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pharoah88
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03-Aug-2010 20:06
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Fresh warnings of UK
LONDON Figures showed the number of students entering Britain from countries outside the European Union increased by more than 75,000 in 12 months, despite unprecedented demand for college and university places at home. The influx was exacerbated by a further 31,000 dependants accompanying foreign students. It followed the introduction of Labour’s points-based immigration system which was supposed to make it harder for unskilled immigrants to come to Britain. But the system made it no harder for immigrants to enter the country on student visas, according to campaign groups. The British government said on Sunday that the student visa system had been open to “significant abuse”. Immigration Minister Damian Green said there would be a thorough review of the rules and new measures to “tighten the system further”. Many students enter Britain to take legitimate degrees but tens of thousands of other foreigners have been admitted to 600 “lower tier” colleges, at which it is easier to gain a place but which are still accredited to hand out degrees. Last year, it emerged that some of these colleges offered qualifications in subjects such as circus skills, acupuncture and ancient medicine. Many of their students are given the RiGHT to wOrk in Britain after graduating. About 4,000 illegal immigrants are also thought to have used bogus colleges to slip into the country. Mr Andrew Green, chairman of the group Migrationwatch, said: “There is growing evidence the points-based system has provided a back door for bogus students.” — The number of foreigners entering the United Kingdom on student visas rose by a third to more than 300,000 last year, prompting renewed warnings of a loophole in immigration law.The Daily Telegraph |
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Blastoff
Elite |
03-Aug-2010 13:47
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STI lower at middaySINGAPORE shares were lower at midday on Tuesday, with the benchmark Straits Times Index at 3,023.76, down 0.04 per cent, or 1.28 points. About 1,333.4 million shares exchanged hands. Losers beat gainers 214 to 199. |
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Blastoff
Elite |
03-Aug-2010 06:52
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Stocks roar into August, Dow gains 200 pointsNEW YORK (CNNMoney.com) -- Stocks rallied Monday, extending last month's gains, as investors welcomed upbeat economic reports and strong earnings from European banks. The Dow Jones industrial average (INDU) rose 208 points, 2%, according to early tallies. The S&P 500 (SPX) index jumped 24 points, or 2.2%, and the Nasdaq (COMP) composite gained 41 points, or 1.8%. The rally came after stocks rose 7% in July, marking the best monthly gain in a year, on solid second-quarter results from a range of major U.S. companies. The bullish tone carried over Monday as investors cheered quarterly results from European banks HSBC and BNP Paribas. "I think the market is looking at earnings reports and saying things are not as bad as we thought," said Dave Hinnenkamp, chief executive at KDV Wealth Management. "Yes, the economic recovery won't be at a brisk pace, but companies are still earning money and their balance sheets are in good shape." Given the strength of corporate earnings, Hinnenkamp said the S&P 500 could be headed back towards its late-April highs near 1,200. The broad stock index ended Monday at 1,125.81 after breaking through a key technical level. Energy giants Chevron (CVX, Fortune 500) and ExxonMobil (XOM, Fortune 500) both jumped as oil prices surged past $80 a barrel on renewed optimism about global economic growth. But the rally was broad-based too. All 30 Dow stocks were positive, with the biggest gains in the materials and technology sectors. In addition to encouraging corporate results, stocks were helped by a smaller-than-expected decline in a gauge of U.S. manufacturing activity and a surprise increase in construction spending. While questions remain about growth in the second half of the year, Monday's reports helped ease worries that the economy could relapse into recession. "Manufacturing is still holding steady," said Steven Goldman, market strategist at Weeden & Co. "That gives investors a convincing argument that the economy is not going to double dip." Stocks closed mixed Friday as economic concerns tempered upbeat earnings sentiment. Despite the rally in July, the market is up modestly for the year. Stocks had slumped in April and May amid concerns about the European debt crisis and mixed economic indicators in the United States. Looking ahead, investors said the focus may shift later this week from earnings to the economy, particularly the outlook for the U.S. job market. "Earnings are going to start to wane," said Stephen Carl, head equity trader at Williams Capital Group. "So the market is going to be reacting to the economic numbers." On Tuesday, investors will take in government data on personal income and spending before the market opens, while a report on factory orders comes out later in the morning. Automakers are slated to report July sales throughout the day. The government's monthly payrolls report is