Bears chase away the bulls

first_img AD Quality Auto 360p 720p 1080p Top articles1/5READ MOREWalnut’s Malik Khouzam voted Southern California Boys Athlete of the Week160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set! NEW YORK (AP) – Wall Street suffered a sharp reversal Thursday, with the Dow Jones industrials dropping 133 points as concerns over corporate profits and economic growth reasserted themselves. Wednesday’s rally, which sent the Dow up 128, proved short-lived as Pfizer Inc. withdrew its profit forecasts for 2006 and 2007, increasing investors’ worries about the vulnerability of corporate profits. Intel Corp. spurred such jitters earlier this week in lowering its forecast for sales of its computer chips. Members of the Federal Reserve’s interest rate-setting committee also fed inflation concerns, leading investors to wonder whether a continued rise in interest rates would slow the economy too much and lead to more corporate profits shrinking. “Yesterday was a pretty good up day, but we were well oversold, so we shouldn’t probably get too excited about that,” said Linda Duessel, market strategist at Federated Investors in Pittsburgh. “This is just the beginning of the heavy earnings results from the third quarter, and from everything we’re seeing so far, the results are pretty mixed, but guidance in general is kind of cautious for the fourth quarter.” The Dow fell 133.03, or 1.28 percent, to 10,281.10 after gaining 128 points on Wednesday. Broader stock indicators also pulled back. The Standard & Poor’s 500 index lost 17.96, or 1.5 percent, to 1,177.80, and the Nasdaq composite index dropped 23.13, or 1.11 percent, to 2,068.11. Bonds lost ground, with the yield on the 10-year Treasury note rising to 4.48 percent from 4.44 percent late Wednesday. The dollar was lower against most major currencies, while gold prices also fell. Oil prices fell sharply despite concerns about Hurricane Wilma, due to enter the Gulf of Mexico by the end of the week. A barrel of light crude settled at $61.03, down $1.38 on the New York Mercantile Exchange – a sharp drop, but one that had little effect on stocks. “Energy prices really have fallen to a distant second as far as concerns for the market,” said Scott Wren, equity strategist for A.G. Edwards & Sons. “The big concern is whether the Federal Reserve is going to keep raising interest rates and, if they do, whether that’s going to slow the economy too much.” The Conference Board said its index of leading indicators, which attempts to forecast future growth, fell 0.7 percent for September, worse than the 0.5 percent drop expected by economists. The index slipped 0.2 percent in August. In earnings news, Pfizer said profits fell 52 percent in the third quarter due to acquisition costs. While the company beat Wall Street forecasts for earnings before items, revenues were below expectations. That, combined with the company’s lowered forecasts, sent Pfizer shares tumbling $2.07, or 8.6 percent, to $21.90. Dow component McDonald’s Corp. slid $1.29 to $32.40 after the fast-food chain met Wall Street’s profit forecasts, though overall profits fell 6 percent for the quarter. Strong international sales helped the Coca-Cola Co. post a 37 percent increase in profits. Shares of the beverage maker, which beat analyst earnings estimates by 4 cents per share, rose 30 cents to $42.10. SBC Communications Inc. added 13 cents to $22.54. The Dow industrial said costs associated with its pending acquisition of AT&T Corp. and hurricane damage at its Cingular Wireless joint venture dragged profits down 40 percent. But the company nonetheless beat Wall Street profit estimates by 7 cents before one-time charges. Growing global cell phone demand pushed Nokia Corp.’s profits up 29 percent for the third quarter, helping the Finnish manufacturer beat Wall Street estimates by a penny per share. Revenues, however, failed to meet expectations, and Nokia dropped $1.15, or 6.7 percent, to $15.90. Ford Motor Co. slipped 5 cents to $8.42 after posting an expected loss. Sluggish North American sales hurt the automaker, which said its full-year profit would come in at the low end of previous estimates. The company also said it would announce plans in January for a new round of plant closures and job cuts. Declining issues outnumbered advancers by about 3 to 1 on the New York Stock Exchange, where preliminary consolidated volume came to 2.64 billion shares, compared with 2.69 billion traded on Wednesday. The Russell 2000 index of smaller companies fell 10.74, or 1.68 percent, to 627.54. Overseas, Japan’s Nikkei stock average rose 0.5 percent. In Europe, Britain’s FTSE 100 closed down 0.07 percent, France’s CAC-40 gained 0.36 percent for the session, and Germany’s DAX index rose 0.38 percent.last_img read more

