DOCSLIB.ORG

Agri-Bites | ASEAN CONSUMER RELATED/AGRI RELATED

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Agri-Bites | ASEAN CONSUMER RELATED/AGRI RELATED Agri-Bites | ASEAN CONSUMER RELATED/AGRI RELATED Tanuj Shori +65 6433 6981 [email protected] NOMURA SINGAPORE LIMITED Ken Arieff Wong +60 3 2027 6895 [email protected] Ploenjai Jirajarus (Capital Nomura Securities) BULLISH Action Stocks for action The correction in soft commodities ytd and corresponding equity underperformance Price Price (although valuations never ran up in the first place) provide an attractive broad-based (17 Mar) target Pot. BUYing opportunity, in our view. Crude oil support and any prospects of QE3 should Stock Rating (local) (local) upside (%) prevent commodity prices from going into free-fall as global inventories are at multi- OLAM SP BUY 2.55 3.90 52.9 year lows. We continue to like planters (IFAR, Sime and LonSum), Olam, Noble, NOBL SP BUY 2.07 2.80 35.3 Mewah, Indian agri stocks, and think earnings will be near-term catalysts. US planting MII SP BUY 0.87 1.34 54.0 BUY report may provide the fillip to palm oil as soy may lose the acreage battle. SIME MK 9.00 12.15 35.0 IFAR SP BUY 2.16 3.40 57.4 BUY Catalysts LSIP IJ 2,225 3,040 36.6 GGR SP BUY 0.64 0.90 40.6 Supply-driven imbalances and consolidation should drive near- to medium-term GENP MK BUY 7.97 10.50 31.7 newsflow and implied price reactions for soft commodities and related equity plays. IOI MK BUY 5.57 7.00 25.7 KLK MK BUY 20.60 25.50 23.8 Anchor themes AALI IJ BUY 21,750 28,400 30.6 RSI IN BUY 99.20 170.00 71.4 Dominant themes include: 1) China/India consumption; 2) food inflation; 3) weather Ratings and price targets are as of the date of the most patterns; 4) US$ and crude oil movements; and 5) business restructuring. recently published report (http://www.Nomura.com), rather than the date of this document. *LSIP’s price target reflects 1:5 share split in March 2011. The great buying fair for food exposure Analysts Tanuj Shori Upstream names offer good value; BUY Sime, IFAR and LonSum +65 6433 6981 Current upstream valuations have been beaten down with recent weakness in the [email protected] CPO price, offering strong upside even assuming RM3,000/tonne for CPO (lower Ken Arieff Wong than consensus and spot prices — we maintain our assumption at RM3,400/tonne +60 3 2027 6895 in FY11F). A positive outlook for global agri-commodities (with multi-year low [email protected] inventories) and strong crude oil prices support our bullish CPO price view. Our top Ploenjai Jirajarus picks include IndoAgri, LonSum, Genting Plantations and Sime Darby. (Capital Nomura Securities) Olam and Mewah are looking oversold, we still like Noble Tushar Mohata (Associate) Vishnuvardana Reddy (Associate) We still like Noble, as we believe its earnings momentum should continue near term and think it should be a net beneficiary of sugar, coal and carbon credit markets. On Olam, we think concerns are overdone and earnings will provide a Upcoming key events good catalyst for a bounce-back. We believe Mewah at current valuations (~9x P/E) Date Country Event 8 April US USDA Data Release is looking very good from a risk-reward perspective, but low liquidity is a concern. 11 Apr MY MPOB Data release Source: Nomura research, Bloomberg Marketing feedback – Wilmar, KLK, LonSum, Olam, Minzhong liked Monthly stock performance Most questions during our marketing were on Olam. Overall, we saw investors Local Mkt cap 1 wk 1 mth looking for BUY ideas in palm as CPO may stabilize; their top picks seemed to be Stock Ticker price* (US$mn) chg (%) chg (%) KLK, IFAR and London Sumatra. There was interest in niche plays like China Wilmar WIL SP 5.01 25,091 (5.3) (5.5) Minzhong and GMG, as well, with broad consensus positive on rubber. We got Noble NOBL SP 2.07 9,775 0.5 (1.9) some pushback on Noble as our top pick as investors think earnings