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E-Malt.com Newsletter 33b
August 13 - August 17, 2008
Open!
Click here to get full size Newsletter


Quote of the week

"Perfect courage is to do without witnesses what one would be capable of doing with the world looking on."
Duc de La Rochefoucauld (1613 - 1680)
Currency Rates
Base Currency: Euro, EUR
on 14-August-2008

1 EUR = 1.4915 USD
1 EUR = 0.7906 GBP
1 EUR = 1.5896 CAD
1 EUR = 1.7158 AUD
1 EUR = 162.504 JPY
1 EUR = 2.4239 BRL
1 EUR = 36.125 RUB
1 EUR = 10.2438 CNY
Base Currency: US Dollar
on 14-August-2008

1 USD = 0.6705 EUR
1 USD = 0.5301 GBP
1 USD = 1.0658 CAD
1 USD = 1.1504 AUD
1 USD = 108.957 JPY
1 USD = 1.6252 BRL
1 USD = 24.2212 RUB
1 USD = 6.8683 CNY
Currency Rates Chart

Equities of the Largest Breweries

Equities of the Largest Breweries

Average Market Prices Change trend

August 14, 2008

Type Crop 2007 Crop 2008 Crop 2009
2rs Barley nq   EUR189.0-191.0 EUR191.0-193.0
6rw Barley nq   EUR173.0-175.0 EUR177.0-179.0
2rs Malt EUR536.5-538.5 EUR430.5-432.5 EUR423.5-425.5
6rw Malt EUR503.5-505.5 EUR409.5-411.5 EUR405.0-407.0
Feed Barley nq   EUR154.0-156.0 0.65% nq   

Note: Just click on the price link and you will be led to our Market Price History. Average barley market prices are French and are estimated on FOB Creil basis. Average Malt Prices are theoretical and based FOB Antwerp being estimated on French malting barley. The changes are compared to last Newsletter's prices. Arrows indicate the direction of the change.


Top Industry News

Belgium: InBev reports normalized EBITDA up by 4.7% in Q2 2008 and by 2.9% in H1 2008 ...Click here
Philippines: San Miguel posts H1 triple net profit and is criticised for moving into heavy industry ...Click here
Japan: Beer shipments rise by 3.4% after four months of decline ...Click here
Brazil: AmBev posts a 10.4% decline in earnings for Q2 2008 ...Click here
Ukraine: SABMiller will have to spend more to improve Sarmat’s market share, competitors say ...Click here
China: Yanjing Brewery aimed at 8 mln tons annual beer output ...Click here
Ukraine: Beer output forecasted to fall by 5.6% this year ...Click here
Australia: CHAMP Private Equity to sell malt producer United Malt worth up to A$700 million ...Click here
France: Malteries Franco-Belges increases turnover by 12.43% in 2007/2008 ...Click here
France: Malting barley prices on the decline, feed barley prices change insignificantly on the French market ...Click here
EU: Barley crop to be 62.5 – 63.0 mln tons, or even better ...Click here
Germany: Winter and spring malting barley yields well despite negative preconditions ...Click here
Czech Republic: A better harvest of 5,950 tonnes of hops is expected this year after the previous two weaker years ...Click here




Ireland: Diageo rejects IFA criticism by saying it plays no role in negotiating the price of malting barley ...More Info
Romania: United Romanian Breweries report sales growth of 15% for H1 2008 ...More Info
Sweden: July heat boosts beer sales ...More Info
Australia: Growers to guard quality, reputation, and value of barley through a special project ...More Info
Ukraine: Beer prices go up by record 19% ...More Info
Australia: ABB announces National Pool in barley 2008 ...More Info
Belarus: Baltika H1 beer sales up 31% in Belarus ...More Info
Latvia: Baltika’s Latvian sales 21% more in H1 2008 ...More Info
Russia & Ukraine: Russia to harvest 18 mln tons of good-quality malting barley, Ukraine to surpass the estimated 10.0 – 10.5 mln tons ...More Info
Estonia: Veli Pekka Tennilä replaces Ireneusz Piotr Smaga as chairman of the management board and CEO at Saku Õlletehas ...More Info
Russia: Baltika Breweries announces a new Board of Directors influenced by changes in shareholders structure ...More Info
Japan: Japan’s Ministry of Agriculture invites bids for 100,000 tonnes of feed barley ...More Info
USA: Boston Beer holdings reduced by Texas Permanent School Fund and increased by Ubs Ag ...More Info
Go to our news database with more than 13313 articles.
Today with the possibility to be translated in 7 different languages!
DE FR SP IT PT RU CN

Brewery News

Belgium: InBev reports normalized EBITDA up by 4.7% in Q2 2008 and by 2.9% in H1 2008

InBev, the world’s leading brewer, announced results for the second quarter and half year of 2008 (HY08) on its official site on August 14.

