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Don’t be a Scrooge this Christmas

Generous: Mr and Mrs Claus with Shieldy of the Salvos getting ready for Sunday. It’s December, so we can officially talk about Christmas, can’t we?
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We’ve got a story for you.

Around Christmas time last year, an honest politician, a generous lawyer and Santa Claus all got into alift at the Crowne Plaza Hotel in Newcastle.

As the lift began to move, the trionoticed a $50 note lying on the floor.

Which one, do you think, picked up the $50 noteand handed it in at reception?

Why Santa of course. The other two don’t exist!

OKOK. Just one more Christmas story, we promise.

On Christmas Eve, a bloke named Brettwent to do his Christmas shopping for his wife.

Brett, a successful accountant, wasn’t short of a quid.

He went to thecosmetics section at David Jones at Westfield Kotara.

“I’m looking to buy some perfume for my wife,” Brett said.

The sales girl, who was immaculately presented like most David Jones staff,showed him a bottle costing $200.

“That’s too expensive,” Brett said, shaking his head.

The assistantreturned with a smaller bottle worth $100.

“No way. That’s still too dear,” he said.

The sales girl thought Brett was mean. But it wasn’t her job to judge.

She offered himthe cheapest fragrance they had.

“It’s on sale –20 per cent off,” she said.

Brett wasn’t happy.

“I’m looking for something really cheap,” he said.

So, without missing a beat, the sales girl handed him a mirror.

Boom tish!

The point of the story is, don’t be a Scrooge this Christmas!

Why not follow the lead and generosity of the bikers who do the Newcastle Toy Run each year.

The bikers will be part of a big Christmas party atWickham Park on Sunday, with live music, markets and amusements.

Topics has been reliably informed that the park willcome alive with Christmas cheer. We could all use a bit of that.

Toys canbe donated to the Salvos’ Christmas Appeal, bringing joy into the lives of underprivileged families.

A big donation point will be designated for new and unwrapped toys, with Salvation Army mascot “Shieldy” roving the park and greeting guests.

The event runs from 10am to 3pm.

The bikes will start arriving about10.30am.

School’s Out ForeverAfter 28 years as Black Hill Public School principal, Brian Adamthwaite is headed for retirement.

In a couple of weeks when the school bell rings for summer, Brian will vacate the principal’s chair and start settling into a life of freedom.

Well, that’s not entirely true.

He is a Lake Macquarie councillor, which means he’llstill have quite a bit of work on his hands.

But there’ll still be plenty of time to kick back and appreciate the blue wrens that live out his way at Seahampton.

Brian might be leaving Black Hill Public, but his family will still have a connection to the school.

His grandson Jack Newman will startkindergartennext year.

Reflecting on a long career in education, Brian said: “When I retire, it will be 42 years since I signed on as an 18-year-old with the Department of Education”.

“Teaching has been a pleasure,” Brian said.

“As I say to younger teachers, it’s the best job in the world.

“In this profession, you have the potential to change someone’s life for the better every day.”

Brian has never tried to hide his passion for education …or politics.

He once gave an emotional speech about Gough Whitlam at a council meeting,after the former prime minister’s deathin 2014.

Brian was particularly grateful for Whitlam’s policy of freeuniversity education.

So to mark Brian’s retirement, here’s a famous Whitlam quote: “We are all diminished when any of us are denied proper education. The nation is the poorer – a poorer economy, a poorer civilisation.”

[email protected]南京夜网419论坛 Brian Adamthwaite and grandson Jack Newman will [sort of] trade places.

Forget Ivanka, 13-year-old Aussie entrepreneur Hamish is the star in India

Ivanka Trump may be dominating the headlines in India, but at age 13, Hamish Finlayson – the youngest entrepreneur at this year’s Global Entrepreneurship Summit – is winning their hearts. The summit, now in its eighth year, is for the first time being held in South Asia.
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The fast-growing tech city of Hyderabad is hosting more than 1500 entrepreneurs and investors from 150 countries around the world. Finlayson is becoming one of its most famous guests.

“I find the attention a bit overwhelming,” he tells Fairfax Media.

This week alone, he has been featured in national Indian publications and television channels, and is now attracting worldwide media attention about his five apps, which are mostly short video games either aimed at saving sea turtles or increasing awareness about autism.