expectations Olam OLAM SP 2.55 4,248 (5.6) (12.7) may be priced in. While we are NEUTRAL on Wilmar, we saw much interest in the Mewah MII SP 0.87 1,026 (10.8) (17.9) stock at current levels with investors getting positive vibes from insider buying. Sime Darby SIME MK 9 17,707 (1.1) (3.0) IOI IOI MK 5.5711,695 (2.5) (0.2) KL Kepong KLK MK 20.6 7,199 (1.3) (5.9) All eyes on US planting data – who will win the acreage battle? Gent Plant GENP MK 7.97 1,980 0.9 (1.6) As per a recent USDA forecast, winners this time around will likely be corn and Astra Agro AALI IJ 21750 3,897 (4.2) (5.4) wheat, while soybean acreage may not gain. This is mostly driven by current Lonsum LSIP IJ 2225 1,727 (6.3) 0.2 soybean prices, which are lower than corn and wheat, and thus less attractive for Golden Agri GGR SP 0.64 6,080 (4.5) (7.9) planters to plant. The much-anticipated Planting Intentions Survey result will be Indofood IFAR SP 2.16 2,447 (5.3) (13.3) released on 31 March and will provide a more accurate picture on planting Ruchi Soya RSI IN 99.2 659 (2.4) (6.0) expectations for the coming season. We think that as long as other crops such as KS Oils KSO IN 31.85 280 (7.0) (7.5) wheat, corn and cotton maintain their price strength, soybean should maintain its * Pricing as of 17 Mar Source: Bloomberg current strength – supportive of global vegetable oils, including palm oil. Any authors named on this report are research analysts unless otherwise indicated. See the important disclosures and analyst certifications on pages 61 to 65. Nomura 1 23 March 2011 Agri-Bites | ASEAN Tanuj Shori / Ken Arieff Wong Contents Nomura ASEAN Soft Commodity Team 4 The great buying fair 5 In line with commodities, equities have underperformed as well… 6 CPO price has corrected 14% from its peak, but equities punished further – unwarranted in our view 6 CPO price assumption maintained 7 CPO discount to soybean oil comes off, lending some comfort 8 All eyes on US spring planting season; USDA expects little change in hectarage for soybean, with most gains in to be made in corn and wheat 8 Impact of Japanese earthquake on agri-commodities 9 Long positions of “managed money” in soy oil futures withdraws as risk appetite withdraws 10 Stocks: what we like and what we don’t 12 Upstream planters severely punished – offer ‘deep value’ 12 Midstream: we continue to like Noble, Olam and Mewah, but are cautious on Wilmar 12 We also like Indian edible oil players – Ruchi Soya and KS Oils 13 Thai Food & Agri: CNS prefers food processors CPF and GFPT on global demand for high-quality processed foods and benefit from soft commodity price drop 13 Other data points for the month 14 Malaysian February palm oil data — production and exports down, prices fairly reflect inventory levels 14 China soybean crushing margins fell in February, US margins almost at parity 14 Palm oil industry refining margins spike 15 Major news flow for the month 16 Round-up of Feb-March 2011 17 Last month’s commodity price performance: negative 17 Stock performance generally negative, agri inputs and midstream lead fall 17 Consensus downgrades occur on price correction, profit taking 17 Valuation snapshot 18 Valuation charts 24 The ups and downs 26 Last month’s commodity price performance: negative 26 Stock performance generally negative, agri inputs and midstream lead fall 27 YTD 2011 recap: generally negative returns by agri stocks 27 Consensus downgrades occur due to price correction, profit taking 28 Ears to the ground 30 Important events/news flow summary 30 Company news flow summary 32 Highlights of our published research 33 Nomura 2 23 March 2011 Agri-Bites | ASEAN Tanuj Shori / Ken Arieff Wong Commodity snippets 34 Palm oil 35 What you need to know for the month of March 35 Soybean, soy meal and soy oil 39 USDA forecasts improving soybean supply in 2010/11F, consumption to rise more 39 World protein meal supply to grow in tandem