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Spring is in the air - at least in the Northern Hemisphere and on global bourses. Last week marked the sixth consecutive up-week for stock markets as investors' risk appetite returned amid signs of global economies and the financial sector embarking on the road to recovery.
Source: Tom Toles, The Washington Post.
Speculation that the unprecedented stimulus measures are starting to take root saw the safety appeal of government bonds diminishing, despite the buying support from central banks' buying programs. Similarly, gold bullion struggled to find traction as investors continued to unwind positions. Silver and oil also languished in the red, but copper, other industrial metals and soya beans surged ahead.
The performance of the major asset classes is summarized by the chart below, courtesy of StockCharts.com. A picture tells a thousand words ...
Equity investors breathed a sigh of relief with Goldman Sachs (GS), JP Morgan (JPM), Citigroup (C) and General Electric (GE) all reporting better-than-expected first-quarter results. Goldie also announced a $5 billion capital raising. Meanwhile, the US Federal Reserve has told banks to keep mum on the results of "stress tests" that will gauge their ability to weather the recession, Bloomberg reported. This is to ensure the report cards don't leak during earnings conference calls scheduled for this month.
The quote du jour belongs to Elizabeth Warren, chairperson of the Congressional Oversight Panel on Tarp, who said (as paraphrased by Jon Stewart): "Capitalism without bankruptcy is like Christianity without hell." Fed chairman Ben Bernanke was in agreement, saying that "... any firm that cannot meet its obligations should bear the consequences of the marketplace. But recent circumstances have been truly extraordinary."
Global stock markets, led by financials, added to the gains of the rally that commenced on March 10 (see table below). The MSCI World Index gained 2.3% (YTD -4.2%), the MSCI Emerging Markets Index 1.7% (YTD +13.5%) and the S&P 500 Index 1.5% (YTD -3.7%). These indices have risen by 28.0%, 32.6% and 28.5% respectively since the March lows.
Returns around the world ranged from top performers Ukraine (+15.2%), Denmark (+12.3%) and Norway (+11.4%) to Côte d'Ivoire (-7.0%), Kenya (?2.8%) and Ecuador (-2.6%) experiencing selling pressure. The Japanese Nikkei 225 Average (-0.1%) was the only major index not making headway, notwithstanding the government's announcement to support the stock market. (Click here to access a complete list of global stock market movements, as supplied by Emerginvest.)
Focusing on the US stock markets, it is interesting to note that stocks across a broad front have participated in the six-week old rally. This is also illustrated by the graph below which, in addition to the customary market breadth measures, shows the outperformance since the March lows of the Rydex S&P Equal Weight ETF (+40.8%) compared with the S&P 500 Index (+28.5%) - a market-capitalization weighted index.
Source: StockCharts.com
John Nyaradi (Wall Street Sector Selector) reports that the strongest exchange-traded funds (ETFs) on the week were the Claymore/Delta Global Shipping (SEA) (+14.8%), iShares Dow Jones US Home Construction (ITB) (+11.9%) and SPDR S&P Homebuilders (XHB) (+11.2%). On the other end of the performance scale the Market Vectors Gold Miners (GDX) (-6.3%), ProShares Short Financials (SEF) (-4.9%) and United States Oil (USO) (?4.0%) performed poorly.
On the credit front, the cost of buying credit insurance for US and European companies eased during the past week as shown by the narrower spreads for both the CDX (North American, investment grade) Index (down from 183 to 177) and the Markit iTraxx Europe Index (down from 156 to 146).
Next, a tag cloud of all the articles I read during the past week. This is a way of visualizing word frequencies at a glance. Key words such as "economic", "economy", "market", "prices" and "China" featured prominently, with others such as "bank" and "government" just a notch behind.
Turning to the stock market again, the chart below from Ron Griess's The Chart Store puts the movements of the S&P 500 since the beginning of 2007 in perspective.
As shown in the table below, the 50-day moving averages have been cleared comfortably by all the major US indices and the early January highs are the next important targets. As a matter of fact, the Nasdaq Composite Index is already 1.2% above this level. It has to rise by a further 6.7% in order to reach the key 200-day moving average - an indicator often used to distinguish between primary bull and bear markets. On the downside, the levels from where the nascent rally commenced on March 9 should hold in order for the upward trend to remain intact.
From a technical perspective, a primary bear market still exists as long as the major indices remain below the January highs and the 200-day moving averages. Many of the rally's leaders (indices and sectors) seem to be running into major resistance at these levels and look susceptible to retrace at least a portion of the gains since the March low.
Further evidence of a short-term top in the making comes from a chart showing the percentage of S&P 500 stocks trading above their 50-day moving averages. Altogether 90% of the stocks are currently trading above their 50-day lines - higher than the 80% level typically seen at prior peaks during this bear market. This looks overdone in the short term, but for a primary uptrend to manifest itself the bulk of the index constituents should remain above the 50-day line and also trade above their 200-day averages (26% at the moment).
Source: StockCharts.com
Still on the topic of whether stock markets are running out of gas, Adam Hewison of INO.com prepared a short technical analysis of the S&P 500's most likely direction and important chart levels. Click here to access the video clip.
The sharp fall (-4.0%) on Friday in Taiwan - one of the strongest stock markets over the past few weeks - may be a precursor of short-term downside potential in other markets. (Click here for a chart.)
"Mistaking a temporary jump for a sustained bull market can be costly. In 41 so-called bear market rallies since 1928 - gains of more than 10% that are later wiped out - equities fell an average 25% after peaking," warned Laszlo Birinyi (Birinyi Associates) via Bloomberg. "Buying stocks is like crossing Fifth Avenue when the light is red. You might make it, but the odds are not with you."
David Fuller (Fullermoney) summarized the outlook as follows: "We are seeing nothing less than the greatest global asset reflation in history. This is bullish and all that bearish sentiment tells us that there is still plenty of cash on the sidelines, capable of fuelling additional gains in stock markets and commodities over at least the medium term.
"On a short-term basis, stock markets are technically overbought as the rally continues for a sixth consecutive week. However, this persistent, non-volatile strength provides clear evidence that demand has regained the upper hand. Consequently, downside risk should be limited to a temporary reaction and consolidation of recent gains, before cash on the sidelines supports additional strength."
Interestingly, analyst earnings revisions for the S&P 1500 Index and most sectors have once again improved during the past week. According to Bespoke, analysts have cut estimates for 772 companies in the S&P 1500 and raised estimates for 290 over the last four weeks. This works out to a net of -482, which represents 32.1% of the Index - the highest level since late September. "... rather than dismiss these numbers as negative, we would continue to note that it's a start, and before things start to get better, they have to get less worse," said Bespoke.
Dozens more companies report on their first-quarter results next week, including heavy-weights like Bank of America (BAC), IBM (IBM), Apple (AAPL), Boeing (BA) and Morgan Stanley (MS).
For more discussion about the direction of stock markets, also see my recent posts "Video-o-rama: Are stock market gains built on solid foundations?", "Moving averages - indicating bull or bear markets?", "Technical talk: Buying power not tapped out yet" and "Commodities have turned the corner". (And do make a point of listening to Donald Coxe's webcast of April 17, which can be accessed from the sidebar of the Investment Postcards site.)
In case you missed last week's paragraph on Twitter, I regularly post short comments (maximum 140 characters) on topical economic and market issues on this fascinating medium. For those not doing so already, you can follow my "tweets" by clicking here. The Twitter posts also appear on my Facebook page and in the sidebar of the Investment Postcards site.
"Global business confidence remains very weak. Survey responses regarding sales, hiring, and equipment investment are notably poor. Businesses also report little pricing power," said the latest Survey of Business Confidence of the World conducted by Moody's Economy.com. However, it is encouraging that businesses are becoming steadily less negative about the economy's prospects later this year.
Fed chairman Bernanke introduced the term "green shoots" a few weeks ago and it has since become a part of economic and financial vocabulary.
Source: The New York Times, April 7, 2009 (hat tip: Northern Trust).
How widespread are the green shoots? I posted a short article last week on a recent research report by the Goldman Sachs Global Economics team, showing that the global economy appears to be stabilizing. To monitor whether economic data are indeed improving they have developed a simple Diffusion Index, recording whether a particular data series has increased or decreased relative to its previous reading. Thirty-four monthly economic data points from the US, Europe, China, Japan, Brazil, Russia, Korea and India are analysed.
