Wednesday, April 30, 2014

Berkshire share gains may offer Buffett cover at annual meeting

A ho-hum stock market so far this year may be just what Berkshire Hathaway (BRK-A)(BRK-B) shareholders needed. As they gather this week at the sprawling conglomerate's annual meeting in Omaha, Nebraska, and rub shoulders with its iconic chairman, Warren Buffett, the fact that its shares are once again beating the broader market should help dim the sour memory of its recent run of underperformance. Last year, for the first time in nearly half a century, the gain in Berkshire's book value over five years - Buffett's preferred measure of performance - lagged the total return of the S&P 500 (.SPX). Buffett himself concedes his company is just not built to run neck and neck with the kind of raging bull market that produced a 128 percent total return for the S&P from the end of 2008 through 2013.

by via Yahoo! Finance: Top Stories

New Boeing jets hold key to more than half of future sales

Boeing Co (BA) said it expects to finish flight testing its stretched 787-9 Dreamliner in the next two months and deliver it around mid-year, one of six new jets the world's biggest plane-maker aims to get into service by the end of the decade. Boeing will start fabricating parts for its 737MAX jetliner this year, keeping that new development program on course for final assembly to start by mid-2015 and service entry in 2017, company officials said in media briefings made public late on Wednesday. The three jets are part of a major overhaul of Boeing's product lines that is "harvesting" technology and lessons from the its original high-tech 787 Dreamliner and adding efficient new engines to make 737 and 777 models that burn less fuel, fly more easily and provide passengers with more comfort. "What we have in work today really is the future of Boeing Commercial Airplanes," he said.

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China PMI steadies, but doesn't dispel growth worries

Activity in China's factories increased marginally in April but export orders fell sharply, a government survey showed on Thursday, adding to questions about whether the world's second-largest economy is stabilizing after its first-quarter slowdown. The data came a day after Premier Li Keqiang pledged to step up support for the trade sector, adding to measures taken over the past month on concerns that the economy may be losing momentum more quickly than expected. The Purchasing Managers' Index rose to 50.4 in April from March's 50.3, the National Bureau of Statistics said, one of the first indicators of how the economy started the second quarter. Zhang Liqun, an economist at the Development Research Centre, which helps compile the PMI, said the PMI pointed to stabilizing economic growth ahead, but others disagreed.

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[video] Trading Video: EURUSD, Yen Cross and US Equities Threaten Breaks (Forex News by DailyFX)




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[text] China Set to Overtake U.S. as Biggest Economy in PPP Measure - Bloomberg

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"China is poised to overtake the U.S. as the world’s biggest economy earlier than expected, possibly as soon as this year, using calculations that take purchasing power into account.China’s economy was 87 percent of the size of the U.S. in 2011, based on so-called purchasing power parity, the International Comparison Program said in a statement yesterday in Washington. The program, which involves organizations including the World Bank and United Nations, had put the figure at 43 percent in 2005.The latest tally adds to the debate on how the world’s top two economic powers are progressing. Projecting growth rates from 2011 onwards suggests China’s size when measured in PPP may surpass the U.S. in 2014, which would be years earlier than many economists had previously estimated, according to Arvind Subramanian of the Peterson Institute for International Economics."



by InformedTrades via InformedTrades

China PMI underwhelms, markets resilient

Asian markets suffered a brief wobble on Thursday as data on China's vast manufacturing sector just missed forecasts, with holidays across much of the region muffling the impact. The conflicted mood was clear in the Australian dollar, often a bellwether for market thinking on China given the country is a major exporter of resources to the Asian giant. Japan's Nikkei (NIK:^9452) was up 0.4 percent, while Australian shares (.AXJO) eased 0.4 percent. That was a resilient performance given government data had shown the U.S. economy grew just 0.1 percent annualized in the first quarter, far below already gloomy forecasts of 1.2 percent.

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[video] Live Event: FOMC Decision Will Help Decide USD Trend if Not Volatility (Forex News by DailyFX)




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Dow ends at record high as Fed upbeat on economy

The Dow closed at its first record high of 2014 on Wednesday after the Federal Reserve gave an upbeat view of the economy's prospects as it announced another cut to its massive bond-buying program. The Fed said in a statement it would reduce its monthly bond purchases to $45 billion from $55 billion, as expected. That the Fed looked past a dismal reading on first-quarter growth reinforced the view that weather was to blame for the weakness, analysts said. Nine of the 10 S&P 500 sectors ended in the black, led by the economically-sensitive S&P materials sector (.SPLRCMA), up 0.8 percent.

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Market Radar for May 1st Continued Upside! (daytraderrockstar)

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[video] Strategy Video: EURUSD Break or Reversal at 1.4000 is Investor vs ECB (Forex News by DailyFX)




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Facebook launches mobile ad network to vie with Google, Twitter

Facebook Inc rolled out a new service that it envisions will distribute ads across a network of mobile applications, opening the door to a new source of revenue for the Internet social network. The service, which the world's No. 1 social network has been working on for some time, allows mobile-app makers to insert various types of ads within their software, with Facebook sharing advertising dollars with the developers. "This is really the first time that we're going to help you monetize in a serious way on mobile," Facebook Chief Executive Mark Zuckerberg said at the company's developer conference in San Francisco on Wednesday. Facebook also described new features that make it easier for users to limit how much personal information they share with third-party mobile apps, and that let users log into social apps without providing their identity.

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American justice is blind, but likes the sound of money: Matt Taibbi

Taking the conversation to a whole new level, author Matt Taibbi examines why the justice system has largely given Wall Street a free pass while becoming "a gigantic mindless punishment machine" for the poor.

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Albania holds rate, sees 2014 as economic turning point

Albania's central bank maintained its key interest rate at 2.75 percent and said it will maintain the same stimulating policy in the medium term as inflationary pressures will remain subdued.

But the Bank of Albania, which has cut rates by 250 basis points since October 2011 and most recently by 25 points in February, voiced confidence that the economy was improving, with indicators of growth, businesses perception and financial markets improving faster than expected.

"New information signals that 2014 may be a turning point for the economic activity in Albania," the bank's governor, Ardian Fullani said after a meeting of the bank's supervisory council.

Albania’s inflation rate averaged 1.9 percent in the first quarter of 2014 and in March it rose to 2.2 percent from 1.9 percent in February, returning to the bank’s target band. The bank

targets inflation of 3.0 percent, plus/minus one percentage point.

Fullani expects inflation four quarters ahead to range between 0.5 percent and 3.9 percent.

Albania’s inflation rate has remained low due to the weak economy, downward imported inflation and anchored inflationary expectations, he said after a meeting of its supervisory council.





But the combination of an expected improvement in the world economy, implementation of stimulating macroeconomic policies and an acceleration of structural reforms "signals that the Albanian economy may gradually improve in the quarters ahead," Fullani said.

Albania's Gross Domestic Product expanded by 2.32 percent in the fourth quarter after 2.0 percent quarterly contraction in the third quarter. On an annual basis GDP rose by 1.1 percent compared with shrinkage of 2.3 percent in the third quarter.

For the full year, Albania's economy expanded by 0.7 percent and the International Monetary Fund forecasts 2.1 percent growth this year, rising to 3.3 percent in 2015.

Fullani said the increase in fourth quarter activity was broadly due to a positive performance of domestic private demand while the contribution of the public sector and net exports was negative.

But economic growth is expected to be more balanced this year, driven by both domestic and external demand, with improving confidence enabling the real sector to benefit from the monetary stimulus.

"Looking ahead, our basic projections suggest that, after a weak performance in 2013, the trajectory of the Albanian economy will be upward in the medium-term horizon," he said.