Back to SA after Asian adventure

first_imgEnglish and drama graduate Claire vanden Heever used her qualifications toteach English to monks, refugees andbusinesspeople in Asian countries. India has become almost familiar territoryfor the travelling pair.Manley and Van den Heever after lunchingwith Tibetan nomads in the hillsaround Gyalthang.(Images: Old World Wandering)MEDIA CONTACTS • Iain ManleyWilma den HartighAbout eight years ago, a South African couple left their home comforts to set out on a journey of a lifetime that would be the envy of many spirited adventurers. Now they are making their way back home, and they have many stories to tell.Iain Manley and Claire van den Heever have written an absorbing travelogue based on their eight years of living abroad. Old World Wandering is a collection of stories about their explorations of the regions and cultures of Europe, Asia and Africa.Old World Wandering tells the story of two overland journeys. The first was from London to Shanghai over 18 months, covering 39 000 kilometres and passing through 18 countries.Their second journey started in January 2011, after three years in China. They are making their way home to Cape Town via India, Southeast Asia, China, Central Asia, the Middle East, and East and Southern Africa.Leaving home for LondonManley and Van den Heever, who both studied at the University of Cape Town, left for London a few months after graduating. Manley studied journalism and literature and Van den Heever has a degree in English literature and drama.Their intention was to work in London until they had saved enough money to travel.“It is a rite of passage for many young South Africans. Our move to London became the jumping-off point for a life we never expected to lead,” Van den Heever says.But as the weeks in London became months, exploring the world seemed to be slipping further from their grasp. “The city was sucking up every penny we earned,” she says.Then one day, ignoring their diminishing bank balance, Manley traced a vague line on the world map that hung, hopefully, on their bedroom wall. “We could get all the way there by land,” he said, pointing to Shanghai on the east coast of China.This was the beginning of the couple’s great adventure.“With almost no idea about logistics, costs or dangers we agreed that, as far as possible, we would try. With the idea in place, the plans formed around it,” says Van den Heever.In June 2006, armed with money saved while managing a pub in the English countryside, they left England for a journey to Shanghai.After spending 18 months on the road travelling through 18 countries, they arrived at Shanghai Train Station, wearing scruffy clothes and with dirty backpacks in hand.Manley says that overland travel is the only way to experience a slow transition between places. Travelling by train is always their first choice, but often they have to rely on buses, minibuses, rickshaws, and occasionally cars or boats.“When you go by bus or train from one country into another or between provinces you notice the differences and the similarities – between cultures, cuisines, languages and landscapes – that hold the world together,” Manley says.Working and travellingDuring their first journey, they spent two months in McLeod Ganj in northern India, home of the Tibetan government in exile, volunteering as English teachers for Tibetan monks and refugees.When the couple finally reached Shanghai, they found jobs teaching English to businesspeople. A year and a half later, both were commissioned to write separate Asia-focused books.Manley wrote Tales of Old Singapore, a book about colonial Singapore.Van den Heever’s first book, which delves into the thirty-year existence of Chinese contemporary art, will be published in September next year.After three years in China, they set off on their second overland journey.“Our experience in Shanghai made working from the road as freelance writers possible,” Van den Heever says.Seeing amazing placesBy the time they get back to Cape Town, they would have visited about 45 countries. But Manley quickly adds that he is suspicious of counting countries.“Both India and China are as linguistically and culturally diverse as the whole of Europe, for example, and visiting Shanghai to say that you have seen China is like visiting London to say that you have seen Europe,” he explains.Instead, they prefer to immerse themselves in the beauty and diversity of every town, city and region they visit.They also find it difficult to name the most memorable places they’ve seen. For Van den Heever, India comes to mind.“India manages to amaze and stun in manifold ways – some more positive than others. We have spent so much time there now that, for better or for worse, I suspect it will always have a hold on us,” she says.Many of the most unforgettable places, such as Syria, came as a surprise. “We spent a few weeks travelling through the country in 2005, drinking endless cups of tea with people who were more hospitable than anywhere we’ve ever been. Sleepy little Laos was another unexpected gem,” she says.Manley says that their journey has changed their perspective about the world. “Stumbling on a chatty stranger in a noodle bar or taking a wrong turn down a quiet street can sometimes teach you more than the best-written guidebook or any museum’s horde of treasures,” he says.Homeward boundInitially they expected to be back on home soil in December this year, but now it seems that December 2012 is a more realistic estimate.“I think neither of us knew how important travelling slowly would be when you earn a living on the road. We allowed ourselves to spend a month or longer in several countries along the way,” says Van den Heever.“We never imagined then that we would be away for so long, or that we would travel so far,” adds Manley.Although India, England and China are all places they can imagine living in again, they are ready to get to know South Africa.“Neither of us have experimented with lives lived on our own terms at home. We’ve missed out on eight exciting years in a rapidly evolving country, where there is as much room for optimism and pessimism as there is anywhere. It’s time to fix that,” he says.Manley is planning to go back to the University of Cape Town in an academic research capacity to explore the relationships between China, India and African countries.Van den Heever (who according to Manley, speaks Mandarin better than he does), is going to set up a consultancy for people in South Africa who need help doing business with China, particularly in the travel and tourism industry.She says that they are looking forward to living in the same country as their family and friends again, and enjoying everything that is uniquely South African.“I am looking also forward to getting to know the country I left as a much younger person. I often think of all the natural beauty I left behind, the good wine and delicious meat on a braai.”last_img read more

