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This series of our articles is Jammu and Kashmir agricultural development centered. There may be duplication of some or other of the articles in this and other websites.It is designed for the state of Jammu and Kashmir, but may be of interest to the world whole also espacilly similar ecosystems.
INTRODUCTION
Superior productivity gains can be achieved through the application of technology and production recommendations to farmers on the ground. We have 65% of small and marginal farmers whose sensitizing potential low. The production system in place with these farmers is a mixed farming or composite. Unlike U.S. and European agriculture our necessity is to increase "opportunities for culture" Rather than production gains Comodity.
MIXED MODULES agricultural are OUR NEED
A mixture of Agriculture and University Education has UPS is our necessity. We at stray current to our needs. Quick and prompt action is necessary to unify our educational system, involving all agriculture and disciplines, industries, companies and institutions to farmers.
DAILY GREEN REVOLUTION
It should be noted that the years Indian pride of green agricultural revolution after 1968 saw the reduction of food imports and eventually win white, blue and other revolutions supported our population pressure and agricultural growth. Our agricultural growth rate needs equal if not more, at the rate of growth of population (PMP). Our goal should be AGR double the PGR. This is important because the rate of consumption, purchasing power and employment / income opportunities increase.
FOOD GRAIN SECURITY
A food grain estimated at 210 million tonnes at present may be necessary to double in the next 10 years. Our goals of higher productivity through vertical expansion as the horizontal expansion of land is not possible. our target of 4 t / h of rice or wheat are self-sufficient Jammu and Kashmir, a database of food security is necessary 5t/h.On us have an average of 2-3 t / h of rice and wheat production is less in the state. The combination of vegetables, fruits and other pulses, we can be relatively better off in the future. The per capita food grain consumption is slightly more than the rest of the Indian state because the coldest and more calories are needed.
Currently experimental PERFORMANCE
Under our experimental stage and even in experimental trails miniskirts our overall productivity in the ranks of rice between 5-6T / h, Wheat 3-4 T / h, corn 3-5 t / h. The peak experimental production of 8-10 t / h Variety was reported.The other details have been reported Wani, 2007.and is also available on this site. The increase in paddy yield, from 1947 to 2009 have been raised from 40 to 50 barrels a Kanal (i/8th an acre and the extent of land in J & K) to round 350 kg to400 a realization kanal.This was possible under irrigation ensured with the use of both biological, organic and chemical fertilizers. experiences Biological made under our supervision in a project IVLP showed higher output of 2 q / ha with the change of a wooden plow iron plow called Shalimar plough.The use of farm yard manure in both green and reduced use of chemical fertilizers and increase productivity.Due less than 1/10th of the recommended use of fertilizer or one used in the Punjab we are better off in Jammu and Kashmir, especially in terminal ends in the mountain regions.We can directly SWITCH organic farming of all dried fruits and vegetables out with,
Crops
crops such as mushrooms, honey, flouriculture, poultry and dairy farming sheep for meat production have an enormous potential development.The for aquatic plants and forests and naturally growm shrubs and herbs have a market and economic trememdous bee viability.The keep as polinizers and even around the Dal, lakes and other Wular have enormous potential for honey production rich in iodine can reach exorbitant prices on the world market and can be used by the patients thyroid insufficiency and gout.
LOCAL DISEASE resistant genotype
A variety of vegetables that grow their own location on the forest bare and bunds and other nomame kand nunar called is rich in other iron.Many Weeds growm self use as best vegetables and nutririve may be the best soil binders and suppliers of organic matter, vegetation cover for rainfed agriculture and bare land eroded addition livestitritive cock fodder and human and lack of support for nutrition and nomaids tribials.There a number of local genotype that develop their own in our dry, wet and marshy lands. Sequential DNA Mappling is necessary about their culture and nutritious value.There potential and propagation must give readymade organic. sustianable and low basic input and security.The food mapping is to reveal their properties and we can plan and spread them, such a model for cashmere goats on the fine was performed by the author with a successful outcome for the whole pashmina industry, the attempt referred saved our precious genetic heritage, This gene bank was wise being diluted with other Russian and Mongolian race DON goats.The cross was stopped by the author and therefore retained the gene pool of our low yielder, but giat diameter Cross breeding.Similar attempts to conserve and preserve vegetables local rice, nuts and gene pools ffruit mfishmanimal must be retained and enhanced by the use of biotechnology.
seed multiplication
We have developed numerous disease resistant and high yielding varieties in paddy research center rice seed multiplication Khodwani.The is slow and needs a good central state, the ICAR-skuast convergence, which has not been forthcoming for problems level.A top policymaking must be done to use the available agricultural and allied graduates to raise public-private banks.We Seed partnership mode needs of 10,000 quintals of rice seed by annum.We only party of all available land in our KVK, but are not able to produce hundreds of quintals of paddy of the association and public-private partnership led seed.The too marginal an important increase.The only solution provide agricultural seed is the path of flooding is available for two of three years, the IRS is a proposal yet to be tried in the state.Alternatively let us use these flood channels and use the unemployed graduates to harness agricultural seed revolutions in the State of Jammu and Kashmir.The Flood risk is only once in five years which may be sustained by the benefits or insurance coverage available for such careful planning ventures.A cut may even prevent these risks too.
