Monthly Archives: June 2018

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Residents dash outto stock up on water

TANYA Woods couldn’t work out what all the hype was about at Rosebery yesterday, until a neighbour told her that her tap water was undrinkable.

Mrs Woods and her daughter had to go to the hydrant adjacent to 49 Dalmeny Street to fill up supplied water containers with fresh drinking water.

The news of the water being contaminated with lead quickly spread through the town, but Mrs Woods wasn’t concerned.

“I have been living in Rosebery for 18 years and the drinking water has been fine,” Mrs Woods said.

“We also drink the tap water. We have never had a problem with it.”

Mrs Woods said there was a problem with the water a long time ago before Cradle Mountain Water took over.

The lead contamination affects approximately 260 properties in and around the Dalmeny Estate and Primrose areas.

Cradle Mountain Water will work through next week to try and figure out what is causing the high lead levels.

Despite the concern, Mrs Woods said once the problem was fixed she wouldn’t have any problems drinking the water.

“I trust what they’re doing to try and get on top of it,” she said.

SUPPLIES: Tanya Woods (right) and her daughter Selina Hodge stock up on drinking water. Picture: Grant Wells.

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Public health alert issued

Rosebery residents head to the hydrant to collect drinking water. Photo: Grant Wells.THE acting director of Public Health, Dr Mark Veitch, confirmed yesterday that Rosebery’s water had tested three times higher than the Australian drinking water guidelines for lead.

Dr Veitch said the levels came from samples taken from the Howard Street supply system.

The alert affects residents on Dalmeny Estate and Primrose, which comprises the north-western part of the Rosebery township.

“Cradle Mountain Water is investigating the source of the lead and working to resolve the issue, which affects 259 connections in the town.

“Cradle Mountain Water will supply safe drinking water for residents from a hydrant at 49 Dalmeny Street.

Dr Veitch said household tap water was safe to use for other domestic purposes such as cleaning, showering or bathing, although children should be supervised to ensure they did not drink the water.

Prolonged exposure to lead can cause accumulation in the body and health effects. Short- term exposure at the detected levels was unlikely to cause harm.

This lead contamination of part of Rosebery’s household water supply does not appear to be related to the environmental heavy metal concerns of recent years.

For more information visit to or call the public health hotline on 1800 671 738 or contact Cradle Mountain Water on 136992.

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Tweed treasures: waiting list to look at Olley’s ‘clutter’

Living tribute: The “Red Room” in Margaret Olley’s Paddington home. Photo: Marco Del GrandeA storage facility filled with cardboard boxes hardly seems like a thrilling prospect for art aficionados, but one such store in Tweed Valley is proving so attractive there is now a waiting list to visit it.

This is the temporary home of objects that once occupied several work rooms in Margaret Olley’s Paddington townhouse. Olley was a celebrated artist and patron, as well as the subject of Ben Quilty’s prize-winning Archibald portrait in 2011, the same year she died. Soon Olley will also be the focus of a purpose-built extension to the Tweed River Art Gallery, which will recreate these rooms in exact detail, including everything from an oversize wooden puppet to dried pomegranates and her walker with a Chanel ribbon attached.

The $4 million Margaret Olley Art Centre is slated to open in February 2014.

The centre was originally intended for Lismore, where Olley was born, but plans faltered. Tweed was approved by the artist a few days before she died. Olley spent part of her childhood in the area and was intimately acquainted with the Tweed River Art Gallery, personally opening its first extension in 2006.

Funding for the project includes government contributions and $1 million from the Margaret Olley Trust. “There have been moments when we wondered how we would raise the money,” admits Susi Muddiman, the gallery director. “But when you want something you just keep going for it.”

Indeed, the real challenge has turned out to be logistical. Ongoing ”top-drawer tours” take blindfolded visitors to visit the storage facility – the location is secret for insurance purposes – and explore the complexities of dealing with a painter who turned clutter into still-life artworks.

“There is no other person who could put so many objects, furniture and flowers in one room and make it look so good,” explains Christine France, Olley’s close friend and biographer.

To pack up the rooms in such a way that they could later be recreated, the Tweed River Art Gallery engaged Sally Watterson, a Sydney-based curator.

