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PRESS DIGEST - Wall Street Journal - Oct 18
* U.S. officials are pushing a plan that could help some “underwater” borrowers get refinancing assistance in the latest government bid to break a legal impasse with big banks over alleged foreclosure abuses and ease problems in the housing market.* Amid the wild swings of the past few weeks, cracks are appearing deep in the workings of the stock market that some professional investors say are making the market treacherous to trade.* Russell Caswell’s $57-a-night motel, a magnet for hard-luck cases, police patrol cars and the occasional drug deal, is the unlikely prize in a high-stakes tug-of-war between conservative legal activists and the government.* Running pipelines may not sound as sexy as wildcatting for oil, but Richard Kinder has made a fortune showing how lucrative it can be.* Hedges haunt Morgan Stanley : The Wall Street firm still is trying to clean up a mess that shows the difficulty of putting the financial crisis behind it.* China’s economic growth slowed in the third quarter but remained at a relatively healthy pace, adding to evidence that the Chinese economy is headed for a soft landing.* Asian shares dropped amid receding hopes that euro-zone leaders will be able to substantially contain Europe’s debt crisis. The Nikkei fell 1.4 percent.* Wells Fargo & Co’s third-quarter earnings missed expectations as the bank’s loan growth wasn’t enough to make soaring deposits profitable.* Citigroup Inc.’s third quarter was a bright spot in what is shaping up as a lackluster earnings season for banks. But that didn’t keep investors from punishing financial stocks again.* As investors look toward a Sunday meeting of European leaders for a sweeping solution to Europe’s debt crisis, a spokesman for German Chancellor Angela Merkel on Monday warned against hoping that all the euro-zone’s debt woes would be resolved by then.* The International Trade Commission said Apple Inc didn’t violate HTC Corp’s patents for technology used in its mobile devices, a setback in the Taiwanese company’s patent fight with the iPhone maker.* International Business Machines Corp’s quarterly profit and sales rose amid growth in emerging markets, but the technology giant failed to dispel investors’ concerns about the health of technology spending.* Credit-card issuers, looking for ways to expand their business amid stiff competition, are knocking on familiar if potentially troublesome doors: those of subprime borrowers.* Anadarko Petroleum Co agreed to pay BP PLC $4 billion to settle all claims between the two companies arising from the Gulf of Mexico oil spill, a development that reduced uncertainty about the British oil giant’s ultimate liability for last year’s disaster. -
38 days and 10 years in Afghanistan
By Erik de Castro As I write this blog, I am on the 38th day of my current assignment to Afghanistan as an embedded journalist with U.S. military forces. I have been assigned here several times since 2001 to cover the war that is still going on 10 years after the al Qaeda attack on U.S. soil. Mullah Omar, popularly known as the one-eyed Taliban, was the first member of the Taliban I met back in 2001. He held press conferences almost daily at the Afghan embassy in Islamabad, Pakistan a few weeks before U.S. forces and its allies attacked Afghanistan to remove the Taliban government. Ten years and several trips back to Afghanistan later, I still havenât seen a lot of Taliban fighters. My present assignment is the time Ive experienced the most encounters between the combined U.S. and Afghan forces and the Taliban. It is remarkable how the Afghan soldiers and Taliban fighters are more aggressive now. The insurgents, though they know their artillery is no match to that of the Americans, are daring enough to attack at every opportunity, be it with small arms, RPGs or, on occasions, IEDs and rockets. Most of the time, it is a Âhit and run kind of attack wherein they flee after firing some shots. Such eagerness, however, could cost lives. In Kunar province last week, U.S. and Afghan military engaged insurgents near Combat Pirtle King close to the Pakistan border. I saw Afghan soldiers unloading from the back of their armored vehicle the bodies of two Taliban fighters killed in the encounter. They also captured a wounded insurgent. The Taliban fighters looked barely out of their teens, had unkept long hair and beard, giving the impression that they have been in the mountains for some time. Afghan soldiers from the joint U.S.