View1 : Anna Hazare's fast entered third day with normal health. In a statement from government authority, it has been mentioned that "Government will act, if Anna Hazare's health fails" But the question is why government is waiting for Anna Hazare's health to fail. Is government playing game with Team Anna, that Anna Hazare's health deteriorate and then it might debate the strong LokPal Bill for few weeks and then everything will be in air like last time. It might be a bad politics of India that suppose Anna Hazare might get close to end of his life, then only government will start discussion about his demand and the final verdict might be something like this. You will end up loosing Anna Hazare's life and movement will be vanished in air. To show little sympathy, government and politicians might start debating Lokpal Bill and few weeks later when everyone back to their routine. We will be still waiting for another Anna Hazare to start the movement again. Isn't it true?
Dedicated parking spaces are always useful for city dwellers with cars; there’s nothing worse than coming home after a long day at work only to find that the nearest spot is 10 blocks away. But parking spaces take up, well, space. And for much of the day, they’re left unused. There’s one startup, Parkatmyhouse, that lets people rent out their empty spots. Designer Aaron Cheng has a more creative solution: a structure that looks like a normal parking garage during the day, but turns into a living space at night.
The Parking + Housing project, submitted to this year’s James Dyson Award, asks us to imagine a place where people don’t have many possessions and don’t mind losing access to their homes during the day.
Once evening hits (and presumably all the cars have exited), the parking garage inflates into small studio living spaces that are each divided into two parts: a fixed unit with storage, a bathroom, and a kitchen, and a separate bedroom that inflates and deflates using a pneumatic system. All furniture--and other furnishings--would have to be stuffed into the fixed area during the day.
Sure, there are holes in the design: Where do people park when they get home? And what happens if someone wants to stay home from work? This would only work for someone who needs a place to rest their head at night, and nothing more.
But consider this: Cities around the world are growing rapidly, and will only continue to balloon as the population grows. Already, urban centers are considering creative space-saving ideas. In New York City, Mayor Bloomberg recently launched a contest for developers who want to build a series of 275- to 300-square-foot apartments. Developers in San Francisco are working on similar ideas.
A part-time parking lot, part-time home may not be the logical next step. But it’s something to consider.
Most of the world, including India, was pessimistic about the job market last year with 57 per cent of adults saying it was a bad time to find a job, according to a new Gallup survey.
Only one-third of the people said it was a good time, the leading US opinion poll organisation said on Monday releasing the results of Gallup surveys conducted in 146 countries in 2011.
Indians were only a little more optimistic than the average adult worldwide with 52 percent saying it was a bad time and only 36 percent saying it was a good time. Europeans were the most pessimistic, with 72 percent saying it was a bad time. Optimism was highest in the Americas, where a still dismal 38 per cent said it was a good time.
All of the top 10 countries where residents were most positive about the job market were developing countries, except Singapore.
Oil-rich Middle Eastern nations took four of the top spots; Saudi Arabia and Oman led internationally with 69 per cent of residents saying it was a good time to find a job, despite relatively high unemployment rates.
Six of the 10 countries with the most negative outlooks were EU countries, with Greeks and the Irish nearly universally saying it was a bad time to find a job.
Residents in eight of the world's 10 largest economies did not think it was a good time to find a job in 2011. Brazil and Germany were the two bright spots in an otherwise gloomy outlook on the availability of jobs; about half of residents in each country said it was a good time to find a job.
Results are based on telephone and face-to-face interviews with approximately 1,000 adults per country, aged 15 and older, conducted in 146 countries and areas in 2011, Gallup said.
( Press Trust of India )
Only one-third of the people said it was a good time, the leading US opinion poll organisation said on Monday releasing the results of Gallup surveys conducted in 146 countries in 2011.
Indians were only a little more optimistic than the average adult worldwide with 52 percent saying it was a bad time and only 36 percent saying it was a good time. Europeans were the most pessimistic, with 72 percent saying it was a bad time. Optimism was highest in the Americas, where a still dismal 38 per cent said it was a good time.
All of the top 10 countries where residents were most positive about the job market were developing countries, except Singapore.
Oil-rich Middle Eastern nations took four of the top spots; Saudi Arabia and Oman led internationally with 69 per cent of residents saying it was a good time to find a job, despite relatively high unemployment rates.
Six of the 10 countries with the most negative outlooks were EU countries, with Greeks and the Irish nearly universally saying it was a bad time to find a job.
Residents in eight of the world's 10 largest economies did not think it was a good time to find a job in 2011. Brazil and Germany were the two bright spots in an otherwise gloomy outlook on the availability of jobs; about half of residents in each country said it was a good time to find a job.
Results are based on telephone and face-to-face interviews with approximately 1,000 adults per country, aged 15 and older, conducted in 146 countries and areas in 2011, Gallup said.
( Press Trust of India )
App Developers Get Access To Data Via U.S. Census Bureau's First Public API
Via The Verge: App developers for mobile devices and the web now have the opportunity to mine a trove of data on American habits via the U.S. Census Bureau's first public API that the organization released last week. Developers can tap into statistics from the 2010 Census and the 2006-1010 American Community Survey to build mobile and web apps that sort, display or analyze the (anonymized) population patterns stored there. For example, an app could trace the commuting patterns of every city in america, or display renter and owner information for a neighborhood, the Census Bureau news office explained in a press release. Two web apps are already up: The Age Finder app, built in-house, and the Poverty Status app built by the Cornell Program on Applied demographics.
Microsoft: Surface And Windows 8 To Arrive October 26
Microsoft has confirmed the release date for its new Microsoft Surface in a recent SEC filing. The device will start shipping on October 26 alongside the Windows 8 operating system. However, Microsoft has yet to reveal a price tag for the device. Lacking an official number, rumor vendors have suggested figures like $599 for the Windows RT model and a $999 price for the Windows 8 Pro version. The fact that a date has been set is good news, but there is this fact to consider: if the Microsoft tablet won't surface until the end of October, there's a chance Apple may have a smaller, cheaper, iPad mini out by then. Apple rumorologists have persistently dropped details that hint at a smaller Apple tablet, and the latest crop of rumors even set a date for the unveiling: September 12. (Apple, of course, is mum.) If the Surface is set to tackle a mini iPad head on, price may become even more of a sticking point.
Limited Run Alleges 80 Percent Of Its Facebook Ad Clicks Were Bots
Limited Run, a digital distribution outfit specializing in labels, musicians and artists, has decided to take down its Facebook account after discovering through its custom-built "page logger" that 80 percent of the clicks on its ads that Facebook was charging them for came from bots. The company compared the clicks its ads were getting from about 6 name-brand analytics services before building a custom tool to verify the results. "They all lined up," Tom Mango, co-founder, told Fast Company. "Once that happened, we stopped our campaign."
Limited Run (formerly known as Limited Press) posted a message describing its discoveries on its Facebook page, including the following sum-up, which is careful to avoid blame: "Bots were loading pages and driving up our advertising costs. So we tried contacting Facebook about this. Unfortunately, they wouldn't reply. Do we know who the bots belong too? No. Are we accusing Facebook of using bots to drive up advertising revenue. No. Is it strange? Yes."
Limted Run explains that its custom platform recorded the number of page viewers who didn't have JavaScript enabled. According to the company's own analytics tool 80% of the clicks Facebook was charging for came from machines without JavaScript enabled. This confounds analytic software trying to verify the click is genuine, and, more importantly in the company's experience only one to two percent of its human visitors had the feature disabled. The conclusion: Bots in action.
Mango told Fast Company that the trouble started when the company decided to change its name from "Limited Press" to "Limited Run" and started experimenting with advertising campaigns on Facebook. Facebook did not responded to the company about the issues its raised about clicks (and has not responded yet), but an advertising account manager at Facebook did finally call in about the company's requested name change. The company didn't qualify for a name change because, per Facebook policy, a name is locked in for an account with more than 200 Likes the accounts person explained, but if Limited Run spent an extra $2,000 on advertising per month, the name change would be possible. At this point Limited Run balked and decided to shut down their account entirely.
