SANTA ANITA SINGLE TICKET RAINBOW PICK SIX JACKPOT CARRYOVER OF $192,307 INTO FRIDAY; FIRST POST TIME FOR EIGHT-RACE CARD IS AT 1 P.M. ON-TRACK CROWD OF 12,149 INCLUDES MORE THAN 8,000 INFIELD ATTENDEES WHO REVEL IN EASTER EGG HUNTING FESTIVITIES; TRACK TO OFFER SIMULCAST WAGERING ON WEDNESDAY & THURSDAY BEGINNING AT 10 A.M. ARCADIA, Calif. (April 21, 2019)–On a picturesque Easter Sunday afternoon at Santa Anita, the track’s popular 20 cent Single Ticket Rainbow Pick Six Jackpot again went unsolved, resulting in a Jackpot carryover into Friday of $192,307.In what was billed as the biggest Easter Egg Hunt in American racing, more than 8,000 people jammed Santa Anita’s Infield Area, contributing to a total on-track attendance of 12,149.With $142,939 in “new” Rainbow Six money helping to build a total Jackpot pool today of $302,523, there were 168 consolation tickets with six winners, each worth $453.80.Santa Anita will off simulcast wagering this Wednesday and Thursday beginning at 10 a.m. in the Grandstand Paddock Room, with free admission and parking.With an eight-race card on tap Friday, the Rainbow Six will start with race three, which has an approximate post time of 2 p.m. PT.General and Club House admission are free on Friday, as is General Parking. Santa Anita also offers two dollar draft beers and six dollar specialty cocktails each Friday, courtesy of Woodford Reserve.First post time on Friday is at 1 p.m., admission gates open at 11 a.m. For additional information, please visit santaanita.com or call (626) 574-RACE.
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National Historical team rescues Amorsolos, artifacts from Taal MOST READ Search on for 5 Indonesians snatched anew in Lahad Datu Hotdog’s Dennis Garcia dies LATEST STORIES Britain’s Prince Harry and Meghan Markle to give up royal titles Don’t miss out on the latest news and information. Trending Articles PLAY LIST 00:50Trending Articles02:11SEA GAMES 2019: PH’s Nesthy Petecio boxing featherweight final (HIGHLIGHTS)08:07Athletes treated to a spectacle as SEA Games 2019 officially ends06:27SEA Games 2019: No surprises as Gilas Pilipinas cruises to basketball gold05:02SEA Games 2019: Philippines clinches historic gold in women’s basketball05:21Drama in karate: Tsukii ‘very sad’ over coach’s bullying, cold shoulder03:24PH’s James Palicte boxing light welterweight final (HIGHLIGHTS) What’s in store for your animal sign this year “Right now our morale is high but we also need consistency and the heart to win no matter what,” said Vicente.A win by the Philippines over Vietnam would put it on top spot in the group and avoid Thailand in the crossover semifinals. National team head coach Francis Vicente. CONTRIBUTED PHOTOKUALA LUMPUR—The big-name stars of women’s volleyball are just part of the entire Team Philippines here in the Southeast Asian Games.Or at least that’s what coach Francis Vicente wants to make sure of his star-studded squad, which features the likes of team captain Mika Reyes, Alyssa Valdez, Aby Marano and Jaja Santiago.ADVERTISEMENT “We are here as athletes, not as celebrities,” said Vicente of his wards, who are sought-after celebrities back home.For one, Vicente collects smartphones of the players to force them to focus on the tournament. He also prohibited players from giving ambush interviews.FEATURED STORIESSPORTSEnd of his agony? SC rules in favor of Espinosa, orders promoter heirs to pay boxing legendSPORTSRedemption is sweet for Ginebra, Scottie ThompsonSPORTSMayweather beats Pacquiao, Canelo for ‘Fighter of the Decade’“We need the discipline and hard work,” said Vicente.The Nationals showed both and much more as they demolished host Malaysia, 25-18, 25-11, 25-16 Thursday. Police seize P68-M worth of ‘shabu’ in Pasay Sports Related Videospowered by AdSparcRead Next Bishop Baylon encourages faithful in Albay to help Taal evacuees Marcosian mode: Duterte threatens to arrest water execs ‘one night’ OSG plea to revoke ABS-CBN franchise ‘a duplicitous move’ – Lacson Skipper Mika Reyes warns volleyball team against complacency View comments
I know he is 33 but 88m is very cheap to me the best player in the world who still has at least 3 years left him . Come on ED BRING HIM HOME #mufc #ronaldo— Ryan Murray (@RMurray911) July 4, 2018 impact Quick one on @Cristiano Ronaldo. If he’s available for €80-100m I say it’s a no brainier for #mufc to buy him. Don’t understand people worrying about his age (33). He’s as fit as a 25 year old. What do you say Utd fans?— David Langdown (@langers101) July 4, 2018 Forget Juventus. Ed Woodward should bring Ronaldo back home. Come on! #mufc pic.twitter.com/uhV2YXiaec— True United (@united_true) July 3, 2018 Boxing Day fixtures: All nine Premier League games live on talkSPORT Every Championship club’s best signing of the decade, including Taarabt and Dack In fact, the 33-year-old’s transfer to Turin is already completed, according to former Juventus director general Luciano Moggi.“In my opinion, he already signed and already did the medical tests in Munich,” Moggi has been quoted as saying.Such a move would shock the footballing world, but none would be as shocked as Manchester United fans, who always thought Ronaldo would return to Old Trafford for a short spell towards the end of his career. But if he joins Juve, Ronaldo will be 37 by the time his four-year contract finishes, surely ruling out any chance of CR7 being seen in that famous red shirt ever again.And United fans have taken to Twitter to urge Ronaldo to ‘come home’, nine years after he first left Manchester for Madrid for a world record fee.You can see some of the best reaction below… Wouldn’t it be a good time to recall Ronaldo from his loan spell at Real Madrid now?