Planning at national level
. Similarly the production of 100 million tonnes of wheat 25 million hectares needs a 4t/hac.Jammu-et-Cachemire productivity is 1 / 100 th of the country, so we need one million tonnes of wheat and rice to feed our population crore each. Our population growth is slower than the rest of the states. Purchasing power is better than the farmer means or the person in India. We aim to double our productivity per hectare needs more technical manpower in extension, industry and the gross root level. Climate disasters, earthquakes, tsunami Titanic, floods have affected our agricultural production in past and additional requirements must be considered in planning for food security. We need to increase spending Per capita consumption of Rs 600 per month. We need to bridge the gap between potential and actual yields in farmers. The Chemical Hazards agricultural fertility of poor soils, low water availability, pollution and environmental concerns impede our agricultural development. Thus, technical sophistication, participatory research and training modules are required. The new pressures of global marketing. Global trade and tariff regulations must be reconciled. All this information service must incorporate new themes such as post-harvest management, value added, packaging, communication and credit market in our curriculum. Thus, a new multidimensional curriculum change is planned.
"We feel proud to call ourselves as the second largest agricultural research system (ARS) in the world. When we review our performance, we are no share among the top ten of most cited publications in the agricultural world. The United States tops the world list with 3, 62, 79842 cited publication / year with small countries like Switzerland at No. 10. The scientific production in agriculture is highest in the United States with 27 lakh publication / year, followed by Japan, Germany, United Kingdom, France, Canada, Italy, Russia, China and Australia. Our contribution to the publication Agriculture is 5.48% only with us a summons to 2.32%. This requires more emphasis on quality assurance. Our main program must be of quality, accreditation, wanted to know, evaluation skills and skills and academic audit. Quality assurance means to strengthen the resources, information and maintenance of educational infrastructure. We therefore need to regulate subsidies and Centre-State relations rational ", has said a group of experts associated with the author of this report.
ICAR grant system
We have central universities Agricultural and 200 general universities, 48 faculties of agriculture. Whole disciplines requiring subsidies may be strengthened in five years by grants 1Cor each discipline of quality assurance. We produce 10,000 under graduate, graduate Post 5500 and 1600 Ph.D. in agriculture every year. They add to the pool of unemployment. To make the self-employed in new enterprises and jobs increased, they need to strengthen skills in the global economy and trade policies. Biotechnology, Bio Information, Bio fertilizers pesticides and fungicides. New development of teachers in all universities and colleges must be executed within the next 5 years. Such as information Parasites and investigation management analysis, decision support and geographic information system. A new trust must be given to integration of curriculum practices on the ground in a partnership mode with the farmers. A teacher-student-farmer-industry interaction and cooperation is to be integrated, unified and refined at the end results. This requires harmony between faculty and others and synchronization curricula at UG, PG and PhD. It must be refined for our area and location requirements of agriculture extension guide changes in the world and much emphasis is now on community outreach mechanisms to bring about lasting change. The factors that make groups of farmers managed to disseminate information and technologies need detailed analysis. A mixed methodology, the approach to several stages is used to obtain data.
About the Author
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That heavy thump you heard from stockmarkets around the world, especially in the US with the 9% fall in the Standard & Poor’s 500 index on Wednesday, was the sound of the last rose coloured glasses falling from the noses of investors, commentators and investment analysts who have finally accepted that the globe is heaving into a recession, led by the tottering US, UK and European economies.After falling Wednesday, European markets again fell heavily Thursday, but the selling wave in the US slowed as investors accepted the new reality. In fact Wall Street bounced strongly in late trading.
Resources were heavily hit as big investors abandoned their last defensive position.
Wednesday and Thursday saw a collection of figures, reports and comments that confirmed that the global economy will drop below the International Monetary Fund’s idea of a global recession in 2009: that’s global growth of 3%.
It is now clear that the US economy is sliding, nastily, but speedily into a slump the like of which we haven’t seen this side of World War 2. US consumers, who carry the US economy on their backs by generating 70% of annual activity, are being battered into submission.
