Sunday, September 30, 2012

UPDATE 3-Golf-Ryder Cup scores

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Source: http://feeds.reuters.com/~r/reuters/INgolf/~3/2JKx5Z7_RoE/golf-scores-idINISS91807620120929

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Italians Take Up The Torch To Ignite Their Own Tech Startup Scene ...

Last year, Italy?s official statistics bureau, ISTAT, produced a report on the state of the Internet in Italy. It found that in world terms, Italy was below average in terms of Internet usage. The European average is 73 percent usage by population, and Italians were hovering around the 63 percent mark. But official statistics can be cruel and out of date ? and it?s clear now to any observer on the ground that whatever is happening in the home market, Italian tech startups aren?t just shooting for their own country but for yours, as well.

Evidence of this emerged when Facebook bought Italy-based Glancee, this year. This was the location-based mobile story of the year. And there have been other undercurrents. The Italian Startup Scene Facebook Group, which now has more than 8,300 members, up from fewer than 3,000 last year ? is still growing. Clearly many of the old attitudes are changing fast and are probably out of date as we speak. For instance, the TechCrunch Italy CrunchUp event in Rome this last week was originally supposed to be a simple meetup. But it?s a sign that Italy?s startup ecosystem has exploded in the last 18 months or so that we ended up having to find a venue for over 1,000 people who wanted to come. Italy has clearly changed since I scratched around a tiny Italian-only event in 2008.

And it is the young people who are driving the change, as well as forcing politicians ? usually obsessed with the economic crisis ? to sit up and take notice. Refreshingly, the Italian government hasn?t been sitting on its hands. The business minister is currently prepping new legislation dubbed ?Startup Italia,? which should be passed in early October. A huge consultation process happened on the campus of investor H-Farm, where a number of Italian startups and VCs could contribute. Eventually the legislation is hoped to include new tax breaks for angel investors and a new kind of limited company allowing for faster hiring and firing compared to traditional companies.

Much of this has been initiated after a report called Restart Italia, drawn up by the fask force and established?by the Minister of Economic Development Corrado Passera. The report suggested that startups needed more support in Italy and could boost economic growth and employment, especially among the young, and could have a widespread impact on Italian society.

But it hasn?t all been plain-sailing as the largely conservative Italian culture and society has not always been welcoming to tech entrepreneurs. This, despite its long history of fascination with cutting-edge fashion designers exhibiting on the catwalks of Milan and its well-earned reputation as a crucible of innovation in the world?s leading high-performance sports cars.

But the signs of the times are changing. Regional governments within Italy ? which often have more autonomy than central government ? are dreaming up their own initiatives outside the dead-locked corridors of Rome. Perhaps one of the fastest moving is the tiny regional state of Trentino around the city of Trento. A semi-autonomous region that effectively makes it own rules, it is currently planning to launch a scheme, called Trento Rise, to incubate more than 100 companies from all over Europe in partnership with other Italian accelerators. It?s no coincidence that its head, Prof. Fausto Giunchiglia, once worked at Stanford University. And because Trentino?s local government can raise its own taxes, some years ago it decided pump its wealth into innovation initiatives, allocating close to 3 percent of its provincial GDP to research. By contrast the national Italian government as a whole puts just 1 percent of GDP into research. The result has been that Trentino is one of Italy?s wealthiest regions and is almost sealed off from the economic pain in the rest of the country.

Tiny Trento is also part of the European Union-backed project called the European Institute of Innovation and Technology (EIT) ICT Labs, along with Stockholm, Paris, Berlin, Helsinki, and Einhoven. This means it has access to millions of euros in funding to promote the real-world spin-out of companies from academic research at the master and PhD levels.

Thus, at the TechCrunch Italy event this week, the buzz was palpable in the venue, a reproduction of Shakespeare?s Globe Theatre in London, created 10 years ago by an Italian entrepreneur. Some highlights of the day included appearances by Rome city officials and the Italian business minister to support the event. And the fact that Alec Ross, Senior Advisor for Innovation to Hillary Clinton, took time out to speak about how to create a society and culture that is open to startups and innovation. Despite the Wi-Fi not holding up and the weather being too hot, most agreed it was a great event, attracting pan-European VCs such as Index Ventures, Doughty Hanson and Balderton Capital.

During the day we had 50?speakers, a great agenda, a startup showcase,?and some great sponsors. We even had a hackathon organised by Hackitaly. There were almost 5,000 people on the live stream and the hashtag #TCItaly trended on Twitter in Italy. Thanks to Populis and Mind The Bridge Foundation for putting it together.

Here?s a rundown on the startups that presented on stage, the startups that exhibited, and some others we found out about on our travels.

You can check out all the video from the day here.

Startup Pitches Winner

Atooma
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The winner of the startup pitches, Atooma, is a mobile toolkit to create your own mini-apps. It?s like IFTTT for mobile. You can set up conditional events that automatically trigger simple actions based on things like time, location, your favourite apps, email and so on. Because it?s a contextual app, it is aware of your environment and your behaviour, effectively making your smartphone smarter. People can then publish their mini app in the Atooma community and others can download it. It has a very simple user interface. An example is getting your inbox SMS or e-mail to automatically read to you while driving or preventing your phone from ringing or logging onto a network when the battery is about to die. This was a great startup.

Other Companies That Pitched

ADmantX

ADmantX matches ads to brand-safe-appropriate content. Its semantic technology and dynamic categorization matches ads with consumers in the right frame of mind with the right message. Because keyword targeting makes mistakes, ADmantX is semantic data for ads. You can create an ad base on the best content and increase click-through rates and thus the yield. Operating in Italy, the UK, and the U.S. they have $1.5 million in revenue and are raising another round of financing after a $2.8 million round last year.

Iubenda

Iubenda is basically a site with the ability to create a privacy policy for your site on the fly. It?s solving a real problem for startups. They have generated 8,000 already. Eventually they want to allow anyone to easily generate cheap legal documents. The subscription service has realised 100K euro so far.

NextStyler

NextStyler is an exclusive fashion brand, made in Italy, created by emerging fashion designers, and directly chosen by its customers. NextStyler creates a competition for designers based around a theme like winter wear. Designers upload their sketches and compete through a voting system. The best rated sketches are manufactured in Italy by skilled people and sold on NextStyler?s online shop. They have raised 500K euros seed fudging and are aiming for a new 1.5 million euro round.

Staq.io

Created at a TechCrunch Hackathon last year, Staq is a back-end as a service. You upload your code and they create a REST API out of the bios, with scaling and everything. You can create mobile apps, Facebook apps, web services, etc. They are in private beta right now. From Monday they will be in a ?major accelerator? in Seattle.

MoneyFarm

MoneyFarm is a little like having a personal banker. It recommends users a free portfolio of investments based on their profile and goals. The portfolio is then divided into different Asset Classes. MoneyFarm does not take commissions but offers the techniques that big investors use to grow a client?s portfolio. By doing this they know how to reduce the costs of traditional mutual funds by 50 percent.

