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hollister france Australian share market closes firmer
On the Sydney Futures Exchange, the June share price index contract was 16 points higher at 4,912 points on a volume of 19,184 contracts.

Major media stocks were stronger on Wednesday. Fairfax Media jumped 4.5 cents, or 2.51 per cent, to $1.835, while News Corporation firmed one cent to $18.23 and its non-voting scrip added 15 cents to $15.41.

Astro Resources NL was the top traded stock by turnover, with 104.7 million shares traded for a value of $1.4 million.

The broader All Ordinaries index gained 15.3 points, or 0.31 per cent, to 4,903.2 points.

"Cochlear did very well on the back of that announcement and it is certainly helping the sector overall," Ms Spencer said.

"Resources stocks are benefiting from these iron ore negotiation talks, which are helping on the outlook for iron ore pricing," she said.

Discount retailer JB Hi-Fi led the sector higher, jumping 63 cents, or 3.16 per cent, to $20.59.

National carrier Qantas Airways lost two cents to $2.79 and rival Virgin Blue Holdings eased one cent to 69 cents,.

Transurban's shares fell 10 cents, or 1.94 per cent, to $5.05.

Preliminary national turnover reached 2.46 billion shares, worth $5.55 billion, with 517 stocks trading up, 517 down and 408 unchanged,moncler.

Westpac Banking Corporation advanced 28 cents, or 1.02 per cent, to $27.76, Commonwealth Bank of Australia gained 51 cents to $57.21 and National Australia Bank firmed one cent to $27.37,doudoune moncler.

By 1631 AEDT the spot price of gold in Sydney was trading at $US1100,hollister.80 per fine ounce,, down $US3.45 from Tuesday's close of $US1,104.25.

The Macquarie Private Wealth adviser Helen Spencer said trading was solid across the local market wth JB Hi-Fi, Sonic Healthcare and Rio Tinto the standout performers.

The Australian share market finished firmer after robust trading across most sectors, with resources and healthcare stocks the standout performers.

Explosives, paint and chemicals supplier Orica fell 19 cents to $26.21 after saying it will take a $63 million hit to its first half financial results from costs associated with remediating its polluted industrial site at Botany in Sydney.

At 1615 AEDT,moncler Dollar hits borrowing, the benchmark S&P/ASX200 index advanced 16.7 points, or 0.34 per cent, to 4,891.5 points, after trading as high as 4,911.1 points at 1342 AEDT.

A positive effect from the US House of Representatives' passing of President Obama's healthcare legislation was starting to spill over the local sector, with CSL and Cochlear making gains on Wednesday.

Lihir Gold, which went ex-dividend on Wednesday, finished four cents, or 1.28 per cent, lower at $3.08, while Newcrest Mining gained nine cents to $33.34.

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"Sonic Healthcare recovered some ground from a recent pull-back," she said.

In more news on Wednesday, Australia's sovereign wealth fund ended talks with two Canadian pension funds in relation to a proposed $6.8 billion takeover of toll road operator Transurban Group.

Brambles gave up 12 cents, or 1.59 per cent, to $7.43 and funds manager Perpetual lost 19 cents, or 0.52 per cent, to $36.70.

CSL gained 35 cents, or 0.99 per cent, to $35.60 and Cochlear added $1.02, or 1,.44 per cent, to $71.62.

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Ms Spencer said Telstra, Brambles and Perpetual were among the market's laggards.

Department store owner David Jones gained 10 cents, or 2.06 per cent, to $4.96 and rival Myer Holdings Ltd gained seven cents, or 2,abercrombie paris.12 per cent, to $3.37.

Telstra fell four cents, or 1.28 per cent, to $3.08 and is languishing amid ongoing uncertainty, she said.

Australia's major lenders made broad-based gains with the exception of ANZ Banking Group, which finished eight cents lower at $25.37.

Astro's stock eased 0.1 cents,hollister france, or 7.14 per cent, to 1.3 cents.

"There's just some broad-based buying for portfolios," Ms Spencer said.

Rio Tinto closed $1.48, or 1.95 per cent, higher at $77,abercrombie milano I am one of seven harassed by ex-DJs boss.20, while rival BHP Billiton advanced 30 cents,doudoune moncler Roger Corbett new Fairfax Chairman  Ron Wa, or 0.7 per cent to $43.36.

belstaff Europe's banks now 'flush'
EUROPEAN banks were now flush with cash thanks to the &#8364;1 trillion ($A1.2 trillion) injection into the region's troubled banking system, says ANZ chief executive Mike Smith.

He said this was threatening to distort competition in business banking across Asia and through Australia while simply delaying the willingness of some Europe-based banks to tackle their own problems.

We're seeing them back, Mr Smith said,louboutin pas cher. There has been a fundamental shift in the market,belstaff outlet.

ANZ's record interim earnings will be followed by Westpac this morning, when it discloses its first-half results.

The cheap three-year loans provided by the European Central Bank since December had provided substantial funding in its banking system, he said,moncler.

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Recent figures from the Bank of International Settlements said Europe's stressed banks pulled a further $US16.6 billion from Australia towards the end of last year as they began feeling the funding squeeze in their home markets. The hardest-hit area has been trade finance, which had represented short-term lending.

Helped by a major round of job cuts in Australia, ANZ's cost growth of 3 per cent during the March half was below overall revenue growth of 4 per cent.

What we saw in the last year, the European banks had pulled right back from playing in this part of the world,abercrombie france, he said,belstaff Building Relationship Provides You A Lot. They were selling assets to raise capital to fix up their balance sheets.

Mr Smith said the global economy was halfway through the workout phase of the financial crisis.

He was speaking as ANZ delivered a 6 per cent increase in first half profit to $2,moncler Ways To Choose The Right Trading Software.97 billion. Net profit rose on improving results from the bank's operations in Asia and the Pacific, although Mr Smith warned that the key Australian business was feeling pressure from slower demand for loans and higher funding costs.

ANZ shares yesterday fell 19&#162,abercrombie Ichthys gas project gets go-ahead; to $23.80 amid investor concern over pressure on the bank's Australian profit margins. Although bad debt charges across ANZ fell away,air jordan pas cher, Mr Smith said parts of the economy outside the resource sector were struggling. He also noted many resource projects were being deferred,belstaff, and this was having knock-on effects,air jordan.

But,abercrombie, he said, ANZ was well positioned to capture the fast-paced growth generated from Asia.

doudoune moncler AMP finally corners AXA $14.6b for 'fifth
The proposal lifts AMP's contribution from its second offer last year by $140 million in cash and 38 million shares. The overall value of AMP's offer has fallen from $4.4 billion to $4.2 billion because of AMP's falling share price.

It marks AMP's return as a suitor after its two offers in November last year and NAB formally withdrawing its second offer in September.

In all the offers, AMP and NAB have partnered AXA SA, although Mr Dunn described the relationship as a &quot;very professional, open and candid one and I think one that we have both enjoyed forming&quot;.

The new terms were driven by AMP's partner in the deal, AXA SA, agreeing to pay $10.4 billion, or $800 million above its offer last year, to seize AXA AP's Asian life insurance businesses.

AMP chief executive Craig Dunn outlined the creation of Australia's largest superannuation manager, retail investment fund manager and life insurer.

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And AXA AP shareholders will receive a higher price if the AMP share price is above $5.60.

The offer matches the one from National Australia Bank that was twice rejected by competition regulators. Analysts predicted AXA AP's board had little room to move as it had recommending to shareholders that they accept the NAB offer.

&quot,;The combined business would be a strong non-bank competitor,&quot; Mr Dunn said. &quot;It would create a much needed fifth pillar to balance the power of the banks in the financial services landscape.&quot;

The deal would bring together two of Australia's oldest financial companies, Melbourne-based AXA AP - the old National Mutual business - and Sydney-based AMP.

&quot;It's state of origin: Melbourne and Sydney,&quot; Mr Mesurier said. &quot;National Mutual was the AMP of Melbourne. They were fierce competitors and fierce rivals.&quot;

The guarantee does, however,moncler, mean that below an AMP share price of $4.50, the transaction fails,hollister Investors sit tight as bargains go begging.

AXA SA had &quot,abercrombie;stumped up the cash&quot;, Mr Mesurier said.

In addition, AXA SA has agreed it will tip in extra cash to finance the guaranteed price of $6.43 - or up to an extra $417 million.

&quot;[It would be] creating a new force in financial services, with financial advice at the very heart of the organisation,&quot; Mr Dunn said.

In contrast to NAB's travails with the regulator,hollister, Mr Dunn said a merged AMP-AXA AP business had been approved by competition regulators in Australia and New Zealand.

Yesterday AMP shares rose 12&cent; to $5.45 and AXA AP rose 39&cent; to $6.17.

Brett Le Mesurier, an analyst with Axiome Equities,abercrombie paris Market rallies, first good rise in weeks,doudoune moncler, said AXA AP's board was likely to accept,abercrombie milano, but he flagged potential cultural issues.

He said approval from AXA AP directors could lead to a scheme meeting to approve the takeover in the first quarter of next year, before finalisation of the deal in April.

AXA AP's shareholders have been guaranteed $6.43 in value, made up of three-quarters of an AMP share and cash to the full amount.

The guarantee by AXA SA to top up the AMP share to $6.43 if the price falls addresses grounds on which AMP's initial bid was rejected by the AXA AP board.

The offer price is guaranteed under an innovative arrangement that will still deliver AXA AP shareholders $6,abercrombie.43 if the AMP share price slides to as low as $4.50,abercrombie Learn Swahili - Unveiling A Distinctive Learning Experience,.

A PERSISTENT AMP welcomed the creation of a &quot;fifth pillar&quot; in financial services yesterday after cornering its quarry, AXA Asia Pacific, with a $14.6 billion takeover offer.

doudoune moncler Consolidation the key for investors
''We have got the prospects of the likes of banks &#8230; coming in for some appeal over the next couple of months &#8230, Who will sack Gerry Harvey,hollister france; as major dividend players over the next quarter.

Shaw Stockbroking senior dealer Jamie Spiteri said the market might need a new catalyst after its recent strong run.

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We've obviously got a situation where the moderating growth of Asia is having its impact in Australia and we need that to be supplemented by some sustainability and recovery in the US and Europe as well.

Elsewhere in the resource sector, BHP Billiton was down 19&#162; at $33.96 and Rio Tinto slipped 25&#162,moncler; to $57.25.

The dollar was two-thirds of a US cent lower after weak performances on Asian sharemarkets.

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Among other stocks, The firm white-collar knifepoint sister was sen,, internet service provider TPG added 7&#162; to $2,.14 after it lifted its full-year profit by 16 per cent as it continued to increase its broadband and mobile customer numbers,hollister.

Coalminer New Hope was up 37&#162; at $4.55 after it said it was reviewing the pace at which it was developing new projects because of falling coal prices and the strong dollar.

Building products supplier and takeover target Alesco was 0.5&#162; higher at $1.905 as it said it expected its first-half profit to be well ahead of that in the previous corresponding period.

The market has found a degree of balance or fair value around these levels and at present it is hard to find discounted value out there, now that we've had a recovery in the share prices of major resources stocks, he said.

THE sharemarket finished slightly weaker yesterday,doudoune moncler Telecom rating may be cut,abercrombie, with investors consolidating gains generated by moves to boost growth in the United States and Europe.

At the close of trade, the benchmark S&amp;P/ASX 200 index was down 7.8 points at 4394.7. The All Ords was down 4 points to 4417.

Commonwealth Bank currency strategist Peter Dragicevich said the dollar had been drifting lower since its six-month high of US106.25&#162,; late last week.

The spot price of gold in Sydney also closed lower, at $US1757.94 an ounce, down $US12.01 on its Monday close.

Late yesterday the Aussie was trading at US104,doudoune moncler.56&#162;, down from US105.24&#162; on Monday.

Among the banks ANZ and Commonwealth were unchanged, National Australia Bank added 8&#162; to $25.56 and Westpac lost 7&#162; to finish at $24.35.

The standout stock on the local market was Fortescue Metals. The shares surged 51&#162;, or 17 per cent,doudoune moncler, to $3.50 after the iron ore miner emerged from a trading halt,, with news it had secured a $US4.5 billion debt refinancing facility from Credit Suisse and JPMorgan.

abercrombie Australian business calendar February 20-24
MONDAY,louboutin, February 20 Sydney - Australian Bureau of Statistics (ABS) international merchandise imports for January Sydney - Commonwealth Bank business sales indicator for January United States - President&#8217;s Day public holiday in the US (ASX24 to cease trading at midnight (AEDT) Perth - Capital raising for junior and mid-cap mining conference (day 1 of 3) Melbourne - Amcor Limited full year results Melbourne - Bendigo and Adelaide Bank first half results Melbourne - BlueScope Steel Ltd first half results Sydney - Challenger Ltd first half results Sydney - Chandler Macleod first half results Perth - Extract Resources Ltd interim results Adelaide - Gerard Lighting first half results Sydney - GPT Group full year results Perth - Imdex Ltd first half results Sydney - Lend Lease Corp first half results Sydney - MAP Airports January traffic results Newcastle, NSW - NIB Holdings Ltd first half results ??Sydney - Seven Group Holdings Ltd first half results Sydney - Specialty Fashion Group Ltd interim results Hobart - Tassal Group first half results Sydney - UGL Ltd first half results TUESDAY,abercrombie france, February 21 Sydney - Minutes of Reserve Bank of Australia (RBA) monthly board meeting minutes from February 7 publised Sydney - RBA governor Glenn Stevens to participate in a panel discussion at the Australian Securities and Investments Commission Summer School 2012 Perth -&#160; Capital Raising for Junior and Mid-Cap Mining Conference (day 2 of 3) Melbourne - Australian Infrastructure Fund results Sydney - Boart Longyear Ltd full year results Sydney - CFS Retail Property Trust first half results Sydney - Commonwealth Property Office first half results Sydney - Charter Hall Office REIT interim results Sydney - Downer EDI Ltd interim results Perth - Emeco Holdings Ltd interim results Brisbane - Flight Centre Ltd first half results Perth - iinet Ltd first half results Perth - Independence Group NL first half results Sydney - InvoCare Ltd full year results Sydney - Macmahon Holdings Ltd interim results Melbourne - Melbourne IT full year results Melbourne - AIX half year results Sydney - Mirvac Group (first half results Perth - Monadelphous Group Ltd interim results Sydney - Oil Search Ltd full year results Sydney - OneSteel Ltd interim results Ballart, Victoria - Rex Minerals Ltd first half results Melbourne - SEEK Ltd first half results Sydney - Sonic Healthcare first half results Sydney - Spark Infrastructure Group full year results Sydney - Watpac Ltd first half results Sydney - Whitehaven Coal first half results