After having languished below 50 since the spring of 2007, the Diffusion Index increased to above 50 in February and March. Any reading between 0 and 50 indicates the data are deteriorating, whereas above 50 implies improvement.
When looking regionally, the Goldman Sachs economists believe the worst of the cycle has been seen in the US and the UK, but this does not appear to be the case in Euroland and Japan.
Turning to the US, a snapshot of the week's economic data is provided below. (Click on the dates to see Northern Trust's assessment of the various data releases.)
April 17
• University of Michigan Consumer Sentiment Index - improvement in outlook for consumers
April 16
• Housing Starts appear to be establishing a bottom
• Jobless Claims - mixed news
• Philadelphia Fed Factory Survey - is regional progress a precursor of nationwide progress?
April 15
• Lower energy and food prices help to contain inflation
• Factory sector remains significantly weak
• Home Builders Survey shows optimism
April 14
• Retail Sales - story of weak consumer spending
• Wholesale prices report - benign figures
• Small businesses remain gloomy about the future
According to Moody's Economy.com, the Federal Reserve's Beige Book report - covering most of March and early April - indicated that overall economic conditions continued to deteriorate or remained weak. However, nearly half of the 12 reporting Fed Districts noted that in some sectors, conditions appeared to be moderating or stabilizing. Reports of a deceleration in the pace of decline or some levelling off appeared mainly in manufacturing and residential real estate.
Pulling the strings together, Asha Bangalore (Northern Trust) said: "... 'green shoots' are appearing simultaneously with spring and we will be watching for more signals that will herald the economic recovery. For now, it is not self-sustaining economic growth yet. Stability in the financial sector with clean balance sheets of banks and a working credit machine will be necessary for self-sustaining economic growth. The positive economic signals are small but significant because a further slide in economic activity is not the scenario one would want to envision in the sixth quarter of a recession."
Back to the global economy, real GDP growth in China slowed from 6.8% in the fourth quarter of last year to 6.1% in the first quarter, the slowest year-over-year growth rate in about nine years.
Source: Financial Times, April 16, 2009.
Jay Bryson (Wachovia Economics Group) commented as follows: "In our view, the Chinese economy probably bottomed in the first quarter and growth should strengthen over the next few quarters. Although the global economy is very weak at present, many economies appear to be nearing inflection points. Therefore, exports should exert less drag on the Chinese economy over the next few quarters.
"In addition, there is still a fair amount of fiscal and monetary stimulus in the pipeline in China. Although the Chinese economy is not large enough to have a significant effect on the US economy, stronger growth in China should help American exports on the margin."
Source: Dilbert.com, April 16, 2009 (hat tip: News N Economics).
Week's economic reports
Click here for the week's economy in pictures, courtesy of Jake of EconomPic Data.
|Time (ET)
|Briefing Forecast
|Market Expects
|Apr 14
|Core PPI
|Apr 14
|Apr 14
|Retail Sales
|Apr 14
|Retail Sales ex-auto
|Apr 14
|Business Inventories
|Apr 15
|Core CPI
|Apr 15
|Apr 15
|Empire Manufacturing
|Apr 15
|Net Long-Term TIC Flows
|Apr 15
|Capacity Utilization
|Apr 15
|Industrial Production
|Apr 15
|Crude Inventories
|Apr 15
|Fed's Beige Book
|Apr 16
|Building Permits
|Apr 16
|Housing Starts
|Apr 16
|Initial Claims
|Apr 16
|Philadelphia Fed
|Apr 17
|Michigan Sentiment -Prel
The US economic highlights for the week, courtesy of Northern Trust, include the following:
Click here for a summary of Wachovia's weekly economic and financial commentary.
The performance chart obtained from the Wall Street Journal Online shows how different global markets performed during the past week.
Source: Wall Street Journal Online, April 17, 2009.
Bernard Baruch said: "If you get all the facts, your judgment can be right; if you don't get all the facts, it can't be right." Hopefully the "Words from the Wise" reviews will assist Investment Postcards readers in gathering the most pertinent facts and making the right calls.
That's the way it looks from Cape Town (from where I will be departing for Newport Beach, California in three days' time).
Source: Peter Broelman, April 16, 2009.
Robert Shiller (Bloomberg): Depression lurks unless there's more stimulus
"In the Great Depression of the 1930s the US government had a great deal of trouble maintaining its commitment to economic stimulus. 'Pump- priming' was talked about and tried, but not consistently. The Depression could have been mostly prevented, but wasn't. Ultimately, the reason for this policy failure was inadequate understanding of the relevant economic theory.
"In the face of a similar Depression-era psychology today, we are in need of massive pump-priming again. We appear to be in a much better situation due to the stronger efforts to date. Still, there is a danger that, because of a combination of faulty economic theory and inadequate appreciation of human psychology, as well as deep public anger, we will not continue with such stimulus on a high enough level.
"We desperately need to be persistent, keeping our government response adequate for the problem at hand on a sufficient scale and for sufficient time.
"It is now time to stimulate demand. It is also time to repair the credit system. Those are the two targets that must be hit to get us out of the current economic slump, and to restore confidence. It will be costly to meet both of these targets, and it will require new legislation to give enhanced regulatory powers to deal with a greatly changed financial system, now in a systemic slump."
Click here for the full article.
Source: Robert Shiller, Bloomberg, April 15, 2009.
The Wall Street Journal: Bank stress tests, explained
"Gauging a bank's health by seeing how much capital it would need to get through a deep recession seemed a good idea at the time, says WSJ economics editor David Wessel. But things have not gone as planned."
Source: The Wall Street Journal, April 15, 2008.
Bloomberg: Fed said to order banks to stay mum on "stress test" results
"The US Federal Reserve has told Goldman Sachs Group, Citigroup and other banks to keep mum on the results of 'stress tests' that will gauge their ability to weather the recession, people familiar with the matter said.
"The Fed wants to ensure that the report cards don't leak during earnings conference calls scheduled for this month. Such a scenario might push stock prices lower for banks perceived as weak and interfere with the government's plan to release the results in an orderly fashion later this month.
"'If you allow banks to talk about it, people are just going to assume that the ones that don't comment about it failed,' said Paul Miller, an analyst at FBR Capital Markets in Arlington, Virginia.
"Regulators are using the tests to determine whether the 19 biggest banks have enough capital to cover loan losses during the next two years if the economy shrinks, unemployment surges and housing prices keep declining. The tests are a linchpin of the plan Treasury Secretary Timothy Geithner announced in February to bolster confidence in the nation's banks and restore financial-market stability."
Source: Bradley Keoun and Scott Lanman, Bloomberg, April 10, 2009.
CNBC: Bove & Ely - bank crisis over?
"Better than expected results from Wells Fargo, JPMorgan and Citi has investors wondering whether financials have turned a corner, with Dick Bove, Rochdale Securities and Bert Ely, Ely & Company."
Source: CNBC, April 17, 2009.
CEP News: Fed's beige book reveals glimmers of hope
"The Federal Reserve's Beige Book revealed all 12 central bank districts saw weakening economic activity in the previous six weeks. However, the detailed report released Wednesday said five districts reported the pace of economic contraction was moderating.
"The manufacturing sector continues to suffer in most areas of the United States.
"The pharmaceutical industry in Boston and Chicago Fed regions saw solid demand and in the Dallas region, orders for petrochemical products are rising.
"The US real estate industry saw some small signs of improvement as well. While most districts reported depressed conditions, low mortgage rates and home prices meant some regions were reporting more buyers.
"An improvement in home sales was registered in the Richmond, Atlanta, Minneapolis, Kansas City and San Francisco area reports.
"The nonresidential real estate industry, however, was weak across the board.
"There was an increase in home loan demand in Kansas City, New York and Richmond regions. However, most areas reported meager demand for loans, and increasingly strict requirements for commercial loans.
"As for the labour market, the report read, 'reports of layoffs, reductions in work hours, temporary factory shutdowns, branch closures and hiring freezes remained widespread across Districts.'
"In agriculture, most areas reported improving planting and harvesting conditions, save the Dallas and San Francisco area which are experiencing drought. Severe losses for dairy farmers in the Chicago and Dallas districts were also reported.
"All districts reported downward pressures on prices.
"All the data in the report was taken on or before April 6.
"The Beige Book is the central bank's summary of economic news over roughly the past six weeks from the 12 Federal Reserve Bank districts."
Source: Megan Ainscow, CEP News, April 15, 2009.
CNBC: Bernanke speaks - the financial crisis
"Fed Chairman Ben Bernanke discusses bank mergers, mortgage crises, the stimulus package and consumer confidence at Morehouse College in Georgia."
Part 1:
Part 2:
Source: CNBC, April 14, 2009.
Asha Bangalore (Northern Trust): Bernanke's speech