South African children’s voices heard in London play

first_img21 October 2015The experiences of children from Rammulotsi township in Free State province is getting global attention on stage in London.Directed by Danny Boyle, The Children’s Monologues Anniversary Gala Performance will take place on 25 October at the Royal Court Theatre in London. In South Africa it will be performed by the children themselves on the same night.The monologues relate the stories from over 200 children who were asked by the Dramatic Need charity to describe a day they will never forget. They shared their stories in Sesotho and playwrights adapted them for the stage for the first time in 2010.Watch more about the 2010 version here:The anniversary performance has an all-star line-up, including acclaimed actors and actresses such as Nicole Kidman, Benedict Cumberbatch, Chiwetel Ejiofor and James McAvoy. They will be performing the monologues.#BenedictCumberbatch discussing the #childrensmonologues + why they matter, watch for a special announcement today!pic.twitter.com/5yV5dW2wmJ— Dramatic Need (@Dramaticneed)October 18, 2015We are so excited that @NazaninBoniadi is joining the #childrensmonologues. Cast/Tickets: http://t.co/DPnby1M4RIpic.twitter.com/ngFbMDniXW— Dramatic Need (@Dramaticneed) October 8, 2015The storiesBoyle told British newspaper The Guardian that the stories were raw, and described them as gut-punching. “They have that directness that you find with children anywhere,” he said. “Kids can’t compartmentalise or filter traumatic stuff so they just say it. With that directness comes this terrible heart-wrenching intimacy.”The testimonies from the children were adapted by playwrights including David Hare, Laura Wade, Neil LaBute, James Graham and Jack Thorne. Topics range from small moments of childish discovery, to more serious issues such as sexual abuse and the effects of Aids.The Children’s Monologues were first performed in 2010. (Image: Wikipedia)“You don’t always want to know these things are going on in the world, especially to children, but when those actors get up on stage in London it will mean that another thousand people hear those stories, and that those kids really have a hell of a voice,” Boyle said.“Part of the brief is translating the piece into something which has slightly more metaphor to it, and something that theatre does really well is find the meaning and humanity underlying the facts [and turn it] into something which can become universal and meaningful and therefore relatable,” said playwright Wade of converting the stories for the stage.About Dramatic NeedDramatic Need is a non-profit organisation that helps children use creative art as a form of expression and self-discovery.“We work in rural areas of Rwanda and South Africa to provide creative arts education, resources, support and inspiration for children and youth,” the organisation explains. “We promote creative expression as a tool for conflict resolution, social development, gender empowerment and for the communication of positive health messages.”Source: The Guardian and SouthAfrica.info reporterlast_img read more

