"We opened our restaurant right before the economy went downhill, and there were a few months when we wondered if we should pull the plug. But by the time we made it a year, we had opened our second location," Mack said.
As with Mo' Bettah Steaks, the best avenue for many growing young businesses is to utilize the SBA loan programs, either a 7(a), or if the loan is for real estate, a 504. SBA 7(a) loans are the most basic and most used type of loan in SBA's business programs. The program offers up to 25-year, fully amortized loans that result in lower monthly payments for the borrower. Proceeds from the 7(a) program may be used for most business purposes, including the purchase of real estate for business operations, acquisition of equipment, and working capital.
Something else to keep in mind when navigating the world of SBA lending is that obtaining a loan may not take as much time as you think. While the application-to-closing process may take longer than a month, working with a financial institution designated as an SBA "preferred lender" can significantly speed up the process. This is because the SBA does not need to do any underwriting and accepts the preferred lender's underwriting instead.
Utah is consistently recognized as a great place to do business, most recently ranked by a Thumbtack.com/Kauffman Foundation poll as one of the five friendliest states for small businesses. So it's not surprising that economic reports over the past six months show that Utahns are about the state's economy, present and future. As small businesses lead the charge to propel the economy into more robust growth, entrepreneurs can better position themselves to qualify for a business loan by preparing in the following ways before speaking with a lender:
Macmillan urges financial advice to cancer sufferers - BBC News
A charity is urging the Welsh government to ensure all cancer sufferers are given financial advice when diagnosed with the disease.
Macmillan Cancer Support said people were often unprepared for the financial cost of cancer and do not know of benefits they are entitled to.
An average patient in Wales faces over £1,500 in extra costs, including travel to hospital, on top of loss in income.
The Welsh government said it was working to ease the financial burden.
Research published by Macmillan suggested some 95% of patients face an increase in travel costs as they travel back and forth to hospital for treatment and follow-up appointments.
On average, this amounts to an estimated £275 per patient in the first year, rising to £400 over five years.
It found that an average £400 is spent on new clothes over five years as patients often lose or gain weight while undergoing treatment such chemotherapy, while wigs may also be needed.
ONE COUPLE'S EXPERIENCE
Ian Cox from Ceredigion was diagnosed with oesophageal cancer in June 2011.
He ran a building firm and employed both his sons but was soon too ill to work.
The bank then recalled a loan, they were made bankrupt and the family home was repossessed.
Mr Cox and his wife Nikki were rehoused by the council but their sons had to find other accommodation.
"Cancer is expensive. It costs money to travel to hospital; it costs money to heat the house, to buy new clothes and specialist foods - the bills don't stop coming," said Mrs Cox, who now works part time and cares for her husband.
"At one point we had no money between June and October.
"It's the little things which you don't think of. Ian needed new clothes as he lost so much weight and we needed thicker duvets to keep him warm.
"We also needed £500 to fill up the oil tank for winter."
After receiving advice, Mrs Cox added: "There should be something in place so you don't have to worry about money. That should be automatic."
Energy bills also rise as a patient is often home more and other costs can include childcare and household modifications.
It comes at a time when sufferers may also face a reduced income if they are unable to work, the charity said in its report, Counting the Cost of Cancer.
It added that some cancer sufferers may also lose money due to UK government changes to the welfare system.
The charity said it wanted every person affected by cancer in Wales to be made aware of their financial rights and entitlements from the point of diagnosis.
It is urging the Welsh government to ensure that health professionals offer the information and advice as soon as possible.
Susan Morris, general manager for Macmillan Cancer Support in Wales, said the financial impact of cancer was a growing problem in Wales.
"When people think of cancer they don't usually think of money," she said.
'Alleviate anxiety'
"But the sad fact is that for many people who get cancer, money is one of their biggest worries."
She added: "Access to timely and appropriate benefits advice can significantly reduce financial hardship, alleviate anxiety and stress, improve quality of life and help people make informed choices throughout their cancer journey."
At the moment, patients and their families are not routinely offered financial advice and support when they receive a diagnosis.
Fewer than half of people with a cancer diagnosis in Wales say they receive financial advice or support from any source, said the charity, which has its own welfare benefits advisers.
This figure falls even further among the over-65s, where fewer than one in three receive support, the research found.
