Maple Leaf Gardens – What Has Become of It?
Posted on 30. Mar, 2010 by admin in general
For over 60 years, Maple Leaf Gardens in Toronto was synonymous with hockey in Canada. Whether you loved the Toronto Maple Leafs or lived in another area of our vast and great nation and therefore despised them, you definitely knew where the Leafs played their home games. Maple Leaf Gardens had much the same connotations and power as New York City’s Madison Square Gardens; everyone knew about the arena, and everyone knew which team played there. Not only that, but the building itself was kind of a sacrosanct tribute to the nation’s favourite sport.
Hockey, like many other sports, saw a shift in the perception of arenas in the 1990s. Dozens of new teams had been added to the National Hockey League since the Leafs first moved into Maple Leaf Gardens in 1931, and part of the stipulations for most (particularly in the expansion crazy ‘90s) was the building of a state of the art arena for the team to practice in and play their home games.
Another sad part of the old arenas is that in many cases they were difficult and costly to repair, and like Mellon arena in Pittsburgh and arenas in other cities it was more cost effective to build a new, sponsored stadium than to fix up the old ones. Along with the hunger of many cities to host multiple sport franchises in the same location, these factors spelled the end of the Maple Leaf era in the gardens.
Air Canada came to an agreement with the Toronto Maple Leaf and Raptor management and built the modern arena in which both teams play today. The Leafs themselves played their last game in the Gardens in February of 1999.
Today many people still remember Maple Leaf Gardens with a certain degree of fondness, although most will agree that the new facilities of the Air Canada Centre are more amenable. Still, as Canadians we are attached to our historical icons, and most people wonder what is happening with MLG today.
Actually, most would probably assume that the Gardens are still being used in some capacity as an arena, as this would seem to make sense. However, the management at Maple Leaf Entertainment, which owns the rights to the building and the property, has refused to let the arena be used for sports purposes.
It was announced in 2003 that the building had been sold to food giant Loblaws, who plan to renovate the building and turn it into a Real Canadian Superstore. Many are in agreement that this is a sad and somewhat inappropriate end to the history of a true Canadian landmark, whether or not you have ever cheered on the Buds. It seems as though even Loblaws may agree, as little has been done so far in converting the building.
Joyful Assignment for the Next President: Formulation of a Unified National Energy Policy
Posted on 30. Mar, 2010 by admin in general
By his own admission, a certain former President was not keen on “the vision thing” as a general proposition. He never did get around to proposing a Unified National Energy Policy. The successor co-Presidency brought forth many initiatives, but a Unified National Energy Policy was not one of them. Iteration II of the “no vision thing” has done no better in this regard.
Apparently the next Presidency is to be neither a Restoration nor a Continuation, which is probably a net positive. The prospect of a breath of fresh air carries with it a certain appeal. Whoever is elected President next autumn has a great opportunity to bring forth a unified national energy plan. It is indeed very late in the day, but it ought to be one of the entries at the very top of the Priority List.
So very much time has been wasted. It can’t be recaptured. The current thrashing-about for a “windfall profits tax” on Big Oil may be a reflection of a peculiarly human instinct to inflict punishment. There is a certain vengefulness about it all, with overtones of envy, jealousy, and coveting thy neighbor’s goods. Certainly, there is great pain involved in having to pay a small fortune to fill the gas tank, but there would seem not to be very great profit in the retail side of the business, for otherwise Exxon Mobil would not be exiting therefrom, as has been reported this morning. XOM concluded that the availability of gasoline on the retail premises has become the loss-leader or zero-profit “bait” in order to bring the customer into the store in order to pay for the gas and then sell him pretzels and hot coffee at good markups, which after all is not really its chosen line of work.
I lived on Long Island, New York, from birth until just a few years ago. I clearly remember the drumbeat of opposition to the proposed nuclear energy plant at Shoreham, which was actually fueled and ready to begin producing electricity when the naysayers finally prevailed and the plant was shut down before it ever earned its first dollar. The memories of Chernobyl and of the close shave at Three Mile Island were fresh in the mind. The costs involved in building Shoreham and then decommissioning it were inevitably “administered” to customers at the retail level, who continue to pay for it to this very day.
France (perhaps unexpectedly, France?) generates about 40% of its national electricity usage at its nuclear generating plants. It is a world leader in the design and construction supervision of state-of-the-art nuclear power facilities. Other European countries, by contrast, reflexively stopped new atomic electricity generation cold. Now chickens are coming home to roost, with a newly invigorated Gazprom holding all of the face cards, possessing the power (and perhaps the willfulness) to have its way with Europe in terms of the availability and the cost of natural gas.
It may be that we in the United States have tapped all of our practical sources of hydroelectric power. And yet – one wonders about that, upon seeing pictures of vast acreage of farmland and entire Midwestern cities inundated with flood water – all of it doing damage, and none of it generating a single kilowatt of power on its determined way to the Mississippi River and the Gulf of Mexico, loaded with valuable topsoil to build up the Delta. What a waste.
Is there no reasonable way to capture the inherent generative power of much of that wasted water – and prevent massive property damage and disruption of lives while doing so?
Is there latent hydroelectric generative power available to be harnessed in northern Canada, which by mutual agreement might be developed?
We are told that the United States still has very substantial reserves of soft coal in the ground. Granted, coal is polluting, and utilities consider it to be the “fallback fuel.” (We read that they are falling back on it now, at least to some extent, in view of the prices of fuel oil and of natural gas). It would seem that coal will necessarily be a major part of the electricity-generation equation for decades to come, like it or not.
Then there is wind power, which is still tiny, but growing. Denmark generates a very large percentage of its total electricity by wind power. It’s a small country, to be sure, but it’s leading the way and showing us what can be done.
Generation of electricity by tidal action or by wave action is in the picture. Those concepts are appealing because the source of power never goes away. They do seem to be a long distance from becoming real on any substantial scale.
And then there is nuclear. I had thought to myself, years ago when Shoreham was shut down, that a terrible mistake had just been made, that we were going in reverse, and that we would come to rue the day. That is not to say that “Shoreham” was the right installation in the right place, because it probably wasn’t – only that the mob-like, frenzied reaction to its construction evoked an animalistic, irrational streak in human nature which has been seen before over the centuries, and will no doubt be seen again.
Rather than “shutting down Shoreham” and stopping in its tracks the development of nuclear-powered electricity generating plants nationwide, we should instead have been proceeding apace with constructing those plants and building up a uranium fuel reserve at the same time, especially since uranium is available in reasonable abundance right here at home. Canada has a pound or two of it too, we hear.
Cursory reading reveals that good strides are now being made in solar generation of electricity. Surely, as the technology advances, solar will become an ever-more-important part of the entire electricity picture.
The whole concept of deriving ethanol from corn has turned out badly. I never understood the supposed logic of it. The entire enterprise is one gigantic boondoggle at the taxpayers’ expense, and it robs the world of food at exactly a time when it is most needed. I foresee that ethanol can become an important fuel for cars and trucks, as it has in Brazil; but it ought not be made in great volume from food grains. It is difficult to transport in bulk, as compared to gasoline, partly because of its corrosive properties; but in dilute form and in small package units it is widely available and is easily carried about. (see: research categories “beer” and “Jack Daniels”).
Liquefied natural gas is a bit of a puzzle. It’s devilish to handle; it’s dangerous; if it comes from overseas, that adversely affects the balance of payments and does little if anything to promote our energy independence. LNG may be and remain in the mix, but I doubt that it has the potential of becoming a major part of the solution.
I recall having a conversation some years ago with a very book-learned man of academe. His main theme centered upon the necessity to mandate the manufacture of automobiles in such manner that they would operate on stored electricity (batteries) only – i.e., without petroleum-derived fuel whatsoever. Recharging of the batteries would be accomplished by the use of electrical outlets at home and at universally-available “filling” stations. My response was that it was a marvelous idea; but I gently inquired what he envisioned to be the fuel which would be used in order to generate all that electricity. The question stumped him cold.