Others That Stood Out From The Crowd

Urlist

Urlist is a collaborative tool to collect, save, and organize your Web resources. Our atomic unit of information is the list of links, which is a collection of resources about a chosen topic. Lists can be public or private, collaborative or personal. And with the play button, browsing a list is as easy as flipping through a book. Urlist <3 the Internet.

Stereomood
Stereomood is the music service that delivers curated playlists from independent artists and labels to best suit your current mood. It?s an alternative, serendipitous method of discovering fresh sounds from the top 150 music blogs from across the web, the perfect accompanying soundtrack, or whatever your activity or mood may be.

Metwit
Metwit is an interactive weather data service in the cloud. Metwit API allows you to build interactive and simple apps that collect hyperlocal and crowdsourced environmental data and/or embed this data into your geobased platform using simple web development skills.

Pick1
The most amazing tool to get active feedback from your users while boosting traffic, generating sales, and building a demographic database of your users. Pick1 is an active learning engine, necessary for any self-aware brand. Pick1 is an end-to-end real-time marketing solution based on market research automated to super-personalize a web users? experience.

Selfloops
You can improve only what you measure. Selfloops has created an integrated sensor and tracking fitness platform. Our mission is to provide the tools to people that are serious about sports, that want to track and analyze their fitness activities, and want to be in control on how to improve.

More From The Demo Area

Applix / Viewerplus
Their pitch: ?Applix is an ?Apps Enabler Company? specialized in the development of innovative solutions for mobile devices (Apple, Android and Windows 8) with two products: Appdoit and Viewerplus. ?Viewerplus? is a platform for mobile publishing and ?Appdoit? is a White Label and Self Provisioning platform that industrializes the process of creating mobile apps without technical skills.?

AppsBuilder
Their pitch: AppsBuilder is a DIY platform for mobile applications development. No coding skills are needed! Trough a single building process users can create an app for iOS (iPad, iPhone/iPod), Android (Tablets & Phones) and Windows Phone. Last but not least, your app will be available for the Chrome Web Store and with a Mobile Site Html5 version. All our apps are stored on the cloud, providing the opportunity to modify an app and see it updated in real time.

BeMyEye
Their pitch: BeMyEye is an innovative tool for crowdsourcing store checks and mystery shopping. Thanks to a large and widespread network of on-demand workers, BeMyEye can provide certified observations in 48 hours from any location in Italy. The service is currently used by some primary corporations to monitor, for example, if a promotional display is available in 10.000 stores. BeMyEye integrates a self-service website, where buyers can ask for images and data from faraway places, with an iPhone App allowing sellers to earn an extra wage by completing simple tasks in their neighborhood.

CHATme
Their pitch: ChatMe is about people from all over the world, it is about making new friends around you and sharing pics of you and your life. ChatMe is available for free on the iPhone App Store and soon on Google Play. smartphone app. like photo sharing and dating.

Chupamobile
Their pitch: Chupamobile is a community marketplace for Mobile Developers to discover, sell and purchase cutting edge source code and components for Mobile App development. Developers can buy and easily integrate components saving lots of money and hours of development. Authors can make money selling their code, gain widespread reputation and distribution.

Cloudweavers
Their pitch: Cloudweavers is a startup that created a multipurpose private cloud toolkit , distributed as a self-contained portable USB device with a powerful automated management, distributed geographical storage, self-tuning: the commercialization of 10 years of research in EU programmes on Grids and cloud computing.

Cocontest
Their pitch: Cocontest is a crowdsourcing platform for all those users in need of new design ideas or projects for renovating their house. Architects compete in design contests with cash rewards and specifications set by end users. Cocontest is useful also for companies as a new outsourcing channel for low cost projects.

Commercialista
Their pitch: Commercialista.com is a geo-powered search engine built to easily find accounting professionals and get online/offline consultancy. It is both a marketing tool for professionals and an effective help for users who need to hire a consultant. Albeit specific, the platform is actually a pilot project for more professional categories.

CryptoDrone
Their pitch: CryptoDrone is a service developed by Ants in order to share
confidential documents quickly and without troubles. CryptoDrone encrypts the confidential documents and shares them with a group of people that can securely access data through the web or tablet app.

DriveFarm
Their pitch: Zero12 develops mobile and cloud solutions for companies like DriveFarm, File Server in the Cloud, to store enterprise informations like docs, projects, photo, video etc with: hierarchical organization and user monitoring.-security on three levels(infrastructure,application,human) policy definitions for each users. Real-Time file sharing between users close via mobile app.

Dropis
Their pitch: Dropis is a new way to exchange work and favors without using money. The ?dropis? is an online credit you earn when you share something you love to do.You don?t need money: you can only get Dropis by offering something in the Dropis community. It?s a currency for barter marketplaces.

Fhoster
Their pitch: FHoster is an innovative Platform-as-a-Service delivering tactical business application in the cloud (cloudlets) much faster than other platforms, by effectively combining conceptual data modeling and patterns mapping. Cloudlets are based on open-source technologies, provide a rich API and can be deployed on many IaaS in seconds.

Fubles
Their pitch: Join or organize soccer matches in your city.

In3D Gallery
Their pitch: In3D Gallery is a cutting edge tool, based on 3D real time technology, that improves image and pictures visualization and is able to answer both to beginners and professional photographer?s needs. In3D Gallery is both a Facebook App (free and basic, an amazing app to show your pictures with a different and fresher look) and a Web App, available in ?pro? or ?premium? version, upgradable with new features to increase functionalities and improve the look. A perfect tool for photographers, real art galleries and museums or everyone who wants to share his own pictures in an innovative way. In3D Gallery is made by Esimple, a creative studio dedicated to technological innovation.

Korallya
Their pitch: Korallya is a new mobile networking tool aimed at simplifying and sensibly enhance the experience of people meeting people in its manifold occurrences: for business, education or fun, in planned or unexpected occasions, in a connected or temporarily disconnected environment. However it happens, too many times people lose important details. And this, too often, translates in a lost chance. Anytime and anywhere, Korallya has been designed to be there to save the identity and value of every meeting, giving each event the chance to become a great opportunity.

Mangatar
Their pitch: Mangatar is a social game in the manga universe. A collectible card game game where people can fight against each other. Create customized cards, prepare your game deck, improve your cards? skills. Collect power and skill cards and challenge other users in one-to-one clashes or in group missions.

MiSiedo
Their pitch: MiSiedo is an on line reservation service for restaurants and bars. MiSiedo combines an on line booking service via web or iPhone app with an iPad app for restaurant managers: restaurateurs will be notified when a new reservation is made through MiSiedo and the availability of the venue will be automatically updated; walk-ins and telephone reservations can also be easily registered with one single tap

openPicus
Their pitch: openPicus connects the real world to the Cloud. We offer stand-alone open hardware, Flyport Wi-Fi and Ethernet modules, and a free IDE for embedded applications to interact via web, email and more with simple sensors or complex electronic equipment. A full range of nest expansion boards is available to speed up development.

Paperlit
Their pitch: Paperlit supports traditional publishers in their digital distribution strategy providing branded apps and digital services in all the relevant ecosystems: iOS, Android, Windows8, Facebook. A simple and effective digital publishing and mobile monetization platform for newspapers, magazines, and newsletters. A beautiful and easy to use reading experience for readers.

