world tourism and travel

Agen Bola Tangkas

2009-11-25T15:27:00.000-08:00

Anda suka bermain permainan betting online seperti taruhan bola, togel dan bola tangkas. Pastinya sudah tidak asing lagi dengan yang namanya web betting online seperti shobet, ibcbet,338a, grand628 dan 88Tangkas. Pernah mempunyai masalah dalam bergabung di website tersebut?Pastinya ya, permasalahannya bisanya karena dalam melakukan deposit ke web-web tersebut terutama deposit langsung atau menggunakan kartu kredit, tentunya ini sangat menyusahkan anda tentunya, mau deposit susah? Mau menggunakan kartu kredit takut amblas duitnya, atau di salah gunakan oleh orang lain misalnya?Wah.. bakalan gawat tuh. Bisa-bisa amblas uang anda di sana.

Agenbola.com melayani pembukaan akun di Sbobet.com, Ibcbet.com, 338a.com, Grand628.com, 88Tangkas.com. Bagi anda yang ingin membuka akun di salah satu atau semua web betting online sudah pastinya harus menggunakan jasa agenbola.com tentunya. Karena transaksinya sangat cepat bias dibuktikan, penarikan dana bisa setiap hari, untuk melakukan deposit cukup menggunakan bank dalam negeri mislnya BCA atau Mandiri, dengan minimal deposit 500 ribu sudah pastinya sangat terjangkau bagi anda yang memiliki modal sedikit terutama bagi para pemula yang ingin sekali mencoba peruntungan di permainan ini. Dan tentu saja yang paling penting adalah komisi untuk anda akan diberikan secara penuh kepada anda. Bagaimana? Tertarik dan ingin mencoba, silahkan menuju ke TKP.

Memutuskan hubungan SEX

2009-11-06T08:45:00.000-08:00

Anda ingin segera mengakhiri hubungan dengan pasangan? Memutuskan hubungan terutama bagi Anda yang sudah membinanya selama beberapa tahun memang tidak mudah dan banyak hal yang dipertimbangkan.

Tetapi jika Anda merasa lebih baik hubungan diakhiri karena tidak akan berhasil dan malah menyakiti satu sama lain segera lakukan dan jangan pernah menundanya.

Hal pertama yang harus Anda lakukan adalah menentukan waktu untuk mengatakan putus padanya. Sebetulnya hal tersebut bisa dilakukan kapan saja, tetapi sebaiknya hindari mengatakan putus melalui e-mail, sms, telepon atau saat ia sedang mengendarai mobil. Pilihlah tempat yang membuat Anda bisa bicara serius dengannya.

Kedua, jangan menggunakan kata-kata kasar. Hindari mengeluarkan kata kasar saat Anda memutuskan hubungan dengannya. Bersikaplah dewasa dan usahakan putus secara baik-baik. Jika sikapnya cenderung memojokkan dan memancing emosi langsung pertegas keputusan Anda dan tinggalkan dia. Karena, sikap buruknya tentu malah meyakinkan keputusan Anda.

Ketiga, ungkapkan alasan mendasar mengapa Anda ingin mengakhiri hubungan. Jangan ungkapkan alasan klise seperti "kita tidak cocok", "kamu terlalu baik untukku" atau "aku tidak bisa membahagiakanmu."

Katakan saja hal yang sesungguhnya mengapa Anda ingin mengakhiri hubungan. Jangan berbohong untuk tidak membuatnya sakit hati karena alasan apapun yang Anda gunakan untuk memutuskannya pasti menyakitkan.

Keempat, bersiaplah dengan reaksinya. Respon saat pria emosi akan jauh berbeda dengan kaum wanita. Ia bisa saja marah-marah, memaki, atau bahkan melecehkan. Tetapi ada juga yang menangis dan mengiba agar Anda tidak memutuskan hubungan. Jangan sampai keputusan Anda menjadi goyah karena sikapnya yang bisa saja hanya berpura-pura.

Untuk itu pertimbangkan matang-matang sebelum Anda ingin mengakhiri hubungan. Jika keputusan dibuat dengan pertimbangan yang matang, respon apapun yang dibuat oleh pasangan tidak akan mungkin merubah keputusan Anda.

Autos workshop

2009-11-05T09:58:00.000-08:00

OPEL ZAFIRA 2003 Autos workshop industry and everything about Opel Zafira 2003. Technical data, crankshaft, butt head, camshaft timing, cooling circuit, agent lubrication, overview of components, air ducting, charging, bankrupt system, pneumatically controlled systems, allegation burden control, air alter ascendancy in overrun, ACF system, crankcase breather. I am new to the whole turbo design and function but I wanna go that route.

Today we launched auto-expanding compose boxes in Gmail for iPhone. This makes composing longer messages much easier since you're able to see more of the text you've typed. Just keep typing until you get near the bottom and then the compose box will magically expand by a few lines! As an added bonus, for all those iPhone users out there, auto-expanding compose boxes take away the need to press and hold to scroll with the magnifying glass! Instead, you can flick to scroll, much like you would normally do to scroll up and down a webpage.

Chiemsee Golfclubs

2009-10-11T11:01:00.000-07:00

You those who vacation at Pond Chiemsee well-qualified are four - star hotel offers quarters that keep full facilities including a Golf course. For visitors to minor in a contemporary Golf course here besides hold a Golf Pro instructor and Golfshop spot you encumbrance buy all your needs to playing golf. They polish up secrete a certain space limit. They exercise the techniques and variations to play golf. Some a model striking golf course juice Chiemsee Golfclubs. Founders are Dudok Van Heel bury architect Thomas. Here also licensed is a dazzling panorama of the Alps. If you sojourn impact this bayou something that is pleasant, not only natural beauty but it also means that sport complete. We can forget the moment the burden our minds with the holiday in the Lake chiemsee. You can be a choice for a vacation. You can with the hotel and natural beauty of the place. If you like golf and leisure places that have natural beauty, interesting you should be dating to Chiemsee in Germany.

A matter if we are a convivial vacation to the islands on the Chiemsee plant a 238 ha. This island has a persons of a few. This island has bounteous refined castles among Herrenchiemsee. At the height of 580 m extensive the Golf course network Prien. Hold 1961 created a Golf course notoriety the land of a farmer. This Golf course consists of nine holes for beginners. Here, sharp are hills disguise trees of a wide scale.

Freeshemaletube.com

2009-09-05T08:07:00.000-07:00

Hello readers, you know, in this world, a man of God with a different sexual preferences, and some have a sense of extraordinary. It has created a perfect human being, but there are also deficiencies in humans. And if you're interested in everything related to hardcore and you thought it would be difficult for a place to channel your sexual interest because it can make a very rare not to worry.

Freeshemaletube.com they have a lot of porn videos tranny with interesting players on the tube shemale on shemale . You need to do is enjoy Freeshemaletube.com free and free shemale ass videos visit.

Not only has this, shemale cumshots, and a collection of photos, you can enjoy. And if you need other people with similar interests to share with you? Online chat rooms, complete with a webcam to your needs is very broad, it meets what you expect to visit, this site now and see for yourself.
That you may feel dizzy and confused to come here, you will be satisfied because we offer a great investment.

Caller Complaints

2009-08-29T15:03:00.000-07:00

Unwanted calls are a simple part of having a phone. After all, there are lots of different kinds of unwanted calls, and many are simply unavoidable. But that doesn't mean that all unwanted calls are something you have to put up with. Many kinds of unwanted calls are truly annoying, such as telemarketers and prank callers. Luckily, if there's a phone number that's been the source of several unwanted calls for you, there's something you can do to report a number and hopefully make those calls stop. One great way to start fighting back is to use a caller complaint site.

Caller complaint sites are websites that let users post information about Report Phone Numbers that have been harassing them in various ways. When you log on to a caller complaint site, the first thing you'll notice is that you can search for problem numbers and read other complaints and hints that other users have posted. This means that you may be able to find out enough about your unwanted calls without going any further simply by using some of the information you learn from other people's complaints and comments.

Of course, with a caller complaint site, you can also post your own call complaints. This means that you can weigh in on the phone number that's been bothering you. Odds are that, if you've been bothered by a phone number, then someone else has, too. And by banding together through a caller complaint site, you can start using the power of numbers to start affecting real change. This way, you may soon be able to get unwanted calls to stop.

So if you'd like to complain about a phone number, now you know just how to do that. Not only will you be able to vent your frustrations, but you'll be able to use the power of community to help you fight your battles against unwanted calls.

Dwayne is an old consumer advocate who has way too much time on his hands (the wife says) so he rants to his audience on EzineArticles. He has special interests in the area of caller complaints.

Phones Shop

2009-08-13T11:03:00.000-07:00

This exclusive phone shops uk facilitates us to find what ever phones that we wish to buy and the attractive part is that they offer these phone deliveries right at our door steps. They not only offer us the list of phone shops but also offer us with adequate information regarding the latest technology mobile phones.

The mobile phone shop list in this site includes Link Mobile Shop, Vodafone Mobile Shop, Mobile co UK Shop, Phones4u Online Shop and e2save Mobile Shop. They facilitate us with exclusive reviews in phone shop articles regarding this high quality shops. Vodafone Mobile Shop offers newest mobile phones that enables us to access the net through gadgets. The Link Mobile Shop has a very good selection of more than 270 mobile telephone deals, from SIM free phones to the latest phones.

In addition to that they also offer adequate information about fantastic deals from Mobile Please, one of the finest phone networks in UK. Mobiles2your door offers free next day phone delivery with exclusive gift packs. They also facilitate us by offering incredible mobile phones blog that enables us to choose the right mobile phone and also assists in selecting the best plan that ultimately enables us to meet our lifestyle and requirements as far as phone is concerned. Apart from that they also enable us to find out the best mobile-phone contract that are cheaper.

They are well known for the excellent service they offer to us. They also offer excellent information regarding mobile phones which we must all know to choose the right phone and network. Just log on to their website for more information.

Hot Website Searches

2009-08-12T06:54:00.000-07:00

Did you know that over 80% of website traffic is the result of search engines? If you want to increase the number of visitors to your website it is crucial that you have a top search engine position. As you may already know, getting a good search engine ranking is next to impossible without optimization. Just submitting your website to the Top Website Searches will not get you a top search engine ranking. You also need to properly optimize your website in order to increase your search engine ranking. Once you have achieved a good search engine position only then will you start to see thousands of people visiting your website each and every day.

We find update topic by searching the Hot Website Searches Web on the net. We can find the latest hot search topics and current, most searched news . We can empowered our website by most search keywords, filtering, segmenting and customize search results. For advance users there also Advanced Search option. Finding the trends, compare multiple search terms today's Hot Trends in specific countries. Explore advanced features , clicking on any hot trend is interesting and will updating your blog as well.

Track IP

2009-08-12T04:16:00.000-07:00

Have you ever wondered What's My IP? If so, then you can find out your IP address easily. At Track IP, users can find out not only their IP address, but also find out IP locations, trace email addresses and more. They have the facility to do an IP Search to find out the details of any IP address you enter in the search bar. This makes it easy to make semblance of the intertwined mess that is the web. By providing valuable information and useful tools, even the everyday user will be able to make sense of the internet's structure.

Halloween

2009-08-10T13:46:00.000-07:00

Halloween has been an international celebration on every October 31st. Halloween started as a Celtic festival hundreds years ago, and now many people celebrating it in this modern time. One thing that makes it “a Halloween” is the halloween costumes. There are so many creative ways to get a great costume besides making it yourself, you can also buy it from costume stores. Yesterday I see this Halloween costume online store and I'm quite amazed about their costume collection. I love to browse around their website, seeing many kinds of costume. You can name it, and they can make it for you! From teen Halloween costumes,adult halloween costumes idea even pet Halloween costumes are available there! If many people (especially women) worries about their appearance while using the costume, fear not, because you can still look sexy using the funny kids halloween costumes available to choose from the store.
After looking at this store for quite a time, in my opinion, you can buy not only Halloween costumes, you also can find various kind of famous celebrity costume if you want to act like them in a costume play (or “cosplay”). You can be a police, or Santa, or elf, or anything you want to. They also give you live chat support, various size of costume, costume sizing, and 100% money guarantee. Cosplaying makes me remember when I was a little boy, although it’s not in Halloween time, but I enjoy it. There’s not much occasion in my life to use unique and special costume, pretending to be some superstar by using their costume, so when that time comes and I have that costume, I really want to gather along with my friends having fun together in our costumes. Like an old saying, that you will look great in a great costume :) So you better check the website for a collection of great costumes.

Mass Article Submitter

2009-08-10T13:25:00.000-07:00

This is a complete software tool for Mass Article control review, and other article viewer for more ease of use and high reliable sources. When there is a need for heavy control over the mass article, then there is a need for the development tools like nice software, which deals with all kinds of problems undertaken in the field. When you need the software for such purposes, you can download it from some their web page and get the needed things over there.

If you want some additional tools which supports the software for some extra uses at times. The use of the software is really easy and there is no complexity at any point of the processing. When there is a need for the review of the articles you can view it in their website at different pop-up there available. When you need their services you can register to their services at their website. Of all their services, you can use Mass Article Submitter, which is very useful at times. There is no need for any third party software as it supports all your needs. You can use this service for getting free traffic from some famous search engines like Google, yahoo, and other search engines.

So Get free Ttaffic form Search Engines using this service and get other offers provided by them. When there is a space available for some online storage, you can use this service in the cloud computing too. Yes cloud computing is going to be the next generation for computing and as there is a great technical advancement, upgrading yourself to such advanced technology is also important and it is designed to match the technology present today and for future reference too. So get in their service and take the advantage of the ease in use of their products and service.

Business Loans

2009-08-08T06:40:00.000-07:00

Do you want big money to finance some personal needs? Are you tired of looking for a person to borrow money from? In this current situation where the world is facing a big economic crisis, it will be very difficult to look for someone to lend you money. But if you have a good credit record or you do not yet have a bad credit record then it should not be that hard to find someone to borrow money from. If your reall find a hard time looking for that someone, then you better go to ULServicesOnline. ULServicesOnline could be the answer to your problem. ULServicesOnline is widely known to offer personal loan and unsecured personal loans. They also are offering Startup business loans and business term loans. They also have available line of credit products. Unsecured Loans is perfect if you are planning of a home renovation where you need financial help.

BUSINESS LOANS

2009-08-05T08:41:00.000-07:00

About Loans

2009-07-31T12:00:00.000-07:00

If your credit history is considered poor and you wish to apply for a loan, there are some lenders who will work with you to secure an unsecured loan. However, with an unsecured bad credit loan, the amount you borrow will be low, and the lender will first have to see just how bad your credit is before making a decision on an exact amount.

There are a couple of reasons why it is a good idea to apply for an unsecured loan if your credit is poor. The first is that you can apply for the loan that you need. Second, by making payments on time, your credit score will go up. When your credit score goes up, you become less of a credit risk. In order to apply for a bad credit unsecured loan, you must be 18 years old, be in a job for at least three months and have a good repayment record on your credit ratings for at least six months. The interest rate would depend on how much you borrow and the period you plan to pay it back over.

Bad credit unsecured loans are good for a couple of reasons. First, you have the opportunity to apply for the loan you need. Secondly, by making regular payments on your loan, you begin to repair your credit score proving to any future financial lenders that you are not posing a risk to them. In order to apply for a bad credit unsecured loan, you might be 18 years old, be in a job for at least three months and have a good repayment record on your credit rating for at least six months. The interest rate would depend on how much you borrow and the period you plan to pay it back over.

Unsecured Loans provides detailed information on Unsecured Loans, Unsecured Personal Loans, Bad Credit Unsecured Loans, Bad Credit Personal Unsecured Loans and more.