In the short term, however, the cyclical weakness of aggregate demand is expected to keep the economy below its potential, accompanied by weak inflationary pressure.



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by InformedTrades via InformedTrades

Internal Comcast Memo Says Consumerist Is All About “Headlines,” So Here’s One For Them


Earlier this month, Consumerist readers voted to hand Comcast its second Worst Company In America title, the results undoubtedly tied to the cable company’s ill-advised decision to acquire equally cruddy pay-TV provider Time Warner Cable. But rather than own up to — or even ignore — its WCIA tournament victory, the company chose to send out a memo to thousands of employees name-checking Consumerist and accusing us of being all about making headlines.

You can read the entire memo, written by Kevin Casey, President of Comcast’s Northeast Division, at the bottom of this post, but we’ll look specifically at some portions that stood out to us.


Here’s a paragraph in which Casey tells employees to blow off studies by groups that disprove of the merger and to listen to one particular study (but don’t look too closely because you’ll see just how badly the company is still doing):



We cannot make excuses for even one bad experience, but you should know that some of the more recent surveys were conducted by groups like Consumers Union, which have been actively lobbying against the proposed merger from the start. Others, like Consumerist, are designed more for media headlines than accuracy or insight. We have seen steady improvement on other large-scale, credible customer service surveys, including ones from the internationally-recognized J.D. Power & Associates, where since 2010, Comcast has improved more than any other provider in the industry, boosting overall TV satisfaction by 92 points and Internet satisfaction by 77 points.



Let’s break this paragraph down, shall we?

1. “[S]ome of the more recent surveys were conducted by groups like Consumers Union, which have been actively lobbying against the proposed merger from the start.”


We’re not going to speak for our colleagues at Consumers Union — which is the advocacy and public policy division of Consumer Reports — but we’re pretty sure that Casey is referring to CR’s annual telecom survey, which recently ranked Comcast and Time Warner as the worst-performing of the large cable companies (only one, minor, regional provider had a worse showing).


Thing is, while those survey results were made public in March, weeks after the merger, the actual national survey of more than 80,000 Consumer Reports readers was finished long before Comcast announced its intentions to merge with TWC.


Additionally, both Comcast and TWC have historically performed poorly in CR’s annual survey, so the recent results are no anomaly tied to a merger announcement that didn’t happen until after the survey was completed.


2. “Others, like Consumerist, are designed more for media headlines than accuracy or insight.”


This is a common complaint from companies involved in Worst Company voting, but one that is never really backed up with any evidence.


Consumerist is not ad-supported, so this notion that we run the WCIA tournament every year for pageview or visit spikes is a non-starter; there is no financial benefit to the site or to any of the staffers.


Where were all the big “media headlines” surrounding Comcast’s win? There were no TV or radio appearances made regarding this year’s tournament results, and only a handful of mentions in major online news outlets. Unlike Comcast, which blasts out press releases — presumably in the hopes of getting headlines — for every minor development at the company, we didn’t send out a release or make an announcement to the media about this year’s tournament.


We received significantly more media attention for previous WCIA wins by BP and EA; of course neither of those are the nation’s largest cable operator/ISP and operators one of its largest broadcasters and media networks.


We run the tournament because it’s a fun and interesting way to test the waters to see what’s ticking off consumers. If lots of people vote in or read about the WCIA tournament, the only benefit to us is the satisfaction in knowing that more people are discussing the topic. And if your company repeatedly makes the bracket, you’ve only your low customer satisfaction ratings to blame.


And Comcast should not throw stones when it comes time to question anyone’s commitment to truth and accuracy.


• This is a company that took advantage of decades of antiquated regional exclusivity deals to become a massive pay-TV and Internet provider with local monopolies in almost every market in which it operates, but whose CEO (and son of the company’s founder) now points to those same arrangements and complains that his only solution for expanding the company is to acquire another monstrous pay-TV player.


• This is a company that not only managed to shove a merger with NBC Universal down regulators’ throats, but then had the gall to almost immediately hire away one of the FCC commissioners that championed the deal and give her a job as a high-priced lobbyist.


• This is a company that repeatedly boasts that it is the only ISP that is guaranteed to oblige by the recently gutted net neutrality rules, while leaving out the little part about how Comcast is legally obliged to follow those guidelines through 2018 as part of its deal with regulators for approving the NBC merger.


• This is a company that has started testing data caps around the country, but refuses to use that term, instead calling them “data thresholds,” mostly because a cap would imply that you can’t go past that limit, while a threshold can be passed (and the customer can be charged extra).


And speaking of Comcast’s dedication to truthiness, let’s look at the final claim made in the above paragraph:


3. “We have seen steady improvement on other large-scale, credible customer service surveys, including ones from the internationally-recognized J.D. Power & Associates, where since 2010, Comcast has improved more than any other provider in the industry, boosting overall TV satisfaction by 92 points and Internet satisfaction by 77 points.”


Notice how Casey mentions “surveys” but only cites the J.D. Power results? Notice how he doesn’t link to those results or show how Comcast fared in relation to its competition? There’s a reason for that.


As we pointed out in our dissection of the New York Times’ misleading love letter to Comcast and CEO Roberts, Comcast may indeed have improved in the J.D. Power ratings, but it still has average or below-average scores across the board in every region.


Just check them out for yourself here and here.


In all seven categories, across all four regions, Comcast’s pay-TV service failed to score anything better than an “about average” rating from J.D. Power. The only companies to consistently fare as poorly or worse were Time Warner Cable and Charter, coincidentally the two companies that Comcast is currently in a menage a merge with.


Comcast’s Internet service performed slightly better, in that in one single category in one region it scored a high rating. All the other categories in all regions of the J.D. Power survey were “about average” or worse.


So this is like me bragging that I’ve improved by free-throw percentage by 25%, without telling you that my baseline free-throw shooting is so bad I might as well be tossing a medicine ball one-handed while blindfolded.


And Casey, like all his kin at Comcast, completely omits the work done by the American Customer Satisfaction Index, whose surveys put Comcast dead-last among ISPs and second only to TWC as the worst pay-TV provider.


Is Comcast actually the Worst Company In America? Consumerist voters said yes; that’s just as valid as a handful of foreign press reporters picking Golden Globe winners or silver-haired movie industry types selecting the Best Picture Oscar-winner.


If CR or Consumerist had done a survey that found Comcast to be among the best in its industry, you can bet that Casey and his fellow execs would be itching to use that to market their products (Thank god for a good No Commercial Use Policy).


But since we didn’t, the only thing they can do is try to discredit us. Better luck next time.


For those interested, below is the entire letter from Casey to the 24,000 Comcast staffers under his umbrella…



Dear Northeast Division Comcaster,


When we announced our intentions with Time Warner Cable on February 13, I asked you to work to stay focused on the tasks at hand, despite the inevitable distractions. I can’t be more proud of the laser-like focus you’ve demonstrated, and thanks to the teamwork, ownership and accountability of each and every one of you, we closed out a terrific first quarter of 2014 and met or exceeded virtually all our Northeast Division goals.


As you’ve no doubt realized, there’s a great deal of “noise” surrounding the Time Warner Cable deal, and this is only going to increase over the coming weeks and months as the review process continues. I am again asking you to remain focused on the day-to-day operations of running our business and on the areas we can each personally control – but I also want to acknowledge how difficult it can be to read negative stories about our Company in the press, to see things posted to social media, or to just hear friends and family commenting on reports they’ve seen or heard.


Criticism of any deal is normal, and I can assure you our government affairs and public relations teams across the Company are working around the clock to address inaccuracies and educate key audiences and stakeholders. It’s a reality that the bigger and more successful we are, the more we become a target for people and organizations with various special interests, sometimes unfairly, and we just need to have a “tougher skin.”


