer can re-hypothecate up to $280 (140 per cent. x $200) of these assets.
But in the UK, there is absolutely no statutory limit on the amount that can be re-hypothecated. In fact, brokers are free to re-hypothecate all and even more than the assets deposited by clients. Instead it is up to clients to negotiate a limit or prohibition on re-hypothecation. On the above example a UK broker could, and frequently would, re-hypothecate 100% of the pledged securities ($500).
This asymmetry of rules makes exploiting the more lax UK regime incredibly attractive to international brokerage firms such as MF Global or Lehman Brothers which can use European subsidiaries to create pools of funding for their U.S. operations, without the bother of complying with U.S. restrictions.
In fact, by 2007, re-hypothecation had grown so large that it accounted for half of the activity of the shadow banking system. Prior to Lehman Brothers collapse, the International Monetary Fund (IMF) calculated that U.S. banks were receiving $4 trillion worth of funding by re-hypothecation, much of which was sourced from the UK. With assets being re-hypothecated many times over (known as "churn"), the original collateral being used may have been as little as $1 trillion – a quarter of the financial footprint created through re-hypothecation.
Keen to get in on the action, U.S. prime brokers have been making judicious use of European subsidiaries. Because re-hypothecation is so profitable for prime brokers, many prime brokerage agreements provide for a U.S. client's assets to be transferred to the prime broker's UK subsidiary to circumvent U.S. rehypothecation rules.
Under subtle brokerage contractual provisions,U.S. investors can find that their assets vanish from the U.S. and appear instead in the UK,despite contact with an ostensibly American organisation.
Potentially as simple as having MF Global UK Limited, an English subsidiary, enter into a prime brokerage agreement with a customer, a U.S. based prime broker can immediately take advantage of the UK's unrestricted re-hypothecation rules.
This is exactly what Lehman Brothers did through Lehman Brothers International (Europe) (LBIE), an English subsidiary to which most U.S. hedge fund assets were transferred. Once transferred to the UK based company, assets were re-hypothecated many times over, meaning that when the debt carousel stopped, and Lehman Brothers collapsed, many U.S. funds found that their assets had simply vanished.
A prime broker need not even require that an investor (eg hedge fund) sign all agreements with a European subsidiary to take advantage of the loophole. In fact, in Lehman's case many funds signed a prime brokerage agreement with Lehman Brothers Inc (a U.S. company) but margin-lending agreements and securities-lending agreements with LBIE in the UK (normally conducted under a Global Master Securities Lending Agreement).
These agreements permitted Lehman to transfer client assets between various affiliates without the fund's express consent, despite the fact that the main agreement had been under U.S. law. As a result of these peripheral agreements, all or most of its clients' assets found their way down to LBIE.
MF Global's Customer Agreement for trading in cash commodities, commodity futures, security futures, options, and forward contracts, securities, foreign futures and options and currencies includes the following clause:
"7. Consent To Loan Or Pledge You hereby grant us the right, in accordance with Applicable Law, to borrow, pledge, repledge, transfer, hypothecate, rehypothecate, loan, or invest any of the Collateral, including, without limitation, utilizing the Collateral to purchase or sell securities pursuant to repurchase agreements [repos] or reverse repurchase agreements with any party, in each case without notice to you, and we shall have no obligation to retain a like amount of similar Collateral in our possession and control."
In its quarterly report, MF Global disclosed that by June 2011 it had repledged (re-hypothecated) $70 million, including securities received under resale agreements. With these transactions taking place off-balance sheet it is difficult to pin down the exact entity which was used to re-hypothecate such large sums of money but regulatory filings and letters from MF Global's administrators contain some clues.
According to a letter from KPMG to MF Global clients, when MF Global collapsed, its UK subsidiary MF Global UK Limited had over 10,000 accounts. MF Global disclosed in March 2011 that it had significant credit risk from its European subsidiary from "counterparties with whom we place both our own funds or securities and those of our clients".
Despite the fact that there may only be a quarter of the collateral in the world to back these transactions, successive U.S. governments have softened the requirements for what can back a re-hypothecation transaction.