New National Travel MONITOR Survey reveals shifting accommodation preferences

2009-07-24T09:26:00.000-07:00

The current economic environment is apparently influencing consumers’ interest in certain types of lodging accommodations as revealed in the just-released Ypartnership /Y ankelovich 2009 National Travel MONITOR. Compared to last year, preference for independently operated hotels and resorts is up, while preference for chain-affiliated properties is declining. Leisure travelers are also more likely to cite “value for the price” as a key consideration when selecting lodging accommodations.

Although preference for independent lodging is growing (now cited by 20% of all leisure travelers), it is still important to note that 8 out of 10 leisure travelers prefer chain-affiliated accommodations. This preference has declined significantly from the level recorded last year (84%), however. Also, compared to last year, leisure travelers are more likely to prefer a limited-service hotel or motel without a restaurant (40% versus 34%), and less likely to prefer one that offers full service with a restaurant (60% versus 66%).

via: http://www.traveldailynews.com/

“The growth in preference for independent hotels and resorts appears to be driven by two factors,” said Peter C. Yesawich, chairman and CEO of Ypartnership, the nation’s leading marketing agency serving travel, leisure and entertainment clients. “First, a growing number of consumers appear more interested in the novelty and/or special character many independent operators have scripted into their properties. Second, the quest for better value, now defined in terms of a more attractive price, appears to be motivating many leisure travelers to evaluate independent alternatives.”

The top three factors leisure travelers consider when selecting lodging accommodations are “value for the price,” the “location of the property,” and the “room rate.” While location and room rate were cited by essentially the same percentage of respondents in both 2008 to 2009, “value for the price” increased significantly from 82 percent to 88 percent (82% to 88%). Another apparent contributor to the perception of good value, a complimentary breakfast included with the room rate, jumped from 51 percent to 58 percent (51% to 58%). And it is interesting to note that the influence of a recognizable brand name decreased significantly from 51 percent to 44 percent (51% to 44%).

Chrome truck rims

2009-07-14T13:02:00.000-07:00

One of the things that provide an elegant look for a car tire is carrying. The edges of the trolley of these things are nice and bright chrome around the tire. The various models of the edges can make the vehicle as unique as its owner. If you look around the car tires lit up the racing there. Here you can search the shores of the car. It's really handy because you can take the time to find something you love. This company is also the level of car manufacturing tire. Thus, those on the extreme edges of the tire and the car can improve the quality to make this website. edges in the accessible price, you sell the car Truckrims.com you can also get 10% of the chrome wheels of each check out.

Locate your truck rims for his own car and couldn 't find? You're lucky right now because you 're in the right place to direct you where to get the edge if the car you wanted. Truckrims.com decided that this place is full of edges of the car available just yesterday while browsing online. They actually sell the chrome truck rims the truck rims tires and more equipment. Its most popular favors are made to order wheel, chrome wheels, chrome edges, wheels of a cart, edges of the car, customs borders and edges of the car! So if you want to know more about their product just visit the rest.

Bridal shower favors

2009-07-14T11:18:00.000-07:00

Personalized Wedding favours, favour packing up, and gifts

Review by our collection of popular provisioning of packing and wedding of favour of marriage so that the perfect ideas of favour compliment your part of interlocking, dinner of repetition, dinner of birthday, event of corporation or celebration of holidays. With hundreds of ideas of favour of marriage and part available, you can particularly create a glance of signature which will reflect your clean personality and model, with our personalized favours wedding. Our collection of packing of favour is extended with new and different boxes from favour, bags, and ribbon to make our category of packing one of favour of marriage of best in industry.

The favour is your source for the most single choice of the favours of marriage, of the provisioning of marriage, the ideas of favour of marriage, and of the gifts of wedding. Your guests will appreciate the reception wedding favors, party favors, and bridal shower favors at your marriage, shower or special event. In addition to the traditional favourites like the coloured Italian boxes of favour and the delicious almonds of Jordan, we also offer a great choice of the creative provisioning of marriage like the personalized labels and the printed ribbon of favour. Compliment your marriage or pour the topic with elegan wedding party favors like tea sachets, favor fans, and flower topped favor pots.

WOOD PARTS

2009-07-10T10:45:00.000-07:00

We had seen a number of elegant wood parts corbels from the places we had visited in the Philippines and out of the country. And we must say that we do admire the hotels we have been. we have a high regard for their furniture, the architectural design, the interior design, and the wood works. They have really adorable wood works with detailed designs.

In Florida, Constantine’s Wood Center offers these kinds of wood parts. Not only that, they don’t merely offer supplies, they also offer tools for your woodworking needs. And all of these can be purchased online. As for assistance, they are more than willing to help you understand and pick the perfect wood parts you are looking for.

Their product gallery is classified according to categories whose links are found on the sidebar. If you are looking for a wood veneer and WOOD WORKING PARTS , its link is readily clickable on the left sidebar. The picture, description (including the measurement), and price is included.

Vermont store's blue items make customers see red

2009-02-16T11:19:00.001-08:00

WESTON, Vt. – For 64 years, it's been a mailbox staple, offering home remedies, kitchen wares and long-forgotten brands in hopes of helping consumers solve life's little problems, from spider veins to unwanted nose hair.

But recently, the Vermont Country Store catalog made a surprising addition: sex aids.

The inclusion of an "Intimate Solutions" section selling six-speed vibrators, instructional sex videos, "pleasure gels" and an all-natural "arousal cream" has prompted cancellation notices, irate letters and calls, and a sort of identity crisis for the staid New England brand, which has never been accused of being racy before.

"It's hard to read the customer letters," said Cabot Orton, 39, wincing as he sat in the store Tuesday, talking about the response. His father, Lyman, is the store's proprietor. "It makes me a little ill, really."

The catalog started by Lyman Orton's father as a 12-page mailer in 1945 is now a $100 million-a-year business with retail locations in two Vermont towns. Its stock in trade: "purveyors of the practical & hard to find."

You'll find heavy-duty toenail clippers and Vermont-made suspenders, Lanz of Salzburg nightgowns and pine tar soap, waterproof handbags and Buster Brown socks, all presented with a dose of Yankee sensibility.

Orton, a spry 67-year-old with a country storekeeper's sense of what sells and what doesn't, says the idea of helping older folks keep sexually active was his.

"We never got any letters saying we want this. This was a sense, because our customers are a certain age and sex is below the surface in the world we deal in. I said 'Look, let's see if our customers respond to this.'"

Beginning with last summer's catalog, Vermont Country Store began offering:

• "Fun Over 40: Spice Up Your Love Life With These Professionally Produced DVDs," a set of instructional videos showing middle-aged couples demonstrating how to overcome age-related challenges in bed. Price: $29.95.

• Several kinds of personal massagers, including one that touts: "Explore a New World of Sensual Pleasure for Both of You" with the $89.95 Synergy Pleasure System.

• "Easy to Use Impo Aids," which are rings to aid male performance. Price: $29.95.

"It certainly would seem at odds with their wholesome, good-old-days approach," said George Hague, senior marketing strategist for J. Schmid & Associates, a marketing research companies in Mission, Kan., that works for mail-order houses. "Anytime you stray beyond what is your marketing niche, there's always a concern."

Orton's three sons, who are partners in the business, were leery at the prospect of adding something blue that might make customers see red.

"We thought he was crazy. We thought he was out of his mind," said Cabot Orton.

The customers responded, alright — some with their pens, some with their pocketbooks.

"The intimate massagers are certainly not what will uplift the youth of America but instead will lead them to be perverted pleasure seekers," wrote one customer, asking to be removed from the mailing list. "Please rethink what you are doing."

"I am one of the women who respects her God-given human femininity," wrote another now-former subscriber, in a longhand letter. "These items are offensive to me."

Orton figures he got 600 letters, most of them critical. Some called the offerings "pornographic." Others told Orton his father wouldn't have approved.

"You'd think I suggested that we sell nuclear devices to terrorists," Orton said.

In fact, the "intimate solutions" items have been big sellers, though the company won't give sales data or say which items are moving the fastest.

"It turns out they wanted these products, and they spoke with their wallets," Cabot Orton said.

Yet the family debate about whether it's helping or hurting Vermont Country Store is ongoing, says 36-year-old Eliot Orton.

"We're still wrestling with it," he said.

"The sons should have prevailed," said Steve Enloe, 52, of Pennsville, N.J., who was browsing in the Weston store with his wife, Julia.

"It doesn't fit with the store's image," she said.

SEC, Madoff agree to settle civil fraud case

2009-02-09T10:44:00.001-08:00

WASHINGTON – The Securities and Exchange Commission on Monday announced an agreement with disgraced money manager Bernard Madoff that could eventually force him to pay a civil fine and return money raised from investors.

The partial judgment must be approved by the judge overseeing the Madoff case in federal court in Manhattan.

The civil proceeding is separate from the criminal case against the prominent Wall Street figure, who is accused of bilking $50 billion from investors in what may be the largest Ponzi scheme in history. Madoff was arrested in December after allegedly confessing to his sons that he had stolen from investors for years.

Federal prosecutors have asked a judge to revoke the bail of Madoff, who has been confined to his Manhattan penthouse under house arrest. Madoff, who has not been indicted, is widely expected to eventually enter into a criminal plea deal with prosecutors.

The agreement with the SEC says the agency's civil fraud allegations cannot be contested by Madoff and that possible civil fines and restitution will be decided "at a later time."

The allegations, as laid out in the SEC's civil lawsuit filed on Dec. 11, are that Madoff committed a $50 billion fraud and told his sons his investment business was a sham. Madoff told them he had "absolutely nothing," that "it's all just one big lie," and was "basically, a giant Ponzi scheme," according to the SEC suit.

The fallout from the Madoff affair has been massive and has rocked a Wall Street already churning from the financial crisis. Thousands of victims who lost money investing with Madoff have been identified — including ordinary people and Hollywood celebrities — as well as big hedge funds, international banks and charities in the U.S., Europe and Asia.

The scandal also has brought disgrace to the SEC, which repeatedly ignored credible allegations about Madoff's operations brought to it over the course of decade. Congress and the agency's inspector general are investigating what caused the regulatory failure over Madoff and why SEC inspections of his business failed to detect the improprieties.

Best Green Places

2009-02-06T10:29:00.001-08:00

Country Home magazine, in conjunction with Sperling's BestPlaces, reveals that Burlington, Vermont is the 2007 Best Green Place to live in America.

Burlington is located on the eastern shore of Lake Champlain between the Adirondack and Green Mountains in northwest Vermont and has a population of 40,000. With programs like Burlington Eco Info Project, the community of Burlington, including the residents, businesses and government, values a green lifestyle and makes it a priority.

"We are seeing a real interest, by both our readers and the marketplace, in exploring a green lifestyle," said Editor-in-Chief Carol Sheehan. "We wanted to find out who in America is actually taking action, where they are, and what they are doing."

Best Green Places

The Best Green Places study, which is based on data discovered by Sperling's BestPlaces, examines 24 data metrics in 5 major categories -- including air and watershed quality, mass transit usage, power usage, farmers markets, organic producers, and number of green-certified buildings -- to determine which metro areas are the best places to live a green life. Sperling's BestPlaces ranked the 379 major metropolitan areas, as defined by the U.S. Census Bureau. Over 80 percent of all U.S. residents live in these 379 metro areas.

Data was collected from sources which include the Census Bureau, the U.S. Green Building Council, Department of Transportation, Environmental Protection Agency, U.S. Department of Agriculture, the GreenPeople.org online directory.

Among its unique green attributes, Burlington has developed a compost facility that collects food scraps from restaurants, supermarkets, institutions and food manufacturers, and the yard clippings and leaves from local residents and landscapers. Once finished composting, local farmers, gardeners and landscapers purchase this nutrient rich soil to use.

Over 16 percent of Ithaca residents (or 5,000 people) walk to work -- the highest percentage in the nation. Combine that with bike riders, mass transit users and home office workers and Ithaca has the greenest commuters.

In Corvallis, over 15 percent residents, as well as the city government, purchase renewable energy. Corvallis was the first city on the West Coast to achieve the Green Power Community designation from the U.S. EPA. The achievement was met after the Corvallis City Council passed a resolution encouraging residents to switch to 'green power.'

Springfield's ReStore accepts donations home improvement materials and sells them to the public at low prices in a convenient retail setting. Inventory includes used and salvaged materials and surplus stock from the building industry.

Wentachee is dedicated to teaching young people about alternative energy resources. Each year at the world's only Solar Drag Race, high school and college students, build and race battery-less, sunlight-propelled dragsters for a chance to win scholarships.

The Charlottesville community puts a value on trees, parks, greenspace, streams and biodiversity. In an effort to balance the natural and built environment and practice sustainability, Charlottesville encourages the use of green roofs, rainwater harvesting, porous paving and rain gardens. These concepts are being demonstrated by the city to encourage adoption in parks and public spaces.

Boulder has the country's best organic food supply. The state's largest farmers' market is in Boulder and runs from April to November and is backed by Whole Foods and a network of co-ops and local producers.

In Madison, the Eco-Fruit project, based at the University of Wisconsin-Madison, has both policy and field components that enable Wisconsin fruit growers to reduce pesticide use without sacrificing fruit quality. In the Eco-Fruit project's first two years, growers reduced pesticide risk by 58 percent and increased their reliance on Integrated Pest Management strategies by 13 percent.

Binghamton nonprofit organizations extensively promote healthy and organic eating habits. One volunteer group, Club VEG reaches out to educate the public, health care professionals, and health organizations about the benefits of a plant-based diet.

Renewable Energy Initiative at the University of Illinois at Urbana-Champaign is working to meet the state's renewable portfolio standard which requires that, by 2006, at least 2% of the electricity sold to Illinois customers be generated from renewable resources. The amount of electricity from renewable resources is required to increase at least by 1% annually, reaching at least 8% in 2012 and 16% in 2020.

Best and Worst Cities for Dating

2009-02-06T10:28:00.003-08:00

Hooking that hottie is hard enough without the odds stacked against you, so the city researchers at Sperling's BestPlaces have identified for you "America's Best and Worst Cities for Dating."

The study is based on criteria that includes percentage of singles ages 18-24, population density, and dating venues per capita such as concerts, coffee shops, bars, bowling alleys, etc., and includes 80 metro areas in America. We teamed up with AXE Deodorant Bodyspray, which specializes in the dating game, to find out which city is revered as the D.C. (Dating Capital) of the U.S.

Land of the Longhorn

Yee haw! Austin, Texas, tops the list of best cities to play the dating game. Is the city you call home the place to find that special someone?

Best Cities for Dating

Worst Cities for Dating

Interesting Facts from the Top Ten

"Large cities that everyone associates with socializing, like Los Angeles and Miami, did not rank particularly high, scoring lower in categories like coffee shops per capita and flowers bought as gifts," said Bert Sperling, president of Sperling's BestPlaces.

"But cities like Austin (No. 1), Colorado Springs (No. 2) and Ann Arbor (No. 8) were not a complete surprise - they are heavy-populated college towns and it's easy for young singles to get together."

