Diberdayakan oleh Blogger.

Popular Posts Today

U.S. jobs up, but many gigs are not 40 hours

Written By Unknown on Sabtu, 06 Juli 2013 | 22.26

Employers kept hiring in June, adding a better-than-expected 195,000 jobs, but many of them were part-time or temporary positions, hinting at a hollow economic recovery.

The number of part-timers who said they would prefer full-time work soared 322,000 to 8.2 million — the most in eight months, according to the Labor Department's monthly jobs report. These people were working part time because their hours had been cut or because they were unable to find a full-time job, the Bureau of Labor Statistics said.

The growing number of part-time workers may be related to the across-the-board federal budget cuts and the associated cutbacks and furloughs of federal employees, said Michael D. Goodman, associate professor and chairman of the Department of Public Policy at UMass Dartmouth.

And some employers may be reluctant to hire full-time workers because they would have to offer them health insurance under the Affordable Care Act, which starts to go into effect next year.

"Obamacare pretty much does discourage full-time work by withholding subsidies from a large majority of full-time workers and by penalizing employers who don't offer health insurance," said Casey B. Mulligan, a professor of economics at the University of Chicago.

But while there are incentives built into the Affordable Care Act that will lead some companies to hire part-timers over full-timers, that is not as important as sufficient demand for goods and services, said Robert A. Nakosteen, professor of economics and statistics at the UMass Amherst Isenberg School of Management.

"We still have a 'demand-deficient' economy — not enough spending in the aggregate, "Nakosteen wrote in an email, "and until this problem comes to an end, companies will not hire in sufficient quantities, and/or will hire part-timers, to bring our labor market to full employment."

Because more people started looking for work, the unemployment rate remained at 7.6 percent last month, according to the Labor Department.

"But the broadest official measure of unemployment, the so-called 'U-6', rose from 13.8 percent to 14.3 percent in June," Goodman said. "This measure includes the unemployed and workers who want to work but have given up looking and those working part-time for economic reasons. Thus, while the recovery continues, it is continuing to leave troublingly high numbers of American workers behind."


22.26 | 0 komentar | Read More

Hyundai does luxury right

The 2013 Azera, which is slotted between Hyundai's Sonata and Genesis, is one of six sedans in the Korean automaker's 10-model lineup. I'm amazed that Hyundai offers that many models, but I shouldn't be surprised, Hyundais are everywhere you look these days. But with all those models, it's difficult to distinguish the Azera from the others.

The Azera's $33,000 base price puts the sedan in direct competition with the Ford Taurus, Nissan Maxima and Buick LaCrosse. Our test model included a technology package that hiked the price up to $37,000, which certainly doesn't make the Azera a bargain, but it remains competitive when you consider that the sedan is loaded with luxury features.

Dual-zone climate controls, heated seats throughout, and touch screen navigation with a back-up camera are all part of the Azera's standard equipment package. Power seat adjustments mounted near the door handles made it easy to see the controls and tweak the driver's seat positions. Interior space was ample with plenty of head and foot room in the backseat.

The Azera's $4,000 technology package included ventilated front seats that cooled the Azera's leather interior after it baked in the June sun. Rear and side window sunshades also helped keep the sedan cool. The shades also gave the Azera's two-tone camel and black interior an upscale feel. A panoramic tilt and slide sunroof opened up the roof for both front and backseat passengers. Xenon headlights and a powerful Infinity stereo rounded out the package. While these features were appreciated, if I were buying an Azera, I think I'd hold on to the extra $4,000.

Our test Azera was painted in a bronze metallic with plenty of chrome trim and was set on 19-inch wheels. A push-button-ignition turned over the sedan's 3.3 liter V6 engine that produced 293 horsepower. The engine and 6-speed transmission combined to return 23 mpg overall. The Azera's acceleration was smooth with a comfortable ride quality and had minimal road noise. While the Azera's front-wheel drive is welcome for winter driving in New England, it did hinder the sedan's handling.

If you're considering a Sonata, the Azera might be worth a look. The extra $10,000 gets you more room and a cabin loaded with luxury touches. Better performance and handling can be found with the rear-wheel-drive Genesis that offers a choice of a V6 or a V8 engine mated to an 8-speed automatic. The Genesis has a base price of $35,000.


22.26 | 0 komentar | Read More

Egyptian unrest trips hike in crude oil prices

Crude oil prices surged yesterday on a better-than-expected U.S. jobs report and concern about escalating unrest and violence in Egypt.

U.S. crude oil futures hit a 14-month high, climbing more than $1.98 per barrel to close at $103.22, after hitting a peak of $103.32. Brent crude for August delivery, meanwhile, touched a three-month high of $107.88 and settled at $107.72, up $2.18.

Oil has been on a fairly strong, bullish trend over the past two weeks, according to Addison Armstrong, senior director of market research at energy investment advisors Tradition Energy in Stamford, Conn.

"(The) unemployment report was just another in a recent series of good macro-economic data about the U.S. economy, which also helps support the view that demand for oil will increase," Armstrong told the Herald.

The job growth suggests a stronger economy makes it more likely the Federal Reserve will slow its bond purchases, which have kept interest rates low, boosting investments such as stocks and oil.

In Egypt, meanwhile, protests over the ouster of Egyptian president Mohammed Morsi turned violent.

Those headlines also helped to support the bullish momentum, Armstrong said.

Egypt is not an oil-producer, but its control of the Suez Canal, one of the world's busiest shipping lanes, gives it a crucial role in maintaining global energy supplies.

But, Armstrong added, "I don't think professional traders have any expectation of serious disruption of oil from the Middle East because of the potential closure of the Suez Canal."


22.26 | 0 komentar | Read More

Set loft-y goals in sunny JP unit

Carved out of a former carriage factory in Jamaica Plain, this authentic-looking loft has brick walls throughout and gets lots of light from a wall of front-facing windows.

Unit 9 at 172 Green St. is one of 14 units in a former brick carriage factory built by Hub entrepreneur Patrick Meehan in 1880 in the Brookside industrial area of Jamaica Plain, near the Green Street Orange Line T station.

The building was converted into condos in 1999-2000 in a way that preserved much of the original brick-and beam look, but with new windows and systems.

The 1,677-square-foot loft, which has a walled-off bedroom and a granite and cherrywood kitchen added in 2006, is on the market for $699,000.

The unit is dominated by one long room with areas for a living room, dining space and a home office. The 10-foot ceilings and columns feature original wood beams and the refinished floors are dark-stained maple.

This open area gets lots of light from 10 front-facing windows and three side windows, all with brick arches overhead.

The living room has a center gas fireplace fed by a metal duct, part of a network of ductwork across the ceiling.

A set of wood beams sets off a dining area with contemporary lighting overhead.

And there's another area in the large room currently used as a home office.

Off the dining area is the unit's large full bathroom with granite floors, a Corian-topped vanity and a one-piece Fiberglas shower.

Adjacent is a laundry/utility room with a stacked Kenmore washer and dryer. There's also a good amount of pantry and storage space in this room that also holds the unit's forced-hot-air-by-gas heating and an electric central air-conditioning system added in 2004.

Perpendicular to the home office area is the kitchen, redone in 2006. The kitchen has cherrywood cabinets, some with glass fronts, and absolute black granite counters, including an area with a breakfast bar. There's overhead and pendant lighting and refinished maple floors.

The owners also added stainless-steel appliances, including a high-end DCS gas stove, an LG refrigerator and a Bosch dishwasher.

Off the kitchen, the current owners built a wall with custom woodwork in 2006 to create a private 16-by-13-foot bedroom whose entrance features two glass doors with transom windows and track lights above. The bedroom has brick walls and two front-facing windows. There's also a double-door closet.

An added amenity is that the unit comes with a good-sized private storage room in the building's basement.

There's a common outdoor patio in the back of the building, where there's also parking. The unit comes with one deeded parking space.

Broker: Denise Smigielski of McCormack & Scanlan Real Estate at 617-905-2098


22.26 | 0 komentar | Read More

Mills joins 22 other states in letter to Google

AUGUSTA, Maine — Maine's attorney general is urging Google to put in place more and better transparency and privacy controls.

Janet Mills joined 22 other state's attorneys general in a letter to Google CEO Larry Page this week that says they will be monitoring Google's activities related to consumer privacy.

In the letter, the attorneys general express concern that "consumers have no one place they can go view and manage the vast amounts of information that Google collects and analyzes about them across different products."

Mills says in a statement that she is encouraged by some improvements Google has made in areas like notifying consumers about their privacy controls and how to access them. Those changes were made after 36 state attorneys general sent a letter to Page last year.


22.26 | 0 komentar | Read More

Asian markets up on Europe, US policy optimism

Written By Unknown on Jumat, 05 Juli 2013 | 22.26

BANGKOK — Optimism that easy European and U.S. monetary policy will continue boosted Asian stock markets Friday as investors awaited a key American jobs report later in the day.

The prospect of continued monetary stimulus helped offset worries earlier in the week of a Chinese slowdown, European debt woes re-emerging and disruption of energy markets due to the military ouster of Egypt's president.

Hong Kong and Taiwanese stocks posted the biggest gains in morning trade and most other major indexes were in positive territory after the European Central Bank kept its policy interest rate at a record low to combat a persistent recession and its President Mario Draghi said the rate will remain there "for an extended period of time."

The European statement plus indications that the U.S. economy is growing — but probably not fast enough for the U.S. Federal Reserve to rush into tapering off its purchases of $85 billion in bonds each month to keep interest rates low — boosted markets that had been spooked in recent weeks at the prospect of such stimulus ending.

Tokyo's Nikkei 225 was up 1.3 percent to 14,194.39. Hong Kong's Hang Seng added 1.4 percent to 20,753.62 and Taipei's TAIEX was up 1.4 percent to 8,003.77. Sydney's S&P/ASX 200 edged up 0.7 percent to 4,829.10. Seoul's KOSPI was in negative territory, edging down 0.1 percent to 1,837.32.

The Asian gains followed a strong rally in Europe that was sparked by the ECB's statement and the Bank of England's announcement that speculation it would raise rates was unwarranted.

Britain's FTSE 100 index jumped 3.1 percent to close at 6,421.67 while Germany's DAX rose 2.1 percent to 7,994.31. France's CAC 40 gained 2.9 percent to 3,809.31. Wall Street was closed Thursday for the Independence Day holiday.

Investors were also waiting for a U.S. government jobs report due Friday. Earlier in the week, Wall Street rallied after ADP, a payrolls processor, said that businesses added more jobs last month than analysts had expected. If the U.S. government confirms that Friday, it offers hope that the American recovery is continuing.

