Thứ Tư, 27 tháng 2, 2013

Stocks to watch at noon on Thursday

STOCKS to watch on the Australian stock exchange at noon on Thursday:

CGF - CHALLENGER LTD - up one cent, or 0.28 per cent, at $3.63

Retirement funder Challenger has lifted earnings as more people seek secure retirement income.

HVN - HARVEY NORMAN HOLDINGS LTD - up 0.5 cents, or 0.22 per cent, at $2.285

Harvey Norman is expected to post its first half results on Thursday.

LLC - LEND LEASE GROUP - up 11.5 cents, or 1.08 per cent, at $10.775

Construction and development firm Lend Lease has sold its 30 aged care homes to a private equity firm for $270 million.

NZO - NEW ZEALAND OIL & GAS LTD - in trading halt, last traded at 76.5 cents

New Zealand Oil & Gas has asked to be placed in a trading halt for around four hours on the New Zealand and Australian stock exchanges, pending "a material announcement regarding how NZOG progresses with a material asset".

PPT - PERPETUAL LTD - up $2.10, or 5.32 per cent, at $41.72

Fund manager Perpetual's first half profit has grown by 19 per cent as it continues to cut costs.

TWE - TREASURY WINE ESTATES LTD - up 27 cents, or 5.51 per cent, at $5.17

Winemaker Treasury Wine Estates (TWE) has urged the federal and state governments to provide more support for the Australian wine sector as it battles the high value of the Australian dollar.

WOW - WOOLWORTHS LTD - up 44 cents, or 1.29 per cent, at $34.45

Woolworths' first half profit has grown to $1.15 billion as earnings from its supermarkets rose by six per cent.


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Profit slumps at Harvey Norman

HARVEY Norman's half year profit has dropped by 36 per cent because of weaker sales and falling property values.

The retailer made a net profit of $81.9 million in the six months to December 31, down from $128.95 million in the previous corresponding period.

Total sales in the six months to December fell by 7.3 per cent from the previous corresponding period, to $2.88 billion.

The value of the company's properties dropped by $31.5 million in the six months to December, mainly due to losses on the value of three recent developments.

Chairman Gerry Harvey said retail conditions were still tough, but offered some optimism for the future.

"The aggressive discounting experienced in the second half of 2012 has stabilised and pleasingly we are seeing an uptick in sales," he said in a statement.

"Interest rates are at historical lows which should start moving the consumer back into the buying cycle from the savings cycle."

The company closed nine stores and opened six new stores in the six months to December.

Excluding the impact of new stores and store closures, Harvey Norman's sales in the period dropped by 5.3 per cent from the previous corresponding period.

Like-for-like sales in Australia were down by 6.3 per cent, but were up three per cent in New Zealand.

Harvey Norman declared a fully-franked interim dividend of 4.5 cents per share, down from five cents for the same period in the previous year.


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'Wake up, we're not your nanny'

Laos tubing

People swing from a pole near Vang Vieng in Laos while tubing. Picture: Flickr user Christian Haugen Source: Supplied

FOREIGN Minister Bob Carr has called on Australian travellers to "take personal responsibility", saying the government should not be viewed as their nanny.

"I think personal responsibility comes in here. We can't be your nanny when you come abroad," Senator Carr told a media conference in Bangkok at the end of two-nation regional visit to Laos and Thailand.

"There are all sorts of risks when you travel and the laws not of Australia but those of the country you're in apply when you're a tourist or a business person travelling," he said.

"Australians have to accept personal responsibility."

Senator Carr's comments came after reports of another Australian death in Laos.

Twenty-one-year-old Launceston man Chris Horrocks died on Wednesday.

Horrocks' death, so far unexplained, follows the deaths in Laos in recent weeks of two Australian men, both from Darwin, who were reported to have perished from drug overdoses.

But recent data from the Department of Foreign Affairs reported that in the year to June 30, 2012, the number of consular cases had fallen to 14,574, half the levels of 27,861 in 2008-09.

"There's one message I've got and that's personal responsibility," the minister said.

"The Australian taxpayer can't assume the huge burden of looking after you when you go overseas," he said.

Senator Carr says for many travellers who do end up in trouble, many have ignored DFAT warnings.

"The warnings are issued but in many of these deaths it's clear that warnings carry little weight," he said.


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'Grow up, we're not your nanny'

Laos tubing

People swing from a pole near Vang Vieng in Laos while tubing. Picture: Flickr user Christian Haugen Source: Supplied

FOREIGN Minister Bob Carr has called on Australian travellers to "take personal responsibility", saying the government should not be viewed as their nanny.

"I think personal responsibility comes in here. We can't be your nanny when you come abroad," Senator Carr told a media conference in Bangkok at the end of two-nation regional visit to Laos and Thailand.

"There are all sorts of risks when you travel and the laws not of Australia but those of the country you're in apply when you're a tourist or a business person travelling," he said.

"Australians have to accept personal responsibility."

Senator Carr's comments came after reports of another Australian death in Laos.

Twenty-one-year-old Launceston man Chris Horrocks died on Wednesday.

Horrocks' death, so far unexplained, follows the deaths in Laos in recent weeks of two Australian men, both from Darwin, who were reported to have perished from drug overdoses.

But recent data from the Department of Foreign Affairs reported that in the year to June 30, 2012, the number of consular cases had fallen to 14,574, half the levels of 27,861 in 2008-09.

"There's one message I've got and that's personal responsibility," the minister said.

"The Australian taxpayer can't assume the huge burden of looking after you when you go overseas," he said.

Senator Carr says for many travellers who do end up in trouble, many have ignored DFAT warnings.

"The warnings are issued but in many of these deaths it's clear that warnings carry little weight," he said.


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Westfield Group lifts profit

Frank Lowy

Businessman Frank Lowy. Source: The Daily Telegraph

SHOPPING centre developer Westfield Group's annual profit has grown by 18 per cent as income from its centres across the world increased.

The group, which manages 105 shopping centres in five countries, made a $1.72 billion profit in the year to December 31, up from $1.532 billion in 2011.

Joint chief executives Peter Lowy and Steven Lowy said 2012 was a year in which the company made several changes to its property portfolio as it aims to improve its returns to shareholders.

"The performance for the year has been very good and in line with expectations," they said today.

Westfield Retail Trust, which only holds interests in Westfield's Australian and New Zealand shopping centres, made a net profit of $830.8 million in the year to December, down 2.2 per cent from 2011.

The Trust's managing director Domenic Panaccio said the result showed the quality of the Trust's properties in a challenging operating environment.


Westfield Group said its operating income grew by 3.3 per cent in the 12 months to December, with growth strongest in the United States, followed by Australia and New Zealand, and then the United Kingdom.

"Our operating performance for the year saw continuing high levels of occupancy, growth in average rents and comparable specialty sales growth in each market," The Lowys said. "In Australia, whilst retail conditions have been subdued for most of the year the business has performed well."

Westfield continues to receive demand for space from both local and international retailers, they said.

Westfield completed its $1.2 billion Sydney development during 2012, and in 2013 expects to start between $1.25 billion and $1.5 billion in new developments. That will include work at Miranda in Sydney, Mt Gravatt in Brisbane and Bradford in the UK.

Westfield Group will pay 49.5 cents in distributions per security for 2012, and expects that to rise to 51 cents in 2013. Westfield Retail Trust will pay 18.75 cents per stapled security for 2012, and expects that to rise to 19.85 cents in 2013.


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How Italian voters sent markets plunging

Silvio Berlusconi

Former Italian Prime Minister Silvio Berlusconi almost got re-elected sending markets into a frenzy. Picture: File Source: AFP

THE Italian election sent European stocks plummeting overnight. Former Prime Minister Silvio Berlusconi almost got re-elected, sending all the austerity measures implemented by Mario Moni into doubt.

A shock election result on Monday showed a surge in support for comedian Beppe Grillo’s anti-establishment campaign, as well as surprising support for former Prime Minister Silvio Berlusconi.

It is an indication of just how interconnected global markets are that the outcome of an election in a southern European country on the other side of the world could send shockwaves through to our local market.

European stockmarkets slumped overnight: Milan's FTSE MIB index tumbled 4.89 per cent and London's FTSE 100 index of leading companies fell 1.34 per cent.

Yesterday our own local market dived 1.2 per cent in early trade as a direct knock on from the Italian stalemate.


The reason: the Italian connection
Investors are concerned that the Italian people have voted in large numbers for a political party which is anti-austerity and anti-euro.

They were hoping for the liberal leader Pier Luigi Bersani to win which would allow him to form a coalition government with pro-austerity and current leader Mario Monti.