Qurami
Their pitch: ?Time? is becoming an increasingly scarce resource. Qurami offer time saving solutions through the use of mobile devices. The first solution gives users the ability to reserve their place in the queue and it keeps them informed in real time about queue flow. Qurami aims to launch a new entire ?time saving market?.

Risparmiosuper
Their pitch: This compares grocery store prices helping consumers save money and retailers and brands check competitors prices in real time. Risparmiosuper.it finds for consumers the cheapest supermarket in their neighborhood according to their shopping list and gives companies access to real-time analytics on competitors? prices and consumers? behavior.

Rysto
Their pitch: Rysto is the first social platform for the restaurant and hospitality labor market. We enable businesses in the food service industries to geolocate workers in real-time and fill temporary and permanent job vacancies within minutes, in order to deal with employee ?no shows?, peaks of demand and seasonality effect.

Save The Mom
Their pitch:?Save The Mom is a web and mobile platform that simplifies the communication among family members, making it easy to share information and collect important moments. Furthermore, you can connect with other families (friends, grandparents, etc.) and share useful tips with all the community.

Spinta
Their pitch: Spinta is a marketplace for beauty and wellness services. Beauty and wellness professionals can generate more revenue and manage their business while beauty enthusiasts get on-demand access to beauty professionals and their services anytime, anywhere, at a salon or at their home or hotel room.

sporthis
Their pitch: sporthis is the mobile app where users challenge friends by forecasting on sport events. It?s a foursquare for sports, that gamifies sport events by introducing points and badges for the best users. sporthis rewards sport fans. Teams or brands can create their own branded missions through the app; users who complete a branded mission get coupons to buy products or match tickets.

Stamplay
Their pitch: Stamplay helps marketing professionals create and manage engaging marketing campaigns and loyalty programs thanks to a broad catalogue of white label software solutions. Our apps are ready to use, can be easily customized and are billed on a pay-per-user/pay-as-you-go basis.

Style4Real
Their pitch: Style4Real turns personal wardrobes into digital closets. Fashion lovers can upload their clothes and outfits, find new ideas, share tips, receive personalized recommendations and special offers. Via mobile or web, Style4Real is the social runway to show, share and spice up your style everyday.

Styloola
Their pitch: Styloola is the app that follows you while you?re shopping helping you to dress better and spend less. Thanks to Styloola you can find the coolest boutiques and dresses, share your looks and those accessories you love most. Vote and get votes to become a fashion icon. Foursquare on steroids for fashion!

Tanaza
Their pitch: Tanaza provides a centralized cloud-based solution to manage Wi-Fi Access Points. Tanaza approach eliminates the need for an expensive, dedicated hardware controller and is compatible with consumer level access points. The company aims to enable operational efficiency to Systems Integrators and Managed Solutions Providers that work in the SMB space (small offices, hotels, hospitals, schools, colleges).

Ultimoprezzo
Their pitch: Ultimoprezzo.com is your go-to resource whenever you?re on the hunt for consumer electronics: wherever you are and whatever device you?re on, you can access quality and timely information allowing you to exploit the most appealing offers and promotions before they start.

Uribu
Their pitch: Uribu is a new platform for social complaints. Uribu?s badge system provides acknowledgment for active users. Top users will receive an exclusive badge to show off on their profile, making the experience more entertaining and not simply a ?reporting race?, but a thriving competition for those who will try to get to the rank of top user, encouraging sharing on social networks. We also focus on the privacy of users who may be unwittingly involved: we have developed a face blurring system that makes faces unrecognizable in uploaded pictures.

videOMG
Their pitch: videOMG is a video discovery network that lets you discover and share the best videos created every day by hundreds of high quality channels. The platform is based on an innovative semantic technology used by more than 35 million unique users per month including third-party sites.

Vivocha
Their pitch: Vivocha is a an Online Customer Interaction platform that enables businesses to seamlessly communicate with prospects and customers right on the website, using any combination of VoIP, chat, audio callbacks and collaboration tools like assisted browsing, form & document sarin. Thanks to the super user friendly ?web foundry,? any business can be up & running with proactive customer engagement in less than five minutes. No tech skills required. Vivocha is totally free for most users. Premium accounts will enjoy a pay-per-interaction model: your success is our success.

YooDeal
Their pitch: Yoodeal is the premier online shopping platform for personalized deals and offers. Our innovation lies in our search and ranking algorithm: our ability to gather and personalize online promotions based on natural language analysis, and further categorization and ranking for each particular shopper. Users find the most appropriate offers for their unique interests, which ensures member loyalty and reuse for our partner sites.

Youppit
Their pitch: Youppit collects deals from coupon sites, private selling site and outlet on-line and shows according to users preferences all deals in one page. It?s a free aggregator to find the best deals on the web, that allows to satisfy every day a different need.

Turise.Me
Their pitch: Turise.Me is a platform dedicated to tourism in p2p mode. Tourists can experience a tailor-made tours based on their own interests, flexible and not too expensive courses offered by turisers, people with strong vertical expertise to ensure a unique and safe trail for tourists, where he can find the tour suited to his tastes, availability of time and curiosity.

Cortilia
Their pitch: Cortilia is the first online marketplace for genuine and fresh food from local farmers in Italy. We select the best farmers and connect them directly with consumer through our website and home delivery service. Our products are always seasonal, genuine and coming directly from the nearest producers in order to build a sustainable mobility of goods.

HyperTV
Their pitch: The HyperTV second-screen interactive platform allows applications running on second screens, such as smartphones and tablets, to automatically recognize the content being played on the ?first? screen, the TV, and synchronizes with it. Upon synchronization, relevant gaming content can be triggered to the second screen enabling consumers to benefit from unique social media experience and offering broadcaster an effective solution to engage their audience with the primary show with compelling experience, with real time behavioural and traffic analysis. To enable the gaming experience across multiple screens and devices and design innovative audience engagement, the platform uses the Hypertv proprietary widgets and authoring system, together with Civolution?s Automatic Content Recognition (ACR).

Others We Found on Our Travels in Italy

NextMags ? social publishing platform

Soundreef ? alternative to copyright collection society

Blomming ? like Etsy but mainly FB based

Spreaker ? a platform to make your own radio station

Source: http://techcrunch.com/2012/09/30/italians-take-up-the-torch-to-ignite-their-own-tech-startup-scene/

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Welfare homes built for families of troops

Welfare homes built for families of troops

Nicky Pulford, wife of Air Marshal Pulford, Air Member for Personnel, Air Marshal Sir Dusty Miller, president of RAFA, Group Captain Steve Lushington, RAF Brize Norton station commander, and Flight Sergeant Jane Corban at the new homes Buy this photo ? Nicky Pulford, wife of Air Marshal Pulford, Air Member for Personnel, Air Marshal Sir Dusty Miller, president of RAFA, Group Captain Steve Lushington, RAF Brize Norton station commander, and Flight Sergeant Jane Corban at the new homes

A HOME from home to help support servicemen and women in need.

That?s the idea behind new welfare homes unveiled at RAF Brize Norton yesterday.