The strength of the jobs report may also offer clues to what the Federal Reserve will do next.

Mike McCudden, head of derivatives at Interactive Investor, noted that while physical exchanges were closed in the U.S. on Thursday, futures were still trading, and they indicate Wednesday's rally could continue, with Dow Jones Industrial Index futures now trading above 15,000. The index closed at 14,988.50 Wednesday.

"Whether this can be sustained will clearly be reflected by what's happening on a global basis," he said in a market commentary. "The situation in Egypt remains hugely sensitive, whilst resurgent eurozone woes could knock sentiment."

The price of oil this week passed $100 per barrel due to events in the Middle East: Egypt's military overthrew Mohammed Morsi, the country's first democratically elected president, after he defied calls to resign despite the demands of millions of protesters.

Egypt is not an oil producer but its control of the Suez canal — one of the world's busiest shipping lanes, which links the Mediterranean with the Red Sea — gives it a crucial role in maintaining global energy supplies.

High energy costs act as a drag on economic growth, but oil has eased somewhat from its Wednesday highs and on Friday was down 18 cents to $101.06 in electronic trading on the New York Mercantile Exchange.

In currencies, the euro was down slightly at $1.2899. The dollar rose to 100.28 yen from 100.23 yen late Thursday.

____

Toby Sterling in Amsterdam contributed to this report.


22.26 | 0 komentar | Read More

China says private banks possible

BEIJING — China on Friday promised sweeping changes to its state-run banking system — including allowing the creation of private lenders — to support its credit-starved entrepreneurs and curb what regulators worry are growing financial risks.

Analysts including the World Bank say an overhaul of a Chinese banking system that lends little to the private sector is urgently needed to keep economic growth strong. Communist leaders who took power last year have promised to support entrepreneurs who generate China's new jobs and wealth, but have yet to make significant changes.

Friday's statement outlined an array of areas where Beijing is promising action but gave no details or a timetable.

In a joint announcement, the central bank and banking regulators repeated earlier pledges to make interest rates and other aspects of banking more market-oriented — a move analysts say is required to channel more credit to productive activities. They pledged to increase lending to small and medium-size companies.

"We will make attempts to allow private capital to initiative the setup of financial institutions including banks," the statement said. It gave no indication how that might take place.

Such a change will be politically fraught because China's financial system is the ruling Communist Party's most powerful tool in controlling the economy and supporting politically favored state industry.

"We do not think this will lead to a significant near-term change in the banking sector, but we do view it as a step in the right direction," said Nomura economist Zhiwei Zhang in a report Friday.

The leadership is not expected to make major policy changes until after a party meeting in the autumn to decide on long-range strategy.

Friday's announcement comes amid signs China's lackluster recovery from its deepest slump since the 2008 global crisis might be faltering.

Economic growth decelerated to 7.7 percent in the first quarter from 7.9 percent the previous quarter. May retail sales fell short of forecasts and export growth slowed. A survey by HSBC Corp. showed June manufacturing activity fell to a nine-month low and was contracting.

Forecasts call for growth this year of 7.5 to 8 percent, barely half of 2009's explosive 14.2 percent. Reformers warn it could fall as low as 5 percent by 2015 without drastic changes.

"The financial system is safe and sound overall, but the problem of capital misallocation still exists and is not in alignment with the need for economic restructuring," the government statement said.

The proposed changes were meant to "better embrace the market's fundamental role in allocating resources" and "mitigate financial risks," it said.

The latest promise of changes came as Chinese financial markets were recovering from a credit shortage that caused a spike in interest rates paid by banks for loans from other institutions. The crunch eased after the central bank injected money into that market but analysts expect credit to be scarcer than it was previously.

The central bank is trying to cool a credit boom that it worries might run out of control. Credit grew 15.8 percent in the five months through the end of May, well above the central bank's target for this year of 13 percent.

The central bank and the bank regulator also said they will tighten control on some banking activities to reduce risk. That includes limiting use of "wealth management products" — bundles of credit card and other debt sold by banks to investors who want a higher return on their savings.

Financial analysts worry such products might be too risky for small savers. Regulators worry they allow banks to shift some of the debts they are owed off their books, allowing them to lend more and evade government-imposed credit limits.

Friday's statement promised to limit banks' use of wealth management products and prohibit them from charging hidden fees.

Earlier Friday, a deputy finance minister said the government needs to stay alert to the financial risks of companies set up by local governments to invest in building highways and other infrastructure.

A rise in debt owed by such companies as part of Beijing's effort to fend off the 2008 global crisis by pumping up infrastructure spending has fed concern state banks might face a wave of defaults. Government auditors have said potential risks can be controlled.

"We admit candidly that we still face challenges," said Zhu Guangyao, a deputy finance minister, at a government briefing. "We need to stay alert to the risks but we also are confident in the general situation."


22.26 | 0 komentar | Read More

Mass. levied $26M in securities fines in FY13

BOSTON — Massachusetts Secretary of State William Galvin says his office imposed $26 million in fines for violations of security laws in the budget year that ended June 30.

In addition to the fines, Galvin said Wednesday that the Massachusetts Securities Division ordered $13 million in restitution to investors who were hurt by illegal actions. He said many of those were seniors.

The fines included a penalty imposed in March against Deutsche Bank Securities and stemmed from conflict of interest charges over the structuring and sale of debt obligations.

Galvin said money collected as a result of the fines is deposited in the state's General Fund.


22.26 | 0 komentar | Read More

Nantucket's outdated hospital to be replaced

NANTUCKET, Mass. — Nantucket is getting a new hospital to replace the old and cramped Cottage Hospital.

Cottage Chief Executive Dr. Margot Hartmann says the current facility is 57 years old, energy inefficient and lacks adequate parking spaces. It has just one operating room and the emergency department is too small, especially when of summer residents descend on the island.

She says the 19-bed, wood-shingled hospital on a roughly six-acre campus was built at a time when "medicine was delivered in a very different way."

She tells the Cape Cod Times (http://bit.ly/12L8Vr7) a new facility on a 20-acre campus in the middle of the island is expected to cost about $75 million.

There is no timetable for the new facility to open.

___

Information from: Cape Cod (Mass.) Times, http://www.capecodonline.com


22.26 | 0 komentar | Read More

Feds: Job numbers up for June

The economy added 195,000 jobs in June and significantly more in the previous two months than had been reported, the Labor Department said today, raising hopes for a more robust economy in the second half of the year.

The hotels, restaurants and entertainment industry added 75,000 jobs last month, while retailers added 37,000. Temporary jobs rose 10,000.

Many of the new jobs, however, were part time. The number of part-timers who said they would prefer full-time work soared 322,000 to 8.2 million — the most in eight months.

Because more people started looking for work, the unemployment rate remained 7.6 percent last month, according to the Labor Department's monthly jobs report.

Pay rose, outpacing inflation over the past year. Average hourly wages rose 10 cents to $24.01, up 2.2 percent over a year ago.

Employers added 70,000 more jobs in April and May than the government had previously estimated.

Stock index futures rose after the report was released, and the yield on the 10-year Treasury note increased from 2.56 percent to 2.65 percent, indicating investors believe the economy is on the upswing.

If job growth continues to accelerate and the unemployment rate declines, the Federal Reserve could scale back its bond purchases, which have kept long-term interest rates low.

Herald wire services contributed to this report.


22.26 | 0 komentar | Read More

Upbeat US jobs report buoys Asian stocks

Written By Unknown on Kamis, 04 Juli 2013 | 22.26

BANGKOK — Encouraging news on the US economy boosted most Asian stock markets Thursday as investors followed Wall Street's lead in shrugging off political turmoil in Egypt and worrying developments in Europe's debt crisis.

Hong Kong's Hang Seng led the modest rally, jumping 1.8 percent to 20,508.02 after reports that fewer Americans sought unemployment benefits last week and ADP, a payrolls processor, said that businesses added more jobs last month than analysts had expected.

China's Shanghai Composite rose 1 percent to 2,013.49. Australia's S&P/ASX 200 was up 0.9 percent to 4,786.60. Jakarta's JSX was up 1.3 percent to 4,638.11 while South Korea's Kospi edged up 0.3 percent to 1,830.52.

The employment news, added to a muted report on U.S. manufacturing growth, was good enough to restore confidence that the American economic recovery s is on track — but probably not strong enough yet for the Federal Reserve to pull back on its stimulus program.

With Wall Street closed on Thursday for the Independence Day holiday, investors will be watching the U.S. government's jobs report Friday in hopes of figuring out what the Federal Reserve will do next.

Over the past few weeks, markets have sputtered amid speculation that the Fed might taper off its policy of buying $85 billion in bonds every month to keep interest rates low and encourage spending.

"We have had a period of extreme volatility, and now we have some settling going on," said Lorraine Tan, director at Standard & Poor's equity research in Singapore. "I think there's a realization that the reaction may have been overdone."

Tokyo's Nikkei 225 bucked Thursday's trend, edging down 0.1 percent to 14,046.85. Taiwain's TAIEX was also nearly flat, up 0.1 percent to 7,914.35.

Asia's mild rally came after Wall Street also entered positive territory, despite Egypt's political crisis and worries over Europe's dormant debt crisis erupting again.

In Europe, stock markets slumped as Portugal's government teetered on the edge of collapse. Investors worried about the future of the bailed-out country and its efforts to get a handle on its debt after two Cabinet members quit.

Investors around the world were also keeping a close watch on the oil price after Egypt's military overthrew the country's first democratically elected president, Mohammed Morsi, who had defied calls to resign despite the demands of millions of protesters.

Egypt is not an oil producer but its control of the Suez canal — one of the world's busiest shipping lanes, which links the Mediterranean with the Red Sea — gives it a crucial role in maintaining global energy supplies.

Benchmark crude for August delivery was up 7 cents to $101.31 a barrel in electronic trading on the New York Mercantile Exchange. The day before it climbed to nearly $102, its highest level in more than a year.

In currencies, the euro rose 0.2 percent to $1.2993. The dollar slipped to 99.75 yen from 99.97 yen.

____

Pan Pylas in London contributed to this report.


22.26 | 0 komentar | Read More

On tape, Murdoch slams police investigation

LONDON — Media mogul Rupert Murdoch has been recorded saying wrongdoing by his British newspapers was "next to nothing" and apparently acknowledging that his reporters paid police officers for information.