The Welsh government said its Cancer Delivery Plan says that more care and treatment should be provided at local hospitals, reducing the need for patients to travel.
"But for rarer cancers, patients may still need to travel to specialist cancer centres to ensure the best outcome," a spokesman said.
"It also makes clear that following diagnosis, a patient's needs are assessed and information is provided on access to financial help and support.
"In addition, patients on certain benefits are entitled to reclaim some or all of their travel costs or those with a clinical need can arrange transport through the Patient Care Services."
He added that cancer patients also benefit from free prescriptions and free hospital car parking in Wales.
Morning business round-up: Eurozone fears mount - BBC News
What made the business news in Asia and Europe this morning? Here's our daily business round-up:
Continue reading the main storyEuropean Union leaders will meet in Brussels on Wednesday as fears mount over the region's debt crisis, amid concern that Greece may have to leave the euro.
Leaders are expected to hear the new French President, Francois Hollande, challenge the EU's German-led austerity drive.
The head of the IMF, Christine Lagarde, is also keeping up the pressure on Greece to fix its finances.
In an interview with the BBC, Ms Lagarde said there had to be more tax collection and structural reform.
That is despite the deep unpopularity of austerity measures imposed on Greece by the IMF and European Union in return for bailout funds.
Greek politicians are divided over whether to continue supporting those measures and face a 17 June election.
Meanwhile, the World Bank has warned that the eurozone crisis could harm the growth of East Asian economies.
The bank said that a "serious disruption" in the eurozone could hurt growth and dent demand for exports from East Asia.
It said that East Asian countries needed to boost domestic demand to rebalance their economies and sustain growth.
In company news, Fiat and Mazda have formed an alliance to develop two-seater sports cars.
The alliance will work on a car for Fiat's Alfa Romeo brand and a roadster with a different engine and styling for Mazda.
The cars will be built at Mazda's plant in Hiroshima. Both will be based on a new version of Mazda's MX 5, the car that Mazda is best known for.
Business headlines
The Indian rupee hit a record low against the dollar in early trade on Wednesday.
The Indian currency fell to 55.82 rupees against the US dollar, down from 55.39 on Tuesday.
The slide comes amid concerns that slowing growth and a high rate of inflation may hurt India's economy.
Lenovo, the world's second largest PC maker, has reported a big rise in annual profits thanks to strong demand for its products in China.
Beijing-based Lenovo made $473m (£300m) in the year to 31 March, compared with $273m in the previous year.
Japan's exports rose less-than-forecast in April, hurt by a drop in shipments to China and Western Europe.
Exports rose by 7.9% from a year earlier. Most analysts had forecast growth of close to 12%.
Reebok India has lodged a police complaint against two former executives, accusing them of commercial and financial irregularities.
The firm alleged that former managing director Subhinder Singh Prem and ex-chief operating officer Vishnu Bhagat set up secret warehouses, fudged accounts and indulged in fictitious sales.
It said such activities by the two had resulted in a loss of almost 13bn rupees ($233m; £160m).
UK defence giant BAE has signed a £1.9bn ($3bn) deal with Saudi Arabia to supply aircraft, including 22 Hawk trainer jets, and training equipment.
According to trade union Unite, 218 jobs at the East Yorkshire factory where the aircraft is made will now be saved.
Retail sales volumes in the UK fell by 2.3% in April, largely because of a record fall in petrol sales, according to the Office for National Statistics (ONS)
Sales of fuel were down by 13.2% in April. In March, motorists had panic-bought petrol ahead of a threatened tanker driver strike.
Sales of clothing and footwear were also affected by April's record rainfall.
Luxury fashion retailer Burberry has reported strong growth in annual profits as it continues to expand around the world.
Pre-tax profits were up 24% to £366m, with sales also up 24% to £1.86bn.
The company said the Asia Pacific region accounted for 37% of both retail and wholesale revenue. The firm plans to invest £200m this year and open 12-14% more space.
The latest Business Daily podcast considers the impact that a slowdown in China could have on the rest of the world.
Global stocks, euro sag on Greece exit worries - ibtimes.co.uk
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"Most are expecting no concrete solution out of the meeting, just a few ideas discussed on how to boost growth with no real commitment to carry them out, while Angela Merkel is almost certain to reject any proposal by Francois Hollande in relation to euro bonds," said Craig Erlam, market analyst at Alpari.
