The dollar index closed late Wednesday afternoon in New York at 83.09…and then kept right on going down…with its nadir coming a hair below 82.50 a few minutes after 1:00 p.m. in Hong Kong trading. The subsequent rally lasted until 8:30 a.m. BST in London…and then the index traded flat right up until 1:00 p.m. EDT in New York. From there it slid a bit into the close. The dollar index closed the Thursday session at 82.75…down 34 basis points on the day…but was down over 60 points at its low.This was another case where the precious metal price action didn’t fit with the dollar index action. If the high-frequency traders hadn’t shown up in the precious metals at 2:00 p.m. in Hong Kong yesterday, all four precious metals would have closed materially higher on the day…regardless of what the currency markets were doing.The gold stocks gapped up…and stayed up all day long. The HUI closed virtually on its high…up 7.87%. I would guess that there was a fair amount of short covering involved in yesterday’s melt-up.It was the same for the silver stocks…and Nick Laird’s Intraday Silver Sentiment Index close up a decent 5.56% as well.(Click to enlarge)The CME’s Daily Delivery Report showed that 5 gold and 56 silver contracts were posted for delivery within the Comex-approved depositories on Monday. Despite the small number of contracts in silver, it was the same old story…as the two biggest short/issuers were JPMorgan Chase out of its client account with 32 contracts…and ABN Amro with 21 contracts. The only long/stopper of note was JPMorgan Chase in its proprietary [in-house] trading account once again…with 50 contracts. With JPMorgan Chase now above the law, all anyone can do is watch them rape their own clients with total impunity. The link to yesterday’s Issuers and Stoppers Report is here.As of 10:10 p.m. EDT, there were no reported changes in either GLD or SLV…and the U.S. Mint didn’t have a sales report on Thursday, either.It was a busy day over at the Comex-approved depositories on Wednesday, as they reported receiving 1,526,159 troy ounces of silver…and shipped 681,125 troy ounces of the stuff out the door. The link to that activity is here.In gold, these same depositories received 46,263 troy ounces of gold…and didn’t ship any out. The link to that action is here.It was another semi-slow news day again yesterday, so I hope you have the time to read the stories that most interest you.It was another day of market rigging in the precious metals yesterday, as it was obvious that sellers of last resort put in an appearance at 2:00 p.m. Hong Kong time…and then again about ten minutes after Comex trading began in New York yesterday morning. It’s also obvious that the powers that be aren’t about to let the precious metal prices get out of hand…at least they weren’t about to set them free yesterday.Today, at 3:30 p.m. EDT, we get the new Commitment of Traders Report for positions held at the close of Comex trading on Tuesday, July 9th…and I’ll be more than interested in what the numbers show…and I’ll have it all for you in tomorrow’s column.Not a lot happened in Far East or early London trading during their Friday sessions. The prices of all four precious metals are below where they closed on Thursday afternoon in New York. Volumes in gold and silver are a bit higher than ‘normal’…and mostly of the HFT variety. And as I hit the ‘send’ button at 5:05 a.m. EDT…gold is down about nine bucks…and silver is down 43 cents. The dollar index is up about 25 basis points.With today being Friday, it will be interesting to see what happens price-wise once New York begins to trade. I expect it may be rather quiet, but I won’t rule out the possibility of a bear raid to close off the week. We’ll see.Enjoy your weekend, or what’s left of it…and I’ll see you here tomorrow. It was obvious that sellers of last resort put in an appearance at 2:00 p.m. Hong Kong time.As I pointed out in The Wrap section of yesterday’s column, the gold price took off the moment that trading began at 6:00 p.m. in New York on Wednesday evening. The rally was brought to a screeching halt an hour later when Tokyo opened at 8:00 a.m. local time on their Thursday morning. From there gold traded sideways until noon in Hong Kong [1:00 p.m. in Tokyo]…and then all four precious metals began to rally anew.Then just as the precious metals were about to go ‘no ask’ at 2:00 p.m. Hong Kong time…a short seller of last resort appeared…and killed all four rallies stone-cold dead right at the top of the hour. As I commented yesterday, it remained to be seen if that was going to be the high tick for the day…and as it turned out in retrospect…yes, it was.The subsequent rally at the Comex open ran into a wall of selling…and that was it for the rest of the New York trading session.Gold closed the Thursday session at $1,285.60 spot…up $22.70 on the day. Net volume was 164,000 contracts, the same as it was on Wednesday.It was precisely the same price pattern in silver as it was in gold…and the other two white precious metals as well…so I shan’t cover the same ground again.Silver closed at $20.15…up 69 cents on the day. Gross volume was a huge 59,000 contracts…50 percent higher that Wednesday’s volume…so it was obvious that JPMorgan et al. had to throw a lot of paper at the silver price to get it to behave.Here’s the New York Spot Silver [Bid] chart on its own so you can see the hatchet job that “da boyz” did on that precious metal just ten minutes after the Comex opened. The New York Spot Gold chart looks similar.And here are the platinum and palladium charts for the Thursday trading session as well…
Month: August 2019 Page 1 of 2
In This Issue. * U.S. Retail Sales to dominate today. * Jobless Claims fall below 300K, but wait! * Eurozone moving toward single bond. * Sweden’s GDP is revised downward. And, Now, Today’s Pfennig For Your Thoughts! OOPS, Did We Forget To Include 2 States? Good day. And a Happy Friday to one and all! It will be a sad beginning to the day for us at the Butler house, as a good friend is being put to rest this morning. My friend, used to help me coach the boys in baseball, and I helped him coach them in soccer. It’s been a tough row to hoe for him the last 20 years, but he died too young. So, I’m writing from home today. Hey, my doctor appt. went well yesterday. I saw the guy that saved my life 6 years ago, I always enjoy talking to him, as he always remembers to ask me what currency he should be buying now! Well, the dollar is taking liberties with the currencies and metals as we end the week, and from the looks of the trading, this dollar strength isn’t going to fade away quietly any time soon. Today, the U.S. data cupboard will finally print the long awaited August Retail Sales report, which is forecast to be somewhat strong. Remember, I told you 2 days ago, that the BHI indicated to me that it would be strong. I say somewhat strong, because, you have to remember that these new reports are compared to old ones that were awful, so on the outside they look better than the average bear, but in reality, they’re not that good. But, we have that going for us to end the week, lucky us! I get a kick out of those “World’s Most Interesting Man” commercials. I always imagine him saying, “I don’t always read newsletters, but when I do, I prefer the Pfennig”. HA! Well, he would read it for the interesting tidbits like this: Yesterday, the U.S. reported that their Weekly Initial Jobless Claims had plunged 31,000 to the lowest level since April 2006, at 292,000! WOW! Great news! Now, let’s just look under the hood to make certain that everything is kosher. Uh-Oh. Houston, we have a problem! Here’s one thing that was failed to be mentioned. 2 states. that’s right I said 2 states, didn’t report claims last week, due to processing disruptions from upgrading computer systems! Well, now. let’s add in the claims from those two states before we go giving the U.S. economy a Gold Star for getting Initial Claims below 300,000! But, not knowing this info, the markets went about acting as if all was right on the night with the U.S. economy, and therefore the dollar. Gold saw the largest plunge, and at one point Silver was down over a $1! I wish I could press a button and stop all trading, then issue the information, and then allow trading to resume. If I could do that, then maybe, I would be the World’s Most Interesting Man! HAHAHAHAHAHA! And once again, the price manipulators in the metals are under my skin! The so-called resistance levels for gold have proven to be as effective as putting your sunglasses on your head when the sun is in your eyes! The velocity in which the price of gold has been taken down is so questionable, but yet, no one stops and says, wait a minute! There’s something fishy going on here. And then send dozens of investigators to find out what caused this to happen. If it were stocks, you can bet your sweet bippie that there would be reporters, investigators, regulators, and what-not, looking into what happened. But Gold & Silver? Let’s just look the other way, folks, move along, these are not the droids you’re looking for! OK. So, somebody failed to mention that 2 states hadn’t filed claims last week, and they failed to look into the velocity of the movement in the price of Gold through resistance levels. The next thing we’ll probably hear about is that we’ve slipped back into the Vietnam era. You can read into that whatever you wish. I’m just here to report what’s going on, and how it affects your investments. If you follow the Japanese yen, you know that the ride on the slippery slope in the past year has been quite steep. But, in recent months, yen has seemed to settle in around 100. Yen bumps up to 100 and then strengthens a bit, and so the trading has been. But, if the Fed does begin to taper next week, I would have to believe that this slide that gets halted at 100 each time, would resume and push past 100. Remember, I told the Street.com and you dear reader, that I thought yen would be around 110 by the end of summer. I’ve got a bout 2 weeks left. But if my timing is off a bit, the trend should be in place for sure. At least that’s my opinion, and I could be wrong! I had a reader ask me about the Swiss franc, and wanted me to get into the franc like I did the krone the other day. The problem with the franc is that it’s not a free floating currency, as long as it has the floor that was put on it by the Swiss National Bank (SNB) a couple of years ago, when they tied the franc to the euro with a floor of 1.20 on the cross.. The franc has done well this past year, but so has the euro, and therein lies what’s going on.. The franc is now tied to the euro’s fortunes. In addition, there is still “talk” in the SNB that they would like to move the floor to 1.35, which would really weaken the franc to the euro, and thus to the dollar too. I don’t think we’ll see the SNB get that done, but as long as there’s “talk” about it, the markets will remain fearful of pushing the envelope with the franc. There’s was a story going around the Nikkei last night that the U.S. President is in the final stages of the process to formally nominate Larry Summers as Fed Chairman to replace Big Ben Bernanke, next week! Hmmm, I guess that’s something else the Gov’t failed to mention to us. but, hey! They all know about it in Japan! I’ll save my thoughts on Larry Summers for when he’s officially nominated. But just for the record, I think Summers will be train wreck in the Fed. And the euro remains around 1.32 and change. the European Union Finance Ministers will meet today for their first post-summer ECOFIN. I hear that the European Banking Union dream took one step closer to reality this week when Parliament approved the single supervisory mechanism (SSM). Yes, if you’re going to have one bond issuer, you have to have a single supervisor! Next on the docket is approving a single Fund to backstop the banking system, and then figuring out what kind of deposit insurance to put in place. Long time readers know and you can go back to the archives to check this out if you don’t believe me, but when the Eurozone debt crisis began, I said at that time, the people of the Eurozone have already given up their sovereign currencies, if they want to nip this debt problem in the bud, they need to issue a Eurozone bond. It’s nice to see the ECOFIN leaders coming around to Chuck’s way of thinking. 