"Chairman Bernanke's speech at Morehouse College in Atlanta was a succinct description of the events that have unfolded since August 2007. It was presented as answers to four questions: (1) How did we get here? (2) What is the Fed doing to address the situation? (3) Does the Fed's response risk a surge in inflation down the road? (4) Why did the Fed and Treasury act to prevent the bankruptcies of major financial firms?
"Answers to these questions have been addressed on prior occasions. These are important questions and answers to each one of them clarify the Fed's position and response as the crisis is being tackled. The response to question 3 about inflation stands out because how the Fed unwinds the aggressive steps will determine the credibility of the central bank going forward.
"'We have a number of effective tools that will allow us to drain excess liquidity and begin to raise rates at the appropriate time; that said, unwinding or scaling down some of our special lending programs will almost certainly have to be part of our strategy for reducing policy stimulus once the recovery is under way.
"'We are thinking carefully about these issues; indeed, they have occupied a significant portion of recent FOMC meetings. I can assure you that monetary policy makers are fully committed to acting as needed to withdraw on a timely basis the extraordinary support now being provided to the economy, and we are confident in our ability to do so.
"'To be sure, decisions about when and how quickly to proceed will require a careful balancing of the risk of withdrawing support before the recovery is firmly established versus the risk of allowing inflation to rise above its preferred level in the medium term. However, this delicate balancing of risks is a challenge that central banks face in the early stages of every economic recovery. I believe that we are well equipped to make those judgments appropriately.
"'In addition, when the time comes, our ability to clearly communicate our policy goals and our assessment of the outlook will be crucial to minimizing public uncertainty about our policy decisions.'"
Source: Asha Bangalore, Northern Trust - Daily Global Commentary, April 14, 2009.
Asha Bangalore (Northern Trust): Retail sales - story of weak consumer spending
"Retail sales fell 1.1% in March following a 0.3% increase in February (previously estimated as a 0.1% decline). Retail sales of January were revised up slightly to a 1.9% gain from a 1.8% increase. In March, the 1.6% drop in gasoline sales accounted for some of the decline. In addition, auto sales were reported as a 0.9% drop despite the increase in unit sales to 9.8 million units from 9.2 million in February. Excluding autos and gasoline, retail sales fell 0.8% in March after a 0.7% jump in February.
"The widespread weakness of retail sales in March leaves the level of spending less than the quarterly average which is an arithmetical disadvantage for second quarter retail sales. Retail sales fell at an annual rate of 4.9% in the first quarter after a 25.5% plunge in the fourth quarter. Excluding gasoline, prices of which led to sharp drop in retail sales in the fourth quarter, retail sales edged down 0.4% in the first quarter compared with a 10.6% drop in the fourth quarter."
Source: Asha Bangalore, Northern Trust - Daily Global Commentary, April 14, 2009.
Asha Bangalore (Northern Trust): Jobless Claims - mixed news
"Initial jobless claims fell 53,000 to 610,000 during the week ended April 11. The four-week moving average stands at 651,000, down from the cycle peak of 659,500. Historically, the four-week moving average peaks at the end of recession (see chart). If the four-week moving average were to post larger declines in the weeks ahead, it would be a meaningful signal that labor market conditions are turning the corner. It is premature to declare that a peak for four-week initial claims has been established.
"Continuing claims, which lag initial claims by one week, moved up 172,000 to 6.022 million, the first reading in excess of 6 million, and the insured unemployment rate rose to 4.5% from 4.4% in the prior week. These mixed signals should be sorted out in the weeks ahead."
Source: Asha Bangalore, Northern Trust - Daily Global Commentary, April 16, 2009.
Asha Bangalore (Northern Trust): New home construction appears to be bottoming
"Home construction appears to have established a bottom in January. Total housing starts fell 10.8% to an annual rate of 510,000 in March, the second-lowest on record. The record low is the 488,000 mark of housing starts in January 2009. It appears that housing starts readings of January 2009 could be the cycle low.
"The elevated level of inventories of unsold new homes is the main reason to be less optimistic about the March data of housing starts. There was a 12.2-month supply of unsold new homes in the marketplace as of February 2009; the record high of a 12.9-month supply of inventories was recorded in January 2009."
Source: Asha Bangalore, Northern Trust - Daily Global Commentary, April 16, 2009.
Asha Bangalore (Northern Trust): Home Builders Survey shows optimism
"The Housing Market Index (HMI) of the National Association of Home Builders increased to 14 in April from 9 in March, which is the first encouraging sign about the housing market in addition to the increase in sales of homes in February."
Source: Asha Bangalore, Northern Trust - Daily Global Commentary, April 15, 2009.
Asha Bangalore (Northern Trust): Factory sector remains significantly weak
"Industrial production fell 1.5% in March, matching the decline recorded in the prior month. In the first quarter, industrial production has dropped at an annual rate of 20%. Total capacity utilization was 69.3% in March, a historical low for the series which dates back to 1967."
Source: Asha Bangalore, Northern Trust - Daily Global Commentary, April 15, 2009.
Asha Bangalore (Northern Trust): Wholesale prices report - benign story for March
"The Producer Price Index (PPI) of Finished Goods fell 1.2% in March, inclusive of declines in prices of energy (-5.5%) and food (-0.7%). Energy prices fell at an annual rate of 2.7% in the first quarter after a 76.7% plunge in the prior quarter. Excluding food and energy, the core PPI of Finished Goods held steady in March. By contrast, food prices have fallen more sharply in the three months ended March (-10.1%) versus the three months ended December 2008 (-4.8%)."
Source: Asha Bangalore, Northern Trust - Daily Global Commentary, April 14, 2009.
Asha Bangalore (Northern Trust): Lower energy and food prices help to contain inflation
"The Consumer Price Index (CPI) fell 0.1% in March, following a 0.4% increase in February. The 0.38% year-to-year decline of the overall CPI is the first deflationary reading since 1955. Additional year-to-year declines are conceivable for the months ahead. The 3.0% drop in the energy price index and 0.1% decline of the food price index helped to bring down the overall CPI.
"Excluding food and energy, the core CPI moved up 0.2%, matching the gains seen in each of the prior two months. On a year-to-year basis, the core CPI increased 1.8%, down from the cycle high of a 2.54% gain in August 2008.
"Inflation, a lagging economic indicator, is contained for now. Concerns about inflation are growing in light of the size of the Fed's balance sheet, which has expanded rapidly to support the financial system and stem the decline of economic activity. Chairman Bernanke has noted that the Fed has the policy tools and will to unwind the aggressive easing that is in place before inflationary trends become entrenched in the economy."
Source: Asha Bangalore, Northern Trust - Daily Global Commentary, April 15, 2009.
Dshort: Inflation - figures lie, and government liars figure
Source: Dshort, March 18, 2009.
The Wall Street Journal: Banks ramp up foreclosures
"Some of the nation's largest mortgage companies are stepping up foreclosures on delinquent homeowners. That will likely lead to more Americans losing their homes just as the Obama administration's housing-rescue plan gets into gear.
"JPMorgan Chase, Wells Fargo, Fannie Mae and Freddie Mac all say they have increased foreclosure activity in recent weeks. Those companies say they have lifted internal moratoriums which temporarily halted foreclosures.
"Some mortgage companies had stopped foreclosing on borrowers as they waited for details of the Obama administration's housing-rescue plan, announced in February, which provides incentives for mortgage companies and investors to reduce borrowers' payments to affordable levels. Others had temporarily halted foreclosures while they put their own programs in place, or in response to changes in state laws.
"Now, they have begun to determine which troubled borrowers are candidates for help, and to move the rest through the foreclosure process.
"The resulting increase in the supply of foreclosed homes could further depress home prices and put additional pressure on bank earnings as troubled loans are written off."
Source: Ruth Simon, The Wall Street Journal, April 15, 2008.
Rebecca Wilder (News N Economics): More evidence that loan modifications may not put a floor under foreclosures
"The LA Times reports the broad results of a research paper produced at the Boston Fed, Reducing Foreclosures by Christopher L. Foote, Kristopher S. Gerardi, Lorenz Goette, and Paul S. Willen. According to the Times:
"'Policies aimed at easing home loan terms for troubled borrowers may not be as effective in preventing foreclosures as more direct aid to homeowners, Federal Reserve economists have found.
"'Job losses and falling home prices have a bigger effect on delinquencies than mortgage terms, and modifications aren't necessarily a better deal for investors than foreclosures, two current and one former economist at the Boston Fed Bank and one Atlanta Fed researcher say in a paper posted Friday on the Boston Fed's website.