with disappearance; vegetable oil disappearance to outpace supply growth 40 World soybean production to fall slightly in 2010/11F 41 Brazil and US to capture share of Argentine soybean exports in 2010/11F 42 Soybean consumption to grow at 8.1% in 2010/11F; same as 09/10F 42 China continues to be a substantial consumer of soy products 44 China soybean crushing margins fall in February-March 45 Sugar 47 ISO further cuts sugar surplus forecast for 2010/11F on Australian floods and China weather 47 Thai sugar export volume and price up in Jan-11 47 World sugar prices fell m-m in March 2011 due to expected sugar surplus from India 48 Grains — rice, wheat and corn 49 Grain stock usage ratios to tighten in for wheat and corn while improving for rice in 2010/11F 49 World rice price continues to be weak y-y and m-m in Mar-11 50 Thai rice export volume up in Jan 11 51 Wheat exports in major producing regions to drop in 2009/10F and 2010/11F 51 US corn production to fall, but offset by gains in China 52 Rubber 53 Global natural rubber to grow 4.6% in 2011F and 3.8% in 2012F 53 Thai rubber export volume down but export price up in Jan 11 53 Future rubber price down m-m on worry about car industry in China and the impact from the earthquake in Japan 53 Appendix 1: crop calendar 55 Appendix 2: monthly weather update 56 Valuation methodologies 57 Risks to our investment view 58 Nomura 3 23 March 2011 Agri-Bites | ASEAN Tanuj Shori / Ken Arieff Wong Nomura ASEAN Soft Commodity Team Tanuj SHORI ASEAN Commodity Supply Chain +65 6433 6981 [email protected] Ken Arieff WONG ASEAN Plantations +60 3 2027 6895 [email protected] Ploenjai JIRAJARUS Capital Nomura Securities +662 638 5772 [email protected] Tushar MOHATA +91 22 6723 4042 [email protected] Vishnuvardana REDDY +91 22 3053 2847 [email protected] Nomura 4 23 March 2011 Agri-Bites | ASEAN Tanuj Shori / Ken Arieff Wong What’s in this issue of our Agri-Bites The great buying fair After a strong 2H10, we have so far seen a weak 2011, with agri-commodity prices and stocks both having corrected considerably year to date.
Load more

Recommended publications
  • Wordplay in English Online News Headlines
    Advances in Language and Literary Studies ISSN: 2203-4714 Vol. 7 No. 2; April 2016 Flourishing Creativity & Literacy Australian International Academic Centre, Australia Wordplay in English Online News Headlines Roya Monsefi (Corresponding author) School of Languages, Literacies and Translation, Universiti Sains Malaysia, 11800 USM, Penang, Malaysia E-mail: [email protected] Tengku Sepora Tengku Mahadi School of Languages, Literacies and Translation, Universiti Sains Malaysia, 11800 USM, Penang, Malaysia E-mail: [email protected] Doi:10.7575/aiac.alls.v.7n.2p.68 Received: 12/11/2015 URL: http://dx.doi.org/10.7575/aiac.alls.v.7n.2p.68 Accepted: 16/01/2016 Abstract Within the endless stream of information available on the news media market, news headline language is characterised by several linguistic, pragmatic, rhetorical and functional features that distinguish it from other varieties of language that are not specialised. In the present study, the rhetorical features of English news headlines, through wordplay investigation, using a sample of 100 headlines were studied. Wordplay is investigated because it leads to the persuasiveness of message that is sometimes so subtle that the readers might not even recognise it. A taxonomy of wordplays was constructed according to Leigh’s (1994) model which made it possible to access a comprehensive checklist. The way the persuasive element, i.e. wordplay, was presented for the English headline readers was examined using the descriptive method and in light of textual rhetorical analysis. The outcome of the study suggests that English news headlines are likely to contain one or more clearly defined wordplay. The most frequent wordplay is that of tropes or more specifically metonymy.