Instead the Italian people have staged somewhat of a "rebellion" and a push back against austerity.

The rebellion means a huge share of the vote has gone to Mr Berlusconi and Beppe Grillo, the populist comedian.

Although Mr Berlusconi’s party does not have enough to form a majority Government – it has sent the markets into a frenzy because of fear of contagion.

It puts doubts in investors’ minds about the Eurozone’s ability to emerge from its sovereign debt crisis and see through its austerity program in problem countries like Spain, Italy and Greece

The fear is that a divided parliament in Italy would make the implementation of the austerity medicine (cutting public debt and spending) more difficult and would put a spanner in the works of the European recovery project - something that makes markets very nervous.

Italy is Europe’s third largest economy and how it performs and who is in power matters.

It also suffers from a raft of economic problems common to other southern European countries, ranging from low growth to an inflexible labour market and high debt to GDP - making strong leadership a must if it is to face up to its debt issues, implement the necessary austerity measures and start to regain its competitiveness.

We should also bear in mind that markets around the world are coming down off recent record highs, driven up as some see it by governments pumping money into the system and over-excited investors inflating prices of late.

So it is not surprising that we see a strong pull back on uncertainty out of Europe. 

On the other hand it can be argued we are seeing a return in investor confidence and appetite.

However ongoing doubts over a Euro area recovery, unresolved fiscal cliff issues in the US, questions over growth in Japan and China mean markets will likely remain choppy for some time to come.
 


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10 mind-boggling Wall Street interview questions

Tennis balls

How many tennis balls are there in New South Wales was a question an investment banking candidate was asked. Picture: File Source: news.com.au

  • Investment bankers subjected to bizarre interview questions
  • Makes you think creatively, show personality
  • See 10 mind-boggling questions below
  • Follow sarah_ocarroll on Twitter

IF you were shrunk to the size of a pencil and trapped in a blender, how would you get out?

Could you weigh an elephant without using a scale, guess the number of tennis balls there are in New South Wales, or bricks on residential buildings in Shanghai?

If so, you may have what it takes to be an investment banker.

These are some of interview questions potential investment bankers are asked - they are tough, very tough, and some even border on the ridiculous.

But there's method to the madness.

According to investment banking recruiter Jason Hutchins from Anton Murray Consulting investment banks are looking to determine three things about candidates:

1.    Are you smart enough
2.    Can you handle the work

3.    Do they like you

He said that while interviewers will of course focus on candidates technical ability, commercial awareness and previous experience they will also gauge their response to one or two more obscure questions.

"For example an associate interviewing with UBS was recently asked how many tennis balls there were in New South Wales," said Mr Hutchins.

"Whilst you can't be expected to know the exact figure, interviewers want to see what approach you'll take to answering the question, and what steps you'd take to reach this number."

A similar question asked in an interview with British bank Rothschild was: Why do you think only a small portion of the population makes over $200k per year?

"Not only does this test your economic understanding and thought process but could be an opportunity to gauge political views and dare I say it, any exaggerated self-opinions," he said.

"Whilst these may seem a little left field, they are in fact vital to understanding how you'll consider the different variances involved in complex valuations," he said.

Then of course there are the banking interviews questions that sound simply ridiculous.

US giant Goldman Sachs asked the question: If you were shrunk to the size of a pencil and trapped in a blender, how would you get out?

"Bankers like these types of questions, as it makes you think creatively and shows them your personality, will you just be dismissive to the question or use it as a chance to show you're not just a number cruncher and have the sense of humour and quick thinking to fit in to the team," said Mr Hutchins.

Here are 10 mind-boggling questions investment bankers have been asked:

1.    If you had five red balls that contained four red balls and those red balls contained the original five red balls, then how many sets of sets of balls would I take to have a double set of red balls of varying sizes inside each next largest red ball?
2.    How many tennis balls are there in New South Wales
3.    Why do you think only a small portion of the population makes over $200k per year?
4.    If you were shrunk to the size of a pencil and trapped in a blender, how would you get out?
5.    You have 2 buckets. One full of white marbles and the other full of black marbles. How do you allocate the marbles into buckets in a way that maximizes your probability of picking 2 white ones when you pick 1 marble from each bucket?
6.    Explain to me what has happened in this country during the last 10 years.
7.    How many bricks are there in Shanghai? Consider only residential buildings
8.    How do you weigh an elephant without using a scale?
9.    Using a scale of 1 to 10, rate yourself on how weird you are?
10.    And finally: You are given two eggs. You have access to a 100-story building. Eggs can be very hard or very fragile means it may break if dropped from the first floor or may not even break if dropped from 100th floor. Both eggs are identical. You need to figure out the highest floor of a 100-story building an egg can be dropped without breaking. The question is how many drops you need to make. You are allowed to break 2 eggs in the process.

Have you been asked a crazy interview question? Tell us below or @sarah_ocarroll on Twitter


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Hotel inside airport sure to take off

Rydges Hotel

Rydges Sydney Airport hotel allows travellers to walk across the road and check in. Source: The Daily Telegraph

TRAVELLERS with early flights will be able to spend the night at Sydney Airport when a new hotel opens at the international terminal in May.

The 4.5-star Rydges Sydney Airport will have 318 rooms - about half with views over the runway - over 11 floors.

The $70 million development has been under construction for almost a year, inspired by airport hotels around the world in hubs such as Los Angeles, New York and London's Heathrow.

"It's the first hotel to actually be located at a terminal within the Sydney Airport precinct," Rydges general manager Tish Nyar said.

"The nearest at the moment is about five minutes away by shuttle bus.

"We're right at the international terminal, so there are no transfer costs.

"You don't have to worry about traffic, so there are no time issues.

"You can just walk across the road and check in."

Mr Nyar said the hotel was likely to appeal to businesspeople and travellers from regional areas who want to stay overnight in between a domestic and international flight.

"There are a lot of 6am arrivals and departures out of Sydney Airport," he said. "It's an added service for the airport and I think there's a strong demand for it."

The hotel will also have a restaurant, Blackwattle Grill, and a function room on the rooftop. Rooms will cost about $200 to $250 per night.

"We started taking bookings a week or two ago, so it's very exciting," Mr Nyar said. "We've also had conference inquiries for the property."

Tourism and Transport Forum spokesman Rowan Barker said having a hotel at the international terminal brings Sydney into line with other cities around the world, where hotels at airports are commonplace.

"International travellers are used to having the option of staying at the airport, rather than having to travel to get there, and Sydney Airport has been pushing to deliver this level of convenience for some time," he said.

"This will benefit business travellers and leisure visitors alike."


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Beautiful one day gone the next

beach erosion

Beach erosion in the Main Beach and Narrowneck area's of the Gold Coast. Source: The Courier-Mail

EXTREME erosion across the Gold Coast has stripped beaches of sand, destroyed walkways and almost toppled lifeguard towers.

The wild weather which caused the erosion is expected to continue for the next five days, with beaches remaining closed and dangerous, the worst stretches along Main Beach and Miami.

Council workers will have to wait until the severe weather clears before they can replenish the sand on the ravaged dunes.

Many Coast beaches have all but disappeared in some areas, replaced by three to four-metre sand cliffs.

erosion

Beach erosion in the Main Beach and Narrowneck area's of the Gold Coast. Picture: Gold Coast Bulletin

Monterey Keys resident Miriam Golby took her children Josh and Lily to Narrowneck to see the erosion this week.

"It's incredible. You could almost fall off walking along the edge," Mrs Golby said.

In pictures: The vanishing Gold Coast beaches

Erosion

Damaged walkways at Miami Beach. Picture: Gold Coast Bulletin

"You really do think where's our beautiful beach gone and how are they going to fix it. It's just so extreme."

Steep sand cliffs prevented most surf lifesaving clubs from getting equipment and IRBs onto the beach.

Currumbin Beach Vikings SLSC patrol captain Peter Nelson said they could not assess if the ocean was safe because they could not get on to the beach.

"We can't afford to risk the equipment or our own safety to open a beach that probably shouldn't be open anyway," Mr Nelson said.

The club is still waiting for council workers to retrieve a skip bin that had been sitting on the sand since Friday.

Repairing the storm-lashed beaches could cost tens of millions of dollars.

Bond University Professor of Environmental Management and Science, Tor Hundloe, said artificial reefs were the only solution to prevent further damage.

"It would cost about $10 million to create one to protect a section of beach the size of Burleigh, so it will be costly," Hundloesaid.

"But the reefs will help ease the force of the waves, giving council a chance to replenish sand while not ruining surf breaks."

Engineering Services deputy chairman Councillor Paul Taylor said about 30 employees were on standby ready to move once the weather stabilised later in the week.