Perception of a stalemate between the head of the euro zone's most powerful member and leaders of other bloc countries unleashed selling of their common currency and shares worldwide.
The MSCI world equity index tumbled 2.2 percent to 296.10, its lowest level in about five months. It is on track for its biggest single-day decline in six months.
The Dow Jones industrial average was down 146.33 points, or 1.17 percent, at 12,356.48. The Standard & Poor's 500 Index was down 14.73 points, or 1.12 percent, at 1,301.90. The Nasdaq Composite Index was down 30.34 points, or 1.07 percent, at 2,808.74.
The tech sector was a drag on U.S. shares, led by personal computer maker Dell Inc.
Social networking company Facebook Inc
The FTSE Eurofirst index of top European shares closed 2.1 percent lower at 973.12 after touching a fresh year low at 970.98.
In Tokyo, the Nikkei index closed down 2 percent to 8,556.60.
The euro fell 0.9 percent to 1.2572 after touching $1.2563, its lowest level since August 2010.
The dollar index rose 0.7 percent to 82.090 after touching 82.148, its highest since September 2010.
"The euro's downtrend is entrenched and we think there are too many risks of potentially nasty outcomes in the euro zone, especially with regard to what will happen to Greece," said Ned Rumpeltin, currency strategist at Standard Chartered in London.
Euro zone finance officials prepared contingency plans for a possible Greek euro exit on Monday afternoon, according to euro zone sources, during an hour-long teleconference of the Eurogroup Working Group. A document seen by Reuters detailed the potential costs to individual member states of a Greek exit and said that if it came about, an "amiable divorce" should be sought.
The strong German Schatz auction lifted June Bund futures to a fresh contract high at 144.28, up 1 point on the day. Benchmark U.S. Treasury yields slipped to 1.72 percent, within striking distance of the lowest level at least 60 years.
The United States, like Germany, could enjoy a further drop in borrowing costs when it sells $35 billion of new five-year notes at 1 p.m. (1700 GMT). These five-year issue is expected to sell at historic low yield at about 0.75 percent.
Signs of a potential deal between Iran and the U.N.'s International Atomic Energy Agency to unblock investigations of suspected work on nuclear weapons in the oil-producing country sent Brent crude below $107 a barrel.
Brent last traded down $1.87 at $106.54, while U.S. oil futures fell $1.22 cents to $90.63 a barrel.
Spot gold prices fell for a third straight session, down 1.5 percent to $1,542.89 an ounce.
(Reporting by Angela Moon in New York and; Richard Hubbard, David Brett and Simon Falush in London; Editing by Dan Grebler and Padraic Cassidy)
'Greece open for business', say tourism bosses as German travellers report hostility - Daily Mail
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The Greek tourism association has issued a statement to reassure travellers that their holidays are safe, despite predictions that the country could be about to leave the euro.
The Association of Greek Tourism Enterprises (SETE) claimed that 80 per cent of citizens were actually in favour of the country remaining part of the eurozone and said now was the perfect time to visit the Mediterranean holiday destination.
However, the reassurance may have come too late for some holidaymakers, with German travel firms reporting a 30 per cent drop in bookings for Greece after claims of some Germans being subjected to animosity and even violence in the country.
Business as usual: Greece has reassured worried holidaymakers that their summer travel plans are safe
Reports of clashes over the hard austerity measures demanded by Chancellor Angela Merkel in return for bailouts are keeping the world's biggest spenders on foreign holidays away from Greece.
Air Berlin, Germany's second largest airline, and Rewe, the retail and tourism group both said on Tuesday that bookings to Greece were around 30 percent below that of last year.
'Greece is doing very badly, just like North Africa,' Air Berlin chief executive Hartmut Mehdorn said.
In contrast, Travelzoo in the UK said it had seen an upsurge in bookings for all-inclusive holidays to Greece, despite a dip in people booking flights to the country.
British travellers are said to be snapping up packages that are discounted by up to 60 per cent, prompting an increase in booking by a third.
The holidaymakers can organise their trips safe in the knowledge that a tour operator has to protect them in the event anything goes wrong.
In contrast, the number of people booking flights to Greece and organising their own accommodation has dropped by 25 per cent, as if the holiday is disrupted there is minimal support for travellers.