In a tape published in transcript by the ExaroNews journalism website and broadcast Wednesday on Channel 4 News, Murdoch is heard saying, "it's the biggest inquiry ever, over next to nothing."

"It's a disgrace. Here we are, two years later, and the cops are totally incompetent," said Murdoch, who is executive chairman of News Corp.

The outlets said the tape was recorded during a meeting with journalists at The Sun newspaper in March. Murdoch told them: "We're talking about payments for news tips from cops: that's been going on a hundred years."

He also said it had been "a mistake" on the company's part to hand over so many of its files to police. He said the company was now insisting police obtained court orders before they could see documents.

Several Sun staff have been charged as part police investigations into phone hacking and bribery spurred by the revelation two years ago that Murdoch's News of the World routinely eavesdropped on the mobile phone voicemails of celebrities, politicians, royals and crime victims.

Murdoch told staff who have been charged that he would stand by them.

"I will do everything in my power to give you total support, even if you're convicted and get six months or whatever," he said.

Former staff of the News of the World, which Murdoch shut down after the hacking scandal erupted in 2011, also face trial, along with a number of police officers, prison guards and other officials accused of accepting bribes.

Murdoch has publicly apologized for phone hacking, which he has called "appalling," and News Corp. has paid out millions to settle lawsuits from scores of victims.

News Corp. said in a statement Thursday that it had cooperated fully with police and worked hard to "identify what went wrong, compensate the victims, and ensure the same mistakes do not happen again."

Responding to the tape recording, the company said Murdoch "has shown understandable empathy with the staff and families affected and will assume they are innocent until and unless proven guilty."


22.26 | 0 komentar | Read More

Oil near $101 amid Egypt unrest, stockpiles fall

The price of oil eased to below $101 a barrel Thursday after jumping higher on unrest in Egypt and signs of rising demand in the U.S.

By early afternoon in Europe, benchmark crude for August delivery was down 48 cents at $100.76 in electronic trading on the New York Mercantile Exchange. On Wednesday, the contract gained $1.64 to $101.24, its highest close since May 3, 2012.

Nymex floor trading is closed Thursday for the Independence Day holiday.

Two events have propelled the price of oil higher in the past days: unrest in Egypt and a big drop in U.S. oil supplies.

Traders were worried that political upheaval in Egypt could slow the flow of oil from the Middle East to world markets.

Embattled Egyptian President Mohammed Morsi vowed not to give in to protesters' demands for his resignation, but was removed from office Wednesday by the country's armed forces and taken into custody.

Morsi was replaced by Adly Mansour, the chief justice of Egypt's Supreme Constitutional Court, who was sworn in Thursday as interim president.

According to military decree, Mansour will serve as Egypt's interim leader until a new president is elected. A date for that vote has yet to be set.

Egypt is not an oil producer but its control of one of the world's busiest shipping lanes gives it a crucial role in maintaining global energy supplies. The Middle East accounts for about a quarter of the world's crude oil output, or 23 million barrels per day. About 2 million barrels of that, or 2.2 percent of world demand, are transported daily through the Suez Canal, which links the Mediterranean with the Red Sea.

Much of that oil is headed to Europe, but a supply drop anywhere in the world leads to higher prices everywhere.

Experts said the ouster of Morsi reduced the risk of prolonged protests that would further destabilize Egypt. "That said, it is still too early to sound the all-clear," said a report from analysts at Commerzbank in Frankfurt.

"Morsi's followers from the influential Muslim Brotherhood are hardly likely to take the overthrow of their president lying down," the analysts said in a note to clients. "The supply risks are thus likely to lend continued support to oil prices, even though the important transport route through the Suez Canal has not been in any sort of danger so far."

In the U.S., the Energy Department reported Wednesday that crude supplies fell by 10.3 million barrels from the previous week, more than three times the drop that analysts had expected.

The drop was likely the result of reduced supplies from Canada because of a temporary pipeline shutdown, as well as increased demand from a BP refinery that restarted in Indiana.

Gasoline supplies fell as well, while analysts expected an increase. The drop in oil and gas supplies could be an indication that U.S. demand is rising.

Brent crude, which is used to set prices for oils used by many U.S. refineries, was down 65 cents to $105.11 on the ICE exchange in London.

In other energy futures trading on Nymex:

— Wholesale gasoline was down 1.39 cents to $2.8243 per gallon.

— Natural gas fell 3.1 cents to $3.659 per 1,000 cubic feet.

— Heating oil retreated 1.49 cents to $2.9363 per gallon.


22.26 | 0 komentar | Read More

Stocks rally on European central banks' comments

AMSTERDAM — World stocks shrugged off worries over political turmoil in Egypt and extended early gains Thursday on optimism that easy monetary policy from central banks in Europe is set to continue for some time to come. U.S. markets were closed for Independence Day.

The biggest gains were in Britain, where the Bank of England surprised markets after its first monetary policy meeting held under new governor Mark Carney, saying it views inflation pressures as temporary. That suggests it will keep its policies loose for the foreseeable future.

Meanwhile, the European Central Bank kept rates at record low rates, with President Mario Draghi for the first time saying they will remain there "for an exended period of time."

By mid-afternoon trading in Europe, Britain's FTSE 100 index was up 2.9 percent to 6,410.89. Germany's DAX rose 1.6 percent to 7,954.87, and France's CAC 40 was up 2.1 percent to 3,779.68.

The central bank statements contributed to strong declines in the euro and British pound against the dollar. Looser monetary policies tend to weaken a currency as returns on investments are kept low. The euro fell 0.9 percent to $1.2896, while the British pound fell 1.3 percent to $1.5079.

Earlier in Asia, Hong Kong's Hang Seng index was the strongest gainer, rising 1.6 percent to 20,468.67. China's Shanghai Composite rose 0.6 percent to 2,006.10.

Tokyo's Nikkei 225 bucked the trend, slipping 0.3 percent to 14,018.93, despite remarks from Bank of Japan Governor Haruhiko Kuroda that the country's economy is headed for recovery.

Mike McCudden, head of derivatives at Interactive Investor, noted that while physical exchanges are closed in the U.S., futures are still trading, and they indicate Wednesday's rally on the back of economic data has continued, with Dow Jones Industrial Index futures now trading above 15,000. The index closed at 14,988.50 Wednesday.

"Whether this can be sustained will clearly be reflected by what's happening on a global basis," he said in a note on markets. "The situation in Egypt remains hugely sensitive, whilst resurgent eurozone woes could knock sentiment."

Investors around the world were also keeping a close watch on the oil price, which has passed $100 per barrel for the first time since May 2012 due to Wednesday's events in the Middle East: Egypt's military overthrew Morsi, the country's first democratically elected president, after he defied calls to resign despite the demands of millions of protesters.

Egypt is not an oil producer but its control of the Suez canal — one of the world's busiest shipping lanes, which links the Mediterranean with the Red Sea — gives it a crucial role in maintaining global energy supplies. Oil has eased somewhat from its Wednesday highs and was down 41 cents to $100.83.

Over the past few weeks, markets have sputtered amid speculation that the U.S. Federal Reserve might taper off its policy of buying $85 billion in bonds every month to keep interest rates low and encourage spending.

But on Wednesday, unemployment and jobs data out of the U.S. were just right for stocks, analysts said: good enough to restore confidence that the U.S. economic recovery is continuing, but not so good that the Fed is likely to pull back on stimulus.

"We have had a period of extreme volatility, and now we have some settling going on," said Lorraine Tan, director at Standard & Poor's equity research in Singapore. "I think there's a realization that the reaction may have been overdone."

The dollar gained 0.2 percent against the yen, passing the 100 yen mark to 100.06 yen.

____

Kay Johnson in Bangkok and Pan Pylas in London contributed to this report.


22.26 | 0 komentar | Read More

Polish airline has more problems with 787s

WARSAW, Poland — Polish airline LOT has cancelled one trans-Atlantic flight and postponed another after technical problems on two of its Boeing 787 planes, the carrier's spokeswoman said Thursday.

Barbara Pijanowska-Kuras confirmed that a flight to Chicago was cancelled on Wednesday because of problems with the power system, while another to Toronto was postponed due to issues associated with the plane's tracking system.

She said the problems were minor and not linked to the battery problems behind the global grounding of the 787 fleet earlier this year.

The Toronto flight took off Thursday morning after the problem was fixed, while the other plane was still undergoing checks on Thursday and passengers were put on other flights, she said.

LOT has four 787s and was the first European airline to buy the plane, dubbed The Dreamliner by Boeing.

All four are making dozens of long-haul flights each week to New York, Chicago, Toronto and Beijing, Pijanowska-Kuras said.

However, the plane has proved something of a headache for the cash-strapped company, which is currently going through a restructuring that involves layoffs.

LOT is in talks with Boeing over how much it should be compensated for the grounding of the world's fleet.


22.26 | 0 komentar | Read More

US unemployment benefit applications fall to 343K

Written By Unknown on Rabu, 03 Juli 2013 | 22.27

WASHINGTON — The number of Americans applying for unemployment benefits fell 5,000 to a seasonally adjusted 343,000 last week, a sign that employers are adding jobs at modest pace.

The less volatile four-week average dipped 750 to 345,500, the Labor Department said Wednesday.

Weekly applications for unemployment benefits are a proxy for layoffs. The four-week average has fallen 9 percent in the past year.

Job growth has been stable. A separate report showed that companies stepped up hiring in June, a hopeful sign ahead of Friday's employment report for last month.

Payroll provider ADP said businesses added 188,000 jobs in June, up from 134,000 in May and the most since February. Construction firms added 21,000 jobs, a sign the housing recovery is boosting hiring. Small businesses — those with less than 50 employees — added 84,000 jobs.

ADP's survey has frequently diverged from the government's figures. Still, Jennifer Lee, an economist at BMO Capital Markets, said the report and the low number of unemployment benefits were encouraging.

Economists forecast that Friday's report will show the economy added 165,000 jobs in June. That's slightly below the 175,000 gain in May, which was in line with the monthly average over the past two years.

The unemployment rate likely stayed at 7.6 percent.

Nearly 4.6 million Americans received unemployment benefits in the week that ended June 15, the latest period for which data is available. That's about the same as in the previous week. The total number of recipients has fallen 22 percent in the past year.

More hiring could help the economy grow faster later this year. The economy expanded at only a 1.8 percent annual rate in the January-March quarter. Most analysts think it grew at a similarly tepid annual pace between 1.5 percent and 2 percent in the April-June period.

Recent reports have raised hopes for a stronger second half of the year.