-Afghan forces also show the same boldness although their moves are more calculated. On one of our patrols, we saw a white Taliban flag mounted on top of a hill in an area that is known to be a Taliban stronghold. Without hesitation, Afghan soldiers went up the hill to seize the flag as U.S. soldiers watched their backs. There was a fire fight but it was brief as the Taliban immediately fled on motorcycles. ÂAfghan soldiers are good fighters, they are very brave that sometimes I have to tell them to stop pursuing the enemies. They always want to be on the front line. They have so much hate for the Taliban, an Army officer said. Not just the Afghan soldiers hate the Taliban. In one of the meetings between U.S. soldiers and residents in a village overlooking a valley where Taliban fighters frequently mount their attacks, a teenage boy came out of one of the bunkers made of sandbags and showed the soldiers an AK-47 rifle. Speaking in the local dialect, a village elder told an army officer ÂThis (the firearm) is the only one we have here. I bought this for 6,000 Pakistani rupees (about $150). I sold a cow to buy this rifle. And then he pleaded, ÂPlease give us more like this and we will help you fight them (Taliban). When an officer asked what they want in return if they fight the Taliban, the old man said, ÂJust help us repair our well, or build us another one, referring to a well which is the source of their daily supply of water for drinking and farm irrigation. When troops conduct patrols and gather biometrics of the males, they sometimes talk to villagers. People act and speak like things are normal. Perhaps because 10 years of war is already so long that it has become their Ânormal way of life. They just carry on with their daily chores, not minding the presence of soldiers and the sight of firearms. All they care about now are lifeÂs very basic essentials such as clean toilets, water supply and electricity. (Click here to view a selection of iconic images by Reuters photographers from the war in Afghanistan) -
38 days and 10 years in Afghanistan
By Erik de Castro As I write this blog, I am on the 38th day of my current assignment to Afghanistan as an embedded journalist with U.S. military forces. I have been assigned here several times since 2001 to cover the war that is still going on 10 years after the al Qaeda attack on U.S. soil. Mullah Omar, popularly known as the one-eyed Taliban, was the first member of the Taliban I met back in 2001. He held press conferences almost daily at the Afghan embassy in Islamabad, Pakistan a few weeks before U.S. forces and its allies attacked Afghanistan to remove the Taliban government. Ten years and several trips back to Afghanistan later, I still havenât seen a lot of Taliban fighters. My present assignment is the time Ive experienced the most encounters between the combined U.S. and Afghan forces and the Taliban. It is remarkable how the Afghan soldiers and Taliban fighters are more aggressive now. The insurgents, though they know their artillery is no match to that of the Americans, are daring enough to attack at every opportunity, be it with small arms, RPGs or, on occasions, IEDs and rockets. Most of the time, it is a Âhit and run kind of attack wherein they flee after firing some shots. Such eagerness, however, could cost lives. In Kunar province last week, U.S. and Afghan military engaged insurgents near Combat Pirtle King close to the Pakistan border. I saw Afghan soldiers unloading from the back of their armored vehicle the bodies of two Taliban fighters killed in the encounter. They also captured a wounded insurgent. The Taliban fighters looked barely out of their teens, had unkept long hair and beard, giving the impression that they have been in the mountains for some time. Afghan soldiers from the joint U.S.-Afghan forces also show the same boldness although their moves are more calculated. On one of our patrols, we saw a white Taliban flag mounted on top of a hill in an area that is known to be a Taliban stronghold. Without hesitation, Afghan soldiers went up the hill to seize the flag as U.S. soldiers watched their backs. There was a fire fight but it was brief as the Taliban immediately fled on motorcycles. ÂAfghan soldiers are good fighters, they are very brave that sometimes I have to tell them to stop pursuing the enemies. They always want to be on the front line. They have so much hate for the Taliban, an Army officer said. Not just the Afghan soldiers hate the Taliban. In one of the meetings between U.S. soldiers and residents in a village overlooking a valley where Taliban fighters frequently mount their attacks, a teenage boy came out of one of the bunkers made of sandbags and