Consumer spending, consumer credit and retail sales are all falling at levels not seen for decades. There is every chance that October’s and November will see declines even sharper than we have seen in August and September.
The monthly investment manager’s survey from Merrill Lynch, released overnight, says “Investors are waiting for the right conditions to return to equity markets amid the most pessimistic outlook yet recorded”
The survey, completed as global equity markets fell in value by 18.7%, shows that almost seven out of 10 respondents (69%) believe that the global economy has entered recession, up sharply from 44% one month ago.
Growing risk aversion has led to a record 49% of respondents who are overweight cash.
The number of respondents who believe equities are undervalued has reached a 10-year high, at 43%.
“Fund managers are waiting for the triggers that will give them the confidence to buy,” said Gary Baker, head of equity strategy at Merrill Lynch.
What they are looking for is a loosening of monetary conditions and for third quarter earnings to clarify where problems and opportunities lie across equity markets.”
But the survey showed that respondents appear to be placing little or no credibility in consensus earnings estimates for the year ahead. A net 92 % of respondents regard estimates as “too high,” and more than half say estimates are “far too high.”
At a time of global pessimism, the gloom is no more concentrated anywhere in the world than in Europe. A net 41%t of global asset allocators are underweight euro zone equities. Europe has now assumed the UK’s mantle as the world’s least popular destination for equity investment.
The survey also found U.S. fund managers are now much closer to fully accepting what they expect will be a deep and prolonged U.S. recession.
“In our view, however, it is too soon to say we have reached a bottom in equity markets given the current financial market turmoil,” said Sheryl King, senior US economist at Merrill Lynch.
Oddly enough, we should be relieved by this information because there’s something comforting by an acceptance of an impending or developing recession.
I’d much rather face that than the absolute fear and loathing we saw on markets last week in the global credit panic.
That’s not to say the pressures from the panic have gone: they are still with us, but Wednesday and yesterday’s weakness on global markets was more an old fashioned acceptance that economic activity is sliding and that there will be more pain and suffering before we get through it.
But not an absolute and stunning collapse.
We are not out of the woods by a long way, but if central banks and governments hold their nerves, we could get away with just a severe economic mauling instead of a replay of 1932-33.
So what happened?
The US Fed said that economic activity had worsened across all of its 12 reporting districts across the country with falling activity in retail, financial services, housing, tourism. The Fed’s beige book survey of economic conditions revealed pervasive weakness, with tight credit, deteriorating consumer spending and a weak labour market across the nation.
Fed chairman, Ben Bernanke and the head of the San Francisco Fed, Janet Yellen, both made it clear, in their own way, that there was no quick fix or early rebound for the slumping US economy.
That hopes of a recovery in 2009 were misplaced, and 2010 might see some improvement.
US industrial production fell sharply last month, hit by storms, slumping demand and the credit crunch. The Fed said the drop of 6% was the largest for 24 years and production would have dropped even if there hadn’t been storms in the Gulf and a strike at Boeing.
Another Fed survey in Philadelphia showed a sharp contraction in manufacturing in the area, while the commercial paper market again shrank, but the rate of decline is slowing as the Fed starts lending money to leading companies.
US retail sales fell 1.2% in September, almost double the fall forecast by economists as cars, food and every category saw weakness. Sales on internet auction site, eBay off 1% in the quarter, the first fall in history of the company.
The fall left retail sales 1% lower than a year earlier, signalling that consumers withdrew substantially from US shops and malls in the month.
A leading member of the US Federal Reserve, Janet Yellen, head of the San Francisco Fed describing the US economy as being in “appearing to be in recession” and worryingly warning of the chances of inflation falling away next year in the US to replaced by price deflation.
The New York Fed produced its general economic index that had its worst reading since it started back in 2001, when the last US recession was starting.
In good and bad news, US producer prices fell for a second month in a row as oil and fuel costs fell, and demand eased.
The US Labor Department reported that prices paid to US producers fell 0.4%, while core price rose 0.4%. It’s a sign more and more American companies are finding it tougher passing higher costs on up the production chain.
US consumer price inflation was better than forecast because of the fall in oil prices and slumping demand: they eased 0.1% for the second month in a row and rose 0.1% on a core basis. Inflation over the year to September was up 4.9% from 5.4% in August.
The fall in retail sales was the third in a row, and the deepest: it was driven by that 27% fall in US car sales in the month and falling levels of demand caused by the credit freeze as consumers were refused credit, or stopped buying on the cards.
Economists say that with retail sales down in the September quarter (and consumer spending and credit also lower) its looking certain that real consumption will fall for the first time in a quarter in the US for 17 years.
