The Demand- Refine 1 Brokenness 2- Marked

The Take-home pay- Embellish 1 Angle 3- The See through

The Wage reduction- Set limits 1 Gimmick 4- Head

The Earnings- Saturate 1 Scene 5- Bread Keg

The Farm- Occasion 2 Hap 1- Token payment

The Wage rollback- Suffuse 2 Nonuniformity 2- Stomach

The Take-home pay- Prepare 2 Insertion 3- Flit The Oven-bake

Scientists say that the world's oil reserves could run dry over the next 30 to 50 years, crippling the world's economy. Which means that new oil reserves will have to be found, or alternative sources of energy will have to be developed, or the consumption of oil will have to drastically reduced.

The globe uses up almost 82 million barrels of oil every day, or 30 billion barrels per year, and the consumption is constantly growing by the day, with economies like India and China growing at breakneck speed.

So which are the world's largest users of petroleum?

1. United States

The United States of America is the single largest consumer of oil.

It uses as much as 20.73 million barrels per day!

2. China

A fast growing China is the world's second largest user of oil.

The world's most populous nation uses 6.534 million barrels per day.

3. Japan

Japan is the third largest consumer of oil.

The Asian nation consumes 5.578 million barrels per day.

4. Germany

Germany is the fourth biggest consumer of oil in the world.

It uses 2.650 million barrels per day

5. Russia

Russia is the fifth largest consumer of oil.

It uses 2.500 million barrels per day.

6. India

India is the sixth largest consumer of oil.

It burns up 2.450 million barrels per day.

7. Canada

Canada is the world's seventh largest consumer of oil.

It uses 2.294 million barrels per day.

8. South Korea

South Korea is the world's eighth largest consumer of oil.

It uses up 2.149 million barrels of oil per day.

9. Brazil

Brazil is the ninth largest user of oil.

It guzzles 2.100 million barrels per day.

10. France

France is the world's tenth largest consumer of oil.

It devours 1.970 million barrels per day.

Courtesy  :- Rediff

One of the most expected collection of this SPWF is the Huis Clos, by Clô Orozco, on the first roll of the show several famous actress in their 40^th all dressed by the designer.

She presented light yellow, blue and different shades of brown, a very chic yet not opulent collection, lots of masculine wooden insole shoes in cream color to be worn with jumpers and loose dresses.

High point for the jackets that has a lace on the elbow ( love it) and also for the drop crotch pants, considered the summer hit.

More info and pictures http://huisclos.com.br

Encontrei este site e acho que merece a pena ser partilhado.

Para aqueles que gostam de viajar, o Brazil revela-se um local fascinante para ser descoberto e claro... escalado!

A fotos são de qualidade e os locais apetecíveis!

http://www.yuri.com.br/claudio/EXPO/

I just received a notice from Linked In that a parent wrote a recommendation for me. It is the nicest recommendation I've EVER seen written for ANYONE! I had to read it about ten times, it made me feel so good....please, I want to share it!!!

“I have known Eileen (Elementary Teacher) for approximately twelve years. She has taught my children as the Grade III teacher at XXX School in XXX (Middle Eastern city and country). Eileen is a truly inspirational teacher who fires her students with enthusiasm for topics ranging from the Ancient Romans to plate tectonics without in any way neglecting the vital Maths and English skills that are so important at this stage. Eileen dedicates herself heart and soul to her pupils and ensures that each and every one reaches their potential as they pass through Grade III, while making lessons enjoyable and fun. She gives unstintingly of her own time to ensure that class projects are successful, that communications with all parents are maintained and classroom assistants prepared for their duties. She is just in all her dealings with the children and her pupils respect and appreciate her friendly, firm but fair approach. I am very happy to have this opportunity to express my admiration for Eileen's skills and her dedication to her vocation. She is truly a unique teacher, highly appreciated by pupils, parents, colleagues and friends. --Suzie Smith”

I'd like to share one more thought. I got a really good raise this year (I still don't make much, but it was a good percentage increase). I was told by our principal that the overwhelming reason I got a good raise is that SO MANY parents (mostly from previous years) said SO MANY good things about me to the school principal, over a period of several years. So I just wanted to suggest to any parents out there, that if you DO appreciate your children's teachers, please take the time to go in and TELL the principal what a good job they are doing. That also goes for ANY employee in ANY profession--if you feel you are getting superior service from someone, PLEASE TELL THEIR BOSS!

