04/03/2012 (6:16 am)

Japan’s new nuclear regulatory agency delayed

Filed under: banks, uk |

Japan has failed to create a revamped nuclear regulatory agency by the promised date _ April 1 _ amid political infighting, raising questions about its commitment to bolstering oversight after last year’s nuclear crisis.

Authorities have been accused of lax supervision of Japan’s 54 nuclear reactors after a massive earthquake and tsunami led to a meltdown of three reactors at the Fukushima Dai-ichi plant in the world’s worst nuclear disaster since Chernobyl.

Prime Minister Yoshihiko Noda’s Cabinet has endorsed a bill to create a more powerful and independent regulatory body that would unify various nuclear safety and regulatory agencies.

But progress has been slowed by disagreements over how much independence it should have and by other disputes.

Source

04/01/2012 (12:11 pm)

Stricken cruise ship to reach Malaysia port Sunday

Filed under: Australia, business |

A cruise ship with 1,000 people on board that had drifted for 24 hours after being disabled by a fire was headed toward Malaysia following repairs and was expected to reach shore Sunday, the ship’s company said.

The Azamara Quest, which had embarked on a 17-day Southeast Asian cruise, was left drifting in southern Philippine waters after a fire broke out Friday night. The flames engulfed one of the ship’s engine rooms but were quickly extinguished, the ship’s operator said. Five crew members suffered smoke inhalation, including one who was seriously injured and needed hospital care.

The ship informed the Philippine coast guard late Saturday that its power and propulsion had been restored and that it was moving slowly toward Sandakan, Malaysia, its next destination after it left Manila on Thursday, spokesman Lt. Cmdr. Algier Ricafrente said.

Azamara Club Cruises, the ship’s operator, said in a statement Sunday that the ship was sailing at a top speed of only 6 knots (11 kilometers or 6.9 miles per hour) and was expected to reach Sandakan at 10 p.m. (1400 GMT).

“Unfortunately, the ship has not been able to restore power to the air conditioning compressors. While this is a very difficult undertaking, the onboard team is diligently working to resolve this issue. The guest sentiment onboard continues to be calm and upbeat,” the statement said.

It said company president Larry Pimentel would meet personally with the passengers and crew in Sandakan.

The company said the rest of the cruise would be canceled. It said it would fully refund the passengers and provide each guest with a future cruise certificate for the amount paid for the aborted voyage.

It was the latest in a series of accidents hitting luxury cruise liners since January, when the Costa Concordia capsized off the coast of Italy, killing 32 people.

The Azamara Quest is carrying 590 passengers and 411 crew members. Operator Azamara Club Cruises is part of Royal Caribbean Cruises Ltd.

More than one third, or 201, of the passengers on board are American, and nearly a third, or 119, of the crew are Filipinos, according to lists of passenger and crew nationalities provided by the ship captain to the coast guard.

The passengers are from 25 countries and include 98 from Britain, 89 from Australia, 45 from Canada, 39 from Germany, 32 from Austria, 16 from Belgium, 14 from New Zealand and 14 from Switzerland.

The other crew members include 58 Indians and 50 Indonesians cash advance.

The vessel had left Hong Kong on Monday. The ship made a port call in Manila and left for Sandakan on Thursday. It was scheduled to make several stops in Indonesia before arriving in Singapore on April 12.

But instead, the stricken ship drifted Saturday in the Sulu Sea about 130 kilometers (70 nautical miles) south of the Philippines’ Tubbataha Reef, Ricafrente said. The area lies between the Philippines and the island of Borneo, which is divided between Malaysia and Indonesia.

A woman from Kailua-Kuna, Hawaii, who said she is one of the passengers, posted an entry on Azamara’s Facebook page after Internet service was restored on the ship, praising the crew’s handling of the situation.

“No A/C yet but everyone is fine,” she wrote. “Cannot say enough about this Captain and the crew. They have been absolutely wonderful keeping us updated constantly with the good or the bad. … Sorry that we cannot finish our cruise, but we will back ASAP.”

She said the crew worked with very little rest “to keep us all in good spirits, well fed and comfortable.”

There was a jar where passengers could place donations to help the injured crewman who was in serious condition, she said.

Ricafrente said that no distress call was received and that there would be an investigation.

A Philippine coast guard vessel approached the Azamara Quest, but the ship’s captain sent an email to the coast guard saying that it needed no assistance and that everything was “under control.”