    [Show full text]
  • Metonymy: the Way to Convey Information
    ICOELT-6 Proceedings of the Sixth International Conference on English Language and Teaching 2018 ȋ Ǧ͸Ȍ METONYMY: THE WAY TO CONVEY INFORMATION Yola Merina and Hevriani Sevrika Sekolah Tinggi Keguruan dan Ilmu Pendidikan (STKIP) PGRI Sumatera Barat e-mail: [email protected] 1) and [email protected] Abstract This research discussed about the use of metonymy in conveying information in college environment. The aim of this research is to find out the kinds of metonymy that used by speakers to another speaker in uttering, mentioning and delivering their thoughts. It is to understand the meaning of utterances that use metonymy which are spread out from speakers. This research was used qualitative approach. In obtaining the data, the researcher used non-participant observational technique with observational method. The following techniques in obtaining data were recording and note taking technique. The location sources of data were taken from utterances of students and lecturers. Based on theories provided, the data were analyzed one by one to know the type of metonymy used and the meaning of it. To focus on the study, the data were limited to be analyzed, only metonymy which were delivered by lecturers of English Department in STKIP PGRI were listened and recorded by researcher in college field during a month. From the analysis, this research found spatial, temporal and abstract as metonymy’s kinds which were used for conveying information. Keywords: contiguity, cognitive linguistics, entity, metonymy 1. INTRODUCTION In daily life, there are many ways of speaker use figure of speech in expressing and providing information through string of words that comes from someone’s thoughts and ideas.
    [Show full text]
  • Equal Treatment Benchbook: Second Edition
    EQUAL TREATMENT BENCHBOOK Supreme Court of Queensland Second Edition Supreme Court of Queensland Supreme Court of Queensland TABLE OF CONTENTS CHAPTER 1: JUSTICE AND EQUALITY .............................................................................................................. 1 INTRODUCTION .............................................................................................................................................. 1 PERCEPTIONS OF JUSTICE .......................................................................................................................... 2 Published in Brisbane by CHAPTER 2: ETHNIC, RELIGIOUS, SPIRITUAL AND LINGUISTIC DIVERSITY ..................................... 3 Supreme Court ofLibrary Queensland Queensland Library INTRODUCTION .............................................................................................................................................. 3 Level 12,304 415 George George Street, Street Brisbane, QLD ETHNIC DIVERSITY ........................................................................................................................................ 3 BRISBANE QLD 4000 A Ethnic Diversity in Australia and Queensland .............................................................................................. 3 B Birthplace .................................................................................................................................................................... 4 C Parental Birthplace ................................................................................................................................................
    [Show full text]
  • The Guardian Style Guide
    The Guardian style guide Introduction Saying it in style If a writer needs a dictionary he should not write. He should have read the dictionary at least three times from beginning to end and then have loaned it to someone who needs it. Ernest Hemingway The Guardian style guide is edited by David Marsh and Nikki Marshall The word and pdf versions of the Guardian style guide are regularly updated so return often to www.guardian.co.uk/styleguide for the latest additions. Last updated: January 2002 Email: [email protected] TheGuardian style guide Neither pedantic nor wild … an introduction by Michael McNay The Guardian has always been a newspaper for writers, and so a newspaper for readers. All the other skills, copy editing, design, typography, illustration, photography, are there to enhance the writing and to make it more accessible, to make the paper a more desirable journal to read - though illustration and photography each has its separate justification as well. It should not be necessary to add that Guardian writers and subeditors should all be interested in the language, in its proper use and its development, and that regular trips to books (Collins English as wide-ranging as Gower's The Complete Plain Words, Dictionary- Partridge's Usage and Abusage, Orwell's brilliant short essay Millennium Politics and the English Language, Fowler's Modern English Edition) to which Usage, or Kingsley Amis's The King's English, are useful in you should refer for sharpening professional tools as well as for entertainment. for guidance on anything that does One says it should not be necessary, but it is very obvious all not appear in the round the Guardian office that uncomfortably many people style guide involved in producing and shaping text for the paper rely more on the casual question, "What's the style for x?" and the casual answer, "I think it's probably y." Journalists who are not sufficiently interested in house style to check the house style guide are not on the face of it very likely to be much interested in style at all.
