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Stocks continue to advance while concern over global growth weighs on other risk assets. This while Congress pushes forward its impeachment investigation and agribusiness seeks relief.
Economy and capital markets
Concern Mounts Over Global Growth and Trade as Stocks Continue to Advance
"Late cycle" is a popular phrase among market analysts these days. In one sense it is a straight-forward, uncontroversial statement. We are, in fact, in the midst of the longest (but not strongest) economic expansion and bull market in modern history. At some point, the cycle will end. But a subtle implication of "late cycle" can be that the next recession or bear market is already upon us or, at the very least, right around the corner. This is not necessarily so.
Although many risks are glaring at the moment — including signs of a global slowdown in manufacturing, massive corporate and government debt levels, and technical recession indicators like the inverted yield curve — there are also many positives that can sustain the expansion and bull market. These include central bank monetary stimulus, continued jobs growth, and solid corporate profits. In other words, late cycle should not be read as "end of cycle."
Real estate and utilities lead large company stocks
U.S. large company stocks eked out a small gain (1.7%) for the third quarter, but are up a robust 20.6% year-to-date (as measured by the S&P 500 index). The best performing sectors for the quarter were real estate and utilities. The stocks in these two sectors pay a relatively high dividend yield — an attractive characteristic in a low interest rate world.
What does late cycle mean?
Economists and analysts generally think of the economy as having four phases or cycles:
Early cycle
Mid-cycle
Late cycle
While some on Wall Street are now saying we are in the "late cycle," we do not appear to have crossed into recession.
The worst-performing sector was energy, as it has been since the Great Recession. Since the crisis lows of March 2009 through September 30, 2019, the energy sector's cumulative total return is 85%; by way of comparison, the top-performing sectors, consumer discretionary and technology, have cumulative returns of 786% and 721%, respectively.
Small company U.S. stocks fell 2.4% in the third quarter. Small caps have languished compared to large caps. By one measure at the end of August, small cap stocks were at a 16-year low relative to large caps (ratio of IWM [iShares Russell 2000 ETF] versus SPY [SPDR S&P 500 ETF]; Bloomberg).
Foreign stocks lag as strong dollar hinders returns for U.S.-based investors
Foreign stocks showed slight losses for the third quarter. Developed markets (as measured by the MSCI EAFE Index) are up nearly 13% year-to-date and emerging market stocks (MSCI EM Index) about 6%. U.S. stocks continue to outperform foreign issues. One significant contributing factor to this is the continued strength of the U.S. dollar. A couple examples:
Again, it's important to remember that the dollar also moves in cycles, and the current state of dollar strength will not persist forever. During periods of dollar weakness, the opposite effect will occur and U.S. investors in foreign stocks will have better returns than local currency investors.
U.S. bonds in positive territory for the quarter
The Bloomberg Barclays U.S. Aggregate Bond Index (the Agg) — a measure of the broad, investment-grade bond market — has now returned 8.5% year-to-date, and the trailing 12-month return is now just over 10%. It is worth remembering, as those who read the fine print of investment reports already well know, past performance does not guarantee future results. Falling yields have been a boon for bond investors (when yields fall, prices go up). And although we could see rates fall even further, there could be significant volatility. A typical way to measure interest rate risk in bonds is duration. Investment-grade corporate bonds' duration currently reads a high 7.8. Hypothetically, this means that a 1% rise in interest rates would roughly equate to a -7.8% capital loss in those bonds.
Divided Fed cuts rates in September
On September 18, the Federal Reserve lowered a key interest rate by 25 basis points (0.25%), as was widely expected. Investors the world over have reacted not only to the rate decision, but have also parsed the vote tally, the language in the Fed's official meeting statement, and what Fed Chair Jerome Powell said at the post-meeting press conference.
This latest vote saw more disagreement than usual among the 10 voting Fed members. Three voted against the rate cut (the most dissenters since 2013), with two of those wanting to see the Fed hold rates steady and a third who wanted to see a larger, 50-basis-points cut. The Fed's statement referred to strong consumer spending, but added that "exports have weakened." At his press conference, Powell stated that the economy "continues to perform well" and the "outlook remains favorable," and noted risks related to trade disputes and weaker global growth. At the time of this writing, investor expectations are for another 25-basis-point cut at the next meeting, October 29-30.
As alluded to in previous issues of Market and Economic Outlook, Fed policy — and therefore "Fed watching" — is at a fascinating juncture. For the vast majority of the post-Great Recession era, there was very little uncertainty about rate decisions and each move (or lack thereof) was widely expected by the markets. We now find ourselves in an era of the Fed being "data dependent" (in the words of Powell), with the flow of macroeconomic data, and potentially the trajectory of policy rates, being much more uncertain. The discord among voting Fed members is also reflected among market analysts and pundits who debate policy rates. Some scoff at the need for additional monetary stimulus (i.e., lower rates), pointing to the following signs of strength in U.S. markets and the economy:
The longest economic expansion in history (123 months)
The longest stretch of monthly jobs growth in history (108 consecutive months)
The lowest unemployment rate since 1969 (3.5%)
The longest bull market in stocks in post-war history (126 months)
Others, though, advocate for lower rates, and will note:
Inflation remains well under control and has remained generally below the Fed target of 2%.
Compared to other developed economies, our rates are high, giving the U.S. room to lower.
With elevated risk of recession and signs of slowing global growth, erring on the side of more stimulus is appropriate.
It will be fascinating to watch how the Fed attempts to deal with all of these cross-currents.
How impeachment inquiry could affect markets
Last month, lawmakers in the U.S. House of Representatives formally launched an impeachment inquiry related to President Trump's dealings with foreign governments. We recognize there are deep political divisions in our country and do not wish to delve into parsing the issues under investigation, nor make predictions on the outcome. We do, however, think it appropriate to dispassionately examine the impeachment process and look to history to see how prior presidential impeachment inquiries have affected the markets.
In terms of the market's reaction to impeachment, it's notable that the two modern day cases (Richard Nixon in 1973 and Bill Clinton in 1998) occurred during decidedly different economic backdrops. High inflation was a problem in the early 70s, and was exacerbated by the 1973 oil embargo, during which the price of crude oil quadrupled. From its highs in January 1973, the S&P 500 index plunged 47% by October of that year (Morningstar and Bloomberg). Nixon resigned in August 1973.
Impeachment is clearly a serious matter with major political repercussions, but it is not relevant from a long-term investment strategy perspective.
Clinton's impeachment proceedings occurred during a roaring stock market and rapid economic expansion. The late 1990s was marked by low inflation, steady job growth, and a nearly insatiable investor appetite for internet and telecom stocks. In 1998, the year of Clinton's impeachment, the tech-heavy NASDAQ Composite index surged 40%, while the S&P 500 rose 29%. These robust returns came in spite of the fact that the third quarter of 1998 was extremely volatile to the downside. A financial crisis in Russia and the related collapse of a massive U.S. hedge fund (Long-Term Capital Management), which required a Federal Reserve bailout to avoid a wider market collapse, contributed to concern that the bull market of the 1990s had met its end. However, markets rallied strongly in the fourth quarter of that year.
The takeaway from both the Nixon and Clinton sagas is that the stock market and economy are shaped far more by macroeconomic forces (inflation, employment, and other metrics) and exogenous shocks (big surprises, such as an oil crisis or hedge fund collapse) than by impeachment proceedings. Although impeachment is clearly a serious matter with major political repercussions, it is not relevant from a long-term investment strategy perspective.
Agribusiness, trade wars, and the harvest outlook
We have previously written about the risks associated with trade disputes and tariffs leading to an all-out trade war. The technology and manufacturing sectors are the focus of the trade disputes from a U.S. perspective. The commodities markets and agribusiness are areas where we can observe collateral damage as tensions escalate.
One recent example: On September 1, President Trump imposed additional tariffs of $110 billion on Chinese imports, including shoes and apparel. The Chinese government responded with tariffs on U.S. agricultural goods. This may exacerbate an already severe slowdown in China's purchases of U.S. ag products.
When combined with a general multi-year slump in commodities prices, this represents a significant hit for U.S. farmers. By year-end, the U.S. Department of Agriculture projects net farm income to be down nearly 30% since 2013, while debt levels are increasing.
"Generally speaking, our farmer client base has seen a large reduction in net farm income over the last five or so years," confirms Paul Neiffer, a principal in CLA's agribusiness practice and regular contributor to the firm's agribusiness blog. "The issues with China have not helped the situation, but we must be careful to not blame all of lower farm income on China."
He reminds us that, during the recent five-year period, the American farmer has had record yields and many other regions of the world have also produced all-time high crops. This has resulted in the world supply being greater than demand. He says that over time these imbalances tend to even out, but that it can take several years for this to happen.
"The issues with China have delayed this process by a couple of years," Neiffer predicts.
In the meantime, the president has implemented a strong policy response to the China tariffs in an attempt to ease the pain. Washington will provide farmers $28 billion in direct government aid payments over the 2019 and 2020 calendar years. Although this is a sizable relief package (for context, the $28 billion farm aid package is more than twice that of the $12 billion bailout of automakers in 2009), it won't cover all losses. Iowa State University estimates than the trade war has cost that state's farmers $1.7 billion, while the government package will deliver about $973 million to the state.
"Assistance from USDA has alleviated the China issue to some degree, but has no bearing on the economic trend for farming, which has been down," Neiffer says. "Farming has a super-cycle about every 30 years. The peak for the current cycle was 2012 ̶ 13 and it may take several more years for another peak to happen."
Certainly, the trade war with China is not the only force driving grain and agricultural product prices. For example, U.S. corn exports are at six-year lows, but there's no blaming China for this since they have never been a big buyer. Our major corn customers are Mexico, Japan, and South Korea. Rich harvests in Brazil and Ukraine have dented U.S. exporters. (Bloomberg and USDA)
Neiffer says soybean farmers have taken a more direct hit from tariffs. The lack of buying by China has caused prices to decrease over the last year or so. But added production by Brazil (the world's largest producer of soybeans) also has added to these downward prices.
"As China reduces tariffs, we may see a rebound in prices," says Neiffer. "But as long as the world supply is more than adequate, no rapid appreciation in prices will occur."
Corn is still the biggest U.S. crop by volume, acres cultivated, and value. The 2019 crop may be down, though, due to a super-rainy Midwest spring and later hot weather, according to Scott Irwin, University of Illinois agricultural economist. The projection for this year's harvest is 13.8 billion bushels, which would be the smallest since 2015.
The U.S. farmer is also the world's largest and most efficient corn grower, despite the fact that China has more land planted with corn.
Late cycle seems to equal continued prosperity
Although we are "late cycle" and can observe signs of weakness, there are many positives that may allow the current cycle of prosperity to endure. We continue to follow the flow of market and economic data and opinion, not in a vain attempt to predict the future, but to gain a better understanding of a complex, globally-interconnected financial world.
We wish you all the best for the final three months of the decade.
CliftonLarsonAllen Wealth Advisors, LLC
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Q: ImageMagick - How to change saturation of a targeted color? With ImageMagick convert, how to adjust the saturation of a specific hue of colors? (in degrees)
e.g. I increase the saturation of the red (0 degree hue). The bluish colors will not be affected, but the orange will be saturated a little bit as well since it is next to the red.
Of course I'd like to be able to configure the width of colors affected.
NOTE: please use convert commands, not redirect to a script.
PS: to clarify after emcconville's answer:
The saturation would be progressive: the closer we are to the matching color, the more the filter applies. Basically the way it is done in Photoshop. See screenshot - sorry it's in french, Teinte means Hue. You can see and adjust the range of matching color in degrees in the bottom bar, between 8 and 90 (and 318 to 255) the filter is progressive.