Austin, TX
Taking home the grand prize, Austin scores relatively high in everything, from frequency of dating partners to the number of establishments to meet people. Austin also has the highest percentage of 18-24-year-olds and knows how to have fun as they spent more money out socializing than any other area. Austin residents also had the highest expenditures on alcohol purchased away from home.
Colorado Springs, CO
Ranks in the 99th percentile for socializing at bars and also scores high in the dining out category
San Diego, CA
Scores high in the diversity index, which rates the likelihood of randomly meeting someone of a different race or ethnicity, and, of course, San Diego is off the charts when it comes to outdoor recreational opportunities
Raleigh Durham, NC
Has a large 18-24-year-old population and a high amount of online daters in the area
Seattle, WA
No surprise here - Seattle has the largest amount of coffee shops (great places for meeting people or gathering to rehash the previous night's activities). It also has the highest percentage of online daters.
Charleston, SC
Ranks second in the amount of lingerie shops per capita (behind Columbia, SC)
Norfolk, VA
Came in near the top due to the exceptional amount of flowers that were brought as gifts for a special someone. Online dating was also high, in the 83rd percentile.
Ann Arbor, MI
Scores in the 98th percentile for percentage of singles and ranks high in the dining out category as well
Springfield, MA
Springfield scores high in many categories, among them are percentage of singles, health clubs per capita and bars per capita in the area
Honolulu, HI
Honolulu ranks first in the diversity index category, which rates the likelihood of randomly meeting someone of a different race or ethnicity, and scores the highest in the dining out category as well. Honolulu has the lowest number of lingerie shops per capita, probably because no one's wearing much clothing to begin with.

Better Luck Next Time

Below are some of the reasons that large cities like Detroit, Atlanta and Houston bottomed out in the study.

18-24 population: Pittsburgh (overall No. 73 ranking) and Detroit (overall No. 77) are among cities with the lowest number of 18-24 year olds
Percentage of Singles: Charlotte, NC, (overall No. 71) is among the cities with the lowest percentage of singles
Latte, Anyone?: Wichita (overall No. 79) and Greensboro (overall No. 75) are among those cities that are home to the least number of coffee shops per capita, leaving few good places for young people to converge and trade stories after a fun night out
Remove Earplugs: Louisville (overall No. 76) scores low in the concert category; apparently the tour buses are not making a habit of stopping and rocking in Louisville
Necklaces and Bracelets and Rings, Oh My: Two of the cities where jewelry is least often bought as a gift are Detroit (overall No. 77) and Minneapolis (overall No. 78)
Ooo la la!: Houston (overall No. 72) is among cities with the least amount of lingerie shops per capita
Behind Bars: Atlanta (overall No. 74) is among the cities with the least amount of hot new bars, leaving young singles looking for places to meet potential hook ups

Reports from the field

"We've received feedback from some of the lowest ranking cities, and it appears our findings are on-track," noted Sperling. "In these cities, there are relatively few young singles and the towns are so spread out, it can be difficult for them to find each other. Some are using this study as a call to action to provide places where people can hang out and get together."

The Wichita Eagle comments about this study, "This survey might be tragically accurate. In the last year, this reporter has received dozens of complaints and pleas for help from singles ranging in age from early 20s to late 60s. Their gripes are all similar. They want to meet someone special but don't know how to do it or where to go. And they certainly don't want to prowl smoky bars waiting to be picked up and/or rejected"

Methodology

AXE, known coast-to-coast for their dating game expertise, came up with the idea of finding "America's Best and Worst Cities for Dating," using 24 distinct criteria including, among others: population density, percentage of singles, frequency of hooking up, dating venues such as coffee shops, bars, and intimate apparel stores and flowers and jewelry bought as gifts.

The study is based on the most currently available figures from the Census Bureau (population characteristics and statistics), Centers for Disease Control and Prevention (frequency of sexual partners), Match.com (online daters), and criteria from leading relationship experts who weighed categories in terms of dating importance.

Best Cities for Seniors

2009-02-06T10:28:00.001-08:00

A new study from Sperling's BestPlaces identifies those places which do the best job of caring for its elderly population. The "Best Cities for Seniors" study examined the state of senior care in the 50 largest metropolitan areas in the United States.

"This is different from the usual studies of retirement living," said Bert Sperling, the study's primary author. "When we first retire, we have the energy for traveling and sightseeing. At some point, we will all need specialized resources and facilities to help us cope with aging. That's what this study examines."

This unique new study, produced in partnership with Bankers Life and Casualty Company, identifies cities that offer the best resources for less active seniors. The study analyzed nearly 50 categories such as various senior living facilities, comprehensive medical care, specialized transportation services, and a significant senior population.

Top Ten Cities for Seniors

Portland, Oregon

The City of Roses has progressive senior health services, garnering top scores for adult day cares, assisted living facilities, and senior meal services. Another particular strength is a transportation system that boasts clean and convenient public transit and excellent special access services.

The emphasis on senior health care seems to make a difference- Portland residents have a long life expectancy and a low incidence of heart disease. One caveat is the gray and gloomy weather- only Seattle has fewer sunny days per year.

Seattle, Washington

The biggest city in the Pacific Northwest has a low violent crime rate and, like Portland, offers excellent health care and transportation services for seniors. Seattle ranks near the top in life expectancy and low incidence of heart disease.

Seattle's only obvious drawbacks are the high cost of living and a lack of sunny days (the fewest among the nation's 50 largest cities). Another unique facet of these top two Northwest cities is an acute lack of religious involvement. Seattle and Portland do offer ample religious facilities, but they also have the lowest percentage of church-going residents in the nation-- so be prepared to sit alone in the pew.

San Francisco, California

"The City by the Bay" garnered the highest scores for public transit and special access services, and also scored well in low rates of heart disease and cancer. San Francisco is also known for its mild climate, though summers by the Bay can be surprisingly cold. Low property crime and a very high concentration of seniors already living there helps to assure that new residents won't feel lonely or unsafe.

Seniors who choose to settle down here should be financially well-off, as San Francisco has the highest housing costs and cost of living of the 50 cities in this study.

Pittsburgh, Pennsylvania

Pittsburgh has a very highest percentage of senior residents in our top ten cities. There is a very strong spiritual community, with a great number of religious congregations and one of the highest percentages of church-going residents. The Steel City's solid transportation system has some of the most comprehensive special access services in the country, and Pittsburgh has a very high number of hospitals per capita. The cost of living is low, and both houses and apartment rentals are affordable, though it falls short in the number of facilities for assisted living and adult day care (think "gray care").

Milwaukee, Wisconsin

Milwaukee scores very well in the health category, thanks to many hospitals per capita and exceptional senior living facilities. It also ranks highly in the transportation category with the shortest commute time in this study and excellent special access services.

Milwaukee also has a healthy and affordable economy and benefits from consistency- the city doesn't score significantly low in any of the major categories.

Philadelphia, Pennsylvania

A high percentage of seniors call Philly home, so new residents won't have any trouble meeting new friends. Philadelphia is second only to New York in the social amenities, thanks to numerous colleges, libraries and museums.

Philadelphia has excellent adult day care and superb assisted and independent living facilities. Property crime is also low. The downside is that it has low scores in health indicators such as life expectancy, heart disease and cancer rates.

New York, New York

New York is sometimes considered by its residents to be the center of the universe, where you can find almost everything you want or need. Unfortunately, there are some drawbacks to living in the center of it all. New York has the lowest geriatric doctor to senior ratio and some of the lowest scores for senior living facilities and services.

A comprehensive (if crowded) public transit system ensures that seniors will be able to get around the city easily. Also, the high cost of living can be a significant burden.

Boston, Massachusetts

As one of the nation's education centers, historical Boston gets high scores for the social category. There's also a low crime rate and a strong spiritual foundation in Beantown.

Boston gets high scores for the availability of specialized senior living facilities, but despite its reputation as a center for health care, it has a low ratio of physicians who specialize in geriatrics. Living in Boston can be expensive, with some of the highest apartment rents in our survey, but this is partially offset by a stable economy and a low unemployment rate.

Cincinnati, Ohio

Cincinnati is number three overall in the senior health care category and ranks first in independent living facilities. With a low cost of living and affordable housing, it's easy on the pocketbook, and it has a surprising number of cultural attractions.

However, Cincinnati has uniformly low scores in the health categories such as life expectancy and cancer rates.

Chicago, Illinois

The Windy City posts average scores for senior living facilities, but falls short in the areas of doctor to senior ratio, poor senior meals services, and health indicators such as life expectancy.

Despite living in the home of the blues, residents here report a low incidence of depression. Also, Chicago has a high percentage of religious attendees, so residents are more likely to find community in their church group.

Bottom Five Cities for Seniors

"Those at the bottom of the list are all great cities, but they don't offer the specific combination of senior services and facilities such as those found among the top cities in our study," said Bert Sperling.

For example, although Miami has some of the study's best scores for life expectancy and cancer rate, it also has some of the lowest scores for senior living facilities. It may be that the majority of Miami's elderly residents (and there are many) have sufficient resources to provide for their own living arrangements, and rely less on commercial facilities.

Methodology

The data categories include health, economy, transportation, housing, social, crime, environment, disease, and spiritual. Each data category was statistically weighted to reflect the needs of the senior population, and the 50 largest U.S. cities received points based on their relation to the other cities' scores in that data category. Categories were suggested by senior living experts from the International Longevity Center, Health and Human Services, and Bankers Life.

This study could not have been done without the assistance of Total Living Choices which provided information about each city's senior living options and resources, and MealCall which supplied information on senior meal programs.

The Ten Best Places to Live

2009-02-06T10:27:00.001-08:00

These ten places are each special in their own way. The only downside may be that it's hard to keep a secret, so most of them have seen considerable increases in home prices over the last couple of years.

Charlottesville, VA

Nestled in the foothills of the Blue Ridge Mountains, most areas of this idyllic city are accessible by foot or bicycle. Charlottesville enjoys clean air and water, and pleasant weather year-round, highlighted by especially beautiful fall foliage. Nearby Shenandoah National Park offers a wealth of recreation opportunities. Charlottesville is home to the University of Virginia, which strengthens the area's healthy economy by providing steady jobs and a wealth of amenities and entertainment. Homes are not cheap (median home price $225,000), but the cost of living is manageable. The city's low unemployment rate and significant recent job growth promise continued prosperity. As more and more people learn about this year's best city, Charlottesville may find staying affordable and sprawl-free is its greatest challenge!

Santa Fe, NM

Home to over 250 art galleries and the new Georgia O'Keeffe Museum, Santa Fe has long been a haven for artists. Perched high in the desert mountains, Santa Fe's air is crisp and clean. Daytime temperatures are mild, though the nights are often cold. The city is surrounded by over 1.5 million acres of national forest, offering excellent hiking, camping, and downhill skiing. Recently, Santa Fe has seen its population skyrocket as the city has become a relocation hotspot for affluent Americans. Despite its recent growth, Santa Fe remains relatively affordable, with a median home price of $365,000.

San Luis Obispo- Atascadero- Paso Robles, CA

This quiet group of towns on the central California coast could easily qualify as paradise. The climate is among the country's most pleasant, with 285 mostly sunny days per year and temperatures rarely above 90 degrees, or below freezing. The presence of academic heavyweight Cal Poly helps anchor the local economy- the unemployment rate is well below the national average. It's fortunate that local jobs are plentiful, since it's too far to commute to Los Angeles or the Bay Area. Considering further its low crime and unemployment rates, the San Luis Obispo area seems to have it all. But home prices here have risen steadily in the last few years, so that the median is now $536,300. While this isn't unreasonable by California standards, it can be out of reach for many of us thinking of moving from other parts of the country.

Santa Barbara-Santa Maria-Lompoc, CA

A few miles north of Los Angeles, Santa Barbara has long been a #1 relocation choice for those who can afford it. This area is famous for lavish estates that carry a price tag in the millions of dollars. Indeed, the median home price for the county is $590,000, and your average house in the city itself is over $1.2 million. No matter how appealing, the Santa Barbara area's cost of living and home prices will prove prohibitive for many Americans. In addition, recent job growth has dipped lately, so it might not be the best place to look for a new job. Nevertheless, for those that are retired or financially secure, the Santa Barbara area remains one of unmatched beauty and comfort.

Honolulu, HI

Everyone knows that Honolulu is a great place to vacation, but what about putting down roots in Hawaii's capital city? After a slow start, home appreciation is taking off like a rocket as well-to-do mainlanders are looking for a place to invest, and enjoy. The laid-back and easy-going attitude of the islands is infectious and helps explain the low violent crime rate. Restaurants, eager to please the international tourist clientele, are excellent and numerous. For the same reason, entertainment options are various and exciting. Even Honolulu's economy is remarkable\x97the unemployment rate is low and recent job growth is well above the national average. There are some downsides to consider. Nearly all consumer items must be shipped from the mainland, and this translates to a high cost of living. Other drawbacks are the high median home price ($550,100) and the possible claustrophobia of living on a small island. But if you don't mind the cost and isolation of living far off the mainland, then Honolulu is a safe and beautiful place to live.

Ann Arbor, MI

The University of Michigan is the foundation of the city's economy, providing stable employment to many residents and keeping the unemployment rate well below the national average. Perhaps it is no coincidence that the residents of Ann Arbor are well educated-- more than 20% have college degrees. Not only are there enough jobs to go around, but they also pay well -- Ann Arbor's per capita income is nearly 25% greater than the national average. The city's value makes it even more attractive-- its median home price is $220,000. Just be prepared for long winters -- the temperature dips below freezing 139 days a year. In addition, political conservatives might want to think twice about Ann Arbor, however, as its residents and city government are vigorously liberal.

Atlanta, GA

Atlanta is the largest city in our Top 10 Best Places to Live, having recently experienced a huge population boom. The crossroads of the South has become especially popular with young people looking for a sunny and exciting urban center that is easy on the checkbook, with its reasonable cost of living. Indeed, the city's affordable homes (median home price $164,100) and robust economy (high per-capita income) make Atlanta an excellent choice for young people concerned with value. The South has a reputation for oppressive heat and humidity, but statistically Atlanta has a warm and pleasant climate. Throw in four pro sports teams, great restaurants, and a diverse arts scene and Atlanta emerges a sizzling city on the move.

Asheville, NC

Asheville is situated at the foot of the Great Smoky Mountains, the highest part of the Appalachian Range. A low cost of living and affordable housing (median home price $202,100) offset the area's low measure of diversity and unremarkable economy. This mountain getaway was settled in the 1850's as a slow-paced health retreat, and it continues to be appealing to both families and retirees. Since the median age of Asheville residents is above the national average, retirees moving here will find themselves happily surrounded by their peers.

Reno, NV

Reno is another one of the Top 10 cities that has recently experienced significant population growth. New residents are attracted by the area's lack of crowding and absence of income tax. Reno boasts ample options for outdoor recreation, including skiing the Sierra Nevada's and exploring Lake Tahoe and its surrounding national forest. The days are sunny and the air is especially clean, but nights are cold and sub-freezing temperatures occur 189 days a year. The crime rate is a bit higher than the national average, but the Reno area is affordable (median home price $292,300), which makes it a smart choice for young people looking to move into a California-like climate on a budget.

Corvallis, OR

Corvallis is home to Oregon State University and hence many young singles. Technology stalwart Hewlett-Packard has a major presence here, which helps explain the city's low unemployment rate and impressive recent job growth. The presence of OSU and HP has created something of an intellectual center-- over 20% of its residents have earned a graduate or professional degree. The fertile Willamette Valley was the destination of 19th-century settlers from the Midwest, and since then has retained a peaceful agrarian feel. Summers are sublime and the winters are mild, if a bit wet. For recreation, the rugged Oregon coast is a 90 minutes to the west, the nearby Cascade range offers great skiing, and Portland is about 100 miles to the North. Considering it's affordability ($194,800 median home price), Corvallis presents an attractive mix of youth, intellectualism, and natural beauty. For a complete profiles of all 331 metropolitan areas, get a copy of "Cities Ranked and Rated." online or at your local bookstore or library. The book also includes maps, climate charts, comparison tables, plus additional profiles of the 45 new fast-growing mini-metro areas and 27 Canadian metro areas.

BofA CEO Lewis buys nearly $1 million more shares

2009-02-06T10:26:00.001-08:00

CHARLOTTE, N.C. (AP) -- In his latest move to show support for his bank, Bank of America Corp. Chief Executive Ken Lewis spent almost a million dollars this week to buy additional shares of his struggling bank.

