Presentation to the Australian Business Economists luncheon, Sydney on 7 June 2011 [PDF 630KB] – Rob Nicholl, CEO Australian Office of Financial Management.
Thank you to the ABE for hosting this function today and for inviting me to speak. I realise it has become something of a tradition for the AOFM to provide a speaker to closely follow the Secretary of the Treasury, to closely follow the release of the Budget. You get two new identities this year, not that I hope you see that as a bad thing.
Let me first say that on arriving recently in Canberra, I was indeed relieved to have my prior expectations of the AOFM confirmed, in that the agency remains extremely well placed to meet its tasks. In fact the very high degree of competency and professionalism displayed by the agency are a clear reflection of the efforts of my predecessor Neil Hyden, and the staff who work there. I do not underestimate the significance of having been handed the baton.
The context which has given rise to these questions is obvious. Four years ago the CGS market was under a care and maintenance program. The outstanding stock on issue was maintained within a range of $50-$55 billion and the issuance program was about $5 billion per year. There were 10 bond lines the largest of which was about $6 billion, with the average bond line being just over $4.5 billion. On average the outstanding stock of Government bonds on issue had been reasonably constant at around 5% of GDP for the preceding seven years.
In the following year there was an inevitable uplift in issuance in response to deterioration in the Budget position because of the Global Financial Crisis. Over the next three years – up to and including this year, the annual issuance program has increased 10-fold and the stock of bonds outstanding has increased accordingly. Obviously this has had a substantial impact on the Office, which has adapted quickly and nimbly in response.
The recent Federal Budget did much to address the questions concerning the future of the CGS market, in addition to covering other issues surrounding the Government's forthcoming bond program. The Budget also made mention, of Australia's comparatively strong fiscal position when viewed in an international setting. You should be heartened to hear that this is an issue that features in our presentations to investors and potential investors.
Australia's debt position has attracted intense scrutiny over the past year in particular – there are several reasons why this is the case, but I will take a few moments to highlight two of them because they provide an important backdrop to the debate about the future of the CGS market.
On the one hand we have what I would describe as political concern – which, at least on the face of it, is based on the broad premise that sovereign debt is a bad thing; we have and continue to accumulate too much of it; and this will result in financial stresses beyond our capacity to manage them.
On the other hand we have close financial market interest in a decision by Government to maintain a considerable stock of debt (at least relative to what was outstanding just a few years ago); the range of considerations here boiling down to objectives about risk-free pricing and maintaining liquidity in the bond market.
Let me discuss each briefly in turn, but it should go without saying that both give rise to the need for careful policy consideration by Government.
I refer to the former concern as 'political' because its public manifestation in the form of community debate is based on a range of arguments, some of which have questionable relevance. It is far from clear the value that many of the so-called 'debt negative' arguments add to informing the debate. However, what is important for the purpose of our discussion today is whether or not in broad terms a reasonable assumption can be made as to the appropriateness of Australia's current and forecast debt position. Even more relevant is consideration as to whether Australia's sovereign debt level is one that permits a sensible judgement of how to maintain a CGS market into the future.
So, how could we do this? Well there is any number of ways in which sovereign debt positions are assessed. They range from measures of current gross debt in absolute terms in isolation of any comparison – to inter-country historical comparisons of net debt relative to economy size. The choice of measure I would suggest is probably more dependent on judgement than science.
• how should we assess Australia's capacity to service its debt?
Let's take the last part first, and I will simplify this by confining our consideration to the interest outlays on CGS, which comprise about 95 percent of debt. Interest cost on CGS as a proportion of total outlays will be 3.2 per cent for the coming year. It will increase to 3.3 per cent in the following year before it is projected to decline to about 3 per cent by 2014-15. In other words, for every $100 of outlays over the next four years the Government will direct a little over $3 of that on average towards servicing the costs of outstanding CGS. This compares broadly with 12 per cent for the US; about 11 per cent for Canada; and about 7 per cent for the UK.
If we look to indicators of sovereign debt on the basis of international comparisons, we can choose gross or net debt as the basis for analysis. Once again, in order to avoid turning this into the focus of my presentation I will look only briefly at a few indicators. In gross terms, Australia's debt is forecast to peak at about 16 per cent of GDP in 2011-12, which according to Standard and Poor's compares with a current 'AAA' median of just over 46 per cent. We should also note that Australia is one of only 19 AAA (stable) rated sovereigns in the world.
This first slide shows net debt for selected advanced nations – being the G7 countries. The darker bars show the estimated net debt positions for each this year, while the lighter bars show their projected positions five years hence. Noticeable improvements are projected for Australia, Canada and Germany, but the outcome expected for Australia is proportionately the greatest by far.
As you can see, Australia's sovereign debt position is dwarfed by the average across the G7 countries. Based on current estimates Australia's net debt will peak at less than one tenth that of the major advanced economies.
However, regardless of whether we consider Australia's current debt position to be low by international standards, this doesn't tell us much about our track record in managing it overtime. To do this we need an historical perspective.
How far we should look back to gain a relevant picture is of course as open to debate as any of the other indicators I will present to you today. I have chosen to look back to the beginning of the 1970s because it covers a period over which Australia has faced a range of economic growth challenges; it spans decades through which the country has undergone some substantial reforms (many of which have required fiscal support); and most attractively – because we had the data readily to hand. Once again a measure relative to GDP is used to account for the impacts of economic expansion over time.
What is immediately obvious is that the current and near-term levels of net debt are not at recent historical highs, with 14 out of the last 40 years showing net debt as a percentage of GDP greater than its current forecast peak in 2011-12. The chart also indicates that Australia's net debt position has varied markedly, with periods of low debt, comparatively high debt, and periods of negative net debt.
From now until the end of the forecast period the net debt position will be either at or just above the average for the period, with the Budget showing projections of net debt to be back to 1 per cent of GDP by 2018-19. Budget projections also anticipate Australia entering a new period of negative net debt from 2019-20. No doubt there will be considerable positive and negative influences on this projected debt trajectory over the coming years, but these will of course be a matter for Governments of the day to read and manage.
What is significant about the picture portrayed by this chart though is that it shows that Australia has managed on several occasions to reverse its debt position. This will have been through fiscal consolidation, asset sales, and a combination of the two. It is also important to note that successive Australian Government's have set fiscal strategies to guide and underpin their budget positions, and in turn their exposure to debt. Fiscal strategies as a means of giving public expression to a credible plan for managing fiscal outcomes as an indication of budget sustainability are now expected of all Australian governments.
Together with improved financial reporting standards overtime, fiscal strategies have greatly enhanced transparency and accountability.
It should come as no surprise that when the AOFM travels overseas to meet with our off- shore investor and potential investor base, Australia's fiscal strength and discipline is often remarked upon.
Yet another perspective on how to assess relative sovereign fiscal positions was recently devised by a group of Stanford University PhD students. They created a Fiscal Responsibility Index (the Stanford FRI), which got some media coverage here at the time it was released.
Their work covers three areas; measuring a country's debt headroom; assessing its budget sustainability through projecting a fiscal path; and judging its relative fiscal transparency and accountability.
The concept of fiscal headroom covers total debt to GDP and a ratio of foreign held debt – all relative to an absolute 'debt ceiling'. Australia's absolute 'debt ceiling' was assessed at 192 per cent of GDP; and even if they have got this out by a factor of four or five, it still shows Australia to be well placed – Australia ranked 5th for this category.
They then used the Fiscal Path concept to assess how close each country is to a debt default risk zone given its current and future fiscal position – Australia was one of 10 countries assessed as not projected to reach its debt default risk zone prior to 2050. The Fiscal Governance measure covered a wide range of criteria such as a country's debt rules, fiscal targets, the transparency of these rules and the enforceability of them – Australia also ranked 5th for this category.
Together 34 countries were included in the analysis, which comprised predominantly OECD nations. Australia's high ranking in each of the three categories resulted in an extremely high overall ranking for the exercise.
Before leaving the issue of Australia's debt position it is also worth commenting on the proposition that Australia has managed its debt position in response to changing economic and fiscal circumstances. This chart shows a comparison of net debt to GDP for various advanced nations over about the last 30 years. Apart from Australia as the stand-out case, the UK and the U.S. have also demonstrated a capacity to influence their net sovereign debt positions over time, although recent trends for both suggest a sharp uplift as a result of the GFC. Greece looks to have had a poor long-term fiscal discipline – this of course highlighted by the fact that it now finds itself at the centre of the European sovereign debt story.
Together, the preceding indicators, albeit it high-level and presented as an overview, suggest that Australia's sovereign debt position is not onerous in terms of servicing costs; is low by international standards and about average as compared with the Australian fiscal experience over the last 40 years; and it sits within a range of influence given the ability of successive governments to manage the country's balance sheet within reasonable periods of time.
This I think gives us a basis on which to consider the future of the Government Bond market.
In broad terms at least, a presence by the Commonwealth in the bond market serves two prime objectives. One is to support financing of the day-to-day operations of Government including the re-financing of bond lines as they mature. The other is to support a proper functioning and efficient financial market through providing an interest rate risk transfer mechanism that will overtime lead to lower long-term interest rates across the economy. The relative importance of CGS in determining prices will of course vary depending on market conditions at any point in time.
However, the importance of CGS has never been more apparent than it was during the worst of the GFC, when liquidity almost completely evaporated in sectors of the financial market, some of which had previously been considered ready substitutes to the market for CGS. Had it not been for the policy decision of successive governments to maintain a CGS market following the 2003 review, it is likely that Australia too would have experienced low liquidity extremes in its financial markets. Furthermore, it is difficult to gauge how severe the challenge would have been for Australia to raise new debt at reasonable cost, at a time when it was required the most, and in the absence of a ready investor base familiar with our tried and tested processes and the 'AAA' quality of Australian Government paper. For the relatively low Budget cost of servicing an ongoing stock of debt in the form of CGS, this has arguably provided sound insurance against unanticipated events such as those arising from the GFC – something not to be overlooked as we consider the years and decades that lie ahead.