There are not going to be any easy answers; and they are not going to be provided by people whose lives are centered upon the concept of “No,” “Never,” or “Not In My Back Yard.” Many folks will be unhappy, maybe including me. There may even be more drilling in Alaska, wind farms in the sea within sight of Nantucket or even (!) Hyannis, and oil rigs offshore Palm Beach. However, if the professional naysayers would prefer to remain mobile, warm in winter and cool in summer, and continue to see Pat and Vanna appear on the TV screen when they click the “On” button, there may have to be some tradeoffs.
Every actual or potential source of electrical energy should be on the new President’s desk for discussion. He has the opportunity to get off to a good start by gathering around him the best advice he can find; and thereupon, for the first time, formulate a Unified National Energy Policy, to be presented to the Congress and intended to be in place by the end of his first year in office. It should include specific goals for each actual and potential source of electrical power, together with targets for the substitution of alternate fuels in place of gasoline, Diesel fuel, home heating oil, and jet fuel.
My Dad taught me a long time ago that there are only two steps involved in getting a job done: 1) Start, and 2) Keep Going.
On his very first day in office, the new President should start work on development of a Unified National Energy Policy. And then he should Keep Going when the brickbats begin to fly.
William Kurtz June 14, 2008 http://www.candlewave.com
Calgary Flame Burns Bright
Posted on 30. Mar, 2010 by admin in general
As a relatively new country, built on the strength and determination of immigrants, Canada is still seen by people all over the world as a land of opportunity. Since the early days, when European and American settlers first made their homes here, to the modern day economic migrants from Asia, outsiders have flocked to the country in search of a better life.Moving from a part of the world where everything is familiar, to a new country and culture, is a daunting task and for most people it is a decision that is not taken lightly. The prospect of securing suitable work, making friends, perhaps learning a new language and, of course, finding a home can all be overwhelming for a newly arrived resident. Since it was established around the turn of the last century, the Alberta city of Calgary has been attracting people from far and wide. Following the arrival of the Canadian Pacific Railway in the 1880s, the town underwent its first real taste of prosperity and became a significant hub of agricultural industry. At the turn of the century, Calgary saw its first serious wave of foreign immigration, following the offer of free homestead land. Cattle ranches and wheat production provided the cornerstone of Calgary’s blossoming economy. Two world wars, and the depression years brought changes to Alberta’s fortunes, and although still primarily a farming community, times proved hard and Calgary’s agricultural landscape changed drastically. Thankfully agriculture still plays a significant part in the province’s economy, but it was the establishment of the oil and gas industry in the decades following World War II that really helped shape Calgary into the city it is today. With huge population growth, came new urbanization, and the city really took form. Skilled, and semi-skilled, workers poured in from around Canada and the US, and were followed in successive decades by immigrants from overseas. Relying on one key industry meant that Calgary both gained, and suffered, from a boom and bust economy and during the 1980s the city realized the importance of diversity.Hosting the 1988 Winter Olympic Games, Calgary was in the spotlight and new growth in areas as forestry, new technology and tourism were quickly established. The continued increase in immigration has been significant in recent years, and now Calgary is home to well over one million people. The city landscape has changed with this increase, and modern Calgary has a thriving downtown made up of an eclectic mix of fine heritage buildings and gleaming skyscrapers while the outskirts comprise of popular suburbs and communities. With a significant proportion of the population being made up of immigrants, Calgary enjoys a genuinely diverse culture, and the city consistently rates highly in ‘best cities in the world to live’ surveys. With a highly regarded, publicly funded, healthcare system with ultra-modern facilities, the city continues to attract newcomers from all parts of the globe. And with its famously low tax rates, high levels of income, excellent educational amenities, progressive public transit system and proximity to some of the most stunning recreational facilities in the whole of Canada, it would appear that Calgary’s appeal is showing little sign of waning.
Make Money Through Home Foreclosures
Posted on 30. Mar, 2010 by admin in general
Many investors want to make money fast. They want to find an investment opportunity that will guarantee them a lot of money quickly. However, they often pass up on the only method that is proven to guarantee this. Home foreclosures are the way to make money in real estate. It is a method that is fast and easy and can net huge profits.
What people do not realize is they can create their own buying machine. They can purchase property after property below the market value. Because of this, they will be able to net large profits. The more property an investor acquires, the more money he can make off of his investments. There is no limit to the amount of property that an investor can purchase. He can set his own limits and make the amount of money that he wishes to make.
These deals can be done over the phone in the comfort on the investor’s own home. In fact, an investor can make $10,000 on the first of many home foreclosures through proper negotiating and by finding the right starting point for the sale. It is easy money that does not require much work at all. With the proper contacts, an investor can bring in loads of money very quickly.
Investors can use methods that allow them to sell the property before they even take on the title. This allows them to get rid of the property before they have to pay the first payment on it. It allows for a cash sale, and both buyer and seller are able to benefit greatly. This also allows for the process to go through quickly. With no loan papers to sign and process, the property transfer can be incredibly quick and easy.
Home foreclosures can be sold for as little as 70% of the market value of the property. That means that there are a lot of opportunities for people to make money using this method. Investors can make money even if they sell the home for less than the market value. They will be able to turn a profit and get rid of the home quickly. They can also flip the home and make an even larger profit on it.
Those who like to turn a profit quickly will also be happy to know that it only takes a small amount of time every week. Money can be made without investing very much time or money. Investors are flocking to this process because it is so simple. It is a fool proof way to make a profit without having to put in a lot of work.
Foreclosures Canada helps people make wise investments with home foreclosures. They are able to teach people the methods that are needed to turn a profit. They are able to show investors everything they need to know and they also give their clients leads on property with their lists that are updated on a regular basis. For more information, visit them online at http://www.foreclosurescanada.com.
Everything About Calgary Made Online
Posted on 30. Mar, 2010 by admin in general
If you are tourist who plans to drop by Calgary in Alberta, Canada one of these days, it would be helpful if you would check out everything about the city at http://www.thiscity.com/. The Website is called This City and it has everything you need to know about this bustling and growing great Canadian city.
In the tradition of many city portal Websites, it operates as modern and online yellow pages. This City has made sure that every flavor of information you may need regarding entertainment services and products in Calgary are covered. As a modern yellow page, you would find contacts and addresses of almost all existing commercial and public establishments. If you want to shop around the city, This City has a ton of information on almost all the malls and retailers, along with actual products. Added to job listings and coupons, telling you everything you may want to know about that particular company.
The Webpage is complete with all the entertainment information you will need. The events section provides a complete list of all the latest and upcoming Calgary events. If you join ThisCityâ??s online community, you can even tell other Calgarians what events you will be attending and invite them along.
A single click on the Food & Drink section takes you to a guide of all the daily specials available from pubs and restaurants in Calgary. For the first time ever, cheap wings and drink specials are at your fingertips. Calgary restaurants are also a click away, so whether itâ??s Chinese food or pizza or sushi you want, you can have it.
In the nightlife section, This City features Calgary 17th Avenue clubs and events. 17th ave is also known as the Red Mile, the place where Calgaryâ??s nightlife scene goes wild, just like the famous Madison Avenue in New York.
Games & Sports lists all the sports events that are scheduled at the major sports arenas and venues around the city. It also allows you to select an activity type such as bowling or go karts to see where you can go to have some fun.
Take a look at the Movies section and get exactly what you want; Calgary movies and showtimes. The section enumerates all the local movie houses in the city and the scheduled movie showing. Looking at the list before finally going out to catch your most anticipated flick in the big screen surely would help pick the theatre and showtime that is most convenient to you.
The Directory lists over 30,000 of the major and even minor establishments and businesses that can be found in the city. You could browse listing by category, or search by keyword. There are lists for automotive, education, communications and media, finance and law, arts, real estate, travel and recreation, plus so many more. If you are in Calgary and you need specific services and commodities, it would be helpful if you would first check out where you could get your needs.
Jobs provides an up to date listing of all the job vacancies within the city. With Calgaryâ??s booming economy, there are a lot of jobs available. For locals and residents, you could easily search for the best and most opportunistic job opportunities. Use ThisCity to send your resume to the employer instantly.
To finish it all of, thereâ??s the Weather section. Calgary weather can be hard to predict, so check it often to see if the forecast is changing.
All in all, ThisCity is Calgaryâ??s most complete entertainment guide and city portal website. To get your business listed on the website, simply visit us and click â??registerâ?? to begin your Calgary online advertising campaign.
