Tag Archives: Economy

U.S. wholesale inventories post biggest drop in more than a year

Shelves are stacked with wholesale merchandise at a Wal-Mart Stores Inc company distribution center in Bentonville, Arkansas June 6, 2013. REUTERS/Rick Wilking

WASHINGTON, June 9 (Reuters) – – U.S. wholesale inventories fell more steeply in April than the government had previously estimated, posting their biggest drop in more than a year as sales also fell sharply.

The Commerce Department said on Friday that wholesale inventories fell 0.5 percent in April after increasing 0.1 percent in March. The department reported last month that wholesale inventories slipped 0.3 percent in April.

Automotive inventories fell 1.4 percent while petroleum inventories dropped 5.0 percent, their biggest fall since December 2015. Paper inventories fell 1.8 percent in the category’s biggest drop since January 2013.

Wholesale stocks of electrical goods also slipped 0.1 percent while machinery inventories were flat.

Sales at wholesalers fell 0.4 percent in April after falling 0.2 percent in March. Sales of electrical goods rose 0.7 percent while those of machinery fell 0.8 percent. Auto sales were up 1.3 percent.

At April’s sales pace it would take wholesalers 1.28 months to clear shelves, unchanged from March.

(Reporting by David Lawder; Editing by Paul Simao)

Wall St. rises as Comey testimony springs no surprise

Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., June 2, 2017. REUTERS/Brendan McDermid

By Tanya Agrawal

(Reuters) – U.S. stocks were higher in early afternoon trading on Thursday after former FBI Director James Comey’s testimony was seen by investors as having no smoking gun that could affect Donald Trump’s presidency.

Comey, who was investigating alleged Russian meddling in the 2016 U.S. presidential election, said he had no doubt that Russia interfered with the election, but was confident that no votes had been altered.

Comey said he was disturbed by Trump’s bid to get him to drop a probe into former national security adviser, Michael Flynn, but would not say whether he thought the president sought to obstruct justice.

Investors were concerned that any major revelation by Comey could dampen already flagging momentum for Trump’s agenda of lower taxes and lax regulations.

Bets that Trump can implement his agenda are partly behind a rally that has taken stock indexes to record highs.

“I think the market is taking less of an alarmist review of this situation because there is no smoking gun here. So it’s not particularly impactful for thinking about … Trump’s economic agenda to go through,” said Thomas Simons, money market economist at Jefferies & Co in New York.

Earlier on Thursday, the European Central Bank signaled no further interest rate cuts as euro zone prospects improved, but said subdued inflation meant it would continue to pump more stimulus into the region’s economy.

Investors are also awaiting the results of the UK general election. Opinion polls show Theresa May’s Conservative Party leading between 5 and 12 percentage points over the main opposition Labour Party, suggesting she would increase her majority.

“The market cares because if Theresa May loses the majority that would be disruptive of the Brexit process,” said Art Hogan, chief market strategist at Wunderlich Securities in New York.

“Getting back into something that seemed to be a fair and orderly process into something that’s going to be more disruptive would not be a market positive.”

At 12:36 p.m. ET, the Dow Jones Industrial Average <.DJI> was up 68.55 points, or 0.32 percent, at 21,242.24 and the S&P 500 <.SPX> was up 4.06 points, or 0.16 percent, at 2,437.2.

The Nasdaq Composite <.IXIC> was up 14.46 points, or 0.23 percent, at 6,311.84.

Six of the 11 major S&P sectors were lower, with the defensive utilities index’s <.SPLRCU> 1.04 percent loss topping the decliners.

Financials <SPSY> rose 1.59 percent leading the gainers.

Shares of Alibaba Group Holding <BABA.N> were up 11.3 percent at $139.78 after the company said it expected revenue growth of 45-49 percent in the 2018 fiscal year.

Yahoo <YHOO.O>, which owns a 15.5 percent stake in Alibaba, rose 8.3 percent.

Nordstrom <JWN.N> jumped 10.6 percent to $44.78 after the department store operator said that some members of the controlling Nordstrom family have formed a group to consider taking the company private.

Advancing issues outnumbered decliners on the NYSE by 1,624 to 1,188. On the Nasdaq, 1,832 issues rose and 926 fell.