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WEDNESDAY, February 22 Sydney - ABS labour price index for December quarter Sydney - Westpac-Melbourne Institute Leading Indexes of Economic Activity Perth -&#160,abercrombie; Capital Raising for Junior and Mid-Cap Mining Conference (day 3 of 3) Sydney - Insurance Council of Australia 2012 regulatory update; ASIC and APRA to give addresses Fremantle, WA&#160; RIU Explorers Conference (day 1 of 2) Perth - Australasian Oil &amp; Gas Exhibition and Conference (day 1 of 3) Melbourne - Acrux Limited first half results Sydney - APA Group first half results Sydney - Asciano first half results &#160;&#160; Sydney - ClearView Wealth first half results Adelaide - Clean Seas Tuna first half results &#160;&#160; Sydney - Coca-Cola Amatil Ltd full year results Melbourne - Computershare Ltd first half results Melbourne - CSL Limited first half results Perth - Fleetwood Corp Ltd first half results Melbourne - IRESS Market Technology full year results Sydney - Kingsgate Consolidated first half results Singapore - Miclyn Express Offshore first half Melbourne -&#160,air jordan; Mortgage Choice first half results Perth - NRW Holdings interim results Melbourne - PaperlinX Ltd first half results Perth - Qube Logistics Holdings first half results Melbourne - Ridley Corporation first half results Melbourne - SEEK Ltd first half results Perth - Seven West Media first half results Melbourne - SMS Management &amp; Technology first half results Brisbane - Suncorp Group first half results Lawnton,air jordan pas cher Bunnings puts the thinners through Wattyl,moncler, Qld - Super Retail Group Ltd first half&#160; results Sydney - Transfield Services first half results Brisbane - Wotifcom Holdings first half results Perth - Woodside Petroleum full year results THURSDAY,air jordan pas cher, February 23 Sydney - Australian Bureau of Statistics (ABS) Average Weekly Time Earnings for three months to November Sydney - RBA Head of Financial Stability Department Luci Ellis to give a speech to the Australian Mortgage Conference 2012 Perth - Australasian Oil &amp; Gas Exhibition and Conference (day 2 of 3) Gladstone,moncler outlet, Queensland -&#160; Gladstone Resources Conference (day 1 of 2) Fremantle,doudoune moncler, WA - RIU Explorers Conference (day 2 of 2) Sydney - APN News &amp; Media Ltd full year results Perth - Ausdrill Ltd first half results Sydney -&#160; Austar United Communications full year results Sydney - Bega Cheese half year results Sydney - Cabcharge Australia first half results Sydney - Centro Properties Group first half results Sydney - Charter Hall Group first half results Melbourne - Consolidated Media Holdings first half results Sydney - David Jones second quarter sales Sydney - Energy World Corporation Ltd first half results Adelaide - Envestra first half results Sydney - Fairfax Media first half results Brisbane - FKP Property Group first half results Melbourne - Hastings Diversified annual results Sydney - Hutchison Telecommunications full year results Perth - Iluka Resources Ltd full year results Brisbane - Industrea Ltd first half results Sydney - Insurance Australia Group Ltd first half results Melbourne - IOOF Holdings Ltd first half results Sydney - Investa Office Fund first half results Brookwater,belstaff outlet, Queensland - New Hope Corp quaterly activities report Sydney - Orgin Energy Ltd first half results Brisbane - PanAust Ltd full year results Perth - Panoramic Resources Ltd first half results Perth - Peet Ltd first half results Sydney - Perpetual Ltd first half results Sydney - Ramsay Health Care first half results Sydney - Servcorp first half results Melbourne - Slater &amp,belstaff Aussie stocks end higher on US lead; Gordon Ltd&#160; first half results Melbourne - St Barbara Ltd first half resulst Sydney - Sydney Airports/MAP Group full year results Melbourne - Tatts Group Ltd first half results Melbourne - Toll Holdings first half results Brisbane - Transpacific Industries Group first half results Brisbane - Virgin Australia Holdings first half results  FRIDAY, February 24 Sydney - RBA governor Glenn Stevens to appear before the House of Representatives Standing Committee on Economics,abercrombie, at the Tattersalls Club,louboutin CBA bulks up equities research, sales, Sydney 930am-1230pm Sydney - Woolworths Ltd managing director Grant O&#8217;Brien to address American Chamber of Commerce luncheon in Australia &#160;&#160; Melbourne - BP Global vice president and chief economist Christof Ruhl to address American Chamber of Commerce lunch Perth - Australasian Oil &amp; Gas Exhibition and Conference (day 3 of 3) Gladstone, Queensland -&#160; Gladstone Resources Conference (day 2 of 2) Sydney - AGL Energy first half results Auckland - Air New Zealand half year results Melbourne - Crown Ltd half year results Sydney - Echo Entertainment first half results

www.abercrombiepariseuboutique.com Failure usually not an op
Former fund manager Matthew Kidman is a director of WAM Capital. matthewjkidman@gmail.com

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TURNING our attention back to franking, the decision by online employment classified company Seek to raise $125 million through a listed subordinated note issue is intriguing for retail investors. The company is looking to pay down debt by offering investors a minimum yield of 6.02 per cent fully franked. When grossed up it equates to 8.6 per cent,moncler European swings leave market on edge. The yield is attractive compared with falling bank term deposits.

Seek's share price jumped 4.2 per cent on Tuesday when it announced the note issue. Helping the cause was also confirmation of a higher full-year profit, despite a tough domestic economy.

The Age takes no responsibility for stock tips.

Conservatively, if the company is able to pay 7&#162; fully franked then the numbers start to look interesting. Under this scenario, The old man trave, shareholders receive 71&#162; for their shares plus a 7&#162; dividend. If all goes to plan the scheme of arrangement would be complete by the end of September and shareholders would receive their money in October. Buying the stock today at 75&#162; delivers an annualised return of about 12 per cent, plus a franking credit. Given Talent2's directors have recommended the bid and there are few conditions to the proposal, the buyout will probably succeed. If the ATO decides against the special dividend, then shareholders will still get a return of 12 per cent. Not bad in these markets.

ANOTHER interesting takeover play at the moment is automatic teller machine operator Customers. The play is further progressed than Talent2 and does not involve franking credits,, but it is still worth some investigation.

Seek (SEK)

The decision by Talent2's Andrew Banks and Geoff Morgan to team up with US-based Allegis and privatise the company is an interesting scenario for investors.

Talent2 (TWO)

Customers' share price is 1.25&#162;. If you can buy stock at this price you will receive your money in about four weeks' time, equating to an annualised return of about 19 per cent, before broker commissions. In the unlikely event the scheme is voted down or the deal does not proceed then the downside in the share price is significant given it was trading at close to half its current value when the deal was first made public.

Canadian group DirectCash Payments Inc bid $1.27 a share for Customers via a scheme of arrangement. The chances of the takeover not going ahead seem slim given shareholders have a lot to lose if they vote the scheme down.

The buyout proposal is for 78&#162; a share. The company has said it would like to pay a special dividend as part of that price, but a decision is pending from the Australian Taxation Office before this can be confirmed. On the face of it, Talent2 has no retained earnings to pay out the dividend. If the approval is granted,moncler, the company is hoping to pay a fully franked dividend between 6&#162,abercrombie; and 10&#162; a share.

A better approach would be to work out whether,abercrombie paris, as an investor, you are happy with a grossed up yield of 8.6 per cent over the next five years before the company potentially calls the note. The alternative to this is buy ordinary shares that yield well but will bounce higher if the market recovers in the next five years.

For investors, the Seek note provides an attractive yield about double what the ordinary shareholders are receiving. Given the competitive environment for yield though it would be wrong to assume there is a quick capital profit on the instrument.

Second,doudoune moncler, the structure is instructive for many companies on how to distribute franking credits without ruining their balance sheets. Franking rich companies such as Harvey Norman may be able to implement a similar capital structure,doudoune moncler Westpac in $825m tax battle.

The issue is interesting on several levels. First,, Seek does not have a credit rating,, unlike other companies that have issued listed debt in recent times, such as the major banks. This is not necessarily a problem, but it means that, if successful,doudoune moncler, it could open the door for other non-rated companies to tap into the insatiable demand for yield and franking.

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Customers (CUS)

The other major consideration is whether Seek will remain solvent over the period of the note. This is highly likely.

PLAYING a takeover is a dangerous game, especially if the deal falls over. Often,abercrombie milano, the downside of the deal failing is much greater than the upside from it going ahead,hollister. Despite this, we should look at each one on its merits because occasionally the reward outweighs the risk.

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moncler Aussie stocks claw back some losses
ANZ and Westpac reversed early losses to close 13 cents higher at $23.96 and two cents firmer at $23.43, respectively.

In the headlines on Monday,air jordan pas cher Westpac's Evans goes from zero,air jordan, James Hardie Industries SE said it would appeal a Federal Court decision that upheld a ruling the building materials maker owes back taxes of about $US318 million ($A339.11 million).

Telstra had inched two cents higher to $2.77.

Among energy stocks, Woodside was 17 cents cheaper at $43.60, Oil Search had lost eight cents to $5.97 and Santos had dropped 17 cents to $12.93.

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The benchmark S&P/ASX200 index was down 7.6 points,doudoune moncler Business calendar for May 21-25, or 0.16 per cent, at 4,631.3 points, while the broader All Ordinaries index had eased eight points, or 0.17 per cent,abercrombie, to 4,677.1 points.

Shares in James Hardie were down nine cents, or 1.6 per cent, at $5.55.

But Commonwealth Bank finished 13 cents lower at $52.58 while National Australia Bank was 11 cents softer at $25.86.

Metallica Minerals put on 2.5 cents, or 9.26 per cent, to 29.5 cents after the explorer said it was a step closer to developing a multi-metal mine and processing operation in Queensland,moncler.

The Australian stock market clawed back most of its early losses to close marginally in the red after a broad-based sell down led by profit takers.

"It appears many of the large investment funds are absent from the market, possibly ahead of the quarter end next week."

On the Sydney Futures Exchange at 1619 AEST,abercrombie Telecom rings in lean, fast future, the December share price index contract was six points lower at 4,653 points on a volume of 16,905 contracts.

The spot price of gold in Sydney at 1630 AEST was $US1,281.60 per ounce, up 82 US cents from Friday's close of $US1,280,abercrombie france.78 per ounce.

Focus shares were up half a cent, or 8.93 per cent, at 6.1 cents.

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The top-traded stock by volume was gold miner Focus Minerals, with 85.54 million shares worth $5.08 million changing hands.

"The Australian share market is taking a breather today following a three-week rise of more than 300 points, or around seven per cent ... in line with most other markets through Asia and Europe," City Index head of dealing Asia Pacific Michael McCarthy said.

"Volumes are very light in both individual shares and share price index futures, suggesting a lack of conviction in today's trading.

Other small gold miners were also in favour. Troy Resources was up 11 cents, or 3.58 per cent, at $3.18 while OceanaGold had appreciated 12 cents, or 3.05 per cent, to $4.05.

Iron ore miner Fortescue Metals Group bucked the trend, gaining four cents to $4.88, making it the second best performing stock in the S&P/ASX 50 index behind supply chain and data management company Brambles, which was six cents higher at $6.47.

BHP Billiton was down 12 cents at $38,belstaff.78 and Rio Tinto had given up 55 cents to $74.98,moncler.

Flat base metals prices and a lower oil price on Friday sent resources stocks lower, while banks and consumer-related stocks also got caught up in the sell-off, which saw the market open about 0.6 per cent weaker.

Preliminary market turnover was a slim 1,belstaff outlet.8 billion shares worth $3.5 billion, with 557 stocks up, 552 down and 349 unchanged.

Gold mining major Newcrest had slipped 11 cents to $41.39.

In the consumer-related space, Woolworths was 17 cents lower at $28,louboutin pas cher.59, Coca-Cola had shed 14 cents to $12.19 and Foster's had eased two cents to $6,abercrombie.23, amid reports it had held talks with private equity firms KKR and TPG to buy its wine business.

Insurance Australia Group closed three cents softer at $3.72 after the company restated its forecast for its key driver of profit,air jordan pas cher, insurance margin, of between 10.5 per cent and 12.5 per cent in 2010/11.

abercrombie Westpac result to show how debts going
If the bank increased tax provisioning by that amount, it would be equivalent to a 25 basis point reduction in its Tier 1 capital ratio to 7.95 per cent, from 8.2 per cent as of June 30,louboutin pas cher, all else being equal.

By August, stressed exposures at Sydney-based Westpac had risen to 2.8 per cent of total committed lending from 2,louboutin.1 per cent at the end March.

And Westpac chief executive Gail Kelly was unwilling to say in August when bad debts would peak.

On that basis,abercrombie france, Westpac's full-year profit may decline.

In contrast, ANZ chief Mike Smith said bad debts were likely to decline in the fiscal 2010 second half.

"The most important point will be their indication of future asset quality,doudoune moncler, the sustainability of their treasury revenues and the strength of their capital ratio."

Banks prefer to focus on the cash earnings figure because it takes out fluctuations based on unrealised losses on asset values.

Westpac is expected to increase full-year profit, partly as it benefits from the takeover of St George, completed in December 2008.

The country's biggest lender, Commonwealth Bank of Australia,air jordan pas cher, reports on a financial year basis, and is due to report a first quarter update on Monday, November 9.

Shares in Westpac fell 78 cents, or 2.96 per cent, to close at $25,Rio Tinto ships iron ore to India.59.

Last week,moncler, National Australia Bank Ltd (NAB) and ANZ Banking Group Ltd both reported that bad debts surged to over $3 billion for the full year to September,abercrombie.

Investors will be looking to see whether bad debts at Westpac Banking Corporation have peaked when Australia's second biggest lender reports earnings this week,air jordan Confessions of an aeroholic.

At the first half result, Westpac gave pro-forma figures, which added figures from St George for the whole six month period and compared the result to the combined Westpac-St George numbers from the year before.

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The other three major banks recently reported full-year figures between $2,abercrombie.9 billion and $3.8 billion.

CLSA banking analyst Brian Johnson says market observers will be looking for an update on bad and doubtful debts when the bank reports on Wednesday.

NAB chief executive Cameron Clyne said the peak of the debt cycle would be unknown for another five months.

Westpac's capital levels, a key indicator of a bank's strength, particularly during the downturn,louboutin pas cher Airlines battle for terminal good health, will be another focal point for investors, especially after the bank's court loss in New Zealand that could cost it $NZ918 million ($A732.09 million).

Westpac's impairments for the three months to June 30 increased to $865 million, taking the nine-month figure to about $2,belstaff outlet.5 billion.

Westpac, the last of Australia's banks to report its fiscal 2009 earnings, said in August that bad debts had risen in the third quarter, while it had increased its watchlist for borrowers who might have trouble with repayments.

Its impairment expenses were $2.9 billion for the year to June.

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"Westpac had given us very strong guidance at the third quarter, and what we noticed there was a sharp escalation in their watchlist and substandard loans," Mr Johnson said.

The bank is expected to report that cash earnings will rise to $4.45 billion for the 12 months to September 30,abercrombie france, from $3.73 billion the previous year, according to Reuters data based on analysts estimates.

abercrombie milano Fitch rates Fortescue bond issue BB+
The outlook on Fortescue's BB+ long-term foreign currency issuer default rating and senior unsecured rating is stable,doudoune moncler Visa refuses to act as GST collector for online purchases,moncler, Fitch said,abercrombie milano.

The BB+ rating has been placed on $US600 million of senior unsecured notes due in February 2016,doudoune moncler Bank fee class action expands to,,moncler Billionaire jealous someone due to his girlfriend acid death (Figure) _, and $US900 million in unsecured notes due in February 2018,.

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The bond issue will be used to fund Fortescue's expansion activities and for other general purposes,hollister.

Fitch said its final rating had not changed because of the increase in size of the final issue,abercrombie.

Fitch said the rating is unchanged from the expected rating it placed on a $US800 million note issue earlier this month,hollister france.

Ratings agency Fitch has assigned a BB+ rating on $US1,.5 billion worth of unsecured notes to be issued by Fortescue Metals Group Ltd,doudoune moncler.

moncler Floods hit mortgage borrowers, investors
"You'll have a massive employment squeeze, so people will be needed for both the mines plus the rebuild of Brisbane, so unemployment should drop."

"In some cases, houses will be unsellable."

While the cost of flood damage is still being tallied, global credit ratings agencies say a negative impact on mortgage borrowers in flood affected areas is certain and will also hurt investors,belstaff outlet.

The bank expects the floods to knock 0,doudoune moncler,air jordan Wife dissatisfaction husband long-term alcoholism spines on their 58.8 per cent off GDP in the December 2010 quarter before spending on rebuilding the Sunshine State boosts it from the June 2011 quarter.

Damaged goods that are not replaced would add to the total damage bill from the floods, currently estimated at $20 billion, or 1.4 per cent of gross domestic product (GDP), HSBC Bank Australia said.

Properties that are underinsured,louboutin pas cher, combined with a lack of insurance cover for flood damage from some insurance companies, mean not all damaged goods will be replaced.

Ord Minnett private client adviser Jon Hancock said the share market fell into negative territory on Monday, partly on the realisation that the economy may contract a little before it grows again.

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Bank of Queensland (BOQ), Suncorp Group,belstaff, Heritage Building Society and The Rock Building Society have the highest exposures to Queensland, with more than 60 per cent of BOQ, Suncorp and Heritage's gross loans originated from the state, Moody's said.

"If you look at the demand that will be created from the floods, it will be quite outstanding - demand for electrical goods, a huge demand for infrastructure replacement.