In view of these recent experiences the Government had Treasury convene a consultative panel consisting of the RBA, APRA, the AOFM, two State Government central borrowing authorities, and a number of private sector market participants. The forum was specifically created to discuss the various perspectives on what could be learned from the GFC experience. A summary if this consultation was published in the Budget and this should set the context for further debate.
The issuance program for 2011-12 announced by the AOFM on Budget day, along with commentary in the Budget on the experience highlighted through the panel discussions provide an answer in part to the initial questions I set out at the beginning. This should also give comfort on certain aspects for a future CGS market.
In short the Government has indicated a commitment to maintaining a liquid Commonwealth bond market. In fact ongoing liquidity in the market was again recognised as the primary objective of the Government maintaining a presence in the market.
The Government's acknowledgment that a liquid CGS market is necessary to support the '3' and '10' year Treasury bond futures markets was also specifically mentioned. The CGS market has also been shown to provide for a reliable source of pricing and hedging of other financial instruments in times of financial crisis or dislocation, and a readily available market to manage a range of financial risks.
The panel discussions also emphasised that a diversified investor base was important in supporting and maintaining a liquid CGS market. Further diversifying the CGS investor base will be an important focus of the AOFM's investor relations activity over the coming year.
As to an appropriate size of the CGS market after the Budget returns to surplus, this will also be a matter for further debate, although I think it is safe to assume that the debate should not be dictated by concerns that current or projected debt levels will of themselves be a constraining factor. I note here that the Government has indicated through the Budget papers that it is considering a view put forward that the CGS market be maintained for the long-term at around 12-14 per cent of GDP.
Consistent with judging sovereign debt levels, it also seems sensible to contemplate the size of the CGS market relative to the size of the economy. CGS in the form of nominal bonds currently constitutes about 30 per cent of the overall bond market. However, if the CGS market is to be maintained long after the Budget has been returning consistent surpluses, it is likely to be some years before the Government is faced with the practical choice as to determining an appropriate balance between consistently reducing outstanding debt and accumulating financial assets. This suggests that a firm policy decision on the future size of the CGS market may not be urgently required.
new bonds to finance a deteriorating Budget position as was the case over the past few years. This will mean that the AOFM's issuance task can be scaled back to about $30 billion per annum, sufficient to re-finance existing bond lines as they mature, together with some other relatively minor funding tasks, such as the need to support infrastructure spending and other commitments.
This will result in a constant outstanding stock of CGS over the coming years at around $220 billion on a year-end basis. As the chart shows, a plateau in the amount of outstanding CGS will also result in a gradual drift downwards in CGS as a proportion of GDP. Over the forthcoming years to the end of 2015-16 it will remain between 13-15 per cent. On current Budget projections this implies that 2016-17 will arrive before the outstanding stock of CGS will fall below the suggested range of 12-14 percent of GDP. In the meantime, the Government has announced that it will continue to monitor the situation with a view to tracking liquidity. This will be done primarily through our ongoing contact with intermediaries and investors.
Before discussing the specifics of the planned issuance for 2011-12, it is worth noting that during the impact of the GFC and the consequent ramp-up of the issuance program, some recent investors that were attracted to the CGS market, have taken to investing in a new series of Treasury Indexed Bonds (known as TIBs). The Government has recognised the importance of maintaining consistency in the availability of these new bond lines and as such has committed for the AOFM to ensure that 10-15 percent of the total outstanding CGS will be maintained as TIBs. This will translate into about 5 per cent of the annual issuance program.
The issue of whether to extend the CGS yield curve for nominal bonds also remains under consideration. The Government has indicated support for the AOFM to extend the yield curve to the extent that this reflects prudent debt portfolio management and is facilitated by market conditions. Of course other things being equal a guiding objective for us remains the issuing of bonds in a manner consistent with minimising the cost to Government of doing so. Therefore we will not be seeking to issue bonds much beyond our current longest line if we do not assess it as prudent from the Government's perspective, but I will return to this shortly.
Looking into next year the AOFM still has a relatively large issuance program ahead of it. Let me take you through this program.
The prior two years have been a busy period for the AOFM with the conduct of two nominal bond tenders and one Treasury note tender most weeks. In addition to Treasury bonds and notes, we have are also been tendering inflation-linked bonds most months of the year, with the re-opening of the TIBs market in 2009 on the back of a syndicated deal to launch a new 2025 line, followed by another this year for a new 2030 line.
After an active 2010-11 where total issuance is expected to top over $58 billion, there will still be a busy issuance program commencing in July. Total bond issuance for 2011-12 is expected to be $53 billion, of which $14 billion will cover maturities and $39 billion will reflect net new issuance. Most of this issuance will of course be through Treasury (nominal) Bonds – approximately $51 billion.
In the coming year, the AOFM's issuance strategy will be to continue to build up the liquidity of our smaller bond lines while limiting the growth of our largest lines. This latter focus allows us to manage our refinancing risk, but necessitates a continued issuing of new lines in order to maintain the current length of the yield curve. This was done recently with the issue of a new April 2023 line. The strategy of building up current lines, while maintaining the curve and adding new bond lines to reduce the Government's refinancing risk, has proven to be an effective strategy. It has also allowed us to attract and retain the sector where our strongest investor base emanates from, the offshore public sector. However, as we look to establish bond lines beyond our current 12-year lines, we will be looking to attract a new type of investor, who will not be constrained by 10-year benchmarks.
This chart shows where new nominal Government Bond issuance has been targeted over the last three years – with the white bars showing bond line levels at the end of June 2008; the dark blue bars showing gross issuance last year; and the lighter shaded bars showing gross issuance so far this year. Apart from the most recent April 2023 line, other new lines this year included the October '14; the July '16; and the January '18. For the upcoming year we have also announced that two new mid-curve bonds will be established.
We are taking a larger leap this year by announcing our intention to extend the curve to 15 years. Consistent with what I said earlier we will be sounding the market carefully before doing this and have given up to two financial years to achieve this. That said, we felt confident including this aim in our most recent Operational Notice as we perceive that market conditions are becoming more favourable for establishing a true 15-year nominal bond. We believe that this will attract a new investor base of longer fixed income investors as well as providing some support to our TIB investors who will benefit from having a long nominal bond of similar maturity (duration).
In keeping with our aim to be as predictable and transparent as possible, the timing of our bond tenders in 2011-12 will remain the same as this year; that is on a Wednesday and Friday. The size of the weekly tenders will be between $500m and $1.2billion. Consistent with our need to maintain flexibility, we will continue to take market soundings each week and announce details of the tenders for each week at noon on the Friday prior.
The issuance plan for TIBs is for us to tender around $2 billion in 2011-12. With this volume of issuance it is unlikely there will be a need for a new TIBs line this year and we have indicated this in our most recent Operational Notice. However the regular monthly issuance (with the exceptions of December and January) should go a long way to allaying any investor concerns about an ongoing commitment to these bonds.
This slide shows where TIBs issuance has been targeted since 2008, with the dark blue bars showing issuance last year and the light blue showing issuance for this year.
Although we will look to build up the liquidity of our four existing lines we will take in account indications for demand from the market. Tenders will again be held on Tuesdays usually later in the month with the details announced, as is the case for the Treasury bonds, on the Friday at noon prior to the tender.
For TIBs as well as Treasury bonds the regular and consistent nature of our tenders, along with our regular market soundings should provide confidence to our primary bidders, market makers and investors that this market remains an important part of the AOFMs debt management activity.
The volume of Treasury notes will by their nature and use, vary over the year, but we will endeavour to keep a minimum of $10 billion on issue throughout the year. Past practice has been to maintain around 4-7 maturities extending out to 6 months. We see no reason to change this practice. Currently there are five maturities with around $13 billion on issue.
Before finishing I will take a few moments to comment on the RMBS program, which the Government asked the AOFM to implement in late 2008 to support competition in mortgage and small business lending. Since its inception in November 2008, the AOFM has invested $13.2 billion across 48 transactions. This has allowed 19 issuers to raise over $31 billion in funding, keeping them competitive in the process, as well as keeping this important market infrastructure alive during very difficult times.
The proportion of AOFM involvement in the deals we have supported continues to decline. For example, in the first half of calendar year 2009, the AOFM purchased 78 per cent of the deals it agreed to support. In 2011 to date, this proportion has fallen to only 17 per cent. Most notably, in one of the transactions we agreed to support in March, the AOFM was scaled out entirely. A number of RMBS deals ineligible for AOFM support have also come to market this year. If we include them in the above calculation, the proportion of AOFM involvement required to support the RMBS market in the year to date falls to around six per cent.
Pricing has also improved, with margins tightening by around 30 basis points since late last year. That said, we see room for a further tightening in spreads in the year ahead and we will be monitoring the situation closely.
It would be hard to describe these developments as anything but positive. Furthermore, the Treasurer has announced last December that the programme would be extended by making another $4 billion available – this taking the total in investment available to $20 billion.
Finally, let me briefly anticipate interest in recent developments regarding mortgage arrears and how this may be affecting our portfolio.
It should go without saying that Australian RMBS arrears would have to be considered the envy of the rest of the world. Even after some significant natural disasters in Qld and Vic, 30 day + arrears are still tracking below two per cent. The AOFM portfolio is holding up particularly well, with 30 day + arrears at less than one per cent. Furthermore, with the level of credit support through loan mortgage insurance and subordination, we are very comfortable with our investment.
In conclusion, we believe that our RMBS investments on behalf of the Government have been sound and they have made a solid contribution to the policy aim of the programme. While we are closely monitoring the emergence of increasing arrears we see no reason at this stage for alarm or re-evaluation of our current approach to undertaking our investment task.