— Liam Canning (@LiamPaulCanning) July 4, 2018 1 revealed I’m going to be fuming if #Ronaldo goes to juve. Please just come home #MUFC— Rekt (@rektdesigns) July 4, 2018 gameday cracker Come on @ManUtd let’s bring @Cristiano home. Are some people really asking where he would fit in? He’s the best player in the world, the greatest goalscorer in UCL history. We would recoup the cost of the deal easily, instantly become a challenger in Europe and the league. #mufc— Kole (@kolered) July 5, 2018 Could Ronaldo be leaving Real Madrid after nine years? latest Most read in football BEST OF Tottenham predicted XI to face Brighton with Mourinho expected to make big changes So Juve are bidding 88M for Ronaldo!!!! Should the bid be from us??? Or would you rather see us invest the money elsewhere??? #mufc— FlexUTD (@FlexUTD) July 4, 2018 smart causal Every time Ally McCoist lost it on air in 2019, including funny XI reactions @Cristiano please come home to Man united it’s ur home and ur family. Please CR7 its time to come home 🔴🔴🤞🤞🤞🙏🙏🙏🙏 @ManUtd— dean_4354 (@dean_4354) July 5, 2018 who plays? How Man United could line up for Newcastle clash – will Pogba start? Every current Premier League club’s best kit from the past decade Liverpool news live: Klopp reveals when Minamino will play and issues injury update silverware England’s most successful clubs of the past decade, according to trophies won predicted How Liverpool could line up at Leicester with midfielder set for lengthy absence ALTERED Pass on that Juve deal bro come home to Man Utd @Cristiano 😥— Stan (@____stanley) July 4, 2018 The average first-team salaries at every Premier League club in 2019 Cristiano Ronaldo is reportedly going to join Juventus this summer.According to numerous reports, the Portugal superstar will leave Real Madrid for £88million, signing a four-year contract worth around £500,000-a-week. I think I may cry if Ronaldo goes to Juventus. Come home United Road. To the place you belong. To Old Trafford to work your magic. Please come home. United road @Cristiano— Lambie ⚽🏀👭🏴 (@31Lambie1995) July 4, 2018 If United aren’t in for Ronaldo at 88 million it’s bloody criminal. Lukaku, Mourinho or not this is the chance to bring the World’s best player home for a pittance— The United Stand (@UnitedStandMUFC) July 4, 2018
Unpopular opinion: Batshuayi had enough chances at Chelsea and didn’t prove himself, prem’s too much for him.— Λ̸͚̪̉́V̴̯͚̽̕ (@abishekvenkatr) October 1, 2018 Most read on talkSPORT.com Anybody who thinks Batshuayi is a better player than morata is delusional— Simon Wachira (@Sighmorethekfc) October 2, 2018 Having failed to impose himself in west London since signing for Chelsea in 2016, Batshuayi joined the La Liga outfit to guarantee first-team opportunities.He had scored just one league goal for Los Che prior to Wednesday’s Old Trafford clash, and was selected from the start against Man United.Marcelino withdrew the forward just before the 75-minute mark as Valencia held the Red Devils to a 0-0 draw, with Batshuayi doing little to catch the eye at the Theatre of Dreams. Arsenal transfer news LIVE: Ndidi bid, targets named, Ozil is ‘skiving little git’ Every time Ally McCoist lost it on air in 2019, including funny XI reactions The watching Chelsea support were hardly impressed by their on-loan 25-year-old, especially as many still believe he will, in the long-term, become the Blues’ first-choice centre-forward.Taking to Twitter during and after the European clash, Chelsea fans reacted with disappointment to Batshuayi’s showing, and you can see some of the best comments below… If you still believe that Batshuayi is the answer to our striker conundrum then you have not been paying attention…— Precious (@preciouscfc8) October 3, 2018 SORRY silverware England’s most successful clubs of the past decade, according to trophies won Batshuayi doesn’t seem to have progressed, same old carelessness on the ball #MUFCVCF pic.twitter.com/ZRAnBrraza— ChelseaFanClub (@ChelseaFans_ZA) October 2, 2018 Boxing Day fixtures: All nine Premier League games live on talkSPORT Chelsea fans had a reason to watch Manchester United’s Champions League clash with Valencia on Wednesday evening, aside from enjoying from afar Jose Mourinho’s third-season collapse.The Stamford Bridge club’s support also tuned in to keep an eye on the performance of Michy Batshuayi, the Belgium forward, who joined Valencia on loan from the Blues earlier this year. Me when anybody says Batshuayi is good enough to be Chelsea’s starting striker… pic.twitter.com/aKOA0QsFYH— Danny O’Neill 🏴 (@DONeill90) October 2, 2018 latest Batshuayi played almost 75 minutes at Old Trafford Liverpool news live: Klopp reveals when Minamino will play and issues injury update This is the Batshuayi that Chelsea fans were overhyping? He may be better than Giroud & Morata but he’s not that guy to take Chelsea to the next level #touchlinefracas— A1 (@Audz1st) October 2, 2018 scrap The Sarri System fits attackers that presses from the front.. Batshuayi is too slow and heavy for that…I wish we still have Diego Costa now….— Ugobowz (@iamozo) October 3, 2018 Lmfao. Some people are still hoping on this Batshuayi to come back and become the CF Chelsea is looking for..— Chenkovic (@_Asgardian) October 2, 2018 Green reveals how he confronted Sarri after Chelsea’s 6-0 defeat at Man City 1 Which teams do the best on Boxing Day in the Premier League era? tense REVEALED Batshuayi is not Chelsea standard lads. Don’t let Moratas poor form delude you.— TotalFootball (@SarriIsTheOne1) October 2, 2018 Batshuayi is hilariously bad 😭😭😭— – (@iMuqqi10) October 2, 2018 revealed Sky Sports presenter apologises for remarks made during Neville’s racism discussion Anyone who think Batshuayi is anywhere near a starting spot at Chelsea are deluded.— Lampsy (@hlampsy) October 2, 2018 Gerrard launches furious touchline outburst as horror tackle on Barisic sparks chaos BEST OF The average first-team salaries at every Premier League club in 2019 LATEST gameday cracker