Volume performance

Total volumes are reported to have grown 0.7% in Q2 2008, while InBev’s own beer volumes increased at the slightly higher rate of 0.9%.

The majority of the company’s zones of activity delivered a better year on year performance in Q2 2008 versus the first quarter, and, as expected, Brazil resumed volume growth (+3.8%) after a slow start to the year. For HY08, total volumes as well as the company’s own beer volumes were 0.2% higher than HY07.

Market share gains

According to the report, InBev maintained or increased its market share in 8 of its top 10 markets, including the three key Western European markets.

Revenue

The giant’s consolidated revenue increased by 4.5% in Q208, and revenue per Hl was up by 3.7%. HY08 revenue was 4.6% higher than a year ago, driven by a 4.4% rise in revenue per Hl.

Cost of sales

Consolidated cost of sales (CoS) per Hl showed a 6.5% increase in Q208.

Although InBev experienced a strong increase in CoS per Hl in HY08 (Q108: +9.9%; Q208:+6.5%; HY08:+8.0%), as indicated in its Q108 disclosure, CoS per ...More Info


Philippines: San Miguel posts H1 triple net profit and is criticised for moving into heavy industry

San Miguel Corp, Southeast Asia's largest food and drinks group, said its net profit tripled in the first half, boosted mainly by gains from asset sales, Reuters reported on August 12.

However, San Miguel, which began diversifying out of its core food businesses last year to enter mining and power, faces a difficult operating environment in the second half due to high raw material costs and as rising fuel and food costs crimps consumer spending.

The maker of Southeast Asia's oldest beer brand booked net income of 19.7 billion pesos ($US444 million) in January to June, topping the 6.6 billion pesos of a year earlier and its full-year 2007 net profit of 8.63 billion pesos.

Taking out first quarter net income of 11 billion pesos, net profit in the April to June period was 8.7 billion pesos, up 145 per cent on a year ago, Reuters' calculationsstate . San Miguel did not say if it revised its second quarter 2007 results.

San Miguel's first half results included gains of 5.67 billion pesos from asset sales in the first quarter, but the company did not say how much it made from the spin off and IPO of a five per cent stake in its ...More Info


Japan: Beer shipments rise by 3.4% after four months of decline

Beer and quasi-beer shipments in Japan rose 9.6 pct from a year before to 52,346,000 cases in July, increasing for the first time in five months, Jiji Press reported on August 12.

According to industry officials, a long spell of hot weather increased demand rapidly, thus neutralising negative effects of product price hikes.

By category, shipments of so-called third-segment alcoholic beverages, which have little or no malt content, jumped 35.9 pct to 12,042,000 cases, reflecting consumer preference for low-priced products. Especially, Suntory Ltd.'s "Kinmugi," the only major brand for which price was kept unchanged, enjoyed strong sales.

Third-segment beverages took a 23.0 pct share in the overall bear and quasi-beer market, surpassing "happoshu" low-malt beer-like beverages for the third straight month.

Shipments of beer rose 3.4 pct to 29,048,000 cases, after four consecutive months of decline, and those of "happoshu" beverages grew 4.2 pct to 11,257,000 cases, up for the first time in six months.

It was stated that shipments increased for all the three categories for the first time in six months. One case contains the equivalent of 20 633-milliliter bottles.

By brewer, Suntory performed particular well with an outstanding 35 pct rise in shipments. All makers registered shipment growth.


Brazil: AmBev posts a 10.4% decline in earnings for Q2 2008

AmBev, or Companhia de Bebidas das Americas, reported a 10.4% decline in its second-quarter earnings, hurt by higher expenses from provision for contingencies, losses from change in interest in subsidiaries and higher income tax expenses, RTTNews communicated on August 14.

It was reported that on an adjusted basis, earnings per share were up 5.9%. Net sales rose 4.7% in the quarter, driven by volume growth and price increases.