Tenaris Announces 2009 Third Quarter Results
Posted on 30. Mar, 2010 by admin in general
LUXEMBOURG–(Marketwire – November 5, 2009) – Tenaris S.A. (NYSE: TS) (BAE: TS) (MXSE: TS) (MILAN: TEN) (”Tenaris”) today announced its results for the quarter and nine months ended September 30, 2009 with comparison to its results for the quarter and nine months ended September 30, 2008.
Summary of 2009 Third Quarter Results
(Comparison with second quarter of 2009 and third quarter of 2008)
Q3 2009 Q2 2009 Q3 2008 ——- —————– —————– Net sales (US$ million) 1,771.5 2,096.3 (15%) 3,074.0 (42%) Operating income (US$ million) 360.6 436.8 (17%) 931.8 (61%) Net income (US$ million) 237.3 336.4 (29%) 631.2 (62%) Shareholders’ net income (US$ million) 229.9 343.3 (33%) 570.6 (60%) Earnings per ADS (US$) 0.39 0.58 (33%) 0.97 (60%) Earnings per share (US$) 0.19 0.29 (33%) 0.48 (60%) EBITDA (US$ million) 488.3 563.1 (13%) 1,064.6 (54%) EBITDA margin (% of net sales) 28% 27% 35%
Our results in the third quarter reflect weak demand for our products and services from our customers in all regions though sales in the Middle East and Africa region registered a modest year on year increase. Shipments of tubular products fell 50% year on year and 16% sequentially. However, our EBITDA margin stabilized on a sequential basis as lower input costs offset lower prices. Earnings per share declined by 60% year on year reflecting the decline in sales and margins. However, cash flow from operations remained strong and we reduced our investment in working capital by a further US$359.5 million. Our net financial position (total financial debt less cash and other current investments) is now net cash positive with a balance of US$556.9 million at the end of the period.
Interim Dividend Payment
Our board of directors approved the payment of an interim dividend of US$0.13 per share (US$0.26 per ADS), or approximately US$153 million. The payment date will be November 26, 2009 (however, because such date is not a business day in the US, shareholders in all jurisdictions may receive their interim dividend on or after November 27, 2009, which is the first business day following the stated payment date), and the ex-dividend date will be November 23, 2009.
Market Background and Outlook
Global oil prices have risen during the first nine months of 2009 from their low of around US$30 per barrel at the beginning of the year and now stand around US$75-80 per barrel. The increase in oil prices is supported by expectations for a continuing recovery in the outlook for global growth led by the resilient performance of the Chinese economy and OPEC actions to curtail production. North American gas prices have recently rebounded from their lows below US$3.00 per million BTU but production has not yet fallen in line with demand and gas in storage is now at historically high levels.
The international count of active drilling rigs, as published by Baker Hughes, continued to decline during the third quarter. It averaged 969 during the third quarter of 2009, 1% lower than the second quarter of 2009 and 12% lower than the same quarter of the previous year. The corresponding rig count in the US, however, started to rebound in July driven mainly by an increase in oil drilling activity and lower rig rates. It averaged 973 during the third quarter, 4% higher than the second quarter of 2009 but 51% lower than the third quarter of 2008. In Canada, the corresponding rig count, which is affected by seasonal drilling patterns, averaged 187 during the quarter, a decrease of 57% compared to third quarter of 2008.
Whereas demand for our pipes this year has been severely affected by the decline in oil and gas drilling activity and the actions taken by customers to adjust to reduced cash flows and a less favorable market outlook, in the third quarter our level of incoming orders by volume is recovering. In addition, in the US and Canadian markets, inventory levels, although they remain high, have been coming down from the extraordinarily high levels they reached in the first quarter of this year. With activity levels now stabilizing, the oil price at an attractive level, and inventories closer to more reasonable levels, we can expect pipe shipments in our Tubes operating segment to begin showing a moderate increase in the fourth quarter.
During this quarter the order backlog for our large-diameter pipes for pipeline projects in South America has continued to decline and we therefore expect lower shipments going forward.
Our production costs should start to benefit from efficiencies associated with an increase in production levels, and from the effect of the actions underway to reduce our structural costs.
Our average selling prices in the coming quarters will reflect a gradual adjustment to the lower levels currently in the market and, consequently, any recovery in net sales and EBITDA will be more modest than that of our shipments.
Analysis of 2009 Third Quarter Results
Increase/ Sales volume (metric tons) Q3 2009 Q3 2008 (Decrease) ——- ——- ——– Tubes – Seamless 407,000 669,000 (39%) Tubes – Welded 67,000 263,000 (75%) Tubes – Total 474,000 932,000 (49%) Projects – Welded 97,000 155,000 (37%) Total 571,000 1,087,000 (47%) Increase/ Tubes Q3 2009 Q3 2008 (Decrease) ——- ——- ——– (Net sales – $ million) North America 515.6 1,280.8 (60%) South America 225.9 368.3 (39%) Europe 176.9 408.1 (57%) Middle East & Africa 360.4 344.2 5% Far East & Oceania 82.3 169.9 (52%) Total net sales ($ million) 1,361.0 2,571.3 (47%) Cost of sales (% of sales) 58% 53% Operating income ($ million) 285.8 856.2 (67%) Operating income (% of sales) 21% 33%
Net sales of tubular products and services decreased 47% to US$1,361.0 million in the third quarter of 2009, compared to US$2,571.3 million in the third quarter of 2008, in line with shipments as lower like for like prices were offset by a richer product mix. All regions were affected except for the Middle East and Africa which benefited from higher sales of deepwater line pipe products in West Africa. In North America, notwithstanding higher demand for OCTG products in Mexico, demand for OCTG products in the US and Canada declined precipitously due to the decline in drilling activity and inventory reductions. Sales in South America were affected by low levels of demand in Venezuela and Argentina. In Europe, sales were affected by lower demand from the industrial sector, lower demand from distributors serving the process and power plant sector and lower sales of OCTG principally in Romania. Sales in the Far East & Oceania were lower mainly in Japan and China.
Increase/ Projects Q3 2009 Q3 2008 (Decrease) ——- ——- ——– Net sales ($ million) 288.7 319.1 (10%) Cost of sales (% of sales) 71% 73% Operating income ($ million) 59.5 44.3 34% Operating income (% of sales) 21% 14%
Net sales of pipes for pipeline projects decreased 10% to US$288.7 million in the third quarter of 2009, compared to US$319.1 million in the third quarter of 2008, reflecting a lower level of shipments to gas and other pipeline projects in Brazil and Colombia.
Increase/ Others Q3 2009 Q3 2008 (Decrease) ——- ——- ——– Net sales ($ million) 121.7 183.6 (34%) Cost of sales (% of sales) 74% 68% Operating income ($ million) 15.2 31.4 (52%) Operating income (% of sales) 12% 17%
Net sales of other products and services decreased 34% to US$121.7 million in the third quarter of 2009, compared to US$183.6 million in the third quarter of 2008. Although demand for our Brazilian industrial equipment business remained firm, demand for our US electric conduit business was substantially lower and sales of sucker rods were affected by lower activity.
Selling, general and administrative expenses, or SG&A, increased as a percentage of net sales to 18.5% in the quarter ended September 30, 2009 compared to 14.7% in the corresponding quarter of 2008, mainly due to the effect of fixed and semi-fixed expenses over lower revenues.
Net interest expenses decreased to US$20.6 million in the third quarter of 2009 compared to US$21.5 million in the same period of 2008. Interest expenses in the third quarter of 2009, include US$11.1 million of losses on interest rate swaps entered into in order to minimize the volatility effect of floating rate debt assumed to finance the acquisitions of Maverick and Hydril.
Other financial results recorded a loss of US$15.4 million during the third quarter of 2009, compared to a loss of US$31.7 million during the third quarter of 2008. These results largely reflect gains and losses on net foreign exchange transactions and the changes in the fair value of derivative instruments and are partially offset by changes to our net equity position. These gains and losses are mainly attributable to variations in the exchange rates between our subsidiaries’ functional currencies (other than the US dollar) and the US dollar, in accordance with IFRS.