A: The Color Modification guide offers a few examples
Here's an example that will drop the saturation by half if the hue is close to red (0°)
convert rose: \( +clone -modulate 100,50 \) \
        -fx '(u.hue < 0.1 || u.hue > 0.9)? v : u' out.png

This works by copying the first image (+clone), and alter the saturation (-modulate) of the copied image. For the -fx part, u is the first image, and v is the second. If the hue of the first image matches our color, return the second image, else return the first.

Note: Red is 0°, so we need a logical OR (||), but if we're attempting to match another color, not overlapping zero, use the logical AND (&&).
example with blue
-fx '(u.hue < 0.69 && u.hue > 0.63) ? v : u'

Additional Answer
The same -fx approach can be used by calculating the linear scale -- like this answer, or here. Below is a similar (but not accurate) equation, and shows how to isolate the saturation channel.
convert rose: -colorspace HSL \
  \( +clone -colorspace sRGB \
     -fx '(hue < 0.1)?saturation+((1-(hue+0.1)*10%1)/10):(hue > 0.9)?saturation+(((hue-0.1) * 10)%1):saturation-(abs(0.5-hue))' \
  \) \
  -compose CopyGreen -composite \
  -colorspace sRGB \
  out.png

The -compose CopyGreen -composite seems odd, but what that is really doing is taking the image generated with -fx, and applying that as the second color channel (saturation).
Also experiment with -color-matrix, -contrast-stretch, & -linear-stretch.