Not before it got its message out, however. "We want to make sure that the people who do follow us on Facebook can see our post and why we're leaving," Mango says. "We'll shut it down in the next couple of weeks."
Peter Jackson Uses Facebook To Reveal Third Hobbit Film
Peter Jackson has been using social media a lot during his production of The Hobbit movie, keeping audiences engaged, informed and excited long before the Winter 2012 debut of the first part of his film adaptation of the famous novel...and today he used Facebook to reveal some incredible news: The Hobbit will be a three-film release, not a twosome as had previously been decided. Quoting J.R.R. Tolkien himself, who noted the story was "a tale that grew in the telling," Jackson explained he couldn't resist taking this unique chance to tell more of the story of hobbits exploring Middle Earth.
Olympics Attendees Asked To Cool It With The Tweets
Social media, and Twitter in particular, is playing a big role in Olympics activity and coverage this year. Twitter had its designated page set up for curated audience and network presenter tweets via a high-profile deal with NBC, and even a plan to turn the London Eye into a giant mood ring, colored by the tweets of audience members at the events in London. Enthusiastic tweeters have been asked to cool off though, since a volley of tweets and text messages sent during the men's road cycling race clogged networks and cut off television commentators from GPS communication and timing information. (This prompted television viewers to turn to Twitter to tweet their disappointment.) An International Olympic Committee spokesperson said the issue was localized to one network, and the issue was being corrected, Reuters reports. He also asked fans to "take it easy" on the tweets and messages unless it was "urgent."
After South Korea Telecom Hack, 8.7 Million Customers' Details Sold To Telemarketers
South Korea's KT Telecom has suffered a protracted months-long hack attack that has seen hackers gain access to 8.7 million of its customers--about half its entire user base. Names, ID numbers, and phone numbers were taken by the hackers and then sold to telemarketers. Two hackers made around $880,000 in profits from the hack and sale. Both of the hackers and seven individuals who'd bought the data have now been arrested, which is why the event has been revealed to the world in the form of an official apology from KT to the public, and it's not expected that the data was used for more than the telemarketing stunt. But it's significant for being one of the few hack attacks that was used for profit, and also that led to arrests. KT's stock price has fallen in the time since the news was announced.
Via The Verge: App developers for mobile devices and the web now have the opportunity to mine a trove of data on American habits via the U.S. Census Bureau's first public API that the organization released last week. Developers can tap into statistics from the 2010 Census and the 2006-1010 American Community Survey to build mobile and web apps that sort, display or analyze the (anonymized) population patterns stored there. For example, an app could trace the commuting patterns of every city in america, or display renter and owner information for a neighborhood, the Census Bureau news office explained in a press release. Two web apps are already up: The Age Finder app, built in-house, and the Poverty Status app built by the Cornell Program on Applied demographics.
Microsoft: Surface And Windows 8 To Arrive October 26
Microsoft has confirmed the release date for its new Microsoft Surface in a recent SEC filing. The device will start shipping on October 26 alongside the Windows 8 operating system. However, Microsoft has yet to reveal a price tag for the device. Lacking an official number, rumor vendors have suggested figures like $599 for the Windows RT model and a $999 price for the Windows 8 Pro version. The fact that a date has been set is good news, but there is this fact to consider: if the Microsoft tablet won't surface until the end of October, there's a chance Apple may have a smaller, cheaper, iPad mini out by then. Apple rumorologists have persistently dropped details that hint at a smaller Apple tablet, and the latest crop of rumors even set a date for the unveiling: September 12. (Apple, of course, is mum.) If the Surface is set to tackle a mini iPad head on, price may become even more of a sticking point.
Limited Run Alleges 80 Percent Of Its Facebook Ad Clicks Were Bots
Limited Run, a digital distribution outfit specializing in labels, musicians and artists, has decided to take down its Facebook account after discovering through its custom-built "page logger" that 80 percent of the clicks on its ads that Facebook was charging them for came from bots. The company compared the clicks its ads were getting from about 6 name-brand analytics services before building a custom tool to verify the results. "They all lined up," Tom Mango, co-founder, told Fast Company. "Once that happened, we stopped our campaign."
Limited Run (formerly known as Limited Press) posted a message describing its discoveries on its Facebook page, including the following sum-up, which is careful to avoid blame: "Bots were loading pages and driving up our advertising costs. So we tried contacting Facebook about this. Unfortunately, they wouldn't reply. Do we know who the bots belong too? No. Are we accusing Facebook of using bots to drive up advertising revenue. No. Is it strange? Yes."
Limted Run explains that its custom platform recorded the number of page viewers who didn't have JavaScript enabled. According to the company's own analytics tool 80% of the clicks Facebook was charging for came from machines without JavaScript enabled. This confounds analytic software trying to verify the click is genuine, and, more importantly in the company's experience only one to two percent of its human visitors had the feature disabled. The conclusion: Bots in action.
Mango told Fast Company that the trouble started when the company decided to change its name from "Limited Press" to "Limited Run" and started experimenting with advertising campaigns on Facebook. Facebook did not responded to the company about the issues its raised about clicks (and has not responded yet), but an advertising account manager at Facebook did finally call in about the company's requested name change. The company didn't qualify for a name change because, per Facebook policy, a name is locked in for an account with more than 200 Likes the accounts person explained, but if Limited Run spent an extra $2,000 on advertising per month, the name change would be possible. At this point Limited Run balked and decided to shut down their account entirely.
Not before it got its message out, however. "We want to make sure that the people who do follow us on Facebook can see our post and why we're leaving," Mango says. "We'll shut it down in the next couple of weeks."
Peter Jackson Uses Facebook To Reveal Third Hobbit Film
Peter Jackson has been using social media a lot during his production of The Hobbit movie, keeping audiences engaged, informed and excited long before the Winter 2012 debut of the first part of his film adaptation of the famous novel...and today he used Facebook to reveal some incredible news: The Hobbit will be a three-film release, not a twosome as had previously been decided. Quoting J.R.R. Tolkien himself, who noted the story was "a tale that grew in the telling," Jackson explained he couldn't resist taking this unique chance to tell more of the story of hobbits exploring Middle Earth.
Olympics Attendees Asked To Cool It With The Tweets
Social media, and Twitter in particular, is playing a big role in Olympics activity and coverage this year. Twitter had its designated page set up for curated audience and network presenter tweets via a high-profile deal with NBC, and even a plan to turn the London Eye into a giant mood ring, colored by the tweets of audience members at the events in London. Enthusiastic tweeters have been asked to cool off though, since a volley of tweets and text messages sent during the men's road cycling race clogged networks and cut off television commentators from GPS communication and timing information. (This prompted television viewers to turn to Twitter to tweet their disappointment.) An International Olympic Committee spokesperson said the issue was localized to one network, and the issue was being corrected, Reuters reports. He also asked fans to "take it easy" on the tweets and messages unless it was "urgent."
After South Korea Telecom Hack, 8.7 Million Customers' Details Sold To Telemarketers
South Korea's KT Telecom has suffered a protracted months-long hack attack that has seen hackers gain access to 8.7 million of its customers--about half its entire user base. Names, ID numbers, and phone numbers were taken by the hackers and then sold to telemarketers. Two hackers made around $880,000 in profits from the hack and sale. Both of the hackers and seven individuals who'd bought the data have now been arrested, which is why the event has been revealed to the world in the form of an official apology from KT to the public, and it's not expected that the data was used for more than the telemarketing stunt. But it's significant for being one of the few hack attacks that was used for profit, and also that led to arrests. KT's stock price has fallen in the time since the news was announced.