In Europe, Germany, the continent’s biggest economy, has slashed its growth forecast dramatically.
The German government says growth for 2009 from 1.2% 0.2%, reflecting the rising international risks for the economy, although it warned the precise extent of the slowdown would depend on the severity and duration of the financial crisis.
The new estimate matches the joint forecast published by the country’s leading economic institutes in their regular Autumn report on Tuesday. The institute also issued a worst-case scenario that could see Germany’s economy shrink by 0.8% in 2009..
The fall in retail sales is making US retailers and forecasters increasingly wary about the highly important Thanksgiving-Christmas retailing season: it could be a terrible holiday for consumers, retailers and the economy and analysts now say the US will have its second quarterly slump in economic growth in a row in the December quarter.
Growth this quarter may dip into the red, and that will produce an outright recession by conventional US definitions.
Ms Yellen said the US economy was likely to see “essentially no growth” in the third quarter and that the fourth quarter “appears to be weaker yet, with an outright contraction quite likely.”
“Indeed, the US economy appears to be in a recession,” Yellen said.
Ebay forecast that quarterly sales, fourth-quarter and annual earnings forecasts would fall as growth slows at its web sites.
EBay forecast fourth-quarter revenue of $US2.02 billion to $US2.17 billion, compared with $US2.18 billion in the final quarter of 2007. the company said the value of goods sold on its sites fell 1% in the third quarter, the first drop in the company’s history.
And late in the day the Fed produced its so-called Beige book.
”Reports indicated that economic activity weakened in September across all twelve Federal Reserve Districts. Several Districts also noted that their contacts had become more pessimistic about the economic outlook.
“Consumer spending decreased in most Districts, with declines reported in retailing, auto sales and tourism. Nearly all Districts commenting on nonfinancial service industries noted reduced activity. Manufacturing slowed in most Districts.
“Residential real estate markets remained weak, and commercial real estate activity slowed in many Districts. Credit conditions were characterized as being tight across the twelve Districts, with several reporting reduced credit availability for both financial and nonfinancial institutions.
“District reports on agriculture and natural resources were mostly positive, although adverse weather associated with hurricanes Ike and Gustav negatively affected the South and the Midwest. Inflationary pressures moderated a bit in September.”
It was a very gloomy snapshot of an economy heading lower at increasing pace.
The Fed said that shoppers are becoming more price conscious, credit was becoming even harder to come by and this was sapping sales at the nation’s retailers, the report said. Given this, retailers foresee a “weaker economic outlook, including a slow holiday season,” the Fed said.
The survey was released shortly after Fed Chairman Ben Bernanke, in a speech in New York, warned that it would take time for the country’s economic health to mend even if badly needed confidence in the US financial system returns and roiled markets stabilize.
In the UK unemployment is on its way to 2 million sometime in the next six months after another rise in August to 1.79 million, or 5.7%. As bad as that is, the rate is still well under America’s 6.1%.
The official figures show that UK jobless rose 164,000 between June and the end of August. The higher-than-expected increase – of 0.5 percentage points to 5.7% was the largest since 1991 and the eighth successive monthly rise. (It’s nine in a row in the US).UK inflation hit an annual rate of 5.2%, a 16 year high.
Our unemployment rate in September rose to 4.3%, where are a long way from the depths of the US and UK economies!
—–
In Europe, new car sales 8.2% last month as the financial crisis put off potential buyers.The continent’s automakers association said in a statement: “The drop in registrations confirms the aggravating market circumstances, as the fall-out of the financial crisis hits auto manufacturers hard.”
“Customers are increasingly hesitant to make large expenditures and find it more difficult to get their purchase financed.”
ACEA said a total of 1,304,583 new cars were registered in September in the 28 countries it reviewed – the 27 EU member states, minus Cyprus and Malta, plus Iceland, Norway and Switzerland.
—–
In Moscow local bank Globex yesterday banned depositors from withdrawing their money as confidence in the Russian banking system began to show signs of ¬evaporating.Globex is a mid-sized retail bank with assets of $US4 billion, according to the Financial Times. It’s the first Russian bank to experience a run on deposits during the crisis.
It lost 28% of its deposits since the start of last month, according to local analysts.
At least a dozen other Russian banks have reported a sharp rise in withdrawals and account closures.