(Reporting by Tanya Agrawal in Bengaluru; Additional reporting by Sinead Carew and Dion Rabouin; Editing by Anil D’Silva and Savio D’Souza)

World food prices climb in May, import bill to rise in 2017: FAO

FILE PHOTO: Canadian pork shoulders are being prepped on a butcher's counter at North Hill Meats in Toronto, Ontario, Canada on May 10, 2017. Picture taken on May 10, 2017. REUTERS/Hyungwon Kang/File Photo

ROME (Reuters) – Global food prices rose in May from the month before after three months of decline, and the world’s food import bill is set to jump in 2017, the United Nations food agency said on Thursday.

Higher values for all food goods except sugar lifted prices on international markets 10 percent above the same month last year, the Food and Agriculture Organization (FAO) said.

Rising shipping costs and larger import volumes are due to push the cost of importing food globally to more than $1.3 trillion in 2017, FAO said.

This would be a 10.6 percent rise over 2016’s import bill, despite broad stability in markets buoyed by ample supplies of wheat and maize and higher production of oilseed products.

Poor countries that rely on imports to cover their food needs, and part of sub-Saharan Africa are on course for an even faster rise in their import costs as they buy in more meat, sugar, dairy and oilseed products.

All food categories except fish are due to add to rising import bills, as robust growth in aquaculture in many developing countries increasingly manages to meet domestic demand.

FAO’s food price index, which measures monthly changes for a basket of cereals, oilseeds, dairy products, meat and sugar, averaged 172.6 points in May, up 2.2 percent from April.

FAO trimmed its forecast for global cereals output in the 2017-18 season to 2.594 billion tonnes, down 0.5 percent year-on-year. Global wheat production is expected to decline 2.2 percent after a record harvest last year.

(Reporting by Isla Binnie, editing by Steve Scherer and Crispian Balmer)

Violence engulfs Venezuelan capital, teenage protester dies

Riot security forces members catch fire during riots at a rally against Venezuelan President Nicolas Maduro's government in Caracas, Venezuela, June 7, 2017. REUTERS/Carlos Garcia Rawlins TPX IMAGES OF THE DAY

By Andrew Cawthorne

CARACAS (Reuters) – A 17-year-old Venezuelan protester died in ferocious clashes between security forces and protesters in Caracas on Wednesday, taking the death toll from unrest since April to at least 66.

The government said Neomar Lander died when a homemade mortar exploded in his hands while hundreds of youths faced off with National Guard troops in the Venezuelan capital.

Opposition lawmakers, however, said he was killed by a tear gas cannister fired straight at him. The state prosecutor’s office announced a probe, without giving details.

A Reuters photographer saw a young man, assumed to be Lander, lying bloodied and motionless on the street, receiving emergency first aid.

At least 66 people have died, with victims including government and opposition supporters, bystanders and members of the security forces, since demonstrations began against President Nicolas Maduro more than two months ago.

Each side blames the other for the violence.

Critics denounce Maduro as a repressive dictator, and are demanding general elections, foreign humanitarian aid, freedom for hundreds of jailed activists, and autonomy for the opposition-controlled National Assembly.

“We mustn’t let fear intimidate us, let’s stay in the streets to fight for all Venezuelans’ future,” said opposition lawmaker Miguel Pizarro, weeping at a news conference as he described seeing Lander’s death.

“Soon we will able to say these were the last, dark days of the dicatorship.”

Maduro, 54, calls his foes violent right-wing “fascist” conspirators seeking a coup similar to the short-lived 2002 toppling of his predecessor Hugo Chavez.

“This is criminal terrorism, and we must reject it,” Maduro told supporters in a speech carried on state TV, comparing his foes to Adolf Hitler, Benito Mussolini and Augusto Pinochet.

ECONOMIC CRISIS

In the worst turmoil of Maduro’s turbulent four-year rule, thousands of people have been injured and arrested in recent weeks. Protesters are also complaining about hunger and shortages during a brutal economic crisis in the OPEC nation.

In Caracas on Wednesday, security forces using armored vehicles, water cannons and tear gas blocked opposition supporters from marching to the national election board’s headquarters, sparking clashes around the city.

Masked youths with homemade shields hurled stones and Molotov cocktails, and set up burning roadblocks, while businesses and schools closed, and residents ran for cover.