ANGER at the new property tax and septic tank charges is growing across Co Donegal – with three of our six TDs threatening to boycott the taxes. Minister Phil Hogan is planning to get round the protests by docking the payments from either wages or social welfare benefits.Our video is of a protest against the charges in Falcarragh this weekend.Click to play. DDTV: VIDEO REPORT OF ANTI-RATES PROTEST IN FALCARRAGH was last modified: December 17th, 2011 by BrendaShare this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window) Tags:DDTV: VIDEO REPORT OF ANTI-RATES PROTEST IN FALCARRAGHFalcarraghprotestrates
A SEVENTH RESIDENT of the Nazareth House private nursing home in Fahan has died.The patient was one of a group of residents at the home in to have been diagnosed as having influenza A (H3).The HSE said seven others from the home are still being monitored after showing signs of the disease, but that five of those were showing “definite signs of improvement”. It added that there had been no new cases diagnosed since last Wednesday.Today’s death marks the seventh from influenza, a eighth resident who died on Friday did not die from flu.All residents in the nursing home are receiving either active or preventative treatment, and the HSE’s public health team for the north-west region is continuing “to closely manage and monitor the situation”.The HSE has asked people visiting older residents of nursing homes to ensure their vaccinations for influenza are up to date, and to take simple precautions such as covering your mouth when sneezing, washing your hands with soap and water, and disposing immediately of any used tissues. The H3 strain of the influenza virus currently circulating is thought to have changed slightly from previous years, with the result that the seasonal flu vaccine cannot guarantee immunity from infection.Seasonal flu vaccinations contain components to repel certain strains of the virus, as recommended by the UN’s World Health Organisation. This year’s vaccine includes protection against the ‘traditional’ form of the H3 strain, as well as influenza B and the H1N1 swine flu variant.SEVENTH RESIDENT AT DONEGAL NURSING HOME DIES OF FLU was last modified: April 8th, 2012 by BrendaShare this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window)
Sinn Féin’s finance spokesperson, Pearse Doherty TD, has said today’s budget is an attack on working families. The cumulative effect of the cuts and tax increases on working families is worse than expected.Deputy Doherty said: “Today’s budget is anti-child, anti-family and anti-jobs. It is a budget that Fianna Fáil could be proud of.“The decision to tax the family home is an inexcusable move at a time when so many families are struggling to pay mortgages. The charging of PRSI on all earnings if a worker earns more than €18,000 is unfair and will hit low and average working people hardest. “The cuts to child benefit fly directly in the face of Labour’s pre-election promises. Even a small family will be hard hit by this decision. The increase in motor tax is another burden on families who need transport to get to work or school.“Taken together these cuts and tax hikes could mean an average family could be hit with as much €1,600 and another €250 if they have a son or daughter in third-level education.“Taken together all of these measures will push more families into financial hardship and poverty. It will also damage the local economy.“Fine Gael and Labour promised to promote jobs and protect the most vulnerable. Budget 2013 will do the very the opposite. ” Example below of a family with two incomes (both over €18,000) with three children.*Child Benefit 456PRSI 528.32Property tax 200,000 405Car tax 120 Student Contribution Increase 250Total: €1759Child Benefit cuts of €10 each month on first two children and €18 a month on third child Increase for both wage earners under new PRSI change.Property tax on house valued at €200,000 Motor Tax increase on two band C 2009 family carsIncrease in student contribution €250BUDGET 2013: FAMILIES HIT FOR ANOTHER €1,700, SAYS DOHERTY was last modified: December 5th, 2012 by BrendaShare this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window)Tags:700BUDGET 2013: FAMILIES HIT FOR ANOTHER €1SAYS DOHERTY
JP LandmanThe mood in the country, certainly among white people, is quite depressed. An annual opinion poll on South Africans’ optimism found that in February 2008 60% of South Africans felt positive. That was down from an average of mid-60s in previous years. The real outliers were whites; only 31% were optimistic, down from the mid-40s in previous years.The poll reveals that Cape Town has the least positive residents (49%); the Vaal triangle has the most optimistic (74%); Pretoria and Johannesburg come in at 62% and 67% (interesting if one considers the crime in Gauteng); young people are more optimistic than their elders (66% versus 51%); and the inland areas of South Africa more optimistic than the coastal areas. This is probably explained by the fact that optimism among coloureds and Indians is fairly low (40% and 44% respectively) while blacks are very