“I had been to lunch at Margaret’s a few times, so I knew in a sense what to expect,” she says. “But looking at it for the first time logistically was a process of deconstructing a level of panic at the immensity of the task.”

Watterson divided Olley’s rooms into ”zones”, approaching each in a spiral pattern. Every object was photographed and assigned location information in a database. After nine months of work, Watterson, with assistance from France, had documented and packed more than 74,000 pieces.

Olley often said that “everything which entered her house was chosen for its shape or paintability”, says France. “These rooms are worth preserving not only for their aesthetic [value] but because they show the whole essence of the artist and her work.”

France is confident Olley would be “enormously happy” with the future of the project. “She firmly believed that people away from major cities should be given the opportunity to experience good art, and that a good gallery was the sign of a healthy community.”

The writer travelled as a guest of Destination Tweed and Destination NSW

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Man jailed for sex attack 22 years ago

Born in Hungary, she survived the Holocaust and made a life for herself in Sydney.

Early one morning in November 1991 the 70-year-old accountant drove to work and parked in an underground garage in Surry Hills, when she was confronted by a stranger who threatened her with a broken beer bottle. He ordered her into the back seat of her new white Volvo, where he sexually assaulted her twice. The woman, whose identity was suppressed, died at the age of 90 without seeing her attacker face justice.

On Friday that man, Robert Paul Webb, 39, was sentenced to at least three years’ jail in the Downing Centre District Court. With time already served, he will be eligible for parole in March.

Webb was arrested in 2011, after cold case detectives matched a semen stain in the car park to his DNA profile.

He pleaded not guilty and before his trial was due to start in March his barrister indicated the defence would say Webb’s deceased brother could not be ruled out as the attacker.

But when further DNA testing strengthened the case against Webb, he pleaded guilty to two counts of aggravated sexual assault and car theft.

Webb, who was 18 at the time of the attack, forced the woman to perform oral sex, before he drove away in her car.

Judge Ian McClintock described his crimes as ”repulsive” and ”abhorrent”.

Webb was sentenced to a maximum of five years’ jail, with the term backdated to 2011.

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When running for charitable causes is just half the fun

Team Better Halfs: Trina Nordio and Justine Karam train through Mrs Macquarie’s Chair in The Domain this week. Photo: Dallas KilponenAs unlikely as it seems for anyone contemplating a 21.1 kilometre run in the chilly early hours, Kirsten Molloy says the Sydney Morning Herald Half Marathon will be as much fun as opening gifts on Christmas Day.

”Come race day, you’ve done all the hard work,” says the 2011 Australian marathon champion. ”You’ve had a few easy days leading into it, you’ve done your carb load and you’re feeling fresh.

”It’s like the present on Christmas morning – what time am I going to do, how am I going to feel, what new people am I going to run with today?”

While most of the more than 13,500 entrants will see Sunday’s half marathon as a serious test of their fitness, Molloy is preparing for the marathon season.

She prefers the mental challenge of the longer distance but recognises the half is much more achievable for most runners, especially the many women who have taken up the sport.

”Women’s running in Australia has just exploded over the last couple of years,” Molloy says.

”A lot of that is to do with Kerryn McCann and how inspiring she was.”

The former two-time Commonwealth Games marathon champion has become a symbol for women’s running since her death from breast cancer five years ago.

Also encouraging novice runners are new events, including community-based ”Parkruns” over five kilometres. And for the Herald Half this year, a new relay breaks the race into two not-quite-so-daunting legs of seven then 14 kilometres.

Trina Nordio and Justine Karam, two friends from Balmain whose daughters are in the same class, are racing as a team called the Better Halfs.

”I love running and I try to fit it in whenever I can,” says Nordio, 39. ”But with three young kids, it’s been a lot less than in previous years.”

Nordio does most of her training on a treadmill at home while her youngest son is asleep.

”When I saw the relay option, I was straight onto Justine saying ‘this will be so much fun, let’s do it as a team’.”

While Molloy expects to clock about 80 minutes, the Better Halfs hope to finish in less than 120 minutes.