—–
Hungary was plunged into deeper financial uncertainty overnight with its currency (the forint) and stock market falling sharply and bankers reporting credit shortages, as concern spread across eastern Europe about the impact of the global financial crisis. In Budapest, the forint fell 5.3% to 266 to the euro and the BUX index of leading stocks closed down 12%, dragged down by a 15% fall of price of OTP, the country’s biggest bank. Currencies and stock markets also fell in Poland, the Czech Republic, Romania and Ukraine.The Hungarian turmoil followed moves by leading banks to stop or curtail foreign currency lending, the dominant form of credit in Hungary in recent years.
Analysts now say there’s a rising chance that the inflow of foreign currency will slow, reducing the funds available for financing the country’s current account and putting more pressure on the currency and on the solvency of banks and other financial groups.
The European central Bank will lend 5 billion euros to Hungary to support the currency and the economy.
—–
So what does this mean for Australia?
Rory Robertson is an interest rate strategist at Macquarie Group; here’s his take on what lies ahead for Australia. It’s both positive and negativeBusiness investment is Australia’s “weakest link”
Prospects for business investment have deteriorated sharply across the globe in recent months, as equity prices have imploded, credit conditions have tightened sharply and commodity prices have slumped. Keynes’s famous “animal spirits” have been crushed, pretty well everywhere.
This is a big deal for Australia; because business fixed investment (BFI) is at a multi-decade record 16% of GDP, after having trended higher since the end of the early 1990s recession.
With animal spirits, spending power and commodity prices having turning down as the global credit crunch intensified, BFI will be the weakest link in Australian GDP growth in coming years.
Indeed, if the Australian economy goes into recession, BFI will be the main driver, as always.
Household spending will be relatively strong, particularly now that fiscal and monetary policy are providing a large boost to household cash flows via lower mortgage rates, and income top-ups for families, pensioners and first-home buyers (see below; and note the heavy official focus on mortgage rates rather than business borrowing rates, to this point at least).
Four upbeat factors that give Australia a fighting chance in global downturnAs regular readers are aware, I’ve been a bit of a “doom and gloomer” all year. In a NZ conference call last week, I was asked to say something positive, to highlight any recent positive developments. I highlighted four factors that give the Australian economy a fighting chance in a global recession:• The RBA’s effective policy framework, and plenty of monetary ammunition. The RBA has cut its cash rate by 125bp in the past six weeks, and the standard-variable mortgage rate has fallen by 105bp. The Fed, the ECB and the BOE can only dream of that sort of powerful pass-through.
Moreover, the cash rate still is a relatively high 6%, so there’s plenty of room for lower rates as required. I’m guessing the RBA will cut to a “neutral” 5% by Christmas, dragging mortgage and business rates significantly lower (see further discussion below, and attached RBA Watch).
The weak A$ now is Australia’s new best friend, given the substantial recent drops in global commodity prices. The A$’s 20-30% decline from recent highs is a huge free kick to Australian exporters and import-competers, to the extent that it is sustained. As noted here last week, some of our tradeable sectors suddenly are back in business.
Yes, global demand is weakening fast but at least our tourism, agricultural, manufacturing, education and other tradeable sectors will sell more with the A$ near 70 US cents than near 90 US cents (or with the TWI in the 50s rather than in the 70s).
Canberra’s pristine balance sheet means there is plenty of fiscal ammunition (see p8 at http://rba.gov.au/ChartPack/output_expenditure_activity_fincon.pdf ). Canberra has plenty of room for counter-cyclical efforts, including new spending, tax cuts and loan guarantees, while both Canberra and the States have plenty of room to continue the expansion of their infrastructure programmes.
Indeed, Canberra yesterday announced a pre-Christmas stimulus package worth perhaps 1% of GDP, featuring cash top-ups for pensioners, low and middle-income families and first home-buyers).
Importantly, with a no-net-debt starting point and Australia’s lenders well regulated and still-very profitable, Canberra’s guarantee of financial system deposits and selected (new and existing) debt securities is absolutely credible.
Australia’s housing sector is widely seen as having the problem of “under building” rather than “over-building, as in the US. In Australia, rapid population growth – driven by immigration of 100-200k every year for the past decade – has collided with a flat two-decade trend in new home starts of only 150k per annum. Canberra has overseen the biggest immigration programme in Australia’s history, without initiating the construction of extra homes (“land release” and “planning” for home-building generally is overseen by State and local governments).
The dismal lack of co-ordination between Canberra and the States on immigration and housing long has been seen as a problem, putting upward pressure on home prices and rents, and reducing “housing affordability”. Now, Australia’s slow-moving housing-supply response suddenly is a good thing, limiting the size of any future home-price falls (see p4 of http://www.rba.gov.au/ChartPack/output_expenditure_activity_fincon.pdf ).