"We're just maintaining things at the moment" Cr Taylor said.

"Everyone should stay away from the beach at the moment, the way the water is, until it subsides."


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How do I book a Galapagos trip?

Galapagos Islands

Abundant wildlife on the Galapagos Islands makes it a Mecca for eco tourists. Picture: Flickr.

escape 17 galapagos doc

The Galapagos tortoise is the largest living species of tortoise. Picture: AFP Source: National Features

THE Doc gives advice on a visit to the archipelago of volcanic islands, travelling around Turkey and doing a dinner cruise on the Seine in Paris.

- I HAVE always wanted to visit the Galapagos Islands to see the giant tortoises. Could you please point me in the right direction to book this?

* DOC: The Galapagos Islands are an archipelago of volcanic islands distributed on either side of the equator in the Pacific Ocean and are 973km from the west coast of South America. The closest land mass is mainland Ecuador. The islands have been called a unique "living museum and showcase of evolution".

It is best to visit between January and April for snorkelling. The island of Santa Cruz has the largest and most developed town in the Galapagos and is also home to the Charles Darwin Research Station, a 10-minute walk from the town centre of Puerto Ayora. It is free and open to the public and here you can see the turtle-breeding area. Santa Cruz is one of the four islands in the Galapagos that welcomes overnight visitors. It is the best island to arrange extra nights or to kick off a land-based tour of the islands due to its central location.

The Galapagos tortoise is the largest living species of tortoise and 10th-heaviest living reptile, reaching weights of more than 400kg, with lifespans in the wild of more than 100 years. A captive individual lived at least 170 years.

Isabela is my favourite place to see Galapagos tortoises. The largest of the islands, Isabela is home to five distinct sub-species of Galapagos tortoise. Abercrombie and Kent (abercrombiekent.com.au) offers organised tours to the region, including some areas that few other travel companies are allowed.

Another great option is aboard the National Geographic Endeavour or National Geographic Islander. They have 10-day tours and each expedition has a diverse team of experts, from naturalists to regional specialists, who share their knowledge and insights on the wildlife, landscapes and culture.

-- The Doc says

I HAVE had a lot of letters recently asking about travelling around Turkey, so I thought I would pass on a couple of the websites that have been recommended by our readers.

A company operating in Sultanahmet, named Fez Travel (feztravel.com), has received rave reviews from Geoff and Jenni. They were greeted by an Australian who arranged a tour based on the "hop on, hop off" bus network and visited places such as Troy, Gallipoli and Cappadocia. At each location they were met by local guides. They say it was reasonably priced.

Helen and Colin used Istanbul Stopover Tours, (info@ayasofyahotel.com) which is run by another Australian. Gaye Reeves also runs a hotel in Istanbul called the Ayasofya Hotel. She organised the itinerary, internal flights, private transport, hotel bookings and gave great advice on the places to include and those to leave out.

And Scott and Joan offer this advice for those heading to Turkey. They warn of having had to pay $US50 in cash a person before they were allowed through customs. They also hired a car and driver in Istanbul but, after realising the size of the country - they would have been driving 26 hours - decided to sack him and buy flights to Cappadocia.

Even though they were out of pocket, it was too dangerous, they said, and wish to let people know that you must allow plenty of time in between tourist spots if you are getting around by car.

-- ON OUR way to San Francisco, we have a 12-hour daytime wait at Auckland International Airport. Do you have any suggestions as to how we might use this time?

* DOC: I would suggest Scenic Tours (scenicpacific.co.nz). The company has a range of day tours with various departure times. You could jump on the "Hobbiton Express" and journey through Middle-earth to the Hobbiton movie set, or perhaps head up to the Bay Of Islands, a deeply indented bay containing about 150 islands on the east coast of the North Island.

There is also a City Highlights tour that operates daily for about $50 a person, covering Auckland's waterfront and early Maori settlements. You will need to get into the city for these departures. The Airbus operates every 10 minutes for about $22 a person return, or it's about $56 one way in a taxi.

-- WE WILL be in Paris this year and want to do a dinner cruise along the Seine. Could you recommend a company we could book with?

* DOC: One of the many companies operating these cruises is Bateaux Parisiens, (bateauxparisiens.com).

They operate a dinner cruise that departs daily at 8.30pm, onboard a glass-encased boat. For about $130 a person, you will also receive an aperitif and enjoy live music.

There are a few options for the cruise depending on how much you wish to pay, and where you would like to sit.

Another company operating for more than 60 years is Bateaux Mouches (bateaux-mouches.fr/en).

It prides itself on serving dishes made from fresh products that are selected each morning and cooked to order. It offers a-la-carte menus from $130 a person up to about $330 for dinner and a show.

I think you should also compare Yachts de Paris (yachtsdeparis.fr), for something a little more different and exclusive.

The Don Juan - one of the company's vessels - is a lovely wooden boat that carries 30 people.

It is full of Italian leather furniture, antique engravings and paintings, elegant linen and porcelain. The cruise lasts about three hours.

--

-- Where in the world?

Roll, father, castle. The mozzie police are on their way. Rum and ginger beer. My first industry was established in 1868. I am home to a Hall of Aviation and Botanic Gardens. Recently, 1500 people here were displaced. Where am I?

- Last week: Kuwait


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US leaders squabble as budget cuts loom

PRESIDENT Barack Obama has warned of potential devastation from looming spending cuts, but the bickering in Washington suggests legislators are too far apart to strike a timely compromise.

Even as the Federal Reserve chairman sounded the alarm 72 hours before $US85 billion ($A83.51 billion) in sequester cuts begin to bite, the president's top Senate ally said on Tuesday he would prefer the budget axe to a deal that did not raise new tax revenues.

"Until there is some agreement on revenue, I believe we should just go ahead with the sequester," Senate Majority Leader Harry Reid said.

Not only was a compromise looking increasingly unlikely, but the two parties did not even appear to be negotiating a deal to prevent the mandated cuts, which would slice through popular military and domestic programs.

Obama travelled on Tuesday to a Virginia shipyard that builds nuclear-powered aircraft carriers and submarines for the US Navy, amid fears the cuts will damage America's defence readiness.

"These cuts are wrong, they are not smart, they are not fair," Obama said in a vast assembly hall at Newport News Shipbuilding.

"They are a self-inflicted wound that doesn't have to happen."

But Republicans accused Obama of exploiting the military and refused to accept his demand to raise more taxes on the rich and corporations as part of the solution.

Fed chairman Ben Bernanke, in prepared testimony to congress, cited data from the Congressional Budget Office predicting that the cuts in defence and discretionary domestic spending could reduce economic growth by 0.6 per cent.

"The congress and the administration should consider replacing the sharp, front-loaded spending cuts required by the sequestration with policies that reduce the federal deficit more gradually," he said.

"Given the still-moderate underlying pace of economic growth, this additional near-term burden on the recovery is significant."

The White House has warned of a "perfect storm" of widespread furloughs, nationwide airport delays and less secure US borders, and says pre-school programs could be cancelled, teachers laid off and public services curtailed.

Republicans accuse the president of resorting to scare tactics and are baulking at raising new revenue, after losing a showdown with the newly re-elected president late last year over raising tax rates on the rich.

They are willing to close loopholes, but only in the context of a sweeping overhaul of the tax system which could see rates for the wealthy fall.

Republican House Speaker John Boehner accused Obama of using "military men and women as a prop in yet another campaign rally to support his tax hikes".

And he denied Republicans had done nothing to stop the sequester, as the House has voted twice to reframe the cuts - though the bills lacked the revenue hikes Obama demands.

"We should not have to move a third bill before the (Democratic-led) Senate gets off their ass and begins to do something," Boehner boomed.

Several attempts were under way in congress to give Obama authority to spread the cuts more evenly, but some Republicans saw such moves as an abrogation of their fiscal responsibilities.

Reid introduced a Democratic bill to replace the sequester and wants it brought to a vote on Thursday, while Republicans could introduce a competing version with a possible vote later this week.

The painful, automatic budget cuts were envisioned as a mechanism to defuse a previous spending showdown by forcing both sides into a deal to cut the deficit, but Washington is so dysfunctional that no agreement has been reached.

Senate Minority Leader Mitch McConnell said Obama was blaming political rivals for the consequences of his own actions.

"The president's been running around acting like the world's going to end because congress might actually follow through on an idea he proposed and signed into law - all the while pretending he's somehow powerless to stop it."

The White House argues that Republicans are equally to blame, as the sequester was passed by congress before Obama signed it into law.

There seems little prospect that Washington's feuding politicians will agree to halt the sequester before it comes into force on Friday.