due from the Labor Department on Friday. Economists expect the report to show that the economy lost jobs for the second month in a row in July and the unemployment rate is forecast to increase slightly. Economy: A key index of U.S. manufacturing activity came in better than expected in July, while construction spending rose unexpectedly in June. The Institute for Supply Management's (ISM) index eased slightly last month to a reading of 55.5 from 56.2 in June. But the measure has been above 50, the level indicating growth, for a full year. Economists surveyed by Briefing.com had expected the index to fall to 54.2, according to consensus estimates. Separately, the Commerce Department said construction spending rose 1% in June to a seasonally adjusted annual rate of $836 billion. Economists expected construction spending to fall 0.8% in June, following a 0.2% dip in May. Companies: HSBC (HBC), Europe's biggest bank, said Monday that its earnings more than doubled in the first half of the year. The bank's profit climbed to $6.76 billion during the first six months of the year, up from $3.35 billion in the same period a year earlier. French bank BNP Paribas (BNP) said net income jumped 32% in the second quarter on strength across all business units. Shares of BlackBerry maker Research in Motion (RIMM) fell 1.7% after the United Arab Emirates said it will ban the Web operations of more than a half-million BlackBerry users due to security issues. Bernanke: Federal Reserve chairman Ben Bernanke said Monday that financial markets have improved from the depths of the crisis, but he acknowledged that conditions have become "somewhat less supportive of economic growth in recent months." He said concerns about the fiscal health of many European economies had weighed on the market this year, although a recent round of bank "stress tests" have eased those worries. In a speech about the financial challenges facing state governments, Bernanke said the economy should continue to grow at a "moderate pace" as businesses restock depleted inventories and consumer spending gradually resumes. However, the recovery faces "notable restraints," he said, such as high unemployment and weakness in the housing market. Financial reform: Treasury Secretary Tim Geithner is due to speak on Wall Street reform at New York University after the market closes. Geithner will promise to press federal bureaucrats to swiftly translate a sprawling 2,300-page regulatory reform bill into clear new financial rules, according to excerpts of the speech released by the Treasury. "We will move as quickly as possible to bring clarity to the new rules of finance," Geithner will say in the speech. "The rule writing process traditionally has moved at a frustrating, glacial pace. We must change that." World markets: European stocks rallied Monday. The CAC 40 in France closed 3% higher. The FTSE 100 in Britain rose 2.6% and Germany's DAX added 2.3%. Asian markets also rose. The Hang Seng in Hong Kong jumped 1.8%, the Shanghai Composite rose 1.3% and Japan's Nikkei gained 0.4%. China's manufacturing sector is still growing, but the pace is starting to slow, according to data released over the weekend from the government-run China Federation of Logistics and Purchasing. Currencies and commodities: The dollar was lower versus the euro and the British pound, but up against the Japanese yen. U.S. light crude oil for September delivery rose $2.51 to settle at $81.46 a barrel. COMEX gold's December contract edged up $1.50 to close at $1,185.40 per ounce. Bonds: Treasury prices fell, pushing the yield on the 10-year note up to 2.96% from 2.90% late Friday. Bond prices and yields move in opposite directions. |
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pharoah88
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02-Aug-2010 16:28
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RUSTED Gillard struggles as polls show her heading for defeat SYDNEY — Ms Gillard moved the focus back to policy matters, unveiling plans for a low fee pensions scheme after a string of public revelations. The centre-left leader pledged that if her Labour Party is re-elected, workers on average incomes would see their retirement savings grow by A$40,000 ($49, 212) under the new superannuation scheme. “It’s part of the sharp contrast between a re-elected Gillard government and what (opposition leader) Tony Abbott would do if he was elected prime minister,” she said. But Ms Gillard, who has faced criticism over how she seized power in a party coup against Mr Kevin Rudd, conceded that her battle to keep conservative Mr Abbott out of power was a tough one. “Let’s be very clear about this, we’re in a fight,” Ms Gillard said late Saturday. A new poll on Saturday suggested Mr Abbott’s Liberal Party had for the first time picked up an election-winning lead of 52 per cent over Labour’s 48 per cent, according to a Nielsen poll. Ms Gillard’s plunging popularity came after leaks from the Cabinet room that undermined her position on introducing paid parental leave and raising pensions. Mr Rudd, has denied claims he was behind any of the leaks. But his spectre cast a fresh pall over Ms Gillard’s campaign when ex-Liberal foreign minister Alexander Downer was quoted as saying his party “mercilessly” used Mr Rudd as a “double agent” to leak compromising information about Labour a decade ago.