Thanks for reading, thanks for letting me share this good news.

Eileen

Rating:

Defying her father's wishes and narrowly escaping the clutches of the man who wishes to marry her, Harriet sneaks off to join the ballet on their journey to the Amazon. There, in the wild, lush jungle, they perform Swan Lake in grand opera houses for the wealthy and culture-deprived rubber barons, and Harriet meets Rom Verney, the handsome and mysterious British exile who owns the most ornate opera house.

Utterly enchanted by both the exotic surroundings and by Rom's affections, Harriet is swept away by her new life, completely unaware that her father and would-be finacé have begun to track her down. . . .

Commentary: This is what I call a Wish-Fulfillment Novel. Our heroine goes through a great struggle, she's valiant, she's humble, she's likeable and we want her to win! And in the end, she does, and everything works out just great. She has a happy ending. All the right things happen in all the right places. There's a lot of "coincidences"... but the kind of coincidences that just work out perfectly. Gives you a nice, warm feeling after you finish. With this kind of thing, it's very easy to slip into stuff that's too cliche, where the heroine becomes too good, and the happy ending is too happy. Sort of like a campy romance novel.

However, Ibbotson did a good job of not falling into that trap. I read a lot of Ibbotson's work when I was younger, namely Which Witch? and Island of the Aunts and all those other good childhood classics. When I first this picked this up I thought it was something she'd written more recently for young adults, especially since the cover looked so new and modern. But in fact she wrote it all the way back in the stone age of 1985--which was long before I was born. She's still got stuff coming out though, which is nice. I get so depressed when authors I like die and inevitably stop writing because they're... dead (Madeleine L'Engle is a good example).

Back to the book. It was good. Entertaining. Not too sugary. In fact, it woke in me an interest in ballet--I've never seen a real production, and I'm determined to catch the next performance of Swan Lake that my city's ballet company puts on. Ibbotson seems to have done her research well.

Youthful, romantic, interesting... good read.

I had a hearty plate of steak, rice and beans at a little hole-in-a-wall diner a few blocks from the hotel. I actually wanted something else on the menu but they were out of all three items I wanted to try. I was happy with the dish I ended up having, but I was hoping that I would have maybe a side of vegetable to go with the steak (what was expecting?) The restaurant was part diner, part bar (and a juice bar too) and part convenience store -- a one-stop shop for everything and anything you need.

Just to ensure that I’m getting enough vitamins for the day, I ordered an acai smoothie which were bright purple and delicious. My boyfriend called me on my Blackberry while I was dining there and I suddenly got home sick (yes, I was the strange Asian girl chomping down on steak and fried egg with watery eyes!). I really wish he was in Brazil and sharing these delicious food and experiences with me. I miss him, and my friends and family, very much.

Then you'll see everyone being magnetized and drawn to the beach.

A group of friends came to Rio last few weeks ago, actually bringing them to lepak at the beach was part of the plan. Tak jadi. Time was too short. Apa boleh buat? Nothing. Anyway, wenwei, aishin, sara, yeeleng, guys, this is what I wanted to show you guys. Next time IF you guys do come to Rio, lets make this a compulsory half day must do.

Cheers! Enjoy!

I know, I know, the photos size are too large.
ITS MEANT TO BE LIKE THAT.
Just click on each photo to see full view. Click another time on the photo to see the photo in actual size! Then, can really see the details, and what each of the beach goers are doing!

There's a photo (the last 3rd photo, with a guy and his fat flabby stomach). Try to find a guy that give the "Y" sign.

"My immediate response is it doesn't pass the 'laughtest'," a senior Indian official told Reuters.

Brazil said it wanted deeper cuts. "This is only the secondday of the talks here, so we imagine there is room formanoeuvre to reduce them further," a Brazilian diplomat said.

Brazil and India are key to the negotiations because theUnited States and the European Union want big developing economies to open up their markets in industrial goods as well as farm products in return for their agriculture reforms.