Immigration and home prices
As you know, falling home prices are a major problem in the US, the UK and parts of Europe. The damage done by falling home prices to banks’ balance sheets in these economies – and growing damage to consumer spending – obviously needs to be avoided in Australia. According, while largely unstated, maintaining Australian home prices near current levels now is a major policy priority for the RBA and Canberra.
Aggressive rate cuts obviously help, so too yesterday’s prodding of up-to 150k first-home buyers into action.
In this context, recent reports of growing pressure to reduce our immigration intake are somewhat disturbing.
Recall that, during the early-1990s recession, net immigration collapsed from 170k in 1989 to just 30k in 2003 (lowest four-quarters-ended figure), reinforcing the Australian economy’s tendency to stall.
From a macroeconomic perspective, cutbacks of that order this time around should be avoided like the plague (see Net overseas migration to Australia highest on record: ABS and SMH: Rudd flags cut in migrant numbers )
To recap, all the important policy efforts so far are counter-cyclical in nature: in particular, the RBA’s rate cuts, Canberra’s timely fiscal stimulus, as well as its guaranteeing of aspects of the financial sector, its promotion of mortgage lending and the ban on “short selling” (not to mention the big market-driven drop in the A$).
By contrast, reducing immigration is a pro-cyclical measure, essentially working against the policy initiatives listed above.
RBA policy, lower interest rates, and limiting falls in home pricesThose forecasting big falls in Australian home prices would do well to notice the recent dramatic drop in mortgage rates, with more to come.The correspondingly sharp drops in interest payments relative to household income render much less relevant the elevated debt/income ratios parroted by some.
Comparing stocks with flows typically tells us little worth knowing; comparing interest payments with income (flow/flow) and debt with assets (stock/stock) provides more meaningful information.
With the world economic and financial backdrop having turned so nasty, aggressive RBA easing was/is the most obvious policy response available to support ongoing economic growth.
And in six short weeks, the RBA has demonstrated that its interest-rate tools are far more powerful than those available the Fed, the BOE and most if not all other central banks. Despite much media focus, elevated inter-bank lending rates haven’t stopped big drops in mortgage rates in Australia.
To recap, the story so far:
the RBA has cut its cash rate by 125bp in two steps (25bp followed by 100bp), with more to come
the three-month bank-bill rate (BBSW, a key guide to a chunk of bank-funding costs) has dropped by about 1-1/3pp over the past month, to 6.1%; and
Headline mortgage rates have fallen by 105bp, to about 8-1/2%. Furthermore, three-year fixed mortgage rates have dropped by more than 1pp and now are widely available near 7%. Other important lending rates also are coming down, though not as quickly.
In Australia, the 84% (105bp/125bp) pass-through so far from the cash rate to standard mortgage rates has greatly surprised the consensus, because when I wrote a note in August headlined “First 50bp of cuts to be ‘passed on’”, many/most were sceptical to say the least.
Importantly, the latest funding assistance provided by the RBA to major home lenders may mean that the next cash-rate cut will pass-through to headline mortgage rates in full.
That is, the RBA last Thursday announced the availability of six-month and one-year repos against “related party” collateral in the form of residential mortgage-backed securities (RMBS) and asset-backed commercial paper (ABCP).
On top of that assistance, Canberra’s announcement on Sunday helps with “term funding” for periods of up to five years (see Expansion Of Domestic Market Facilities and Guarantee of Wholesale Funding and Deposits ).
Critically, recent 1pp-plus drops in cash, BBSW and mortgage rates are gold for Australian home-buyers, providing major cash flow support to the household sector and home prices, something the Fed can only dream about.
That is, despite the funds rate being cut from 5.25% to 1.5%, the rate on (predominant) US 30-year fixed-rate mortgages has dropped by only around 50bp, to 6% or so, when credit is available.