”Anything under that, we’ll be absolutely rapt with,” Nordio says. ”We’re doing it for fun and we’ve had a lot of fun even leading up to the event, just talking about it and getting excited about it.”

Race director Rebecca Wilmer says the run is likely to match last year’s record 13,685 entries, raising more than $1 million for more than 700 charities, including the Breast Cancer Network Australia. ”The training involved for a half is less demanding than for a marathon – a 12-week program compared to five months of training,” she says. ”Everyone is a bit time poor these days, which is a big reason the half marathon has seen such a big increase in numbers.”

A kink in the course

Construction at Barangaroo and a diversion for relay runners at Pyrmont mean slight tweaks to the course for The Sydney Morning Herald Half Marathon on Sunday.

It will be the third year of a one-lap course that starts in College Street, goes through the central business district, the Rocks and Pyrmont then back, via Mrs Macquaries Chair, to Hyde Park.

Sole wheelchair competitor Richard Nicholson starts at 6.43am, and runners will head off from 6.45am. Race director Rebecca Wilmer says the course will have a minor extension into Towns Place at Walsh Bay to bypass Barangaroo, which will not affect runners’ times.

The field will pass through Pyrmont as usual, but relay runners will divert to Metcalfe Park for a changeover that involves swapping a wristband.

iPods and other music players are banned for safety because motorcycles and bicycles are on the course.

Runners will get see-through bags for non-valuable items. Backpacks, purses and handbags will not be accepted.

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Colleagues paint a different picture of whistleblower

Sitting quietly in the public gallery of a Newcastle court, the man who sparked a royal commission on child sex abuse following a set of explosive, scathing and accusatory claims about the police force and his colleagues has this week watched a queue of his former colleagues paint a very different picture.

One by one, former and serving officers in the Newcastle-Maitland area and from the elite Sex Crimes Squad in Sydney have rejected Detective Inspector Peter Fox’s claims at the Special Commission of Inquiry, one even describing his allegations as ”disgusting”, ”crazy” and that he had ”destroyed” the reputations of good, hard-working officers.

Inspector Fox propelled himself onto the national stage with allegations that a strike force set up to investigate allegations of abuse cover-up within the church had itself failed because of a whitewash by senior officers.

He alleged that his superiors ordered him to stop investigating the alleged cover-up of abuse committed by a priest, Father Denis McAlinden – however, Commissioner Margaret Cunneen, SC, has been told he was in fact never part of the police strike force, code-named Lantle, established to investigate the so-called cover-up.

The inquiry has heard that, instead, Inspector Fox pursued his own investigation into Father McAlinden, working closely with Newcastle Herald reporter Joanne McCarthy – allegedly leaking her a witness statement from one of the priest’s victims.

In evidence before the inquiry this week, the state’s most senior sex crimes investigator, Detective Inspector Paul Jacob, said these leaks had the potential to undermine the strike force’s work, endangered the victims and jeopardised any prosecution.

Former Newcastle commander Detective Superintendent Max Mitchell, said on Friday it was ”totally incorrect” for Inspector Fox to claim Strike Force Lantle was ”set up to fail”, telling the commission he chose ”competent and professional officers”.

His sentiments were supported by the evidence of former senior Crown prosecutor Ian Lloyd, QC, who was engaged by the commission to examine Lantle’s work.

It took him more than three days to read the 3000-page brief of evidence that was sent to the DPP, and told the inquiry that given the historical and complex complaints involved, the time it took to complete ”was not surprising or unreasonable”.

He described the expertise of Detective Inspector Jacob combined with the Newcastle detectives as a ”perfect marriage”.

He was also complimentary of Inspector Fox, saying he ”did a fine job taking witness statements from clearly traumatised victims”. But earlier in the week, the former Newcastle crime manager Brad Tayler resoundingly slammed Inspector Fox’s claims as ”disgusting” and ”crazy” which had ruined the reputations of good, hard-working officers.

Detective Chief Inspector Tayler, said every effort was made to investigate claims that clergy had concealed things, but the investigation was halted by a victim who refused to make a statement.

The inquiry previously heard that Strike Force Lantle had a number of staffing issues, including sick leave and annual leave and that resources were stretched to breaking point across the region.