3 years later! And finally, in Sweden printed their final 2nd QTR GDP report, and it was revised downward to .1% VS the previous year. Recall that the initial print had 2nd QTR GDP at .6%, which was pretty lofty. I’m surprised at how low the revision took Swedish growth, but it is what it is, right? Of course this is all Old News now. so, let’s just book it and move along, for it won’t push the Riksbank one way or the other at this point. And then before I go to the Big Finish, a long time reader, sent me a note correcting something I said yesterday. I said that New Zealand was a two island nation. Well, Two main islands I guess I should have said! And then when I said that the two currencies of Aussie dollars and kiwi were moving in opposite directions by a wide margin which doesn’t happen very often, the reader said that the two go in different directions all the time. OK. I guess I should have said that I don’t recall seeing them move by such wide margins that often. I stand corrected. well, really, I sit corrected! For What It’s Worth. I found this on Bloomberg this morning. Very interesting take on the thought in the markets that Septaper is a foregone conclusion. here’s the story: “Federal Reserve Chairman Ben S. Bernanke and his colleagues meeting next week are poised to take two steps that appear inconsistent. They will probably lower their estimates for growth for this year and next for the third consecutive time. Simultaneously, they are forecast to start scaling back the $85 billion in monthly bond purchases they have been relying on to stoke the recovery. What’s more, annual inflation has been running at least a half percentage point below the Fed’s goal since December. And while the unemployment rate, at 7.3 percent in August, is falling, that’s mainly because some Americans are leaving the labor force. “As a central bank, you are lowering your growth forecast, inflation is running low, and hiring is slowing and you are going to taper your asset purchases?” said Julia Coronado, chief economist for North America at BNP Paribas in New York and a former member of the Federal Reserve Board’s forecasting staff. “That is a communications challenge.” Chuck again. Well, when you’re considered to be the world’s growth engine, like the U.S. is, when the growth engine begins to have the spark plugs removed one at a time, the rest of the world’s growth will sputter too.. the IMF has been very vocal about this to the Fed, but taking a page out of former U.S. Treasury Sec. John Connally, who told finance ministers years ago when the dollar was sliding.. “It’s our currency, but your problem” The Fed has become very myopic on this matter of tapering, and removing the spark plugs from the growth engine. To recap. The Weekly Initial Jobless Claims got the markets all lathered up for dollar strength yesterday when they were reported to have fallen below 300,000 to 292,000. But then Chuck found that 2 states failed to post claims last week. What? Gold drops curiously with lots of velocity through resistance levels, where are the regulators to look into this? US. Retail Sales is the key today, and next week we shift to the FOMC meeting that will bring us Septaper! Currencies today 9/13/13. American Style: A$ .9245, kiwi .8145, C$ .9680, euro 1.3290, sterling 1.5805, Swiss $1.0735, . European Style: rand 9.9740, krone 5.9220, SEK 6.5494, forint 226.25, zloty 3.1705, koruna 19.4115, RUB 32.67, yen 99.70, sing 1.2695, HKD 7.7540, INR 63.43, China (don’t have the price at home), pesos 13.13, BRL 2.2745, Dollar Index 81.61, Oil $107.59, 10-year 2.92%, Silver $21.69, Platinum $1,431.20, Palladium $692.93, and Gold $1,312.60, and it’s Friday so let’s take a peek at the U.S. Debt Clock by clicking here. That’s it for today. And this week, which has been quite a long week I might add! Well, I did end up going home right after signing off yesterday, I was just too shaky. But better by noon, and off to the doctor I went! Thanks to those that sent along good wishes. Alex had a swim meet last night, and did better than last week, in swimming, improved times is what it’s all about. Cardinals lose last night, and Kathy G. came all the way from Michigan to see them play on her birthday, and they couldn’t pull out a win for her! UGH! Talked to my oldest friend in the world the other day. We met in kindergarten, and are still friends, although rarely see each other, today. I wanted to make sure he was going to our H.S. reunion. At least they’ll be someone there I know! OK.. I know I started the letter off on a bummer of a note this morning, so I hope I’ll be able to put all that behind me today, and I hope you have a Fantastico Friday! Chuck Butler President EverBank World Markets 1-800-926-4922 1-314-647-3837
I apologize in advance if this title sounds a bit sensationalist. However, the sentiment is deserved, because within the next few days we’re expecting important news from our “next Bakken” play that I’ve been talking about for the last ten months now. The final flow rate results for the initial well are due out any day now—and they’re instrumental in determining what happens to our small-cap oil company sitting on a 2-million-acre concession in Central Europe in the near future. In case you’re a new CDD reader, let me just tell you that the whole play is based on what I call the “European Energy Renaissance.” I’ve seen this coming for over five years, and believe me, I’ve had my share of naysayers—people who just couldn’t imagine the European energy sector waking up from its Sleeping Beauty slumber. But recent events have proven me right… Better Late Than Never: 2014 EIA Report Confirms Our Energy Outlook… from Three Years Ago As a contrarian investor, normally I’d worry when government think tanks agree with my own analysis. In this case I’m not worried, though, and I’ll explain why. The US Energy Information Administration (EIA) just published a report stating what the Casey Energy Report stated in its Energy Outlook 2011: that Europe will be increasing its reliance on oil and gas imports over the next decade. The EU28—the current 28 member states of the European Union, not the US or China—is the world’s largest economy (as listed by the CIA World Factbook, the IMF, and the World Bank). The price of fuel, as well as costs for electricity, in most of the EU28 countries is twice as high as in the United States—a fact that most Americans take for granted. To make a long story short, today the Europeans depend on Russia and the high-risk MENA (Middle East/North Africa) countries for oil and gas more than at any other time in history. North Sea production is in steep decline, and since the British government decided to raise the taxes on North Sea oil, the financial rewards have become so meager that they simply don’t warrant the exploration and production risk. Green Energy Is Turning Out to Be a Pipe Dream Even the “Green Lady”—German Chancellor Angela Merkel, formerly a staunch environmentalist and “clean power” proponent—has changed her tune on renewable energy. The green dream is coming to an end in Germany. After all, this past week, it has become the first nation in Europe—and I suspect not the last—to charge homeowners who produce their own electricity via solar panels on their homes. You read that correctly: Essentially, all of the German households that installed solar panels and were promised subsidized green energy must now pay for 70% of the electricity that is generated through their own solar panels, on their own roofs. That equates to a large increase in residential domestic electricity costs already slapped on every household in Germany in 2013. Last year, every household in Germany experienced a 25% increase in electricity costs, and 2014 is expected to bring the same increase in costs. The reason? It’s simple: rising power bills are too high for the government to subsidize, and the green subsidies are coming to an end. Our Greatest Speculation Yet: The “Next Bakken” There’s no way around it: the EU member states will have to begin oil and gas exploration and production on their own soil if they don’t want to end up as doormats for resource-rich Russia. Vladimir Putin is well aware of the economic power he holds, and he knows how to wield it. The result: more and more European countries are becoming convinced that the only way to political independence is through energy independence. Every bull market has three stages. The first is the Stealth Phase, where only the smart money knows what’s going on, and doesn’t lose time in getting in on the ground floor on the best profit opportunities. That Stealth Phase, the first part of the European Energy Renaissance, is occurring right now. There’s one part of Europe, and one particular small company, we have focused on for most of the last year. I call it the “next Bakken,” because if this past-producing oil district proves out, its oil reserves could rival those of the legendary North American Bakken formation. Within a few weeks, maybe even days, we’ll find out if our analysis has led us to potentially life-changing gains with our “Next Bakken” pick. The company’s management are in good spirits; the CEO even put $11 million of his own money into the company—not something you’d do if you weren’t convinced that you’re winning the bet. Once the flow rate results for the initial well—which, remember, is just one well of dozens yet to come—are made public, we’ll be ready to input those results into our financial models, and within 24 hours of the announcement, Casey Energy Report readers will get a full analysis. If the initial production numbers are at or above 500 barrels of oil per day (bopd), we know that we may be on to something as big as (or bigger than) the original Bakken. The question is not if there is oil—we already know it’s there, as the fields have produced almost 100 million barrels in the past using old-fashioned production methods. The question is how much of the existing oil our “Next Bakken” company can extract with the cutting-edge production methods it’s applying. The current well in the “next Bakken” is the longest horizontal oil well ever drilled in this European country, and we think this is just the beginning of the probably hottest energy play of 2014-2015. It’s really that great. This is sort of a déjà vu experience for me. People laughed at me when I said the same thing about Lukas Lundin’s company, Africa Oil, in 2010. By 2013, Africa Oil had become the hottest exploration play in the world, finding world-class, elephant-sized oil deposits in the East African Rift in Kenya. I believe our “Next Bakken” pick will give Africa Oil a run for its money. My friend Lukas Lundin made his billions of dollars by discovering monster oil plays and holding on for the ride—and I’ve learned a lot from him. It’s not too late to get into this amazing oil company, but you want to hurry, before the good news goes public and drives up the share price. Is there any risk? Of course. It’s still a speculation, so please don’t bet the farm on it. While positive flow rate results are not a given, however, I’ve rarely been more convinced that we may be looking at something very, very big here. Case in point: One of the largest independent oil producers in Europe just paid over C$170 million to earn into a small project in an area near our “next Bakken.” Goldman Sachs is now investing in the region through a private energy company. The smart money is starting to enter the region. The best way to dip your toes in the water is to give the Casey Energy Report a try today. Test my newsletter for the next 3 months, and if you don’t like it or don’t make any money, just cancel within that time for a full and courteous refund. Upon signing up, you’ll receive a subscribers-only special report with in-depth analysis on the “next Bakken” and the small-cap company ready to profit from its riches. You’ll also receive a timely email alert as soon as the flow rate results are out. So if you want to get behind the real winner from the European Energy Renaissance and make some serious money from the inevitable bull market in oil, click here to get started now. Additional Links and Reads Russia’s Lukoil, Mexico’s Pemex to Sign Cooperation Memorandum (Reuters) The ink hasn’t even dried yet on the new law, and Russia has already leap-frogged many of the international majors in getting its fingers on Mexican oil. While the agreement is just a cooperation memorandum, it’s definitely a major step for any private company trying to access Mexico’s prolific reserves. We would expect competition to begin accelerating with this first move. Manitoba Pipeline Explosion Cuts Heat to 4,000 Amid Extreme Cold (CBC) More fuel for the pipeline vs. rail debate. More than 4,000 residents were left without power when a TransCanada pipeline blew up and burned for more than 12 hours. While the cause isn’t suspicious, many will use this event as an argument against pipelines. Regardless, Marin believes that both the Keystone and Northern Gateways will be approved. Watch his most recent interview here. Uranium Poised for Bull Market as Japan Reviews Reactors (Bloomberg) While the world reacted optimistically to the possibility of Japan bringing online ten reactors, it’s important to note that this is just an analyst estimate and has already been reported several times since the Fukushima disaster. Nevertheless, there are several reasons why we believe uranium prices are poised to push back upward, which we outlined in our last Casey Energy Report, along with several stocks cashed up and ready to explode in value. At the same time that EU consumption is rising, the EU28’s proven oil reserves are down over 30% since the early 2000s.