redpajama_set_name: RedPajamaStackExchange


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MARANG, April 24 — The construction of the East Coast Rail Link (ECRL) project will not neglect the local people especially in economic and entrepreneurial activities.
Menteri Besar Ahmad Samsuri Mokhtar said the local people, especially small contractors, will be given priority in various areas including supply of food and electrical items which would boost the state economy.
He said this was decided in the discussion he had with the chief operations officer of Malaysia Rail Link Sdn Bhd (MRL) at the Office of the Mentri Besar in Wisma Darul Iman, yesterday.
"The state government and MRL have decided to set up a committee to monitor things like these as there are several aspects of the implementation of the ECRL which we still have to consider and approve.
"So I am asking the people to grab the opportunities and not let them fall into the hands of outsiders," he said in a press conference held after launching the Marang Bus Station here last night.
Also present was State Secretary Datuk A. Rahman Yahya and Chairman of the state Tourism, Culture and Information Technology Committee Ariffin Deraman.
Commenting further, Ahmad Samsuri said the people in the state should not worry about the influx of workers from China when the ECRL project is resumed as the those who are brought in are only the consultants.
"Because the construction of the ECRL from Kuala Lumpur to Kelantan is a joint effort between MRL and China Communication Constructions Ltd (CCCC), we worry that there will an influx of workers from China.
"However, after getting an assurance from MRL, we can breathe easy as those who are coming are only the consultants connected to the construction of the ECRL," he said.
Manekineko We do have our strengths. With the new government on board coming to 1 year, they should focus on strengthening the economy and outshine MALAYSIA again. But we all Malaysians have to do our part to make this happen too!
7300 multi cultures with multilanguages ,good education n facilities are our strenght..
qqq3 its a win win situation.
no need to see as competition.
TUN Dr Mahathir Mohamad will arrive in Beijing on Wednesday to attend the Belt and Road (B&R) Forum on April 27 and 28.
A slew of positive news will help smoothen the way for the prime minister's second visit to China since the historic change of government on May 9 last year.
One week after the government said it would revive the East Coast Rail Link (ECRL) project, Mahathir last Friday announced it would revive the massive Bandar Malaysia development, which had been terminated when Datuk Seri Najib Razak was the prime minister.
To recap, Najib abruptly pulled the brakes on the deal for TRX City Sdn Bhd, a former subsidiary of 1Malaysia Development Bhd (1MDB) then, to divest its 60% equity stake to IWH-CREC Sdn Bhd on May 3, 2017. It happened a few weeks before he left for the B&R Forum. That resulted in the abortion of the massive development at the former airforce base near Sungai Besi.
Speculation was rife that the deal had been scuttled because Najib was advised that there were interested parties with deeper pockets that wanted to participate in the development. China-based Dalian Wanda Group Co Ltd was one name that was mentioned. Obviously, nothing has materialised.
Back to the present, last Thursday, Chinese Ambassador to Malaysia Bai Tian told the media that China was always ready to restart its search for fugitive businessman Low Taek Jho, better known as Jho Low, if there is new information.
Low is the central to the 1Malaysia Development Bhd (1MDB) scandal that has put Najib in the accused dock of the High Court. Low was mentioned on the fourth day of Najib's trial last week over the misappropriation of funds in SRC International Sdn Bhd, a former subsidiary of 1MDB.
Bai acknowledged that the Chinese government had made efforts to locate Low upon the request of the Malaysian government, but had failed.
During his trip to China in August last year, Mahathir had mentioned that he had been invited by China's President Xi Jinping to attend the B&R Forum.
Back then, many doubted that the 93-year-old premier would make another trip to China so soon. Before he headed home, Mahathir had told Malaysian media that the government had decided to cancel three projects in which Chinese state-owned enterprises were involved, after discussions with Chinese leaders. These were the ECRL, the multi-product pipeline project in Melaka and gas pipeline project in Sabah. The reason given was that the government could not afford them given its fiscal position.
Mahathir had said that because of the stupidity of the previous government, there is no exit clause in the agreement between Malaysia Rail Link Sdn Bhd and China Communications Construction Co Ltd (CCCC). The government, he added, had to negotiate with the Chinese on the quantum of the compensation and hoped it would not be an exorbitant sum.
The prime minister was roundly criticised when he returned from Beijing, with some of his detractors calling the five-day trip a failure. Not surprisingly, opposition parties accused him of jeopardising Sino-Malaysia ties of 45 years, which started during the time of former prime minister Tun Abdul Razak. This, they said, would dim the country's economic prospects as China, with its 1.4 billion population, is now a super power and the world's largest consumer of many goods, including edible oil, musang king durian and natural resources.
Now, the government has revived the ECRL and Bandar Malaysia. The cost of the rail project has been slashed by RM21.5 billion to RM44 billion after a change of alignment. More importantly, a 50:50 joint venture will be formed to operate the rail link, and CCCC will help to shoulder the operation risks and losses.
For Bandar Malaysia, IWH-CREC Sdn Bhd is committed to make an advance payment of RM1.24 billion in two months.
IWH-CREC will acquire a 60% stake in Bandar Malaysia Sdn Bhd, which is wholly owned by the Ministry of Finance, for RM7.41 billion. It will be the master developer.
IWH-CREC is a 60:40 joint venture (JV) between Iskandar Waterfront Holdings Sdn Bhd (IWH) and state-owned China Railway Engineering Corp (M) Sdn Bhd (CREC). Businessman Tan Sri Lim Kang Hoo holds a 63% stake in IWH, while Kumpulan Prasaran Rakyat Johor Sdn Bhd owns the remaining 37%.
The commencement of the Bandar Malaysia project has raised concern that it will worsen the property glut in the Klang Valley.
It won't be a surprise if the opposition slams the Pakatan Harapan government for making a U-turn on its decisions, even if had previously condemned the cancellation of the projects.
Given the latest developments, the diplomatic relationship between Malaysia and China is expected to warm up to some extent compared to during Mahathir's first official visit eight months ago.
Some readers may recall that in November last year the Chinese president visited the Philippines and met Indonesian President Joko Widodo at the Asia-Pacific Economic Cooperation meeting in Papua New Guinea. He also made an official visit to Singapore in the same month, but did not cross the Causeway.
Xi's recent trips in Asean could be an indication of the Sino-Malaysia relationship then.