Earlier in the week, Inspector Fox earned the ire of Ms Cunneen for what one counsel described as ”clearly inaccurate” use of Twitter during the proceedings.

Ms Cunneen described his conduct as ”indecorous and indignant”.

The inquiry will resume on June 24.

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Dollar dilemma: below parity and going south

After spending most of the past two years more valuable than the greenback, the Australian dollar has finally been driven well below parity with its American counterpart.

The exchange rate fell to about US97¢ on Friday night, its lowest point since June last year, after taking a pounding on currency markets.

The main reason for the dollar’s dip was strength in the US dollar amid renewed hopes for the American economy.

But the twin jolts of an unexpected interest rate cut by the Reserve Bank of Australia last week, and bigger than expected deficits forecast in this week’s federal budget, have contributed to the dollar’s recent weakness.

”It’s been a bad week, and a bad month, for the Aussie,” Westpac currency analyst Robert Rennie said.

The dollar has shed nearly 6 per cent of its value against the greenback in about 10 days.

The Australian dollar has been unusually high relative to other currencies for an unusually long period. This has played havoc with important sectors of the economy.

While the dollar is still trading more than US20¢ above its long term average, the latest fall is a fillip for industries that compete internationally, such as tourism, international education and parts of manufacturing.

”It’s an extremely competitive global market and it’s been a disadvantage for Australia to have the dollar where it’s been,” said Rowan Barker from the Tourism and Transport Forum.

”It’s been difficult for all kinds of exports from minerals and resources to education, tourism or whatever, so it’s definitely good news to have the dollar heading in a downward direction.”

But the lower dollar will drive up the cost of holidaying overseas meaning immediate losers include those planning a trip abroad.

The movement in the exchange rate will also lift the price of imported goods. The Australian Retailers Association’s executive director, Russell Zimmerman, said all consumers purchasing imported items would be affected if the dollar’s slide continued.

”Most retailers are working on slim margins and this means they may well need to look at their profit margins,” he said. ”The consumer may end up paying more as the dollar drops.”

HSBC economist and former Reserve Bank officer Paul Bloxham said the dollar had put many businesses under sustained pressure and the Reserve Bank would be pleased with the lower exchange rate.

But if the dollar’s decline turned into a rout, it would eventually put upward pressure on inflation because imported goods would cost more.

That might prevent further interest rate cuts and eventually make interest rate increases more likely.

”The Reserve Bank wants some depreciation but not too much because that could cause different sorts of problems if inflation starts to drift up,” Mr Bloxham said.

The Australia dollar has been above parity with the US dollar for most of the past two years, peaking above US110¢ in mid-2011.

However, it has twice fallen below parity in that period before recovering.

Companies to benefit -Weekend Business

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Foretold: O’Shea follows well-worn path to light up Doomben night

Shining beacon: Lightinthenite wins the David Jones Cup. Photo: Mal FaircloughJohn O’Shea has followed the path Doomben Cup rival Foreteller used to get to the weight-for-age group 1 12 months ago with Lightinthenite.

The form of the pair has striking similarities from the spring until the Doomben Cup. In 2011, Foreteller ran seventh in the Epsom before winning the David Jones Cup on Caulfield Cup day, while Lightinthenite was fourth in the 2012 Epsom then won the David Jones Cup.

“If you look at it he is 12 months behind Foreteller and I have used a similar preparation to get to this race,” O’Shea said.

“I think if Foreteller didn’t get injured in the race last year he probably would have been in the finish and I expect my bloke to be there on Saturday.

“Foreteller has gone on, won a group 1, and that is the goal for Lightinthenite and with a bit of luck it could come on Saturday.”

After winning the Ranvet Stakes and being luckless when runner-up to Lights Of Heaven in the Hollindale, Foreteller is a $3.80 favourite for the Doomben Cup.

Lightinthenite despite only being beaten a length at the Gold Coast is $16 hope. He comes into the group after three runs this preparation, which started with a fourth in the Ajax Stakes resuming before finishing midfield in the Doncaster and fifth in the Hollindale Stakes, in which Foreteller ran fourth in 2012.