Top Stories
India's central bank, Deloitte see lower growth, higher prices
A day before its expected decision on interest rates, the Reserve Bank of India laid out a grim scenario of lower growth and higher inflation for the nation's economy. It also urged quicker stimulus action from the government. Separately, Deloitte forecast Indian growth below 6.5% and persistent inflation worsened by food prices in a spotty monsoon season.
Eurozone sentiment declines as Morgan Stanley predicts grim future
The July economic sentiment indicator for the eurozone declined to 87.9 from 89.9 in June, and The consumer confidence index dropped to -21.5 from -19.8, according to the latest reading from the European Commission. Meanwhile, Morgan Stanley's new outlook for the eurozone is for continued austerity measures taking a harsh toll across most of Europe, with only a few bright spots to relieve the broadly grim picture.
Spain posts third consecutive quarter of falling GDP
Spain recorded a third consecutive quarter of economic contraction, with output declining 0.4% in the latest period, principally due to lagging domestic demand. For the full year, the government now predicts a 1.5% shrinkage in gross domestic product, to be followed by a further 0.5% pullback in 2013.
Despite gloom, U.K. central bank isn't expected to budge on rates
Despite recent indicators that the U.K. economy remains in the mire and upcoming manufacturing figures that are projected to be dismal, the Bank of England's Monetary Policy Committee is expected to leave interest rates at 0.5%. It is widely hoped that London's staging of the Olympics will provide a boost in the third quarter, but any stimulus is believed unlikely to prevent overall economic shrinkage for the year.
Shanghai hopes to oust Hong Kong as Asia's top financial center
Shanghai has formidable obstacles to overcome before it has a chance of achieving its goal of replacing Hong Kong as Asia's most important financial center.
Banks reportedly help in Euribor case; U.K. seeks quick action on Libor
A number of banks suspected of manipulating the euro interbank offered rate are reported to be working with EU authorities to avoid heavy penalties. Meanwhile, the U.K. government is pursuing swift Libor reform to limit damage to London's standing as a financial center.
Market Activities
INTERNATIONAL MARKETS OVERVIEW
U.S. investors largely marked time Monday awaiting word from central banks this week on what, if any, action they intend to take to stimulate the global economy. The S&P 500 ended the day nearly flat. In Europe, however, the mood was more buoyant in anticipation, with the Euro Stoxx 50 climbing 1.7%. Here is a continuously updated list of global stock indexes.
Economic Trends & Outlook
Japan's low industrial output surprises; Korean confidence ebbs
In a surprise to economists who projected a 1.5% gain for Japanese industry for June, the final reading showed a 0.1% decline, partly undermined by the strength of the yen in a struggling global economy. Meanwhile, South Korea's manufacturer confidence index looking ahead to August is pegged at 70, down from 81 for July, the country's central bank reported.
List of S. Korea's top companies undergoes transformation over 7 years
The seven years since 2005 have seen a nearly two-thirds turnover in the list of the 20 leading large-cap companies on South Korea's Kospi. Rapidly changing economic trends and the global economic meltdown are believed to have contributed to the wide-scale change.
China offers selective aid to carefully boost real estate market
Despite wariness over the tendency of China's real estate market to overheat, the China Banking Regulatory Commission is offering credit backing for new buyers in the market looking to build modest homes. "Previously, speculators dominated the market, but the government has stepped up efforts to change that. ... Such selective easing will ensure that prices don't rise too much," said Joe Zhou, head of research for Jones Lang LaSalle in Shanghai.
Commercial property defaults in South Korea raise concern
In a worrying sign, South Korea's default rate for loans backed by commercial property reached 1.44% at the end of May for six leading banks, topping even the 0.93% for housing-related loans. The high rate is seen as a troubling indicator for the South Korean economy as a whole, given commercial property's closer links to economic activity.
Capital Markets & Financial Products
Despite gains in Asia, HSBC posts lower net income
Asia was a bright spot for London-based HSBC Holdings as it posted an overall 8.3% decline in net income for the first half. The result was weighed down by $2 billion set aside for penalties associated with allegations that the bank helped launder Mexican drug money. In Asia, however, pretax profit excluding Hong Kong climbed 17% to $4.37 billion.
Beijing clears first provincial bond issue since 1994
Beijing has approved the planned issue of 10.4 billion yuan in bonds by China's Zhejiang province, the first of an expected series of local issues. The plan is the first since 1994, when the central government barred bonds and budget deficits by local governments amid concerns over the debt they were running up.
2012 may be record year for Chinese investment in U.S.
After reaching a record $3.6 billion in the first half of 2012, China's investments in the U.S. are expected to set a full-year record as well, according to a report by Rhodium Group. The inflow could help the U.S. economy during its current stretch of low growth. "Chinese investment in the U.S. offers great potential and will help stabilize growth in the next decade," said Ge Shunqi, deputy head of the Institute of International Economics at Nankai University in Tianjin.
Hang Seng Bank posts strong 14% gain in profit
Hong Kong lenders may be riding out Europe's debt troubles better than expected, as suggested by a wider-than-anticipated 14% jump in Hang Seng Bank's profit for the first half. "Hang Seng's lending profitability continued to widen in the first half after improvements in the second half of last year, which is very encouraging, given the current operating environment," said Ivan Li, deputy head of research at Kim Eng Securities Hong Kong.
U.S.-based SkyBridge plans Hong Kong office, Asia fund
SkyBridge Capital, a U.S. fund of hedge funds, has laid plans for an office in Hong Kong as it looks to a vibrant future in China's hedge fund industry. The tentative 2014 opening would follow SkyBridge's planned launch of a Singapore office early next year and the introduction of an Asia-focused fund of $250 million to $500 million by the end of 2013.
Ravneet Gill has been tapped as chief of Deutsche Bank's India operations. Gill, formerly head of capital markets and treasury solutions, succeeds Gunit Chadha, who took on a larger role at the bank last month.
India's central bank, Deloitte see lower growth, higher prices
A day before its expected decision on interest rates, the Reserve Bank of India laid out a grim scenario of lower growth and higher inflation for the nation's economy. It also urged quicker stimulus action from the government. Separately, Deloitte forecast Indian growth below 6.5% and persistent inflation worsened by food prices in a spotty monsoon season.
Eurozone sentiment declines as Morgan Stanley predicts grim future
The July economic sentiment indicator for the eurozone declined to 87.9 from 89.9 in June, and The consumer confidence index dropped to -21.5 from -19.8, according to the latest reading from the European Commission. Meanwhile, Morgan Stanley's new outlook for the eurozone is for continued austerity measures taking a harsh toll across most of Europe, with only a few bright spots to relieve the broadly grim picture.
Spain posts third consecutive quarter of falling GDP
Spain recorded a third consecutive quarter of economic contraction, with output declining 0.4% in the latest period, principally due to lagging domestic demand. For the full year, the government now predicts a 1.5% shrinkage in gross domestic product, to be followed by a further 0.5% pullback in 2013.
Despite gloom, U.K. central bank isn't expected to budge on rates
Despite recent indicators that the U.K. economy remains in the mire and upcoming manufacturing figures that are projected to be dismal, the Bank of England's Monetary Policy Committee is expected to leave interest rates at 0.5%. It is widely hoped that London's staging of the Olympics will provide a boost in the third quarter, but any stimulus is believed unlikely to prevent overall economic shrinkage for the year.
Shanghai hopes to oust Hong Kong as Asia's top financial center
Shanghai has formidable obstacles to overcome before it has a chance of achieving its goal of replacing Hong Kong as Asia's most important financial center.
Banks reportedly help in Euribor case; U.K. seeks quick action on Libor
A number of banks suspected of manipulating the euro interbank offered rate are reported to be working with EU authorities to avoid heavy penalties. Meanwhile, the U.K. government is pursuing swift Libor reform to limit damage to London's standing as a financial center.
