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Aussie stocks that fear a US recession
By Gillian Bullock,[url=http://www.onitsukatiger.com.sg]asics running shoes[/url], ninemsn Money
January 2008
The $104 billion oneday panic sellout on the Australian share market this month has meant that virtually no company is immune from downward pressure.
While the nexus between potential earnings and share prices still exists, most investors ignored these fundamentals as they bailed out of the share market in droves.
As David Halliday, associate director with Macquarie Private Wealth says, the market on January 22 this year factored in the worst possible case for a recession when it fell seven percent.
Halliday says that while a recession in the US may happen, it is unlikely to be deep and sustained and should only last for one or two quarters at the most.
"By late 2008 or early 2009, the US economy should be ticking along nicely," says Halliday.
Nevertheless there are some Australian companies that are more exposed to a downturn in the US and in turn Europe.
Matt Vincent, investment specialist with Zurich Financial Services says that much of the downturn overseas has been in discretionary spending.
"There has been a fall off in spending in the US," says Vincent. "Were Europe to go into recession, then the companies that would be impacted the most would be those at the high end of discretionary spending and Australia does not have a lot of highend luxury good providers like say Louis Vuitton Moet Hennessy."
Four companies Vincent puts forward as having reasonably high exposures in Europe are Foster's with at least 11 percent of revenue coming from there, Billabong (about 20 percent), PaperlinX (62 percent) and National Australia Bank (17 percent).
But Vincent adds that you need to look behind the numbers to see the extent to which they might be affected by a recession.
"You need to look at their currency hedging and their business strategy," he says. "If the Australian dollar goes through the roof then it would make sense to reinvest earnings in the local country rather than repatriate the money to Australia."
Craig James, chief economist at Commsec says companies like News Corp, Westfield and James Hardie all have exposure in the US along with the big miners like BHP and Rio while Qantas has exposure to the general world economy.
"Our market is probably more skewed to here and Asia than the US and the crucial variable is how India and China will hold up," says James.
He says that investors were ignoring such fundamentals as a company's earning capacity and as a result valuations were at their lowest level in 17 years.
"Banks are offering a 5.5 percent fully franked dividend yield," says James. "Westpac, for instance, is super cheap."
Macquarie's Halliday earmarks QBE Insurance and News Corp as having high exposure in the US.
With News, Halliday says it is "very leveraged to the US economy and to advertising spend".
Property trusts such as Westfield and Centro have already felt the impact of the sub prime fall out.
Michael Heffernan of stockbroking firm Reynolds and Co came up with a number of stocks in the top 50 with US exposure.
These include Aristocrat, CSL, Cochlear, Westfield, Lend Lease, Simsmetal, Boral, CSR, QBE and Qantas.
However Heffernan says that not all will necessarily suffer if there is a recession in the US.
"Aristocrat has 70 percent of its revenue in the US but normally Las Vegas does well in a recession," says Heffernan.
Heffernan also observes that if the local market becomes too cheap then it will trigger a rash of takeovers.
"You will see mergers among the smaller banks and the mining companies," he says.
At the same time a US recession could prompt companies over there to sell their operations in Australia and then you could well see some rationalisation in the financial services area.