“His run at the Gold Coast was very good. He came up on the inside, which wasn’t the place to be, and he was only beat a length, so he doesn’t have to make up that much to be winning,” O’Shea said.

“Once again you look at it and it is the Foreteller form from last year. I think they are very similar horses.”

Several of the favoured runners want the track to improve at Doomben, but O’Shea would be happy to see it in the slow range when he arrives in Brisbane. Lightinthenite has had three runs on the slow tracks for two wins.

“I know my bloke will handle it and that is something he has over Foreteller and Lamasery,” O’Shea said. “

O’Shea said the outside draw of gate 13 could be advantage as it will mean Lightinthenite will go back, instead of being behind the leader as in the Hollindale.

“We are going to ride him a bit quieter and yet him settle and get to the outside and let rip,” he said.

While O’Shea might be hoping to turn around the Hollindale Stakes, punters think it will be Lights Of Heaven and Foreteller fighting out the finish again.

“From the money we have taken the race is very thin,” Sportingbet’s Michael Sullivan said. “The only two they have wanted to back all week are Lights Of Heaven and Foreteller.

“If you look at it is easy to understand why Lights Of Heaven has won her last two and Foreteller won a group 1 a couple of starts ago and should have won last start.”

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Speediness makes Victorian trainer feel at home in Scone after strong victory

Speed kills it: Speediness takes the Scone Cup on Friday. Photo: Peter Stoop Speediness gave Caulfield trainer Colin Scott a home-town victory of sorts when he held on to win the Scone Cup on Friday.

Speediness had been based at Greg Bennett’s Scone stable for the past month and raced like he was at home. He sprinted clear at the 300m and then resisted a late challenge from Mouro to score by a half-head with Bennett-trained Kaypers filling third.

“That’s great for Greg,” Scott said sparing a thought for his host after his biggest win as a trainer. “The horse likes it here. When he came up here as a three-year-old he licked his bin out the first night. It has been like that every time he comes here.”

On his previous run in Scone the five-year-old had run into Sincero in the Guineas two years ago but there wasn’t a star to beat him on Friday.

A couple of gear changes proved crucial. He had wanted to hang in his third to Mouro in the Rowley Mile last start but the addition of a off-cup blinker and a lugging bit made a difference.

“He was a different horse,” jockey Christian Reith said. “He was absolutely bolting in the run. He was going hard but comfortable.

“I had to go a little early because he was going that well and I knew he was going to get tired late but he found enough of a kick.”

Scott praised Reith’s decision to go at the 300m, when he established a couple of length break that proved the difference in the end.

“Absolutely ecstatic. It was a great ride,” Scott said. “I said to Christian that we didn’t necessarily have to get back with the blinkers on This horse has been a godsend to me. That’s what you’re in the industry for.”

Speediness will go for a spell and Scott will aim him at miles and 2000m in the spring, where he is likely to meet Mouro. again Tony McEvoy was delighted with his import’s effort.

“He missed by a stride,” McEvoy said. “He has done a great job and we’ll put him away for the spring. He is a very good horse and we have kept him to the mile on purpose. He will be even better when he gets to 2000m as you saw by the way he attacked the line there. I wanted to get his rating up and he achieved that by winning the Rowley Mile. He will get into those races in Melbourne in the spring and could developed into a Caulfield Cup.”

Earlier, Sweet Serendipity made an impressive debut in the Inglis Challenge giving his owner a bonus but his future may be in Hong Kong.

Meanwhile, Blake Shinn and apprentice Yusuke Ichikawa copped careless riding suspensions. Shinn will miss five meetings including the Queensland Guineas, while Ichikawa got the same penalty.

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Break-up could breathe new life into News

‘Goal!” was the ecstatic tweet from Rupert Murdoch just before Australia Day this year when the British arm of his empire secured the mobile and internet highlights for English Premier League football matches at an annual cost of £30 million ($45.7 million).

Not for the first time exclusive sports rights will play a significant role in the group.

But in a rewrite of his usual playbook, it will be defending his beloved print division, which will be spun off next month – away from the protective embrace of what is now a vastly more profitable entertainment division encompassing pay TV, broadcast and film.