Related articles

• Trade powers struggle to save WTO round, eyes on U.S.
• EU offers 60% cut in farm tariffs

Reuters.

By the time he was 29, Calderaro was worth well over a million reais ($630,000) thanks to big bets on steel, mining and banking stocks just as Brazil's economy was taking off after decades of lackluster growth. Since then, his fortune has swelled even more, cementing his status as a full-fledged member of Brazil's new rich.

"I was in the right place at the right time," said Calderaro, who is now 31 and teaches seminars on the stock market when he is not managing his own expanding portfolio. "All this was possible because of the economy."

Thanks largely to a commodities and credit boom, Brazil is seeing a burst of economic growth that is lifting millions out of poverty in a country long known for its stark inequality. On top of that wave, riding a stock market that tripled in four years, is a breed of millionaires like Calderaro being created at a breakneck pace -- at least 23,000 last year.

Related articles

• Brazil Finally Gets its Investment-Grade Credit Rating
• The Brazilian Economic Miracle
• The country of the future finally arrives

At one point along this trip, Brooke, Carolina, and I had a discussion about the potability of the Rio Guapore's black tea-colored water.  I was a skeptic, having been raised on fears of giardia in Colorado mountain streams and trips to other hot climates like Kenya and seeing what amoebas did to some of my traveling companions.

Brooke insisted, however, that the water was fine.  That we needed to be prudent to take it from faster-moving areas.  I resisted and protested, stammering something about the farms around and groundwater seepage and the hot climate being a breeding ground for any small species to multiply and flourish.  After all, hadn't I just read in Andrew Revkin's book The Burning Season that it was estimated only a small portion of the species in the Amazon had yet to be identified? That even seasoned tropical biologists shake their heads in confusion.

But lo and behold, I drank from the depths of Rio Guapore, finding raw satisfaction in the chance to casually dip my Nalgene into the river as we floated along. No iodine tablets, no purification system.

The heat of the day failed to dissipate by Day 3 of our voyage.  We paddled most of the day.  Short breaks punctuated the long stretches of slow paddling so we could watch the animals around us.  We saw more dolphins today and many birds.

We camped on the edge of a place called Fazenda Guapore - or that is what the fazenda workers we came across earlier in the afternoon told us.  They - I think there were three or four of them - were fishing from a rocky beach using a setup similar to my own, though they had more luck (or skill, likely).  They were drinking vodka and laughing at the names of our boats (Capivara and Peixe Boi) as we pulled up.  Named for fat, slow-moving water mammals.

We talked to the fazenda workers for a short while. I noticed the stylish jeans of one of the guys.  They asked us to stay for piranha ceviche, but we decided to move on after the three of us were about knocked over by the heat on shore.  For some reason, the idea of drinking hot vodka and being swarmed by mosquitoes didn't make us have much of an appetite.

Soon after we saw the fazenda workers, though, we decided we really were tired and pulled over for an afternoon nap at a sweet spot.  Also, Carolina was beginning to feel a sharp pain in her arm and hand that was disconcerting particularly since she was physically the strongest one of the three of us.  To escape the mosquitoes, we pitched our tent and ended up staying for the evening. 

I think we realized then how quickly the heat can kidnap a person's energy.  Also, we were eating, but not as well - or as regularly - as we should have.  In the coming days, we would make a better effort to revitalize ourselves with energizing guarana powder dissolved in fresh, cool river water and treats liked canned peaches and milk.

The next day would be our longest on the river.  We woke up feeling refreshed.  We paddled most of the day, stopped for lunch at a ferry crossing, and continued on into the night.  It was a picturesque day.  This slideshow below tells our story.

"Um garoto de 11 anos mordeu um pitbull, após ser atacado pelo animal, ontem em Sabará, na região metropolitana de Belo Horizonte, segundo informações do Corpo de Bombeiros. Ele brincava no quintal da casa do tio quando o cão, que estava preso a uma corrente, avançou e mordeu seu braço. De acordo com depoimento do menino, ele apertou o pescoço do cachorro e deu a mordida para se defender. Um dos dentes do garoto chegou a quebrar e ficar preso ao animal, segundo os bombeiros.