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Blastoff
Elite |
02-Aug-2010 07:03
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Bulls brace for earnings hangoverNEW YORK (CNNMoney.com) -- After a big rally in July, investors could be in for another bout of economic jitters this week as the focus shifts from earnings to the weak job market. Stocks booked the best monthly gain in a year during July as investors cheered strong second-quarter results from an array of major U.S. companies. About 75% of the roughly 300 companies in the S&P 500 that have reported earnings so far have beat analysts' estimates. But with relatively few top tier companies left to report earnings, the economic outlook is likely to set the tone for the market this week. "As we get past earnings season it will be harder for the market to sustain the positive tone it has had over the last few weeks," said Bruce McCain, chief investment strategist at Key Private Bank. As such, trading could be choppy in the early part of the week as investors gear up for the all-important monthly jobs report from the Labor Department on Friday. In addition, investors will take in government data on personal income and spending, as well as a key index of manufacturing activity. "Without jobs it's difficult to have a robust economic recovery, and that will make it harder for the market to move significantly higher," said David Levy, a portfolio manager at Kenjol Capital. Most economists expect the report to show that payrolls fell in July as the impact of temporary Census hiring continues to fade. But the market could rally if the number comes in better than expected or shows any improvement in private sector hiring, according to Alec Young, an equity analyst at Standard & Poor's. "There's room for the market to move higher if jobs pick up," he said. "But earnings alone are not enough anymore." Meanwhile, Treasury Secretary Tim Geithner will be in New York to discuss financial reform on Monday. Concerns about tax policy may also weigh on the market as the debate heats up in Washington over the 2001 and 2003 Bush tax cuts, which are set to expire at the end of the year. On the docket Monday: Reports on manufacturing activity and construction spending are due out after the market opens. The Institute for Supply Management's (ISM) index of U.S. manufacturing in July is expected to have dropped to 53.5 from 56.2 in June, according to economists surveyed by Briefing.com. A number above 50 indicates growth in the sector. Separately, the government is expected to report that construction spending fell 1% in June after a 0.2% drop the month before. Treasury Secretary Tim Geithner will discuss financial reform in a speech at New York University. Tuesday: The government is due to report on June personal income and spending. Economists believe incomes rose 0.2% in the month, while spending is forecast to be up 0.1%. A report on June factory orders comes out after the opening bell. In addition, top auto makers will report July car and truck sales throughout the day. Wednesday: Before the market opens, payroll processing firm ADP is expected to report that private sector employers added 30,000 jobs in July. The Institute for Supply Management's index of activity in the service sector for July is expected to show little change when it is released after the opening bell. The government's weekly oil inventory report is also due Wednesday. Thursday: The Department of Labor releases weekly jobless claims figures in the morning. The number of Americans filing new claims for unemployment last week is expected to drop slightly to 455,000. Continuing claims, a measure of Americans who have been receiving benefits for a week or more, is expected to fall to 4.53 million. Friday: The government's closely-watched jobs report is expected to show the U.S. economy lost 116,000 jobs in July after a decline of 125,000 jobs the month before. The unemployment rate is forecast to rise to 9.6% in the month from 9.5%. Insurance giant AIG (AIG, Fortune 500) is also expected to post quarterly results at some point Friday. |
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pharoah88
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31-Jul-2010 16:14
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Singapore is just a RED dOt and a "BONSAi" Yet Singapore releases one of the HiGHEST LEVEL of CARBON ? ? ? ? If SINGAPROE want the PEOPLE to OPT for BICYCLING, THE CABINET must WALK THE TALK and TAKE THE LEAD in CYCLING TO AND FROM WORK BECAUSE BY THEN SINGAPROE WiLL CLEAN & GREEN WITHOUT TRAFFIC JAM
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pharoah88
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31-Jul-2010 16:07
