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Source: http://feedproxy.google.com/~r/Techcrunch/~3/o6YEL84lnB8/
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Back in July last year Queensland Premier Campbell Newman was in a very black mood. All was gloom and doom in the Sunshine State, as he warned Queensland was ?on the way to being bankrupted? without tough action. Back then, his government was shaping up to do a Jeff Kennett, painting the grimmest of pictures that would justify massive cuts to the Queensland public sector, just as the former Victorian premier did in his first term in power.
Yesterday was the day when it was all meant to come together, with Newman having to make the biggest call of his political life. In announcing his government?s response to an audit of the state?s finances, he had to decide whether his Government would support the sale of major pieces of Queensland?s ?family farm? ? particularly the state?s multi-billion-dollar power assets.
To the surprise of many, and despite a lot of pressure from the money men at the top end of town, Newman declared ?we will save the farm?, rather than ?taking the easy way out and having a fire sale of assets?. Instead, he outlined a much quieter and in some ways craftier program of outsourcing and competitive tendering. Private operators are likely to end up leasing and running more state-owned services, from ports, trains and buses, through to health care, including elective surgeries.
Queenslanders are no friend of privatisation, that?s for sure. Only 14 months ago, they savagely punished the Bligh Labor government for going down this path without a mandate. It would need a pretty strong case to convince a seasoned politician like Newman to try that option again. So how strong was the case in favor of a fire sale?
Just days after being elected, the Newman government appointed former federal Treasurer Peter Costello to lead a A$2.2 million audit of Queensland?s finances. The 1000-page final report ? released in full yesterday ? recommended selling the state?s electricity and port assets to raise more than A$25 billion and rapidly reduce debt.
Costello continued the hard sell right up until the last moment, including inside the cabinet room for his final briefing to MPs. In an article in the Australian Financial Review that cited a debt figure of A$82 billion, Costello declared: ?Queensland has a problem. Its credit rating has been downgraded, it?s paying higher and higher interest costs and something has got to happen? If it doesn?t change, it?s just going to get worse and worse.?
But just how gloomy is the Sunshine State?s budget outlook?
While A$82 billion sounds like a lot of debt, the picture was always more complex than Costello would have us believe.
This table is taken from last December?s Mid-Year Economic and Budget Update. It shows the state?s general government balance sheet for the period from 2011/12 through to 2015/16. While it is true that gross debt or total liabilities will exceed $80 billion this financial year, the net debt figure (or gross debt less financial assets) is very different.
The Queensland general government sector in fact had no net debt in 2011/12. And while net debt is projected to grow to a peak of A$9.6 billion by 2013/14, it then starts to fall and then continues its downward trajectory.
Still, you might say, A$9.6 billion is a lot of money to owe. That would be true were we talking about a household or a business ? but not for the Government of Queensland, which can tax its citizens to pay the bills and tax them more heavily if it really has to do so. Queensland is, after all, one of Australia?s lowest-taxed jurisdictions, with its per capita taxation in 2012/13 more than $450 below than the Australian average.
But according to Costello?s Commission of Audit, net debt is not the best measure of the state?s liabilities. It includes the financial assets that have been built up to fund the state?s super schemes and which therefore are not available to cover the gross debt on issue. It recommends a different measure, called net financial liabilities:
?As the net debt measure includes investments, it takes account of the large investments Queensland uses to offset its superannuation liability, it does not take account of the liabilities. Under existing Government policy, these investments are held to meet the State?s superannuation liability. Because these investments are not available to reduce gross debt, net debt is not a suitable metric to target in setting an appropriate fiscal strategy? The Commission consider that the most suitable measure of debt is the concept of net financial liabilities".
The State?s net financial liabilities (A$39 billion in 2011/12) are much higher than its net debt, and it is this that needs to be paid down. But how good is this as a measure of the State?s balance sheet? The answer is not very, because it ignores the physical and other assets that are crucial to the balance sheet equation (worth a cool A$182 billion in 2011/12).
Net worth is generally considered to be a better measure, for it includes all assets and liabilities and not just those that are financial. Far from being in trouble, Queensland is in fact well and truly in the black according to this measure, with a net worth in the general government sector exceeding A$170 billion in 2011/12, climbing steadily to almost A$180 billion not long after the next scheduled election.
All this is not to say that the Queensland budget is in fine shape. Far from it. But its problems stem not from its balance sheet but the substantial gap between operating income and expenses. Queensland?s operating budget shifted from surplus to deficit in four very difficult years, when revenues went into an unexpected spin and have yet to fully recover. This year the deficit is tipped to exceed A$11 billion, which is very large on any measure and would seem to be genuine cause for concern.
However, this includes one-off expenses associated with flood damage that cost more than A$4 billion. It also includes almost A$1 billion set aside for redundancies arising from Newman?s first budget. When these are excluded, the deficit is a more manageable A$6.3 billion. This is still large, but importantly is not tipped to last forever.
The Mid-Year Economic and Budget Update also shows that the operating account is projected to return to surplus by 2014/15, with the corrective measures already put in place being enough to turn the ship around without the need for any more drastic action.