He also told employees in a memo that the bank's board, "unanimously endorsed our business model, strategic direction and the team," at its regular meeting on Jan. 28.

And Lewis reiterated the strength of his company, saying in an interview with CNBC on Friday that Bank of America would not need additional funding from the federal government and it still believes its acquisition of brokerage Merrill Lynch & Co. was the right thing to do.

"It's been painful ... I am still as convinced as ever that strategically this make sense," Lewis said in the interview.

The moves are Lewis' latest effort to convince employees, investors and the board that he and his management team can lead it out of its current crisis.

Lewis purchased 200,000 shares for $958,340 on Wednesday, according to a filing with the Securities and Exchange Commission on Thursday. It's the second time in recent weeks that Lewis has pumped his own money into the Charlotte, N.C.-based bank. Two weeks ago, he bought 200,000 shares for $1.2 million.

The filing came as the Bank of America's shares rebounded from a 25-year low Thursday afternoon, following other financial stocks higher as reports surfaced that the government may modify accounting rules that have been blamed for contributing to banks' troubles.

Shares of Bank of America rose 14 cents, or 3 percent, to close at $4.84 on Thursday. Earlier in the day, shares had tumbled as much as 20 percent to $3.77 -- a level not seen since 1984.

Bank of America shares rose $1.10, or 22.3 percent, to $5.92 in afternoon trading Friday.

The bank's shares have been pummeled in recent days following the disclosure of the bank's first quarterly loss in 17 years and mounting concerns about its recent Merrill Lynch acquisition. There's also unrelenting concerns that the government's future plans to help prop up banks could hurt shareholders.

Last week, Lewis went before his directors in Charlotte for "the longest board meeting in anyone's memory," he told employees in the memo issued Monday.

"Every member of the management executive team participated, as we discussed in great detail the company's most recent performance and our plans for getting through the recession in a position of strength," he wrote in the memo.

Some analysts said Lewis' job might be on the line, but lead director O. Temple Sloan Jr. later issued a statement of support for the bank's management team.

In the memo, Lewis called the company's performance in January "encouraging." The "extreme dislocations in the capital markets we suffered last quarter seem to have moderated" but "credit costs continue to be a big issue."

He also acknowledged employees are disappointed about cuts to their bonuses. He noted that higher-ranking executives are taking deeper reductions and that neither he nor his top lieutenants are receiving payouts for 2008, according to the memo.

Last month, it was learned that Merrill Lynch, with Bank of America's knowledge, had moved up year-end bonuses for executives so they could be awarded before the acquisition was formalized Jan. 1. The bonuses were given as Bank of America was approaching the government for more money.

Former Merrill Lynch CEO John Thain, who had taken over as head of the combined company's wealth management business, resigned after news of the bonuses broke.

Lewis said during the CNBC interview that "I'm sorry it happened, that's never pleasant to have a situation like that and I wish John the very best."

Thain and Bank of America's chief administrative officer, J. Steele Alphin, have been subpoenaed by New York Attorney General Andrew Cuomo amid an investigation into the timing of the Merrill Lynch bonuses.

On Monday, North Carolina Attorney General Roy Cooper also made a request for documents from Bank of America about the bonuses. The North Carolina Department of Justice issued an "investigative demand" seeking records, including a list of Merrill employees who received bonuses, communications between Merrill and Bank of America executives and details of the bank's federal assistance use.

Bank of America is required to respond by March 4, according to the 11-page demand.

"Public money is at stake," Cooper said in a statement.

Investors have been extremely anxious ahead of President Barack Obama's unveiling next week of a new framework for spending what's left of the $700 billion financial bailout which Congress created last year. Investors fear that the administration's moves could hurt shareholders by diluting the value of their stock.

Bank of America has already received $45 billion in government aid, including a $20 billion injection last month to help it absorb losses from its Merrill Lynch acquisition.

Lewis told CNBC the bank will not need any additional government funds, or change operations based upon the relief funds. Lewis hopes to pay back the $45 billion within three years, he said.

Lewis also added that he does not "feel good" about the $500,000 salary cap imposed by Obama for firms receiving relief funds.

Bank of America spokesman Scott Silvestri declined to comment on the stock price, the likely effect of a new rescue plan or calls for management changes.

Toyota sees first annual net loss since 1950

2009-02-06T10:25:00.001-08:00

TOKYO (AP) -- Toyota forecast its first annual net loss since 1950 on Friday as plunging demand for cars, especially in the U.S., and the strong yen pummeled earnings at the world's No. 1 automaker.

Toyota Motor Corp. reported a 164.7 billion yen ($1.8 billion) loss for the October-December quarter, down sharply from the 458.6 billion yen profit for the same period the previous year. Quarterly sales plunged 28.4 percent to 4.8 trillion yen.

Joining a string of Japanese companies that are now expecting to slide into the red for the year, Toyota said it expects a net loss of 350 billion yen ($3.85 billion) for the fiscal year through March -- a stunning reversal from the record 1.72 trillion yen profit it posted the previous year.

In December, Toyota, maker of the Prius hybrid and Camry sedan, thought it would eke out a small annual net profit, but the outlook has darkened since then, particularly as the U.S. auto market has collapsed.

"Toyota is having serious problems responding," said Yasuaki Iwamoto, analyst with Okasan Securities Co. in Tokyo. "It boasts a full and global lineup of products. But the world's auto demand changed in a flash."

Since the company can't count on global sales picking up next fiscal year, at best it can aim to cut costs to minimize the damage, Iwamoto said.

The last time Toyota had the equivalent of a net loss was in 1950, when it reported just parent results under different accounting standards than it uses now. It has not had a quarterly net loss since it began reporting quarterly numbers in 2002.

Toyota, which last year overtook General Motors Corp. to become the world's best-selling auto company, is shutting down production at its 11 plants in Japan for 14 days during the first three months of this year, and further such suspensions may be needed.

The company announced no further job cuts Friday. It has said it plans to reduce the number of contract workers -- who lack most of the benefits given to regular salaried workers, as well as the tacit guarantee of lifetime employment -- from 8,800 in June last year to 3,000 in March.

The rapid rise of the yen against the dollar, euro and other currencies, which reduces the value of overseas earnings, also hurt results.

Executive Vice President Mitsuo Kinoshita promised Toyota will turn itself around through cost cuts and new products. He said Toyota continues to be committed to developing gas-electric hybrids as a pillar of its growth strategy.

"By taking these measures, we will overcome the current crisis and evolve into a company with a higher level of efficiency and resilience," Kinoshita said.

Last month, the company tapped as incoming president a member of the founding family, Akio Toyoda, an executive vice president who at 52 is considered young by Japanese standards for heading a major corporation.

Toyota officials and analysts say he can help bring employee ranks, group companies and dealerships together during hard times because he has the special charm of a Toyoda.

Just a few hours before the earnings were released, Moody's Investors Service lowered its top credit rating of "Aaa" on Toyota by one notch to "Aa1," citing fears about its profitability.

Toyota's global vehicle sales for the October-December quarter shrank by 443,000 from the same period a year earlier to 1.84 million as sales dropped throughout the world, including North America, Europe, Japan and other Asian nations, it said.

The dramatic contraction in the American vehicle market has been particularly painful. In January, Toyota's U.S. sales dropped 32 percent amid a 37 percent contraction in the overall U.S. market.

Toyota lowered its global vehicle sales forecast for the fiscal year by 220,000 from its December forecast to 7.32 million. It now expects 21 trillion yen in annual sales, down from a record 26.3 trillion yen the previous year.

The company also said its yearly operating loss will balloon to 450 billion yen, worse than its earlier forecast of a 150 billion yen loss. That would be the company's first operating loss in 70 years. Operating income excludes taxes and other items included in net profit, and often gives a picture of a company's core business.

Until the U.S. financial crisis erupted last year, Toyota had been on a roll, boosting profits each year for seven straight years, riding on the success of its fuel-efficient models.

Other big Japanese exporters are suffering, too. Electronics makers Sony Corp. and Panasonic Corp. are both forecasting losses for the fiscal year through March.

Honda Motor Co., Japan's second-biggest automaker, expects to stay in the black for the year through March with a 80 billion yen profit, although that's down 87 percent from a record 600 billion yen the previous year.

Nissan Motor Co., the nation's No. 3 automaker, reports earnings Monday. Smaller automakers Mitsubishi Motors Corp. and Mazda Motor Corp. have already projected losses for the fiscal year.

Toyota shares rose 1.6 percent to 3,050 yen. Toyota announced earnings after trading ended in Tokyo.

Jobless rate 7.6 pct; 598K job cuts most since '74

2009-02-06T10:23:00.000-08:00

WASHINGTON (AP) -- Recession-battered employers eliminated 598,000 jobs in January, the most since the end of 1974, and catapulted the unemployment rate to 7.6 percent. The grim figures were further proof that the nation's job climate is deteriorating at an alarming clip with no end in sight.

The Labor Department's report, released Friday, showed the terrible toll the drawn-out recession is having on workers and companies. It also puts even more pressure on Congress and President Barack Obama's administration to revive the economy through a stimulus package and a revamped financial bailout plan, both of which are nearing completion.

Obama decried as "inexcusable and irresponsible" the delay of his economic recovery legislation in Congress with an estimated 3.6 million Americans losing their jobs since the recession began in December 2007. About half of them have lost jobs in only the past three months.

Obama acknowledged the $900-billion-plus stimulus plan was not perfect and pledged to work with lawmakers to refine the measure, which he called "absolutely necessary."

"These numbers demand action. It is time for Congress to act," Obama said bluntly. "That's 3.6 million Americans who need our help."

The latest net total of job losses was far worse than the 524,000 that economists expected. Job reductions in November and December also were deeper than previously reported.

With cost-cutting employers in no mood to hire, the unemployment rate bolted to 7.6 percent in January, the highest since September 1992. The increase in the jobless rate from 7.2 percent in December also was worse than the 7.5 percent rate economists expected.

Vanishing jobs and evaporating wealth from tanking home values, 401(k)s and other investments have forced consumers to retrench, which has required companies to pull back. It's a vicious cycle where the economy's problems feed on each other, perpetuating a downward spiral.

"Companies are in survival mode and are really cutting to the bone," said economist Ken Mayland, president of ClearView Economics. "They are cutting and cutting hard now out of fear of an uncertain future."

If part-time employees, discouraged workers and others are factored in, the unemployment rate would have been 13.9 percent in January, the highest on record.

But on Wall Street, investors pushed up stock prices on hopes that the miserable jobs report would get Congress to move quickly on the economic revival package. The Dow Jones industrials gained nearly 180 points in afternoon trading and broader stock indicators also rose.

Factories slashed 207,000 jobs in January, the largest one-month drop since October 1982, partly reflecting heavy losses at plants making autos and related parts. Construction companies got rid of 111,000 jobs. Professional and business services chopped 121,000 positions. Retailers eliminated 45,000 jobs. Leisure and hospitality axed 28,000 slots.

Those reductions swamped employment gains in education and health services, as well as in the government.

Employers are slashing payrolls and turning to other ways to cut costs -- including trimming workers' hours, freezing wages or cutting pay -- to cope with shrinking appetites from customers in the U.S. and overseas, who are struggling with their own economic troubles.

The average work week in January stayed at 33.3 hours, matching the record low set in December.

With no place to go, the number of unemployed workers climbed to 11.6 million. In addition, 7.8 million people were working part time -- a category that includes those who would like to work full time but whose hours were cut back, or those who were unable to find full-time work.

For example, more than 200,000 state government employees were expected to stay home without pay Friday in California, which began its first-ever furlough to save money during the ongoing fiscal crisis.

Job hunters also are facing longer searches for work.

The average time it took for an unemployed person to find any job -- full or part time -- rose to 19.8 weeks in January, compared with 17.5 weeks a year ago, underscoring the increasing difficulty the out-of-work are having in finding a new job.

Workers with jobs saw modest wage gains.

Average hourly earnings rose to $18.46 in January, up 0.3 percent from the previous month. Over the year, wages have risen 3.9 percent.

An avalanche of layoffs is slamming the nation from a wide swath of employers.

Caterpillar Inc., Pfizer Inc., Microsoft Corp., Estee Lauder Cos., Time Warner Cable Inc., and Sprint Nextel Corp. are among the companies slicing payrolls. Manufacturers -- especially car makers -- construction companies and retailers have been particularly hard hit by the recession. Talbots Inc., Liz Claiborne Inc., Macy's Inc. and Home Depot Inc. are all cutting jobs. So are Detroit's General Motors Corp. and Ford Motor Co.

For all of 2008, the economy lost a net total of 2.9 million jobs, according to revised figures. That marked the biggest annual loss on record and was worse than the 2.6 million initially estimated last month.

Americans cut back sharply on spending at the end of last year, thrusting the economy into its worst backslide in a quarter-century. The tailspin could well accelerate in the current January-March quarter to a rate of 5 percent or more as the recession drags on into a second year, and consumers and businesses burrow deeper.

Many economists predict the current quarter -- in terms of lost economic growth -- will be the worst of the recession.

With fallout from the housing, credit and financial crises -- the worst since the 1930s -- ripping through the economy, analysts predict 3 million or more jobs will vanish this year even if lawmakers quickly approve Obama's stimulus plan.

Obama has repeatedly pressed Congress to swiftly enact a package of increased government spending, including big public works projects and tax cuts, to revive the economy and create jobs. He says his plan will save or create more than 3 million jobs in the next two years.

But the recession has proven stubborn. Despite record low interest rates ordered by the Federal Reserve and a raft of radical programs, including a $700 billion financial bailout, consumers and businesses face high hurdles to borrow money. Foreclosures are skyrocketing, home prices are sinking and Wall Street remains on edge.

Wall Street shrugs off January job losses of 598K

2009-02-06T10:21:00.000-08:00

All the major indexes rose more than 2 percent, including the Dow Jones industrial average, which rose nearly 200 points.

Investors are awaiting a Senate vote expected late Friday on its version of an economic stimulus plan that would include a mix of spending and tax cuts. The Senate plan stands at $937 billion; the House already passed a similar version.

Financial stocks led the market higher as investors also awaited the government's latest revisions to its lifeline for banks. Treasury Secretary Timothy Geithner and other top officials are close to finishing a plan to overhaul the government's $700 billion financial rescue fund. Geithner is expected to announce the changes in a speech on Monday.

Some investors had been worried that the changes would involve nationalizing many banks and, in the process, wiping out shareholders. Many investors are hoping the plan will relax rules requiring businesses to assign a value to all of their assets each quarter. Advocates say altering the rule even temporarily could make it easier for banks to lend without worrying about depleting their cash reserves.

Investors focusing on the government's plans were unfazed by a terrible employment reading. The Labor Department said U.S. employers slashed 598,000 jobs in January, the most since late 1974. The unemployment rate rose to 7.6 percent, the highest since late 1992.

But investors have been bracing for the wave of layoffs to hit the economy and are now looking for the response from the Obama administration and lawmakers.

"All focus right now is now is really on Washington," said Dan Cook, senior market analyst at IG Markets in Chicago. He said the investors are hoping the unemployment report is bad enough that it goads lawmakers into swift action on the stimulus plan. "It's the hope that the Senate will act and get this approved."

Stocks have been getting a lift at times this week on expectations the plan will pass, analysts say.

Scott Fullman, director of derivatives investment strategy for WJB Capital Group in New York, said investors now are wondering "will government stimulus stop this virus that's spreading throughout the country?"

In late morning trading, the Dow industrials rose 194.74, or 2.42 percent, to 8,257.81.

Broader stock indicators also rose. The Standard & Poor's 500 index rose 18.14, or 2.14 percent, to 863.99, and the Nasdaq composite index rose 34.16, or 2.21 percent, to 1,580.40.