Equity in earnings of associated companies generated a gain of US$10.3 million in the third quarter of 2009, compared to a gain of US$24.3 million in the third quarter of 2008. These gains mainly derived from our equity investment in Ternium.
Income tax charges totalled US$97.6 million in the third quarter of 2009, equivalent to 30% of income before equity in earnings of associated companies and income tax, compared to US$272.7 million in the third quarter of 2008, equivalent to 31% of income before equity in earnings of associated companies and income tax.
Income attributable to minority interest decreased to US$7.4 million in the third quarter of 2009, compared to US$60.5 million in the corresponding quarter of 2008 as we registered lower profits at our Confab subsidiary and losses at our NKKTubes subsidiary.
Cash Flow and Liquidity
Net cash provided by operations during the third quarter of 2009 was US$772.4 million (US$2,647.0 million in the first nine months), compared to US$242.8 million in the third quarter of 2008 (US$1,085.7 million in the first nine months). Working capital decreased by US$359.5 million during the third quarter, mainly due to inventories decrease of US$248.2 million and trade receivables decrease of US$241.6 million, partially offset by a decrease in customer advances of US$104.2 million.
Capital expenditures amounted to US$101.5 million in the third quarter of 2009 (US$327.8 million in the first nine months), compared to US$131.8 million in the third quarter of 2008 (US$337.1 million in the first nine months).
During the first nine months of 2009, total financial debt decreased by US$1,263.7 million to US$1,713.3 million at September 30, 2009 from US$2,977.0 million at December 31, 2008. Net financial debt during the first nine months of 2009 decreased by US$1,949.3 million to a positive net cash position of US$556.9 million at September 30, 2009.
Analysis of 2009 First Nine Months Results
Net income attributable to equity holders in the company during the first nine months of 2009 was US$939.2 million, or US$0.80 per share (US$1.59 per ADS), which compares with net income attributable to equity holders in the company during the first nine months of 2008 of US$2,031.1 million, or US$1.72 per share (US$3.44 per ADS). Net income for the first nine months of 2008 includes the result for the sale of Hydril’s pressure control business of US$394.3 million, or US$0.33 per share (US$0.67 per ADS). Operating income was US$1,483.0 million, or 24% of net sales, compared to US$2,456.4 million, or 28% of net sales. Operating income plus depreciation and amortization was US$1,858.8 million, or 29% of net sales, compared to US$2,853.8 million, or 32% of net sales.
Increase/ Sales volume (metric tons) 9M 2009 9M 2008 (Decrease) ——- ——- ——– Tubes – Seamless 1,483,000 2,126,000 (30%) Tubes – Welded 242,000 815,000 (70%) Tubes – Total 1,725,000 2,941,000 (41%) Projects – Welded 271,000 457,000 (41%) Total 1,996,000 3,398,000 (41%) Increase/ Tubes 9M 2009 9M 2008 (Decrease) ——- ——- ——– (Net sales – $ million) North America 2,192.4 3,099.9 (29%) South America 720.2 897.1 (20%) Europe 661.8 1,336.5 (50%) Middle East & Africa 1,208.4 1,385.5 (13%) Far East & Oceania 387.7 533.5 (27%) Total net sales ($ million) 5,170.4 7,252.5 (29%) Cost of sales (% of sales) 55% 54% Operating income ($ million) 1,312.1 2,198.2 (40%) Operating income (% of sales) 25% 30%
Net sales of tubular products and services decreased 29% to US$5,170.4 million in the first nine months of 2009, compared to US$7,252.5 million in the first nine months of 2008, due to a sharp reduction in volumes, which was partially offset by higher average selling prices, reflecting in part higher proportion of sales of specialized high-end products.
Increase/ Projects 9M 2009 9M 2008 (Decrease) ——- ——- ——– Net sales ($ million) 765.4 959.0 (20%) Cost of sales (% of sales) 72% 72% Operating income ($ million) 154.0 173.2 (11%) Operating income (% of sales) 20% 18%
Net sales of pipes for pipeline projects decreased 20% to US$765.4 million in the first nine months of 2009, compared to US$959.0 million in the first nine months of 2008, reflecting lower deliveries in Brazil, Argentina and Colombia to gas and other pipeline projects.
Increase/ Others 9M 2009 9M 2008 (Decrease) ——- ——- ——– Net sales ($ million) 366.4 572.9 (36%) Cost of sales (% of sales) 81% 71% Operating income ($ million) 16.8 85.0 (80%) Operating income (% of sales) 5% 15%
Net sales of other products and services decreased 36% to US$366.4 million in the first nine months of 2009, compared to US$572.9 million in the first nine months of 2008, reflecting lower sales of electric conduit pipes and sucker rods, partially offset by higher sales of industrial equipment.
Selling, general and administrative expenses, or SG&A, increased as a percentage of net sales to 17.6% in the nine months ended September 30, 2009 compared to 15.1% in the corresponding nine months of 2008, mainly due to the effect of fixed and semi-fixed expenses over lower revenues.
Net interest expenses decreased to US$71.4 million in the first nine months of 2009 compared to US$93.0 million in the same period of 2008 reflecting a lower net debt position and lower interest rates. Interest expenses in the first nine months of 2009, include US$ 14.1 million in losses on interest rate swaps entered into in order to minimize the volatility effect of floating rate debt.
Other financial results recorded a loss of US$67.6 million during the first nine months of 2009, compared to a loss of US$41.2 million during the first nine months of 2008. These results largely reflect gains and losses on net foreign exchange transactions and the changes in the fair value of derivative instruments and are partially offset by changes to our net equity position. These gains and losses are mainly attributable to variations in the exchange rates between our subsidiaries’ functional currencies (other than the US dollar) and the US dollar, in accordance with IFRS.
Equity in earnings of associated companies generated a gain of US$68.2 million in the first nine months of 2009, compared to a gain of US$122.3 million in the first nine months of 2008. These gains were derived mainly from our equity investment in Ternium.
Income tax charges totalled US$417.2 million in the first nine months of 2009, equivalent to 31% of income before equity in earnings of associated companies and income tax, compared to US$701.1 million in the first nine months of 2008, equivalent to 30% of income before equity in earnings of associated companies and income tax.
Result for discontinued operations amounted to a loss of US$28.1 million in the first nine months of 2009, corresponding to our Venezuelan operations that are being nationalized, compared to a gain of US$417.8 million in the corresponding period of 2008, of which US$394.3 million corresponded to the result of the sale of Hydril’s pressure control business.
Income attributable to minority interest decreased to US$27.7 million in the first nine months of 2009, compared to US$130.0 million in the corresponding nine months of 2008, mainly reflecting lower results at our Confab and NKKTubes subsidiaries.
Some of the statements contained in this press release are “forward-looking statements.” Forward-looking statements are based on management’s current views and assumptions and involve known and unknown risks that could cause actual results, performance or events to differ materially from those expressed or implied by those statements. These risks include but are not limited to risks arising from uncertainties as to future oil and gas prices and their impact on investment programs by oil and gas companies.
Press releases and financial statements can be downloaded from Tenaris’s website atwww.tenaris.com/investors.
