Monthly Archives: August 2019

Aug
17
  • Gold closes higher on the Comex

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    Gold prices have risen as a mixed US employment report forced investors to recalibrate their assumptions about the Federal Reserve’s future monetary policy.

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    Gold for April delivery, the most active contract, on Friday gained $US5.70, or 0.5 per cent, to settle at $US1,262.90 a troy ounce on the Comex division of the New York Mercantile Exchange. This was the highest settlement price since January 27, when futures closed at $US1,263.40 an ounce.

    The Labor Department on Friday reported that the US economy added 113,000 new jobs in January, well below forecasts of a 189,000 increase. The disappointing data fanned hopes that the Federal Reserve would keep its stimulus program in place for longer than previously thought, sending gold to the day’s high of $US1,272 an ounce.

    However, gold futures were unable to hold those intraday highs. Some market participants pointed to bright spots in the jobs report such as the upward revisions to November’s employment data as well as a month-on-month improvement from December.

    “It’s a bad report, but I think you’ll need to get another one or two pretty bad ones before the Fed makes a move,” said Bob Haberkorn, a senior commodities broker with RJO Futures in Chicago.

    The Fed voted last month to reduce its monthly bond purchases by $US10 billion to $US65 billion, continuing the tapering process it started in December. Gold had benefited in recent years from the Fed’s efforts to spark the US economy to life, as successive rounds of bond buying fanned investor fears of high inflation or a weaker US dollar and many purchased the precious metal as a hedge. However, gold fell 28 per cent in 2013 on expectations the Fed will start reducing its bond-buying program.

    Bill Baruch, a senior market strategist with futures brokerage iiTrader, said that gold’s lacklustre performance is in part because recent labour-market weakness could be explained by poor weather. Much of the US has been blanketed in snow during parts of December and January, disrupting people’s ability to find jobs in key industries like construction.

    “These bad reports can be blamed on the weather, so that’s keeping the market in check,” said Bill Baruch, a senior market strategist with futures brokerage iiTrader in Chicago.

    In the equity market, US stock futures initially fell following the jobs report only to rebound shortly thereafter. The S&P 500 was up 1.1 per cent in recent trade. Gold is considered less risky than stocks and tends to lose favour with investors when equities are doing well.

    Settlements (ranges include open-outcry and electronic trading):

    London PM Gold Fix: $1,259.25; previous PM $1,256.50

    Apr gold $1,262.90, up $5.70; Range $1,255.50-$1,272.00

    Mar silver $19.936, up 0.8 cent; Range $19.755-$20.090

    Apr platinum $1,379.20, up $4.30; Range $1,374.40-$1,392.30

    Mar palladium $708.80, down $1.55; Range $708.00-$715.00

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Aug
17
  • Moyes searching for killer instinct as United struggle again

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    United enjoyed the lion’s share of possession but could not turn their dominance of the ball into the solid currency of three points and were undone in the 94th minute when Fulham’s Darren Bent grabbed a late leveller.

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    “We deserved to get back in the game and we deserved to win it, but we gave away a diabolical second goal,” Moyes told reporters.

    “We should have made it 3-1 and it was really disappointing that we didn’t do that. We should have seen the game out.

    “I don’t know if we could have done an awful lot more. We completely dominated the game and should have won it comfortably.”

    He added on MUTV: “We needed to take the opportunities that were given to us, like some of the half chances.

    “I don’t think anyone can really say we did a lot wrong, we tried to play it, get it wide at the right times. What we needed to do was get the third goal when we were 2-1 up.”

    The draw was a blow to United’s hopes of qualifying for next season’s Champions League and left them in seventh place, nine points adrift of Liverpool in fourth.

    United’s leaky defence were undone after 19 minutes when Steve Sidwell was left unmarked to sidefoot home a pass from Lewis Holtby.

    The champions set up camp in the Fulham half but did not find a breakthrough until the 78th minute when Robin van Persie finished from close range.

    When Michael Carrick’s deflected effort gave them the lead it looked like United were set to complete a deserved victory, but out of nowhere Bent headed home in stoppage time to leave Moyes scratching his head for answers once again.