Mortgage delinquencies would rise,abercrombie,air jordan pas cher Pub sales raise the bar, making banks with large loan exposures to Queensland more vulnerable to increasing arrears, loan defaults and credit downgrades, Moody's Investors Service said in a separate report.

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Queensland's floods could also temporarily reduce available income to investors in selected mortgage backed transactions,moncler, depending on their exposure to the affected areas, said James Zanesi, associate director of Fitch's structured finance team.

Queensland insurers Suncorp,belstaff outlet Germany to block BHP, Rio, NRMA, QBE Insurance,moncler, Allianz and RACQ offer insurance cover for damage from stormwater and flash flooding, but only Suncorp insures some customers for inland flooding, Morningstar Inc said in a report.

Income from mortgage-backed transactions will be pared back as repayments from flood-affected home and business borrowers stall amid a lack of insurance for inland flooding.

Financial distress and a potential affordability shock was on the way from a loss of income and higher living costs for borrowers with mortgages over about half of the 40,000 properties affected in Queensland, Fitch Ratings said in a statement on Monday.

But a recession was very unlikely, and economic growth would benefit over the long term, he said.

HSBC now expects headline inflation to touch 3,air jordan.4 per cent in 2011, while TD Securities' forecast is unchanged.

Mortgage borrowers wanting to offload their properties could face plummeting prices or find they were "unsellable" for more than a decade,louboutin, according to LJ Hooker Indooroopilly principal real estate agent Scott Gemmell.

"(But) the consequences of the Queensland floods leaves inflation risks firmly tilted to the upside,abercrombie, where the immediate fallout is a likely spike in food price inflation in the March quarter," TD Securities head of Asia-Pacific research Annette Beacher said

Inflation is also forecast to climb from the 3.8 per cent in the year to December reported on Monday by TD Securities-Melbourne Institute.

"In the short period it probably scares me a little; what the flood will do to house prices," he said.

moncler Fortescue chief maintains the rage
He said any tax which allowed multinationals to pay less per dollar of profit than Australian mine developers should be challenged,moncler outlet.

"What we have in the MRRT is a secret deal between the government and three big multinational mining companies. It was designed to deliver benefits solely for those three companies and in return assist the government to ultimately win an election,abercrombie france,'' Mr Forrest said,abercrombie.

He has put the government on notice that Fortescue and other companies could launch a constitutional challenge in the High Court unless radical changes are made to the proposed Minerals Resource Rent Tax (MRRT).

He said that Fortescue's net present value (NPV) would fall 5 per cent under the proposed tax, while some analysis showed the NPVs of the big three miners will not be affected at all, or by 1 per cent at the most,abercrombie france.

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BHP Billiton, Rio Tinto and Xstrata struck a deal with the Gillard government on the shape of the MRRT behind closed doors last year, replacing the more onerous, Resources Super Profits Tax (RSPT),louboutin pas cher.

THE chief executive of Fortescue Metals, Andrew Forrest,moncler, has stepped up his rage against the Gillard government's proposed mining tax, claiming it is unconstitutional because it discriminates in favour of the big three miners that can most afford to pay it,abercrombie Battle joined in hardware war,moncler.

Mr Forrest, who is to step down as Fortescue's boss next month to become non-executive chairman,louboutin pas cher Nufarm class action 'very advan, said he was speaking out now because there had been nothing to critique until the draft legislation was released.

The tax is now in the draft legislation stage ahead of a planned start on July 1 next year.

Fortescue and the rest of the industry railed against the RSPT, but the company's crusade against the MRRT has less support,doudoune moncler.

Mr Forrest is due in Canberra today to meet Treasurer Wayne Swan, Resources Minister Martin Ferguson, independents Bob Katter and Andrew Wilkie, and Opposition Leader Tony Abbott to discuss his concerns.

''We watched the Argus Review go though - which I consider was an exercise in consultation hypocrisy - and just hoped that arguments from the the rest of industry would be taken in to account,hollister Ten turns around its fortunes  James Packer, hoping that the irrationality of giving tax breaks to multinationals and penalising homegrown companies would not be in that legislation,belstaff. It is, so we now have to respond,louboutin,'' Mr Forrest said,air jordan..

louboutin Flinders Mines in talks with Rio on Pilbara projec
This would involve Flinders contributing $3 million to $4 million to a spur line linking its Pilbara project to the joint venture's network.

About eight different iron ore mineralisation types have been encountered on the tenements, including some evidence of hypogene hematite, a highly sought-after variety of iron ore that can reach grades of 75 per cent.

We've definitely got possibilities but no deals on infrastructure yet, Dr Wills,moncler, a former executive of the Rio Tinto owned CRA Exploration Pty Ltd, said,moncler Hopes rise for retail recovery,abercrombie france.

An option is to sell initial production to Rio Tinto through mine gate sales, and then export later output via Fortescue's and Aquila Resources Ltd's planned Ankatell Point port and rail joint venture.

Until the BHP/Rio (Pilbara iron ore) joint venture is completed, they don't want to do anything,doudoune moncler, Dr Wills said. The mining giants expect to finalise their planned tie-up by mid-calendar 2010, by which time Flinders anticipates having completed its pre-feasibility study,belstaff outlet Drug violence forced prostitution to make mo.

But selling iron ore to Rio Tinto for blending purposes is just one solution being investigated by Flinders, the company's managing director Kevin Wills told reporters during a tour of the operation.

He said Chinese steel mills had already expressed interest in offtake deals,moncler, but Flinders would only enter detailed negotiations once the study was complete.

Any deal could be similar to the one Rio Tinto struck in July 2008 with Iron Ore Holdings Ltd (IOH),louboutin pas cher, under which the Kerry Stokes-controlled junior miner will sell product from its remote Phil's Creek mine north west of Newman to the mining giant in 2010,abercrombie.

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Shares in Flinders ended at 13.5 cents, up 0.5 cents or 3,abercrombie france Hamburger flipper winning the store wars.85 per cent.

He said Flinders will wait until Rio Tinto and fellow major miner BHP Billiton Ltd complete their planned 50/50 iron ore joint venture in the Pilbara, which is aimed at unlocking value from their neighbouring resource projects.

Flinders chairman Bob Kennedy said the company was also in talks with Fortescue Metals Group about using a proposed spur line connecting Fortescue's Solomon deposit, which adjoins Flinders' project,air jordan pas cher, to its existing rail line to Port Hedland,belstaff.

Mine gate sales provided the best opportunity for early income, Dr Wills said during the weekend tour.

Access to infrastructure - providing a path to export - is a key challenge for the project, near Rio Tinto's Tom Price iron ore mine in the Hamersley Ranges.

Iron ore explorer Flinders Mines is in early stage talks with Rio Tinto about potential mine gates sales from its Pilbara project in a remote and rugged part of Western Australia,air jordan.

Dr Wills said this ore was not part of the pre-feasibility study, but if more was discovered it could ``change the nature of the project'',abercrombie.

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However, Flinders will also look into potential rail access agreements with Rio Tinto, which operates a rail line that runs from its huge Paraburdoo and Tom Price mines to Dampier Port, passing within a few kilometres from Flinders' project.

Flinders is confident it can strike a deal once it proves up sufficiently high grades and tonnes at its Pilbara project, where it has defined a 511 million tonne resource grading 55,abercrombie france.4 per cent iron in the inferred category of Australia's mineral reporting code.

We need to finish the study before we can talk turkey with them, Dr Wills said.

doudoune moncler When the wrong end of the stick might be ri
In other words, you will not make money knowing what everyone else knows. You will not make money listening to an adviser telling you about consensus forecasts, PEs and yields, or calculating valuations based on accurate forecasts. All that is valueless, because it is in the price.

Of course we don't want to get too carried away with theory, after all, you can pretty much guarantee that anyone who took the time to write an academic paper about the sharemarket being guesswork wasn't much of a trader.

All predictions and performance would simply reflect the normal distribution curve of a random outcome and brokers, fund managers and research analysts would hold no advantage over Joe Bloggs at home in front of his CommSec screen.

We are making some mistakes somewhere,doudoune moncler pas cher. But what are they? All you have to do is spot them.

YOU may have heard of EMH, the efficient market hypothesis. Anyone who's read the introduction to any textbook on financial theory can tell you all about it.

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The only thing that will make you money is knowing what is not in the price and that means working out what assumptions the market has got wrong, not right.

Indeed, the "strong EMH" suggests that this extends to all information including insider information,moncler pas cher Transfield departures mark end of, which, in some of the smaller stocks in Australia it has to be said, is probably not far off the mark.

We would all be guessing, and if guessing was the best any of us could do, then success would boil down to luck and you don't need to pay anyone for that.

It's name has been rarely voiced,doudoune moncler, until now. It is this: the "inefficient market theory".

And what of today's assumptions? That Europe is a basket case; that the US economy will recover; that China is forever; that the resource rent tax will go through,,moncler pas cher Newcrest charts the ups and downs of the gold market; that billions of dollars worth of mining projects really will be cancelled; that inflation is not a problem.

But thankfully for those of you who don't want to rely on luck there is another theory, one that goes to the core of making money in the sharemarket,abercrombie paris.

Marcus Padley is a stockbroker with Patersons Securities and author of the daily sharemarket newsletter Marcus Today. For a free trial,abercrombie milano, go to marcustoday.com.au.

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The theory has been rubbished of course, and there are many very plausible reasons why it should be, but none as obvious as the fact that if it were true, the whole financial advisory industry would be out of a job because no one would be able to add value.

EMH basically says that you can't beat average returns because the markets are at all times "informationally efficient",doudoune moncler Battle lines change on television and gaming, that is to say all prices reflect all available information at all times,.

There is more money in analytical failure and the most fertile ground for failure is in the big assumptions, in the big drivers.

The big money is always in the stocks that the market misunderstood.

This hypothesis is based on one indisputable fact - that the most money will be made in the stocks that the analysts get the most wrong.

If all known information was instantly reflected in all share prices,moncler, the only way brokers, fund managers and analysts could possibly add value would be in knowing the unknown, which is impossible,hollister, so the only way we could add value would be to guess.

In Australia there is a fortune to be made in knowing when commodity price assumptions are wrong and in the past year, in hindsight, our biggest mistakes were thinking our banks had the same problems as US banks; that all the big property trusts were going to go bust, that uranium was the new gold,abercrombie; in doubting China; that not everyone would spend their stimulus cheque in JB Hi-Fi; in underestimating Andrew Forrest,hollister france; and thinking that the safest place was in defensive stocks.

Think about it. Every year the top and bottom-performing stocks are not the stocks the market predicts most accurately, those stocks will hardly move.

But the theory does raise the interesting proposition - that the whole of the sharemarket is luck, and as you trade stocks at work without your boss seeing you,moncler pas cher, or trade CFDs on your mobile, you must wonder whether there isn't some significant truth in there somewhere.

moncler IAG insurance margin to be better than expected
IAG’s profitability has been aided by the weather, as climate conditions move toward an El Nino pattern, which means less rain, storms,air jordan pas cher, hail and flooding, resulting in fewer claims. Rising interest rates also mean that the general insurer gets a better return on its claims reserves, which are invested in cash and other fixed income securities.

The stock has recovered to the level of about a year ago, but have some way to go to reach the $4.60 offer price in May 2008 by QBE Insurance Group.

Shares rose as much as 6.1 per cent in early trade this morning and closed 17 cents,moncler, or 4.5 per cent, higher at $3.96.

IAG joins Commonwealth Bank,louboutin, Flight Centre, Computershare, takeover target AXA Asia Pacific and Aristocrat Leisure in lifting earnings forecast over the past few weeks largely on a stronger economy.

Mr Kim said there was a big improvement in the New Zealand operations,moncler, which had been going badly,doudoune moncler.

Reuters, AAP

"Our performance has also been aided by narrowing credit spreads and natural peril claim costs ..., particularly in November and December which traditionally experience more weather events," chief executive Michael Wilkins said in a statement.

Stronger economy

It said natural peril claims were lower at $121 million compared to allowances of $166 million,belstaff.

Tyndall Investment Management analyst Jason Kim said the magnitude of the upgraded guidance was better than he expected, even though Mr Wilkins has a history of conservative forecasting,abercrombie The painter children because the painting as products hang into the.

The Australian economy, which turned down but evaded recession last year,belstaff outlet Lend Lease wins $208m mall upgrade,abercrombie france, has outperformed its global peers mainly on strong demand from China for its resources and robust domestic consumption.

Insurance Australia Group is the latest company to join a rush of corporates to lift their profit forecasts as the economy rebounds from the global financial crisis.

That included cutting staff and exiting unprofitable businesses in the UK, while improving the main operations in Australia and New Zealand, which include NRMA, SGIO and CGU,louboutin Firms face new asbestos case.

Mr Wilkins, who took charge of Sydney-based IAG in May 2008,air jordan, set out to increase efficiency and reduce costs to reverse the net loss reported in 2007/08.

IAG, which also has a presence in UK and parts of Asia, said its first-half insurance profit is expected to more than double to $488 million representing an improved insurance margin of 13.4 per cent.

On Tuesday, the Reserve Bank was resoundingly upbeat on the domestic outlook saying the economy had proved stronger than expected with unemployment peaking much lower than feared,abercrombie.

But the reported gross written premium would fall 1.5 per cent in the first half and remain flat for the full year due to the strength of the Australian dollar, the company said.

IAG, which underwrites about $7.8 billion of premium a year said it expects underlying gross written premium growth of 5 per cent in the first half and 3-5 per cent for the full year, excluding divested business and forex movements,moncler outlet.

IAG is due to release earnings on February 25.

Conservative forecasting

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Australia's top car and home insurer lifted its full-year insurance margin to between 11,belstaff outlet.5 and 13 per cent, up from a previous forecast of 9 to 11 per cent on lower claims, cost and favourable credit spreads.

‘‘They took a lot of pain on their fixed interest portfolio when spreads widened so you expected that to reverse,’’ said Mr Kim, who helps manage about $4.6 billion in equities. ‘‘The weather was more favourable for insurers as we went from a La Nina to more neutral or more El Nino. So the outlook is quite good for these guys.’’

abercrombie Sigma chairman resigns
Mr Jamieson is also a director of Oz Minerals,abercrombie, Tatts Group and non-executive chairman of Mesoblast,moncler pas cher Share bonanza ruled to be income,abercrombie paris.

More changes among top management are underway at Sigma Pharmaceuticals,abercrombie, with the retirement of chairman John Stocker and non-executive director Doug Curlewis.

Mr Smith's resignation came a month after Sigma chief executive Elmo de Alwis quit,hollister france.

Mr de Alwis resigned on April 15 following the company's $390 million loss in fiscal 2010 fiscal year,doudoune moncler pas cher Men fall in love with cousin cousin after kill his wif, which was reported on March 31,.

The pharmaceuticals maker and distributor says Dr Stocker and Mr Curlewis will retire from the board after the company's annual general meeting on June 21,doudoune moncler pas cher.

Sigma shares were 0,doudoune moncler.5 cents lower at 34.5 cents in recent trade,moncler.

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Last week,abercrombie milano,doudoune moncler Two generation ID card is not of uniform wa, Sigma chief financial officer Mark Smith resigned to pursue other interests,.

Sigma director Brian Jamieson will replace Dr Stocker as chairman.

Sigma shares plummeted more than 48 per cent in the wake of that result,hollister.

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belstaff outlet Game's not over but Colless leaves field
,abercrombie france In the toll-road company's annual report, it is revealed Bleach was paid $410,000 in base pay in the last five months of the past financial year, after Intoll was set free from the clutches of a management agreement it had with Macquarie.

SNAP REACTION

IT'S CATCHING

ROAD TO RICHES

The good half of the demerged Macquarie Infrastructure Group,abercrombie france, Intoll Group, has been a little vague on the remuneration package of its chief executive, Murray Bleach.

After leaving Mirvac with a multi-million payout at the trough of the recent meltdown in the property sector, Paramor set up his own funds management firm, Equity Real Estate Partners.

The chief executive officers [sic] is eligible to a discretionary incentive payment at the end of his tenure which will be determined by the board in conjunction with the nomination and remuneration committee,air jordan, the company said in its annual report.