"The results of this paper suggest that policies that encourage moderate, long-term reductions in DTIs [debt-to-income ratios] face important hurdles in addressing the current foreclosure crisis.
"Increasingly, borrowers are walking away from their mortgages, while at the same time, lenders may be unwilling to modify. This study suggests that Obama's loan modification package may face some hurdles. To date, the results of government efforts to stem defaults are not encouraging."
Source: Rebecca Wilder, News N Economics, April 11, 2009.
The New York Times: Big profits, big questions
"The question many Wall Streeters are asking is just how Goldman once again snatched victory from the jaws of defeat. Many point to Goldman's expert manipulation of the levers of power in Washington ... the firm has come to be known, as a headline in this newspaper last October put it, as 'Government Sachs'.
"How can one ignore, the conspiracy-minded say, the crucial role that Henry Paulson, who followed Mr. Rubin to the top at both Goldman and Treasury, played in the decisions to shutter Bear Stearns, to force Lehman Brothers to file for bankruptcy and to insist that Bank of America buy Merrill Lynch at an inflated price? David Viniar, Goldman's chief financial officer, acknowledged in a conference call yesterday the important role the changed competitive landscape had on Goldman's unexpected firstquarter profit of $1.8 billion: 'Many of our traditional competitors have retreated from the marketplace, either due to financial distress, mergers or shift in strategic priorities.'
"But he was largely mum on American International Group, which, Goldman's critics insist, is the canvas upon which the bank and its alumni have painted their great masterpiece of self-interest. A few days after Mr. Paulson refused to save Lehman Brothers last September - at a cost of a mere $45 billion or so - he came to AIG's rescue, to the tune of $170 billion and rising. Then he decided to install Edward Liddy - a former Goldman Sachs board member - as AIG's chief executive. Goldman has since received some $13 billion in cash, collateral and other payouts from AIG - that is, from taxpayers ...
"December 2008 was not included in Goldman's rosy first-quarter 2009 numbers. In that month, Goldman lost a little more than $1 billion, after a $1 billion writedown related to 'non-investment-grade credit origination activities' and a further $625 million related to commercial real estate loans and securities. All told, in the last seven months, Goldman has lost $1.5 billion. But that number didn't come up on Monday. How convenient ..."
Source: William Cohan, The New York Times, April 14, 2009.
CNBC: Bove - Goldman raising $5 billion is wrong
"Goldman Sachs' $5 billion capital raising is wrong, says Richard Bove, financial strategist at Rochdale Securities. He explains why to Michael Yoshikami, president & chief investment strategist at YCMNET Advisors & CNBC's Maura Fogarty."
Source: CNBC, April 14, 2009.
The New York Times: China slows purchases of US and other bonds
"Reversing its role as the world's fastest-growing buyer of US Treasuries and other foreign bonds, the Chinese government actually sold bonds heavily in January and February before resuming purchases in March, according to data released during the weekend by China's central bank.
"China's foreign reserves grew in the first quarter of this year at the slowest pace in nearly eight years, edging up $7.7 billion, compared with a record increase of $153.9 billion in the same quarter last year.
"China has lent vast sums to the US - roughly two-thirds of the central bank's $1.95 trillion in foreign reserves are believed to be in American securities. But the Chinese government now finances a dwindling percentage of new American mortgages and government borrowing.
"In the last two months, Premier Wen Jiabao and other Chinese officials have expressed growing nervousness about their country's huge exposure to America's financial well-being.
"Chinese reserves fell a record $32.6 billion in January and $1.4 billion more in February before rising $41.7 billion in March, according to figures released by the People's Bank over the weekend. A resumption of growth in China's reserves in March suggests, however, that confidence in that country may be reviving, and capital flight could be slowing.
"The main effect of slower bond purchases may be a weakening of Beijing's influence in Washington as the Treasury becomes less reliant on purchases by the Chinese central bank.
"Asked about the balance of financial power between China and the US, one of the Chinese government's top monetary economists, Yu Yongding, replied that 'I think it's mainly in favor of the US'.
"He cited a saying attributed to John Maynard Keynes: 'If you owe your bank manager a thousand pounds, you are at his mercy. If you owe him a million pounds, he is at your mercy.'"
Source: Keith Bradsher, The New York Times, April 12, 2009.
Hans Lorenzen (Citigroup): High-grade credit's turning tide
"The tide may finally have turned for the high-grade credit market, says Hans Lorenzen, strategist at Citigroup.
"'Over the last two years, credit markets have stumbled from one bad headline to the next,' he says. 'However, we now get a sense the consensus has become so bearish that events may actually begin to surprise on the upside.'
"Mr Lorenzen notes credit spreads on investment-grade corporate bonds remain at levels not seen since the Great Depression. 'So the mere improvement in the rate of decline in economic activity we expect later this year should allow a reduction in credit risk premia,' he says.
"He also points to several other positives. 'The G20's commitment to boost funding to emerging markets is encouraging, and the market is more upbeat on the prospects for policy intervention.'
"But he still has concerns. 'New issuance continues at a blistering pace, soaking up much of the cash coming into the sector. A long-anticipated rise in defaults is also occurring, and rating agencies are downgrading at a near record pace.
"He also acknowledges that many banks remain constrained in their ability to lend. Above all, economic activity data will stay dire for now. 'Yet, we are inclined to think all this is factored in. While many problems still lie ahead, for the first time since the credit crunch began, we believe high-grade credit spreads have reached their peak.'"
Source: Hans Lorenzen, Citigroup (via Financial Times), April 14, 2009.
Rebecca Wilder (News N Economics): Corporate spreads still seriously elevated
"I hadn't looked at corporate spreads in a while - the firm's borrowing costs relative to the government's borrowing costs. Recently, the government's cost of borrowing for a term of 10 years, the 10-year Treasury rate, decreased with the Fed's efforts to buy longer-term Treasuries. And the reason that the Fed is buying Treasuries is to lower borrowing costs faced by firms and households (corporate rates, mortgages, auto loans, etc.), which has evidently helped ...
... but corporate spreads are still very, very elevated.
"The chart lists the 10-yr Aaa and Baa yields over the likewise Treasury rate (the corporate spread) in basis points (bps, essentially rate*100) reported by the Federal Reserve. Corporate spreads surged in March 2008 when the Fed lent money to JPMorgan in order to facilitate the takeover of Bear Stearns. That was a year ago; and since then, credit spreads have risen to record highs and then ebbed only slightly."
Source: Rebecca Wilder, News N Economics, April 12, 2009.
Financial Times: Credit quality of global groups at 25-year low
"The credit quality of global companies has deteriorated to levels not seen for more than a quarter of a century, according to Moody's Investors Service.
"The ratings agency said the ratio of companies having their credit ratings cut versus the number of companies being upgraded - an indicator of declining credit quality - had reached its highest level since 1983.
"During the first quarter of 2009, the rate at which borrowers were having their ratings cut reached 13.8%, highlighting the negative credit climate in the first part of the year, analysts at Moody's said.
"'This downgrade rate is higher than pre-economic crisis figures,' said Jennifer Tennant, Moody's analyst. For the whole of 2006, the downgrade rate was 10.2%, and the average rate from 1983-2009 was 12.5% per year.
"The fall in the ratio of companies' credit ratings being upgraded was also grim. During the first quarter of 2009 the upgrade rate was just 0.5%, compared with an average upgrade rate between 1983 and 2009 was 7.9%. There were only four upgrades for every 100 downgrades."
Source: Anousha Sakoui, Financial Times, April 12, 2009.
Reuters: Pimco to launch fund linked to US asset plan
"Pimco, the world's largest bond fund manager, plans to launch a closed-end asset-backed fund linked to the US asset plan, TALF, in the next 30 days, and is exploring business opportunities in China, its Asia president and director said on Wednesday.
"Under the US plan to sop up bad assets now choking bank balance sheets, public-private funds will get opportunities to buy so-called 'legacy' securities with a combination of private and government capital, possibly levered up by the government.
"Pimco's TALF Investment and Recovery Fund will borrow from the Term Asset-Backed Securities Loan Facility, or TALF, to buy securities backed by consumer receivables and loans, and will deliver income flows to investors via interest payments from the purchased assets, Brian Baker told Reuters in Shanghai.
"'We believe this financial crisis will be resolved by the US and other core financial market rehabilitation. So we want to invest in these core countries where the financial rehabilitation will be led and where policy makers will be most aggressive in addressing the financial crisis,' Baker said.
"Pimco, the world's best known bond manager under chief investment officer Bill Gross, manages $747 billion, according to the company's website."
Source: Reuters, April 15, 2009.