A survey by the Institute for Supply Management showed that manufacturing activity expanded in June after shrinking in May. Measures of new orders and production rose. Still, a gauge of hiring fell, indicating that factories cut jobs for a fourth straight month.

A separate report from the Commerce Department said U.S. factories fielded more orders for computers, machinery and other goods in May. And a measure of business investment increased for the third straight month.

The housing recovery continues to strengthen, which should help boost construction jobs. A measure of home prices rose in May from a year ago by the most in seven years, while sales of previously occupied homes surpassed the 5 million mark for the first time in 3 ½ years.

And consumers continue to help the economy with their spending, despite higher taxes that have reduced their take-home pay this year. Spending at retail businesses rose in May. And the improving job market has lifted consumer confidence to its highest point in 5½ years.


22.27 | 0 komentar | Read More

Group finds carcinogen in Pepsi products

NEW YORK — An environmental group said Wednesday that the caramel coloring used in Pepsi still contains a worrisome level of a carcinogen, even after the drink maker said it would change its formula.

In March, PepsiCo Inc. and Coca-Cola Co. both said they would adjust their formulas nationally after California passed a law mandating drinks containing a certain level of carcinogens come with a cancer warning label. The changes were made for drinks sold in California when the law passed.

The chemical is 4-methylimidazole, or 4-Mel, which can form during the cooking process and, as a result, may be found in trace amounts in many foods.

Watchdog group The Center for Environmental Health found via testing that while Coke products no longer test positive for the chemical, Pepsi products sold outside of California still do.

Pepsi said its caramel coloring suppliers are changing their manufacturing process to cut the amount of 4-Mel in its caramel. That process is complete in California and will be finished in February 2014 in the rest of the country. Pepsi said it will also be taken out globally, but did not indicate a timeline.

Meanwhile, the company said the FDA and other regulatory agencies around the world consider Pepsi's caramel coloring safe.

Coca-Cola said it has transitioned to using a modified caramel in U.S. markets beyond California that does not contain Mel-4, so it wouldn't have to have separate inventory of products for different locations. It also said all of its products, whether they have the modified caramel or not, are safe.

The watchdog group Center for Environmental Health said it commissioned Eurofins Analystical laboratory in Metairie, La., to test Coke and Pepsi products from California in May and from across the country in June.

The lab did not find the chemical in California products. And it found no 4-Mel in nine out of 10 Coke products outside of the state. But it found levels of 4-Mel that are 4 to 8 times higher than California safety levels in all 10 Pepsi products purchased outside California, according to the Center for Environmental Health.

Trace amounts of 4-Mel have not been linked to cancer in humans. The American Beverage Association said that California added the coloring to its list of carcinogens with no studies showing that it causes cancer in humans. It noted that the listing was based on a single study in lab mice and rats.

The Food and Drug Administration has also said that a consumer would have to drink more than 1,000 cans of soda a day to reach the doses administered that have shown links to cancer in rodents.

Coca-Cola and PepsiCo account for almost 90 percent of the soda market, according to industry tracker Beverage Digest.


22.27 | 0 komentar | Read More

France calls for 2-week delay in US-EU trade talks

PARIS — The French government said Wednesday it wants the start of major trade negotiations between the United States and the European Union suspended for two weeks amid anger over alleged U.S. eavesdropping on its European allies.

The country, whose Socialist government has never seemed hugely enthusiastic about the free trade deal, will try to get other EU members to agree to the request — but its chances looked slim. The EU Commission, which negotiates for the 28 member states, and Germany showed no signs of agreeing to postpone the start of talks planned for the beginning of next week, which come after months of protracted and painful efforts to find a common European stance.

France was at the heart of those difficulties, insisting on protections for its film and other cultural subsidies.

Just Tuesday night, the Commission said the planned start of technical negotiations in Washington "should not be affected" by the surveillance scandal that has emerged in recent days. But France is again raising its voice in protest.

"It seems wise to us to suspend (the talks) temporarily, for a period of 15 days," French government spokeswoman Najat Vallaud-Belkacem told reporters Wednesday.

After reports that the U.S. National Security Agency bugged EU diplomatic offices in Washington and infiltrated its computer network, Vallaud-Belkacem said mutual trust is needed before launching talks on such a huge trade deal, expected to provide a boost to economies on both sides of the Atlantic by removing tariffs and other barriers to trade.

She said France will first "discuss with our European partners to take a joint decision."

Her boss, President Francois Hollande, had hinted at a threat to trade talks in unusually outraged comments Monday demanding that the United States immediately stop any such eavesdropping.

In Berlin, German government spokesman Steffen Seibert suggested Germany is sticking to the plan for talks, despite anger over the snooping allegations. Speaking to reporters earlier Wednesday, he said that "we support the Commission in its effort to begin the negotiations on July 8."

But Volker Treier, a senior official at the influential German trade association DIHK, told Berlin daily Tagesspiegel that he was concerned about the atmosphere.

"For a free trade agreement there needs to be transparency and trust between the potential partners. The talks will get harder, the greater the distrust is," he told the newspaper Wednesday. "If the United States knew in advance what our negotiating strategy was then we Europeans would be fleeced," he added.

Germany's top security official said bluntly that if his countrymen were worried about U.S. intelligence agencies snooping on their Internet traffic — as claimed by NSA leaker Edward Snowden — then they should stop using American websites such as Google and Facebook.

"Whoever fears their communication is being intercepted in any way should use services that don't go through American servers," Interior Minister Hans-Peter Friedrich said.

The European Commission, meanwhile, insisted that the trans-Atlantic atmosphere needed to clear up for the talks to be successful.

"For such a comprehensive and ambitious negotiation to suceed, there needs to be confidence, transparency and clarity among the negotiating partners," it said in Tuesday's statement.

On Wednesday, the EU trade commissioner's office said it is sticking to its position.

It's unlikely that France could block the talks on its own. Last month, the Commission was given the mandate from all members to start the talks after striking a deal with France about keeping the movie and television business out of the negotiations to shield Europe's audiovisual industry from Hollywood.

EU Trade Commissioner Karel De Gucht said hinging the start of talks on such political issues as the eavesdropping scandal would amount to the EU shooting itself in the foot. The EU, he said, was entering talks out of self-interest, not to be subservient to the United States.

A free trade pact would create a market with common standards and regulations across countries that together account for nearly half the global economy. A recent EU-commissioned study showed that a trade pact could boost the EU's output by 119 billion euro ($159 billion) a year and the U.S. economy by 95 billion euros ($127 billion). For Europe in particular, that extra growth could be crucial to help pay high public debt and bring down unemployment, which is at record highs.

_____

Associated Press writers Raf Casert in Brussels, Frank Jordans in Berlin and Angela Charlton in Paris contributed to this report.


22.27 | 0 komentar | Read More

Markets roiled by oil price spike, Portugal woes

LONDON — Financial markets were roiled Wednesday as Egypt's unfolding political crisis pushed the price of oil to its highest level in more than a year and Portugal's government teetered on the edge of collapse.

While the benchmark New York oil price rose above $100 a barrel for the first time since May 2012, stocks around the world were piling up the losses, particularly in Portugal, where the main PSI stock index was trading 5.4 percent lower after two leading Cabinet members quit the government.

The interest yield on the country's benchmark 10-year bond also spiked over a percentage point higher to 7.70 percent at one point before dropping back to 7.28 percent. Even so, it's a clear signal that investors are fretting about the future of the bailed-out country and its efforts to get a handle on its debts. There are fears that other Cabinet members will quit over the government's austerity program and that may signal early elections and ensuing uncertainty.

"It's all about Portugal midweek where political pressures are breaking investor spirit around the world," said Andrew Wilkinson, chief economic strategist at Miller Tabak & Co.

Among the key indexes in Europe, the FTSE 100 index of leading British shares was down 1.6 percent at 6,206 while Germany's DAX fell 1.5 percent to 7,792. The CAC-40 in France was 1.4 percent lower at 3,692.

Investors, particularly in Europe, are clearly worried that Europe's debt crisis, which has been dormant of late, may be about to erupt again. Over recent months, it has barely been a driver in markets as the focus of attention turned toward monetary policy developments in the U.S. and Japan.

"It looks as if we could be headed for another summertime crisis in the eurozone," said David Madden, market analyst at IG.

In the U.S., trading was a lot calmer than in Europe — the Dow Jones industrial average was down 0.1 percent at 14,923, while the broader S&P 500 index fell 0.3 percent to 1,609. Wall Street will close at 1 p.m. on Wednesday ahead of the Independence Day holiday on Thursday and will re-open Friday.

Helping to shore up sentiment in the U.S. was the 188,000 increase in private sector jobs during June, as reported by the ADP payroll services company. That was slightly better than expected and cemented expectations that Friday's official figures will show a 175,000 improvement for the month. That's a solid gain but not necessarily enough to make the U.S. Federal Reserve start reining in its monetary stimulus just yet.

For stocks, that may be the best of both worlds — though the U.S. economy is growing, the liquidity provided by the Fed is likely to remain in place at least through the summer.

Weekly jobless claims, which showed a 5,000 drop to 343,000, echoed the ADP's findings that the U.S. labor market continues to improve gradually.

Following the U.S., data, the dollar was trading steadily against the euro, which was flat at $1.2980.

Investors were also keeping a close watch on the oil price as Egypt's president, Mohammed Morsi, defied calls to resign despite the demands of millions of protesters and a threat by military to suspend the constitution, disband parliament and install a new leadership.

Egypt is not an oil producer but its control of the Suez canal — one of the world's busiest shipping lanes, which links the Mediterranean with the Red Sea — gives it a crucial role in maintaining global energy supplies.

As a result, the benchmark New York rate has edged up this week and was trading a further $2.04 at $101.65 a barrel.

"The primary reason behind the rally is undoubtedly concerns that the ongoing political turmoil in Egypt may disrupt oil supplies through the Suez Canal," said Fawad Razaqzada, technical analyst at GFT Markets.

Earlier, Asian markets also closed lower with Japan's Nikkei 225 down 0.3 percent to 14,055.56 as the yen rallied against the dollar — a rising yen is a sign investors are wary but it makes Japanese goods more expensive in export markets. The dollar was 1.1 percent lower at 99.74 yen.

Elsewhere in Asia, Hong Kong's Hang Seng shed 2.5 percent to 20,147.31 while Seoul's Kospi fell 1.6 percent to 1824.66. In China, the Shanghai Composite lost 0.6 percent to 1,994.27 following disappointing manufacturing data.

____

Kay Johnson in Bangkok contributed to this report.