text:
ORNETTE COLEMAN QUARTET 1 Title
COLEMAN QUARTET, ORNETTE
This Is Our Music
JEANNE DIELMAN
JD 121LP
Jeanne Dielman present a reissue of the Ornette Coleman Quartet's This Is Our Music, originally released in 1961. The fifth album from the brilliant free-jazz saxophonist, Ornette Coleman, was released in 1961, a mere three years after his first title as a leader. Coleman burst on the scene with his fiery playing and strong compositional statements. This Is Our Music is a brilliant statement of purpose, a youthful declaration of power and innovation, and one of the cornerstones of early American free-jazz. Featuring perhaps his most well-regarded quartet, with Don Cherry on pocket trumpet, Charlie Haden on bass, and Ed Blackwell on drums. Essential free music from a legend.

redpajama_set_name: RedPajamaCommonCrawl


Happy Healthy Long Life: Time Is Money - Economist Justin Wolfers Offers Advice on How to Spend Your Free Time Wisely. What's the Opportunity Cost?
Time Is Money - Economist Justin Wolfers Offers Advice on How to Spend Your Free Time Wisely. What's the Opportunity Cost?
"But the foundation of all economics is something called opportunity cost.
It says that the true cost of something is the alternative you have to give up.
So each hour that I spend running (or blogging or gardening or Facebooking or watching TV) is an hour that I don't spend hanging out, working, or sleeping.
"Stop Hitting the Snooze Button"
If you received this via email, click here to get to the web version with all the links.
If you haven't yet checked out Happy Healthy Long Life-The Healthy Librarian's Facebook page, please do. I post a lot of news I don't have time to blog about. And you don't need to be on Facebook to look at the page. Find the Facebook link in the upper-right corner of Happy Healthy Long Life.
I wrote the post you'll soon read below on a sunny day in August, 2009. And it's still one of my favorites.
But, this Thursday morning was a gray, snowy, cold January 5, 2012. I "made" myself get up early in the pitch black predawn darkness--out of a warm cozy bed (thanks to my heated mattress pad!!).
"Good Reasons to Wake Up Early"
I got up crazy early so I would have time to catch up on the news, eat breakfast (chocolate oatmeal), make a Green Smoothie, pack my lunch, pack my "librarian" clothes, and attend a morning super-tough weight class-- before going on to work--and then meeting-up after-work with three of my favorite gal pals for a "1/4" glass of wine, and a birthday celebration dinner at veg-friendly Indian restaurant. Got home at 10:00 pm.
Sure--there are plenty of things I can't do because I choose to eat healthy, cook most of my meals (with the considerable help of "Lab Rat"), work, hang out with my friends, exercise religiously, visit my family every chance I can, and blog. But, we all make choices every day.
My soon-to-be-28-year-old son's (#2) favorite quote is something like, "Gandhi says we all have the same 24 hours in a day. How you spend it is your choice."
I think it's a pretty wise investment to devote time to preparing healthy meals & to exercise. Sure, I know how difficult it is to find the time--and establish the "plant-based shopping/cooking/eating & exercise habit". But the returns on this investment are something money cannot buy: improved health, weight-loss, increased energy, & a great mood! Really.
Update: Since writing this post in 2009 I've economized on the ways I fit in exercise, shop, cook--and spend my time. Far from perfect--but, I'm always tinkering with the best ways to "fit it all in". If your kids are still "in the nest", you have parents to help take care of, or you're a single parent--I know it's going to take a whole lot of creative time management to fit it all in.
Yesterday after work I planned to go to the gym, but I changed my mind. It was 72 degrees & sunny. I headed home, put on my workout clothes, attached the nifty radio receiver I have for my iPOD Nano & set off for an hour long walk, listening to NPR.
Marketplace Money came on with their series, Econ Fun-01--about what economists do with their free time. Listening to Justin Wolfers talk about the "Time is Money" conundrum is making me do some serious rethinking about how I'm spending my limited "free time".
Look, we only have so much time in a day. I'm at a big disadvantage right from the get-go because I live "way out" in the sticks--about a 45-50 minute commute to work--a 20 minute drive to where I work-out--a 30 minute drive from lots of my friends, my favorite movie theater, and decent shopping.
But I love where I live--it's green and open and quiet and peaceful--and my house is paid-off. Moving is non-negotiable for now.
3. Healthy eating takes lots of time to shop & prepare for. I "make" breakfast, lunch & dinner, and I enjoy cooking.
Justin's hobby of choice is training for a marathon.
My hobby of choice--reading about health & wellness, and blogging about it--is a huge time-sucker. But I love it. I love learning new things and taking the time to capture them on a computer. I love the positive feedback from readers all over the world. But, I have far too much to write about than I have time for and that creates its own stress.
And frankly, Justin is right! There is an opportunity cost.
1. Less time to do nothing--don't discount that one.
2. Less time to hang out with friends, or take long leisurely walks.
3. Less time to organize & fix up my house.
4. Less time to volunteer.
5. Less time to sit on the couch & read an entire book.
6. Less time to meditate.
7. Less time to spend with my husband.
8. Less time to work in my garden.
9. Less time to switch gears & pick up a new hobby.
10. Less time to clean up my messes, organize my photos, or learn something new.
11. Less time to just talk.
We all have our hobbies.
And we all have our time-wasters. What can we cut out? Or is it possible that some time-wasters are mind-savers because they help us to wind-down & chill-out? Facebook, Twitter, favorite-must-check-daily websites, ESPN, HGTV, sudoku, KenKen, garage sales, computer games, talking on the phone, texting, you-fill-in-the blanks.
According to Justin: "And as I spend my hours slugging out the miles, I'm forced to confront my choices. Instead of sweating it out on the trails, I could take on extra teaching and earn a few extra bucks. And so going running costs me good money."
"The same logic applies to you. Each hour you spend on your hobby you don't spend working harder to get a promotion, studying for a degree, or shopping around for the cheapest groceries."
According to me: "Or, each hour you spend on your hobby you don't spend with your spouse, friends, family, neighbors, getting your house in order, having fun or just plain relaxing."
So, am I going to keep on blogging, or am I going to give it up for more walks, housework, reading, Mahj games, and meditation? Something to think about. "I keep doing an activity only as long as it yields greater benefits than the alternative."
This "not having enough time to do everything" is a running theme for me. It's my "Fighting Entropy" syndrome and I've written about it here and here.
JUSTIN WOLFERS: I'm not just an economist, I'm also a runner, training for the Marine Corps Marathon.
Runners World magazine recently argued that marathon running is an incredibly cheap sport. All you need is a pair of shoes, and you're off and running. But they're wrong.
You see, they were emphasizing the out-of-pocket cost, which is small. But the foundation of all economics is something called opportunity cost. It says that the true cost of something is the alternative you have to give up.
So each hour that I spend running is an hour that I don't spend hanging out, working, or sleeping. How do I choose? Following economic theory, I keep doing an activity only as long as it yields greater benefits than the alternative.
And as I spend my hours slugging out the miles, I'm forced to confront my choices. Instead of sweating it out on the trails, I could take on extra teaching and earn a few extra bucks. And so going running costs me good money.
The same logic applies to you. Each hour you spend on your hobby is an hour you don't spend working harder to get a promotion, studying for a degree, or shopping around for the cheapest groceries.
By my calculations my 16-week training program comes at an opportunity cost of several thousand dollars. A quicker runner would have a smaller opportunity cost. It's only because I'm both slow and an economist that I fret that the world's cheapest sport is actually incredibly expensive.
But to an economist, the choice is still a no-brainer. We think you should only do what you love, and pay for it by doing what you are good at.
By sticking to economics, I make time for running. Rather than spend hundreds of dollars worth of time cleaning my house each Sunday, I hire a cleaner, who does a better job, at a better price.
When a friend asks me to help them move, I write them a check to pay professional movers instead. It's just more efficient.
And while it can be hard to forgo extra income for a long run, it is even harder to justify wasting that time on Facebook. And with the time that saves, I'm pulling on my shoes to head out for another run.
Justin Wolfers teaches business and public policy at The Wharton School at the University of Pennsylvania.
Love this post! What a solid way to think about our choices and the consequences. I have given up a lot of fun socializing because I need so much down time to read (it is a "must" with me, but the cost has been high as I do not see my friends as often (when the kids were little it was wonderful because our socializing was wrapped up in theirs) and the research is pretty clear that our personal connections are very important! I am fortunate that my family all live within blocks of each other so we socialize easily with them. Still it is not a perfect solution. I see why people end up in retirement communities because it becomes much simpler to just hang out with friends.
Thanks for thumbs up, Amy.
So jealous that your family lives so close to you. I have to make a conscious effort to stay in touch with the out-of-town gang--because it's easy to get busy (plus, they all have very busy lives)--and then before you know it, you become less connected in each other's lives. Don't want that to happen.
That retirement community thing always sounded like a return to college days--and that was about the easiest time for hanging out with friends.
With the busy life you lead, I am so grateful that you take the time to blog. The recipes and healthy living information you provide enhances so many lives that you simply make this world a better place. Thank you so much for sharing your time!
I loved this thought-provoking post. I'm in the middle of personal deliberations about time use (i.e. should I take that gym class that would make me work harder and be more sociable but would take two hours out of my day all together, or get on the treadmill at home and keep doing my sporadic weight program that is too easy to be lazy about but only takes 30-40 minutes....?) so it's very timely for me.
please do not EVER feel your blogging and research is a waste of time! you have helped more people than you will ever know to be inspired to take control and responsibility for their own health! i am awalking advert for HHL...it is continual hardwork to do this and my daily doses of info from your work keep me on track. the advantages definitely outweigh the disadvantages...i wish i could be as effective in inspiring others to do what is necessary but they all think it is too hard..you have a special gift..please keep on using it! When you retire from work you will be able to find a lot more hours in the day! Please hang in there till then!
Thank you all for your encouragement and your kind compliments. It's so appreciated--you have no idea! Getting feedback from readers is what keeps be writing.
Carol: I've had the same deliberations about exercise: home or gym? For me, I just have to spend the 2 hours to go to a gym. It makes all the difference for me. The music, the camaraderie, the friendships, the always changing routines, & the way it pushes me far harder than I can push myself. It turns work into fun, at least for me. My one change over the years is to save time on days I'm not working by going to a local class that's only 5 minutes from home, instead of the one that's on the way to work, & 22 minutes away!
