November 20, 2017The new workshop participants have their first work opportunity with the crew on the excavation of the south part of the fence at the visitors entrance. The form is ready, now waiting for concrete.[photos by Sue Kirsch]
By Stelios OrphanidesCypriot lenders are at risk of becoming ‘zombie banks’, lenders that are unable to serve their clients, partly because of the troika’s contradictory position vis-à-vis potential losses for banks, a former banker said.The troika of the European Commission, the European Central Bank and the International Monetary Fund which supervises bailouts in the euro area, wants to rule out that banks shoulder losses from restructurings, said Michael Sarris, who served at the World Bank and Cyprus Popular Bank.You May LikeLivestlyChip And Joanna’s $18M Mansion Is Perfect, But It’s The Backyard Everyone Is Talking AboutLivestlyUndoPopularEverythingColorado Mom Adopted Two Children, Months Later She Learned Who They Really ArePopularEverythingUndoYahoo SearchYou’ve Never Seen Luxury Like This On A Cruise Ship. Search Luxury Mediterranean CruisesYahoo SearchUndo Pensioner dies after crash on Paphos-Polis roadUndoCruise passenger airlifted to Paphos hospitalUndoRemand for pair in alleged property fraud (Updated)Undoby Taboolaby Taboola
Turkey and the Turkish Cypriot side upped the rhetoric on Monday with regard to Cyprus’ energy plans with warning messages to the government coming from both the north and from Ankara, one of which was also directed at Athens.Turkish President Tayyip Erdogan was quoted as saying on Monday by Turkish Cypriot news outlet Bayrak that the Cyprus government’s energy plans were doomed to fail,According to the report, Erdogan said Turkey would continue to “respond firmly to impositions” in the Eastern Mediterranean both “in the field” and diplomatically.Referring to the RoC’s energy plans, he added: “We are saddened by their unilateral hydrocarbon explorations in the Eastern Mediterranean that are doomed to fail.”“Everyone will see and understand in the end that these attempts that continue to disregard our country and our brotherhood will end in failure,” he added.The message from the north came from Turkish Cypriot ‘foreign minister’ Kudret Ozersay who, in the second part of an interview with Phileleftheros published on Monday, said Turkey would react to the drilling later this year by US energy giants ExxonMobil, even if there are ongoing Cyprus talks.Ozersay said there were areas of Cyprus’ exclusive economic zone claimed by Ankara, both on its own behalf and on behalf of Turkish Cypriots. Turkey would also proceed with its own drilling in areas it lays claim to that have been licensed out by the Cyprus government.The Turkish vessel Fatih is due to drill in the Eastern Mediterranean on October 29 but an exact location has not been revealed.Exxon is to drill later this year in block 10, which until now had not been claimed by Ankara. Turkey’s claims on the island’s EEZ partly overlap with Cyprus’ blocks 1, 4, 6 and 7. Ankara also supports the north’s claims on blocks 1, 2, 3, 8, 9, 12 and 13, including within few kilometres from the Aphrodite gas field in block12.However, Ozersay argued that a section of block 10 is located in an area where Turkish Cypriots also have rights, he said, and their plans would not be affected by any ongoing talks. The leaders are due to meet on Friday but negotiations have not officially resumed.“I have heard hundreds of times the Greek Cypriots declare that their energy plans will continue. So will ours,” said Ozersay.Meanwhile Turkey’s advisor for economic affairs, Yigit Bulut warned that a “heated dispute” between Greece and Turkey in the Mediterranean would lead to a military disaster for Greece, CNA reported. Bulut said Turkey’s military force in the Mediterranean was three times greater than that of Greece.In an article in the Turkish newspaper Star, Bulult said Greece, Nicosia and Israel are pursuing a “dirty game” in the Mediterranean, thinking that they have the “big brothers” behind them.Last Thursday the Turkish navy said it stopped a Greek frigate from ‘harassing’ the Turkish seismic vessel Barbaros Hayreddin Pasa, which was skirting blocks in Cyprus’ EEZ south west of the islandIt also said Turkey would continue to exercise its sovereign rights and jurisdiction over its continental shelf.“We recommend that Greece abstain from acts that would cause an escalation in the region,” the ministry said in a statement.A Greek defence source denied there was an incident but said the Greeks were monitoring the activity of the Barbaros. Turkey had issued a Navtex, an advisory to ships including coordinates, that it would be conducting seismic surveys in the Mediterranean from October 18 to February 1.“The heart wants Greece and Turkey to be ‘best friends, the best neighbours’ in the region but they are not. This is not because of us but because of them,” Bulut added.“I hope that Greece does not get into this dirty game… any physical harassment of Turkish ships and a hot episode with Turkey will end with a military disaster for Greece… I hope logic will prevail.”The government was largely silent on the issue on Monday but the more hardline parties were critical of both Ozersay and the government.Government spokesman Prodromos Prodromou told Politis radio that Cyprus would continue to operate and move forward on the basis of international law “in cooperation with very large companies and other states like the US”.Diko reacted by saying: “It is clear that Kudret Ozersay has been named by Turkey as the main mouthpiece of its unacceptable positions and claims while [Turkish Cypriot leader] Mustafa Akinci has clearly been downgraded by Ankara. Contacts with a portion of the Greek Cypriot political leadership with Mr Ozersay also strengthen the image of the pseudo-minister as the main interlocutor on the Turkish side.” Solidarity and the Green issued similar statements saying Cyprus needed to do more internationally to have pressure put on Turkey.Defence Minister Savvas Angelides was in Paris on Monday where he briefed his French counterpart, Florence Parly, over the Turkish provocations and the presence of the Barbaros southwest of Paphos.Angelides said he would enquire about French intentions in the region, due to the presence of French energy giants active in Cyprus’ EEZ, such as Total.