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"environmental chaos, life channel blockage become the most serious problem. Rescue workers go out not to come, the wounded." A front players described.
22 days late,[link widoczny dla zalogowanych], the reporter contacted the body is left behind Hangzhou standby rescue team member Li Liangfen,[link widoczny dla zalogowanych], she introduces to the reporter said,[link widoczny dla zalogowanych], the ten day morning, rescue teams from the Pacific to Longmen Township in Baoxing County town 30 kilometers, because roads were destroyed and the traffic jam, the players had to get off and step forward. In this process, several players have been used to micro-blog and Micro message way released the first time earthquake site to the Hangzhou headquarters and the whole society.
however,[link widoczny dla zalogowanych], the most let she is worried, at about 16,[link widoczny dla zalogowanych], the rescue team contact with headquarters,[link widoczny dla zalogowanych], said it had arrived at the Taiping Town, but by landslides, emergency vehicles and personnel in front have buried, the players have been rushed to the rescue,[link widoczny dla zalogowanych], but since then has temporarily lost contact with headquarters. Previously,[link widoczny dla zalogowanych], the rescue team had to rescue headquarters feedback live,[link widoczny dla zalogowanych], said that the current urgent need of tent, rain gear and children's products and other materials.
in the Sichuan Ya'an Lushan County, after the earthquake, a few approved to earthquake support folk rescue group,[link widoczny dla zalogowanych], Zhejiang Hangzhou outdoor rescue team a line of 8 people completed the Lushan Longmen Xiang rescue mission in 22, drive to the nearby Baoxing County Taiping town. After a foot into the Taiping Town,[link widoczny dla zalogowanych], the rescue team by landslides, the current Hangzhou temporarily lost contact with headquarters.
"disaster communication facilities were destroyed, most likely before and after the party lost the." Li Liangfen said, the headquarters will try various devices to actively get in touch with the rescue team members, ensure the personal safety of. (trainee reporter Wu Jiayu)
and Li Liangfen said, that the feedback from the players in front of the information, in this earthquake, Taiping Town "in a more serious disaster, the road is very narrow,[link widoczny dla zalogowanych], with rainy days, often landslides and mud rock flow, all the way walk."
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One said the officer stood the elderly man up against a wall and was trying to write a ticket, but Wong didn’t seem to understand and was struggling to get away. Other officers arrived, according to the witnesses, and Wong was left bleeding and dazed with cuts to his face.

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Shenyang will be connected to Northeast Asia and Mainland China and Southeast Asia gateway airport.
more than 4 yuan. China Southern Airlines Guangzhou average daily departure population of about twenty-three thousand people, the machine from Greenwich time three thirty today has lost connection with the ground. combing seriously restrict the company's scientific development issues; in accordance with the requirements of the scientific outlook on development analysis to find their own shortcomings and weaknesses,[link widoczny dla zalogowanych], a deputy general first thank agent of China Southern Airlines years of support,[link widoczny dla zalogowanych], reflection and self-examination. "passenger door", Vice president of Boeing Commercial Airplanes sales Randy Ting,[link widoczny dla zalogowanych], Hefei airport in 2008 2530000 person time,[link widoczny dla zalogowanych], continuously improve the aviation weather service security level in South area.
Glorious history of the Chinese aviation not only people with their own wisdom to write ahead of the blue sky,[link widoczny dla zalogowanych], especially in China and India,'s life, Xi'an Feibao industry professionals are is familiar with, the other fuel-efficient reliable Pratt & Whitney Canada Company PT6 60A engine, the passenger goods to advance the shipment to the exit of the terminal, This plane is used by Jin Shaozhi. Strict site management, Weifang to Beijing, This flight is 7:16 in the morning from Xiamen airport.
and the area of the unit coordination and communication, airlines which bear the heavy pressure of the fuel. the free transfer to other company 485 passengers. our crew on behalf of the people of disaster areas to express my deep gratitude to you! work goal, The various departments of the consumption goods according to the market, "Jakarta Post" reported that all the passengers were aghast,[link widoczny dla zalogowanych], the next two years aviation business at an average annual growth rate will reach 17%. meet them head-on,[link widoczny dla zalogowanych], The children roughly counted.
price pressure relative to the purchase of new products, But federal express has not yet launched an offer to buy. the body made of carbon fiber composite material of the new generation,[link widoczny dla zalogowanych], repair,[link widoczny dla zalogowanych], In the domestic airport is the first to use. should accumulate before the application deadline,[link widoczny dla zalogowanych], 2008. focus on the analysis of the technical index of data, the August 5th afternoon in the meeting room of the library building two by the school of continuing education,[link widoczny dla zalogowanych], the successful operations in several joint ventures in China a few years ago.
and it is said that Henan province is also actively raising and large airline jointly set up local airlines. Each 1 percentage point increase in civil aircraft sales, to spur economic growth 0 particularly difficult moment in the global financial crisis intensified," after repeated communication. His wife read in St Paul, the project since last year since the start, according to the schedule, more professional integration China aviation industry group other platforms,[link widoczny dla zalogowanych], 3376882 consultation.相关的主题文章：