The Russell 2000 index of smaller companies rose 8.38, or 1.84 percent, to 463.46.

Advancing issues outnumbered decliners by about 4 to 1 on the New York Stock Exchange, where volume came to 479.9 million shares.

On Thursday, the major indexes soared more than 1 percent as Wall Street shrugged off troubling economic reports and bargain-hunted among battered retail and technology stocks.

Bond prices were mixed Friday. The yield on the benchmark 10-year Treasury note, which moves opposite its price, rose to 2.96 percent from 2.92 percent late Thursday. The yield on the three-month T-bill, considered one of the safest investments, rose to 0.28 percent from 0.26 percent.

The dollar was mostly higher against other major currencies. Gold prices fell.

Light, sweet crude fell $1.76 to $39.41 a barrel on the New York Mercantile Exchange.

Financial stocks rose as investors placed bets on more aid from the government. Bank of America Corp. jumped 99 cents, or 21 percent, to $5.82, while JPMorgan Chase & Co. rose $1.80, or 7.4 percent, to $26.34. Smaller banks also jumped. Fifth Third Bancorp rose 65 cents, or 40 percent, to $2.29. State Street Corp. advanced $3.76, or 14 percent, to $31.30.

In corporate news, Toyota Motor Corp., the world's largest automaker, posted a loss for the fiscal third quarter and said it now expects not only a full-year operating loss, but a full-year net loss -- which would be its first since 1950. Toyota rose 59 cents to $69.40.

Overseas, Japan's Nikkei stock average rose 1.60 percent. In afternoon trading, Britain's FTSE 100 rose 1.27 percent, Germany's DAX index rose 2.91 percent, and France's CAC-40 rose 1.36 percent.

New York Stock Exchange: http://www.nyse.com

Nasdaq Stock Market: http://www.nasdaq.com

Laundry bag Gift

2009-01-24T08:57:00.000-08:00

If you seek a marvellous place to buy the marvellous gifts? Seek some astonishing things of recreation to be bought? Then the lane of Posy is the site for you. They also have the majority of the astonishing things of recreation for your children. Towel wrap, l aundry bag, pre-school plaits of nap of nap mat of kindergarten are available in this site. They will like certainly the things in the Web site of lane of Posy. You could be confronted with hard work to find the good place for things of purchase for your children. You put 't must think all longer, because the lane of Posy is here for you. It with the most marvellous substance for your children; they will surely like you for the things that you buy for them lane of Posy. The site of lane of Posy provides you the majority of substance of recreation which you gained 'lucky find of T where differently. These articles are also at low prices; they will not wound certainly your small pocket much.

Stock Market Santa Rally Could Correct this Week

2008-12-07T09:04:00.000-08:00

Markets pulled their socks up last week, with global equities putting some distance between the November lows and Friday's close. The FTSE 100 enjoyed a 13 percent weekly gain, while the Dow, S&P500 and Nasdaq are up 17.1 percent, 19.9 percent and 18.3 percent from the November lows respectively. The week started well with traders liking what they saw in the massive bailout of Citi group. The US government effectively moved to guarantee $306bn of bad loans. This, coupled with an allowed dividend of 1 cent per quarter (tiny, but more than many expected), was good news for investors, if not the US taxpayer. Investors also cheered the decision by the US government to buy mortgage backed securities from the state operated Fannie Mae and Freddie Mac. Rumours are also spreading of a plan for a huge pension bailout for S&P 500 companies. Whether this proves to be the case or not, the whispers added to the strong buying seen last week.

Despite the recent sell off in crude prices, energy companies still maintain a heavy weighting in most stock indices. Last week's crude rally certainly helped rather than hindered the performance of equities last week. Light crude found support at $50 and rallied to close the week at $54.43. It is hoped that the announced Chinese interest rate cut will restart the Chinese economy, which was the biggest driver of the oil boom in recent years.

As always, the first week of the month is a busy one on the economic data front. The coming week kicks off with US and UK manufacturing figures, followed by Fed chairman Ben Bernanke speaking in the evening. Thursday sees the MPC release the official bank rate. Last month they shocked everyone by slashing rates down to 3 percent, and there is likely to be further cuts this week. Analysts are currently predicting a cut of between 50 and 100 base points down to 2.5 or 2 percent. The ECB is also expected to cut rates by at least 50 base points, down to 2.75 percent. Friday brings the all important US Non Farm Payroll figures. Analysts are expecting a drop, but downward revisions to previous announcements could also be an important factor.

Last week's rally is all the more impressive because it came in the face of yet more dire economic data. This in itself is an encouraging sign, as markets could have easily taken last week's US durable goods figures and PMI numbers as a cue to sell off significantly. With US markets closed for Thanksgiving, and many traders enjoying an extended holiday, European equities enjoyed some relatively quiet sessions. In fact, on some days last week the FTSE 100 traded within its tightest range since the end of September. Credit markets are continuing to unfreeze, and the VIX Volatility index closed below its 50 period moving average for the first time since the start of September. Implied volatility levels remain high, but at least there are signs of calm creeping into equity markets.

The recent tragic events in India failed to have too much of an impact of equities, with most European stocks moving little in either direction as the crisis broke. It is worth noting the muted reaction in gold prices at this time. Gold is traditionally seen as a safe haven in troubled times, yet despite the traumatic events in India, gold barely moved at all over the period of the crisis. With the implied risk of world governments defaulting on their bonds increasing, one would also have expected gold prices to increase, as investors seek out safe havens for their assets. There are many factors affecting the price of gold, not least the strength of the dollar, but perhaps last week's lack of reaction is another indicator that volatility is set to decrease further as we approach the last month of a tumultuous year. Just last week, 2008 was set to be the worst year on record for many markets. Although this year will undoubtedly go down in the history books no matter what happens from here, there is a chance that it won't end as it began.

Although last week's rally was impressive, and there are tangible signs of a volatility decreasing, it is highly unlikely that it will be plain sailing from here. We're still in bear market territory, so pullbacks after rallies such as we saw last week are quite likely. In the short term, the market could pull back next week, December stands a good chance of finishing higher as a whole.

A double touch returns a profit, if both a higher and lower target are hit within the timeframe. Place a double touch on the S&P500 at BetOnMarkets , predicting that it will touch 880 and 950 in the next 29 days, could return 192 percent.

The Unsolicited Offer to Buy Your Company -What Should You Do

2008-12-07T09:01:00.000-08:00

When a company approaches you and broaches the subject of acquiring your company, it is very difficult to suppress those feelings of riches beyond your wildest dreams. Your thoughts start to move from the twelve hour work days, personnel issues, keeping your clients happy, and drift toward the tropical island with the grass hut, the perfect climate, the umbrella drinks, and the abundant leisure time. Snap out of it! Put that Champaign away and get back to reality.

We had been engaged by a client to sell her business recently and while we were in the planning meeting, the assistant walked in with a letter from a larger industry player expressing an interest in buying her company. She was feeling pretty special until we uncovered that this same letter was sent out to 50 other companies. Buyers are looking to buy at a discount if possible. The way they do that is similar to the approach that many of those get rich quick real estate programs recommend. Go out to 50 sellers and make a low-ball offer and one of them may bite. These buyers are way better informed about the value of a company than 90% of the business owners they approach.

The odds of a deal closing in this unsolicited approach are pretty slim. In the real estate example, the home owner is not hurt by one of these approaches, because they have a good idea of the value of their home. The price offer comes in immediately and they recognize it as a low ball and send the buyer packing. For the business owner, however, valuations are not that simple. This is the start of the death spiral. I don't want to sound overly dramatic, but this rarely has a happy ending. These supposed buyers will not give you a price offer. They drain your time, resources, your focus on running your business and, your company 's performance. They want to buy your business as the only bidder and get a big discount. They will kick your tires, kick your tires, and kick your tires some more.

If they finally get to an offer after months of this resource drain, it is woefully short of expectations, to the surprise or chagrin of the owner. The owner became intoxicated with their vision of riches and took their eye off the ball of running their business.

How should you handle this situation so you do not have this outcome? We suggest that you do not let an outside force determine your selling timeframe. However, we recognize that everything is for sale at the right price. That is the right starting point. Get the buyer to sign a confidentiality agreement. Provide income statement, balance sheet and your yearly budget and forecast. Determine what is that number that you would accept as your purchase price and present that to the buyer. You may put it like this, " We really were not considering selling our company, but if you want us to consider going through the due diligence process, we will need an offer of $6.5 million. If you are not prepared to give us a LOI at that level, we are not going to entertain further discussions."

A second approach would be to ask for that number and if they were willing to agree, then you would agree to begin the due diligence process. If they were not, then you were going to engage your merger and acquisition advisor and they would be welcome to participate in the process with the other buyers that were brought into the process.

A major mistake business owners make in this situation is to focus their time and attention on selling the business as opposed to running the business. This occurs in large publicly traded companies with deep management teams as well as in private companies where management is largely in the hands of a single individual. Many large companies that are in the throws of being acquired are guilty of losing focus on the day-to-day operations. In case after case these businesses suffer a significant competitive downturn. If the acquisition does not materialize, their business has suffered significant erosion in value.

For a privately held business the impact is even more acute. There simply is not enough time for the owner to wear the many hats of operating his business while embarking on a full-time job of selling his business. Going through an extended process with a buyer who only wanted to buy at a bargain can damage the small company. If you are not for sale, you must control the process. Why would you go through the incredible resource drain before you knew if the offer would be acceptable? Get a qualified letter of intent on the front end or send this buyer packing.

FDIC working to bolster fund for more bank failures

2008-10-06T23:31:00.000-07:00

By Karey Wutkowski

WASHINGTON (Reuters) - Banking regulators are working aggressively to implement higher deposit insurance limits and to ensure that there will be sufficient reserves to cover losses from more bank failures, the chairman of the Federal Deposit Insurance Corp said on Monday.

"We're working hard to assure that our industry-funded reserves will be sufficient to cover projected losses from more bank failures," Sheila Bair said in remarks to a business economics conference. "The fund has decreased as a result of recent bank failures."

Bair said legislation passed last week that raised the deposit insurance limit to $250,000 per account from $100,000 "does not solve all of the problems in the industry" but will give depositors critically important confidence in the safety of their money.

The temporary increase in deposit insurance was part of a $700 billion government plan to purchase soured mortgage-backed assets and unfreeze credit markets.

Regulators will carefully watch for any risks associated with raising the deposit insurance limits, especially if the guarantee encourages banks to engage in more risky lending, Bair said.

Bair also said the FDIC will on Tuesday consider an increase in insurance premiums that banks must pay, bolstering the deposit insurance fund which stands at some $45 billion.

The premium proposal shifts a greater share of any increase to banks that engage in more risky practices, such as accepting short-term "broker deposits."

Bair reiterated that the deposit insurance guarantee is absolute and that the FDIC has authority to borrow from the U.S. Treasury Department if it needs to.

She also laid out principles to guide mortgage finance reform. She said consumers must be protected from loans that are not affordable or too complex. Further, she said financial institutions need to restrain their leverage and not seek higher returns without proper regard for the associated risks.

Bair said the incentive structure needs to be revised so that mortgage originators and underwriters are not rewarded for actions that don't serve the long-term interests of borrowers and investors.

Lastly, she said banks need to not take liquidity for granted.

"At the end of the day, liquidity is only as stable as our institutional practices, and the public's confidence in those practices," Bair said.

She said tougher regulation is "absolutely needed" to enact these principles. "We especially need to plug the gaps that allowed regulatory arbitrage, which is one of the root causes of the explosion in subprime lending that triggered the housing meltdown," she said.

But she stressed that the financial system does not necessarily need more regulation, just smarter regulation.

(Reporting by Karey Wutkowski, editing by Brad Dorfman)

SOURCE : YAHOO NEWS

Bush says rescue plan will take some time to work

2008-10-06T23:29:00.000-07:00

By JENNIFER LOVEN, Associated Press

CINCINNATI - As Wall Street reeled and global markets plunged, President Bush on Monday said the U.S. economy is going to be "just fine" in the long run. But he cautioned that the massive rescue plan will take time to work.

On another jittery day in the financial markets, the president made two rounds of unscheduled comments on the economy — first after meeting with small-business owners in San Antonio, and then at the top of a speech in Cincinnati about judicial nominees.

In both cases, he defended the $700 billion economic bailout plan as one that won't just help Wall Street, but everyday workers and businesses, too.

"I believe that in the long run, this economy is going to be just fine," Bush said. In the short term, he said the Treasury Department must go about enacting its plan to buy up troubled assets from financial firms so that credit will start flowing again to consumers.

Recognizing the scope of the government's intervention, Bush to reassure his audiences that taxpayer money will not be wasted.

The president added that the country has been through rough times before, and "we're going to come through just fine."

Earlier, in Texas, Bush emphasized that the program must be effectively designed and not rushed into action.

"It's going to take awhile to restore confidence in the financial system," he said. "But one thing people can be certain of is that the bill I signed is a big step toward solving this problem."

Bush signed the bill into law after Congress approved it last week.

On Monday, the Dow fell as much as 800 points at one point.

The catalyst for the selling was the growing realization that the Bush administration's $700 billion rescue plan and steps taken by other governments won't work quickly to unfreeze the credit markets. Global banks, hobbled by wrong-way bets on mortgage securities, remain starved for cash as credit has dried up.

The president, after a weekend at his ranch in Crawford, Texas, met with small business owners at an old-fashioned soda shop in San Antonio. He said he understands why so many people are frustrated about why they were suddenly "helping Wall Street."

"The answer is because had we not done anything, people like the folks behind me would be a lot worse off," Bush said as the business owners stood with him. "We'll make sure, as time goes on, this doesn't happen again."

Bush's comments came as his top economic advisers pledged to work with their counterparts around the world to restore confidence and stability to financial markets roiled by tight credit and worries about a global economic slowdown.

To that end, the administration was expected to announce shortly that it had tapped a 35-year-old former Goldman Sachs executive, Neel Kashkari, to head the government's rescue effort on an interim basis, according to an official who asked not to be named.

SOURCE : YAHOO NEWS

Paulson turns to Goldman to unclog credit markets

2008-10-06T23:26:00.000-07:00

By MARTIN CRUTSINGER and CHRISTOPHER S. RUGABER, Associated Press

WASHINGTON - Treasury Secretary Henry Paulson turned to a familiar source when he picked a director for the government's $700 billion bailout program: his former Wall Street firm, Goldman Sachs.

Neel Kashkari, a former Goldman executive who has worked with Paulson at the department since July 2006, was chosen Monday as the interim head of the government's unprecedented effort to unclog the credit markets.

Kashkari, who was a vice president in Goldman's San Francisco office before joining the department, is one of four former executives from the firm now working feverishly to resolve the financial crisis.

Paulson also leans heavily on former Goldman Sachs executives Dan Jester and Ken Wilson, both financial institutions bankers, and Steve Shafran, who focused on corporate restructuring while at Goldman.

Shafran joined the department in February 2008, while Paulson brought Jester and Wilson on board in July and August, respectively, as the credit crisis worsened.

All four are members of a domestic finance team at Treasury that has worked nearly nonstop on the crisis for months.

Other members of the team without a Goldman background are: Anthony Ryan, the assistant secretary for financial markets; David Nason, assistant secretary for financial institutions; and Bob Hoyt, Treasury's general counsel.

Not everyone shares Paulson's enthusiasm for Goldman Sachs.

Robert A. Eisenbeis, a former director of research at the Federal Reserve Bank of Atlanta, said Paulson should have chosen someone more familiar with the government's response to the savings and loan crisis of the late 1980s and 1990s, when the Resolution Trust Corp., was created to dispose of billions of dollars of assets from bankrupt savings and loans.

"The kind of people that you need are the ones who were associated with RTC and had experience dealing with these large volumes of assets," Eisenbeis said. "Working at Goldman Sachs doesn't qualify you for doing this job."