Townsville local Finlayson, already a coding whiz, created his first app, LitterbugSmash, in August 2015. The games and quizzes in the app raise awareness about the harm plastic debris causes sea turtles.

As a young child he’d witnessed the plight of injured sea turtles at the Townsville-based sea turtle hospital. He recalls a sea turtle being trapped in the top of a plastic beer pack hole and decided to create platforms that taught people about how litter kills these endangered creatures.

“I wanted to use technology to solve real-life problems,” he says. “And I hate litter, so I decided to do one about litter.”

He entered the app into a competition against 7000 others, and was one of just nine Australians that made the final cut to pitch their ideas.

Despite coming second in the competition, he decided he would keep going.

Following on from LitterbugSmash was Nurdles vs Turtles, which focuses on the fact that 15.2 tonnes of plastic rubbish enter our oceans – another game designed to save sea turtles and protect the sea.

All up he now has five apps, which have been downloaded in 54 countries by more than 10,000 people.

He says China is a big market for downloads.

But his most personal app is the latest one, which was inspired by his own life.

Finlayson is autistic. His app, TripleTandASD raises awareness of autism.

Finlayson points out that 1 per cent of the population live with autism, which is about 74 million people.

“People can’t understand it [autism],” he says. “And so people mistreat those with autism. It’s not nice. My app helps people better understand it.”

He does this by making the user experience what it feels like to have autism and giving them tools to overcome it.

“For instance, Triple T is at a birthday party. An Elvis impersonator is singing for Triple T. And the other children are singing along but the noise becomes too loud for Triple T. So he goes to grab headphones so he can hear Elvis, but without the added noise.”

His father, Graeme Finlayson, says the app is attracting great community and social media feedback but his son is not prepared to monetise it for now.

If they did get funding it could be via a scheme like the national disability insurance scheme. For now, it is more about raising awareness and “breaking barriers about the disease”, says Graeme.

Hamish gets crowd funding and grants for developing his apps. He also recently got $40,000 from Facebook for a program that he took part in at last year’s summit in Silicon Valley.

In future, if he can make his sea turtle games longer, he may be able to sell them and attract investment for further projects.

For now he’s focused on a new virtual reality tool – he says he wants to study virtual technology and acting at university – “maybe I can make a movie about litter”.

His new game will help young kids cross the road.

“Transportation is a leading cause of injury in kids and teens,” Finlayson says. “I want to help change that, with a bit of fun along the way.”

Of course, “homework comes first and saving the world comes second.”

The writer travelled to the Global Entrepreneurship Summit as a guest of the US State Department.

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The highs and lows of Canberra house prices

A property cycle depicts four phases that are associated with the movement of home values. The stages are most commonly referred to as the boom, bust, bottoming and recovery.
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I have an aversion to the use of the word “bust”. The descriptive insinuates prices move to negative territory. It is important to note that not all price cycles result in a period of backwards growth.

Preferably it should be looked upon as a reference to the rate of growth. Of course the bust phase can result in prices declining. However, often it displays moderation to the rate of growth, whereby prices move at a slower pace compared with the level that was experienced during the boom growth phase.

There is no single property cycle in Australia – there are a number to keep your eye on. They differ between cities, property types and even regions. An example is Australia’s current east and west contrasts. Perth is tipped to be at the bottoming phase while market indicators suggest Sydney is moderating from a period of booming price growth; two major cities at opposite ends of the spectrum.

Many experts describe a property cycle to exist roughly every seven years. The truth is that Australian housing cycles have been occurring in greater frequency. Since the millennium, Canberra’s house market has experienced a number of property cycles, with the boom phase having an annual peak growth rate in 2003, 2007 and 2010. The current cycle is still unfolding.

Following the boom phase of the property cycle in 2003, 2007 and 2010, house prices did experience an annual moderation that dipped to negative territory. The most notable fall to house prices followed the boom of 2007; at the peak of the cycle values scored 15 per cent growth annually, whereby prices topped at $501,954. The median house price then tumbled to a low of $474,616 by December 2008. Price recovery took until the September quarter of 2009 to surpass the prior peak. Related articles: Selling your home in the summer Canberra market

Related articles: Top three: Allhomes’ pick of open homes to see this weekend in Canberra

Related articles: Buyers prepared to pay more in the Inner North of Canberra

House prices in 2003 notched the greatest annual percentage change compared with 2007 and 2010 at 28.9 per cent. The median house price peaked at $392,219 before a minor downward adjustment by 1.3 per cent to $386,973, although prices did bounce back by the following quarter.