The leaders of the two countries will meet for the second time in Beijing. Will Mahathir bring back even more good news? Oil palm planters are among those who are keeping their fingers crossed.
KUALA LUMPUR, April 24 — Beijing is bracing for accusations that its Belt-Road Initiative (BRI) projects abroad are Trojan horses for so-called debt traps when 37 partner nations converge for a forum on the ambitious geopolitical plan this week.
Malaysia's recent renegotiation of the East Coast Rail Link (ECRL) with China that resulted in a RM21.5 billion reduction is being seen as a planted flag for emerging economies that have accepted the superpower's aid to develop infrastructure.
While Malaysia's ability to win the concession has heartened observers, they also noted that the country had to cede half the ownership in the operations to China Communications Construction Company Ltd (CCCC).
The Financial Times (FT) reported China's foreign minister, Wang Yi, as saying Beijing has planned side events and progress reports for ongoing projects to counter such allegations.
Views that the BRI is China's backdoor into developing economies hungry for funds is fuelled by the lack of participation other than the Asian superpower's direct investments in these projects.
Despite being billed as a modern-day "Silk Road", there is also no entity or organisation to coordinate this connectivity; instead, all roads lead proverbially to China.
The issue traces back to China President Xi Jinping's effusive description of the BRI on its introduction in 2013, when he spoke of it in expansive terms that went beyond pure trade and touched on geopolitical considerations.
Years on, China is still struggling with this view, forcing representatives to defend the BRI's motives at every opportunity.
Even some in China are unclear about what it is exactly the BRI is setting out to do.
"What is the Belt and Road? Is it an international institution or more of a loose structure like the G7, or is it just a forum? I think that isn't settled yet," Victor Gao, a foreign affairs commentator and former foreign ministry official, told the FT.
Ahead of Prime Minister Tun Dr Mahathir Mohamad's visit to China for the forum, Deputy International Trade and Industry Minister Ong Kian Ming has said Putrajaya wants more transparency in the BRI and its projects.
Ong noted that the mobilisation of resources for the BRI was arguably on a scale unmatched since World War II.
"More transparency helps deal with a backlash in case questions are raised about financing," he said during a forum here this month.
Aside from Malaysia's prior reluctance to proceed with the ECRL due to the debt Dr Mahathir said would "impoverish" the country, other developments such as in Sri Lanka have fuelled the perception that BRI projects are ticking financial time-bombs.
The South Asian nation, which was hit by deadly terrorist attacks on Easter Sunday, is under pressure to service some US$5 billion (RM20 billion) in debt due soon and is increasingly turning to China to more cheap loans.
Zhang Chenxu, a deputy general manager of China's Exim Bank that is financing 1,800 BRI projects including the ECRL, rejected such views.
"Some people saw that the host country borrowed foreign debt, and then guessed at the speed of accumulation and the sustainability of the debt itself, and then claimed that pushed the host country into a debt trap," Zhang told the FT.
KUALA LUMPUR, April 24 — The Pahang government's decision to require business owners to be loyal to both the Pahang sultan and Yang di-Pertuan Agong to obtain business licences is vague and arbitrary, and could also be against the Federal Constitution, lawyers said today.
Malay Mail spoke to several constitutional lawyers, who among others noted that imposing such a requirement of loyalty on rulers is unnecessary and unreasonable.
On Friday, the Pahang mentri besar announced that local councils would now have to include the new requirement for those seeking business licences and permits, with failure to show loyalty resulting in the cancellation of the permits.
The new requirement comes just barely three months since the Pahang sultan became the country's King.
How does loyalty relate to doing business?
Lawyer Lim Wei Jiet said any decision made by public authorities, including the rejection of business licences or permits, can be challenged in court via judicial review on grounds such as unreasonableness or irrationality.
"It is arguable that the requirement of loyalty to the Pahang sultan and Agong is unreasonable, irrational and is an irrelevant consideration which a public body should not take into account in the context of conducting businesses in the state," he told Malay Mail when contacted.
Lim highlighted the need for business permit conditions to be linked to business operations.
"One of the reasons why it is unreasonable or irrational is because there is no nexus between running a business with loyalty to the monarch," he said, comparing it with the example of requiring a food eatery to comply with health and cleanliness standards as public health is at stake.
Lim said the new requirement may also affect business owners' right to livelihood if they are denied business licences due to the condition.
What is "loyalty" or "disloyalty"?
In explaining why the new requirement is unreasonable, Lim pointed out the vague nature of the term "disloyalty".
"This requirement of 'loyalty' to the Pahang sultan and Agong is also so arbitrary and it is hard to define what amounts to 'disloyalty'. Even the most oppressive of laws such as the Sedition Act allow room to criticise the royalty with the intention to show that the Ruler has been misled or mistaken.
"Therefore, because it is so arbitrary and sends a chilling effect on free speech, such requirement may offend the freedom of expression guaranteed under Article 10 of the Federal Constitution," he said.
Lawyer Nizam Bashir said the Pahang state government's directive would be unconstitutional as the vague nature of the proposed condition would go against Articles 5, 7 and 8 of the Federal Constitution.
"What is meant by respect and loyalty? Does pointing out errors in the acts or omissions concerning an executive function or statutory duties amount to disrespect or disloyalty?" he asked.
Citing the doctrine of vagueness, Nizam explained that a law which is vague would be unconstitutional.
"Simply put, a person's liberty can only be deprived according to law that is clear," he said.
Referring to Article 5 which he said substantially revolves around ensuring that everyone subjected to a criminal charge is entitled to the due process of law, Nizam said: "I can't think of anything more fundamental than a person knowing the crime that he is said to be guilty of".
"Let's come back to the example of pointing errors in what the YDPA (Yang di-Pertuan Agong) does. Is that an act of disloyalty? We don't know. So the so-called offence which enables a breach of the licensing requirement is vague. We don't know where it starts and where it ends," he said in highlighting the wide-ranging nature of such a condition as opposed to conditions that are narrower and more specific.