News Corp is a long way from the days when the cash flow from its newspapers funded the broadcast expansion that made the company what it is today.

The impending split means it can no longer support massive losses on some of its print titles by ignoring costs and offering content from its most popular mastheads free online.

The profitability of The Sun is sinking while The Times and Sunday Times lose an estimated £50 million a year.

Not that losses are a recent occurrence for The Times. It has never recorded a profit in more than 30 years of News Corp ownership.

This week, the colourful Australian editor of the New York Post, Col Allan, broke the news to staff that 10 per cent of them would be made redundant to stem losses estimated at more than $100 million annually.

”This restructuring is at the heart of our strategy to better secure our future as we navigate the difficult journey as a print/digital/media business,” staff were told in an internal memo.

In Australia, the size of News Corp’s newspaper operation only served to ensure that it has been highlighted in the company’s most recent results as a significant drag on overall group profits.

Not even the might of cable, which provides 70 per cent of group earnings and strong growth, could hide the poor performance of just this part of Murdoch’s publishing empire.

Last week’s third-quarter result showed that $US227 million of restructuring charges were ”primarily related to the restructure of the Australian newspaper business” announced at the end of the previous financial year, and the continued reorganisation of the British newspaper business.

This does not include the damage from the phone-hacking scandal in Britain, where costs are closing on the $400 million mark, according to News Corp’s accounts.

The legal ramifications of the phone-hacking scandal still represent an unknown. While the new News Corp is indemnified for any civil charges from the scandal, it will be liable for any criminal charges.

This is what made keeping News Corp intact an untenable proposition even for Murdoch.

”We believe that the publishing unit has outlived its usefulness as a cash cow, because in our opinion the poor growth prospects for the unit are serving as a valuation headwind on the combined enterprise,” Saibus Research said after News Corp’s third-quarter earnings result.

Not that Murdoch would give much importance to such a view.

When the split was announced, he told staff in a memo: ”Over the years, I have become accustomed to the noise of critics and naysayers … and pretty thick-skinned! Remember what they said when we started the Fox Network, Sky, Fox News and The Sun? These experiences have made me more resilient. And they should you, as well.”

News Corp is counting on its content to build subscription revenues and stem the flow of red ink from its newspapers as readers head online and print revenues dry up.

Its British unit announced this week it would be introducing a pay wall at The Sun, asking £2 a week from subscribers who will get access to Premier League highlights that will otherwise be available only to subscribers at sister publications, The Times and Sunday Times.

Earlier this month, News Corp announced its Sydney tabloid The Daily Telegraph would put up a paywall, with sports-related sweeteners from its Fox Sports Australia business. There will be a similar AFL-flavoured offer to the Herald Sun readers in a reworking of its digital subscription offer.

Don’t believe for a second that Murdoch has abandoned his beloved print empire.

For starters, he will remain executive chairman of the new group as well as chief executive and chairman of the Fox business, despite continued attempts by some investors to loosen his control as an investor and executive.

Investors will receive securities in the new News Corp that mirror the current company’s structure with A and B class shares.

This dual tier structure ensures the Murdoch family continues to control both companies after the split, with 39.4 per cent of the voting stock, despite owning just 12 per cent of the company.

But the dirty little secret of the split into so-called entertainment and publishing arms is that the publishing business – which will retain the News Corp name – will have a surprising amount in common with its high-profile sibling, 21st Century Fox.

Traditional newspaper businesses, which also include The Australian and The Wall Street Journal, will make up only a third of the new group’s value, analysts say.

Pressure from investors may have forced Murdoch to hive off the more lucrative international film, network, satellite and cable television assets, but they did not bite when it came to antipodean gems such as the company’s stake in realestate苏州美甲学校.au, or what is now full-ownership of Fox Sports Australia and a half share in Foxtel.

The pay TV assets alone, with a combined valuation about $4 billion, are reckoned to be worth more than the entire newspaper business.

Keep in mind that the publishing business includes The Wall Street Journal/Dow Jones, which News Corp paid $US5.5 billion for in 2007.

On top of this is the $2.6 billion cash balance and the $2.7 billion valuation of News Corp’s stake in realestate苏州美甲学校.au.

