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UPDATE 2-UN food aid funds growing, but needs growing too
Reuters: [2008-05-06 23:56:00]
(Recasts, adds additional needs, U.S. funding; adds byline)
By Missy Ryan
WASHINGTON, May 6 (Reuters) - The World Food Program, facing an unprecedented surge in the price of food it buys for the world's hungry, has secured about 60 percent of the extra funds it needs to cover planned aid donations this year, the head of the United Nations agency said on Tuesday.
"We put out an extra appeal for $755 million and we're about 60 percent of the way there," WFP Executive Director Josette Sheeran said during a speech at a Washington think tank.
But the agency said it already has had to cut some of the food rations it provides, and its $755-million gap does not include new, emerging hunger needs that will require an additional $418 million to $430 million this year.
Sheeran, a former Bush administration official, said the world's food delivery system was "groaning under the strain of sky-rocketing demand, the soaring cost of inputs, depleted stocks, crop loss due to drought, floods and severe weather."
Higher global prices for basic foodstuffs such as bread, rice and milk may have brought on a crisis that could be the first truly globalized humanitarian emergency, she said.
World leaders are calling for urgent steps to ease the soaring costs, to create a larger cushion of food across harvests, and to diffuse the food panic that has triggered protests across the developing world.
"It is said that a hungry man is an angry man," Sheeran said. Global food prices jumped an annual 43 percent through March, according to the U.S. government.
The trend is believed to be deepening poverty, especially for food-importing nations like Nicaragua, pushing more people into hunger as buying power shrinks for food aid budgets.
Donor nations like Canada, Australia and Britain have stepped up pledges to help WFP cope with soaring costs. The United States, the world's largest food aid donor and WFP's top supporter, last month released 260,000 tonnes of wheat from an emergency crop trust.
Last week, President George W. Bush announced plans, which must be approved by Congress, to spend an additional $770 million on food aid and agriculture development in the fiscal year beginning Oct. 1.
For countries where people spend up to three-quarters of their income on food, experts say time is of the essence.
The Bush administration already has requested $350 million in last-minute food aid funding for this fiscal year, a perennial addition to annual budgeted funds.
On Tuesday, Democratic leaders in the U.S. House of Representatives announced that they would try to add another $500 million for emergency food aid.
Rep. David Obey of Wisconsin, chairman of the House Appropriations Committee, said the money would be attached to a massive Iraq war funding bill that could be debated on the House floor on Thursday.
It was unclear if Bush would veto the spending bill if it contained too much spending that he did not call for.
The Bush administration also is seeking flexibility to buy more food overseas for aid programs, in hopes of making aid dollars go further. (Additional reporting by Richard Cowan; Editing by David Gregorio)
((missy.ryan@thomsonreuters.com; + 202-898-8376; Reuters Messaging: missy.ryan.reuters.com@reuters.net)) Keywords: USA FOODAID/WFP
PRESS DIGEST-Australian General News - May 7
Reuters: [2008-05-06 23:16:00]
Compiled for Reuters by Media Monitors. Reuters has not verified these stories and does not vouch for their accuracy.
THE AUSTRALIAN FINANCIAL REVIEW (www.afr.com)
The Reserve Bank of Australia yesterday left the official cash rate at 7.25 percent following its monthly board meeting. A statement from the governor Glenn Stevens did however indicate that future rate increases were a possibility due to uncertainty over the outlook for demand and inflation. Treasurer Wayne Swan said the statement reinforced the need for next week's federal budget to create a strong surplus. Mr Swan criticised as 'bizarre' Opposition claims that spending cuts were not required. Page 1.
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Victorian Treasurer John Lenders yesterday delivered his first budget, which included A$1.4 billion in tax cuts for business and a forecast operating surplus of A$828 million, more than twice last year's estimate. Business leaders including the Australian Industry Group said the larger-than-expected surpluses should be used to support the private sector with further tax cuts. However, Victorian Opposition Leader Ted Baillieu said the government had expanded the budget by taking an extra A$1.5 billion in taxes, but was still not providing basic services. Page 1.