Citing Article 8 which deals with equality before the law, Nizam agreed that those denied a business licence without knowing how they had been disloyal would have suffered unequal treatment and would not have equal protection of the law as given to others.
"Yes, loyalty to King is important from a State perspective but so are the rights of citizens. And here I think citizens' rights are on the chopping block given how wide the directive is," he said, describing the new condition as akin to giving "blank cheques" to licencing authorities on the matter.
Lawyer Surendra Ananth highlighted the problem of what appeared to be Pahang's intention of enacting a state law or amending existing state laws to provide for the new requirement, noting that it should instead be Parliament which make laws that limit free speech.
"This is a restriction of free speech, which only Parliament is entitled to legislate on. This is expressly provided for under Article 10(2)(a) of the Federal Constitution, where it says that only Parliament can make laws to restrict free speech. The states have no power to do that.
"We already have such a law to deal with contempt against the Rulers, that is the Sedition Act 1948. Although I disagree with the use of the Sedition Act, the point is that it is for Parliament to make such a law or for the federal government to deal with the issue using existing federal laws," he told Malay Mail.
Nizam said the directive to impose the new requirement may go against Article 10 of the Federal Constitution if it amounts to either an express or implicit regulation of speech and expression, as only Parliament can make laws to do so.
"Licensing is expressly a local government matter. But what if the effect of the directive serves to regulate speech and expression as well? If it does, then it offends Article 10," he said.
Nizam also highlighted that there are already existing laws in Malaysia to address any acts that aim to insult a ruler, or to bring a ruler into hatred or contempt, citing laws such as the Sedition Act and the Communications and Multimedia Act as examples.
"Consequently, the royal institution is already sufficiently protected from remarks aimed at inciting hatred and the like. For that reason, the additional measures presently being proposed by the State of Pahang seems unnecessary," he said.
Can the new requirement be challenged?
Lim confirmed that the new condition for business licences in Pahang would remain valid as long as it is not challenged in court, saying that a court order would be required to nullify such a requirement.
When asked who could file such a court challenge, Lim confirmed it would arguably be only those who were denied a permit or licence because of the new requirement.
"Because you would need locus standi to file a case in Court. You must be affected by the decision," he said, referring to the rule on legal standing.
"But the rule on locus standi has been relaxed in recent times. So, for example, if groups or associations representing businesses in Pahang file a case, they may actually overcome the locus standi test. The law is not that clear in this respect," he said.
As for what could result from such a court challenge, Lim said the person who files a lawsuit to challenge the loyalty requirement could seek court orders directly related to him, such as to quash the Pahang government's decision to reject the permit or licence application or to compel the state authorities to issue him with a permit or licence.
"But that person can also ask for a more broad-ranging relief — for example, a declaration that such requirement is unconstitutional and be struck down, which may force the Pahang Government to abandon such requirement in the future," he said.
Nizam said the Pahang state government's directive was unnecessary as it invites constitutional challenges, also suggesting a law instead to avoid having the monarchy being pulled into political matters.
"For that reason, as opposed to the proposed directive, it would be far better to enact laws aimed at protecting the Yang di-Pertuan Agong — as the ultimate guardian of the Constitution — as far as possible from involvement in politics," he said.
Nizam said that having such a law would discourage those with administrative power and those in government from getting the rulers involved in political matters or pitting the royalty against the government and democratic system.
KUALA LUMPUR: FGV Holdings Bhd, the world's third largest oil palm estate operator, and pilgrims fund Lembaga Tabung Haji are considering selling their plantation assets in Indonesia, in a bid to improve their financial positions, according to Bloomberg.
Quoting people with knowledge of the matter, it said the two government-linked companies are working with an adviser to gauge potential buyer interest in Trurich Resources Sdn Bhd, which controls 42,000ha of oil palm estates in Kalimantan.
They may seek to value Trurich, a joint-venture company between them, at as much as US$1 billion (RM4.13 billion) including debt, the news wire wrote.
When contacted by The Edge Financial Daily, FGV confirmed Trurich has been identified as a potential asset for disposal. "FGV will make the necessary announcements when the deal is finalised," a spokesperson said.
FGV and Tabung Haji have not made a final decision on whether to sell. They may still decide to keep the assets if they cannot get an attractive price, Bloomberg wrote.
If it materialises, the deal would help FGV and Tabung Haji offload assets that have been the subject of contention, the news wire added.
Trurich in December filed a police report alleging that five former senior executives at Tabung Haji had misled the company into overpaying for the Indonesian land acquisitions between 2008 and 2009.
A Trurich statement at the time named them as former Tabung Haji chief executive officer (CEO) Tan Sri Ismee Ismail, TH Plantations Bhd former CEOs Datuk Seri Zainal Azwar and Datuk Rashidi Omar, and Indonesians Drs H Rajasa Abdurachman and Badai Sakti Daniel.
When the acquisitions were made, Trurich was a wholly-owned unit of Tabung Haji. FGV later took up a 50% stake in the company in November 2009 via its subsidiary Felda Global Ventures Kalimantan Sdn Bhd.
Rocked by allegations of dipping into its depositors' funds for dividend (hibah) payouts, accounting irregularities to inflate its profits, and dubious politically-linked transactions, Tabung Haji has recently undergone a restructuring, during which its underperforming assets were transferred to a ministry of finance special-purpose vehicle for RM19.9 billion to restore its balance sheet.
FGV, meanwhile, recorded a net loss of RM1.08 billion for the financial year ended Dec 31, 2018 (FY18), versus a net profit of RM130.93 million for FY17, as revenue fell to RM13.467 billion from RM16.921 billion. The weaker financial results were largely due to impairments and lower crude palm oil price that year.
According to Bloomberg, a number of plantations are coming up for sale amid forecasts that crude palm oil prices will recover later this year. As an example, it cited Sime Darby Plantation Bhd, which has been considering the sale of a stake in its Papua New Guinea unit. The company is also reviewing its Liberia operations.
PT Triputra Agro Persada's owners, including GIC Pte, are also said to be exploring a sale of the Indonesian palm oil producer, it added.