Among hundreds of injuries reported in Caracas and other cities, the government highlighted the case of two National Guard soldiers wounded by gunshots when they were clearing a barricade in the El Paraiso district of the capital.

Seeking to keep the pressure on Maduro, the opposition announced further upcoming activities including a planned censure vote against the interior minister in the National Assembly and a rally in honor of Lander on Thursday.

Maduro has sought to take the heat out of the situation by announcing the creation of a super-body called a constituent assembly with powers to rewrite the constitution, but foes say that is a sham purely designed to keep the socialists in power.

The national election board announced on Wednesday that votes for the new assembly would still go ahead on July 30, despite an opposition boycott, criticism from some within government, and a legal appeal by state prosecutor Luisa Ortega who said it threatened to “eliminate” democracy.

The pro-government Supreme Court rejected her petition in a ruling made public on Wednesday.

(Additional reporting by Carlos Rawlins and Eyanir Chinea; Editing by Phil Berlowitz and Andrew Hay)

Trump pushes infrastructure plan as Russia probe heats up

U.S. President Donald Trump announces his $1 trillion infrastructure plan to the crowd during a rally alongside the Ohio River at the Rivertown Marina in Cincinnati, Ohio, U.S. June 7, 2017. REUTERS/John Sommers II

By Jeff Mason

CINCINNATI, Ohio (Reuters) – President Donald Trump on Wednesday trumpeted plans for $1 trillion in U.S. infrastructure spending as he struggles to gain momentum for his economic agenda amid growing attention on the probe into alleged ties between his campaign and Russia.

“America wants to build,” Trump said. “There is no limit to what we can achieve. All it takes is a bold and daring vision and the will to make it happen.”

Speaking in Cincinnati, Ohio, Trump reviewed a proposal announced earlier this year to leverage $200 billion in his budget proposal into a $1 trillion of projects to privatize the air traffic control system, strengthen rural infrastructure and repair bridges, roads and waterways.

Trump said he would not allow the United States to become a “museum of former glory.” He spoke about backing large transformative projects but did not give specifics.

“We will construct incredible new monuments to American grit that inspire wonder for generations and generations,” he said.

Trump pointed to a government program that allows the private sector to tap into low-cost government loans called the Transportation Infrastructure Finance and Innovation Act as a way to leverage federal funds with state, local, and private sector funding.

Transportation Secretary Elaine Chao said at a Senate hearing on Wednesday that administration plans to unveil a detailed legislative proposal by the end of September.

Democrats want $1 trillion in new federal spending and proposed a plan that includes $200 billion in roads and bridges,$20 billion in expanding broadband Internet access, $110 billion for water systems and $75 billion for schools.

Senate Democratic Leader Charles Schumer said the Trump budget unveiled in May cuts $206 billion in infrastructure spending across several departments, including $96 billion in planned highway trust fund spending.

The Ohio visit was the second leg of a week-long White House focus on infrastructure. On Monday the president proposed spinning off air traffic control from the Federal Aviation Administration.

The proposal to privatize air traffic control has run into skepticism and opposition from Democratic senators and some Republicans.

The infrastructure push comes as the White House seeks to refocus attention on core promises to boost jobs and the economy that Trump made last year during his presidential campaign.

Those pledges have been eclipsed by the furor over Russia’s alleged meddling in the election. That drama will come to a head on Thursday when former Federal Bureau of Investigation Director James Comey, who was leading the Russia probe until Trump fired him last month, testifies before a Senate panel.

(Reporting by Jeff Mason in Cincinnati, Ohio Writing by David Shepardson in Washington; Editing by Chris Sanders and Cynthia Osterman)

Global growth headed for six-year high: OECD

FILE PHOTO: Construction cranes are seen in downtown Los Angeles, California, U.S., May 22, 2017. REUTERS/Lucy Nicholson

By Leigh Thomas

PARIS (Reuters) – The global economy is on course this year for its fastest growth in six years as a rebound in trade helps offset a weaker outlook in the United States, the OECD forecast on Wednesday.

The global economy is set to grow 3.5 percent this year before nudging up to 3.6 percent in 2018, the Paris-based Organisation for Economic Cooperation and Development said, updating its forecasts in its latest Economic Outlook.

That estimate for 2017 was not only a slight improvement from its last estimate in March for 3.3 percent growth, but it would also be the best performance since 2011.