In 2010, house prices gained 16.4 per cent at the peak reaching $569,665 and a low of $552,778.

A series of factors influence property cycles with monetary policy having a notable impact. Other influences include supply and demand, socio-economic factors, consumer sentiment, as well as unemployment and job security.

So far, the highest annual rate of growth in Canberra’s current housing cycle was achieved in the March quarter of 2017 at 9.9 per cent. This is the highest annual rate of growth since September 2010. House prices are now at a record high $714,975 as of the September quarter.

Purchasing decisions can be swayed by assumptions of the current position in the property cycle. A booming market can often lure purchases to be made at the peak of growth in the fear of missing out. Understanding the property cycle can help time a home purchase at the lower period of growth rather than high.

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Hope new test will reduce cancer deaths

ALMOST 102,000 women in the Hunterare overdue for a pap test ahead of a new cervical screening procedure being rolled out from Friday.
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Experts claim the newfive-yearly test is more accurate than its predecessor, with cervical cancer deaths expected to reduceby 20 per cent.

Morethan 18,000 women in Newcastle alone are overdue for a screening test, data shows.

Professor David Currow,chief executive of the Cancer Institute NSW, said the new test detectedthe presence of the human papillomavirus (HPV) that may cause cervical cancer.

“The previous pap test could only detect changes in the cells once they had occurred, whereas this test will allow us to identify and monitor women with HPV, who may be at a higher risk of these changes occurring, while women who are negative for HPV will have five years before their next screen,” Professor Currowsaid. “The new test will ensure women are one step ahead of cervical cancer.”

He encouraged thoseoverdue for screeningbook an appointment for the new test as soon as possible.

“We know that eight out of 10 women diagnosed with cervical cancer have not had regular screening. Don’t let this be you,” hesaid.

NSW chief health officer, Dr Kerry Chant, also urged women to speak with their GP about the Cervical Screening Test.

“Cervical screening has been one of the great public health success stories of our generation, halving both the incidence and mortality rates for cervical cancer,” Dr Chant said.

Professor Karen Canfell, director of research at Cancer Council NSW, said the new program was “excellent news” for all women.

“Recent results from Australia’s largest clinical trial, Compass, have shown that the new Cervical Screening Test is substantially more effective than the pap test,” she said. “Our research also tells us that the renewed program will reduce cervical cancer cases and deaths by at least 20 per cent. Australia has been a leader in this space for decades, and it’s exciting to see us at the forefront of cervical cancer prevention again.”

Need for Vitamin D in pregnancy not proven

There is “insufficient” evidence to recommend vitamin D supplementation during pregnancy, an international study has concluded.
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Vitamin D helps maintain calcium levels in the body to keep bones, teeth and muscles healthy.

A number of studies also suggest that taking vitamin D supplements may also help protect against heart disease, cancer, respiratory infections and asthma, as well as conditions related to pregnancy, such as pre-eclampsia and gestational diabetes.

But advice on supplementation to date is conflicting, say Canadian researchers.

To investigate the evidence researchers from the Hospital for Sick Children in Toronto reviewed 43 randomised controlled trials involving more than 8000 women.

Their study, published in The British Medical Journal (The BMJ), assessed the effects of taking vitamin D supplements during pregnancy on various maternal and child outcomes.

The results show that taking supplements during pregnancy increased vitamin D levels in both the mother’s bloodstream and umbilical cord blood.

But the researchers did not consistently find that higher doses of vitamin D led to healthier women and babies.

They found that vitamin D did increase the average birth weight of a baby by 58g, and reduced the risk of babies being born small.

But more detailed analysis weakened the statistical significance of these findings.

There appeared to be no effect on whether or not babies were born before their due date.

The researchers did find that mothers who took vitamin D supplements in pregnancy were less likely to have children with a wheeze when they were aged three.

Due to the inconclusive evidence on the effectiveness of taking vitamin D supplements during pregnancy the issue “will probably remain unanswered in the foreseeable future”, the authors said.

“Cautious projections for the next decade suggest that we will eventually know more about vitamin D in pregnancy than we do now, but in the absence of a coordinated effort and funding to conduct large new trials, some of the most critical questions about the effectiveness of prenatal vitamin D supplementation will probably remain unanswered in the foreseeable future,” they concluded.