Your response is so encouraging, it's tipping me over the line into action. There's a community centre a 15min drive away that actually gears its programs to boomers, since there are so many living in the immediate vicinity. They have one hour cardio-strength-flexibility classes that cost only a $3 drop-in fee for anyone over 55, but sound like a moderate class, not sissy "seniors" stuff. So I guess I have no excuse not to give it a try! I'm planning to buy a 10-class ticket and reserve my evaluation till I've gone that many times. The only question is whether they will have a 911 situation on their hands because of me trying to get moving that early in the morning!
P.S. How is your at-home strength training program going?
Sounds like a pretty good deal to me. Good memory about my at-home strength-training. I quickly realized that I prefer a "strength-training" class a lot more than doing it at home by myself.
2. I have a teacher who is talking about proper form as I lift--and I have some one to model. It's really hard to look at written instructions while you're trying to do a new move. No feedback.
4. There's music to distract me.
5. It's more fun & I see my friends.
6. I go 3 times a week & it has made a big difference.
7. All 3 classes uses complex moves--upper body at the same time as lower body, so it ends up being a cardio workout at the same time--heart rate up the same as in spinning.
8. Home workouts aren't for me.


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Read Next:	Sebastian Maniscalco Moves Into Movies With 'Green Book' and 'The Irishman'
February 5, 2018 3:28AM PT
Wanda Film Sells $1.24 Billion Stake to Alibaba, China's Cultural Investment Holdings
By Patrick Frater
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CREDIT: REUTERS/Thomas Peter/Newscom
Dalian Wanda is to sell a 13% stake in listed subsidiary Wanda Film Holdings to Chinese e-commerce giant Alibaba and to state-owned enterprise Cultural Investment Holdings. The deal, announced Monday, is valued at $1.24 billion (RMB7.8 billion).
Alibaba will take the slightly larger slice of the company, paying $744 million (RMB4.68 billion). CIH, which is controlled by the Beijing city authorities but has its own share listing, will take the remainder.
The deal will dilute privately held Dalian Wanda's share of its film subsidiary to less than an outright majority. After the sale, it will own 48.1%.
"The main purpose of the equity transfer of Wanda Film Holdings is to bring in shareholders with strategic value," Dalian Wanda said in a statement. It specified that it expects the deal to give it access to Alibaba's massive trove of consumer data. It also said that the relationship with CIH could create opportunities in cultural tourism and theme parks.
Wanda Film Holdings (previously Wanda Cinema Line) encompasses all of Dalian Wanda's market-leading multiplex cinema operations in mainland China, as well as most of its production and distribution operations. A restructuring of Wanda's film businesses has been on the cards for almost two years since the announcement of the controversial acquisition of Legendary Entertainment in early 2016, one of a string of aggressive transactions that have left Wanda with a mountain of debt and aroused the ire of Chinese authorities.
The new deal with Alibaba and CIH comes on the heels of last week's announcement of a $5.3 billion cash injection into Wanda Commercial Properties by social media and games giant Tencent and e-commerce operator JD.com, among others. A pattern is emerging of China's leading tech companies being corralled into bailouts of state-owned enterprises and too-big-to-fail private companies such as Dalian Wanda.
The bailouts appear to be part of a major government campaign to neutralize risks in the financial system caused by over-borrowing in the private and public sectors, and by the hiding of large debts in off-balance-sheet vehicles. With both the capital and cachet to effect change, China's wealthy and fast-moving tech companies are seen by the Beijing regime as appropriate actors in this kind of turnaround.
Just two years ago, when it purchased Legendary for a reported $3.5 billion, Wanda was riding high, and its chairman, Wang Jianlin, was the wealthiest person in China. The group began to sell small slices of its film subsidiary to friendly firms and institutions.
But the process was halted by a regulatory call for greater clarity and then the exposure of the extent of losses at Legendary. Later in 2016 and through 2017, Wanda has been the target of government action against companies that have grown too fast through overseas acquisition and those that are too heavily leveraged.
Wanda Film Holdings saw its shares suspended for most of 2017, pending clarification of its planned restructuring. Last August, it emerged that Legendary would not be rolled into the Chinese film unit.
In an attempt to cut debt, Wanda has offloaded much of its leisure and theme park properties in mainland China and its film studio in Qingdao. Overseas it has sold off development properties in the U.K. Last week it emerged that it plans to sell off its U.S. properties in Chicago and Beverly Hills, California.
Two hotel and development properties in Australia were also sold, though Wanda has specified that it will continue to manage them. That follows a pattern established earlier with the Chinese leisure developments, which Wanda intends to continue operating, even if it has to give up ownership in the near term.
Wanda Film


I have spent my entire week reading every article, watching every news clip, and scouring the internet for more information about the Baltimore riots. It is the second major riot over a police killing this year, and this current narrative is one that has been played out time and time again in American history.
What is unique about these events in modern times is that thanks to social media, cell phone cameras, and alternative news outlets, there is more information being disseminated than ever, as well as more opinions.
As grateful as I am to have access to as much content as possible, some of the comments, reactions, and opinions I have read are disturbing. The problem with online media is that you are forced to consider people's ideas that you would never stand to hear in person.
I don't willingly choose to hang out in the parking lot of Klan rallies to listen to their banter, but sadly, some of the things I have been reading assault my consciousness to the same degree.
The hardest thing for me is having Facebook "friends" express their willful ignorance when addressing racism. It is one thing when "bonertown6789456" says something belligerent, because I just don't know that guy and have no interest in going there.
But when my news feed is filled with people lacking any nuanced understanding of how the world works, it's maddening. Their statements reflect a lack of curiosity and empathy as to how other people survive in this social landscape. It may not be as overt as what is said at a KKK family reunion, but it's just as offensive.
To be honest, my initial reactions to these comments weren't exactly what one might call mature. Sarcastic and antagonistic, yes, but nothing Gandhi would have said on his profile, that's for damn sure.
After a day of psychically eviscerating people I didn't agree with, I had to take pause and think of my commitment to the yogic way of life.
It is no secret that the Western yoga community is heavily populated with white women. I myself am a white woman. So even though I cannot personally connect to the black experience, that doesn't mean I don't have a responsibility to bear.
I started to wonder: what is my place in this conversation? How do I contribute to those who are suffering, while at the same time not alienating those whose ignorance only inflames the situation?
I want to be a part of changing hearts and minds, but that means I can't be too emotionally charged when approaching those with whom I disagree. How then do I take a yogic approach to a circumstance that has many shades of understanding?
Then I realized, that's exactly it. That is the value I can add.
The yogic teachings aren't just about Side Crows and Headstands, but examining, self-reflecting, and cultivating deep compassion for all. As a yogi, I must philosophically question every angle in order to counter assumptions and rage.
Just like not every cop is a racist murderer, not every protester is a looting thug. Instead of engaging in the ignorant vitriol of social media, one must look beyond the polarizing picture to seek the truth.
There is a context to everything, and that context has to be fully dissected. The process is not to sit back and judge others, or to call one person a villain and the other a saint. The system itself pits us against each other, and the only way to address the anger is not by making assumptions, but instead, by asking the right questions.
How can we understand and respect each other? How can we grow love for those we do not know? What are the steps to healing wounds that are etched so deeply and festering in our society? How can we realign ourselves for peace and justice?
It's not like I am creating the New Deal, or the Emancipation Proclamation; the steps we take on an individual level to create a change won't be a politicized or sweeping act. They will take time, patience, justice, love, and small feats on a personal level.
If I can make an impact in my small circle, hopefully my little light will connect with others. That chain of light can break the chain of racism if we all keep participating in a constructive dialogue.
When I see oversimplified analysis that promotes limited and sweeping conclusions, I will continue the conversation and positively affect it: loosening up the space so other people can feel compassion as well. We need a new lens to look through.
Yoga helps me breathe through my own judgments and to believe that with the right care, a closed mind can one day be opened.


Although it crushed the individual person wherever practiced, communism was admired by artists and intellectuals in the United States during the first half of the 20th century. In 1991, the Soviet Union went out of existence. Yet the music, theater, movies, and fiction of today tell us that political failure is one thing, the annals of culture quite another. America absorbed communism not as an ideology but as an emotion. At this blog we are attuned to that emotion – and we'll bring you its manifestations from the 1930s to just last week.


Airline industry consultancy firm Skytrax has just unveiled the world's best airlines: carriers that made it to the 2018 World Airline Awards.
Dubbed the "Oscars of the aviation industry," this annual ranking of carriers around the world awards airline companies based on the quality of their service.
Singapore Airlines bagged this year's top 2018 Skytrax World Airline Award for the fourth time.
Skytrax surveyed 22.45 million customers from August 2017 to May 2018, where Singapore Airlines bested more than 300 commercial flyers.
According to Skytrax CEO Edward Plaisted, the continued quality service of Singapore Airlines is the main reason the Changi-based commercial airliner ranked so highly.
"A key 'wow' factor for customers is consistency, and this proved to a real asset for Singapore Airlines who scored highly across both product and service. I am sure Singapore Airlines will also take great pride in winning the World's Best First Class award, less than one year after they introduced their new first-class suites," said Plaisted in a statement.
After Singapore, last year's forerunner Qatar Airways fell down to second place. The Japanese carrier All Nippon Airways bagged third, while the UAE government-owned Emirates and Taiwan's EVA Air ranked fourth and fifth, respectively.
Out of the top 10 airliners, only one non-Asian carrier made it to the list. Lufthansa, Germany's largest commercial airline operator, retained its position at seventh place.
Garuda Indonesia, which was performing poorly during Skytrax's inception, also bagged World's Best Cabin Crew aside from the ninth place overall. Qatar Airways is the top airline when it comes to business class, while Thai Airways is the best budget airline for those who fly economy class.