Testemunhas conseguiram separar o cão do menino, que foi levado para o Hospital João XXIII. Ele foi medicado e levou cerca de sete pontos no braço. Em seguida, foi liberado. O cachorro foi encaminhado ao Centro de Zoonoses da cidade, onde ficará sob observação."

What’s on the table?  The major sticking point continues to be the slow pace at which the United States and some members of the European Union are willing to remove agricultural tariffs and subsidies.  While the World Trade Organization (and its predecessor organization, the General Agreement on Trade and Tariffs, or GATT) has overseen a dramatic decrease of tariffs and non-tariff barriers to trade in industrial sectors, the agricultural sector has remained largely outside of liberalization efforts.  The European Union has offered to cut its agricultural subsidies by 60% (from €10 billion to €4 billion in annual subsidies).  The United States has offered to trim its agricultural subsidies to $7.6 billion per year.  Both sides face strong domestic opposition to the proposed cuts; both proposals have been dismissed as inadequate by the developing countries at the WTO talks.

Developing countries have long been told by the World Bank and International Monetary Fund that open markets and free trade are the most effective and efficient way to develop an economy.  From their perspective, resistance by the US and EU to liberalize their agricultural markets highlight the injustice of the world trade system, which appears to have one set of rules for the rich and another set for the poor.  That’s what makes the position of the developing countries, particularly of countries like Brazil and India, so compelling.  They have effectively turned the argument in favor of liberalization against countries which historically promoted it most.

LYRICS:

Negli occhi miei
Ormai ci sei
Chiss se con lo stesso sguardo
Vedi me negli occhi tuoi

Allora si
Io devo dirtelo
Mentre provavo a non pensarti
Ti pensavo sempre pi

Siamo un po' troppo vicini adesso per scappare via

Tu non lo sai
Prima di te
C' stato un altro che ha lasciato
Le ferite dentro me

Non aver paura giuro amore sono qui a difenderti
Con il tempo guarir il tuo cuore cancellando i lividi
E per tutti i giorni che verranno ti respirer

Io ti dir le cose dette mai
Di questo amore noi saremo gli angeli
Il mio petto da cuscino
Per la vita ti far

Sembra cominciata gi
Una storia senza fine

Far girare il mondo intorno a noi
Arriver Natale senza nuvole
Le domeniche d'agosto
Quanta neve che cadr
E nel tempo che verr
Il mio cuore ti sorprender

Che freddo fa
Stringimi un po'
Riaccendi tutti i desideri quasi spenti dentro me
Con le dita sfioro il tuo profilo poi mi fermo un attimo
Per giocare con i tuoi capelli che nel vento volano
Prima di scoprire un bacio nuovo
Che sapore avr

At the Davis Lar Orphanage on the outskirts of Fortaleza, Brazil, down dirtroads that wind throughout the Brazilian countryside, we found ourselves in that place where the Holy Spirit has taken up habitation. 

The Davis Lar is a Christ-centered sanctuary for the forgotten children of Brazil, children that have been abandoned and severaly abused, most sexually.  These children have come to the Lar straight from the gates of hell, in dire need of spiritual, emotional, mental and physical renewal.  They come with no hope because that hope borne from a child's innocence was ripped from their spirits years ago.  They come knowing nothing of geniune love and affection.  They come ignorant to the fact that they are gifts given to this world by God himself, and they are worthy of holding the keys to God's Kingdom.  They come to the Lar with broken spirits in need of God's healing, searching for their significance...and they find it at the Davis Lar.

They are taken in and become a part of God's family within the gates of the Lar.  They are shown the mercy, grace and love of our Savior, Jesus Christ and they are given hope and a future.  They are given stability and roots firmly rooted in God's Word.  They are hugged and they are kissed and they are told that they are significant, they are worthy and they are precious gifts to be handled with tenderness and caring, not objects to be discarded by the curbside like this weeks trash.  They find shoulders to cry on for the first time, and a hand to wipe away their tears. They are taught respect, dignity and integrity. They are restored to health, they are given an education, and taught to think with open minds and open spirits. 