The authors have called for new larger trials on the vitamin’s use in pregnancy to measure the health outcomes.

The first step to getting your backyard ready for summer

Summer brings with it a raft of marvellous things; stone fruits, long days, and so many parties. Whether you plan on playing the host, or would prefer to enjoy a little R&R in your green haven, we’ve asked some experts for their best tips to show your outdoor space some love.
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The first step is a good assessment of your space and a thorough clean-up to banish the winter neglect. “Clean the paving, walls and windows next to your outdoor living space,” says Joanne Neylon, company director of Joanne Green Landscape and Interior. If budget permits, splash out on some new outdoor furniture, “then install some well selected pots and plants for maximum impact – you’ll only need a few.”

If your space is in need of a little more attention, Neylon’s biggest advice is to ensure you have some flat zones to work with. “Providing level areas for lawn or paving can make a big difference quickly. Add some walling, where necessary, to achieve these.”

William Dangar, creative director of outdoor furniture retailer Robert Plumb and author of Garden, recommends keeping your outdoor style and materials in line with your interiors.

“Even when working on a large garden I like to create areas of containment – be that a paved area where a dining table and chairs can be placed, or a seating area for generous, comfortable lounge chairs. These zones should have a relationship with the style of the house for a sense of continuity.”

When it comes to defining the entertaining space, Dangar is more of an advocate for blurred lines. “Planting can help to define a zone, and I like to use swathes of mass planting of the same species rather than lots of individual plants, but I prefer plants to drift over the edge of an entertaining space to soften the delineation.”

There is great debate over outdoor dining versus outdoor lounge, and if you’re lucky enough to fit both then relish in the fortune, but heed Dangar’s advice if space is at a premium: “In a small space, go for one generous piece and support with smaller items – such as stools which double as side-tables – and don’t try to squeeze too much furniture in, it will only look cluttered and overstuffed.”

The fire pit remains a firm favourite in the entertainer’s arsenal for 2018. “They create a focal point to an evening, a place to gather and bring family and friends together,” he says. Related: What happened to the great Australian backyard?Related: What to ask yourself before starting a gardenRelated: How to choose the best plants for your balcony

“I always recommend that fire pits are positioned on non-combustible surfaces. When in lawn spaces, I often fabricate a mild steel ring to create a crisp edge and then use a gravel surface for the fire pit and stools to sit on.”

For times when the flickering light of the bonfire isn’t going to cut it, we turned to Ted Smyth, co-owner of EST Lighting for his tips on getting the mood right outdoors.

“For entertaining spaces, we really enjoy deleting every floodlight from our client’s lighting plan,” says Smyth. “In place of these we add fixtures usually reserved for indoors – decorative pendants, floor lamps, and table lamps, all dimmable, weather-proof and ambient.”

At meal time, “Small, rechargeable LED table lamps can add a subtle layer of light for dining tables and look fantastic,” he says. And to really get the party started it’s hard to go past weatherproof festoon lights. “They can be hung up quickly, and are always a fun addition when friends drop in or when luncheons last ’til after dark.”

When it comes to the final flourishes, stylist and author Jason Grant admits he’s always won over by attention to detail. “I love a beautiful table setting with abundant shared dishes on handsome platters, glinting glasses, interesting serving ware and accessories – complete with fresh flowers of course! I always strive to bring a splash of colour to a table.”

Bringing indoor comforts outside is another winning formula. “Treat your outdoor space like you would a room indoors and decorate it just the same. Or a cute outdoor umbrella is a great, cost-effective way to update your space and inject some personality,” says Grant.

So now, with the arrival of friends and family imminent, the last thing left to do is fire up the barbecue and get the bubbly on ice.

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$13 billion river rescue heads for failure, report says

News.November 30th 2014.Danny Hull monitors the irrigation system at the Canturf farm in Fyshwick as a golden sun sets over Canberra. Canberra Times photo by Matt Bedford. WATER AFR 070510 PIC JESSICA SHAPIRO… The Campaspe River, a tributary of the Murray River runs through Rochester in Central Victoria and irrigates land for the surrounding agriculture. GENERIC crops, grain, paddock, livestock, murray darling basin, water allocation, restrictions, farmers, feed, agriculture, crisis, drought, climate change, environment, rain, irrigation, export, import, trade… AFR FIRST USE ONLY PLEASE!!! SPECIALX 64942
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The $13 billion reform to restore the health of the Murray-Darling Basin is “at great risk”, amid excessive payments to irrigators, failing environmental flows and an ignorance of water extraction that is “inconceivable” given available technology, a review of the 10-year plan has found.