But Steve Adamske, a spokesman for Massachusetts Rep. Barney Frank, the Democratic chairman of the House Financial Services Committee, said Kashkari is "very knowledgeable and very smart."

The department didn't have time to engage in a "months-long search," Adamske said, and Kashkari's appointment is "consistent with the urgency with which they said we had to move."

Officials said that Paulson was particularly impressed with Kashkari's critical help in the creation of the HOPE Now program, an October 2007 Treasury initiative to cajole private mortgage companies into stemming a tidal wave of foreclosures by getting faltering borrowers into more-affordable mortgages.

The program has been criticized for offering too little in terms of assistance, but the Bush administration points to it with pride as an example of a successful effort to harness private sector forces to deal with the steepest slump in housing in decades.

Kashkari (pronounced KASH-kar-ee), 35 years old, has had a varied career since getting his bachelor's degree and master's degree in engineering from the University of Illinois at Urbana-Champaign, following in the footsteps of his father, also an engineer.

Kashkari worked in research and development for TRW Inc., which is now part of defense contractor Northrop Grumman Corp., developing technology for NASA space science missions such as the James Webb Space Telescope, the replacement program for the Hubble telescope.

Kashkari decided to switch from rockets to finance, returning to college where he got a master's degree in business administration from the Wharton School, the business school of the University of Pennsylvania. He then joined Goldman Sachs Group Inc. in San Francisco, where he headed up Goldman's information technology security investment banking practice.

At Treasury, Kashkari has been given a string of key tasks from helping to get Hope Now launched to helping to draft the legislation that Congress passed last week creating the $700 billion rescue effort.

Scott Talbott, a lobbyist for the Financial Services Roundtable, a group of 100 large companies, said Kashkari will have his work cut out for him.

"He's got the health of the housing market and the economy on his shoulders," he said. "But he's got a $700 billion checkbook too."

Kashkari will keep his current title as assistant Treasury secretary for international affairs, but will head up the newly created Office of Financial Stability on an interim basis.

The designation of Kashkari as the interim head of the new office was necessary because the permanent head of the office, which is a presidential appointee, must be confirmed by the Senate, currently in recess ahead of the November elections.

It is quite possible that Kashkari may never get the job on a permanent basis since the Senate, now controlled by Democrats, will probably leave an interim head in place so that the next president, either Barack Obama or John McCain, can choose a permanent replacement. Paulson has already announced that regardless of who wins the election, he plans to step down as Treasury secretary on Jan. 20 when the next president is sworn into office.

The selection of Kashkari was one of a number of steps the administration took Monday in an effort to demonstrate it is moving quickly to implement the bailout program.

It issued interim guidelines for the choice of the expected five to 10 asset management firms who will set up a process to buy up to $700 billion of distressed mortgages and mortgage-related assets from financial firms. The hope is that by removing the toxic assets from the firms' books it will encouraged banks and other financial institutions to resume more normal lending operations.

Emphasizing speed, the Treasury Department posted on its Web site the specifications companies will have to meet to apply for the asset jobs and asked interested companies to submit applications by 5 p.m. EDT Wednesday. Even with this fast approach, it is not expected that the first asset sales will occur until after the Nov. 4 presidential election.

Treasury also announced that it was expanding its debt auctions in order to obtain the resources to make the upcoming asset purchases, announcing the sale of $100 billion in short-term debt just this week.

In addition, the President's Working Group on Financial Markets, which includes Paulson and Federal Reserve Chairman Ben Bernanke, said in a statement released Monday before markets opened that it would move "with substantial force on a number of fronts" to implement the expanded authorities granted to the government when Congress passed the emergency rescue package last Friday.

The Fed also took a number of moves Monday to bolster its resources to supply emergency loans to the financial system.

Investors initially were not reassured. Stocks tumbled with the Dow Jones industrial average falling at one point by as much as 800 points, a record, before recovering to close down by 370 points.

SOURCE : YAHOO NEWS

Battered financial industry faces more oversight

2008-10-06T23:24:00.000-07:00

By CHRISTOPHER S. RUGABER, AP Business

WASHINGTON - With the passage of the $700 billion rescue package, the financial industry will face greater congressional scrutiny in coming weeks and months.

Further-reaching regulation is almost certain. Previously obscure corners of the industry now subject to few rules, such as complex derivatives and hedge funds, could face federal supervision for the first time.

Meanwhile, heavily regulated sectors, such as banking and insurance, are likely to face greater oversight. Even some financial industry groups support federal oversight for the insurance industry, which is now regulated only at the state level.

"Clearly, next year we will have more regulation," said Scott Talbott, a lobbyist for the Financial Services Roundtable, a group of the 100 biggest companies in the industry.

Having passed the bailout bill, Congress is now shifting its attention to its next steps.

"Passing this legislation is only the beginning of our work," said House Speaker Nancy Pelosi, D-Calif., just before the House approved the package.

Rep. Barney Frank, D-Mass., the Financial Services Committee chairman, said next year Congress will seek to overhaul housing policy and financial regulation in a legislative effort he likened to the New Deal.

"We were the EMTs rushing to the rescue of an economy that suddenly found itself choking, but now we have to perform more serious reform," Frank said.

The bailout bill, approved by the Senate Wednesday, provides $700 billion to buy bad assets from banks and other institutions to shore up the financial industry.

Hearings that begin Monday will examine the failures of current regulations. The House Oversight and Government Reform Committee, chaired by Rep. Henry Waxman, D-Calif., will hold two hearings on the causes and effects of Lehman Brothers' bankruptcy and on the $85 billion bailout of the giant insurer American International Group Inc.

The committee will hold three more hearings this month on hedge funds, credit rating agencies and the role of regulators in the run-up to the crisis.

Former Federal Reserve chairman Alan Greenspan has been invited to testify at the third hearing, the committee said.

Meanwhile, the House Agriculture Committee, which has some oversight of commodities and futures trading, plans to hold a hearing this month on a class of derivatives known as credit default swaps. AIG held huge amounts of credit default swaps, which act as insurance against bond defaults. The prospect that AIG wouldn't be able to pay out the swaps was a major reason the government took over the company.

Hedge funds, which invest huge pools of money for wealthy investors and pension funds, are part of what some analysts call the "shadow banking" system that also included investment banks such as Lehman.

The "shadow" system provided the capital for many subprime mortgage brokers by buying huge amounts of mortgage-backed securities and creating demand for more mortgage loans.

Credit rating agencies such as Moody's Investors Service, Standard & Poor's and Fitch Ratings have been criticized for slapping their top ratings on complex mortgage-related securities that few investors are now willing to buy.

The battle lines are already emerging for next year's fight. Industry lobbyists will push to consolidate the numerous financial regulatory agencies, similar to a proposal outlined by Treasury Secretary Henry Paulson earlier this year. To prevent future meltdowns, they want the Federal Reserve to focus on "systemic risk," or the risk that individual banks pose to the larger financial system. Currently, regulators focus too much on individual banks in isolation, Talbott said.

Business groups also will push to loosen accounting standards that they blame for deepening the current crisis.

Some consumer groups, meanwhile, argue that structural changes to the financial regulatory system aren't as important as having regulators enforce existing rules more strictly.

If regulators had cracked down on abusive lending practices in the mortgage industry several years ago, much of the current meltdown could have been avoided, said Travis Plunkett, legislative director for the Consumer Federation of America.

"It was a failure of will on the part of existing agencies to use their existing authority that triggered this crisis," Plunkett said.

For example, only this summer did the Federal Reserve issue rules that barred lenders from making loans to risky borrowers without proof of the borrower's income, long after "the horse was out of the barn," he said.

Looking ahead, Plunkett said Congress should allow individual mortgages to be adjusted by judges in bankruptcy courts, a proposal opposed by the financial industry.

Consumer groups sought to include such a provision in the bailout bill but failed.

In addition, many regulatory agencies, such as the Office of Thrift Supervision, receive some of their funding from fees assessed on the companies they regulate, Plunkett said.

"That's a conflict of interest we need to reduce or eliminate," he said.

Congress will also have to figure out the future of Fannie Mae and Freddie Mac, the mortgage giants taken over by the government last month after sustaining huge losses.

There's a broad consensus that the two companies' hybrid structure as government-backed entities and for-profit private companies put them in the difficult spot of serving two conflicting goals: provide financial support for the housing market while also maximizing shareholder profit.

The two companies could end up as much smaller federal agencies, or they could be fully privatized, among other options.

How the push for new regulations will play out depends, in part, on whether Republican presidential nominee Sen. John McCain or Democratic nominee Sen. Barack Obama wins the White House.

But no matter who is president, the next set of officials at financial agencies such as the Office of Thrift Supervision, the Federal Deposit Insurance Corp. and the Securities and Exchange Commission will likely be much tougher.

"In the future, I think we'll see fewer political hacks and industry mouthpieces and more competent regulators," said Howard Glaser, an industry consultant who has worked for Fannie Mae and Freddie Mac.

SOURCE : YAHOO NEWS

Privacy Policy

2008-10-06T23:20:00.001-07:00

http://pialang-bisnis.blogspot.com/ will respect the confidentiality of the information relating to its individual users and visitors and the laws governing the privacy of news information that apply in the country and state where the Web site is located. Information identifying a user will not be disclosed by http://pialang-bisnis.blogspot.com/ staff to anyone unless specifically authorized by that individual. Your email address and personal details are never passed on, or sold to 3rd parties - they are used only to supply the services requested and for statistical analysis.

In order for http://pialang-bisnis.blogspot.com/ to count visitor numbers, a unique "cookie" may be placed on your browser. We also track IP addresses for the purposes of attaining demographic data. This data is used by us for statistical purposes and for content geo targeting only.

Third Party Advertising

We use Google and other third-party advertising companies to serve ads when you visit our blog. These companies may use information (not including your name, address, email address or telephone number) about your visits to this and other blog or website in order to provide advertisements on this site and other sites about goods and services that may be of interest to you.

If you would like more information about this practice and to know your choices about not having this information used by Google, please see the privacy policy at Google.com.

Third Party Cookies

In the course of serving advertisements to this site, our third-party advertisers may place or recognize a unique "cookie" on your browser.

Google, as a third party vendor, uses cookies to serve ads on http://pialang-bisnis.blogspot.com/ blog. Google uses the DART cookie to enable it to serve ads to the user based on the users visit to this blog and other sites on the Internet. Users may opt out of the use of the DART cookie by visiting the Google ad and content network privacy policy.

Europe governments go their own way on crisis

2008-10-06T23:20:00.000-07:00

By PAN PYLAS, AP Business Writer

LONDON - Individual European governments issued a flurry of deposit guarantees to shore up their banks but fell short of any coordinated action Monday to deal with the crisis sweeping financial markets, even as stock markets crashed and the euro sank to its lowest level for over a year.

Though Europe's officials appeared to be paying lip service to the need for working together, they continued to make key announcements on deposits on a go-it-alone basis.

France, which holds the rotating leadership of the European Union, said its 27 governments have each pledged to take "all necessary measures to ensure the stability of the financial system" but no joint action was forthcoming, fueling the belief that the crisis would be handled differently by each country.

Germany's Finance Minister Peer Steinbrueck made clear his government's opposition to the idea that the euro zone's single largest economy should put up money to prop up institutions outside his country.

He said Monday that he and Chancellor Angela Merkel were considering creating a "shield" that would protect the country's entire financial sector, and that a Europe-wide shield or bailout was out of the question. "The chancellor and I reject a European shield because we as Germans do not want to pay into a big pot where we do not have control and do not know where German money might be used," he said in a separate interview with WDR 2 radio.

Germany deepened the sense that events were beginning to run out of control when German Chancellor Angela Merkel said on Sunday that her government would guarantee all private bank savings and CDs held in the country. "We want to tell people that their savings are safe," she said.

Iceland and Denmark followed Monday with a deposit guarantee, in the former's case only once trading in the shares of six of its banks had been suspended.

Markets responded to the disarray by sinking rapidly, following selloffs in Asia. Russia shut down both its stock markets after they fell more than 15 percent.

At the close, Germany's DAX was down 410.02, or 7.1 percent, at 5,387.01, while the FTSE 100 index in Britain was 391.06 points, or 7.9 percent, lower at 4,589.19. The worst performing major European index was France's CAC-40, which shed 368.77 points, or 9.0 percent, to end at 3,711.98 — its worst performance since it was initiated 20 years ago.

Wall Street took its cue from Europe, and the Dow Jones industrials closed down 369.88 points, or 3.6 percent, at 9,955.50, amid growing fears that the credit crisis is spreading around the world.

Meanwhile, the euro slid around 2 percent against the US dollar and was trading just above the $1.35 mark, its lowest level for over a year.

Faltering confidence in the financial system following a series of bank bailouts forced governments to offer deposit guarantees, analysts said, since failure to match those offered by Ireland, France, Greece and Sweden could risk a massive funds outflow.

Yet the guarantees themselves raised questions about their potential impact on government finances and showed that European governments were still unable to find a unified approach despite a weekend summit where they agreed to do just that.

"Even if bank guarantees are not made explicit, it seems very unlikely that any European government would stand by and allow private depositors to lose their savings," said Jennifer McKeown, an economist at Capital Economics.

"Whether they bail out banks as and when they fail or act pre-emptively to boost bank capital, as has been suggested in Britain, the pressure on government finances will be severe," she added.

The crisis engulfing Europe and its markets has fueled talk of coordinated interest-rate cuts from the world's leading central banks, possibly as early as Monday.

Analysts said they wouldn't be surprised if the U.S. Federal Reserve, the European Central Bank and the Bank of England instigate the first joint action on interest rates since the Sept. 11, 2001, terrorist attacks on the U.S.

"I think at this point (a coordinated cut is) quite likely with the current spread of problems at full strength on the European financial system," said Luca Cazzulani, a strategist with UniCredit in Milan.

So far, the banks have continued to flood the money markets with additional liquidity. On Monday, the ECB injected another $50 billion into money markets while the BoE added another $10 billion.

Additionally, the Fed said that 28-day and 84-day cash loans being made available to banks will be boosted to $150 billion each, effective Monday. Those increases will eventually bring the amounts outstanding under the program to $600 billion.

EU finance ministers have an opportunity to discuss the crisis sweeping the Continent as they sit down for two days of talks in Luxembourg.

"This is a very serious situation and one that needs to be addressed ... but it's true that there is not one single magic bullet that will solve this," said EU spokesman Johannes Laitenberger.

The latest attempt at finding a common response came after a weekend commitment by Europe's four leading economic powers — Germany, France, Britain and Italy — fell apart when Merkel announced Sunday that all 568 billion euros ($786 billion) worth of private deposits held in Germany would be guaranteed alongside a new 50 billion euros ($69 billion) bailout package for Hypo Real Estate AG, Germany's second-biggest mortgage lender.

"The EU is liable to be exposed as a fair weather construction, lacking the means of swift response and the hold over its citizens' loyalties to survive really adverse conditions," said Stephen Lewis, an analyst at Monument Securities.

In response to the German move, the Danish Economy Ministry said commercial lenders had agreed to contribute up to 35 billion kroner, or about $6.4 billion (4.6 billion euros), over two years to a fund that will help insure account holders from losses. Austrian officials have indicated that they might join in as well.

That was followed this afternoon by Iceland's guarantee of all deposits after trading was halted in six bank stocks. Icelandic banks' assets dwarf the rest of its economy and its currency has fallen sharply in the past week.

SOURCE : YAHOO NEWS

Rescue plan disappointment contributes to sell-off

2008-10-06T22:59:00.000-07:00

By TOM RAUM and JEANNINE AVERSA, Associated Press Writers

WASHINGTON - The government's $700 billion rescue, aimed at rebuilding economic confidence, appeared to sound a global alarm instead on Monday, triggering a fearful international sell-off as the U.S. began work on a plan that investors feared would be too little and too late to stave off a worldwide recession.

