Rye, corn, bourbon, Scotch: Welcome to the world of whiskey |
- Rye, corn, bourbon, Scotch: Welcome to the world of whiskey
- BHP faces rating risk as easing gloom helps rivals’ outlooks
- Questions that Clinton and Trump should be asked — Albert R. Hunt
- Motive sought in fatal shooting at Washington state mall after arrest
- Jude Law gets ready to lead a revolution in ‘The Young Pope’
- Hedge funds misread Fed with bullish dollar bets at 7-month high
| Rye, corn, bourbon, Scotch: Welcome to the world of whiskey Posted: 25 Sep 2016 06:40 PM PDT
What is rye whiskey? The clue's in the name. This type of whiskey is made widely in the USA and must be distilled from at least 51 per cent rye. It stands out for its spicier and fruitier flavors than bourbon. Mid-19th-century American cocktails, such as the Old Fashioned and Whiskey Sours, were originally made with this kind of whiskey. In the US, sales of rye have jumped 6,000 per cent in five years, according to American authorities, confirming the comeback of this traditional tipple. The Beast Smoke House in Paris suggests its "The Beast Old Fashioned" cocktail with 4cl of Sazerac Rye, 2cl of Sweet Vermouth, a dash of Angostura bitters and a dash of Bitter End BBQ Bitters. What is corn whiskey? With fewer corn whiskeys on the market, novice tasters will have less trouble choosing this kind of liquor. As the name suggests, this whiskey is distilled from at least 80 per cent corn. It offers more rustic flavors than rye or bourbon. After falling out of fashion and out of general consumption, a corn whiskey revival is currently underway, driven by renewed taste for cocktails based on traditional whiskeys. The trend is sure to bring success to producers since only three brands currently make this kind of liquor, in Kentucky and Missouri, USA. What is bourbon? Whiskey is liquor produced by the fermentation and distillation of grains. Bourbon must be distilled from at least 51 per cent corn, topped up with malted barley, wheat and rye. If distilleries opt for wheat, then the bourbon is said to be "wheated." The drink is then aged in oak barrels. Bourbons are often produced in Kentucky, where they originated. Bourbon is the traditional rival for Scotch in the world of whiskey. What is Scotch? First of all, Scotch isn't a whiskey but a "whisky" without the "e," which takes its name from its place of origin, Scotland. Note that only whiskey from the USA and Ireland uses the "ey" spelling, drinks with other origins are labelled "whisky." Scotch is primarily made from water and malted grain, traditionally barley, at a distillery in Scotland. The fermented mash can include other whole grains. Scotch has to age for at least three years in oak barrels and must have a minimum alcoholic strength by volume of 40 per cent (80 US proof). — AFP-Relaxnews  |
| BHP faces rating risk as easing gloom helps rivals’ outlooks Posted: 25 Sep 2016 06:36 PM PDT
Credit metrics for the world's biggest miner will be below limits for existing ratings in the current fiscal year, according to both S&P Global Ratings and Moody's Investors Service, which grade BHP at their sixth- and seventh-highest rankings, respectively. That will focus attention on its efforts to balance debt reduction against potential acquisitions and returns to shareholders. Analysts will also be attuned to further fallout from the failed Samarco dam in Brazil. Large mining peers including Rio, Fortescue Metals Group Ltd and Vale SA have had ratings upgraded or the outlook on their scores boosted as commodities including iron ore have rallied in 2016. They've also gained from efforts to lower costs and bolster balance sheets. Improved prices won't boost BHP profits enough to buoy its rating outlook, while the producer's oil division will make only a limited contribution this year, according to S&P. "There has been good progress," S&P analyst Elad Jelasko said in an e-mailed response to questions. "But still not sufficient to stabilise the outlook." Below threshold Metrics for the company, presently rated A with a negative outlook by S&P, will remain "slightly below" the threshold for its current score in 2017, Jelasko said. Volatile metals and oil prices, uncertainties over BHP's financial policy and liabilities tied Samarco are key to the credit assessor's outlook, he said. "Our balance sheet strength has been maintained with both cash flow and gearing metrics within our target ranges, liquidity of US$16 billion (RM66 billion) and a long-dated debt maturity profile," BHP said in an e-mailed statement. The producer seeks to ensure its strategy supports a solid 'A' credit rating, it said in an annual report published Wednesday. BHP booked post-tax charges of US$2.2 billion related to financial impacts from the Samarco failure in full-year results for the 12 months to June 30, it said last month. Ongoing legal proceedings, including about 23,000 small claims, mean BHP can't yet reliably estimate the likely extent of its liabilities, the producer said last week. Moody's, which has the company at A3 with a negative outlook, also expects BHP's metrics to fall below its rating parameters, although they're likely to move in line with its tolerance levels in the fiscal year beginning next July, Sydney-based analyst Matthew Moore said by phone. To move to a stable outlook, BHP would need to carry out further debt reduction beyond current expectations, he said. Net debt