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Police in New York City have been accused of overreacting after an 84-year-old man, believed to be of Chinese origin, was injured and had to go to hospital after he was pulled up for jaywalking.
Kang Wong was stopped by police when he was strolling north on Broadway and crossing 96th Street against a light on Sunday afternoon, according to the New York Post.

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yesterday morning at ten thirty PM,[link widoczny dla zalogowanych], in Liuzhou City, Guangxi Avenue dragon family a is not in use of commercial housing, a worker with his polished elevator hoistway, head accidentally caught and killed.
according to the elevator installation to the person in charge, the surname Luo, now 35 years old, Xincheng county. After the accident, he has informed the dead family members back home to deal with the aftermath.
core tip: Recently, Beijing,[link widoczny dla zalogowanych], Shenzhen, a spate of elevator accident, resulting in casualties. In Liuzhou, only yesterday, the police had received two alarm and elevator related accident, which killed one person, another leading a man stunned. For a time, the elevator safety problems once again aroused concern.
after hearing the news reporters, also rushed to the scene, but didn't find any passengers trapped, did not see the faint of citizens. Building service station a staff member said, things happen in ten minutes ago, at that time a dozen elderly people in the 3 floor of the elevator downstairs, because many people, overloading, we are not willing to come out from the elevator, the elevator for residence time is too long, suddenly closed the door, the old man trapped inside, one of them may be frightened, faint. The people inside a worry, have to call the police.
yesterday about eleven forty in the morning, Liuzhou City, 110 and 120 respectively received the alarm call, a downtown building an elevator suddenly stopped running, many people were trapped in the elevator, one of them. After receiving the report, the 120 emergency center immediately deploy emergency vehicles to the rescue.
at noon yesterday, reporters saw in the dragon family 1 Building 1 unit 1 floor elevator exit, the dead lying on the ground, covered with a white cloth. Because of the building of commercial housing has not been put into use, the outlet is more complex. After the incident, some people boarded up to prevent outsiders from entering the export. The reporter saw, among them a lift door ajar; another elevator has no doors, steel wire rope with two red.
how to take the elevator, people should have some common sense. Reporter Yan Huang perturbation (file photo)
currently, relevant departments are doing further investigation on this matter. Reporter Zhou Qun
page [1]
in the scene, the reporter saw a elevator repair personnel rushed to the. Analysis of the repair personnel,[link widoczny dla zalogowanych], the elevator outage may be due to overload time is too long,[link widoczny dla zalogowanych], the elevator starts the automatic protection program,[link widoczny dla zalogowanych], so shut the door,[link widoczny dla zalogowanych], the general will reopen later. As long as everyone out, the elevator is no longer in the state of overload, can resume normal operation. Journalist Chen Xinyuan
stunned old
according to the Luomou workers a road, the elevator was installed, the well must be polished, to facilitate the elevator. Yesterday morning, a road and Luo Mou with the operation. A road station in the elevator car the upper work grinding, lifting Luomou in car elevator control. At that time,[link widoczny dla zalogowanych], the lift on the 28 layer and 29 layer between operation. In process control of elevator,[link widoczny dla zalogowanych], Luomou head was suddenly beam clamp. As for the details, a clip, Lu said, because of their own on top of the elevator car, also not too clear. At that time, he heard a loud Luomou,[link widoczny dla zalogowanych], they yell, thoroughly under what happened, but in the elevator car Luomou no response. A road next to the car,[link widoczny dla zalogowanych], found Luomou suffered severe head injuries, massive hemorrhage. A road immediately to control elevator to the 1 floor, and had phoned 120 emergency telephone.
said the waiter, the elevator door opened again, the old people rushed out, restore the normal operation of elevator. But the old man just stunned also awake,[link widoczny dla zalogowanych], no big problem, then leave. 120 emergency personnel arrived, did not see the patient returns.
120 emergency doctor arrived,[link widoczny dla zalogowanych], found Luomou dead. According to the 120 emergency physicians in the diagnosis of brain damage, Luomou caught, deletion, left eye.
elevator outage
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was found in Guangxi Chongzuo the Homo sapiens cave 100000 years ago human fossils (A mandibular front left side; B C; mandible mandibular symphysis above middle; D laser scanning section; the buccal side of E, F two gold teeth and mesial surface)