Market Activities
INTERNATIONAL MARKETS OVERVIEW
U.S. investors largely marked time Monday awaiting word from central banks this week on what, if any, action they intend to take to stimulate the global economy. The S&P 500 ended the day nearly flat. In Europe, however, the mood was more buoyant in anticipation, with the Euro Stoxx 50 climbing 1.7%. Here is a continuously updated list of global stock indexes.
Economic Trends & Outlook
Japan's low industrial output surprises; Korean confidence ebbs
In a surprise to economists who projected a 1.5% gain for Japanese industry for June, the final reading showed a 0.1% decline, partly undermined by the strength of the yen in a struggling global economy. Meanwhile, South Korea's manufacturer confidence index looking ahead to August is pegged at 70, down from 81 for July, the country's central bank reported.
List of S. Korea's top companies undergoes transformation over 7 years
The seven years since 2005 have seen a nearly two-thirds turnover in the list of the 20 leading large-cap companies on South Korea's Kospi. Rapidly changing economic trends and the global economic meltdown are believed to have contributed to the wide-scale change.
China offers selective aid to carefully boost real estate market
Despite wariness over the tendency of China's real estate market to overheat, the China Banking Regulatory Commission is offering credit backing for new buyers in the market looking to build modest homes. "Previously, speculators dominated the market, but the government has stepped up efforts to change that. ... Such selective easing will ensure that prices don't rise too much," said Joe Zhou, head of research for Jones Lang LaSalle in Shanghai.
Commercial property defaults in South Korea raise concern
In a worrying sign, South Korea's default rate for loans backed by commercial property reached 1.44% at the end of May for six leading banks, topping even the 0.93% for housing-related loans. The high rate is seen as a troubling indicator for the South Korean economy as a whole, given commercial property's closer links to economic activity.
Business sentiment drops in South Korea
Europe's unresolved debt crisis has weighed on business sentiment in South Korea, with July's Business Survey Index falling to 71, down from 82 in June. It was the third consecutive of decline, with weaker domestic demand also a factor.
Capital Markets & Financial Products
Despite gains in Asia, HSBC posts lower net income
Asia was a bright spot for London-based HSBC Holdings as it posted an overall 8.3% decline in net income for the first half. The result was weighed down by $2 billion set aside for penalties associated with allegations that the bank helped launder Mexican drug money. In Asia, however, pretax profit excluding Hong Kong climbed 17% to $4.37 billion.
Beijing clears first provincial bond issue since 1994
Beijing has approved the planned issue of 10.4 billion yuan in bonds by China's Zhejiang province, the first of an expected series of local issues. The plan is the first since 1994, when the central government barred bonds and budget deficits by local governments amid concerns over the debt they were running up.
2012 may be record year for Chinese investment in U.S.
After reaching a record $3.6 billion in the first half of 2012, China's investments in the U.S. are expected to set a full-year record as well, according to a report by Rhodium Group. The inflow could help the U.S. economy during its current stretch of low growth. "Chinese investment in the U.S. offers great potential and will help stabilize growth in the next decade," said Ge Shunqi, deputy head of the Institute of International Economics at Nankai University in Tianjin.
Hang Seng Bank posts strong 14% gain in profit
Hong Kong lenders may be riding out Europe's debt troubles better than expected, as suggested by a wider-than-anticipated 14% jump in Hang Seng Bank's profit for the first half. "Hang Seng's lending profitability continued to widen in the first half after improvements in the second half of last year, which is very encouraging, given the current operating environment," said Ivan Li, deputy head of research at Kim Eng Securities Hong Kong.
U.S.-based SkyBridge plans Hong Kong office, Asia fund
SkyBridge Capital, a U.S. fund of hedge funds, has laid plans for an office in Hong Kong as it looks to a vibrant future in China's hedge fund industry. The tentative 2014 opening would follow SkyBridge's planned launch of a Singapore office early next year and the introduction of an Asia-focused fund of $250 million to $500 million by the end of 2013.
People & Personalities
Ravneet Gill to head Deutsche Bank's Indian operations
Ravneet Gill to head Deutsche Bank's Indian operations
Ravneet Gill has been tapped as chief of Deutsche Bank's India operations. Gill, formerly head of capital markets and treasury solutions, succeeds Gunit Chadha, who took on a larger role at the bank last month.
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The menu of the first dinner served to the first-class passengers of the ill-fated liner Titanic on April 10, 1912 has been sold for 46,000 pounds at an auction.
Hors d'oeuvre, roast duckling, fillet of veal and French ice cream were some of the dishes in the opulent menu of the first dinner served on Titanic at the start of the voyage.
It was among 400 items being auctioned in Wiltshire in South West England as part of the 100th anniversary of the ship's sinking in the Atlantic Ocean, the 'BBC news' reported.
The affluent menu is dated 10 April 1912, three days before the liner hit an iceberg on her maiden voyage and sank, killing 1,522 people.
"Menus from the Titanic are among the most sought after memorabilia from the doomed liner," Andrew Aldridge, of Henry Aldridge and Son Auctioneers, said.
The menu itself was the property of Charles Caswell, a first class steward, aged 34, from Southampton.
Caswell sent the menu to his wife Hilda when Titanic stopped at Queenstown, but he later died when the ship sank.
Also featured in the sale was a gold medal awarded to the rescue ship Carpathia's Second Officer James Bisset.
He later became Commodore of the Cunard line.
"After the survivors of the Titanic disaster were picked up by the Carpathia, a committee was formed by a group of surviving First class passengers to reward the crew of the Carpathia and the Captain Sir Arthur Rostron with the silver loving cup and medals for all of the crew," said Aldridge.
"This is only the second gold Carpathia medal to be offered in the last 25 years and is thought to be the most senior officer's medal to ever to go under the auctioneers hammer," Aldridge added.
The medal sold for 41,000 pounds, the report said.
Hors d'oeuvre, roast duckling, fillet of veal and French ice cream were some of the dishes in the opulent menu of the first dinner served on Titanic at the start of the voyage.
It was among 400 items being auctioned in Wiltshire in South West England as part of the 100th anniversary of the ship's sinking in the Atlantic Ocean, the 'BBC news' reported.
The affluent menu is dated 10 April 1912, three days before the liner hit an iceberg on her maiden voyage and sank, killing 1,522 people.
"Menus from the Titanic are among the most sought after memorabilia from the doomed liner," Andrew Aldridge, of Henry Aldridge and Son Auctioneers, said.
The menu itself was the property of Charles Caswell, a first class steward, aged 34, from Southampton.
Caswell sent the menu to his wife Hilda when Titanic stopped at Queenstown, but he later died when the ship sank.
Also featured in the sale was a gold medal awarded to the rescue ship Carpathia's Second Officer James Bisset.
He later became Commodore of the Cunard line.
"After the survivors of the Titanic disaster were picked up by the Carpathia, a committee was formed by a group of surviving First class passengers to reward the crew of the Carpathia and the Captain Sir Arthur Rostron with the silver loving cup and medals for all of the crew," said Aldridge.
"This is only the second gold Carpathia medal to be offered in the last 25 years and is thought to be the most senior officer's medal to ever to go under the auctioneers hammer," Aldridge added.
The medal sold for 41,000 pounds, the report said.
( Press Trust of India )
Personal guarantee must before loan restructuring: RBI
In cases where the restructuring package could not be implemented due to promoters' non-adherence to terms and conditions, the banks should exercise exit option at the earliest with a view to minimise the
losses
Mumbai: A Reserve Bank of India (RBI) panel has recommended banks should seek personal guarantee from promoters and adopt a "carrot-and-stick policy" while restructuring loans of corporates,
reports PTI.
"As stipulating personal guarantee will ensure promoters' skin in the game or commitment to the restructuring package, obtaining the personal guarantee of promoters be made a mandatory requirement in all cases of restructuring," the panel said in its report, on which it has invited comments of stakeholders by 21 August 2012.