The independent report by the Wentworth Group of Concerned Scientists, released on Thursday, singles out Queensland and NSW for weak regulation. Victoria, too, is criticised for putting its river gum forests at risk by not backing overland flooding that downstream users support.

The Wentworth report said a weakening of oversight of the costly plan had led to a “systematic weakening” of the plan, “leaving Australia’s most productive basin seriously compromised”.

Jamie Pittock, a water expert from the Australian National University who was a key author of the report, said this year’s alleged water theft in NSW that spawned a spate of inquiries was “just the tip of the iceberg”.

There was “institutional corruption”, Dr Pittock said. “It’s the capture of state agencies by the powerful industry interests against the broader public interest.”

For its part, the Murray-Darling Basin Authority said it welcomed the Wentworth report but said it was “confident we are on track” to implement the plan.

“We do not support the report’s finding that Basin Plan implementation is inherently flawed,” a spokesperson said. “We are just five years into implementing the plan that is designed to repair 100 years’ worth of damage.” Irrigators win

The Wentworth report is among the latest in a flurry of recent reports into water management in the basin.

These include a compliance review released last week, a scathing assessment by the NSW Ombudsman earlier this month – which disclosed for the first time it had conducted three previous investigations in the sector – and the NSW government’s own independent commissioner’s report also released on Thursday.

The irrigation community had been a “major beneficiary” of water reforms so far, with “windfall gains” made from a large transfer of water entitlements from public to private ownership, the report said.

These gains had been boosted by the plan’s $2.7 billion investment in acquiring water entitlements from “willing sellers” and $3.6 billion in investments to modernise irrigation infrastructure worth an average of $400,000 per irrigation business, it said. That latter sum could rise to $700,000 by the end of the plan. ‘Inconceivable’

Despite the largesse, however, metering remains poor with about one-third of overall water use in the basin continuing to be unmetered despite $500 million invested in water accounting.

“[I]t is inconceivable that we do not know how much water is being extracted from surface and groundwater systems for consumptive use,” the report said.

Metering varied, with South Australia monitoring 95 per cent of water use the best, and Queensland the worst, at just 32 per cent. NSW, by far the biggest extractor, metered only about two-thirds of use.

Dr Pittock said the implementation of the readily available technology “would go a long way to rebuilding trust in the governance of our water”.

Another way to boost support for the plan would be to divert more of the remaining $5.1 billion to diversify industries in towns doing it tough, such as Moree and Deniliquin in NSW and Renmark in SA, Dr Pittock said.

Many of the agricultural job losses experienced across the basin were due to the automation of farming, such as round bailing machines, and “have nothing to do with Basin Plan”, he said. Total demand for seasonal workers in the irrigation industry had dropped 75 per cent between 1999 and 2013. ‘Appalling’ environmental progress

Environment measures, too, continue to be poor across the basin. Native fish populations in the Murray River have dropped to just 10 per cent of pre-colonial era levels over the past century, the report said.

While many of the wetlands had shown some improvement – such as the Gwydir wetlands – “they remain in a degraded condition” and fall short of the ecological standards listed in the plan’s treaty, it said.

The plan had aimed to “export” or remove 2 million tonnes of salt a year, but was averaging less than half that goal.

“It’s appalling that we’re only exporting half the salt that we targeted,” Dr Pittock said. “It’s appalling that the health of the red gum forests continues to decline, and it’s appalling the number of water birds has flatlined.”

The plan to recover 3200 gigalitres of water for the environment from an annual use in 2012 of 13.6 GL, was about two-thirds achieved.

Even so, that sum fell well short of the 3.86 to 6.98 GL the Murray Darling Basin Authority gave as its best estimate of water recovery to secure the system’s health, the report noted.

One issue was to insure that environment water secured in say, Queensland, did not “become fair game” for extra extraction once it flowed across the border into NSW, Dr Pittock said.

