Tiger headed toward another win at Torrey


SAN DIEGO (AP) — The Pacific air was so cold at the end of a 10-hour day at Torrey Pines that Tiger Woods thrust both hands in the front pockets of his rain pants as he walked off the course at the Farmers Insurance Open.


It was a fitting image. Woods made a marathon day look like he was out for a stroll.


Staked to a two-shot lead going into the third round of this fog-delayed tournament, Woods drove the ball where he was aiming and was hardly ever out of position. Even with a bogey on the final hole — the easiest on the back nine — Woods still had a 3-under 69 and expanded his lead by two shots.


In the seven holes he played in the fourth round later Sunday afternoon, Woods hit the ball all over the course and still made three birdies to add two more strokes to his lead.


Thanks to the fog that wiped out an entire day of golf on Saturday, the Farmers Insurance Open didn't stand a chance of finishing on Sunday.


Woods just made it look like it was over.


He had a six-shot lead with 11 holes to play going into the conclusion of the final round on Monday. The two guys chasing him were Brandt Snedeker, the defending champion, and Nick Watney, who won at Torrey Pines in 2008. Neither was waving a white flag. Both understood how much the odds were stacked against them.


"I've got a guy at the top of the leaderboard that doesn't like giving up leads," Snedeker said. "So I have to go catch him."


"All we can do tomorrow is go out and try to make him think about it a little bit and see what happens," Watney said.


And then there was Erik Compton, a two-time heart transplant recipient who had a birdie-eagle finish in the third round that put him in third place through 54 holes, still five shots behind Woods. Someone asked Compton about trying to chase Woods. He laughed.


"I'm trying to chase myself," he said.


Woods was at 17-under par for the tournament, and more than just a six-shot lead was in his corner.


He finished the third round at 14-under 202, making it the 16th time on the PGA Tour that he had at least a four-shot lead going into the final round. His record on the PGA Tour with the outright lead after 54 holes is 38-2, the exceptions being Ed Fiori in 1996 when Woods was a 20-year-old rookie and Y.E. Yang in the 2009 PGA Championship.


Woods attributed his big lead to the "whole package."


"I've driven the ball well, I've hit my irons well, and I've chipped and putted well," he said. "Well, I've hit good putts. They all haven't gone in."


Woods has a good history of Monday finishes, starting with Torrey Pines. It was on this course along the coast north of La Jolla that Woods won a 19-hole playoff against Rocco Mediate to capture the 2008 U.S. Open for his 14th major.


He also won the Pebble Beach National Pro-Am on a Monday in 2000 when he rallied from seven shots behind with seven holes to play. He won his lone title in The Players Championship on a Monday, along with a five-shot win in the Memorial in 2000, and a scheduled Monday finish in the Deutsche Bank Championship outside Boston.


Woods even gets to sleep in.


A Monday finish because of weather typically resumes in the morning so players can get to the next tournament. CBS Sports, however, decided it wanted to televise the conclusion, and so play won't begin until 2 p.m. EST. That decision might have been based on Woods being headed toward victory — just a hunch.


Woods already has won seven times at Torrey Pines, including the U.S. Open. That matches his PGA Tour record at Bay Hill and Firestone (Sam Snead won the Greensboro Open eight times, four each on a different course).


The tournament isn't over, and Woods doesn't see it that way.


"I've got to continue with executing my game plan. That's the idea," he said. "I've got 11 holes to play, and I've got to play them well."


He seized control with his 69 in the third round that gave him a four-shot lead, and he might have put this away in the two hours he played before darkness stopped play.


He badly missed the first fairway to the left, but had a gap through the Torrey pines to the green and had a two-putt par. He missed his next shot so far to the left that the ball wound up in the first cut of the adjacent sixth fairway. He still managed a simple up-and-down for par.


After a 10-foot birdie on the par-3 third, Woods couldn't afford to go left off the tee again because of the PGA Tour's largest water hazard — the Pacific Ocean. So he went miles right, beyond a cart path, a tree blocking his way to the green. He hit a cut shot that came up safely short of the green, and then chipped in from 40 feet for birdie.


"I was able to play those holes in 2-under par," Woods said. "And then I hit three great drives right in a row."