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Mr. Gibbs rides “a sweet new Trek bike“, and tweets about his “15 miles on the new bike … more hills and lots of wind today but still a pretty day.” He also solicits advice on saddle comfort after an 18 mile ride. The Heritage Foundations calls the Obama Press Secretary’s endorsement of the local bike shop an abuse of power. Author Rory Cooper wonders, “Will every business Robert Gibbs walks into now offer him special treatment in the hopes he gives them a shout-out or endorsement?” I wonder what they think of former President George Bush’s well publicized mountain bike rides on Trek and Cannondale bikes — all of them gifts from the respective bike companies? Incidentally, Revolution Cycles is also where President Bush took his mountain bikes for maintenance. And what of President Reagan’s well known fondness for Jelly Belly jelly beans? Finally, has anybody attempted a bad ‘influence peddling’ pun with this story yet? See also: |
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pharoah88
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31-Jul-2010 16:05
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German Defence Minister Karl-Theodor zu Guttenberg leaves by bicycle, after an economic council of Germany’s Christian Democratic Union CDU in Berlin, June 9, 2010. Can you imagine US Defense Secretary Robert Gates riding a bicycle from the Pentagon? |
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pharoah88
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31-Jul-2010 16:02
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http://www.cyclelicio.us/2010/new-uk-prime-minister-commutes-by-bike/ UK Conservative Party leader David Cameron today was selected as the new Prime Minister of the United Kingdom. The 43 year old Cameron, who is Britain’s youngest prime minister in almost two centuries, regularly rode his bicycle to parliament. It’s unknown if Cameron will continue riding his bike from his new official residence at Number 10 Downing Street. What other world leader gets around by bike? In his campaign, Mr Cameron threw a few bones to the motoring lobby, though he also promotes high speed rail across Britain and green initiatives to encourage walking, cycling, and mass transit use. Like the United States, the UK is increasingly dependent on imported oil for its energy needs. North Sea oil production fueled economic growth from the Thatcher era onwards. Although production peaked in 1999, the national government continued to receive substantial revenue from North Sea production, allowing lavish spending on social programs. North Sea oil has not cushioned Britain from the worldwide economic turmoil of the past two years, leading to the dissolution of Gordon Brown’s Labour Party government. The Conservative Party plans to cut some taxes to stimulate economic growth, but with declining energy supplies economic growth is impossible though, to his credit, Cameron has resisted most tax cut proposals in favor of plans to cut government spending. The UK’s 2009 oil revenue was half what it was in 2008, and 2010 will likely be even worse. Cameron and his coalition government with the Liberal Democrats will need to deal with the realities of physical resource constraints, climate change issues, economic recession, and lower tax revenues. It should be interesting for them and for all of us. See also: |
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pharoah88
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31-Jul-2010 15:51
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Is the Internet really the root cause? The seeds of radicalisation are sown offline, and that’s where counter-measures should focus Mohamed Abdul Saddiq O The common thread in the radicalisation of Muhammad Fadil and others such as Abdul Basheer Abdul Kader, Muhammad Zamri Abdullah and Maksham Mohd Shah before him who were detained under the ISA was the exposure and desire to address “injustices” towards Muslims in places such as Palestine, Chechnya, Afghanistan and Iraq through armed jihad. The two key questions that remain unanswered are: What role did the Internet play and what threat did these individuals pose to Singapore? It seemed that their desire for action was directed at overseas conflicts and theatres. However, the identification of individuals who were willing to fight overseas is the most powerful indicator that radicalisation is metastasising. As was seen in the United Kingdom, once a national demonstrates a desire to go abroad and fight, it may be only a matter of time before this radicalised individual considers conducting operations domestically. As such, it is important to stem radicalisation before it gets to this stage. Thus, while Singapore has at least a moral obligation to prevent terrorism from occurring anywhere if it can, there is a perception of a looming direct threat to Singapore, demonstrated