The first point of possible compromise may then come with a "continuing resolution" bill due at the end of March to fund the government's operations.

Republican Senator Lamar Alexander expressed what many in Washington see as the only way out of the mess: a budget bill that subtracts the value of the $US85 billion sequester.

"Instead of a continuing resolution at the end of the next month, we'd have a bill that took care of both the sequester and the continuing resolution," he said.


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Cool koala crashes pool party

Koala drinks at Flagstaff Hill

This thirsty koala spent an hour and a half drinking from a backyard pool in Flagstaff Hill, then recovered with a snooze in the shade. Picture: Liz Wickers - Takes The Cake. Source: Supplied

A HOT and bothered koala was so thirsty it drank from a backyard pool for more than an hour yesterday.

As the mercury topped 40.5C in Adelaide, humans and animals sweltered in the dry February heat.

Flagstaff Hill resident Trent Wickers snapped this picture of the thirsty marsupial drinking from his backyard salt-chlorinated pool early yesterday.

His wife, Liz, said they often spotted koalas in nearby trees but it was the first time they had seen one "scooping" water into its mouth.

"Then it crawled under the jetty and sprawled out across the cool rocks all day," she said.

Today, the state will enjoy a brief reprieve, with a top of 28C and possible morning shower forecast for Adelaide.

Later in the week, temperatures are set to climb again, with 34C expected for Friday and Saturday and 33C on Sunday.


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AirAsia profit soars, bullish on outlook

An Air Asia aircraft

Asia's largest low-cost carrier, AirAsia has reported a 168 per cent jump in fourth-quarter profit. Source: AAP

AIRASIA, Asia's largest low-cost carrier by fleet size, says its fourth-quarter profit has jumped 168 per cent year-on-year amid increased passengers.

AirAsia said in a statement that net profit for the quarter ending December 31 stood at 350.65 million ringgit ($A111.42 million), up from 130.68 million ringgit in the same quarter the previous year thanks to "a seasonally strong quarter".

Revenue for the quarter was a record 1.41 billion ringgit, up 10 per cent, as more people flew the airline, which increased its aircraft in Malaysia to more than 60.

"It has been another good quarter and overall a great year for AirAsia as we continue to defy the industry in terms of operational and financial performance," said Malaysia AirAsia chief executive officer Aireen Omar.

For the full financial year, AirAsia recorded a 238 per cent jump in net profit to 1.88 billion ringgit despite a 1.0 per cent rise in the average fuel price this year.

Its 2012 revenue increased by 11 per cent to 5.0 billion ringgit.

Group chief executive officer Tony Fernandes was bullish about the year ahead as AirAsia expands its model - no frills and keeping operational costs low.

"The aviation landscape is constantly changing with high fuel prices and new competition, but through all these challenges AirAsia will continue to defend our leadership titles," he said.

AirAsia has grown rapidly since Fernandes, a former record industry executive, bought the failing airline in 2001. It initially had only two aircraft in operation.

The group now has a total fleet of 120 A320s and has set up subsidiary budget carriers in Indonesia, the Philippines, Thailand and Japan.

The airline, one of the biggest customers for European aircraft maker Airbus, is expecting 360 more aircraft to be delivered by 2026.

Last week it announced a new airline joint venture with India's Tata conglomerate.


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PM's trip to Rooty Hill 'like a Benny Hill episode'

Rooty Hill

Rooty Hill has been the butt of many jokes ahead of the Prime Minister's upcoming visit.

A SENIOR minister who will be part of the Federal Government's western Sydney offensive next week today likened the name Rooty Hill to a destination in a Benny Hill episode.

Mental Health Minister Mark Butler of Adelaide also said it could be the setting for a Carry On Government film.

Senator Butler told Adelaide radio he could not keep a straight face going to the area.

Rooty Hill locals are divided on the offensiveness of a Federal minister making fun of their suburb's name.

"We're used to this sort of thing," Ian Lowe of Rooty Hill RSL told news.com.au. "The suburb name has actually been around since the early 1800s and it doesn't bother us when people make fun of it. There is a very big population out here and I really don't think it is going to offend anybody. It's one of the joys of living and working in the area."

But local chicken shop proprietor Leng Te was not impressed.

Mr Te runs Rooty Hill Charcoal Chicken on Rooty Hill Rd North, and said he was offended that a member of parliament should make jokes about his adopted home.

"It does offend me, it makes me upset. Our suburb is not a funny name," Mr Te said.

The minister's quip was supposed to be a light-hearted answer after an interviewer had asked whether the selection of the suburb as HQ for Prime Minister Julia Gillard next week was "a sign of a party that thinks it's rooted".

But the response will make it harder for the visiting ministry to win western Sydney hearts and minds, and votes.

"There are so many different sort of double entendres you can do with this place," Senator Butler replied.

"I stay at the Penrith Panthers when I'm in western Sydney because I'm not sure I could check into the Rooty Hill RSL with a straight face.

"It just conjures up all these sort of Carry On films and Benny Hill episodes and Carry On Governing filmed at the Rooty Hill RSL."

Ms Gillard hopes the five days she will spend in western Sydney will stem the loss of votes Labor is suffering in what once was its stronghold.

The ranking western Sydney Labor MP, Tertiary Education Minister Chris Bowen, today told reporters the Prime Minister would be welcomed by locals.

"It's important that all prime ministers get around the country," Mr Bowen, the member for McMahon, told reporters.

He said the Prime Minister had visited before but would next week do it "a little bit more intensively".

The suburb's name comes from Norfolk Island where in 1788 Governor Philip King had trouble building on a site because of the mass of roots running through it. Back in the colony of NSW King saw a hill which reminded him of the feature on Norfolk Island.


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Thứ Ba, 26 tháng 2, 2013

Saddle up at Home Valley Station

Home Valley station 17 escape

The Kimberley is famous for its sunsets. Picture: Supplied Source: National Features

Home Valley station 17 escape

True Outback Experience: Riding in the Kimberley. Picture: Supplied Source: National Features

"I'M BACK in the saddle again. Out where a friend is a friend ... "

I can't get Gene Autry's signature tune out of my head as we jokingly mimic John Wayne's swagger and amble towards the stables at Home Valley Station in the remote, beautiful East Kimberley.

You'll find Home Valley Station homestead about 1.5km off the Gibb River Road, 120km from Kununurra and 643km from Derby.

J.R. is waiting for us at the stables.

That's John Rodney, Home Valley's pastoral manager.

He's everything you would expect him to be -  a no-fuss, no-nonsense bear of a man peering out from under a wide-brimmed cowboy hat.

He's already summed up our group of four before we have even entered the yards.

He nails me. "You can ride Midnight. He knows what to do. All you have to do is sit."

I'm pretty sure he said sit.

I wonder if someone had already told him that my last encounter with a horse was more than 30 years ago. And it didn't go well.

I'd been on strike for more than four weeks.

I had $40 left to my name and the temptation of a date with a pretty young filly (horse talk for a girl) swayed me to going riding.

I fell off, lost my wallet and, as you guessed, didn't get the girl.

Anyway here I am again.

I'm back in the saddle wearing my pretend cowboy boots and city-slicker western shirt about to trot off on an overnight ride to a bush camp.

The plan is to ride for four hours and perhaps do a little mustering on the way.

My plan - and only thought - is to hold tight and pray Midnight doesn't buckle under the weight.

J.R. talks me through the afternoon ride. He tells me the tricks that will keep me upright and ease the potential pain in my butt and thighs.

His voice is soft, yet strong, and very reassuring.

He rides with us for about 30 minutes before tipping his hat and heading back to the station leaving us with Jason, a former trackwork rider from Tamworth, and Cyril, a yarn-spinning local.

J.R. had to go back because one of his horses was crook.

It wasn't an option to leave it alone.

Horses are like family to these men.

It is impossible not to lose yourself in the East Kimberley.

There is nothing else like it in Australia. It is stunningly beautiful.

I've cruised the famed Amazon, I've explored Peru and I've touched the canyons of Utah in the US.

All beautiful, and different in their own way, but none better than this remote part of Australia.

Call it spiritual if you want, but the Kimberley changes you.

Every Australian should come here at least once.

The sun creates an ever-changing canvas of colour as it swirls over the iconic Cockburn Range. We sit in awe, no one saying a word at the campsite, and watch the sun go down.

We wake early just so we can watch it rise again the next morning.

All our cares disintegrate as we sit round the fire singing songs, telling tall stories and feasting on piping-hot bush tucker.

The guitar gets passed around and the set list is varied, but it's mainly country music out this way.