One of them wasn't that great — it was in the right rough, the ball so buried that from 214 yards that Woods hit a 5-wood. It scooted down the fairway and onto the green, setting up a two-putt birdie the stretched his lead to six shots. And after another good drive, the horn sounded to stop play. Because it was due to weather, Woods was able to finish the hole, and he two-putted for par.


Eleven holes on Monday were all that were keeping him from his 75th career win on the PGA Tour, and delivering a message to the rest of golf that there could be more of this to follow no matter what the golf course.


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Why haven't we learned from fires?






STORY HIGHLIGHTS


  • Pyrotechnics, overcrowding, poor exits have contributed to tragic fires in recent years

  • You would think the world would have learned from past incidents, John Barylick says

  • Concertgoers have to be their own fire marshals, he says




Editor's note: John Barylick, author of "Killer Show," a book on the 2003 Station nightclub fire in Rhode Island, is an attorney who represented victims in wrongful death and personal injury cases arising from the fire.


(CNN) -- Sunday morning we awoke to breaking news of another tragic nightclub fire, this time in Brazil. At last report the death toll exceeded 230.


This tragedy is not without precedent. Next month will mark the 10th anniversary of a similar nightclub fire in Rhode Island. At this sad time, it's appropriate to reflect on what we've learned from club fires -- and what we haven't.


Rhode Island's Station nightclub fire of 2003, in which 100 concertgoers lost their lives, began when fireworks set off by Great White, an 80s heavy metal band, ignited flammable packing foam on the club's walls.



John Barylick

John Barylick



Panicked patrons stampeded toward the club's main exit, and a fatal pileup ensued. Contributing to the tragedy were illegal use of pyrotechnics, overcrowding and a wall covering that would have failed even the most rudimentary flammability tests.


Video images of the Station fire were broadcast worldwide: A concert begins; the crowd's mood changes from merry, to curious, to concerned, to horrified -- in less than a minute. You'd think the world would have learned from it. You would be wrong.


Deadly blazes: Nightclub tragedies in recent history



The following year, the Republica Cromanon nightclub in Argentina went up in flames, killing 194 people. The club was made to hold about 1,000 people, but it was estimated that more than 3,000 fans were packed inside the night of the fire, which began when fans began lighting flares that caught the roof on fire.


Then, in January 2009, at least 64 New Year's revelers lost their lives in a nightclub in Bangkok, Thailand, after fire ignited its ceiling. Many were crushed in a rush to get out of the club. In December of that same year, a fire in a Russian nightclub, ignited by pyrotechnics, killed 156 people. Overcrowding, poor exits, and indoor fireworks all played roles in these tragedies; yet no one bothered to learn from mistakes of the past.


While responsibility for concert disasters unquestionably lies with venue operators, performers and promoters, ultimately, we, as patrons of clubs and concerts, can enhance our own safety by taking a few simple steps. The National Fire Protection Association urges concertgoers to:






• Be observant. Is the concert venue rundown or well-maintained? Does the staff look well-trained?


• As you proceed to your seat, observe how long the process takes. Could you reverse it in a hurry? Do you pass through pinch points? Is furniture in the way?


• Once seated, take note of the nearest exit. (In an emergency, most people try to exit by the door they entered, which is usually not the closest, and is always overcrowded.) Then, share the location of that nearest exit with your entire party. Agree that at the first sign of trouble, you will all proceed to it without delay.


• Once the show begins, remain vigilant. If you think there's a problem, LEAVE IMMEDIATELY. Do not stay to "get your money's worth" despite concerns about safety. Do not remain to locate that jacket or bag you placed somewhere. No concert is worth your life. Better to read about an incident the next day than be counted as one of its statistics.


Read more: How to protect yourself in a crowd


To be sure, all fire codes must be vigorously enforced, and club and concert hall operators must be held to the highest standards. A first step is banning indoor pyrotechnics in all but the largest, stadium-type venues.


But, ultimately, we are our own best "fire marshals" when it comes to avoiding, and escaping, dangerous situations. We can still enjoy shows. But it is up to us to look out for our own safety.


In coming days, Rhode Islanders will follow the unfolding news from Brazil with a sense of queasy deja vu -- the rising body counts, the victim identification process, the grieving families, and the assigning (and dodging) of blame. If only they had learned from our tragedy.


The opinions expressed in this commentary are solely those of John Barylick.