With stronger free cash flow projected on improved prices, BHP expects its net debt to fall in the current fiscal year, Chief Financial Officer Peter Beaven said last month. BHP's net debt rose 7 per cent to US$26.1 billion in the fiscal year ended in June compared to the previous 12 months, according to filings. "BHP is more diversified, so they have exposure across multiple sectors of the market, whereas Rio is more of an iron ore based business," said Gavin Goodhand, a debt investor who helps oversee the equivalent of about US$520 million at Altius Asset Management. Weaker oil prices and uncertainty over the Samarco incident are continuing to weigh on BHP, he said. Rating tolerances The money manager said that while investors do become a bit concerned when rating thresholds are breached "you can't look at the triggers as a hard and fast reason to see something downgraded or upgraded. There will be tolerances." He saw BHP's bid to protect its credit score as offering some reassurance and said he remains "comfortable" with the miner. Fitch Ratings, which didn't immediately respond to a request for comment, has a negative view on the credit as well, although its ranking is the equivalent of one step above S&P's. A Bloomberg default risk model that assesses metrics including the share price, debt, interest expenses and cash flow indicates BHP miner should currently be rated at the second-lowest investment grade, two steps below its current Moody's score. So far, the market doesn't appear to be showing a tremendous amount of concern, with the cost of protecting its notes against non-payment tumbling as global credit has rallied. Credit default swaps on BHP have fallen 65 basis points this year to 117 basis points as of Friday, although that's less than the 75 basis-point slide for equivalent Rio Tinto contracts. BHP shares were at A$21.56 (RM67.83) as of 11am in Sydney, having risen 21 per cent this year. Stronger than expected iron ore prices and a recent surge in coal are factors that have boosted expectations on BHP's profits for the year to June 30, Macquarie Group Ltd equity analysts wrote in a September 20 report, lifting its rating on the producer to outperform from neutral. "The improved coal price outlook has translated to significant upgrades to our forecasts for BHP," the analysts said. BHP, the No. 3 iron ore shipper, is the largest exporter of metallurgical coal, which has more than doubled in price since the start of last month. Coal prices are likely to hold at least some of the gains, Morgans Financial Ltd analysts said in a September 21 note. — Bloomberg |
| Questions that Clinton and Trump should be asked — Albert R. Hunt Posted: 25 Sep 2016 06:36 PM PDT
Questions that Clinton and Trump should be asked — Albert R. HuntSEPTEMBER 26 — The US is still fighting a war in Afghanistan and has troops in Iraq, the Iranian nuclear deal remains controversial, the Islamic State is weakened but continues to be threatening, North Korea is launching missiles, Russia flaunts international norms and China has expansionary designs. QuickTake Debate Q&A It's a dangerous world. Yet in the US presidential election the foreign policy debate chiefly involves insults and cliches. None of these issues will disappear by Inauguration Day; the press and public should pressure Donald Trump and Hillary Clinton to better define their views over the next six weeks. Based on suggestions from six top national security experts, Republicans and Democrats, here are some questions that should be answered. Let's start with Clinton. She is more of a foreign policy hawk than President Barack Obama. She voted for the Iraq War in 2003, spearheaded the 2011 Libyan intervention and unsuccessfully tried to get the US more involved in the Syrian civil war. Question: Libya is now a dysfunctional terrorist haven; Obama says the worst mistake of his presidency was failing to prepare for what happened after toppling Muammar Gaddafi. Do you disagree with the president, were you mistaken, and what have you learned? Question: How likely is it that all the parties in the Syrian crisis — the US, Russia, Saudi Arabia, Iran and Turkey --could cut a delicate deal: Bashar al-Assad remains in power for a while, then a transition government prepares for elections? If not, what other path is there for resolution? As secretary of state, Clinton said the Trans-Pacific Partnership was the "gold standard" for trade deals and would bolster US security and economic interests in Asia. As a presidential candidate, facing the anti-free trade Bernie Sanders, she flipped. Question: Most of America's important allies in Asia say the TPP is crucial to counter Chinese political and economic hegemony in the region. Why are they wrong? For Trump: The North Atlantic Treaty Organization is the alliance between the US and 27 countries, including the three Baltic states: Lithuania, Latvia and Estonia. Article 5 of its charter explicitly states that an attack on one member should be considered an attack on all. Question: You have praised President Vladimir Putin, vowing to fashion better relations with Russia. But if, as he did in Crimea and eastern Ukraine, Putin intervened militarily in one of the Baltic states, would you favour invoking NATO's Article 5 and sending forces to counter Russia? Question: Explain your concept of nuclear deterrence and how your willingness to have Japan, South Korea and Saudi