The City of New York keeps medallions in short supply to keep the price up and cabdrivers happy. But Uber is operating in the Big Apple, and according to the Washington Post, “the median wage for an UberX driver working at least 40 hours a week in New York City is $90,766 a year.” The Washington Post also reports that in San Francisco, the median wage for an UberX driver working at least 40 hours a week is $74,191. In the tech-savvy Bay area, “Uber has pretty much destroyed regular taxis in San Francisco,” a headline for Time stated. After Uber began in 2012, regular cab rides fell 65%. But it’s not easy for Uber everywhere. Any city that depends upon tourist dollars kowtows to cabbies. The threat of a cabdrivers’ strike in Las Vegas will make a Nevada governor fold before any cards are dealt. Uber has set up shop in Las Vegas but is staying off the resort corridor, where about 95% of cab rides begin around the airport, convention center, or strip. I can attest that the residential neighborhoods are underserved. It’s a dicey proposition, for instance, to call a cab to take you to the airport. You never know if one will show up. Next City reports: “In Vegas, the industry is perhaps more impermeable. With only 16 companies employing around 9,000 drivers in Clark County, it’s both centralized and highly regulated; a state board oversees everything from fares to the number of vehicles authorized per company.” Last year taxis provided 26 million rides in Sin City alone. Vegas cab companies and their union drivers won’t go down without a fight, but serving the residential areas is a great start for ride sharing. Buying Drugs Safely The War on Drugs was declared in the 1970s and has been ongoing ever since, putting millions behind bars for victimless crimes and subjecting countless more to needless harm. Since 2006, more people have died in drug-related violence than have died in the Iraq or Afghanistan war. Why don’t the people just elect lawmakers who will call off the drug war? It will never happen. It’s not even a subject of debate. Besides, law enforcement is getting rich using asset forfeiture laws to steal large amounts of cash under the guise that all cash is used for drug transactions. With illegal drugs, there are no ways to settle disputes, and people risk their lives to buy and sell. Drug production isn’t going to stop, and neither is the demand. Enter Silk Road in 2011. “It was Amazon.com except for products and services that are frowned upon by political elites,” writes Jeffrey Tucker in his forthcoming book Bit by Bit: How P2P is Liberating the World. “It brought peace to the drug markets.” Tucker believes that Silk Road’s administrator “Dread Pirate Roberts” should get the Nobel Peace Prize for his work. The authorities think differently, shutting down Silk Road after three years of operation and jailing the alleged mastermind, Ross Ulbricht. But the market aided by technology is a game of whack-a-mole, frustrating government officials and bureaucrats. They took down one Silk Road, and another popped up. According to Tucker, “There are more products than ever before. The volume of trade is higher than before. There are safe measures for escrow and for encrypted contact between trading partners.” What Else Can Technology Fix? There are apps under development to do most everything. Imagine if you’re stopped by a cop: you touch an app on your phone and an available lawyer is hired instantly to speak on your behalf. Looking for a parking place? An app will direct you to one. The applications are endless. In a scathing article criticizing the sharing economy, Avi Asher-Schapiro writes, “The premise is seductive in its simplicity: people have skills, and customers want services. Silicon Valley plays matchmaker, churning out apps that pair workers with work.” Of course Asher-Schapiro is exactly right, but he hates this idea because he’s writing for Jacobin, “a leading voice of the American left, offering socialist perspectives on politics, economics, and culture.” He believes capitalists are evil and thinks all labor should be unionized. Asher-Schapiro hits the nail on the head with his conclusion: “There’s nothing innovative or new about this business model. Uber is just capitalism, in its most naked form.” Yes, exactly. And it is capitalism (the more naked, the better) that creates prosperity, not politics. We were all supposed to go vote on Tuesday. It’s our civic duty, we’re told. If you want change, your vote is more important than anyone else’s. What a crock. Technology has replaced politics as the way toward a freer, more prosperous world. The easiest example is one everyone understands: once upon a time, communications were controlled by employees in blue suits. The post office had everyone over a barrel. There was a problem, and government wasn’t going to fix it because the postal service was the government. Then came FedEx and the like, along with fax machines. Now everyone gets their utility bills via email. Why send letters when you find out everything you wanted know—and lots of things you didn’t—about friends and family via Facebook? Government has continued to grow, mucking up commerce where it can. But did you ever think you’d see the post office delivering packages on Sunday? Thank you, Amazon. Money The Federal Reserve’s stewardship of the dollar has been atrocious. The once-proud currency has fallen in value by 95% since the Fed opened for business 100 years ago… and Ben Bernanke—and now Janet Yellen—believe it should buy even less. When Nixon snipped the last remaining string between gold and the dollar, Ron Paul was inspired to run for office, thinking politics made a difference. He spent decades scrapping with Federal Reserve Chairmen Alan Greenspan and Ben Bernanke about central bank policies. These exchanges gained Paul millions of followers and helped him raise millions in campaign contributions. He was able to get an “Audit the Fed” bill passed in the House. However, politics—in the form of Harry Reid—stopped it in its tracks. Of course auditing the Fed would not make the dollar sounder. It wouldn’t give citizens a choice in what currency to transact business with or store wealth in. Auditing would only be a political charade, providing the appearance of something being done when in fact it would simply be the government checking on the government. As Paul tilted at windmills, the Fed’s money supply inflation continued. In 2008, a person or group of people decided to take matters into their own hands, brains, and keyboards, developing the cybercurrency Bitcoin under the pseudonym Satoshi Nakamoto. It was entrepreneurship to fix a problem instead of politics. He, she, or they designed and created the original Bitcoin software, currently known as Bitcoin-Qt. This brilliant and anonymous work is—after only a few years—providing a sound alternative to debauched government currencies, and has inspired dozens of competitors. No political grandstanding. No interviews from Capitol Hill. No ghost-written rants in the Wall Street Journal. No horse trading or sausage making. This is the simple creation of a product to satisfy human desires. A product people trade with voluntarily, not through the force of legal tender laws. Lending and Borrowing Regulators have had banks under their thumb. Rates are low, but just try to borrow the money. This is where the market steps in with wonderful innovations. Among the most impressive is a model of borrowing and lending much closer to what we might see in a real market economy. It is called peer-to-peer, or P2P, and it means that those who want to borrow work directly with those who want to lend, bypassing the intermediary role that banks have traditionally played. The market is providing solutions that permit all of us to participate in a system that’s effectively freer than the banking system of the past. For this reason, the peer-to-peer lending business is on the verge of disrupting the banking business in a big way. Through companies like Lending Club, customers can borrow directly from savers who wish to lend. There’s no army of bank vice presidents or their country club memberships to pay for in between them. The P2P model can work for lenders looking to earn a decent return on their money as well, while banks pay little or nothing for interest in this brave new Federal Reserve zero-interest-rate-policy world. P2P was all the buzz at a recent conference sponsored by American Banker. When asked about the conference, Prosper Marketplace President Ron Suber stated: Today’s event was proof that banking has collided with Silicon Valley. The combined size of Prosper and Lending Club has proven that borrowing and lending are now changed forever. Traditional banks are now forming relationships with us so they are not left behind. The proliferation of platform diversification is further evidence of the permanency of the industry. So how can investors earn high returns while borrowers pay competitive rates? “It is a more direct funding process between the investors and the borrowers,” Renaud Laplanche, the CEO of Lending Club, says. “There’s no branch network. Everything happens online and it is really powered by technology and the Internet. And we use technology to lower cost.” Catching a Ride Also lowering costs are ride-sharing apps like Uber and Lift. While taxicab companies are politically powerful, ride sharing is making inroads. “It’s been a great run for New York City’s taxi medallion speculators, but the party could be coming to an end,” Bloomberg Businessweek reported in July. “The average price fell by $5 in June.” The price of medallions (licenses) had rocketed upward for years to over $1 million apiece.