Consolidated Condensed Interim Income Statement (all amounts in thousands Three-month period Nine-month period of U.S. dollars) ended September 30, ended September 30, ———————- ———————- 2009 2008 2009 2008 ———- ———- ———- ———- Continuing operations (Unaudited) (Unaudited) Net sales 1,771,475 3,073,978 6,302,107 8,784,402 Cost of sales (1,080,161) (1,712,417) (3,708,372) (5,015,248) ———- ———- ———- ———- Gross profit 691,314 1,361,561 2,593,735 3,769,154 Selling, general and administrative expenses (327,234) (450,453) (1,110,240) (1,328,491) Other operating income (expense), net (3,528) 20,688 (504) 15,741 ———- ———- ———- ———- Operating income 360,552 931,796 1,482,991 2,456,404 Interest income 10,435 16,910 23,172 45,591 Interest expense (31,007) (38,442) (94,589) (138,566) Other financial results (15,377) (31,664) (67,643) (41,236) ———- ———- ———- ———- Income before equity in earnings of associated companies and income tax 324,603 878,600 1,343,931 2,322,193 Equity in earnings of associated companies 10,294 24,290 68,229 122,253 ———- ———- ———- ———- Income before income tax 334,897 902,890 1,412,160 2,444,446 Income tax (97,583) (272,668) (417,175) (701,132) ———- ———- ———- ———- Income for continuing operations 237,314 630,222 994,985 1,743,314 Discontinued operations Result for discontinued operations – 935 (28,138) 417,841 ———- ———- ———- ———- Income for the period 237,314 631,157 966,847 2,161,155 Attributable to: Equity holders of the Company 229,873 570,635 939,188 2,031,149 Minority interest 7,441 60,522 27,659 130,006 ———- ———- ———- ———- 237,314 631,157 966,847 2,161,155 ———- ———- ———- ———- Consolidated Condensed Interim Statement of Financial Position (all amounts in thousands of U.S. dollars) At September 30, 2009 At December 31, 2008 ——————— ——————— (Unaudited) ASSETS Non-current assets Property, plant and equipment, net 3,193,279 2,982,871 Intangible assets, net 3,707,914 3,826,987 Investments in associated companies 578,758 527,007 Other investments 31,835 38,355 Deferred tax assets 195,778 390,323 Receivables 81,143 7,788,707 82,752 7,848,295 ———- ———- Current assets Inventories 1,902,555 3,091,401 Receivables and prepayments 225,905 251,481 Current tax assets 234,587 201,607 Trade receivables 1,295,386 2,123,296 Available for sale assets 21,572 – Other investments 528,861 45,863 Cash and cash equivalents 1,741,352 5,950,218 1,538,769 7,252,417 ———- ———- ———- ———- Total assets 13,738,925 15,100,712 ========== ========== EQUITY Capital and reserves attributable to the Company’s equity holders 8,982,765 8,176,571 Minority interest 618,746 525,316 ———- ———- Total equity 9,601,511 8,701,887 ========== ========== LIABILITIES Non-current liabilities Borrowings 844,946 1,241,048 Deferred tax liabilities 872,861 1,053,838 Other liabilities 202,024 223,142 Provisions 84,695 89,526 Trade payables 3,018 2,007,544 1,254 2,608,808 ———- ———- Current liabilities Borrowings 868,358 1,735,967 Current tax liabilities 322,041 610,313 Other liabilities 250,986 242,620 Provisions 35,986 28,511 Customer advances 152,690 275,815 Trade payables 499,809 2,129,870 896,791 3,790,017 ———- ———- Total liabilities 4,137,414 6,398,825 ========== ========== Total equity and liabilities 13,738,925 15,100,712 ========== ========== Consolidated Condensed Interim Statement of Cash Flows Three-month period Nine-month period ended September 30, ended September 30, (all amounts in thousands ———————- ———————- of U.S. dollars) 2009 2008 2009 2008 ———- ———- ———- ———- (Unaudited) (Unaudited) Cash flows from operating activities Income for the period 237,314 631,157 966,847 2,161,155 Adjustments for: Depreciation and amortization 127,789 134,885 375,850 403,758 Income tax accruals less payments (15,741) (309,497) (345,431) (219,750) Equity in earnings of associated companies (10,294) (24,290) (67,367) (122,386) Income from the sale of pressure control business – - (394,323) Interest accruals less payments, net 5,741 34,401 (17,957) 26,507 Changes in provisions (10,174) (4,404) 4,026 10,839 Changes in working capital 359,488 (257,464) 1,534,948 (803,078) Other, including currency translation adjustment 78,278 37,986 196,070 22,969 ———- ———- ———- ———- Net cash provided by operating activities 772,401 242,774 2,646,986 1,085,691 ========== ========== ========== ========== Cash flows from investing activities Capital expenditures (101,460) (131,772) (327,795) (337,138) Acquisitions of subsidiaries and minority interest (29) (8,003) (73,564) (9,868) Proceeds from the sale of pressure control business – 1,113,805 Proceeds from disposal of property, plant and equipment and intangible assets 1,676 3,340 12,004 12,166 Investments in short terms securities (255,411) 324,934 (482,998) 60,533 Dividends received 3,680 – 8,903 13,636 Other – - – (3,428) ———- ———- ———- ———- Net cash (used in) provided by investing activities (351,544) 188,499 (863,450) 849,706 ========== ========== ========== ========== Cash flows from financing activities Dividends paid – - (354,161) (295,134) Dividends paid to minority interest in subsidiaries (5,522) (4,981) (32,698) (60,117) Proceeds from borrowings 245,961 301,117 509,802 731,205 Repayments of borrowings (554,689) (444,709) (1,704,173) (1,777,464) ———- ———- ———- ———- Net cash used in financing activities (314,250) (148,573) (1,581,230) (1,401,510) ========== ========== ========== ========== Increase in cash and cash equivalents 106,607 282,700 202,306 533,887 Movement in cash and cash equivalents At the beginning of the period 1,608,695 1,319,049 1,525,022 954,303 Effect of exchange rate changes 18,118 (138,107) 15,788 (24,548) Decrease due to deconsolidation – - (9,696) – Increase in cash and cash equivalents 106,607 282,700 202,306 533,887 ———- ———- ———- ———- At September 30, 1,733,420 1,463,642 1,733,420 1,463,642 ========== ========== ========== ========== ———————- ———————- Cash and cash equivalents At September 30, At September 30, ———————- ———————- 2009 2008 2009 2008 Cash and bank deposits 1,741,352 1,489,787 1,741,352 1,489,787 Bank overdrafts (7,932) (26,145) (7,932) (26,145) ———- ———- ———- ———- 1,733,420 1,463,642 1,733,420 1,463,642 ———- ———- ———- ———-
Taking Back America â?? This is My Country!
Posted on 29. Mar, 2010 by admin in general
Yes it is time for change!
If the people of America want to get control of their country now is the time but it can only happen if they take responsibility for what happens in their country. You see, people seem to have forgotten the rest of the story when it comes to our Bill of Rights. When they published the full title of the Amendments to the Constitution the editors left out part of the title. It should have read the Bill of Rights and Responsibilities.
There is no better generation to fix that problem than the battle tested, Cold War conditioned, oil shortage hardened Baby Boomers who are the only generation of the past century to understand the price of freedom and the dangers of democracy. I think every person who cares and wants things better should wear a tee shirt and paste bumper stickers that proclaim, â??This is My Country!â?
We can start by telling the politicians who want to be president that we the people will tell them what we need and what to do. Last time I checked they work for us. So the true Agenda for Change will be presented in this series of articles on Taking Back America. The pollsters, political advisors and advertising agencies that put words or sound bytes into the mouths of politicians have it all wrong. They are the very people who got us into this mess.
No we need to give government back to the people, give God back to the government and give meaning back to our Declaration and Constitution. We need to provide what people need, stop promoting what we donâ??t need, and start seeing government act like our friend and protector rather than a front for greed and power hungry individuals or corporations.
America must be wealthy, not the rulers who try and run or own America. Donâ??t you think those who claim to know have victimized us for long enough? We want a nation where housing laws protect the homeowners not the mortgage and financial institutions. We want banking laws that protect the citizens not the credit card companies, debt collectors, lawyers and hidden fees.
Our government licenses telephone companies, television and radio stations, banks, mortgage companies, investment banks, doctors and stock brokers among many others, while we regulate the stock market, commodity market (including the price of oil and food), energy companies, interstate commerce, foreign aid and practically every other aspect of our lives. Do you feel protected?
We spend more money protecting oil producing nations, arms dealers, drug companies, banks and investment houses than we do protecting people and that has simply got to change. Look at the cost, $500 billion and 4,000 American lives in Iraq to protect the Arab nations from Arab terrorists, or is it the Arab oil producers from disruption? What do we get? Record oil prices, no effort by OPEC to increase production and lower prices, and the scorn of the world.
Or how about our Afghanistan experience? We spend billions to chase the terrorists out of Afghanistan into hiding in Pakistan, a nation where we spend billions to protect the military and government that gives the terrorists safe haven. We have no viable foreign policy, we just support the arms dealers of the world who make sure there is always civil unrest, genocide and demigods running amok where we can spend billions more defending people. If America stopped financing war directly and indirectly do you think the arms dealers would spend their own money to cause wars?
