text:
INTERNATIONAL. 2012 turned out to be a very different year than most had expected. Personally, I was very negative coming into the year, especially towards the European economies, and was more or less right in my predictions on that account.
However, I was also very sceptical of the rising stock markets. It turned out I was right on the real economy, but wrong on the stock markets. But shouldn't the stock market track or follow the real economy?
With 25 years of experience as a trader, market maker and fund manager, I should have known better! The stock market and the economy are, of course, linked but rarely on a strict day-to-day or even month-to-month basis. Most often it is a mismatch between expectations and the current reality, both amplified by the critical element of monetary policy, that produces sentiment and market pricing that diverge from the real economy.
This is very evident today in Europe with the seemingly illogical combination of historical highs in both unemployment and stock markets. Stock markets have reached the pre-crisis highs of 2007/2008.
History shows that such divergence has its limits and expiration dates – either the economy improves dramatically or markets will need to adjust their expectations lower. To grasp such divergences in a historical perspective, it is useful to look at the difference between broad stock indices like the MSCI World and the German IFO.
In 2013, the divergence between the underlying weak economic performance as measured by this survey and the stock market has reached the extremes of levels prevailing before markets crashed in 2000. Hardly a good sign, but remember that the difference can be reduced two ways: stocks dropping or the economy improving.
Fundamentally, the stock market is a "sub-component" of the entire economy, or GDP. Therefore, stocks must correspond to some degree with the rise and fall of the economy and relative to other economic factors like inflation and productivity. A long-term bull market in stocks usually coincides not only with economic growth, but increased productivity and risk premiums.
Even more importantly, a real bull market makes everyone benefit, rich and poor, through lower unemployment, productivity and investment – all of which are failing in this present run-up in prices.
So how do investors deal with such an investment conundrum? Ironically, to the well-placed investor all the above technical economic understanding does not really matter. Experience shows that an investor willing to risk holding illiquid assets is rewarded with a risk premium for taking on that risk.
The risk premium fluctuates based on inflation, current interest rates and income through dividends from a given stock. Stocks must give a higher yield than bonds to compensate for their inferior liquidity.
When European Central Bank president Mario Draghi in July 2012 ensured the world that he would do "whatever it takes" to keep the Euro alive, he created a massive move into more illiquid assets by removing the presumed negative potential in bonds and hence indirectly fuelling stocks. But again – as investors, we do not need to understand this. If we follow simple rules, we do not need to mix our analysis of the real economy with stock pricing. We can be economic agnostics.
In the 1970s, the American investor Harry Browne crafted the so-called Permanent Portfolio. Its logic is very simple. Invest 25 percent in each of four different assets: stocks, long government bonds, metals and cash. Sounds boring? From 1972 to 2011, the yield from such an allocation has been 9.5 percent.
In real terms, no less than 4.9 percent. A much higher yield than the stock market and with a significantly lower risk! An investment of USD 10,000 in 1972 would have grown to USD 377,193 by 2012.
This does not mean that active trading does not pay off, but works to illustrate that it wise to always have a "dumb model" as a backstop or frame of reference. Extra risk or changes in allocation should only be taken when one has an "edge" or strong indicators of being right! The famous hedge fund manager Ray Dalio from Bridgewater has expanded the idea into his All Weather Model.
As the name suggests, it is designed to handle any economic condition. The results have been very convincing. Since 1996, the annual yield has been approximately 12 percent, turning Bridgewater into the world's largest fund with USD 141 billion under management.
The difference between the two is that Harry Brown allocates assets while Ray Dalio and Bridgewater allocate risk. What they hold in common is a total agnostic attitude towards the market. They accept the very important premises of trading: we do not know what tomorrow brings; we do not know where we are going and we will get our yield primarily from extracting the risk premium from assets.
The beauty of all this is that we do not have to understand the relationship between the economy and stock markets to invest efficiently. Considering the current unpredictable macroeconomic interventions, such an approach should offer a huge relief from trying to understand everything that is going on, and possibly an advantage to any investor who does not have direct access to the minds of powerful policymakers and central bankers.
As I mentioned above, an investor should only depart from this route if he has a very strong feeling or belief that something is going to happen. Personally, I allocate 70 percent in an All Weather Model. That helped me to get a decent yield in 2012 even though I was almost 100 percent wrong in my very conservative stock market predictions.
I used the remaining 30 percent to insure against Black Swan events or place opportunistic investments. I am presently long-term bullish on Sub-Saharan Africa investments. The answer to the title's question is that the stock market may diverge from the real economy for a limited period, but this has no impact on the rationally placed investor. Investing is about logic and rationality – not genius. And that's a good thing for all of us.
Steen Jakobsen was appointed to the position of Saxo Bank's Chief Economist in March 2011.
About Chief Economist Steen Jakobsen
Steen Jakobsen was appointed to the position of Saxo Bank's Chief Economist in March 2011. Mr. Jakobsen returned to the Bank after two years' absence. During that time he has been Chief Investment Officer for Limus Capital Partners. Prior to his departure in early 2009, Mr. Jakobsen was with Saxo Bank for almost nine years as Chief Investment Officer.
Mr. Jakobsen has more than 20+ years of experience within the fields of proprietary trading and alternative investment. In 1989, after finishing his studies in Economics at Copenhagen University, he started his career at Citibank N.A. Copenhagen from where he moved to Hafnia Merchant Bank as Director, Head of Sales and Options.
In 1992, he joined Chase Manhattan in London as VP, Head of Scandinavian Sales, and then the Chase Manhattan Proprietary Trading Group. 1995-1997 he worked as a Proprietary Trader and Head of Flow Desk at Swiss Bank Corp., London. In 1997, he became Global Head of Trading, FX and Options at Christiania (now Nordea) in New York until he joined UBS in New York in 1999 as the Executive Director in the Global Proprietary Trading Group.


text:
So basically i picked him in my fantasy legue as he is Scottish and I thought he was getting back on some form after the national champs. However i cannot find if he has a ride for the 2012 season. Last years team of Maxxis/Rocky Mountain seems to have been disbanded and i can not find his name in any of the time sheets for the first world cup race in SA.
Bike Forum
Who is Ruaridh Cunningham riding for in 2012
Posted 5 years ago #
Last I heard was in January and he was without contract since Rocky Mountian ceased racing in October. Might have a ride now though.
Posted 5 years ago # -
Hope he has a team lined up, I'm suprised he doesn't have one already with last years results.
Posted 5 years ago # -
Was told that he has had an op and on recovery time at the moment and the reason that team maxxis was disbanded was that they wanted to concentrate sponsorship for London 2012 as they will get more exposure for their money
Posted 4 years ago # -
He has a ride, private deal, he will be doing World Cups. He missed SA because of injury recovery but The Gump, is riding this year!!
Posted 4 years ago # -
looks like the cat is fainally out the bag with who Ru is riding for
hope he does well this year
Posted 4 years ago # -
Yeah just about to say he's riding for Alpine bikes
Posted 4 years ago # -
Incidentally, can anyone tell me phonetically how his name is pronounced? Always ended up calling him Rhubarb....
Posted 4 years ago # -
roooooo rie
Posted 4 years ago # -
Not Rory then?
Posted 4 years ago # -
English name Roy or Roderick becomes Ruairidh, Ruairi,or Ruaraidh in Gaellic (there are other technically incorrect spellings). This was soon anglasised to Rory for the hard of Gaellic.
Posted 4 years ago #
Topic Closed
This topic has been closed to new replies.

subset: commoncrawl


text:
DEAR ANNIE: I have a 75-year-old friend who was brutally beaten by an intruder. "Jim" allowed the stranger to enter his home when he claimed he needed to use the telephone. Jim suffered broken bones and a head trauma and spent time in a rehab facility. He still hasn't fully recovered and is mostly confined to bed.
Jim has no close family. He abandoned his wife 38 years ago, and his daughter met him for the first time in October. She is his next of kin, and when Jim was in a coma, she had to make some tough decisions about his care. She is not able to be involved as much now because she lives far away. I'm in touch with her often, so she is aware of her father's condition and says he is capable of making informed decisions. The police concur.
Jim is alone, depressed and alcoholic. I check on him daily. He's promised not to kill himself, but he has given up on living. He has very little energy and barely eats despite the fact that food is provided. He just wants to lie in bed, smoke and drink vodka. And that's my problem.
I have been meeting his requests for alcohol, but I feel guilty about it. I don't want to contribute to his death by facilitating his drinking, but I fear that depriving him only condemns him to an even more protracted demise. Jim refuses to be hospitalized or return to rehab, because he will not be allowed to smoke or drink, and he wants to die at home.
If Jim is to recover, he needs to stop drinking, eat well and exercise, and it would be such a long and arduous road that he does not believe he can do it. Am I right to make him comfortable? Is this compassion or wrongdoing? -- His Friend
DEAR FRIEND: We're going to side with compassion, but please know what you are getting into. While Jim may tell you he is not suicidal, he is doing exactly that by a slower route. You cannot force him to choose life, but you don't want to be overcome with guilt and remorse, either. (And frankly, drinking and smoking in bed is a fire waiting to happen.)
DEAR ANNIE: Every gathering of my husband's family means my mother-in-law has to control the day, the conversation, everything. It sucks the life out of me. Not once does she listen to anyone else or ask how they are. She never inquires whether I'm OK. There is never a sincere two-sided conversation. Somehow, everything reverts back to her and her need for attention. She does not get along with her in-laws and refuses to visit them. My father-in-law sees his side of the family on his own.
All I can say to every person considering marriage is: Open your eyes. If I had recognized this pattern earlier, as much as I love my husband, I wouldn't have married into this family. -- Glad the Holidays Are Over
DEAR GLAD: We understand that she is difficult, but we feel sorry for your mother-in-law. She has no idea how to make friends or get people to like her. She must be a terribly unhappy person.
DEAR ANNIE: You were dead wrong in your response to "N.," who asked about helping his mother financially once her money runs out. He is under no obligation to support his mother after Mom blew through all of the money her husband left. This child has worked hard his whole life and owes his mother nothing. I would not pay that lady a dime. Mom chose to spend stupidly, and so now she has to live with that. He needs to just tell her, "Sorry, Mom, I am not a bank!" -- Cathy in Michigan
DEAR CATHY: "N." did not ask whether to give money to Mom, only that he wanted to provide for her, within reason. Setting up a limited monthly allowance (and no additional funds) would work and would be a kindness.
Email questions to firstname.lastname@example.com, or write to: Annie's Mailbox, c/o Creators Syndicate, 737 3rd St., Hermosa Beach, CA 90254.