“The public’s paid a lot of money for that water in Queensland and it should be able to be shepherded all the way down the Darling, and down to the Coorong [in South Australia],” he said.

He also singled out Victoria for bowing to farmers – such as between the Eildon Weir and Seymour on the Goulburn River – for blocking pulses of environmental water needed for downstream ecosystems.

“They’ve gone backwards,” Dr Pittock said. “It means the floodplain forests of Victoria will die, let alone those further down river.” ‘Who wears the loss?’

The basin-wide recovery estimates also ignored the potential for the loss of so-called return flows, as irrigation became more efficient and less of the irrigated water leaked back into environment.

The issue of climate change also remained largely overlooked.

“There is a big risk with climate change that we end up with less water in the basin, particularly in the southern basin,” Dr Pittock said.

“The governments have said ‘it’s too hard…that we’ll deal with in 2026′” when the plan will be reviewed, he said. “That’s not really good enough.”

“If there’s less water in the basin due to climate change, who wears the loss? Is it the farmers, is it environment or is the federal government?” Dr Pittock said. ‘Balance’

Niall Blair, NSW’s water minister, said his government was committed to “balancing the requirements of our food and fibre growers, communities and the environment”.

“NSW will follow the COAG-agreed implementation plan for the Basin Plan as the most credible way to deliver the Plan on time and in full,” he said.

COAG ministers are due to meet to discuss progress on the plan on December 19, with a follow-up meeting next year to implement changes.

Jeremy Buckingham, the NSW Greens water spokesman, though, said the Wentworth report shows the plan is “on the brink of failure because of recalcitrant states, a tame Murray Darling Basin Authority, a dysfunction water market that is being rorted, a lack of compliance, and National Party water ministers acting to destroy it”.

“We have had cascading reports concluding the Murray Darling Basin Plan is failing and billions of taxpayer’s dollars are being wasted on projects that are not restoring our rivers and wetlands,” he said.

Steve Whan, chief executive of the National Irrigators’ Council and a former NSW MP, said removal of constraints on flooding was one of the “very challenging issues to be dealt with”.

“It’s easy for someone sitting in Canberra to make statements about needing to speed this up,” Mr Whan said. “On the ground though, we are talking about flooding people’s properties, and most Australian’s would agree that needs to be approached in a cautious and consultative way.”

The group “strongly disagreed” with some aspects of the Wentworth report, particularly criticism about infrastructure investment and the poor metering in some regions.

“The overwhelming majority of water users on the system have modern and accurate meters,” he said. “We need to tackle the exceptions not the majority.”

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‘Unrecognisable’: Robots will run mines within a decade

Some mines in the next decade will run without humans and instead rely on robots, virtual models and sensors, according to Anglo American.
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Anglo is betting on technology, such as computerised drills with “chiselling ability as good as a human” to increase productivity, cut costs and reduce environmental impact, Tony O’Neill, technical director at Anglo, said at the Mines and Money conference in London.

“The industry that everybody currently knows will be unrecognisable” in five to seven years, O’Neill said. With mining processes automated, Anglo’s “employee of the future” will only need to focus on managing the company’s relations with governments and communities that live near its mines, he said.

Anglo operates some of the world’s most valuable copper deposits and employs 87,000 workers from South Africa to Chile.

Bots, or software that can execute instructions, will be increasingly important in underground mining, O’Neill said. Small and self-learning, the technology requires less infrastructure than current methods, and commercial application is five to seven years away.

Anglo isn’t the first to invest in automation. In WA’s Pilbara iron ore region, BHP Billiton has begun work aimed at implementing autonomous trains along its 1,300-kilometre rail network.

Barrick Gold is a year into the gold mining industry’s most ambitious experiment to modernise digging, using thousands of sensors at and around the Cortez mine in Nevada.

Other technology uses real-time, virtual models of physical processes to prevent problems before they occur and can be deployed to monitor the mine, processing and distribution, O’Neill said.

The systems, borrowed from the aerospace industry, could increase productivity by about 20 per cent and lower costs by 15 per cent, he said.

The company plans to use so-called “dry water” for cooling and other processes that use lots of liquid. It also aims to reduce mine waste, which would make tailings dams unnecessary.

Bloomberg

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China Energy makes $430m takeover bid for AWE gas

China Energy Reserve and Chemical Group Australia has made a $430 million takeover offer for Sydney-based gas company AWE.
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The Chinese-owned firm has made an unsolicited, non-binding, indicative and conditional proposal at 71 cents a share.