Back to the locker room ,air jordan pas cher,air jordan Dubai lawsuit concocted QC... ING chairman Richard Colless exits. Illustration: Rocco Fazzari

We are sorry to see Richard leave; however, we understand and appreciate his decision, said ING Real Estate Investment Management's Christophe Tanghe, without giving a reason for Colless's departure.

JETTING OFF

Some have queried why a chairman who has been at the group for eight years and endured the worst of the property slump would suddenly decide to leave.

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The termination payment helped Peabody collect $2 million in his final year at the liquid and solid waste collection company,louboutin pas cher. Peabody decided to leave the debt-laden company after it announced his chairmanship would morph into a non-executive role.

The chief executive of Transurban,louboutin, Chris Lynch,moncler outlet, enjoyed a 11,moncler.5 per cent lift in base pay last year to $6 million. His pay included a $2.7 million cash bonus and $1 million in share-based payments.

It is unclear if the Warburg Pincus part-owned Transpacific will still need Peabody's Falcon 2000 EX corporate jet.

Macquarie seems to have already absorbed the management spiel from Qantas for its upcoming enterprise bargaining talks with the pilots' union,abercrombie.

Why would a player suddenly decide to head to the locker room at three-quarter time in an Aussie Rules game? The chairman of ING Management Limited, Richard Colless, announced his resignation from the property fund manager yesterday, just weeks before the conclusion of a strategic review that is expected to result in its sale.

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Transpacific, the company saved by the arrival of a private equity cornerstone investor last year, paid its former executive chairman Terry Peabody a $1.2 million goodbye package when he left in March.

Intoll, however, disclosed its chief financial officer, Luke Oxenham, was paid a $345,belstaff outlet,900 bonus on top of his $200,000 of base pay for the five months. Still, the pay scales at Intoll were chickenfeed compared to those at its co-owner of the Sydney M7 Motorway.

The former Labor state treasurer Michael Egan is apparently keen to get back in touch with his list of contacts following a recent emotional outburst.

His fellow directors on the Swans board include a former JPMorgan banker and now Moelis dealmaker,moncler, Andrew Pridham,moncler Fairfax in ABC web deal, and the former Mirvac chief Greg Paramor.

In his final year at the waste collector,air jordan Ports sale spotlights super conflict, Peabody's jet charter company Brenzil also collected $356,744 in charter fees from Transpacific.

Intoll, however, said it was yet to be determined how much of a bonus Bleach would pocket. Apparently he has to wait until he quits.

It is believed the chancellor of Macquarie University has sent out a desperate call for people to resend him their details after an unfortunate incident where his mobile phone was busted up.

One theory doing the rounds yesterday was that the sale or even management buyout of the fund manager could be related to a potential conflict of interest from Colless's position as the chairman of the Sydney Swans.

In all its negotiations, Qantas seeks to deliver a fair and sustainable outcome for its employees, but must ensure it remains competitive and avoids compromising the long-term sustainability of the organisation, the Macquarie Equities analyst Russell Shaw said in a note to clients earlier this week.

The accident reportedly happened when Egan threw his phone at a television when the federal Liberal MP Christopher Pyne popped up on the screen.

Got a tip? Use our online tips box or email srochfort@smh.com.au

moncler Goode's exit fans Transfield takeover talk
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Whether Hunt's tenure at Transfield becomes notable for takeover activity - whether as prey or predator - remains to be seen.

The negative reaction to Goode's announced departure speaks volumes about the nervousness of shareholders in a company that has had a string of downgrades,abercrombie milano Brokers go for broke in grab for cash,abercrombie milano.

Within a few hours of trade investors had wiped almost 7 per cent off the share price. It follows news that the major shareholders in Transfield,abercrombie paris ASIC appeals Fortescue court loss, the Belgiorno-Nettis family, which own 10.5 per cent of stock and have two brothers on the board,doudoune moncler, would step down and cut their seats from two to one.

In Goode's case his decision to leave came after being offered an equity partnership in British private equity group Arle - a company he has had an eight-year association with.

Hunt left BHP in 2009 and turned up at Lihir Gold as managing director,doudoune moncler pas cher, until it was swallowed up by Newcrest mining in late 2010. The merger resulted in shareholders getting a 50 per cent premium on the price at which he joined.

In the latest results Easternwell generated an EBITDA of $77 million, and forecast it would increase to $90 million to $102 million in 2013.

Lowered guidance

The decision to appoint Hunt in the interim is not the first time a director has moved from non-executive duties to become the chief executive,. Other examples include Foster's and Lion Nathan.

The group reported a net profit of $85 million and pre-amortisation earnings of $106 million, which met its April guidance. That goal, though, had been downgraded from its previous guidance because of bad weather and a $16 million provision for a legacy construction contract,abercrombie.

And in terms of the full integration at Easternwell, it is here that Hunt is well placed,abercrombie paris.

Nervousness

Whether the boom has ended or not, oil and gas construction remains at record highs, and Transfield has won some good contracts,abercrombie.

This choice, acting as it is,doudoune moncler Corporate watchdog still asleep on the job, has prompted speculation that the company will continue to move into mining services, particularly as it appointed a headhunter last week to secure a North American business director for its oil-field services business in the US.

This development has prompted at least one investor to question whether the family is about to reduce its stake in the company, which would result in an overhang of stock in the market.

Goode has done a number of positive things at Transfield, such as getting out of some assets that it overpaid for years earlier,moncler, and moving deeper into mining services. However, he also bought a business, Easternwell, that the market believed was over-priced and is taking too long to deliver a return.

In the past year, the company's shares have fallen from $2.40 to $1.92, despite a buyback to help bolster the price.

The news of the current CEO Peter Goode's sudden resignation on the same day it released its results - which were in line with expectations - took the market by surprise.

Hunt has a strong background in the mining sector, having spent 34 years at BHP in various roles, including president of its iron ore business, president of its uranium division,doudoune moncler, and president of its aluminium unit,hollister.

When such a company then announces a changing of the guard that they had not seen coming, imaginations naturally run wild.

The acquisition also needs to be fully integrated,, something Transfield has struggled to do.

It issued the proviso "dependent on the strength of the mining sector." With so much debate about whether the boom is over, this comment did not go down well by investors.

Goode will stay on until the end of September then take on a consulting role at Transfield.

The decision by Transfield Services to put its non-executive director Graham Hunt into the role as acting chief executive makes for an interesting new phase for the company with speculation swirling that it could spark takeover activity.

Investors dump Transfield

moncler outlet Real Estate Luxury home sales propel real e
In Canberra, the annual increase was 10.6 per cent, while the quarter increase was 4.3 per cent.

Mr Roberts warned that if home prices rise too far above wages and incomes ``you can actually divide the population into those who still can afford housing and those who can't.''

A revival in sales of luxury homes has helped drive nationwide house prices to their biggest annual gain in six years, with all but Perth among the capital cities to end 2009 at record highs.

"Activity in the more expensive suburbs has been driven by the surprisingly resilient jobs market experienced in late 2009 and a strongly rising share market," Mr Bell said. APM is owned by Fairfax Media, publisher of this site.

Property prices are the hardest things to measure consistently from one quarter to the next, he said. One issue with the way house prices moved through 2009 is that you have different parts of the market starting to move.

The Reserve Bank lifted rates an unprecedented three consecutive months at the end of 2009 to a 3.75 per cent level. It's expected to raise rates again - to 4 per cent - when its board meets next week.

"The recovery of top-end prices to pre-GFC levels means that median price growth is likely to moderate across all sectors of the market in the first half of 2010",belstaff outlet, Mr Bell said,belstaff.

A home that follows the sun

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czappone@fairfax,louboutin.com.auBusiness Day, with Reuters

Melbourne houses recorded the highest annual growth rate among the state capitals, leaping 18,moncler.5 per cent to exceed the half-million dollar mark for the first time. Big gains for suburbs led by East Melbourne, Black Rock and Malvern, as well as north-suburban Dallas, helped the city notch up a 6.4 per cent increase in the December quarter alone, to leave the median price at $517,756 by year's end.

Prices to moderate

The market may be rising but gains are far from even, said Nomura International economist Stephen Roberts.

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Wealthier suburbs have helped by the recovery on the global equities market,abercrombie, generating more confidence among buyers, as well as a flood of international investors in recent months.

That compares with less than 20 per cent in the land-locked American metro areas of Dallas-Fort Worth and Atlanta.

Perth's houses rose 8.7 per cent in price for the year, catapulting their median price back over the half-a-million dollar level they were last at in March 2008. They rose to a median of $512,178,louboutin pas cher Iron ore producers welcome ACCC ruling,abercrombie france, with a 3.1 per cent quarterly rise at the end of last year.

Brisbane houses rose 7.7 per cent in the year and 3 per cent in the quarter, APM said.

Other recent measures also point to deteriorating housing affordability.

Auction results: beachside beauties

''So it can lead to greater divisions in society when you have house prices that move too far,air jordan pas cher More convulsions for publishers.

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Sydney house prices jumped by 12.1 per cent for the year, to an average of $595,745. For the final three months of 2009, they advanced 5.3 per cent, with suburbs such as Sylvania Waters, Taren Point, Palm Beach and Malabar the top gainers,moncler IOOF says North buy would be competitive,air jordan.

"While the First Home Buyer sector kept the overall market afloat through the end of 2008 and the first quarter of 2009, it's been the activity at the top end of the market that has driven the extraordinary overall result for 2009," said APM economist Matthew Bell.

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There's life outside of Sydney

Rise in home building

Housing haves and have-nots

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Median house prices in the December quarter in Sydney,moncler outlet, Brisbane, and Adelaide overtook highs previously reached prior to the global financial crisis, Mr Bell said.

The anti-planning group's Sixth International Housing Affordability Survey showed the median income household in Australia would need to pay more than half of its income to service a new mortgage on a median priced Sydney or Melbourne home.

Affordability

Those gains left the median Perth house price just shy of the $515,452 high reached in the December 2007 quarter, APM data shows.

After posting a 4.8 per cent gain in the December quarter, average prices nationwide clocked up an average increase of 12.1 per cent in 2009, Australian Property Monitors said.

The Housing Industry Association affordability index dropped 3.3 per cent in the September quarter, after a 5 per cent drop in June,louboutin pas cher.

A separate report released from Demographia over the weekend highlighted the declining affordability of Australian real estate.

"In all of Australia's major markets, a median income household with a new loan on a median-priced house would have housing expenses that are higher than the national standard for 'mortgage stress,"' it said.

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Property quandary: Where to buy?

Additionally, about one-third of renters face higher housing costs because the price of land is driven higher, the group said.

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"The severe unaffordability of Sydney and Melbourne is, in fact, a problem of national proportions," the report said.

Now that the grant boost has been removed and interest rates are rising, the momentum has switched to higher priced real estate, which is pushing up the overall figures in the home price data, Mr Roberts said.

"The price growth seen in the more expensive suburbs in 2009 has largely been a recovery of the price falls that occurred since late 2007 and early 2008,moncler," he said.

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Mr Bell said that rising interest rates and the end of the First Home Owner grant boost in December will probably slow activity in the market. He told Reuters that prices may rise 8 to 10 per cent in 2010, as homeowners upgrade their residences.

At the beginning of 2009, homes at the bottom of the market were in greater demand, spurred by the First Home Owners Grant boost,air jordan pas cher, while sales of higher priced homes sagged.

Chris Zappone highlights growing divisions in society over those who own homes, and those who may never be able to.

"It would've been a lot of people who sold into the relatively strong first-time home buyer market and maybe move into the next price bracket. So I think upgraders and investors will become a bigger part of the market as 2010 goes on," Mr Bell said.

www.doudounemonclerfrance6s.com Higgs boson party to pay off
MCVB is too small, however, to take on commercial risk on the conventions it helps attract to the city,abercrombie, 210 of them in 2011-2012. Instead, it identifies convention opportunities, scopes them, and joint-ventures projects with convention hosts,belstaff. The hosts take the commercial risk, and MCVB and its member organisations provide expertise in bidding for events, and designing and running them.

If she runs a successful campaign with shareholders for her appointment, in an extraordinary meeting or at Fairfax's next annual meeting, there is less risk now that her appointment would result in a wave of board departures. Rinehart still wants a say inside Fairfax, and she is still manoeuvering to get it: the Game of Thrones continues.

The lead local was Professor Geoff Taylor, a University of Melbourne physicist who runs the Australian Research Council Centre for Excellence for Particle Physics at the Tera-scale (a Tera is a million million units, and in this case it signifies that the scientists are looking at very small particles indeed).

The business convention market is the highest yielding segment of the tourism industry: MCVB's latest estimate is that convention delegates spend $757 a day.

GINA Rinehart's sale of 86.5 million shares in Fairfax yesterday cuts her stake from almost 19 per cent to just under 15 per cent,louboutin Murdoch falls on sword at BSkyB, but it is only a tactical retreat. She still wants board seats, and the buyer,abercrombie, Perpetual, appears to think that fresh faces are needed.

The board's requirement that she sign off on the group's independence charter and its belief that the board presence she seeks would give her too much influence are the big stumbling blocks: there has been no sign that Fairfax or Mrs Rinehart are prepared to give ground.

There are about 10,000 particle physicists in the world, and about 30 Australians worked on one of two experiments aimed at finding the particle that were run by CERN, the European Organisation for Nuclear Research.

By moving below 15 per cent she may have more tactical options,moncler pas cher Tax hiccup in SABMiller move, however. If she were above 15 per cent and on the board, an exclusion clause in Fairfax's directors and officers insurance policy would be triggered, leaving other directors exposed to personal liability in the event of legal action by her. Rather than indemnify them, she has chosen to move down below 15 per cent, to a point where the exclusion clause is neutralised.

But there's an intangible dividend from this latest iteration of a public-private project. It's history now that Melbourne was where the Higgs boson discovery was revealed, and reported in thousands of stories around the world,air jordan pas cher. That's publicity you can't buy,abercrombie france, and there could be longer term dividends in research, say, post-graduate enrolments or perhaps eventually in commercially applied science. There should be more intelligently designed and skilfully executed projects like these,doudoune moncler IKEA assemble your own low tax rate.

The challenge in running cost-benefit analysis on publicly funded major events surfaced again this week with the announcement in Melbourne that the basic building block of matter, the Higgs boson particle, had been found after almost 50 years of searching.

High-end research is an industry like any other. Funding is a function of progress, and the pressure on CERN was intense by 2010 given that the Large Hadron Collider had been operating for two years. Speculation that the Higgs boson would be unveiled in Paris was rife - but no announcement was made, and after going so close in the 2010 contest, Melbourne was in the box seat,moncler outlet. It was confirmed as the 2012 host last year.

MCVB approached Geoff Taylor in 2005 and successfully proposed a bid to host the 34th International Conference on High Energy Physics that would see the University of Melbourne take on the commercial risk.

The conference is held every two years by the International Union of Pure and Applied Physics and is an event that has to be won, in a competitive tender that lays out the scientific and commercial cases for the proposed host city.

The MCVB is tiny. It generated revenue of $11.5 million in the 2010-2011 financial year, including $7.3 million of annual state government funding that survived this year's Victorian budget cuts and is secure until 2014,louboutin pas cher. The City of Melbourne contributes another $1 million year in a funding deal that will be renegotiated next year,moncler, and the rest comes mainly from subscription fees from over 250 companies that resource conference projects, and profit from them.

Australia boxes above its natural weight in the world of physics, but it was only a small part of a massive multinational effort to find the Higgs boson using the $US10 billion Large Hadron Collider, a 27-kilometre-long particle accelerator that lies beneath the French-Swiss border near Geneva.

He and a small government-private sector-funded vehicle, the Melbourne Convention and Visitors Bureau (MCVB), joined forces to mount an Olympics-style campaign that resulted in Melbourne and Australia being linked to one of most important scientific announcements in history.

There is obviously some luck in the timing of Melbourne's capture of this conference, which began this week with co-ordinated announcements in Melbourne and Geneva that the Higgs boson had been identified.

Her company,louboutin, Hancock Prospecting, said last night that it did not intend to make an offer for Fairfax. But it also renewed its request for the appointment of two of its nominees and a new independent director to the media group's board,belstaff outlet, and called again for chairman Roger Corbett's tenure to be tied to performance milestones.