text:
We need statesmen now
With billions of dollars spent and millions of charges and countercharges lodged in an almost interminably acrimonious campaign, the result is a political landscape virtually unchanged. What can the American people expect, more of the same gridlock, partisanship, despair and irresponsibility – the apocalyptic Four Horsemen of recent modern politics?
The dire consequences of that are easy to predict – and will be by Cassandras whose stock-and-trade in punditry is to wallow in the worst-case scenario. The first test will come quickly. The current Congress has a little less than two months to prevent the nation from tumbling over a fiscal cliff into chaos, when an automatic $600 billion in budget reductions are set and the Bush-era tax cuts are scheduled to expire. Fortunately, in a show of immediate post-election conciliation, both sides seem willing to talk about it.
Even if that catastrophe is averted, though, the chances are slim for better things from a new government that mirrors the current power structure. The re-elected president will face the same monumental problems he has been unsuccessful at resolving in the last four years. That isn't to say his Republican challenger would have had a better chance under similar divided authority.
With Barack Obama's re-election, one can probably throw out all the historic models mandating that any incumbent president would not get a second chance with an unacceptable unemployment rate, the worst growth recovery outside of the Great Depression, and a half dozen other negatives on his record. He won in beleaguered places like Ohio, Wisconsin, Michigan and Iowa, where voters apparently decided the devil they know is better than the devil they don't.
Suffice it to say, the outcome was in many ways unsurprising, even as the campaigns appeared to be in a dead heat going into Election Day. Fortunately, the outcome gave Obama more of a mandate than expected.
Now what's important is whether the parties can achieve the detente needed to move the nation forward, to paraphrase Obama. If the incivility, animosity and partisanship of the past four years continue, it is legitimate to ponder whether decades of turmoil and severe loss of American prominence aren't in the offing. Someone has to take charge; obstructionism on both sides of the political aisle isn't conducive to good government.
It will not be easy for Obama, whose personality seems at times to have made negotiating compromise difficult – although Republicans aren't to be excused from deliberately fomenting gridlock. While every second-term president's decisions are based on possible historic perception, Obama obviously understands that his window of opportunity for achievement is just about two years. After that, jockeying will begin in both parties for the right to succeed him, and every Capitol Hill action will be measured by its impact on 2016.
A strong GOP is necessary for good government, and there is a strong lesson for Republicans here. The party should reassess its seeming disdain for the center. It should soften the tone of its demands on key issues like immigration and realize that overemphasis on social issues has alienated major voting blocs.
What we all can hope for is that not only will the president do a better job of leading, but that statesmanship will find its way back into vogue in the Congress. Good luck.
Most Popular
- Longtime Irvine High water polo, swim coach Scott Hinman collapses at meet, dies
- Four people injured in fiery crash in front of a fire station in Westminster
- Authorities charge 2 Irvine women in suspected U.S.-wide sex trafficking ring
- Laguna Beach to crack down on bad behavior at Thousand Steps and other nearby beaches
- Hit Korean boy band BTS is ready to take over Anaheim
User Agreement
Comments are encouraged, but you must follow our Privacy Policy Policy & Terms of Use
Keep it civil and stay on topic. No profanity, vulgarity, racial slurs or personal attacks. People who harass others or joke about tragedies will be blocked. By posting your comment, you agree to allow Orange County Register Communications, Inc. the right to republish your name and comment in additional Register publications without any notification or payment.


text:
After being reduced to a few Christmas-themed lights last year, the annual White Mills bridge lighting returned to scale Sunday night.
If you currently subscribe or have subscribed in the past to the The News Enterprise, then simply find your account number on your mailing label and enter it below.
Click the question mark below to see where your account ID appears on your mailing label.
If you are new to the award winning The News Enterprise and wish to get a subscription or simply gain access to our online content then please enter your ZIP code below and continue to setup your account.
ZIP Code: | |


text:
The Congressionally Directed Medical Research Program has announced research grant opportunities for the Lung Cancer Research Program.
By Anthony Hardie
The Fiscal Year 2012 (FY12) Defense Appropriations Act provided $10.2 million in research funding for the peer reviewed programs managed by the U.S. Department of Defense (DOD) office of Congressionally Directed Medical Research Programs (CDMRP).
"We've known for years that our veterans are being diagnosed and dying of lung cancer at higher rates than civilians," said Lung Cancer Alliance Board Chairman Admiral T. Joseph Lopez USN (Ret).
According to the Lung Cancer Alliance, lung cancer is the "leading cancer killer," and "accounts for 30% of all cancer deaths, and takes more lives each year than the next four biggest cancers – breast, prostate, colon and pancreatic cancers – combined."
However, there's not just doom and gloom. Major national research efforts, including by the by the International Early Lung Cancer Action Program (I-ELCAP), have found that early CT ("CAT") scan screening for lung cancer can reduce mortality by more than 60 percent.
———- message ———-
From: firstname.lastname@example.com <email@example.com>Date: Wed, Apr 18, 2012 at 9:36 AM
Subject: JUST RELEASED! FY 2012 DOD LCRP Program Announcements
The Fiscal Year 2012 (FY12) Defense Appropriations Act provides research funding for the peer reviewed programs managed by the Department of Defense (DOD) office of Congressionally Directed Medical Research Programs (CDMRP).
This e-mail is to notify the research community of the recently released funding opportunities from the Lung Cancer Research Program. Detailed descriptions of each of the funding opportunities, evaluation criteria, and submission requirements can be found in the respective Program Announcements.
Each Program Announcement is available electronically for downloading from the Grants.gov website (http://www.grants.gov), and will be available within 48 hours on the CDMRP website (http://cdmrp.army.mil/funding/prgdefault.shtml) and the CDMRP eReceipt System (https://cdmrp.org).
Lung Cancer Research Program newly released Program Announcements: –
- Idea Development Award
- Translational Research Partnership Award
- Concept Award (Will be released at a later date around the beginning of June 2012)
All current and previous funding opportunities are available on the CDMRP website.
Subsequent notifications will be sent when additional funding opportunities are released. A listing of all CDMRP funding opportunities can be obtained on the Grants.gov website by performing a basic search using CFDA Number 12.420.
Please do not respond directly to this message. To be added or removed from this email list please send an email to email@example.com.
- "Lung Cancer Alliance Hails Veterans Organizations' Call for Pilot CT Screening Programs" – February 19, 2011
- "CDMRP Has Many Supporters" – June 14, 2011
- "Lung Cancer Alliance Reaches Out to Veterans, Veterans Health Care Providers" – Dec. 17, 2010
- "Troops have higher rates of some cancers, says study" – July 22, 2010
- "New Study Shows Higher Lung Cancer at Elevated Rates in Gulf War Veterans" – February 16, 2010
- "Single Exposure to Mustard Gas Now Linked to Lung Cancer" – February 1, 2010
- "Study Attributes Tripled Cancer Rates Among All Veterans to DU" – July 22, 2009
Related Posts:
Posted by Anthony Hardie on April 23, 2012, With 0 Reads, Filed under Government, Legislation. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry
FaceBook Comments
You must be logged in to post a comment Login


text:
Why would you ask a psychic if your spouse is cheating?
I saw the ad on the Yahoo website and wondered why a person would try it, or trust the answer.
Suggestion by Big J
Only guillible people trust psychics. It is false hope that they will work.
Suggestion by Neda M
i think you should take what a psychic says with a grain of salt lol.
Suggestion by Happy-2
"There's a sucker born every minute."
Why don't people just pray to Jesus and ask him questions, instead of paying money to a psychic?
Isn't Jesus supposed to know the future?
I think I know the answer: (Tell me if I'm right.) I once prayed to Jesus and asked him a question about my fortune, and he told me to piss off.
Maybe he does that to other people that ask him psychic questions, after a few times like that they stop doing it. I'm just guessing though.
Suggestion by Predicate
Maybe it's because a psychic will actually respond.
Suggestion by Louisiana State University Mathematics Professor
To ask is to receive.
Suggestion by godless
Jesus isn't as good at cold readings as the psychics are.
What web site can i go to, to ask a psychic a free question, without being charged?
I wanna talk with with a real psychic?
Suggestion by Muggles
even if you are on a website with a "real phychic" how would you know. I am as real as any psychic. Besides why do you need one. To tell you crap you already know?
Suggestion by kristina43
i doubt there is one…
Suggestion by sngozig
only way you can get some freebees is if you have a credit card and the first three minutes are free maybe. good luck on finding one. try to do a search on free psychic