The RBI had in January set up the panel to review the existing prudential guidelines on restructuring of advances by banks and financial institutions and suggest modifications taking into account the best international practices and accounting standards.
The panel, which is headed by RBI executive director B Mahapatra, said corporate guarantee should not be considered as a substitute for the promoters' personal guarantee.
In cases where the restructuring package could not be implemented due to promoters' non-adherence to terms and conditions, the banks should exercise exit option at the earliest with a view to minimise the
losses, the report said.
"The terms and conditions of restructuring should inherently contain the principle of 'carrot and stick', that is while restructuring being an incentive for viable accounts, it should also have disincentives
for non-adherence to the terms of restructuring and under-performance," it said.
The panel further said that conversion of debt into preference shares should be done only as a last resort. Also, conversion of debt into equity/preference shares should be restricted to a cap (say 10% of the restructured debt).
Conversion of debt into equity, it further said, should be done only in the case of listed companies.
The banks, according to the report, should disclose all recast loans on books, and from hereon keep a 5% provision for new standard loans recast, as against the existing norm of 2%.
These provisions, it added, could be implemented over a period of two years.
In view of the ongoing economic problems, ratings agency Crisil expects bad loans to rise to 3.2% of the total by March 2013. Banks usually refer bad loans, which are provided under a consortium arrangement, forCorporate Debt Restructuring (CDR). Crisil expects loan restructuring in India to rise to $37.5 billion, or 3.5% of total loans by March 2013.
In cases where the restructuring package could not be implemented due to promoters' non-adherence to terms and conditions, the banks should exercise exit option at the earliest with a view to minimise the
losses
Mumbai: A Reserve Bank of India (RBI) panel has recommended banks should seek personal guarantee from promoters and adopt a "carrot-and-stick policy" while restructuring loans of corporates,
reports PTI.
"As stipulating personal guarantee will ensure promoters' skin in the game or commitment to the restructuring package, obtaining the personal guarantee of promoters be made a mandatory requirement in all cases of restructuring," the panel said in its report, on which it has invited comments of stakeholders by 21 August 2012.
The RBI had in January set up the panel to review the existing prudential guidelines on restructuring of advances by banks and financial institutions and suggest modifications taking into account the best international practices and accounting standards.
The panel, which is headed by RBI executive director B Mahapatra, said corporate guarantee should not be considered as a substitute for the promoters' personal guarantee.
In cases where the restructuring package could not be implemented due to promoters' non-adherence to terms and conditions, the banks should exercise exit option at the earliest with a view to minimise the
losses, the report said.
"The terms and conditions of restructuring should inherently contain the principle of 'carrot and stick', that is while restructuring being an incentive for viable accounts, it should also have disincentives
for non-adherence to the terms of restructuring and under-performance," it said.
The panel further said that conversion of debt into preference shares should be done only as a last resort. Also, conversion of debt into equity/preference shares should be restricted to a cap (say 10% of the restructured debt).
Conversion of debt into equity, it further said, should be done only in the case of listed companies.
The banks, according to the report, should disclose all recast loans on books, and from hereon keep a 5% provision for new standard loans recast, as against the existing norm of 2%.
These provisions, it added, could be implemented over a period of two years.
In view of the ongoing economic problems, ratings agency Crisil expects bad loans to rise to 3.2% of the total by March 2013. Banks usually refer bad loans, which are provided under a consortium arrangement, forCorporate Debt Restructuring (CDR). Crisil expects loan restructuring in India to rise to $37.5 billion, or 3.5% of total loans by March 2013.
Since the last month, Indian Stock Markets were decoupled from global markets. We have seen a significant underperformance compared with other Asian markets and US and European Markets. India 's leading indices Sensex and Nifty were not moved as per the global cues, rather hold most bearish tone regarding upside in Indices. The significant under performance and decoupling from global markets might be an alarming tone for Indian investors, as Indian markets may see more underperformance like Shanghai China, where global investors were so bearish that despite of global markets liquidity, index were still underperforming. Foreign investors have shorted the China markets since long and they are making money for their bets. Shanghai Index hasn't moved up at all since last two years and stayed in long time bearish pattern. Everyone is shorting China, due to the fear of Hard Landing. Now Indian Equities and Indices might be next in line, to set up the same significant under performance, long lasting multi year bear markets. As inflation, reforms and policy paralysis, Lok Sabha election 2014, Rupee depreciation and lack of confidence in government might ignite some pull back of foreign funds. Ultimately domestic investors will suffer and the lost confidence won't be created so easily. Our advise will be to liquidate all the positions on Indian Equities as they were not going anywhere until 2014 Lok Sabha elections. News based trading and Investment will be a right strategy. Don't consider holding the long positions.
Introducing Sunny Leone as "Besharam of the year 2012", an Indian Adult Products brand featuring Sunny Leone
Sunny Leone, One of the most talked hot sizzling Adult Film Star to debut in Bollywood in Pooja Bhatt's movie Jism 2, is twitted about her featuring website www.imbesharam.com as India's #1 Premium Adult Web-Store. Check out her Pics, Tweets and uncensored youtube HD video about @Imbesharam ( I am Besharam ) She tweeted @SunnyLeone says-'I M Besharam, you know you are too'
The Website Imbesharam has chosen Sunny Leone as "Besharam of the year 2012" and launched her raunchy, hot and sexy pics along with a chance to video chat with Sunny Leone. Also, the site says that you can find all the updates regarding Sunny Leone, her new videos, commercials, promos and freebies.
The Website claims that India's #1 Premium Adult Web-Store, serving 1.3 Bln Indians world wide. India launch on September 1,2012 World Wide Launch on Jan 1, 2013.
"Sunny's Jism, a pleasure massage gel" : a product of Besharam brand was announced for Rs 699. The product was made in USA and it's a 100 % safe, self pleasuring lubricant gel. Gel doesn't leave Color, odor, taste and residues. Buy Manforce Gel Online
'Besharam-Face of the Brand' OFFICIAL PROMO HD
SunnyLeone's OFFICIAL Trailer for BESHARAM (imbesharam.com) *HD* from Besharam Sunny Leone "Don't Blink" says I am Beharam @Imbesharam.
Video: Behind the Scenes during the Promo of IMbehsaram ( I am besharam ), Funny Bloopers by Sunny Besharam
Check Results Here
The candidature of these candidates is provisional. In accordance with the Rules of the Examination, all these candidates have to apply again in the Detailed Application Form (DAF), which would be available on the website of the Union Public Service Commission www.upsc.gov.in. All the qualified candidates are advised to fill up the DAF and submit the same ONLINE for admission to the Civil Services (Main) Examination, 2012 to be held from 05.10.2012. The DAF will be available on the website of the Commission from 1st August, 2012 till 11.59 PM on 21/08/2012. Important instructions regarding filling up of the DAF and submitting the same ONLINE to the Commission would also be available on the website. The candidates who have been declared successful have to first get themselves registered on the relevant page of the website before filling up the ONLINE Detailed Application Form. The qualified candidates are further advised to refer to the Rules of the Civil Services Examination, 2012 published in the gazette of India (Extraordinary) of Department of Personnel and Training notification dated 04.2.2012, which is also available on the website of the Commission.
After submitting the DAF duly filled in ONLINE, the candidates are required to take out a print out of the finally submitted DAF separately and will have to send the printed copy of the DAF duly signed by the candidates alongwith all relevant documents including the prescribed fees, wherever applicable as enclosures addressed to the Under Secretary [CS(M)], Union Public Service Commission, Dholpur House, Shahjahan Road, New Delhi-110069, so as to reach the Commission's Office latest by 27/08/2012. The envelope containing the print out of the DAF submitted ONLINE should be superscribed “Application for Civil Services (Main) Examination, 2012”. It can also be delivered at Union Public Service Commission counter by hand till 27/08/2012 (5.00 P.M). It may be noted that mere submission of application form does not, ipso facto, confer on any right for admission to the Main Examination. The admission certificate alongwith the time table of the Main Examination will be issued to the eligible candidates 2-3 weeks before the commencement of the examination. Changes, if any, in the postal address after submission of the DAF may be communicated to the Commission at once.