Engineers on Saturday morning restored electricity in the ship to re-establish air conditioning, running water, plumbing, refrigeration and food preparation, the company said.

The ship’s senior physician, Oliver Gilles, said the crew member who was in serious condition had suffered “prolonged heat and smoke exposure.”

A month after 32 people died when the Costa Concordia ran aground and capsized off the western coast of Italy, a fire on the Costra Allegra left that ship without power and adrift in waters known to be prowled by pirates in the Indian Ocean for three days.

Both Costa ships are part of Costa Crociere, SpA, a subsidiary of Carnival Corp., the world’s largest cruise operator.

Source

03/30/2012 (10:23 pm)

Myanmar Economy Set to Take Flight as Voters Head to Polls - Bloomberg

Filed under: economics, finance |

Myanmar next week holds the most inclusive elections since the military rejected an opposition victory in 1990, as the potential for economic ties with western nations encourages the leadership to relax control.

By-elections for 43 of the national legislature

03/29/2012 (8:19 am)

Fannie, Freddie should trim some mortgage principal, Geithner says

Filed under: Loans, uk |

U.S. Treasury Secretary Tim Geithner told a U.S. Senate panel that he believes Fannie Mae and Freddie Mac should reduce principal on some home mortgages.

“We’ve been encouraging Fannie and Freddie to take another look at the map, at the economics of the finance, because we think there is a strong case in some circumstances to add principal reduction as part of their strategies to help maximize return of the taxpayer,” Geithner testified Wednesday to a subcommittee of the Senate Appropriations Committee.

At the end of last year 12.1 percent of mortgages were delinquent or in foreclosure, compared with 12.4 percent a year earlier, according to the U.S. Office of the Comptroller of the Currency.

Fannie Mae and Freddie Mac, the mortgage finance companies under government conservatorship since 2008, haven’t granted principal reductions because it would cost the taxpayer-funded companies almost $100 billion, Edward DeMarco, the acting director of the Federal Housing Finance Agency, said in a Jan. 20 letter to Congress. The agency oversees Fannie Mae and Freddie Mac.

“What Mr. DeMarco has said is that they are taking another look at their numbers, looking at our economic case fast cash. We are in the process of working through that with him and I hope he is going to be in a position to indicate what he plans to do in the next several weeks,” Geithner said.

“This is an important part of a credible national strategy that they have been reluctant to move even though they have done a lot of things that are very very helpful.”

The FHFA will release a study next month about whether it makes sense to allow forgiveness on underwater loans guaranteed by Fannie Mae and Freddie Mac, according to DeMarco.

“We are offering a rich array of tools to help borrowers with their mortgage payments,” DeMarco said today on Bloomberg Television’s “Street Smart” program with Trish Regan.

Three out of four borrowers with GSE loans who owe more than their homes are worth are current on their mortgages, DeMarco said.

Source

03/27/2012 (5:27 pm)

Bidding wars spark complaints from homebuyers, says Real Estate Council of Ontario

Filed under: Loans, news |

The Real Estate Council of Ontario is feeling the heat from Toronto

03/26/2012 (12:36 am)

BATS founder says exchange should renew IPO in 2Q

Filed under: marketing, term |

The founder of BATS Global Markets says the U.S. exchange that withdrew its public offering on Friday after an embarrassing computer glitch should pursue a “credible” IPO plan in the second quarter.

Dave Cummings, who founded the BATS exchange and was its CEO till 2007, said in an email sent Sunday to people in the industry that it was a “freak one-time event,” because the computer program needed for an IPO was new. He said such bugs can easily be fixed, but recommended that all bonus plans at BATS should be suspended since “mistakes cost money.”

A BATS’ spokesman said Cummings’ opinions are his own and the company has “absolutely no comment” on the email.

Cummings sits on the board of BATS and is the owner of electronic trading firm Tradebot Systems and technology investment firm Tradebot Ventures. He also owns a stake in BATS.

On Thursday BATS’ initial public offering of its own stock priced at $16, the low end of what the company had originally predicted.

Shortly after starting to trade on Friday, the share price plunged to just pennies because of technical issues, according to the exchange. Trading in the stock was halted cash till payday. By late afternoon, BATS withdrew its public offering and said it had no plans to refile its IPO. All trades made were to be canceled.

The botched IPO was a blow not only to the exchange, but to its own plans for the IPO business. In February, BATS offered free listings to companies with shares that traded a certain amount each day, hoping to draw IPOs away from Nasdaq and the NYSE.