As markets around the world tumbled amid fast-spreading anxiety, officials in Washington worked quickly to put the new financial plan into effect and to shovel more money into the banking system.

The Treasury Department named a former Goldman Sachs executive, Neel Kashkari, now Treasury's assistant secretary for international affairs, to oversee the new program and said it would increase its bond sales to help pay for the huge package that was approved with fanfare and signed Friday by President Bush.

Trying to do its part, the Federal Reserve increased a short-term loan program to as much as $900 billion and announced it would begin paying interest on reserves that banks keep with it.

Bush sought to reassure panicking markets. "It's going to take awhile to restore confidence in the financial system. But one thing people can be certain of is that the bill I signed is a big step toward solving this problem," he said in San Antonio, Texas.

Nobody seemed reassured. Chaos in the financial system seemed to be growing by the minute.

The Dow industrials plunged below the 10,000 level for the first time in four years, and at one point were down as much as 800 points before recovering to close with a loss of 370. All sectors — not just financial companies — were being sold off.

"People are panicked that their bank is going to go out of business. People have just lost a lot of trust in the financial system and in these large institutions," said Anil Kashyap, professor of economics and finance at the University of Chicago's Graduate School of Business. He suggested the crisis has morphed from a near shutdown in lending to a new, more dangerous phase in which financial and other companies face greater chances of insolvency.

The fear was reinforced by new problems among European banks and fresh worries in Asia of a spreading global recession that would harm the continent's prized ability to export.

It all started with a U.S. housing boom, helped along by low interest rates and government encouragement for more home ownership. Too many home mortgages were written for too many people who really couldn't afford them. Banks and other financial companies that made these home loans then resold them. Many were packaged into Wall Street securities and sold to investors. There was lax federal regulation over the process.

It worked as long as home prices were going up. But when they started to fall several years ago, the process began to collapse. Many people suddenly owed more on their homes than they were worth. Rising interest rates made it harder to meet monthly mortgage payments that were resetting to higher levels. Foreclosures increased. The infection spread as markets dried up for mortgages and mortgage-backed securities.

Now, many banks and financial institutions don't have enough money to cover their obligations as a result of the plunge in the value of these securities on their balance sheets. Many are hoarding what cash they have. That's what the bailout is supposed to help fix, with the government buying these hard-to-value assets and reselling them later in hopes of allowing banks to start lending again.

But trust among banks is in short supply on a battlefield littered with a growing number of dead, wounded and transformed financial institutions.

Gone are Wall Street investment banks Bear Stearns and Lehman Brothers. Merrill Lynch gave itself up in a fire sale to Bank of America. Washington Mutual ceased to exist,and Wachovia, once the nation's fourth largest bank, is being acquired — either by Wells Fargo or Citigroup. American International Group, one of the world's largest insurers, is struggling after a big loan from the government kept it from collapsing. Mortgage giants Fannie Mae and Freddie Mac have been essentially taken over by the government.

Meanwhile, the credit squeeze has spread from Wall Street to Main street, affecting everything from new home and car loans to student loans, credit card availability and even short-term loans to help businesses expand or meet payrolls. A darkening recessionary cloud is spreading over a nation where two-thirds of the economy is derived from consumer spending and where there have been nine consecutive months of job losses.

Some top economists seemed at a loss for ways to stop the downward spiral.

"I think what's needed is a global rate cut. But even that I don't think would solve the basic problem, which is that everybody's just scared of loaning money to anybody else," said David Wyss, chief economist for Standard and Poors in New York.

Pressure was growing on the Fed and other major central banks to band together and announce a global interest-rate cut.

Many believe the Fed will ratchet down a key lending rate to banks — now at 2 percent. In turn, the prime lending rate — now at 5 percent — for certain credit cards, home equity lines of credit and many other consumer and business loans — would drop by a corresponding amount.

Some believe rates could be slashed soon by as much as a full percentage point to 1 percent in hopes of encouraging people and businesses to spend more, thereby restoring confidence to the system.

Others, however, are skeptical.

Even if borrowing costs were to decline, that doesn't mean banks would be more inclined to lend more freely.

"You can bring the horse to water, but you can't make him drink," said Richard Yamarone, economist at Argus Research. "The panic has so intensified that no matter what the Fed or Treasury throws at it, it may be ineffective. It can be hard to slay the dragon of fear when it takes over the market."

Rob Shapiro, who was an economic adviser to President Clinton, said the crisis in Europe will turn out to be at least as severe as it is in the United States. "Between Europe and the United States, we'll take everybody else with us. And this is reflected in the markets," he said.

Shapiro, who heads the global initiative program at NDN, a Washington think tank, said one step that might help restore confidence would be for the government to set up a program to make direct loans to people facing foreclosures. Another might be for the government to turn all the problem mortgages held by Fannie Mae and Freddie Mac into 30-year fixed rate ones.

SOURCE : YAHOO NEWS

Dow finishes below 10,000 for first time since '04

2008-10-06T22:56:00.000-07:00

By JOE BEL BRUNO and TIM PARADIS

NEW YORK - Wall Street joined in a worldwide cascade of despair Monday over the financial crisis, driving the Dow Jones industrials to their biggest loss ever during a trading day. Even a big afternoon rally failed to keep the Dow from its first close below 10,000 since 2004.

The sell-off came despite the $700 billion U.S. government bailout package, which was signed into law Friday after two weeks in which traders had appeared to count on the rescue as their only hope to avoid a market meltdown.

At its worst point, the Dow was down more than 800 points, an intraday record. The stock market rallied during the final 90 minutes of the trading day, and the Dow finished down about 370 points at 9,955.50.

The average is down almost 30 percent from its all-time high of 14,164.53, set a year ago Thursday.

Speculation among traders late in the session that the market's pullback had been severe enough to force the Federal Reserve into taking other steps to soothe the markets helped stocks rebound from their lows.

"If you can't say that we're oversold now I don't know what you say. You're at least due for a bounce if nothing else," said Bill Stone, chief investment strategist for PNC Wealth Management.

The global plunge in stocks was under way well before Wall Street ever woke up. In Japan, the Nikkei average lost more than 4 percent. And then the losses spread across Europe — nearly 6 percent for the FTSE-100 in Britain, 7 percent for the German DAX and more than 9 percent for France's CAC-40.

In the United States, President Bush twice made unscheduled remarks on the economy, saying in Cincinnati that the economy would be "just fine" but that the bailout package needed time to work.

The troubles that started with an overheated housing market in the U.S. have infected financial markets around the world, making banks fearful of lending to other banks, let alone to businesses and consumers. That has led to worries that economies around the world might not only sputter but slide into reverse.

The crush of selling Monday came exactly one week after the Dow lost 778 points, its biggest closing loss in terms of points. On that day, the House voted down an earlier bailout package that had appeared to be a safe bet to pass.

The swings in the Dow on Monday also marked the beginning a fourth week of tumult in the markets. Triple-digit Dow swings have been commonplace since mid-September, when investment house Lehman Brothers went bankrupt and the government stepped in to bail out insurer American International Group.

But even with the bailout package firmly in place — a plan under which the federal government will buy bad mortgage-related assets off the books of banks — investors remain worried that banks are too fearful to lend and are cutting off air to the economy.

Over the weekend, governments across Europe rushed to prop up failing banks, while the governments of Germany, Ireland and Greece also said they would guarantee bank deposits. U.S. investors appeared worried the bailout would not be enough to jump-start the economy. Even other steps, including a Federal Reserve decision to expand a loan program to squeezed banks, didn't help much.

The sharp one-day tumbles over the last two Mondays don't come close to the drops that became black marks on the timeline of Wall Street history. Black Monday, in October 1987, and stock drops that preceded the Great Depression were more than 20 percent. Monday's drop, by comparisons, was less than 8 percent at its worst.

For the day, the Dow lost 3.6 percent. The selling was broad: Little more than 200 stocks finished the day higher on the New York Stock Exchange, while about 3,000 finished lower.

At its lowest point Monday, the Dow was down 800.06, at 9,525.32. The benchmark average dipped below 10,000 for the first time since Oct. 29, 2004, and closed there despite the afternoon rally.

The market's paper loss at the day's lows came to $1.1 trillion, as measured by the Dow Jones Wilshire 5000 Composite Index, which tracks 5,000 U.S.-based companies' stocks. That compares with a loss of about $1.5 trillion last week; that was the worst weekly return since the week after trading resumed following the Sept. 11, 2001, terror attacks.

As an indication of how fearful investors still are, government-backed debt was in high demand. The yield on the three-month Treasury bill, which moves in the opposite direction as its price, fell to 0.49 percent from late Friday at 0.50 percent. Investors are willing to accept low returns to have their money in a secure place.

Investors also moved into longer-term Treasury bonds as they fled the stock market. The yield on the 10-year note fell to 3.45 percent from 3.60 percent late Friday.

Broader indexes also plunged. The Standard & Poor's 500 index shed 42.34, or 3.85 percent, to 1,056.89; and the Nasdaq composite index fell 84.43, or 4.34 percent, to 1,862.96. The Russell 2000 index of smaller companies dropped 23.49, or 3.79 percent, to 595.91.

Consolidated volume on the NYSE reflected the frantic pace of the day's trading: 7.81 billion shares changed hands, up from Friday's 6.52 billion.

The market "is displaying one of its worst traits with a herd mentality, and investors have an appetite for feeding on fear," said Anthony Sabino, a professor of law and business at St. John's University.

But he cautioned it was still not a nightmare scenario.

"Most certainly, this is not the Great Depression of the 1930s, but (is like) the savings and loan crisis of the 1980s — and we bailed them out," he said. "Once people catch their breath, they'll see this is the proper analogy and this will breathe life back into banking institutions."

SOURCE : YAHOO NEWS

Asian markets show signs of life after global rout

2008-10-06T22:54:00.000-07:00

By KELLY OLSEN, AP Business Writer 55 minutes ago

SEOUL, South Korea - Asian stocks showed signs of life Tuesday after a global market sell-off, with several markets climbing into positive territory or paring losses after opening sharply lower.

Australian stocks jumped after the country's central bank cut interest rates by a bigger-than-expected 1 percentage point to 6 percent in response to the unfolding global financial crisis. The S&P/ASX-200 index rose 2 percent to 4,634 after opening down 3.7 percent.

Japan's benchmark Nikkei 225 index erased some losses after briefly falling over 5 percent to below 10,000 for the first time in almost five years. By midday, it was trading about 1.7 percent lower at 10,292.

Markets in South Korea, India, Singapore and Taiwan all edged higher. Trading in Hong Kong was closed for a holiday.

The Bank of Japan announced it was keeping its interest rates unchanged at 0.5 percent, as expected. However, there is growing speculation that the central bank may soon coordinate with the U.S. Federal Reserve and the European Central bank in an emergency policy move.

Investors in Japan said they were encouraged by a late day rally on Wall Street Monday as well as overall sentiment that stocks had fallen too far too fast, said Toshikazu Horiuchi, equity strategist at Cosmo Securities.

"There was a sense that the market was oversold," he said.

The Dow Jones industrial average, down more than 800 points at one point Monday, recovered in the final 90 minutes of the session to finish down 370 points, or 3.6 percent, to 9,955.50, its first close below 10,000 since 2004.

Still, traders were jittery amid signs that the credit crisis was spreading to Europe, where troubled banks have needed bailouts.

"It's very hard to anticipate how long the repair job is going to take across financial markets at the moment," said Jamie Spiteri, senior dealer at Shaw Stockbroking in Sydney.

In Europe on Monday, leading bourses were battered. London's FTSE 100 index slid 7.9 percent and France's CAC-40 sank a stunning 9 percent, its worst performance ever.

In Japan, carmakers were among the biggest losers, partly due to the dollar's drop to 101 yen levels. Nissan Motor Co. fell 3.9 percent, and Toyota Motor Corp. slid 3.8 percent.

In South Korea, investors steadily bought back shares after the sharp early drop, with the Kospi gaining 0.5 percent in early afternoon trading.

Shim Jae-youb, a strategist at Meritz Securities in Seoul, also said that the Dow's late rally Monday was providing some comfort to investors.

Expectations that leading central banks might lower interest rates would be welcome, he said.

Such a move would provide "positive momentum to the stock market," Shim said.

SOURCE : YAHOO NEWS

China is India's 'Only Possible Threat'

2008-09-01T00:44:00.000-07:00

India's trade body and chamber of commerce of the IT-BPO (business processing outsourcing) industry, Nasscom was established in 1988 to facilitate business and trade across the country's software and services industries. The association has over 1,200 members, which include 250 global companies.

In an e-mail interview with ZDNet Asia, Natarajan discussed the challenges facing the Indian IT-ITES (IT and IT-enabled services) industry, and underscored the need for local companies to innovate and reinvent themselves for India to remain the preferred outsourcing destination.

Q: Congratulations on becoming the chairman of Nasscom. What are your top priorities as the new chief?

Natarajan: We have identified six key themes. Our agenda for this financial year includes issues like tapping opportunities through innovation, building communities of best practices, adopting green IT, societal development, and education and skills building.

Today, the IT industry is well on its way to make the transition to process quality and innovation. We believe these themes will help chart the way forward and maintain a steady growth for the industry.

With the U.S. economy slowing down and the rupee continuing to strengthen, do you think it's a good time to head Nasscom?

These are all challenges of growth, and therefore, a good problem to have at hand. The U.S. slowdown and Rupee appreciation are short-term challenges.

In the long term, the Indian IT-ITES industry will continue to maintain a healthy growth rate, and is well on its way to achieve the US$60 billion mark.

Do you think the U.S. slowdown is hitting Indian IT-ITES companies hard? What can the industry do to counter the impact of the slowing U.S. economy?

The U.S. slowdown is impacting the industry in the short term. But in the long run, the Indian IT-ITES sectors will continue to maintain a healthy growth rate.

While the companies are making firm level efforts to counter the challenge, the key is innovation. As the traditionally successful sourcing model comes under strain, companies need to reinvent themselves and innovate for India to remain the preferred sourcing destination.

Commoditization of IT services, advent of new disruptive technologies and the blurring of the distinction between hardware, software and services, indicate the need for the Indian IT industry to move toward a more consumer-centric business model. And the only way to do that is through innovation. While it often means a new technology or product, it is equally applicable to processes or services.

With rapid economic growth, skill scarcities have been on the rise. Is this an area of serious concern?

The large and growing talent pool remains a key differentiator for India as a global sourcing destination and the fundamental driver of its IT-BPO growth. However, as the IT sector continues to grow and develop new competencies, talent suitability is becoming a concern.

So far, companies have adequately addressed these challenges through their own efforts around recruitment and training. But, as demand continues to grow exponentially, it is becoming difficult for the industry to address this challenge.

$1.1B Tiger Woods Dubai course plan 'on track'

2008-09-01T00:39:00.000-07:00

By ADAM SCHRECK

DUBAI, United Arab Emirates

Tiger Woods is already the world's top-ranked golfer and highest paid athlete. And if all goes according to plan, he'll soon be sporting his biggest trophy yet: a luxury golf course hewn from the sands of the Arabian desert.

The ambitious project, touted as the first course in the world designed by the 2008 U.S. Open champion, remains a work in progress on the outskirts of this Middle Eastern boomtown -- much like the rapidly growing city itself.

But the project's chief said Monday that the first phase of the development, which among other unlikely features promises 5 million square feet of locally grown grass and more than 30,000 full-grown imported trees, is on target for completion sometime in the last three months of 2009.

"Our schedule is currently on track," Abdulla Al Gurg said in an interview with The Associated Press.