Beginning with Clinton-era liberalisation, rules were eased that had until 2000 limited the use of re-hypothecated funds to U.S. Treasury, state and municipal obligations. These rules were slowly cut away (from 2000-2005) so that customer money could be used to enter into repurchase agreements (repos), buy foreign bonds, money market funds and other assorted securities.
Hence, when MF Global conceived of its Eurozone repo ruse, client funds were waiting to be plundered for investment in AA rated European sovereign debt, despite the fact that many of its hedge fund clients may have been betting against the performance of those very same bonds.
As well as collateral risk, re-hypothecation creates significant counterparty risk and its off-balance sheet treatment contains many hidden nasties. Even without circumventing U.S. limits on re-hypothecation, the off-balance sheet treatment means that the amount of leverage (gearing) and systemic risk created in the system by re-hypothecation is staggering.
Re-hypothecation transactions are off-balance sheet and are therefore unrestricted by balance sheet controls. Whereas on balance sheet transactions necessitate only appearing as an asset/liability on one bank's balance sheet and not another, off-balance sheet transactions can, and frequently do, appear on multiple banks' financial statements. What this creates is chains of counterparty risk, where multiple re-hypothecation borrowers use the same collateral over and over again. Essentially, it is a chain of debt obligations that is only as strong as its weakest link.
With collateral being re-hypothecated to a factor of four (according to IMF estimates), the actual capital backing banks re-hypothecation transactions may be as little as 25%. This churning of collateral means that re-hypothecation transactions have been creating enormous amounts of liquidity, much of which has no real asset backing.
The lack of balance sheet recognition of re-hypothecation was noted in Jefferies' recent 10Q (emphasis added):
"Note 7. Collateralized Transactions
We pledge securities in connection with repurchase agreements, securities lending agreements and other secured arrangements, including clearing arrangements. The pledge of our securities is in connection with our mortgage?backed securities, corporate bond, government and agency securities and equities businesses. Counterparties generally have the right to sell or repledge the collateral.Pledged securities that can be sold or repledged by the counterparty are included within Financial instruments owned and noted as Securities pledged on our Consolidated Statements of Financial Condition. We receive securities as collateral in connection with resale agreements, securities borrowings and customer margin loans. In many instances, we are permitted by contract or custom to rehypothecate securities received as collateral. These securities maybe used to secure repurchase agreements, enter into security lending or derivative transactions or cover short positions. At August 31, 2011 and November 30, 2010, the approximate fair value of securities received as collateral by us that may be sold or repledged was approximately $25.9 billion and $22.3 billion, respectively. At August 31, 2011 and November 30, 2010, a substantial portion of the securities received by us had been sold or repledged.We engage in securities for securities transactions in which we are the borrower of securities and provide other securities as collateral rather than cash. As no cash is provided under these types of transactions, we, as borrower, treat these as noncash transactions and do not recognize assets or liabilities on the Consolidated Statements of Financial Condition. The securities pledged as collateral under these transactions are included within the total amount of Financial instruments owned and noted as Securities pledged on our Consolidated Statements of Financial Condition.
According to Jefferies' most recent Annual Report it had re-hypothecated $22.3 billion (in fair value) of assets in 2011 including government debt, asset backed securities, derivatives and corporate equity- that's just $15 billion shy of Jefferies total on balance sheet assets of $37 billion.
With weak collateral rules and a level of leverage that would make Archimedes tremble, firms have been piling into re-hypothecation activity with startling abandon. A review of filings reveals a staggering level of activity in what may be the world's largest ever credit bubble.
Engaging in hyper-hypothecation have beenGoldman Sachs ($28.17 billion re-hypothecated in 2011), Canadian Imperial Bank of Commerce(re-pledged $72 billion in client assets), Royal Bank of Canada (re-pledged $53.8 billion of $126.7 billion available for re-pledging),Oppenheimer Holdings ($15.3 million), Credit Suisse (CHF 332 billion), Knight Capital Group($1.17 billion),Interactive Brokers ($14.5 billion),Wells Fargo ($19.6 billion), JP Morgan($546.2 billion) and Morgan Stanley ($410 billion).