BATS, whose motto is “Making Markets Better,” strove to define itself as a tech-savvy exchange and said companies would benefit from its “world-class customer support and technology.”

Cummings said in his email that the software bug that led to the glitch would likely take less than a week to fix. He said that the company now needed a plan to move forward.

“BATS management should develop a plan to go public in the second quarter, if possible,” said Cummings. “This might seem tough, but I believe it is the only way to move past the issue.”

Source

03/24/2012 (11:32 am)

The older they get, the deeper the debt

Filed under: finance, online |

The older they get, the deeper in debt — that’s the story for today’s 20-somethings, according to a new survey by PNC bank.

The bank found that two thirds of 20 and 21-year-olds carry debt.  The burden averages $12,000 and it’s mainly mortgage debt.  By their late 20s, 87 percent are in debt, averaging $78,500.  But mortgage debt makes up the bulk.

Student debt actually goes up through the 20s, from $9,500 for 20 and 21-year-olds, to $20,300 for 28 and 29-year-olds installment payday loans.

The survey of 2,000 young people found that 60 percent feel stressed by debt, a figure that holds even through the 20s.

Source

03/22/2012 (7:43 pm)

Home beer brewers seek changes to alcohol laws

Filed under: lenders, technology |

About the only thing Kevin Flynn enjoys more than drinking his home-brewed beer is sharing it with fellow beer club members at festivals and tasting competitions. So Flynn and his buddies were shocked to discover that Wisconsin law prohibits sharing homemade suds anywhere outside the brewer’s home.

The law could “pretty much be the end of competitions in Wisconsin,” he lamented. “At least legal ones.”

An explosion of interest in home brewing is forcing lawmakers across the country to review long-forgotten alcohol laws, some of which date back to Prohibition. Although the old rules have rarely been enforced, beer enthusiasts fear they could criminalize the rapidly growing hobby and kill scores of annual tasting events that bring tourists to small towns and cities.

In Wisconsin, Flynn and other home brewers may soon be off the hook. The state Legislature last week passed a bill to allow them to transport homemade beer and wine and to share it with other adults. Brewers will still not be permitted to sell anything they make, and they will remain exempt from permit requirements and taxes.

The proposal now heads to Gov. Scott Walker, who plans to sign it into law.

At least 17 states have ambiguous laws on whether home brewers can transport beer or wine outside the home, according to the American Homebrewers Association in Boulder, Colo.

The patchwork of rules can be frustrating for hobbyists who would prefer to spend their time exchanging recipes for pale ale or rhapsodizing about different varieties of hops, barley and yeast.

Some states _ including Georgia and South Carolina _ have restrictions similar to Wisconsin’s. In Kansas and Minnesota, home brewers can only make beverages for themselves or family members. Other states permit homemade beer and wine to be consumed by guests, too, as in Arizona, Hawaii, Idaho and Illinois.

A few states have been slow to accommodate the trend. Utah just legalized home brewing in 2009, and Oklahoma followed in 2010. Mississippi and Alabama are the only states that still forbid it.

Dan Grady of the Wisconsin Homebrewers Alliance, who led the legislative effort to revise Wisconsin’s law, said beer-makers need to be watchful in case states try to use the issue to generate money for their tight budgets.

“States are under enormous pressure. It’s a revenue issue,” he said. “Everything is on the table these days.”

Gary Glass, director of the home brewers association, said it’s a balancing act when considering whether to pursue a change in the law.

“The question becomes, at what point does a home brewing community want to take on having the law changed if it’s not really having an impact to what they’re doing?”

Glass, who organizes the group’s popular national conference, said he’s had trouble securing a venue in states with vague home brewing laws payday loans for self employed. The conference, which changes its location annually, brings in $500,000 to local economies.

A grassroots reform effort succeeded last year in Oregon, where the law had been similar to Wisconsin’s. Glass, who helped draft Wisconsin’s bill, said the legislation’s demise would have set a bad precedent for home brewing.

“In this economy, you’re stifling an industry that’s growing,” he said. “It sounds like a bad move.”

More than ever, people with little or no experience brewing beer or other fermented beverages are investing in kits and ingredients to make their own. The hobby has expanded into a vibrant beer culture, with brewers freely sharing their concoctions among neighbors and friends and in clubs and competitions.

Last year, there were 411 beer competitions sanctioned by the home brewers association and the Beer Judge Certification Program. That’s up from fewer than 100 in the early 1990s.