There is one area in particular, though, I want to address head-on with you, and that’s the recent coverage of our customer service. Every one of us has been working to improve our customers’ experiences and we have made significant progress reducing trouble calls and truck rolls; increasing first call resolution; ensuring on-time appointments; giving our customers more control over how they do business with us through self-service options; and improving overall customer satisfaction. We are continuing to make significant investments to transform the customer experience, and though we all know we are not yet where we want or need to be, we also can’t allow ourselves to get discouraged by surveys or polls that place us toward the bottom of customer rankings.


We cannot make excuses for even one bad experience, but you should know that some of the more recent surveys were conducted by groups like Consumers Union, which have been actively lobbying against the proposed merger from the start. Others, like Consumerist, are designed more for media headlines than accuracy or insight. We have seen steady improvement on other large-scale, credible customer service surveys, including ones from the internationally-recognized J.D. Power & Associates, where since 2010, Comcast has improved more than any other provider in the industry, boosting overall TV satisfaction by 92 points and Internet satisfaction by 77 points.


We are investing billions of dollars to transform the end-to-end customer experience through highly skilled and empowered employees, improved care and tech tools, self-service options like the recently launched My Account app, and innovation in our back office systems. In addition, we continue to invest in our network and in product innovations, the results of which are faster speeds, additional Cloud DVR markets, further X1 enhancements and much more over the coming weeks and months.


We have many things to feel good about this year, and I want to thank you for your passion and dedication. Let’s keep focused on the things we can control and I’m confident we’ll continue to make good progress toward our goals.


Regards,

Kevin Casey

President

Northeast Division





by Chris Morran via Consumerist

Walmart Wants To Cut 25% More Water From Laundry Detergents


While misleading directionsincorrect or misleading directions really don’t help, studies and real-life experience show that people tend to pour laundry detergent with a heavy hand. That’s why a new eco-friendly initiative from Walmart seems like a good thing, but will be really beneficial to detergent-makers.

Most people overdose on detergent–it’s not a nefarious plot or stupidity on consumers’ part; just how we are. Companies can count on selling us a little bit extra, and sales are actually falling slightly due to the growing popularity of pre-measured detergent pods. They might contain too much soap for a small load, but also remove entirely the ability to over-estimate the amount needed.


In this scenario, everyone wins. Walmart gets to stock its shelves with smaller bottles, giving them more shelf space to cram more merchandise on. They also get a little bit of enviromnental cred: using less plastic to move more detergent is a good thing. Consumers get to carry lighter bottles to their homes and/or cars, but there’s a disadvantage for us, too.


When detergent is more concentrated, that means that when we pour with a heavy hand, we use even more. The Wall Street Journal notes that overall detergent sales went up the last time major brands went through a “round of compaction” in 2008.


How Wal-Mart May Give Detergent Overdosing — And Sales — A Boost




by Laura Northrup via Consumerist

Report: Debt Collectors Now Using Court System To Unfairly Force Consumers To Pay Up


Debt collection is a big business that doesn’t look to be shrinking anytime soon. But along with the rapid expansion of the industry, there has been an increase in abusive and predatory collection practices. One of those practices, obtaining default judgements against consumers, has led the Center for Responsible Lending to call for stricter regulations over the process of selling debt to collectors.

A new report [PDF] from the Center for Responsible Lending highlights how a lack of regulations over the debt buying and collection industries has become a billion dollar business while financially devastated consumers.


Nearly one in seven Americans are currently being pursued by a debt collector, but most of the debts being sought aren’t even owed. How can collectors be hounding consumer for debts that simply don’t exist anymore?


The situation occurs when a collector buys a debt from the original issuer, generally a bank, at rock-bottom prices. The purchaser then receives limited or inaccurate information about the consumer’s debt; often only a name, last known address and purported amount owed. In fact, in 2009 only 6% of debts purchased came with any documentation.


info


But a lack of information doesn’t stop collectors from making attempts to acquire payments from consumers. And that, according to consumer complaints received by the Federal Trade Commission, is when predatory and abusive practices begin. Complaints filed by consumers include the use of harassing phone calls, threats of arrest, obscene or abusive language, and unlawful threats to sue when attempts to collect are made.


When these, often illegal, tactics don’t work collectors more frequently turn to the justice system to sue consumers for their debts. Collectors then obtain default judgement in their favor when the consumer does not appear in court. CRL reports that consumers generally fail to show because they never received notice of the lawsuit, can’t afford legal representation, or simply don’t understand the need to appear.


Pursuing default judgements is becoming the norm for debt collectors. The report found that in 2011 nearly 80% of all default judgements in New York state were in debt-collection cases. In Minnesota, an estimated 2,400 default judgements were made per month in 2007. That same year, 60,699 cases out of 130,000 cases filed in Cook County, IL, were default judgements.


court


By receiving a default judgement, the collector can legally freeze a consumer’s bank account, garnish wages, report the judgement to a credit reporting agency, and pressure a consumer into a payment plan. In some states, collectors can even have a consumer arrested for lack of payment or seize personal property to satisfy the judgement.


Not surprisingly, the CRL report found that minorities, senior citizens and low- and middle-income communities experience a higher rate of debt buyer lawsuits and abuses.


Small-claims courts, that are often faced with hearing these cases, have been overwhelmed by the debt collection industry. Generally, these courts are not equipped to deal with the volume of cases and, as a result, are not run inefficiently. CRL found that cases aren’t given the attention they need, judges stubble to adequately handle all the cases and consumers are sometimes pressured into settlements.


CRL proposes that firmer oversight at both the federal and state level would ensure that debt collection happens fairly and responsibly. Recommendations include:



  • Holding banks responsible for the debts they sell – Banks should be required to repurchase accounts that are not collectible due to insufficient documentation, be held accountable for their own practices, and retain liability for the debts they sell.

  • Require banks to conduct more oversight of the debt sales process and of the debt buyers to whom they sell – Banking regulators should establish rules and guidance on the policies and practices that banks must follow if they are going to sell debt.

  • Regulate the flow of information in the debt-collection market – Federal regulators should require increased and accurate documentation and information for each debt sold at the time of sale.

  • Prohibit the initiation of collection efforts on any debt unless the debt buyer has the information necessary to substantiate and verify the debt being sought.

  • Prohibit the sale, collection of, and lawsuits on time-barred debt.

  • Prohibit the sale of certain accounts.

  • Clarify and improve available remedies for harmed consumers.


Tighter regulations could be forthcoming from the Consumer Financial Protection Bureau.


In January 2013 , the Bureau’s larger participant rule for debt collection went into effect. Under the rule, the Bureau has supervisory authority over any firm with more than $10 million in annual receipts from consumer debt collection.


In November, the CFPB created the Advance Notice of Proposed Rulemaking, the first step toward considering consumer protection rules for the debt collection market.


While ANPR is an adequate start, consumer advocates say more can be done to ensure consumer protection.


Our colleagues at Consumers Union continue to urge the Bureau to write rules that achieve: sensible regulations that apply to all persons collecting debt and strong federal standards for information flow and verification procedures.


“The debt collection system has been long overdue for a comprehensive overhaul, to address current market realities and provide meaningful protections to consumers,” officials with Consumers Union posted on its DefendYourDollars blog last month. “By writing strong rules of the road at the federal level, the Bureau can help ensure that consumers across the country have basic important protections against improper collection practices.”


Debt Buyers Found to Routinely Scam Courts to Pursue Debts [Center for Responsible Lending]




by Ashlee Kieler via Consumerist

Complaint Asks Library To Remove ‘Hop On Pop’ Because It Promotes Violence Against Dads

But don't.

But don’t.