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Please be on the lookout for "Billy," a young male Westie.
He became lost in Norfolk, but could end up in Virginia Beach
if someone has picked him up.
"Billy" may be shy, so if you see him, don't chase him.
Instead, call the owner at the number listed below or
call Animal Protection (757-664-7387 in Norfolk / 757-385-4444 in Virginia Beach).

subset: commoncrawl


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Council Today: Will Knysna Tourism Close Down?
The Knysna Council will, today, vote on whether to close Knysna Tourism down, reincorporating it into Knysna Municipality and hiring contractors where needed. Some citizens will be horrified at the idea but i welcome it because no one has been held accountable for the abuse of public funds e.g. a staff member's holiday to Jamaica, loans to private companies, illegal Board member payments, the R270,000 silent handshake to the CEO who was found guilty, and, maybe most of all, the failure to spend the agreed percentage on development of disadvantaged people. Elmay Bouwer stepped in, as the new Chairperson of … 'Click here to read full article…'


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As we move towards more digital communications, this month's guest councillor column, previously featured in the Community Update page in The Echo, will now be shared online and across our social media platforms.
June In Focus: Councillor Stephen Fox
"The expression "Work hard and play harder," has been a guiding principle for many of us. Throughout my adult life I have been lucky enough to work and play hard. I have also had the privilege of giving a little back as an active volunteer in our community.
As a young man I was often encouraged to take on responsibilities in sporting clubs. Later I had the privilege of representing the members of the peak sporting body for Motorsport, CAMS, both at state and national levels.
I've also worked and volunteered with the WA Community Resource Centre and St John Ambulance.
More recently it's with great pride that I've been able to serve our community as a Shire of Mundaring Councillor. Yes, it has been challenging, even tiring, at times but I am very glad I made the commitment and was elected by the community to represent them.
Some of my volunteering roles have brought me in contact with state and federal politicians who have willingly given their time to answer my questions relating to motivation, reason and procedure. Their supportive comments and answers to my questions made my decision to run for council a much smoother path.
Thanks to these very positive and supportive community leaders, I'd now like to offer my time to assist and inspire others who might be considering running for election in a Local Government.
Be it time spent in a phone call, responding to emails or meeting face to face for a catch up at a local coffee shop, I am open to answering your questions about being a local Councillor and the process in doing so before nominations open on Thursday September 5 2019. (https://www.elections.wa.gov.au)
For those not ready or willing to go as far as seeking election to a Local Government such as the Shire of Mundaring, there are a number of other very rewarding community opportunities. Try membership of your local volunteer bush fire brigade, who meet on Saturday mornings and encourage community interaction around 9am. Such membership or interaction is a very rewarding experience. As is joining your local Residents and Ratepayers Association.
Contact details for myself and other Councillors, our local Bush Fire Brigades and our Resident and Ratepayer Associations can be found on the Shire of Mundaring website under the heading, Community Directory (https://www.mundaring.wa.gov.au).
My best wishes, Cr. Stephen Fox firstname.lastname@example.com______________________________________________________________________


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Wakefield 26-22 Salford
Last updated on .From the section Rugby League
Wakefield held on to see off a strong second-half challenge by Salford.
Dean Collis and Danny Washbrook put Wakefield in control before Daniel Holdsworth scored Salford's first try.
Frankie Mariano and Peter Fox then went over to give Wildcats a 22-6 lead at the break but Chris Nero's try reduced the deficit soon after the restart.
Two Sykes penalties added to Wakefield's score before Ashley Gibson crossed twice to make it a nervy last few minutes for the Wildcats.
A dominant first half proved to be enough for Wakefield to secure only their second win since the opening day of the season.
Washbrook combined with stand-off Isaac John to allow Collis to cross to open the scoring before Washbrook latched onto Tim Smith's inside pass for Trinity's second try.
The hosts should have gone further ahead but Paul Aiton had a try ruled out for a knock on and attempts by Danny Kirmond and Andy Raleigh were also denied by the officials.
Salford then got on the scoresheet with a breakaway try as Gibson burst upfield before sending Holdsworth over.
Holdsworth then added his first of three goals before Mariano crashed over and an impressive one-handed pass from Collis allowed Fox to score, giving Trinity a 16-point half-time lead.
But the Reds looked a different side after the break, with Nero being put through by Holdsworth to again reduce the deficit.
Sykes then added his fourth and fifth goals before Salford upped the tempo in the last five minutes.
Twice Gibson went over as the Reds looked to be closing in on what had looked at half-time as an unlikely turnaround, but Wakefield held on to secure a much-needed victory.
Wakefield coach Richard Agar:
"The game should have been over at half-time. I thought we played some great football in the first half and should have had at least another two tries which would have made the game dead and buried.
"I thought we held on at the end. For the last 15 minutes we were all over the shop defensively. Maybe that's a team that hasn't won too many games this year.
"We'll take the win and have a look at it in the week. I think we reminded ourselves that, when we do the right thing, we do look like a team that has good football in us."
Salford coach Phil Veivers:
"I didn't think we were that good in the second half either. I give them credit for showing the courage and tenacity to try to come back into the game but, other than that, I thought we were poor the whole game.
"In the first half, we never got out of our half. They possibly should have been another two or three scores ahead of us.
"We never had one set down on their goal-line and we scored a try that came from our own goal-line. We completed at less than 50% in the first half.
"The frustrating thing is that we had opportunities to win the game but it's our skill level that's let us down."
Wakefield: Mathers, Fox, Collis, Sykes, Cockayne, John, Smith, Raleigh, Aiton, Wilkes, Kirmond, Mariano, Washbrook.
Replacements: Wood, James, Amor, Mellars.
Salford: Patten, Broughton, Gleeson, Moon, Gibson, Holdsworth, Smith, McPherson, Godwin, Paleaaesina, Ashurst, Adamson, Wild.
Replacements: James, Howarth, Jewitt, Nero.
Att: 6,748.
Referee: Phil Bentham (Warrington).


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Corporate Governance: Accountability in the Marketplace.
Habitual Entrepreneurs. American Romanticism and the Marketplace.
SearchWorks Catalog
Developing new food products for a changing marketplace. The Ethnic Phenomenon. Migrants for Export.
The Ethnic Paris Cookbook. The Role of Memory in Ethnic Conflict.
- Hollywoods Indian: The Portrayal of the Native American in Film.
- Irving Place Theatre.
- Account Options.
- Auditing and GRC automation in SAP!
Recommend Documents. Schwartz, Editor Baruch Coll Agnew et al. Ekelund Jr.
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- Economic Capital Allocation with Basel II: Cost, Benefit and Implementation Procedures.
- A Guide to the Literature on Semirings and their Applications in Mathematics and Information Sciences: With Complete Bibliography.
Learn how we and our ad partner Google, collect and use data. Romeyn should be commended for providing a comprehensive and masterful study and for providing us with an intricate scholarly apparatus that greatly enhances our understanding of the intersection of ethnicity, race, and performativity.
New migrants in the marketplace: Boston's ethnic entrepreneurs - PDF Free Download
The history is admirably researched, drawing together information from hard-to-find plays, popular magazines, newspapers, memoirs, and song lyrics, as well as from secondary sources from a wide variety of disciplines. Those interested in the subject of immigrant identity and how it has changed over time in the face of pressures brought on by the particulars of their new homes would do well to consult this work. University of Minnesota Press Coming soon.
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Author: Esther Romeyn. Imagining the Modern City An engaging look at the cultural legacy of the twentieth-century city and how it affects our ideas of community and democracy. Urban Triage Race and the Fictions of Multiculturalism Assesses fictional representations of racial conflict, cooperation, and complicity amid the urban crisis of the s.