The Union Public Service Commission have a Facilitation Counter near the Examination Hall Building in its Campus. Candidates may obtain any information/clarification regarding their result of the above mentioned examination on all working days between 10.00 AM to 5.00 PM, in person or on Tel. No. 011-23385271, 011-23098543 or 011-23381125 from this Facilitation Counter. Candidates can also obtain information regarding their result by accessing Union Public Service Commission Website www.upsc.gov.in. The result of Roll Nos.253465 has been withheld.
Although there was a lot of buzz, that A. R Rahman was composing song for London Olympics 2012 opening ceremony.People are eagerly awaited for another hit from A. R Rahman like "Jai Ho" from Slum dog Millionaire. The official London Olympics 2012 song Nimma Nimma was out and it hasn't been able to create buzz like "Jai Ho". Still a glimpse of the song for those who are die hard fans of A. R Rahman. Check it out
Also Free download Song Here http://goo.gl/u42FP
Also Free download Song Here http://goo.gl/u42FP
Lyrics and meaning of Nimma Nimma song from London Olympics 2012 by A R Rahman and Jaspreet Jasz
Nimma Nimma Jogiya is a Desi Punjabi Bhangra track composed by AR Rahman. The song was part of medly played at London Olympics 2012 opening ceremony. The ceremony was directed by Danny Boyle.
Nimma Nimma is a full-on-Desi track which represents the Indian influence in UK. Nimma is sung and written by versatile vocalist Jaspreet Jasz who recently sung rap part of Dost Hain Hum Toh from AR Rahman musical Ek Deewana Tha.
Nimma Meaning:Nimma is Punjabi a word which means Little bit or Small.
Nimma Nimma Lyrics
Haisha… hoye nimma nimma
Haisha… hoye nimma nimma
Haisha… hoye nimma nimma Jogiya! [x2]
Nimma nimma hans de tu Jogiya
Kanni kach diyaan mundra tu paa
Haisha… oye nimma nimma
Haisha… oye nimma nimma
Je tu kar tere sang ik waar
Bas mainu miliya ae Rab tere naal
Nee tere nain sharabi (Haisha)
Nee tere gal gulabi (Haisha)
Tere ankhi jado tapeya kamaal
Nimma nimma hans de…
O nimma nimma
Oye nimma nimma
O nimma nimma… Jogiya
Haisha… Aye nimma nimma
Haisha… Aye nimma nimma
Haisha… Aye nimma nimma Jogiya!
Song Credits:
Music: AR Rahman
Lyrics: Jaspreet Jasz
Leading Vocals: Jaspreet Jasz
Backing Vocals: VJ, Nakash Aziz, Mohd. Salamat
Brass Section (Trumpet): Kishore Sodha
Additional Programming: Nakash Aziz
Mixing: Tony Joy, Sresh Permal, R. Nitish Kumar
Mastered by: R. Nitish Kumar
Produced by: KM Musiq
Apple and Twitter are currently not in discussions on the mobile technology giant taking a stake in the popular social networking site, sources familiar with the matter said.
Apple in recent months has held negotiations with Twitter to explore investing hundreds of millions of dollars in the company, The New York Times reported on Friday, citing people briefed on the matter. The Wall Street Journal said such discussion were held over a year ago, citing a person familiar with the matter.
It is unclear if the two companies talked about a deal in the past and at what level such discussions were held, but there are no current, formal talks between the companies on an investment or acquisition, the sources said.
Both Apple and Twitter declined to comment.
The iPhone and iPad maker typically does not take equity stakes in companies and prefers to acquire technologies by buying up smaller startups that are lesser known. Twitter executives have said repeatedly they are in no rush to seek additional financing, either privately or on public markets, since they have "truckloads" of cash.
Apple has never delved deeply into the social media space dominated by Facebook, but it has dabbled in trying to make music more social by launching a social network on iTunes called Ping, which has not caught on.
Twitter, the Internet phenomenon with some 140 million users that allows people to "tweet" 140-character messages, is already well integrated into Apple smartphones and tablets. Apple customers can directly share their comments on Twitter when on their iPhones, iPads or Mac line of computers.
Twitter, the San Francisco-based startup that is viewed as the most significant candidate for the public markets following Facebook, is ramping up its efforts to generate revenue from the 400 million tweets that cross its networks daily.
( Reuters )
Apple in recent months has held negotiations with Twitter to explore investing hundreds of millions of dollars in the company, The New York Times reported on Friday, citing people briefed on the matter. The Wall Street Journal said such discussion were held over a year ago, citing a person familiar with the matter.
It is unclear if the two companies talked about a deal in the past and at what level such discussions were held, but there are no current, formal talks between the companies on an investment or acquisition, the sources said.
Both Apple and Twitter declined to comment.
The iPhone and iPad maker typically does not take equity stakes in companies and prefers to acquire technologies by buying up smaller startups that are lesser known. Twitter executives have said repeatedly they are in no rush to seek additional financing, either privately or on public markets, since they have "truckloads" of cash.
Apple has never delved deeply into the social media space dominated by Facebook, but it has dabbled in trying to make music more social by launching a social network on iTunes called Ping, which has not caught on.
Twitter, the Internet phenomenon with some 140 million users that allows people to "tweet" 140-character messages, is already well integrated into Apple smartphones and tablets. Apple customers can directly share their comments on Twitter when on their iPhones, iPads or Mac line of computers.
Twitter, the San Francisco-based startup that is viewed as the most significant candidate for the public markets following Facebook, is ramping up its efforts to generate revenue from the 400 million tweets that cross its networks daily.
( Reuters )
Top Stories
ECB pledges to do "whatever it takes" to save eurozone
Financial markets surged after European Central Bank President Mario Draghi said the bank will do "whatever it takes" to prevent the eurozone from breaking up. The statement signals that the ECB is prepared to intervene in bond markets to reduce borrowing costs in Spain and Italy.
Geithner says criminal prosecution awaits those who rigged Libor
The U.S. government, investigating major banks, will aggressively pursue criminal prosecution of those who manipulated the London Interbank Offered Rate, Treasury Secretary Timothy Geithner told the Senate banking committee. Sen. Tim Johnson, D-S.D., wanted assurance that people who manipulated Libor will be prosecuted. "Absolutely," Geithner said.
Survey: Financial advisers' favorite ETF provider is Vanguard
In a survey by Cogent Research, 60% of financial advisers with more than $5 million in assets under management said their "most favored" provider of exchange-traded funds is Vanguard.
Analysis: Good times for refineries won't last long
With crude-oil prices falling and refined products still expensive at the pump, refiners are making a lot of money, but the bonanza is destined to end fairly quickly, according to The Economist. Demand for fuel in the developed world has peaked and is falling. "The respite that cheaper crude has given the refiners is unlikely to last, and more losses and closures are likely," the magazine notes.
Market Activity
ECB assurance on eurozone drives up Asian-Pacific markets
Asian-Pacific share markets gained Friday after European Central Bank President Mario Draghi promised to do anything necessary to keep the eurozone intact. South Korea's Kospi climbed 2.6%. Hong Kong's Hang Seng Index advanced 2%. Japan's Nikkei 225 and Australia's S&P/ASX 200 each rose 1.5%. Taiwan's Taiex added 2.2%. China's Shanghai Composite inched up 0.1%. India's Sensex was up 1.8% .
Facebook shares slide amid sharp drop in revenue growth
Facebook's stock price fell to a record low after the social network reported a severe decline in revenue growth and failed to suggest that the situation will improve. Shares dropped below $24 in frantic after-hours trading; the stock was $38 when Facebook went public in May.