Long wait makes newest PBA title sweeter for Alvin Patrimonio, Magnolia

first_imgLOOK: Joyce Pring goes public with engagement to Juancho Triviño Don’t miss out on the latest news and information. Purefoods team manager Alvin Patrimonio.ANTIPOLO CITY—It took a while before Magnolia Hotshot again the felt the weight of the trophy in their hands.But that long and arduous trek to back to the top of the PBA only made the 2018 PBA Governors’ Cup championship sweeter for Alvin Patrimonio and his longtime team.ADVERTISEMENT “I think it’s the timing of this all,” said Patrimonio. “This is a blessing from God, and we’ve waited so long for this. But the guys, the coaching staff worked hard for this and the management had the patience.”Sports Related Videospowered by AdSparcRead Next Carlo Biado makes World 9-Ball Championship quarterfinals Trending Articles PLAY LIST 00:50Trending Articles00:59Sports venues to be ready in time for SEA Games01:27Filipino athletes get grand send-off ahead of SEA Games02:42PH underwater hockey team aims to make waves in SEA Games01:44Philippines marks anniversary of massacre with calls for justice01:19Fire erupts in Barangay Tatalon in Quezon City01:07Trump talks impeachment while meeting NCAA athletes02:49World-class track facilities installed at NCC for SEA Games02:11Trump awards medals to Jon Voight, Alison Krauss View comments Lacson: 2019 budget delay due to P75-B House ‘insertion’ TS Kammuri to enter PAR possibly a day after SEA Games opening Magnolia Hotshots celebrate the end of their title drought. Photo by Tristan Tamayo/INQUIRER.netPatrimonio, a four-time MVP who remains the face of the Purefoods franchise years removed from his heyday, has been managing the team since mid 2000s and saw the Hotshots go from one of the most dominant to one of near obscurity.From a rare Grand Slam in 2014, just the fourth time the coveted title sweep was completed in the PBA, Magnolia went on a drastic dive after head coach Tim Cone was sent to save Barangay Ginebra.Cone was able to lead the Gin Kings to three titles from 2014 until including the 2018 Commissioner’s Cup while the Hotshots used that time to find their groove and recover from the stumbles of former head coach, now assistant, Jason Webb.Webb, a beloved deputy in the Hotshots’ bench, struggled as lead coach accumulating a sorry record of 11-22 before Victolero got hired to right the ship and lead the team to third-best 23-10 card in the 2016-17 season.And it’s this struggle that made the journey better to watch for Patrimonio.ADVERTISEMENTcenter_img Hotel management clarifies SEAG footballers’ kikiam breakfast issue SEA Games: Biñan football stadium stands out in preparedness, completion As a player, the Captain led the franchise now known as Magnolia to its first six PBA titles then witnessed the team win eight more championships as his role as team manager.Used to winning his entire career, Patrimonio knew exactly how good it felt for the Hotshots to finally exorcize their demons and vanquished Alaska in six games to their first crown since the Grand Slam in 2014.FEATURED STORIESSPORTSPrivate companies step in to help SEA Games hostingSPORTSSEA Games: Biñan football stadium stands out in preparedness, completionSPORTSUrgent reply from Philippine ‍football chief“This is sweet because it’s been four years in the making and we had a lot of trials, a lot of challenges, and a lot of changes in the team,” said Patrimonio after Magnolia’s 102-86 Game 6 win Wednesday at Ynares Center here.“I’m just amazed with how this team played,” he added. LATEST STORIES SEA Games: Biñan football stadium stands out in preparedness, completion Private companies step in to help SEA Games hosting Is Luis Manzano planning to propose to Jessy Mendiola? MOST READlast_img read more