Little room for interest rate cut: Marcus

first_img9 May 2012 There is currently little room for a cut in interest rates, with South Africa’s inflation at the upper end of its target range, says Reserve Bank Governor Gill Marcus. “The current monetary policy stance is accommodative because of the persistence of the negative output gap,” Marcus told the the Swiss Chamber Southern Africa in Zurich on Monday. “However, the expected inflation trajectory suggests that there is limited, if any, room for further monetary accommodation at this stage.” At 5.5% for the past 16 months, the Reserve Bank’s key repo rate is at its lowest in over 30 years. South Africa’s inflation target range is between 3% and 6%.Global concerns always a factor “It is important to bear in mind, however, that this view is conditional on no significant adverse changes in the other factors that the MPC [the Reserve Bank’s monetary policy committee] takes into consideration when determining the stance of monetary policy,” Marcus said. “These include the domestic growth outlook and the continuing global fragility.” In March 2012, South African consumer inflation eased to 6%. The central bank expects it to return to within the 3-6% range by the end of 2012 on a “sustainable basis”, after which inflation is expected to remain close to the upper end of the range “for some time”. Marcus noted that capital inflows had caused greater volatility in currencies in emerging markets such South Africa than before, noting that extreme volatility brought about by excessive capital flows created problems for macroeconomic management.Reserve Bank ‘does not target a level for the rand’ On the issue of the exchange rate, Marcus said the Reserve Bank did not target a level for the rand. “There is an incorrect perception that the Reserve Bank attempts to keep the exchange rate strong in order to help with inflation. There is no doubt that an appreciating currency would have a moderating impact on inflation,” Marcus said. “But in order to sustain this moderating impact, the exchange rate would have to have a continuously appreciating trend, which is clearly undesirable and not feasible.” The Reserve Bank’s next decision on interest rates is expected following its monetary policy committee meeting on 24 May. Source: BuaNewslast_img read more