The houses will be used by families of service personnel receiving hospital treatment in Oxford. They will also provide a place where single servicemen and women can have their children to stay, and young airmen and women can host their parents.

Four two-bedroom homes were officially opened yesterday after a ?100,000 refurbishment. They join four three-bedroom homes that were opened two years ago.

Senior Aircraftman Stephen Jackman?s mother and sister from South Teeside used one of the welfare homes in July while he was treated for a faulty aortic valve in his heart at the John Radcliffe Hospital in Oxford.

The 27-year-old said: ?Having a home for my family was crucial. Before I went into hospital my main worry was not about my health but how my mum was going to cope, how she was going to get to hospital and know where the shops are.

?Being in this house meant that everyone was around here to look after her and she was not stuck in a hotel room. It was a weight off my mind.

?And I needed my mum in hospital. It would have been a whole lot more difficult not having family here.?

SAC Jackman, an air traffic controller at RAF Brize Norton, is returning to work on Monday.

The revamp saw dilapidated former married quarters stripped out and refurbished.

Small kitchens were knocked through to create large kitchen-diners and play equipment was put in gardens.

The six-week project was funded by seven branches of the Royal Air Force Association (RAFA).

Flight Sergeant Jane Corban, who managed the project, said: ?We wanted to provide a homely environment for people in times of distress or who need a place to be with children.

?The RAF is committed to supporting families of service personnel and recognises that family welfare has a direct impact on serving personnel and their capabilities.?

Air Marshal Sir Dusty Miller, president of the Royal Air Forces Association, said: ?These homes are immensely valuable. Their value is far greater than the sum cost of their parts.

?We spend a lot of time and effort supporting veterans and this has been a chance to show support to the younger RAF family. I think the homes are absolutely brilliant.?

Group Captain Steve Lushington, RAF Brize Norton Station Commander, said: ?I am utterly delighted that the Royal Air Forces Association has been able to help service families through the funding of the refurbishment of these spectacular welfare houses.

?I have no doubt they will be well used and will ensure that the service families at RAF Brize Norton have access to first class facilities.?

The homes are unlikely to be used for the families of repatriated service personnel.

Source: http://www.oxfordtimes.co.uk/news/9956943.Welfare_homes_built_for_families_of_troops/?ref=rss

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Saturday, September 29, 2012

Neil Young's Pono music service wants to democratize high-quality audio (video)

Neil Young's Pono music service wants to democratize highquality audio video

Neil Young isn't shy when it comes to embracing new technology, something he put beyond question with his latest appearance on The Late show with David Letterman. The artist took the opportunity to reveal plans for his high-fidelity Pono music service. The aim is to tackle the poor quality in which he believes most people receive their music these days -- the humble MP3. Young's offering would comprise a three-pronged approach, including a music store with high-resolution recordings, a digital-to-analog style conversion technology, and portable hardware to listen to it all with. The simple intention is to offer music as it was originally intended to be heard, but at this time there's no detail as to what this actually entails (sorry specification fans).

According to Rolling Stone, the big three labels are interested, and the goal is to unify, rather than diversify, the quality of recorded content. The Pono players (that yellow wedge you see above) will serve up your existing catalog, but you'll likely need to re-buy some of your collection if you want the holistic experience. With no cards fully on the table, we're at the ransom of Young's celebrity endorsements, which all claim that the benefits are tangible. Young, of course, says "You can't get better than this, this is what they do in the studio," but until we get some details, or ears on, everybody knows this is nowhere.

[Image credit:CBS]

Continue reading Neil Young's Pono music service wants to democratize high-quality audio (video)

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Two killed in suicide bomb attack on Yemeni official

ADEN (Reuters) - A suicide bomber killed himself and a bystander in south Yemen on Saturday in an attempt to assassinate a government official who had targeted al Qaeda militants, a security source said.

The attacker walked up to the parked car of Mohammed Aidarous, head of a "popular committee" of tribal volunteers who helped the army oust militants from the town of Lawdar in Abyan province this year.

Aidarous, the local government official in charge of Lawdar, was not in the vehicle, but a bystander was also killed in the blast, the source said. Four people in the car and five passers-by were injured.

The source identified the bomber as 20-year-old Ali Mohammed Hossain from Abyan province.

Yemen has been in turmoil since an uprising against Ali Abdullah Saleh, who finally stepped down as president in February. The Arabian Peninsula state borders top oil exporter Saudi Arabia and lies on major world shipping lanes.

The army has expelled militants from Abyan towns occupied last year. But al Qaeda has struck back with assassination attempts against officials, some successful, and a suicide bombing of a military parade in May that killed 100.

Four members of Saleh's General People's Congress (GPC) were killed in an ambush outside Sanaa on Friday night, the party said on its website. Eight were wounded.

It was not clear if the group was targeted because of its party affiliation. A tribal source in al-Jawf where some of the men worked said the ambush could have been a tribal vendetta.

Saleh remains head of the GPC, which retains half the seats in cabinet. His relatives control key military and security units.

Saleh was succeeded by his deputy Abd-Rabbu Mansour Hadi, who has U.S. backing for a transition process that tries to balance the interests of groups including a Shi'ite Islamist movement in north Yemen, southern secessionists and tribal and Sunni Islamist groups who benefitted under Saleh's rule.

(Reporting by Dhuyazen Mukhashaf and Mohammed Ghobari; Writing by Andrew Hammond; Editing by Angus McDowall in Riyadh and Jason Webb in London)

Source: http://news.yahoo.com/four-members-former-yemen-presidents-party-killed-ambush-085250901.html

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Obama calls out GOP over lending rates; takes heat over healthcare law

By:?News 14 Carolina Web Staff

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Friday, September 28, 2012

Home with my family on Sunday...

Hiking, biking, walking, swimming, skating, hula-hooping, frisbee, flying kites, sidewalk chalk art, crouquet, or soccer.

Go to a park near your home. Or a museum. Or an art gallery. Play board games. Go enjoy the fall colors in nature. Take pictures. Heck, paint a picture of it if you're so inclined.

The possibilities are endless. Just pick a few and do them.

- Response by utahmom, A Thinker, Female, 46-55, Managerial

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Source: http://www.answerology.com/index.aspx/question/3137084_Home-with-my-family-on-Sunday.html

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Rare Disease Science Challenge-?Your Call to Action!

If you or a loved one is unlucky enough to be affected by a rare disease then it can be a continued uphill struggle. Your doctor will likely never have seen a case before which means you suffer with symptoms while awaiting diagnosis, and this can sometimes take years. Even when an accurate diagnosis is reached there may be few treatment options; the pharmaceutical companies just aren?t interested in developing drugs to treat such a small market. For the majority (>95%) of the 7000 rare diseases there is no FDA approved therapy. Perhaps the cruelest twist of rare diseases, however, is that so many of the patients are young children.? The NIH estimates that 50% of rare diseases affect children, and 30% of pediatric cases die before they reach their 5th birthday!