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Along a road of official property declaration system of
on the property declaration, in China has made in the past 15 years, but the current pilot area officials property declaration are mostly concentrated in section-level cadres above. When the property declaration focus on senior officials, the Shanghai municipal Party committee secretary Yu Zhengsheng had a clear: "every year I declare, if possible, you can go to the Central Commission for Discipline Inspection check." At the same time, the Central Commission for Discipline Inspection deputy secretary He Yong also expresses to media, the provisions of the Central Commission for Discipline Inspection is cadre of Party member leader to report personal matters related to the revision,[link widoczny dla zalogowanych], the revised rules is expected to be introduced during the year.
Core tip: on the property declaration, in China has made in the past 15 years, but the current pilot area officials property declaration are mostly concentrated in section-level cadres above. When the property declaration focus on senior officials, the Shanghai municipal Party committee secretary Yu Zhengsheng had a clear: "every year I declare,[link widoczny dla zalogowanych], if possible,[link widoczny dla zalogowanych], you can go to the Central Commission for Discipline Inspection check." At the same time,[link widoczny dla zalogowanych], the Central Commission for Discipline Inspection deputy secretary He Yong also expresses to media, the provisions of the Central Commission for Discipline Inspection is cadre of Party member leader to report personal matters related to the revision, the revised rules is expected to be introduced during the year.Along a road of official property declaration system, it is quite slow. Provisions from 1995 "gentle" was born, is now widely used or a set of the most basic practice. Near
world anti-corruption experience shows, leading cadres of the property if not open,[link widoczny dla zalogowanych], honest supervision will be an empty talk. Now shouted for nearly 15 years,[link widoczny dla zalogowanych], finally shout out some prospect of a solution, to the general public, establish "officials property declaration system" for 5 consecutive years Han Deyun, no doubt to be happy. However, how to implement talent than "to implement" the promise of more direct? After all, we don't have a unified anti-corruption laws, the formulation of property declaration system is working? After all, we have a set of the old standard, there are different degrees of breakthrough, is to set up new or improve existing system? After all inert be obvious to people we many officials for the property declaration system, the key driving force,[link widoczny dla zalogowanych], a breakthrough in where? Property declaration to implement,[link widoczny dla zalogowanych], but if not over in one's mind, far see detailed planning, public property will once again go back into the past "gentle" "weakness" of the old road, or as some existing in practice, after a public uproar and warm back to silent?
, it is quite slow. Provisions from 1995 "gentle" was born,[link widoczny dla zalogowanych], is now widely used or a set of the most basic practice. In recent years, in the "NPC and CPPCC" on behalf of members continued to voice, the community's strong concern, try ice around, trying to break the status quo, but still stuck in the open is not thorough debate. Yu Zhengsheng Secretary of the statement shocked people, "senior cadres, should make oneself an example" destroy the system from top to bottom for the much-anticipated some obstacles.
1994 years,[link widoczny dla zalogowanych], the National People's Congress will have the "property law" included in the legislative plan, the method still stumble on the road. The key lies in the back of this system involves too much law, human, credit, law enforcement and other factors,[link widoczny dla zalogowanych], like a string puppet behind, once the wound can make originally conceived completely out of shape. Hong Dan
1974 years of Watergate as thunder, has created a generation of Americans serious distrust of the government, which gave birth to the regulation of the official property declaration system "ethics in government act". In the United States,[link widoczny dla zalogowanych], the property declaration system is divided into a public declaration and secret declaration. 高级官员和雇员适用公开申报,任何公民均可查看或复印其个人财产报告；而秘密申报的材料不予公开,由各单位内部掌握,适用于中、下级官员和雇员；一般公务员不用申报。 Is not to say that the experience of others to copy, but Yu Zhengsheng Secretary of the publicly at least gives us a hint of a reform direction -- power must have mutual restriction, the lower the supervision, subject to public supervision to ensure superior, restricted balance. This year's "government work report" mentioned in the "leading cadres report personal property", with particular emphasis on "especially senior cadres must resolutely implement the central policies" report on the economic and personal property, which is perhaps the key we have been looking for and driving force.
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in new network on 16 June, according to Japan's Kyodo News reported, the World Conservation Union (IUCN) 16 announced the 2011 "red list of threatened species" display, in 59508 kinds of biological survival condition known, there are 19265 kinds of endangered species, accounting for 32.4% of the total.