optimistic.Why such a bad mood? In the previous years this poll was conducted we also had crime and malfunctioning municipalities (think the murder of David Rattray and the whole furore at the beginning of last year). So it cannot be that. In my opinion three factors have contributed: politics, economics and Eskom.Politics, particularly the post-Polokwane reaction to African National Congress (ANC) elections and decisions about the media, the Scorpions and the judiciary;Economic headwinds, particularly rising petrol and food prices which also push up inflation and interest rates and depress general activity; andLastly and the most damaging, Eskom’s inability to supply sufficient power.Eskom is the straw that broke the camel’s back. It brought up all the subliminal fears that (whites) have about (black) governance. Never mind the fact that in the mid-1970s Eskom had a similar crisis when the whole country was without power for 18 hours and power tariffs rose by 75% to fix the problem. Somehow the current Eskom crisis is seen as the beginning of the end.EskomLet’s deal with Eskom first, because that also tells us something about economics and politics. The question is simple: can South Africa rise and respond to this crisis in a way that makes the country stronger? At the heart of the Eskom problem is a lack of investment and maintenance. Is that being fixed?Last year Eskom invested R17.7-billion, 67% more than the previous year. This year it will spend R46-billion and next year R80-billion. By 2012 it would have spent R360-billion.Sure, it will take time for these investments to work through; 2012 means another four years of pain and interruptions. But distinguish that from a situation where power cuts take place and no investment is taking place to improve matters (as in Mugabe’s Zimbabwe). So Eskom will turn, even if it takes four years.InvestmentThis investment story repeats itself all over the South Africa economy. Transnet is investing R78-billion over five years; about R12-billion a year are being spent on roads, and toll roads will add to that amount; municipalities are budgeted to spend R100-billion over three years on infrastructure. Then add airports, broadband telecommunications, hospital upgrading, electrification, school building … the list carries on and on. I do not even bother to mention the World Cup stadiums. It is noticeable in the media, but not really in total investment spend.By the way, comfortably more than 90% of these budgets are actually spent. Just take last year when total capex budgets came to R128-billion of which R124-billion was actually spent (97%). All the public attention fell on the R4-billion not spent (3%), very little on the R124-billion actually spent. When last have you built a house, renovated a kitchen or added a bathroom and all those came in 100% within the time you budgeted?All over the country there is a frantic search for skilled people. Engineers who were retrenched are being called back; the collapse in Zimbabwe helps South Africa construction companies fill their complements; labour brokers are bringing people in from foreign shores to work here. The country is booming beyond its ability to supply skills.Before it depresses you, consider the following statement from the Asian Development Bank about the skills shortage in Asia: “Although this brain drain [skilled workers leaving to work in the developed world] is hardly new to the region, it has added a new, more urgent dimension … [to the skills shortage].” It goes on to call the skills shortage “a symptom” of Asia’s economic success. Lovely problem to have.One hears a lot that South Africa spends on social welfare but not on investment. This fiscal year the country will invest 7% of GDP … and spend 4.6% of GDP on social security, including the Road Accident Fund, Unemployment Insurance Fund and of course the 12.4-million social allowances paid out every 30 days. Whilst the state probably spends 80% of what is spent on social security (churches, NGOs and individual do the rest), its investment spend is only about 30% of what the country invests. The private sector does the rest.Can we now please bin this nonsense that we spend more on social welfare than investment?PoliticsSo how will politics change this investment outlook? The Polokwane decision on investment is relevant: “The ANC will also continue to roll out a massive state led infrastructure investment programme that will significantly improve the country’s logistics, energy and communications capacity. It will also promote strategic investments in productive activities, aimed at diversifying the economy and improving the ratio of investment to GDP.” (My italics.)There are some rather questionable decisions from Polokwane, notably on the media, judiciary and the Scorpions, but not on economics and welfare policies. There are budgets and business plans around capex, political decisions backing it and a rising number of people benefiting from it. I think the investment programme is sustainable.EconomicsEven if we accept lower economic growth over the next few years, say 4% rather than the 5% we enjoyed the last few years, the beauty of South Africa is that per capita incomes will still rise and at an accelerating rate. In the 14 years since democracy, per capita incomes have increased by 26%. At 4% growth for the next seven years to 2014, per capita incomes can again increase by … 26%! Consider what has happened in the last 14 years, it can happen again over the next seven.Yes, consumption expenditure will fall and all sectors exposed to that will feel the pain: retail, advertising, car