When you’ve got a system that allows the general public to air grievances, it’s pretty much guaranteed that there will be some off-the-wall issues. Or at least, problems that seem to not be all that serious: the Toronto Public Library received a complaint asking for librarians to remove Dr. Seuss’ Hop On Pop, claiming that it promotes violence against well, pops, dear old dad, father dearest. You get it.

That being said, we are very pro-pops here at Consumerist, pro-parent, really, and would never want any dad to be harmed as a result of reading Hop On Pop.


Moving along — yes, this is a real(ish) issue, according to a document the library posted online with seven books that the library was asked to remove over the year (via UPI).


The complaint says the 1963 Seuss favorite “encourages children to use violence against their fathers,” according to the complaint.


Whoever wrote it asked that the library should apologize to Toronto fathers and pay for any damages resulting from the book.


That being said, the Materials Review Committee has made the decision to keep the book in the children’s collection, saying that it’s “humorous,” “well-loved” and that it has “appeared on many ‘Best of’ children’s book lists.”


And besides, anyone who’s actually read Hop On Pop instead of rushing to make a frivolous complaint and waste everyone’s time would know, at the end, the book tells kids not to actually jump on dad. A very important life lesson.


Toronto library asked to shelve Dr. Seuss’ ‘Hop on Pop’ because it promotes violence [UPI]




by Mary Beth Quirk via Consumerist

[video] London Session Overview - April 30 - 2014 (Forex News by DailyFX)




by InformedTrades via InformedTrades

Azerbaijan cuts rate by 50 bps on low inflation

Azerbaijan's central bank cut its benchmark refinancing rate by 50 basis points to 4.25 percent due to the low level of inflation and the need to further support growth.

The Central Bank of the Republic of Azerbaijan (CBA), which last cut its rate in February 2013, also lowered and narrowed its interest rate corridor.

The rate of the upper limit of the corridor was cut to 6.0 percent from 7.0 percent while the lower limit was reduced to 0.5 percent from 1.0 percent, the bank said.

The bank said the country's economy continued to grow in the first quarter, with the non-oil sector the main source while currency reserves had also grown.

Azerbaijan's inflation rate fell to 2.0 percent in March from 2.1 percent the previous month. The central bank has forecast inflation between 1.0 and 5.0 percent this year, with an outcome of 2.4 percent as the most likely. The CBA's inflation target is 5-6 percent.

Azerbaijan's Gross Domestic Product expanded by an annual rate of 2.5 percent in the first quarter of this year, down from 5.8 percent in the fourth quarter of 2013.



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by InformedTrades via InformedTrades

GE And Midea Recall Fire-Prone Dehumidifiers Sold At Walmart

GE Midea DehumidifierLARGEWere you relieved to learn that your GE-branded dehumidifier wasn’t part of the massive recall of fire-prone units made by Gree Electrics? Yeah, about that. You’re going to have to check that model number again, because 15,000 dehumidifiers from a different manufacturer have been recalled because they might overheat and cause fires, too.


The affected units were an exclusive Walmart model, ADKW30LN, sold under the GE brand name and manufactured by GD Midea Air Conditioning Equipment in China. They were sold from approximately March 2010 to December 2010 for around $170.


If you have one of these models in your home, Midea asks that you unplug it immediately and contact them about returning the entire unit to them for repair. Yes, the entire appliance. You can reach the company at 855-861-2799 from 8 A.M. to 5 P.M. Eastern time, or by clicking the “Recall info” link at the bottom of their website.


GE Brand Dehumidifiers by Midea Recalled for Repair Due to Fire Hazard; Sold Exclusively at Walmart [CPSC]




by Laura Northrup via Consumerist

Facebook Updates Its Login System With New Privacy Controls, Anonymous Sign-In

FBloginchanges If you’re like me, you spend plenty of time muttering, “No I do not want to log in using my Facebook profile!” while accessing other sites. Because why does the fundraising site du jour need to know I like a bluegrass band called No Vests On Our Chests? It doesn’t, so Facebook has now updated the privacy controls on those connected logins.


Facebook announced that change and others in a post today from its f8 developers conference.


Basically, it’s not easy to tell what information you’re sharing with which apps you interact with and include Facebook, so these changes will ostensibly clear all that up.


“Last year, people logged into apps and websites with Facebook Login over 10 billion times, giving them a fast and easy way to sign in to apps without having to remember separate usernames and passwords,” Facebook wrote in introducing “line by line control” for logins.


The login system update would allow users to connect with an app through their Facebook credentials, but pick and choose what information that app gets from such a link. So maybe you want to play Ninjas vs. Vampires or whatever and want it to know your name, but not your birthday. You can control that with the update, which is rolling out over the next few months.


Facebook also launched an Anonymous Login option, allowing users to try out games and apps on Facebook without using their own information. The idea being, once you’re okay with how it works, you can choose to use it with your real login. This is still in development, it seems.


The final change is a dashboard to control apps that seems to just be a redesign of the former one. It’s a place “where people can see a list of apps they use, manage specific permissions, or remove apps entirely.” That’s also rolling out in the next few weeks.


And if one more app asks me if I want to connect using my Facebook account, well, I’ll be mad. I already am because I know it’s going to happen.


f8: Introducing Anonymous Login and an Updated Facebook Login [Facebook]




by Mary Beth Quirk via Consumerist

Fed tapers, markets shrug

At the current rate QE would be a thing of the past by the end of the year.

by via Yahoo! Finance: Top Stories

World Money Analyst: Europe: Cliff Ahead? (Dirk Steinhoff)

Originally Published by Mauldin Economics




Europe: Cliff Ahead?



By Dirk Steinhoff



(This article originally appeared in World Money Analyst )



When Kevin Brekke, managing editor [of World Money Analyst ], contacted me last week, I knew it was time again to survey the investment landscape. This month, I will focus on Europe and its decoupled financial and real-economy markets.



Globally, the last two years were marked by booming stock exchanges of developed markets, disappointing bond markets, and devastation across the precious metals markets.



Since June 2012, the EURO STOXX 50 Index, Europe’s leading blue-chip index for the Eurozone, has advanced by approximately 50% and outperformed even the S&P 500 and the MSCI World indices.






Over the last six months, European stock exchanges have seen a surprising change of leadership: The major stock market indices of the “weaker” countries, like Portugal, Spain, and Italy, have outperformed those considered stronger, like Germany. One of the top performers was a country that was and still remains in “bankruptcy” mode: Greece.






The question at this point is: Can these outstanding European stock market performances continue?



In our search for an answer, let’s start with a closer look at the economic conditions within the European Union (EU), where approximately 2/3 of total “exports” (internal and external) of the EU-28 are traded. And then let’s have a look at the economic setting of some major trading partners, such as the US and BRIC countries, which account for roughly 17% and 21%, respectively, of the external exports of the EU-28.



Although the EURO STOXX 50 Index has soared since June 2012, certain key measures of the underlying real economies paint a different picture.



To start, the GDP of the EU-28 is not really growing. In 2012, it contracted by 0.4% and grew by the smallest fraction of 0.1% in 2013. The GDP growth numbers for the countries in the euro area are even worse: -0.7% in 2012 and -0.4% in 2013. Whereas Germany’s GDP was up in 2013 by 0.5%, economic growth was down in Spain, Italy, and Greece by -1.2%, -1.8%, and -3.6%, respectively.