The volume and level of re-hypothecation suggests a frightening alternative hypothesisfor the current liquidity crisis being experienced by banks and for why regulators around the world decided to step in to prop up the markets recently.
To date, reports have been focused on how Eurozone default concerns were provoking fear in the markets and causing liquidity to dry up....Most have been focused on how a Eurozone default would result in huge losses in Eurozone bonds being felt across the world's banks. However, re-hypothecation suggests an even greater fear. Considering that re-hypothecation may have increased the financial footprint of Eurozone bonds by at least four fold then a Eurozone sovereign default could be apocalyptic.
U.S. banks direct holding of sovereign debt is hardly negligible. According to the Bank for International Settlements (BIS), U.S. banks hold $181 billion in the sovereign debt of Greece, Ireland, Italy, Portugal and Spain. If we factor in off-balance sheet transactions such as re-hypothecations and repos, then the picture becomes frightening.
By Christopher Elias (UK)


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South Moline Township will have a new supervisor, Republican Tracy A. Best, who beat the incumbent for the seat in Tuesday's election.
Mr. Best,a Moline School District employee and township road commissioner for 16 years, received 2,007 votes, or 56 percent, according to unofficial election results from the Rock Island County Clerk's Office.
His opponent, incumbent Connie Mohr-Wright, received 1,561 votes, or 44 percent.
Neither candidate could be reached for comment Tuesday.
Other contested races in the township were clerk, road commissioner and township board.
According to unofficial election results, for township clerk, incumbent Robert Vyncke received 1,796 votes, or 50 percent, and Republican Brian Forsberg received 1,793 votes, or 49.9 percent.
Of all the South Moline Township candidates elected Tuesday, Mr. Vyncke was the only Democrat to win office, according to unofficial election results.
In the race for road commissioner, Bob Schultz received 1,895 votes, or 53 percent. His opponent, Democrat Mike Malmstrom received 1,650 votes, or 46 percent.
Seven people ran for four seats on the township board. Those elected were Lisa Griffin, 2,077 votes, or 16 percent; Joe Taylor, 1,930 votes, or 15 percent; Kim Lazenby, 1,861 votes or 15 percent; and Andrea Anderson, 1,808 votes, or 14 percent.
Unofficial vote totals for the other three candidates:Democrats Dawn Delaere-Daugherty, 1,593 votes, or 12 percent; Paul Meier, 1,559 votes, or 12 percent, and John Tufts, 1,472 votes, or 11 percent.
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We introduced Healthy 4 Life last year as a station initiative to help Middle Tennesseans lead a healthier life. As a Fit Friendly company, Channel 4 is committed to continuing this effort through news coverage and community service.
The culminating event of our Healthy 4 Life initiative is the Healthy 4 Life Expo, which will be held from 10 a.m. to 5 p.m. Sept. 20-21 at the Music City Center in downtown Nashville. The expo is free to the public.
The Music City Center is located next to the Country Music Hall of Fame and behind the Bridgestone Arena. Check out the ParkIt Downtown web site for parking information near the Music City Center.


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100" Endless White Freshwater Cultured Pearl Necklace
Item #: 359697 |Model #: NF-6-100-WH-SC | (5) |
This 100" endless necklace adds a touch of class and length to any attire. Wear it to work or out on the town to add a finishing touch to any look.
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- White freshwater cultured pearl necklace
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- Wipe your pearls with a soft clean cloth
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How I Met Your Mother - "The Over-Correction"
Air Date: December 10, 2012
They've made Lilly really horny,
And still don't know what to do with Barney,
They have him dating
That heavy-set woman named Patrice.
It's pretty clear,
They're running out of ideas.
Marshall used to be fat,
And now he's thin again.
And Robin spent the episode
Trapped in the closet.
And of course,
No one really likes Ted.
They call it How I Met Your Mother,
But after 8 years we still haven't.
It's less a love story
And more just one guy
Listing women he's had sex with
To his children in the future.
Grade: B-
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LONDON (Reuters) - U.S. General Electric
A bid battle between GE and Schneider, two of the world's biggest industrial companies, could drive up the offer price for Invensys to 550 pence a share, valuing the company at 3.6 billion pounds, Britain's The Sunday Times said, citing unnamed sources.