showed the soldiers an AK-47 rifle. Speaking in the local dialect, a village elder told an army officer ÂThis (the firearm) is the only one we have here. I bought this for 6,000 Pakistani rupees (about $150). I sold a cow to buy this rifle. And then he pleaded, ÂPlease give us more like this and we will help you fight them (Taliban). When an officer asked what they want in return if they fight the Taliban, the old man said, ÂJust help us repair our well, or build us another one, referring to a well which is the source of their daily supply of water for drinking and farm irrigation. When troops conduct patrols and gather biometrics of the males, they sometimes talk to villagers. People act and speak like things are normal. Perhaps because 10 years of war is already so long that it has become their Ânormal way of life. They just carry on with their daily chores, not minding the presence of soldiers and the sight of firearms. All they care about now are lifeÂs very basic essentials such as clean toilets, water supply and electricity. (Click here to view a selection of iconic images by Reuters photographers from the war in Afghanistan) -
UPDATE 2-Northrop pulls out of Farnborough air show
By Andrea Shalal-EsaWASHINGTON, Oct 13 (Reuters) - Northrop Grumman Corp on Thursday pulled out of the 2012 international air show in Farnborough, England, a dramatic move underscoring the company’s drive to cut costs as it prepares for leaner times in the global defense market.Northrop has participated in the air shows — which alternate between Paris and Farnborough — each year, without interruption, since it merged with Grumman in 1994, said spokesman Randy Belote.Belote said the company had already been reducing its footprint at the international air shows in recent years, but pulling out completely would save millions of dollars.He said it did not diminish the company’s commitment to Britain or other international customers.”Northrop Grumman continues to focus its international business development activities and resources in areas that better support its customers’ needs,” he said.Virginia-based defense consultant Loren Thompson said it would be the first time in decades that the company — one of the five largest U.S. defense contractors — was not present at the big international showcase of commercial and military aircraft.”This is just the latest indication of how determined Chairman Wes Bush is to cut costs,” Thompson told Reuters. “They’re going to break the mold in terms of what is expected in terms of industry leaders.”Bush has realigned the company around four business areas focused on cybersecurity, logistics, communications and intelligence, and unmanned systems, and recently spun off the company’s shipbuilding business.The company, which moved its headquarters to the Virginia from Los Angeles this year to be closer to key government customers, has also cut headcount and reduced its exposure to lower-margin work. Northrop derives more than 90 percent of its revenue from the U.S. government.Belote said Northrop was reevaluating its participation in other international air shows as well, but was only prepared to announce its decision about Farnborough at this point.Northrop and other arms companies have been scaling back the lavish parties, free-flowing alcohol and luxurious company “chalets” at the Paris and Farnborough air shows in recent years, concerned that too ostentatious of a presence could undermine their promises to improve affordability.Lockheed Martin Corp decided in 2010 to halve its corporate presence at that year’s Farnborough air show, and stopped sending top executives like Chief Executive Robert Stevens. The company had no immediate comment on its plans for the 2012 air show.Boeing Co and Airbus, part of Europe’s EADS , have grown weary of the ever-growing number of air shows in recent years, according to industry insiders, who say the companies would be happy to scale back. -
WRAPUP 1-EU may offer banks time to hit new capital target