22.27 | 0 komentar | Read More

US trade gap widened in May as exports weakened

WASHINGTON — The U.S. trade deficit widened in May to its highest level in six months as a sluggish global economy depressed U.S. exports. Fewer exports mean U.S. growth in the April-June quarter could be weaker than previously forecast.

The trade deficit rose to $45 billion in May, up 12.1 percent from $40.1 billion in April, the Commerce Department said Wednesday. It was the largest trade gap since November.

Exports slipped 0.3 percent to $187.1 billion. Sales of American farm products dropped to their lowest point in more than two years. U.S. exports have been hurt by recessions in many European countries.

Imports rose 1.9 percent to $232.1 billion. Imports of autos and other nonpetroleum products hit an all-time high.

The U.S. trade deficit is running at an annual rate of $501.2 billion, 6.3 percent lower than last year's gap.

A trade gap can restrain growth because it means consumers and businesses are spending more on foreign goods than companies are taking in from overseas sales.

Paul Dales, senior U.S. economist at Capital Economics, said the larger trade gap for May indicates that economic growth last quarter could be even weaker than the sluggish 1.5 percent annual rate he had previously predicted.

Economists at Barclays said the higher deficit had led them to downgrade their growth forecast for the second quarter from 1.6 percent to 1 percent.

The U.S. economy expanded at only a 1.8 percent annual rate in the first three months of the year, the Commerce Department said last week. That was much slower than its previous estimate of a 2.4 percent rate.

Economists say they think growth will rebound somewhat in the second half of this year as the effect of government spending cuts and tax increases begins to wear off.

For May, exports to the 27-nation European Union were up 6.4 percent. But over the past five months, exports to this region have declined 6.3 percent from the same period in 2012. Europe has been hurt by a prolonged debt crisis, which has led to recessions across the continent.

The U.S. deficit with China jumped 15.6 percent to $27.9 billion in May. That's close to the all-time monthly high set in November. So far this year, the U.S. deficit with China, the largest with any country, is running 3 percent higher than last year.

The United States and China will hold high-level talks in Washington next week. They will seek to resolve differences in such areas as cyber-security, theft of intellectual property and China's currency policies. U.S. manufacturers contend that China is manipulating its currency to gain trade advantages.

Imports of foreign-made autos and auto parts jumped 3.1 percent to a record of $26 billion in May. Petroleum imports surged 4.4 percent to $30.9 billion.

Exports of U.S.-made autos and auto parts also set a record in May of $13.1 billion. But exports of farm products fell to $9.8 billion, the lowest level since September 2010. Shipments of wheat, soybeans and corn were all down.

Slower growth overseas has weighed on U.S. manufacturing this year. But reports show that factories are starting to see some improvement.

The Institute for Supply Management said manufacturing activity grew in June after shrinking in April. And the Commerce Department said orders to U.S. factories rose in May, lifted by the third straight month of stronger business investment.

A housing recovery and steady job growth have helped offset the weakness in manufacturing. And the Federal Reserve said last month that it expects growth to strengthen in the next year.

Chairman Ben Bernanke said the Fed could scale back its bond buying later this year and end it next year if the economy continued to strengthen. His comments sent stocks falling, and the yield on the 10-year Treasury bond jumped.

Stocks have since rebounded and the yield on the 10-year Treasury note has dipped since the middle of last week. Favorable reports on the U.S. economy have helped.

And several Fed members have clarified that any tapering of the Fed's bond buying would hinge on economic improvement, not a calendar date.


22.27 | 0 komentar | Read More

US factory orders rise 2.1 percent in May

Written By Unknown on Selasa, 02 Juli 2013 | 22.27

WASHINGTON — Orders to U.S. factories rose in May, helped by a third straight month of stronger business investment. The gains suggest manufacturing may be picking up after a weak start to the year.

The Commerce Department said Tuesday that factory orders rose 2.1 percent last month. April's increase was revised higher to 1.3 percent from 1 percent.

Most of the increase in May was due to a big jump in volatile commercial aircraft demand. Still, businesses also ordered more machinery, computers and household appliances.

A category of orders that's viewed as a proxy for business investment plans — which excludes the volatile areas of transportation and defense — rose 1.5 percent. That was even stronger than solid gains in the previous two months.

This measure of business investment hadn't increased for three straight months since the fall of 2011. The consecutive gains suggest U.S. manufacturing could improve in the second half of the year.

Manufacturing has struggled this year after helping propel the economy in the first three years after the recession ended. U.S. factories have seen less demand for exports because of weaker global growth. And businesses reduced their investment in machinery and equipment in the first quarter.

The May report showed that orders for long-lasting goods, from power generation equipment to ships and boats, rose 3.7 percent in May. Orders for nondurable goods, including paper, chemicals and oil, rose 0.7 percent.

Demand for commercial aircraft surged nearly 51 percent, after an 18.4 percent gain in April and a drop of 43.3 percent in March.

Orders for autos and auto parts fell 2 percent, after jumping 4.1 percent in April. Still, the decline is likely temporary.

U.S. automakers on Tuesday reported healthy sales gains in June. Ford Motor Co.'s sales soared 13 percent in June compared with a year earlier. Chrysler's sales rose 8 percent. That suggests auto production will resume a healthy pace in the coming months.

The overall gain in factory orders follows another report that shows manufacturing activity picked up in June. The Institute for Supply Management's index of manufacturing activity rose to 50.9 from 49. Any reading above 50 indicates expansion.

The ISM index showed that new orders and production both jumped. But a gauge of employment fell sharply, suggesting factories cut jobs for the fourth straight month.

The U.S. economy expanded at only a 1.8 percent annual rate in the first three months of the year, the Commerce Department said last week. That was much slower than its previous estimate of a 2.4 percent rate.

The main reason for the downgrade was consumers spent less on services than initially thought. Spending on long-lasting factory goods, such as cars and appliances, was stronger.

Economists expect growth remained tepid in the April-June quarter. Most estimates range between a rate of 1.5 percent and 2 percent.


22.27 | 0 komentar | Read More

EU unemployment figure revised due to data error

BRUSSELS — The European Union statistics office says an error in loading data from France meant that May unemployment figures for the EU and euro area were reported 0.1 percentage points lower than they should have been.

Eurostat said Tuesday that the unemployment figures it had released Monday for the eurozone and EU should have been 12.2 percent and 11 percent, respectively, instead of 12.1 percent and 10.9 percent.

The statistics office blamed the error on problems loading data from France, whose May unemployment figure should have been 10.9 percent, 0.5 percentage points higher than previously reported. The data error also caused Eurostat to revise its seasonally adjusted figures for earlier months of the year.


22.27 | 0 komentar | Read More

Shares fluctuate amid US recovery, Europe stall

PARIS — Signs that the U.S. economy is slowly rebounding drove American stocks higher Tuesday, but many other markets struggled to find direction amid indications that Europe is still in trouble.

U.S. factory orders rose 2.1 percent in May, according to data released Tuesday, a slightly higher increase than expected. A day earlier, the ISM manufacturing survey showed a small rebound in June thanks to new orders and higher production.

Signs that industrial production in the world's largest economy is improving are likely to comfort investors, but they will also paradoxically hope that the pace of recovery isn't too robust. As the U.S. economy improves, the Federal Reserve will start to reduce the monetary stimulus program that has buoyed markets.

Many investors fear the Fed will take its foot off the gas before the U.S. rebound really gets under way. Meanwhile, data from Europe showed Tuesday that it is still struggling.

Industrial producer prices fell 0.3 percent in May in the 17 European Union countries that use the euro, Eurostat reported. While that shows costs are falling, it also indicates manufacturing activity remains weak.

Meanwhile, Spain announced Tuesday that the number of people registered as unemployed dropped for a fourth consecutive month in June — but the country has a long way to go to bring its jobless rate down to normal levels. It currently stands at 27.2 percent. A separate report on Monday showed the unemployment rate in the eurozone was at 12.2 percent in May, its highest level ever.

"While the European economy appears to be starting to show flickers of recovery particularly in Spain and Italy where the manufacturing sector appears to be showing signs of coming off life support, the unemployment picture remains disturbingly high," said Michael Hewson, a market analyst at CMC Markets UK.

By late afternoon in Europe, France's CAC-40 was down 0.8 percent to 3,738 while the DAX in Germany was off 0.9 percent to 7,910. The FTSE index of British shares dropped 0.2 percent at 6,296.

In the U.S., by contrast, Wall Street opened higher. The Dow Jones industrial average rose 0.4 percent to 15,036; the broader Standard & Poor's 500 index was up the same rate at 1,622.

"It seems investors are now looking for a major catalyst to tempt buying to help offset the continued worry that central banks may cut back this year," said Lee Mumford, a financial sales trader with Spreadex.

Many Asian stocks rose earlier in the day. Tokyo's Nikkei 225, the region's heavyweight index, jumped 1.8 percent to 14,098.74. Australia's S&P/ASX 200 was up 2.6 percent at 4,834.00 after the country's central bank left interest rates unchanged and said the Australian dollar is likely to continue falling, easing pressure on exports.

In China, the Shanghai Composite Index reversed early losses to rise 0.6 percent to 2,006.56 after reports on Monday that Chinese manufacturing weakened in June amid a credit crunch. Hong Kong's Hang Seng fell 0.7 percent to 20,658.65, led by Chinese banks, which are facing central bank credit restrictions.

Amid tentative signs of economic recovery, benchmark oil for August delivery rose $1.09 to $99.08 a barrel in electronic trading on the New York Mercantile Exchange. The contract rose $1.43 to close at $97.99 a barrel on Monday.

The euro fell to $1.3024 from $1.3065 late Monday in New York.

___

Associated Press writer Kay Johnson in Bangkok contributed to this report.


22.27 | 0 komentar | Read More

In 'golden age' of surveillance, US has big edge

LONDON — The saga of Edward Snowden and the NSA makes one thing clear: The United States' central role in developing the Internet and hosting its most powerful players has made it the global leader in the surveillance game.

Other countries, from dictatorships to democracies, are also avid snoopers, tapping into the high-capacity fiber optic cables to intercept Internet traffic, scooping their citizens' data off domestic servers, and even launching cyberattacks to win access to foreign networks.

But experts in the field say that Silicon Valley has made America a surveillance superpower, allowing its spies access to massive mountains of data being collected by the world's leading communications, social media, and online storage companies. That's on top of the United States' fiber optic infrastructure — responsible for just under a third of the world's international Internet capacity, according to telecom research firm TeleGeography — which allows it to act as a global postmaster, complete with the ability to peek at a big chunk of the world's messages in transit.