text:
Johor Sultanate
The Johor Sultanate | ||||||||||||||||||||
کسلطانن جوهر Kesultanan Johor |
Capital | Tanjung Puteri | |||||||||||||||||||
Languages | Malay | |||||||||||||||||||
Religion | Sunni Islam | |||||||||||||||||||
Government | Monarchy | |||||||||||||||||||
Sultan | Alauddin Riayat Shah II | |||||||||||||||||||
Muzaffar Shah II | ||||||||||||||||||||
Abdul Jalil Shah I | ||||||||||||||||||||
Alauddin Riayat Shah III | ||||||||||||||||||||
Mahmud Shah II | ||||||||||||||||||||
Abdul Jalil IV | ||||||||||||||||||||
Sulaiman Badrul Alam Shah | ||||||||||||||||||||
Hussein Shah | ||||||||||||||||||||
Tunku Ali | ||||||||||||||||||||
History | ||||||||||||||||||||
• | Established | 1528 | ||||||||||||||||||
• | Disestablished | 19th century | ||||||||||||||||||
Currency | Tin ingot, native gold and silver coins | |||||||||||||||||||
Today part of | Malaysia Singapore Indonesia |
Part of a series on the
History of Singapore | ||||||||||||||||||
Early history (pre-1819)
British colonial era (1819–1942)
Japanese Occupation (1942–45)
Post-war period (1945–62)
Internal self-government (1955–63)
Merger with Malaysia (1963–65)
Republic of Singapore (1965–present)
Singapore portal | ||||||||||||||||||
Part of a series on the
History of Indonesia | ||||||||||||||||||||||||||||||||||||||
Timeline | ||||||||||||||||||||||||||||||||||||||
Hindu and Buddhist kingdoms
Rise of Muslim states
Christian kingdom
European colonisation
Emergence of Indonesia
Indonesia portal | ||||||||||||||||||||||||||||||||||||||
The Sultanate of Johor (or sometimes Johor-Riau or Johor-Riau-Lingga or more correctly Johor Empire) was founded by Malaccan Sultan Mahmud Shah's son, Sultan Alauddin Riayat Shah II in 1528.[1] Johor was part of the Malaccan Sultanate before the Portuguese conquered Malacca's capital in 1511. At its height, the sultanate controlled modern-day Johor, Riau, and territories stretching from the river Klang to the Linggi and Tanjung Tuan, Muar, Batu Pahat, Singapore, Pulau Tinggi and other islands off the east coast of the Malay peninsula, the Karimun islands, the islands of Bintan, Bulang, Lingga and Bunguran, and Bengkalis, Kampar and Siak in Sumatra.[2] During the colonial era, the mainland part was administered by the British, and the insular part by the Dutch, thus breaking up the sultanate into Johor and Riau. In 1946, the British section became part of the Malayan Union. Two years later, it joined the Federation of Malaya and subsequently, the Federation of Malaysia in 1963. In 1949, the Dutch section became part of Indonesia.
- 1 Fall of Malacca and the Beginnings of the Old Johore Sultanate
- 2 Triangular war
- 3 Dutch Malacca
- 4 Johor-Jambi war
- 5 Golden Age
- 6 Bugis and Minangkabau influence in the kingdom
- 7 Johor administration
- 8 Extent of the Empire
- 9 The fall of the Old Johor Sultanate
- 10 Sultan tries to repair the damage
- 11 Modern Johore Sultanate
- 12 World War II and Malaysia
- 13 See also
- 14 Further reading
- 15 References
Fall of Malacca and the Beginnings of the Old Johore Sultanate[edit]
In 1511, Malacca fell to the Portuguese and Sultan Mahmud Shah was forced to flee Malacca. The sultan made several attempts to retake the capital but his efforts were fruitless. The Portuguese retaliated and forced the sultan to flee to Pahang. Later, the sultan sailed to Bintan and established a new capital there.[citation needed] With a base established, the sultan rallied the disarrayed Malay forces and organised several attacks and blockades against the Portuguese position.
Based at Pekan Tua, Sungai Telur, Johor, the Johor Sultanate was founded by Raja Ali Ibni Sultan Mahmud Melaka, known as Sultan Alauddin Riayat Shah (1528–1564), with his Queen Tun Fatimah in 1528.[citation needed] Although Sultan Alauddin Riayat Shah and his successor had to contend with attacks by the Portuguese in Malacca[citation needed] and by the Acehnese in Sumatra, they managed to maintain their hold on the Johor Sultanate.
Frequent raids on Malacca caused the Portuguese severe hardship and it helped to convince the Portuguese to destroy the exiled sultan's forces. A number of attempts were made to suppress the Malay but it was not until 1526 that the Portuguese finally razed Bintan to the ground. The sultan then retreated to Kampar in Sumatra and died two years later. He left behind two sons named Muzaffar Shah and Alauddin Riayat Shah II.[citation needed]
Muzaffar Shah continued on to establish Perak while Alauddin Riayat Shah became the first sultan of Johor.[citation needed]
Triangular war[edit]
The new sultan established a new capital by the Johor River and, from there, continued to harass the Portuguese in the north. He consistently worked together with his brother in Perak and the Sultan of Pahang to retake Malacca, which by this time was protected by the fort A Famosa.
On the northern part of Sumatra around the same period, Aceh Sultanate was beginning to gain substantial influence over the Straits of Malacca. With the fall of Malacca to Christian hands, Muslim traders often skipped Malacca in favour of Aceh or also of Johor's capital Batu Sawar. Therefore, Malacca and Aceh became direct competitors.
With the Portuguese and Johor frequently locking horns, Aceh launched multiple raids against both sides to tighten its grip over the straits. The rise and expansion of Aceh encouraged the Portuguese and Johor to sign a truce and divert their attention to Aceh. The truce, however, was short-lived and with Aceh severely weakened, Johor and the Portuguese had each other in their sights again. During the rule of Sultan Iskandar Muda, Aceh attacked Johor in 1613 and again in 1615.[3]
Dutch Malacca[edit]
In the early 17th century, the Dutch reached Southeast Asia. At that time the Dutch were at war with the Portuguese and allied themselves to Johor. Two treaties were signed by Admiral Cornelis Matelief de Jonge on behalf of the Dutch Estates General and Raja Bongsu (Raja Seberang) of Johor in May and September 1606.[4] Finally in 1641, the Dutch and Johor forces headed by Bendahara Skudai, defeated the Portuguese. As per the agreement with Johor struck in May 1606, the Dutch took control of Malacca and agreed not to seek territories or wage war with Johor. Finally in January 1641, the Dutch (attacking by land and the sea) and Johor forces (attacking by land and under the leadership of Bendahara Skudai), defeated the Portuguese at Malacca. By the time the fortress at Malacca surrendered, the town's population had already been greatly decimated by famine and disease (the plague).[5] As per article 1 of the agreement with Johor ratified in May 1606, the Dutch assumed control of the town of Malacca and also of some surrounding settlements. Malacca then became a territory under the control of the Dutch East India Company (VOC) and formally remained a Dutch possession until the Anglo-Dutch Treaty of 1824 was signed.
Johor-Jambi war[edit]
During the triangular war, within the Johor empire, Jambi emerged as a regional economic and political power. Soon in 1666, it tried to break free from Johor and between 1666 and 1673, a civil war erupted between Johor and the Sumatran state. The war was disastrous for Johor as Johor's capital, Batu Sawar, was sacked by Jambi. After the sacking, the capital of Johor was frequently moved to avoid the threat of attack from Jambi.
In their efforts to keep the sultanate together, the rulers shifted their centre of power many times from Pekan Tua to Johor Lama (Kota Batu), Seluyut, Tanah Puteh, Batu Sawar and Makam Tauhid during the reign of Sultan Abdul Jalil Shah III (1623–1677). Johor emerged as the most powerful authority along the Straits of Malacca during the reign of Sultan Abdul Jalil Shah III. Soon afterward, Jambi declined.[citation needed]
Golden Age[edit]
In the 17th century with Malacca ceasing to be an important port, Johor became the dominant regional power. The policy of the Dutch in Malacca drove traders to Riau, a port in Johor. The trade there far surpassed that of Malacca. The VOC was unhappy with that but continued to maintain the alliance because the stability of Johor was important to trade in the region.
The Sultan provided all the facility required by the traders. Under the patronage of the Johor elites, traders are protected and prospered.[6] With wide range of goods available and favourable prices, Riau boomed. Ships from various places such as Cambodia, Siam, Vietnam and all over the Malay Archipelago came to trade. The Bugis ships made Riau the centre for spices. Items found in China or example, cloth and opium were traded with locally sourced ocean and forest products, tin, pepper and locally grown gambier. Duties were low, and cargoes could be discharged or stored easily. Traders found they do not need to extend credit, for the business was good.[7]
Like Malacca before it, Riau was also the centre of Islamic studies and teaching. Many orthodox scholars from the Muslim heartlands like the Indian Subconitnent and Arabia were housed in special religious hostels, while devotees of Sufism could seek initiation into one of the many Tariqah (Sufi Brotherhood) which flourished in Riau.[8] In many ways, Riau managed to recapture some of the old Malacca glory. Both became prosperous due to trade but there was a major difference; Malacca was also great due to its territorial conquest.
Bugis and Minangkabau influence in the kingdom[edit]
The last sultan from the Malaccan dynasty, Sultan Mahmud Shah II, was a person of unstable disposition. When Bendahara Habib was the Bendahara, he effectively shielded the people from the Sultan 's idiosyncrasies. After the demise of Bendehara Habib, he was replaced by Bendahara Abdul Jalil. As the Bendahara was only a cousin, he could not rein in the Sultan 's eccentric behaviour.[citation needed]
The Sultan ordered the pregnant wife of a noble, Orang Kaya Megat Sri Rama killed, as she had taken a slice of the royal jack fruit. Subsequently, the Sultan was killed by Megat Sri Rama in revenge. Sultan Mahmud Shah II of Johor had died in 1699 without an heir. The Orang Kayas, who were normally tasked with advising the Sultan, were in a fix. They went to Muar to meet Sa Akar DiRaja, Raja Temenggung of Muar, the Sultan's uncle and asked for his counsel.[citation needed] He pointed out that Bendahara Abdul Jalil should inherit the throne.[9] The problem was resolved when the viceroy Bendahara Abdul Jalil was declared the new sultan and proclaimed Sultan Abdul Jalil IV. Many, particularly the Orang Laut (islanders from Johor maritime territories), however felt that the declaration was improper.
The Bugis, who played an important role in defeating Jambi two decades earlier, had a huge influence in Johor. Apart from the Malays, another influential faction in Johor at that time were the Minangkabau. Both the Bugis and the Minangkabau realised how the death of Sultan Mahmud II had provided them with the chance to exert power in Johor. The Minangkabau introduced a Minangkabau prince, Raja Kecil from Siak who claimed he was the posthumous son of Sultan Mahmud II. The prince met with the Bugis and promised the Bugis wealth and political power if they helped the prince to win the throne. However, Raja Kecil broke his promise and installed himself as the new Sultan of Johor (Sultan Abdul Jalil Rahmat Shah) without the knowledge of the Bugis. Sultan Abdul Jalil IV fled to Pahang where he was later killed by an assassin hired by Raja Kecil.
Dissatisfied with Raja Kecil's accession, the son of Sultan Abdul Jalil IV, Raja Sulaiman, asked Daeng Parani of the Bugis to aid him in his quest to reclaim the throne. In 1722, Raja Kecil was dethroned by Raja Sulaiman's supporters with the assistance of the Bugis. Raja Sulaiman became the new Sultan of Johore, but he was a weak ruler and became a puppet of the Bugis. Daeng Parani's brother, Daeng Merewah, who was made Yam Tuan Muda (crown prince) was the man who actually controlled Johor.[10]
Johor administration[edit]
The Johor Sultanate continued the system of administration previously practised in Malacca. The highest authority lay in the hands of the Yang di-Pertuan who was known as the Sultan. The Sultan was assisted by a body known as the Majlis Orang Kaya (Council of Rich Men) which was tasked with advising the Sultan. Among them were the Bendahara, Temenggong, Laksamana, Shahbandar and Seri Bija Diraja. During the 18th century, the Bendahara lived in Pahang and the Temenggong Johor in Teluk Belanga, Singapore. Each one managed the administration of their individual areas based on the level of authority bestowed upon them by the Sultan of Johor.
The Johor Empire is decentralised. It is made of four main fiefs and the Sultan's territory. The fiefs are Muar and its territories under the Raja Temenggung of Muar;[11] Pahang under the stewardship of the Bendehara;[12] Riau under the control of YAM Tuan Muda and mainland Johor and Singapore under the Temenggung. The rest of the Empire belongs to the Sultan. The Sultan resides in Lingga. All the Orang Kayas except Raja Temenggung Muar reports directly to the Sultan ; Raja Temenggung Muar is a sovereign and is recognised by the Sultan.
Sultans of Johor | Reign |
Malacca-Johor Dynasty | |
Alauddin Riayat Shah II | 1528–1564 |
Muzaffar Shah II | 1564–1570 |
Abdul Jalil Shah I | 1570–1571 |
Ali Jalla Abdul Jalil Shah II | 1571–1597 |
Alauddin Riayat Shah III | 1597–1615 |
Abdullah Ma'ayat Shah | 1615–1623 |
Abdul Jalil Shah III | 1623–1677 |
Ibrahim Shah | 1677–1685 |
Mahmud Shah II | 1685–1699 |
Bendahara Dynasty | |
Abdul Jalil IV (Bendahara Abdul Jalil) | 1699–1720 |
Malacca-Johor Dynasty (descent) | |
Abdul Jalil Rahmat Shah (Raja Kecil) | 1718–1722 |
Bendahara Dynasty | |
Sulaiman Badrul Alam Shah | 1722–1760 |
Abdul Jalil Muazzam Shah | 1760–1761 |
Ahmad Riayat Shah | 1761 - 1761 |
Mahmud Shah III | 1761–1812 |
Abdul Rahman Muazzam Shah | 1812–1819 |
Hussein Shah (Tengku Long) | 1819–1835 |
Ali | 1835–1877 |
Temenggong Dynasty | |
Raja Temenggung Tun Ibrahim | 1855–1862 |
Abu Bakar | 1862–1895 |
Ibrahim | 1895–1959 |
Ismail | 1959–1981 |
Mahmud Iskandar Al-Haj | 1981–2010 |
Ibrahim Ismail | 2010 - current |
Extent of the Empire[edit]
As the Sultanate replaced the Malacca Sultanate, it followed that the extent of its territorial area covered the southern Malay peninsular, parts of south-eastern Sumatra and the Riau Islands and its dependencies. This territory included the vassal states of Pahang, Muar, Johor mainland and Riau Islands. The administrative centre of the empire was at various times at Sayong Pinang, Kota Kara, Seluyut, Johor Lama, Batu Sawar and Kota Tinggi; all on mainland Johor and later at Riau and Lingga. It then shifted with the birth of Modern Johore Sultanate to Tanjung Puteri, known today as Johor Bahru.
The fall of the Old Johor Sultanate[edit]
Singapore and the British[edit]
In 1818, Sir Stamford Raffles was appointed as the governor of Bencoolen on western Sumatra. However, he was convinced that the British needed to establish a new base in Southeast Asia to compete with the Dutch. Though many in the British East India Company opposed such an idea, Raffles managed to convince Lord Hastings of the Company, then Governor General of British India, to side with him. With the governor general's consent, he and his expedition set out to search for a new base.
When Raffles' expedition arrived in Singapore on 29 January 1819 he discovered a small Malay settlement at the mouth of Singapore River headed by a Temenggung (governor) of Johor. Though the island was nominally ruled by the sultanate, the political situation there was extremely murky. The current sultan, Tengku Abdul Rahman, was under the influence of the Dutch and the Bugis. Hence, he would never agree to a British base in Singapore.
However, Tengku Abdul Rahman was ruler only because his older brother, Tengku Hussein or Tengku Long, had been away in Pahang getting married when their father died in 1812. He was appointed by the Yam Tuan Muda of Riau, Raja Jaafar because according to him, in a Malay tradition, a person has to be by the dying sultan's side to be considered as the new ruler. However the matter has to be decided by the Bendehara as the "keeper of adat (tradition)".[13] Predictably, the older brother was not happy with the development.
Raja Jaafar's sister, the queen of the late Sultan, protested vehemently at her brother's actions with these prophetic words, "... Which adat of succession is being followed? Unfair deeds like this will cause the Johor Sultanate be destroyed!". And she held on the royal regalia refusing to surrender it.[14]
Bendehara Ali was made aware of the affairs of the succession and decided to act.[13] He prepared his fleet of boats to Riau to "restore the adat". The British upon knowing this despatched a fleet and set up a blockade to stop the forces of Bendehara Ali from advancing.