AWE’s board has not rejected the offer, but said “its initial reaction is that the indicative proposal is not sufficiently attractive to provide access to due diligence”.

The Chinese company’s offer is a 31 per cent premium on AWE’s Wednesday closing price of 54 cents a share. The proposal also includes shares issued under AWE’s current Share Purchase Plan, which is slated to run until 14 December.

Whilst above the market price, the offer is well below recent analyst valuations, which have strenghtened recently due to AWE’s Waitsia project’s 78 per cent increase in proven and probable reserves to 811 petajoules.

RBC Capital Markets has placed a valuation of 91 cents a share for AWE, an upgrade from its previous valuation of 68 cents a share.

Its analyst Ben Wilson concurred with the board’s assessment of the offer.

“While any bid from a company associated with [China Energy parent China National Petroleum Corporation] must be taken seriously, we think the bid pricing needs to be higher to engage the board and major shareholders,” Mr Wilson said.

“This could be an exercise in price discovery from the bidding party and an attempt to compel the board to engage with major shareholders, particularly if more hedge funds come on the register.”

He said a recent share offer in AWE had been well taken up by long-term existing shareholders, “which suggests shareholders may not be easily budged particularly given the strong progress made on delineating a large Waitsia gas resource.”

Mr Wilson also stated that obtaining Foreign Investment Review Board approvals would be difficult due to the potential importance of Waitsia to Western Australia.

“We think FIRB approval could be a major issue given the source of the bid and the emerging status of Waitsia as an important strategic asset within the WA domestic gas market,” he said.

However, Fat Prophets’ analyst David Lennox said the perception in the market was that AWE had missed the LNG boom, and this approach may be an appropriate offer.

“It’s always been viewed as a sleepy hollow, rightly or wrongly,” Mr Lennox said.

“They’ve stuck at the Perth Basin, at the Waitsia field, and it looks like it is paying off now.

“At this sort of price, one would suggest it’s a good offer.”

This is the third takeover bid for AWE in four years.

In May last year, it rejected an unsolicited $421 million cash takeover proposal from US private equity fund Lone Star Funds.

Senex also made a cash and share offer for AWE in 2013.

Mr Wilson said continued interest in acquiring control of AWE reinforces his firm’s positive outlook on the Waitsia asset.

AWE has appointed UBS Australia as a financial advisor and Allens as its legal advisor.

AWE’s share price shot up 19 per cent to 65 cents by mid-morning.

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Mugga Way home almost triples its last sale price

Mugga Way has proved once again it is worthy of its status as Canberra’s ‘golden mile’ with No. 73 almost tripling its last sale price at auction last Saturday – the half-acre block sold for $3.16 million.
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This comes just eight years after its last sale, in 2009, when the five-bedroom home sold for $1.3 million.

The house was originally built in the 1930s, and the current owner has completed extensive renovations and additions to the home. The selling agent, Mario Sanfrancesco of Peter Blackshaw Real Estate attributes the increase to these changes.

“The heart of the home has a wonderful outlook over the pool and the entertaining space, so we held the auction in the living area to add to the feel of the property’s superb location,” he said.

He described Saturday’s auction as positive all around.

“There was a wonderful atmosphere, with friendly neighbours,” said Sanfrancesco. Related: The perfect parcel in ForrestRelated: Auction watch: Narrabundah cottage sells for $610kRelated: Home of the week: Renovated family home in Narrabundah

Red Hill’s median house price is $1.3 million; however, Mugga Way continues to consistently exceed this.

In fact, the street is home to two of the highest-ever-recorded sales in the nation’s capital. In 2010, 27 Mugga Way sold for $7.3 million and in 2013, 20 Mugga Way sold for $7.2 million.

In 2017, seven properties on the ‘golden mile’ have been sold and all have been significantly over the $1 million mark.

The biggest sale this year occurred in February at 18 Mugga Way for $5.2 million.

Sanfrancesco said that Mugga Way is one of Canberra’s most desired addresses because of a multitude of reasons.

“It continues to hold its position due to the streetscape, proximity to Red Hill reserve and the largeness of the blocks,” he said.

This story Administrator ready to work first appeared on Nanjing Night Net.