Collectively rare diseases are not rare. The fact is that while a disease might be labeled as ?rare?, the number of persons suffering from one of the thousands of rare diseases is estimated at 10% of the population [1], or approx. 30 million people in the United States and 350 million people globally. Mainstream pharmaceutical companies have long ignored rare diseases. With the increasing de-centralization of scientific research, and the growth of the citizen science movement, however, there has never been a better time to tackle this problem head on. That?s exactly what Assay Depot is doing by teaming up with the Rare Genomics Institute ? to bring awareness to the current broken system for diagnosing, treating and curing rare diseases.

The Rare Genomics Institute provides hope to children suffering with a rare disease. Most rare diseases are genetic in nature, caused by a mutation somewhere in the 3.2 billion bases of human DNA. The Rare Genomics Institute uses crowdfunding to pay for sequencing of the sick child?s genome and then assembles a network of academic specialists who work together to identify the child?s genetic mutation. Now Assay Depot has teamed up with The Rare Genomics Institute to take the process one-step farther, and go on the offensive with the Rare Disease Science Challenge.

The competition is open to researchers, foundations, or everyday people. Families with a child afflicted with a rare disease will have the opportunity to work with a network of academic researchers and use donated research services to develop research proposals tailored to their child?s needs. An expert panel of scientists will evaluate the research proposals with the final winner(s) selected by Facebook voting.

If we can improve the standard of care for just one rare disease we will bring relief to thousands of people, very likely children, who currently suffer. We think that is a dream worth fighting for. I am sure Chris and Hugh Hempel would agree. Their identical twin daughters, Addison and Cassidy, have been diagnosed with Niemann-Pick Type C, a rare, incurable and fatal genetic disease that causes progressive neurological deterioration. This week Global Genes, the leading rare and genetic disease patient advocacy organizations in the world, with the Kauffman Foundation is screening the Hempels? story in Hollywood and revealing the grim truth; that diagnosing, treating and curing rare disease is moving at a tedious pace, and leaving heart-rending personal accounts in its path.

How can you help?

If you work for a company that offers research services or makes lab consumables, reagents or instruments ask them to get involved. The great thing about sponsorship is that it will cost your company very little, we?re not asking for money, just a donation of time or resources. Does your company make antibodies? How about donating some production capacity? Do you sell DNA sequencers, or mass spec instruments? Could you run some samples in your lab for us?

If you put your mind to it there are a multitude of ways your company could get involved for very little cost, and in return get some great publicity, and help a very worthy cause.

For the rest of you please help publicize the Rare Disease Science Challenge, post it, blog it, tweet it, let?s do everything we can to get the word out, and be a part of the solution.

References:

[1]? NIH Rare Disease information site:? http://rarediseases.info.nih.gov/RareDiseaseList.aspx

?

Source: http://rss.sciam.com/click.phdo?i=fc338e4fccb21918e1f48ce18ec63006

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World hockey chief expects NHL players in Sochi

TOKYO (AP) ? The International Ice Hockey Federation is operating on the assumption that NHL players will take part in the 2014 Sochi Olympics.

"We've prepared everything with the idea that NHL players will be there," IIHF President Rene Fasel said Friday. "We've decided about the format and expect them to be there."

Fasel was re-elected to another four-year term as president at the IIHF's general congress in Tokyo.

Just 16 months before the 2014 Sochi Games, NHL players are not certain to compete in the two-week tournament in Russia run by the IIHF. Fasel said the tournament will start a day later than the 2010 games in Vancouver.

"We decided to start on Wednesday instead of Tuesday," Fasel said. "In Vancouver, we started on Tuesday but the players will need more time to travel to Russia. It will mean less rest between games but we have to start on Wednesday."

NHL Commissioner Gary Bettman has said no decision is imminent about possibly shutting down for two weeks to accommodate an Olympics in which some games would be played in the middle of the night in North America, thus affecting TV viewership and interest.

Before the NHL makes up its mind, a collective bargaining agreement between owners and players must be negotiated. The NHL locked out its players on Sept. 16 when talks broke down. The two sides plan to meet again Friday.

Russian player Alex Ovechkin, one of the NHL's signature stars, is threatening to play in Sochi no matter what the NHL does.

Fasel said the NHL could decide as late as January not to come but the tournament will go ahead.

"We'll play the tournament anyway," Fasel said. "There are not only 750 NHL players playing hockey in the world."

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/347875155d53465d95cec892aeb06419/Article_2012-09-28-OLY-HKO-Sochi-NHL-Players/id-12798a835ab54382a006f30956230b31

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Take Out a Brick Wall With the Handheld Jackhammer the Size of a Baby [Video]

It usually takes a pretty hefty tool to knock out a brick wall, demolish a concrete staircase, or pulverize a tile shower stall during a bathroom renovation. It's a job for the pounding chisel tip of a demolition hammer or a jackhammer—a tool big enough to require its operator, as The Far Side once suggested, to "let the belly do the work." More »


Source: http://feeds.gawker.com/~r/gizmodo/full/~3/U-Uw8YJECDk/take-out-a-brick-wall-with-the-handheld-jackhammer-the-size-of-a-baby

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Quantcast Open Sources Hadoop Distributed File System Alternative

Haddop Elephant LogoQuantcast, an internet audience measurement and ad targeting service, processes over 20 petabytes of data per day using Apache Hadoop and its own custom file system called Quantcast File System (QFS). Today, it's making that technology available to as open source under an Apache license. You can now find it on GitHub.

Source: http://feedproxy.google.com/~r/Techcrunch/~3/g9RIRmHwYIk/

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Thursday, September 27, 2012

Scoring Jay-Z Tickets: Is There An Easier Way?

'The longer you can wait, the cheaper you can get them,' TickPick co-founder Brett Goldberg tells MTV News.
By Rob Markman


Jay-Z
Photo: WireImage

Source: http://www.mtv.com/news/articles/1694496/jay-z-barclays-center-tickets.jhtml

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Europe must take "deep breath" and enact reforms: Merkel

BERLIN (Reuters) - Chancellor Angela Merkel said on Tuesday that Europe could only hope to come out of its crisis stronger and compete in a globalised world if its members pressed ahead with painful reforms and moved to more responsible budget policies.

Speaking at a meeting of the Federation of German Industries (BDI), Merkel acknowledged that Germany was "not an island" that could disconnect from economic developments in Europe and the world economy.

But she placed the onus on Berlin's struggling euro zone partners to fix their own economies, rejecting the idea that Germany should relax its own productivity drive in order to help its partners.

"We need to take a deep breath to overcome this crisis," Merkel said. "We must make the efforts that will allow Europe to come out of this crisis stronger than it went in."

"There is a lack of confidence on financial markets that some euro zone states can pay back their debts in the long term," she continued. "The world wonders how competitive euro zone countries are."

The German leader said tough reforms in southern Europe had led to some convergence of unit labor costs across the euro zone, but made clear that there was still work to do.

She also expressed regret that the European Court of Justice had not been given stronger powers to intervene in national budget policies in the euro zone.

"We can't have support without controls. The two go hand in hand," Merkel said.

The German economy has held up well during the crisis, with unemployment holding near post-reunification lows. But there are signs that economic weakness across much of Europe and a slowdown in Chinese growth are beginning to bite.

Business sentiment is at its weakest level since early 2010, data released by the Ifo economic think tank showed on Monday. And some economists believe Germany could fall into a technical recession in the second half of this year.