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Snapshot of patient and carer difficulties
Healthwatch Kirklees asked people using the Continence Advisory Service, carers and the staff providing the service to give feedback about their experiences of that service. We had received feedback that suggested that people were struggling with the way that the service worked, and thought it was important to share that feedback with providers.
Have you, or do you know someone who has been, impacted by the continence service provided in Kirklees?
Have you struggled to access any types of incontinence products?
What has your experience been and what needs to change?
Please fill in the survey below and let us know.
This issue impacts the quality of life, dignity and independence of people – young and old – who suffer from incontinence.
It also affects the lives of those who care for them.
Healthwatch Kirklees needs your experiences of using this service, your responses can help us influence the key decision makers to improve the service in Kirklees


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Speed Interview Evening
After intense organisation, anticipation, and a little trepidation, 83 interviewers and boys met on a still October evening in Warwick Hall for the annual 'Speed Interviewing' event.
With a smorgasbord of experts, teachers, parents and alumni, all possible links to every facet of the professional world known to Mrs Oates were drafted in to provide an informative and encouraging event. Students in the Upper Sixth, having indicated their university subject choices and potential job interests in the future, met with 3 professionals with direct or indirect experience with their chosen fields. From finance to medicine, marketing to flight school, linguistics, law, engineering and accountancy, students up and down the hall enjoyed presenting their achievements, weaknesses and idiosyncrasies under the keen scrutiny of business insiders, journalists, academics and ruthless CEOs. Those best prepared researched their interviewers beforehand and arrived smartly with CVs in hand to the delight of their discerning interviewers; others embraced the awkward learning curve of plunging in cold and fought with their backs to the wall under the keen scrutiny of the experts before them.
'Now, tell me,' enquired one admissions tutor, 'what is your favourite physics equation? If you were a fruit what would you be? Can you tell me why you have lasagne on your tie?'
A 5 minute period of feedback was offered after each 15 minute interview:
'You hold great eye-contact,' informed one psychologist, 'but that handshake reminded me of a limp fish. And do up that top button: it's looser than your handshake.'
Despite a mix of impressive performances, none fell short of one or two things to improve upon. With care and honesty, each interviewer left their charges elated and determined to impress and improve in future interviews. Many thanks must go to Mrs Oates and the Careers department for masterminding such a useful and challenging event, which left all with a higher confidence and significantly more acumen than before.


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Esso Delivers One For The Summer With D.D.E
Following his '23:23′ project last year we were anticipating Esso next move. Esso has carved a reputation for himself, with his smooth blend of rapping and singing meshed with versatility, always result in interesting songs so his next release was always going to be intriguing.
One aspect I admire about Esso's sound is that he refuses to be boxed into one particular style, he has experimented with many different sounds and that experimentation continued with D.D.E.
D.D.E is a song for the summer, Esso managed to create a fun summer vibe while still maintaining his normal attention to detail and lyricism as shown with the instrumental and the clever one-liners throughout the song. Delivering witty lines and nice flows throughout. The hook is infectious and overall vibe of the song is just perfect for summer.
Esso delivered with D.D.E and I cannot wait to see what the remainder of the year has in store for him.


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James R. Trusler
Chief Executive Officer, President, Chairman of the Board, Founder, Promoter, Director
Chairman of the Board of the Company, 1998 to present; CEO and President of the Company 1998-2018, 2019 to present; President, J. R. Trusler & Associates (mineral consultant), 1995 to present.
Lorne D. Burden
Director; Member, Compensation Committee
Consulting Geologist, 2014 to present; Manager Corporate Development/Senior Geologist Logistics Royal Nickel Corporation 2007 to 2014; Associate Consulting Geologist with ACA Howe International Limited, 2005-2007
Graham C. Warren, CPA, CMA
Director, Chair of the Audit Committee
Mr. Warren is a Senior Financial Executive with over 30 years of experience in the mining, oil and gas, environmental, service and tech sectors both domestically and internationally. He has been involved in numerous financings and M&A transactions for both private and public companies and has guided several companies through the going public process. Mr. Warren has served as CFO and/or Director of numerous public companies and is currently the CFO of Pangolin Diamonds Corp, Goliath Resources Limited. and a reporting issuer Arehada Mining Limited. He is a past director of Changfeng Energy Inc., Cordoba Minerals Corp, Exile Resources Inc., Active Control Technology and Hanfeng Evergreen Inc. Mr. Warren has had extensive involvement in all facets of organizations including finance, human resources, sales, marketing and operations and has guided boards in their corporate governance obligations.
Felix Lee
Director; Member, Compensation Committee
Mr. Lee is an economic geologist and Senior Executive with over 30 years of business and project management experience in the minerals industry both in Canada and internationally. Mr. Lee has just completed his tenure as Director and Principal Consultant to CSA Global Canada and was previously owner and President of the predecessor Toronto-based geological consultancy ACA Howe International Limited.
Felix Lee is currently the President of Prospectors and Developers Association of Canada ("PDAC") the largest such mining industry organization in the world. During his twelve years on the board and as President and Vice-President at PDAC he has served on the Executive, Governance & Nominating, Human Resource Development, and Membership Committees.
Gary Galitsky
Director; Member, Compensation Committee, Audit Committee
Gary Galitsky is the President and a Director of Xanthic Biopharma Inc. (CSE: XTHC). Mr. Galitsky has been producing craft cannabis for designated use for 7 years and has extensive expertise in cannabis extraction techniques. Mr. Galitsky was one of the earliest applicants to receive a Canadian Marihuana Medical Access Regulations license for both personal and designated production. He has consulted for several licensed medical cannabis producers to develop both scaled plant production growth strategy as well as extraction and secondary processes.


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A contributing factor to the proposed sale was the lull in PC sales and the uncertainty associated with the transition in the console market from current to future generation of hardware platforms, the sources said.
Both UbiSoft and Red Storm declined official comment.
The two companies have signed a letter of intent and are just reworking language and juggling some figures to finalize the deal. The deal should be complete by the end of the month, the sources said.Het hele artikel is natuurlijk ook te lezen.


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Program: Master of Terrorism and Homeland Security Policy
Joshua Ewig is a first year student pursing a Master's in Terrorism and Homeland Security Policy. Joshua is the Terrorism and Homeland Security Policy representative for the School of Public Affairs Graduate Student Council.
Joshua currently holds as Congressional Internship in the House of Representatives where he supports the legislative staff by attending briefings and composing memos on matters of homeland security, defense and veterans affairs.
Prior to attending American University, Joshua served for four years in the United States Marine Corps. Serving as an Infantryman, Joshua served in in the Washington, D.C. area first as an infantryman in Alpha Company at Marine Barracks Washington, conducting raids, patrols and other security-related training at Quantico, Virginia.
In this role, Joshua also conducted over two hundred full honor funerals at Arlington National Cemetery. Joshua was then selected to be a Personal Escort for the Secretary of Defense, Secretary Ashton Carter and later Secretary James Mattis. In this position, Joshua developed strong personnel relationships with foreign diplomats from countries such as Iraq, Afghanistan, Syria, China, Israel, Japan, Australia, Great Britain, and Germany.
Following the completion of this role, Joshua became a Non-Commissioned Officer and served as the Training Non-Commissioned Officer at Marine Barracks Washington. Joshua communicated and correlated with 32 different sections containing over 300 personnel making a cohesive team while also conducting, leading, and managing security-related training as well as training assistance programs.
Throughout his time in the Marine Corps, Joshua received the Office of Secretary of Defense Badge, the Joint Service Achievement Medal, the Navy Meritorious Unit Commendation, the Marine Corps Good Conduct Medal, the National Defense Medal, the Global War on Terrorism Medal, and the Military Outstanding Volunteer Service Medal.


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Magnetic Car Mount Kit
$19.99 $16.99
Magnetic Car Mount Kit
The perfect mate for your car! It holds and docks your phone to the dashboard or on air vent in a snap. Quick and easy swapping between air vent mount and dashboard mount via magnetic attachment. Easily adjustable all the way you want!
$19.99 $16.99
The perfect mate for your car! It holds and docks your phone to the dashboard or on air vent in a snap. Quick and easy swapping between air vent mount and dashboard mount via magnetic attachment. Easily adjustable all the way you want!
Enjoy Free Standard Shipping for purchases within the US.
* International shipping rate applied to orders outside of the US. (Tax and Duties not included)
Contact us for availability shipping to your country if current shipping option does not cover.
Free US Domestic Standard Shipping: We offer USPS First Class or USPS Priority shipping for all domestic orders, which we ship out within US all 50 states and US territories including Alaska, Guam, and Puerto Rico.
International Shipping: Delivery may take between 7 ~ 30 business days, depending on customs inspection process. All customs duties and tariffs charged by local customs office are at buyer's cost.
*The recipient is the importer of record and must comply with all laws and regulations of the destination country. Orders shipped outside of the United States may be subject to import taxes, customs duties and fees levied by the destination country. The recipient of an international shipment may be subject to such import taxes, customs duties and fees, which are levied once a shipment reaches the recipient's country. Additional charges for customs clearance must be fulfilled by the recipient; Hamee US, Corp. has no control over these charges, nor can Hamee US, Corp. predict what they may be.
Customs policies vary widely from country to country; you should contact your local customs office for more information. When customs clearance procedures are required, it can cause delays beyond our original delivery estimates.
* All International Orders are final and non-refundable due to high cost of return. Defective items will be replaced free of charge, only if reported within 30 days of purchase date. Warranty services does not cover shipping fees for international or domestic orders.
* Items cannot be shipped to P.O Boxes.
All orders will be processed within 48 hours after check out is completed.
Orders placed after 4PM (PST) Friday, on the weekend, or during the holidays will be shipped the next business day.
Please let us know if you have any questions or concerns.