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Japan raises growth forecast as yen slides






TOKYO (AP) — Japan’s government has raised its growth forecast, predicting the economy will expand 2.5 percent in the coming fiscal year, thanks to a weakening yen and improved global demand for exports.


The Cabinet office said Monday that expectations the weaker yen will boost exports and fatten manufacturers’ earnings prompted the revision from the earlier estimated 1.7 percent growth in fiscal 2013, which begins April 1.






The consumer price index is forecast to rise 0.5 percent, less than the inflation target of 2 percent. Inflation-adjusted growth for this fiscal year is estimated at 1.0 percent.


The revised forecasts assume the yen will average 87.8 yen per U.S. dollar in fiscal 2013, compared with 81.9 yen per dollar for this fiscal year.


Economy News Headlines – Yahoo! News





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App reveals chefs’ favorite hot spots






By Natasha Baker


TORONTO (Reuters) – Where do top-rated chefs, sommeliers and bartenders hang out during their time off? A new app uncovers their favorite restaurants, bars and shops in cities around the world, from high-end eateries to dive bars.






The app, Find. Eat. Drink., for iPhones provides recommendations from industry experts. It includes suggestions from Fergus Henderson, the English chef who popularized nose-to-tail dining and the Roca brothers, who run El Celler de Can Roca in Spain, which Restaurant magazine dubbed the second-best eatery in the world.


“The idea was to reach out to people within the culinary community that were doing interesting and unique work, and who were passionate about what they do,” said Robin Dorian, co-founder of Find. Eat. Drink., who is based in New York.


Chef Richard Blais, of television’s “Top Chef” and “Blais Off,” recommends a rotisserie chicken restaurant in a strip mall in Atlanta, and Floyd Cardoz, winner of “Top Chef Masters” Season 3, gives the thumbs up for a dosa restaurant in New York.


“You eat out of Styrofoam, but the food is incredibly delicious,” he said in his recommendation for the Dosa Hutt.


Suggestions are made based on the user’s location and can be viewed on a map. They are also filtered by price and user ratings.


The app can be used to research a city before setting off and to collect venues by creating customized lists within the app. It includes recommendations for more than 2,000 establishments in 120 cities around the world.


“If you go, for instance, to Chinatown in New York, there’s all these places, so it kind of takes that guesswork out and makes it easy to go off the beaten track,” Dorian explained.


Dorian got the idea for the company from an experience she had as a Food Network television producer and host. After a day of filming, a chef took her to a restaurant in New York, and she was amazed by the number of chefs she spotted there who were customers.


“I was wondering, ‘How come all the chefs know to go here?’” she said.


In addition to restaurants and bars, there are also recommendations for Asian grocers and wine, cheese, candy and salt shops.


“It’s about checking out places that inspire them – more interesting, ethnic unique places. That’s how they eat and how they travel,” she said.


Reservations can also be made at select restaurants from the app, which is available worldwide.


A similar app for iPhones called Chefs Feed provides a visual way of scanning photos of restaurant dishes recommended by top chefs.


The app has more than 600 chefs recommending dishes through the app, including Napa’s Thomas Keller of French Laundry and Per Se, Los Angeles’ Wolfgang Puck of Spago and Wolfgang Puck Bar & Grill, and New York’s Mario Batali of Babbo and Lupa.


(Editing by Patricia Reaney and Jan Paschal)


Yahoo! Finance – Personal Finance





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Euro, shares stall as investors turn cautious


LONDON (Reuters) - Rallies in European shares and the single currency stalled on Monday after strong gains last week as investors awaited confirmation that financial market conditions and the outlook for the euro area have improved.


Investor sentiment rose strongly on Friday after data showed European banks would repay more than expected of the emergency loans they borrowed from the European Central Bank (ECB) and that business sentiment in Germany was improving sharply.


A solid start to the corporate earnings season has also helped send many equity indexes to pre-financial crisis highs, with the Standard & Poor's 500 index closing last week at its highest level in over five years.


In the equity markets Europe's FTSEurofirst 300 index <.fteu3> shed 0.1 percent in early trade to 1,173.87 points, leveling off near its highest level for almost two years, though traders said there was still strong underlying demand.