by the continuing threat of radicalisation. Given the lack of a direct threat to life and property in Singapore, some may argue that the detention was an overreaction on the part of the authorities. However, from a security standpoint, it seems that it is always better to overcompensate on safety than fall short. The most important open question is this: Why does radicalisation still occur, given all the laudable counter radicalisation efforts and community engagement efforts? n April 4, Muhammad Fadil Abdul Hamid, a 20-year old Full-time National Serviceman in the Singapore Armed Forces, was detained for two years under Singapore’s Internal Security Act (ISA).MERELY REINFORCEMENT According to media reports and statements by the authorities, Fadil’s self-radicalisation was a result of his fervent search on the Internet for jihadist propaganda and videos. The threat of online radicalisation is taken as a given. But does the Internet serve as a cause or merely an accelerant for radicalisation? The emphasis on the concept of online radicalisation ostensibly removes the agency of individuals to make judgments independently, but instead casts them as mindless automatons readily susceptible to the unparalleled horrors that the Internet seems to pose. The apparent pervasiveness of websites espousing jihadist views, as hostile and aggressive as they appear, ultimately does not explain the radicalisation of an individual. Jihadist websites and the extreme rhetoric contained therein may be notable for spreading propaganda that aim to cast aspersions on Western hegemony, but they are not the engine of radicalisation. Rarely, if ever, do people alter their views after exposure to radical websites; more often than not, they tend to seek out information which serves to reinforce their original views. This is, arguably, why cases such as Fadil’s remain the exception rather than the norm, since the majority of Muslims are not of radical leanings and would not seek radical websites or pay any heed to such sites if they chance upon it while browsing the Internet. Some experts see Internet forums as more damaging than “passive websites” since people actually bounce ideas off each other, creating an “echo chamber” effect. This gives the illusion of strength in numbers as an affirmation of a radicalised individual’s beliefs. It remains unknown whether Fadil’s reported “contact with Awlaki” meant communication with the United States-born Anwar al Awlaki or exposure to Awlaki’s materials or videos. The former could have expedited Fadil’s radical fervour, but he arguably would not have gone searching for Awlaki if he had not had a radical bias in the first place. As mentioned, Fadil and the three detained before him were “outraged” by the apparent injustices suffered by fellow Muslims in conflict areas such as Palestine, Iraq and Afghanistan among others. This anger is one of the major ingredients in the process of radicalisation — it is a sort of powder keg that begins offline. This powder keg may be ignited if this anger resonates with personal experiences, and be amplified by radical ideologies (as individuals) which could be reinforced through participation in a group such as an online forum. There is also the danger of confirmation bias. It was revealed that Fadil searched the Internet for jihadist propaganda and videos and was influenced by the ideas of radical Muslim clerics such as Awlaki. While there is undoubtedly a correlation between his Internet activity and his radicalisation, no causal connection has so far been found. SEED S OF RESISTANCE The distinction is important, because claiming a causal link leads to policy solutions. If the policy solutions fail to address the causes of radicalisation, they may misallocate counter-radicalisation resources. Following the announcement of the detentions, there were calls for stricter punitive legislative measures against online religious extremists and racial chauvinists. Such measures are, arguably, useful only on a superficial level as only the symptoms, not the cause, are being tackled. To address the root cause of the issue, other observers call for an increase in counter-ideology/narrative websites to compete with the already wildly proliferating radical Islamist materials. However, this would have limited success given the tendency for users to gravitate towards sites that conform to their original bias. Rather than online, these “counterideology” debates and dialogues should be propagated offline in a more prominent way, perhaps in open debates where the community at large can be educated. Instead of shielding the young and the community at large from radical ideology — which is at best a stop-gap measure in the vast World Wide Web — parents, religious and community leaders should discuss openly with their children and youth, much like how sexual education is now being approached, and thoroughly debunk these radical ideologies. The idea is to plant seeds of resistance offline against radical materials online and not let them make up their minds only after coming across such materials. The traditional media should also be utilised to constantly spread such counternarratives. The emphasis in countering radical ideas should therefore not only focus on online measures; it must begin offline — where the seeds of radicalisation are sown. The writer is a Research Analyst with the S Rajaratnam School of International Studies, Nanyang Technological University. |