* Losses on bonds, recaps could hit fragile economies* Greece banks could endure loss on bonds of up to 30 pctBy Philipp Halstrick and John O’DonnellFRANKFURT/BRUSSELS, Oct 13 (Reuters) - European banks could get up to six months to strengthen their capital under plans aimed at halting the region’s debt crisis, giving them time to raise funds privately in the hope of averting another damaging credit crunch.EU officials said on Thursday that weak banks may get the extra time to bolster their balance sheets after a rapid health check currently underway.Euro zone leaders are insisting that banks recapitalise, in an attempt to halt the euro zone crisis and shore up investor confidence.”A three- to six-month deadline is being considered,” said one EU official, speaking on condition of anonymity. “No decision has been taken.”The plan means Deutsche Bank and other top European banks could have to raise billions of euros to meet a 9 percent core capital target and withstand hefty losses on sovereign bonds.The European Banking Authority, which is assessing banks’ capital needs, is likely to mark down the value of banks’ holdings of sovereign debt to market value and require lenders to hold a 9 percent core Tier 1 capital ratio, an EU source told Reuters.Deutsche Bank, Germany’s flagship lender, would need 9 billion euros in fresh equity to reach that level, two people with direct knowledge of the bank’s finances said on Thursday.Deutsche Bank declined to comment, but in separate remarks the bank’s chief executive Josef Ackermann said it would do all it could to avoid a forced recapitalisation and added it had enough funds of its own to cope with a crisis.Setting the bar at 9 percent would leave European banks with a capital shortfall of about 260 billion euros, based on a two-year recession and applying current market prices to holdings of Greek, Irish, Italian, Portuguese and Spanish government bonds, according to Reuters Breakingviews data.Royal Bank of Scotland , Unicredit , Deutsche Bank, BNP Paribas and Societe Generale would all need over 12 billion euros based on that data. Some 67 of 90 banks tested would need capital.Banks are already attempting to sell assets and shrink their loan books to lift capital ratios. They could also be told to cut pay for staff and dividends for investors to preserve cash.But that could force them to cut lending to companies and risk derailing economic recovery, bankers have warned.”We need to find the right balance between stricter regulation of the financial sector and the impacts these have on the economy as a whole,” Ackermann said.All banks will be looking to cut back on lending that uses a lot of capital and costly funding such as asset finance, unsecured consumer finance, trade finance and some business lending, analysts at Morgan Stanley said.”The risks of a big credit squeeze are very real, and we hope the methodology and process looks to limit this,” said Huw van Steenis, analyst at Morgan Stanley.PRIVATE FUNDS… THEN TAXPAYERSEuropean officials said banks should first turn to private investors rather than governments to improve capital, signalling that they needed time to do this.”The timeline is very important,” said one official. “The current market circumstances are not ideal. At the same time, we need to (regain) confidence as soon as possible.”There is likely to be limited private funding available for banks, leaving many at risk of needing taxpayer funds or the new euro zone EFSF rescue fund as a last resort.Greece’s banks could have to raise over 30 billion euros under the plan, as they face big losses on their holdings of domestic bonds.Banks are facing losses of 39 percent on their Greek bonds under a private sector rescue plan agreed in July, above the original estimate of a 21 percent hit, due to a rise in Greece’s risk profile.Greek banks could endure a loss of up to 30 percent on the bonds but could not stand significantly bigger haircuts, which would also hurt the economy, Greek banking sources said.European leaders are still discussing the recapitalisation plans, with many details still subject to change, and face intense lobbying from banks and some countries who say it is too harsh. Proposals are expected to be presented to a meeting of European leaders on Oct. 23.The new standard is likely to be a 9 percent core tier 1 ratio, a key measure of a bank’s financial health, based on a tighter definition of capital than used now, although not as strict as that under new Basel III rules when in full forceAnalysts at Credit Suisse said a 9 percent capital level would leave banks in need of 220 billion euros, with RBS, Deutsche Bank and BNP Paribas most in need.Ackermann, Germany’s most high-profile banker, said it was doubtful whether a blanket recapitalisation of European banks — a measure being considered by politicians in Germany and France — would help solve the sovereign debt crisis.”It is not the capital position which is the problem, but the fact that sovereign debt as an asset class has lost its risk-free status,” Ackermann told a conference in Berlin. “The key to the solution is therefore in the hands of governments, to restore confidence in the solidity of state finances.” -
Ebert’s memoir warm hearted, but what about the movies?