Invensys said on Friday Schneider was considering an offer of 505 pence a share in cash and stock, 15 percent above Invensys' closing price on Thursday.
The Sunday Times said its sources had cautioned that there was no certainty GE would enter the bid race, but shares in Invensys rallied to a ten year high on Friday on speculation Schneider's offer could flush out other bidders.
Invensys has long been mooted as a takeover target in an industry where larger rivals dominate.
U.S. group Emerson Electric
GE declined to comment. Invensys, which said on Friday it was likely to recommend an offer at 505 pence a share, also declined to comment.
($1 = 0.6615 British pounds)
(Reporting by Tommy Wilkes, editing by William Hardy)


text: Sort Posts by: List View Grid View Tweet 0 Obituaries: Hollis Leon Compton Editor December 4, 2013 Obituaries Hollis Leon Compton of Buckhead passed away on November 20, 2013. He was born on May 31, 1923 in Knoxville, Tenn. His parents were Della Turner and John Compton. He served in the Army in the Korean War and World War II. He was a pioneer in Tweet 0 Obituaries: William Thomas Garrison Editor December 4, 2013 Obituaries William Thomas (Tommy) Garrison, 79, died Sunday, Dec. 1, 2013. He was the son of the late Dud and Quillie Garrison. He was retired from Schnadig Corp., where he was a truck driver for 32 ½ years. He is survived by his wife Betty Garrison, daughters Denise Tweet 0 Obituaries: Eugene Aubrey Moore Editor December 4, 2013 Obituaries Col. Eugene A. Moore, 77 of Newborn, died November 30, 2013. He was born March 21, 1936 to William Aubrey Moore and Mary Em Florence Moore. He served as a pilot in the United States Air Force during the Vietnam War. He continued his service in the Tweet 0 Donations, applications flooding in-Sheriff's Office Empty Stocking Fund helping hundreds Editor December 4, 2013 Featured By Tia Lynn Lecorchick By Tia Lynn Lecorchick Special to the Citizen The Morgan County Sheriff's Office is conducting their annual Empty Stocking Fund, accepting donations of new toys to be distributed to underprivileged children this Christmas. "It benefits many children and needy families. We don't just Tweet 0 Christmas Musical Set for Dec. 8 Editor December 4, 2013 Brownwood News, Opinion By Margie Ward, Columnist Sunday morning attendance was good; visitors were present. They add a blessing to the service by being with us and we pray they will be blessed as well and will continue to come. The call to worship was, "Arise, shine the Morning Tweet 0 Remember Angel Tree gifts deadline is Dec. 8 Editor December 4, 2013 Buckhead News, Opinion Betty Moore, Columnist There will be a movie at Lake Oconee Baptist Chapel on December 6 at 6:30p.m. There will be hot dogs and chips. The movie is "Unstoppable" with Kirk Cameron. It will be $6 or a donation. All of the proceeds go to the food Tweet 0 Jacob's Thanksgiving Story Editor December 4, 2013 Opinion, Union Springs News T. Adrienne Terrell, Columnist Greetings from The Springs! Now don't get tripped up by me writing about Thanksgiving in this article especially since the holiday will be over by the time you read this. However, it is totally appropriate because when you think about the greatness of Tweet 0 The Christmas spirit has fallen here at Centennial Editor December 4, 2013 Centennial News, Opinion By Rev. Donnie Compton, Columnist It was an exciting day at Centennial Baptist this past Sunday. Our services started with two baptisms and the sounds of our Centennial Bell Choir playing "Away in a Manger." Dr. Steve Parr preached a great message ending his Series titled "Looking Tweet 0 Grandma's Home Made Ornaments made a disaster instead Editor December 4, 2013 Opinion, TriBee News By Rachael Harper, Columnist I hope that all of you had a wonderful Thanksgiving and were able to get together with your families. All of our brood along with Mama and Daddy all gathered here on Thanksgiving Day and enjoyed being together and eating too much! I Tweet 0 Along with wet, chilly weather comes cabin fever Editor December 4, 2013 Opinion, Sugar Creek News By Joellen Artz, Columnist Last week we were lucky to have two of our four grandchildren visit us but as cabin fever set in we really had a hard time thinking of activities that 10 and 12 year old boys would enjoy as it was raining and « First‹ Previous126127128129130131132Next ›Last »


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--ConAgra, Cargill and CHS to combine their North American flour-milling businesses
--Deal is first major merger in milling industry in a decade
--Joint venture will be biggest flour-milling company in U.S.