If there’s one thing we’ve learned in recent years in the tech sector, it’s to never, ever underestimate Elon Musk.This is a guy who took Wall Street by storm. His car company, Tesla (TSLA), has been a market darling. In October of 2012, you could have bought a share of Tesla stock for about $28. That share will cost you over $200 today.Tesla has a market cap of nearly $28 billion despite never having had a year with positive earnings. EPS for the trailing 12 months is ($2.36). For comparison purposes, Tesla’s market cap is only a little less than half that of General Motors, which had net income of $2.8 billion last year.Such is the genius of Elon Musk that he’s convinced investors he has a product whose sales will grow, essentially, to the moon.Thus when we came across a story headlined Why Tesla’s Battery for Your Home Should Terrify Utilities, we had to take a look.Seems that during a mostly disappointing Tesla earnings call last week, Musk casually dropped the news that his company is working on a full-house battery that could help you break up with your expensive utility company and propel you into off-grid self-sufficiency. You can listen to the call if you’re curious.Interest in solar power is nothing new for Elon. He chairs a company called SolarCity, which has been installing panels on people’s roofs since 2006, now has 168,000 customers, and controls 39% of the residential solar market.With solar power the big bugaboo is energy storage—when the sun is shining, you aren’t always using electricity, and vice versa. So your solar power always had to come with a regular utility hookup or a giant room full of expensive and toxic lead acid batteries (99% of people opted for the former, of course). Now along comes Musk, claiming that he has a battery on the way that’ll solve that problem. The design should be available to see within the next month or two, and production could begin in as little as six months.Musk says that within 5-10 years, every set of solar panels that SolarCity installs will come with a battery pack. That dovetails nicely with last fall’s announcement that Tesla will build a vast “gigafactory” for producing lithium-ion batteries in Nevada. Not everyone is convinced, let it be said.How successful these efforts will be remains to be seen. But as noted at the outset, this is one tough cookie to bet against.Your Computer’s Hard Drive Is Telling On YouChances are you trust your computer’s hardware. The software on it might end up infected by some malware, but you can always wipe it and start over, confident you’re rid of the spies. Not so fast…As if we didn’t have enough to worry about on the privacy front, Kaspersky Lab—a highly regarded, Moscow-based software security company—announced on Monday that a Western government agency (Kasperky is Russia based) has been planting surveillance software deep within hard drives made by top manufacturers, allowing it to eavesdrop on almost every computer in the world. And it’s been at it for many years.Kaspersky declined to identify the offending agency by name, preferring instead to say that the company has discovered “a threat actor that surpasses anything known in terms of complexity and sophistication of techniques, and that has been active for almost two decades—The Equation Group.” But the obvious assumption is that they’re talking about the NSA.The spyware is closely related to the Stuxnet virus, the malicious code developed by the US and Israel that caused widespread damage to the Iranian uranium enrichment program. It can be found within drives manufactured by Western Digital (WDC) and Seagate (STX), which have denied that they had any knowledge of such programs. Samsung and Toshiba drives are also affected, but they have so far declined to comment.This is the first known malware capable of infecting the hard drives, and it’s particularly malicious since the computer essentially reinfects itself every time it starts up the hard drive. Infection occurs primarily through the use of Trojans delivered from the outside to unsuspecting victims who will never know they’re there. But the attackers went further and also used an interdiction technique—intercepting physical goods and replacing them with Trojanized versions.The good news is that institutions with infected hard drives should be able to detect the NSA spyware using technical details that Kaspersky published in its report—though it’s not really clear if mere mortals will be able to do so any time soon.Of course, if you can’t count on your government’s expensive viruses to get you in the door any longer, just change the law and make it so the government can hack you any time. That’s what the US is doing. Thankfully, at least Google is fighting back publicly.Bits & BytesFresh off Apple’s (AAPL) record-breaking quarter, talk of a trillion-dollar market cap is popping up… yet again. The latest comes from UBS. The investment firm believes Apple can reach the trillion-dollar mark on the back of a “mega-ecosystem”, which includes the iPhone and services like Apple Pay, Car Play, HomeKit, and HealthKit. A trillion-dollar market cap implies share price appreciation of around 35%.Still, at least one famous fund manager is reducing his stake. David Einhorn of Greenlight Capital recently sold around a half-million Apple shares. But he still holds about 8.6 million shares, making Apple one of his top positions.Apple will buy Tesla. That bold prediction comes from tech pundit Jason Calacanis, who cites 19 reasons why Apple will scoop up the electric carmaker. The deal will happen in the next 18 months, claims Calacanis. He sees a purchase price of $75 billion, a hearty 300% premium over Tesla’s current market value. But shareholders might want to reject that bid. CEO Elon Musk thinks Tesla’s market cap could match Apple’s in 10 years. That would mean a 30-fold increase in share price.It will be one of the most expensive Apple products to date. We’re talking about the coming Apple high-end watch, which will be cased in 18-karat gold and carry a price tag in excess of $4,000.Apple is pouring nearly $1 billion into a solar farm, which CEO Tim Cook describes as the company’s “biggest, boldest and most ambitious project ever.” Cook claims the investment will have significant environmental and financial benefits via savings on powering the company’s energy-hungry data centers. Apple is working with First Solar (FSLR) on the project.One last thing about Apple, in case you were hiding under a rock. It’s reportedly developing an electric vehicle, dubbed project Titan. The prototypes of the project appear to be in the form of minivans, which have been spotted in New York and California. Some say the project is essentially a publicity stunt. Others say Apple is dead set on developing a car, which is bad news for Big Auto.Turns out Apple isn’t the only tech company eyeballing the auto market. Sony (SNE) recently took a 2% stake in ZMP, a Japanese startup making robot cars. The two firms ultimately hope to develop self-driving car technologies by combining Sony’s expertise in image sensors with ZMP’s expertise in robotics. Sony aims to be number 1 in auto image sensors.Meanwhile, Sony is going through a major overhaul, which includes moving away from low-margin products like computers, televisions, and mobile phones. Hopefully, Sony’s hideous smartglasses are on the chopping block too. The restructuring effort will help lead to a 25-fold profit jump by 2018, according to the company.Zero emissions is nice and all, but speed is what we really want. Tesla’s Model S P85D has plenty of that. How fast? Try 0 to 60 in about three seconds flat. That kind of acceleration is comparable to some of the world’s fastest sports cars, such as Lamborghini, Ferrari, and even the McLaren F1 supercar.Speaking of speed, 5G is on the way. The next-generation network should be rolled out near the end of the decade. It will boast download speeds of about 30 times that of its predecessor, 4G.Short taxi medallions! That’s what the folks at the investment firm Jeffries recommend. It’s a way to play the rise of car-sharing services like Uber, which threaten to upend the taxi industry and drive down the price of taxi medallions, or licenses to drive cabs… that is, until regulators shut it all down and constrain supply again.Genetically modified (GM) apples just got the nod from the USDA. The appeal: they don’t turn brown quickly when bruised or sliced. That means less waste. Sounds like a good deal. But not everyone agrees. Friends of the Earth say the GM apples could be unsafe, and are certainly unnecessary, as the browning process can be slowed by applying natural substances, like lemon juice.Amazon’s (AMZN) plans to deliver packages with drones just suffered a setback. The FAA recently proposed regulations on drones, including prohibiting the unmanned aircraft from flying over people not involved in the drone operations, and requiring drones to be flown by an observer on the ground who can maintain visual contact with the aircraft.The White House has added another national tech position: Chief Data Scientist. So is this going to be like the FDA and Surgeon General, and will the first person to occupy this office recommend throwing your computer in the bathtub to lubricate its ball bearings? That’s roughly equivalent to reducing your salt intake to levels that will kill you, reducing cholesterol for no good reason, or a host of other awful medical advice perpetuated by the government. Hopefully our new data commander in chief knows the difference between good data and lobbying spin.Lastly, Nike (NKE) just released an app that has quickly become a massive hit. Simply put, it could transform the entire world of fitness virtually overnight.
I doubt you could go a week without checking your portfolio. These days, few investors can. But there’s a better way to live, I promise. Buy and hold. It’s the simplest investment strategy, yet the hardest to follow. This isn’t just a distraction. Impatience causes investors to chase winners or to sell at the first sign of panic. They don’t often like the results. Investors who ride out the ups and downs fare much better. Mr. Market rewards patience. For the past two centuries, shares of large US companies have generated annualized returns of around 10%. Compounding can turn small investments into fortunes, especially for investors who start early. Buy-and-hold investing also racks up fewer fees. Plus it’s often better for your tax bill. It almost sounds too easy. Just buy great companies and hang on. The problem lies in execution. The simplicity of buy-and-hold leads many investors to blindly pick index funds. But these vehicles hold laggards as well as industry leaders. Others don’t think twice about timing. Buying stocks at the top of the market is a great way to negate years of compound interest. Wouldn’t you rather wait to buy stocks on sale? That’s the other side of patient investing that no one talks about. Opportunistic investing is just as important as holding stocks for the long haul. The world’s greatest investors don’t jump on investments at first sight. They wait like crouching tigers for the right moment to pounce. Opportunity can come in the form of lower valuations or when momentum swings in their favor. We at The Casey Report practice both types of patient investing. We’re constantly looking for powerful under-the-radar trends that will play out for years ahead. When we find an investment we like, we wait until the risk/reward is in our favor before investing. A few months ago, The Casey Report recommended an interesting way to play the return of inflation. I know what you’re thinking, and it’s not gold. But it is a textbook contrarian investment. The masses hate it. “Smart money” loves it. You can guess whom we agree with. This idea had been on our minds for awhile. But we held off until the downside was tiny and the upside massive. The time to invest is now. To learn about this contrarian investment and other ways to turn patient investing into profits, take The Casey Report for a risk-free trial today. What are you waiting for?