Bangkok Airways has won the best regional airline award for the fourth year in a row. Meanwhile, China Southern Airlines has shown enough positive changes to win the World's Most Improved Airline award.
Our national carrier Philippine Airlines (PAL) is ranked number 49 on the list, while its budget carrier PAL Express came in at number 99. This is several steps up from where they found themselves in 2017, coming in at 67th and 108th, respectively.
PAL has made moves to improve their standings in the list and, last February, PAL raised their rating on Skytrax from three-star to four-star.
According to a statement posted on PAL's website, Skytrax chief executive officer Edward Plaisted said the rise in rating was due to improvements introduced by the airline over the last two years.
"New and retrofitted aircraft have played an important part in the quality improvement process," read the statement.
PAL aims to attain a five-star rating by 2020. In line with this, they recently rolled out two new planes, an Airbus A350 and A321neo. These new Airbus jets were launched last Tuesday (July 17).
The A350 is a 295-seater that will fly the New York and London routes beginning in October. The A321neo is a 169-seater that will be used in PALs newly-launched Brisbane and Sapporo routes.
Five more A321neos are expected to arrive before the year ends, and PAL aims to add another 15 in the coming years. Four more A350s are also expected to join the fleet before the year ends, with 2 additional ones expected by the middle of 2019.


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Hotel and apartments slated for Brooklyn Bridge Park site
Economic Development Corporation • Request for Proposals • Brooklyn Heights, Brooklyn
09/15/2011 • Leave a Comment
RFP issued for hotel and residential complex adjacent to Pier 1 in Brooklyn Bridge Park. The Brooklyn Bridge Park Corporation (BBPC) is seeking developers interested in building a hotel and residential complex on two parcels adjacent to Brooklyn Bridge Park's Pier 1, between the Brooklyn Heights Promenade and the Brooklyn Bridge. BBPC would dispose of the property through a long-term ground lease. The project site consists of two lots (Parcel A and Parcel B) fronting Furman Street and across from Squibb Park. Parcel A is roughly 65,000 sq.ft. with 550 feet of frontage along Furman Street. To the south of Parcel A, Parcel B is approximately 35,220 sq.ft., with 294 feet of frontage along Furman Street.
The parcels are divided by an 8,760 sq.ft. lot across from Squibb Park. The site was occupied by the nowdemolished National Cold Storage Warehouse buildings.
The Brooklyn Bridge Park's Modified General Project Plan will control the project's development and use. The development must contain residential and hotel portions and a restaurant or cafe. The site is estimated to have 514,000 sq.ft. of development rights. The Project Plan established a 100-foot maximum building height for Parcel A and 55-foot maximum height for Parcel B. The Project Plan does not specify which parcel should contain the hotel or residential portions, but it does require that the hotel include 170 to 225 rooms and that the residential portion include 150 to 180 units. Overall, the combination of both cannot exceed either 225 hotels rooms and 150 residential units, or 170 hotels rooms and 180 residential units. The development must provide a 17,500 sq.ft. restaurant or cafe along the waterfront. The developer is expected to also provide at least 300 on-site parking spaces.
According to the request for proposals, developers are encouraged to include several amenities designed to complement surrounding public space. The amenities include: providing a landscaped buffer on the eastern edge of the parcels abutting the park; providing public restrooms on the project's ground floor; and providing two ground floor spaces suitable for use by BBPC as a maintenance and storage facility. In addition, developers are encouraged to include plans for the construction of a public courtyard on the lot separating the parcels. The courtyard would need to accommodate a proposed 396-foot footbridge connecting Squibb Park to Brooklyn Bridge Park.
RFP responses must be submitted by October 24, 2011.
BBPC: Request for Proposals – Pier 1 Hotel & Residential Development (Aug. 4, 2011).
Tags : Brooklyn Bridge Park Corporation, Brooklyn Heights Promenade, Pier 1
Category : Economic Development Corporation


Support your favorite NFL team by ordering the KR NFL Philadelphia Eagles Towel today!
Due to the time it takes to produce the KR Strikeforce NFL Towel Philadelphia Eagles ball it will ship in immediately. We cannot ship this ball outside the United States.


Zimbabwe: Egyptair to return to Harare?
According to various aviation websites, Egypt's flag carrier, Egyptair, will make its return to Zimbabwe after a 9 year halt in 2013. From 01 June 2013 the airline is extending its existing 4x weekly service between Cairo <> Dar Es Salaam to Harare on board a Boeing 737-800 aircraft. Currently reservation for this flight is not available, and GDS (global distribution system) timetable listing is only displaying oneway flight. We'll keep you posted!
Ethiopia's flag carrier and Star Alliance member, Ethiopian Airlines, will launch flights to Ndola in Zambia and Blantyre (via Lilongwe) in Malawi. The airline is planning to start operating flights to its two new destinations in Africa on 31 March 2013. The two new routes are replacing the existing Addis Ababa - Lubumbashi - Lilongwe - Addis Ababa routing.
Botswana's flag carrier, Air Botswana, has postponed the launch dates of three planned new routes and cancelled two further routes. The launch date for the new routes was initially planned for 28 Oct 2012. (see "Air Botswana to launch flights to new destinations in Southern Africa" 26 Sept 2012).
The airline canceled its Gaborone <> Lilongwe (Malawi) service as well as its flights from Gaborone via Harare (Zimbabwe) to Blantyre in Malawi.
Air Botswana will start operating flights on the Gaborone - Harare - Nairobi route on 31 March 2013 and from Gaborone to Lanseria International Airport in Johannesburg in South Africa on 03 April 2013.
The City of Cape Town has released some impressive tourism statistics about Cape Town. According to the stats, over two million people have visited Cape Town's six biggest attractions in November 2012 alone. Furthermore, all of Cape Town's so-called "Big Six" icons reported growth on 2011's November figures. Kirstenbosch Botanical Gardens visitor numbers, for instance, were up by more than 13% from last year.
Cape Town, get ready for a superbusy rest of the season!
Venture Publications has released the Summer 2012/13 edition of "Travel News Namibia", a quarterly magazine about tourism in Namibia. The issue contains stories about the great coastal migration along Namibia's coastline, a trip to Sandwich Harbour, the town of Tsumeb near Etosha, the Lüderitz Speed Challenge in Lüderitz, information about the Desert Dash - the ultimate mountain biking challenge, and much more! Click here to download the pdf version of "Travel News Namibia (Vol. 20 No 5 | Summer 2012/13" for free.
Swaziland, one of the world's last remaining absolute monarchies, is the smallest country in the southern hemisphere. Although it has only about the size of Wales, Swaziland contains of four separate geographical regions, which are running from North to South and are determined by altitude. The landlocked country is therefore offering a wide variety of landscapes and some of southern Africa's most unique Game Reserves.
Swaziland Tourism has recently compiled a short promotional video about the country's conservation areas, including the Hlane Royal National Park in the north-eastern Swazi bushveld, the Mkhaya Game Reserve in the country's southeast, the Mlilwane Wildlife Sanctuary in Swaziland's Ezulwini Valley as well as of Mlilwane's Reilly's Rock Hilltop Lodge and Sondzela Backpackers. Enjoy!
According to the latest statistics released by the South African Department of Environmental Affairs (DEA), South Africa has lost 633 rhinos to illegal poaching since the beginning of 2012. Kruger National Park remains the hardest hit by poachers, having lost 395 rhinos since the beginning of this year. North West province has lost 77 rhinos to illegal poaching; KwaZulu-Natal and Limpopo have both lost 60 rhinos. Of the 266 arrested individuals in connection with rhino poaching, 237 are at the level of poacher, 18 are couriers and 11 are receivers.
The Department of Environmental Affairs (DEA) has urged members of the public to report incidents of rhino poaching or any tip-offs that could lead to arrests and prevention of illegal killings to 0800 205 005.
Some of the most popular reserves in the South African Lowveld's Panorama, namely the Blyde River Canyon Nature Reserve, Manyeleti Reserve, Loskop Dam Nature Reserve and the Songimvelo Game Reserve, will soon get a R44m facelift.
Renovations at the Blyde River Canyon will start as soon as possible and will include Bourke's Luck Potholes, God's Window, "Drie/Three Rondawels" and Lowveld Views and River Falls.
The Popa Falls Camp in Namibia's northern Kavango Region will soon receive a N$60 million facelift. The redevelopment of the camp is scheduled to be finished by December 2013 and will include brand-new conferencing facilities as well as facilities to offer game drives and boat cruises. It is also planned to move the camp site of the resort, which is currently in a flood-prone area, to a higher ground.
The Popa Falls Camp, which is owned by Namibia Wildlife Resorts (NWR), is situated about 10 kilometres from Divundu in eastern Kavango. It is the ideal base from which to explore the Mahango Game Park, with over 450 species of birds recorded.
South Africa's flag carrier, South African Airways (SAA), and Star Alliance member US Airways, based in Tempe (Arizona), signed a new bilateral code share agreement after receiving approval from the Department of Transport – South Africa and U.S. Department of Transportation.
SAA's passengers will receive expanded access to and throughout the United States, along with the convenience of a single-ticket purchase. Conversely, customers traveling on US Airways will gain new access to destinations throughout South Africa and to Dakar, Senegal (subject to US Airways securing approval from Senegalese authorities).
South African Airways' customers will have access to US Airways' hub cities of Charlotte in North Carolina and Phoenix as well as various destinations within the United States.
Equally, US Airways customers will have access to South African Airways' hub in Johannesburg as well as convenient connections to Cape Town, Durban, East London and Port Elizabeth in South Africa. Customers will also have access to Dakar, Senega,l via SAA's Washington <> Johannesburg service. All fights will be available for sale and for travel from 19 December 2012.
South African National Parks (SANParks) announced on 13 Dec 2012 that for the 2013/14 tariff year annual increases in conservation fees will be higher than anticipated. According to Joep Stevens, SANParks General Manager: Strategic Tourism Services, this became unavoidable due to the provision of additional conservation functions such as additional security measures in parks such as Kruger National Park, Marakele National Park and Table Mountain National Park.