There are a few bush ballads, a little bit of Creedence and a rousing rendition of Sweet Home Kununurra (apologies to Lynyrd Skynyrd).

Cyril looks to be in his early 30s.

He cooks our breakfast - eggs, bacon, sausages, toast and beans.

He laughs hard at his own jokes, some of which could only be told by an indigenous man.

Midnight welcomes me for the ride home and takes good care of me all the way back to the homestead where I quickly take advantage of the hot showers in my Grass Castle - that's the up-market room category.

Home Valley Station, which is half the size of Belgium and owned by the Indigenous Land Corporation, is so much more than a luxury retreat.

It is an investment by the local Balanggarra people in their future. They, with Voyages Resorts, make the decision about the future direction of this property.

Home Valley Station is a campsite where you can pitch a tent for less than $20 a night or even just throw a swag on the ground.

If you want more comfort you can stay in the Guest House or one of the permanent eco tents that sleep a maximum of four people.

The Grass Castles overlook the homestead's permanent waterhole, Bindoola Creek.

They are airconditioned, modern and comfortable and a perfect escape from the heat of the dry season.

The Dusty Bar & Grill is the centre point of the resort.

It brings everyone together for dinner under one roof.

As you would expect out here the beef is pretty good and the servings are generous.

There's nightly concerts and star-gazing activities.

Home Valley Station runs many tours for its guests offering everything from fishing, horse riding, Cockburn sunsets, cattle musters, gorge and river tours and, of course, its Australia movie tour.

The property was one of the sites used by Baz Luhrmann to shoot the epic film starring Hugh Jackman and Nicole Kidman.

On our last day we did the fishing tour by the muddy banks of the Pentecost River.

Now, the thing about fishing tours is that there are no guarantees that you will catch anything.

And we didn't.

But that's not to say that it was uneventful. It was just the opposite.

Crocs, bull sharks and barramundi tempted and teased us all day as giant sea eagles circled above looking for food.

We sat on the bank and got to meet the passing parade of holidaymakers - most on lengthy driving trips around Australia's last frontier. Out here people stop and say hello.

"I'm back in the saddle again. Out where a friend is a friend." 

- Brian Crisp is News Limited's national travel editor.

- He was a guest of Voyages and Tourism Western Australia.

--

* Go2

- THE KIMBERLEY

- Getting there

Qantas flies to Kununurra from Broome and Darwin.

Ph 13 13 13 or see qantas.com.au

- Staying there

Home Valley Station welcomes guests from May 1 to October 31. Ph 1300 134 044 or see hvstation.com.au

 


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How do I get to Niagara Falls?

Niagara Falls

Niagara Falls straddles the border between Canada and the US state of New York. Picture: AFP Source: AFP

THE Doc gives advice on doing a day trip to Niagara Falls, where to visit in the Philippines, a train from London to Switzerland's ski resorts and renting a house in Tuscany.

-- MY WIFE and I will be in New York for five days in August this year and would like to do a day trip to Niagara Falls by air. Can you please advise if we should buy the tickets before leaving Australia or wait until we arrive in New York? If we wait until we are in New York would we be able to book only a day or two before flying to secure the trip.

* DOC: Several airlines fly from either JFK or LaGuardia to Buffalo, the closest airport to Niagara Falls, including Delta, United and Continental.

The cheapest is an American Regional airline, Jet Blue (jetblue.com). There should be no problem leaving it until you get there as there are plenty of services, but you are likely to pay a lot more for the fare. I would recommend choosing a day and making your bookings.

If you are going to hire a car when you arrive in Buffalo, you will be more successful in confirming the type of car you prefer if you book in advance.

The Maid of the Mist (maidofthemist.com) is the boat tour that takes you out and into the falls, and can be accessed from the US and Canadian sides. It costs about $19 an adult from the Canadian side and slightly cheaper from the American.

The US side is closer to the falls and you can actually walk across a bridge into Canada. One other tour you may be interested in while there, is the Cave of the Winds. It begins with an elevator ride 53m down into the Niagara Gorge - you will get wet, so take a change of clothes. Hertz and Budget have counters at Buffalo airport and will charge about $60 for the day.

Please be aware that the park closed in 2012 for renovations, they advise that it will be reopened in time for (northern) spring.

-- WE ARE heading to the UK and have heard about a train operating from London that goes to the ski resorts in Switzerland. Do you have any information on this?

* DOC: Yes, there is such a service. It operates from St Pancras International station (Kings Cross), in London, which is home to the Eurostar. It costs about $115 one way, this includes one set of skis or a snowboard.

You will need to transfer at Lille-Europe, a station in France, on to the TGV, Train a Grande Vitesse, meaning high-speed train. The total journey takes about nine hours, providing you with easy access to the ski resorts such as Zermatt and Verbier.

If you get to St Pancras early enough be sure to head to Searcy's Champagne Bar, it is the longest in Europe at 96m with 110 seats and up to 1000 glasses are sold every day.

--I AM thinking of taking the family to Tuscany later this year. I have always wanted to rent a traditional house there and be close to public transport and have the ability to buy local produce. Can you recommend any particular home like this.

* DOC: If you are coming from Rome or Milan, then to access most of these villages it is best to hire a car. There are so many to choose from, but one that I know is Casa Allioni, it has three bedrooms and sleeps up to six. This 17th-century farmhouse is surrounded by olive groves and grapevines, and has a swimming pool overlooking the valley.

It is walking distance to the restaurant, bar and small shops in the village below. This can be booked through Invitation to Tuscany (invitationtotuscany.com) which is a booking agent for this and many other properties in the area. A week at this property high season (July-August) will be about $3300.

-- WE HAVE travelled throughout most of Asia, but have never been to the Philippines. Where should we look at staying if we want to go there?

* DOC: The Philippines has a population that's approaching 100 million people, with the capital Manila and its surrounds home to more than 11 million of them.

Therefore, I would head straight out to one of the islands. The Philippines is made up of more than 7000 islands, and is well suited to those looking for an adventure holiday or a beachside getaway.

The island of Boracay is best known for its beaches, there are 10 in total and all feature the same powdery white sand. The most popular is White Beach, and this is where most of the resorts are. The island of Palawan has plenty of undeveloped corners, and the pristine waters off its coast conceal a submerged world of reefs, wildlife and wrecks that offer exceptional snorkelling and diving.

Try to avoid the wet season (June to October) and aim for the coolest, least humid months of January and February. If you strike a typhoon, adopt the Filipino way bahala na (whatever will be will be) and wait it out.

Should you wish to have a look around Manila, start at Makati, the commercial centre. It's a little more orderly yet has a unique vibe that comes from the hordes of locals who come here to work, relax and play.

Rather than seeing Manila as a huge mass, focus instead on enjoying its individual areas. US dollars are widely accepted and, if you need to change money, do so in a hotel, where you may pay a little more but you won't get ripped off.

--

- Where in the world?

Hollow, cup-shaped acoustic resonator; go without food. Christy Moore, Rod Stewart, The Who and Alicia Keys are performing here this year. My thoroughfares include Pottingers Entry, Ormeau Ave and Adelaide St. I was once home to many of the world's linen manufacturers.

- Where am I?

Last week: Bundaberg, Queensland


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Tired, cranky parents not "engaged" at work

tired parents

Urgh! Another night of no sleep and work again today.
Source: Supplied

  • Tired parents cost employers $5 billion per year
  • Greater flexibility and a shorter commute at top of wishlist
  • Employers should do more to help

WORKING parents are starved of sleep and overcompensate for having family commitments by spending more time at work.

A recent study by global workplace provider, Regus found that nearly one third of working mums and dads sacrificed sleep in order to meet their work and family commitments.

Tired parents are also expensive, according to Regus, as their lack of "mental and emotional engagement at work" is costing employers about $5 billon a year.

Most parents who responded to the Regus survey said that a shorter commute to the office and greater flexibility in where they work would give them more time at home and solve their sleep problem.

But how realistic are these conditions for most people, given the rising cost of real estate in the major Australian cities and the lack of support from big business? Just this week, Yahoo turned its back on staff working from home.


Daria O'Neill - a working mum of two children, 18-month-old daughter and five-year-old son - has been a development manager at Gondwana Choirs since 2010. She describes a typical working week - juggling three-days-a-week of work and home commitments - as tough going.

"At the moment I am changing my days of work every week to fit in with my daughter’s care needs," she said. "We have recently moved house and I have not found childcare for her, so I am juggling work and relying on my parents to get us by."

Ms O’Neill said lack of sleep was definitely a contributing factor to the overall stress she felt as a parent.