Amazon posts 96% profit decline and 29% sales growth for Q2
Amazon's profit fell 96% in the second quarter compared with Q2 of 2011 because of heavy spending aimed at expansion. Sales increased 29%.
Economics
More distressed-home sales are expected in year's second half
Many areas of the U.S. are likely to see more sales of distressed homes this year. During the first half of 2012, foreclosure filings increased in nearly 60% of big cities, according to RealtyTrac. Homes in metro areas with at least 200,000 people that received a foreclosure notice increased 1.5% compared with the second half of 2011, the firm said.
Businesses reduced orders for most types of durable manufactured goods last month, signaling lower confidence in the U.S. economy. Overall, orders increased 1.6% between May and June, but aircraft orders, traditionally volatile, accounted for most of the gain. With aircraft and transportation items excluded, orders decreased 1.1%.
Initial unemployment claims decline in U.S.
The U.S. Labor Department said first-time jobless claims decreased 35,000 last week, to 353,000. Economists polled by Bloomberg expected 380,000 claims.
Profit of China's industrial companies decreased in June for the third consecutive month, the National Bureau of Statistics said. In the first half of this year, earnings declined 2.2% compared with the same period last year.
Geopolitical/Regulatory
Breaking up big banks isn't the right answer, Dodd says
If the Dodd-Frank Act doesn't fix what's wrong with the U.S. financial system, the solution is to improve the law, not break up big banks, former Sen. Christopher Dodd said. "If the legislation doesn't work and doesn't do the job well, you change it," he said. "This isn't the Ten Commandments."
Traders from several banks, beyond Barclays, are expected to be charged by U.S. prosecutors amid allegations of manipulation of the London Interbank Offered Rate, a source said. Prosecutors reportedly are giving most attention to executives who supervised the situation, rather than lower-ranking workers who merely were following instructions.
Banking-union plan will be ready in September, Barroso says
European Commission President Jose Manuel Barroso said intensive work is under way on a eurozone banking union, and a proposal should be ready in early September. The European Central Bank would be the primary supervisor, he said.
Peregrine's 20-year fraud signals regulatory incompetence
Despite regular audits, Peregrine Financial Group was able to conceal fraud for 20 years. Problems at MF Global Holdings weren't detected until the firm was on the verge of collapse. The U.S. Commodity Futures Trading Commission, which failed prevent either failure, is the principal regulator for the enormous and risky swaps market.
Financial Products
ProShares launches 2 ETFs focused on Australian dollar
ProShares introduced two leveraged exchange-traded funds offering long and short exposure to the Australian dollar. The ProShares Ultra Australian Dollar ETF delivers 200% of the performance of the Australian dollar against the U.S. dollar. The ProShares Ultra Short Australian Dollar ETF provides 200% of the inverse of the Australian dollar against the U.S. dollar.
Ethics
Madoff trustee seeks approval to release more funds to victims
Irving Picard, the trustee liquidating the business of convicted swindler Bernard Madoff, asked a U.S. judge for permission to release an additional $1.5 billion to $2.4 billion to Madoff's victims. Picard estimated that he has recovered $9.1 billion, but legal disputes prevented him from distributing more than $1.1 billion.
Nomura's plan for global expansion is undercut by scandal
The loss of two key executives caught up in an insider trading scandal could be a major setback for Nomura Holdings. Japan's biggest investment bank had been working to develop a global presence. The departures come when outside investors and many within the firm are expressing dissatisfaction with Nomura's performance.
ECB pledges to do "whatever it takes" to save eurozone
Financial markets surged after European Central Bank President Mario Draghi said the bank will do "whatever it takes" to prevent the eurozone from breaking up. The statement signals that the ECB is prepared to intervene in bond markets to reduce borrowing costs in Spain and Italy.
Geithner says criminal prosecution awaits those who rigged Libor
The U.S. government, investigating major banks, will aggressively pursue criminal prosecution of those who manipulated the London Interbank Offered Rate, Treasury Secretary Timothy Geithner told the Senate banking committee. Sen. Tim Johnson, D-S.D., wanted assurance that people who manipulated Libor will be prosecuted. "Absolutely," Geithner said.
Survey: Financial advisers' favorite ETF provider is Vanguard
In a survey by Cogent Research, 60% of financial advisers with more than $5 million in assets under management said their "most favored" provider of exchange-traded funds is Vanguard.
Analysis: Good times for refineries won't last long
With crude-oil prices falling and refined products still expensive at the pump, refiners are making a lot of money, but the bonanza is destined to end fairly quickly, according to The Economist. Demand for fuel in the developed world has peaked and is falling. "The respite that cheaper crude has given the refiners is unlikely to last, and more losses and closures are likely," the magazine notes.
Market Activity
ECB assurance on eurozone drives up Asian-Pacific markets
Asian-Pacific share markets gained Friday after European Central Bank President Mario Draghi promised to do anything necessary to keep the eurozone intact. South Korea's Kospi climbed 2.6%. Hong Kong's Hang Seng Index advanced 2%. Japan's Nikkei 225 and Australia's S&P/ASX 200 each rose 1.5%. Taiwan's Taiex added 2.2%. China's Shanghai Composite inched up 0.1%. India's Sensex was up 1.8% .
Facebook shares slide amid sharp drop in revenue growth
Facebook's stock price fell to a record low after the social network reported a severe decline in revenue growth and failed to suggest that the situation will improve. Shares dropped below $24 in frantic after-hours trading; the stock was $38 when Facebook went public in May.
Amazon posts 96% profit decline and 29% sales growth for Q2
Amazon's profit fell 96% in the second quarter compared with Q2 of 2011 because of heavy spending aimed at expansion. Sales increased 29%.
Economics
More distressed-home sales are expected in year's second half
Many areas of the U.S. are likely to see more sales of distressed homes this year. During the first half of 2012, foreclosure filings increased in nearly 60% of big cities, according to RealtyTrac. Homes in metro areas with at least 200,000 people that received a foreclosure notice increased 1.5% compared with the second half of 2011, the firm said.
Reduced orders indicate businesses are losing confidence
Businesses reduced orders for most types of durable manufactured goods last month, signaling lower confidence in the U.S. economy. Overall, orders increased 1.6% between May and June, but aircraft orders, traditionally volatile, accounted for most of the gain. With aircraft and transportation items excluded, orders decreased 1.1%.
Initial unemployment claims decline in U.S.
The U.S. Labor Department said first-time jobless claims decreased 35,000 last week, to 353,000. Economists polled by Bloomberg expected 380,000 claims.
China posts third month of declining industrial profit
Profit of China's industrial companies decreased in June for the third consecutive month, the National Bureau of Statistics said. In the first half of this year, earnings declined 2.2% compared with the same period last year.
Geopolitical/Regulatory
Breaking up big banks isn't the right answer, Dodd says
If the Dodd-Frank Act doesn't fix what's wrong with the U.S. financial system, the solution is to improve the law, not break up big banks, former Sen. Christopher Dodd said. "If the legislation doesn't work and doesn't do the job well, you change it," he said. "This isn't the Ten Commandments."
U.S. charges in Libor scandal reportedly extend past Barclays
Traders from several banks, beyond Barclays, are expected to be charged by U.S. prosecutors amid allegations of manipulation of the London Interbank Offered Rate, a source said. Prosecutors reportedly are giving most attention to executives who supervised the situation, rather than lower-ranking workers who merely were following instructions.
Banking-union plan will be ready in September, Barroso says
European Commission President Jose Manuel Barroso said intensive work is under way on a eurozone banking union, and a proposal should be ready in early September. The European Central Bank would be the primary supervisor, he said.
Peregrine's 20-year fraud signals regulatory incompetence
Despite regular audits, Peregrine Financial Group was able to conceal fraud for 20 years. Problems at MF Global Holdings weren't detected until the firm was on the verge of collapse. The U.S. Commodity Futures Trading Commission, which failed prevent either failure, is the principal regulator for the enormous and risky swaps market.
