On the Blogs: The Economy of the ‘Lucky Country’ Is at Risk From Its Lack of Diversification

first_imgOn the Blogs: The Economy of the ‘Lucky Country’ Is at Risk From Its Lack of Diversification FacebookTwitterLinkedInEmailPrint分享Satyajit Das for Bloomberg View:If Australia is an economic miracle—the so-called Lucky Country, beneficiary of more than a quarter century of uninterrupted growth—then its banks are its most visible sign of strength. In fact, though, this ruddy good health masks some deeply worrying trends. The balance sheets of Australia’s biggest banks are far more vulnerable than they may seem on the surface—and that means Australia is, too.Australian financial institutions have made the same fundamental mistake the rest of the country has, assuming that growth based on “houses and holes”—rising property prices and resources buried underground—can continue indefinitely. In fact, despite a recent rebound in Chinese demand, commodities prices look set to remain weak for the foreseeable future. Banks’ exposure to the slowing natural resources sector has reached nearly $50 billion in loans outstanding—worryingly large relative to their capital resources.Pundits have been saying for years that Australia needs to diversify its economy, boosting services exports—primarily tourism, education and health—rather than continuing to depend on resources and debt-fueled property growth. Banks need to do the same, reducing their exposure to the housing market and the mining industry. At the same time, they should move swiftly to shore up their balance sheets, aggressively increasing bad-debt reserves, raising capital and gradually trimming dividends. Even their otherwise enviable luck can’t last forever.In Australia, All That Glitters Isn’t Goldlast_img read more

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Man swerves to avoid pedestrian, crashes

first_imgLaurel, In. — An Oldenburg man was injured in a Thursday crash in Franklin County.Franklin County Sheriff’s deputies responded to a single car accident on Bullfork Road near Davison Road at 3:49 p.m. At the scene, Zachary Roberts, 22, told police he swerved to avoid hitting a person when he left the roadway and struck an embankment.Roberts was transported to Margaret Mary Health for treatment. There is no other information about the pedestrian.last_img

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Bassarath displeased with Tendulkar stand-naming

first_imgPORT OF SPAIN, Trinidad, (CMC) – Trinidad and Tobago Cricket Board(TTCB) president, Azim Bassarath, has made clear his displeasure at a stand at the Brian Lara Stadium being named after Indian batting legend Sachin Tendulkar.Speaking on the contentious issue this week, Bassarath contended there were a host of outstanding former West Indies players from Trinidad and Tobago who were more deserving of the honour.“Why not name a stand after Deryck Murray and I call Deryck Murray’s name first,” the outspoken administrator said.“Why couldn’t we name a stand after Ian Bishop, Gus Logie, Raphick Jumadeen, Larry Gomes – we have a number of people [like] Sonny Ramadhin who had lived just a stone’s throw away from the stadium.“They are great Trinidadians who have made significant contributions to West Indies and Trinidad and Tobago cricket.”It emerged earlier this week that the North West Stand at the Stadium would be named after the Indian icon, who holds the record for the most career runs in Tests with 15 921 from a record 200 matches.He and Lara were contemporaries and are often regarded as the two finest batsmen of the modern era.Chairman of the Sports Company of T&T, Michael Phillips, said the decision to name the stand after Tendulkar, had been on Lara’s advice.Bassarath also took issue with the appointment of a board to run the stadium, stressing the TTCB had been kept out of that decision.“I wasn’t aware that a board being appointed and the Trinidad and Tobago Cricket Board was not consulted and was never consulted with respect to the naming of a board to run the stadium.”last_img read more

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Olympics president talks at USC

first_imgIn the midst of the athletic department’s yearlong celebration of USC’s Olympic successes, International Olympic Committee President Jacques Rogge spoke Wednesday at Town & Gown as part of Annenberg’s Sports and Social Change Speaker Series.Sporting events · Alan Abrahamson, a professor of journalism who covered the 1984 Summer Olympics, asked International Olympic President Jacques Rogge about the economic impact of the Olympics on host cities. – Matthew Wunderlich | Daily TrojanThe discussion, hosted by Alan Abrahamson, a professor of journalism, covered a variety of topics, including the 1984 Summer Olympics, held in Los Angeles, and focused on the Los Angeles Memorial Coliseum.“The 1984 Olympics left a tremendous legacy for this city,” Rogge said.Because Italian Premier Mario Monti had ended Rome’s bid for the 2020 Summer Games because of financial concerns on Tuesday, the conversation turned quickly to the sustainability of the Olympic ideal and the impact of real-world incidents on the Games.“Sport is not in a vacuum,” Rogge said. “Sport is part of society.”Scott Blackmun, CEO of the United States Olympic Committee, also spoke at the event and highlighted the financial and logistical difficulty of hosting the Olympic Games on U.S. soil, stating the USOC was hesitant to submit a bid for the 2022 Winter Games.“So much of the process depends on the [surrounding] circumstances, including support in Washington, D.C. … and the mood of the nation,” Blackmun said.USC — which has had 393 total athletes associated with the university compete in the Games — and Southern California are intrinsically tied to the Games, Abrahamson said.“There’s something special about Southern California,; it’s the weather — it’s great training conditions,” Abrahamson said. “[And] of course USC is a fantastic world-class university that has some world-class coaches and thinkers. Who wouldn’t want to be here?”USC’s 258 combined Olympic medals — 122 of which are gold — would rank USC No. 18 among countries if the university competed as a country. Many of those medals have come as a result of the USC men’s and women’s swimming and diving team, coached by Dave Salo.“It’s unwritten law that [this team is] not just a collegiate program; we’re responsible for training athletes for the Olympic Games,” Salo said.Salo, who will serve as an assistant coach for the women’s swim team at the 2012 Olympics in London, has seen support from the athletic department and the administration.“USC really supports our presence on the Olympic team,” Salo said. “It’s very important to USC. [Athletic Director] Pat Haden has clearly demonstrated that we want to celebrate our Olympic heritage and that we want our coaches, whatever sport, on Olympic staffs.”Swimmer Rebecca Soni, who medaled three times — one gold, two silver — at the 2008 Olympics while still a student at USC, is now part of Salo’s extended graduate program, which combines with the undergraduate program to give USC “one of the world’s greatest swim programs,” according to Abrahamson.Kevin Rutkowski, a junior majoring in political science and theater, said USC’s persona encourages the success the school’s alumni have seen at the Olympics.“We have the resources available and the drive to compete [at USC],” Rutkowski said. “We do our best to balance sports and academics and we all try to excel in all fields, which attracts better athletes.”last_img read more

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