Arabia acquire nuclear weapons enhance global security? In the 1968 election, candidate Richard Nixon claimed to have a "secret plan" to end the Vietnam War. He won the election and the war lasted six more years, with more than 21,000 Americans killed. Question: Secret plans usually are secret because they aren't real. You have claimed to have a "fool-proof " plan to defeat the Islamic State. Unless you specifically lay out a plan, that promise is as empty as Nixon's secret plan for Vietnam plan. How would you eliminate the Islamic State and how quickly? Question to both candidates: Since Jimmy Carter's Camp David summit, five different presidents have failed to make much progress on the Israeli-Palestinian conflict. What would you do differently, or should the US stay out? Question to both candidates: Top national security advisers are central to a president's conduct of policy: Nixon had Henry Kissinger, Jimmy Carter had Zbigniew Brzezinski and George H.W. Bush had Brent Scowcroft. Could you name a few of your most important foreign policy advisers? The stilted format makes it unlikely that a whole lot of information will be forthcoming at Monday night's much hyped debate. But these questions should be pursued vigorously over the next 43 days. — Bloomberg View This is the personal opinion of the columnist. |
| Motive sought in fatal shooting at Washington state mall after arrest Posted: 25 Sep 2016 06:31 PM PDT
Police took Turkish-born Arcan Cetin into custody on Saturday evening in Oak Harbor, about 48 km southwest of Burlington where the shooting occurred on Friday night. Cetin's demeanor when apprehended was "zombie like," police said at a news conference. He was unarmed and did not run from officers, they said. A motive for the rampage remains unclear and Cetin, who is due to appear in court today, has not been charged. The FBI said while they had no indication the attack was a "terrorism act," it could not rule out that possibility. Cetin, who police said is a legal, permanent resident of the United States, is accused of opening fire in the cosmetics section of a Macy's department store at Cascade Mall, killing four women and a man. Surveillance video showed the suspect entering the mall without a rifle but he was later spotted on video in the store brandishing a weapon, police said. The rifle was recovered at the mall. The attack followed a series of violent outbursts at shopping centres across the United States, including the stabbing of nine people at a Minnesota centre last weekend. It comes at a time of heightened tensions in the United States after a succession of seemingly random attacks in public places, ranging from a gay night club in Orlando, Florida, to a Planned Parenthood clinic in Colorado. Investigators planned to search Cetin's Oak Harbor residence, vehicle and interview witnesses yesteray to collect evidence and "build as good as a case as you can," said Sergeant Mark Francis, a spokesman for the Washington State Police. Police have reports that Cetin's ex-girlfriend worked at the Macy's, Francis said. The possible connection was under investigation. Cetin has a criminal record that includes three domestic violence charges in which his stepfather was the victim, the Seattle Times reported, citing court records. He also was arrested for drunken driving and barred by a judge in December from possessing a firearm, the newspaper reported without providing details. Reuters was unable to confirm the reports. Police did not identify the victims but local media said they ranged in age from mid-teens to mid-90s, and included a mother and her daughter. The Skagit County Coroner's Office said it planned to release information about shooting victims today. — Reuters |
| Jude Law gets ready to lead a revolution in ‘The Young Pope’ Posted: 25 Sep 2016 06:28 PM PDT Duration: 01:46, Published 26 Sep 2016 Unveiled at the 73rd Venice Film Festival earlier this month, 'The Young Pope' looks like a promising series that's unique in its genre. — AFP-Relaxnews |
| Hedge funds misread Fed with bullish dollar bets at 7-month high Posted: 25 Sep 2016 06:26 PM PDT
Wagers for the dollar to gain against seven major peers jumped by a third to a net 150,620 positions in the week to September 20 compared with the previous period, according to the latest data available from the Washington-based Commodity Futures Trading Commission. A gauge of the greenback sank by the most in two weeks the following day, as the Federal Open Market Committee opted to give the economy more room to run and stood pat for the sixth time this year. Futures indicated just 22 per cent odds of action at last week's meeting ahead of the announcement, and currently signal a 55 per cent chance of higher rates by year-end. "We are modestly bearish on dollar near-term in the wake of the FOMC's latest procrastination," said Sean Callow, a senior currency strategist at Westpac Banking Corp. in Sydney. "Three months is a long time to wait for a rate hike that might not come, and we expect US data to generally keep surprising to the downside." The Bloomberg Dollar Spot Index slipped 0.1 per cent as of 9.44am in Tokyo from Friday, when it completed a 0.6 per cent weekly decline, its biggest in more than a month. The greenback dropped 0.2 per cent to ¥100.79, and was 0.1 per cent weaker at US$1.1238 (RM4.64) per euro. — Bloomberg |
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