The Greatest Openings in Film History

first_imgA solid opening sets the tone for the rest of the narrative. Let’s take a good look at a few of the greatest openings in film history.The opening of a film is the hook that sets the tone for the rest of the film and gives your audience a look into what the narrative is all about. You can win or lose your audience with how you open a film. A great opening will capture the audience’s attention and keep them engaged, while a poor opening can cause the audience to disengage.We’ve gone through a rolodex of films and found the best of the best. These films utilized their opening to do exactly what we mentioned above: get the audience engaged and invested in the narrative. Between the films on this list there are a total of 74 Academy Award Nominations, with eight films taking Best Picture nominations.Inglourious BasterdsDirected by Quentin TarantinoNominated for eight Academy Awards, including Best PictureWith Inglourious Basterds, Tarantino quickly introduces the audience to Col. Hans Landa, the Jew Hunter played by the brilliant Christoph Waltz. Here Landa has a discussion with a farmer he suspects of hiding Jews from the Nazis. As the scene plays out, we watch as Landa is delightful and engaging… though things soon take a turn for the dark.Video from Pierre VellaTrainspottingDirected by Danny BoyleNominated for one Academy AwardWith Trainspotting, Danny Boyle gets the audience right into the action with this up-tempo character introduction. We are treated to a little insight into each character as Iggy Pop’s Lust for Life blares out and Renton gives his “Choose Life” monologue.Video from MovieclipsThe SearchersDirected by John FordThe opening scene from John Ford’s The Searchers is one of the most iconic openings in the history of the Western genre. We begin as the front door to the homestead opens and the silhouette of Martha Edwards moves to the front porch. Her husband’s brother Ethan (John Wayne) rides up to greet them after having fought in the Civil War. This opening introduces us to the main character as well as the character of Debbie, whom Ethan will go searching for after her abduction.Video from Bernardo VersianiVertigoDirected by Alfred HitchockNominated for two Academy AwardsWith Vertigo, Hitchcock does a fantastic job of setting the tension within the first few moments of the film through intense visual imagery. After such a jarring and shocking intro, audiences are compelled to see how Jimmy Stewart’s character will react to nearly dying and how he’ll handle the effects of the officer’s death.Video from MovieclipsThe PlayerDirected by Robert AltmanNominated for two Academy AwardsIn the opening of The Player, director Robert Altman introduces the audience to the main character, Griffin, who hears pitches for films — but who is also receiving death threats from a disgruntled writer. In addition to introducing the main characters, Altman’s opening gives us an inside look at the inner workings of a studio by using a long tracking shot, even as the characters on screen address long tracking shots in film. This opening is engaging and really gives the audience a wealth of knowledge into the character and the narrative ahead.Video from Single Shot Film Festival2001 A Space OdysseyDirected by Stanley KubrickNominated for four Academy AwardsKubrick opened 2001 with the audience sitting in darkness as ethereal ambient music played. Right away he has established a mood for the film. Then he breaks that mood by showing the title credits as Also sprach Zarathustra from Richard Strauss plays. He follows this up with the introduction to the dawn of man and his encounter with the Monolith.Video from MovieTitleScreensVideo from Art HistoryJawsDirected by Steven SpielbergNominated for four Academy Awards, including Best PictureWho can forget the opening to Jaws. It was both incredibly well shot using Spielberg’s signature tracking shots and low-light visual quality, but it was also incredibly frightening to audiences. This incredible mixture of innocence and chaos was a great way to start the film, as it foreshadows Chief Brody’s upcoming journey that ultimately ends in confronting the titular shark.Video from MovieclipsTouch of EvilDirected by Orson WellesOrs0n Welles begins Touch of Evil by having a character on screen show you exactly how long the opening shot will last as he sets the timer on the bomb. We then watch as one of the greatest single tracking shots in film history takes place. We follow the car around the border town and are soon introduced to our main characters. When the timer finally goes off, the first cut of the film takes place as we see the car explode, prompting Mike Vargas to conduct an investigation which fuels the plot of the film.Video from dreademarcoThere Will Be BloodDirected by Paul Thomas AndersonNominated for eight Academy Awards, including Best PictureFor six whole minutes at the start of There Will Be Blood we watch the silent hardships of Daniel Plainview as he mines for gold. Anderson perfectly foreshadows the harshness of the full narrative with this opening, but he also gives us a view of a working and uncorrupted Daniel before he gained his riches.Video from Critic PopGoodfellasDirected by Martin ScorseseNominated for six Academy Awards, including Best PictureTo say that opening of Goodfellas is a punch to the face is an understatement. We begin with an amazing title sequence from the legendary graphic artist Saul Bass, then we see a car driving down a darkened road. We immediately catch our first glimpse of the three main characters while they ride in the car and hear a noise that sounds like a flat tire. As Martin Scorsese loves to do often, he introduces us to the unapologetic violence that will exist throughout the film as Ray Liotta says the immortal words, “As far back as I can remember, I always wanted to be a gangster.”Video from Hartigan WesleyOnce Upon a Time in the WestDirected by Sergio LeoneBy this time in his career, Sergio Leone had become a master of visual storytelling. With the beginning of Once Upon a Time in the West, we watch as three men come upon an abandoned train station where they await someone. During this sequence the only sounds we hear are environmental. These sounds serve to heighten the tension as Charles Bronson arrives and tells the men, “You brought two horses too many.” This whole sequence firmly establishes the hero of the narrative, while also giving us a sneak peek at the quiet chaos of the frontier.Video from prytz1000Video from MovieclipsRaiders of the Lost ArkDirected by Steven SpielbergNominated for nine Academy Awards, including Best PictureWith Raiders of the Lost Ark, director Steven Spielberg gives us two of the most iconic shots in film history. Indiana taking out some of the sand in order to match the weight of the idol was fantastic, and then there’s the epic escape from the boulder. We are introduced to the adventurer side of Dr. Jones, which makes the revelation of him being an archeologist and professor all the more amazing.Video from FavoriteMovieClipsThe GodfatherDirected by Francis Ford CoppolaNominated for eleven Academy Awards, winner of Best PictureFrancis Ford Coppola did something with the beginning of The Godfather… he shrouded the main character in low light with darkness all around. This correlates perfectly with the dark dealings that surround the entire plot of the film. Coppola begins with a man telling an unknown Don Vito Corleone the brutal story of his daughter’s beating, only to reveal him after the man whispers in his ear. It’s one of the most iconic shots in film history and one of the best reveals of a main character ever.Video from CultScenesTVStar Wars: Episode IV – A New HopeDirected by George LucasNominated for ten Academy Awards, including Best PictureIn 1977, George Lucas changed the course of film history when Star Wars released worldwide. This opening sequence has become quite possibly the most enduring and most beloved film openings in history. The 20th Century Fox logo. The fanfare and erupting Star Wars title card. The powerful John Williams score. The legendary scrolling text. The incredible moment that Darth Vader’s Star Destroyer captures Princess Leia’s vessel. Taken together, it’s truly iconic.Video from Marcelo ZunigaGravityDirected by Alfonso CuarónNominated for ten Academy Awards, including Best PictureThere is only one film opening we could possibly put before Star Wars: the intense opening of Gravity. The full opening of Gravity plays out in real time for nearly twelve minutes. The absolute chaos that ensues is quite possibly the most intense film opening we have ever seen. As Sandra Bullock floats off into the darkness of space, the silence is deafening.Video from Alexander PavlichukDid your favorite film opening make our list? Are there film openings that you feel we should have included above what is listed? Sound off in the comments below.last_img read more