“They do care, they do have their planning and we will contribute to any actions, which at the end of the day aim at concluding the energy programme successfully,” the minister said. 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Categories: Glenn News,Glenn Photos Rep. Gary Glenn, R-Midland, left, listens as Midland Fire Chief Chris Coughlin testified Wednesday in front of the House Regulatory Reform Committee in Lansing in support of Glenn’s legislation to strengthen fire service representation on the State Construction Code Commission.Lansing, Mich. — Midland Fire Chief Chris Coughlin traveled to Lansing Wednesday to testify before the House Regulatory Reform Committee in support of legislation introduced at Coughlin’s request by Rep. Gary Glenn, R-Midland, to ensure fire safety concerns have expert representation on the State Construction Code Commission. The commission formally approves building codes required in the state.“Under current law, there is no requirement that the fire service’s representation on the commission have any background in fire prevention, inspection, or plan review,” Chief Coughlin told the panel. ”The fire service is made up of individuals of many disciplines, including suppression, hazmat, rescue, etc. It does not necessarily follow that a fire service professional will have an appropriate knowledge base to review construction codes. Rep. Glenn’s legislation on our behalf will change that, and we appreciate his bringing this important fire safety issue forward.” Glenn said after hearing Coughlin’s testimony and input from committee members, he will add language to the legislation specifically requiring that the fire service representation on the commission have certification in fire prevention, inspection, and advanced planning.“I appreciate Chief Coughlin’s passionate leadership toward protecting not only the safety of our citizenry but the brave men and women whose job it is to enter a burning building to save life and property,” Glenn said. “It’s only common sense that we should ensure that someone appointed to represent fire safety issues is actually required to have the professional base of knowledge to do so effectively.”Two Democratic state legislators — Rep. Tom Cochran, D-Mason, a former Lansing Fire chief, and Rep. Henry Yanez, D-Sterling Heights, a retired professional fire fighter — also testified in support of Glenn’s legislation. 27Jan Midland fire chief backs Glenn bill in Lansing
26Oct Rep. Runestad to host local coffee hours Categories: Runestad News State Rep. Jim Runestad of White Lake invites residents to join him for local coffee hours in White Lake, Highland and Milford on Friday, Nov. 10.“I always look forward to meeting residents and discussing matters of state government,” Rep. Runestad said. “Listening to the concerns of community members is one of my top priorities as a state representative.”Coffee hours will take place at the following times and locations: • 8 to 9 a.m. at Leo’s Coney Island, 6845 Highland Road in White Lake; • 10 to 11 a.m. at Colasanti’s Market, 468 S. Milford Road in Highland; and • Noon to 1 p.m. at Bakers of Milford, 2025 S. Milford Road in Milford.No appointment is necessary. Those unable to attend may contact Rep. Runestad at 517-373-2616 or via email at JimRunestad@house.mi.gov.
Share11TweetShare1Email12 SharesApril 11, 2017; The American ProspectAs NPQ reported in a March feature article, among the agencies targeted for elimination in the “America First” budget blueprint produced by the White House’s Office of Management and Budget (OMB) is the Legal Services Corporation (LSC). An array of lawyers and legal organizations are lining up to support and advocate for LSC’s continued operation despite the Trump administration’s “skinny budget” plans to shutter the organization as part of $54 billion in program cuts to fund a corresponding increase in military spending.Legal Services Corporation, established with presidential support during the Nixon administration, is funded by the federal government but run as an independent 501(c)(3) nonprofit organization. According to its GuideStar page, “LSC distributes more than 90 percent of its total funding to 134 independent nonprofit legal aid programs with nearly 800 offices. LSC funds programs in every US state and territory.” LSC’s 2015 IRS Form 990 reports a budget of approximately $350 million supporting three main programs: basic fiend grants, technology initiative grants, and the pro bono innovation fund.There has always been opposition to LSC, primarily from Republicans concerned about LSC’s frequent practices of using its federal revenue to support lawsuits against the government itself on behalf of indigent clients. Efforts to close LSC in the 1980s during the Reagan administration, and again in the 1990s under House Speaker Newt Gingrich were unsuccessful, though they did result in budget cuts and restrictions on how federal funds could be used by LSC. For example, LSC is prohibited from filing litigation based on class action lawsuits.Not surprisingly, a coalition of legal groups is assembling to advocate for the LSC. In an official statement, the American Bar Association’s president has expressed “outrage” and reminded lawmakers of LSC’s benefits.Some of the worthy services the LSC provides include securing housing for veterans, protecting seniors from scams, delivering legal services to rural areas, protecting victims of domestic abuse and helping disaster survivors. Their offices are in every congressional district and they help almost 1.9 million people annually.More than 30 cost-benefit studies all show that legal aid delivers far more in benefits than it costs. If veterans become homeless, or disaster victims cannot rebuild, their costs to society are significantly more.Similar statements and letters have been written by the Conference of Chief Justices and Conference of State Court Administrators. More than 160 law school deans and 150 law firms have expressed their support for LSC in letters to members of Congress and OMB. Law