    [Show full text]
  • Registration of Malaysian Names Using the ATLAS Software
    Registration of Malaysian Names Using the ATLAS Software Monica Kuak Sim Joo· Abstrak: Modul Circle di dalam perisian ATLAS merupakan satu modul yang baik tetapi menimbulkan beberapa masalah dalam pendaftaran nama-nama Malaysia. Kekurangan yang dimaksudkan ini berpusat pada kenyataan bahawa modul ini tidak dapat menampung nama- nama Melayu dan India yang tiada nama keluarga dan nama-nama Cina di mana nama-nama keluarga mendahului nama-nama sendiri. Bahagian Sirkulasi, Perpustakaan Universiti Malaya mencadangan dua pilihan lain untuk menyelesaikan masa/ah-masa/ah yang dihadapi di da/am pendaftaran nama-nama Malaysia. Kedua-dua cara penyelesaian ini adalah tidak memuaskan kecuali perisian ini diubah suai untuk penggunaan kami. Adalah menjadi harapan kami bahawa masa/ah pendaftaran ini ia/ah satu masalah sementara yang akan dapat diatasi dengan seberapa segera. Abstract: The Circle Module of the ATLAS software is generally good but posed some problems with regards to the registration of Malaysian names. The limitation of the software is centered on the fact that it cannot accommodate Indian and Malay names which have no surnames and Chinese names where the surnames occur before personal names. The Circulation Division of UML proposed 2 alternatives to solve the problem of the registration of Malaysian names. Both solutions are not satisfactory unless some customization is made on the software. It is hoped that this registration problem is a temporary one which should be resolved in the near future. INTRODUCTION tailor-made for UML, a number of problems were encountered, a notable one being patron registra- The Circulation Division of UML has looked for- tion.
    [Show full text]
  • Referential Metonymy Across Languages: What Can Cognitive Linguistics and CONTRASTIVELINGUISTICS Learn from Each Other?
    Inlernalional Journul of English Studies University of Murcia Referential Metonymy across Languages: What Can Cognitive Linguistics and CONTRASTIVELINGUISTICS Learn from each Other? RITABRDAR-SZABÓ & MAMOBRDAR' Eoti~osLorbnd University & .los@ .luraj Sjrossmayer University ABSTRACT Tlie paper dernonstrates how contrastive linguistics may receive a fresh breath of life from approaching certain probleins froin tlie cogiiitive linguistic point of view. Cognitive linguistics is not only capable of providiiig contrastive linguistics with a comprehensive but coherent theoretical backboiie the latter has always badly needed for its survival, but it is also certain to open up new avenues of research that have so far beeii more or less out of bounds for contrastive linguistics. At the same time, contrastive linguistics rnay playa critical, catalytic role in the development of cognitive linguistics theory and methodologq. This is due to its irnrnense potential in validating or falsifjing soine claims put forward by cognitive linguistics. wliich is iiilierently biased towards stressing the more universal aspects of language. This mutual cross- Sertilizatioii is dernonstrated on the example of metonymically used names of capitals in English, German, Croatiaii aiid Huiigariaii. KEYWORDS:rnetoiiyrnic rnappings, referential metonymy, topic continuity, translational equivalente, quantitative coiitrastive aiialysis, proper noun, prepositional phrase, adposition. Address for correspondence: Rita Brdar-Szabó, Eotvos Lorhnd University, Ajtósi Dürer sor. 19-21, 11-1 146 Budapest, Hungary. E-mail: [email protected] Mario Brdar, Josip Juraj Strossmayer University, L. Jagera 9. HR-3 1000 Osi.jek, Croatia. E-mail: [email protected] O Servicio de Publicaciones. Universidad de Murcia. All rights reserved. IJE.S, vol. 3 (2), 2003. pp.
    [Show full text]
  • Cataloging of Chinese Gazetteers Procedures
    Updated: 6/1/2016 Cataloging of Chinese Gazetteers Procedures The C.V. Starr East Asian Library has a big collection of Chinese local gazetteers. The contemporary local gazetteers collection is classed in LC classification, class DS, under provinces, cities, or counties, etc. The older gazetteers collection transferred from the Center for Chinese Studies Library (CCSL) has locally assigned 2nd cutter, A15, after the DS classification number. These items are shelved at the beginning of all publications under a specific province, cities, or counties, e.g., DS793.H8 A15 2001. However, the later acquired publications are classified strictly according to the LC classification. They are not shelved together with the older gazetteers that have the “A15” cutter. Since LC classification does not have a special cutter for gazetteers under each province, city and county, the new gazetteers are interfiled with the other Chinese history publications under the specific province, city and county. In November 2015, we decided to set up a new local cataloging policy to enhance the bibliographic records and shelve all the Chinese gazetteers together. Our original idea was to group all the gazetteers together by applying: 1) 2nd cutter, A15, after the LC classification number and a 1st cutter after the Sheng, cities or counties. 2) Add one or two numerals for the coverage year based on the locally created time periods table after the 2nd cutter, A15. But the application does not work. When the gazetteer is published in parts and the parts have the same coverage years and published years, the call numbers are the same.