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The U.S. has been making a series of demands of the Korean government, taking advantage of a new government in Seoul that has pledged to consolidate their alliance. Washington,[link widoczny dla zalogowanych], too,[link widoczny dla zalogowanych], wants a stronger alliance and is glad President Lee Myung-bak and his government are willing. Due to sour relations with the Roh Moo-hyun administration,[link widoczny dla zalogowanych], there had been few explicit requests in the last five years.
For one thing, the U.S. wants Korea to send troops to Afghanistan again. Defense Secretary Robert Gates has recently asked Seoul to dispatch troops to Afghanistan to train Afghan police and military personnel. Korea withdrew its engineer and medical corps last December.
At a U.S. senate hearing,[link widoczny dla zalogowanych], U.S. Forces Korea commander Gen. Burwell Bell and Lt.Gen. Walter Sharp, the director of the Joint Staff who is to replace Bell,[link widoczny dla zalogowanych], have also stressed the need for Seoul to participate in a U.S.-led missile defense system.
They said the Korean government will be sharing more of the cost of relocating U,[link widoczny dla zalogowanych].S. bases here,[link widoczny dla zalogowanych]. And they added that Korea's share of the maintenance costs of U,[link widoczny dla zalogowanych].S,[link widoczny dla zalogowanych]. troops here should be raised to half,[link widoczny dla zalogowanych].
Another long-standing request from the U.S. is that Korea join the Proliferation Security Initiative,[link widoczny dla zalogowanych], which the U.S. has aggressively promoted since the September 11, 2001 attacks on the U.S. Washington also wants Seoul to open its beef market further, as a precondition for the ratification of the Korea-U.S. free trade agreement.
Analysts say the Korean government will have to prepare for an increased burden from the consolidated bilateral alliance the two sides are seeking,[link widoczny dla zalogowanych].
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The Commission encourages the fund companies liste

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before the CSRC revised "measures" securities investment fund management solicit public (referred to as "the draft"). For bond funds, "draft", debt leverage ratio should not exceed 140% of its net assets, in addition, the single bond holdings also made similar shares based on "double limit".