firms cite the partnerships between LSC attorneys and private law firm attorneys to coordinate pro bono legal services for poor clients. Without LSC’s participation, the law firms argue, the for-profit law firms’ pro bono services would be harmed.There is both good news and bad news in the current situation. A coalition of 148 U.S. House members, including 11 Republicans, have signed a joint letter encouraging continued funding for LSC in the upcoming fiscal year. However, continued funding at current levels still means that half of people seeking LSC’s services are likely to be denied due to lack of resources, based on a 2009 study by LSC. A “compromise” that allows LSC to survive while making cuts from its current budget levels will only increase the number of people unable to access LSC support. LSC would like to see its budget increased from about $385 million to at least $500 million, which seems at least as unlikely politically as it is needed programmatically.—Michael WylandShare11TweetShare1Email12 Shares
French technology group Technicolor has rejected the latest offer from JP Morgan to take a stake in the group, according to a report in French financial daily Les Echos.JP Morgan and Technicolor’s board signed an agreement in May that would enable the former to take a stake of up to 30% in the set-top provider. However, a rival offer by Vector Capital forced it to revise its offer to €1.90 per share instead of €1.60, equating to an injection of capital of €180 million against Vector’s €186 million.However, the board, which had recommended rejection of Vector Capital’s offer in favour of holding to its deal with JP Morgan, has now rejected the latest offer because of two new clauses, according to Les Echos. The first would enable JP Morgan to withdraw too easily from the agreement, in the board’s view. The board also rejected the second clause, which involved a demand for indemnity by JP Morgan in the case of negotiations breaking down.
New research from connected home specialists Twonky reveals that 49% of UK consumers have heard of connected TV service YouView.The service, which is a joint venture between UK broadcasters the BBC, ITV, Channel 4 and Five, transmission services provider Arqiva and service providers BT and TalkTalk, launched last July, having originally been slated to roll out in 2010.The launch was backed by a nationwide advertising campaign.Twonky noted: “Having taken four years to be released the service has been overshadowed by offerings the major UK broadcasters have developed themselves, such as Sky and Virgin Media. As a result, nearly 50% (49%) of people in the UK have not even heard of YouView.”The Twonky survey also showed that the three main consumer bugbears with online video content are buffering, ad breaks and the perception that the content on connected services is lower quality than seen on TV.Viewing of content on connected devices is, however, taking root. The survey results showed that 37% of respondents used second screen devices to catch up on TV shows during the Christmas period.Furthermore, over half (51%) of consumers in the UK prefer to watch catch-up services on a TV, rather than a smartphone or tablet and only 19% of people surveyed say that convenience is more important than screen size.
Middle Eastern broadcaster Al Jazeera us due to launch a new, dedicated online channel in the next few months. Al Jazeera, which is currently referring to the channel internally as AJ+, said that it aims to use the service to engage a “passionate online generation in new forms of storytelling.”Discussing the move at Cannes TV market MIPCOM, Al Jazeera’s innovation and incubation manager Moeed Ahmad said: “There is a generation of people who wants to go beyond the box. They instinctively turn online to consume news. They share, like, tweet, comment, interact and forward. To reach them requires a fresh approach.”Yaser Bishr, Al Jazeera’s executive director for strategy and development added: “News consumption habits are changing. Al Jazeera, through this channel, demonstrates a commitment to innovation by creating a new digital destination for journalism. Its content will grab attention, captivate, and empower global conversations.”
Industry groups have reacted to yesterday’s report by a committee of MPs into the future of UK public broadcaster the BBC.The Commercial Broadcasters Association said it welcomed the recommendation from the Culture, Media and Sport Select Committee that the BBC should consult more openly.Coba gave evidence to the Committee arguing that the BBC’s current governance arrangements restricted the pubcaster from properly consulting the wider industry when launching new services.“This has meant various developments such as the Radio 1 video channel on the iPlayer have not been subject to formal consultation with industry, despite their potential to impact negatively on the market,” Coba said in a statement.Coba called for the BBC Trust to be given powers to consult industry formally through a streamlined process.Coba also took aim at the way the BBC handled the process of formally submitting its proposals to take BBC Three from a linear, to an online service, noting the ‘public value test’ on the plans for the channel started almost a year after BBC bosses outlined the plans.On the kids TV front, the Children’s Media Foundation said was glad that the MP’s report commends the BBC for the provision and content of its children’s programming over the last Charter period.The CMF noted that the report said that “children’s programming must remain a core and priority PSB genre for the BBC beyond 2016”. However the CMF then noted that to do this will require the continuation of an assured licence fee, which was then questioned by the committee.“We are also concerned at the report’s suggestion that a small amount of the licence fee should be allocated to fund external PSB content such as children’s programming,” the advocacy group said.It added:“Although contestable funding might be one way of correcting failure in the children’s market it would be counterproductive if it was taken from the licence fee and resulted in the consequent reduction of BBC children’s output and budget.