The conference is also not going to shift Australia's economic dial. Financially it may only break even, because the strong Australian dollar and the European recession held numbers to about 800, that is 200 less than initially expected. MCVB is organising other conferences that are 10 times larger.

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Taylor's group and the MCVB pitched for the 2006 conference as a learning exercise,moncler. It was awarded to Moscow. They launched a serious bid for the 2008 conference but lost to Philadelphia, and lost the 2010 conference narrowly to Paris.

doudoune moncler Miners leave the rest behind as year's top
ANY doubt the mining and resources sector underwrote the resilient Australian economy last year - and filled the pockets of canny investors - was clearly put to rest yesterday when miners and explorers came home comfortably as the best performing stocks of 2010-11.

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Mr Hawkins said a large proportion of the positive performance for the miners came in the December half rather than the June half, and tightening policies from China could hurt returns this year.

"Now that prices are high enough so that the industry is profitable people want to get in on it but it's going to take them a few years before they're going to be in a position to have new projects.

So Iluka is in a position to make really good money for the next few years at least.

Nine of the top 10 biggest share price gains in the S&amp,;P/ASX 200 Index were mining or mining services companies with Bathurst Resources posting the biggest gain of a 585.6 per cent return for the just completed financial year,hollister.

Evans &amp, Rupert Murdoch hints at online limits for Goo; Partners chief investment officer Mike Hawkins said old-world companies involved in sectors outside the mining sector faced a number of challenges in the new financial year.

Bathurst benefited from the excitement around coal and is developing a high quality hard coking coal project at the Buller Coalfield in the South Island of New Zealand.

A senior resources analyst at Morningstar Australia,doudoune moncler, Matthew Hodge, said Iluka (5th best stock, up 260.86 per cent) exploited China's strong demand for ceramics.

More broadly,hollister france, the benchmark 200 index rose 7.13 per cent for the year, against 24.3 per cent for the Dow Jones and 25.5 per cent for the US S&amp;P 500. According to Richard Coppleson of Goldman Sachs, in US dollar terms the Australian market actually rose 35.78 per cent.

Odd man out in the top 10 was Mesoblast (2010-11 return of 367.57 per cent),moncler pas cher, a biotechnology company which has hit the headlines and sizzled the portfolios of investors with its adult stem-cell technology that promises to repair damaged heart muscles and combat other degenerative conditions.

The marginal investor is probably not going to be as enthusiastic for commodities and resources,doudoune moncler pas cher, particularly as we may yet see broader evidence of a slow down in China as we move into the latter part of the year.

But not everyone went home a winner last financial year,doudoune moncler. Old-world businesses and manufacturers populated the worst performing stocks. Although it was uranium miner ERA that racked up the biggest loss, down 69.17 per cent, with Murchison Metals also a big loser, but companies like Onesteel (-37.92 per cent),abercrombie paris Australian shares buoyed by materials, Seven West Media (-38.07 per cent), Hills Holdings (-44.42 per cent) and timber group

A steady flow of positive economic news during the financial year from the sector's biggest and rapacious customer, China,, as well as rising commodity prices and a particularly strong first half ensured that mining companies were the best place to park your money over the last 12 months, San Remo apartments up for auction.

Gunns (-55.74 per cent) made up the pack,abercrombie milano.

They are still operating in an extremely challenging environment domestically in Australia, if you take the Reserve Bank at its word, there are structural issues,, a tough cycle,abercrombie, he said.

moncler outlet DIGGA looks to shovel more funds into mining
Scouring the world of small cap mining companies fits well with Chimaera Financial founders Ian Pattison and Sal Catalano. Indeed,abercrombie, when Garimpeiro tried to track down the pair, they were half way up a mountain in rural Queensland visiting a mine. &#8216;&#8216;Can&#8217,air jordan;t tell you where we are,&#8217;&#8217; quipped Pattison. The reason for Garimpeiro&#8217;s interest in the pair is a product they have launched today on the Australian Securities Exchange. It&#8217;s called the DIGGA Australian Mining Fund - ASX code DGA - which is an exchange-traded fund (EFT) that tracks a basket of small and mid-cap listed mining stocks. That fund tracks Chimaera&#8217;s existing DIGGA Index, which follows 70 listed mining entities including Iluka Resources, Lynas, Paladin Energy, Atlas Iron,moncler, Sandfire Resources and Oz Minerals. Now, Garimpeiro notes the DIGGA Index fell 36,abercrombie france.6 per cent in 2011, as share prices in the mining sector echoed a tough year on global markets. Hardly the sort of returns to call home about. But the portfolio manager of the DIGGA Australian Mining Fund, Andrew Kemp,doudoune moncler, points out that last year&#8217;s massive fall in share prices for stocks in the DIGGA Index significantly underperforms the commodity prices that the actual constituent companies produce. &#8216;&#8216;We continue to be encouraged by the building economic momentum in the US, and the recent stabilisation seen in Chinese data,&#8217;&#8217,louboutin pas cher; Kemp said. &#8216;&#8216;For 2012 we expect decent market returns, although uncertainty over Europe will keep volatility levels elevated.&#8217;&#8217,moncler outlet; The Digga Australian Mining Fund excludes companies with a market cap of greater than $10 billion - no BHP and Rio then - as well as ASX-listed companies that focus on offshore assets.

&#160,louboutin Lend Lease positive on outlook,belstaff outlet;

&#160;This reporter is on Twitter:&#160;@garimpeiro888

The timing might be handy given Glencore and Xstrata's deal overnight in the world's biggest mining merger which may ignite a bit more takeover action among resources companies globally.

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Gold stocks are also left out - the thought is investors can manage their own exposure to gold.&#160; The fund includes all the listed coal players, and companies that produce and explore for base metals, uranium and bulk commodities such as iron ore and mineral sands,louboutin pas cher Packer takes $1b on CMH sale,abercrombie france. According to Catalano, the DIGGA Fund allows investors to gain broad exposure to Australia&#8217;s mining assets. &#8216;&#8216;It&#8217;s very hard for ordinary investors to get exposure to the mining sector outside of the big global players,abercrombie Lihir meets June production guidance,&#8217;&#8217; he said. &#8216;&#8216;The DIGGA gives investors a diversified exposure to approximately 70 of the largest producers and explorers with their operations and assets focused on Australia.&#160; This removes the need to try and pick winners, and allows exposure to the Australian mining sector as a whole.&#8217;&#8217,belstaff; Now, for regular Garimpeiro readers, picking winners is part of the fun. The thought of investing in such a fund might some of the fun out of small-cap speculation, and the hunt for a 10-banger that brings windfall profits. For those who are looking for a broad exposure to the mining boom, DIGGA might be one place to start,abercrombie.

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In order to participate in a pharmacy held promotional activities -- free of charge to receive a bag of laundry powder,moncler, Liu Xun old in the queue is congested crowd crowded inverted, died after the.The family that the responsibility for this accident completely from the pharmacy to assume, however, that should not be held liable for pharmacy. Recently, a reporter from the Jiyuan municipal court judge learned, final judgment pharmacies to bear the liability of 30%, and the other by the victim's liability.For washing powder old man pushed down died in 2011 before the Mid-Autumn Festival, Jiyuan City, a large pharmacy hold the promotion activity,abercrombie milano, free old reading glasses or washing powder bag 1, attracted a lot of public participation. September 11th morning 8 when, although the sky is raining, 60 year-old Aunt Li and neighbors or early in the morning went to the pharmacy to participate in activities.According to Li Ayi's neighbors recalled, had dozens of people in front of the store on the south line, line relatively tidy. 9 pm, pharmacy staff out shout: "divided into two rows, collar laundry powder to the north to the south, queuing, LED glasses line,doudoune moncler."Just then, teams began to panic, everybody fall over each other to store squeeze. "Because she led washing powder,moncler Sixty men casual female tenants at midnight Rape aft,abercrombie, but also to the shop crowded, I dare not go in, suddenly saw her from the doorway of the three steps is the crowd fell down......"The neighbors said, his aunt.Subsequently, Lowy on the sideline but the game goes on, they immediately phoned 120 emergency telephone, the Aunt Li rushed to hospital. However, Aunt Li hospital after more than two months, because of the brain injury, severe injury of brain stem died in November 23,abercrombie paris, 2011.Accident who bears the responsibility?After the incident, Aunt Li families will the large pharmacy to court. They think, the large pharmacy as organizers of mass activities, not to the safety guarantee obligation,abercrombie Thodey has made margin call, should be compensation for the loss of 38 yuan.While the large pharmacy is that, first of all, they do not belong to the organizers of mass activities, operating on the place beyond the human and material security without statutory and contractual obligations, and Aunt Li is operating in the place beyond being unknown subject third people pushed down, and their management behavior is no causal relationship,abercrombie. Secondly, their in-store promotions by belongs to one kind of management behavior, and venues not involved in public places and public safety.Finally,moncler pas cher, in front of the shop with their eye-catching location of slippery when wet, safety first, safety warning signs, and Aunt Li was not in its place of business within the scope of. The court pharmacy in charge of 30% the court thinks via cognizance, the large pharmacy held promotional activities, its purpose is to enhance the store influence, turnover increased income, belong to the nature of sales promotion activity,. In promotional activities, pharmacy should take into account the venues, facilities security.The victim in the activities in the course of the injury, although injury locations in the store, and the direct infringer not the pharmacy staff,doudoune moncler, but the staff were asked to participate in the activities of personnel outside the store queue in both sides, the large pharmacy have the duty to guarantee line order and safety. Participate in activities personnel already lined up cases, because the accused party staff only a simple request to line up, but fails to take into account has been arranged team staff basic are in order of arrival sequence according to the queue,hollister, thereby causing the team chaos, the crowd, the victim in the case of injury, the large pharmacy is not the direct infringement people, but there are also certain fault,hollister france, should bear corresponding responsibility for compensation.

www.abercrombiemilano5negozio.com Prophets and losses for re
Tomlinson's objective is to provide advice that is less one-size-fits-all,doudoune moncler pas cher, encompasses more eventualities and incorporates the insights of behavioural economics.

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Since running out of money before you die is a much bigger deal than losing small sums while you're working, it is likely that retirees' loss aversion is a lot greater than the usual rate of 2:1. Some early surveys suggest it might be as high as 10:1,hollister france.

It also acknowledges that the size of bequests is likely to suffer from diminishing marginal utility. Each extra dollar gives you less satisfaction than the one before.

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Shifting the focus from expected returns to expected utility could make investment advisers' advice a lot more realistic and thus a lot more helpful.

Video will begin in 5 seconds,abercrombie paris.

At present, the main objective in setting your withdrawal rate is to ensure you don't suffer plan failure - run out of money before you die. The alternative is to die with money left - the bequest amount,.

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The first issue is the risk-return trade-off,,doudoune moncler pas cher Rare winners in the bear market. The higher returns some investments offer - shares versus fixed-interest, for instance - usually reflect a higher degree of risk: risk you won't get your money back, and risk that returns will vary a lot from year to year. It's generally accepted that old people who need to live off their savings cannot afford to run the same degree of risk as young people with many years to recover from sharemarket setbacks.

Remember, no one knows what the future holds. Who knows what will happen to the sharemarket - or any other financial market,hollister? So advice is based on reasonable assumptions and on averages, and advisers seek to estimate expected returns,,abercrombie paris Myer and CBA sign up to loyalty deal.

Conventional economics assumes that, dollar for dollar, your pain at having your money run out before you are ready to die would be equal to your pleasure at knowing you will be leaving a bequest to your rellos. But this seems highly unlikely. As Stevens argues, if a retiree was living on $30,000 a year and that dropped to $20,000, it would have a more profound negative effect than the positive effect of income increasing to $40,000.

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The two psychologists who pioneered behavioural economics, Daniel Kahneman and Amos Tversky, call this loss aversion (as opposed to risk aversion). They found that most people hate losing $100 about twice as much as they like gaining $100.

Flying into retirement, it's a question of balancing risk and risk aversion. Photo: Getty

Tomlinson argues that particular retirees' degree of loss aversion ought to be taken directly into account when determining the best investment strategy to meet their needs,abercrombie milano Teenagers the hardest hit in tough economic times. When you do so, the bottom line of the calculation is not the average expected return on savings, but the average expected utility from those savings. His refinement takes account of the possible size of plan failure,abercrombie, not just whether or not failure is likely.

Gittins: Boomer generation risking bust

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To date, most advice to retirees has focused on asset allocation - how their investments should be divided between shares and fixed-interest securities - and on setting a safe rate at which money can be withdrawn and spent without it running out before the retiree dies.

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These days more attention is being paid to sequencing risk. Say you need to live off your savings for 15 years and it's reasonable to expect there will be two bad years for the sharemarket in that time. Just when those two years occur makes a big difference.

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THEY say that at every stage of life the baby boomers reach, the world changes to accommodate them. So now the boomers are starting to reach retirement, it's the investment advisers' turn to lift their game.

The move in superannuation away from fixed interest securities to shares goes against most retiree's natural aversion to risk.

The signs that financial planners are working to improve the advice they give retirees seem clear from a recent speech by Dominic Stevens, of the annuities provider Challenger,.

Stevens made extensive use of an article by Joseph Tomlinson, A Utility-based Approach to Evaluating Investment Strategies, published in the US Journal of Financial Planning. I'll be drawing on both sources.

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Gina Rinehart launches book

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If you much preferred the certain $100, that makes you risk averse (and normal). If you fancied the chance of walking away with $200, that makes you a risk-seeker.

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In any case, most people are risk averse,doudoune moncler. Consider this: which would you prefer, the certainty of earning $100, or a 50 per cent chance of earning nothing and a 50 per cent chance of earning $200? If you were rational you wouldn't care either way, because both options have the same expected value.

If so, this means retirees' desire to avoid running out of money (and having to fall back on the age pension) is a lot stronger than investment advisers' conventional calculations assume. And this, in turn,moncler, suggests retirees' choice of investments ought to be a lot more cautious than it often is.

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If they come late, it won't be so bad, if they come early you could be almost wiped out. This suggests retirees need to hold more of their savings in fixed-interest than many do.

abercrombie milano Someone's showing a preference for Elders
In 2008 Coles fessed up to owning 767 liquor stores, under its 1st Choice, Vintage Cellars and Liquorland banners,abercrombie Regent sweats on panel in BC Iron escape bid, and 95 hotels, with a trading area just shy of 269,000 square metres. By December that year it had hit 273,000 sqm but on June 30, 2009, Coles excised its hotels from the calculation, making 100,000 sqm of selling space disappear and leaving customers only 174,000 sqm of booze space to shop in, even though it now had eight more outlets,doudoune moncler pas cher.

insider@fairfaxmedia.com.au

ON THE LABELNICE to see that break-up by the Financial Secretary to the British Treasury, Mark Hoban, of the Financial Services Authority includes some realpolitik.

18 months but in reality has probably grown by double that because of the adjustments,abercrombie paris. Over the same time supermarket floor space has been almost unchanged.

Some back-of-the-envelope calculations suggest Wesfarmers is becoming increasingly shy about publicising the dimensions of Coles's growing liquor operations.

Technically known as hybrids, for being a teeny bit debt and mostly equity, more than 6 per cent of them have been traded so far this month - four times the average,, and at a 32 per cent higher price of $65. Although still well short of their $100 face value, it is an extraordinary gain for a stock that has not paid a dividend since 2009.

Essentially that means anyone bidding for Elders has to factor in covering the $150 million face value of the preference shares, and maybe a little more.

Remarketing could take that to nearly 10 per cent on each $100 preference share - or a 15 per cent yield if bought at $65.

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For the December half the group banged on a net 20 more stores (not counting a re-rebranding of one Liquorland attached to a hotel, which probably gave staff quite an identity crisis).

If, however,hollister france, someone bought all the preference shares on issue, it would cost less than $100 million at current prices - a hefty discount for any bidder,abercrombie. And because the shares have no voting rights, there is no disclosure obligation on buyers.

Under the terms of the preference shares, a takeover or merger scheme recommended by Elders directors entitles investors to ask for the stock to be converted into ordinary shares so they can participate. Not only that,doudoune moncler, but the formulas for calculating conversion at that time include allowing preference-share holders to get half the premium above the average market price being paid to ordinary shareholders in a takeover.