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pharoah88
Supreme |
31-Jul-2010 15:40
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All the while i thought Radical is a good word. nOw it sEEms Radicalization is a "CRiME" ? ? ? ? Definitions of Radicalization on the Web:
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pharoah88
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31-Jul-2010 15:27
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BP CEO: I'm a 'villain for doing the right thing' |
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pharoah88
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31-Jul-2010 15:19
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pharoah88
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31-Jul-2010 15:17
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pharoah88
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31-Jul-2010 15:16
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Dow Jones Industrial Average
10465.94
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pharoah88
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31-Jul-2010 15:09
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Bangladeshi police use batons to disperse protesters in Dhaka, Bangladesh on Friday, July 30 DHAKA, Bangladesh — Thousands of Bangladeshi garment workers took to the streets, burning cars and blocking traffic in the capital Dhaka on Friday to protest against a government-announced wage hike that fell far short of their demands. Police officers said security forces used tear gas and batons Friday to disperse the protesters in central Dhaka, where dozens of garment factories are located. The angry workers broke into shuttered buildings and set furniture on fire in the heart of Dhaka Friday, the BBC reported. Officers said several people were injured. The officers spoke on condition of anonymity, citing local briefing rules. After weeks of violent protests, Bangladesh nearly doubled the minimum monthly wage Thursday for millions of workers in the key export garment industry to 3,000 taka ($43) from 1,662 taka, but it fell far short of labor union demands of 5,000 taka. The increase will take effect on November 1, 2010. "We are rejecting what has been offered as increased wages because it is too inadequate to make ends meet," a worker told Reuters news agency. Bangladesh-based factories make clothes for international brands such JCPenney, Wal-Mart, H&M, Marks & Spencer, Zara and Carrefour. Garments are Bangladesh's biggest export, accounting for more than 80 percent of annual export earnings worth $16 billion as garment industry workers earn wages well below the poverty line. The garment sector is Bangladesh's second biggest employer after agriculture, with about 4,500 factories employing about 3.5 million workers, with many toiling in dangerous conditions. Dozens of workers were injured in clashes with police last month at protests over salaries and working conditions that disrupted production at several factories.
The Associated Press and Reuters contributed to this report. |
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pharoah88
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31-Jul-2010 15:05
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Swedish ex-police chief convicted of sex crimesSTOCKHOLM — A former Swedish police chief known for his lectures on gender equality and sexual harassment was convicted on Friday of rape and other sex crimes and sent to prison. In a case that shocked this Nordic nation, the court found Goran Lindberg, 64, guilty of "sadistic, sexual violence" for tying one of his victims to a bed before raping her. |
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pharoah88
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30-Jul-2010 08:41
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Bullard: Fed Low Interest Rate Policy Putting U.S. At Risk For Japanese-Style Deflation7/29/2010 1:23 PM ET
(RTTNews) - St. Louis Federal Reserve President James Bullard said Thursday that the Fed's current policies are putting the U.S. at risk for "a Japanese-style deflationary outcome within the next several years."