If Queensland?s debt is not large, its net worth is positive, and the government by its own admission reckons it is on track to achieve its financial principles, why bother with a massive asset sales program that would antagonize the people?
Far better to be crafty and privatise services in other ways, through an outsourcing and competitive tendering program that can turn the public sector inside out, but hopefully jeopardise fewer MPs' seats. For Premier Campbell Newman, who resides in a marginal electorate himself, hearing that the money men are disappointed may not be such a bad thing.
Source: http://theconversation.com/why-queensland-didnt-need-to-sell-the-family-farm-13862
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The Beautiful Widgets team has launched a basic free version of its weather and widget customization app. The basic app can be augmented by in-app purchases, allowing users to choose and pay for the features they want. Through these in-app purchases it's possible to individually unlock every feature contained in the full version of Beautiful Widgets. Purchases are made using the "Gold" virtual currency through the GetJar service.
Speaking of which, the paid version of the app has since become 'Beautiful Widgets Pro,' and is still available to download for anyone wanting the full experience in a single download.
Today's developments are also good news for users in countries where paid Google Play apps might not be available. Developer LevelUp says both versions of Beautiful Widgets will maintain feature parity in future releases.
You can grab the new, free Beautiful Widgets using the Google Play link above.
Source: http://feedproxy.google.com/~r/androidcentral/~3/SwWGJvAolQM/story01.htm
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LinkedIn's latest acquisition is giving a nod to its new boss: Pulse users can now share news stories with their professional connections. According to the Pulse blog, the tweak is part of a series of collaborations that started when Pulse moved into LinkedIn headquarters, and more updates are on the way. The changes are subtle for now, though -- the only other addition to the app is the ability to add a Linkedn Influencers feed to your account, which offers content from select contributors and industry leaders. The update should hit the Google Play store shortly, and is due to launch on iOS soon after.
Source: Pulse
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NEW YORK (AP) ? Stocks are drifting mostly higher on Wall Street, but poor results from Pfizer are holding down the Dow Jones industrial average.
The Dow was down three points to 14,814 at midday Tuesday, a decline of 0.02 percent.
Pfizer fell the most in the Dow after reporting weaker earnings than analysts were expecting. The stock fell 90 cents, or 3 percent, to $29.54.
The Standard & Poor's 500 edged index up two points to 1,595, an increase of 0.1 percent. That's slightly above the record high close the S&P reached the day before.
The Nasdaq composite rose 13 points, or 0.4 percent, to 3,319.
Avon Products' loss wasn't as deep as analysts had expected. The stock rose 68 cents to $22.92, a gain of 3 percent.
Source: http://news.yahoo.com/stocks-drift-mostly-higher-pfizer-weighs-dow-160206560.html
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Anaheim Ducks right wing Teemu Selanne, middle, celebrates his goal with Ben Lovejoy, left, and Bobby Ryan against the Detroit Red Wings during the third period in Game 1 of their first-round NHL hockey Stanley Cup playoff series in Anaheim, Calif., Tuesday, April 30, 2013. (AP Photo/Chris Carlson)
Anaheim Ducks right wing Teemu Selanne, middle, celebrates his goal with Ben Lovejoy, left, and Bobby Ryan against the Detroit Red Wings during the third period in Game 1 of their first-round NHL hockey Stanley Cup playoff series in Anaheim, Calif., Tuesday, April 30, 2013. (AP Photo/Chris Carlson)
Anaheim Ducks center Nick Bonino celebrates his goal against the Detroit Red Wings during the first period in Game 1 of their first-round NHL hockey Stanley Cup playoff series in Anaheim, Calif., Tuesday, April 30, 2013. (AP Photo/Chris Carlson)
Fans attend Game 1 of a first-round NHL hockey Stanley Cup playoff series between the Anaheim Ducks and the Detroit Red Wings in Anaheim, Calif., Tuesday, April 30, 2013. (AP Photo/Chris Carlson)
Detroit Red Wings goalie Jimmy Howard reacts after getting kicked in the head by Anaheim Ducks right wing Corey Perry during the second period in Game 1 of their first-round NHL hockey Stanley Cup playoff series in Anaheim, Calif., Tuesday, April 30, 2013. (AP Photo/Chris Carlson)
Detroit Red Wings goalie Jimmy Howard, left, blocks a shot from Anaheim Ducks right wing Emerson Etem during the second period in Game 1 of their first-round NHL hockey Stanley Cup playoff series in Anaheim, Calif., Tuesday, April 30, 2013. (AP Photo/Chris Carlson)
ANAHEIM, Calif. (AP) ? Teemu Selanne was skating slightly backward when he decided he could still beat Jimmy Howard. He received a pass and instantly flung a pinpoint wrist shot at the net, finding a small opening behind the Detroit goalie.
The 42-year-old Finnish Flash's talents are pretty much timeless, and his timely goal got the Anaheim Ducks off to a solid playoff start.