"All European benchmarks are at their 2012-2013 highs. Every time there's even a slight pull-back, the buying pressure comes in," Aurel BGC chartist Gerard Sagnier said.


The market's cautious mood on Monday also followed a weaker session in Asia, where falls in technology companies saw the MSCI's broadest index of Asia-Pacific shares outside Japan <.miapj0000pus> drop 0.4 percent.


The euro held near an 11-month high against the dollar $1.3440

Meanwhile, German government bond futures, a key gauge of investor sentiment, continued to ease, slipping a further 7 ticks to 142.40 on Monday, and gold is languishing near a two-week low as hopes for an economic recovery worldwide dampen the metal's appeal as a safe haven.


Investors are keenly awaiting the ECB's monthly data on bank lending to companies and consumers, due later, for confirmation that growth is returning to the economy. Italy will also provide a test of investor sentiment when it auctions almost 7 billion euros ($9.4 billion) of 2-year and 5-year bonds.


However, the main focus for investors this week will be on the U.S., where the Federal Reserve's Open Market Committee meets on Tuesday and Wednesday, and where the nonfarm payrolls report is due out on Friday.


Oil prices were being held in check by the events coming up in the U.S., with Brent crude unchanged at $113.28 a barrel, while U.S. crude rose 17 cents to $96.05 after seven straight weekly gains - the longest such streak since early 2009.


($1 = 0.7421 euros)


(Reporting by Richard Hubbard; Editing by Will Waterman)



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In New Orleans, an unwelcome mat for Goodell


NEW ORLEANS (AP) — An effigy of NFL Commissioner Roger Goodell dangles from the front porch of a New Orleans home that is otherwise festively decorated with Saints paraphernalia.


With restaurants and bars gearing up for an influx of Super Bowl XLVII visitors, the "Refuse to Serve Roger Goodell" page on Facebook had 107 likes as of Friday.


A portrait of Goodell covers the bull's-eye on the dart board at Parkview Tavern.


And floats in the unabashedly lowbrow Krewe du Vieux parade in the French Quarter last weekend displayed larger-than-life likenesses of Goodell in acts that defy polite description.


New Orleans is celebrating the return of Saints coach Sean Payton after a season of NFL banishment as a result of the "bountygate" scandal — when the team ran a pay-for-hits program. But Goodell, who suspended Payton and other current and former Saints players and coaches last year for their roles in the system, is being ridiculed here with a vehemence usually reserved for the city's scandal-scarred politicians.


"They believe he completely used the Saints as an example of something that was going on league-wide," said Pauline Patterson, co-owner of Finn McCool's, an Irish Bar in the Mid-City neighborhood where the words "Go To Hell Goodell" are visible over the fireplace.


Some of Goodell's critics say the disarray resulting from what they believe were unfair suspensions led to the Saints' 7-9 performance this year — and a missed chance to make history.


"We had a real shot of being the first team in history to host the Super Bowl in our own stadium," Parkview Tavern owner Kathy Anderson said. "He can't give that back to us."


Goodell suspended the coaches and players after an investigation found the Saints had a performance pool offering cash rewards for key plays, including big hits. The player suspensions eventually were overturned, but the coaches served their punishments.


Mayor Mitch Landrieu is among those saying that people in this city, known for its hospitality and history, should mind their manners and remember the not-too-distant past.


"Roger Goodell has been a great friend to New Orleans, and it's a fact that he's one of the people instrumental to making sure that the Saints stayed here after Hurricane Katrina," Landrieu said in a statement. It was a reference to the days after the storm, when 80 percent of the city was underwater and the damaged Superdome became a shelter for thousands of the displaced.


Then-Commissioner Paul Tagliabue and his second-in-command, Goodell, are credited with working to keep the team from abandoning New Orleans for San Antonio.


"If not for Roger Goodell, we would not have this Super Bowl," Landrieu added. "And we will need him since we want to host another one."


Saints quarterback Drew Brees said the game is validation of everything the city's gone through to rebuild after Hurricane Katrina.


"There's no question, yeah. And I think people will see that when they come down, as soon as people come down that haven't been there in a while," Brees said Friday while in Hawaii for the Pro Bowl. "The city knows how to entertain, knows how to treat people right. The tourism industry's huge, so we're excited to host this big game. Obviously it's the biggest sporting event in the world, and the city will be ready for it."