"The sheer power of the U.S. infrastructure is that quite often data would be routed though the U.S. even if it didn't make geographical sense," Joss Wright, a researcher with the Oxford Internet Institute, said in a telephone interview. "The current status quo is a huge benefit to the U.S."

The status quo is particularly favorable to America because online spying drills into people's private everyday lives in a way that other, more traditional forms of espionage can't match. So countries like Italy, where a culture of rampant wiretapping means that authorities regularly eavesdrop on private conversations, can't match the level of detail drawn from Internet searches or email traffic analysis.

"It's as bad as reading your diary," Wright said. Then he corrected himself: "It's FAR WORSE than reading your diary. Because you don't write everything in your diary."

Although the details of how the NSA's PRISM program draws its data from these firms remain shrouded in secrecy, documents leaked by spy agency systems analyst Edward Snowden to the Guardian and The Washington Post newspapers said its inside track with U.S. tech firms afforded "one of the most valuable, unique, and productive" avenues for intelligence-gathering. How much cooperation America's Internet giants are giving the government in this inside track relationship is a key unanswered question.

Whatever the case, the pool of information in American hands is vast. Redmond, Washington-based Microsoft Corp. accounts for more than 90 percent of the world's desktop computer operating systems, according to one industry estimate. Mountain View, California-based Google Inc. carries two-thirds of the world's online search traffic, analysts say. Menlo Park, California-based Facebook Inc. has some 900 million users — a figure that accounts for a third of the world's estimated 2.7 billion Internet-goers.

The pool of information in American hands is vast. Redmond, Washington-based Microsoft Corp. accounts for more than 90 percent of the world's desktop computer operating systems, according to one industry estimate. Mountain View, California-based Google Inc. carries two-thirds of the world's online search traffic, analysts say. Menlo Park, California-based Facebook Inc. has some 900 million users — a figure that accounts for a third of the world's estimated 2.7 billion Internet-goers.

Electronic eavesdropping is, of course, far from an exclusively American pursuit. Many other nations pry further and with less oversight.

China and Russia have long hosted intrusive surveillance regimes. Russia's "SORM," the Russian-language acronym for System for Operational-Investigative Activities, allows government officials to directly access nearly every Internet service provider in the country. Initially set up to allow the FSB, the successor organization to the KGB, unfettered access to Russia's Internet traffic, the scope of SORM has grown dramatically since Vladimir Putin took power in 2000 and now allows a wide range law enforcement agencies to monitor Russians' messages.

In China, surveillance is "pervasive, extensive, but perhaps not as high-tech" as in the United States, said Andrew Lih, a professor of journalism at American University in Washington. He said major Internet players such as microblogging service Sina, chat service QQ, or Chinese search giant Baidu were required to have staff — perhaps as many as several hundred people — specially tasked with carrying out the state's bidding, from surveillance to censorship.

What sets America apart is that it sits at the center of gravity for much of world's social media, communications, and online storage.

Americans' "position in the network, the range of services that they offer globally, the size of their infrastructure, and the amount of bandwidth means that the U.S. is in a very privileged position to surveil internationally," said Wright. "That's particularly true when you're talking about cloud services such as Gmail" — which had 425 million active users as of last year.

Many are trying to beat America's tech dominance by demanding that U.S. companies open local branches — something the Turkish government recently asked of San Francisco-based Twitter Inc., for example — or by banning them altogether. Santa Clara, California-based WhatsApp, for example, may soon be prohibited in Saudi Arabia.

Governments are also racing to capture traffic as it bounces back and forth from California, importing bulk surveillance devices, loosening spy laws, and installing centralized monitoring centers to offer officials a one-stop shop for intercepted data.

"Eventually, it won't just be Big Brother," said Richard J. Aldrich, the author of a book about Britain's GCHQ eavesdropping agency. "There will be hundreds of little brothers."

But the siblings have a lot of catching up to do if they want to match surveillance powers of the United States, and some have turned to cyberespionage to try to even the playing field. A high-profile attack on Gmail users in 2010, for example, was blamed on Chinese hackers, while suspicion for separate 2011 attack on various U.S. webmail services fell on Iran.

But even in the dark arts of cyberespionage, America seems to have mastered the field. Washington is blamed for launching the world's first infrastructure-wrecking super worm, dubbed Stuxnet, against Iran and for spreading a variety of malicious software programs across the Middle East. One U.S. general recently boasted of hacking his enemies in Afghanistan.

In his comments to the South China Morning Post, Snowden said Americans had broken into computer systems belonging to a prominent Chinese research university, a fiber optic cable company and Chinese telecoms providers.

"We hack everyone everywhere," Snowden said.

U.S. officials haven't exactly denied it.

"You're commuting to where the information is stored and extracting the information from the adversaries' network," ex-NSA chief Michael Hayden told Bloomberg Businessweek earlier this year. "We are the best at doing it. Period."

___

Paisley Dodds in London and Nicole Winfield in Rome contributed to this report.


22.27 | 0 komentar | Read More

Auto sales maintain momentum, led by pickups

DETROIT — U.S. buyers snapped up new cars and trucks in June at a pace not seen since before the recession.

Continuing demand for big pickups helped boost sales for Detroit's automakers. Ford said Tuesday that its sales rose 14 percent, while Chrysler's gained 8 percent and General Motors' rose 6.5 percent.

Japanese automakers reported solid gains as well. Nissan's sales jumped 13 percent, while Toyota's were up 10 percent. But Volkswagen's sales dropped 3 percent, the third straight monthly decline for the German car company.

Other automakers will report sales later Tuesday.

Analysts say they don't see much that could slow the sales momentum of the first six months. The factors that juiced sales — low interest rates, wider credit availability, rising home construction and hot new vehicles — are likely to remain in place. So far, hiccups in the stock market, higher taxes and fluctuating gas prices haven't dampened demand.

"I think the fundamentals for continued growth in the new vehicle sales industry are intact," Chrysler's U.S. sales chief, Reid Bigland, said last week.

Analyst estimate that U.S. auto sales rose 6 percent to 8 percent in June compared with the same month last year. The auto pricing site TrueCar.com predicts that dealers sold cars and trucks at an annualized rate of 15.7 million last month, the best rate since December 2007.

Sales of pickups — which have been selling at a rate three times faster than the rest of the industry has — continued at a strong pace in June.

Ford sold just over 68,000 F-Series trucks, up 24 percent from last June and its best June for trucks since 2005. GM said sales of the Chevrolet Silverado jumped 29 percent to 43,259, while Chrysler Group sold nearly 30,000 full-size Ram pickups, up 24 percent from last June. Small businesses have been replacing their aging trucks as home construction has picked up.

Young graduates may have contributed to a rise in small car sales, said Kelley Blue Book analyst Alec Gutierrez. Gas prices, which averaged $3.60 a gallon nationwide in June and were higher than a year ago, may have steered some buyers to more fuel-efficient models, he said.

Sales of Ford's recently updated Fiesta subcompact more than doubled to 9,363, while Chrysler sold nearly 6,500 Dodge Dart small cars.

Consumer confidence hit a six-year high in June. And the Standard & Poor's 500 index had its best first half since 1998, up 12.6 percent, although there was some volatility late last month.

At the same time, auto loan rates remained near historic lows in June. The rate on a four-year new-car loan is averaging 2.7 percent, according to Bankrate.com.

Ford said two of its best sellers, the Fusion sedan and Escape SUV, were flat compared with last year, when Ford was discounting older models to make way for the updated ones that are now on sale. Ford's Lincoln luxury brand was down 1 percent.

Chrysler, majority-owned by Fiat SpA of Italy, also had some weak spots. Jeep sales were flat as the company halted production of the Liberty to get ready for the launch of the new Jeep Cherokee in August.

Jeep may also have been squeezed by Chrysler's public flap with the government last month over the safety of some older-model Jeeps. And sales for the Chrysler and Fiat brands both rose 1 percent.


22.27 | 0 komentar | Read More

Student loan rates double without Congress' action

Written By Unknown on Senin, 01 Juli 2013 | 22.37

WASHINGTON — Interest rates on some new federally backed loans for college students are now double what they were last week.

Subsidized Stafford loan interest rates went to 6.8 percent on Monday because Congress didn't strike a deal to keep them low. That translates to an extra $2,600 per student in costs. It affects roughly a quarter of all federal borrowers.

The effects aren't immediate, though. That's because most students sign their loan documents when they return to campus in the fall.

Lawmakers say they can return the interest rates to 3.4 percent when they return after the July 4 holiday.

The Republican-led House passed a bill before leaving town that linked student loan interest rates to the financial markets. The Democratic-led Senate, however, was unable to overcome a procedural hurdle.


22.37 | 0 komentar | Read More

Tribune to acquire 19 TV stations for $2.73B

CHICAGO — Tribune Co. said Monday that it reached a deal to buy Local TV Holdings LLC's 19 TV stations for $2.73 billion in cash, significantly boosting its television business as it looks to sell its newspaper operations.

Tribune currently owns 23 TV stations and cable network WGN America, along with the Chicago Tribune, Los Angeles Times and other newspapers. It says the deal will make it the country's largest commercial TV station owner with 42 stations.

Tribune Co. said it expects the deal to boost its profits immediately and result in more than $100 million in annual cost savings within five years. Local TV's holdings include stations in Denver, Cleveland, St. Louis and other major cities.

Meanwhile, the Chicago company said the increased scale will help it maximize its national and local advertising sales, while also giving it a larger footprint to distribute its video and digital content.

"This is a transformational acquisition for Tribune — it makes us the No. 1 local TV affiliate group in America, expands the distribution platform for our high-quality video content, and extends the reach of our digital products to new audiences across the country,"  Tribune Co. President and CEO Peter Liguori said in a statement.

Tribune Co. is trying to sell its newspapers to focus on its more profitable broadcasting operations. The newspaper sale is being done at the behest of a group of lenders that took over the Tribune as part of a bankruptcy reorganization.

The newspapers have been hurt by a shift that has driven more readers and advertisers to the Internet and mobile devices. The downturn in print advertising was one of the factors that caused Tribune Co. to file for Chapter 11 bankruptcy protection in 2008. It emerged from court oversight at the end of 2012.

Other traditional newspaper companies are also adding TV stations. Last month, Gannett Co., the publisher of USA Today, announced plans to buy TV station owner Belo Corp. for about $1.5 billion. If approved, the all-cash deal will make Gannett the fourth-largest broadcast group in the U.S.