The net income posted by the company for Q2 2008 was R$402.1 million, or R$0.66 per share, down from R$448.7 million, or R$0.72 per share, a year ago.

Earnings per share excluding goodwill amortization rose 5.9% to R$1.47 from R$1.39 in the previous-year quarter.

Net sales reached R$4.74 billion, up from R$4.53 billion in the same quarter last year. Organic sales growth was 8.3%.

Net revenues per hectoliter were up 3.3%, impacted positively by price increases, continued focus on revenue management practices and the development of the premium segment in all of the major markets. Total volumes increased 5% on a reported basis and 4.8% organically during the quarter.

For the first six months of fiscal 2008, the company's net income rose 4.7% to R$1.15 billion from R$1.09 billion in the previous year. Earnings per ...More Info


Ukraine: SABMiller will have to spend more to improve Sarmat’s market share, competitors say

SABMiller, the new owner of Sarmat Brewery, granted the Ukrainian company a credit of US$100 mln for a term of 5 years at a 10% annual interest. However, its competitors believe that the main task for the company at present is not to invest regularly in marketing and distribution, but to keep afloat, Kontakty UA posted on August 12.

Experts point out that the credit sum nearly equals half of the cost of the Ukrainian enterprise. The real value of the purchase had not been disclosed, but experts surmise SABMiller paid about US$200 mln for the Donetsk-based brewery.

“A US$100 mln investment is a serious sum for the Ukrainian beer market; during two years, it will help to increase Sarmat/SABMiller market share to 12% - 14%,” Alexander Sokolov, director of Pro-Consulting analytical department, believes. In his opinion, the money will be spent on advertising and distribution, including promotion in Ukraine of SABMiller’s international brands – the American Miller Genuine Draft, the Czech PilsnerUrquell and Velkopopovický Kozel.

Sarmat’s competitors are of a different opinion. Piotr Chernishov, general director of Baltic Beverages Holding Ukraine (BBH), is convinced that Sarmat is busy with other things at the moment. “It’s an unprofitable company. It ...More Info


China: Yanjing Brewery aimed at 8 mln tons annual beer output

Beijing Yanjing Brewery, one of the largest beer groups in China, is on track to expand its presence in the market, targeting at an annual beer output of 8 million tons, China Knowledge cited Li Fucheng, chairman of the board, on August 14.

According to the chairman, the Chinese beer producer hopes to sell 500,000 kiloliters of beer this year. The next step will be becoming one of the eight leading beer makers in the world.

Liu Xiangyu, vice general manager of the company, noted that Yanjing Brewery is actively engaged in marketing and promotion for its beer products after it has officially become the beer sponsor for the Olympics in 2005. He added the company expected to enhance its brand awareness through the opportunity provided by the grand event and boost its sales remarkably.

Yanjing Brewery said its net profits went up 31.42% to RMB 20.9 million in the first quarter of this year. The company realized a sales volume of 740,000 kiloliters during the first three months, up 9% over the corresponding period of last year.


Ukraine: Beer output forecasted to fall by 5.6% this year

The Ukrpivo Association uniting about 80% of Ukrainian brewers forecasts the production of beer to fall by 5.6% - to 34 mln hl in 2008, Ukrainian High Way cited Galina Korenkova, the association’s general director, on August 13.

Since the beginning of the year the nation’s beer market has grown by 8.6% only, whereas in 2007 it increased by 19%. Earlier, Ukrpivo forecasted that beer output would be 14% more – to 36 mln hl, but now it believes 6 – 6.5% will be at most.

Ukrainian producers brew 11.4% less beer in June compared to last year’s corresponding results. At the same time, over the first half of 2008 16575.2 thousands hl of beer were produced, which is 10% more than H1 2007 results.


Malt News

Australia: CHAMP Private Equity to sell malt producer United Malt worth up to A$700 million

Australian buyout firm CHAMP Private Equity is planning to sell malt producer United Malt Holding (UMH), the Australian Financial Review published on August 13.

CHAMP has previously flagged possible sale of United Malt.

United Malt will either be sold through a trade sale or floated on the stock market, and would be worth up to A$700 million. It is reported that Goldman Sachs JBWere and ABN Amro have been working on UMH for several months and now have a formal brief for a two-track process to seek either a trade buyer or press the button for an estimated A$700 million IPO. First round offers from trade buyers are expected to be called around October.