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At the moment, the trend in the gadget world seem to be headed toward modular tech, a term loosely used to describe a product that gives you the option of changing its different parts in order to better suit your needs. However, despite the hype about modular tech and the advantages it brings to the table, we are not exactly sure if this will indeed be what the future of the gadget world holds for us.
That being said, we took a more discerning look at the more noteworthy modular tech projects, the pros they have to offer, and the cons that come with their packages.
Being its poster child, Project Ara has become almost synonymous with modular tech. Project Ara is headed by Google and aims to develop a basic modular smartphone. When you say basic, it means the phone only includes a case frame, battery, display, integrated Wi-Fi, and a low-end CPU – all available for US$50.
From there on, you have the option of upgrading the phone by putting additional modules or changing out those that came with the basic package. Say for example you want a more powerful CPU, then you could just purchase one and slot it into the smartphone.
Sounds like a great idea, right? It does, in theory. But hardware issues exist in Project Ara and the endoskeleton intended to link all the modules together are chunky when compared to the current smartphones. Estimates put the size increase to approximately 25 percent – a fair trade-off for the versatility it delivers. But are you willing to go for a bulkier and heavier modular smartphone that has the same specs as your friend's sexier and sleeker non-modular flagship device?
The Blocks smartphones is currently the hottest crowd-funded project. This smartwatch makes use of the Ara concept by having its various modules segmented into its wrist strap. These wrist strap modules add functionality to the core of the watch by including things such as gesture control, extra battery life, contactless payment, and the like.
Aside from having the simple structure of a watch to operate in, the modules of the Blocks smartwatch are made by the same team so interoperability should not be a cause for concern. We are, however, not entirely sold on the whole concept of the Blocks smartwatch for the simple reason that we want our smartwatch to have all functionalities and more in its core and not dependent on what modules we have in its strap.
So, does modular tech have a future? Too early to say, at this point. We are, however, excited with what modular tech has to offer, but at this point, we just can't get over the fact that it is too gimmicky and impractical at the moment. Yes, we do want the ability to have a product customised but we already have that capability with current technology. You have unlimited choices of cases and accessories for any smartphone under the sun in the same way you have the option of replacing the strap of your current smartwatch.
So where does that leave us with modular tech? I guess we just have to wait and see.