An Unexpected Turn of Events for Gold Not too long ago, we measured every bull cycle of gold stocks in recent memory and discovered something interesting… Seven out of eight distinct gold upcycles have returned more than 100% overall. And, right now the next cycle has just begun… For the full story, click here. Justin’s note: Today, we’re breaking away from our usual fare and featuring a new essay from one of the best value investors in our business, Bonner & Partners analyst Chris Mayer. Over a 10-year span, Chris outperformed not only the S&P 500, but also legendary investors like Warren Buffett and Carl Icahn.In short, it pays to listen to him. And with today’s unpredictable market, it’s now more important than ever to hear his advice… By Chris Mayer, editor, Bonner Private Portfolio Welcome to 2018. Pull up a chair and stay awhile. We all have the same questions: What awaits us in 2018? What dangers lie ahead? What opportunities? What to do now? Before we get to our answers, I have a parable to share. It will help get you in the right frame of mind. I first read it in a book by Alan Watts (1915–1973), who was a popular speaker and writer mainly on Eastern wisdom as found in Zen, Buddhism, Taoism, etc. Below is my rendition of the story. The parable is about a farmer. One day, he forgets to latch the barn door and his horse escapes. “That’s bad news,” his neighbors tell him. But the farmer is more circumspect. “Maybe,” he says. The next day, the horse returns… with several other wild horses as well. “Wow, that’s great,” the neighbors say. “Maybe,” says the farmer. The next day, the farmer’s son breaks his leg after being thrown by one of the new horses. “That’s rotten luck,” the neighbors say. “Maybe,” says the farmer. The next day, there is a war. Men come to the village to draft soldiers. The farmer’s son does not have to go. “What good luck,” the neighbors say. “Maybe,” says the farmer. You get the point of the story. You can never really be sure how things will turn out. Bad news may, in fact, lead to a good outcome down the road. And vice versa. I agree with the author Kurt Vonnegut, who said, “The truth is, we know so little about life, we don’t really know what the good news is and what the bad news is.” Recommended Link The market provides abundant examples of the parable in action. I remember a point early last year when one of the recommendations in Bonner Private Portfolio, Rolls-Royce (RYCEY), fell 9% in one day after a “bad” earnings report. More than one reader wrote to me with worried thoughts. We said buy. The stock is up nearly 50% since. Or consider a counterexample: U.S. stocks, by and large, had a very good year in 2017. The S&P 500—a broad index of large U.S. companies—delivered a 22% return. Good, right? Well, maybe not. — — The Death Of GMOs Means Huge Profits For Some A New Breakthrough Could Disrupt the Entire GMO Industry… Sending Select Stocks Higher Starting February 27th. Learn how to profit from this scientific revolution here. Recommended Link For one thing, it is very hard to find bargains in the U.S. stock market today. Prices look rich for many stocks. The risk of buying something expensive and suffering poor returns or losses is higher now. Time will tell if the generous gains of 2017 stick or whether they merely set the stage for a difficult 2018. Thus, the parable nudges you to take the happenings of life with equanimity. You never really know. A Mountain of Dishes I had been reading Watts over the holiday break and I shared bits here and there with my family. I would like to share one other story from Watts you may find helpful as you think about the road ahead. Watts writes about the frustration or dread you may feel upon realizing you have a large or repetitive task ahead of you. He likens it to having a pile of dishes to clean. Here is Watts in his own words, from Eastern Wisdom, Modern Life: You begin to think as you wash them that you’ve washed dishes for years, and you’re probably going to have to wash dishes for the rest of your life, and then in your mind’s eye you see this prodigious pile of dishes piling up as high as the Empire State Building… and you are appalled and oppressed. But dispelling this dread isn’t a matter of trying to forget about washing dishes, it is realizing in actual fact you have only one dish to wash, ever: this one; only one step to take, ever: this one. I told this story to my 15-year-old daughter. She remembered it, because a couple of days later, after dinner, I complained about not wanting to do the pile of dishes. (True story.) My daughter gleefully pointed out, “But Dad, you only have to do one!” Well, she’s right. The Right Frame of Mind What awaits us in 2018? What dangers lie ahead? What opportunities? What to do now? We answer these questions with a question: Remember Watts and his story with the dishes? We will deal with the year as it unfolds day by day. Better to live in the present. There is no future. There is no past. Only the present is “real.”We think most people spend too much time and energy trying to predict things they can’t predict (such as the stock market). They worry incessantly over imagined problems.We’ve preached a different message in my Bonner Private Portfolio newsletter: Focus on the businesses you own and how they can create wealth over time. A business is like an organism, or perhaps a machine. You can understand how it works. And you can use this understanding to gain a real edge over the market. This is what we focus on. For now, we reiterate what we said earlier: Keep a good amount of cash in your portfolio. I suggest having 30% in cash. There will be times to put that cash to work. 2017 was a strange year in that it was the only one on record in which the S&P 500 recorded a gain every single month. It is unlikely to repeat, hence the value of dry powder. Thanks for reading, and here’s to a prosperous 2018! Regards, Chris Mayer Editor, Bonner Private Portfolio P.S. On Thursday, February 8, I’ll be joining Bonner & Partners chairman Bill Bonner and Casey Research founder Doug Casey for the first-ever Legends of Finance Summit. During the summit, I’ll show you how I’m applying my investing strategy to Bill’s “Trade of the Century” concept. Be sure not to miss it. You can sign up for this free event right here. Justin’s note: I recently showed you why the dollar is about to fall from here. Today, master trader Jeff Clark offers further proof by looking at this trend from a more technical perspective… Chart of the Day: The Buck Is About to Get Flushed By Jeff Clark, editor, Market Minute The U.S. Dollar Index has been in a strong downtrend for over a year. It’s fallen over 5% in just the past two months. When we looked at the dollar earlier this month, we noted the index was headed toward its September low at about 91 (the second horizontal red line on the chart below). And we cautioned that, if that level did not hold as support, then there was a lot more room to fall before the dollar reached its next support level. Well… look out below. After a couple of days of trying to gain some footing, the U.S. Dollar Index turned lower again yesterday. It’s oversold. And investor sentiment (a contrary indicator) is quite bearish on the buck. That might be enough to cause a short-term bounce. But I don’t think so. Look at the MACD and RSI indicators at the bottom of the chart. There’s no sign yet of any positive divergence. This tells us the downtrend is strong and likely to continue. To me, it looks like the dollar is on the verge of a “flush-out” move. A flush-out is that final, dramatic decline that occurs at the end of a prolonged downtrend. Investor sentiment is usually quite bearish. Technical conditions are almost always oversold. Yet, in spite of all that, the asset still can’t manage to bounce. That’s when the last of the holdouts finally throw in the towel. They’re exhausted from holding on to a position that does nothing but fall. So, they finally hit the “sell” button. I expect that’s what will cause the next big drop in the dollar—which should bring the U.S. Dollar Index to its next support line, about 3% lower from here. In turn, that action is likely to spark another nice move higher in gold. —Jeff Clark Justin’s note: Before I start my trading day, I always check my inbox at 7:30 a.m. ET for Jeff Clark’s Market Minute. Each day, Jeff has new market insights that improve my trading performance… like which charts to watch during the week ahead… which technical indicators to use… or just some tried-and-true strategies from his 30-plus years as an option trader. I asked Jeff if I could share his newsletter with Dispatch readers. And he set up this link you can use to subscribe to the Market Minute. It’s completely free and should give you the same trading edge I get from reading the Market Minute every day. Click here to get started. Reader Mailbag Today, two readers share their thoughts on the crypto mania: I just love all of the crypto skeptics. They are living proof of why this trend will take a while to unfold. I am amazed that more people don’t try to understand what is going on instead of dismissing it out of hand. Their comments reveal a complete dearth of understanding. Time will tell. —Tom Good for the skeptics. The rest of us are “laughing all the way to the bank.” —John And another is taking advantage of the huge opportunity in marijuana stocks today: The mailbag posted a response of mine on the war on drugs. Thanks! But a big million-dollar thanks on helping me and my partner find an ETF in the international market that was a sleeper at 3% for the last three years and last year, had gains of over 40%. If you can read between the lines, it’s because it is now doing extensive research in developing drugs that are plant-based. Hello, they are not going to say what plant! —MauriceIf you have any questions or suggestions for the Dispatch, send them to us right here. In Case You Missed It… Doug Casey recently revealed his biggest speculation today… This is only the second time in 41 years as an investor that he’s said, “If I could call your broker and place this trade for you myself, I would.” Details here…
The Tuscaloosa Police Department needs your help identifying a theft suspect.Tuscaloosa police responded to a theft call on Dec. 28, 2018 at Walmart. Officers were informed that the following suspect had taken approximately $1,300 worth of electronics and equipment from the store without purchasing them.If anyone has any information on the suspects identity or whereabouts, please call Crime Stoppers at 205-752-7867.
The Alabama Historical Association held its 72nd annual meeting in honor of the state’s upcoming bicentennial.Historians and others who are interested in Alabama history are listening to new research that has come out on the history of Alabama. Alabama Historical Association secretary Mark Wilson hopes researches can publish their work for others to learn about the state’s history.“We hope that some of the presentations that are presented here today, that we could talk those presenters into submitting manuscripts to the journal so that we could publish their work so that everyone can learn about it,” Wilson said.There was also an awards banquet last night and the final day of the meeting took place today, April 27.
After capturing the moment with her phone’s camera, Michelle Dailey Cupepper posted the photo to Facebook. Since then, it has been shared almost 700 times and has received over 1,000 reactions. A Northport police sergeant went viral Friday afternoon for performing a kind act that was caught on camera.Sgt. Anthony Parker was photographed carrying two small children to cooler air after their mother’s car broke down near the intersection of McFarland Boulevard and Watermelon Road.“We’re always helping any citizen that we can, be it helping them get across the road to change their tire,” Parker said. “A lot of time we are seen in a negative light and for someone – we do this everyday. We’re always trying to help somebody.”