With the Temenggung's help, Raffles managed to smuggle Hussein, then living in exile on one of the Riau Islands, back into Singapore. According to a correspondence between Tengku Hussain and his brother, he left for Singapore out of his concern of his son's safety. Unfortunately he was captured by Raffles and forced to make a deal.[15] Their agreement stated that the British would acknowledge Tengku Hussein as the "legitimate ruler" of "Johor", and thus Tengku Hussein and the Temenggung would receive a yearly stipend from the British. In return, Tengku Hussein would allow Raffles to establish a trading post in Singapore. This treaty was ratified on 6 February 1819.
Bendehara Ali was requested by the British to recognise Tengku Hussein as a ruler. However, Bendehara Ali has stated that he has no connection with the events in Singapore, as it is the Temenggung's fief and stated that his loyalty lies with the Sultan of Johor in Lingga.[16]
Anglo-Dutch Treaty[edit]
The Dutch were extremely displeased with Raffles' action. Tensions between the Dutch and British over Singapore persisted until 1824, when they signed the Anglo-Dutch Treaty. Under the terms of that treaty, the Dutch officially withdrew their opposition to the British presence in Singapore. Many historians contend that the treaty divided the spheres of influence between the Dutch and the English; Sultanate of Johor into modern Johor and the state of Riau-Lingga which exists de jure after the ouster of the last Sultan of Johor. However this treaty is signed secretly without the knowledge of the local nobility including the Sultan and thus its legitimacy is called into question. It is akin to the World War 2 conference in Yalta in which Stalin, Roosevelt and the other allies agreed to divide the known world into eastern and western power blocs whilst Germany and Japan are still sovereign.
The British successfully sidelined Dutch political influence by proclaiming Sultan Hussein as the Sultan of Johor and Singapore to acquire legal recognition in their sphere of influence in Singapore and Peninsular Malaysia. The legitimacy of Sultan Hussein's proclamation as the Sultan of Johor and Singapore, was by all accounts not recognised by the Malay rulers and his title only served as a nominal title. Temenggong Abdul Rahman's position, on the other hand, was strengthened as the signing of the treaties detached him the influence of Raja Ja'afar.[17] Meanwhile, Sultan Abdul Rahman was installed as the Sultan of Lingga in November 1822, complete with the royal regalia.[18] Sultan Abdul Rahman, who had devoted himself to religion, became contented with his political sphere of influence in Lingga, where his family continued to maintain his household under the administrative direction of Raja Ja'afar who ruled under the auspices of the Dutch.
The Interested Parties[edit]
The actors on this stage are three parties; the Colonial powers of British and the Dutch; the nobles who made agreement with the Dutch namely Raja Jaafar, Yam Tuan Muda of Riau and Temenggung Abdul Rahman, of Johore and Singapore ; the palace namely the Sultan and Bendahara who is not aware of any treaty signed without their knowledge.[19] Because the treaties are not ratified by the Sultan or the Bendahara, the Malays do not pay heed to any action of the Colonial powers.
The Yam Tuan Muda has committed treachery by "selling" the sovereignty of Johore,[20] however it does not hold as the Sultan or the Bendahara is not a party to the treaty. It is wrong to pass judgements on the Sultan as not obeying the 1830 treaty. The treaty was signed in secret[21] and details were only known in 1855. In actuality, the Sultan is exercising his sovereign right in demanding loyalty from fiefdoms in the Johore Empire. As for the Temenggung, he is strengthening his position and in preparation of any changes to fate of the Sultanate, preparing to have friendship with Great Britain and sharing the spoils with Britain at the demise of the Sultanate. This is especially true for the son of Temenggung Ibrahim, the ambitious Temenggung (and later Sultan) Abu Bakar who plans to be Sultan.
Sultan tries to repair the damage[edit]
Sultan Abdul Rahman died in 1832 and was replaced by his son, Sultan Muhammad Shah (reigning from 1832–1841). Raja Jaffar, Yam Tuan Muda of Riau died and the Sultan is in no hurry to appoint a successor. The Sultan saw the damage that was done to the Palace in his father's reign and decided to reemphasis and restore adat[22] as a rule governing personal behaviour and the politics. He summoned Bendahara Ali (Raja Bendahara Pahang) to Lingga. At Lingga, an adat-steeped function[23] was held. The Bendahara conducted ceremonies (as per adat) aimed at re-educating the nobility and the Sultan about their respective duties and responsibilities. Islam and politics were discussed. It was attended by all the nobles from across the Empire hence, proving that 'Sultan' of Singapore is not recognised by the Malays. The ceremonies also include istallation of Tengku Mahmud (later ruling as Sultan Mahmud Muzaffar) as a Crown Prince and Tun Mutahir as Bendehara-in-waiting.
In 1841, Bendahara Ali appoint Temenggung Ibrahim[24] to replace his father who died in 1825. The long interval is due to displeasure of the Bendahara over the affairs of Singapore. Conditions were imposed during the appointment includes paying a visit of fealty to the ruling Sultan Mahmud Muzaffar in Lingga which brings pleasure to his majesty. 'Sultan Hussein' of Singapore has died in 1835 and his prince Tengku Ali wished for the legitimacy granted to Temenggung Ibrahim. The British forwarded the request in 1841 to the Bendahara. Bendahara Ali refused to take part in this treachery.
After waiting since 1835 for the 'appointment' as a Sultan, in 1852 Tengku Ali decided to 'return Johor'[25] to the Johor Empire by paying homage to Sultan Mahmud Muzaffar in Lingga. For three years Johor Empire was one again except Singapore. Worried by the current state of affairs, the British called Tengku Ali back to Singapore on the threat of cancelling his pension. In Singapore, he is frequently visited by Sultan Mahmud Muzaffar and their relations are cordial.
End of the Empire[edit]
The worried British then forced the 1855 treaty between Temenggung Ibrahim and Tengku Ali. In exchange for recognition as a 'Sultan', Tengku Ali agrees to 'give up all of Johor'. The treaty merely 'confirms' the Temenggung's hold on his fief. This treaty was intended to solidify the position of Temenggung Ibrahim, their key ally.
Bendahara Ali was asked by the Sultan Mahmud Muzaffar about the 1855 treaty.[26][27] In his reply, the Bendahara reiterated about the Temenggung was supposed to swear fealty to his majesty and on the behaviour of Tengku Ali, the Bendehara claimed ignorace. He also reiterated that he was not a party to any discussion with the British or the Dutch.
The Dutch were also very worried. It seemed that the Sultan is acting on his own and would not listen to any of the Dutch-influenced Yam Tuan Muda of Riau and the Bugis nobility. It erupted into an open dispute between Sultan Mahmud Muzaffar and the Bugis nobility over the appointment of new Yam Tuan Muda of Riau. The Bugis preferred candidate was also the Dutch choice.[28] The Sultan resented having another foreign-backed Yam Tuan Muda of Riau. It resulted in a deadlock that the Sultan set sail to Singapore to cool off. It was during the Singapore trip that the last Sultan of the mighty Johore Empire was deposed by the Bugis nobility in 1857.[29]
The Breakup[edit]
After the ouster of the former Sultan of Johor, the Bugis nobles elected the new Sultan, Sultan Sulaiman Badrul Shah,[30] the Sultan of the "new" Riau-Lingga Kingdom built on the ashes of the Johore Empire. The Sultan signed an agreement with the Dutch.[30] In the agreement he agreed to acknowledge the overlordship of the Dutch government among others. With a stroke of a pen, he broke up the Johor Empire into 2 big parts and has given up the sovereignty of his part of territory to the Dutch. This also marked the end of the Malacca and later Johor sultanate. This division remains until today as the Malaysia-Indonesia border.
Johor and Pahang[edit]
As the Sultan Mahmud Muzaffar was ousted and the new Sultan declared territory separate from the former Johor Empire, it was akin to a sheep slaughtered with Sultan and Riau-Lingga represented by the head. The Bendahara is now the virtual head of remnants of the Empire as per the prevailing adat. Temenggung Ibrahim of Johore understood this situation and quickly signed a treaty with Bendahara Tun Mutahir of Pahang in 1861.[31] The treaty recognises the territories of Johor (mainland), the Temenggung and his descendent's right to rule it, mutual protection and mutual recognitions of Pahang and Johor. With the signing of this treaty, the remnants of the Empire became two independent states, Johor and Pahang.
Modern Johore Sultanate[edit]
Johor Protectorate نڬري جوهر |
Negeri Johor | ||||||||||
Protectorate of the United Kingdom | ||||||||||
Motto Malay: Kepada Allah Berserah (To Allah We Surrender) |
Johor in present-day Malaysia
Capital | Johor Bahru1 | |||||||||
Languages | Malay2 English |
Religion | Sunni Islam | |||||||||
Political structure | Protectorate | |||||||||
Monarch | ||||||||||
• | 1837-1901 | Victoria | ||||||||
• | 1936-1952 | George VI | ||||||||
Advisor | ||||||||||
• | 1914–unknown | D.G. Campbell | ||||||||
Historical era | British Empire | |||||||||
• | Recognised by United Kingdom | 11 December 1885 | ||||||||
• | British adviser accepted | 12 May 1914 | ||||||||
• | Japanese troops take Johor Bahru | 31 January 1942 | ||||||||
• | Japanese surrender | 14 August 1945 | ||||||||
• | Added into Malayan Union | 31 March 1946 | ||||||||
Currency | Straits dollar until 1939 Malayan dollar until 1953 |
Today part of | Malaysia | |||||||||
1 Formerly Tanjung Puteri, remains as capital until today 2 Malay using Jawi (Arabic) script |
In 1855, Temenggong Ibrahim selected Tanjung Puteri, a small fishing village in southern Johor which would later develop into Johor Bahru, as the administrative headquarters of the state. Temenggong Ibrahim was succeeded by his son, Temenggong Abu Bakar, who later took the title Seri Maharaja Johor.
Muar was another vassal of Old Johor Empire and was ruled by its own Raja Temenggong. At gunpoint, the Raja Temenggong and the chieftains of Muar handed over the control of Muar to Temenggong Abu Bakar in 1877; this later contributed to the Jementah Civil War. Temenggong Abu Bakar, aided by the British won decisively. Abu Bakar went to Istanbul to seek recognition as the Sultan of Johor, to allay fears of his religious credibility.
In 1885, he went to London seeking the recognition from the British Queen, Queen Victoria on his sultanate and Johor's independence. He is warmly accepted by the Queen and a friendship treaty was signed. After that he was formally crowned the Sultan of Johor. This sultanate has no relationship to the Old Johore Sultanate as the Johore Empire was broken up into its constituents; Pahang, Singapore, Lingga and Riau was separated.
Sultan Abu Bakar has often been credited as the "Father of Modern Johor" due to the modernisation of the state under his rule. He introduced a constitution known as Undang-undang Tubuh Negeri Johor and developed an efficient administration system, officially moving administrative operation of the state to Johor Bahru. As the capital of the state, Johor Bahru witnessed significant growth and development, culminating to the construction of buildings on grand scales with architecture deriving from Western and Malay sources. Johor as a whole also enjoyed economic prosperity. An increased demand for black pepper and gambier in the nineteenth century lead to the opening up of farmlands to the influx of Chinese immigrants, creating Johor's initial economic base. The Kangchu system was put in place.
In 1914, Sultan Ibrahim, Sultan Abu Bakar's successor, was forced to accept a British Adviser and effectively became a crown protectorate of the Britain as part of the Unfederated Malay States. D.G. Campbell was dispatched as the first British advisor to Johor.
World War II and Malaysia[edit]
Under the reign of Sultan Ibrahim until his death in London in 1959, Johor transitioned from a British protectorate of the Unfederated Malay States, to a Japanese possession during Japanese occupation in World War II, to a federated state in the Malayan Union and Federation of Malaya.
The Johor Sultanate continues to exist as a member of the Conference of Rulers following Malaya's independence in 1957 and the formation of the Malaysian federation in 1963, with successive sultans presiding over modern Johor as ceremonious figureheads, including Sultan Ismail (1959–1981), Sultan Iskandar (1981–2010), and Sultan Ibrahim (2010–present). Sultan Iskandar served as the Yang di-Pertuan Agong, the federal head of state of Malaysia, from 1984 to 1989.
See also[edit]
- Riau-Lingga Sultanate
- Founding of modern Singapore
- Johor
- History of the Malay Kings of Singapore
- List of Sunni Muslim dynasties
- Sultanate of Kedah
- Sultanate of Malacca
Further reading[edit]
- Borschberg, Peter, "The Seizure of the Santa Catarina Revisited: The Portuguese Empire in Asia, VOC Politics and the Origins of the Dutch-Johor Alliance (c. 1602–1616)", Journal of Southeast Asian Studies, 33.1 (2002): 31–62.
- Borschberg, Peter, ed., Jacques de Coutre's Singapore and Johor, 1595-c.1625, Singapore: NUS Press, 2015. ISBN 978-9971-69-852-2. http://www.academia.edu/9672124
- Borschberg, Peter, ed., Journal, Memorials and Letters of Cornelis Matelieff de Jonge. Security, Diplomacy and Commerce in 17th-Century Southeast Asia, Singapore: NUS Press, 2015. ISBN 978-9971-69-798-3. http://www.academia.edu/4302783
- Borschberg, Peter, ed., Admiral Matelieff's Singapore and Johor, 1606-1616, Singapore: National Archives of Singapore, 2015. http://www.academia.edu/11868450
- The Johor Empire at sabrizain.demon.co
- JOHOR (Sultanate) at uq.net.au
- ^ Christopher Buyers – The Ruling House of Malacca-Johor
- ^ Winstedt R. O. (1992). A history of Johore, 1365–1895 (M.B.R.A.S. Reprints, 6.). Kuala Lumpur: Malaysian Branch of the Royal Asiatic Society. p. 36. ISBN 983-99614-6-2.
- ^ Borschberg (2010a)
- ^ Borschberg (2011), pp. 215–223
- ^ Borschberg (2010b), pp. 97–100
- ^ E. M. Jacobs, Merchant in Asia, ISBN 90-5789-109-3, 2006, page 207
- ^ Andaya & Andaya (2001), p. 101
- ^ Andaya & Andaya (2001), p. 102
- ^ The Family Tree of Raja Temenggung of Muar, traditional sources, Puan Wan Maimunah, 8th descendent of Sa Akar DiRaja
- ^ "History", Embassy of Malaysia, Seoul
- ^ Othman (2006), p. 239
- ^ Othman (2003), p. 36
- ^ a b Othman (2003), p. 57
- ^ Othman (2003), p. 136
- ^ Othman (2003), p. 61
- ^ Othman (2003), p. 62
- ^ Ministry of Culture (Publicity Division), Singapore; Ministry of Communications and Information, Singapore., Singapore: A Ministry of Culture Publication, pg 24
- ^ Trocki (1979), p. 108
- ^ Othman (2007), p. 90
- ^ Othman (2007), p. 46
- ^ Othman (2007), p. 40
- ^ Othman (2007), p. 67
- ^ Othman (2007), p. 68
- ^ Othman (2007), p. 70
- ^ Othman (2007), p. 75
- ^ Othman (2007), p. 221
- ^ Baginda Omar's private correspondences, National Archives, Kuala Lumpur
- ^ Othman (2007), p. 85
- ^ Othman (2007), p. 86
- ^ a b Othman (2007), p. 87
- ^ Ahmad Fawzi Basri, Johor 1855–1917 : Pentadbiran dan Perkembangannya, Fajar Bakti, 1988, pages 33–34
- Andaya, Barbara Watson; Andaya, Leonard Y. (2001). A History of Malaysia. University of Hawai'i Press. ISBN 9780824824259.
- Borschberg, Peter (2010a). The Singapore and Melaka Straits: Violence, Security and Diplomacy in the 17th Century. ISBN 978-9971-69-464-7.
- Borschberg, Peter (2010b). "Ethnicity, language and culture in Melaka during the transition from Portuguese to Dutch rule". Journal of the Malaysian Branch of the Royal Asiatic Society. 83 (2): 93–117.
- Borschberg, Peter (2011). Hugo Grotius, the Portuguese and Free Trade in the East Indies. Singapore: NUS Press. ISBN 978-9971-69-467-8.
- (Tun) Suzana (Tun) Othman (2003). Institusi Bendahara, Permata Melayu yang Hilang. Pustaka BSM. ISBN 983-40566-6-4.
- (Tun) Suzana (Tun) Othman (2006). Ahlul-Bait (keluarga) Rasullulah SAW dan Kesultanan Melayu. Crescent Publications. ISBN 983-3020-12-7.
- (Tun) Suzana (Tun) Othman (2007). Perang Bendahara Pahang 1857–63. Karisma Publications. ISBN 978-983-195-282-5.
- Trocki, Carl A. (1979). Prince of Pirates: the Temenggongs and the Development of Johor and Singapore, 1784–1885. University of Hawai'i Press. ISBN 978-9971-69-376-3.
- Former monarchies
- Former countries in Southeast Asia
- States and territories established in 1528
- States and territories disestablished in the 19th century
- Former British protectorates
- States and territories established in 1885
- States and territories disestablished in 1946
- History of Johor
- History of Sumatra
- History of Islam
- Sultanates in Malaysia
- Former countries in Malaysian history
- Former British colonies and protectorates in Asia