Yet despite this brighter outlook, growth would nonetheless fall disappointingly short of rates seen before the 2008-2009 financial crisis, OECD Secretary General Angel Gurria said.

“Everything is relative. What I would not like us to do is celebrate the fact that we’re moving from very bad to mediocre,” Gurria told Reuters in an interview.

“It doesn’t mean that we have to get used to it or live with it. We have to continue to strive to do better,” he added.

While recovering trade and investment flows were supporting the improving economic outlook, Gurria said barriers in the form of protectionism and regulations needed to be lifted to ensure stronger growth.

The improvement would also not be enough to satisfy people’s expectations for better standards of living and reduce growing income inequality, he said.

The OECD saw an improved global outlook even though it downgraded its estimates for the United States, despite a weaker dollar boosting exports and tax cuts supporting household spending and business investment.

The OECD forecast U.S. growth of 2.1 percent this year and 2.4 percent next year, down from estimates in March of 2.4 percent and 2.8 percent, respectively.

OECD chief economist Catherine Mann attributed the downgraded outlook to delays in the Trump administration pushing ahead with planned tax cuts and infrastructure spending.

The weaker U.S. outlook was offset by slightly improved perspectives for the euro zone, Japan and China.

EURO ZONE LOOKING BETTER

Boosted by firmer German growth, the euro zone economy was seen growing 1.8 percent both this and next year, up from 1.6 percent for both years.

Lifted by improving international trade in Asia and fiscal stimulus, Japanese growth was seen at 1.4 percent this year before slowing to 1.0 percent next year, both slightly raised from the OECD’s March estimates of 1.2 percent and 0.8 percent respectively.

The OECD also marginally nudged up its estimates for growth in China to 6.6 percent this year and 6.4 percent in 2018, boosted by stimulus spending.

That in turn was supporting strong imports and helping to fuel a revival in Asian trade. As a result, global trade volumes were seen growing 4.6 percent this year, nearly double the rate seen in 2016.

Among the risks to the OECD’s outlook, it warned that the growing divergence between monetary policy rates among the major central banks raised the chances for financial market volatility.

The OECD also saw a potential for “swift snap-back” in U.S. long-term interest rates when the Federal Reserve decides to reduce the size of its balance sheet, especially if it comes at a time of rising policy rates.

(Reporting by Leigh Thomas; Editing by Hugh Lawson)

U.S., Mexico to make statement on Tuesday after sugar talks

A worker looks to sacks filled with sugar at Emiliano Zapata sugar mill in Zacatepec de Hidalgo, in Morelos state, Mexico, March 7, 2015. Picture taken on March 7, 2015. REUTERS/Edgard Garrido

WASHINGTON (Reuters) – U.S. and Mexican officials planned an announcement on sugar trade on Tuesday after talks went into overtime this week as negotiators grappled with last-minute U.S. industry demands.

U.S. Secretary of Commerce Wilbur Ross and Mexican Minister of Economy Ildefonso Guajardo will make an appearance at 1:45 p.m. at the U.S. Chamber of Commerce in Washington, the Commerce Department said in a statement.

Ross on Monday extended the deadline for the negotiations by 24 hours to complete “final technical consultations” for a deal.

Sources on both sides of the dispute said the U.S. sugar industry had added new demands outside of the terms agreed on earlier, despite an agreement that had already been struck between the governments.

An agreement in Washington would help avert stiff U.S. duties and Mexican retaliation on imports of American high-fructose corn syrup before wider trade talks expected in August.

A deal also would end a year of wrangling over Mexican sugar exports. The latest talks began in March, two months after President Donald Trump took office vowing a tougher line on trade to protect U.S. industry and jobs.

They are seen as a precursor to the more complex discussions on the North American Free Trade Agreement between the United States, Mexico and Canada.

(Reporting by Susan Heavey and Doina Chiacu; Editing by Chizu Nomiyama)

Tech leads Wall Street higher; jobs data falls short

Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S.,June 2, 2017.REUTERS/Brendan McDermid

By Chuck Mikolajczak

NEW YORK (Reuters) – U.S. stocks closed at record levels for a second consecutive session on Friday, as gains in technology and industrial stocks more than offset a lukewarm jobs report.