    [Show full text]
  • Table of Content
    THE IIUM THESIS/DISSERTATION MANUAL CENTRE FOR POSTGRADUATE STUDIES 2009 (For Internal Circulation Only) ﺑﺴﻢ اﷲ اﻟﺮﺣﻤﻦ اﻟﺮﺣﻴﻢ This manual is compiled with one main purpose: to guide postgraduate students of the International Islamic University Malaysia (IIUM) in their thesis/dissertation writing. It also sets a standard by which the quality of thesis/dissertation output in IIUM can be maintained. Therefore, students and supervisors are recommended to become thoroughly familiar with the contents of this manual before embarking on the thesis/dissertation. As it contained guidelines that have been approved by all the Kulliyyahs, at various stages of its preparation, it should precede all other manuals. We are pleased you are contributing towards the realization of the IIUM’s academic identity. The manual contains seven parts. Part 1 provides a description of the general requirements of a thesis/dissertation produced in the IIUM, which should be useful to the postgraduate student. Part 2 is on formatting of the thesis/dissertation which the student will find necessary at the end of the thesis/dissertation writing prior to submission. Part 3 is a guide on how to enter Arab, Malaysian and Indonesian names in the bibliography list. Part 4 provides an Arabic transliteration scheme, particularly useful for the Islamic Revealed Knowledge (IRK) students who wish to write their thesis/dissertation in English. Part 5 and 6 provide a detailed explanation on how to deal with in-text citations and Part 7 shows how bibliography entries should be presented. Appendices are presented as much as possible, in each step of the thesis/dissertation preparation, to provide examples which the students may follow.
    [Show full text]
  • The Guardian Style Guide
    The Guardian style guide Introduction A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z Saying it in style "The most valuable of all talents is that of never using two words when one will do" Thomas Jefferson The Guardian style guide is edited by David Marsh and Nikki Marshall The word and pdf versions of the Guardian style guide are regularly updated so return often to www.guardian.co.uk/styleguide/ for the latest additions. Last updated: July 2004 Email: [email protected] TheGuardian style guide Neither pedantic nor wild … an introduction by Michael McNay The Guardian has always been a newspaper for writers, and so a newspaper for readers. All the other skills, copy editing, design, typography, illustration, photography, are there to enhance the writing and to make it more accessible, to make the paper a more desirable journal to read - though illustration and photography each has its separate justification as well. It should not be necessary to add that Guardian writers and subeditors should all be interested in the language, in its proper use and its development, and that regular trips to books as wide-ranging as Gower's The Complete Plain Words, Partridge's Usage and (Collins English Abusage, Orwell's brilliant short essay Politics and the English Dictionary- Language, Fowler's Modern English Usage, or Kingsley Amis's The Millennium Edition) King's English, are useful in sharpening professional tools as well as to which you should for entertainment.