Conservation fees will rise by 15%-25%, while the overall accommodation rates will increase by an average of 10,1%. SANParks will also adjust the accommodation rate structure to align with industry standards by introducing a low season rate, a shoulder season rate and a high season rate.
These new rate changes will come into effect on 01 November 2013; bookings for November 2013 will open on 18 December 2012.
In January 2012 the Government of Zambia approved the recommendation of the Bank of Zambia (BOZ) Board to rebase the national currency, the Zambian Kwacha, by lopping off three zeros. The date for the actual changeover to the rebased currency and the introduction of new banknotes & coins is set to be 01 January 2013. Zambia will replace the old notes and coins with new 100 Kwacha, 50 Kwacha, 20 Kwacha, 10 Kwacha, 5 Kwacha and 2 Kwacha banknotes, as well as 1 Kwacha, 50 Ngwee, 10 Ngwee and 5 Ngwee coins.
The public in Zambia is given a six-month window in which people will be able to transact using the current and rebased notes after which transactions would only be done using rebased notes.
If you are food lover and planning to visit Cape Town, make sure that you are going to be there on a Saturday. Wondering why? Well, every Saturday in the Cape Town neighborhood of Woodstock a revitalised Old Biscuit Mill complex hosts an superb farmers market called "Neighbourgoods". The market, like its counterpart in Braamfontein in Johannesburg, is offering farm fresh as well as organic foods, locally produced specialty goods, freshly cooked snacks and much more. Yum! Kudos "Roads & Kingdoms" for the video!
Neighbourgoods Market Cape Town from Roads and Kingdoms on Vimeo.
Video interviews: "What does Nelson Mandela mean to you?"
Broadcaster Al Jazeera went to the streets of South Africa's business hub Johannesburg, home to people from across the world, and asked 10 South Africans and non-South Africans: "What does Nelson Mandela mean to you?"
According to the latest statistics released by the South African Department of Environmental Affairs (DEA), South Africa has lost 618 rhinos to illegal poaching since the beginning of 2012. Kruger National Park remains the hardest hit by poachers, having lost 381 rhinos since the beginning of this year. North West province has lost 77 rhinos to illegal poaching; KwaZulu-Natal has lost 60 rhinos and Limpopo 59 rhinos. The total number of arrests in connection with the poaching totalled 257.
update (13 Dec 2012): According to an interview with a SANParks spokesperson on eNCA this morning, the enforcement of gate quotas at Kruger National Park gates will run until the end of school holidays in January 2013.
Day visitors planning to visit the Kruger National Park during this festive season are reminded that gate quotas will be enforced. Day visitors are advised to make a pre-booking to secure their entry at the entrance gate. Day visitors who make a booking prior to their arrival are expected to pay a non-refundable deposit of R28 per adult and R14 per child. The amount is meant to secure the space so that they can be counted in the number that makes a daily quota at that particular gate. Kruger National Park uses gate quota system to control the influx of people coming in the park to avoid overcrowding.
Once the daily quota has been reached, only people who made pre-bookings are allowed to enter. The rest will have to queue and rely on the people to move out of the park in order to create a space for them. However, this situation does not affect overnight visitors.
All visitors should be able to produce their identity document or any alternative form of identification at the gates to avoid problems. Each gate has its own number of daily visitors allowed e.g. Kruger Gate is 750 people.
Visitors to the Kruger National Park can gain access through one of the following gates: Crocodile Bridge, Malelane, Numbi, Phabeni, Kruger, Orpen, Phalaborwa, Punda Maria, Pafuri and Giriyondo.
As part of a promotional campaign by South African Tourism, Australian chef and television presenter Neil Perry recently went on a so-called fine-dining safari across South Africa. He criss-crossed the country and visited Benny Masekwameng, Executive Chef at Southern Sun's MondoVino Restaurant in Johannesburg, prepared a traditional potjie at the Phinda Mountain Lodge in Zululand, had some outstanding wines at the Grande Provence estate in Franschoek, a chicken and prawn curry at the Oyster Box Hotel in Durban and the freshest seafood at the Ellerman House in Cape Town. Mouthwatering... Enjoy!
I just stumbled on a promotional video about South Africa that I didn't know before. "The Bucket List" seems to be part of an interactive campaign South African Tourism is currently running in Australia, which encourages the Aussies to create and share their "Bucket List" of things to do in South Africa via a specially designed facebook app. The video below was made by One20 Video Productions from Melbourne (Australia) and produced for South African Tourism. Kudos at Will Hore of One20!
The Bucket List from Will Horne on Vimeo.
update (12 Dec 2012): Air Canada and South African Airways have signed a codeshare agreement. Effective 13 December 2012, customers connecting between the carriers in London or New York will be able to book a single itinerary and make seamless connections. In addition, as both airlines belong to the Star Alliance, customers can benefit from reciprocal frequent flier accumulation or redemption and lounge access for eligible customers.
South African Airways will code share on Air Canada-operated flights between London and Vancouver, London and Toronto, and New York's John F. Kennedy International Airport and Toronto (including flights operated by Air Canada Express). Air Canada will in turn code share on South African Airways-operated services between London and Johannesburg, New York and Johannesburg, and Johannesburg and Cape Town.
According to Airline Route, the flag carrier of Canada, Air Canada, and South African Airways have signed a reciprocal codeshare agreement effective from 13 December 2012. The planned codeshare routes will include Johannesburg <> Cape Town and Johannesburg <> London Heathrow (Air Canada operated by South African Airways) as well as London Heathrow <> Toronto and London Heathrow <> Vancouver (South African Airways operated by Air Canada). The two airlines are also planning to expand its codeshare operations to New York's John F. Kennedy International Airport and to Washington Dulles International Airport.
Comair Limited, operator of British Airways in South Africa, will commence with scheduled services between Maputo International Airport in Mozambique's capital Maputo and O.R Tambo International Airport in Johannesburg in May 2013 on 06 May 2013. The airline will operate daily return flights with a double daily service on Tuesdays and Saturdays on board a Boeing 737-400 between the two destinatons.
British Airways, operated by Comair Limited in South Africa, is a premium, full service airline operating over 400 flights per week in southern Africa which includes Johannesburg, Cape Town, Durban, Port Elizabeth, Harare, Victoria Falls, Livingstone, Windhoek and Mauritius.
The N2 is South Africa's deadliest road!
Mind the N2, travellers! No other road in South Africa is claiming more lifes than the N2 between East London and Mthatha in the country's Eastern Cape. According to the Road and Traffic Management Corporation (RTMC), an average of 90 people are getting killed in car crashes every year on that stretch of the N2. Further up the N2, between Mthatha and Kokstad, an average of 77 people are losing their lifes every year due to car accidents. Please don't skip the Transkei & the Wildcoast because of the statistics, just be super careful when driving along the N2!
A while back we introduced you to the webshow "Africa on a plate", in which chef Lentswe Bhengu, a young and hip chef from South Africa, is exploring the wild & real culinary world of Africa. After a break of a couple of month, the makers of the series have uploaded two new episodes. Watch it now and get to learn how traditional African beer is brewed and what a Christmas chicken Cape Town style is like.
Episode 1: Pan-fried Yellowtail or "Grilled fish in Houtbay"
Episode 3: How to cook a sheep's head or "Smileys in Langa"
btw - Africa on a Plate is a brand new startup asking for funds on their Indiegogo site. You can also follow them on Facebook and Twitter. Good luck guys!
The De Zeekoe Guest Farm the first establishment in Oudtshoorn to be certified by the Fair Trade in Tourism South Africa (FTTSA). De Zeekoe is an owner-managed African farm that offers a variety of accommodation types, with both catered and self-catering options.
The 2000-hectare bio-diversified farm, which puts a very strong focus on environmental conservation as well as community upliftment, is nestled between the majestic Swartberg and Outeniqua Mountains on the banks of the Olifants River. The De Zeekoe Guest Farm is located only 7 km from Oudtshoorn on the R328.
The Fair Trade in Tourism South Africa (FTTSA) certification is an independent endorsement of fair and responsible tourism practice in South Africa. It is based on adherence to specific criteria including fair wages and working conditions, fair distribution of benefits, ethical business practice, and respect for human rights, culture and the environment. Certification is offered on a voluntary basis to providers of tourist accommodation, activities and attractions.
The Rwanda Development Board (RDB) has published a press release (06 Dec 2012) reassuring tourists and the business community that it is safe to travel to all parts of Rwanda. According to the press release, the situation in the east of the DR Congo has resulted in two recent isolated skirmishes in Rwanda. Both incidents got rapidly contained and border security has been reinforced to prevent recurrence.
update (01 July 2013): South African National Parks (SANParks) just announced on their facebook page, that the museum section of the Stevenson-Hamilton Knowledge Resource Centre at the Skukuza Restcamp in the Kruger National Park remains closed and will only re-open on 31 July 2013.
The museum section of the Stevenson-Hamilton Knowledge Resource Centre at the Skukuza Restcamp in the Kruger National Park is undergoing a complete refurbishment and will therefore be closed from 05 Dec 2012 - 30 June 2013. The Stevenson-Hamilton Knowledge Resource Centre is one of the main attractions at the Skukuza Restcamp for visitors and researchers. The centre has a museum where the Kruger National Park's historic monuments are kept for public consumption and a library section with vast collection of reference materials. It hosts rich information on ecology, nature and conservation which assist in the management of the park. The library and its functions will not be affected by the refurbishment of the museum section.
Skukuza Restcamp is the administrative headquarters, the main camp as well as the largest camp of the Kruger National Park. It is located on the southern banks of the Sabie River in the southern section of Kruger.


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The-Hogs.net > Washington Commanders > Game Day > Week 3: A Giant Win?
Week 3: A Giant Win?