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Free Registration Until September*
In a Mumsnet survey of 131 users of Bright Horizons Nurseries: 82% would buy again and 85% would recommend
Weybridge Day Nursery and Preschool (formerly Churchfield House Nursery and Preschool) provides care and education for children aged 3 months to 5 years.
We offer a warm, welcoming environment supporting the transition from home to nursery, and we provide excellent nutritionally-balanced menus using fresh ingredients prepared by our own chef.
Our unique Healthy Hearts and Minds activities provide inspirational and engaging learning experiences using the innovative and well established Boogie Mites and myHappymind programmes.
We are located in close proximity of the Weybridge Recreational Grounds for regular visits with the children.
Virtual Tour
Where possible we look to offer flexible booking patterns and a range of funding options, including the government's 30 hours funded childcare* provision. To request pricing and availability, please request a call back by clicking the button below.
*Terms and conditions apply to 30 hours funding. Click here for more information.Request a call back
I have been at Weybridge Day Nursery and Preschool since it opened in 2009. I am Level 3 qualified with a wealth of experience. My experience ranges from being a Nanny in Singapore to Teaching Assistant, Nursery Assistant and Nursery Nurse. I then became Deputy Nursery Manager in 2012 and have supported the Nursery Manager in providing quality care and education. At the nursery we endeavour to provide for all families' needs whilst maintaining a friendly and highly qualified staff team.
Hi, my name is Candy Floss, I joined Bright Horizons in March 2010 as the 'Super Safety Hero' to help nursery children stay safe and manage risks. My role as a Health and Safety Super Hero is unique to Bright Horizons and I'm in every nursery, 365 days a year.
Back in 2010, I saw a job advert for a Zebra Super Safety Hero – I was very excited, applied and was invited for an interview with several other zebras. We were interviewed by all the children who then voted on which of us would be their Super Safety Hero. It was hoof biting but I was thrilled when they told me I was the most voted for by the children who all loved me because of my cape and bag. My bag is very special, if something fits inside, it's a choking hazard. You might be wondering how I got my name. The children in our nurseries chose five names and voted for their favourite. I love it as it's unique, I mean have you ever heard of a zebra called Candy Floss? Exactly!
The Bright Horizons passion and enthusiasm for providing high-quality care isn't just common knowledge within our own business – we've also gained some impressive accolades from external sources for excellence as both a childcare provider, and as an employer. We are the only childcare company to have been listed for the last 11 years as one of the country's top 50 "Great Places to Work" by the Great Place to Work Institute.


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Huawei Kenya has launched an initiative aimed at supporting women in IT workplaces. The programme, Women In Technology Huawei (WITH), will see women undergo charitable training in the Information and Communications Technology (ICT) sector, a space that has long been dominated by the male gender.
"We realized there is (a) need to give opportunities to women in the ICT field by ensuring they are mentored and trained to enable them (to) take up senior management positions," said Stone He, CEO Huawei Kenya.
Through WITH, Huawei aims to take a more systematic approach to address women taking up technical careers. The innovative program aims to empower, connect and support current and future generations of women and girls to take up opportunities and careers in the science, technology, engineering and mathematics (STEM) fields.
Not only will this program launch a new phase of digital entrepreneurship for women, but the skills gained will also make them more employable.
Women in Kenya are underrepresented. The socio-cultural hurdles that they encounter makes it almost impossible to flourish in the formal sector.
According to the Kenya National Bureau of Statistics (KNBS), the modern or formal sector employment had 880,000 women compared to 1.68 million men in 2016. This shows that men are more employed in key sectors related to science and technology.
Furthermore, a report by Daily Nation highlights that the exclusion of women from STEM is not unique to Kenya but common around the world.
Due to the fact that women are primarily viewed as caregivers in the home, social gender bias discourages women from treading this sector. Huawei is looking to change this stereotype and hopes to reach over 4,000 women and girls in the next 12 months.
"It is our hope that one day Huawei will have a local female chief executive. We look forward to have more women at the management level and the goal can be realized if we provide them with necessary skills," He said.
Various partners were hosted from across Huawei's value chain – customers, suppliers, academic partners, charitable partners, channel partners and peers – to discuss how to collaborate to drive the WITH agenda together.


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Jaguar Design Director Ian Callum has revealed his one-off Jaguar Mark 2.
Jaguar Design Director Ian Callum has revealed his bespoke Jaguar Mark 2.
Created with the assistance of Classic Motor Cars Limited, the car was built over the course of 18 months and features a number of modifications.
Starting with the exterior, the sedan has been equipped with modified bumpers, functional louvres and 17-inch wire rim wheels. The ride height has also been reduced by 30mm to give the car a sportier stance.
The interior boasts premium leather upholstery, wood trim and machined switchgear.We can also see retro-inspired gauges, an analog clock and a new center console with a Clarion infotainment system.
Detailed specifications were not released but the car is powered by an upgraded 4.3-liter engine that is connected to a five-speed manual transmission. The car also has beefier brakes and a retuned suspension - among other things.
According to Callum, "This is a very personal statement. A long held notion that, although the Mark 2 has always been a beautiful car, it could be even more exciting in shape and performance. Whilst maintaining the purity of the car's form, I wanted to add a number of modern twists to the design. Simplification and clarity was my objective."


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Robert Fitzgerald Diggs is a famous American musician, rapper, author, and actor. He is a famous person who has been able to work in the various music projects which made him famous among his fans all over the world. He has also released solo albums with Bobby Digital. If you are interested to know about life, biography and net worth of RZA in 2020, then you can read this article ahead.
Early Life & Biography
He was born on 5th July in the year 1969 in Brownsville. He used to live in North Carolina from the age of 3 to 7 with his uncle. His uncle encouraged him to study and read, but he was interested in hip-hop music. At the age of eleven, he started participating in competitions of rap battles. He shifted to Steubenville in the year 1990 to spend time with his mother at home. He also spent some time with his father in Pittsburgh.
Personal Life
When he was asked about children, he told that he has got children at his home with which he signaled to his domestic problems. He is mostly seen wearing his 5% nation flag necklace. He has also written two books in which he has described various aspects of different religions. He loves to watch martial art movies, and he is also considered as an encyclopedia because he has huge knowledge gearing the martial arts movies. He also loves to play chess during his free time. Nothing is known about his wife and girlfriend.
Career, Awards & Nominations
In the year 1991, he formed a group with his cousins and gained local success. They never got the opportunity to sign a deal for recording songs. In the year 1991, he debuted as a solo artist. In the year 1992, he formed another group with his cousins and friends. The group was named as Wu-Tang Clan. They released their first single in the year 1992. In the year 1997, their group released the second album. In the year 2010, he worked on his own album, but the albums were not released. In the year 1990s, recording labels Wu-Tang Clan recording label was founded.
Not only he worked as a rapper, but he has also appeared in the films in which he played awesome roles. He has also starred and directed a movie in the year 2012. He has won many nominations, but he hasn't been able to win any awards till now. His career hasn't been ended yet, and that's why he might be able to win many awards till now.
Net Worth & Earnings
The net worth of RZA is around $20 million which he has earned by working as a rapper, actor, and producer. He has performed in various rap battles in which he has also won many times. He has given hit albums along with his group.
RZA is a famous rapper who started working as a rapper from an early age. He worked very hard to become successful. At first, he began a group with his cousins, but that didn't work for a long time. Later on, he made another group with his cousins and five school friends. The group released back to back albums which let RZA and the other members gain huge recognition.
He has been able to become a millionaire by singing songs along with his group. He has not revealed anything about his girlfriend and wife. He is busy making his career success, and in some years, he is going to gain a lot of success and fame with numerous awards and recognition.