Real GDP Growth Rates 2002-2012







2002



2003



2004



2005



2006



2007



2008



2009



2010



2011



2012



EU



1.3



1.5



2.6



2.2



3.4



3.2



0.4



-4.5



2.0



1.6



-0.4



Germany



0.0



-0.4



1.2



0.7



3.7



3.3



1.1



-5.1



4.0



3.3



0.7



Spain



2.7



3.1



3.3



3.6



4.1



3.5



0.9



-3.8



-0.2



0.1



-1.6



France



0.9



0.9



2.5



1.8



2.5



2.3



-0.1



-3.1



1.7



2.0



0.0



Italy



0.5



0.0



1.7



0.9



2.2



1.7



-1.2



-5.5



1.7



0.5



-2.5



Portugal



0.8



-0.9



1.6



0.8



1.4



2.4



0.0



-2.9



1.9



-1.3



-3.2














The EU unemployment rate stood at 10.2% at the beginning of 2012 and stands at 12.1% today. That the European Union is anything but a homogenous body that moves in unison can be seen in the following chart:






Where Germany has a current unemployment rate of 5.2% and a youth (under 25) unemployment rate of 7.5%, the numbers for other countries are worrisome: Current unemployment in Spain is 26.7%, and 12.7% in Italy, with youth unemployment in Spain at an incredible 57.7%, and 41.6% in Italy. And don’t forget Greece, which is mired in a historically unparalleled economic depression where unemployment is 28% and youth unemployment is a shocking 61.4%. Keep in mind that all of these numbers are those officially released by bureaucratic agencies. The real numbers, as we know, would likely be even worse.



Recent EU industrial production numbers have shown some slight improvement. Nevertheless, industrial production has only managed to recover to its 2004 level, and remains way below its 2007 heights (see next graph).






Source: Eurostat



So let’s see: a shrinking GDP, high and rising unemployment, and stagnant production significantly below 2007 levels. Those are not the rosy ingredients of a booming economy (as indicated by the stock exchanges) but of one that is struggling.



Europe is not in growth mode.



This verdict is further supported by the export numbers for trade between EU countries, known as internal trade. In 2001, internal trade accounted for 67.9% of EU exports. Today, this share is down to 62.7%. In an attempt to compensate for sluggish European growth, EU companies had to develop other export markets, such as the US or the emerging markets.



Will these markets help rescue European companies?



Time to Taper Expectations



With regards to the US, two important developments are worth mentioning. The first key development, which will have severe consequences for the global economy, was brought to my attention by my friend Felix Zulauf, an internationally well-known investor and regular member of the Barron’s Roundtable for more than 20 years. Running ever-increasing deficits in its trade and current accounts for almost 30 years, the US thus provided an enormous amount of stimulus for foreign exporters. Since 2006, however, the US trade deficit has shrunk, with deteriorating trade data for many nations as a consequence.






The second key development is that the newly appointed head of the US Federal Reserve system, Janet Yellen, seems determined to continue the taper of its bond buying program. This fundamental shift in monetary policy could be questioned if the economic numbers for the US begin to show significant weakness. But in the meantime, the reduction of economic stimulus in the US should lead to a reduced appetite for European export goods.



The emerging markets had been seen, not too long ago, as the investment opportunity and alternative to the fiscal and debt crisis-stricken countries of the developed world. Today, on a nearly daily basis, you hear bad news about the situation and developments in the emerging countries: swaying stock markets, plunging currencies, company bankruptcies, corruption scandals, and even riots.



The emerging markets are dealing with the unintended consequences of the Quantitative Easing (including liquidity easing and credit easing) programs in the West. The increased liquidity spilled over into the emerging markets in the hunt for yield. This flow of capital into the emerging markets lowered capital costs, inflated asset prices like stocks and real estate, and boosted commodity prices. All that, and more, sparked the emerging markets boom.



Now, this process has reversed. The natural conclusion to exaggerated credit-driven growth, the tapering of QE programs, the shrinking US trade deficit, and lower commodity prices has been an outflow of capital from emerging markets, triggering lower asset prices and exchange rates. The attempt of some countries to defend their currencies by raising interest rates will only exert further pressure on their economies.



With weaker emerging market economies and currencies, there will be no big added demand for European exports. Revenues and profits for EU companies (measured in euros) will fall.



When Trends Collide



So, over the last two years we had opposing trends—booming European stock markets and weak underlying real economies. This conflicting mix was mainly fostered by easy money that drove down interest rates to historic low levels. Plowing money into stocks, despite the poor fundamentals, was the only solution for most investors.



At their current elevated levels European stock markets appear vulnerable, and it seems reasonable to doubt that we will see a continuation of booming stock markets. Of course, such a decoupling can continue for some time, but the longer it continues, the closer we will get to a correction of this anomaly. Either the real economy catches up to meet runaway stock prices, or stock prices come down to meet the poor economic reality. Or some combination of the two.



Because of the economic facts that I discussed above, in my view, we may be seeing just the beginning of a stronger correction in stock prices.



Dirk Steinhoff is chief investment officer of portfolio management (international clients) at the BFI Capital Group . Prior to joining BFI in 2007, Mr Steinhoff acted as an independent asset manager for over 15 years. He successfully founded and built two companies in the realm of infrastructure and real estate management. Mr Steinhoff holds a bachelor’s and master’s degree in civil engineering and business administration, magna cum laude, from the University of Technology in Berlin, Germany. Contact: advisors@bfiwealth.com .



Want to read more World Money Analyst articles like this? Subscribe to World Money Analyst today and learn how to look abroad for truly diverse opportunities that insulate you from domestic risk.





The article World Money Analyst: Europe: Cliff Ahead? was originally published at mauldineconomics.com.




by InformedTrades via InformedTrades

Fed Speaks, Markets React: Where To Make Money Revealed (InTheMoneyStocks)




by InformedTrades via InformedTrades

[text] Hilsencliff Notes: Q1 Worse Than Expected But Taper Stays | Zero Hedge

http://ift.tt/1heNgvp



Via The Wall Street Journal,
The Federal Reserve said it would reduce its bond-buying program to $45 billion a month, while pointing to a growth pickup after a bad winter and sticking to previous guidance it has given on the outlook for short-term interest rates.




The steps were widely expected by investors before the meeting and represent a continuation of the monetary-policy strategy laid out by Fed Chairwoman Janet Yellen and former Chairman Ben Bernanke in the past few months.




The Fed's move came after a report earlier Wednesday that showed the U.S. economy barely grew in the first quarter. Fed officials acknowledged the first-quarter slowdown was worse than expected by saying activity "slowed sharply." Previously, they had just said activity merely slowed.




Still, officials nodded to signs of a pickup in economic activity in March and April, suggesting they aren't too worried about the winter slowdown.




"[G]rowth in economic activity has picked up recently, after having slowed sharply during the winter in part because of adverse weather conditions," the statement said.




The Fed said that household spending "appears to be rising more quickly." Recent reports on retail sales and auto sales have been stronger than expected.




But officials saw business fixed investment as having "edged down." Officials repeated their view from March that the "recovery in the housing sector remained slow."




With the move on its bond-buying program, the Fed will shave another $10 billion from its monthly purchases beginning in May. It was the fourth $10 billion reduction to the program since the beginning of the year. The cut will shrink the program to $25 billion in monthly Treasury bonds purchases and $20 billion in monthly mortgage-backed securities purchases.
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Officials reiterated that they expect to keep scaling back the program in steady steps, provided the economy continues to evolve as they expect. The program is aimed at holding down long-term borrowing costs in hopes of boosting spending, hiring and growth.




All nine voting members of the policy-making committee supported the changes announced in the statement. Normally, the committee has 12 voting members, but the Fed board of governors currently has three vacancies.




It was the second time this year the Fed has voted unanimously for a policy move. That represents an unusually high degree of consensus for central-bank policy makers who have often been divided in the years since the financial crisis. Ms. Yellen has focused on maintaining consensus since taking over in February.