SETE highlighted that the strong pound means British holidaymakers can enjoy the best exchange rate since 2008 and said many hotels and apartments are offering good deals.
It also said that even if the much-debated currency change does happen, Greek banks are solvent and have a guaranteed solvency by the European Central Bank which means that any holidaymakers caught up in the switch would be able to make financial transactions as usual.
Dr. Andreas Andreadis, president of SETE said: 'We are trying to change the way our country and its economy is run, however, this is not going to affect the quality of a holiday. Greece remains one of the top destinations in the world and we reassure holidaymakers that this summer remains business as usual.'
Holiday companies have also reassured Britons that they are keeping a close eye on the situation in Greece, with the likes of TUI - which owns Thomson and First Choice - saying it had 'contingency plans in place'.
Euro-Zone Uncertainty Rattles Financial Markets - NASDAQ
NEW YORK -- Assets tied to growth or perceived as risky were swept lower Wednesday as investors reared back from Europe's ongoing debt crisis and the uncertainty about what comes next.
Disparate markets like equities, corporate bonds and commodities weakened as the euro fell to a two-year low, tumbling to $1.2545 at one point. Fears reverberated through financial markets that Greece could leave the euro zone and throw the region--and the rest of the world--into economic turmoil.
The Standard & Poor's 500-stock index fell 1% to 1304, while the Dow Jones Industrial Average was down 1.1% at 12360. Most commodity futures suffered declines of more than 2%, with several raw materials hitting 2012 lows.
The market's worries flared late Tuesday, after former Greek Prime Minister Lucas Papademos said the risk of Greece leaving the euro is real and would have "catastrophic" economic consequences for Greece and far-reaching implications for the rest of the euro zone.
"The biggest worry is: what is the plan out of Europe," said Bob Haberkorn, senior commodity broker with RJO Futures. "Do they have a plan if Greece pulls out? What's to say that Spain, or Portugal, or Ireland don't pull a Greece a week or two later?" he added.
European Union leaders are in Brussels for an informal summit to discuss means of improving regional growth, the financial sector and how to keep Greece in the currency union even as it struggles to manage its massive debt load.
"We are preparing the ground for firm decisions," European Council President Herman Van Rompuy said in brief televised remarks.
But the pace toward a possible solution has been too slow for some market participants, with many choosing to sell their holdings and wait out the crisis in safer assets such as U.S. Treasurys or cash.
Finance and energy stocks led the declines on the stock market with shares of Chevron Corp. falling 1.3% and J.P. Morgan Chase & Co easing 1.3%. Technology stocks were hit hard by weak earnings from computer maker Dell, which saw its shares tumble 18%.
Copper, cotton, coffee and sugar all settled at new lows for 2012, while oil fell below $90 a barrel for the first time in seven months to settle down 2.12% at $89.90. Gold tumbled 1.8% to settle at $1,548.40 a troy ounce, within 0.8% of its yearly low. Silver finished 2.3% lower at $27.519 a troy ounce.
"People don't feel that in this environment we're going to get the growth to support commodities at these prices," said Adam Klopfenstein, market strategist with Archer Financial Services.
Assets that are priced in dollars, like stocks and commodities, faced added pressure from the rallying greenback. Dollar-denominated investments are more expensive to buyers who use other currencies when the dollar strengthens.
Meanwhile, bank bonds led other corporate debt lower, with Morgan Stanley 4.75% coupon bonds, due 2014, seeing their yields soar 0.73 percentage point to 5.814%.
The lonely winners in the scramble to financial safety were the dollar and U.S. Treasury prices, which raced to their highs of the day, bringing yields to the brink of new lows.
Benchmark 10-year notes were recently up 23/32 in price to yield 1.716%. The 30-year bond led the really, up 2 5/32 to yield 2.788%. The rally helped the U.S. government raise five-year debt at a record low cost of 0.748%.
"There's real fear in the market, and there's no reason to believe it will go away anytime soon," said Justin Lederer, senior trader of interest rates at Cantor Fitzgerald LP.
-By Tatyana Shumsky, Dow Jones Newswires; 212-416-3095; tatyana.shumsky@dowjones.com
--Cynthia Lin, Matt Day, Jonathan Cheng, Patrick McGee contributed to this article
(END) Dow Jones Newswires 05-23-121245ET Copyright (c) 2012 Dow Jones & Company, Inc.