Coles's publicised liquor floor space has risen by 6 per cent in

According to the Financial Times one of the three new arms of the FSA will now be the Financial Conduct Authority because, Hoban said: ''Whether you are buying an insurance policy from a high street broker or you are trading high finance, the FCA is your conduct regulator. It does what it says on the tin.''

Elders was queried this month about a rise in price of its ordinary shares. It said that while its March half result would be 15 per cent higher than last year's $2.2 million, that was not unexpected.

Reasons behind the buying range from punting by retail investors on a return to dividends to a potential corporate predator trying to cut the cost of any future takeover offer.

There is, however, what the prospectus called a remarketing due on June 30,doudoune moncler, which basically means Elders has the option of giving preference-share holders the chance to bid for a higher interest rate to calculate their dividends, Woman, 65, jaile. That is obviously a moot point now but it could add a further 2.5 percentage points of margin, a big lift in the theoretical yield,abercrombie milano.

For example, the current three-month bank bill rate used for calculating the preference-share dividend is about 5 per cent, and there is a 2.25 per cent margin on top.

Perhaps it is time to put a new label on,doudoune moncler Stocks keep up rally, though turnover thin,moncler pas cher, or even repackage, the Australian Securities and Investments Commission, which has way too many ingredients and often leaves a sour taste.

Last year, apart from making Gregorian adjustments to allow for Coles trading in weeks rather than calendar dates like the rest of Wesfarmers, 13 Liquorland stores attached to Coles's hotels were also excluded from selling space calculations - still leaving 181,000 sq m but again masking the effect of there being a net nine new stores.

Elders has said it will not pay preference dividends before September 30 - and the trust deed specifies that ordinary investors cannot get a dividend until preference shareholders have been paid,moncler.

Elders could not, of course, say that the rising price might be due to speculators reacting to news from the New Zealand rural services company PGG Wrightson that,abercrombie, in addition to an existing partial bid from the Singapore group Agria, it had received another approach - some suggest the Canadian company Agrium, which bought AWB.

TIME AND SPACEAPART from helping the former Coles group catch up with the revolution begun in the 16th century - the adoption of the Gregorian calendar - Wesfarmers seems to be hiding its liquor light under a barrel.

Yesterday's disclosure by another rural player, FarmWorks Australia, that it had placed 13 per cent of its stock with China's Zhejiang XinNong Chemical shows that foreign investors are still keen to secure footholds here.

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Malcolm Jackman's team at Elders is no doubt ferreting around in its records to find out who has been mopping up the storm-tossed rural services group's preference shares.

abercrombie Corporate fat cats cash in
Total remuneration of executives,moncler, which includes the estimated value of share packages that may take several years to earn, showed a median decrease of 1.3 per cent, from $3.57 million to $3,belstaff outlet.52 million in the latest financial year,moncler.

Add in the chief executives' short-term cash bonuses and the cash-in-pocket rises to $2.61 million, up 5 per cent. In dollar terms, that means they picked up cash gains of about $130,000 a year.

A Saturday Age analysis of company reports filed in recent months by most of the country's 100 largest ASX-listed companies shows that the median increase in base pay for chief executives for their latest financial year was about 9 per cent - up from $1.47 million to $1.61 million.

The Age analysis differs from an annual chief executive pay report compiled by Ms Byrne's ACSI, and released last month. The ACSI's report,louboutin, based on the payments to executives of the top 100 companies in 2010, said that median fixed pay of executives rose only slightly from $1.81 million to $1,air jordan pas cher.82 million,moncler outlet. The ACSI's fixed remuneration measure includes superannuation, long service leave and miscellaneous short-term perks as well as base pay.

Australia's consumer price index at June 30 rose by 3.6 per cent, with the impact of higher fruit and petrol prices. The Reserve Bank this week estimated that inflation was now running closer to its preferred range of 2 to 3 per cent, excluding any impact of carbon tax proposals.

Westfield's Frank Lowy topped the list of best-paid chief executives ($15.96 million) last financial year. Photo: Peter Rae

The ACSI also singled out the five best-paid and five lowest-paid chief executives to analyse whether their pay reflected their companies' performances. Mr Lowy's $14.3 million in fixed pay and bonus and the $11.2 million earned by former Leighton Holdings chief Wal King were criticised by the ACSI for being insulated from the effects of performance.

That decline most likely reflects falling share prices affecting the value of their packages, and tougher trading conditions that meant executives failed to clear all of the hurdles needed to achieve maximum pay.

Bosses of Australia's largest companies enjoyed pay rises almost three times the rate of inflation and equivalent to more than twice the average wage in the past year.

Among the ASX 100, the top five best-paid chief executives last financial year were Westfield's Frank Lowy ($15.96 million), Rio Tinto's Tom Albanese ($12.75 million), ANZ's Mike Smith ($10.86 million),abercrombie, BHP's Marius Kloppers ($10.84 million) and Westpac's Gail Kelly ($9,belstaff.59 million),abercrombie france US, European markets close lower.

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''Shareholders will say: 'We know it's tough, we understand it's tough,doudoune moncler, but should we be the only ones who hurt? You still get bonuses &#8230;whereas I only get my bonus when the sharemarket is performing well','' warned Ann Byrne, chief executive of the Australian Council of Superannuation Investors,abercrombie ASX  Shares rise ahead of rates decis, the group that represents industry super funds.

Executive and board remuneration will soon come under further scrutiny from shareholders, whose investments have been hit by collapsing markets, as this year's annual meeting season begins.

The Australian Bureau of Statistics' most recent figure for the annual average wage is about $53,000,abercrombie france,Cape Lambert shares in trading halt. It estimates that wages have risen by 4.7 per cent for males and 4,louboutin pas cher.1 per cent for females over the past year.

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Brambles jumps

"It continues to be supported with the prospects of decoupling away from the broader global trends and actually outperforming some of the other more dominant markets," he said,hollister outlet.

Among the major sectors, materials dropped 0.7 per cent, energy shares were 0,abercrombie milano.5 per cent down, while financial inched up 0.1 per cent.

Close Australian stocks ended flat despite weaker commodity prices, with rallies in wealth managers AMP and AXA Asia Pacific partly offsetting a fall in global miner BHP Billiton.

IG Markets market strategist Ben Potter said the industrial sector was the top performer thanks to a surge in Brambles&#8217; share price. Its shares closed up 35 cents,moncler, or 5.4 per cent, at $6,doudoune moncler pas cher.88,abercrombie.

AXA Asia Pacific was the best performing stock on the S&amp;P/ASX 100 index.

OneSteel said its near-$US1 billion takeover of grinding media and steel products businesses from global mining group Anglo American was a major step in its long-term growth strategy. Shares in OneSteel were steady at $2.74.

AMP lobs new bid for AXA

BHP Billiton shares initially rose after the miner scrapped its $US40 billion bid for Canadian fertiliser company Potash Corp. But the shares ran out of steam in the afternoon, pulling the marker down in their wake. BHP Billiton shares finished 16 cents weaker at $44.14 while Rio Tinto put on 18 cents at $87.04.

Both firms gained ground after emerging from trading halts. AMP found 12 cents, or 2.3 per cent, at $5.45, while AXA appreciated 39 cents,AMP Court Case Up To $1.9b At Stake After AXA Acquisition, or 6,abercrombie.75 per cent, to $6.17.

For market data by sector, click here&#160; For share price information, click here&#160; For the latest currency movements, click here

Preliminary national turnover was 2.48 billion shares worth $4.75 billion, with 460 stocks up, 668 down and 355 unchanged.

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The top-traded stock by volume was Grand Gulf Energy, with almost 90 million shares worth $753,865 changing hands. Grand Gulf Energy shares was up 0.1 cents, 14.29 per cent, at 0.8 cents.

BusinessDay, with AAP, Reuters

The benchmark S&amp;P/ASX200 Index slipped 4.7 points, or 0.1 per cent, to 4688,abercrombie outlet, after earlier rising as high as 4714.2. The broader All Ordinaries Index fell 5,hollister.5 points,hollister outlet Stocks finish the quarter on a flat note, or 0.1 per cent, to 4773.3.

Copper ticked up today after steep losses in the previous session, although gains looked wobbly as investors hit the pause button after a recent surge to record highs. Gold prices had their sharpest fall in four months last week. "We had commodity prices down 2-3 percent,abercrombie. In those circumstances you usually expect our market to be impacted negatively but it's actually held ground today," said Jamie Spiteri, senior dealer at Shaw Stockbroking.

&#8216;&#8216;Brambles also said new customer wins helped it overcome stagnant US and European economic conditions to grow revenue by three per cent on a constant currency basis for the first four months of FY11,&#8217;&#8217; Mr Potter said. &#8216;&#8216;The financials had a solid session too.&#8217;&#8217;

Among the major banks, Commonwealth Bank was up 31 cents at $48.86, after reporting a rise in quarterly profit. National Australia Bank added 14 cents at $24.67, Westpac eased 2 cents to $21.92 and ANZ was down 14 cents at $23.08.

Wealth manager AMP has made a new offer to buy rival AXA Asia Pacific Holdings, together with French insurance and wealth giant AXA SA,hollister france, worth $13.3 billion.

need2know: - Asian shares edge higher as investors eye risk - The dollar softens to 98.18 US cents - Gold steadies to $US1366.95 an ounce - Oil rises to near $US 85 a barrel - Dow futures are flat at 11,148

The logistics company said it would purchase Dutch-based IFCO Systems and its re-usable plastic container business for 923 million euros.

The worst performing stock on the S&amp,hollister Leighton offloads Thiess waste unit for $218m;P/ASX 100 index was Commonwealth Property Office Fund, which announced an entitlement offer at 86 cents per new security to raise about $115 million,moncler pas cher. The fund&#8217;s securities finished down 5.248 cents, or 5.85 per cent, at 84.5 cents.

moncler Resurgent dollar not all gloom and doom Carpathia
Currency headwinds have been a driver of underperformance from both CSL and Foster's in recent months. CSL was one of few market darlings during the financial crisis as resilient earnings and a plunging Australian dollar supported the stock,abercrombie.

However, since March the company's share price has fallen about 10 per cent in the midst of one of the strongest market rallies in history. And the currency challenges may have only just begun,abercrombie france. Last week the Reserve Bank governor, Glenn Stevens, chose not to hose down speculation that with interest rate differentials and capital investment in resources projects the dollar could push towards $US1.10.

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Equity analyst valuations assume an AUD/USD exchange rate of no more than US91c. If current trends continue, the stage is set for currency fluctuations to drive a slew of earnings and valuation downgrades in coming months. Yet it is not all gloom for companies with international currency exposure,moncler. An unlikely boom is unfolding among junior life sciences companies despite valuations in the sector being correlated to the US dollar. While most biotechs are yet to make a commercial sale, you can bet that when products make it to market the bulk of revenue will be earned in greenbacks.

When equity markets bottomed in early March the dollar was buying US62c. The subsequent currency rally has matched the sharemarket - a 50 per cent appreciation in just seven months.

The strength of the rally has surprised pundits. Early in the year newspaper headlines were predicting the collapse of a swag of underfunded biotech minnows,abercrombie france. Now commentators are identifying life sciences as the next hot sector.

There are few companies worse affected by currency appreciation than CSL, which earns just 15 per cent of its revenue in Australia. The managing director, Brian McNamee, recently told the market that underlying profit, bolstered by swine flu vaccine sales,moncler outlet, would grow by between 14 and 24 per cent next year in local currency terms. But if the dollar holds steady for the next nine months the bottom line might go backwards as much as 5 per cent.

The life sciences boom has been so strong that the broker Intersuisse noted that the sector "looked to have taken coaching from Usain Bolt" when commenting on September quarter performance. The Intersuisse Biotechnology index rose 41,belstaff outlet Consolidated Media Holdings to defend One.Tel claims.6 per cent in the three-month period, outpacing the All Ordinaries (20.1 per cent) and the Nasdaq Biotech index (12 per cent).

Alchemia started the year with a market capitalisation of just $25 million despite forecasts that it should generate profits of about $US35 million a year from fondaparinux within a couple of years.

Alchemia's capitalisation is $85 million, but the stock looks set to rally further once FDA approval comes through and investors look to price the company on a multiple of forecast earnings. Combined with a solid product pipeline, this is enough to attract a BUY rating from Carpathia.

Shareholders attending annual general meetings this month are growing used to hearing uncomfortable news that companies with international operations are running into heavy weather as the Australian dollar surges,moncler.

GlaxoSmithKline owns the only fondaparinux product on the market, and Alchemia told the Wilson HTM Life Sciences conference last week that GSK's manufacturing process involved 60 steps and took 10 years to devise. Alchemia holds patents over technology that simplifies the process.

So why the turnaround,belstaff? One theory proffered by the industry newsletter Bioshares is that the sector is "one-third of the way into what may be a two-year bull market" with the change in sentiment driven by two $300 million acquisitions (Arana Therapeutics and Peplin) announced this year that delivered solid returns to shareholders, together with a swag of companies getting to the pointy end of product approvals processes,abercrombie. Revenue is soon to follow.

According to Bioshares, the sector has been through a 10-year investment cycle that is just now starting to bear fruit. A key factor is the ridiculously low base from which the rally began,belstaff outlet. One example of a strong performer is Alchemia. If all goes to plan,moncler Downer EDI sells Asian design unit for $147m, Alchemia will move into profitability towards the end of next year after its lead product,louboutin, a generic blood anticoagulant,louboutin pas cher, fondaparinux, is registered by the US Food and Drug Administration,doudoune moncler Oil Search shares hit record after production news.

For Foster's, which is less reliant on international operations, every 5c rise against the greenback reduces corporate profitability by 2 per cent.

Alchemia's forecasts rely on its distribution partner grabbing a large slice of the $US250 million fondaparinux market. This should be achievable as Alchemia's fondaparinux will be the first generic to gain approval, and new competition appears unlikely due to the complex manufacturing process.

David Symonds is a former investment banker and private equity executive.

abercrombie milano Rio Tinto's aluminium woes
Under the asset upgrade plan, there would be a wholesale exit from the aluminium smelting business in Australia, as well as the Gove alumina refinery in the Northern Territory.

The metal's weakness also cast doubts over Rio's ability to achieve better than fire-sale prices for the aluminium assets earmarked for sale,abercrombie. This is not a very benign environment in which to sell a business,abercrombie, Rio finance director,moncler pas cher, Guy Elliott said.

Rio told investors that the current metal price was well below the global industry's marginal cost of production,abercrombie outlet,doudoune moncler pas cher Banks up. The short-term outlook remains challenging as the industry experiences higher input costs and lower London Metal Exchange prices, Rio said,hollister.

He confirmed that Rio had numerous options for the sale, ranging from a float, a trade sale and/or a distribution in specie to shareholders,moncler. But he said the in-specie distribution option had additional complexity because of Rio's dual-listed company structure,abercrombie milano.

Aluminium prices have fallen by 26 per cent in the past six months to US89&#162; a pound in response to flagging demand in Europe and continued strong production by Chinese smelters,moncler Bourse ends week on a low after weaker profit reports.

Rio wants to improve aluminium margins to the 40 per cent level required to qualify it as a so-called tier-1 business,doudoune moncler. It was hoping to achieve that by 2014, with a previously announced sale of 13 under-performing aluminium assets - a key plank in the business improvement plan. But the fall in the metal price now makes 2015 a more realistic target.

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The revelation was no rude shock for the market, with most analysts having already pencilled in losses for the aluminium division because of the freefall in metal prices.

But he said that while Rio was keen to quit the nominated assets, it would not be done at any price. It has got to be a good value transaction when it is done.

RIO Tinto's efforts to improve the performance of its aluminium division - one greatly enlarged with the ill-timed $US38 billion ($A39.1 billion) acquisition of Alcan in 2007 - has fallen victim to the crash in aluminium prices,abercrombie.

At its Sydney investor briefing yesterday, Rio revealed that at current aluminium prices,doudoune moncler pas cher, the earnings of the division are expected to be around break-even in the second half of 2011.