South Africa will now aim to cover 84% of the country’s total population with its digital terrestrial TV signal, according to amendments made to the country’s digital migration policy.In the changes, made this week, the South African government said that the remaining 16% of the population, in areas deemed “difficult or uneconomical to reach”, will be covered by free-to-air DTH satellite using the DVB-S2 technology.“This will thus enable analogue switch-off in South Africa with 100% population coverage for the public broadcasting services,” said the government.The news comes just weeks after South Africa’s Department of Communications has said that the country will not meet an agreed June 2015 deadline for the switch-off of analogue TV signals.In a statement issued earlier this month, the communications department said the issue of whether to include an encryption system into set-top boxes (STBs) as part of the switchover has “impacted negatively” on the country’s ability to meet the deadline set by the International Telecommunications Union (ITU).The new digital switch-over date is yet to be announced.
Finland-based cable and telco equipment provider Teleste has struck a deal with Samsung to target the hospitality market.The oint Telest-Samsung offering will use Teleste’s DOCSIS Access Hub, the DAH100, and Samsung’s DOCSIS HE694 HTV televisions to bring high-speed, broadband-level Internet access to guest rooms over existing coaxial cabling, according to Teleste.The solution provides high-speed Internet to each guest room and allows guests to use applications and various interactive services on their in-room smart TVs. In addition, the solution enables guests to connect their own personal smartphones and tablets to the Internet through the smart television’s wireless access point.Teleste’s DAH100 extends the IP network to more than 250 guest rooms simultaneously over existing in-house coaxial cabling. Within each room, an Internet access point is provided via the embedded cable modem in the Samsung DOCSIS HE694 HTV television set. By consolidating IP-based services into the existing coaxial network rather than implementing new cabling, Teleste claims that hotel operators can reduce connectivity expenses by up to 80%.“Traditionally, hospitality industry service providers have built separate networks for delivering cable TV and IP-based services, such as guest Internet access, OTT and video-on-demand. This has, in many cases, made it considerably slower and more costly for them to accommodate full IP service delivery,” said Jonathan Rigby, director of Hospitality and AV Solutions for Teleste Corporation. “In cooperation with Samsung Electronics, we are delighted to offer the Hospitality industry a solution that makes it quick and cost-efficient to invest in premium-quality IP service delivery by utilizing existing coaxial infrastructures.”Damon Crowhurst, Samsung’s European display organisation business development director, said: “We are pleased that the technical cooperation between Teleste and Samsung Electronics has resulted in a jointly-created solution that offers hotels with existing coaxial infrastructure a smooth transition into all IP services. This will present the market with a solution that enables hotels with coaxial infrastructure – approximately 80% of the European market – to manage Samsung Smart Displays using Teleste’s DAH Solution. Clients will now be able to purchase a Samsung display with a built in DOCSIS modem, thus removing the significant challenge of managing extra hardware, with the associated cost.”
German broadcast giant ProSieben has taken control of online dating business Parship Elite and will add it to its portfolio of digital businesses.ProSieben bought Parship, which operates the Parship and ElitePartner brands, from its private equity owners for €100 million.The company has been aggressively reorganising and expanding its digital business and has set itself the goal of generating revenues of €1.5 billion from this unit in 2018.It has also bought the price comparison website Verivok, and travel site Etraveli.Gunnar Wiedenfels, CFO of ProSiebenSat.1 Media SE: “Following the Verivox and Etraveli acquisitions, the acquisition of the majority interest in PARSHIP ELITE Group is the third large bolt-on acquisition for ProSiebenSat.1 Group within the last 12 months, marking another important milestone to achieving our objective of building a profitably growing digital business footprint outside classical TV advertising.Broadcasters buying websites is an international trend. Last week Australian free-TV broadcaster Nine made an offer for the CarAdvice.com site.
ITV is expanding the reach of its British entertainment channel, ITV Choice, after striking deals with operators in Asia and the Middle East.ITV Choice will debut in Myanmar with Cookie TV and will now be available across the Middle East with localised Arabic subtitles via direct-to-home pay TV platform MyHD.At the same time ITV has renewed ten partnerships for ITV Choice, including its deal with United Arab Emirates-based Du, which offers the channel as part of its English package.“We are extremely pleased to be adding more distribution partners, and increasing the reach of the ITV Choice Channel, as it goes from strength to strength across Asia, the Middle East and Africa,” said Neale Dennett, ITV Choice channel director.“We very much look forward to working with new partners MyHD and Cookie TV, and for the first time bringing to their viewers the very best of big British entertainment.”ITV Choice broadcasts programmes including: drama series Vanity Fair, Victoria and Vera; entertainment shows like The Voice UK, The Jonathan Ross Show and The Chase; and popular soap operas Coronation Street and Emmerdale.