Nonfarm payrolls increased by 138,000 in May, well short of the 185,000 expected by economists. The prior two months were revised lower by 66,000 jobs than previously reported.

Average hourly earnings rose 0.2 percent in May, following a similar gain in April, but the unemployment rate fell to a 16-year low of 4.3 percent.

Despite the disappointing data, market participants still largely anticipate the Federal Reserve to raise rates at its June 13-14 meeting, with traders expecting a 90.7-percent chance of a quarter-point hike, according to Thomson Reuters data.

“It’s certainly surprising. It doesn’t really correlate well with virtually all the other data on the labor market that we’re seeing,” said Russell Price, senior economist at Ameriprise Financial Services Inc in Troy, Michigan.

The modest increase, however, could raise concerns about the economy’s health after gross domestic product growth slowed in the first quarter and a string of softening data this week, including reports on housing and auto sales.

The economy needs to create 75,000 to 100,000 jobs per month to keep up with growth in the working-age population. Job gains are slowing as the labor market nears full employment.

The Dow Jones Industrial Average <.DJI> rose 62.11 points, or 0.29 percent, to 21,206.29, the S&P 500 <.SPX> gained 9.01 points, or 0.37 percent, to 2,439.07 and the Nasdaq Composite <.IXIC> added 58.97 points, or 0.94 percent, to 6,305.80.

For the week, the S&P rose 0.95 percent, the Dow added 0.59 percent and the Nasdaq gained 1.54 percent.

Industrials <.SPLRCI>, up 0.49 percent, and technology <.SPLRCT>, up 1.04 percent, were the best performing sectors. The tech sector has been the top performer among the major S&P sectors, with a 2017 gain of 21.26 percent.

The tech sector was led by Broadcom <AVGO.O>, which rose more than 8 percent to hit an all-time high of $253.76, after the chipmaker’s quarterly results beat analysts’ expectations.

Shares of financials <.SPSY>, which benefit from higher interest rates, fell as much as 0.9 percent after the jobs data sparked some worry the Fed could become cautious after the June meeting, and closed down 0.37 percent.

Energy <.SPNY> was the worst-performing sector, down 1.18 percent. Brent oil tumbled below $50 a barrel on worries that President Donald Trump’s decision to abandon a climate pact could spark more crude drilling in the United States and worsen a global glut.

Lululemon Athletica <LULU.O> jumped 11.5 percent to $54.29 after the athletic apparel maker’s quarterly profit beat estimates.

Advancing issues outnumbered declining ones on the NYSE by a 1.34-to-1 ratio; on Nasdaq, a 2.07-to-1 ratio favored advancers.

The S&P 500 posted 28 new 52-week highs and 11 new lows; the Nasdaq Composite recorded 82 new highs and 70 new lows.

About 6.37 billion shares changed hands in U.S. exchanges, compared with the 6.65 billion daily average over the last 20 sessions.

(Additional reporting by Herb Lash; Editing by Nick Zieminski)

Brazil exits recession with fastest growth rate since 2013

FILE PHOTO: Cranes are seen in the distance during a workers' strike at Latin America's biggest container port in Santos, Sao Paulo state, Brazil, September 14, 2016. REUTERS/Fernando Donasci/File Photo

By Silvio Cascione

BRASILIA (Reuters) – Brazil’s economy emerged from its worst recession on record with its fastest growth rate in nearly four years, data showed on Thursday, boosting President Michel Temer’s case for staying in office as he battles a corruption scandal.

Brazil’s gross domestic product (GDP) grew 1.0 percent in the first quarter from the preceding one, matching economists’ forecasts for the biggest rise since the second quarter of 2013.

Growth is unlikely to stay as strong in the second quarter, economists said, as the first-quarter performance was driven up by extraordinary harvests of corn and soy and by a strong buildup in inventories across the economy.

Yet Temer, who has resisted protests for his resignation after being placed under investigation by the Supreme Court, tweeted minutes after the release: “The recession is over!”

“It’s the result of the measures we are taking. Brazil is growing again and will grow even more with the reforms,” he went on. He was referring to a legislative agenda seen as crucial for balancing the budget but which got stuck in Congress as his allies debated whether to break ranks with the government.

Fourteen million workers remain unemployed in Brazil, a country with one of the biggest gaps between the wealthy and poor. Many analysts expect Latin America’s largest economy, operating now at 2010 levels and forecast to grow just 0.5 percent in 2017, will continue running below potential throughout next year at least.