Writing judgments part of judge’s business: CJI

first_imgA day after the verdict on the Ayodhya dispute, Chief Justice of India Ranjan Gogoi on Sunday said writing judgments was part of the business of a judge and that the justice delivery system was not about liking judgments.He was speaking at a function in Guwahati to release the Assamese version of the book “Courts of India: Past to Present” published by the SC. Three other judges of the apex court attended the function.“This perhaps is my last public function. I don’t think I will miss it. I never liked talking in public. On the third of this month, there was a book release at the Indian International Centre where I spoke to my heart’s content,” Mr. Gogoi said.At that event, he had said that Assam’s exercise to update the National Register of Citizens was a much-needed “base document for the future”. He had also hit out at the “armchair commentators” who “seek to present a highly distorted picture” even as they are “far removed from ground realities”.At the book launch event, however, Mr. Gogoi said he would not be commenting on any contentious issues.“You don’t contribute to justice delivery system by liking judgments. Writing judgments is part of the business of a judge,” he said.An Assam government spokesperson said the CJI, set to retire on November 17, had gone to his newly constructed house in the city before attending the event to launch the book.last_img read more

Shell sued for failing to meet environmental agreements

first_imgAPTN National NewsThe Athabasca Chipewyan First Nation in northern Alberta is suing Shell Canada. They say Shell has failed to follow through on written promises to protect the local environment from tar sands damage, and they hope to halt a planned expansion of a nearby tar sands project. Eriel Deranger, a member of the Sierra Club, joins anchor Michael Hutchinson to talk about the legal move.last_img

Aimia shares nose dive for a second day after Nectar sale prompts

first_imgMONTREAL – The parent company of loyalty card Aeroplan faced another brutal day on the Toronto Stock Market as its shares plummeted Friday after rating agency DBRS warned about a possible downgrade on the sale of its Nectar business at a substantial loss.Shares of Aimia Inc. fell nearly 17 per cent to $2.31 in Friday trading on the Toronto Stock Exchange after losing 25 per cent on Thursday.Aimia sold Nectar to British retailer Sainsbury, which was a founding partner of the program in 2002, for $105 million. Net proceeds are expected to be just $34 million. The Montreal-based company purchased Nectar in 2007 for about $755 million.It is the largest part of Aimia’s international coalitions segment, generating a quarter of the company’s gross billings and 29 per cent of its adjusted EBITDA.Aimia says the sale of Nectar will allow it to focus on Aeroplan, its largest and most profitable business, and simplify its operations. It has suspended the quarterly dividend and shed hundreds of jobs.The company has been working to prepare for the end of its agreement with Air Canada.The airline served notice last year that it does not plan to renew its 30-plus year partnership when the current contract ends in 2020.DBRS Ltd. says the Nectar transaction weakens Aimia’s business risk profile because of the impact on its size and geographic diversification even though its total debt will be more manageable from using proceeds to repay $100 million of debt.“DBRS will continue to monitor Aimia’s customer engagement, reward redemptions and the competitive environment on a quarter-by-quarter basis,” it said in a news release.“Should mileage accumulation decrease and/or redemptions accelerate more than DBRS’ expectations, in the absence of new partnerships, divestitures and/or capital raises, a downgrade could result.”Adam Shine of National Bank Financial said the sale isn’t a surprise considering that Aimia has been selling assets outside of Canada and Nectar’s contract with Sainsbury was up for renewal next year.“The latter having increasing negotiating power, the price obtained was remarkably low,” he wrote in a report.Neil Linsdell of Industrial Alliance Securities says Aimia’s future value is dependent on repositioning the Aeroplan program after losing its preferred relationship with Air Canada.“The program will have the ability to survive, but likely on a smaller scale than it exists today,” he wrote, noting that it has to find a way to retain the interest of its five million members.Follow @RossMarowits on Twitter.Companies in this story: (TSX:AIM, TSX:AC)last_img read more