Local TV is principally owned by private equity firm Oak Hill Capital Partners.

The deal, which remains subject to antitrust and Federal Communications Commission approvals, is expected to close by the end of 2013. Tribune Co. said it has received committed financing of up to $4.1 billion and expects the deal will be financed through a combination of debt financing and cash on hand.


22.37 | 0 komentar | Read More

Merck: FDA wants more studies of insomnia drug

WHITEHOUSE STATION, N.J. — Drugmaker Merck & Co. says federal regulators have ruled that they won't approve high doses of its experimental insomnia medication because of concerns about their safety.

But Merck says the Food and Drug Administration has indicated it would approve lower doses of the drug, called suvorexant, after Merck provides additional data.

Merck spokesman Steve Cragle says the company is talking with the FDA to determine exactly what studies are needed.

However, the company says that at minimum it will have to do manufacturing studies on a low, 10-milligram dose, which the FDA wants to be the starting dose for most patients. That means Merck will have to repeatedly produce batches at that dose, which it hasn't done before, to show it can produce pills meeting strict specifications.


22.37 | 0 komentar | Read More

Markets rise on US, Japanese growth signs

LONDON — Long-awaited signs of improvement in Japan's economy and growth in U.S. manufacturing pushed global stocks higher on Monday.

The ISM manufacturing survey for the U.S. showed a rebound in June thanks to new orders and higher production. The increase to 50.9 points from May's 49 shows the sector is expanding once again. A reading above 50 suggests growth, while those below indicate contraction.

The survey showed employment in the sector remained weak, however, suggesting companies are still cautious about the future.

The survey boosted stock markets as investors estimated it was strong enough to show the recovery is on track, but not so strong as to encourage the Federal Reserve to start ending its monetary stimulus program ahead of time.

By midafternoon in Europe, Germany's DAX was 0.5 percent higher at 7,998.12 while France's CAC-40 was up 1.1 percent to 3,778.05. Britain's FTSE 100 rose 1.5 percent to 6,306.04.

Wall Street pushed higher as well, with the Dow rising 1 percent to 15,060.15 and the broader S&P 500 up 1.1 percent to 1,624.13.

"This rebound in the ISM and moderate employment growth in June would leave the Fed on track to start tapering" its bond purchases in September, said Paul Dales, analyst at Capital Economics.

U.S. economic indicators have been one of the main market drivers in recent weeks as investors gauge when the Fed is likely to wind down its stimulus.

After a volatile few weeks, Fed officials are trying to calm investors' concerns about the central bank's planned reduction in monthly purchases of financial assets. Those purchases are aimed at stimulating the economy by pushing down market interest rates, and investors worry that as the economy improves, a pullback could deprive them of cheap borrowing rates.

In that vein, the U.S. monthly jobs report due Friday will get huge attention as it is the most closely watched indicator for the world's largest economy.

In Europe, economic indicators remain more mixed. Unemployment across the 17-country eurozone rose to another record high, at 12.1 percent in May. The number shows the massive amount of work governments have to address the social impact that their debt reduction policies have had.

A separate report, however, showed an improvement in manufacturing activity in Britain, France and Italy and stabilization in Spain.

Markets had been buoyed earlier in the day, during Asian trading hours, by the Bank of Japan's closely-watched quarterly "tankan" survey for June. It showed that the index for major manufacturers rose to positive 4 points from negative 8 in March, the first positive figure since September 2011. A positive reading means more companies are optimistic than pessimistic.

The report, along with another survey showing consumer prices stopped falling for the first time in seven months, suggests companies are reacting positively to the weaker yen and Prime Minister Shinzo Abe's policies to revive the economy.

That helped temper concerns by a separate report showing China's manufacturing decelerated in June for a second month. The survey by HSBC Corp. and a Chinese industry group declined to 48.2 points from May's 49.2. The drop reflects in part a tightening in lending conditions as Beijing sought to stabilize the credit market.

Tokyo's Nikkei 225 rose 1.3 percent to close at 13,852.50 while China's benchmark Shanghai Composite Index gained a more moderate 0.8 percent to 1,998.24.

Earlier in Asia, smaller stock markets mostly fell on concern that China's manufacturing slowdown might hurt their economies. Sydney's ASX/S&P 200 lost 1.9 percent to 4,710.30.

Taiwan's Taiex shed 0.3 percent to 8,036 while South Korea's Kospi fell 0.4 percent to 1,855.73. Singapore, Bangkok and Manila gained while Hong Kong was closed for a holiday.

In other markets, the benchmark crude oil contract for August delivery was up $1.42 at $97.98 in electronic trading on the New York Mercantile Exchange.

The dollar gained to 99.72 yen from 99.11 yen late Friday. The euro rose to $1.3025 from $1.3013.

___

Joe McDonald in Beijing contributed to this report.


22.37 | 0 komentar | Read More

Citigroup agrees to pay $968M to Fannie Mae

NEW YORK — Citigroup has agreed to pay $968 million to Fannie Mae to resolve potential future repurchase claims on residential mortgage loans originated between 2000 and 2012.

A sizable group of the loans were originated during the U.S. housing boom. Mortgage giants Fannie Mae and Freddie Mac bought mortgage loans from banks like Citigroup in the run-up to the financial crisis. Fannie and Freddie teetered as the loans went bad, and they were effectively nationalized in 2008. The government has spent billions to keep Fannie and Freddie afloat.

Fannie and Freddie have since said that the banks misled them by not telling them the true condition of the mortgages they were buying. For several years, they have been demanding that the banks repurchase the mortgages.

The agreement between Citigroup and Fannie Mae covers claims for breaches of representations and warranties on 3.7 million loans. The deal doesn't release Citigroup's liability for servicing and other ongoing contractual obligations for the loans.

Citigroup said that it is also still liable for a group of less than 12,000 loans originated between 2000 and 2012, including loans sold with a performance guaranty or under special credit enhancement programs.

The bank anticipates a $245 million residential mortgage reserve for its second quarter, consistent with reserves from recent quarters. Citigroup will report its quarterly results on July 15.

The New York company said it has adequate reserves for loans not covered by the agreement.

Citigroup Inc. said Monday that it will continue to work with Fannie Mae on buying back any mortgage loans sold to the government-controlled mortgage agency that don't meet its requirements.

Fannie Mae Executive Vice President and General Counsel Bradley Lerman said in a statement that the agency continues to work on resolving repurchase requests with other lenders.

Citigroup's stock added $1.05, or 2.2 percent, to $49.02 in morning trading. The shares have traded in a 52-week range of $24.91 to $53.56.

In January, Bank of America reached an $11.6 billion settlement with Fannie Mae to settle claims resulting from mortgage-backed investments that soured during the housing crash.


22.37 | 0 komentar | Read More

Student debt flunking many first-time home buyers

Written By Unknown on Minggu, 30 Juni 2013 | 22.26

WASHINGTON — They're not yet an endangered species, but their steadily diminishing presence has some real estate analysts worried: First-time buyers are missing in action in housing markets across the country.

Traditionally first-timers have accounted for around 40 percent of purchases in the resale market. But in May, according to the National Association of Realtors, they were just 28 percent, down from 29 percent in April and 34 percent a year ago.

Big deal? Yes. If predominantly young, first-time purchasers are not entering the home ownership pipeline at anywhere near their traditional rate, at some point the system begins to choke. Owners of modest-priced starter homes find it more difficult to sell and move up. They in turn can't buy the larger homes they crave, reducing demand for houses in the more expensive categories. A shortage of first-time buyers at the intake level eventually triggers problems all the way up.

Where are these previously dependable first-time homebuyers in their late 20s and early 30s? A new national study released last week offers important clues: A lot of them are carrying such heavy debts from student loans that they're postponing buying houses.

Researchers for the One Wisconsin Institute found that the rate of homeownership among individuals who are paying off student loans is 36 percent lower than their peers who have no student debt. The disparity can be seen at all income levels. Among individuals who earn $50,000 to $75,000 a year, those who are still paying down student loans have a 28 percent lower rate of home ownership compared with others in the same income group.

Bulging student-loan balances aren't short term issues, either. The institute's study found that the average payoff time is 21 years, ranging from 17 years for those who attended college but did not get a degree to 23 years for those with graduate degrees.

Worse yet, student loans are exhibiting high default rates — currently about
13.4 percent. That depresses credit scores and makes it more difficult to qualify for a mortgage under today's toughened underwriting standards, where average FICO scores for buyers using conventional mortgages top 760.

Even financial regulators are now acknowledging the troubling linkage between student-debt loads and declining home purchases.

Total outstanding student debt now exceeds $1.1 trillion. Debt loads for recent graduates average just under $27,000, but an estimated 13 percent of outstanding balances range from $54,000 to $100,000.

Student debt troubles are hardly the only barrier keeping first timers out of the market, however. Stan Humphries, chief economist for Zillow, the online real estate site, says there are three additional important reasons behind the trend:

L High down payment requirements for conventional loans — averaging just below 20 percent. The Federal Housing Administration's lower down payment options are attractive, but recent premium hikes can make FHA loans more expensive than competing conventional mortgages.

L Persistent negative 
equity problems among the owners and potential sellers of the lower-priced start-up homes that first-time buyers traditionally could afford are keeping those properties off the market because owners don't want to take a loss at settlement. Roughly 43 percent of owners in the 35 to 39 age bracket are still underwater on their mortgages — nearly double the rate for homeowners overall.

L Cash-rich investor competition. For those affordable homes that do come on the market, first-time buyers frequently are losing out to investors who can pay hard cash.

Problems like these aren't likely to go away anytime soon, Humphries believes, but they could improve gradually. Financing terms could loosen up as interest rates rise and lenders are forced to reach out to purchasers — including first timers — with more favorable deals. Similarly, as home prices rise, investors are likely to cut back on their purchases of starter homes they turn into rentals, thereby opening new doors for first-time buyers.


22.26 | 0 komentar | Read More

Maine fireworks revenues far exceed projections

PORTLAND, Maine — Sales at Maine's fireworks stores have far surpassed initial projections when fireworks became legal last year for the first time in 63 years.

When legislators debated a bill in 2011 seeking to legalize fireworks, the Maine Revenue Services estimated that fireworks stores would generate about $120,000 a year in sales taxes. In reality, the state collected $380,000 in sales taxes for the latest 12-month period ending May 31, according to the agency.

With a sales tax of 5 percent, that means fireworks stores had sales of $7.6 million in the past year.