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About the Author
Australasian Investment Review (AIR) is a free daily news service covering global financial markets with a focus on Australia, New Zealand and Asia. Each day our team of experienced journalists presents you with a concise digest of expert opinions and analysis on trends and backgrounds that matter in these markets. Subscriptions are free at aireview.com.au
10.45am Markets Update
European stock markets fell this morning, giving up initial gains after credit rating agency Fitch downgraded Portugal’s rating. 5/5. Access to Nutrients Threatened, Natural Medicine
A trip to the market can easily require 6 to 8 plastic produce bags. Our Reusable Mesh Produce Bags eliminate the need for these plastic bags. The 1/8 inch mesh fabric is highly stretchable and allows for easy identification of contents. It allows for excellent air circulation, perfect for pantry storage of large thick skinned produce like onions and potatoes, as well as refrigerator storage of ap…
A supplier to the vast majority of cooking academies, Mercer Cutlery offers the Genesis Collection of kitchen knives to provide professional quality to the home chef. Comfortable, durable, and efficient, Genesis knives feature fully forged, single-piece blades made from high-carbon, no-stain German steel. Their taper-grind edges are polished by hand, and their substantial bolsters provide helpful …
Here come Healthy Legend with the best ceramic non-stick coating from the German Weilburger Greblon. I had replaced all my regular non-stick coating cookwares with the Healthy Legend. This is a 30 cm (12 inches) diameter fry pan with a break resistance glass lid. The ceramic coating is gray in color which is the natural color of the Greblon coating and it is very attractive. The coating protect fo…
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Photo Puzzle, Luncheon atop the Pyramid of Gizeh, 1800s. British tourists having Christmas lunch on the Great Pyramid, 1870s. Hand-colored woodcut of a 19th-century illustration. Chosen by North Wind Picture Archives. 10×14 Photo Puzzle with 252 pieces. Packed in black cardboard box of dimensions 5 5/8 x 7 5/8 x 1 1/5. Puzzle image 5×7 affixed to box top. Puzzle pieces printed on RA4 paper at 300 …
Photo Puzzle, Luncheon atop the Pyramid of Gizeh, 1800s. British tourists having Christmas lunch on the Great Pyramid, 1870s. Hand-colored woodcut of a 19th-century illustration. Chosen by North Wind Picture Archives. 10×14 Photo Puzzle with 252 pieces. Packed in black cardboard box of dimensions 5 5/8 x 7 5/8 x 1 1/5. Puzzle image 5×7 affixed to box top. Puzzle pieces printed on RA4 paper at 300 …
This digital document is an article from Airguide Online, published by Pyramid Media Group, Inc on January 16, 2012. The length of the article is 5050 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available immediately after purchase. You can view it with any web browser.Citation DetailsTitle: Travel Environment Watch – North…
This is the first volume of subseries I of 39 volumes of the “Single Market Review”, an authoritative picture of the effects of economic union on European industry and its competitiveness. The volume is up to date, containing the latest facts and figures at the time of publication….
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To get bioengineered medicines, grains, vegetables, and animals on the market for human consumption, U.S. biotech companies must pass their products through the Food and Drug Administration (FDA).
Recently, the FDA has been in the news because its Prescription Drug User Fee Act of 1992, which forces drug companies to pay in to expedite drug approval, came up for renewal. That same year, the FDA rejected mandatory labeling of genetically modified organism (GMO) products. How might the FDA affect the future of bioengineered food?
The User Fee Act has, in Harvard professor Jerry Avorn’s opinion, “pretty much transformed the FDA. The sense now is we report to the industry; they pay our salaries; we had better be quick on these approvals.”
Some biotech products will zoom through the FDA because they are advances in medical treatment, and, of course, we all want the sick to get the best new therapies. The problem is that the FDA is underfunded, so most resources are dedicated to medical advances. Thus, according to David Kessler of the FDA, “other parts of the agency—post-market surveillance, food safety, the field resources—those areas of the agency suffer.”
In addition, the FDA is essentially rubber-stamping the tests performed by each company that has developed a product, and since they’re bogged down in analysis of drug tests, they hardly ever follow up on the market to see if bioengineered products are having a negative impact on consumers. One publicized mishap in 2000 resulted in traces of StarLink Bt10 corn, meant only for industrial purposes, cross-pollinating with conventional corn and winding up in taco shells. We know the FDA isn’t catching problems like this one–and that, as yet, consuming products deemed marginally unsafe won’t cause an epidemic—but eventually the biotech industry may get consumer backlash for causing a serious problem that could have been avoided if the budget were expanded.
I should probably note that the U.S. Department of Agriculture (USDA) oversaw the restrictions on this brand of corn, and the Department of Health and Human Services, of which the FDA is a part, only posts notices for products consumed by humans—so there’s a further complication for biologically engineered products. They may be subject to these two departments as well as the Environmental Protection Agency, and this structural weakness probably doesn’t make for excellent communication.
One could argue that GMO labeling is only a minor issue in the U.S. and that the average citizen isn’t too concerned about the provenance of his or her food. There are at least two problems with this attitude. The first is that U.S. exports will be increasingly suspect to foreign markets, particularly the EU, which require labeling and stringent testing. The second is that any misstep, such as a genetically engineered product that results in widespread sickness, will create distrust of the FDA and bioengineering in general.
Europe’s vigorous standards regarding approval, track-back, and isolation for GMO crops may be driving North America out of the market. Agricultural specialists like Dan McGuire are questioning if GMO crops are really to their economic advantage.