Ill-timed: Rio's aluminium business was greatly enlarged with its acquisition of Alcan,hollister france,ASH gears up to get the most out of its logs.

abercrombie france Europe may drive up borrowing costs, ANZ
He said prices have become much more attractive in Hong Kong and Korea, but India and Indonesia remain expensive,abercrombie.

ANZ boss Mike Smith warns banks&#8217; borrowing costs may spike due to &#8216;&#8216;massive&#8217;&#8217; credit market volatility as Europe&#8217,moncler;s debt crisis progresses.

This may come in addition to global regulatory changes, which NAB chief financial officer Mark Joiner says will propel banks&#8217; average cost of funds higher, which in turn will be passed on to both new and existing home borrowers.

But ANZ borrowers may fare better than customers of rival banks now ANZ has reduced its reliance on offshore wholesale credit markets.

Rather, ANZ&#8217;s Asia strategy remains its key point of difference as the big four head into a lower growth environment, and earnings from the region are set to rise.

Unlike his domestic rivals, Mr Smith isn&#8217;t interested in growing ANZ&#8217;s mortgage book beyond system credit growth levels.

&#8216;&#8216;I think by 2014 will be more realistic.&#8217;&#8217;

Any more seismic shifts in offshore credit markets would drive borrowing costs higher, probably forcing banks to pass on this cost to borrowers.

Mr Smith admits ANZ two-year-old global brand has produced mixed results with customers in Asia, with solid recognition rates among customers in Taiwan and Singapore, but low recognition in China and Hong Kong.

ANZ has no major deals on the horizon, and would only consider a transformational acquisition in Asia if all the stars aligned, he said.

The end game in Europe will be decided by the bonds markets forcing debt-stressed countries to restructure, and the impact will play through the credit markets to Australian banks and probably borrowers.

&#8216;&#8216;I don&#8217;t think they will need to, but I think they&#8217;ll keep QE2 going and I think we won&#8217;t see interest rates change there for another 18 months,&#8217;&#8217; he said in an interview with AAP,moncler Dulux's pretty picture, Part II. &#8216;&#8216;It&#8217;s going to mean that in Australia, not only have we got a strong dollar, we&#8217;ve got a weak US dollar, which is also a problem for us.&#8217;&#8217;

&#8216;&#8216;The path to convertibility is an evolutionary one and the evolution has some way to go - we just got out of the water.&#8217;&#8217;

ANZ has a presence in 13 Asian nations in Asia, including four branches in China, along with 20 per cent stakes in two Chinese banks.

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Like its rivals, deposits now fund 60 per cent ANZ&#8217;s balance sheet,air jordan, but its wholesale term debt funds just 14 per cent compared to about 20 per cent at Westpac, Commonwealth Bank (CBA) and National Australia Bank (NAB).

&#8216;&#8216;Those sorts of things happen every generation or so.&#8217;&#8217;

Asked whether US and European policymakers were taking the right steps in managing the aftermath of the global financial crisis,air jordan pas cher, ANZ&#8217;s chief executive said the US Federal Reserve had no choice but to introduce the second round of quantitative easing (QE2). But a third round was unlikely, Mr Smith said.

&#8216;&#8216;I do believe that over time all Asian currencies will start to get a fix or track the RMB rather than the US dollar,belstaff outlet, and I suspect it will become one of the main trade currencies.

Of more interest is cementing ANZ&#8217;s position in China through ANZ China Co Ltd, the bank&#8217;s locally incorporated and wholly-owned subsidiary in Shanghai in which ANZ has invested $400 million.

However, ANZ borrowers may win a reprieve over the long term as Mr Smith steers the bank deeper into Asia and towards better returns courtesy of China&#8217;s currency, the renminbi.

The ANZ chief is confident China&#8217;s five-year economic plan will achieve the right quality of growth rather than pace and the authorities will successfully engineer a soft landing for the economy in the medium term. But regulatory hurdles will prevent ANZ from achieving its previously stated goal of having 20 outlets in China by 2012, he said,abercrombie.

Mr Smith said ANZ hoped to gain a RMB licence this year,doudoune moncler, a move that will help the bank reduce its currency transaction costs and risks in Asia once the RMB becomes a reserve currency and the US dollar loses influence.

&#8216;&#8216;It&#8217;s not as if we&#8217;re going to print money in Asia and keep on repatriating it down to Australia,&#8217;&#8217; he told analysts on Tuesday. &#8216,moncler outlet;&#8216;It helps, but the prime thing is on funding what we do in Asia without any demand back on the mothership,Terminal to be sold.&#8217;&#8217;

But chief financial officer Peter Marriott said it&#8217;s unrealistic to expect the repatriation of deposits back to Australia to become a cash cow.

&#8216;&#8216;The wholesale credit markets are going to get affected and it&#8217;s going to create massive volatility, so again cost of borrowing may well increase and that will affect the banking system here,&#8217;&#8217; Mr Smith said.

After bedding down the acquisition of some of Royal Bank of Scotland&#8217;s Asia assets in 2010,louboutin pas cher, Mr Smith hopes new opportunities will arise.

ANZ&#8217,moncler;s deposits generated in Asia grew by $US10 billion ($9.34 billion) to $US56.2 billion in the six months to March 31, mostly from institutional clients and a growing number of affluent retail customers,abercrombie france,louboutin pas cher Woodside output, sales dip, revenue up.

But Europe&#8217;s debt crisis was more serious and would be for Australia too, he said. &#8216;&#8216;Europe has no way out of this mess at the moment and we&#8217;re not seeing the requisite leadership because we&#8217;re in minority government land.&#8217;&#8217;

hollister france Revealed Why Packer quit the Ten board
Mr Murdoch and Mr Packer have a chequered history of joint investments after the failed telephone company One.Tel, but have also been close friends in recent years.

A Fusion Strategy analyst,abercrombie, Steve Allen, said the appointment was the best [Ten] could make. I'm surprised they pulled it off, he said.

Back in September 2009, Mr Packer and the Seven Network supremo sheathed their swords and forged a truce in which they divvied up the spoils of the new media landscape.

Ten's new shareholders had been desperate to get a new man in the job and it is understood Mr Murdoch approached Mr Warburton less than a fortnight ago, leading to his defection and Mr Packer's extraordinary response yesterday.

The Perth media baron had assembled a 19.9 per cent stake in CMH and appeared poised to make a takeover bid for the pay television investment vehicle. But at the last minute a deal was cut, giving Mr Stokes two seats on the CMH board so long as he backed off from buying more shares for 12 months.

Mr Warburton was regarded as not highly political and a much more straightforward executive, Mr Allen said. Whilst he hasn't been in the television business for the length of time Grant Blackley has &#8230; since he went to Seven under Leckie,doudoune moncler, Seven has turned around and he has been integrally involved and shone in sales and marketing,moncler Lend Lease unit wins rail link contract.

Yesterday's announcement that Ten had poached a Seven executive, James Warburton, to jump ship and head the network was a clear breach of that arrangement. While there was speculation Mr Packer's resignation reflected a fresh falling-out between him and Mr Murdoch,moncler, the move satisfies both Mr Murdoch and, more importantly, Mr Stokes,hollister, who is said to be Vesuvian at Mr Warburton's defection. Mr Murdoch still gets his man to run Ten and Mr Stokes can see Mr Packer is a man of his word.

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He has forged an exemplary reputation in the media sector in Australia and has strong relationships within the media and advertising community, he said.

Lachlan Murdoch's poaching of a Seven Network executive has forced James Packer out of his prized Network Ten directorship.

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Mr Stokes and Mr Packer met up on the Colorado ski fields in January and it is understood Mr Stokes has been keen to mend bridges, or at least not unduly upset, the Murdoch clan after his mammoth $200 million legal action against the Packers and Murdochs five years ago.

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The Australian Competition and Consumer Commission, which is already examining the move on the Ten register, declined comment.

For the best part of a year, Mr Stokes had been stalking Mr Packer's then sole remaining media asset,abercrombie france, Consolidated Media Holdings, the company that owns a quarter-share in Foxtel and a half-share in Fox Sports.

Mr Packer's push for control since last year has seen the executive chairman Nick Falloon, a former Packer family executive at the Nine Network, ousted. Before Mr Packer and Mr Murdoch could take up their seats on the Ten board, Grant Blackley was installed as the chief executive. He was removed last month amid criticism of the network's costly news programming strategy.

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The chairman of Ten, Brian Long, said Mr Warburton was a high-calibre media executive with an enviable track record in television and digital media sales.

His mood may change after yesterday's events; it was Mr Murdoch, appointed acting chief executive just last week, who recruited Mr Warburton from Seven.

Eurozone falls into double-dip recession

Mr Warburton has headed Seven's sales and digital businesses since 2008,moncler outlet. He stands to earn a base salary of $2.2 million that could be worth up to $4.4 million a year with bonuses.

That cosy arrangement was always going to come under pressure when Mr Packer splashed out $285 million for a 10 per cent stake in Ten late last year.

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Gorgon on budget blowout

We're sorry to lose him was the official statement from the Seven boss David Leckie,moncler, wishing Mr Warburton well in his new role. Industry executives suggested Seven had dropped the ball, apparently failing to lock in Mr Warburton to a deal ensuring he would ultimately succeed Mr Leckie in the top job. Mr Warburton will not serve out long on the sidelines as he is due to start at Ten in July,hollister france.

BusinessDay has been told a broader agreement was also forged whereby both moguls agreed to not undercut each other or tread on each other's turf. The Seven boss kept his end of the bargain and since has been rewarded indirectly by a share buyback scheme at CMH under which Mr Packer has moved up to 49,woolrich.87 per cent and Mr Stokes to 24.4 per cent.

James Packer resigned his coveted directorship of Ten Network as a matter of principle after his co-investor Lachlan Murdoch's raid on a Seven executive breached a truce with Kerry Stokes,woolrich outlet.

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In an interview last year, Mr Warburton made no secret of his desire to lead a company.

Following the latest corporate moves at Seven,hollister No joy for Joyce as he maps a flight path through, in which its long-term boss, Mr Leckie,abercrombie CSR chief dirty on tax, was promoted to head the proposed merger between West Australian Newspapers and Seven Media Group, Mr Warburton was seen to be being forced to wait longer to assume the top job at Seven.

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belstaff Downturn endangers builders, suppliers
In Lend Lease's half-year result, the weak US and European outlook makes the group increasingly reliant on its Australian division.

Mr Richardson said tender results in the market were commonly providing a big spread of prices.

The collapse of the national Kell &amp; Rigby property group, the fall in earnings at James Hardie and Boral and tough times for some of Lend Lease's business, would make anyone in construction want to stay in the crane's cabin and wait for better conditions.

Any sustained increase in new residential work has yet to materialise, it says,abercrombie.

''During the first half of 2011, Sydney encountered high levels of price discounting across a number of trades,belstaff outlet, with structure and services being particularly discounted during the second half of the year,louboutin pas cher Rates to stay on hold till July economist. We are expecting relatively stable prices to be maintained for the first quarter of 2012,louboutin."

Construction work fell 4.6 per cent in the December quarter after surging 11.7 per cent in the September quarter. Commercial building work fell 7 per cent in the December quarter while engineering work done fell 5 per cent,abercrombie. Residential building work done fell 1.8 per cent in the December quarter (private sector down 1,air jordan Borrowers hit brick wall on refinancing.7 per cent),louboutin pas cher.

The reason for the sector's overall malaise is reflected in the latest Housing Industry Association data, which show that new home sales fell 7.3 per cent in January to the lowest reading in 11 years. New detached house sales fell 7.4 per cent in the month while sales of multi-units fell 6,belstaff.3 per cent.

But the limited construction work in the Australian market means that division will be even more reliant for growth on its Valemus infrastructure business and on the highly debated Barangaroo project in Sydney.

Fairfax graphics.

While retailers are blaming the internet for some of their woes, the fact that fewer homes are being built means demand is falling for couches, soft furnishings and all things necessary for a new dwelling.

The group's first-quarter International Report for this year says the raising of finance for private-sector projects remains an issue for developers, in respect of both lending conditions and lengthy approval processes,moncler.

''Non-residential work continues the recent trend of declining opportunities, while the engineering sector is also experiencing variable workload.

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Difficulty in convincing the banks to finance projects has also undermined the sector and led to defaults by constructors. One of the higher profiles falls was Kell &amp,air jordan; Rigby. Last week the administrator, PPB Advisory, entered into exclusive due diligence with the Ganellen group to consult with workers, subcontractors, suppliers and clients on current construction contracts.

Bob Richardson, NSW managing director of global construction and property adviser Rider Levett Bucknall, says conditions are tipped to remain tough for some time,doudoune moncler.

Assessing cost implications for projects commencing in the second half of 2012 will have the additional difficulty resulting from the implementation of the planned carbon pricing changes to operate from July 2012, which will start to emerge during the first quarter of the year 2013, he said in the report.

Reed Constructions also warned it was struggling to get paid for government work and other groups are rumoured to be under pressure.

But they may be waiting for a while,air jordan Win-win for Kerry Stokes on WAN  Adele. Insolvencies among small to medium firms are tipped to escalate as a result of the present conditions, and not just in building and construction, but down the line in homewares,abercrombie france, lighting, plumbing and even paint suppliers.

He said the number of insolvencies would rise and the spread between tender prices had grown. It is a leading indicator of difficult market conditions. It's a very tough time for the sector with the current state of the industry workload reflecting the difficult market conditions, Mr Richardson said.

woolrich What happened to the Santa rally
But only just, it seems moncler. A large Italian bond auction on Thursday night received mixed reviews - the Italians sold &#8364;7 billion ($A8 hollister.9 billion) of government debt, but the result was less than the &#8364;8.5 billion they were hoping for and the long-dated stuff was at an interest rate only just below the critical 7 per cent level.

CommSec's Mr James agrees Aust shares, $ fall on Japan PM comments. "It just seems to be very patchy - some shopping malls are relatively quiet while others are seeing pandemonium. There are a lot of conflicting messages and I think there will continue to be downward pressure on these stocks until we get some more clarity, and that's not likely until mid January moncler outlet."

It was really only a tester, too. Italy needs to auction close to a further &#8364;450 billion of debt in 2012 and last week's auction was the first after the European Central Bank pumped billions in cheap money into the European banking system.

US shares finished flat to higher for 2011 - the Dow added 5 per cent and the S&amp;P 500 finished level - against the 15 per cent fall in Australia. The local fall was matched in Germany, Italian shares fell 26 per cent and, in Greece abercrombie france The hidden benefits of venture capitalism, stocks plunged 61 per cent lower. British shares were down a relatively modest 5 belstaff Swan takes swipe at smaller lenders' fees.5 per cent, but spare a thought for Japanese investors - Japan's Nikkei finished 17 per cent lower for the year and at its lowest end-of-year closing level since 1982.

A weak start to the new year tomorrow will leave local investors continuing to ponder just what happened to the traditional festive season sharemarket rally this time around hollister france.

Not so this time, though. The local market is down about 2.5 per cent since mid-December, with the major resources companies and retailers leading the way.

"Despite a soft start to Christmas trading, ANRA's projections are for a 3.85 per cent increase in year-on-year growth to December; almost twice that of 2010," she says. But that's still well below the average 6 per cent annual sales growth retailers are used to.

US stocks finished 0.4 per cent lower on Friday evening but European stocks were marginally higher as Spain unveiled massive budget cuts, extended working hours and new taxes in a bid to address a sizeable budget deficit blowout doudoune moncler.

Austock senior client adviser Michael Heffernan says the JB Hi-Fi profit warning 10 days before Christmas scuppered any chance of a Santa rally this time around, but he does remain positive for the year ahead.

Ms Osmond says the first three weeks of December were quiet, with a pick-up in the week before Christmas. The cold start to summer had also impacted some areas, particularly fashion, which has failed to meet sales expectations.

Margy Osmond, chief executive of the Australian National Retailers Association (ANRA) moncler, which represents the major retailers, says things have been better than last year through the Christmas period, but still not as good as usual.

"If we can put Europe behind us, I think our sharemarket is in for a very good year, and things are starting to improve over there - the dagger through the heart has been extracted by the European Central Bank and I believe it's out of intensive care."

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SHARES are primed to start the New Year tomorrow in a subdued fashion after ending last week with three consecutive days in the red and following mixed leads from the US and Europe on Friday night.