"I would love more sleep, but I don’t know when that is going to happen," she said. "At the moment I average around seven hours of broken sleep every night. When I do get back to bed after one of the children has woken up, I find myself thinking about work and not being able to get back to sleep."

Ms O’Neill said her partner was a freelance worker and that allowed him more time at home than most dads to help with the children. But she said employers generally needed to do more to help working parents, including dads playing a greater role in their children’s lives.

"I know people who are doing it really tough, like single mothers who have to send their baby to care very young," she said. "As a mother you are constantly feeling guilty – being at work can make you resentful because you are not with your child. But being home can make you worry that you are not doing enough at work."

Experts agree that parents need to prioritise their own health in order to survive the constant demands of looking after everyone else. Dr Justin Coulson has three stress busters for parents.

Get clear on your priorities. We can get so busy just trying to keep up with our own schedules and our children’s schedules that we forget what is important. Ask yourself, does your child really need to do four sports, or is one per season enough? Once you are clear about what you actually do want to choose, you will feel more in control and this will lessen your feelings of stress.  

Create time. This seems counterintuitive, because time is the one thing we parents want but can never seem to find. But as we spend more time with our kids, the better they behave and the happier we feel. Their schoolwork improves and we feel better because we are spending time with them.

Practice positive psychology. Just something simple like remembering to be grateful for three things that happened each day is a good goal. And if you can manage the time, helping other people will also give you a boost.

Follow Lucy on Twitter: @lucyjk

Beware research shows lack of sleep can mutate your genes


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Shares up slightly despite Europe sell-off

Political uncertainty remaining the dominant theme for European markets.

130117b Gottliebsen

An investor watches market indices monitors at the Australian Stock Exchange (ASX) during morning trade in Sydney 11/08/2011. Source: Supplied

The Australian market has opened higher following strong leads from US markets. Live updates throughout the day. All times in AEDT.

11.05am: Here's some of the biggest losers and gainers from CommSec:

10.55am: Positive comments from Ben Bernanke yesterday in relation to quantitative easing (pumping money into the system) gave investors confidence and is having a knock on affect on our markets after yesterday's sell-off.
IG Markets analyst Stan Shamu said:

"We did see a massive turnaround in US trade, triggered mainly by some better than expected economic data, with consumer sentiment coming in much stronger than expected. Especially with (US Federal Reserve Chairman) Dr Ben Bernanke coming out with that testimony (to Congress), that really calmed investors' nerves about quantitative easing. It certainly seems like we've got some positive momentum behind us."


10.40am: From the companies reporting today:

  • Westfield Group gained 12 cents, or 1.08 per cent, to $11.20.
  • James Hardie's stocks were also up 12 cents, or 1.28 per cent, to $9.47 at 1033 AEST
  • AGL Energy put on 56 cents, or 3.69 per cent, to $15.75
  • UGL fell 48 cents, or 4.4 per cent, to $10.42


10.23am:
At 10.23am (AEDT), the benchmark S&P/ASX200 index was up 37.2 points, or 0.74 per cent, at 5040.8, while the broader All Ordinaries index was up 35.3 points, or 0.70 per cent, at 5057.1.

On the ASX 24, the March share price index futures contract was up 46 points at 5024, with 9,487 contracts traded.

Stock Move Price

  • AMP +0.03% to $5.36
  • ANZ Bank +0.09% to $28.25
  • BHPBilton +0.21% to $36.56
  • CBA 0.63% to $66.10
  • NAB 0.14% to $30.09
  • NewsCorp +0.41% to $28.13
  • Rio Tinto +0.50% to $66.07
  • TelstraCp +0.015% to $4.61
  • WestpacBk +0.12% to $30.35
  • Woodside +0.09% to $36.43
  • Woolwrths +0.25% to $34.19

10.05am: AT THE OPEN: The benchmark S&P/ASX200 index was up 16.83, or 0.34 per cent, at 5020.3 points.


9.50:
Building products group James Hardie has trimmed its earnings forecast for the year, saying conditions in the housing market remain uncertain.

The group on Wednesday revealed it had made a net operating profit of $US31.5 million ($A30.95 million) in the third quarter to December 31, up from a loss of $US4.8 million ($A4.72 million) a year earlier.

The results include the company's asbestos-related costs, plus regulatory costs and tax adjustments.

Excluding those costs, operating profit rose to $US28.8 million ($A28.29 million) from $US27.7 million ($A27.21 million).

Chief executive Louis Gries said that while the US housing market had gained momentum, earnings growth had been constrained by lower sales prices and higher costs.

But, he said, if the US market continued its recovery, earnings were expected to rise.

9.45am: Engineering firm UGL's first half profit has slumped by 53 per cent due to $25 million in costs from a restructure.

UGL made a net profit of $26 million in the six months to December 31, down from $55.4 million in the previous corresponding period.

Underlying net profit, which excludes the costs of its restructure and rebranding of one of its businesses, was $51 million in the six months to December, down from $72.2 million in the previous corresponding period.

9.30am: Half an hour until market opens. In the mean time let's have a quick look at how Italy has sent the markets into a frenzy:

The Italian connection:
The Italian election sent European stocks plummeting overnight. Former Prime Minister Silvio Berlusconi almost got re-elected, sending all the austerity measures implemented by Mario Moni into doubt. Eoin Doyle wrote:


The fear is that a divided parliament in Italy would make the implementation of the austerity medicine (cutting public debt and spending) more difficult and would put a spanner in the works of the European recovery project - something that makes markets very nervous.

Italy is Europe’s third largest economy and how it performs and who is in power matters.

Read more on How Italian voters tanked global markets here.

8.50am: AGL Energy's acquisition of a major Victorian power plant has contributed to a significant rise in first half profit to $365 million.

AGL acquired Loy Yang A, Australia's third largest coal fired power station, in June 2012.

The contribution of earnings from Loy Yang helped AGL's net profit in the six months to December 31 rise from $117 million in the previous corresponding period. Read more here

8.45am:
Westfield Group lifts profits
Shopping centre developer Westfield Group's annual profit has grown by 18 per cent as income from its centres across the world increased.

The group, which manages 105 shopping centres in five countries, made a $1.72 billion profit in the year to December 31, up from $1.532 billion in 2011.

Joint chief executives Peter Lowy and Steven Lowy said 2012 was a year in which the company made several changes to its property portfolio as it aims to improve its returns to shareholders.

"The performance for the year has been very good and in line with expectations," they said today.

7.00am: The Australian market looks set to open higher after a positive performance on Wall Street buoyed by upbeat earnings results and after Federal Reserve chairman Ben Bernanke said US economic growth had rebounded from the fourth quarter.

At 6.30am AEDT today, the March share price index futures contract was up 20 points at 4998.

Making news today:

Economic news
In economic news today, the Australian Bureau of Statistics is due to release construction work done, December quarter, figures.

Company news:

  • Westfield Group full year results
  • Sydney Airport full year results
  • Prime Media Group first half results
  • Slater & Gordon first half results
  • Wotif.com first half results
  • AGL Energy first half results
  • UGL first half results
  • James Hardie Industries third quarter results

At the close yesterday
In Australia, the market yesterday closed lower but pared back earlier heavy falls.

The benchmark S&P/ASX200 index closed down 52.2 points, or 1.03 per cent, at 5003.6 points, while the broader All Ordinaries index had fallen 50.9 points, or 1.0 per cent, to 5021.8 points.

Dollar
The Australian dollar is lower against a stronger greenback following improved US economic figures.

At 6.30am AEDT today, the currency was trading at 102.42 US cents, down from 102.83 US cents yesterday.

The Australian dollar weakened overnight after improved American consumer confidence and housing data lifted the US dollar.

The Conference Board's consumer confidence index hit 69.6 in the month of February, while the Commerce Department reported a 15.6 per cent increase in new home sales, the biggest increase in nearly two decades.

What happened overnight:
Europe
European stock markets have slumped as dealers assess the fallout of Italy's political impasse after elections in the indebted eurozone country.

Milan's FTSE MIB index tumbled 4.89 per cent to end the day at 16,552 points, with deadlock in Italy's parliament.

London's FTSE 100 index of leading companies fell 1.34 per cent to 6270.44 points, and Frankfurt's DAX 30 shed 2.27 per cent to 7597.11 points.

In Paris, the CAC 40 shed 2.67 per cent to 3621.92 points, as shares in European banks tumbled, while Madrid's IBEX 35 index dived 3.2 per cent to 7980.7 points on fresh fears of eurozone instability.

The price of gold, which is often seen as a haven in times of economic unrest, grew to $1590.50 an ounce from $1586.25 yesterday in New York.