sales and so on. Huge squeals to come from there. But that growth is being replaced with investment that creates jobs, which will in turn stimulate consumption spending. In a year or two interest rates will ease, there will be scope to do tax cuts and per capita incomes will continue to increase.Back to basicsThe basics have not changed. For me the most important precondition of progress is sustained rising per capita incomes. I have punted this view for years. Thus, an article in a recent Economist that we should measure per capita income growth, rather than just economic (or GDP) growth, was music to my ears.The music became more beautiful when a brilliant analysis on Ugandan population growth drew the following comparison: “… from 1993 to 2003, GDP growth rates across Asia managed to outstrip the growth in the labour force, in China comfortably so. By contrast, average GDP growth in sub-Saharan Africa in the same period was 2.9%, all but cancelled out by a growth in the labour force of 2.8%.”This statement probably tells us more about the reasons for sub-Saharan Africa’s failures than any other explanation. If a country cannot grow its economy quicker than its population, it is going absolutely no where. South Africa is clearly not in that league.It is instructive to note that per capita incomes have been declining in Zimbabwe in every single year since 1999 (Hanke, 2008). Fitting then that precisely 10 years after the decline started, even Mugabe could not rig the election. Also instructive to note that per capita incomes in South Africa stared to decline in 1977. Thirteen years later FW de Klerk unbanned the ANC and released Nelson Mandela. Declining per capita incomes have political consequences.MessinessThe latest pin-up in financial writing (justifiably so in my view) is Nassim Taleb (The Black Swan and Fooled by Randomness). He offers this simple but highly relevant insight: “That things in the real world are far messier than in recorded history or in memory.” Things were not as clean as some whites’ memories tell them. I have a dear friend who knows and experienced Afrikaner politics quite intimately. In the 1990s he always said that we must go back to 1948 before we can get to 2000. The liberals freak out when they hear this. Those who understand tradition recognise that messiness is part of progress. Gosh, look at China today and the UK in the 1800s – hardly examples of messy free progress.For a long time there was nothing messy in Zimbabwe – good education and health that they could not afford but never debated, little crime, a clean country and little civil society and debate. Not messy at all. Did they progress?Challenge and responseArnold Toynbee taught us that the ability to respond to crises is the critical difference between societies that succeed and those that fail. Progress does not come from having no challenges; rather it comes from responding successfully to challenges.In the 1980s and 1990s South Africa responded most successfully to its political and constitutional crises. Remember when whites were to be killed, black ethnic violence to erupt, the rightwing to lead an armed resistance and so on and so on? Nothing of the sort happened – the country responded successfully to its constitutional crises.In the late 1990s South Africa had a low growth crisis; a 1% economy that looked as if it could not break through a 3% growth ceiling. And now growth is sufficient to lift per capita incomes quicker than Australia, Brazil, Germany, France, Italy, the UK and US. The country responded successfully to the challenge of low growth.So what?Rising incomes mean resources to tackle problems, create jobs, fight poverty and build infrastructure. To paraphrase Bill Clinton, it is about per capita incomes, stupid.Over the next seven years per capita incomes can rise as much as during the last 14 years. This will trump the negative fallout from politics. The economist Prof De Kiewiet wrote several decades ago that South Africa progresses through “political disasters and economic windfalls.” Between rising incomes and post-Polokwane political uncertainty, it will happen again.South Africa is responding to its infrastructure crisis (which will be around for a while, make no mistake) with a massive investment programme.All that remains now is to put one foot in front of the other, carry on and expect a lot of messiness. Sometimes I think it is our inability to live with messiness that paralyses us. If whites can make this paradigm shift their mood might not be so bleak. More importantly, they can capitalise on the opportunities.JP Landman is a self-employed political and trend analyst. He consults to SA largest private wealth business, BoE Private Clients, and works with several SA corporates on future scenario trends. His focus areas are trends in politics, economics and social capital.Among some of the unique research projects his consultancy has undertaken was the role of public institutions in battling corruption (quoted by the UN in a report on corruption), the interplay of demographics and economic growth, and an overview of trends around poverty alleviation in SA. Whilst working as an analyst on the JSE in the 1990s he was voted the top analyst in political trends.He is also a popular speaker who has addressed diverse audiences locally and internationally and enjoys consistently good ratings.He has a BA and LLB degrees from Stellenbosch (1978), studied Economics and Development Economics at Unisa (1979 and 1980) and later at Harvard (1998 and 2005), and obtained an MPhil in Future Studies (cum laude) from Stellenbosch (2003).