UMH was bought together just two years ago when Champ, together with Castle Harlan, its New York based affiliate, acquired Great Western Malting, Canada Malting Company, Barrett Burston Malting and a 60 per cent interest in Bairds Malt and brought them together in one company that currently has revenues of around US$700 million.


France: Malteries Franco-Belges increases turnover by 12.43% in 2007/2008

Malteries Franco-Belges, France’s first producer of malt, posted a turnover of €90.34 mln for the period July 1, 2007 – June 30, 2008, Le Revenu reported on August 13.

The turnover for 2006 – 2007 was €80.35 mln. Thus, the company’s activity grew by 12.43% over the last flexitime year.

For the second half turmover, Malteries Franco-Belges registered a 15.52% increase: €53.6 mln in 2007 – 2008 against €46.4 mln in 2006 – 2007.




Barley News

France: Malting barley prices on the decline, feed barley prices change insignificantly on the French market

Prices for feed barley have shown few changes on the French market this week, whereas malting barley prices are dropping, La Dépêche posted on August 13.

Feed barley

The situation in the port of Rouen is described by operators as tense due to the euro/dollar exchange rate. On the other hand, retention of the supply practiced by some sellers does not facilitate the trade. The market was slightly enlivened as a number of purchases were made by animal feed producers and some transactions carried out in the northern direction.

Malting barley

Prices dropping, the offer is reduced and the demand is not at its highest. Market activity is still low enough this week in France. However, operators wait attentively for the ultimate results of the crops from Northern Europe, with regard for both quantity and quality.


EU: Barley crop to be 62.5 – 63.0 mln tons, or even better

The EU barley crop is estimated to amount to 62.5 – 63.0 mln tons as compared to 57.5 mln tons a year ago. The final result may still be better, experts say.

This year, yields in France, the U.K. and Spain were near record levels, far above expectations before the start of harvest.

The IGC forecasts exports of 4.6 mln tons of EU feed and malting barley. During July 1 – 29 EU shippers booked 523,000 tons of export licences vs. 633,000 tons a year ago.

Contrary to last year, feed barley prices are competitive in domestic markets, and barley feeding will certainly increase. Nevertheless there were booked also 850,000 tons of import licences for maize and sorghum, probably for gap-filling during the two crops.

The EU Commission is preparing a regulation for a rapid reintroduction of the import tax scheme, because as per Commission rules the large EU crop and low market prices do not warrant tax-free imports any more. It has been promised to allow sufficient time for the execution of prompt deliveries under the tax-free scheme.


Germany: Winter and spring malting barley yields well despite negative preconditions

Industry and trade had been very reserved about crop prospects in Germany, planting had been late, weather had not been ideal, and fields looked thin. However, winter barley results are reported to be good.

This year the supply of domestic two-row winter malting barley may reach 150,000 tons. Unexpectedly, yields and grain size of spring barley harvested in the southwest and south of the Danube were good as well, albeit with variable protein contents from 10 to 13 %.

It is now estimated that the barley crop in the North and East will also be better than forecast, although some quantities will be down-graded to feed barley because of high protein.

Altogether Germany expects deliveries of 1.6 mln tons of spring plus 150,000 tons of winter malting barley, cutting down the import deficit to 700,000 tons.


Hops News

Czech Republic: A better harvest of 5,950 tonnes of hops is expected this year after the previous two weaker years

Czech hop growers expect a better harvest this year after the previous two weaker years, Bohumil Pazler, chairman of the Czech Hop Growers Association, was quoted as saying by ČTK on August 8.

Last year's hop harvest amounted to 5,630 tonnes, and this year around 5.950 tonnes of hops may be harvested, he said.

Hops are grown on 5.345 ha this year. Growers expect a per ha yield of 1.08 to 1.1 tonnes on average, against last year's 1.04 tonnes.

Hop prices are expected to grow by 15 to 20 percent year-on-year. Farmers want a minimum of Kc180.000 to Kc200.000 a tonne to cover their input costs and eliminate the strong crown effects.

Around 80 percent of the hop harvest is exported.

The hop fields rank the Czech Republic third after Germany and the USA. Hops were grown on 51.000 ha in the world last year.