"NOT AN ISLAND"

"We are feeling that Germany is not an island. We are an export nation. Forty percent of our exports go to the euro zone, 60 percent to the European Union. We can't disconnect from European and global economic developments," Merkel said.

Merkel held up the fiscal compact for budget discipline and plans to introduce pan-European banking supervision as signs of Europe's progress.

She dismissed the notion that Berlin was slamming on the brakes in the creation of a European banking watchdog. In recent weeks, the German government has made clear that it sees a January deadline for putting this in place as unrealistic.

"We want stronger European banking supervision," she said.

Merkel was due to meet European Central Bank President Mario Draghi on Tuesday afternoon. Later he will give a speech to the same industry conference.

Draghi's plan, unveiled at the start of the month, to buy the bonds of struggling euro countries, combined with a green light from Germany's Constitutional Court for Europe's new rescue fund have been welcomed by markets.

But worries have grown in the past week over Spain's reluctance to seek a bailout that would allow it to profit from the ECB's bond plan. Also weighing on the euro on Tuesday was a report that lawyers at the German Bundesbank were looking into the legality of Draghi's bond scheme.

(Reporting by Noah Barkin; Editing by Giles Elgood)

Source: http://news.yahoo.com/merkel-says-markets-worried-euro-states-repaying-debt-092542837--business.html

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Wednesday, September 26, 2012

Europe must take "deep breath" and enact reforms: Merkel

BERLIN (Reuters) - Chancellor Angela Merkel said on Tuesday that Europe could only hope to come out of its crisis stronger and compete in a globalised world if its members pressed ahead with painful reforms and moved to more responsible budget policies.

Speaking at a meeting of the Federation of German Industries (BDI), Merkel acknowledged that Germany was "not an island" that could disconnect from economic developments in Europe and the world economy.

But she placed the onus on Berlin's struggling euro zone partners to fix their own economies, rejecting the idea that Germany should relax its own productivity drive in order to help its partners.

"We need to take a deep breath to overcome this crisis," Merkel said. "We must make the efforts that will allow Europe to come out of this crisis stronger than it went in."

"There is a lack of confidence on financial markets that some euro zone states can pay back their debts in the long term," she continued. "The world wonders how competitive euro zone countries are."

The German leader said tough reforms in southern Europe had led to some convergence of unit labor costs across the euro zone, but made clear that there was still work to do.

She also expressed regret that the European Court of Justice had not been given stronger powers to intervene in national budget policies in the euro zone.

"We can't have support without controls. The two go hand in hand," Merkel said.

The German economy has held up well during the crisis, with unemployment holding near post-reunification lows. But there are signs that economic weakness across much of Europe and a slowdown in Chinese growth are beginning to bite.

Business sentiment is at its weakest level since early 2010, data released by the Ifo economic think tank showed on Monday. And some economists believe Germany could fall into a technical recession in the second half of this year.

"NOT AN ISLAND"

"We are feeling that Germany is not an island. We are an export nation. Forty percent of our exports go to the euro zone, 60 percent to the European Union. We can't disconnect from European and global economic developments," Merkel said.

Merkel held up the fiscal compact for budget discipline and plans to introduce pan-European banking supervision as signs of Europe's progress.

She dismissed the notion that Berlin was slamming on the brakes in the creation of a European banking watchdog. In recent weeks, the German government has made clear that it sees a January deadline for putting this in place as unrealistic.

"We want stronger European banking supervision," she said.

Merkel was due to meet European Central Bank President Mario Draghi on Tuesday afternoon. Later he will give a speech to the same industry conference.

Draghi's plan, unveiled at the start of the month, to buy the bonds of struggling euro countries, combined with a green light from Germany's Constitutional Court for Europe's new rescue fund have been welcomed by markets.

But worries have grown in the past week over Spain's reluctance to seek a bailout that would allow it to profit from the ECB's bond plan. Also weighing on the euro on Tuesday was a report that lawyers at the German Bundesbank were looking into the legality of Draghi's bond scheme.

(Reporting by Noah Barkin; Editing by Giles Elgood)

Source: http://news.yahoo.com/europe-must-deep-breath-enact-reforms-merkel-000612883--business.html

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GO Communications snaps up Cambodia&#39;s Active Event - The Nation

Home ? business ? GO Communications snaps up Cambodia's Active Event Management.

Go Communications

The Nation September 26, 2012 1:00 am

The 100-per-cent buy-out follows the group's signing of a partnership agreement with leading Thai PR agency DC Consultants in May.

Danai Chanchaochai, CEO of DC Consultants, said the new Cambodian relationship would further enhance the company's service offering to clients.

Cambodia is a thriving economy that is inextricably linked to Thailand and the region's growth and development, and many small and medium-sized enterprises and large corporations are looking at a wider regional footprint, he said.

In particular, when the Asean Economic Community becomes a reality in 2015 it will be essential for all businesses to have a borderless presence, he added.

Under this recent acquisition, Sisopheak Siet will retain his post of managing director at the Phnom Penh-based agency.

The agency has a staff of more than 25 plus 180 field work support staff. Clients include Beeline, Ford, Coca-Cola, LG, Colgate Palmolive, Manulife, Aeon Micro Finance, BAT, Dumex, and Phnom Penh Security.

GO Communications Group chairman Bob Chua said: "Cambodia has one of the fastest-growing economies within Asean, with a gross domestic product averaging more than 8 per cent for the last three years."

"Cambodia has a population of over 15 million people, tourism is growing with more than 3 million visitors a year and foreign direct investment is rapidly increasing. China alone is planning to invest over US$8 billion [Bt247 billion] with 360 new projects over the next year," he added.

The Cambodian acquisition is another step in the GO Communications Group's plans to create Asia's largest independent PR network.

Meanwhile, Sisopheak said that as part of the GO Communications Group, the firm could tap into the group's skill-based network practices from information and communications technology, tourism, health, government and fast-moving consumer products.

The GO Communications group is currently made up of four partners: GO Communications in Malaysia, DC Consultants in Thailand and two PR agencies.

GO Communications provides a wide range of services, including media relations, branding, event management, crisis communications, and editorial and production services.

DC Consultants has been offering marketing communication services for about five years and has built up a strong client base from the public and private sectors.

Latest stories in this category


Source: http://www.nationmultimedia.com/business/GO-Communications-snaps-up-Cambodias-Active-Event--30191090.html

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Tuesday, September 25, 2012

MAYO Communications to Launch USA Tour of "BRACO" -- a Gifted ...

LOS ANGELES, Sept. 24, 2012 /PRNewswire/ --?MAYO Communications announced today it will provide international publicity for the USA tour and launch of Braco, a Croatian man with a remarkable gift that changed many people's lives worldwide with his gazing sessions.

"This gentle man from Croatia, named Braco (pronounced Braht-zo), has an amazing gift that has helped countless lives for more than 17 years in many countries; including Croatia, Slovenia, Germany, the United States, Austria, Switzerland and Japan," said President Aida Mayo, MAYO Communications, Los Angeles.

"People come to him seeking help from life's difficulties, health problems, relationship issues and more," she said. "Thousands of people have participated in group gazing sessions, and now people in the U.S. will get the opportunity, again. We're excited to meet him on his visit to Portland Oregon, Sept. 29th and 30th."