Europe Stocks, Oil Slide on Debt Crisis Before EU Summit - Bloomberg
Euro Sinks to Lowest Since 2010
Simon Dawson/Bloomberg
The euro sank to an almost two-year-low, while stocks and commodities tumbled.
The euro sank to an almost two-year-low, while stocks and commodities tumbled. Photographer: Simon Dawson/Bloomberg
May 23 (Bloomberg) -- Michael Buchanan, chief Asia-Pacific economist at Goldman Sachs Group Inc. in Hong Kong, talks about Europe's sovereign debt crisis, its implications for Asian economies and China's economic growth. He speaks with Susan Li, Rishaad Salamat, John Dawson and Zeb Eckert on Bloomberg Television's "Asia Edge." (Source: Bloomberg)
May 23 (Bloomberg) -- Daphne Roth, head of Asian equity research at ABN Amro Private Banking in Singapore, talks about global stocks and her investment strategy. Roth also discusses the potential exit of Greece from the euro zone with Susan Li on Bloomberg Television's "First Up." (Source: Bloomberg)
U.S. stocks erased losses amid optimism European leaders will do more to halt contagion from the region’s debt crisis. The euro pared its drop after sinking to an almost two-year low and U.S. Treasuries trimmed gains. Oil closed below $90 a barrel for the first time since October.
The Standard & Poor’s 500 Index rose 0.2 percent to close at 1,318.86, reversing a 1.5 percent tumble. The Dow Jones Industrial Average ended down 6.66 points at 12,496.15 after plunging as much as 191 points. The euro was down 0.7 percent at $1.2592 after dropping to as low as $1.2545. Ten-year Treasury yields lost 3.6 basis points to 1.73 percent, trimming a drop of 6 basis points. Demand for assets considered safe earlier sent German 30-year yields below 2 percent for the first time.
European leaders were meeting today to discuss the region’s debt crisis after deepening concern Greece will exit the euro wiped about $4 trillion from equity markets worldwide this month. Spain will recapitalize BFA-Bankia with as much public money as necessary, as the nationalized group needs at least 9 billion euros ($11 billion) to comply with banking rules, Economy Minister Luis de Guindos said after markets closed in Europe.
“Huge turnaround,” said Tim Ghriskey, who oversees about $2 billion as chief investment officer of Solaris Group in Bedford Hills, New York. “There’s speculation that European leaders will take action to stabilize the situation with Greece. In addition, there’s a lot of cash on the sidelines looking to get into the equity market. Certainly the decline we’ve had recently might provide an opportunity.”
1,300 Level
U.S. equities rebounded as the S&P 500 approached a four- month low below 1,300 that it reached last week. Stocks also recovered today as Federal Reserve Bank of Minneapolis President Narayana Kocherlakota said the central bank has the tools to curb any damage from Europe’s debt crisis.
The S&P 500 rose for a third straight day as commodity producers and industrial companies reversed earlier losses to lead gains among the 10 main groups. Caterpillar Inc. rose 1.1 percent and Newmont Mining Corp. rallied 2.9 percent to pace the advance. Facebook Inc. climbed 3.2 percent in its fourth day of trading, rebounding from a 19 percent plunge over the previous two days.
Dell Inc. tumbled 17 percent, the most in more than 11 years, after the world’s third-largest maker of personal computers forecast fiscal second-quarter revenue that missed analysts’ estimates. Hewlett-Packard Co., Microsoft Corp. and Intel Corp. fell more than 2 percent to lead losses in the Dow.
Home Sales
U.S. equities maintained declines in early trading even after a U.S. government report showed new-home sales exceeded economists’ forecasts. Purchases rose to a 343,000 annual rate, up 3.3 percent from a revised 332,000 in March, the Commerce Department reported. The median forecast in a Bloomberg News survey of economists was 335,000. Data released yesterday showed sales of existing homes rose in April in every region.
The U.S. economy will probably tip back into recession next year if Congress doesn’t address an impending “fiscal cliff,” the Congressional Budget Office said yesterday.
The dollar strengthened all 16 major peers except the yen and Brazilian real. The real rallied against all major counterparts, rebounding 2.8 percent from a three-year low versus the dollar, as Brazil’s central bank auctioned currency swaps for the third day since May 18 in an effort to curb price swings.