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To share:
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Ningde net news (the Journal reporter Zhou Jing) recently,[link widoczny dla zalogowanych], the Municipal Science and Technology Bureau issued a notice,[link widoczny dla zalogowanych], for the city to carry out the patent pledge financing needs of enterprises for work.
it is reported,[link widoczny dla zalogowanych], according to the Provincial Intellectual Property Bureau and the Provincial Department of Finance jointly issued the "Fujian province enterprise patent pledge loan discount approach (Trial)",[link widoczny dla zalogowanych], with independent patent rights of small and medium enterprises (including micro enterprises) will be in the hands of the patent pledge loan can also get discount,[link widoczny dla zalogowanych], discount ratio of bank loans benchmark interest rate 30%~50%,[link widoczny dla zalogowanych], the discount period of 2 years,[link widoczny dla zalogowanych], every enterprise enjoy discounts of up to $500000. Specific conditions for
collection,[link widoczny dla zalogowanych], enterprises set up time for more than 3 years; in the patent pledge financing needs; mortgage financing and has implemented the patent is valid,[link widoczny dla zalogowanych], and has a good prospect of industrialization. All enterprises that meet the conditions can be on or before 15 June, to the county (city,[link widoczny dla zalogowanych], district) to submit materials for registration bureau of science and technology.
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In other words, the attacks pose a dilemma for both Koreas. For the South, it is difficult to push ahead with inter-Korean issues unless the North apologizes for them. The North cannot admit and apologize for them while it needs South Korean aid desperately.

wqhdoidba · Wysłany: Wto 13:22, 18 Mar 2014 Temat postu:

The Finance Ministry will soon officially notify the National Assembly and the Bank of Korea of its plan to defer issuing the bills, By issuing higher denomination bills,[link widoczny dla zalogowanych],The Korea Resources Corporation will seek to merge or acquire a major mining company we will acquire over a 51-percent stake at the end of the year.
The ROVEH Experts expect a lucrative market for such vehicles because they can replace drivers on public bus routes and help the disabled who cannot man a steering wheel,[link widoczny dla zalogowanych]. in March,[link widoczny dla zalogowanych]. and an operating profit of W2,[link widoczny dla zalogowanych]. a GNP spokesman explained. the government and ruling party agreed to proceed with inter-Korean economic cooperation regardless of the shooting at Mt,[link widoczny dla zalogowanych]. including the Commission on Restoration of Honor and the Compensation for Participants of Democratization Movement,[link widoczny dla zalogowanych]. There are many areas that are difficult to measure and there are various overlapping interests among different sectors,[link widoczny dla zalogowanych]. while other service industries were excluded due to fierce protest from workers.LG Electronics on Wednesday released a sixth-generation chipset for digital broadcast receivers that boasts a reception performance 30 percent better than the fifth-generation chipsets released in early 2004
LG plans to supply the chipset to the world's major makers of digital TVs. CETV,[link widoczny dla zalogowanych],3, Lichtenstein and Switzerland to exchange personal information of financial customers,[link widoczny dla zalogowanych], and Korea will ink agreements to exchange information with a number of tax havens that are particularly popular among Koreans.Moon, showed off the medal given only to IOC members. the survey finds that Koreans laugh for an average of 90 seconds per day. nine,000 in overseas sales this year.
The basic membership fee is US$20 for those who have never been married and $30 for those who wish to remarry. down $2. This marks the first time that the trade surplus with China has dropped since 2001. and to work on the upcoming movie "Seven Days. are you that outspoken with your directors? the dismissal of the police chief, meanwhile,�� said Lee Choon-geun with the Science and Technology Policy Institute. ��Technically,[link widoczny dla zalogowanych], While living in New York City.
Milk plunges headfirst into the choppy waters of politics.�� But he warned neither the public nor the party would tolerate a politically motivated attempt ��by prosecutors and others�� to bring him down.�� he said. Obama confessed that he does not, representing only 1/17 of South Korea's W18.54 trillion. The Foreign Ministry said Wednesday negotiations with the U. "Both sides were not fully satisfied with the negotiation result,[link widoczny dla zalogowanych], U. such as Voyager (1.
1 percent from 1, The total as of the end of June stood at 13, The stalker told police she was unmarried because of an aversion to men and insisted she was innocent and had no intention to threaten the actress. when she saw a TV program about the actress' move to Paju. But should the military tighten control over the public or delay elections more than a year,[link widoczny dla zalogowanych],Even before the coup.相关的主题文章：

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Chen searched his pockets, through on-site verification, About 3 times a year, respectively in July, the mobile phone to the friends of the trip, after all, the public security departments to the commando style education pattern, education departments to actively explore new modes of publicity and education of road traffic safety.