To fuel renewables growth India seeks bids for 5 billion in transmission

first_imgNEW DELHI: India will launch $5 billion of transmission-line tenders in phases, beginning in June, to route a targeted 175 gigawatts (GW) of power from renewable sources into the country’s grid by 2022, the secretary at the ministry of renewable energy said. India, the world’s third-largest emitter of greenhouse gases, has pledged to cut emissions and have clean energy account for at least 40 percent of its installed capacity by 2030, up from 21.4 percent now, while looking to manage its energy appetite as its population becomes more prosperous. Also Read – Thermal coal import may surpass 200 MT this fiscalThe renewable energy targets would require investment in feeder lines and infrastructure upgrades. India has awarded tenders for 12 GW of transmission lines since December, while bids for a further 16 GW will be launched by the end of June. Another 38 GW will be bid out before March 2020, he said. Building transmission lines for 66 GW worth projects would need an estimated investment of 430 billion rupees, the secretary for renewables, Anand Kumar, said. Also Read – Food grain output seen at 140.57 mt in current fiscal on monsoon boostIndia, which receives twice as much sunshine as European countries, wants to make solar central to its renewable expansion as part of the fight against climate change. Prime Minister Narendra Modi’s government has set a goal to raise solar power generation to 100 GW and wind to 60 GW by 2022. The other 15 GW would come from biomass and hydropower. Research analysts have been sceptical about India meeting its ambitious targets. Consultancy firm WoodMac and research firm CRISIL have said India would not meet its renewable energy target due to policy issues, including cancellations of auctions of tenders, rights to land use and tariffs. India has cancelled tenders for renewable energy projects with a capacity of at least 5 GW, saying the bid prices were too high. Solar and wind energy developers have also complained about the difficulty of leasing land and duties on solar equipment imports. But Kumar says the government must be careful not to buy power at any cost. “The mandate of the government is that we should buy power at a competitive price which is affordable,” he said. The government is determined to overcome roadblocks, and is in talks with states to ensure easy land availability. It has asked distribution companies to borrow from the government-run Indian Renewable Energy Development Agency to ensure timely payments to power producers. Modi’s government changed rules for the awarding of renewable energy projects in 2017, leading to higher competition, lower prices and greater acceptance of renewable energy.last_img read more

United reportedly agreed on first transfer for the summer

first_imgManchester United have reportedly reached an agreement with Lazio for the first newcomer to Old Trafford in the summer transfer window – Sergej Milinkovic-Savic.The Serbian is set to be the Red Devils’ first signing in the summer transfer window as the Premier League side has agreed with the Serie A team to acquire him for the hefty fee of 80 million pounds, according to the Hard Tackle.harry maguire, manchester UnitedMaguire says United need to build on today’s win George Patchias – September 14, 2019 Harry Maguire wants his United teammates to build on the victory over Leicester City.During the summer, Harry Maguire was referred to as the ultimate…Savic has become a well-known and often mentioned name in Europe ever since he arrived at Lazio from Genk back in 2015. He played a key role for his team in the last two campaigns as he has exhibited excellent defensive skills as well as an incredible passing ability, thus making him a perfect midfielder.Milinkovic-Savic has been able to score 13 goals and provide the assists for 9 others in a total of 46 appearances across all tournaments Lazio are participating – which explains the interest in him coming from all around Europe.last_img read more

Spain were the better team – Southgate

first_imgEngland coach Gareth Southgate has reflected on their 2-1 loss to Spain at Wembley and conceded they came up against a “tough test”.England scored the opener with a Marcus Rashford strike, but Spain came from behind to win the game 2-1 thanks to goals from Saul and Rodrigo.“They pressed us and we didn’t keep the ball well enough,” Southgate told Sky Sports, via Team Talk.“I have to give the players credit. We could have folded and disappeared. In the last 25 minutes, we came into the game and could have got a draw.“We are under no illusion that Spain were the better team for long periods. We are still at the early stages of what we want to do.David Villa, SpainQuiz: How much do you know about David Villa? Boro Tanchev – September 14, 2019 Time to test your knowledge about Spanish legendary forward David Villa.“They pressed well. It took us a while to work out where that was coming from and solutions to it. We are still finding our feet in playing out. We can go back to an old style but we will never be a top team. Or we stick with it and accept it won’t always work.“The system in Spain has produced some of the best midfielders in the world. We are a different profile of players who can’t play like they do. But we can move the ball. When we are match fitter we will function better up the pitch. It takes time. We have come a long way.“Today was a tough test in terms of pressing and a team who are so good in possession. We have to keep reviewing and looking at what we do. But we want to stick to the plan and get better at it.”last_img read more

Rooney talks all about England

first_imgThe English legendary footballer ended his international career with 120 caps with the Three Lions in the 3-0 win over the United StatesLegendary footballer Wayne Rooney is surely happy after he retired from international football with a 3-0 win over the United States in front of his fans at Wembley Stadium.“I’m happy with what I’ve contributed to the national team and I look forward now to the next few years and watching this team progress,” he was quoted by the BBC.“I know some ex-players I’ve spoken to can’t come to terms with England doing well.”“I wouldn’t say I regret never winning a trophy with England,” he commented.Jadon Sancho, Borussia DortmundCrouch: Liverpool could beat Man United to Jadon Sancho Andrew Smyth – September 14, 2019 Peter Crouch wouldn’t be surprised to see Jadon Sancho end up at Liverpool one day instead of his long-term pursuers Manchester United.“I have given everything when playing for England and I’ve tried to make us successful. Sometimes everything just isn’t enough.”“I’ve had my time and it didn’t quite work out in terms of trophies,” he added.“They called the team I played in the ‘golden generation’ but this team has also got superstars like Harry Kane, Raheem Sterling, and John Stones.”“This is a great young squad with other players who can come in if there are injuries,” he concluded.last_img read more