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Blastoff
Elite |
30-Jul-2010 06:51
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Stocks edge lowerNEW YORK (CNNMoney.com) -- Stocks slid Thursday, although they finished off their session lows, as investors weighed cautious comments from a regional Federal Reserve president about the health of the economy and a mix of quarterly profit reports. The Dow Jones industrial average (INDU) lost 30 points, or 0.3%, the S&P 500 (SPX) index dipped 4 points or 0.2% and the Nasdaq (COMP) composite dropped 13 points, or 0.6%. After an early boost from Exxon Mobil's and a drop in weekly jobless claims, the market's tone turned negative. "A lot of the earnings have been good, but the Fed speak and the economic reports over the last two days have not been helping," said Joseph Saluzzi, co-head of equity trading at Themis Trading. Plaguing the market were worries about Friday's initial GDP report for the second quarter and Federal Reserve Bank of St. Louis President James Bullard's warning about the threat of deflation to the economy. The GDP report is expected to show second-quarter growth at a 2.5% annualized rate, down from the 2.7% rate reported for the quarter. Bullard warned that the Fed's current policies were putting the United States at risk of falling into an extended period of falling wages and prices. The warning was noteworthy because Bullard, a voting member of the Fed's policy committee, has previously been an inflation hawk, more focused on the threat of higher prices and costs. Low summer trading volume exacerbated the market moves. "There's such slight volume that you're seeing these quick reactions," Saluzzi said. Stocks were also vulnerable near the end of a strong month in which all three major indexes have risen between 7.5% and 8%, as of Thursday's close. On Wednesday, the markets finished lower on a worse-than-expected durable goods orders report and weaker quarterly results from Boeing. Quarterly results: Dow component Exxon Mobil (XOM, Fortune 500) reported higher quarterly earnings and revenue thanks to an increase in oil prices versus a year ago. Earnings results topped estimates, but analysts surveyed by Thomson Reuters expected higher year--over-year revenue growth. Shares fell 1%. Colgate-Palmolive (CL, Fortune 500) tumbled 7% after the maker of toothpaste and pet food products reported second-quarter sales that were shy of forecasts. The company said weaker consumer spending accounted for slower sales, as well as the impact of devaluation of the Venezuelan currency. Colgate cut its full-year profit outlook. A number of consumer stocks tumbled as well, including Dow components Procter & Gamble (PG, Fortune 500) and Kraft Foods (KFT, Fortune 500). On the upside, consumer products maker Avon Products (AVP, Fortune 500) reported higher quarterly revenue and earnings that topped expectations. The company said increased sales of beauty products and strength in its Latin American market helped to offset weakness on home products and the impact of currency fluctuations. Shares gained 1% Company news: Trading in Cisco Systems (CSCO, Fortune 500) was briefly halted in the late morning after it triggered a circuit breaker by jumping at least 10% in a five-minute period. NYSE Amex, where the trade occurred has said it will stand, following examination. Circuit breakers were instituted in the wake of the May 6 "flash crash" in which the Dow lost nearly 1000 points in a matter of minutes before recovering due to faulty trades. Amazon (AMZN, Fortune 500) released the Kindle 3 on Wednesday, the newest version of its e-reader. Due to the ongoing e-reader price war, the company also released a cheaper model that sells for $139. Shares fell modestly Thursday. Jobs: The number of Americans filing for first-time unemployment benefits fell by 11,000 to 457,000 last week, the Department of Labor reported in the morning. Claims were expected to dip to 464,000, according to a consensus of economists surveyed by Briefing.com. Continuing claims, a measure of Americans who have been receiving benefits for a week or more, rose to 4,565,000 from 4,484,000 in the previous week. Economists expected 4,550,000 claims on average. World markets: European markets fell. The CAC 40 in France fell 0.5%, Germany's DAX fell 0.7% and the FTSE 100 lost 0.1%. Asian markets were mixed. Japan's Nikkei fell 0.6%. The Hong Kong Hang Seng index ended just above unchanged. The Shanghai Composite gained 0.6%. Currencies and commodities: The euro gained against the dollar, while the U.S. currency fell versus the Japanese yen. U.S. light crude oil for September delivery rose $1.40 to $78.39 a barrel on the New York Mercantile Exchange. COMEX gold for August delivery climbed $7.10 to $1,167.50 per ounce. Bonds: Treasury prices rose, lowering the yield on the 10-year note to 2.99% from 3% late Wednesday. Bond prices and yields move in opposite directions. Market breadth: Breadth was mixed. On the New York Stock Exchange, losers beat winners by four to three on volume of 760 million shares. On the Nasdaq, advancers narrowly beat decliners on volume of 1.79 billion shares. |