text:
Our short breaks programme
What are short breaks?
Our short breaks programme will:
- enable children and young people with disabilities and/or additional needs to join in with safe, fun and interesting activities
- give parents or full-time carers an opportunity to have a short break from caring.
Short breaks come in all shapes and sizes, lasting from a few hours to a day or an evening, and provide a positive experience for all. They could:
- be a fun short break activity just for your child
- support families to enjoy a short break activity together
- include additional support so that your child or young person can join a club or recreational activity in their community.
Who are short breaks for?
Short breaks are for children and young people who:
- have a disability and/or additional needs and may require support to participate fully in leisure and recreation activities
- are between 0 to 19 years old
- live in Hampshire and/or attend a school in Hampshire (excluding Portsmouth, Southampton and the Isle of Wight as they have similar schemes).
Will we be charged for short breaks?
Some activities and services have a cost which you would expect to pay whether a child is disabled or non-disabled - families are expected to pay these costs. The additional support you may require will be funded through the short breaks programme.
How do we access short breaks?
You can book places at an activity or play scheme directly with the provider. To help with the booking process, we have introduced the Gateway Card which is used to identify that your child or young person has a disability and/or additional needs and may require support. The card is free and will reduce the many funding forms that families have completed in the past at each activity. Find out more at www.hants.gov.uk/gatewaycard
What types of short breaks can we access?
There are lots of short breaks activities that you can access.
How do we find out about short breaks
- Register your child for a and tick YES to receiving updates. You will then receive FREE copies of the Hampshire Gateway guides (4 publications across a year) which list recreation and leisure activities available.
- Hampshire Gateway website - you can search online for leisure and recreation activities. The website is regularly updated by Parent Voice with new activities.
- Parent Voice also sends a weekly newsletter by post or email to inform parents and carers of new developments and other useful information. To join Parent Voice register online at www.parentvoice.info, email email@example.com or call 0300 303 8603.
- Directly from activity providers in their newsletters, leaflets, local magazines and websites.
- The Family Information Directory lists family services and childcare information.
Gateway Card
Register for a Gateway Card for access to activities, play schemes and buddy schemes available through our short breaks programme.
Parent participation
Parent Voice - a network of parents and carers of children and young people with disabilities and/or additional needs to provide you with information and advice.