“I can’t recall any foreign or domestic corn customer ever requesting that U.S. farmers start planting and supplying genetically engineered corn. So the introduction of GMOs was not a response to importers or consumers requesting such a change. Indeed, it’s a direct result of biotech companies introducing those products into the domestic and foreign market without market research on consumer acceptance. Indeed, the first I heard about GMOs was from European importers,” said McGuire.
Leaders in the biotechnology industry need to be activists for their products—labeling their products will bring them one step closer to informing the public and leading us into discussions of benefits like cheaper crop production and less pesticide runoff.
A supplier to the vast majority of cooking academies, Mercer Cutlery offers the Genesis Collection of kitchen knives to provide professional quality to the home chef. Comfortable, durable, and efficient, Genesis knives feature fully forged, single-piece blades made from high-carbon, no-stain German steel. Their taper-grind edges are polished by hand, and their substantial bolsters provide helpful …
European-style programmable coffeemaker holds 12 cups at a time. Design features a removal brew basket three-prong grounded cord and cord storage. UL listed.12 Cup – Stainless Steel BlackDimensions: 8″”W x 11″”D x 14″”HEuropean-style programmable coffeemaker holds 12 cups at a timeFeatures a removable brew basket three-prong grounded cord and cord storageConstructed of stainless steel coffee maker…
Natural Collagen Q5-26 GRAPHITE series is popular with hairdresser’s and nail studios as more economical than PLATINUM or SILVER series.
Cosmetic companies use collagen derived from cattle or pork skin. As a cream, bovine (cattle) or porcine (pig) collagen has too large molecules to penetrate skin layers. It only acts as a moisturizer on the skin surface. In the injectable form, it causes allergi…
Natural Collagen Q5-26 GRAPHITE series is popular with hairdresser’s and nail studios as more economical. than PLATINUM or SILVER series.
Cosmetic companies use collagen derived from cattle or pork skin. As a cream, bovine (cattle) or porcine (pig) collagen has too large molecules to penetrate skin layers. It only acts as a moisturizer on the skin surface. In the injectable form, it causes allergi…
Smart investors sail to calm EU waters
European economies appear to be in collective meltdown with Greece facing a financial crisis, Spain struggling to crawl out of a punishing recession and the euro still weak. Even the most optimistic estimates for GDP growth in the EU are lacklustre, while some observers suggest further problems could be afoot as governments battle high debt levels and people have less cash to spend. Traveling By Train in Europe : How to Book Train Travel From St. Petersburg to Helsinki
Pyrex bakeware is durable, transparent for easy monitoring of baking progress and provides good heat conduction for even, consistent baking. Pyrex glass is safe in the oven, microwave, refrigerator, freezer, and dishwasher. Pyrex glass is nonporous, so it won’t absorb food odors, food flavors, or food stains. Plastic lids are great for storage in refrigerator or freezer. Includes 1 each: 3 cup rec…
Pressure cooking uses pressurized steam to cook healthy meals with beans, grains, meat, poultry, and seafood in much less time than many other cooking methods require. This Splendid pressure cooker holds a maximum capacity of 6 quarts of Italian chicken soup or beans with sausage and works on all heat sources. The cooker is constructed of high-quality 18/10 stainless steel with an encapsulated alu…
Increase or decrease recipe yields or portions quickly and accurately with the KitchenCalc Pro Master Chef Edition recipe conversion calculator (model 8305) from Calculated Industries–no more “guesstimating” ingredient quantities. You’ll save time in the kitchen and produce great-tasting meals when entertaining, meal planning, or simply cooking for two. This Master Chef Edition was designed…
You know exactly what you’re getting in National Lampoon’s Christmas Vacation: another goofball, slapstick comedy of chaos and catastrophe with Clark Griswold (Chevy Chase) and family. This time, there’s no traveling involved: Clark and Ellen (Beverly D’Angelo) prepare for a nice Christmas with the kids (played by none other than Juliette Lewis and Roseanne star Johnny Galecki), when their home is…
Man vs. Wild Season 1 (6 DVD Set): Learn life-saving survival skills in some of the toughest, most treacherous environments on the Earth with a man no stranger to extremes, Bear Grylls. Drawing upon all his experiences as a soldier, mountaineer and seasoned adventurer, watch as Bear strands himself in popular wilderness destinations. Armed with a few supplies and the clothes on his back, see how h…
I do not want to see mystery meats (meats identified only as "meat" or "poultry "). ZiwiPeak ADD Do they sell where you live? It's a dog food in Australia, very high quality. (But here in the U.S., it is also comes with a very high price tag, not sure what prices are like there.). 