BALLYARNETT POLICEMAN CHARGED TO COURT AFTER DRIVER TRIES TO SPEED OF FROM POLICE The Peugeot car which tried to speed off from police in the early hours of this morningPOLICE have taken another dangerous driver and his car off the roads in Derry.PSNI Foyle say officers were conducting checkpoints in the city in the early hours of this morning when a blue Peugeot 2o6 tried to escape the scene.An officer said: “I DID TRY TO WARN YOU! I even put up a picture proving that I meant business. MAN CHARGED TO COURT AFTER DRIVER TRIES TO SPEED OF FROM POLICE was last modified: December 11th, 2016 by John2John2 Tags: ShareTweet “Well, for all you night owls; we at Ballyarnett Neighbourhood Team seized this bad boy .“This fella decided to speed off from us when we were conducting our Preliminary Breath Test check point.“Needless to say I just Charged him to Court for: 1. Failing To Stop2. Driving a Vehicle in a Dangerous Condition3. No Insurance4. Driving without Due Care and Attention
Next PostTexas Church Shooting Suspect’s Violent Past Previous PostWest Virginia Weekly Fuel Update and Outlook Twitter Facebook Home Sports News Sports Oak Hill Football Honors Carl Walker Linkedin Mail Pinterest Google+ SportsSports News Oak Hill Football Honors Carl Walker By Matt DigbyNov 05, 2017, 23:57 pm 813 5 Matt Digby Matt Digby is the Sports Director at WOAY-TV. He joined the station in January 2015 – right in the middle of Big Atlantic Classic Week. Read More Tumblr Oak Hill, WV (WOAY) – We have the honor to share the story of Carl Walker. The freshman at Oak Hill is a little brother of senior on the football team, Joe Walker. Friday night was Oak Hill’s final game of the season and it was senior night too. Walker wanted to include his little brother in the game and brought him out to play on the field. Carl’s dream is to be a football player and he scored a touchdown on Friday night with the team on the field. It was an emotional night at Oak Hill and it was beautiful to see a community come together to support Carl’s football dream.
Facebook FAYETTEVILLE, WV (WOAY)- A shots fired call in Fayetteville results in three alleged drug arrests. Sheriff Mike Fridley released the following information regarding this incident. Multiple officers were dispatched to a possible shots fired complaint at the Fayette Hills apartments in Fayetteville on Saturday night. Arriving officers found no injuries or evidence of gun fire, but did however spot potential narcotics at the location in question. Deputies obtained a search warrant for the apartment after it was secured. Officers located substances believed to be methamphetamines and cocaine, as well as scales and packaging supplies consistent with drug sales. Three persons at this location were arrested on drug charges. Timothy Dotson (43) , Shawn Surnear (39) and Marysa Smith (31) were charged with offenses including Delivery of a Controlled Substance, Possession with Intent to Deliver Narcotics and Conspiracy to Commit a Felony. They were transported to the Southern Regional Jail to await arraignment. If you have any information regarding this incident, contact the Fayette County Sheriff’s Department at 304-574-3590, or through our Facebook page “Fayette County Sheriff’s Department,” or you can contact Crime Stoppers of West Virginia at 304-255-STOP. This incident remains under investigation by Deputy B.K Fernandez of the Fayette County Sheriff’s Department. He was assisted on scene by the Fayetteville Police Department. Fayette County Sheriff’s Department disclaimer: All defendants are presumed innocent unless proven guilty in a court of law. A criminal complaint is nothing more than a document that merely alleges a criminal charge. Next PostMiners Swept on Opening Weekend but Welcome Crowds Mail Linkedin Home NewsWatch CrimeWatch News Three Arrested In Fayette County After A Shots Fired Call Twitter Tumblr Pinterest Previous PostFayette County Man Arrested And Charged For Burglary Tyler Barker Tyler Barker is currently the Interim News Director and Digital Content Manager for WOAY-TV. I was promoted to this job in Mid-November. I still will fill in on weather from time to time. Follow me on Facebook and Twitter @wxtylerb. Have any news tips or weather questions? Email me at email@example.com Google+ CrimeWatch NewsFeaturedLocal NewsNewsWatch Three Arrested In Fayette County After A Shots Fired Call By Tyler BarkerJun 03, 2019, 08:46 am 957 0
By Kevin Brekke, Managing Editor, World Money Analyst While in the midst of a recent morning routine of protein nourishment with frequent palate cleansings of espresso, I was swept into a vocabulary adventure. As I suspect many of you reading this also do, I was making the rounds of my favorite blogs. Clicking my way onto James Howard Kunstler’s always-colorful weekly posting, my eyes, passing over the prose, came to a screeching halt at the word “malaprop.” A quick visit to Wikipedia informs that a malapropism is the misuse of similar sounding words – often to a humorous end. “What are you incinerating (insinuating)?” and “He’s a vast suppository (repository) of knowledge” are two fine examples. To those I would add “The Fed’s continued accommodative (accumulative) policy,” because there is little about this policy that accommodates those struggling to earn a fair return on their savings. And this malapropism leaves millions as the butt of a very cruel joke. ZIRP or RICO? Today’s ultra-low interest rates have been disconnected from the free market discovery process, and are instead hostage to a syndicate of central banks that set interest rates via edict. ZIRP (zero interest rate policy) is an accumulative policy whereby the banks benefit from borrowing short (at next to zero interest) and lending long (at a nice spread) – and accumulate the difference. And the difference is stolen from the pockets of the prudent class of savers. The interest rate scheme looks suspiciously like a racket. Under the RICO Act (Racketeer Influenced and Corrupt Organizations), a racket is understood as a business (central banks are private, for-profit