Back in the good old USA we have more than enough wars of our own to fight against the destruction of our immune systems by the pharmaceutical companies, the addictions imposed on us by television, video games, hospitals and doctors, the health care industry, the wellness industry, the physical education industry, and all those who think the only way to good health is through the pocketbook.
Then there are the phone companies, banks and credit card companies with their incredible hidden fees and confusing billings, insurance companies that increase rates for reasons having nothing to do with their insurance coverage, the media whose message is always influenced by the advertising dollars it might generate, and the government who works for everyone but the people it is supposed to represent.
Oh it is time for change all right, and the change we need must be cataclysmic to do any good. All the shadowy figures that profit from our difficulties, steal from our treasury and attempt to influence our minds and destroy our wills are counting on us being too weak, too self-centered and too preoccupied to bring about change but I say they are wrong. Once again the bad guys have underestimated the power of freedom and the will of the people.
Proudly display your sign This is My Country and then do what they donâ??t expect, show you care. Help establish the Agenda for Change that we need, not the one politicians say we need. Start out by making a concerted effort to send a message to the oil profiteers by joining in a national effort to stay at home from Memorial Day until the Fourth of July, Independence Day, and reduce oil and gas consumption as much as possible.
Spend weekends with your family, seeing what you missed in your community, state and surrounding areas. Enjoy the local festivals and events. Turn off television and limit your time on the Internet and we can start to get back our nation. Asking you to save money does not sound like too much to ask.
What are the targets for change?
1. Money Mongers of the Financial Institutions
Who are these people and what threat do they represent? Well, the intricate web of interlocking ownership, access to media, control of pricing in stocks, currency, commodities and bonds, and insulation from scrutiny probably make this the single most powerful force on Earth, capable of controlling governments and destroying opposition without ever getting their own hands dirty. You see they are invisible to the general public.
Financial institutions control the world simply put and they do not serve the world in the process, as serving is not a good return on investment. They set up mutual funds to consolidate investment power and get government to create more sources of funds and turn them over to the financiers to manage such as pension funds, 401K funds, IRAs and many others.
They create financial â??expertsâ? to tell us what is happening to our investment markets and how to invest what money we do control completely ignoring the conflicts of interest when the greatest beneficiaries of the advice are the market makers, the very financial institutions whose experts are giving supposedly objective market advice.
What does that mean? The media takes the advice of industry experts and tells us the price of oil is going up because of the potential for a hurricane in the gulf that may or may not disrupt supply lines and drilling operations. A suicide bombing in Iraq shows that the crude oil supply from that country is not stable so a shortage of future oil may result if a bombing of the oil pipelines is successful. Cold weather in American means there will be a shortage of heating oil no matter that there are sufficient inventories already in the country. So the price of oil goes up, and up and up.
Who benefits? The owners of the crude oil, the companies that pay them for the crude, the banks that finance the companies, the stockholders that own shares of the companies, the IRAs, 401Ks, pension funds and mutual funds that pump money into the companies, the companies selling and buying their stocks, or the companies setting market prices? Guess what, all of them could be part of the financial institutions benefiting from the market manipulations caused by the speculative reports on the industry by the media.
So why does the Federal Trade Commission and Securities and Exchange Commission let them do this? The FTC and SEC are supposed to be our government watchdogs protecting the public from unscrupulous financial manipulators. For two years the same financial sector was behind the unethical, immoral and often-illegal manipulation of the sub-prime mortgage markets as well which nearly sent the USA into recession and certainly left millions of homeowners in foreclosure. Where were the federal regulators?
2. Mortgage Lenders â?? Vampires of the Golden Dream
Even though mortgage lenders can be owned, controlled or manipulated by the financial sector and banking institutions they are often set up independently until they finish preying on an unsuspecting public, having got caught using questionable practices (sub-prime loans for example), using heavy handed tactics, misleading consumers and initiating mortgage foreclosures.
When this happens the lenders now approaching bankruptcy get bought out by the financial and banking sectors that are seeking to acquire real estate property at far below the loan value. So losses are written off, property is acquired far below the loan value, new mortgages are written to resell or refinance the property, a few million people lose their homes due to foreclosures, and the financial institutions now have a new division with secure assets and credit worthy clients.
Of course we then lose sight of the fact illegal mortgages and unethical selling practices caused the bail out cycle to take place. Or that mortgage lenders, sales people, lawyers and credit rating firms were all players in this billion-dollar scam. That closing fees, collection fees and late fees have made someone millions of dollars at the expense of the hapless homeowners.
Finally even the government backed mortgage programs like Fannie Mae and Freddie Mac, (what great names for federal backed mortgage players), not to mention the long list of programs such as VA, Indian, Rural, Low Income and other federal mortgage and housing programs must be ever more vigilant to root out corruption, contract fixing, slipshod construction and repair work, inefficient heating and utilities and other problems that beset our federal and state housing efforts.
3. Credit Card Industry Standards, Fees and Collection Methods
Now this is an area of regulatory meltdown and benign neglect involving federal and state agencies ranging from the FTC to Congress, from the SEC to Justice Department. There is a body of law at both the state and federal levels that regulates these practices but no one seems to pay attention.
The issuance of credit cards through the mail and Internet and the proliferation of offers from credit card companies are astounding. The never-ending changes in interest rates charged, the justification for such changes, the explanation of such practices and the downright deception in consumer information is appalling and predatory.
Fees change constantly for ATM charges, handling, processing, vendor, fraud, security, and any other excuse to stick it to the consumer. Credit rating companies feed information to credit card companies and collection companies making the whole business of debt collection a financial windfall to lawyers, collection agencies, process servers and even the courts. Lies regarding the rights of the cardholder are overwhelming to most people, threatening to them and their credit, and fraught with heavy-handed tactics.
Simply stated there is no protection for people from getting the cards, understanding the changing fees, and especially getting caught in the late payment and collection process. Debts are written off yet collection efforts go full steam. When debts should be forgiven efforts are still made to scare the consumers into making payments. If we allow a credit card company to write off the bad debt, then why is the collection industry pursuing the poor consumer with no money? Why are the bad debts written off years before the debt is forgiven to the consumer?
4. Health Care Industry Cost, Insurance and Unnecessary Treatment
Just look at the facts and there is no doubt this system is broken. In 2006 we spent $2.1 trillion on health care, over $7,026 for every person in the USA, and it took over 16% of our Gross Domestic Product. That is 4.3 times more money than we spent on defense. The cost of health care increases at more than double the inflation rate annually.
At 16% of GDP we have the highest health care costs of any developed nation with the next highest being Switzerland 10.9%, Germany 10.7%, Canada 9.7% and France 9.5%. Americans spent one third more on health care than any of these nations, and while 50 million Americans do not have health insurance all of the citizens in the other nations mentioned receive health care. At our current pace we will be spending $4 trillion on health care in just 7 years, by 2015.
With the war in Iraq one might expect the cost of health care for veterans to be substantial as treatment in the war zone is far improved from earlier wars and for every death of a soldier there are 9 wounded soldiers that return home. Yet the cost of veteranâ??s health care drops to $5,000 per person, $2,000 less per year than civilians.
What is causing these statistical aberrations? Are we much sicker than citizens of the other nations? Is there a greater medical risk to civilians in America than our soldiers in Iraq? Why are 50 million Americans uninsured when all of the citizens of other nations receive health care?
According to the latest statistics employer paid health insurance premiums in the USA were $11,500 for families and about $4,200 for individuals. That means annual health insurance premiums account for a substantial portion of health care costs. Something is very wrong with the system.
So what is the average educational debt for new doctors coming into the market? According to the Association of American Medical Colleges, the average educational debt of indebted graduates of the class of 2006 (including pre-med borrowing) is $130,571. The average debt of graduating medical students increased in 2006 by 8.5 percent over the previous year. 72 percent of graduates have debt of at least $100,000. 86.6 percent of graduating medical students carry outstanding loans. 40.2 percent of 2006 graduates have non-educational debt, averaging $16,689. Source: AAMC 2006 Graduation Questionnaires
So how much do they make when they graduate? Cardiologists were the most sought-after specialists last year, fetching salaries ranging from $234,000 to $525,000 and averaging $320,000 a year, according to surveys. Close behind cardiologists are radiologists and orthopedic surgeons. Now why do we loan med students the money when bank financing would be readily available in light of their low risk?