All up, News Corp says the publishing spin-off will have $18.6 billion worth of assets, including the cash.

This may be why Murdoch was so typically bullish at the announcement of the split nearly a year ago.

“Our publishing businesses are greatly undervalued by the sceptics,” he said in his staff memo last year. ”Through this transformation we will unleash their real potential, and be able to better articulate the true value they hold for shareholders.”

But will it be enough to counterbalance the challenged newspaper business and keep faith with investors in the new News Corp?

The news so far is good.

The stock has risen almost 70 per cent since Murdoch announced the split, and analysts see more upside for both businesses.

Credit Suisse analyst Samantha Carleton says that while the driving factor behind the split appears to have been the desire to unlock value within Fox Group’s cable business, she believes the ”new media” assets in the new News Corp will benefit from the additional scrutiny afforded them.

”There is significant scope for a re-rating of new News Corp away from a presumed publishing multiple as investors become more familiar with the high-growth assets contained within the new company [Fox Sports Australia, Foxtel, realestate苏州美甲学校.au],” she says.

But analysts are having a harder time pinning a valuation on the new group.

Nomura has valued the spin-off at as little as $2 a share, Credit Suisse has a price target of $5.50, and Bank of America Merrill Lynch tops the tables with a valuation of $5.60.

It may add to the volatility of the stock when it begins trading, with many expecting US investors to dump the re-minted News Corp and keep their Fox shares.

Analysts expect the Fox shares to be driven by an expansion of the earnings multiple on which the new stock will trade, as investors focus on the company’s high-growth assets without the distraction of the publishing business.

The stock is already being

re-rated on this basis now.

Bank of America Merrill Lynch’s $39 share price valuation is nearly double what News Corp shares were worth this time last year.

Investors are enthusiastic as well.

”There’s a bright future for both on the split,” Ausbil Dexia’s Paul Xiradis says.

He says the investment group has been keen followers of News Corp for some time and describes the holding as ”one of our most overweight positions”.

”We thought it was undervalued and one of the reasons was international investors were not investing in the stock due to the print assets, and there was obviously concerns about what happened in the UK,” he says.

The strong Australian flavour of the new News Corp is expected to be attractive to local investors, and Xiradis sees the traditional media assets as part of the appeal.

”I think the expectations are pretty low for earnings, and I think that’s the attraction,” he says of the publishing business. Valuations tend to be low and ”that’s where the upside is”.

But Neil Boyd-Clark, of Arnhem Investment Management, does not agree and may buck the expected trend of US investors going for Fox and Australian investors concentrating on the new entity.

”Our interest in News Corporation has always revolved around the subscription television assets, and clearly most of those are going to be in 21st Century Fox,” he says.

The new News Corp will have some high quality assets, he says, but ”I think the newspaper businesses still have some work to do.”

Macquarie has forecast that, over the next three financial years, earnings before interest and tax (EBIT) will grow by $269 million across the new company’s Foxtel, realestate苏州美甲学校.au and education businesses, more than offsetting a $110 million decline in publishing EBIT.

It says its valuation of the new company has included a further $1.1 billion in costs for restructuring, pension liabilities and continuing litigation.

The 21st Century Fox arm also has its challenges, especially in network television, with US advertisers reacting to record low ratings across the sector and moving more advertising dollars to cable where audiences have never been higher.

News Corp achieved higher earnings for the March quarter at Fox Broadcasting by cutting costs and charging more for the retransmission of its signal.

But this is also under threat, thanks to a new service, Aereo, which captures the signals of network television services such as Fox and streams them to paying subscribers without having to pay for the signal in the way that cable and satellite TV providers do.

It led News Corp chief operating officer Chase Carey to threaten to shut its public broadcast of Fox and head to cable instead, to protect earnings.

It seemed more of an idle threat at this time though and investors are focused on cable, which will dominate the new company’s earnings even more than it does now.

More detail is expected to be made available at an investor day in Australia scheduled for June 5, one week after a similar briefing in New York, to help spruik the publishing spin-off scheduled for later that month.

A briefing for the Fox business is scheduled for early August, following the company’s year-end earnings.

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