US stocks open higher
US stocks have opened solidly higher in anticipation of congressional testimony by Federal Reserve Chairman Ben Bernanke.

The markets are also being buoyed by upbeat earnings results, including figures from home-improvement retailer Home Depot.

Fifteen minutes into trade, the Dow Jones Industrial Average was up 83.01 points (0.60 per cent) to 13,867.18.

The broad-based S&P 500 jumped 7.45 points (0.50 per cent) to 1495.30, while the tech-rich Nasdaq Composite Index rose 7.28 points (0.23 per cent) to 3123.53.

The gains partially offset deep losses sustained yesterday in the wake of the uncertain outcome of the Italian elections.


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Most annoying things about hotel rooms

Shower over toilet

A shower positioned over the toilet can be challenging. (Note: This is a different hotel to the one I stayed in) Photo from a TripAdvisor traveller

  • Some hotel stays are disappointing, bizarre
  • These are some of my worst hotel experiences
  • Tell us what you most dislike about hotel rooms below

THERE'S nothing like the feeling of walking into your hotel room after a long journey to be met with a jaw-dropping view and amazing furnishings. But what about the times you're left underwhelmed?

A hotel room can make or break your holiday. While the vast majority of hotel rooms I've stayed in have been wonderful, there have been times I was left wondering 'what were they thinking'?

Here are 16 of the most puzzling and disappointing hotel moments I've had. What are yours? Tell us below.

Shower over the toilet
This layout makes trying to get clean after a long day travelling quite challenging. That's right - at a hotel in Auckland, New Zealand, the shower was positioned above the toilet. It left me trying to wash while avoiding accidentally touching the toilet bowl with my leg. Not to mention that the water that ran over my feet also went up against the toilet, as it all swirled in together. Ewww. That's why you always bring thongs...

Blocked drains, clogged toilets and leaking seals around the doors to the shower can also lead to a headache. 

Is that it?
It can be very disappointing when the hotel room ends up looking nothing like what you've been promised. That awesome view of the beach is actually a swamp and that modern-looking, bright and spacious room is actually a decrepit run-down box.

Surprise extra fees
Ever heard of "resort fees"? Well stay in Vegas and you'll quickly become accustomed to them. One Vegas hotel assured me there would be no other fees payable on my account, which I'd booked through a third party. However upon checkout days later an extra few hundred dollars had magically appeared on my bill. Don't be afraid to challenge these fees if you weren't notified of them.

Also beware the $80 "holding fee" - an amount "frozen" by some hotels for damage or to replace items you may have taken from the mini-bar - which I've had taken out of my account by a hotel without being notified.  I only discovered what it was about after calling up to find out why the amount had been deducted.

Pushy – and snoopy - maids
Sometimes I actually like to sleep in, but maids have other ideas. On one occasion I'd hung out the do-not-disturb sign on the door the night before and was enjoying a sleep-in when, at 8am, the knocking and yelling "housekeeping" began. It continued persistently for two hours, each time I fell back to sleep it would start up again.

I do have a lot of respect for hotel maids, who often have a lot to do in little time, but some are just too keen. Take for example the maid at one Abu Dhabi hotel, who went into a room despite a drunken guest still being asleep in it and tidied up around him, even removing the clothing lying on the bed next to him and folding it up. He awoke dazed and surprised at his surroundings. He'll remember to lock the door next time!

Parking, what parking?
A lack of parking options close by can be another downside to hotels. Just as frustrating is the extra fee you'll often have to pay for valet parking when it's the only feasible option. You can also face a half-hour wait for your car to be returned to you – and it can be worse during peak times.

Early check-outs and breakfasts
Having to beg for a late checkout, say 11am, and sometimes having to wait until the morning of your checkout to find out if you've secured it or not, can be frustrating. For many the whole point of a hotel stay is to relax and sleep in, not rush out. The same goes for breakfast, which often finishes so early you miss out.

Theft
OK, most people would have returned to their hotel room at some point to find their belongings in different locations or their clothes tidied and put away, so it's clear someone went through your bags, and this can be harmless enough. But when I returned to my room at a new luxurious hotel in Singapore only to find that the seal on my brand new jar of expensive moisturiser had been broken and 90 per cent of its contents removed, I wasn't happy, mostly at the thought someone had been through my belongings. Was this how some hotels filled all those tiny bottles of moisturiser they offer? I got off lightly - fellow travellers have reported laptops and cameras stolen from their rooms.

Mini-bar rorts
I know hotels have to make money somehow, but having ridiculously-priced (and often underwhelming) snacks and drinks is just irritating, especially when there are no other shops anywhere near the hotel and you're on a tight schedule, forcing you to pay an extreme price for your thirst.

Minibar

Hotel minibar. Picture:II Uggboy Ugggirl/Flickr Source: No Source

Terrible TVs
Sometimes there's nothing better than watching some trashy television after a long day of sightseeing. But a top hotel in Sydney had me wondering what were they thinking with their layout, which saw a king bed positioned facing the window and a TV mounted at an odd angle, way off the side of the room. This meant I had to twist diagonally across the bed to watch TV.

Smokin'!
Unfortunately, not all smoke detectors work. I experienced this at one LA hotel when I opened the bathroom door to a non-smoking room only to walk into a huge cloud of cigarette smoke. The hotel owner insisted the guest must have tampered with it. More concerning was the fact they obviously hadn't cleaned the bathroom or they would have noticed the smell.

Dirty towels
That yellow stain on the white towel isn't going to be good news.

Trapped in a lift
Checking out of a hotel in Nelson Bay, NSW, became a lot more challenging when I found myself stuck in a lift. The check-out time had been extended but little did I know the keycard had been deactivated early. A few presses of the emergency button and I was free, but not impressed.

Costly internet
Some hotels still charge extra for WiFi access, and it can quickly add up.

Insects galore
I arrived at one hotel in Peru late one night only to find the room full of bugs. They were everywhere. Sure, it was located next to a river, but the hotel staff had no bug spray and offered no help. There were wide gaps around the door so the insects kept following the light and making themselves at home on my bed.

Noisy
Thin walls and loud air conditioning can lead to a sleepless night.

Surprises on the bathroom floor
Nothing gives away the lack of cleanliness of a room like spotting pubic hairs scattered all over the bathroom floor.

 Saying all this, many hotels do get it right. But if you're not happy with what you see and experience, sometimes it pays to speak to hotel staff about it. You never know, they could upgrade you or give you a partial refund.


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Westfield chiefs paid $18.3 between them

WESTFIELD chief executives Steven and Peter Lowy were paid a total of $18.32 million during 2012.

Steven Lowy was paid $9.40 million for 2012, down from $9.55 million the previous year.

The pay of his brother and co-chief executive Peter Lowy increased slightly to $8.918 million from $8.917 million last year.

The shopping centre giant's other three top executives received pay cuts during 2012.

Chief financial officer Peter Allan was paid $5.65 million for the year, down from $5.83 million in 2011.

UK and Europe managing director Michael Gutman's remuneration shrank to $5.77 million, from $6.66 million the year before.

Australia, United States and New Zealand managing director Robert Jordan's pay packet fell to $5.58 million in 2012, from $6.44 million the previous year.


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Toyota US-built cars go to Russia, Ukraine

A Toyota dealership in Denver

Carmaker Toyota will begin exporting US-built cars to Russia and Ukraine in the coming months. Source: AAP

TOYOTA will begin exporting US-built cars to Russia and Ukraine in the coming months, the Japanese vehicle manufacturer says.

Tuesday's announcement comes after Toyota's US exports hit a new record by jumping 45 per cent to more than 124,000 vehicles in 2012.

The decision marks the first time Toyota has exported US-built vehicles to Europe, where it also has a significant manufacturing presence.

"We'll continue to look for (export) opportunities in Europe whether it be for Venza or other models," Toyota spokesman Javier Moreno told AFP.

Toyota will begin shipments of the 2013 Venza sport utility vehicle (four-wheel drive) shortly after production begins in April. It expects to export about 5,000 Venzas to Russia and Ukraine in the first year of sales.

The expansion will bring the number of countries to which Toyota exports US-built vehicles to 23.


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Thứ Hai, 25 tháng 2, 2013

Ten shares up after Warburton sacking

TEN Network Holdings shares are up in early trade as market players express hope that new management may improve the struggling free-to-air broadcaster's performance.

At 1033 AEDT, Ten was up 2.75 cents, or 9.32 per cent, at 32.25 cents.

In percentage terms, Ten was the second-best performing stock on the S&P/ASX200, according to IRESS data.

"Where you have a company performing poorly, and in particular where that performance involves a poor competitive performance - not doing well against its peer group - in those circumstances, the market often will attribute that to management problems," CMC Markets chief market analyst Ric Spooner said on Monday.