Yes, the book features anecdotes from years spent churning out reviews of classics such as “Bonnie and Clyde” and “Boyz ‘N The Hood” and boasts amusing remembrances of film greats like the hard-drinking Lee Marvin and a “damned if I care” Robert Mitchum.But readers hoping for an in-the-trenches account from Ebert’s decades as one of the nation’s taste-makers will be disappointed.Instead, America’s most famous film critic offers an over-stocked tour through his early life as the only child of an electrician, his struggles with alcoholism, his love affair and eventual marriage to his wife, Chaz, and his battle with cancer —- a fight that robbed him of the ability to speak, eat and drink, while leaving him, in his own words, looking like “the Phantom of the Opera.”There are also odes to the Chicago-based fast food chain Steak ‘N Shake, loving accounts of travel to foreign cities such as London and Venice, riffs on secular humanism, and a chronicle of lost virginity involving a prostitute in South Africa. Even boyhood dog Blackie gets a chapter.At the end of it, you’ll know more about Ebert than you do your closest friends, and that’s not always a good thing.Though the prose is crisp and the stories, like Ebert’s best reviews, glide effortlessly without ever calling attention to the writing, it’s hard to shake the feeling that some of what’s recounted could have benefited from the red pen and that the most interesting bits were left on the cutting-room floor.”Life Itself” is generous, witty, and warm-hearted, but it’s also a bit rudderless.Ebert’s unflinching account of his struggles with alcoholism is admirable, as is his dignity in coping with the surgeries that mangled his face and robbed him of his voice, but the book takes off when he describes his career critiquing movies.The emotional high point is not when he finally gives up the bottle or accepts his medical condition, but in his loving tribute to Gene Siskel, his co-anchor on a weekly review series “Siskel & Ebert: At The Movies.”The tall, relatively slender, and private Siskel, who died of a brain tumor in 1999, was the physical and temperamental opposite of the squat, portly, and effusive Ebert. Yet the two shared an improbable on-screen chemistry that worked off-screen, too.Part of the fun of their pairing were the times when the two parted ways on a movie and would engage in full-throated debates about a film’s merits. That combativeness, Ebert writes, almost inspired a sitcom about two rival critics joined in a love/hate relationship, but both CBS and Disney ultimately took a pass on the pitch.”Maybe the problem was that no one else could possibly understand how meaningless was the hate, how deep was the love,” Ebert writes.Love forms the spine of Ebert’s memoir — love for his emotionally crippling mother, love for his former bar-mates and fellow newspaper hounds and love for Chaz, the woman who has been a guardian angel, fiercely protective of his business interests and his medical care.It also appears, in an all-too-brief account of what films excite Ebert, in which he recounts what makes a memorable film.He doesn’t have a precise formula, mixing in everything from the joyful physical movement that defines “Singing in the Rain” to the great dialogue that bubbles up during the first 30 minutes of “White Men Can’t Jump,” but it seems to boil down to “you know it when you see it.”“When you go to the movies every day, it sometimes seems as if the movies are more mediocre than ever, more craven and cowardly, more skillfully manufactured to pander to the lowest tastes instead of educating them,” Ebert writes. “Then you see something absolutely miraculous, and on your way out you look distracted, as if you had just experienced some kind of a vision.”Too true. More on that next time, please.
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Lexus LFA | Track Day | Sandown
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Highest quality cells are used in our TOSHIBA PA3672U-1BRS...
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“Shipments of Android-based devices, such as HTC Corp’s Desire and Sony Ericsson’s Xperia X10,...”
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supportskate asked: http://autostream.tumblr.com/post/2519140307/lexus-lfa
i believe thats a ferrari.
http://ferrari-458.net/wp-content/uploads/2010/05/Ferrari-458-Italia-1-lg.jpg
love the blog.
Look carefully at the photo, pretty sure we know what a 458 is. ;)
But thanks for the love!
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Go back in time and see the Museum of Obsolete Objects
If you want to travel back in time,...