(Adds comment from law professor in seventh paragraph.)
By Owen Fletcher and Ben Fox Rubin
ConAgra Foods Inc. (CAG), Cargill Inc. and CHS Inc. (CHSCP) said they will combine their North American flour-milling businesses into a multibillion-dollar joint venture, marking the milling industry's biggest merger in years.
The new company, called Ardent Mills, will combine ConAgra Mills and Horizon Milling, a joint venture formed in 2002 between Cargill and CHS. Ardent Mills will be the industry's biggest player, selling flour products to customers in the baking and food industries and offering services such as product development.
Cargill, a major grain processor and trader, and ConAgra, a food company with brands such as Chef Boyardee and Hunt's, will each have a 44% stake in Ardent Mills. CHS, a farmer's cooperative, will control the remaining 12%.
Ardent Mills will control about one-third of the U.S. milling market by capacity, according to Joshua Sosland, editor at Milling & Baking News, a weekly industry magazine.
"This is the first major merger in the milling industry in over a decade," Mr. Sosland said. "You could make the case that it's overdue."
The combination will mirror consolidation in recent years in the baking industry, which has been led by Mexican giant Grupo Bimbo SAB (BIMBO.MX) and Thomasville, Ga.-based Flowers Foods Inc. (FLO). The joint venture will put the millers in a better position both to serve and negotiate with their bakery customers, said Jonathan Feeney, an analyst with Janney Capital Markets.
The deal could potentially attract scrutiny from antitrust regulators, observers said. A market share of one third "seems substantial to me and might well provoke interest at the Justice Department," said Carl Tobias, a law professor at the University of Richmond.
The new company will have 44 flour mills, three bakery mix facilities and a specialty bakery, spread throughout the U.S., Canada and Puerto Rico. The location of Ardent Mills's headquarters hasn't been decided.
Combined annual sales of Ardent Mills will top $4 billion. Sales for ConAgra Mills were about $1.8 billion in its last fiscal year, while Horizon Milling's were about $2.5 billion.
Horizon Milling president Dan Dye will become chief executive of the new company. Bill Stoufer, the current president of ConAgra Mills, will become Ardent Mills's chief operating officer and chief integration officer.
One benefit from the merger will be a bigger network of mill locations for both companies. ConAgra Mills has mills in seven states where Cargill lacks a presence, including Colorado, Illinois and Florida.
"There are places where, individually, we were not as strong as we will be with the more complete asset footprint that we now have," Cargill corporate vice president Scott Portnoy said in an interview.
The combined resources of the merged company will also allow for greater innovation and price-risk management for customers facing volatile commodity markets, Mr. Portnoy said.
Omaha, Neb.-based ConAgra Foods, Minneapolis-based Cargill and St. Paul, Minn.-based CHS will contribute their milling operations to the new company on a cash-free, debt-free basis in exchange for ownership interests. The companies expect the deal to be completed late this year.
The owners intend to receive cash distributions from Ardent Mills at closing, with initial estimates of the total proceeds to be $800 million to $1 billion.
The owners intend for Ardent Mills to be self-financed through cash flow from operations and its own bank debt and credit facility.
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The previously submerged lower part of the luxury cruise ship Costa Concordia emerges during the operations to put it afloat, on the Tuscan tiny island of Isola del Giglio, Italy, Monday, July 14, 2014. The shipwrecked Costa Concordia has been successfully put afloat in preparation to tow it away for scrapping. Authorities expressed satisfaction that the operation to float the Concordia from an underwater platform had proceeded without a hitch early Monday. The cruise liner struck a reef in January 2012 and capsized, killing 32 people.
Credit: AP Photo/Giacomo Aprili