text:
SOLAR TODAY is published six times a year (four regular issues, plus two bonus issues). Subscribe today, and receive a print or digital copy, or both.
There are two ways to get SOLAR TODAY:
– Join the American Solar Energy Society and receive a subscription as a member benefit. Learn more about membership options.
– Subscribe to SOLAR TODAY only.


text:
Shopping Cart
My Account
Estimate Request
Create Account
Log In
Tools & Accessories
Tubing Clips
Cart Summary
Your Cart is Empty
View Cart
Electric Floor Heat
Tools & Accessories
Crimp Tools
Tubing Cutters
Misc Tools
Tubing Clips
Transfer Plates
Bend Supports
Heating System Controls
Water Heaters & Boilers
SubRay - Discontinued
Estimate Request
Free Radiant Floor Heating Estimates
Free Shipping
Free Ground Shipping on Orders Over $200
Radiant Professionals Alliance
4" Meshups Wiremesh Standoff - 100 pc
Click to enlarge
Mesh-up, the new all plastic "chair," is flexible, elastic, easily and quickly attached to the mesh without ties. Above all it`s capable of returning the mesh approximately to its original position after being subjected to the loads commonly encountered while placing the mesh in the forms and spreading the concrete.
Install 1 per 2 sqft
- Ex. For 400sqft, order 2boxs (100pc) of Mesh-Ups
(Designed to receive #6, #8, and #10 wire mesh)
The flexible plastic support chair Mesh-up helps solve the problems of concrete slabs at grade will:
1. Aid in getting the mesh off the ground.
2. Help to support mesh above the membrane before and during pouring.
3. Snap easily, quickly and firmly to mesh where the wires intersect; therefore, they do not rotate or fall off. See new design.
4. Deflect when mesh is pressed down and then rebound; preventing wire bending over Mesh-up.
5. Resist being pressed into subsurface because of large base ring. Use sand disk over soft fill.
6. Reduce membrane puncture from sharp wire ends.
7. Reduce supervision and require no "hook man."
Plastic Springs
It should be explained to the mechanics who place the chairs that Mesh-ups are plastic springs and when placed properly on rnesh can produce excellent results with little effort. They are not magic and after deflection they must be allowed to rebound.
Mesh-Ups are Easily Applied
Mesh-ups are attached where wires intersect so they will not rotate or fall off. The lower slot in the Mesh-ups is to receive the lower wire at the intersection. This seems minor, but it should be pointed out so that units will be applied properly the first time. Use 4" high 4" x 4" blocks or larger, to elevate the wire to facilitate Mesh-up application.
Wire Should Be Straight
To position wire properly, it must be straight with no tendency to curl. If the wire is not adequately straightened, the inspector should be on the lookout for "low" spots where an additional Mesh-up might be necessary. And at "high" spots of little stress, a unit can be removed.
Use Top Rebar
In design where slabs are poured monolithically with thickened beams, the mesh should be shown lying on top of the top reinforcing steel beam for additional support (any conduit and plumbing must be located under the wire).
With a Few Precautions
- A Better Job
Tie wire at splice, tie wire to proper elevation at external forms, internal dividers, vertical projections ( plumbing, standpipe, vertical conduit, etc).
Installation not recommended in subfreezing temperature
For more information view:
Part Number: 4-Meshup-100
Price: $62.50
Tell a Friend


text:
It looks like you're new here. If you want to get involved, click one of these buttons!
Well if there is another thread it's buried somewhere, so continue discussing it here.doubleoego said:Oh ok. Well in that case if a mod can merge the threads or whatever. Dont want to be accused of clogging up the boards lol.
Monotone needn't always be a bad thing. Besides, The Raid built towards something. I can hardly consider it tedious myself. With every next level in the building, like in a video game, comes the realization of a bigger danger, a heavier fight, a bloodier challenge. It's what this genre is all about. Crouching Tiger Hidden Dragon may have been more stylish and polished, but in terms of content, both films deliver mostly the same goods, even if the former one was all about the wire fu and The Raid is just raw fighting.minorMajor9th said:Looks just as tedious and inhumane as the first film.
Depends on what kind of monotony we're talking about. The Raid's monotonous nihilism, videogame plot and cardboard characters didn't appeal to me. Just a bunch of killing machines reclaiming a tenement from killing machines on meth. No sex, no humour, no brains. Cheap trash.DarthDimi said:
Monotone needn't always be a bad thing.minorMajor9th said:Looks just as tedious and inhumane as the first film.
I was already a fan of the genre way before 'The Raid,' but this completely kicked it up a notch: brutal, gory, non-stop ass-kicking for the entire film, it felt. I can't wait for the sequel.DarthDimi said:I have a feeling that The Raid can temporarily convert sceptics to the genre. Some folks I talked to told me that they don't like these fight films but The Raid impressed them.
I'm in the same boat as you. I have two theaters near me, and sometimes neither of them will even get a film I want to see, big or not, but other times, one of them will have a lower-budget indie film, so it varies. I'm hoping at least one of them gets it.DarthDimi said:I'm like you then, @Creasy47. My interest in this type of films has peaked since The Raid. I'm not even sure it will be shown in my local theatre. The owners have a tendency to make rather surprising choices in their programming. But I will keep my eyes open for it because I really want to watch the film.
^ Back to Top
The MI6 Community is unofficial and in no way associated or linked with EON Productions, MGM, Sony Pictures, Activision or Ian Fleming Publications. Any views expressed on this website are of the individual members and do not necessarily reflect those of the Community owners. Any video or images displayed in topics on MI6 Community are embedded by users from third party sites and as such MI6 Community and its owners take no responsibility for this material.
James Bond News • James Bond Articles • James Bond Magazine


text:
I have it: 67 I had it: 22 I want it: 273 My signature: 1
Designers » I-K » Issey Miyake Woody Spicy « Groups
I have it: 67 I had it: 22 I want it: 273 My signature: 1
L'Eau d'Issey Pour Homme Noir Absolu by Issey Miyake is a Woody Spicy fragrance for men. L'Eau d'Issey Pour Homme Noir Absolu was launched in 2010. The fragrance features mandarin orange, cashmere wood, amber, cinnamon and nutmeg.
Perfume rating: 4.47 out of 5 with 87 votes.
drag slider to vote
poor | 3 | |
weak | 0 | |
moderate | 7 | |
long lasting | 12 | |
very long lasting | 8 |
drag slider to vote
Leau D'Issey was a guy born and perceived 1994 , Who used to go to school, hits gym, Party, used to smoke to look cool in front of girls, Biking, bullying, one night stands and who used to wear colognes for the other people to get their attention, garner compliments
After 16 Years, 2010
Now the guy has matured, Now he goes to work, Still workout, Drinks occasionally, drives a Car, understand other peoples and their emotions, probably looking for a soulmate, wears this and not more for any other person, but only for those who would come close to him and feel special in the aura of this beautifully crafted scent that makes him more confident and sad*
*This is a very Subtle/low key version of the Original Leau D'Issey but when you smell the original you feel like,"let's get out, do something and make a difference, but when you smells this, it feels good but sad because you are still in search for something/someone and you know you will find it, but it's taking too long when you have to do so many things, although however It feels fresh but relaxing, like having a dinner & drinks with your close friends, beside a fireplace, in a crisp Black clothes, may be that's what it's intended for and that's why the name 'Noir'
Ladies will dig this and if they have imagination, they will imagine you being a Nocturnal, Dark Being with everyone's secret, who likes to work in the corner space of the office yet on good terms with everyone, easy outgoing
The only variation of l'Eau d'Issey that I love. The original but stronger, deeper, sexier.
An evolution of the traditional.
Noir is actually a more intense version, and until for night, but still versatile, has the same flavor with less Calone and floral notes, cinnamon and amber appear more and dictate the transformation of woody aquatic of Issey Pour Homme for the family semi oriental spicy.
These notes mixed blend well with yuzu and nutmeg, brings a orange spicy type of scent and in drying I feel a woody musky aurea. Very nice!
Rating: 9-9,5/10
فقط میتونم بگم بوش عالیه و اگه بخوام توضیح کوتاه بدم میشه گفت بوی ادکلن لالیک رو با یه بوی مرکباتی قاطی کن میشه این
پخش بو وماندگاریش متوسطه البته من از اونور خریدم ولی اگه تو ایران دیدید بخرید بدون شک
Can you say orange?
Out of the gate, this is pure orange peel, then very sweet amber. Very strong, so be careful spraying (are all of his fragrances this powerful?) All I am getting is sweet orange oil and wood, no cinnamon, lots and lots of sweet nutmeg. Gosh, where is the cinnamon? I am also getting a huge floral vibe, not sure if it is jasmine or neroli, but something very sweet.
This has to be the very best of the Issey Miyake line! I own almost every Summer version and all of the other scents by Issey and this is the best! Very hard to find and expensive if you can find it. I paid over $150 for it and don't regret it at all. The ultimate wood and cinnamon scent. Good for a hot summer night. You could also use it in winter without any problems. If you find it buy it and save it for special occasions so you don't use it all. Highly recommended!
Definitely a 10/10 scent!
what a stunning bottle . does anyone know of some online shops that sell this bottle ?
Does anyone have a sample of this they could send off to me?
$150 for a bottle on ebay, and there's only 2 listed.
A true Issey Miyake flanker for winter and nighttime that's well worth the cost of entry. Imagine the original issey miyake, add more wood, amber and a touch more cinnamon and you have this. Darker, more intense and mature, it's the original Issey Miyake's original turned up a notch or two to be darker, more sensual and brooding. Just awesome! Grab it now while you can!
I almost got disappointed after buying Noir Absolu but the first time I wore it to the office, I received a lot of compliments. The scent is somewhat similar to that of the original l'eau d'Issey pour homme but this is the classier, darker and mature version.
L'eau d'Issey , sealed box 75 ml, for swap with this one or Gold.
If this smells the same as the Gold Absolute version,then why do they come under different classification bearing in mind they practically have the same notes?
I just got this and the scent is great!!! No here is the problem, this has to be a defect or a bad batch because this didn't last more than 3 hours on me. Is the longevity a issue with this??? Anyone, this is a issey miyake and I be surprised if longevity is a issue.
Based on the descriptons above I was very curious to try, but its pretty hard to find in free-shops (I ve just come back from holiday and didnt find it in 03 different free-shops)I know it is a limited edition, may be it was discontinued...
One of the most beautiful scents I've ever had the pleasure of smelling - and I'm not just saying it as a fan of the entire Issey Miyake line for men. It was also a very pleasant surprise, especially for someone who searched high and low for three whole months and finally had it shipped all the way from the US to the EU.
L'Eau d'Issey Pour Homme Noir Absolu by Issey Miyake is the L'eau Dissey we all know and love, but with a strongly discernible note of wood. Cinnamon and nutmeg are prectically indetectable, whereas - just like in the original - the notes of citrus and coriander are intensely strong. The scent is much darker, stronger, more intense and mannlier, as well as being incredibly durable (just as its classical version, or even the summer versions). It is perfect for both day and night, for summer as well as winter.
I can strongly recommend it to anyone - both to lovers of the brand and to people who have never had any contact with it.
Noir Absolu - it is an absolutely amazing scent!!!, similar to the original, which I love, but more refined and intense! This one immediately became my favourite perfume! Highly recommended, shame that it is only a limmited edition and it is hard to find!
This moved up my Top 10 new Fragrances very fast, I dont really know why coz I didnt really adore the Intense Version before it but there´s somthin DARK about it that is really attractive, its the smokiest fragrance I have ever come across, it has this undescribable force that pulls me when am testing perfumes and I happen to pass by, too bad it is a limited edition, I probably might have problems getting it... damn... Its got some really good spicey and woody notes in it, I mean this is really masculine and kinda heavy, but heavy in a different fantastic way, its the first Issey Miyak scent where I was satisfied with the longevity, def. better than the other ones and besides, I cant mention it enough IT IS DARK, DARK and I adore DARK, with unbelievable sillage, I was pretty much dancing on a cloud of it after applyin 3 sprays and I really loved it. If Darth Vader would wear a fragrance, then this would be it lol
PS. There´s another L´eau D´Issey absolu flanker called "concentre or gold absolu" or somethin like that, its limited edition too but has a yellow bottle instead of black, does anyone know it? I´m kinda getting confused by the two of them because the smell really similar, is it just the same juice different bottle?
This is a very nice scent for the Spring and Summer. I love it.
It is very similar to John Varvatos Black Artisan.
Long lasting. Goes into my top 10 list.
Before anything else, put into consideration that I have never owned L'eau D'Issey Pour Homme nor any fragrance produced by this house. (Tested and know people who use it though)
I LOVE THIS. It's similar to the original one but darker. For those that own Leau Dissey and have used it as a signature scent for many years, You'll love this one. It still has that accord that made you buy it again and again.
To me, Leau Dissey is perfect EXCEPT that everybody knows and wears it. :( This one on the other hand, has a dark, ambery twist that will make you sniff, sniff, and sniff. I tested this yesterday and got some on my shirt... Damn, I keep coming back to my laundry basket to take 20 more last sniffs.
Goodbye, Tommy the high school dude from the 90s, hello Thomas the young CEO of the new Millennium.
P.S. I hate the fact that this is so hard to find. I usually buy from the grey market but all they have is the usual stuff. :(
Rich, slightly sweet, and warm at the begining but it dries down into something fresh and sweet just like the original flanker. It's not too strong nor too weak. It's not spicy either; even tough I get a strong ginger-like note. I actually like it more than any other editions. It's not dark but it's sensual. It's also much more appealing in cooler weather.
4xxx4 would you change Polo by Ralph Lauren after dacades of success? There is your answer....
If you are a woman who loves to wear male scents, this is brilliant. Dark and spicy but not overwhelmingly masculine. Far superior to the female version.
A darker twist to the original fragrance but also a much more classier grown up version. The woods really shine through more in this version. Fantastic for day or night use.Great sillage and projection. This scent - I am getting loads of compliments 10/10 for Noir Absolu Concentree.
always l eau d issey and something,,,why? why they dont bring something new? anyway i am looking forward a little for this,,,noir...it maybe will be interesting, maybe not let s see...
Become a member of this online perfume community and you will be able to add your own reviews.
Sponsored offers:
This page contains information, reviews, perfume notes, pictures, new ads, vintage posters and videos about Issey Miyake L'Eau d'Issey Pour Homme Noir Absolu fragrance but we do not warrant the accuracy of information. Trademarks and logos belong to respected companies and manufacturers and are used solely to identify products and companies. If you have more information about Issey Miyake L'Eau d'Issey Pour Homme Noir Absolu, you can expand it by adding a personal perfume review. Fragrantica has a unique user-driven classification system and you may classify L'Eau d'Issey Pour Homme Noir Absolu by Issey Miyake. Click on the appropriate options on the fragrance classification form below the perfume picture. Also, you can find links to 3rd party websites/Internet stores, but Fragrantica has no access or control over those websites. We do not make guarantees nor accept responsibility for what you might find as a result of these links, or for any future consequences including but not limited to money loss. User reviews of L'Eau d'Issey Pour Homme Noir Absolu by Issey Miyake represent the views of the credited authors alone and do not reflect Fragrantica's views.
Popular brands and perfumes:


text:
Expanding into new countries can be overwhelming. Cultural differences, not to mention variations in government legislation, tax law, employment law and financial regulations, can create pitfalls for the unprepared business.
Pathfinder™ provides one–stop access to a multi–disciplinary team of professionals. A project manager is assigned to determine expansion needs and co–ordinate a team of professionals to advise on the financial, tax, legal, human resource, regulatory and logistical aspects of doing business in another country. This allows companies to focus on core issues such as building market share and brand awareness.
Pathfinder™ operates in over 50 countries to help businesses manage expansion into new territories and markets. Whether you have a Canadian business expanding into foreign markets (outbound), or you have a foreign business expanding into the Canadian market (inbound), we can help.
For more information or to find out how Pathfinder™ can help your company go cross border, please contact us.


text:
BOWLING GREEN - For the fifth year in a row, the Ohio Bureau of Motor Vehicles office in Bowling Green signed up the most organ donors in northwest Ohio.
Of the 19,678 people who received or renewed their state driver's license or identification cards in Bowling Green last year, 12,324 consented to being donors.
That's 62.6 percent - a record. The former one was 61 percent, set in 2006.
The bureau, 1616 East Wooster St., is to receive the "Front Line Award" Monday at its office from Donate Life Ohio, a statewide consortium of organ, eye, and tissue recovery agencies.
The Perrysburg BMV had the second highest sign-up rate in northwest Ohio - 62 percent -and Norwalk's agency was third. Statewide, 52 percent of people getting driver's licenses or ID cards joined the donor registry.


text:
'Inspiring' cyclist shortlisted as Unsung Sports Hero
30 November 2012 Last updated at 17:21 GMT
A cyclist who has devoted his life to the sport is one of the three finalists in this year's BBC East Unsung Sports Hero.
Phil Ashbourn, from Milton Keynes, has been a keen cyclist for more than 60 years and has set up clubs for all ages and abilities.
The winner will be announced on 4 December when the BBC East Sports Personality of the Year will also be revealed.


text:
Album Summary
Notes & Reviews:
If you would believe the "big" words of Maestro Celibidache, "The Record or CD is the destruction of the music - because she can be not authentic, honest, acoustic space, she could never solve the emotions a live concert offers", then there are two answers: He was right and wrong at the same time.
American Record Guide, May/June 2013
There are good recorded performances by Ansermet, Böhm, Boult, Barbirolli, Janowski, and others. I like the DG Vienna/ Böhm. It is powerful, relatively objective, and offers a much clearer picture of what Brahms actually wrote. Böhm divides his violins, firsts on the right, seconds on the left, to obtain a wide and convincing interplay of sound - sound that is captured rather well in DG's early 1960s stereo recording.
Recording information: Konzerthaus Vienna (10/30/1952).
There are currently no reviews, be the first one!Works Details
Brahms, Johannes : Symphony no 1 in C minor, Op. 68- Conductor: Sergiu Celibidache
- Ensemble: Vienna Symphony Orchestra
- Running Time: 45 min. 18 sec.
- Period Time: Romantic
- Form: Orchestral
- Written: 1855-1876


text:
Everyone I've ever met who owns an 8th gen Civic Si has experienced grinding in 2nd, 3rd or both 2nd and 3rd gears at high RPMs. Why are there no reports of this issue on this website, and why does Honda do nothing to fix it? Many of us have gone to dealerships, including myself, and usually get the standard answer: the problem could not be duplicated, therefore cannot be fixed. How can you blow off an issue like this and just say that every one who has the issue just fails to push the clutch pedal in all the way? There is no possible way that all of these drivers, across all ages/education levels/races/etc. just happen to forget to push the clutch pedal in all the way only on two specific gears on one specific car model.
Asked by for the 2010 Honda Civic Si