Presidents of regional Fed banks vote on a rotating basis. This year,Cleveland Fed President Sandra Pianalto, Dallas Fed President Richard Fisher, Philadelphia Fed President Charles Plosser and Minneapolis Fed President Narayana Kocherlakota are voters. Mr. Kocherlakota dissented at the last meeting, but supported the current move. The New York Fed has a permanent vote.




Little else changed in the three-page policy statement released by the Fed's policy-making committee. Officials held steady on the latest configuration of their interest-rate guidance, which they revamped at the Fed's March meeting.




by InformedTrades via InformedTrades

Hackers Stole Doctors’ Tax Refunds By Breaking In To Payroll Software


Last week, we shared the scary news that a ring of tax refund fraudsters appeared to have filed tax returns on behalf of hundreds of doctors and other health care professionals, harvesting their refunds. Early theories were that hackers had used the recent release of federal data about Medicare providers, or obtained a list of doctors. The truth was even scarier.

Many human resources and all payroll functions are now computerized in any workplace that doesn’t pay in wads of cash, and someone has to provide that software. The amazing security reporter Brian Krebs viewed the program that hackers used to slurp up data and file tax returns, and noticed that the people whose data had been stolen worked for a variety of health care facilities, ranging from nursing homes to hospital networks. What did all of these companies have in common? They used a company called UltiPro for their payroll, human resources functions, or both.


Krebs talked to an UltiPro spokesperson, who turned around and blamed customers. Sort of. One way to prevent unauthorized access to sensitive data is through multi-factor authentication: requiring a second piece of information to log in to a service, like a code from a text message, e-mail, or outside app like Google Authenticator. When asked, UltiPro says that they offer multi-factor authentication, but that they don’t force customers to use it. That makes all of the sensitive data within the system less secure. The company wouldn’t say much about the alleged breaches for obvious reasons, but one client company did tell Krebs that two-factor authentication wasn’t an option until after a data breach earlier this year.


Tax Fraud Gang Targeted Healthcare Firms [Krebs on Security]




by Laura Northrup via Consumerist

This Is What It Looks Like When Tiny Hamsters Meet Tiny Burritos


Stop whatever you’re doing because it’s probably not nearly as fun as watching small rodents nibble on small food items. Also it’s Wednesday, it’s raining everywhere, burritos are delicious and we all need this.

You will notice, after you’re done exclaiming “SO CUTE!” while watching the video below, that the headline does not mention a tiny hamster eating a tiny burrito. Because anyone who knows hamsters* knows that the little guys pouch their grub first, and save it for a nice snack later.


In any case, the Internet is always going to give us what we want, even if we didn’t know we wanted it, and this case it is a man preparing a wee burrito for his furry friend to snack on.


This video comes with an “Episode 1″ tag as well as multiple hamsters, though there’s only one starring in this particular installment. So we can only hope that means more videos of more hamsters eating other tiny things, or perhaps another kind of burrito. We will wait, with breath that is bated.



*Our resident hamster expert is Laura Northrup. She has encountered pouching before and put it on film before it was cool to do so.




by Mary Beth Quirk via Consumerist

Never mind the recovery, get ready for the next recession

The 1 percenters at the Milken Institute’s annual confab in Beverly Hills will be fine no matter what happens with the economy. But the next recession is on their minds, anyway.

by via Yahoo! Finance: Top Stories

Hot or not: which tech CEOs are on the outs with investors

Investors give some tech company CEO get more leeway, while others find they can’t get credit even when they improve results. There’s no single, absolute way to determine whether a given CEO is seen as hot or not on Wall Street. One proxy is looking at a company’s stock market valuation over time compared to that of other companies in the same sector.

by via Yahoo! Finance: Top Stories

Fed trims QE by $10 bln, rate low for considerable time

The Federal Reserve, the central bank of the United States, trimmed its asset purchases by another $10 billion to $45 billion in May, as widely expected, and reiterated that it still expects to maintain the current target range for the benchmark federal funds rate "for a considerable time after the asset purchase program ends," especially if inflation is below the 2.0 percent target.

The Fed, which has kept the fed funds rate at its current level of 0.0-0.25 percent since December 2008, also said economic activity had picked up recently after slowing during the winter, partly due to adverse weather, and pointed out that "household spending appears to be rising more quickly," a more upbeat assessment than in March when it said household spending had advanced.

However, this more upbeat assessment was balanced by the comment that business fixed investment had edged down. In March the Fed said investment had advanced.

The Fed started winding down its asset purchases of Treasury bonds and housing-related debt in January and has now cut its monthly purchases in half from $85 billion.

The Fed is maintaining its policy of reinvesting payments from its bond holdings and expects its sizable, and still rising holdings, to maintain downward pressure on longer-term interest rates, supporting the economic recovery and helping ensure that inflation eventually rises to the Fed's goal.



(more to come)









Go to Original Story



by InformedTrades via InformedTrades

Central Bank News Link List - Apr 30, 2014 - Fed board holds closed meeting on monetary policy

Here's today's Central Bank News' link list, click through i f you missed the previous link list. The list comprises news about central banks that is not covered by Central Bank News. The list is updated during the day with the latest developments so readers don't miss any important news.


http://ift.tt/1iP0FNb











Go to Original Story



by InformedTrades via InformedTrades

Gold Below $1,300 On 'Very Dismal' GDP Data, FOMC On Deck: Peter Hug | Kitco News (Kitco NEWS)




by InformedTrades via InformedTrades

Mercedes Recalls 250,000 Vehicles Because Taillight Issue Could Lead To Small Trunk Fires


It’s never a fun experience when something in your vehicle fails. It’s even worse when that failure could lead to a trunk fire. And that’s precisely the reason Mercedes-Benz is recalling more than 250,000 vehicles.

Following an investigation by the National Highway Traffic Safety Administration, the automaker announced the recall of 252,867 C-Class cars because of faulty taillights, the New York Times reports.


More than two years ago, Mercedes detected the issue and made a manufacturing change to replace the parts, but never initiated a recall, a report [PDF] by NHTSA found.


Affected vehicles include all model year 2008-2011 C300, C300 4Matic, C350 and C63 AMG cars.


The automaker reports that oxidation on a ground pin connector could cause the rear taillights to dim or fail completely.


Officials with Mercedes say there have been no reported accidents or injuries related to the issue. However, NHTSA reports it has received reports of five truck fires stemming from the defect.


According to the NHTSA recall notice, Mercedes will have dealers check vehicles for the issue and if necessary replace the tail lamp bulb carriers and connectors.


Vehicle owners will be notified about the recall in June. A second notice will be sent when replacement parts are available, which is expected to be August or September.


The issue was first reported to Mercedes in 2009, but the cause was not determined until late 2011, the company says. The manufacturing change to remedy the issue was made in January 2012.


Following complaints from 21 owners NHTSA began an investigation into the issue.


One of the car owners reported he pulled over when a warning light indicated his taillights weren’t functioning. Another reported Mercedes refused to foot the bill to fix the issue.



“Pulled over and opened trunk. Trunk was filled with smoke and burning plastic smell. Visual flame – small – on ground wire.”


“This is a safety problem and should be covered no matter what. I have found that this is a common problem with these cars and yet there are no recalls.”



In total NHTSA investigation found 402 complaints from vehicle owners, five reports of small trunk fires and nearly 24,000 warranty claims the automaker said could potentially relate to the problem.