AMP Capital has tracked the sharemarket for the period between the middle of December until early January and found it is almost always positive for investors - the Australian sharemarket has risen in 14 of the last 16 years and the US market 12 times in 16 abercrombie.

The Christmas shopping period did not provide the expected sharemarket bounce woolrich. Photo: Tamara Voninski

The Santa rally is generally attributed to the investment of end-of-year bonuses, the general feeling of positiveness around at this time of year and a lack of corporate capital raisings. Share trading is usually very light, but the market heads up.

"But it's too early to tell whether the sector has turned a corner as Europe's debt crisis continues to keep Aussies guarding their savings."

On the local front abercrombie france, the resources sector is struggling on concerns over global growth next year, while consumers are doing retailers few favours. Mr Heffernan says Christmas trading appears to have been pretty ordinary. "Compared to last year it's probably OK woolrich outlet, but there are still sales everywhere you look and not that many people out there."

"Our market isn't considered to be particularly defensive, so when investors are looking for markets with the most potential to recover, they look elsewhere," he says. "Plus the $A recently hit a 22-year high against the euro and is still firmly above parity with the greenback, and that's making our shares relatively expensive for foreign investors."

So why did Santa fail to deliver locally in 2011? CommSec chief economist Craig James says Australian shares are languishing because there is no clear reason to jump on board right now and foreign investors are shying away because of the continuing strength of the Australian dollar.

"We are in cruise control right now and will be for a while, but that's still better than sliding downhill without the brake on."

To make matters worse, the Santa rally has delivered reasonable gains on Wall Street this year and even produced gains on the teetering European sharemarkets.

Still, most are calling the local sharemarket higher in 2012, with CommSec's Mr James looking for 4650 in the All Ords by year's end - a 13 per cent gain. But it might take some time before the local market starts its move higher, says Austock's Mr Heffernan, and until then we are going to drift.

Mr James also notes there has been a broad shift by investors across the globe out of stocks and commodities into bonds, and this has added to the local share selling, particularly in the resources area.

"Boxing Day sales began well, particularly for department stores, which was a much-needed boost. We project that $1.7 billion was spent in the first day of the sales and $5.5 billion is expected to have gone through the tills in the first week," she says

belstaff On the nose here but quotas do the trick in Europe
belstaff The biggest gain in the past year came from France, where female representation rose 40 per cent (from 12.1 per cent to 17 per cent) as a result of legislated quotas. By comparison air jordan pas cher Mates' rates make jet hire a saving, this year in Australia - the first in which new ASX corporate governance rules on gender diversity reporting kick in - women comprised 26 per cent of new appointments to ASX 200 boards.

The winners of the EOWA business awards will be announced today by the Minister for the Status of Women, Kate Ellis.

An intriguing finding from the Societe Generale report - albeit one with a warning about the volatility of European markets - was its question of whether 30 per cent gender representation was the magic number doudoune moncler. Was this the critical mass required to achieve a positive impact on company performance? In its initial crunch of the data, it analysed total price return (price change plus dividend) for companies with greater than 20 per cent female board membership, against those with with no female board members. The stocks underperformed. When it crunched the data again and looked at the (much smaller) group of companies in which women comprised 30 plus per cent of the board, the stocks

The Commonwealth Bank is close at 28 per cent women belstaff outlet. So too is Stockland at 25 per cent moncler.

Across the group of eight universities in Australia, women account for nearly 37 per cent of members of governing bodies and councils. Among the finalists, only Westpac has cracked the magic number at board level - 40 per cent of its directors will be female when Shell Australia's chairwoman, Ann Pickard, joins the board in December air jordan pas cher.

The listed companies which are among the 30 finalists in the EOWA business awards have clearly been making progress across their companies moncler House prices unlikely to slump, RBA says. Their competition in the awards is principally from chief executives and organisations in the education sector, and also a smattering of law firms.

WHEN business leaders gather today - partly to see the Commonwealth Bank's Ralph Norris and Westpac's Gail Kelly going head-to-head in a field of chief executives leading the way for women in the workforce - many will be relieved that aspirational targets rather than quotas have won the day in Australia.

For in the upper echelons of business abercrombie, the Q word provokes revulsion. Quotas bring sanctions. Quotas are tokenistic. Quotas undermine the mythical purity of the market. Quotas put the government's nose where it doesn't belong.

outperformed those of the no-women companies.

It should be remembered that as recently as 2009, 95 per cent of board appointments in ASX 200 companies went to men moncler.

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When the gongs are handed out at today's Equal Opportunity for Women in the Workplace Agency business achievement awards, the recipients will not have been driven by legislated quotas. They are forward thinkers, putting in place measures to get the maximum potential from the human capital at their disposal.

But quotas continue apace offshore abercrombie france. In a report a few weeks ago, subtitled Cherchez la Femme abercrombie france No end to China story Forrest, Societe Generale analysed the progress in female representation on European boards air jordan. Progress, it said moncler outlet, was slow - 13.9 per cent in 2011, up from 10.6 per cent in 2008.

But it is the Gallic sanction for non-compliance that is stunningly simple. Unlike the threat of forced liquidation announced by Norway when it instituted a quota in 2005, France has adopted a more elegant approach. Listed companies, and those with more than 500 employees and revenues of more than &#8364;50 million ($66 million), are obliged to appoint at least 20 per cent women on their boards by 2015, and 40 per cent within six years. If they don't comply, the board nominations they make are void - and all fees are suspended for all board members. For non-complying boards, it would truly be a labour of love.

doudoune moncler Oil prices down
Oil prices fell on Monday as an uneasy calm settled over Egypt and concerns resurfaced about the pace of US economic growth.

Several analysts expect oil prices to trade in a narrow range over the next few days, moving on the day's news.

The euro fell against the dollar for a fourth day, knocking the edge off the metal's price as soft German industrial data reinforced the view that euro zone interest rates will remain low for some time.

In addition, a stronger dollar deterred some trading. Since oil is priced in dollars, a stronger dollar makes it more costly for buyers who use foreign currencies.

In other Nymex trading in March contracts, heating oil rose a penny to $2.7234 a gallon and gasoline futures gained 3 cents at $2 abercrombie Victoria records $644m surplus.4700 a gallon. Natural gas futures fell 14 cents to $4.167 per 1,000 cubic feet.

Evolution Securities analyst Charles Kernot said the market was awaiting financial results over the next two weeks from the big four global miners: BHP Billiton, Rio Tinto, Anglo American and Xstrata.

Copper hit a record on Monday on concerns about supply, particularly from top producers Chile, but pared gains to end lower as the dollar rose against the euro after a bigger than expected fall in German industrial data.

Top miners are set to report a doubling in profits for the December half, thanks to booming iron ore and copper sales hollister france, sparking calls for fat cash returns to shareholders as the major miners run out of takeover opportunities.

Tin also hit a record high on worries about supply problems in top exporter Indonesia, but the price later retreated.

Stocks in LME warehouses fell 625 tonnes to 393,525 tonnes, data showed on Monday abercrombie. Copper stocks had risen by over 40 woolrich,000 tonnes since Dec 8, raising some concerns about demand.

Three-month aluminium was last bid at $2,548 a tonne, from $2,541 a tonne on Friday. Zinc closed at $2,508 from $2 moncler,506 a tonne. Lead was $2 abercrombie US economy 'continues to expand',580 from $2,584 a tonne. Nickel closed at $28,300 from $28,350 a tonne.

A stronger dollar makes metals more expensive for holders of other currencies.

Xstrata Plc restarted its 300,000-tonne-per-year Townsville copper refinery in Australia, which was shut last week due to Cyclone Yasi, the company said moncler.

In late afternoon trade abercrombie france, West Texas Intermediate crude, or WTI woolrich outlet, for March delivery was $1.58 lower at $87 woolrich outlet Markets wary of euro future.45 a barrel on the New York Mercantile Exchange. In London hollister, Brent crude rose three cents to $99.86 per barrel.

INDUSTRIAL METALS

Stocks are down dramatically since they touched a 6 1/2 year high in mid-February at 555,075 tonnes.

Sentiment remains positive for industrial metals, however.

Three-month tin on the London Metal Exchange was last bid at $31,200, flat from Friday's close.

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The violent anti-government demonstrations in Egypt last week settled down after government officials negotiated on Sunday with opposition leaders. That eased fears of potential interruptions to crude supplies from the region.

ENERGY

Falling copper inventories also helped support prices.

Aluminium stocks increased by 31,650 tonnes to 4,562,625 tonnes, the highest level since May 2010, latest data showed.

In April contracts, gold settled 80 cents lower at $US1,348.20 per ounce on the Comex division of the NYMEX. Platinum fell $1.60 to settle at $US1,844.20 doudoune moncler.

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Traders began looking more closely at the US economy again after a mixed jobs report on Friday followed a government report showing record-high inventories at the hub in Cushing, Oklahoma, the delivery point for benchmark WTI.

Egypt controls the Suez Canal and a nearby pipeline that together carry about 2 million barrels of day from the Middle East to customers in Europe and America. That compares to about 87 million barrels consumed worldwide every day.

In March contracts moncler outlet, silver rose 28.4 cents to $US29.343 per ounce and palladium lifted $2.60 to settle at $US819.05.

Supply constraints were also driving the tin price higher.

PRECIOUS METALS

Three-month copper on the London Metal Exchange hit a record at $10,160, but closed at $10,045 from $10,050 at the close on Friday.

The metal used in electrical solder hit an all-time high at $31,395 a tonne after Indonesia's state-owned PT Timah, the world's largest integrated tin miner, said refined production fell 10 per cent last year.

louboutin Aust bonds barely react to RBA decision
The Australian bond market was slightly weaker on Tuesday air jordan pas cher woolrich Bunnings worker loses appeal after shoot gibe, following an expected decision from the central bank to keep the cash rate unchanged abercrombie.

Bond traders were also awaiting key US economic data to be released overnight (AEDT), including the Institute of Supply Management (ISM) manufacturing and construction spending figures, he said.

The RBA's monetary policy statement moncler outlet Facebook IPO glitch claims may top $US100m, due to be released on Friday, would probably provide more direction to the market, Mr Plank said.

At 1630 AEDT on the ASX 24, the March 10-year bond futures contract price was at 94.455 (implying a yield of 5.545 per cent) abercrombie, down marginally from Monday's close of 94.465 (5.535 per cent) louboutin pas cher.

The March three-year bond futures contract price was at 94.920 (5.080 per cent), down from 94.940 (5 belstaff.060 per cent) abercrombie france.

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The decision not to hike the cash rate was in line with market expectations abercrombie Watch Wayne conjure up a surplus, as was the language used in the RBA's statement released after its meeting, Mr Plank said.

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"While on the face of it, the market was expecting the RBA to do nothing moncler outlet, which is what they did, most people were probably expecting them to play down the impact of the (Queensland) floods on the medium term outlook air jordan, which again is what they did," he said.

Deutsche Bank fixed income strategist David Plank said the bond market barely reacted after the Reserve Bank of Australia (RBA) decided to keep the cash rate unchanged at 4 louboutin.75 per cent on Tuesday moncler.

hollister online shop Newcrest defends environmental record
moncler outlet Newcrest recently became the third largest gold producer in the world by market capitalisation, after taking over Lihir Gold Ltd in a $10 billion merger.

Mr Mercer also told shareholders on Thursday that fiscal 2010 had been a transformational year for Newcrest.

"We introduce the tails into the sea at a depth of 115 metres, well below the mixing zone hollister online shop," Mr Smith said abercrombie.

"Independent marine experts have verified that the ongoing monitoring has not shown any material metals concentration in the food chain," he said belstaff outlet.

"It is a marginal issue abercrombie france Business investment plans at $100b ABS," Newcrest chairman Don Mercer told the meeting in response to a question from the floor moncler Investors tell Healthscope to curb enthusi.

At Newcrest's annual general meeting in Melbourne on Thursday the miner hit back at claims that the waste, or tailings, at Lihir Island posed an environmental danger.

"We take our reputation seriously and we frankly do a responsible job, and that is the case of our predecessors at Lihir Island," he said air jordan.

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"It was a very successful year, culminating in record gold production, record profit and record cashflow for the company," Mr Mercer said.

Lihir's chief asset, its rich mine at Lihir Island in Papua New Guinea, was the subject of an ABC TV story last month that highlighted concerns at the way waste at the site was discarded into the nearby ocean.

Newcrest chief executive Ian Smith used his address to shareholders to also defend the company's environmental record at Lihir and said tailings would continue to be dumped into the sea belstaff.

"In the 15 years practical operating experience with monitoring has verified that was the correct choice and will continue to be, going forward hollister deutschland Qantas sees encouraging signs.

But campaign coordinator at environmental group Friends of the Earth, Cam Walker, said it was "plainly wrong" to say the technique was the best strategy.

Shares in Newcrest closed up one cent, at $39.33.

"It came out (the ABC story) to those who know something of the subject as a not particularly well researched endeavour," Mr Mercer said abercrombie france.

He cited the decision to approve the Cadia East gold and copper project in New South Wales hollister, exploration success at Papua New Guinea and the merger with Lihir Gold Ltd.

"If it is the best practice then clearly that company cannot be trusted to operate in the region," Mr Walker said.

Newcrest Mining Ltd has defended its environmental record, amid questions about its newly acquired Lihir Island gold project, but will continue to dump tailings from the mine into the sea abercrombie.

He said that in the long term it was possible heavy metals dumped into the ocean could affect sea life and ultimately affect people.

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belstaff outlet Barry FitzGerald Garimpeiro   Metals march
It was less than $US2 a pound six months ago and its dramatic rebound is necessarily forcing analysts to upgrade their long-term price projections and by extension, their profit expectations for the copper producers.

For all the excitement about the gold price surge, there is precious little in the way of investment options in the sector through ASX-listed producers of the yellow metal.

bfitzgerald@theage hollister online shop.com belstaff Ten Network to pull out of advertising audit.auThe Age

Melbourne-based Range River Gold is doing its bit to reverse the trend. In the next couple of weeks it will join the ranks of gold producers by re-opening the Mt Morgans gold project near Laverton in Western Australia.

Its upgraded long-term copper price has been increased from $US1.75 a pound to $US2 a pound due to the global industry suffering from declining grades and increasing costs.

All good news for the producers but Deutsche also warns that restocking and financial demand for copper appears overdone, and that a decline in the copper price is on the cards in the first half of next year hollister. Time will tell on that one.

The biggest impact was on Equinox (up by 17 per cent) moncler, followed by PanAust (9 per cent), Oz Minerals (6 per cent), BHP Billiton (4 per cent) and Rio (3 per cent) abercrombie france.

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Range River Gold

Range last traded at 3.9 cents a share. That's not a lot in anyone's language but it has to be remembered there are now 1 abercrombie.6 billion bits of paper out there, giving a market capitalisation of $62 million.

Range has just got clearance from WA authorities to return Mt Morgans to production hollister online shop Perpetual fends off rumours, initially at a planned annual production rate of 40,000 ounces from a resource base of some 517,000 ounces of gold at better than average grade.

That is largely a function of the high level of foreign ownership of operating mines, something not about to change in a hurry.

Now even though its forecast is well short of the current spot for copper, the price upgrade has had a material impact on its valuations of the locally listed copper producers.

Once the project is settled down the plan is to have a serious look at Mt Morgans exploration potential, something that has been ignored in the past 10 years by Barrick and other previous owners.

The equities desk at Deutsche has been the latest to upgrade its copper expectations, even if like the rest of the forecasters, it thinks that copper's recent surge is tempting fate moncler outlet.

Take a look at recent base metal price moves and you could end up asking yourself if there ever was a global financial crisis air jordan. Copper, the metal most plugged in to the ups and downs of the global economy abercrombie france, has just marched past $US3 a pound.

The mine was previously owned by Canadian gold giant Barrick, now an 11.7 per cent shareholder. It's joined on the share register by some other notables, namely Rupert Murdoch's brother-in-law air jordan pas cher, John Calvert-Jones belstaff, and Owen "Stronger for Longer" Hegarty with 3 abercrombie 'Grandfathering' brush-offs big threat to super's appeal.6 per cent.