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St George Bank yesterday announced a 10.1 percent fall in half-year net profit and warned annual earnings could be down by 20 percent. The profit downgrade was prompted by an increase in bad debts, funding cost increases and a reduction in home-loan sales. Chief executive Paul Fegan acknowledged the downturn in the mortgage business, but asserted 'the worst is behind us.' St George shares closed 2.74 percent weaker yesterday at A$26.98. Page 1.
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Gaming machine manufacturer Aristocrat Leisure is negotiating the settlement of a A$396 million class action with plaintiff law firm Maurice Blackburn, with a substantial proportion of the claimed damages expected to be paid. The action is based on a shareholders' claim that continuous-disclosure obligations were breached, with the company having admitted in court that it overstated its 2001 and 2002 financial results. The settlement will be the first instance of a listed company compensating shareholders for breaches of the disclosure laws. Page 1.
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THE AUSTRALIAN (www.theaustralian.news.com.au)
Deputy Prime Minister Julia Gillard has warned unions not to use a pay rise for Victorian teachers as a mandate for wage claims across the Australian public sector. On Monday, the Victorian Government approved a 15.2 percent pay rise to make its teachers the nation's highest paid. Ms Gillard said yesterday that workplace agreements for 'one entity' could not 'flow through to other enterprises.' Nonetheless, Western Australia's education union said it would follow Victoria's lead and make state schoolteachers the highest paid in the nation. Page 1.
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Former Supreme Court judge Ted Mullighan yesterday recommended against federal intervention in South Australian indigenous communities, despite finding that one in seven children had been assaulted. Mr Mullighan reported that child sex abuse on the Anangu Pitjantjatjara Yankunytjatjara lands, which adjoin the federal intervention zone in the Northern Territory, was 'widespread...and a national disgrace.' But he suggested restrictions on pornography and an increased police presence would persuade local Aborigines to help themselves. Page 1.
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A Treasury analysis warns that Federal Labor's plan to scrap the former government's workplace laws will create 'wage-price spirals' and drive up interest rates. Treasury's assessment of the policy, which Prime Minister Kevin Rudd campaigned on in the November election, is contained in an executive minute from April 2007. The document, released under freedom of information laws, was tabled a day after Mr Rudd announced his industrial relations policy at the National Press Club in Canberra. Page 1.
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A long-time friend of convicted drug smuggler Schapelle Corby yesterday denied in court that she had lied about Corby's sister Mercedes during an interview on Channel Seven. But under cross-examination, Jodie Power admitted she lied when she told national broadcaster ABC that she had never seen Schapelle Corby taking drugs. Mercedes Corby is suing the Seven Network, claiming she was defamed in interviews with Ms Power, who said Mercedes had confessed to smuggling marijuana into Indonesia. Page 3.
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THE SYDNEY MORNING HERALD (www.smh.com.au)
New South Wales Premier Morris Iemma yesterday won over dissenters when caucus endorsed the A$10 billion auction of NSW's electricity assets, after the Labor Party state conference rejected the privatisation plan on Saturday. A fiery debate had been expected in the caucus, with key frontbenchers outspoken in their opposition to the plan. But Mr Iemma lobbied senior government members on Saturday night and Sunday, saying it would be 'untenable' to drop the proposal. Page 1.
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Australian cyclist Cadel Evans may come under scrutiny from Beijing Games officials after wearing a 'Free Tibet' T-Shirt during a race in Belgium last month. The International Olympic Committee yesterday toughened the interpretation of its charter, saying political statements on clothing or 'gestures and written or oral statements' pertaining to propaganda were not permitted at any Olympic site. The Australian Olympic Committee said it would brief all team members on the 'do's and don'ts' of the Games. Page 1.
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The New South Wales Government plans to introduce at least seven new bus lanes in Sydney's centre to boost public transport during World Youth Day in July. Some 225,000 pilgrims are expected to attend the six-day Catholic festival, the climax of which will be a visit by Pope Benedict XVI. Page 2.
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Vodafone will begin selling Apple's iPhone product in Australia later this year, the telecommunications carrier announced yesterday. Vodafone said it had signed an agreement with Apple to sell the iPhone locally, although it would not say whether the agreement was exclusive. IDC analyst Mark Novosel said Vodafone's unwillingness to specify details indicated the product would be sold by other carriers. It is understood Telstra and Optus will also offer the service. Page 3.