Besides Portland, other tour cities include: Washington DC (Oct. 5-7); Miami (Oct. 9-10) and Chicago (Oct. 12-14). ?The gazing sessions will also be streaming live. Braco gazing sessions are scheduled to take place from 10:00 a.m. to 6:00 p.m. beginning each hour.? Each session lasts about 35 minutes.? For session times visit: Braco.net.

MAYO is no stranger to launching international clients in America. MAYO launched the USA concert tour and brand of Global Onslaught-Australia-UK, a international music channel for bands and Concerts; WW2 Productions, (Americans on DDay), filmmakers in Dublin, Ireland to reality Hydra Properties' TV Shows in Abu Dhabi. ?Most recently MAYO signed Carnival of Darkness Horror Sci-Fi Film Festival 3 and Comedy TV web series, "Good Job, Thanks!" last month.

A short list of MAYO current and past clients include: ?Southern California Leadership Council (SCLC), the late Chief Economist Jack Kyser, LAEDC, WTC ?LA/Long Beach; USC, Hospital Assn. of SoCal, Operation Blankets of Love (OBOL); Warrior Records and Eddie Money. Actors Alexis Rhee, Crash and Actor Timothy Woodward Jr., Hollywood East on HULU.com ?to name a few.

For more on MAYO call 818-340-5300, email: Publicity@maycommunications or visit: MAYOCommunications.com.

SOURCE MAYO Communications

Source: http://www.africanbusinessreview.co.za/press_releases/mayo-communications-to-launch-usa-tour-of-braco----a-gifted-man-whose-gaze-can-result-in-life-transf

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Gangnam Style Becomes Most-Liked Video of All Time

Source: http://www.thehollywoodgossip.com/2012/09/gangnam-style-becomes-most-liked-video-of-all-time/

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How To Talk To Girls - Best Pointers To Avoid Rejection

You might be one amongst many guys in the world that have no idea whatsoever about how to talk to girls. Maybe you feel completely idiotic every time you try to converse with a member of the opposite sex. Learning how to talk to girls is not very hard, you just have to remember some important points which have been discussed in this article. Once you start implementing these strategies, you will find it a lot easier to talk to girls and you would surely impress many of them. Read through these tips and ideas thoroughly to know how you should go about it.

The very first thing that guys should learn is to just be themselves while trying to talk to girls. If they are trying to act over smart or put on airs, they are not going to get any closer to girls because they hate such behavior. A guy being himself will make a good impression on girls as he would be more calm and relaxed while talking and he will be able to give all his concentration to the conversation. Just be yourself and see if the girl likes you.

Not knowing what to speak about is what most guys blame for the troubles they have in talking to women. It so happens many a times that the guy keeps cracking his brain trying to find a perfect topic to talk about with the intention that the girl will get impressed by him straight away. If that sounds unrealistic it's because it is! Sitting tongue-tied in the company of a girl might make the situation very embarrassing for both the guy as well as the girl and hence a guy should try to keep the discussion going by talking about anything that comes to his mind. Starting the conversation on a common subject is a good idea and then after getting to know what the girl is excited about, he could shift the conversation on topics which is likely to catch her interest.

In order to get a conversation started with a girl there are a variety of strategies that a guy could use. As cited earlier, talking on a common subject is a good idea but a guy should try to learn whether the girl is interested in talking about it or not. If the girl finds it very boring then the guy should just try to ask her questions that can help him learn more about herself. Most girls like to talk about themselves so that way the guy can get a good conversation underway without doing much talking himself. It's important for the guy never to talk big about himself to the girl so that he doesn't come across as full of himself.

A good thing to bring into the conversation is some humor as it helps to keep the conversation neutral and non threatening. You want the girl to know that you are interested in her so listen when she talks and keep eye contact with her. It's OK to do some mild flirting as long as you do it in a light hearted way and don't scare her off. One thing that almost all girls find charming is a display of chivalry. Which implies you need to talk in a soft tone and be very polite with other individuals around you. Opening the doors for her and holding chair while she is sitting or getting up is also an excellent idea. Make sure that you throw in some small compliments on how beautiful she looks. Applying these strategies and suggestions will surely help you to charm a girl very easily and get start a new relationship!

Source: http://www.articlesnatch.com/Article/How-To-Talk-To-Girls---Best-Pointers-To-Avoid-Rejection/4176685

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Monday, September 24, 2012

GOP Cites Romneys' Charity (WSJ)

Share With Friends: Share on FacebookTweet ThisPost to Google-BuzzSend on GmailPost to Linked-InSubscribe to This Feed | Rss To Twitter | Politics - Top Stories News, News Feeds and News via Feedzilla.

Source: http://news.feedzilla.com/en_us/stories/politics/top-stories/250484077?client_source=feed&format=rss

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Wiz Khalifa to Be Questioned Over Alleged Hit and Run

Source:

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Chinese 2013 GDP to decline to 6.5%, or even lower?

Mr El Arian of PIMCO reports that Chinese GDP will decline to between 6.5% to 7.0% in coming Q?s. Most analysts are forecasting GDP growth of around 7.5%, as suggested by Premier Wen.? Recent reports by Chinese economists suggest GDP will be around 7.2% to 7.4%.? Personally, I believe that Me Al Erian is right.? Indeed I believe that?Chinese 2013 GDP will be around 6.5% at best (indeed,?likely lower), unless the new administration at that time introduces real and significant stimulus measures ? a great deal of the recent announcements were essentially rehashing previously announced?capex projects.? Furthermore, announcements of massive projects by the regions are great, but wheres the money coming from boys and girls?.? The rice bowl is empty.? There are also increasing reports of material capital flight out of China which, if true (and it sure looks like it), does not inspire confidence.? The greatest threat is that most analysts expect the Chinese authorities to engineer a ?soft landing?.? I?m not sure how they arrive at this conclusion.? Indeed, I remain unconvinced.

The next meeting of the Communist Party has indeed?been set for 10th October?and, in addition, the authorities have confirmed that the number of members on the Standing Committee of the Politburo will be reduced to 7, from 9 currently.? There are reports that the?responsibilities of most of the members, elected to the Standing Committee, will not be disclosed at this time ? yet more uncertainty if true;
?
The Indian market is at its highest level for more than a 1 year, with the Rupee rallying, following the reform package announced by the PM and the finance minister Mr Chidambaram.? Some US$1.2bn of funds have?flowed into Indian equity markets, following the announcement of the reform package.? Whilst Ms Banerjee?s party Trinamool Congress is withdrawing from the coalition, the Samajwadi Party is to support the coalition, according to the PM.? The sooner that the ruling coalition dumps Ms Banerjee the better ? she is a loose cannon ? quite frankly a lot, lot worse.? Finally, whilst the reforms will help, the Indian authorities have to increase power production materially, in particular and, in addition, modernise the country?s infrastructure, which is certainly creaking at the seams;