businesses) or syndicate that is engaged in the sale of a solution to a problem that the institution itself creates, with the intent to effect continual patronage. The Fed is engaged in a ZIRP solution to the fall-out from the 2008 financial crisis, itself the product of the US housing finance bubble that the Fed conspired to create and fully orchestrated its ascent. We are all “buyers” of the solution and are paying through forfeiture of a market-driven yield on our wealth. And while we’re at it, let’s throw in conspiracy. The unfolding Libor scandal has stripped naked the illusion of a fair mechanism that determines the base interest rate off of which trillions of dollars of loans are priced. The banks that set the daily Libor “fixing” were themselves making bets linked to the Libor rate and then fraudulently manipulating its direction to their benefit. Continual patronage? Central banks are monopoly institutions. ‘Nuff said. Yield Pursuit As troubling as the above is, it is beyond our control. Low rates will be with us through at least 2014 per the latest Fed announcement released last week regarding its monetary accumulative policy. As investors, what remains in our control is the pursuit of higher yields offered by many of today’s securities that pay a dividend. Within this segment of stocks is an often overlooked subset: the ADRs of international companies that list on US exchanges. Although it is advisable to buy the shares of a foreign stock on its home exchange, many investors are uncomfortable with the idea. For self-directed investors in particular, buying shares on an exchange outside of North America may not be offered by your current discount broker. And if foreign stock trades are available, the service can come with exorbitant fees and commissions. There are many international companies with solid businesses and steady cash flow that sell at good valuations and also offer decent yields. For the investor seeking easy access to international markets and stocks that offer CD-busting yields, don’t forget to consider the world of ADRs. Pass-Through Fees The hunt for yield is more accurately phrased as the hunt for after-tax yield, or more accurately still, the yield after taxes and fees. That is especially true for an ADR. In 2009, the Depository Trust Company (DTC) gained SEC approval to begin collecting custody fees on behalf of the agent banks that provide the custodial services on behalf of the ADR. The DTC collects the fees from the brokerages that hold the ADRs for their clients. For example, if you purchase and hold an ADR with Schwab, Schwab will assess the fee against your account and pass the fee onto the DTC. This is known in the industry as a pass-through fee. Prior to 2009, the fee was deducted from the dividend paid by the ADR. However, not all ADRs pay a dividend, and hence the 2009 change. If you hold a position in a dividend-paying ADR, the fee is deducted from the payout. If the ADR does not pay a dividend, the fee is shown on your brokerage statement on the date it is assessed. The pass-through fee will generally range from 1¢ to 3¢ per share, although the amounts will differ by ADR. The prospectus for the ADR will show the fees. A prospectus can be obtained through the SEC’s EDGAR Company Search tool. ADRs are a convenient portal to international equities and the yields that many will offer. Although we prefer to purchase foreign stocks on their home exchange, US-listed ADRs are an acceptable compromise. And when you compare yields between select securities, remember to include the pass-through fees in the calculation. [Whether you choose to invest on the home market or through an ADR, devoting a percentage of your portfolio to high-quality international investments is a wise idea. World Money Analyst helps by delivering a selection of the most exciting, higher-yield opportunities out there every month. Click here to learn more and take your no-obligation, risk-free test drive.]
In This Issue. * Dollar is softer, against most currencies today. * Gold gets boost from geo-political problems. * Euro recovers from weaker IFO. * Germany forgets about repatriating their Gold. And Now. Today’s A Pfennig For Your Thoughts. German IFO Prints Weaker Than Expected. Good Day! . And a Tom Terrific Tuesday to you! I had a good friend chastise me yesterday, for being down on the Team USA. But, as I explained to him, I didn’t say anything negative about the team, just that their psyche was damaged and it would be difficult for them to recover. OK. I’m not going to dwell on all that every day. So, let’s move on. There’s a German IFO to talk about this morning, a comment by Bank of England (BOE) Gov. Carney, that doesn’t surprise me, or should surprise you dear reader, we have 3 Fed speakers on the docket today, one hawk and two doves, so this should end up being interesting. The dollar is slightly softer this morning, and more than all that to discuss, so let’s put our money in the juke box and press J5! Well. Front and Center this morning, I’ll tell you that the dollar is softer against a handful of currencies, but not against the Antipodean currencies or pound sterling. I’m smiling like the Cheshire Cat this morning, after reading about how BOE Gov. Carney, decided to throw cold water on the rate hike thoughts in the U.K., by pointing out to anyone listening that” wage data has been softer than the Central Bank expected.” This cat that was thrown among the pigeons, really scattered the rate hike campers, and following them out of the town square were the pound sterling bulls. Now, I know some of you are asking, why would Chuck be smiling like the Cheshire Cat over sterling getting sold? Ahhh grasshopper. What I’m smiling about is the fact that I told you that Carney would do the old bait-n-switch on rate talk. He talks rate up, gets the markets all lathered up, the currency rallies, and then he pulls the rug out from under the markets with comments that allow him to keep rates unchanged. He’s a master of this game, folks. He played it while the Gov. of the Bank