    [Show full text]
  • Dilemmas of Opposition: Building Parties and Coalitions in Authoritarian Regimes
    DILEMMAS OF OPPOSITION: BUILDING PARTIES AND COALITIONS IN AUTHORITARIAN REGIMES A Dissertation Presented to the Faculty of the Graduate School of Cornell University In Partial Fulfillment of the Requirements for the Degree of Doctor of Philosophy by Sebastian Carl Dettman December 2018 © 2018 Sebastian Carl Dettman DILEMMAS OF OPPOSITION: BUILDING PARTIES AND COALITIONS IN AUTHORITARIAN REGIMES Sebastian Carl Dettman, Ph. D. Cornell University 2018 Approximately one third of the world’s states are competitive authoritarian regimes, where opposition parties compete against powerful incumbents that skew political and electoral institutions to their advantage. A key challenge for opposition parties in such regimes is to expand their electoral support and work with other opposition actors to win greater power. Under what conditions are they successful in building broad-based and coordinated challenges to authoritarian rulers? This dissertation argues that opposition success hinges on their strategic choices in elections and in office – and how they navigate key tradeoffs and dilemmas of expansion. Individual opposition parties face diverging incentives and costs to expand based on the identities and issues around which they initially build support. At the collective level, opposition parties often seek to coordinate their electoral challenges against the incumbent to build broader power. But when opposition parties work together, they face strong pressure to stick with their existing niche identities, since pursuing strategies of party broadening – changes to party image to appeal to new constituencies – risks encroaching on the electoral terrain and core constituencies of their coalition partners. As a result, parties frequently struggle to navigate conflicting incentives of individual and collective electoral strategies to win power.
    [Show full text]
  • The Guardian Style Guide
    The Guardian style guide Saying it in style If a writer needs a dictionary he should not write. He should have read the dictionary at least three times from beginning to end and then have loaned it to someone who needs it. Ernest Hemingway The Guardian style guide is edited by David Marsh and Nikki Marshall The word and pdf versions of the Guardian style guide are regularly updated so return often to www.guardian.co.uk/styleguide for the latest additions. Last updated: February 2002 Email: [email protected] TheGuardian style guide Neither pedantic nor wild … an introduction by Michael McNay The Guardian has always been a newspaper for writers, and so a newspaper for readers. All the other skills, copy editing, design, typography, illustration, photography, are there to enhance the writing and to make it more accessible, to make the paper a more desirable journal to read - though illustration and photography each has its separate justification as well. It should not be necessary to add that Guardian writers and subeditors should all be interested in the language, in its proper use and its development, and that regular trips to books (Collins English as wide-ranging as Gower's The Complete Plain Words, Dictionary- Partridge's Usage and Abusage, Orwell's brilliant short essay Millennium Politics and the English Language, Fowler's Modern English Edition) to which Usage, or Kingsley Amis's The King's English, are useful in you should refer for sharpening professional tools as well as for entertainment. for guidance on anything that does One says it should not be necessary, but it is very obvious all not appear in the round the Guardian office that uncomfortably many people style guide involved in producing and shaping text for the paper rely more on the casual question, "What's the style for x?" and the casual answer, "I think it's probably y." Journalists who are not sufficiently interested in house style to check the house style guide are not on the face of it very likely to be much interested in style at all.
    [Show full text]
  • Malaysia Business Guide
    Malaysia Business Guide Compiled by: SBH ASEAN Malaysia Kuala Lumpur, May 2015 ARRIVAL AND DEPARTURE The main entry points are: Airports Kuala Lumpur International Airport - http://www.klia.com.my Kuala Lumpur International Airport 2 Penang International Airport Kuching International Airport – Sarawak (Borneo) Kota Kinabalu International Airport – Sabah (Borneo) Langkawi International Airport – Kedah Subang Airport Senai International Airport – Johor Seaports Port Klang, Westport, Northport Kuala Perlis, Kuah, Langkawi Georgetown, Penang Pasir Gudang, Johor Kuantan, Pahang Roads Bukit Kayu Hitam-Kedah (from Thailand) http://www.plus.com.my Johor Bahru-Johore (from Singapore) Rail Padang Besar -Perlis (from Thailand) Johor Bahru- Johore (from Singapore) Visitors entering Malaysia through the various entry points are required to declare all dutiable or prohibited goods in their possession. Malaysian customs regulations pro-vide stiff penalties for those who are found guilty of making false declarations or for concealing prohibited goods. Travelers are advised that there are severe penalties, including the death penalty, for anyone convicted of drug trafficking in Malaysia. Switzerland Global Enterprise – Business Guide 1/7 LANGUAGES USED FOR BUSINESS The official language is Bahasa Malaysia, while Mandarin and Tamil are also taught in schools catering to the sizeable Chinese and Indian communities. English, the language of the former colonial power, is widely used in business and administrative matters. PUBLIC HOLIDAYS Statutory holidays
    [Show full text]