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Blastoff
Elite |
29-Jul-2010 06:56
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Stocks fall on economic fearsNEW YORK (CNNMoney.com) -- Stocks fell Wednesday as a worse-than-expected report on durable goods orders and weaker quarterly results from Boeing and others added to concerns about the pace of the economic recovery. The Dow Jones industrial average (INDU) lost 40 points, or 0.4%. The S&P 500 (SPX) lost 8 points, or 0.7%. The Nasdaq (COMP) composite lost 24 points, or 1%. The surprise drop in durable goods orders and a slide in European markets kept concerns about the U.S. economy front and center. David Levy 512 506 9395 "I think the selling today was a result of us getting overbought in the short term, as a result of the S&P rising 8% this month," said David Levy, portfolio manager at Kenjol Capital Management. "The bigger picture is that we're still in a tug-of-war between better earnings news and mixed economic news," he said. "Today some of the earnings news wasn't as good as it has been and the economic news was also disappointing, so people backed out." Bets on a strong profit reporting period fueled stock gains through most of July. Month-to-date, the Nasdaq, S&P 500 and Dow industrials are all up between 8% and 8.5% through Thursday's close. Thanks to that strength, stocks have erased second-quarter losses, leaving the major stock gauges all near breakeven for 2010. But in order for stocks to make gains through year-end, investors need more reassurance that the economic recovery will be sustainable, even if it is weaker than had been hoped during last year's rally. "There's still a lot of uncertainty about employment, real estate and the deficit," said Gary Webb, CEO at Webb Financial Group. "I think we'll end the year higher but probably not by much." Economy: Durable goods orders fell 1% in June after dropping 0.8% in May, surprising economists who thought orders would rise 1%. Durable goods orders are orders on products meant to last at least three years, such as cars and computers. The economy continues to improve at a modest pace, according to the latest "beige book" report released by the Fed in the afternoon. Economic activity held steady or improved in 10 of the 12 districts, the central bank said. Quarterly results: Dow component Boeing (BA, Fortune 500) said its second-quarter profit fell from a year earlier, due to less airplane deliveries and defense revenue. The company's weaker quarterly revenue and earnings topped the average forecast of analysts surveyed by Briefing.com. Shares dropped just short of 2%. Comcast (CMCSA, Fortune 500) reported weaker quarterly earnings and higher revenue, as costs associated with its takeover of NBC Universal were countered by higher advertising revenue. Results on both an earnings and revenue basis were above consensus. Shares of the cable operator gained 1.2%. Sprint Nextel (S, Fortune 500) posted its first rise in subscribers in three years, but also posted a wider second-quarter loss as it lost more lucrative customers who hold longer-term deals. Shares gained modestly. ConocoPhilips (COP, Fortune 500) was one of several oil companies to report a big jump in quarterly earnings and revenue that topped estimates, thanks to a turnaround in refining. Shares were little changed. Exxon Mobil (XOM, Fortune 500) reports results Thursday. Aetna (AET, Fortune 500) and WellPoint (WLP, Fortune 500) both posted better-than-expected profits and boosted their full-year forecasts, but shares fell anyway. World markets: European shares were mixed. The CAC 40 in France gained 0.1%, Germany's DAX fell 0.5% and the FTSE 100 lost 0.9%. Asian markets rallied. Japan's Nikkei gained 2.7%. The Hong Kong Hang Seng gained 2.6%. The Shanghai Composite gained 2.3%. Currencies and commodities: The euro fell against the dollar after seesawing through the day, while the U.S. currency fell versus the Japanese yen. U.S. light crude oil for September delivery fell 19 cents to $76.80 a barrel on the New York Mercantile Exchange. COMEX gold for August delivery rose $2.80 to $1,163.90 per ounce. Bonds: Treasury prices rose, lowering the yield on the 10-year note to 3.00% from 3.05% late Tuesday. Bond prices and yields move in opposite directions. Market breadth: Breadth was negative. On the New York Stock Exchange, losers beat winners by two to one on volume of 1 billion shares. On the Nasdaq, decliners beat advancers by over two to one on volume of 1.88 billion shares. |
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