But some are in no mood to back off when it comes to Goodell.


Anderson said she understands city leaders' desire to put their best foot forward, but that it also is important for Saints fans to be able to vent.


"Whether I have Roger Goodell's face on my dart board is not going to change anybody's mind about the Super Bowl," Anderson said.


People should not take the barbs too seriously, said Lynda Woolard, a Saints fan who has been tracking some of the barbs on social media. "Nobody's saying there should be violence against the man," Woolard said.


"It's tongue-in-cheek," Patterson agreed.


Still, some diehards are ready to put it all behind them.


Patrick Brower, owner and manager of the Dirty Coast T-shirt shop, said Friday that he's pushing black-and-gold wear at his shop, choosing to unify Saints fans without bashing the commissioner.


"We've got to look forward here," Brower said. "The more time we spend in the past, it's just not beneficial."


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Can sanctions deter North Korea?


























Kim Jong Un and his military


Kim Jong Un and his military


Kim Jong Un and his military


Kim Jong Un and his military


Kim Jong Un and his military


Kim Jong Un and his military


Kim Jong Un and his military


Kim Jong Un and his military


Kim Jong Un and his military


Kim Jong Un and his military


Kim Jong Un and his military


Kim Jong Un and his military


Kim Jong Un and his military


Kim Jong Un and his military


Kim Jong Un and his military


Kim Jong Un and his military


Kim Jong Un and his military


Kim Jong Un and his military


Kim Jong Un and his military





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STORY HIGHLIGHTS


  • N. Korea said Thursday it plans to carry out new nuclear test and more long-range rocket launches

  • It said they are part of new phase of confrontation with United States

  • George A. Lopez says North Korea's aim is to be recognized as a 'new nuclear nation by fait accompli'

  • The Security Council sanctions aim to deteriorate and disrupt N. Korea's programs, says Lopez




Editor's note: George A. Lopez holds the Hesburgh Chair in Peace Studies at the Kroc Institute, University of Notre Dame. He is a former member, UN Panel of Experts on DPRK.


Indiana, U.S. (CNN) -- North Korea has responded to new Security Council sanctions condemning its December 12 rocket launch with a declaration that it plans a third nuclear test and more missile launches. Politically, it has made unambiguous that its "aim" is its enemy, the United States.


In this rapid reaction to U.N. sanctions, the young government of Kim Jong Un underscores what Security Council members have long known anticipated from the DPRK. Their end-game is to create a vibrant, integrated missile and nuclear weapons program that will result - as in the cases of Pakistan and India - in their being recognized as a new nuclear nation by fait accompli.


Read more: North Korea says new nuclear test will be part of fight against U.S.


In light of DPRK defiance - and a soon to occur nuclear test - the Security Council's first set of sanctions on North Korea since 2009 may seem absurd and irrelevant. These sanctions will certainly not prevent a new DPRK nuclear test. Rather, the new sanctions resolution mobilizes regional neighbors and global actors to enforce sanctions that can weaken future DPRK programs and actions.










Read more: U.N. Security Council slams North Korea, expands sanctions


The utility, if not the necessity, of these Security Council sanctions are to deteriorate and disrupt the networks that sustain North Korea's programs. Chances of this degradation of DPRK capabilities have increased as the new sanctions both embolden and empower the member states who regularly observe - but do nothing about - suspicious vessels in their adjacent waterways.


The resolution provides new guidance to states regarding ship interdiction, cargo inspections, and the seizure and disposal of prohibited materials. Regarding nuclear and missile development the sanctions expand the list of material banned for trade to DPRK, including high tech, dual-use goods which might aid missile industries.


Read more: South Korean officials: North Korean rocket could hit U.S. mainland


These new measures provide a better structure for more effective sanctions, by naming new entities, such as a bank and trading companies, as well as individuals involved in the illicit financing of prohibited materials, to the sanctions list. To the surprise of many in the diplomatic community - the Council authorizes states to expose and confiscate North Korea's rather mobile "bulk cash." Such currency stocks have been used in many regions to facilitate purchases of luxury goods and other banned items that sustain the DPRK elites.


Finally, the Security Council frees the Sanctions Committee to act more independently and in a timely manner to add entities to the list of sanctioned actors when evidence shows them to be sanctions violators. This is an extensive hunting license for states in the region that can multiply the costs of sanctions to the DPRK over time.