of Canada, for a couple of years, and now it looks as though he’s taken his game to England. And that’s what I’m smiling about, because I told you all that this is what he would do! And no. I’m not happy that pound sterling is getting sold this morning, but, I would look at it as an opportunity buy cheaper. The euro almost had its mini-rally reversed overnight, when the latest German Business Confidence as measured by the think tank IFO, printed weaker than expected. The weakness in the report was merely slippage, and nothing to shout about, so after an initial selling of the euro, it reversed its course and is back to trading above 1.36. For those of you keeping score at home, The IFO Business Confidence Index printed at 109.7, while the consensus was for IFO to print at 110.3. So. no great shakes here, sure we would like to see this move upward, but given the weakness in the Eurozone economy, one would have to think that this index is pretty high. So, the euro is stronger this morning, which means. It’s party like its 1999 for the currencies that want to party! Aussie dollars (A$) and New Zealand dollars / kiwi (The Antipodean currencies) are both seeing some profit taking this morning.. In Australia, a major mining company said that is was looking to cut jobs further in the iron ore division. That’s never a good thing for Australia, but is a sign of the times, given the slowdown in China, which we saw over the weekend, saw an uptick in its manufacturing index, so maybe this labor problem in Australia won’t last long. I was talking to a dealer friend of mine yesterday morning, (Hi Shauna!) and she asked me about the A$… And I said that I was getting worried that the Reserve Bank of Australia (RBA) was going to do something to stop the A$’s rally. So, it wasn’t the RBA (thank goodness!) that stopped the A$’s rally, it was something else, which is the lesser of two evils! The Canadian dollar / loonie, is stronger again this morning. This currency’s rise has been nothing short of spectacular to me. Not that long ago, the markets were saying that it would trade to 1.10, which is just a shade less than 91-cents. And today the loonie is trading over 93-cents. I know to you, that might seem ridiculous that I’ve called its move “nothing short of spectacular”. But I’m not just referring to the gains, but also the way the markets are looking at loonies these days. A few months ago, they viewed loonies as the ugly neighbor to the “sweet spot” green/peachback. Not any longer! The Chinese renminbi / yuan was allowed to appreciate overnight. There wasn’t any additional data to the stronger PMI result this past weekend, but there was a report out by Citigroup, saying that they are bullish on renminbi / yuan.. They state that they see growth stabilizing and that a cyclical rebound is under way in China. And because of the rebound, they see the renminbi, yuan gaining 3% this year. Hmmm. If you go back a few months, to the beginning of the year, or so, you’ll see that the one-man research team of Chuck, said the same thing about the renminbi /yuan this year. Bloomberg is reporting this morning that Denmark has pledged to end their stimulus for the economy, as the economic expansion gains pace. The Danish Finance Minister, said, “we can slowly take the foot off the accelerator. The economy is approaching being self-sustaining”.. Good for Denmark! Maybe the euphoria of their soccer team in the World Cup is gearing up the economy! Or, maybe no one is working, but partying instead? HA! I don’t talk about Denmark that often, as the krone is pegged to the euro, so euro strength is good for the krone, and vice versa. There was a lot of talk about a year or so ago, that Denmark would cut the peg and join the euro. That didn’t happen, and it probably won’t happen until the Eurozone can be “self-sustaining”. Well. get ready. Japanese PM Abe, is speaking as I write, and supposedly he’s going to introduce parts of his “third arrow”. Now, don’t act like you don’t know what I’m referring to here! I went to pains to explain his 3 arrows programs of stimulus for the Japanese economy a few months ago, and even explained how one of my fave writers, Grant Williams, said that the 3rd arrow would never fly, given that it contained immigration. Well, Abe is not talking about immigration today, supposedly he’ll talk about supply-side reforms. The yen is not reacting to any of this, so it must all be ho-hum-like. Well. Gold’s price is stronger this morning, up $7 as I write, after a nice gain yesterday. this morning’s price of $1,324 is a two-month high for the shiny metal. The geo-political goings on in the Middle East has really boosted Gold, as it very well should, I might add! I’ve been wondering when this was going to kick in, and it appears to have done so now. Last week, Gold got a boost from the Yellen comments about rates remaining near zero, and this week, Iraq gets priced into Gold. There’s a Bloomberg story this morning titled: “Gold Euphoria Won’t Last With Yellen’s Rally Fading”. The story goes on to say that “traders and analysts surveyed by Bloomberg News aren’t expecting the euphoria to last, and that Gold’s price will average $1,250 an ounce next quarter, about 5% less than today’s price.” Do I believe all that? The answer is a flat NO! But, in my effort to be fair and balanced, I wanted you to see what this survey was saying. Sure, we all know that interest rates aren’t going to stay near zero forever. But, the geo-political stuff should outweigh the small rate increases we might see at first. And let me remind you of something that I witnessed many years ago, as a young man on a trading desk, trading short term paper, like T-Bill, commercial paper, Banker’s Acceptances, etc. Gold rose to more than $800 from less than $200, in the face of 18% and more interest rates. I was there, I saw it! So, don’t tell me that Gold can’t perform in the face of higher interest rates! Yes, there was an inflation problem then. but. there’s an inflation problem now, we just don’t calculate it the same! Here in the U.S. today, we