However, Gurg did leave the Dubai-based developer Tatweer some wiggle room in case the city's notorious work delays snag one of its most high-profile projects, adding: "Our key criteria is adherence to excellence."

Tatweer is a division of Dubai Holding, which is owned by the emirate and its ruler, Sheik Mohammed bin Rashid Al Maktoum. The golf course project, known as The Tiger Woods Dubai, will be part of a massive theme-park complex known as Dubailand the company is building on barren desert along the edge of the city.

Gurg said the company is spending 4 billion dirhams -- about $1.09 billion -- to build the course and the surrounding housing development.

He wouldn't say how much Woods was being paid.

Gurg spoke following an event to showcase the project at a glitzy beachfront hotel just down the road from a man-made marina surrounded by dozens of skyscrapers, many still under construction.

Emirates newspapers have been trying to entice local buyers with full-page ads to consider one of the 197 so-called palaces, mansions and villas that will flank the course.

The project's first stage will consist of the 18-hole, par 72 course itself, as well as a golf academy and a driving range. A hotel and most of the gated housing community should be finished by the second or third quarter of 2010, Gurg said.

On Monday, Woods paid his first visit to the construction site since a recent knee surgery sidelined him for the rest of the 2008 season. He said he doesn't know when he will return to competition.

"All that's unknown," Woods said. "It's frustrating for me."

Despite its dry, desert climate -- temperatures on Monday hovered around 100 degrees Fahrenheit, or 38 degrees Celsius -- Dubai is rapidly becoming a major golfing destination.

The city, which is banking on tourism to diversify its economy, each year hosts the Dubai Desert Classic and Dubai Ladies Masters. Back-to-back birdies on the last two holes in February left Woods the Desert Classic's defending champion.

Woods said he drew inspiration for his first course from clubs in the "sandbelt" golfing region near Melbourne, Australia. "We want this golf course to play fast, quick," he said, while remaining appealing to a broad range of players.

Woods is not the only golfer laying out links in Dubai.

An 18-hold course designed by Colin Montgomerie was launched in 2006, and another by Ernie Els opened earlier this year. Greg Norman, Sergio Garcia, Pete Dye and Vijay Singh are also working on courses scheduled to open this year or next.

Dubai developers have tapped other marquis names as well, as they struggle to make their projects stand out in an increasingly crowded real-estate market.

Donald Trump last week hosted a star-studded bash to tout plans for a new hotel on the first of three palm-shaped islands being built in the Persian Gulf.

Brad Pitt has signed on to help design a hotel of his own, while Giorgio Armani is outfitting apartments in the unfinished Burj Dubai, already the world's tallest building. And last month, a Dubai investment company announced that fashion icon Karl Lagerfeld will design homes on a man-made "fashion island" off the city's coast.

Plans for Woods' course were first made public more than a year and a half ago. But as the project and a number of other high-profile developments near completion, fears are growing that Dubai's soaring property market may be due for a correction.

Morgan Stanley recently predicted the city could face a supply glut by next year that could drive property values down by 10 percent. At the same time, the government is widening a probe into alleged corruption of a handful of prominent local companies, including some with ties to the real estate sector.

But Gurg said he wasn't worried Dubai market concerns could make it difficult to fill the high-end houses around the golf course. After all, he said, it's not everywhere homeowners can say their backyard has been designed by Woods himself.

"The Tiger Woods Dubai is catering toward a niche market," Gurg said, adding that the developers were in no hurry but were "focused on quality" to attract potential residents to the 197 exclusive housings.

India Fashion Forum ‘08

2008-09-01T00:35:00.000-07:00

Over 100 thought leaders and nearly 2,500 captains of the fashion business, including global thinktanks, converged at Mumbai’s The Renaissance over January 29-30, for a two-day fashion forum, packed with expert presentations, talk shows, workshops, brand shows, collection previews, motivational sessions, quiz show, CEOs’ conclave, networking opportunities, cocktail evenings, awards ceremony and a final gala celebration. The mammoth conclave straddled multiple locations and simultaneous events. The first India Textile Forum, sponsored by the Federation of All India Textile Manufacturers’ Association (FAITMA) took off at this event; the occasion also saw the launch of the latest edition of the IMAGES Yearbook. IMAGES BoF reports...

Eight editions of the Images Fashion Forum, now renamed the India Fashion Forum (IFF) – from the first few who spoke about the problems of being in a largely unorganised fashion retail industry to the last couple, who questioned and also sought answers on whether India, the world’s current El Dorado, or land of golden opportunities, would be able to capitalise advantage on home turf and march ahead in the business of fashion. The industry has since recognised the need to come together to give this tremendous momentum in retail the right push and direction. This edition at Mumbai, on January 29-30, reiterated the call to rally around yet again, to strategise with a mission, with a ‘distinct Indian positioning’, and also work out a vision statement to take it further ahead, with tangible goals.

The tone for the two-day conference was set by Dr Darlie O’ Koshy, IFF chairman and executive director, National Institute of Design (NID), who pointed out that the time was ripe for the industry to look at India’s future growth path, and articulate a vision for 2020. “One of the issues that I want to flag at this forum is that the organised fashion retail industry is currently estimated to be around Rs 300,000 crore. One of the things that has happened to India in these last 50 years is that it has crossed the one trillion dollar mark; but what is more significant is that the next one trillion dollars are to be added to India’s GDP in less than eight years. This obviously is a great chance for all of us to look at how India is going to behave and what needs to be done.”

His session on Designing the future of fashion, stressed that, “This is probably the right time for the retail and fashion industry together to articulate a vision for 2020. A vision document of this kind always tends to inspire the government as well as the people to achieve more than what they have been doing so far; and I don’t think that a vision document has come out of the fashion and retail industry so far – so this could be one starting point for articulating this.”

Design, Koshy said, not only shapes aesthetics, but also creates the functional value and “reason for being,” and provides the most endearing values to brands.

Being ”Green” used to be about choosing paper over plastic...

2008-09-01T00:32:00.000-07:00

Now, a couple of fashion forward entrepreneurs are making saving the planet a lot more interesting.

Recently a guest at an FBI board meeting showed off a pillow from his latest children's home collection. Marked with bold bright colors and a distinctly modern design it looked like something you'd find in a kiddie version of Metropolitan Home. He passed it around for everyone in the group to touch and feel. It was obviously soft, adorable and high quality. But that wasn't all.

"It's stuffed with recycled water bottles," he confessed. A few raised eyebrows later, the pillow goes around again, getting squeezed a little bit harder just to verify we all weren't imagining things. Who knew? It really did feel like a "normal" pillow.

Interestingly enough Chris Svensrud, a former fiber optics exec and his designer wife Shannon want things like super soft pillows, made out of recycled water bottles to become a lot more normal.

The couple owns Pixel Organics-a domestically produced, environmentally friendly, affordable yet fashion savvy line of children's gifts, sleepwear and bedding.

"Since recycled water bottles are approved for food storage they're extra safe for kids," says Chris. "They're also naturally fire retardant as well as hypo-allergenic."

Even with their innovative concept, the couple doesn't want customers to buy their product only because it's good for the environment. Therefore, as the designer Shannon makes sure all of Pixel's products are unique, bold and most of all fun. Describing the company's style as a combination of "modern sensibilities mixed with the whimsical nature of kids," she believes the line should always represent both style and substance.

As avid environmentalists, Chris and Shannon also want ensure that quality, made in the USA, sustainable organic materials become a cost-effective choice for other clothing manufacturers as well. Chris actually met Frances Harder, the FBI founder, while speaking about "green" manufacturing at the LA mayor's office.

Frances immediately invited him to be involved with the FBI to help spread the word about how other local companies can find ecologically friendly ways of producing their products.

Maybe then a super soft pillow stuffed with recycled water bottles won't be such a surprise anymore. Chris and Shannon certainly hope so.

Pixel Organics now sells online at pixelorganics.com, Amazon.com and over 300 boutiques across the U.S, Canada and Australia

California: Problem's Bellwether

2008-09-01T00:27:00.000-07:00

Among the states expected to be worst-hit is already battered California. Today, outstanding option ARM loans in the U.S. total about $500 billion, about 60% of which were sold to California homeowners, according to Credit Suisse. Option ARMs were especially popular in the state, where they were heavily marketed during the boom by such companies as Countrywide Financial (CFC) in Calabasas, Calif.; Washington Mutual (WM) in Seattle; and Wachovia (WB) in Charlotte, N.C. Moreover, on top of their ARMs, many homeowners also refinanced their homes, driving themselves even deeper into a debt they thought they could escape by flipping their homes.

But California won't be alone. Homeowners are also frighteningly vulnerable in states such as Arizona, Florida, New Jersey, and others.

The Mortgage Bankers Assn. said on June 5 that the option ARM problem is growing. The group reported that the national rate of foreclosure starts for prime ARMs, including option ARMs, increased to 1.55% in the first quarter, up from 0.53% a year earlier. In California the foreclosure start rate in the first quarter was 2%, vs. 0.5% a year earlier. In Florida, the rate was 2.57%, compared with 0.5% in the first quarter of 2007. "California, Florida, Arizona and Nevada combined…represent 62% of all foreclosures started on prime ARM loans, and 84% of the increase in prime ARM foreclosures," the group said.

The option ARM loan defaults could accelerate next year even if subprime defaults subside, said Chandrajit Bhattacharya, vice-president and mortgage strategist at Credit Suisse Securities. He said California will see the bulk of the option ARM foreclosures and the rest will be spread out across the country.

Underwater and Gasping for Air

"Most of the public is thinking that the subprime thing is over, but this is another thing waiting," Bhattacharya said. "The problem for these borrowers is that once you go underwater, it's very hard to refinance, and if you cannot refinance there is very little option for you."

But it gets worse.

Option ARMs, which were originally designed for self-employed people with fluctuating incomes, gained popularity with other workers during the peak of the real estate boom in 2004, when rapidly rising home values would have otherwise kept many buyers out of the market.

Putting the real estate slump in perspective

2008-09-01T00:23:00.000-07:00

Unlike previous housing slumps, the one we’re in now has spread from coast to coast. But that doesn’t mean that every market is suffering equally. The worst markets — the ones in Florida, California, Arizona, and Nevada — seem to get all the attention. But in places such as Charlotte, Dallas, Denver, and Portland sales have slowed, but prices haven’t dropped much.

The Bespoke Investment Group published a chart on its Web site using data from the Case-Shiller Median Home Price Index. It shows how much median home prices have fallen from their peaks in each of the 20 cities the index tracks.

LETS YOUR MONEY'S WORK

2008-08-31T23:50:00.000-07:00

Setelah Anda menginvestasikan waktu, tenaga, pikiran dan uang Anda di bisnis MLM, sekarang Anda telah menikmati hasilnya. Jaringan yang besar yang terus berkembang. Jaringan yang sehat dengan omzet yang besar, nah tentu Anda bersama jaringan Anda menikmati hasilnya bukan. Bonus bulanan yang wah…. atau award dari Tiens yang hmmm… bombastis, juga BSI yang hmm… cukup buat jalan-jalan ke Eropa. Eits… tunggu dulu. Memang sudah saatnya Anda menikmati hasil kerja keras Anda, tetapi ada baiknya bila sekarang giliran uang bonus Anda yang bekerja keras untuk Anda. Banyak pilihan investasi sekarang ini, banyak orang bilang bermain properti. Properti memang cenderung naik secara capital value, akan tetapi tidak likuid (mudah di uangkan kembali). Selain itu properti juga meminta modal yang cukup besar, boleh dibilang uang Anda membeku disana selama properti milik Anda belum laku disewa atau terjual.

Saat ini menabung sudah bukan pilihan investasi, bunga bulanan Anda akan tergerus inflasi. Bunga deposito pun kurang menjanjikan.

Jadi, investasi apa yang memerlukan modal kecil tetapi hasil yang lumayan dan low risk alias resiko rendah atau hampir tanpa resiko? Mungkin Anda pernah mendengar tentang Reksa Dana. Apakah Anda pernah tertarik untuk mengenal produk investasi ini lebih jauh?

Reksa Dana adalah produk investasi yang dimana investor menyimpan dana yang akan dikelola oleh suatu badan (biasa disebut MI, Manajer Investor). MI adalah suatu badan dimana terdiri profesional dibidang keuangan yang memiliki kemampuan dalam analisa pasar, memiliki fasilitas, kemampuan dan waktu dalam menganalisa perkembangan ekonomi.

Reksa dana sendiri dapat dikategorikan menjadi beberapa jenis, jenis yang paling aman adalah Reksa Dana Pasar Uang. Investasi Anda akan dikelola oleh MI kedalam surat beharga seperti Deposito, Obligasi jangka pendek (dibawah 1 tahun).

Mungkin Anda bertanya-tanya, “koq bisa dimasukin ke deposito tapi koq ngasih untung lebih banyak…” Nah, karena MI ini mengelola dana yang besar dari setiap investor yang ikut Reksa Dana. MI memiliki bargain power dengan pihak bank dalam hal bunga. Juga dengan dana yang dikumpulkan MI dapat ikut membeli obligasi yang umumnya memiliki nominal cukup besar bagi individual investor untuk membelinya. Selain itu MI juga mendapatkan fasilitas potongan pajak.

Anda berminat membuat uang Anda bekerja lebih keras untuk Anda? Anda bisa mendapatkan info dari bank yang menjadi agen penjual reksa dana. Ingin menambah pengetahuan Anda tentang Reksadana, silakan kunjungi situs http://reksadana.today.com

Setelah uang Anda bekerja lebih keras, hasilnya dapat Anda gunakan untuk mengembangkan jaringan yang lebih besar dan solid lagi, atau.. berjalan-jalan keluar negri, atau.. terserah Anda.

world tourism and travel

Agen Bola Tangkas

Memutuskan hubungan SEX

Autos workshop

Chiemsee Golfclubs

Freeshemaletube.com

Caller Complaints

Phones Shop

Hot Website Searches

Track IP

Halloween

Mass Article Submitter

Business Loans

BUSINESS LOANS

About Loans

New National Travel MONITOR Survey reveals shifting accommodation preferences

Chrome truck rims

Bridal shower favors

WOOD PARTS

Vermont store's blue items make customers see red

SEC, Madoff agree to settle civil fraud case

Best Green Places

Best Green Places

Best and Worst Cities for Dating

Land of the Longhorn

Best Cities for Dating

Worst Cities for Dating

Interesting Facts from the Top Ten

Better Luck Next Time

Reports from the field

Methodology

Best Cities for Seniors

Top Ten Cities for Seniors

Bottom Five Cities for Seniors

Methodology

The Ten Best Places to Live

San Luis Obispo- Atascadero- Paso Robles, CA

Santa Barbara-Santa Maria-Lompoc, CA

BofA CEO Lewis buys nearly $1 million more shares

Toyota sees first annual net loss since 1950

Jobless rate 7.6 pct; 598K job cuts most since '74

Wall Street shrugs off January job losses of 598K

Laundry bag Gift

Stock Market Santa Rally Could Correct this Week

The Unsolicited Offer to Buy Your Company -What Should You Do

FDIC working to bolster fund for more bank failures

Bush says rescue plan will take some time to work

Paulson turns to Goldman to unclog credit markets

Battered financial industry faces more oversight

Privacy Policy

Europe governments go their own way on crisis

Rescue plan disappointment contributes to sell-off

Dow finishes below 10,000 for first time since '04

Asian markets show signs of life after global rout

China is India's 'Only Possible Threat'

$1.1B Tiger Woods Dubai course plan 'on track'

India Fashion Forum ‘08

Being ”Green” used to be about choosing paper over plastic...

California: Problem's Bellwether

Underwater and Gasping for Air

Putting the real estate slump in perspective

LETS YOUR MONEY'S WORK