Share Facebook Twitter Google + LinkedIn Pinterest The market was surprised last week when the USDA increased corn acre planting estimates by 1 million. The USDA also indicated that stocks may be higher than the market was anticipating. These adjustments could really hurt the chances of a major corn rally for the rest of the year. At this point, it will take a major weather-related event in July for any substantial rally in the long-term. And, the window for a weather-related event is narrowing, usually after July 4th there is less potential left. Some weather forecasts indicate there is a possibility for hot and dry weather in the western Corn Belt, but it will need to be significant for any fireworks in the next few weeks.Actual crop conditions are seemingly subjective based upon perspective. Bulls say crop conditions this year compared to last year are much lower. Bears say there is still too much old crop corn in storage and will help the market withstand a decrease in reduced yields. With Dec corn hovering around $3.90, it’s likely the market will remain range-bound for another month. This range is frustrating because it is lower than most farmers’ breakeven points. On one hand, $4.20 corn is unlikely without a weather scare. On the other, until ear sizes and weather during pollination are known, trading below $3.60 is also unlikely. Longer term if stocks have increased without a pickup in demand and IF weather is normal even a yield of 165 might not be enough to keep corn from testing the lows of last year.Soybeans acres were not quite as high as the market was looking for in the latest report. There was also a slight reduction in stocks. The key now will be late July and August weather. The market knows that August weather makes or breaks the soybean crop. There is a wide range in potential prices for soybeans yet this marketing year — $8 or $11 are both still possible.Late June (6/23/17) was the expiration of July options. Following are the results of a trade I made back in the winter.On 1/27/17 July corn was Trading $3.75Expected market direction into summer was probably sideways with some upside potential into early summer.On 1/27/17 I sold July $3.90 straddle for 43 cents with an expiration on 6/23/17, right when there is the best chance for a weather rallyPotential benefit: If July futures close at $3.90 on 6/23, I keep the 43 cent premiumPotential concern: Reduced or no premium if the market moves significantly. For every penny lower than $3.90 I get less premium until $3.47. At $3.47 or lower an original corn sale would be removed, but I keep the 43 cents above to be added to another sale and I collect another 20 cents of carry premium to this point. Every penny higher than $3.90 I get less premium until $4.33. At $4.33 or higher, I have to make another sale at $4.33 and my $3.90 sale is stalled at $3.90. What happened?July corn was trading at $3.59 on June 23 after dropping for six straight days. I thought there was a chance for a Monday rally, so I let the puts get exercised. This turned the trade into a long corn position (i.e. in theory I was buying corn) at $3.90 on the July. It’s important to remember that I will still collect 43 cents of premium from the straddle trade. I sold my long position back for $3.60. So, I lost 30 cents on the futures side of the trade, but made 43 cents from the straddle sale. The final result was a net of 13 cents premium. Why did you let the options make you long (i.e. buy) corn?I had only 12 cents of profit left in the trade with the futures at $3.59. I decided to risk the 12-cent profit potential I had left in the trade to try and make more. I made the right choice, but not by much (1 extra cent). I didn’t want to take any additional risk with a long position through the USDA report. Obviously with some hindsight today it looks like I should have waited. However I’m not bothered by the miss because I still turned a profit on this trade.As a corn producer I rarely can justify buying corn futures for any length of time. Usually it’s a speculative play, which I always try to avoid. While I will admit this trade was speculative, in my opinion after six days of decreasing prices it seemed reasonable that the market had dropped to the bottom of the recent trading range, meaning I was willing to accept a little extra risk for the chance at additional profit potential. I was prepared to sell my long corn position out if the market was down, even if that resulted in less profit. Fortunately it didn’t lose me any money to wait a couple days. More trades placedTrade 1Unless there is a major weather-related event, I expect sideways trading to continue. Considering my recent success with straddles, I made another straddle trade the previous week.On 6/20/17 Sep corn was trading near $3.80 with the expected market direction into late July probably sideways with a potential slight dip in pricesSold Aug $3.75 straddle for 25 cents that expires 7/21/17 before yield is known and while there is still a chance for a weather rallyPotential benefit: if Sep futures close at $3.75 on 7/21, I keep the 25 cent premiumPotential concern: Reduced or no premium if the market moves significantly. For every penny lower than $3.75 I get less premium until $3.50. At $3.50 or lower an original corn sale is removed. For every penny above $3.75 I get less premium until $4. At $4 or higher, I have to make another sale at $4 against the Sep futures. At this point I still have some old crop I need to sell and $4 seems like a great goal.Trade 2Typically the corn market tends to decrease from the third week of June through July. Therefore, I made an additional trade to capture that potential. On 6/20 when Sep futures were around $3.80 I sold a $3.90 Aug call for 9.5 cents on 5% of my ’16 corn production. What does this mean?If Sep corn is above $3.90 on 7/21 I have to sell corn for $3.90 and keep 9.5 cents ($3.995 total).If Sep corn is below $3.90 on 7/21 I keep the 9.5 cents to use on another trade in the future.I’m happy with this trade. I need to sell the last of my 2016 production, and while I hope futures rally, $4+ will be difficult. Even if it happens, most farmers will sell at those values, therefore it might not last long. Either way I keep 9.5 cents on this trade. The only downside would be a significant drop in prices (since there isn’t any downside protection on this trade), but that wasn’t the goal of this trade.Selling hope and timeOften some “experts” in