Subpar growth, in turn, should give policymakers room to continue cutting interest rates in coming months. The central bank slashed its benchmark Selic rate by 100 basis points on Wednesday to 10.25 percent and flagged further cuts to come, although probably at a slower pace because of the political uncertainty. <BRCBMP=ECI>

“HISTORICAL DAY”

Brazil’s economy shrank more than 3 percent in each of the past two years, the deepest and longest downturn since records began in 1901. As the recession deepened last year, Temer’s predecessor, Dilma Rousseff, was impeached for breaking budget rules amid record-low approval ratings.

Temer’s hold on power seemed in danger two weeks ago when the billionaire owners of meatpacker JBS SA <JBSS3.SA> accused him of condoning bribes to silence a key witness in a corruption probe. But lack of a clear replacement and signs of economic growth have given the scandal-plagued president some breathing room, allies have said.

“There is still some way to go before a full recovery but we’re in the right direction,” Finance Minister Henrique Meirelles said in a statement praising what he called a “historical day” for Brazil.

IBGE also revised up fourth-quarter data to show that Latin America’s largest economy contracted 0.5 percent in that period, and not 0.9 percent as originally reported.

Agricultural output rose in the first quarter at the fastest pace since 1996. Services remained stagnant and manufacturing grew only slightly in the first quarter, driven up by stronger exports, IBGE said. Government data later on Thursday showed a record trade balance in May. <BRTBAL=ECI>

Brazil’s economy shrank 0.4 percent in the first quarter from the year-earlier period, following a 2.5 percent drop in the previous quarter. <BRGDP=ECI>

(Reporting by Silvio Cascione; Editing by W Simon and Chizu Nomiyama)

Slow U.S. jobs growth takes shine off dollar, stocks hold all-time highs

A U.S. five dollar note is seen in this illustration photo June 1, 2017. REUTERS/Thomas White/Illustration

By Vikram Subhedar

LONDON (Reuters) – The dollar retreated slightly after disappointing U.S. jobs growth data on Friday though world stocks clung on to record highs, having gained 11 percent so far this year.

Nonfarm payrolls increased 138,000 last month as the manufacturing, government and retail sectors lost jobs, the Labor Department said on Friday.

While the job gains could still be sufficient for the Federal Reserve to raise interest rates this month, the modest increase could raise concerns about the economy’s health after growth slowed in the first quarter.

“This number is not the kind of report that derails the Fed from raising rates in June,” said Tom Porcelli, chief U.S. economist at RBC Capital Markets in New York.

“We’re in a mature phase of the cycle, job growth is going to slow down. The Fed has been talking about this for over a year at this point and they are braced for that reality.”

The dollar index <.DXY>, which measures the greenback’s strength against a basket of major currencies, fell 0.3 percent.

Stock futures on Wall Street trimmed gains slightly and were last trading little changed.

Overnight, data showing a healthy uptick in private sector hiring and factory activity during May bolstered expectations that the U.S. economy was picking up speed and lifted U.S. stocks after two days of losses.

Those gains filtered through to global stocks, lifting the MSCI All-Country World index <.MIWD00000PUS> 0.4 percent to a record high and on track to post a seventh straight week of gains, the longest such run since 2010.

Stocks in Europe joined the party with German bluechips powering ahead to a record, up 1.6 percent. The UK’s FTSE 100 <.FTSE> also hovered near its highest-ever levels rose 0.4 percent.

So far this year investors have pumped $140 billion globally into stock funds, according to fund flow data from Bank of America Merrill Lynch and EPFR showed on Friday.

Global equities attracted $13.7 billion in the latest week to Wednesday, the largest inflows in five weeks, as investors loaded up on risk.

In commodities, however, oil prices resumed their slide with key futures contracts down more than 2 percent amid worries that U.S. President Donald Trump’s decision to abandon a global climate pact could spark more crude drilling in the United States, stoking a persistent glut in global supply.

Global benchmark Brent crude futures <LCOc1> fell to $49.63 a barrel, while U.S. West Texas Intermediate crude <CLc1> by more than a dollar to $47.36 per barrel.

(Reporting by Vikram Subhedar; Editing by Hugh Lawson and Keith Weir)