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THE AGE (www.theage.com.au)
Younger teachers and staff with extra-curricular responsibilities have threatened to resign over a 15 percent wage rise awarded by the Victorian Government yesterday. Under the A$2 billion wage deal, graduate and senior teachers will receive the most benefit, with those at the top of the classroom scale now taking home an extra A$10,000 a year. 'I was hoping for...a more considerate deal for every level of teaching,' said Adrienne Koss, a student services manager at Carwatha College in Melbourne. Page 2.
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Melbourne building owner ISPT has awarded its cleaners a pay rise and adopted new guidelines that almost halve the hourly workload while extending shifts. The Liquor, Hospitality and Miscellaneous Union said the deal would boost typical gross pay from about A$290 a week to nearly A$400. Page 2.
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Sydney's Royal North Shore Hospital has rejected claims it provided inadequate care when a patient gave birth on a toilet during a busy period at the delivery ward. Nick Patsidis said his wife, Kathy, had to wait three hours on Monday morning before she was induced, after which she was left alone for 20 minutes. Hospital spokesman Michael Nicholl denied the couple were left alone. He said the case had no similarity to that of Jana Horska, who miscarried in a toilet at the hospital last September due to a bed shortage. Page 2.
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Gaming venues in Victoria have branded Crown Casino a 'principality on the Yarra [River]' after a State Government decision to exempt the casino from 2 am lockouts. Certain gaming rooms in the Melbourne casino are already exempt from smoking bans and, unlike pubs and clubs, automatic teller machines are permitted at Crown. Page 3. -- ((Sydney Newsroom +61-2 9373 1800; sydney.newsroom@reuters.com)) Keywords: DIGEST AUSTRALIA GENERAL
TABLE-Recent Australian economic statistics
Reuters: [2008-05-06 23:02:00]
SYDNEY, May 7 (Reuters) - Table of the latest Australian
economic data.
Period Latest Prev1 Prev2 Next
Labour Force (s/adj)
Employment (000) Mar +14.8 +26.8 +24.8 May 8
- full time (000) Mar +5.3 - 7.8 + 6.9
- part time (000) Mar +9.5 +34.6 +18.0
Unemployment (pct) Mar 4.0 4.1 4.3
Participation rate Mar 65.2 65.2 65.2
Housing finance for owner occupation (pct)
Total (s/adj, m/m) Feb -6.9 +1.4 -1.3 May 11
Wage Price Index (s/adj, pct)
All sectors (q/q) Q4 +1.1 +1.0 +1.1 May 14
All sectors (y/y) Q4 +4.2 +4.2 +4.0
Westpac/Melbourne Institute Consumer Sentiment
Index level Apr 87.4 88.6 97.4 May 14
Pct change(m/m) Apr -1.3 -9.1 -8.3
Average Weekly Ordinary Time Earnings (s/adj, pct)
All sectors (q/q) Nov qtr +0.6 +1.1 +1.7 May 15
All sectors (y/y) Nov qtr +4.7 +4.9 +4.6
New Motor Vehicle Sales (pct)
Total (s/adj, m/m) Mar +1.0 +0.6 +1.1 May 21
Total (trend, m/m) Mar -0.1 +0.9 +0.8
Construction Work Done (s/adj, chain volume measure of value)
Total (q/q) Q4 -1.0 +2.2 -1.8 May 28
Total (y/y) Q4 +2.6 +8.9 +3.0
Private New Capital Expenditure (s/adj, constant prices)
Total Q4 +5.1 -6.2 +7.0 May 29
Total (y/y) Q4 +15.3 +9.0 +11.8
Private Sector Credit
Credit (m/m, s/adj) Feb +0.8 +0.6 +1.0 May 30
Credit (y/y, s/adj) Feb +14.9 +15.4 +16.2
Retail Trade (current prices)