Selanne scored the tiebreaking power-play goal early in the third period, Jonas Hiller made 21 saves, and the Ducks rolled to a 3-1 victory over the Red Wings on Tuesday night.
Nick Bonino also scored a power-play goal, and Francois Beauchemin added an empty-netter as the second-seeded Ducks hung on in the final minutes of the opener in just their second playoff series in four years.
"That's what we were expecting," said Selanne, in his 20th NHL season. "We know how good they are, and we needed a good, solid effort. We know it's not going to be easy."
Selanne just makes it look that way sometimes.
He came up with yet another huge goal for the Pacific Division champions, putting a perfectly placed one-timer over Howard's shoulder while gliding away from the net. The remarkable feat of skill was his 42nd career playoff goal ? and a reminder of Anaheim's wealth of talent despite an unimpressive finish to a fine season.
"It just came into my mind," Selanne said with a shrug. "Usually you try to hold the puck, but it came into my mind that if I got the puck, I'm going to try to shoot."
Game 2 is Thursday at Honda Center.
Captain Ryan Getzlaf and Corey Perry led a strong offensive effort by the Pacific Division champions, who finished the regular season with the best winning percentage in franchise history. Anaheim also excelled on the power play, little surprise for the NHL's fourth-ranked unit in the regular season.
Coach Bruce Boudreau also looked smart for choosing Hiller over first-year co-starter Viktor Fasth for the opener. Both goalies won 15 games in the regular season, but Boudreau went with his Swiss veteran, who came up with a handful of spectacular saves.
"We wanted to start strong at home, and it's important to get that first one and have some confidence," Hiller said. "We played very solid in our end, and that makes it easier for a goalie. Even the goal they scored was a lucky bounce for them."
Howard stopped 24 shots and Daniel Cleary scored on a power play for the Red Wings in their 22nd consecutive postseason appearance. While Detroit played the Ducks evenly at full strength, Anaheim's special-teams skill decided it.
"I didn't think we were great," Detroit coach Mike Babcock said. "I didn't think we moved the puck very good. Give them credit. They're part of that equation. ... I thought their team was better than our team today. I thought they controlled the game and had more cycles."
Anaheim missed two of the previous three postseasons, and Honda Center was packed well before the opening faceoff with hungry fans waving orange glow sticks and whipping towels above their heads. The Ducks have won just one postseason round since winning their only Stanley Cup in 2007, and Anaheim is eager for another lengthy run after the current team finally actualized its considerable talent.
The Ducks have been transformed ever since Boudreau took over in the final weeks of 2011, returning to respectability last season before roaring to a 22-3-4 start to this lockout-shortened campaign. Anaheim has been coasting steadily toward the playoffs for several weeks, finishing with the NHL's third-best record and the second division title in franchise history.
Detroit had to scramble down the stretch just to extend its record postseason streak, only clinching a spot in the final game after four straight victories. The Red Wings also had good recent results in Anaheim, where they won consecutive games in late March to snap the Ducks' 13-game home winning streak.
"There was not enough thrown at Hiller, for sure," Detroit defenseman Niklas Kronwall said. "There were a lot of times that we turned the puck over in the wrong area. They're a really good team over there, so we have to do a good job of protecting the puck in our own zone."
The Ducks went ahead midway through the first period when Bonino scored 3 seconds into a power play, tipping Cam Fowler's point shot past Howard for his first career playoff goal.
Detroit evened it later in the period with a power-play goal just 4 seconds after a two-man advantage expired, with Cleary getting credit for his 21st career playoff goal after it apparently deflected off him.
Selanne put the Ducks back ahead after a scoreless second period. Detroit pressed in the final minutes, but Beauchemin wrapped it up with an exceptional empty-net goal, shooting the puck from just outside Anaheim's goal crease.
NOTES: Detroit's playoff streak is the longest active run in North American pro sports. ... The franchises are meeting in the playoffs for the sixth time in 16 years. ... After the Ducks knocked off top-seeded San Jose in 2009, Detroit beat eighth-seeded Anaheim in the second round on the way to the Stanley Cup finals. ... Detroit veterans Todd Bertuzzi and Mikael Samuelsson were healthy scratches. Both veterans were injured for most of the regular season.
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JERUSALEM (AP) ? An ancient stone with mysterious Hebrew writing and featuring the archangel Gabriel is going on display in Jerusalem as scholars debate the inscription's meaning.
The so-called Gabriel Stone, said to have been found 13 years ago in Jordan, features an unknown prophetic text from the time of the Second Jewish Temple.
The tablet made a splash in 2008 when an Israeli scholar theorized the inscription would revolutionize the understanding of early Christianity, claiming it referenced a messianic resurrection pre-dating Jesus.
Curators at the Israel Museum said on Tuesday that it's the most important inscription found in the area since the discovery of the Dead Sea Scrolls.
The Israel Museum exhibit, opening Wednesday, also features ancient New Testament and Quran texts referencing the archangel Gabriel.
Source: http://news.yahoo.com/jerusalem-unveils-mysterious-hebrew-stone-123700749.html
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