“Back in the day, everybody thought home brewing would just be what your grandfather would do,” said Jason Heindel, president of the Beer Barons of Milwaukee Cooperative.

Home brewing has also helped invigorate the booming craft brewing industry. And it’s generated a cottage industry of its own. An annual survey of brewing supply shops around the country showed an increase in sales for beginner brewing kits, according to the home brewing association.

Home brewing was illegal in the United States until 1978, when the federal government lifted Prohibition-era restrictions on making alcohol in the home. The revised law allowed homemade beer and wine to be offered at tasting competitions but also left most alcohol regulations up to individual states. So many states have their own home-brewing rules that supersede federal policies.

In Wisconsin last year, brewers were caught off guard when the state Department of Revenue ruled that it was illegal for home brewers to share beer outside the home. The decision came after Racine officials inquired about a contest known as the Schooner Home Brew Competition.

After the department’s announcement, organizers quietly moved the contest, one of the state’s largest, from Racine to nearby Union Grove. But they didn’t advertise it because they feared possible fines.

Grady said home brewers in other states can learn from Wisconsin.

“Home brewers need to look at their state law, because they might be just as ambiguous as Wisconsin,” he said. “And if there’s ambiguity, they need to contact their lawmakers to get them clarified, much like we’re doing here.”

Source

03/21/2012 (2:52 am)

Fed can rein in inflation when needed: Kocherlakota

Filed under: Loans, management |

The Federal Reserve has the tools to keep inflation under wraps despite the huge increase in its balance sheet in recent years, a top Fed official said on Tuesday.

“The Fed can rein in inflation by raising interest rates at the appropriate time,” Minneapolis Fed President Narayana Kocherlakota said in answer to an audience question after a speech at Washington University in St. Louis.

Rather than simply raising its target policy rate, he said, the Fed will do so by raising the interest it pays on excess reserves held by banks same day payday loans.

Kocherlakota also said he sees the unemployment rate, now at 8.3 percent, falling slightly below 8 percent this year and to the “low sevens” by the end of next year.

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03/19/2012 (1:51 pm)

Apple shares top $600

Filed under: Uncategorized, market |

Shares of Apple reached $600 for the first time on Thursday, setting yet another milestone for the stock market’s most valuable company.

The stock hit $600.01 moments after the market’s open before quickly falling back below that level. Shares closed down 1% at $585.56.

Apple’s (, Fortune 500) stock price growth has risen for the past three years, boosted in particular by record sales of the iPhone and iPad. The much-hyped third-generation iPad is set to go on sale Friday.

It was almost exactly one month ago that Apple cracked the $500 level for the first time. Apple passed the $400 level for the first time seven months earlier, and it’s been just 17 months since it passed $300. Shares traded above $200 for the first time in October 2009.

At $600, the combined value of Apple’s outstanding shares is more than $559 billion, the third-highest valuation ever for a public company. It now only trails General Electric (, Fortune 500) and Microsoft (, Fortune 500), which both soared to around $600 billion during the dot-com bubble at the turn of the century.

Apple’s valuation is huge, but analysts say that the fundamentals back it up.

Despite its monumental rise, Apple’s stock is still trading at just 14 times its expected earnings per share for 2012. That’s relatively cheap, considering that the tech-heavy Nasdaq 100 trades at about 18 times future earnings.

Apple had $127.8 billion in sales during the 2011 calendar year, putting it neck-and-neck with Hewlett-Packard (, Fortune 500), the nation’s largest tech company by revenue. This year, Apple is on pace to become the biggest technology company in the world, measured by revenue, outpacing current global No. 1 Samsung.

Last quarter, Apple posted $13 billion in profit. It was one of the most profitable quarters ever for any U.S. company, trailing only ExxonMobil’s (, Fortune 500) record-setting $14.8 billion quarter from the fall of 2008, when oil prices were at an all-time high.

Analysts attribute the stock’s recent rise primarily to Apple’s outstanding iPhone sales. Apple sold 37 million of the devices last quarter, and early indications are that the phones are continuing to sell well this quarter across the globe.

Investors are also investors buying into the belief that Apple will soon have a dividend. The company has nearly $100 billion in cash sitting around, and CEO Tim Cook has hinted that he’s willing to part with some of it.

"Some of money that got put to work starting late last year was from investors that want dividend," said Alex Gauna, tech analyst at JMP Securities. "That’s how this whole thing got started. But lately it’s been all about the iPhone." 

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