5. Pharmaceutical Industry Proliferation of Prescription Drugs
This can be short and sweet. In 2002 we spent $162 billion on prescription drugs and in 2006 we spent $217 billion on prescription drugs. One out of every five Americans takes 5 or more prescriptions per day. All Americans average 2.9 prescriptions per day. Our senior citizens, who are increasing very rapidly with the aging of the Baby Boomers, averaged $559 for prescriptions in 1992, $1,205 for prescriptions in 2000, and $1,912 in 2005 with spending expected to reach $2,805 in 2010.
Every day it seems the health authorities announce yet another prescription drug that does not work, or whose long-term effects are determined to be more dangerous than expected. Yet every day it seems there are new prescriptions for new diseases. We live longer but spend far more. Kids are over-prescribed with Ritalin and other drugs. They are addicted to drugs they donâ??t even take raiding medicine cabinets for the new drug culture.
6. FDA (Food and Drug Administration) Drug Approval Process
If drug prices in America have been rising almost five times as fast as inflation then the FDA must assume some of the responsibility as they are the regulatory agency charged with overseeing the over-the-counter and prescription drugs so abundant in our society.
The FDA new drug approval process with layers of clinical animal and human trials is the most costly, most lengthy and often most bizarre in terms of protocols and criteria for approval in the world. It is a process designed for the benefit of wealthy pharmaceutical companies, not for the small and independent research companies and laboratories.
Major pharmaceutical firms have managed to negotiate with FDA for new drug approval even if the drug extends the life expectancy of the patient by just 30 days. Yet when these products are sold to the public no one seems to mention they might only be good for 30 days at a cost of thousands of dollars
Things have gotten so ridiculous in the approval process that television ads for the drug Celebrex contain so many warnings of side effects and drug interactions that the ad actually states â??the FDA says the benefits may outweigh the risksâ? when taking it. Are they crazy? It might be safe to take it?
Human trials approved by FDA require a protocol where half of the patients are given a placebo rather than the drug so results taking the drug can be measured against a control group not taking the drug. Not a bad practice unless the drug is experimental and the disease is going to kill the patient.
For example, stage 3 cancer patients have weeks or months to live. At stage 3 any normal and extremely expensive treatment like chemo, radiation or surgery has already failed. When they are offered a chance to participate in an experiment that might save their life and the option is certain death you might think they would jump at the chance, but that is not the case.
Why would they sign up when only half the people will even receive the treatment, with the other half getting meaningless placebos? If they are in the half that gets the candy and not the drug they die. If they get the drug there is a chance they might live. When you are facing death there should not be a 50-50 chance you wonâ??t get the treatment.
Other problems with the industry include their price gouging, opposition to generic drugs selling for much less, opposition to foreign drugs also selling for much less, payments to doctors for prescribing their drugs, and unsubstantiated claims regarding over-the-counter drugs like cough syrup which has been proven to do no good.
7. Agriculture â?? Food Testing, Ingredients and Source
You go to the grocery store, check the fresh meat, see something that looks nice and red and fresh and buy it. Or maybe you buy the chicken to fry up for dinner. Then again you might buy pet food for your favorite dog or cat. Now did anyone tell you fresh meat like beef should not be red? Did they tell you color dyes and carbon monoxide are used to give the cuts of meat that color and they are injected in the butcher shop?
Did they tell you the chicken was raised in a hen house and pumped with hormones, steroids and God knows what else to fatten it up for the slaughter? Did they tell you about everything you just bought included rendered animal parts?
Did they mention rendering plants use raw product including thousands of dead dogs and cats; heads and hooves from cattle, sheep, pigs and horses; whole skunks; rats and raccoons? Did they mention the millions of maggots swarming over the carcasses? Did they tell you the carcasses would be ground up and cooked to create batches of yellow grease, meal and bone meal, and that the meat and bone meal would be used as a source of protein and other nutrients in poultry, swine and pet foods?
That the animal fat is used as an â??energy sourceâ? and millions of tons will be trucked to poultry ranches, cattle feed-lots, dairy and hog farms, fish-feed plants and pet-food manufacturers where it is mixed with other ingredients to feed the billions of animals that meat-eating humans, in turn, will eat.
When you look at the ingredient label and it says the meat included protein it sounds good but is that protein from the rendered carcasses and what are the health consequences of eating a standard diet of rendered byproduct? The deadly Mad Cow disease was caused by feeding rendered products to cattle.
8. Campaign Reform â?? Empty Promises and Empty Wallets
For the first time in our history the presidential campaign alone in 2008 is expected to cost over one billion dollars. Now that is a whole lot of money being spent to win a job that pays $400,000 a year and only lasts four years. One billion dollars spent to make $1,600,000. If that is the result of capitalism then we might have a problem.
Campaign reform has been talked about more and acted upon less than any other issue facing congress and the president. Political advertising costs are criminal. Some campaigns spend more money raising money than they do getting elected. Special interest groups give to candidates, give more to national political parties, more to state political parties and then spend money themselves to influence elections.
Over $1 billion will be spent running for president and that can be changed if the president and congress have the guts. Paid ads can be stopped, special interest funding can be stopped, and a logical schedule for primaries can be held. Candidates can receive free media time since all the airways are government regulated. Voter registration can be increased.
There are about 226 million people eligible to vote in the USA and about 142 million are registered to vote. In 2004 about 121 million did vote for president. That means about 53% of the eligible voters participated in the last presidential election, a pretty weak total for the citadel of democracy in the world. That needs to be fixed. Require automatic voter registration with social security cards or drivers licenses if need be but get people back involved in the process. We canâ??t make people vote but we can make sure they have the opportunity to vote.
9. Immigration Reform â?? The Slumbering Social Issue of the Day
So far the candidates have done a masterful job of avoiding the issue of Immigration reform although before the campaign heated up they had a variety of ideas to offer. Now it seems the ideas have been taken off the table in hopes no one noticed they flip flopped on an issue.
There are a few areas of agreement. For one everyone agrees we need to strengthen border security on both the Canadian and Mexican borders. We also acknowledge that there are millions of Mexican workers illegally in the USA gainfully employed at jobs typically not wanted by Americans. What to do about them is a huge problem.
Since there is widespread opposition to any kind of amnesty program allowing them to remain without consequence perhaps a better alternative would be to allow those illegal immigrants and their families to remain with a permanent work visa if they are gainfully employed and have paid taxes in the United States.
They are here and they pay our income and sales taxes. They have cars and drivers licenses. They are making a substantial contribution to Social Security even though they cannot draw benefits. What amnesty are we giving them? If we throw them out donâ??t we owe them back their income, sales and social security payments? I say they have paid enough already for a permanent visa and they should be welcomed if they complete our citizenship requirements.
If the illegal immigrants that are gainfully employed and contributing to our tax and social security system are granted permanent work visas, overnight we will reduce the border security issues saving substantial money and improving relations between our two countries. This will free up resources to pursue the criminal elements from foreign countries that come illegally for far more sinister reasons.
Not only do millions of illegal immigrants pay taxes and provide services we would not otherwise have but they are also victims to hordes of unscrupulous people involved in car sales and repair, medical treatment, legal assistance, and many other areas because they have no way to protect themselves. They cannot go to law enforcement agencies for help, as they would be prosecuted. The simple act of granting well-earned permanent work visas would stop predators from taking advantage of their status.