Game three and people are already throwing around terms like 'must win' and 'critical game'. While there is no doubt that a win for the Redskins against a divisional rival would be huge, it is still a little early to be 'critical'. A win would put the Redskins alone atop the NFC East by as many as two games, but more importantly, the team, the league, the media, and the fans, would all have to start believing that this team has playoff potential.
Team Analysis:
The Giants are coming into the game fresh off of a heart-breaking loss on Monday night to the Cowboys. Not only did the loss put New York at 1-1; it left them doubting themselves. It wasn't just a game that they could have won; it was a game they should've won. Coach Jim Fassel openly admitted that he should not have left so much time on the clock when the Giants kicked a potentially game-winning FG with 12 seconds to go. Rather than run the clock down further, the Giants wanted to make sure that they left enough time for a 'do-over' in the event that something went wrong on the kick. Fassel conceded that he was thinking of last year's playoff loss to the 49ers, when he made the decision. Then to make matters worse, as if to doubt his special teams, Fassel ordered a squib kick on the ensuing kickoff rather than just kicking the ball deep. When the ball 'squibbed' out of bounds, Dallas got the ball on their own 40, and suddenly had a chance.
Leaving the added time on the clock allowed Dallas to complete a quick pass to Antonio Bryant on the sideline and get into FG position. They kicked the FG, sent the game into overtime, and kicked another FG to win 35-32. Fassel's second-guessing and over-conservativeness not only cost the Giants the game; it cost them some confidence.
Keys to Victory for the Redskins:
On offense, Washington will have to do a much better job of protecting Patrick Ramsey. As tough as P-Ram is, no quarterback can continue to be sacked at the rate of 5 times per game without ramifications. The Giants defensive line is formidable, and while the offensive line will have to give Ramsey more time to throw, Ramsey will have to do a better job of throwing the ball away when there's nothing there. Otherwise… he'll be running for his life all day long. Jon Jansen and Michael Strahan have had some epic battles over the last few years, and Sunday should be no different. The Redskins will have to get JJ some tight end help to double Strahan if it looks like he is winning the war early.
Washington will also have to run the ball well. The Giants' cornerbacks, Will Peterson and Will Allen are excellent, and will cover Laveranues Coles and Rod Gardner as well as any team in the league can. So far, nobody has managed to contain Coles, but a good running attack will force the Giants to honor the run and make it tough for them to get Peterson the safety help he needs to cover Coles on every play. Peterson is also a physical cornerback, and will bite on a good pump fake. Coles will only need a moment's hesitation to beat Peterson in a flat out race every time.
On defense, Washington will have to stop Tiki Barber. The G-men also have some great receiving targets in Amani Toomer and Ike Hilliard, but in order to be effective, the Redskins will have to first be effective stopping Barber. New York gets Luke Petitgout back into their offensive line after starting three rookies last week. The Redskins defensive line MUST win the battle in the trenches and hold up that battered o-line so that the linebackers are free to pursue and make tackles. Jessie Armstead would love to have a big day against his old team, so watch for him to make an impact with some big tackles.
There's also the 'Shockey-factor'. Though Jeremy Shockey has yet to make an impact for New York in the 2003 season, he will. Washington will need to shut him down early and take him out of the game. The Redskins have the linebacking corps to nullify his effectiveness, but Shockey will still get his touches. The defense will have to employ strong tackling and swarm the young TE whenever he does touch the ball. Shockey comes in to the game on a low, having dropped several passes in the Dallas game. Stopping him early and getting into his head will be the most effective way to neutralize the young phenom.
Fred Smoot will be a game time decision due to his concussion. If he can't go, the Redskins will have to try and 'man-up' Rashad Bauman with Hilliard and see if he can do the job. Otherwise, Washington will be forced to get Bauman safety help making it more difficult to stop Shockey and Barber.
While this will be a tough, hard-fought game… it is definitely 'winnable' for the Skins. With the tough schedule that Washington drew, especially the first half, a 3-0 record would be… Giant.
Categories Posted In | Game Day |


As a workaround, I first created a python list with strings pointing to individual raster bands ("raster1.tif/Band_1", "raster1.tif/Band_2", "raster1.tif/Band_3",etc).
The shapefile contains around 50 points, and each raster is around 15MB.
If the list of rasters is small (more or less <20), everything works as expected. However, I have around 50 raster images. Using the complete list, Python crashes ("python.exe has stopped working") after processing 21 images or so.
The values of the first 20 rasters are correctly appended to the shapefile (one column for each raster).
I monitored python.exe in the Windows 7 Resource Monitor. Memory usage of Python starts around 15 MB and then gradually increases to around 700 MB (and then Python crashes). So, memory leakage might be the reason for the crashes (although the PC has 8 GB of RAM).
I think you found one workaround already - don't try to process more than 20 bands at once.
Another workaround you could may want to try is the Sample tool.


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Post Road massage parlor bust could have deeper implications
Posted on December 21, 2012 by David DesRoches
More details have emerged from the police report on a Post Road massage parlor that halted operations after an undercover investigation revealed that unlicensed masseuses were exchanging sexual favors for money. These details show a possible connection to the sex trafficking industry, according to a Darien Times investigation.
The police probe into Sunrise Health Therapeutic Massage began after Officer Nick Aranzullo found an advertisement for a massage parlor off Exit 11 on I-95 while scouring Backpage.com, a classified website known for offering illicit services, for any Darien ties. The ads featured Asian women in "various stages of undress," the arrest warrant stated, and had a Darien telephone number.
The ad text was also replete with a code phrase for sexual activity, "ST" and "soft touch," police said. Officers began staking out the place at night, but noticed most activity happened during the day. A neon "open" sign stayed lit all night, police said, and officers saw at least four different women enter the massage parlor at different times.
An undercover informant posing as a customer entered the parlor on a Wednesday night after having been told at an earlier massage appointment that if he came back with more money, "he would enjoy himself." Toward the end of this second massage, the masseuse, who identified herself as LuLu, performed a sexual act on the informant to completion.
LuLu is said to be Flushing resident Xiuguin Lu, according to police. The informant paid Lu $60 and gave the parlor owner, Fu Xu, $80.
Six days after the initial sexual massage, the informant returned to the parlor, and within five minutes of getting a massage, the masseuse again performed the same sexual act on the informant.
The informant told police that the act was repeated at the end of the massage, achieving "the same result." He paid the woman $80 for the massage and gave her a $60 tip. A recording device on the informant had malfunctioned and did not record the activity, according to the warrant.
Police did not respond to questions seeking clarification on why the informant needed to undergo the sexual act three times on two occasions for the arrest to be made. Lu was the only woman arrested for prostitution, despite the arrest warrant stating that the informant had an appointment with a woman named Lucy, who was unavailable at the time, so Lu took her place.
Nobody was arrested for patronizing a prostitute, despite police gathering evidence indicating the parlor kept track of its clients using a calendar, a phone number list and numerous business cards "with the name and number of clients." Police began regular surveillance of the parlor on Aug. 14 and sent their informant on Oct. 17, according to the warrant.
Lu was also charged for practicing massage without a license, as was Fenjiao Gao of Flushing. Gao is in the country illegally, although her immigration status would not be made public, said Ross Feinstein, a spokesman for Immigration and Customs Enforcement, who said the investigation was still ongoing. Darien Police told The Times, however, its investigation is closed.
The case doesn't end there. An examination of details points to potential connections to the international sex trafficking trade, which involves the sexual exploitation of women or children by force, fraud or coercion for financial gain. Police have denied any relationship to this criminal network.
Megan Fowler, communication director for the Polaris Project, a nonprofit working to eliminate sex trafficking and other forms of human slavery, told The Darien Times that Asian sex trafficking networks "are heterogeneous."
"Common indicators of human trafficking in fake massage establishments include victims living on-site, isolating victims from the outside world, high security around the building and victims owing large debts to their controller," Fowler stated in an email. Victims "of human trafficking have been found in brothels disguised as Asian massage parlors across the country."
The police said it appeared someone was living in one of the four rooms at the massage parlor, as it was strewn with food, clothes and personal items. When all vehicles associated with the parlor had left one night, an officer rang the outside buzzer and a woman's voice answered, the warrant states.
The parlor was also secured more heavily than other shops, and could only be accessed by someone inside the parlor unlocking the door with an automatic buzzer after a visitor rang the doorbell. Fowler said that the "controller," or the "papasan" as it's known to illicit parlor patrons, train the women to fear police and to provide cops with canned stories.
"Control tactics present in Asian trafficking networks are often subtle, economic and psychological," Fowler said. "Debt bondage is a common form of control for these networks. The potential victims might have put down an advanced payment or smuggling fee which is then owed with interest." Controllers also threaten deportation if rules are not followed.
Xu, the alleged controller, is an American citizen of Chinese descent, according to police. Lu is a Chinese national in the country legally, although customs officials would not comment on whether she had a green card or work visa.
While police have indicated that Lu's actions were voluntary, or that she wasn't forced to provide the sex acts, it's likely that if she were a sex trafficking victim, she would not reveal the true nature of her working relationship out of fear of retribution, according to Polaris.
"Some of these illicit businesses enforce house rules where the victims are forced to buy personal products, clothing and make up through their controllers at an elevated price," Fowler said, adding that the types of control are difficult to identify and learn about, but are present in many cases.
Women at the massage parlor were also seen by police leaving the building with boxes that officers determined contained evidence of illegal activity. Police did at least two "garbage pulls" to examine trash from the parlor, and concluded that evidence was being removed.
The parlor had only been in business since September of 2011, and had even taken out a month's worth of ads in The Darien Times, with the headline "Reflexology", followed by a list of services, none of which appeared illegal. Xu was licensed as a masseuse, but his employees were not, according to the warrant.
David Knauf, the town's health director, said he had inquired about inspecting the parlor as its license to operate was about to expire during the police investigation. There are currently 25 facilities permitted in Darien under Hairdressing, Barbering and Cosmetology regulations, Knauf said.
"We do not have a permit specific for 'massage' and are in the process of updating our regulations to include that type of service in a more comprehensive 'Personal Services' category," Knauf stated in an email.