Read more: North Korea's rocket launches cost $1.3 billion


Whatever their initial limitations, the new round of U.N. sanctions serve as a springboard to more robust measures by various regional and global powers which may lead back to serious negotiations with DPRK.


Despite its bluster and short-term action plan, Pyongyang recognizes that the wide space of operation for its policies it assumed it had a week ago, is now closed considerably. To get this kind of slap-down via this Security Council resolution - when the launch was a month ago - predicts that any nuke test or missile launch from Pyongyang will bring a new round of stronger and more targeted sanctions.


Read more: North Korea silences doubters, raises fears with rocket launch


Although dangerous - a new game is on regarding DPRK. Tougher U.N. measures imposed on the North generated a predictable response and likely new, prohibited action. While DPRK may be enraged, these sanctions have the P5 nations, most notably China, newly engaged. A forthcoming test or launch will no doubt increase tensions on both sides.


But this may be precisely the shock needed to restart the Six Party Talks. Without this institutional framework there is little chance of influencing DPRK actions. And in the meantime, the chances of greater degrading of DPRK capabilities via sanctions, are a sensible next best action.


Read more: Huge crowds gather in North Korean capital to celebrate rocket launch


The opinions expressed in this commentary are solely those of George A. Lopez.






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Italy central bank approves Monte Paschi bailout request






ROME/MILAN (Reuters) – Italy‘s central bank on Saturday gave its approval to a request by scandal hit bank Monte dei Paschi di Siena for 3.9 billion euros ($ 5.3 billion) of state loans, the latest step in the battle to revive the ailing bank.


The Bank of Italy‘s backing was the final stage required to free up the financial help for Italy’s third biggest lender, which this week revealed loss-making derivatives trades that could cost it about 720 million euros.






After a meeting that lasted most of Saturday, the central bank issued a brief statement to say its board had given “a favorable opinion” on the bailout. It gave no further details.


The scandal surrounding Italy’s oldest bank has hit its share price and prompted questions about how the risky deals could have been hidden from regulators.


The issue has shot to the center of the campaign for a February 24-25 national election and politicians have blamed the Bank of Italy (BOI), led by current European Central Bank President Mario Draghi at the time of the deals, for failing to spot them.


At Saturday’s meeting the BOI’s four member board, chaired by Governor Ignazio Visco, had to judge whether the bank’s current and future capital adequacy and stability were sufficient to receive the loans.


The Tuscan bank was forced to seek state aid last year for the second time since 2009 after becoming one of just four European lenders that failed to meet tougher capital requirements set by regulators.


Under the loan scheme the bank will issue 3.9 billion euros of bonds to the Italian Treasury, with just under half of these replacing 1.9 billion euros of existing state help.


The lender’s new management, appointed last year to turn it around, said on Friday the situation was “completely under control”.


The bank will pay a hefty 9 percent coupon on the bonds, which are worth more than its current market capitalization of 3 billion euros. The coupon will increase by 0.5 percentage point every two years up to a maximum of 15 percent.


At a stormy meeting at Monte Paschi‘s Siena headquarters on Friday, shareholders approved two capital increases for 6.5 billion euros to be carried out if needed in the next five years, which are a condition of the state bailout.


That raises the prospect of possible nationalization, because if the bank cannot repay the state bonds or the coupons attached to them, it will have to issue shares to the Treasury.


Prime Minister Mario Monti said late on Friday he considered nationalization a “remote hypothesis”.


TAXPAYERS’ MONEY


Monti, bidding for a second term in the election, defended his government’s decision to rescue it with taxpayers’ money. “It’s a loan, with a high interest rate,” he said.


At the World Economic Forum in Davos on Friday Visco sought to deflect accusations the BOI had not done its job properly.


“It is wrong to insinuate that there was a lack of supervision by the Bank of Italy,” he said, adding the BOI would cooperate with prosecutors investigating the lender.


Draghi, also in Davos, took no questions from reporters.


Visco’s task was made more difficult by a report in the Corriere della Sera daily which included excerpts of a document drafted by six BOI inspectors expressing concerns over the two main trades under scrutiny as long ago as 2010.