ATHENS — Defending champion Olympiakos scored three times in the opening 32 minutes to open its Greek league sseason with a 3-1 victory against newcomer Niki Volos.Pajtim Kasami opened the scoring in the 11th minute with a 30-meter drive, Dimitris Diamantakos made it 2-0 in the 28th with a point-blank shot and Ibrahim Afellay added a third in the 32nd after avoiding two defenders in the area.Niki was lucky to be only three goals behind at halftime but had the better chances in the second half. Vasil Shkurti scored on the break with a low drive in the 56th, dribbling past Eric Abidal on the way.Also, OFI beat Panetolikos 1-0 and Kerkyra scored twice early before holding on for a 2-1 win over Panthrakikos.TweetPinShare0 Shares
GENEVA (AP) — Michel Platini plans to speak at the UEFA presidential election to replace him next week, despite his current FIFA ban from soccer politics.A spokesman for his Paris-based lawyers said Wednesday that Platini had been invited to the Sept. 14 meeting in Athens by UEFA, and wanted to address delegates as part of a handover of the final two and a half years of his presidential mandate.However, it is unclear if Platini is allowed to attend under the terms of his four-year ban for conflict of interest, over a $2 million payment he received in 2011 from FIFA.A spokesman for FIFA’s judging chamber said: “This would have to be decided by Mr (Hans-Joachim) Eckert as chairman of the adjudicatory chamber of the independent Ethics Committee. However, so far, he has not yet received a respective request by UEFA.”UEFA also invited its outgoing president to European Championship matches in June and July since his final appeal case at the Court of Arbitration for Sport failed to overturn the ban.Platini did not attend any Euro 2016 games in his native France despite FIFA ethics committee advice that he could go to stadiums but not discuss business with former colleagues.The election is a head-to-head between UEFA vice president Michael van Praag of the Netherlands and Slovenian soccer federation leader Aleksander Ceferin. Angel Maria Villar of Spain withdrew from the race on Tuesday.England backed Van Praag on Wednesday, though it is a rare public endorsement for the 68-year-old former Ajax club president compared to public pledges for Ceferin among the 55 UEFA members.English Football Association vice chairman David Gill said Wednesday that Van Praag “would be able to provide the strong and credible leadership European football requires at a crucial moment for the global game.”Van Praag is the “right choice to bring all aspects of the European game closer together,” said Gill, who is also a UEFA vice president.France and Germany have backed Ceferin, who was little known before the campaign but has also attracted support in eastern Europe and Scandinavia.Poland’s federation — led by Zbigniew Boniek, a former teammate of Platini at Juventus — also came out for Ceferin on Wednesday.Tensions between the two candidates have risen ahead of attending meetings on Thursday with voters in Copenhagen.Responding to a Norwegian magazine’s investigation into Ceferin’s alleged alliance with FIFA President Gianni Infantino, Van Praag wrote on Twitter that UEFA did not need a “power hungry politician.”Denmark’s federation, which hosts the candidates on Thursday, had welcomed Ceferin’s candidacy in June in a joint letter with regional neighbors Sweden, Finland and Norway. The four nations are also preparing a co-hosting bid for the 2024 European Championship.Still, the Danish federation and national league made a joint statement Wednesday that they also want to discuss UEFA’s recently agreed changes to the Champions League for the 2018-21 seasons.The deal guarantees more entries and tens of millions of dollars in prize money to clubs from the top four-ranked leagues — currently Spain, Germany, England and Italy — at the expense of mid-ranked countries like Denmark.The Danish soccer bodies said they shared “great dissatisfaction with the process.”“The process was wrong, the result is wrong,” Danish league CEO Claus Thomsen said. “A fundamental change of the format has been rushed through UEFA and the ECA (European Club Association) even though a new UEFA President will be elected in a week’s time and even though there are no publicly elected leadership in UEFA.”Van Praag and Ceferin both say they oppose Europe’s top clubs breaking away to form a Super League. However, Danish officials say they fear a de facto Super League created within UEFA in partnership with elite clubs.Influential clubs, including Juventus and Real Madrid, were seen to have exploited the absence of Platini, the UEFA president since 2007, to pressure the European soccer body this year for a more favorable deal.TweetPinShare0 Shares
PARIS (AP) — This is why Stan Wawrinka went through two operations on his left knee in the span of a month. Why he dealt with the rigors of rehabilitating that joint.Why he did all the work, on and off the court, required to get back on the grind, to raise his ranking from outside the top 250, to matter again in the sport he loves.So he could participate in, and win, matches like the 5-hour, 9-minute test of excellence, endurance and emotions that the 34-year-old Wawrinka barely claimed against the 20-year-old, caked-in-clay Stefanos Tsitsipas by a 7-6 (6), 5-7, 6-4, 3-6, 8-6 score Sunday at the French Open to reach a Grand Slam quarterfinal for the first time in two years.And so he could advance to what comes now: a matchup Tuesday against his friend and countryman Roger Federer, who hasn’t dropped a set so far in the tournament.Switzerland’s Stan Wawrinka celebrates winning his fourth round match of the French Open tennis tournament against Greece’s Stefanos Tsitsipas in five sets, 7-6 (8-6), 5-7, 6-4, 3-6, 8-6, at the Roland Garros stadium in Paris, Sunday, June 2, 2019. (AP Photo/Christophe Ena )“That’s the reason why came back. … I love and enjoy to play in front of people, to play in the biggest tournaments you can play. Today was something really special,” said Wawrinka, who won the 2015 championship at Roland Garros for one of his three major trophies. “For sure, when I’m on the court, I try to enjoy and remember, also, everything I have done to be here.”Exhausted as he was by a match finally decided by a backhand that floated past Tsitsipas and landed on the outside edge of a line, Wawrinka still possessed the energy to joke about facing Federer, who has won 22 of their previous 25 meetings.When a reporter, perhaps trying to offer some hope, pointed out that Federer, 37, is the older man, Wawrinka smiled and responded: “Yeah, but he is much better than me, also. So never forget that.”The No. 6-seeded Tsitsipas was not in any mood to laugh: He said this close-as-can-be loss — he accumulated more total points, 195-194 — caused him to shed post-match tears for the first time in a long time.“Never experienced something like this in my life. I feel very disappointed,” said Tsitsipas, who upset Federer at the Australian Open in January en route to his first Grand Slam semifinal. “Emotionally, wasn’t easy to handle. I will try to learn from it as much as I can.”Asked moments later what lessons he might have gleaned, Tsitsipas looked blankly ahead and answered in a monotone: “I have no idea. My mind is so empty right now. I cannot even think, so I don’t know.”Greece’s Stefanos Tsitsipas uses a towel during his fourth round match of the French Open tennis tournament against Switzerland’s Stan Wawrinka at the Roland Garros stadium in Paris, Sunday, June 2, 2019. (AP Photo/Christophe Ena)As the sun blazed, unobstructed by clouds, and the temperature soared toward 85 degrees Fahrenheit (30 Celsius), Wawrinka and the diving-for-volleys Tsitsipas provided by far the best theater around the grounds.Spectators at Court Suzanne Lenglen cheered wildly for Wawrinka when he egged them on, cupping his ear or flapping his arms or even blowing a kiss. Tsitsipas’ electric, net-rushing style earned support, too, although he chastised himself early on for playing “like a freaking zombie!”The key, ultimately, was this: Wawrinka saved 22 of 27 break points, including 8 of 8 in the fifth set.“I was so close. So close. I gave him room to do whatever he likes, all those break points,” Tsitsipas said, pausing frequently between words. “So many break points. So many.”Nothing quite so riveting earlier, when Federer beat 68th-ranked Leonardo Mayer of Argentina 6-2, 6-3, 6-3 to become the oldest men’s singles quarterfinalist in Paris since 1971.Federer is back at Roland Garros for the first time since 2015, when he lost to Wawrinka in the quarterfinals. They’ve known each other forever, basically, and paired up to win a doubles gold medal for Switzerland at the 2008 Beijing Olympics.“I’m just happy for the guy that he’s back after his knee problems. They were severe, and that’s why I think he’s really happy he got sort of a second life on tour. Because I think for a while there, he wasn’t sure if he was ever going to come back again. It’s nice to see him pain-free and playing well,” said Federer, who didn’t face so much as a single break point Sunday. “I hope he’s not at the level of ’15, but we’ll find out, because there, he was crushing the ball. It was unbelievable.”Joining Federer in the quarterfinals, oddly enough by the same score, was 11-time champion Rafael Nadal, who was never troubled by 78th-ranked Juan Ignacio Londero of Argentina. Nadal next meets No. 7 Kei Nishikori or Benoit Paire, whose match was suspended because of darkness with Nishikori leading two sets to one.The two women’s quarterfinals established Sunday: 2017 U.S. Open champion and 2018 French Open runner-up Sloane Stephens vs. No. 26 seed Johanna Konta, and No. 31 Petra Martic vs. 19-year-old Marketa Vondrousova .Wawrinka had elbowed his way into the upper echelon of the sport — no easy feat in this era of Federer, Nadal and Novak Djokovic — with his trio of majors and a career-best ranking of No. 3, when he needed knee surgery in August 2017, a few months after losing in the French Open final.He then needed another procedure, and the path back has been arduous, including a first-round loss a year ago in Paris, shortly before his ranking slumped to 263rd. But he has climbed enough to be seeded No. 24.“It’s never sacrifice when you love what you’re doing. For sure, last two years were tough, but again, I have been here before,” Wawrinka said. “I think I know exactly what I’m doing.”___By HOWARD FENDRICH AP Tennis WriterTweetPinShare0 Shares
Copyright 2019 NPR. To see more, visit https://www.npr.org.