Exchange International Interval Timeshare
Posted on 29. Mar, 2010 by admin in general
This is easy because there are countless vacation resorts under Interval International. You must submit an application to the exchange company through direct mail, fax or through the Internet. You must pay a nominal fee to become a member. You have choices between enrolling annually or for a longer enrollment period. You can also upgrade to a preferred Interval International time share resort membership to get additional benefits and features. These benefits will make sure that your time share exchange with Interval International is something you will truly enjoy. Your application will be processed along with your answers to queries about your resort ownership including resort, region, size, location, type of week whether fixed, floating or rotating, and other important information regarding your property to make time share exchange with Interval International in the future easy and convenient. Included in the services offered by Interval International is time share exchange. When you become its member, you can deposit your time share vacation in this exchange company. A great thing about being a member of Interval International you can customize your time share exchange because the exchange company understands that your vacation wants and needs will change over time.This year, you may enjoy a one-week vacation in Aruba or the Caribbean with your time share exchange benefits from Interval International. Next year, you might to be in a different location. As a member, you have a prerogative to have your time share exchanged with Interval International. The next year, you can use your time share exchange privileges with Interval International to enjoy vacation in beautiful beaches of Maui, Hawaii. Time share exchange is made possible, easy and fast as being a member of Interval International. You can easily change your vacation every time you go and travel. You also have the assurance that your vacation and your time share property are safe, of quality and complete with recreational experience you will surely enjoy.Time share exchanges with Interval International are surely of the highest quality because time share resorts have to meet the standards of quality of the Interval International resort criteria. So, no matter how often you exchange your time share with Interval International, you are assured of the quality of vacation packages you are getting.With Interval International, time share exchange is easy because of the availability of resort descriptions, photos and listings of amenities and activities within and the surrounding areas. Interval International’s time share exchange services are also convenient because you can easily manage your account through the Internet by updating personal information, viewing vacation exchange history and renewing of membership. In the usage of Interval International’s time share exchange services, you will be given a member number or user identification with a password to make sure that your account is safe. Benefits of II time share exchangeInterval International allows time share exchange participants to enjoy member benefits like Interval Travel which includes cruises, flights, rental cars, and vacation packages. As a member of Interval International participating in time share exchange you are also given special offers and Interval Gold benefits like expanded exchange options, additional getaway discounts, and more.With Interval International you can easily find resorts on their website just by selecting a region from the map, or be more specific and encode the resort by name, code, your interests and it will automatically display a complete list of vacation areas. You can be able to exchange your time share with Interval International to the different regions in the world including Western Canada, Eastern Canada, United States, Mexico and Central America, the Caribbean, South America, Europe, Middle East, Northern Africa, Southern Africa, Asia, South Pacific Islands, and Australia and New Zealand. With its Resort Directory, Interval International can give you comprehensive information regarding your time share exchange. This will help you plan your next exchange vacation in the most private and luxurious vacation settings.
Synapse Communications – Worldwide Custom Software Developers
Posted on 28. Mar, 2010 by admin in general
Synapse communications offer their umpteen custom software development services of worldwide applicability. Working broadly in U.S, U.K, Canada and Australia the synapse communications provide their cost-effective software development solutions almost all over the world for all small, medium and large organizations and distribute their services to the industries like automobile, media and entertainment, banking, finance , real estate and mane more. There is an array of effective services that synapse communication is offering their valuable clients when they plan of designing a website, for their professional purposes.
The ground caliber of synapse communications is that their customized software developers provide clients with the appropriate software solution within the given time constraints and also at the same time, take into consideration, all the requirements of their clients. Synapse communications provide their clients with quality offshore software development solutions, on time and within budget.
One of the major reasons, for a website owner to choose synapse communication is that they always take into account the affordability of client and their experts give the best feasible cost-effective software development solution to it. The graphic designers of synapse communication provide most recent web designs for the websites which also leads the organization to experience the global exposure. Their highly experienced IT professionals offer efficient .NET and PHP programming services.
Synapse communications, as a part of Synapse India, also help their customers with best search engine optimization services which lead to high ranking of the customer’s website on the search engines. This is done by increasing the visibility of the website through various innovative techniques of the able-bodied experts present. It also offer their clients with the best consultants regarding web promotion activities resulting into better understanding between software developers and customers.
The ground motive of synapse communication is customer satisfaction by providing cost-effective software development solutions. Being a part of software technology parks of India, synapse communication is accustomed to provide only the optimum product in a cost-effective manner to their customers worldwide.
Yale Resources Takes a Rock Solid Approach in Mexico
Posted on 28. Mar, 2010 by admin in general
Yale Resources Takes a Rock Solid Approach in Mexico
Packard Richardson
The management team of Yale Resources Ltd. (TSXV: YLL) has a sound strategy that continues to place them in attractive positions. The team focuses on countries whose governments are mining friendly. They consider existing infrastructure or feasibility of bringing in infrastructure at new sites. One of their key strategies, however, is to explore areas near producing or past producing mines. Many companies have had much success with this strategy (a prime example is Incoâ??s 777 mine in Manitoba). To this end, Yaleâ??s properties in Mexico have already begun to turn up exquisite results.
For example, Yaleâ??s Carol property 20 km north of Alamos, Mexico is well positioned to take advantage of significant finds in the area. Frontera Copper Corp. has a reported proven and probable reserve of 191 million tonnes grading 0.36% copper. The Carol property is located 6 kilometres north of their property and has excellent infrastructure to work with, as well as a road to the core of the property. Three zones make up the Carol property, yielding copper, zinc, silver and gold. The Carol property has six claims over a total area of approximately 750 hectares.
Precious metal prices are still on the rise, and with the current state of the US economy they continue to remain a good hedge against inflation. Gold has gone up approximately 12% in the past year, and has been rising steadily since 2001. Silver is also in bull mode with a 27% increase in the past 12 months. As Canada increases interest rates later in the year, we will see increased movement by investors towards precious metals. Yale Resources has capitalized on these bull markets in precious metals and has put itself in a position to benefit from the commoditiesâ?? increasing value. One property that really stands to benefit from silverâ??s upward movement, is Yaleâ??s Zacatecas property.
The Zacatecas District is one of the largest historic silver districts in the world, with past production estimated at 1.2 billion ounces. Yaleâ??s property here has shown excellent results so far. The area has a run of mine dumps from historic work on the site. The samples from the mine dumps have yielded on average above 300 g/t silver. Select samples from the San Jose area of the project have shown very high grades, with the highest being 4,970 g/t silver, 6.74 g/t gold, 1.67 % lead, and 2.98 % zinc. Significant exploration potential remains on the San Jose project as well.
Yale Resources has partnered with IMPACT Silver Corp (TSXV: IPT) on the properties in Zacatecas District: Mina San Jose, Salvador, and Zacatecas. They stand to earn a 80% interest on each of the claims. Yale and IMPACT are in the process of investigating the option of processing the mineralized dumps at the nearby Veta Grande Mill. Processing the dumps will act as a bulk sample and may generate cash flow. With the processing plant, established infrastructure and a producing mine nearby, the ingredients for Yale Resourcesâ?? success here are already in place.
Recent drilling results have been promising, especially on the Mina San Jose property which yielded a significant intercept of 1,340 grams per tonne of silver at a vertical depth of approximately 75 metres below surface. Their next drill program is scheduled for the fall. Further work will go towards expanding their knowledge of the high-grade mineralization.
Additional projects for Yale Resources include a large claim on the historic Sierra Madre gold belt of northern Mexico. Titled the Urique project, it is 290 square kilometers in size and covers ten mineralized targets, a number of which have previously been in production.
Utilizing the strategy of exploring near proven resources, the Urique claims lie forty kilometers north of Goldcorpâ??s El Sauzal mine, which hosts over two million ounces of gold. After recent sample work, Yale has advanced their target to the drill ready stage. Yale has the right to earn a 75% interest in the Urique Project from EXMIN Resources Inc. Other producing mines in the area factor into this propertyâ??s appeal. These include Mulatos (Alamos Gold), Dolores (Minefinders), Ocampo (Gammon Lake), as well as the El Sauzal mine (Glamis Goldcorp).
Yale Resources is in a strong position in Mexico and is making significant progress on its properties. With the added value of existing infrastructure and proven resources surrounding the claims, Yale Resourcesâ?? strategies are taking effect. Since President and CEO Ian Foreman began launching Yaleâ??s exploration programs in Mexico and gathering around him a seasoned management team, volume trading has tripled, the companyâ??s stock price has doubled and still Yale has only issued 26 million shares, which represents good value for a junior exploration company.
This article is intended for informational purposes only and should not be considered as a recommendation to buy stock in any company. Although the author has made efforts to verify the information contained herein, the accuracy of all the information cannot be guaranteed. As always, it is recommended that you commit considerable time to completing your due diligence before buying stocks in publicly traded companies. A fee has been paid for the creation and distribution of this article.