Scientific Digest

Isolation and Identification of Potential Beer-Spoilage Pediococcus inopinatus and Beer-Spoilage Lactobacillus backi Strains Carrying the horA and horC Gene Clusters

Kazumaru Iijima, Koji Suzuki, Shizuka Asano, Hidetoshi Kuriyama and Yasushi Kitagawa

Abstract

J. Inst. Brew. 113(1), 96–101, 2007 Four beer-spoilage strains, LA20, LA21, LA22 and LA23, were isolated from brewery environments. Based on the 16S rRNA gene sequence, LA20 was identified as Pediococcus inopinatus and the remaining three were identified as Lactobacillus backi. The homologs of horA and horC, the hop resistance genes originally identified in L. brevis ABBC45, were detected simultaneously in LA22 and LA23, while only a horA homolog and a horC homolog were found in LA20 and LA21 respectively. The 5.6 kb DNA regions containing the horA homolog in LA20 and LA22 were almost 99% identical with the corresponding region of ABBC45. Similarly the 8.2 kb regions containing the horC homolog in LA21 and LA22 were more than 99% identical with that of ABBC45. Interestingly the horA-containing 5.6 kb regions in LA20 and LA22 were found to be completely identical despite the distinct genus status. Coupled with the fact that LA20 and LA22 were isolated from the same sampling site, these results, taken collectively, reinforce our hypothesis that horA and horC genes were acquired by beer-spoilage species through horizontal gene transfer and confirm the usefulness of horA and horC as genetic markers for the species-independent determination of beer-spoilage ability in lactic acid bacteria. Key words: Beer-spoilage ability, hop resistance gene, horA, horC, horizontal gene transfer, Lactobacillus backi, Pediococcus inopinatus Load full article, 6 pages, 145 Kb, PDF file

Barley Prices

French Malting Barley Prices. Nominal prices
EURO = USD 1.4915 August 14, 2008 
 Crop year   2008   2009 
 Parity   FOB Creil   FOB Creil 
 Position   July 2008   July 2009 
Type   Variety  EURO  USD  EURO  USD 
2RS  Scarlett  192.00  286.50  194.00  289.50 
2RS  Prestige  191.00  285.00  193.00  288.00 
2RS  Cellar  190.00  283.50  192.00  286.50 
2RS  Sebastien  189.00  282.00  191.00  285.00 
2RS  Tipple  189.00  282.00  191.00  285.00 
2RS  Henley  189.00  282.00  191.00  285.00 
6RW  Esterel   174.00  259.50  178.00  265.50 

French Feed Barley Prices. Nominal prices
EURO = USD 1.4915 August 14, 2008
Crop year 2008
Parity FOB Creil
Position July 2008
Type EURO USD
Feed Barley 155.00 231.50

Prices for Danish malting barley are available
on site www.e-malt.com/MarketPrices

Theoretical Malt Prices

EURO = USD 1.4915 August 14, 2008
Crop year  2007 
Parity  FOB Antwerp 
Position  Aug 2008 - Sep 2008 
Conditioning  Bulk   In bags  Bulk containers Bags, containers
Malting barley variety  EURO  USD  EURO  USD  EURO  USD  EURO  USD 
2RS  Scarlett  540.00  805.00  571.00  851.50  563.50  840.00  577.50  861.50 
2RS  Prestige  538.50  803.50  569.50  849.50  562.00  838.50  576.50  859.50 
2RS  Cellar  537.50  801.50  568.50  848.00  561.00  836.50  575.00  857.50 
2RS  Sebastien  536.00  799.50  567.50  846.00  559.50  834.50  574.00  856.00 
2RS  Tipple  536.00  799.50  567.50  846.00  559.50  834.50  574.00  856.00 
2RS  Henley  536.00  799.50  567.50  846.00  559.50  834.50  574.00  856.00 
2RS   Average price  537.50  801.50  568.50  848.00  561.00  836.50  575.00  857.50 
6RW  Esterel   504.50  753.50  536.50  800.00  529.00  788.50  543.00  810.00 
Asia Malt 70/30  527.50  787.00  559.00  833.50  551.50  822.00  565.50  843.50 
**  Asia Malt 50/50  521.50  777.50  552.50  824.00  545.00  812.50  559.00  834.00 