At the Lar, they are able to find their own voices amid the noise of a dark world that has silenced them. They are taught that they can make a difference in their own lives and they can make a difference in the future of Brazil and for the Kingdom of God.

Part of our group was honored and privileged to have spent time with these children at the Davis Lar Orphanage outside Fortaleza.  Our travel-weary bodies were able to find a spiritual rejuvenation as we walked within the Lar, among these children and their keepers.  We laughed with them and we even shed some tears.  It was really overwhelming to be in such a Christ-centered place where God's children can find their significance once again. 

Paige and Mark Anderson, Directors, their children Matt and Rach (we didn't get to meet them), Wade, Michelle, Ali and Brie Withrow were gracious hosts and the love they have for this place and these children was worn all over their faces and their actions.  They have given sacrifically of themselves in order to do God's Will in their lives.  It's not always easy for them living in another country, far from home, and it's not always easy for the children.  For many, the healing takes many months but it comes...it always comes. 

God is doing an awesome work at the Davis Lar.  Please check out their websites to see the happenings of the Lar, and to see the plans that God has for the Lar.  They have started a medical clinic for the children, are in the process of establishing a Foster Care program and are building a new site approximately 30 mins. away in Eusebio.  They have a transitional home and a new "Apprentice Program."  They are in constant search of programs and ways to reach these children and improve their lives. They are always in need of financial support and prayer so seek God's guidance as you read this and look at the photos in order to discern how you can personally help.

www.davislar.org and www.davislar.wordpress.com

Also, check out Ali and Brie's website:  www.aliandbrie.blogspot.com

Our visit was a Divine Appointment orchestrated by God himself, and we were humbled that God arranged this meeting for us.  Just three weeks before our trip, we didn't even know the Lar existed until Eddie from Bountyland Church happened upon my website and commented that they were going to be in Fortaleza at the end of July to work at the Davis Lar.  From that comment, we were led to the Davis Lar website, which led us to Wade and Michelle, who just happened to be from the same church just down the road from Savannah that our current pastor at Calvary led before coming to Calvary.  We emailed them, told them we'd love to see them and the next thing we knew, we were in Brazil being picked up at the hotel by Mark (thanks again my brother).  Man, it's just awesome to experience God at work isn't it?

Obrigado to the Davis Lar for a wonderful, God-inspired time at the Lar.

Pato

Ronaldinho

Coach Dunga

Source: Optimus and Rashkae

Post Process by mmaarrccuuss

Diego

Coach Dunga

Pato

Ronaldinho

Source: Optimus and Rashkae

Post Process by mmaarrccuuss

The letters:

To date, there have been two letters in TODAY complaining about the number of "last games" that have been played at the National Stadium.

Reader Ng Woon Yang (see link here) said that he thought the Asean Football Championships final between Singapore and Thailand would be the Stadium's last game.

He was thus was surprised when Singapore subsequently played Australia in a friendly to officially mark the closing down of the arena.

That surprise, he said, has however turned into disgust at the number of "last" games that have been played on that hallowed Kallang ground since.

"The closure of Singapore's most iconic sporting structure has been handled poorly and points to poor planing on the part of all organisations involved," he blasted.

"Let us alow this national icon to retire gracefully before more "mistakes" turn its last days into a farce."

Likewise, Jason Chiam said (see link here) that he was appalled by the decision of the Football Association of Singapore to hold the friendly between a Singapore Selection side and the Brazil Olympic squad at the National Stadium.

"Since last year, we were told umpteen times, that a particular match would be the last at the Stadium, and the faithful among us have trooped to the grand old dame to soak in the nostalgia before she is pulled down to make way for the new sports hub," he wrote.

"But time and time again, new matches have been lined up at the stadium...I think this has to stop..."

My thoughts:

It's quite easy to understand why some fans are complaining even though there is now yet another opportunity to watch Singapore (or in this case, a Singapore Selection side) play a potentially top-class game next Monday.

After all, they would have had particular fond memories of going at the Stadium to watch what they thought would be its final game. 

Much effort would probably have also been put into the act of going to that 'final' game (ie making preparations and plans with friends or family to head down to Kallang together, dressing themselves either in red or in old Singapore Malaysia Cup jerseys, with red scarves or bandanas tied around their wrists or heads, taking pictures of themselves on the terraces, cheering the Lions until they were hoarse, getting autographs from the players and taking pictures with them afer the game etc ). 