the industry suggest that farmers should “look for a possible re-ownership opportunity.” This “advice” doesn’t make any sense to me. When farmers have unpriced grain in storage or the field growing, they already have ownership. They don’t need MORE corn while prices are low, they need the market to rally so they can sell the corn they have or will have. More corn only adds more risk to their farm operation. In essence, this advice is telling farmers, who are already speculators, to double down.In January many experts suggested, when July futures were around $3.70, that farmers buy $3.70 July calls for 20 cents or $4 July calls for 10 cents. Let’s take a look at the realities of this advice to farmers. The chart above shows July corn futures (Dec to present).In both cases, there was little opportunity for farmers to make any profit buying calls as the experts recommended. The only way farmers would have profited was if they had exited their position in Feb (even then the profit was small).The thing is, very few (if any) farmers would have done this. The whole point of buying the calls was to hold them, expecting a weather event in late spring/early summer to spark a rally. For most of the farmers that did this, the calls expired worthless or nearly worthless and they were out the call costs (10 or 20 cents). That took a disappointing sale back in the winter and turned it into an even more depressing sale after factoring a loss on the option.This is why I stress to farmers to really think about what they are doing when they speculate by BUYING calls. Right now almost all farmers have some 2016 crop left to sell and most of the 2017. So, it almost never makes sense to buy the right to buy more corn if you are a farmer who is hedging.(Note, in my straddle trade above I was able to stretch a small profit by selling options and collecting 13 cents of premium verses farmers who bought calls and likely lost 10 to 20 cents. That is could have been a difference of 23 to 33 cents to the bottom line. Buying hopeIn most cases, farmers buy calls because they HOPE the market will go up. In truth, I’ve seen very few times when farmers have made a lot of money buying calls. Most of the time they are lucky to make a profit and many times they lose some or all of the premium they paid.My marketing plan does not include “buying hope,” but instead I “sell hope.” Certainly not on all of my bushels, but I do for some. Basically, I get paid for selling hope to somebody else.Farmers need to remember that 66% of the time it will be a normal year. During normal years, prices well above breakeven points are unlikely for an extended period of time. I try to position my marketing strategies where I can take advantage of opportunities assuming trend line expectations while understanding how I will be affected by unpredictable market variations. Buying timeWhen buying options the longer length of time until the option expires makes it worth more. More time equals more chances for market movement.Similar to hope, I don’t want to buy time. It’s expensive because it’s in finite supply and everyone wants more of it. Instead I determine what price I want, then I optimize how much (time) value I can get for that option and then I sell it. Think about your goalsI always caution farmers to think about their end goals in marketing. What happens if your goals aren’t met? What happens if the price doesn’t go up like you think or hope it should? What happens if you are wrong? Are you prepared for all market scenarios?My goal is to design a marketing plan that takes into consideration as many market scenarios as possible. In every trade I analyze how my profit will be affected if the market goes up, down or sideways. I then take into consideration risk and the likelihood of each scenario happening based upon current market conditions. While I’m prepared if the market goes down or sideways, like all farmers, I ALWAYS want prices to go up. Ideally the trades I made today are wrong if the market rallies. And if it does, I’ll sell more corn because I will ALWAYS have more corn to sell. Maybe not in 2017, but certainly in 2018 and 2019.Jon grew up raising corn and soybeans on a farm near Beatrice, NE. Upon graduation from The University of Nebraska in Lincoln, he became a grain merchandiser and has been trading corn, soybeans and other grains for the last 18 years, building relationships with end-users in the process. After successfully marketing his father’s grain and getting his MBA, 10 years ago he started helping farmer clients market their grain based upon his principals of farmer education, reducing risk, understanding storage potential and using basis strategy to maximize individual farm operation profits. A big believer in farmer education of futures trading, Jon writes a weekly commentary to farmers interested in learning more and growing their farm operations.Trading of futures, options, swaps and other derivatives is risky and is not suitable for all persons. All of these investment products are leveraged, and you can lose more than your initial deposit. Each investment product is offered only to and from jurisdictions where solicitation and sale are lawful, and in accordance with applicable laws and regulations in such jurisdiction. The information provided here should not be relied upon as a substitute for independent research before making your investment decisions. Superior Feed Ingredients, LLC is merely providing this information for your general information and the information does not take into account any particular individual’s investment objectives, financial situation, or needs. All investors should obtain advice based on their unique situation before making any investment decision. The contents of this communication and any attachments are for informational purposes only and under no circumstances should they be construed as an offer to buy or sell, or a solicitation to buy or sell any future, option, swap or other derivative. The sources for the information and any opinions in this communication are believed to be reliable, but Superior Feed Ingredients, LLC does not warrant or guarantee the accuracy of such information or opinions. Superior Feed Ingredients, LLC and its principals and employees may take positions different from any positions described in this communication. Past results are not necessarily indicative of future results. He can be contacted at firstname.lastname@example.org.