Total (s/adj, m/m) Mar +0.5 -0.1 0.0 June 2
Total (s/adj, y/y) Mar +5.1 +5.8 +6.9
Total (trend, m/m) Mar +0.2 +0.2 +0.2
Company Gross Operating Profits
S/adj (q/q) Q4 +3.9 -1.4 +2.0 June 2
S/adj (y/y) Q4 +11.7 +8.4 +11.2
Business Inventories (volume measure, pct, s/adj)
Total (q/q pct) Q4 +0.7 +1.3 +0.4 June 2
Total (y/y pct) Q4 +3.9 +3.5 +1.0
Balance of Payments (s/adj, A$ billions)
Current Account Q4 -19.35 -16.352 -15.78 June 3
Goods, Services Q4 -6.86 -4.79 -3.85
Building Approvals (Total dwelling units)
(s/adj, m/m pct) Mar -5.7 -0.8 -2.8 June 3
(s/adj, y/y pct) Mar -0.7 +0.5 +7.5
(trend, m/m pct) Mar -2.1 -1.9 -1.6
International Investment Position (A$ billions)
Net foreign debt Q4 609.95 585.76 548.24 June 3
Net foreign equity Q4 126.87 97.81 105.20
Gross Domestic Product (s/adj, chain volume, percent)
GDP (q/q) Q4 +0.6 +1.1 +0.9 June 4
GDP (y/y) Q4 +3.9 +4.3 +4.3
Balance on Goods and Services (s/adj, A$ mln current prices)
G&S Balance Mar -2736 -3261 -2227 June 5
Goods Balance Mar -2844 -3380 -2479
Services Balance Mar +109 +119 +52
Exports (m/m pct) Mar +4.0 -4.0 +2.0
Imports (m/m pct) Mar +1.0 +1.0 +5.0
ANZ newspaper & internet job advertisements
(s/adj, m/m pct) April +3.1 -0.7 -2.1 June 10
Dwelling Unit Commencements (s/adj, pct)
Total (q/q) Q4 +2.6 +1.3 -2.5 June 17
Total (y/y) Q4 +2.6 -0.8 -3.4
International Trade Price Indices
Imports (q/q) Q1 +2.2 -2.2 -5.5 Jul 18
Exports (q/q) Q1 +0.1 -3.2 -2.5
Producer Price Index (Final stage of production)
Final goods (q/q) Q1 +1.9 +0.6 +1.1 Jul 21
(y/y) Q1 +4.8 +2.3 +2.4
Consumer Price Index (pct)
CPI (q/q) Q1 +1.3 +0.9 +0.7 Jul 23
CPI (y/y) Q1 +4.2 +3.0 +1.9
Mkt sector G/S(q/q) Q1 +0.8 +1.1 +0.8
Mkt sector G/S(y/y) Q1 +3.5 +3.0 +2.5
RBA trimmed (q/q) Q1 +1.2 +1.0 +0.9
RBA trimmed (y/y) Q1 +4.1 +3.4 +2.9
RBA weighted (q/q) Q1 +1.3 +1.1 +1.0
RBA weighted (y/y) Q1 +4.4 +3.8 +3.2
House Price Index, weighted average of main cities
National (q/q) Q1 +1.1 +4.1 +3.7 Aug 4
National (y/y) Q1 +13.8 +13.8 +11.4
((Sydney newsroom, sydney.newsroom@reuters.com, tel:
+61-2-9363-1816))
Keywords: AUSTRALIA STATISTICS/DAILY
PRESS DIGEST-Australian Business News - May 7
Reuters: [2008-05-06 22:26:00]
Compiled for Reuters by Media Monitors. Reuters has not verified these stories and does not vouch for their accuracy.
THE AUSTRALIAN FINANCIAL REVIEW (www.afr.com)
Gavin O'Reilly has taken over as the new chairman of media group APN News & Media <APN.AX>. Mr O'Reilly is chief operating officer of Irish media group Independent News & Media <INWS.I> which is 26.7 percent owned by his father, Sir Anthony O'Reilly. Independent News has a 40.7 percent stake in APN. 'We are long-term, strategic shareholders [in APN],' Mr OReilly said yesterday at APN's annual meeting, where he formally took the reins from outgoing chairman James Parkinson. Page 60.
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Wine and beer group Foster's <FGL.AX> saw profit at its North American business drop 32 percent to A$98 million in the first half of 2007-08, according to data compiled by marketing information firm ACNielsen. Among the company's worst-performing brands in the United States were Rosemount and the California-made Beringer. Foster's blamed slackening consumer spending in the US, which caused a 1.1 percent fall in broader wine market growth in that country in the four weeks ended April 19. Page 61.