have 3 Fed members that will be speaking. Plosser, Dudley, and Williams respectively. One hawk, two doves. As I said above, this should be interesting to see if they balance each other out, or what. See what Carney did to the pound this morning with his comments. the same could happen to the dollar today, we’ll have to see. Today’s U.S. Data Cupboard, as Consumer Confidence for our viewing pleasure, along with the S&P/CaseShiller Home Price Index. Consumer Confidence, which is nothing more than a view of the stock market (in my opinion), should continue its upward climb. This is all beginning to look more and more like a Minsky Moment waiting to happen as far as I’m concerned folks. But you do what you want to do. Me? I’m taking refuge in my basement! For What’s It’s Worth. OK.. I know I’ve said this a few times before over the years, but I had to stop to sing out loud with Chicago on my fave Chicago song: Hard Habit To Break. Again, no one is here, so I didn’t ruin anyone’s day with my singing! OK. Well, I found this on Bloomberg (I was all over the Bloomie this morning), and it ticked me off to no end. But I’ll let you decide. “Germany has decided its gold is safe in American hands. Surging mistrust of the euro during Europe’s debt crisis fed a campaign to bring Germany’s entire $141 billion gold reserve home from New York and London. Now, after politics shifted in Chancellor Angela Merkel’s coalition, the government has concluded that stashing half its bullion abroad is prudent after all. “The Americans are taking good care of our gold,” Norbert Barthle, the budget spokesman for Merkel’s Christian Democratic bloc in parliament, said in an interview. “Objectively, there’s absolutely no reason for mistrust.” Ending talk of repatriating the world’s second-biggest gold reserves removes a potential irritant in U.S.-German relations. It’s also a rebuff to critics including the anti-euro Alternative for Germany party, which says all the gold should return to Frankfurt so it can’t be impounded to blackmail Germany into keeping the currency union together.” Chuck again. Yes, I would love to have seen this Gold repatriated. But I would have to guess, that Germany was sat down in a smoke filled room and explained to that their Gold isn’t really there, so to repatriate it, the U.S. would have to buy it in the open market, which would cause a HUGE spike in the price of Gold, and we don’t want that happening now do we? You can see that Germany got an offer that they couldn’t refuse. At least, that’s how I would see it happening. How about you? To recap. Fed Speakers, a weaker German IFO, and Carney being Carney, has the currencies mixed today, with the dollar softer against the euro, renminbi, rupee, real, loonie, Euro-wannabes, rubles, and pesos. The Antipodeans are seeing some profit taking, and Chuck fears a, RBA attack on the currency, but nothing yet. Gold is stronger again, but there are lots of reports of this being a false dawn for a Gold recovery. And Chuck gives you his thought as to why Germany decided to no repatriate their Gold. You’ll not want to miss that! Currencies today 6/24/14. American Style: A$ .9405, kiwi .8715, C$ .9320, euro 1.3625, sterling 1.6990, Swiss $1.1190, . European Style: rand 10.5420, krone 6.0940, SEK 6.7135, forint 224.15, zloty 3.0470, koruna 20.1355, RUB 343.76, yen 101.90, sing 1.2490, HKD 7.7515, INR 60.11, China 6.1545, peso 13.00, BRL 2.2175, Dollar Index 80.22, Oil $105.89, 10-year 2.59%, Silver $21.12, Platinum $1,462.75, Palladium $828.26, and Gold. $1,324.74 That’s it for today. Well, I was perusing through Google+ last night, and right there was an announcement from Frank Trotter that his youngest daughter (of two) Erica was engaged! Erica & John announced their engagement over the weekend. Congrats to these two! I’ve known Erica since she was born, so this was exciting news to me too! My beloved Cardinals got another shut-out from a starting pitcher last night, they lead the league in shutouts, which is good because most games they can’t find their bats! A shut-out in Colorado to boot! WOW! Another night of quiet last night. I wasn’t feeling too good last night, so I just hunkered down in my chair, and forgot about dinner, etc. and then woke up this morning, ready to go! Well, Mike just got here, we checked out Robin Meade to see what she was wearing today, and now it’s time to get this out the door! Besides I have to sing along with the Righteous Brothers song: Just once in my life. I hope you have a Tom Terrific Tuesday! Chuck Butler President EverBank World Markets
EXPLORE THE ISSUESCOTUS Blog: Justices are Divided on Whether to Overrule Precedents on Sales-Tax Collection by Remote SellersThe New York Times: Supreme Court Divided on Sales Taxes for Online PurchasesWikipedia: South Dakota v. Wayfair, Inc.The U.S. Supreme Court could help boost Alabama sales tax revenues by $200 million a year, but it all depends on how the nation’s highest court rules on a case in South Dakota.The case, South Dakota vs. Wayfair, could change internet commerce as we know it. At the moment, companies based online must collect sales tax for goods only if the company has a physical presence in the state. That decision was made in 1992, when the internet was still in its infancy.Brick-and-mortar businesses have complained they’ve got the short end of the stick because they must charge sales tax while many places online do not. In most areas of West Alabama, adding sales tax is equivalent to a 9 percent bump in price.Chamber of Commerce of West Alabama President and CEO Jim Page said that if sales tax were collected on internet sales, Tuscaloosa would be a big beneficiary.“The city estimates that they’re losing about $7.5 million in sales tax collections every year,” Page said. “I would dare say that’s a conservative number because we are a college town. We have so many millennials here who are used to shopping online. I think it probably impacts us at a greater level than it probably does in other communities.”A decision on the case is expected some time in June.