The Maine Revenue Services' original projections were somewhat conservative since fireworks were new and there was no baseline from which to work, said spokesman David Heidrich. Still, the numbers are impressive, he said.

"The revenues generated by these retailers have far exceeded expectations," he said.

Fireworks became legal in Maine on Jan. 1, 2012, after legislators — with the support of Gov. Paul LePage — repealed a 1949 law that outlawed them. State law limits fireworks to municipalities where they're approved and requires people to be 21 to purchase and use them.

Doug Damon, a former state representative from Bangor, said one reason he sponsored the 2011 bill that legalized fireworks was because he thought it would create jobs and business opportunities.

By last Fourth of July, about a dozen fireworks stores had opened. There are now 18 stores statewide with scores of employees, according to the Maine fire marshal's office, which licenses the stores.

"Fireworks were coming into Maine anyways but without the benefits of jobs or taxes," Damon said.

He's not surprised sales are strong. "This is only the first year," he said. "It's still growing."

Steve Marson owns five Pyro City Maine stores — in Manchester, Winslow, Ellsworth, Edgecomb and Presque Isle — with about 40 full-time employees. Every employee he hired last year was jobless when he hired them, he said.

Sales have been steady, he said, and he expects them to grow as people get used to fireworks being legal. The strongest sales are around the Fourth of July, but he thinks fireworks will become more popular throughout the year as people buy them for other occasions.

"People are using them for cookouts, birthday parties or to have small backyard fireworks displays for entertainment," he said.

The newest store, Black Bear Fireworks in the eastern Maine town of Machias, opened in late May and has five employees, said owner Wesley Graham.

There's plenty of room for growth in the industry in Maine, Graham said, and he eventually hopes to open five more stores.

But store owners have some uneasiness that lawmakers may again outlaw fireworks after investors have spent millions of dollars opening stores, he said.

"One of the big concerns is it will be taken from us, that the rug will be pulled out from under us," he said. "Or maybe there's too much invested at this point by Maine people. Too many jobs are being created and Maine needs that money."

Fireworks opponents have said fireworks are dangerous. There are no official statistics on fireworks accidents, but the state fire marshal last year said there were relatively few accidents on July 4 and nearly all of them were caused by people mishandling or misusing the fireworks.


22.26 | 0 komentar | Read More

Lobster trap limit increased for Maine island

SWANS ISLAND, Maine — Lobstermen on Swans Island off the eastern Maine coast are now allowed to fish more traps.

Gov. Paul LePage last week signed into law a bill allowing Swans Island fishermen to have 550 traps, up from 475.

The law aims to increase economic opportunities by allowing Swans Island lobstermen to take advantage of the plentiful summer lobster harvest. Officials say the higher trap limit won't threaten the lobster resource.

Most lobstermen in Maine are allowed to have up to 800 fishing traps, but Swans Island and some other fishing zones have lower limits. Swans Island is located about five miles south of Mount Desert Island and has a population of about 330.


22.26 | 0 komentar | Read More

European officials slam US over bugging report

BERLIN — Senior European officials expressed concern Sunday at reports that U.S. intelligence agents bugged EU offices on both sides of the Atlantic, with some leftist lawmakers calling for concrete sanctions against Washington.

The president of the European Parliament, Martin Schulz, said he was "deeply worried and shocked about the allegations of U.S. authorities spying on EU offices" made in a report published Sunday by German news weekly Der Spiegel.

The magazine said the surveillance was carried out by the U.S. National Security Agency, which has recently been the subject of leaks claiming it scanned vast amounts of foreign Internet traffic. The U.S. government has defended its efforts to intercept electronic communications overseas by arguing that this has helped prevent terror attacks at home and abroad.

Schulz said that if the allegations that the NSA bugged European Union offices were confirmed "it would be an extremely serious matter which will have a severe impact on EU-US relations."

Green Party leaders in the European Parliament, Rebecca Harms and Daniel Cohn-Bendit, called for an immediate investigation into the claims and suggested that recently launched negotiations on a trans-Atlantic trade treaty should be put on hold.

They also called for existing U.S.-EU agreements on the exchange of bank transfer and passenger record information to be canceled. Both programs have been labeled as unwarranted infringements of citizens' privacy by left-wing and libertarian lawmakers in Europe.

In Germany, where criticism of the NSA's surveillance programs has been particularly vocal, a senior government official accused the United States on Sunday of using Cold War methods against its allies by targeting EU offices in Washington, New York and Brussels.

"If the media reports are accurate, then this recalls the methods used by enemies during the Cold War," German Justice Minister Sabine Leutheusser-Schnarrenberger. "It is beyond comprehension that our friends in the United States see Europeans as enemies."

Leutheusser-Schnarrenberger called for an "immediate and comprehensive" response from the U.S. government to the claims in the Spiegel report, which cited classified U.S. documents taken by former NSA contractor Edward Snowden that the magazine said it had partly seen.

Spokespeople for the NSA and the office for the national intelligence director in Washington did not immediately respond to requests for comment Sunday.

According to Der Spiegel, the NSA planted bugs in the EU's diplomatic offices in Washington and infiltrated the building's computer network. Similar measures were taken at the EU's mission to the United Nations in New York, the magazine said.

Der Spiegel didn't publish the alleged NSA documents it cited nor say how it obtained access to them. But one of the report's authors is Laura Poitras, an award-winning documentary filmmaker who interviewed Snowden while he was holed up in Hong Kong.

The magazine also didn't specify how it learned of the NSA's alleged eavesdropping efforts at a key EU office in Brussels. There, the NSA used secure facilities at NATO headquarters nearby to dial into telephone maintenance systems that would have allowed it to intercept senior EU officials' calls and Internet traffic, the Spiegel report said.

Also Sunday, German federal prosecutors said they were examining whether the reported U.S. electronic surveillance programs broke German laws. In a statement, the Federal Prosecutors' Office said it was probing the claims so as to "achieve a reliable factual basis" before considering whether a formal investigation was warranted.

It said private citizens were likely to file criminal complaints on the matter, but didn't comment on the possible legal merits of such complaints.

Der Spiegel reported that at least one such complaint was lodged with prosecutors in the state of Hesse last week.

___

Frank Jordans can be reached at http://www.twitter.com/wirereporter . Associated Press Writer Raf Casert contributed to this report from Brussels.


22.26 | 0 komentar | Read More

Home price gains bring sellers off the sidelines

SAN DIEGO — Robert and Emerald Oravec were itching to sell their condominium late last year to move closer to a favorite surfing spot, but they were stuck. They owed the bank $194,000 and figured the most they could get was $180,000.

When they put their San Diego home up for sale a few months later, they fielded five offers within two weeks. It sold for $260,000 in May, allowing them to invest profits in a new home that's more than twice the size on a large lot and 40 minutes closer to the surfing beach.

"We're stoked," said Robert, 50, a facilities engineer at Solar Turbines Inc., a maker of gas turbines that has employed him for the last 22 years. "It was better to be patient and wait it out."

Soaring prices are leaving fewer homeowners owing more money than their properties are worth, bringing them off the sidelines of the nation's surging housing market and offering relief to buyers who are frustrated by bidding wars. As more homes are put up for sale, price increases are expected to moderate.

Mark Fleming, chief economist at real estate data provider CoreLogic Inc., calls it "a virtuous circle."

"The fact that house prices have increased so dramatically ... has unlocked a lot of that pent-up supply," said Fleming, whose firm found that markets with the largest percentage of "underwater" or "upside down" mortgages often have the lowest supply of homes for sale.

From January to March, 19.8 percent of the nation's mortgaged homes were underwater, down from 23.7 percent a year earlier and 25 percent during the same period of 2011, according to CoreLogic. Gains spread across the country, though regions that rose high and crashed hard remained saddled with homeowners who bought near the peak.

Nevada had a nation-high 45.4 percent of mortgages underwater, followed by Florida at 38.1 percent, Michigan at 32 percent and Arizona at 31.4 percent. Montana had a nation-low 5.6 percent.

Among major metropolitan areas, Tampa Bay had a nation-high 41.1 percent of mortgaged homes underwater, followed by Miami at 40.7 percent. Dallas had a nation-low 8.3 percent.

San Diego, at 19.5 percent, was slightly better than the national rate and California's 21.3 percent. The region's median home sale price hit $406,500 in May, up 21.3 percent from a year earlier amid brisk sales, according to DataQuick.

Housing inventories remain unusually low. There was a 5.2-month supply of existing, single-family homes for sale in May, compared to 6.4 months a year earlier, according to the National Association of Realtors. California had only a 2.6-month supply, compared to 3.6 months a year earlier and well below the six months that is considered a balanced market.

San Diego broker Colleen Cotter began knocking on doors this year after scouring property records to find homeowners who didn't owe money. If someone answers, she makes an all-cash bid on behalf of investors who don't even visit.

Nearly one of three homes sold in Southern California is paid for in cash, putting borrowers at a disadvantage. Some buyers write sellers about how they would cherish a home, hoping to spark a personal connection.

Josh Martin, 26, discovered homes he and wife considered buying had changed hands less than a year earlier at much lower prices. The first-time homebuyers lost nine bids since August— many to cash buyers — until finally landing a home in May for $250,000 in the San Diego suburb of Chula Vista.

"It was very stressful because the prices just kept going up," said Martin, who recently left the Marine Corps. "Our lease was about to end and we didn't want to sign another year."

Economists expect many homeowners will continue to resist selling because they think they can profit more by waiting.

Nancy Randazzo, a 38-year-old public school teacher who owes about $240,000 on an Anaheim condominium that she bought for $335,000 in 2005, figures she might be able to sell for what she owes but wants to rent to Disneyland tourists. One potential snag is that she and her fiancee would need to find a place to buy.

"Prices are going up so fast that I don't know if I can," she said.

The huge price increases produced an unexpected retirement gift for Larry and Diane Plaster, who were resigned in January to selling their San Diego home for less than they owed the bank, known as a short sale. They owed $352,000 but accepted an offer for $290,000.

Their bank rejected the deal four months later, leading the couple to put the home up for sale again. On the second attempt, they took an all-cash offer of $380,000, yielding a windfall of $6,500 after broker fees and closing costs. The Plasters, who live on Social Security income, fulfilled a dream of moving to a geodesic dome they built in Janesville, 130 miles north of Lake Tahoe.

The former Catholic social service workers were so angry when Chase rejected the short sale that they closed their account after more than 40 years.

"Now I guess I should send them a thank-you note," said Diane, 66.


22.26 | 0 komentar | Read More
techieblogger.com Techie Blogger Techie Blogger