Mosquitoes searching for a meal of blood use a variety of clues to track down humans, including our body heat and the carbon dioxide in our breath. Now, research shows that a certain olfactory receptor in their antennae also serves as a detector of humans, responding to smelly chemicals in our sweat.Targeting this receptor might offer a new way to foil blood-seeking mosquitoes and prevent the transmission of diseases including malaria, Zika virus and dengue, according to the study published Thursday in the journal Current Biology.”We found a receptor for human sweat, and we found that acidic volatiles that come off of us are really key for mosquitoes to find us,” says Matthew DeGennaro, a neurogeneticist at Florida International University in Miami.”I think what’s exciting about it is that finally we have evidence that there is some sort of pathway, in the sense of smell, that is required for mosquitoes to like us,” says Lindy McBride, a scientist at Princeton University who studies mosquito behavior and was not part of the research team. It’s long been known that mosquitoes rely on multiple clues to target humans. First, a mosquito will sense exhaled carbon dioxide from a distance that can be more than 30 feet. “After the carbon dioxide,” DeGennaro explains, “then it begins to sense human odor.”The mosquito follows this odor and, when it gets very close, starts to detect body heat. Once mosquitoes land on you, “they actually can taste your skin with their legs and then they look for a place to bite,” DeGennaro says.He and his colleagues genetically altered mosquitoes to block the activity of a specific olfactory receptor called Ir8a. The result was that female mosquitoes — which are the ones that suck blood — were no longer attracted to lactic acid, an important component of human sweat.What’s more, the team did a variety of lab tests to see if disrupting this receptor would make mosquitoes less responsive to humans. The scientists asked people to put their hands into a device called an “olfactometer” that let mosquitoes smell them from a distance. Captive mosquitoes could fly through the device to get close, but not close enough to bite. Tests showed that genetically altering mosquitoes to disable this olfactory receptor made the pests significantly less likely to fly toward the humans’ skin.And to show that it was a response to smell that was being affected, the researchers also had people in the study wear nylon sleeves for about 12 hours to collect sweat. Then they put these sleeves into the olfactometer. Again, mutant mosquitoes were much less attracted to the scent than normal mosquitoes were.Now, it might seem obvious that crippling mosquitoes’ olfactory system would make it difficult for them to smell people. “But the thing is, mosquitoes smell in a couple of different ways,” McBride says. Previous work showed that disabling a different part of the olfactory system “had no effect, and it was a big surprise,” she notes. “So it’s really exciting to see that this other type of smelling is actually essential.””I thought this was a fantastic study,” says Jeff Riffell, a biologist at the University of Washington who studies chemical communication. “It’s an open question about how mosquitoes, No. 1, can locate people to bite. And then, how do they choose which people to bite — what are the mechanisms?”Riffell says this study shows conclusively that the behavior is mediated by a receptor that allows the mosquitoes to “smell our, you know, kind of funk or body odor. And so they’re able to really demonstrate the importance of this receptor.”It might be possible, he says, to create “a perfume or a chemical that prevents that receptor from operating. So you can imagine it being like a perfume or something you sprayed on, and mosquitoes can no longer kind of detect our sweat.”Laura Duvall of The Rockefeller University in New York, who studies host-seeking behavior in mosquitoes, says this research might also help explain how mosquitoes distinguish between humans and other animals.”Mosquitoes are so good at finding us because they’re paying attention to many different components of human odor — including the acidic volatiles that we produce,” she notes.Disrupting any one single pathway isn’t likely to prevent mosquitoes from biting us, Duvall says. But understanding all the signals that the insects use could help “make better human mimics, which could be used to lure mosquitoes into a trap — and away from humans.”Larry Zwiebel, a biologist who studies insect olfaction and behavior at Vanderbilt University, says evolution has created a sensory system for mosquitoes that has lots of parts that overlap and interact to produce the most efficient human-seeking machine. He says some of the lab tests in this study, for example, made it clear that carbon dioxide was necessary for sensitizing mosquitoes to lactic acid in human sweat.”So it shows that in order for this process to really work effectively, and at its highest level, the mosquito wants to sense carbon dioxide, and that information makes the lactic acid information more valuable to the mosquito — more usable,” Zwiebel says.”The mosquito is looking for what is often called a coincidence detector,” he says. “It’s not just one signal, but many signals — all of which, when they coincide, provide the strongest degree of impulse to drive this behavior.”Finding ways to overstimulate parts of the mosquito’s human-detection system, Zwiebel says, might help scientists create a particularly powerful repellent. For the mosquito, he says, the effect would be “like getting on an elevator with someone who has put on way too much cologne.” Copyright 2019 NPR. To see more, visit https://www.npr.org.
The bowl seats 17,500 for basketball and 18,000 for concerts.Last updated on July 3rd, 2019 at 07:10 pmThe promises of living wages and workers’ rights have been major talking points for the Milwaukee Bucks during the construction and recent opening of the new downtown arena, Fiserv Forum.As part of its Milwaukee Area Service and Hospitality Workers Organization (MASH) agreement made in February, the arena’s 1,200 part-time service and hospitality workers will earn an hourly wage of $12.50, increasing to $15 by 2023– and Bucks officials say the initiative will set a new compensation standard for those industries. But one workers’ group is not satisfied.Local 18, Milwaukee’s chapter of the International Alliance of Theatrical Stage Employees is demanding higher wages and employee benefits for stagehands working at Fiserv Forum. The union has held informational pickets outside the arena since it opened.Through its hiring hall, Local 18 places 350 to 400 area stagehand workers in jobs at events including Summerfest and Wisconsin State Fair, and at entertainment venues including Marcus Center for the Performing Arts and Pabst Theater, among others.“There are efforts to hire stagehands (for the arena) with extremely low wages,” said Tom Gergerich, the group’s business agent. “We work at venues and festivals around the area, and we don’t feel that this level is acceptable for the work we do.”The wage standard for stage employees in the Milwaukee area starts at about $20 an hour (or a little over) with benefits, but the Bucks are currently offering $12.50 to $14 an hour and no benefits, Gergerich said.The exact wage amount sometimes varies from venue to venue depending on its conditions, but all venues follow a general wage and benefits standard, he said.Stagehands work behind the scenes during entertainment events. Their responsibilities include stage construction and set-up, lighting, sound, rigging and special effects. Some stagehand jobs require certifications in electrical or carpentry, which, he said, sets the trade apart from other service industry jobs, as “a different level of service and skill.”Local 18, prior to Fiserv Forum’s Aug. 26 opening, approached the Bucks with its concerns, but no resolution was made.Bucks officials declined to comment.Gergerich said the group’s efforts so far have focused on providing information to the Bucks, the public, local politicians and area stage employees about the stagehand industry and its usual wage standards.“We won’t drop the torch,” he said. “We’ll keep it up, and hopefully, there will be a better working conditions down the road… we are trying to encourage the right thing.”Fiserv Forum will host its grand opening show on Tuesday, Sept. 4, featuring The Killers and Milwaukee natives Violent Femmes. The Bucks will host its regular season home opener on Friday, Oct. 19, against the Indiana Pacers.The arena will also be home to Marquette University men’s basketball, which will hold its own open house at Fiserv Forum on Aug. 29. The team will begin its season later this fall. Get our email updatesBizTimes DailyManufacturing WeeklyNonprofit WeeklyReal Estate WeeklySaturday Top 10Wisconsin Morning Headlines Subscribe
A rendering of the R1ver project planned by Michels Corp. along the Kinnickinnic River in Milwaukee.Last updated on July 2nd, 2019 at 10:56 amIn 1959, almost 60 years ago, Dale Michels went into business as a gas pipeline contractor, building and installing natural gas distribution systems for Wisconsin utilities.Michels had two business partners, but he was the majority owner of the company, then known as Michels Pipeline Construction. In the beginning, the company had four employees. Michels was the foreman and his wife, Ruth, drove the dump truck.A rendering of the R1ver project planned by Michels Corp. along the Kinnickinnic River in Milwaukee.Today, the company remains headquartered in Michels’ hometown of Brownsville, a small village about 40 miles northwest of Milwaukee. But it has grown considerably since its humble beginnings. Now known as Michels Corp., it has 8,000 employees and is expected to bring in nearly $3 billion in revenue this year. Over the years, the heavy civil infrastructure construction company has branched out and now does about 65 percent of its business on energy infrastructure projects (pipelines, transmission lines, electric substations, renewable energy projects), about 20 percent on transportation infrastructure (roads, bridges and tunnels) and additional business in communications infrastructure (including fiber optic lines). Dale Michels died 20 years ago and the company’s day-to-day business is now run by his sons Pat, Kevin and Tim. Their mother, Ruth, is chief executive officer. With the second generation of family ownership running the company, members of the third generation are joining the business. Philip, Pat’s oldest son, is a senior project manager and has been with the company for 10 years. Kevin’s oldest son, Matt, recently graduated from college and is working on a gas pipeline project in Minnesota. Kevin’s daughter, Elizabeth, is a marketing intern for the company.“We all start at the bottom with a shovel in our hands and work our way up the ranks,” said Tim Michels, co-owner, vice president and treasurer.Despite the impressive growth Michels Corp. has achieved, “we still operate the business as a small, family business in a rural farm town,” Tim said. “That’s our culture: hard work, honesty, integrity.”Michels Corp. made big news in Milwaukee this year when it announced plans for a $100 million mixed-use development at the former Horny Goat Hideaway property in the city’s Bay View neighborhood. The five-building campus will be located along the Kinnickinnic River, northwest of South First Street and West Becher Street. The development plans include three office buildings, one anchored by a regional office for Michels Corp.Pat Michels, president; Marysue Michels, executive manager, corporate development; Phillip Michels, senior project manager; Ruth Michels, chief executive officer; Tim Michels, vice president and treasurer; Elizabeth Michels, marketing intern; and Kevin Michels, vice president – equipment.The company wants to consolidate its Milwaukee-area operations and create an office in a dynamic urban setting that will help attract young talent, including attorneys and engineers, Tim said.While its headquarters will remain in Brownsville, the Milwaukee office for Michels Corp. will be significant. It will have 400 employees initially, occupying just under half of an eight-story, 220,000-square-foot office building.That building will be part of the first phase of the project, which also includes pads for the other buildings and an underground parking structure. Foundation work will start soon and the first phase is expected to be complete in the summer of 2020. The second and third phases will add more office buildings, a residential building (with first floor restaurant and retail space), and could include a hotel. Depending on demand, the second and third phases could be built shortly after the first, Michels said.The Michels project, called R1ver, will provide a major boost to the Harbor District development area, located south of Milwaukee’s Historic Third Ward. For making such a major investment in Milwaukee, Michels Corp. is the BizTimes Best in Business 2018 Family Business of the Year.“We saw a great opportunity to be pioneers in the area,” Michels said. “We see tremendous opportunity. By nature, in our business we are risk-takers. We wanted to be pioneers and jump-start the Harbor District area. There is a lot of buzz in that area now. Get our email updatesBizTimes DailyManufacturing WeeklyNonprofit WeeklyReal Estate WeeklySaturday Top 10Wisconsin Morning Headlines Subscribe