Mercedes Recalls 253,000 C-Class Cars for Fire Hazard [New York Times]




by Ashlee Kieler via Consumerist

Fed tapers another $10B, repeats goal for low short-term rates

Fed makes 4th cut of $10 billion in bond purchases, repeats goal for low short-term rates.

by via Yahoo! Finance: Top Stories

U.S. economy stalls on inventories, trade

The U.S. economy barely grew in the first quarter as the severe winter hampered exports and led businesses to curtail investment spending, but activity already appears to be bouncing back. Gross domestic product expanded at a 0.1 percent annual rate, the slowest since the fourth quarter of 2012, the Commerce Department said on Wednesday.

by via Yahoo! Finance: Top Stories

U.S. government says it lost $11.2 billion on GM bailout

The U.S. government lost $11.2 billion on its bailout of General Motors Co, more than the $10.3 billion the Treasury Department estimated when it sold its remaining GM shares in December, according to a government report released on Wednesday. The $11.2 billion loss includes a write-off in March of the government's remaining $826 million investment in "old" GM, the quarterly report by a Treasury watchdog said. The U.S. government spent about $50 billion to bail out GM. As a result of the company's 2009 bankruptcy, the government's investment was converted to a 61 percent equity stake in the Detroit-based automaker, plus preferred shares and a loan.

by via Yahoo! Finance: Top Stories

Chicago To Join Growing List Of “No Plastic Shopping Bag” Cities


Grocery shoppers of Chicago should start getting used to the notion of bringing their own, reusable bags to the supermarket and other stores; the city’s aldermen passed a resolution earlier today that will ban plastic shopping bags in many stores by Aug. 2015, and almost all stores one year after that.

As in other cities where plastic shopping bags have been banned or heavily regulated, supporters of the Chicago action point to stray bags that fill the city’s gutters and trees, raising both concerns about environmental and aesthetic impact.


“We’re not Neanderthals, we can do better and we should,” explained one alderman to the Chicago Tribune.


The ban would be rolled out in two parts. First, starting in Aug. 2015, retailers with stores larger than 10,000 square feet or chain businesses with at least three outlets operated by the same owner will not be allowed to offer plastic shopping bags to customers. Smaller businesses will have an additional year to ditch the controversial bags.


Since some Chicago neighborhoods are desperately lacking in proper grocery stores, some aldermen raised concerns that a shopping bag ban will harm the city’s efforts to attract supermarkets to these food desserts.


Additionally, stores situated on the city’s edge are worried about losing shoppers to businesses across the city line that will still offer the bags. Some alderman believe that stores could move out of the city rather than face the hassle of only offering paper bags, which are not without their own problems.


A local merchants association had proposed instituting a small per-bag fee as a way of encouraging shoppers to use their own bags, but ultimately the city council went with the ban plan, which has the support of Mayor Rahm Emanuel.


PREVIOUSLY IN PLASTIC BAG BAN-WAGON NEWS:

Is Seattle Plastic Bag Ban Actually Leading To More Shoplifting?

L.A. Bans Plastic Supermarket Shopping Bags

Portland (The One In Oregon) Jumps On The Plastic Bag Ban-Wagon

California Decides Not To Ban Plastic Bags

Walmart Testing Plastic Bag-Less Stores In California

Should Plastic Shopping Bags Be Banned?




by Chris Morran via Consumerist

Southwest CEO Vows To Work On Getting Planes Where They Should Be On-time


Because no one likes to be told they’ll be arriving somewhere at one time only to find you’re stranded at an airport late at night, staring at the closed Cinnabon and wondering if you’ll ever get home. Late planes are a problem, one that Southwest Airlines says it’s trying hard to fix after lagging behind other carriers in the race to be on-time.

CEO Gary Kelly says the airline is going to add a few minutes between certain flights to try to prevent tardy planes, and will keep an eye on the amount of tight connections it sells, reports the Associated Press.


Despite a No. 1 spot for all-time timeliness since airlines started reporting that information to the government in 1987, Southwest was in 12th place last year behind all its big rivals.


“We’ve got significant schedule changes that are planned for the summer,” Kelly said. “That’s when I want to be monitoring the on-time performance and making sure that we see the improvement that we need. We need to get back to where we were for 2012.”


Part of the problem could be that Southwest jammed more flights into peak hours to get more customers flying, but that’s not working out so well.


“We tried to get a little more aggressive in 2013, and it probably is the cause of our dip in on-time performance,” Kelly said.


But because people want to fly during busy hours due to the plethora of itineraries available, Southwest has to walk a fine line between providing what they want and getting people there on time.


“As long as we’re operating a full airplane,” Kelly said, “I don’t mind spending an extra minute or two turning it.”


Southwest CEO Vows to Fix on-Time Problem [Associated Press]




by Mary Beth Quirk via Consumerist

U.S. government says it lost $11.2 billion on GM bailout

The U.S. government lost $11.2 billion on its bailout of General Motors Co, more than the $10.3 billion the Treasury Department estimated when it sold its remaining GM shares in December, according to a government report released on Wednesday. The $11.2 billion loss includes a write-off in March of the government's remaining $826 million investment in "old" GM, the quarterly report by a Treasury watchdog said. The U.S. government spent about $50 billion to bail out GM. As a result of the company's 2009 bankruptcy, the government's investment was converted to a 61 percent equity stake in the Detroit-based automaker, plus preferred shares and a loan.

by via Yahoo! Finance: Top Stories

Colorado Task Force Trying To Figure Out How To Keep People From Eating Too Much Pot


Now that marijuana is legal in Colorado for recreational use, that doesn’t mean necessarily that everyone is sitting around toking on pipes and joints, despite what your imagination has led you to believe. And because a whole lot of people, including pot tourists, like to eat their reefer, state officials are taking on the task of regulating those edible offerings.

As funny as it might be to imagine someone giggling over a batch of brownies, consumers ingesting too much marijuana is a serious problem for health officials and regulators. And of course, those who could come to harm by doing so.


To tackle the issue of how to curb such a problem, a task force is meeting today to start refining Colorado’s rules on edibles, meaning, edible marijuana products, reports the Associated Press.


“Basically, we are trying to figure out how to come up with a reasonable THC concentration or amount in edibles in proportion to product safety size,” said one pediatrician who has treated kids who have eaten marijuana and gotten sick.


Eating too much pot can have serious consequences, and not just in children — one Denver man reportedly jumped to his death from a hotel balcony after eating six times the recommended dosage of a marijuana-infused cookie.


It’s especially important because many people eschew smoking marijuana for the edible forms, including tourists to the state who can’t smoke in public or at a hotel. And because it’s a new industry, many consumers just don’t know how much to eat.


The state already limits how much THC can be in edibles to 10mg per serving, with a max of 10 servings in a package. But it’s hard to nail down that potency because of the wide varieties of marijuana available.


State lawmakers are also working on legislation that would require edibles themselves to be marked as containing pot, and not just the containers and wrappers they come in. Another bill would reduce limits on how much concentrated marijuana you can have, like the oils used to make cakes and cookies.


“All of us want to make sure people are safe,” said Meg Collins, executive director of the Denver-based Cannabis Business Alliance and a member of the task force. “The industry is stepping up and is looking at the best ways to educate and communicate to its customers safe ways to recreate with marijuana.”


Colorado works on new rules for edible marijuana [Associated Press]




by Mary Beth Quirk via Consumerist

Why is eBay eager to pay a tax that Apple works to avoid?