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Fine paper merchant PaperlinX <PPX.AX> yesterday shut down a key pulp mill in Victoria for six weeks for maintenance and development work. The Maryvale mill is due for a planned A$310 million upgrade early next year. According to a PaperlinX spokesman, the outcome of the shutdown will determine if the upgrade will be completed on time, and whether projected savings will be achieved. Broker JPMorgan says successful completion of the Maryvale project will 'create a powerful step change in earnings for PaperlinX.' Page 61.
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Diversified industrial group Futuris Corp <FCL.AX> has abandoned its plans to offload its 43 percent stake in Australian Agricultural Company (AACo) <AAC.AX>. 'None of the proposals arising from the sale process have certainty of execution or timing,' said Futuris chief executive Les Wozniczka. It is understood that potential private buyers of AACo were held back by the rising cost of debt in the wake of the global credit crunch. Futuris shares fell 5 cents to A$2.11 yesterday, while AACo shares dropped 6 cents to A$3.13. Page 61.
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THE AUSTRALIAN (www.theaustralian.news.com.au)
Banking and insurance group Suncorp Metway <SUN.AX> has announced a A$400 million raising in a convertible preference share (CPS) offer. Suncorp chairman John Story said yesterday the raising would help finance asset growth and reduce existing debt. The CPS securities, priced at A$100 each, will pay investors floating rate, quarterly, non-cumulative dividends. Suncorp expects the securities to receive investment-grade credit ratings of A- from Standard & Poors and A2 from Moodys. Page 37.
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IBM Australia <IBM.N> yesterday announced a 222 percent rise in profit for calendar 2007 to A$196.7 million on revenue of A$3.96 billion. IBM said a new executive team and strong performances by its services and software divisions helped pull the company out of a lacklustre patch in the previous two years. 'With the [new] leadership team in 2006, we came together and said if we represent ourselves to clients as one IBM, all the internal stuff will work itself out,' managing director Glenn Boreham said. Page 37.
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The ACP Magazines division of PBL Media will launch an Australian version of the successful British title Good Food in partnership with BBC Magazines. 'This will be a unique addition to the Australian food magazine market, fusing the strength of an internationally respected UK brand with Australian flair, expertise and individuality,' said ACP senior publishing executive Phil Scott said yesterday. The magazine will be launched next month at the Sydney Good Food Show. Page 37.
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Former Formula One Minardi team owner Paul Stoddart has sold his stake in charter airline OzJet to airfreight operator HeavyLift Cargo Airlines. OzJet chief executive Willie ONeill said the 'multimillion-dollar deal' would help improve the carrier's financial situation and enable it to boost investment. OzJet operates services to Norfolk Island, between Perth and Derby and between Perth and Bali in Indonesia. Page 37.
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THE SYDNEY MORNING HERALD (www.smh.com.au)
Troubled shopping centre group Centro Properties <CNP.AX> is today expected to seek what could be the last extension to its A$4.2 billion debt deadline. Chief executive Glenn Rufrano was last night understood to be in talks with bankers to secure a deal. One of the lenders, St George Bank <SGB.AX>, said it was confident Centro would get an extension despite the reluctance of problem-hit German bank WestLB to give Centro more time. Centro's main lenders include ANZ Bank <ANZ.AX>, Commonwealth Bank <CBA.AX>, National Australia Bank <NAB.AX> and JPMorgan <JPM.N>. Page 22.
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Insurer QBE <QBE.AX> extended for the second time its A$8 billion takeover offer for troubled rival Insurance Australia Group (IAG). The new deadline was set at 5 pm on May 19. QBE is offering IAG shareholders 0.142 of its shares in addition to 70 cents cash for every IAG share. 'The proposal has been extended to allow stakeholders more time to consider the impact of IAG's profit downgrade last week and the value of [QBE's] shares,' said QBE chief executive Frank O'Halloran. Page 23.
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One of the Commonwealth Banks listed office and retail trusts, Commonwealth Property Office Fund <CPA.AX>, announced a 4.6 percent rise in overall asset values for the three months to March 31. 'Although we expect to see a softening in demand, supply generally remains well in check to at least 2010,' said fund manager Charles Moore. He said the rising cost of debt finance and stricter lending policies being adopted by lenders may cause several development projects to be postponed. Page 23.