That document would have been sent to the BOI’s head of bank supervision at the time, Anna Maria Tarantola, who has since left the bank to become president of state broadcaster RAI.


Visco sidestepped questions about whether Draghi knew about the 2008-09 derivatives trades, which involved Japanese bank Nomura and Deutsche Bank.


Internal auditors at Monte Paschi had detected anomalies at the bank’s finance department responsible for derivative trades three years ago, daily Il Sole 24 Ore said on Saturday.


Monte Paschi was already under investigation over its 9-billion-euro cash acquisition of smaller lender Antonveneta from Spain’s Santander in 2007.


Santander had bought Antonveneta for 6.6 billion euros in a three-way break-up bid for Dutch bank ABN AMRO, and almost immediately sold it on to Monte dei Paschi netting a hefty gain.


(Additional reporting by Danilo Masoni; Editing by Andrew Heavens and Jason Neely)


Business News Headlines – Yahoo! News





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Fraser and Neave adviser says Thai tycoon’s raised offer is “fair”






SINGAPORE (Reuters) – Fraser and Neave Ltd’s (F99.SI) independent financial adviser JP Morgan said on Sunday Thai billionaire Charoen Sirivadhanabhakdi’s new offer of S$ 9.55 ($ 7.74) per share for the Singapore property and drinks conglomerate is “fair”.


Directors who hold F&N shares, including chairman Lee Hsien Yang, intend to accept Charoen’s revised offer, the company said in a statement.






Charoen is now set to take over F&N in Southeast Asia’s biggest-ever acquisition. He had declared his S$ 9.55-per-share offer, which values the Singapore company at around S$ 13.75 billion ($ 11.2 billion), as final.


Thailand’s third-richest man raised his offer for F&N last week to S$ 9.55 a share, 7.5 percent higher than his previous offer of S$ 8.88, to fend off a rival bid by a group led by Singapore-listed property firm Overseas Union Enterprise Ltd (LJ3.SI).


The Overseas Union group decided not to raise its S$ 9.08-per-share offer, saying such a move was no longer attractive after recent measures taken by the Singapore government to cool the city-state’s property market.


F&N shares have been trading at Charoen’s offer price of S$ 9.55 since the Overseas Union group bowed out of the two-month battle with the Thai tycoon, indicating that the market does not expect a new bidder to emerge.


Charoen currently has a 45.32 percent stake in F&N, held through Thai Beverage PCL (Y92.SI) and TCC Assets Ltd. The company has property assets worth more than S$ 8 billion as well as soft drinks, dairy and publishing businesses.


Analysts say Charoen is likely to tap F&N’s network in Singapore and Malaysia to distribute Chang Beer, brewed by Thai Beverage, as well as spirits, energy drinks and instant coffee. In Thailand, where he already has an edge, Charoen may in turn market F&N’s brands.


(Reporting by Eveline Danubrata; Editing by Paul Tait)


Business & Finance News – Yahoo! Finance





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Wall Street Week Ahead: Bears hibernate as stocks near record highs

NEW YORK (Reuters) - Stocks have been on a tear in January, moving major indexes within striking distance of all-time highs. The bearish case is a difficult one to make right now.


Earnings have exceeded expectations, the housing and labor markets have strengthened, lawmakers in Washington no longer seem to be the roadblock that they were for most of 2012, and money has returned to stock funds again.


The Standard & Poor's 500 Index <.spx> has gained 5.4 percent this year and closed above 1,500 - climbing to the spot where Wall Street strategists expected it to be by mid-year. The Dow Jones industrial average <.dji> is 2.2 percent away from all-time highs reached in October 2007. The Dow ended Friday's session at 13,895.98, its highest close since October 31, 2007.


The S&P has risen for four straight weeks and eight consecutive sessions, the longest streak of days since 2004. On Friday, the benchmark S&P 500 ended at 1,502.96 - its first close above 1,500 in more than five years.


"Once we break above a resistance level at 1,510, we dramatically increase the probability that we break the highs of 2007," said Walter Zimmermann, technical analyst at United-ICAP, in Jersey City, New Jersey. "That may be the start of a rise that could take equities near 1,800 within the next few years."


The most recent Reuters poll of Wall Street strategists estimated the benchmark index would rise to 1,550 by year-end, a target that is 3.1 percent away from current levels. That would put the S&P 500 a stone's throw from the index's all-time intraday high of 1,576.09 reached on October 11, 2007.