    “I was probably the most relieved person (when we went 2-1 up) because I thought ‘my goodness’ as we needed to win the game,” Moyes said.

    “Even in the last five minutes Fulham weren’t even coming up for the ball, we were keeping the ball and they weren’t necessarily trying to score an equaliser – but somehow they did…

    “But maybe there were a few things today that we didn’t quite do well enough. Maybe our finishing wasn’t quite good enough and bits of our defending weren’t quite good enough either.”

    (Reporting by Toby Davis; editing by Rex Gowar)

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Aug
17
  • Grumbles drowned out as Sochi party gets under way

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    As the $51-billion (31.

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    09 billion pounds) Winter Olympics got into full swing on Sunday, the answer from spectators, seeing the Olympic Park up and running for the first time, was a resounding “Yes”.

    “It’s just fantastic,” Sergei Klyuyev, from the Adler area where the park was built, said as he walked through with his family, admiring the state-of-the-art stadiums and enjoying the party atmosphere.

    “There’s been building work here for five years but look at all this around us. We regret nothing, not even the cost.”

    Some Sochi residents are still angry that hosting the Games meant turning the city into what even President Vladimir Putin described as the world’s biggest construction site, and have set up a website – Blogsochi.ru – to vent their spleen.

    In the heart of the sub-tropical city on the western edge of the Caucasus mountains, cranes still tower over half-finished apartment blocs.

    But the critics were nowhere to be seen at the venues far from central Sochi as the Games began, partly because some have been barred from travelling to Sochi and partly because of the good impression created by the new stadiums.

    Putin hopes the Games will portray Russia as a successful and thriving modern state, and protests would threaten that.

    “There are definitely people who had a hard time of it here,” said Yevgenia Mertilova, referring to the hundreds of people whose homes were razed to make way for Olympic buildings and were mostly housed elsewhere by the state.

    But, as she walked beside the main Fisht stadium with her nine-month-old baby, she said: “Look how good these stadiums are. After the Games there’ll be a trade centre here, which can only be a good thing. I’m impressed.”

    “BETTER THAN 1980”

    On one side of the park, men in red peasant tunics and women in colourful blue and white dresses performed traditional dances to the music of balalaikas.

    In the centre, the Olympic flame burned fiercely in its cauldron towering over the park. In fountains beneath it, shoots of water rose and fell to the music of Pyotr Tchaikovsky.

    “I was at the Moscow Olympics in 1980 and this is much more grandiose,” said Nadezhda Kharitonova, a woman in her seventies who was dressed in her red Sunday best as she walked hand in white-gloved hand with her husband.

    “It’s all down to Putin. Without him, it would never have happened. Whatever the cost, it was worth it,” she said.

    That will be music to Putin’s ears after months of carping at home and raised eyebrows abroad over the high cost, plus criticism of his stance on gay rights.

    Russia’s first medal of the Games brought whoops and cheers from a crowd watching on a big screen, and concerns about security seemed to have been forgotten as security officers patrolled the perimeter fence on horseback.

    There were, however, a few in the crowd who were still unhappy at the hefty price tag.

    A man who gave his name only as Vasily said he had taken leave from his job as a clothes designer to work as a cleaner at the Games so that he could soak up the atmosphere.

    “It’s a once-in-a-lifetime event. I wanted to see it from the inside,” he said, a broom in his hand. “It’s all amazing but of course the cost is too high for Russia. You should really think more about the many poor people.”

    Putin says the Olympic construction will give the city and region an economic boost. Critics doubt this and Blogsochi.ru posted its latest criticisms as the Games got going.

    “Because of the Olympics endless queues have appeared in Sochi like queues for sausage in Soviet times,” wrote Alexander Valov, who has repeatedly used the website to draw attention to problems in Sochi.

    But even he wrote of an “unforgettable experience” at the Olympic Park and the criticisms on the site were interspersed with entries celebrating Russia’s first medals at the Games and unusually positive interjections such as: “Hurrah! Well done!”

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Aug
17
  • Residents recall terrifying Victorian fire

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    Residents have described scenes resembling an atomic bomb blast as they packed children into cars to escape a blaze that destroyed three homes and threatened many more at Warrandyte in Melbourne’s northeast.