"News of a change in management carries the potential for an improvement in performance."

Ten has fallen about 63 per cent in the past 12 months.

On Friday night, Ten announced in a statement it had "given notice of termination" to Mr Warburton and appointed senior News Corporation executive Hamish McLennan as new chief executive.

Mr McLennan, who will take up the job on March 18, is executive vice president in News Corp's office of the chairman. He is also chairman of Australian-listed online real estate classifieds company REA Group.

Ten chairman Lachlan Murdoch is the son of News Corp chairman Rupert Murdoch.

In the interim, Russell Howcroft will act as chief executive.

Ten's ratings struggle began well before Mr Warburton started as chief executive on January 1, 2012, after being poached from the Seven Network where he was chief sales and digital officer.

The broadcaster suffered from a series of poorly-performing shows such as The Shire, Being Lara Bingle, I Will Survive and Everybody Dance Now, which was hosted by Mr Murdoch's wife Sarah Murdoch.

In October 2012, Ten said it would cut 100 newsroom jobs in a bid to cut costs.

The company also undertook two capital raisings in calendar 2012 in a bid to reduce debt and strengthen its balance sheet.


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Canyoning in the Blue Mountains

escape blue mountains feb 23

Canyoning at Claustral Canyon in The Blue Mountains. Picture: River Deep Mountain High Source: National Features

claustral canyon

Mammoth ferns flourish between the narrow walls of Claustral Canyon. Picture: National Geographic Source: Supplied

THE Swiss have mountains, so they climb. Canadians have lakes, so they canoe. Australians have canyons, so we go canyoning, a hybrid form of madness that's halfway between mountaineering and caving.

Unlike other places with slot canyons, such as Utah, Jordan or Corsica, Australia has a rich, deep heritage of canyoning. It's an extreme form of bushwalking, something Aborigines were doing tens of thousands of years before Europeans arrived. But without ropes and technical equipment, Aborigines couldn't explore the deepest slots.

Today, perhaps thousands of Aussies hike canyons, hundreds descend into them by ropes but only a handful explore new ones.

These driven individuals tend to have a rugby player's legs, knees crosshatched with scar tissue from all the scratches, a penguin's tolerance for frigid water, a wallaby's rock-hopping agility and a caver's mole-like willingness to crawl into dark holes.

Above all they search for the most remote and difficult-to-access canyons they can find.

"The darker, the narrower, the twistier the better," says Dave Noble, one of the country's most experienced canyoneers. "People say, What if you get stuck in there? But that's what you are after. To be forced to improvise to get yourself out."

During the past 38 years, Noble has made 70 first descents in the Blue Mountains, a few hours' drive west of Sydney. This rugged region has hundreds of slot canyons.

Although he has drawn heavily annotated topographic maps of canyons that he has explored and named - such as Cannibal, Black Crypt, Crucifixion and Resurrection - and has posted pictures of them on his website, Noble won't tell anyone where these canyons are. He won't even let me have a good look at his maps.

"It's our ethic," he says. "Wilderness canyons should be left undescribed so they remain pristine and so others can have the challenge of exploring on their own. That's part of the mystery."

Noble's chief rival in the sport is a canyoneer named Rick Jamieson, who earned Noble's ire some years back by writing a guidebook that revealed a few secrets of the canyon landscape. More than a decade ago, Jamieson, also a physics teacher, took me on the first complete descent of two big canyons in the Blueys - Bennett Gully and Orongo.

A huge, good-natured boulder of a man in his 70s, he's still canyoning and still laughing.

"Mighty!" says Jamieson when we get together for a beer.

"We're lucky those GPS's don't work down in the canyons. Keeps the adventure."

Canyoning by white people began in the 1940s, but the biggest slots weren't explored until the 1960s, when modern climbing ropes and equipment were adopted. Danae Brook Canyon, hidden in the heart of the Blue Mountains, is one of the most difficult. In his guidebook Jamieson describes it as "one very, very long day" in which canyoneers must make nine or more tricky abseils.

Both Jamieson and Noble have done it, yet neither is available. But John Robens is keen to give it a try.

We meet at his home in Sydney. Most weekends for the past 10 years Robens has escaped the city to go canyoning in the bush.

Robens and I drive west from Sydney for four hours, camp in Kanangra-Boyd National Park, and by dawn are tramping down the Mt Thurat fire trail. We have wetsuits, a rope and lunch in our packs. After crossing Kanangra Creek, we strike out into the trailless bush, navigating by map and GPS. Following a compass bearing, we hop over fallen trees and branches and crash through scrub, passing through giant spiderwebs, mouse-size spiders scurrying across our necks.

"It's only the spiders that live in the ground that can kill you," Robens says.

After less than an hour, Robens has guided us to the top of Danae Falls, although he's never been here before.

A creek rushes to the edge of the plateau and leaps off.

"Our first abseil is off that," Robens says, pointing to a tree jutting precariously over the cliff. We squeeze into sticky wetsuits, clap on helmets, cinch up our harnesses, and sail out into space. It's like rappelling off the edge of a green Grand Canyon.

Up this high, Danae Brook hasn't yet cut a slot in the rock face, so we rappel through plumes of spray beside the waterfall, our feet slipping on giant fern fronds. By our next rappel, the Danae has sliced a fissure that's only a metre wide but cuts 15m back into the stone. We descend at the back of the crack, looking out at a vertical seam of blue sky.

At the top of the third rappel we're deep in the dark slot, standing on a slick, sloppy ledge in a waterfall.

"To keep the rope from getting stuck," Robens shouts, "we'll have to pass to the inside of that dodgy ralstone."

"Ralstone?" I yell.

"You know, roll stone," Robens says with a smile, nodding toward a chockstone the size of a refrigerator in the slot below us.

It's a canyoneer's hard-knocks joke: "ralstone" for "roll stone", referring to Aron Ralston, the American who was forced to cut off his arm when a boulder rolled on top of it in a Utah canyon.

The walls are covered with moss. Sliding to the inside of the giant stone turns out to be like squeezing into a narrow, 10-storey elevator shaft pouring with water. We're forced to swing into the pounding waterfall, an awkward manoeuvre that slams us both into the rock. But it's worth it: Standing in a pool at the bottom, we easily pull our rope down.

Below the big boulder the slot closes up, and the silky water flows horizontally along the cave-like chamber back out to the edge of the cliff. We still have 300m of air below us. We rappel directly into the bludgeoning waterfall.

The next three descents are just as extraordinary and drop us into hanging ponds of frigid water, like swimming pools midway up a skyscraper. We backstroke across these ponds, using the dry bags in our backpacks for flotation.

At 10am we share lunch on a sunny boulder with a water dragon, and drink directly from the cool, delicious Danae. Holding my head under the emerald water, I spot blue-shelled yabbies clawing their way along the bottom of the pool. Then we both strip off our wetsuits.

Robens is perfectly happy to continue in his birthday suit, but I pull on heavy nylon pants. Two weeks earlier in another canyon I managed to step into a stinging tree, a uniquely horrific plant that burns like stinging nettles and leaves a painful rash that doesn't go away for a month. Mine is in an unreasonable place.

Several short rappels and two huge jumps follow. Robens throws himself off the stone, howling like a free man, arms and legs spread wide in the air, closing them like a butterfly right before he hits the water 6m below. When we reach the bottom, the Danae becomes a steep boulder field, which Robens, naked but for his pack and tennis shoes, practically runs across.

He leaps, lands on a slimy, snot-slick stone, almost loses his balance, finds his balance and leaps again, all in one fluid motion. It's like witnessing the movements of some earlier, better adapted human.

Where the Danae meets Kanangra Creek, our descent is complete. But like climbers who reach a summit, we can't celebrate yet. In canyoning what goes down must come back up. We cross the creek, rest for 10 minutes, then begin the agonising ascent.

We could go up a slope such as Murdering Gully but take a rocky rib instead, nicknaming it Manslaughter Ridge.

Wet with sweat, we reach the peninsular plateau of the Gangerang Range, directly opposite Danae Brook Canyon, shake hands, and whoop. From here we can take a trail, the Kilpatrick Causeway, and the going will be easy.

Striding along the track, the sun at my back, dreaming of the jaffle I'll cook over our campfire tonight, feeling warm and tired, my body and mind cleansed by the descent of Danae, I see Robens swerve off into the bush.

"I want show you something," he says over his shoulder.

And suddenly before us is Aboriginal art.

A row of stick figures drawn in ochre, obviously naked, all with their arms and legs spread wide, all quite obviously rejoicing.

--


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