What it Takes to Build a Highly Secure FinTech … Why IoT Apps are Eating Device Interfaces Flash for Mobile: Not a CPU Hog, Says AdobeAdobe claims they will. The company says this new version of the Flash Player has been completely redesigned for mobile use, making “efficient use of CPU and battery performance,” a direct shot against one of Jobs’ complaints that Flash was, in layman’s terms, a CPU hog that too quickly drained a phone’s battery.To showcase what mobile users have been missing out on, Adobe has also launched a mini-site at m.flash.com, which features dozens of sites optimized for Flash, including those from Warner, Sony Pictures, Nickelodeon, PBS Kids, TBS, Sundance, USA Today, BBC, Macy’s, Prada, FAO Schwartz, MLB, NBA, NHL, Sky Sports, Formula 1, FIFA World Cup and others. Then, in what feels almost like press release overkill, the company sent out details of the announcement to news outlets such as this one with no less than 32 attributable quotes from a range of analysts, content partners and technology and device partners. There are no small names on this lineup, which includes the likes of HTC, Google, RIM, ARM, Samsung, Dell, Intel, Qualcomm, Texas Instruments, Brightcove, HBO, Viacom, Turner, MSNBC, CNET and several others. The message, or at least the one Adobe wants you to hear, is that many if not most of today’s biggest names support Flash. Flash to Impact Sales?And yet…Despite not running Flash technology when it was well known that Flash support was arriving soon for Android and others, Apple’s mobile device lineup has been selling well. And that’s putting it mildly. According to recent data from the Nielsen Company, the iPhone retains a 28% smartphone market share in the U.S. to Android’s 9%, and is still growing.And recently, a Piper Jaffray analyst upped his estimate for iPhone 4 sales by 1 million units, pegging the Cupertino-based company to now sell 9.5 million units before the quarter’s end on June 30th. The message here, in the numbers at least, is that a phone’s ability to support Flash may or may not really matter when it comes to OS choice. Picking a smartphone is a more complex decision, one based on carrier contracts, design, available applications, ease of use and thousands of other user requirements. Will “does it run Flash?” ever make it on the list that exists in the consumer’s mind? And even if it does, will it matter in the end? Will Flash sell phones? Now that Flash has arrived for Android and soon elsewhere, we’ll finally be able to answer that question. And the answer will impact Adobe’s mobile strategy for years to come. Today is truly a make-it-or-break-it moment for the company. They’ve put up. Time to see if Flash will deliver. Adobe Systems announced today that its Flash Player 10.1 software for mobile devices is now being released to its platform partners. The plugin-based technology, which allows for a range of interactive elements including video, games and even advertising, is already available for Google Android phones running the latest operating system revision, code-named “Froyo,” but technically known as Android version 2.2. This OS now runs on Google’s Nexus One and is expected to arrive on other Android phones like the Motorola Droid, Motorola Milestone, HTC Evo, HTC Incredible, HTC Desire and the Samsung Galaxy S. Adobe has also now shipped Flash Player 10.1 for mobile to its device partners who will then prep the software for launch on Blackberry (RIM), webOS (Palm), Windows Phone 7, LiMo, MeeGo and Symbian smartphones. The one notable exception to this list is, of course, Apple’s iPhone.To Flash or Not to Flash?For some Android users, the promised ability to run Flash on their mobile phones was just as big a selling point in their purchasing decision as the lack of Flash on Apple’s iPhone was to others, or so they claim. The debate about the technology and its place in the mobile ecosystem has been publicly aired, dirty-laundry style, with a long-form memo posted by Apple CEO Steve Jobs, who said the Adobe technology “falls short” in a mobile era that’s all about “low power devices, touch interfaces and open web standards.” Adobe CEO Shantanu Narayen then shot back via an interview with the Wall St. Journal calling Jobs’ missive at times “patently false,” and “a smokescreen,” and then concluded that the Apple CEO and himself simply have very different world views. “Our view of the world is multi-platform,” he explained. With today’s “multi-platform” shipment of Flash for mobile, it appears that view is close to being realized. But will consumers really want Flash, once it arrives? Related Posts sarah perez Role of Mobile App Analytics In-App Engagement Tags:#Adobe#Apple#mobile#NYT#web The Rise and Rise of Mobile Payment Technology