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A veteran Singapore Airlines executive, Chin Sak Hin, has been appointed chief financial officer of Singapore-based Tiger Airways, which launched domestic services in Australia in November. Tiger rejected speculation that the appointment signals greater control by Singapore Airlines <SIAL.SI>, which has a 49 percent stake in the low-cost carrier. '[Mr Chin] will no longer have a position with Singapore Airlines Group,' said a Tiger spokesman. Mr Chin is considered a close confidant of Singapore Airlines chief executive Chew Choon Seng. Page 23.
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THE AGE (www.theage.com.au)
Monash University management expert Peter Gahan warned that the skills shortage meant Australian companies could lose their competitive edge if they failed to invest in staff training. Professor Gahan said yesterday that some companies 'see the skills shortage as endemic and at a critical point [but] if it is so important why is it so costly for them to invest in this kind of thing?' His comments came in the wake of an Australian Industry Group report, which showed 60 percent of chief executives thought the skills shortage was serious. Page B2.
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Australias trade deficit narrowed in March with a 4 percent rise in exports to A$19.2 billion, Australian Bureau of Statistics figures show. The trade gap shrank to A$2.91 billion from a record A$3.46 billion in February as more iron ore, coal and wheat was shipped overseas. Exports make up about 20 percent of the nations gross domestic product. Page B2.
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The National Australia Bank May farm outlook report has predicted a 69 percent jump in Victoria's wheat production in 2008-09 to 3.1 million tonnes, despite continuing water shortages in some regions. NAB agribusiness economist Frank Drum forecast a 72 percent increase in winter crop output to 38.8 million tonnes, with wheat output expected to touch 25 million tonnes. Page B3.
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BHP Billiton <BHP.AX><BLT.L> said yesterday that structural problems at its A$1.16 billion Neptune oil project in the Gulf of Mexico would cause further delays and cost increases. The company has a 35 percent stake in the project, which it operates for a consortium including Woodside Petroleum <WPL.AX> and Marathon Oil Company <MRO.N>. BHP said it hoped to bring Neptune on-stream by the second quarter of the year, but the platform would require 'remediation to reinforce certain structural components in the hull's pontoons.' Page B7. -- ((Sydney Newsroom +61-2 9373 1800; sydney.newsroom@reuters.com)) Keywords: DIGEST AUSTRALIA BUSINESS
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PRESS DIGEST-New Zealand newspapers - May 7
Reuters: [2008-05-06 21:52:00]
WELLINGTON, May 7 (Reuters) - Following are some of the lead stories from New Zealand metropolitan newspapers on Wednesday.
Stories may be taken from either the paper or Internet editions of the papers.
Reuters has not verified these stories and does not vouch for their accuracy.
DOMINION POST(www.stuff.co.nz)
Second junior doctor strike begins: As the second wave of junior-doctor strikes starts today, district health boards are counting the cost, one saying the first round set them back NZ$1 million.
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Greenhouse officials look at cutting speed limit: Government officials are looking at cutting the speed limit by 10kmh - and charging motorists to drive in urban centres - as ways of cutting greenhouse gas emissions.
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KiwiSaver 'will lead to asset testing': KiwiSaver has come in for a bashing by a right-wing think-tank that labels the incentive-loaded scheme a "pointless and hugely expensive straitjacket" on the economy. - - - -
NEW ZEALAND HERALD (www.nzherald.co.nz)
Fuel taxes slammed as too big a burden to bear: Critics have condemned the "unacceptable" burden placed on New Zealand consumers by planned new fuel taxes and levies. - - - -
Govt gives industry breathing space: The Government has yielded to pressure from key industry sectors, including agriculture, and given them more time to adjust to a cost on their carbon emissions. - - - -
19 in court and more on the way: Armed police give town's residents an early start to day Gang supporters were ordered from court yesterday during the appearances of 19 people linked to the Killer Beez and Tribesmen gangs who were facing major drugs charges.
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((Wellington newsroom tel +64 4 471 4234, fax +64 4 473 6212 wellington.newsroom@reuters.com)) Keywords: NEWZEALAND PRESS
Next: TAKE A LOOK-Food price inflation