For some, being at the Stadium for its last match would have given them bragging rights among their friends (One can just imagine them saying: "I was at the Stadium for the last game, you know?" to their friends and wearing that statement like a badge of honour).

And of course, there was that official song-and-dance closing ceremony in March this year which President S R Nathan even attended and which featured many of Singapore's past and present athletes doing a lap of honour on the track. (See one young person's emotional account of that event here)

So, to stage yet another game at the Stadium, would mean taking all that away from them, especially that sense of closure. Which, I am sure, can be very annoying.

Well, I didn't bother to go down for what I thought were the last matches at the Stadium ie that friendly against Australia which was part of that closing down ceremony, and which ended in a 0-3 defeat for the Lions, and that 0-2 loss to Saudi Arabia just recently which ended Singapore's World Cup qualifying campaign.

Nor will I need to go down to Kallang this Monday to watch the Brazilians in action so as to end my relationship with Kallang on a high.

I already have several fond memories of Kallang. Five stand out, in particular. And they are all I need to remind myself of all the great times I had on those terraces. 

I'm going to share them with you in my next post as my way of saying farewell to the Grand Old Dame.

If you have a great memory of the National Stadium, do share it on this blog too. I'd really love to read about it.

Yours in sport

Singapore Sports Fan      

(Note: Pictures taken from The Straits Times and Youth.sg)

é o chico buarque, o luiz melodia, o djavan e o vinicius
o penedo, o fio maravilha, açerola, e truta viva
uma trilha no mato, a bolsa de valores
um gringo chato, são as dores, são as flores
poa, itapemirim, galeto e samba
laura, carlão, sandalias melissa e guimba
rio de janeiro, flamenco, cariocas
cuia e chimarrão é um lanche na esquina

São o oscar niemeyer, o william e a susi
a ana e a lisa, a sofia e a julia
o maneca, a cally e a lancha na quaiba
são são paulo com transito, e sistema de transporte
junior e juliana, luca nano e melissa
tomas e priscilla andre e a dentista
a daiza e o osasco, a ponte la no morumbi
o irmão do evaldo, é a nação zumbi

o renatão e o artur, a angela e o mingo,
a isabella a giovanna, cizo, alcione e flavio
a alzira a alaide, a antonietta a mimi
centro cultural santander, caminho no parcão
e por favor nunca mais habib´s
é o brique e o acarajé, carlos, doug, adam e açai
é a gorda e a seca la no zaffari

é o sol no caixeiros viagantes, é a elis regina
é o chico buarque, é o chico é o chico
é uma ave no céu, uma ave no chão
a cachoeira de deus, uma borboleta na mão

a bethania, e os ramalhos, e um baile de funk, é o creu é o creu
é um coco gelado, saudade e saude
ronaldinho gaucho, é verdade é verdade
uma agua gelada, guarana, fanta da uva
caipirinha, cachaça, picanha e costelão
são tres corações de frango, chocolate do gramado
chocolate do penedo, jiu-jitsu, capoeira
é o menino vadio, a marizete e a jazz
embromation, enrrolation, bossa nova em cartaz
ecohostel, curitiba, fatima, tiago e vinicius
é muita cafeina, é a banda do marcus

é o verissimo no sebo, e umas artes da morte,
o djavan, o corinthians, o flamengo e a flu
uma banana na cachoeira, umas fotos tiradas
pão de queijo, mamão, e umas velhas piradas
um velhinho safado, acarajé no brique
pastel na feira, caldo de cana
a indra e a chirsten, debora, tim, jonathan
um cigarro avulso, uma skol ou polar
ciclovias na curitiba, uma itaipava no ar
são as aguas de março fechando o verão
é a promesa de vida no teu coração
é pau é pedra...

And now, it’s back, taking America’s trendiest dives by storm, for no good reason.

This “refreshing” summer beverage is based on the spirit Cachaça (ka-shaa-suh), which is distilled from sugarcane.  Unlike rum, however, Cachaça is not terribly sweet, and has a sort of earthy character.