EURO = USD 1.4915 August 14,2008 
Crop year  2008 
Parity  FOB Antwerp 
Position  Oct 2008 - Sept 2009 
Conditioning  Bulk   In bags  Bulk containers Bags, containers
Malting barley variety  EURO USD EURO  USD EURO USD  EURO  USD
2RS  Scarlett  434.00  647.00  465.00  693.50  457.50  682.00  471.50  703.50 
2RS  Prestige  432.50  645.00  464.00  691.50  456.00  680.50  470.50  701.50 
2RS  Cellar  431.50  643.50  462.50  690.00  455.00  678.50  469.00  699.50 
2RS  Sebastien  430.00  641.50  461.50  688.00  453.50  676.50  468.00  697.50 
2RS  Tipple  430.00  641.50  461.50  688.00  453.50  676.50  468.00  697.50 
2RS  Henley  430.00  641.50  461.50  688.00  453.50  676.50  468.00  697.50 
2RS   Average price  431.50  643.50  462.50  690.00  455.00  678.50  469.00  699.50 
6RW  Esterel   410.50  614.00  443.00  660.50  435.50  649.00  449.50  670.50 
Asia Malt 70/30  425.50  634.50  456.50  681.00  449.00  669.50  463.50  690.50 
**  Asia Malt 50/50  421.50  628.50  452.50  675.00  445.00  663.50  459.50  685.00 


EURO = USD 1.4915 August 14, 2008
Crop year 2009
Parity FOB Antwerp
Position Oct 2009 - Sep 2010
Conditioning Bulk In bags Bulk containers Bags, containers
Malting barley variety EURO USD EURO USD EURO USD EURO USD
2RS  Scarlett  426.50  636.50  458.00  683.00  450.50  671.50  464.50  692.50 
2RS  Prestige  425.50  634.50  456.50  681.00  449.00  669.50  463.50  690.50 
2RS  Cellar  424.50  632.50  455.50  679.00  447.50  667.50  462.00  689.00 
2RS  Sebastien  423.00  631.00  454.50  677.50  446.50  666.00  460.50  687.00 
2RS  Tipple  423.00  631.00  454.50  677.50  446.50  666.00  460.50  687.00 
2RS  Henley  423.00  631.00  454.50  677.50  446.50  666.00  460.50  687.00 
2RS   Average price  424.50  632.50  455.50  679.00  447.50  667.50  462.00  689.00 
6RW  Esterel   406.00  607.00  438.50  653.50  430.50  642.00  444.50  663.50 
Asia Malt 70/30  419.00  625.00  450.50  671.50  442.50  660.00  457.00  681.50 
**  Asia Malt 50/50  415.50  620.00  447.00  666.50  439.00  655.00  453.50  676.00 

NB: Prices published are theoretical malt prices including financial cost, THC (for bulk and bags container) and all administrative costs. This prices may fluctuate according to the quantity per delivery and technical specifications.

* - 70/30 = 70% Average two Rows Spring and 30% Six Rows Winter
** - 50/50 = 50% Average two Rows Spring and 50% Six Rows Winter

Prices Evolution

Prices evolution

Table of the Week

US Barley Supply and Distribution

`000mt Harvested
Area (ha)
Yield
(mt)
Production Import TY
Imports
Exports TY
Exports
Feed
Dom.
Consum.
Domestic
Consum.
Ending
Stocks
2006/07  1194  3923  264  354  441  528  1209  4596  1500 
2007/08  1420  4612  653  600  901  1000  1330  4379  1485 
2008/09  1473  4742  435  435  544  550  1415  4571  1547 
Notes: Trading Year (TY) statistics are on Oct/Sept years. Source: USDA
Graph of the Week



These Days in Business History
August 14
1893 France issues 1st driving licenses, included required test
1938 BBC's 1st feature film on TV (Student of Prague)
1967 Belgian embassy in Kinshasa, Congo, plundered

August 15
1769 Napoleon Bonaparte was born, resident of Elba (emperor 1804-13, 1814-15)
1911 Procter & Gamble unveils its Crisco shortening
1914 Panama Canal opens (under cost)

August 16
1870 Fred Goldsmith demonstrates curve ball isn't an optical illusion
1955 Fiat Motors orders 1st private atomic reactor
1991 Belgium census is 10,000,963 inhabitants

August 17
1802 In one of history's greatest acts of inventive daring, Robert Fulton launches his new steamboat from the north shore of Manhattan.
1998 The Russian government devalues the ruble and declares a moratorium on paying its foreign debt, a de facto default that sends the global bond markets crashing, triggers the collapse of the giant U.S. hedge fund Long-Term Capital Management and sends shockwaves through the world's financial system.
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