text:
Stocks Rise on Manufacturing Growth as Oil, Silver Gain
Rupert Rowling and Whitney KislingU.S. equities rebounded from the worst weekly slump since August and European stocks rose the most in two months amid manufacturing growth and as investors awaited the outcome of the Federal Reserve's meeting. Brent oil jumped as Libyan rebels refused to hand over control of ports.
The Standard & Poor's 500 Index rose 0.6 percent to 1,786.54 by 4:30 p.m. in New York, while the Stoxx Europe 600 Index increased 1.3 percent, the most since Oct. 10. The Bloomberg U.S. Dollar Index slipped 0.1 percent as the yen maintained gains versus the greenback. Ten-year Treasury yields rose one basis point to 2.88 percent. Brent and West Texas Intermediate oil jumped at least 0.9 percent and silver rallied more than 1 percent to help lead gains in commodities.
Euro-area manufacturing reached a 31-month high in December, led by Germany, a survey from London-based Markit Economics showed. Another report showed U.S. industrial production climbed in November by the most in a year, a sign factories are bolstering the world's biggest economy. Fed policy makers start a two-day meeting tomorrow and economists see an increased chance that they will begin reducing stimulus.
"The big issue this week is the Fed's meeting and what, if anything, they're set to do," Mark Luschini, chief investment strategist at Janney Montgomery Scott LLC, which oversees $60 billion, said from Philadelphia. "Either the market is increasingly resigned to the fact that the Fed is going to taper and it's OK, or it's not likely to happen in December, and they get to live on this liquidity for another month or two."
Year-End Gains
The S&P 500 rebounded after falling for four straight days following its last record reached Dec. 9. The gauge declined 1.6 percent last week. The benchmark U.S. index has gained 1.2 percent on average in the last 10 days of the year, according to data since 1928 compiled by Bloomberg. That compares with a 0.3 percent return for comparable periods. Since the bull market began in 2009, the index has increased an average of 1.5 percent in the last 10 days of December.
Among stocks moving today, International Business Machines Corp., Exxon Mobil Corp. and Cisco Systems Inc. climbed at least 2 percent to pace gains in 26 of 30 stocks in the Dow Jones Industrial Average.
Exxon rallied 2 percent after Goldman Sachs Group Inc. raised the stock's rating. American International Group Inc. rose 1.1 percent after agreeing to sell its plane-leasing unit to AerCap Holdings NV for $5 billion. LSI Corp. soared 39 percent after Avago Technologies Ltd. agreed to buy it in a deal valued at $6.6 billion. Cirrus Logic Inc. dropped 1.8 percent as Oppenheimer & Co. downgraded the shares.
Boeing Buyback
Boeing Inc. jumped more than 1.6 percent in after-hours trading after authorizing an additional $10 billion share buyback and boosting its dividend by 50 percent.
Companies buying their own stock make up more of the U.S. equity market than ever before, underpinning share values even as the Fed prepares to reduce stimulus.
Stock acquired under company repurchase programs represented 6.4 percent of daily trading in the Russell 3000 Index by value through Sept. 30, exceeding 2007's level of 4.1 percent, according to data compiled by Bloomberg and Birinyi Associates Inc. The proportion of trading is higher even as chief executive officers spend $343 billion less on buybacks so far this year, reflecting a seven-year decline in equity volume.
Apple Inc. to Walt Disney Co. and International Business Machines Corp. took advantage of record-low interest rates to raise an unprecedented amount of debt financing and repurchased stock, helping boost per-share U.S. earnings for four years. With cash at a record, buying by companies is poised to continue in a bull market that is about to enter its sixth year.
U.S. Manufacturing
Economic data today showed output at U.S. factories, mines and utilities rose 1.1 percent after a revised 0.1 percent gain in October that was previously reported as a decline, a report from the Fed showed today. The median forecast in a Bloomberg survey called for a 0.6 percent increase. The index of industrial production rose to 101.3, exceeding for the first time its pre-recession peak in December 2007.
The New York Fed's gauge of manufacturing in that region rose to 0.98 in December, below the median reading of 5 forecast in a survey of economists.
The Fed may begin reducing its $85 billion of monthly bond purchases at its Dec. 17-18 meeting, according to 34 percent of economists in a Dec. 6 Bloomberg survey, up from 17 percent in a Nov. 8 poll. Policy makers have kept their target for federal funds, which banks charge each other on overnight loans, at zero to 0.25 percent since 2008 to support the economy. The odds of an increase by January 2015 are about 16 percent, based on data compiled by Bloomberg from federal funds futures.
Options Signal
U.S. equity options markets flashed another bearish signal last week when the price of the benchmark volatility index traded at a premium to its own futures, a sign demand is increasing for protection against stock losses.
The Chicago Board Options Exchange Volatility Index jumped 17 percent from Dec. 9 to 15.76 at the end of last week and twice closed above its one- and two-month futures in the past three days, data compiled by Bloomberg show. The index that tracks S&P 500 contract prices rose 14 percent last week.
Asian index futures rose in their most recent sessions, with contracts on Australia's S&P/ASX 200 Index gaining 0.7 percent. Futures on South Korea's Kospi Index and the Hang Seng and Hang Seng China Enterprises gauges in Hong Kong climbed at least 0.9 percent. Nikkei 225 Stock Average futures added 0.9 percent to 15,360 by 3 a.m. in Osaka and fell 0.8 percent to 15,345 in Chicago.
European Movers
About six stocks advanced for each that fell in the Stoxx 600. Aggreko Plc, which provides mobile-power generators, gained 8.5 percent after saying net debt will decline. Deutsche Telekom AG rose 3.8 percent after the Wall Street Journal reported that Sprint Corp. is considering a bid for T-Mobile US Inc., in which the German company owns 74 percent.
Hennes & Mauritz AB, Europe's second-biggest clothing retailer, climbed 1.7 percent after saying sales at stores and operations open at least a year rose 10 percent in November compared with a year earlier. PSA Peugeot Citroen lost 4 percent, extending its Dec. 13 drop of 12 percent, after General Motors Co. sold its entire 7 percent stake.
A Markit Economics report showed that euro-area output rose to 52.7, from 51.6 in November. That's above the estimate of 51.9 in a Bloomberg News survey of 35 economists. The gauge has been above 50, indicating expansion, for six months. European Central Bank President Mario Draghi is scheduled to speak to the European Parliament in Brussels.
Gold Futures
The euro's advance followed five weekly gains against the dollar. The yen climbed 0.2 percent to 103.02 per dollar, climbing a second trading day after touching 103.92 Dec. 13, the weakest level since October 2008.
Gold futures advanced 0.5 percent to $1,240.90 an ounce. Brent rose 1.5 percent to $110.47 a barrel after Libyan rebels refused to hand over control of three oil ports to the government. U.S. natural gas dropped 1.8 percent after surging 5.8 percent last week for a sixth straight weekly gain. Temperatures may be average or higher than usual in the eastern and southern U.S. this week after below-normal readings through tomorrow, according to WSI Corp. in Andover, Massachusetts.
MSCI's Emerging Markets Index was little changed, erasing an earlier 0.3 percent drop triggered after a survey showed Chinese manufacturing expanded less than estimated. The Shanghai Composite Index fell 1.6 percent, retreating for a fifth day. Benchmark indexes in Israel, Argentina, Turkey, Russia, Hungary and the Czech Republic each rallied more than 1 percent.
The Ukrainian PFTS stock index slipped 1.9 percent. Ukraine is in talks with Russia for a loan of as much as $15 billion as President Viktor Yanukovych prepares to head to Moscow after a weekend of mass protest in Kiev, two people familiar with the negotiations said.
Taiwan's TAIEX gauge slid 0.8 percent and the Hang Seng China Enterprises Index lost 0.9 percent. Dubai's DFM General Index declined 1.6 percent, slipping from its highest level since October 2008.


text:
All Products
(16 Total)
View by Size:
AKA: | "Summer Madness" |
Synopsis: | Spinster Hepburn vacations in Venice and falls in love with Brazzi. She is hurt when inadvertently she learns he is married, but her life has been so bleak she is not about to end her one great romance. Moving, funny, richly photographed in a beautiful Old World city. From Arthur Laurents' play "The Time of the Cuckoo." |
Directed by: | David Lean |
Producer(s): | United Artists, Ilya Lopert. |
Cast: | Katharine Hepburn, Rossano Brazzi, Isa Miranda, Darren McGavin, Mari Aldon, MacDonald Parke, Jeremy Spenser |


text:
The tax return closer
By GFIN-admin
Gilder Financial Management
Note: To view the tax forms referenced in this article please click here.
I was recently referred a couple --aged 57 and 60 years -- who wanted to retire this year. Their current financial advisor recommended an investment of $265,000 into an annuity, but the couple wanted a second opinion about the recommendation.
When I talked to the couple on the telephone, I asked them to bring certain items to the meeting, such as a copy of their tax return and a list of questions. The very first question I was asked, "Was this annuity a good investment?" I replied that, until I had a better understanding of their goals, objectives and risk tolerance, I wouldn't know.
The couple provided me with a 25-page financial planning report from their financial advisor, along with a five-page sheet that their advisor had asked them to fill out. The couple did not understand anything in the report and, quite frankly, the only interesting items in this report were the color graphs. While some advisors prepare reports, charts, and have the client fill out forms, I read the tax return. The tax return tells you approximately 90 percent to 95 percent of the information you need to know about the client.
So, let's look at exhibit no. 1 on the tax return. Wages (form 1040, line 7) are $230,000.
Question to clients: "I see your wages for the year were $230,000; do you have a retirement plan at work? If so, do you still contribute to the plan?"
Client's response: "Yes, we have a retirement plan and we contribute 6 percent of salary."
My response to these clients was, "Before you retire from the company, we should talk with your human resource department. I want to make sure all your benefits are coordinated correctly, such as 401k plan (rollover), and life insurance benefits."
Next, let's look at form 1040 (exhibit 1) line 8a. Taxable interest is $319. Now, if you look at Schedule B, (exhibit 2) part I, ABC bank $174 and XYZ bank $145, which totals $319.
Question to clients: "How much interest do you earn in ABC and XYZ bank?"
Clients response: "Both are six-month CDs that earn about 3 percent interest."
Therefore, I know the clients have approximately $10,000 in cash ($319/.03).
Question to clients: "How much are your monthly expenses?"
Clients response: "$5,000-$6,000 a month."
Therefore, I know the clients have approximately two months of an emergency fund available in case they lose their job or any unforeseen expenses occur. I would tell the clients, that they should at least six to nine months of liquid cash. "Mr. and Mrs. Client, you only have two months of liquid cash. Therefore, as part of our financial plan, we will need to increase your cash."
Question to clients: "Any credit card debt?"
Client response: "$12,000 in credit card debt at a rate of 14 percent interest rate."
I wonder if the advisor recommending the $265,000 annuity ever asked about credit card debt...
Let's look at Schedule D, (exhibit 3). This is where most sales of stocks, bonds, or mutual funds are reported. If you look at part I of the schedule D, XYZ managed account, the client bought XYZ managed money account on Aug. 4, 2008 and sold the investment on Dec. 31, 2008 for a sales price of $265,474. The clients paid $413,124 for the investments and have a short term loss ($147,650).
Question to clients: "You owned XYZ managed money account for only five months. What was the reason for selling?"
Client's response: "We are scared of the stock market and can't handle the volatility."
Therefore, the annuity recommendation by the other advisor could be a sound investment for the clients. Also, the Schedule D would lead to 10-15 sales ideas and issues about the clients."
In reviewing just a couple of items on the tax return, we now know the following:
1. The couple is 57 and 60 years old and they want to retire.
2. The couple has retirement plans at work.
3. They're scared of the stock market.
4. They lost $147,650 in the stock market in five months.
5. They do not like volatility.
6. They only have two month of liquid cash.
7. They have $12,000 in credit card debt at a rate of 14 percent.
8. Their monthly expenses are $5,000-$6,000 a month.
1. What about the clients cash position of only $10,000? The client's need another $20,000-$30,000 liquid to cover their $5,000-$6,000 monthly expenses.
2. How about the $12,000 credit card debt at 14 percent interest? How about telling the client to pay off the credit card debt.
3. Does the client even know what type of annuity the advisor recommended?
*For further information, or to contact this author, please leave a comment and your e-mail address in the forum below.


text:
The WBS Penguins improved to 9-0 on the season with a thoroughly improbable 5-4 comeback win in Rochester tonight.
They were totally dominated in the first 10 minutes of the game. Rochester scored three unanswered goals. The Penguins took three bad penalties and were generally outhit and outplayed. If you had told me there would be six more goals scored in the game, I would have guessed the final would be 9-0 Rochester.
But somewhere in the second half of the first period, the Penguins got their act together.
The newly minted third line of Eric Tangradi, Joe Vitale and Chris Collins started the comeback when Collins, a Rochester-area native with close to 300 friends and family members in attendance, banked a shot from the left-wing corner in off goalie Tyler Plante.
A few minutes later, Tangradi buried a Rochester defenseman on the forecheck. Michael Duco took a high-sticking minor in addition to the fighting major he got for going after Tangradi in retaliation. The Penguins scored on the power play when Brett Sterling, back after missing four games with a leg injury, cleaned up the rebound of an Andrew Hutchinson shot.
The Penguins tied the score on a highlight-reel Chris Conner goal in the third period. He stole a puck near the Rochester offensive blue line, skated up the left wing, toe-dragged around an Amerks defenseman and scored.
Less than three minutes into the third period, Tangradi took a double minor for high-sticking. Not only did the Penguins kill the penalty, Dustin Jeffrey scored the go-ahead goal shorthanded after a terrible stickhandling gaffe by Plante.
Tim Wallace pulled up on a 2-on-2 rush and beat Plante late in the third to make it 5-3, and that proved critical because the Penguins turned a puck over in their own zone and gave up a goal to Scott Timmins with less than three minutes left.
In short — too late for that — it was a pretty crazy ballgame.
It also included a fighting major for a goalie when Plante jumped into a pile and threw a few punches at Jesse Boulerice in the second period. I wouldn't have called it a fighting major. Probably a double minor for roughing. But the ref, Marcus Vinnerborg, is Swedish, and as such, he probably doesn't have a lot of experience assessing penalties like that.
Anyway, something occurred to me after the game was over. I wrote that the Penguins tied a team record for longest winning streak tonight, equaling the mark set in the first nine games of the 05-06 season and tied twice since.
But you know what? The Penguins beat Binghamton 3-0 in the final game of last season. So in reality, at this very moment, the Penguins record book reads like this.
10 — April 11, 2010 to Nov. 5, 2010
9 — accomplished four times
Of course, the Penguins probably don't look at it that way, largely because they want you to buy a ticket for tomorrow's game so you can watch the team take a run at history. That's fine. I won't ruin their fun with a technicality.
Bye for now,