Senior columnist Mike Santoli discusses the contrast between Apple and eBay in accessing funds. eBay repatriated, triggering a big tax bill, while Apple left funds overseas and borrowed in the U.S. instead.

by via Yahoo! Finance: Top Stories

[video] DailyFX Forum - 2 trading ideas by Forum member Nightwish (Forex News by DailyFX)




by InformedTrades via InformedTrades

PayPal burnishes brand image as mobile use surges

The online payment company PayPal is getting a shiny new look and its first-ever global marketing push as parent eBay Inc tries to wrest attention away from the growing number of rivals piling into the mobile payments market. The brand overhaul unveiled on Wednesday includes a more vibrant, simple logo designed to suit mobile phones and wearable devices like wristbands and PayPal's first-ever television ads in the U.S. market. The move comes as PayPal, the dominant online payment processor, shifts its focus toward mobile phones and the fast-growing market to enable consumers to pay for physical goods and services with their smartphones. "If you look at us visually online, we look very similar to financial service companies," said Christina Smedley, vice president of global brand and communications at PayPal.

by via Yahoo! Finance: Top Stories

Google Will Stop Data-Mining Student E-Mail Accounts


Did you have a high school or college e-mail account administered by your school? Whatever, Grandma: lately, many schools have migrated to using Google Apps for Education, which provides mail and a suite of other Google services to educators and students for free. Free, really? Surely there must be a catch. Say, that Google was indexing students’ messages in order to serve up more relevant ads to them elsewhere on the Internet.

See, one of the selling points of Google Apps for Education is that unlike regular old Gmail, it doesn’t scan the text of your messages and serve up related ads in order to pay for the whole endeavor. For standard Gmail users who don’t use ad-blocking software, these appear right alongside the messages. In theory, Apps for Education users weren’t supposed to see ads like these. Yes, Google would process the content of customers’ e-mails, but only for features like tagging certain messages as “important” or sorting them into the new “social media” and “Promotions” tabs. So they claimed.


The plaintiffs in a current lawsuit against Google claim that the company is using data gleaned from reading Apps for Education users’ mail in order to serve up more relevant ads elsewhere on the Internet, where many sites use Google’s Adsense service for their advertising.


A company spokesman told media outlets this morning that Google will also stop similar ad-scanning practices for businesses and governments that use Gmail for employee e-mail accounts.


Google Stops Scanning Student Gmail Accounts for Ads [Wall Street Journal]

Google Under Fire for Data-Mining Student Email Messages [Education Week]




by Laura Northrup via Consumerist

Hulu To Finally Let Non-Paying Mobile Users Watch Shows (And Ads, Of Course)

Mobile users will finally be able to watch free Hulu shows -- and all the glorious ads they can stomach -- on their phones and tablets.

Mobile users will finally be able to watch free Hulu shows — and all the glorious ads they can stomach — on their phones and tablets.



For years, consumers have been able to watch free TV content on Hulu on their computer screens, but if they wanted to check out most of this freely available content on their phones or tablets, they generally had to ante up for a paid Hulu Plus subscription. Today, in addition to some other new features for Hulu, the service announced it will begin making free content readily available to mobile users.

This is a big step forward for Hulu, which had previously limited non-paying mobile users to clips of shows rather than the library of free content that is available to desktop users.


Hulu is different from competitors like Netflix or Amazon Prime, in that almost all of its content — even much of what’s on Hulu Plus — is broken up by advertising breaks. This allows the company to make a number of shows available for streaming to anyone, but it also means Hulu was missing out on ad revenue from non-paying users who can’t access these shows on their mobile devices.


Android users will be the first to get access to free content when it rolls out this summer, followed by iOS users.


OTHER HULU ANNOUNCEMENTS:

The company said today that it will soon be offering advertisers what it calls an “In-Stream Purchase Unit,” that allows Hulu users to make purchases and place orders directly from within Hulu. The first partner to try this will be Pizza Hut, meaning users can order up a pie while catching up on Hannibal, without having to leave Hulu to do so.


Hulu is also continuing to talk to cable operators about getting the service integrated into set-top boxes. It’s already a fixture on most web-connected streaming devices like Roku, Chromecast and Amazon’s new Fire TV.


[via TheVerge]




by Chris Morran via Consumerist

Which Cities Spend The Most Money On Pampering Pets?


So you think you love your little fluffy wuffy snorgly borgly honeypie Fido, do you? You tuck him in with his special blanket every night, feed him his fancy food and generally fawn over your pet — but how does your city stack up when it comes to spending cash on pets?

Because apparently may is National Pet Month, Amazon.com celebrated by releasing its list of the 20 most pampered pet cities in the United States. Keep in mind that Amazon is in the business of selling pet goods, so this list is far from the definitive word on spoiled pets.


The list is on 2013 sales of pet-related items — from Mr. Whiskers’ favorite toy to Rover’s beloved brush. Does your fish have a ginormous fish palace? That’s included too.


According to Amazon’s list, the most pampered cities for pets on a per capita basis, and in cities with more than 400,000 residents:


1. Miami

2. Seattle

3. Atlanta

4. San Francisco

5. Portland, Ore.

6. Washington, D.C.

7. Las Vegas

8. Austin, Texas

9. Tucson, Ariz.

10. San Diego

11. Sacramento, Calif.

12. Raleigh, N.C.

13. Dnever

14. Colorado Springs, Colo.

15. Baltimore

16. San Jose, Calif.

17. Albuquerque, N.M.

18. Chicago

10. Omaha, Neb.

20. Virginia Beach, Va.




by Mary Beth Quirk via Consumerist

Kenya holds rate as stance credible despite inflation rise

Kenya's central bank held its Central Bank Rate (CBR) steady at 8.50 percent, saying the monetary policy path is continuing to anchor inflationary expectations and remains credible despite the slight rise headline inflation in April.

The Central Bank of Kenya (CBK), which has maintained its rate since May 2013 after cutting it by 250 basis points in the first months of the year, added that the exchange rate of the shilling continued to fluctuate within a narrow range in April, helped by a rise in diaspora remittances due to a strengthening global economy which also helped boost foreign exchange reserves.

Remittances from workers abroad rose to their highest level so far to US$ 119.59 million in March, up from $110.42 million in February, helping moderate the impact of foreign investors' participation in the stock exchange, where the main index rose by 0.25 percent in March, the bank said.

Overall confidence in Kenya's economy remains strong, the bank said, with the bank's market perception survey in April showing that the private sector expects strong growth this year with inflation and the exchange rate stable for the rest of the year.



Kenya's headline inflation rate rose to 6.41 percent in April form 6.27 percent in March was largely due to higher transport costs, the bank said. The measure of non-food-non-fuel inflation, a more direct gauge of the CBK's policy, eased to 4.53 percent from 4.98 percent in the same period.

Last year Kenya's consumer prices rose by 5.7 percent and the International Monetary Fund forecasts 6.6 percent inflation this year and 5.5 percent in 2015. The CBK targets inflation of 5.0 percent, within a 2.5 percentage point range.

Kenya's usable foreign exchange reserves rose to $6.339 billion at the end of April, the equivalent of 4.37 months of imports, from $6.213 billion end-March.

Kenya's shilling has been weakening since October 2013 but is down only 0.70 percent against the U.S. dollar this year, trading at 87.05 to the dollar today.

The CBK added that the government's domestic borrowing program in the current fiscal year was consistent with the medium-term debt strategy and it has taken note of increased investor appetite for longer-dated domestic debt instruments that has helped lower refinancing risks.

Kenya's banking sector remains solvent and resilient, based on the latest stress tests, with annual growth in private sector of 22.66 percent in March, up from 21.46 percent in February, but the CBK said it was monitoring this growth to ensure it doesn't trigger any demand inflation pressure or adverse inflationary expectations.

The ratio of non-performing loans to gross loans fell to 5.6 percent in March from 5.8 percent in February, with the combination of declining credit risk and rising private sector growth helping support private investment and growth, the bank said.

Kenya's Gross Domestic Product expanded by 1.6 percent in the third quarter of 2013 from the second quarter and the International Monetary Fund has estimated full-year growth of 5.6 percent. This year the IMF forecast growth rising to 6.3 percent and the same rate in 2015.



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