Quantity (UORG) is set to Zero on the Landed Cost Selection (P43291) screen when there are multiple items on the PO, and multiple landed costs for each item, and the first item is partially received. This was partially fixed in Bug 12487453 - LANDED COST DISPLAY - SAR: 5372751, but a coding error remains in the F41291calcLandedCostBeginDoc (N4300970) Named Event Rules as follows.
Create a Purchase Order in the Canadian Branch 77 with US Supplier 4346 for 100 units of each Item.
Perform PO Receipts (P4312). Receive all 100 units on both lines.
Quantity field (UOPN) on Landed Cost Selection (P43291) is 100 on all landed cost lines.
Create a second PO same as the first.
Receive the first line for 80 units and the second line for all 100 units.
Quantity field (UOPN) on Landed Cost Selection (P43291) is 0 on line 2 instead of 100. Is should be 100 like the previous example where both lines were received in full.
Create a third Purchase Order the same as the first two.
Receive the first line for all 100 units and the second line for 80 units.


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Jack Lovelock (1910-1949) fue un atleta neozlandés. Comenzó su carrera como atleta en 1930 tras participar en la AAA mile New Zealand donde quedó cuarto, aunque destacó en el instituto en rubgy, críquet y boxeo, entre otros deportes. Participó en la prueba de 1500 metros en los Juegos Olímpicos de Los Ángeles 1932 donde alcanzó el séptimo puesto con una marca de 3:57.8 en la final. Al año siguiente bate el récord de la milla que tenía en su poder Jules Ladoumègue con una marca de 4:07.6 que sería marca personal al final de su carrera. Bate en los Juegos Olímpicos de Berlín 1936 el récord del mundo de 1500 con una marca de 3:47.8.

Referencias

Enlaces externos
 Ficha en Sport-Reference.com

Atletas de Nueva Zelanda
Atletas en los Juegos Olímpicos de Los Ángeles 1932
Atletas en los Juegos Olímpicos de Berlín 1936
Medallistas olímpicos de atletismo
Medallistas olímpicos de oro de Nueva Zelanda
Medallistas olímpicos de oro de Berlín 1936
Deportistas en los Juegos Olímpicos de Los Ángeles 1932

redpajama_set_name: RedPajamaWikipedia


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HomeAbout ACPChapters & RegionsUnited StatesMaryland2012 Theodore Woodward Award for Education and Research
2012 Theodore Woodward Award for Education and Research
Myron L. Weisfeldt, MD, FACP
Dr. Weisfeldt received his undergraduate degree from Johns Hopkins University and his MD from the Johns Hopkins University School of Medicine. He trained as an intern and resident at Columbia University and did his fellowship in cardiology at Massachusetts General Hospital. Dr. Weisfeldt also did training at the National Institutes of Aging. From 1975-1991, Dr. Weisfeldt served as Chief of the Division of Cardiology at Johns Hopkins Hospital. From 1991 to 2001 Dr. Weisfeldt was the Samuel Bard Professor of Medicine and Chair of the Department of Medicine at Columbia University College of Physicians and Surgeons. Dr. Weisfeldt is currently the William Osler Professor of Medicine and Director of the Department of Medicine at Johns Hopkins and Physician-in-Chief of the Johns Hopkins Hospital, a position he has held since 2001.
An internationally renowned basic investigator in cardiology, Dr. Weisfeldt has published over 200 peer-reviewed papers focused on cardiac physiology, MRI applications to cardiology, and cardiac resuscitation. Indeed, Dr. Weisfeldt helped pioneer critical developments in these fields. Currently, Dr. Weisfeldt is funded by the National Institutes of Health for being the study chair of the clinical research consortium to improve resuscitation outcomes.
Dr. Weisfeldt has received many honors for his scholarship and his myriad contributions. He is a member of Phi Beta Kappa, Alpha Omega Alpha, and the Association of American Physicians. He has served as President of the American Heart Association and has received the John Phillips Memorial Award from the American College of Physicians. Dr. Weisfeldt has been an effective and tireless promoter of diversity in academic medicine. In 2008, he was recognized for these efforts by the Association of Professors of Medicine, which awarded him a Diversity Award.
Dr. Weisfeldt has made numerous important contributions to internal medicine as an investigator, an educator, a creative program builder, and a promoter of diversity in academic medicine. Given these many, important and sustained contributions to Medicine, Dr. Weisfeldt is the ideal recipient of the Theodore Woodward Award.

redpajama_set_name: RedPajamaCommonCrawl


WHAT WE LOVE: - classic gray - textured DESCRIPTION: Blazer has a gray textured fabric with hints of dark gray and black in it. It features a notched lapel with 2 buttons down the center. Blazer has one chest slip pocket with two pockets at either hip. Shoulders are slightly padded, cuffs have three buttons. Jacket is fully lined in a gray satin fabric, not vented in the back.