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Blue Yonder took to the high seas yesterday. We caught a CAT ferry from Portland, Maine, to Yarmouth, Nova Scotia.
The trip took about 5 1/2 hours. We landed in Nova Scotia about 9:00 pm Atlantic Time (my first experience with this rare and exotic time zone!).
Will Carter taking care of business on board the CAT.
Standing, from the left, Tom Kirk, Diana Burton and Rob McNurlin. Seated are Robert Shafer and Russ Hicks. I ended up sitting next to a couple from Charleston, Illinois, who knew all of my friends in the old Indian Creek Delta Boys band. Small world!


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[email protected]
I am a full-blooded Norwegian from Mount Horeb, Wisconsin, the self-ascribed "Troll Capital of the World". I started playing the piano at the age of 4, inspired by my musical parents. I began my years of formal church ministry at age 17, playing the organ at a small Lutheran church in Mount Horeb. I have worked continuously since then as a church music minister, for over 30 years. I graduated from Mount Horeb High School in 1987, and went on to earn a Bachelor of Music/Music Education from the University of Wisconsin-Madison in 1993. I have been Director of Liturgy and Music at St. Catherine's since May 2007, coming from St. Olaf Catholic Church in DeForest, Wisconsin, where I served as Director of Liturgy and Music for nine years. Outside of my church ministry, I have enjoyed singing with choirs and early music ensembles in Madison, and since moving to Oconomowoc, with the Jubilate Chorale. I am also co-founder of the "Enter the Season with Song" Ensemble, which began in Madison in 1992. The group has produced three recordings, and has raised tens of thousands of dollars, through the generosity of concert-goers, to benefit many charitable organizations over the years, with a focus on local charities in need. I feel blessed to be able to use my gifts and education on a daily basis. I also feel blessed to have found a faith community in St. Catherine's and now St. Joan's as well, that loves music, sings well, and has made me feel at home, as they have done for so many people over the years, and continue to do each day.


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Rapper Gemellus from Hollygrove, New Orleans drops a new project 'Up' is up now on Apple Music, Spotify, and Tidal.
His lead single called "Stay Down" Prod. By Am x Swerve, gives that classic NOLA vibe as Gemellus talks his talk with his witty lyrics showing the streets how to Boss up and
stay down. The album is nice body of work with notable tracks Grind feat Lil Tre is my personal favorite off the album, along with a stand-out feature from Da Kanable on Sleep Til I'm Rich. Gemellus flow fits perfect with the production from Westline on the track Grind; is a upbeat tempo with smooth a solid hook provided by Lil Tre. Total production on the album includes beats from @am504 A.M., @swervemusik Swerve, @mixbycl Big CL @shvkiel, and @westlinemusic
Recently Mario "Yoey" Martin caught up with Gemellus and got to ask him a few questions check out the Q&A below..
Yoey: Why did you name this project UP? and have you realsed any previous projects?
Gemellus "I named the album "UP" because it's the direction that life is going, I have to make sure of it. Speaking it to existence while executing will only help me mentally. I have dropped no projects before 'UP' but I have another project coming soon called "Parental Advisory".
Yoey: You got a video on youtube you released that's growing a nice little buzz correct?
Gemellus: Yes, that's Mozerella. Also off this project I got Gemellus – "5" ft Mario DaComic and GeneStanza Prod by Swerve Musik
Gemellus our together a solid debut project and it's worth a listen and Myhellofalife.Com will keep you updated when his new project Parental Advisory is made avaible.
Follow his soundcloud: https://m.soundcloud.com/emellus


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Hi all! I have some news which most of you will find very surprising! I have a second older sister, who is named Georgia!
Here's a full picture of her. I bet you are asking, Why haven't I ever seen her before? Well, when we started our blog, Georgia simply decided that she didn't want to be on our blog at ALL, not even mentioned. Elizabeth and I vainly attempted to change her mind, but she stubbornly refused. Finally, we managed convinced her that it was perfectly safe and no one would steal her identity or anything like that. So, please help her feel welcome.
P.S. Do you like my new "sign off"?
P.P.S. Elizabeth wanted to let you know that voting for the contest she entered as been pushed back to the 30th. (http://thedollwardrobe.blogspot.com/2014/08/summer-2014-fdc-posts-update.html)


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This week, OFY alum, Braxton Turner, shares his struggle with finding a high school that was the right fit for him, and how it happened in a totally unexpected way. As a true advocate for educational choice, Braxton believes (and we agree!) that every student has a unique story, and every student deserves a quality education from a school that fits. Here's what he wrote:
Whenever we hear the conversation on education or the need for more alternatives in education, we always hear about what parents want. Of course, that's for good reason.
Look no further than recent parent opinion polls. When the Eli and Edythe Broad Foundation and the California Charter School Association conducted a survey of parents they found nearly 75 percent of Los Angeles residents supported the expansion of charter schools - 69 percent actually wanted more in their neighborhood. When asked how they felt about under-performing schools, nearly 90 percent of parents said they felt every child attending a bad neighborhood high school should have the option of attending a better performing high school.
So, we know how the parents feel. There's a more important question, however, that sometimes gets left out of the discussion: What's it like for struggling students?
One of those students was me at one time. I grew up two entire time zones from here in Gary, IN. It wasn't the ideal place to grow up. When I was younger, my parents separated, and my father moved to Los Angeles. I lived with my mother back in Gary. Sometimes I would fall asleep to the tragic music of sirens and gun shots.
At 16, I wanted a closer relationship with my father and I also wanted to get as far away from Gary as possible. Plans weren't progressing as fast as I wanted them to, so I ran away from home, 2,000 miles away. After some time, I made it to California undetected even though my face was plastered on Wal-Mart posters. Once most of the drama over my disappearance passed, I finally reunited with my father. I was devastated when he was arrested just weeks later. In fact, he still hasn't been released.
As a minor, I had no parents to watch me. I had help, but I primarily survived solo. No school, no parents, and a new place. It may have been "fun" for a while, but I grew to really dislike it.
It may sound odd, but I yearned for school. I refused to graduate after the age of 18 and I really wanted to play basketball. After missing school for a year, my mother filed paperwork so that I was no longer a dependent. With passed time, it didn't seem my plan would go as I hoped. The state transfers I went through put my school credits into disarray.
Eventually, my sister's mom found Options for Youth.
She told me I would get my diploma, and that I should look into it. During orientation I immediately knew this was the school for me: long distance field trips, independent study, sports teams, and one-hour school days. It was an education that was actually designed for my wants and needs.
This place was perfect, having everything I asked for and more. OFY helped me complete my academic checklist while also offering memories like no other. I caught up on credits fast, played on the school's basketball team, and I eventually graduated at 18. I connected with teachers easily, learned how to manage my time, traveled often, and met friends that I still stay in touch with today. I actually love Options so much that I stayed at my center after graduation for two years working as a Math Tutor.
In the constant discussion and ongoing debates over how we can change our education system for the better, we really need to hear more of the student perspective. There are so many of us who face uncertain futures because we lack options. It's time we find those options we are looking for and the options we truly need.
Braxton McGhee is a graduate of the Southern California-based Options for Youth. For more information, use hashtag #CAWantsOptions.


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"Kept Out: For people of color, banks are shutting the door to homeownership" is the most recent article making headlines written by Aaron Glantz and Emmanuel Martinez of Reveal – from The Center for Investigative Reporting.
The yearlong analysis, based on 31 million records…revealed, African Americans and Latinos continue to be routinely denied conventional mortgage loans at rates far higher than their white counterparts. The report found a pattern of troubling denials for people of color across the country, including in major metropolitan areas such as Atlanta, Detroit, Philadelphia, St. Louis and San Antonio. African Americans faced the most resistance in Southern cities – Mobile, Alabama; Greenville, North Carolina; and Gainesville, Florida – and Latinos in Iowa City, Iowa.
Specifically for Philadelphia: Philadelphia, where Reveal found African Americans were 2.7 times as likely as whites to be denied a conventional mortgage. Today, this part of Philadelphia is majority African American, and the homes are occupied by middle-class workers – teachers, nurses and union craftsmen. Yet in every year from 2012 to 2016, banks denied more conventional loans of all types than they made in Germantown.
Hosts Senator Vincent Hughes and Tiffanie Stanard had the opportunity to interview local Councilman Kenyatta Johnson alongside the authors Aaron Glantz and Emmanuel Martinez of Reveal: to discuss the report, case studies and next steps to ensure Philadelphia and other cities are taking these findings serious and moving forward to solve the problem.
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Written by: Tiffanie Stanard, Host/Producer @Philly_Speaks