Financial Products
ProShares launches 2 ETFs focused on Australian dollar
ProShares introduced two leveraged exchange-traded funds offering long and short exposure to the Australian dollar. The ProShares Ultra Australian Dollar ETF delivers 200% of the performance of the Australian dollar against the U.S. dollar. The ProShares Ultra Short Australian Dollar ETF provides 200% of the inverse of the Australian dollar against the U.S. dollar.
Ethics
Madoff trustee seeks approval to release more funds to victims
Irving Picard, the trustee liquidating the business of convicted swindler Bernard Madoff, asked a U.S. judge for permission to release an additional $1.5 billion to $2.4 billion to Madoff's victims. Picard estimated that he has recovered $9.1 billion, but legal disputes prevented him from distributing more than $1.1 billion.
Nomura's plan for global expansion is undercut by scandal
The loss of two key executives caught up in an insider trading scandal could be a major setback for Nomura Holdings. Japan's biggest investment bank had been working to develop a global presence. The departures come when outside investors and many within the firm are expressing dissatisfaction with Nomura's performance.
OUYA Finds A Gaming Buddy In OnLive
The Android-based gaming console OUYA has found a gaming parter in OnLive. OnLive delivers games to a multitude of devices through its cloud-based system and is opening up its library to OUYA's platform. OUYA has proved itself quite the Kickstarter hit (funding so far has piled up to a little over $5.57 million) even as a preproduction concept--in fact it only just released images of what its console will actually look like when it becomes available in 2013 for $99. With its controller and console, OUYA looked poised to take advantage of a whole slew of apps and games made for the Android smartphones and tablets. Access to OnLive's library of on-demand games (from 80 publishers) adds a nice extra selection to that buffet.
Apple Buys Fingerprint Sensor Maker AuthenTec, Which Perfected Tech In Hospitals And Prisons
Apple plans to acquire biometric hardware maker AuthenTec for $356 million, Reuters reports.The Florida company makes semiconductor-based fingerprint scanners that use radio waves to ID living tissue behind whorls of dry, worn, or scabbed skin. (It can also differentiate between a dead digit and alive one.)
Dale Setlack, co-founder and then-CTO of AuthenTec was on our Fast 50 list in 2004. He toldFast Company that it was only through extensive testing of existing fingerprint scanning technology at emergency rooms and prisons that he achieved the breakthrough in his product design:
In August 2011, AuthenTec's fingerprint readers were part of a fingerprint-enabled NFC payment transaction, which the company claims was a first for the U.S.
While Apple may be interested in AuthenTec for its fingerprint scanners and its payment applications, it could also have uses in mind for another piece of AuthenTec hardware called TrueNav. TrueNav, which AuthenTec describes as a "next generation solution for fluid on screen graphic and menu navigation" is a low-power tech that tracks finger movements on a touch screen.
Authentec's clients have included Motorola, Nokia, Lenovo, LG, and others. In mid-July, the company signed a deal with Samsung to provide VPN security for Android smartphones and tablets.
Pebble Inspires Another Smartwatch Kickstarter
Pebble has company. A new smartwatch called Strata has been hoisted onto Kickstarter by its maker, MetaWatch. Strata is compatible with Android and iOS 6 and will launch in September this year if all goes well. (That was Pebble's shipping deadline too, but the company announced this week that it is pushing that back.) It's the latest of MetaWatch's experiments in wrist accessories--earlier models were made while MetaWatch was a part of Fossil. The main reason Strata is getting rolling then is that iOS 6 allows an iPhone to beam text messages over bluetooth to other devices (and potentially the Strata), watchmaker Bill Geiser told The Verge. Pebble's incredible success on Kickstarter influenced MetaWatch's decision to ask the Internet to contribute to Strata's development, Geiser admitted. But while it's true that Pebble's success has served as a model for other smartwatch makers, it was earlier trials by people like Geiser and MetaWatch that got Pebble rolling in the first place.
Motorola Android Phones Banned In Germany For Violating Microsoft IP
Yet another patent battle has ended badly for one side in Germany: A Mannheim court has just banned Motorola's Android phones because they use file protocols that are protected under Microsoft's patents on FAT file storage systems. Microsoft has released a statement praising the decision and noting it has precedent...and that Microsoft will continue to pursue Motorola where it can. Microsoft has been pressing many makers of Android devices to license its technology, instead of going directly after Google itself, which designed the Android OS. As of this year's successful buy-out, Motorola Mobility is now part of Google--with a core value of technology and patents worth over $5 billion.
The Android-based gaming console OUYA has found a gaming parter in OnLive. OnLive delivers games to a multitude of devices through its cloud-based system and is opening up its library to OUYA's platform. OUYA has proved itself quite the Kickstarter hit (funding so far has piled up to a little over $5.57 million) even as a preproduction concept--in fact it only just released images of what its console will actually look like when it becomes available in 2013 for $99. With its controller and console, OUYA looked poised to take advantage of a whole slew of apps and games made for the Android smartphones and tablets. Access to OnLive's library of on-demand games (from 80 publishers) adds a nice extra selection to that buffet.
Apple Buys Fingerprint Sensor Maker AuthenTec, Which Perfected Tech In Hospitals And Prisons
Apple plans to acquire biometric hardware maker AuthenTec for $356 million, Reuters reports.The Florida company makes semiconductor-based fingerprint scanners that use radio waves to ID living tissue behind whorls of dry, worn, or scabbed skin. (It can also differentiate between a dead digit and alive one.)
Dale Setlack, co-founder and then-CTO of AuthenTec was on our Fast 50 list in 2004. He toldFast Company that it was only through extensive testing of existing fingerprint scanning technology at emergency rooms and prisons that he achieved the breakthrough in his product design:
In August 2011, AuthenTec's fingerprint readers were part of a fingerprint-enabled NFC payment transaction, which the company claims was a first for the U.S.
While Apple may be interested in AuthenTec for its fingerprint scanners and its payment applications, it could also have uses in mind for another piece of AuthenTec hardware called TrueNav. TrueNav, which AuthenTec describes as a "next generation solution for fluid on screen graphic and menu navigation" is a low-power tech that tracks finger movements on a touch screen.
Authentec's clients have included Motorola, Nokia, Lenovo, LG, and others. In mid-July, the company signed a deal with Samsung to provide VPN security for Android smartphones and tablets.
Pebble Inspires Another Smartwatch Kickstarter
Pebble has company. A new smartwatch called Strata has been hoisted onto Kickstarter by its maker, MetaWatch. Strata is compatible with Android and iOS 6 and will launch in September this year if all goes well. (That was Pebble's shipping deadline too, but the company announced this week that it is pushing that back.) It's the latest of MetaWatch's experiments in wrist accessories--earlier models were made while MetaWatch was a part of Fossil. The main reason Strata is getting rolling then is that iOS 6 allows an iPhone to beam text messages over bluetooth to other devices (and potentially the Strata), watchmaker Bill Geiser told The Verge. Pebble's incredible success on Kickstarter influenced MetaWatch's decision to ask the Internet to contribute to Strata's development, Geiser admitted. But while it's true that Pebble's success has served as a model for other smartwatch makers, it was earlier trials by people like Geiser and MetaWatch that got Pebble rolling in the first place.
Motorola Android Phones Banned In Germany For Violating Microsoft IP
Yet another patent battle has ended badly for one side in Germany: A Mannheim court has just banned Motorola's Android phones because they use file protocols that are protected under Microsoft's patents on FAT file storage systems. Microsoft has released a statement praising the decision and noting it has precedent...and that Microsoft will continue to pursue Motorola where it can. Microsoft has been pressing many makers of Android devices to license its technology, instead of going directly after Google itself, which designed the Android OS. As of this year's successful buy-out, Motorola Mobility is now part of Google--with a core value of technology and patents worth over $5 billion.
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