To make a Caipirinha, simply muddle at least half a lime with about 1.5 oz. of simple syrup or 2 tsp. of granulated sugar in an old fashioned or highball glass.  Fill the glass with ice and top off with Cachaça, then shake the shit out of it.  The result is a cocktail that tastes like sugar, limes and shitty tequila.

To keep from throwing up, have the bartender top the beverage off with a shot of soda and sprite.

“Way down among Brazilians
Coffee beans grow by the billions
So they've got to find those extra cups to fill
They've got an awful lot of coffee in Brazil”

Music and Lyrics by Bob Hilliard, Dick Milles

Well according to Wikipedia the short answer is yes. There is still an awful lot of coffee in Brazil. 2.59 million metric tons in 2006 say the figures.

Which is nothing short of good news for us coffee lovers.

Can you imagine if coffee were like fuel? Queues of angry shoppers, frustrated book-buyers and desperate morning commuters, lined up outside Starbucks and Costa Coffee, waving their travel mugs and complaining about the rising price of beans and VAT.

A perculatory panic.

Whether you have a black Americano or a half-fat, decaf latte with a shot, a caramel Macchiato (dessert) or, like me, the coffee of the day, served black, hot and in a mug you could take a bath in, coffee is the stimulant of choice.

Tea just doesn’t cut it when you crave that caffeine hit.

Where I work we have free coffee from automated vending machines. It tastes as if there is a cigarette butt loitering at the bottom of the plastic cup, but it’s free so no one is complaining. Well I am, but no one listens to me.

This of course leads to another problem with coffee. As an ex-smoker of some two years standing, when I have a mug of coffee in my left hand, I become frustrated as to what to do with my right (answers on a postcard please, diagrams welcome). I never miss smoking quite as much as I do when I have coffee in front of me.

Ah how I miss standing in the garden at 5.30 in the morning, a cup of instant in one hand and a Marlboro Light in the other…good times.

As far as instants go, I have to say my choice has been, for several years now, Nescafe’s Alta Rica. It’s a good store cupboard staple.

I find things harder when it comes to choosing my fresh coffee though.

I actually have a bit of a penchant for Tim Horton’s coffee. For those not in the know, Tim Horton’s is Canada’s own Starbucks. The original blend is smooth and mellow (much like the Canadians) and cries out for an accompanying doughnut (something with a maple glaze). I rely heavily on imports from my best friend.

It has to be said, I am not the best coffee brewer in the world, but Tim rarely lets me down.

Of course I have to admit that I’ve cut back a lot on my coffee consumption recently. Too many extra shots in my mug have started to make me a little twitchy, I blame it on age.

In fact, and don’t go spreading this around, I’ve been known not to order coffee at all and to go for a Chai tea instead.

A heinous crime I know. But I’m quite sure the coffee trade will survive without my regular contributions.

I’m not sure where this article is going, other than a colleague suggested the title to me, and I really liked it.

Coffee is fuel for the mind but, unlike that which is rising well above the rate of inflation, it’s not going to run out anytime soon.

I shall leave you with one final thought, not an original one I’ll grant, but you can’t talk about coffee and not take this one parting shot:

I like my coffee like I like my men – ground up and in the freezer.

Patrice Lemonnier, head of emerging markets at CAAM, believes the sell off is linked to general risk aversion and inflationary concerns: “Flows are drying up everywhere in emerging markets – the environment is not too good for equities.” He points out that Asian valuations have halved over the last six months so their overvaluation problems have disappeared, whereas the valuations for Latin America have come off a bit but relative to developed markets they are still the same.

Will Landers, who manages BlackRock’s family of Latin American equity funds, believes profit-taking may also have something to do with it. “There was a very short sharp move upwards following the investment grade rating from S&P at the end of April, and as people were looking to raise cash they decided to take advantage of this. If you’ve been invested in Latin America for a while this is definitely an area where you would have had profits to realise.”

Inflationary pressures

Medium term, he believes investment grade status will help attract more conservative institutional investors to the region, but right now, inflationary pressures are making the region less appealing. “We do see a weakening in bank lending, and possibly some increase in non-performing loans, and as interest rates increase some of the real estate opportunities look less attractive,” says Stephen McCarthy, senior portfolio manager for emerging markets at SSgA.