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    Hundreds of people packed a school hall in neighbouring Park Orchards on Sunday night where residents heard how fire destroyed three homes and damaged another.

    Follow the latest bushfire emergency updates

    Marisa Dantanarayana, who lives in the street where the fire started, said she left on Sunday afternoon after seeing smoke.

    “I’d just got home after being out with my kids and I just smelt smoke … I saw billowing smoke and I just knew it was so close that we had to get out,” she said.

    The fire started in the the middle of a residential area about 1pm and burned within a 10 hectare area.

    During the meeting several residents thanked the local Country Fire Authority for their efforts, inspiring loud applause.

    Ms Dantanarayana said the actions of the CFA probably saved her home.

    “They (the CFA) were there so quickly … they had 52 trucks right in our street area, that’s just unbelievable, they do a fantastic job,” she said.

    Bijal Latham said her parents live in Warrandyte and left their home as soon as they saw the fire from their backyard.

    “Mum and dad saw it and everything just went up and it looked like an atomic bomb had just been dropped,” Ms Latham said.

    Sara Longo could see flames about 400 metres from her home and said she left with her two children.

    “I was in the pool and I was swimming with one of my sons and I could see the smoke and the flames,” she said.

    “I just got my kids, I had to get dry and got dressed, get in the car and get out.”

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Aug
17
  • Off-screen drama at Berlin film festival

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    The longer, more explicit version of scandal-courting Danish director Lars von Trier’s sex addiction opus Nymphomaniac Volume I premiered to cheers at the Berlin film festival on Sunday.

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    But while the no-holds-barred director’s cut of the film generated excitement at the 64th Berlinale, the antics of the cast and crew threatened to upstage the screening.

    Von Trier, 57, who took a “vow of silence” with the media after being booted out of Cannes for a maladroit Nazi joke to reporters in 2011, showed up at a photo call wearing a “persona non grata” t-shirt with Cannes’ golden palm leaf logo.

    He refused to join the subsequent news conference, leaving his stars Stellan Skarsgard, Shia LaBeouf, Christian Slater, Uma Thurman and newcomer Stacy Martin to face the press.

    But when fielding his first question, about doing a movie with so much sex, a scowling LaBeouf quoted French footballer Eric Cantona’s infamous insult of a pesky press corps.

    “When seagulls follow the trawler it is because they think sardines will be thrown into the sea,” he said.

    The 27-year-old actor, wearing a dirty baseball cap and chomping on chewing gum, then marched out of the room, drawing stunned smirks from the rest of the cast.

    The main event, the world premiere of the uncensored, two-and-a-half-hour-long Nymphomaniac Volume I, nevertheless went down a storm at an afternoon press preview.

    The movie, which screened out of competition, tells the story of Joe, played by Anglo-French actress Charlotte Gainsbourg, and her sexual awakening from birth to age 50.

    For a film with major Hollywood actors, the erotic encounters leave little to the imagination, complete with full-frontal nudity and explicit sex acts filmed using porn actors as doubles and prostheses.

    Martin, a model in her first film role, said that she developed a relationship with von Trier and her on-screen lovers which allowed her to abandon her inhibitions.

    “I’ve always really loved his films so for me the sex scenes really were part of the film and I trusted Lars… so immediately it makes the job much easier,” she told reporters.

    “I wasn’t nervous. I didn’t really have anything to lose, being my first film.”

    Thurman, who turns in a fierce, hilarious performance as a wronged wife and mother of three, said von Trier’s more theatrical approach to filmmaking with extremely long takes was refreshing and lively and exciting.

    “Lars wrote this basically fantastic monologue — this fury of a woman scorned,” she said.

    “It was a really great challenge to memorise seven pages of Lars’ female diatribe of rage.”

    Producer Louise Vesth said the version of Nymphomaniac Volume I seen in Berlin included more graphic footage than the film that has already released in some markets.

    “The sexual content is more explicit in the long version than the short one,” she said.

    “It’s not like it’s another story, it’s kind of all the material that Lars wanted to use from the shooting is in the long version and therefore you will have a deeper feeling of the topics discussed in the film.”

    She said it was not yet clear when the uncut Volume Two at a length of around three hours would be shown.

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