Dollar Gains
The Dollar Index, which tracks the U.S. currency against those of six trading partners, rose 0.7 percent to 82.036, the highest level since September 2010. The pound declined 0.4 percent to $1.5695 as a report showed U.K. retail sales fell the most in more than two years in April.
The Stoxx Europe 600 Index sank 2.1 percent, reversing most of a two-day, 2.5 percent rally. Rio Tinto Group and Vedanta Resources Plc led a retreat in mining companies. London Stock Exchange Group Plc tumbled 7.3 percent, the most since 2009, after UniCredit SpA and Intesa Sanpaolo SpA sold a combined 11.5 percent stake. Burberry Group Plc slid 1.2 percent as the U.K.’s largest luxury-goods company said profitability may decline in the fiscal first half.
European banks fell 2.9 percent as a group and were the biggest drag on the index among 19 industries. Italy’s Banca Monte dei Paschi di Siena SpA tumbled 7.6 percent to lead losses.
Banks Vulnerable
While lenders have increased capital buffers, written down Greek bonds and used central-bank loans to help refinance units in southern Europe, they remain vulnerable to the contagion that might follow a withdrawal of Greece from the euro, investors say. Even with more than two years of preparation, banks still are at risk of deposit flight and rising defaults in other indebted euro nations.
French President Francois Hollande challenged Germany’s handling of the financial crisis as he headed to his first European Union summit with calls for joint borrowing and cash injections to struggling banks. Hollande teamed with Spanish Prime Minister Mariano Rajoy to press for EU leaders to break with German-dominated budget-cutting policies that have failed to stabilize the 17-nation euro area and led to speculation that Greece might be forced out.
Europe must chart a path to joint borrowing using euro bonds, should consider enabling its rescue fund to borrow from the European Central Bank and ought to let the rescue fund lend directly to troubled banks, Hollande said.
‘Under Pressure’
“The prevailing thought is that a Greek exit would be more costly than keeping Greece in,” Chris Hyzy, who helps oversee about $325 billion as chief investment officer of U.S. Trust in New York, said in a phone interview. “The market will likely force the euro zone officials, led by Germany, to create what looks like a quick movement toward fiscal union and ultimately some sort of euro-bond structure. Until the transparency of that becomes clear, we’re going to have the market under pressure.”
The yen appreciated 0.6 percent against the dollar and 1.4 percent versus the euro. Japanese Finance Minister Jun Azumi called on the central bank to further ease policy moments before the Bank of Japan refrained from adding monetary stimulus.
“The BOJ must firmly pursue monetary easing to achieve its 1 percent inflation goal,” Azumi told lawmakers in parliament in Tokyo today. The central bank left its asset-purchase and credit-loan programs unchanged, as anticipated by all 14 economists surveyed by Bloomberg News.
The German 10-year bund yield lost eight basis points to 1.38 percent and the rate on the nation’s 30-year debt dropped to 1.99 percent, crossing below 2 percent for the first time.
German Auction
Bunds rallied as Germany, the only country in the euro area with a stable outlook on its AAA rating, sold 4.56 billion euros ($5.8 billion) of two-year securities carrying a zero-percent coupon for the first time, Bundesbank data showed today. The notes were sold to yield 0.07 percent. The country offered a fixed interest payment of 0.25 percent when selling similar- maturity notes on April 18.
Rates on 10-year Italian and Spanish debt climbed at least nine basis points.
Oil declined 2.1 percent to $89.90 a barrel in New York after a government report showed U.S. crude supplies rose to a 22-year high.
The S&P GSCI gauge of commodities slumped 1.9 percent to the lowest level on a closing basis since October as coffee and cotton lost more than 4 percent to lead declines in 22 of 24 commodities tracked by the index.
The MSCI Emerging Markets Index tumbled 2.4 percent, the most on a closing basis since December. Utilities helped drag Russia’s Micex Index 3.4 percent lower as President Vladimir Putin added companies to a list of strategic assets that precludes their privatization. Benchmark gauges in Turkey and Hungary dropped more than 2 percent.
To contact the reporters on this story: Michael P. Regan in New York at mregan12@bloomberg.net; Rita Nazareth in New York at rnazareth@bloomberg.net
To contact the editor responsible for this story: Nick Baker at nbaker7@bloomberg.net
Financial mismanagement allegations stun CONCACAF congress - The Guardian
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