The new year has brought a sharp increase in flows into U.S. equity mutual funds, and that has helped stocks rack up four straight weeks of gains, with strength in big- and small-caps alike.


That's not to say there aren't concerns. Economic growth has been steady, but not as strong as many had hoped. The household unemployment rate remains high at 7.8 percent. And more than 75 percent of the stocks in the S&P 500 are above their 26-week highs, suggesting the buying has come too far, too fast.


MUTUAL FUND INVESTORS COME BACK


All 10 S&P 500 industry sectors are higher in 2013, in part because of new money flowing into equity funds. Investors in U.S.-based funds committed $3.66 billion to stock mutual funds in the latest week, the third straight week of big gains for the funds, data from Thomson Reuters' Lipper service showed on Thursday.


Energy shares <.5sp10> lead the way with a gain of 6.6 percent, followed by industrials <.5sp20>, up 6.3 percent. Telecom <.5sp50>, a defensive play that underperforms in periods of growth, is the weakest sector - up 0.1 percent for the year.


More than 350 stocks hit new highs on Friday alone on the New York Stock Exchange. The Dow Jones Transportation Average <.djt> recently climbed to an all-time high, with stocks in this sector and other economic bellwethers posting strong gains almost daily.


"If you peel back the onion a little bit, you start to look at companies like Precision Castparts , Honeywell , 3M Co and Illinois Tool Works - these are big, broad-based industrial companies in the U.S. and they are all hitting new highs, and doing very well. That is the real story," said Mike Binger, portfolio manager at Gradient Investments, in Shoreview, Minnesota.


The gains have run across asset sizes as well. The S&P small-cap index <.spcy> has jumped 6.7 percent and the S&P mid-cap index <.mid> has shot up 7.5 percent so far this year.


Exchange-traded funds have seen year-to-date inflows of $15.6 billion, with fairly even flows across the small-, mid- and large-cap categories, according to Nicholas Colas, chief market strategist at the ConvergEx Group, in New York.


"Investors aren't really differentiating among asset sizes. They just want broad equity exposure," Colas said.


The market has shown resilience to weak news. On Thursday, the S&P 500 held steady despite a 12 percent slide in shares of Apple after the iPhone and iPad maker's results. The tech giant is heavily weighted in both the S&P 500 and Nasdaq 100 <.ndx> and in the past, its drop has suffocated stocks' broader gains.


JOBS DATA MAY TEST THE RALLY


In the last few days, the ratio of stocks hitting new highs versus those hitting new lows on a daily basis has started to diminish - a potential sign that the rally is narrowing to fewer names - and could be running out of gas.


Investors have also cited sentiment surveys that indicate high levels of bullishness among newsletter writers, a contrarian indicator, and momentum indicators are starting to also suggest the rally has perhaps come too far.


The market's resilience could be tested next week with Friday's release of the January non-farm payrolls report. About 155,000 jobs are seen being added in the month and the unemployment rate is expected to hold steady at 7.8 percent.


"Staying over 1,500 sends up a flag of profit taking," said Jerry Harris, president of asset management at Sterne Agee, in Birmingham, Alabama. "Since recent jobless claims have made us optimistic on payrolls, if that doesn't come through, it will be a real risk to the rally."


A number of marquee names will report earnings next week, including bellwether companies such as Caterpillar Inc , Amazon.com Inc , Ford Motor Co and Pfizer Inc .


On a historic basis, valuations remain relatively low - the S&P 500's current price-to-earnings ratio sits at 15.66, which is just a tad above the historic level of 15.


Worries about the U.S. stock market's recent strength do not mean the market is in a bubble. Investors clearly don't feel that way at the moment.


"We're seeing more interest in equities overall, and a lot of flows from bonds into stocks," said Paul Zemsky, who helps oversee $445 billion as the New York-based head of asset allocation at ING Investment Management. "We've been increasing our exposure to risky assets."


For the week, the Dow climbed 1.8 percent, the S&P 500 rose 1.1 percent and the Nasdaq advanced 0.5 percent.


(Reporting by Ryan Vlastelica; Additional reporting by Chuck Mikolajczak; Editing by Jan Paschal)



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