He believes that Brazil’s central bank has been the most successful in signalling to the market that it will keep inflation down, but many countries have begun to tighten, including Mexico, Peru and Colombia. “Chile is lagging a bit behind the curve but it has been trying to offset the inflows of currency from the very strong copper price,” he says.

Indeed, many of these markets have benefited from strong commodity prices. Mexico has enjoyed a windfall as the price for Mexican crude is twice the amount it budgeted for. “Both Brazil and Mexico have programmes to promote infrastructure investment so ports and the transportation of goods and services should improve,” says McCarthy. “In the long run this should reduce inflation as this will lower the costs of production and make their goods more competitive.”

SSgA views Chinese demand for commodities as a long-term trend despite the fear of short-term pull-backs. McCarthy also doesn’t see the same huge systemic risks of the 1990s, as the LatAm economies are more integrated into global trading networks and fiscal and monetary policies have improved, with the exception of Argentina. “Rising inflation is a concern and loan growth to some of the lower income groups is excessive – there could be some set-backs there. But there is less risk of a foreign exchange crisis than in the past,” he says.

However, this remains a very narrow market, with the same stocks appearing in managers’ top 10 holdings again and again. Everybody loves Petrobras, CVRD (Vale), Banco Bradesco, and America Movil. Hexam Capital’s Bryan Collings, a global emerging markets manager, says he recently bought some of the latter, which he sees as a well-run, safe cash flow generator in the mobile space.

“It is not as exciting as some of the other mobile operators in India, Russia or Nigeria, but as the money comes into Latin America, this will be a beneficiary,” he says. “And it is probably one of the safest, most predictable earnings defensive plays, as so much of Mexico is dependent on what happens in the US, particularly the growth of the southern states.”

Don’t cry – there’s always Tenaris

Argentine pipe manufacturer Tenaris also turns up regularly, liked because it is a global player in the oil services segment, deriving few of its revenues from its troubled home market. Lemonnier says that it remains difficult to get access to markets like Colombia, whilst Chile is expensive due to the participation of local pension funds. Meanwhile Venezuela has disappeared from the investable map following a series of nationalisations – most recently those of its cement and steel industries.

“Latin America is basically Brazil and a handful of other stocks,” says Collings. “Of all the regions it is the smallest and it is shrinking in many ways, in contrast to EMEA where you’ve got other markets coming through. I don’t really think it’s necessary to have a Latin America fund – you can pick the eyes out of it and get exposure to other stocks elsewhere in the world.” 

Currently he prefers China, arguing that investors have missed opportunities by not being there. “People think that China has completely blown itself up. But if you look at it, it is only down 13 percent relative to the emerging market index this year, and the banking sector is up some 17 percent.”

He says that Bank of China is up 11 percent and China Construction Bank is up 12 percent relative to emerging markets, so these stocks are doing as well as, if not better than, Brazilian banking stocks. “In fact they have outperformed, year to date, one of the best iron ore producers in the world – CVRD.”

Disappearing act

Collings argues that investors need to dig a bit deeper and look for the inconsistencies in what people are saying: “There is no better example than the amazing Houdini-like disappearance of those people who last year said that when the China A-share market falls, which it has done massively, the China story and the commodities story will be badly affected. Well that just hasn’t happened, has it? But where are these people?”

He argues that the reason why both have been unaffected is because the size of the equity market in China is so small relative to the economy: “It wouldn’t make a difference if it fell 90 percent, in contrast to the size of the equity markets in developed economies, where it does affect your wealth. The Chinese still have well over a trillion dollars sitting in retail bank deposits.”

Collings believes that Brazil’s investment grade status overestimates its capacity for growth, and fails to take into account potentially negative surprises for investors. “Brazil is simply not as robust as people think, not as robust as emerging market funds’ positioning suggests and certainly not as robust as in recent years.”

If you want to read more about how regional specialists are trying to protect their portfolios against a backdrop of rising inflation, please go to:

http://www.thomsonimnews.com/story.asp?storycode=44601