Flushing, which is in Queens, has been the home to several Chinese women who have been arrested in New England this year on prostitution charges. Yong Du, 43, was arrested in Massachusetts in early November, and Xueying Shou, 46, was arrested in Norwich two months ago.
There are approximately 4,000 brothels disguised as massage parlors in the United States alone, according to Polaris. In South Florida, the "body-rub" business is booming, according to a recent Sun Sentinel article, to the point where a human trafficking task force was established and the FBI have begun raiding parlors searching for evidence of organized networks.
This entry was posted in Main, Sex Trafficking and tagged massage parlor, polaris project, sex trafficking by David DesRoches. Bookmark the permalink.


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Home Hot Topics New Report Blows Democrat Jan. 6 Narratives Wide Open
New Report Blows Democrat Jan. 6 Narratives Wide Open
According to the U.S. Capitol, the events of January 6, 2021 were not the result of an organized plot against the presidential election result.
Officials quoted in an exclusive Reuters report have blown the Democrats' narrative about Jan. 6th wide open.
Democrats propagandized a false narrative that January 6, 2021 was an attempt to reverse the presidential election results.
Officials say there is no evidence to support this claim. Contrary to popular belief, 96% of the cases are "one-off events" and only 4% can be attributed to different militia-type groups. They were not coordinated centrally.
According to Reuters, officials state that Jan. 6th events at the U.S. Capitol were a mistake. Not "the result of an organized plot to overturn this presidential election result."
"FBI at this point believes the violence was not centrally coordinated by far-right groups or prominent supporters of then-President Donald Trump," the report continued.
It continued,"The FBI has so far found no evidence that he [President Trump] or people directly around him were involved in organizing the violence, according to the four current and former law enforcement officials"
Trump is falsely connected to the alleged inciting or organization of the Jan. 6th events, which were wrongfully blocked by social media platforms.
An ex-law enforcement officer with knowledge of the investigation said, "Ninety-five to ninety-five percent of these are one-off incidents."
He Said, "Then you have five percent, maybe, of these militia groups that were more closely organized"
He concluded that Roger Stone and Alex Jones had no grand plan to storm the Capitol and seize hostages.
Watch the clip here:
EXCLUSIVE FBI finds scant evidence U.S. Capitol attack was coordinated-sources https://t.co/Y6DEbtqoWo
— Dan Gainor (@dangainor) August 20, 2021
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Home » James Wan
Allison Williams to Star in Blumhouse Tech Thriller M3GAN
After her turn in Get Out, Allison Williams is reuniting with Blumhouse Productions to star in the upcoming tech horror thriller M3GAN. In the film, Williams plays Gemma, a brilliant roboticist at a toy company. She uses artificial intelligence to develop M3GAN, a life-like doll programmed to be a kid's greatest companion and a parent's …
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Aquaman: King of Atlantis Coming to HBO Max from James Wan
HBO Max today announced a greenlight for a three-part animated mini-series titled Aquaman: King of Atlantis, to be executive produced by James Wan (Aquaman and the upcoming Malignant) through his Atomic Monster production company. Based on the classic DC character created by Mort Weisinger and Paul Norris, each of the standalone episodes will have a unique …
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James Wan Wraps the Malignant Filming for a 2020 Release
Warner Bros. Pictures announced today that the Malignant filming has officially wrapped in Los Angeles. The Atomic Monster film is the latest creation from Conjuring universe architect James Wan (Aquaman, Furious 7). The film marks director Wan's return to his roots with this new original horror thriller. Malignant stars Annabelle Wallis (The Loudest Voice, The Mummy, Annabelle), Maddie …
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Malignant Release Date Set for August 2020
New Line Cinema has set the Malignant release date for August 14, 2020. James Wan is currently directing the horror movie, the 10th feature film of his career. Annabelle Wallis, whose credits include The Loudest Voice, The Mummy, and Peaky Blinders), will star. Wallis previously worked with Wan on The Conjuring spinoff Annabelle. The movie is based on a story by Wan …
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James Wan's Atomic Monster and Bonelli Team on Dylan Dog Series
James Wan's Atomic Monster is joining leading Italian comics publisher Sergio Bonelli Editore in making an English-language Dylan Dog series, based on the cult horror comic. Dylan Dog, created by Tiziano Sclavi, is being developed as a 10-episode live-action series based on the popular franchise chronicling the exploits of its titular British paranormal investigator, who takes …
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Hivemind Joins Forces with James Wan on Gideon Falls Adaptation
Hivemind today announced that it is joining forces with James Wan (the upcoming Malignant, Aquaman, The Conjuring Universe) and his Atomic Monster production company for Gideon Falls – Hivemind's upcoming television adaptation of the best-selling Image Comics series from acclaimed creators Jeff Lemire and Andrea Sorrentino. Fresh off of Gideon Falls' high-profile win for "Best New Series" at the 2019 …
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James Wan Begins Filming His New Horror Film, Malignant
James Wan took to his Instagram account last night to reveal that filming has started for his new horror film, which is titled Malignant. "First day of principal photography on the 10th feature film of my career," the filmmaker said. "MALIGNANT is the official title. Really excited for this one." Annabelle Wallis, whose credits include The Loudest …
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Mortal Kombat Filming Begins South Australia for a 2021 Release
New Line Cinema has announced that Mortal Kombat filming is officially underway with award-winning Australian commercial filmmaker Simon McQuoid at the helm, marking his feature directorial debut. The explosive action adventure is based on the blockbuster video game franchise, which recently released the most successful video game launch in its history, Mortal Kombat 11. The diverse international …
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Annabelle Wallis to Star in the New James Wan Horror Film
Annabelle Wallis, whose credits include The Loudest Voice, The Mummy, and Peaky Blinders), will star in the new James Wan horror film, according to Variety. Wallis previously worked with Wan on The Conjuring spinoff Annabelle. The film is set to begin production in Los Angeles this fall. The movie is based on a story by Wan and Ingrid Bisu, and …
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James Wan to Direct Untitled Original Horror Film
James Wan is reportedly set to direct an as-yet-untitled horror film, according to THR. The film is set to begin production in Los Angeles this fall. The movie is based on a story by Wan and Ingrid Bisu, and will be produced by Wan and Michael Clear through Atomic Monster. It will be financed by …
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James Wan and Lindsey Beer to Executive Produce The Magic Order
Netflix has announced that James Wan (Aquaman, Furious 7) and Lindsey Beer (Chaos Walking, Sierra Burgess is a Loser) have joined Mark Millar as executive producers of The Magic Order, the new Netflix series from the mind of Millar. In addition, Wan will direct the debut episode and Lindsey Beer will serve as writer and …
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Salem's Lot Movie Coming from Conjuring Universe Filmmakers
The Conjuring Universe collaborators James Wan and Gary Dauberman are teaming up to make a Salem's Lot movie based on the Stephen King vampire novel, according to The Hollywood Reporter. The book was Stephen King's second. Dauberman will write the script and serve as executive producer. Wan will produce along with Roy Lee and Mark Wolper. The …
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The Conjuring 3 Release Date Set for September 2020
Warner Bros. Pictures today revealed at CinemaCon in Las Vegas that The Conjuring 3 will be coming to theaters on September 11, 2020. No other movie is scheduled for that date yet. James Wan's The Conjuring films have been highly profitable for the studio's New Line Cinema, with the first film costing just $20 million to make …
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James Wan Reveals New Annabelle Comes Home Tease
The title and release date were announced earlier this month, and now producer James Wan (Aquaman) has released via Instagram a new Annabelle Comes Home tease that you can view below! In his post, Wan says: "OK, maybe she has snuck cameos in my other recent films (which I won't confirm or deny), BUT… she'll …
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Aquaman Sequel Writer Hired by Warner Bros. Pictures
We've learned when Aquaman hits Digital and Blu-ray and there's even been spinoff news already, but there's been no updates about a sequel yet. TheWrap says that changes today as word has come in that Warner Bros. Pictures has hired an Aquaman sequel writer. According to the site, frequent James Want collaborator David Leslie Johnson-McGoldrick will pen the follow-up. Johnson-McGoldrick …
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Aquaman Digital and Blu-ray Release Dates Announced
Aquaman is coming home soon! Warner Bros. Home Entertainment has announced the Aquaman Digital and Blu-ray release dates today. The highest-grossing DC Universe film will be available on Digital March 5th and then on 4K Ultra HD Blu-ray, Blu-ray and DVD on March 26th. Aquaman has grossed $1.109 billion at the worldwide box office, with $324.9 …
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James Wan Thanks the Aquaman Cast, Crew and Fans
Warner Bros. Pictures' Aquaman crossed the $1 billion mark at the worldwide box office this weekend and director James Wan took to his Facebook account to post a thank you message. The film has now earned $287.9 million domestically and $732.4 million internationally (with an impressive $287.3 million from China), for a worldwide total of $1.02 …
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Exclusive: James Wan on Making Aquaman a Truly Unique Superhero Movie
Filmmaker James Wan is no stranger to franchises — his first movie Saw led to a long-running franchise, and later horror movie Insidious also led to three more movies. The based-on-real-events horror film The Conjuring is still going strong with five movies and at least three more to come. It would make sense that after directing …
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Go Behind the Scenes of Aquaman in a New Video
Warner Bros. Pictures has brought online a new video which takes you behind the scenes of Aquaman, opening in theaters on December 21. From director James Wan comes an action-packed adventure that spans the vast, visually breathtaking underwater world of the seven seas, Aquaman, starring Jason Momoa in the title role. The film reveals the origin story of half-human, half-Atlantean Arthur …
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New Aquaman TV Spot Previews the December 21 Release
Warner Bros. Pictures has started airing a new Aquaman TV spot that you can view in the player above! The Aquaman TV spot premiered during Game 4 of the World Series and includes a few new scenes. From director James Wan comes an action-packed adventure that spans the vast, visually breathtaking underwater world of the seven seas, Aquaman, starring Jason …
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