Last updated on July 2nd, 2019 at 09:19 amBeginning next year, all private companies will have to include each of their leases – from company cars to office space to equipment – on their balance sheets.The new accounting standard is a big shift – Moody’s Investors Service last month described it as “one of the most transformative accounting changes in recent history” – and experts say companies should start preparing for it now.“The big thing that people need to do is really, you need to have some kind of strategy to develop and collect all of the data and information that you need,” said Mike Kuhn, shareholder at Vrakas CPAs + Advisors in Brookfield. “It’s pretty simple if you’re a company with just one lease for a facility, but if you’re a company with multiple locations, those leases a lot of times aren’t tracked real well.” KuhnAccording to the Financial Accounting Standards Board, which issued the Accounting Standards Update on leases in 2016, this change affects all companies and other organizations that lease assets. Any lease with a term 12 months or longer is included. The standard went into effect for public companies this year, and will go into effect for most private companies beginning in 2020.The FASB made the change, it said, because while capital leases are already included, operating leases are not recognized on balance sheets. It argues including all leases will increase transparency in financial reporting. The first step a business should take, Kuhn said, is to identify all its leases and review the terms of them.“Really just to see if there is any variable payment components, if there’s any options for how long the lease would be, the amounts and any increase in the cost,” he said. “Really what you’re doing is you’re identifying what the lease payments are going to be that you expect to make and then you’re valuing them using a net present value.”Balance sheets will look much different, mainly because they will contain higher numbers with the inclusion of liabilities for future lease payments, Kuhn said.“It certainly could affect some bank covenants for some companies” if they use debt-to-equity ratios, he said. “I think they’ll be able to maintain them, it’s just making sure the covenants are not something that you’re going to fail just because of this change in accounting. And I anticipate the bankers are smart enough to figure out how to do that.”The standard change could also impact companies’ budgeting and planning to some degree.“I think companies will start having some better internal controls over leases,” Kuhn said. “If they’re sensitive to what the financial statements look like, lease versus buy financial decisions could have some changes. Really the underlying what’s happening isn’t changing, it’s just what’s being reported is changing.”Hartford-based startup LeaseCrunch LLC has developed accounting software specifically tailored to the impending lease accounting change. Co-founder Ane Ohm is marketing it to CPA firms preparing to implement the standard for their clients with multiple leases.OhmThe LeaseCrunch platform has a wizard that guides the accountant through properly categorizing each lease, evaluating the terms of each lease, and providing the correct footnote disclosures.As a former auditor, Ohm said she knows what auditors need to see on a company’s balance sheet. She’s been asking CPA firms she works with to talk to their clients about the new standard during their busy season.Ohm recommended business owners start a conversation with their bankers early regarding potential impacts on debt covenants as a result of the added liabilities on their balance sheets come 2020. Banks can only show so much liability to regulators, so there is a potential impact for their clients who are on the edge.It’s also important to make new policy elections related to leases across the company, because the new standard requires those decisions to be documented, Ohm said.Among the potential leases a company holds are office space, company cars or trucks, photocopiers or equipment. If a company is in the process of constructing a building and physical assets are leased through that contract, such as a crane, even those embedded leases are part of the equation.“One of the things you need to do is go through your expenses…and look for things that could be considered assets,” Ohm said. “As long as it’s a physical asset.”It will be important to gather key dates, terms and details of those leases for inclusion in the financial disclosures, she said. Often, leases are locally managed at a particular branch and haven’t been treated as an expense, and now businesses must do consolidated reporting on them.“There’s no standard with leases,” Ohm said. “I could rent anything from you, you could write it up and those are our lease terms.” Get our email updatesBizTimes DailyManufacturing WeeklyNonprofit WeeklyReal Estate WeeklySaturday Top 10Wisconsin Morning Headlines Subscribe
5:45 p.m.- Barako Bull vs. Rain or Shine8:00 p.m.- Alaska vs. San MigFEATURED STORIESNEWSINFOSenate to probe Tolentino’s ‘novel legal theories’ on oral agreementsNEWSINFOLocsin wants to drop ‘visas upon arrival’ privilegeNEWSINFOPalace open to make Dengvaxia usable again as dengue cases spikeThe Barangay Ginebra Kings, the league’s undisputed crowd darlings, and the Air21 Express emerged triumphant in the Christmas Day presentation of the 39th PBA Philippine Cup at the Mall of Asia Arena.The Kings exploited the absence of Petron’s top center June Mar Fajardo to nail a 97-83 win while the Express charged back from an 18-point first half deficit to defeat the GlobalPort Batang Pier in overtime, 109-103. Senate to probe Tolentino’s ‘novel legal theories’ on oral agreements Tolentino: No more debate with Drilon on China deal MOST READ View comments SMC bags Bulacan airport project 2 ALA boxers to start US training next month Locsin wants to drop ‘visas upon arrival’ privilege Painters refuse to go quietly PETRON (83)– Santos 22, Lutz 15, Ross 14, Kramer 11, Cabagnot 7, Lassiter 5, Lanete 4, Hubalde 4, Taha 1.Read Next Yeo collected 19 points, 14 assists and 10 rebounds, while veteran center Asi Taulava came up with his highest output in five years by chalking 28.Mark Cardona also scored 28 markers as the Express avenged their 100-114 loss to the same GlobalPort squad in their initial meeting last Nov. 23.Rookie Terrence Romeo exploded for 34 points in that encounter but only had 16 in the loss.Sol Mercado had a big night, firing a game-high 35 markers but his effort wasn’t enough as Batang Pier tasted a second straight debacle and fell to 4-5.BOX SCORESFIRST GAMEAIR21 (109)– Taulava 28, Cardona 28, Yeo 19, Manuel 14, Canaleta 11, Camson 5, Jaime 2, Custodio 2.GLOBALPORT (103)– Mercado 35, Washington 21, Romeo 16, Salva 9, Lingganay 7, Menk 5, Salvador 4, Yee 2, Hayes 2, Garcia 2.SECOND GAMEGINEBRA (97)– Aguilar 25, Caguioa 18, Slaughter 17, Baracael 11, Ellis 8, Reyes 7, Urbiztondo 7, Monfort 3, Forrester 1. PH protests Chinese boat swarm, warship passage LATEST STORIES Don’t miss out on the latest news and information. With Fajardo was sitting out due to an injured knee, Japeth Aguilar and Greg Slaughter had a field day in the paint as they combined for 42 points and 19 rebounds, helping the Kings grab the top spot in the team standings with their eighth win against a solitary loss.MORE STORIESnewsinfoSocial media connect boy with basketball shoe donornewsinfoGrab offers free rides to celebrate ‘Battle of Katipunan’newsinfoUP Regent Spocky Farolan must resign – PangilinanMORE STORIESnewsinfoSocial media connect boy with basketball shoe donornewsinfoGrab offers free rides to celebrate ‘Battle of Katipunan’newsinfoUP Regent Spocky Farolan must resign – Pangilinan“Maganda yung binigay namin na gift sa fans. The players played hard and worked hard for it,” Ginebra coach Ato Agustin told pba.ph.Mark Caguioa came off the bench to add 18 points, 10 of them in the fourth period where the Kings broke the game wide open.Arwind Santos finished with 22 points for the Boosters, who absorbed their second straight defeat after a 7-0 start.The Express, meanwhile, leaned on Joseph Yeo’s first career triple-double performance to snap a three-game slide although they remained at the bottom of the standings with a 2-8 (win-loss) card.ADVERTISEMENT WHAT WENT BEFORE: Dengvaxia is world’s first dengue vaccine PCSO to focus on improving transparency of gaming activities PLAY LIST 03:26PCSO to focus on improving transparency of gaming activities01:39Sotto open to discuss, listen to pros and cons of divorce bill06:02Senate to probe Tolentino’s ‘novel legal theories’ on oral agreements01:50Palace open to make Dengvaxia usable again as dengue cases spike01:49House seeks probe on ‘massive corruption’ in PCSO01:37PCSO estimates P250M in Lotto revenue loss due to suspension Games todayMall of Asia ArenaADVERTISEMENT Baybayin revival makes native PH history hip
UPF Cambodia: The International Youth Convention with the theme “the Role Youth Asian for World Peace” was held in Battambang city, Cambodia on June 13, 2015, under officiator of H.E. Chan Sophal, Provincial Governor of Battambang, H.E Ork Vong, Head of Provincial Council and Dr. Chung Shik Yong, Chairman of UPF-Asia. It was truly a big event.We would like to extend our sincerest appreciation and congratulations to the all officers, committee, and participants and all those who great collaboration or co-organizers such as Union Youth Federation Battambang UYFC-B, Buddhism for Development BFD, International University Battambang IU, University of Battambang UBB, and other partners as well.Especially and truly honor thank to H.E. Cheam Chansophorn, Deputy Governor of Battambang province, Mr. Sieng Em Sathya, Vice President of UYF-C Battambang, Dr. Heng Monychenda, adviser of UPF-Cambodia, Mr. Saing Sen, Vice President of International University Battambang IU, H.E. Sing Em Totim, President of University of Battambang UBB, Mr. Thou Bunret, Branch Director of CUS and Mr. Srey Kivsokhom, Vice President to PTTC. Together really feel delighted and united to be one victory in cause Battambang’s prosperity and will be extended to the whole Cambodia.Thank you very much and congratulation!