The head of the Cypriot ruling Communist Party reports that the country should exit the EZ, if the EZ imposes tough bail out terms?- well please do, these guys are living in cloud cuckoo land.? The Cypriot government tried to get an additional?rescue package from the Russians, but the Russians baulked.? However, the important issue is that if Cyprus exits, the pressure will mount on Greece. Last week, representatives of the Troika announced that they would leave Greece to return in a week.? Other reports (purportedly by IMF representatives) suggested that no announcement on Greece will be made ahead of the US Presidential election, though were officially denied?by EU officials?- officially denied ? whoops that means that its likely to be true. Greece has yet to?agree on all the additional?budget cuts that the Troika is requesting.? In addition, the IMF will face problems from their board if they are to provide more financing ? unlikely.? The EZ will not provide more financing and Greece?s request for more time is going to?be a tough?sell with, for example, the Finns, though it remains a?possibility.? The German finance minister states that the EZ wants Greece to remain in the Euro, but it must fulfil the conditions of its 2nd aid package ie all the proposed austerity measures?- pretty close to impossible.? Greece remains in the EZ because Mrs Merkel fears the contagion effects of a Grexit ? that?s it.? Her finance minister, Mr Schaeuble believes otherwise, though to date, Mrs Merkel has won the argument. Basically, a complete mess, as usual. It looks as if I will be reporting on Greece, yet again ? I?m truly sorry;

The Spanish banking, fiscal, economic and political situation?is deteriorating so rapidly as to suggest that a major crisis is likely pretty soon.? The EZ had previously agreed that a sum of E100bn be allocated to recap Spanish banks.? The Spanish authorities have reported (even as late as last week) that they would need only E60bn to recap their banks, which I have been deeply sceptical of, as you know.? Well what a surprise ? recent reports suggest that Spanish banks will need more than E100bn.? Results of a stress test are due out this coming Friday (28th September).? Bad loans?have risen?to E169bn in July, or 9.86% of total loans, up from 9.42% in June and will be even higher at present, as the economy has continued to deteriorate, unfortunately?at an increasing pace.? The Spanish, it must be said, have been ?economical with the truth? for many years and, even now,?just don?t seem to understand that they have to come clean.

The Spanish budget deficit for?H1 2012?was north of +8.5% ? remember the (upwardly revised) target for the current year is +6.3% ? clearly impossible to meet.?The head of the (economically very important ? some 20% of Spanish GDP) Catalonia region is talking about breaking away from Spain ? the meeting between PM Rajoy and the head of Catalonia, Mr Mas went very badly last week.? Furthermore, Spanish authorities remain in denial and are trying to negotiate a condition light bail out, when they are being told in terms which are crystal clear (from the ECB and the EZ/Germany etc) that tight restrictions will be imposed. Spain faces 2 regional elections ? in Galicia and the Basque country on the 21st October?and the government does not want to agree to a bail out (with tough terms) ahead of that ? the current PM promised that he would not accept, in effect, EZ oversight of Spain.? Finally, the Germans are not keen to have Spain request a bail out at this stage, due to possible problems with their Parliament, the Bundestag?- some members of the coalition?are likely to oppose?further aid packages and the government has had to rely on the opposition in the past to pass the necessary measures, for example on the establishment of the ESM.? However, the opposition, whilst more pro Euro, has suggested that they will demand more political concessions if the government need their support, which clearly Mrs Mekel will not be keen on.

Basically,?yet another?complete and total mess in the EZ.

I have?reported previously?that Spain cannot sustain its current debt levels ? I am now convinced about it.? Adding more debt onto a country whose debt is increasing as rapidly as it is in Spain is a recipe for an impending?disaster.? Spain needs to introduce additional structural measures, including labour reforms (which, reluctantly, they are beginning to understand, though are still?far from acting upon), though with the population becoming increasingly hostile (unemployment remains above 25%) the government is dragging it feet.? As a result, the economy will continue to decline, as the EZ heads into a recession, just making the situation even worse.

The current plan of kicking the can down the road?is way, way past its??sell by date?.??Spain will need to restructure its debts ? better to take that action now, accompanied with the necessary structural reforms and a sensible bail out package, in particular, to recap their insolvent banks.? Yes, that will force countries such as Portugal, at the very least, to have to restructure its debt and address their banks, as well ? quite likely other countries. However, the current plan is unworkable and will buy far less time than the allegedly ?good and the great? in Brussels and the rest of the EZ believe.? Essentially, it is time to take the painful, but necessary, action.
EPFR Global reports that investors withdrew US$17bn from?money market?funds and have invested roughly the same amount?into equity funds?in the week ended 19th September (a 4 year high) and a further US$6.3bn in bond funds.? Some US$4.3bn went into EM equity funds, the most in 32 weeks, whilst EM bond funds witnessed inflows of US$11.4bn, the 15th consecutive week of inflows. ?Inflows into European funds rose to their highest levels in 19 weeks, though investors?sought to invest?in global funds, with inflows rising to a 1 year high.? The actions taken by the FED, ECB and the BoJ were the main reasons cited. (Source FT);

It looks as if previous (pessimistic)?estimates?on US corn and soya production?were unwarranted and that production forecasts will be revised higher.? Farmers are beginning to report that yields are looking as if they will come in higher than expected.? If confirmed?it will be good news for EM?s in particular, as their inflation basket is weighted far more heavily towards food (and energy) and a resulting decline in inflation will allow central banks in the region to reduce interest rates.? Oil prices have also declined, in spite of QE3 and the actions by the ECB and BoJ.? Generally, I remain unconvinced as to the arguments that inflation will rise materially as a result of recent central bank action ? certainly over the next 3 to 6 month horizon.? Indeed, I believe that inflation will decline globally over that period;

The latest CFTC data suggests that the number of Euro shorts has declined materially.? Whilst a number of analysts expect the Euro to climb, I do not. The EZ has a remarkable ability to screw things up and deliver bad, rather than good,?news.

Outlook

The FED, ECB and, to an extent, the policy action by the BoJ have been helpful for equity markets.? However, dark clouds are beginning to gather, far sooner than expected. ?The situation in China is deteriorating quite fast and (much needed) remedial policy action has not been announced, as yet.? Tensions between China and Japan are increasing.? The EZ is, as usual, a total mess.? The US is heading towards a Presidential?election, with Obama, at present the clear favourite, though a ?fiscal cliff? issue to address.? However, the good news in the US is that the residential property market is doing much better than expected in my view which, if sustained,?will have a material positive impact on the US economy.

The hysteria over inflation, I believe, is way overdone,?particularly?over the next 3 to 6 months.? There are strong deflationary forces out there, which suggests to little old me that inflation is likely to decline, rather than accelerate, in coming months.? If I?m right, the good news is that more central banks globally will reduce interest rates ? likely in my view.

I am net long at present, though will be watching markets even more carefully ? though, overall,?I remain of the view that central bank policy action supports markets, for the moment.

I continue to believe that the Euro and the A$ remain overvalued, against the US$ and other currencies?- NOK possibly even the CAD, though there are (increasing) concerns relating to the Canadian residential property sector.

Have a great weekend.

Kiron Sarkar

23th September 2012

Source: http://www.ritholtz.com/blog/2012/09/chinese-2013-gdp-to-decline-to-6-5-or-even-lower/

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