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Motorola Moto E Review: The New Entry-Level Standa ...
von Stewart Haston
News: Moto E shipping, Moto G now getting Android ...
von Edgar Cervantes
Samsung Galaxy F: New direction? Admission of failure?
by Stewart Haston on June 10, 2014
@StewartHaston
Today we got wind of more information about the impending arrival of Samsung's Galaxy F, a super-charged version of the Galaxy S5 which aims to revive Samsung's reputation as the world's top smartphone designer. A QHD screen with 3GB of RAM and the latest Snapdragon 805 processor sound really exciting, but will they go ahead dump the plastic finish and feel? If so, is this evidence that Samsung is willing to finally alter is flagship design strategy?
MWC 2014 launch, a collective 'Meh'…
Samsung shift more mobile technology than anyone else on the face of the Earth, currently dominating most Western markets and the current high-end smartphone segment – at least in terms of units shipped. However, their flagship offering in the 5 inch sweet spot, the Samsung Galaxy S5 was actually greeted with a resounding 'Meh' when it first popped its head up back during Mobile World Congress in March.
There were a few things many of us Mobile Geeks were really hoping to see; things that meant the next generation of devices had landed with the Korean device behemoth leading the way. I wanted Samsung to woo me to its side with a QHD display, more memory and storage draped in build quality that would make me gasp.
Alas, instead we got Full HD screen, 2GB of RAM with the same storage options. Ok the processor was the new Snapdragon 801 that would quickly establish itself as top dog with a slew of top, top industry design wins. The 16MP rear camera is also one of the best on the market and the screen itself, despite being only Full HD, looks fantastic.
5.1″ Super AMOLED Display – 432 PPI
But where was the step up in build quality?
I think the thing really that got people on its wrong side, was that Samsung simply decided not react to advancements made by HTC and Sony in the area of build quality. Samsung was sticking to its guns, with arguably an even more plastic-centric design and build concept than the previous generation. Its in hand feel was way off what we were now expecting from a top, top 5 inch smartphone.
The faux leather back divides opinion in the Mobile Geeks office – Sascha quite likes it, but certainly, I am no fan. Nicole physically balks when in direct contact. The plastic edges too are just much too cheap feeling – worlds away from the glass and aluminum build of the Sony Xperia Z2, or the etched bullet metal feel of the HTC One M8.
In our review we gave the Galaxy S5 a fairly decent score of 79/100. Decent, but far from spectacular, and one of the key areas the device dropped points was in 'design' where we awarded a 7/10. It sounds harsh, but I now feel that a 7 was probably quite generous. This is an opinion formed having spent more time with both the HTC One M8 and the Sony Xperia Z2– in my opinion, the true flagship heavyweights in this current generation. The Galaxy S5 is an 'also ran', to use a horse racing term.
Side by side comparison image of the Samsung Galaxy S5 and the HTC One M8
But it's not just HTC and Sony, other cheaper devices like the Xiaomi Mi3 and the OnePlus One are now ahead of Samsung in terms of build quality. The general quality of devices coming out of china from Hauwei, OPPO, Gionee and others seems to improve exponentially with each generation. The Samsung board must surely have felt lost and at sea. Something must be done.
The general consensus agreed with our assessment; the Samsung Galaxy S5 was a good phone, a damn good phone. It just wasn't brilliant, at a time when the world was really looking for them to do something brilliant, stepping up to the challenge from Japan and Taiwan. Since the release of the Samsung Galaxy S5, the company has plenty of time to digest the feedback from us reviewers, and consider their next step. Would the world's collective shrug of the shoulders nudge them into a change of direction?
A Time to React: Galaxy F 'n Prime
Early last month news broke that Samsung were implementing an in-house staff reshuffle, with its mobile design head Chang Dong-hoon, being moved to another position that sounds even better than his old one, but one that will ultimately equate to less influence on the actual smartphone design ethos. Meanwhile, Lee Min-Hyuk was promoted to Chang's old position, gaining responsibility for company's next step in the smartphone device segment.
The reaction from many quarters was that the Samsung HR reshuffle was as much an open and overt message that the company was acknowledging its failure to really innovate at the highest level, and was willing to make serious changes to get back on track. Changes in personnel do not always lead to changes in core design philosophy. Would Lee be given free reign?
Samsung Galaxy S5 Prime – Leaked Image from May 20th 2014. Does not look too metallic or solid uni-body…
Talk soon began to emerge of a Samsung Galaxy S5 Prime, followed by noises about the Galaxy F. It seems more likely than ever that these are one and the same device, essentially a suped up version of the S5 that could turn out to be the ideal antidote to Samsung's ills.
The Samsung Galaxy F is predicted to hit the mobile g-spots the Samsung S5 missed, with a 5.3-inch QHD (2560x1440p) display, a Qualcomm Snapdragon 805 processor, 3 GB of RAM. Nice. Very nice indeed. But what the so called leaked images to nothing to confirm, is the revised chassis design. Will we see Lee implement a new chassis design that will better address the challenge from competitors? The images certainly seem to look fairly 'metallic' but there are plenty of 'metallic' finished plastics on the market. We want a uni-body design that feels solid, or least the introduction of more robust materials on some level.
Even if the outer shell is indeed made of one, thin piece of aluminum, replacing a thin plastic one for a thin metal one, will we be impressed? I have applauded Samsung's philosophy of removable batteries, and will continue to do so, but in the interest of creating an industry-leading hand feel, they may find that solid body designs are the only way forward. even if means disposing with replaceable batteries.
If it turns out that the back cover of the Samsung Galaxy F is actually made of plastic, I will be shaking my head with vigour. Official launch date of the Galaxy F (or possibly Galaxy Prime) has yet to reach our ears, but you can expect it to arrive soon enough for a premium price tag north of $800. We await with baited breath.
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