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1/21/2009
Carbon
Carbon (pronounced /kɑrbən/) is a chemical element with symbol C and atomic number 6. As a member of group 14 on the periodic table, it is nonmetallic and tetravalent—making four electrons available to form covalent chemical bonds. There are three naturally occurring isotopes, with 12C and 13C being stable, while 14C is radioactive, decaying with a half-life of about 5730 years.[7] Carbon is one of the few elements known to man since antiquity.[8][9] The name "carbon" comes from Latin language carbo, coal, and, in some Romance and Slavic languages, the word carbon can refer both to the element and to coal.
There are several allotropes of carbon of which the best known are graphite, diamond, and amorphous carbon.[10] The physical properties of carbon vary widely with the allotropic form. For example, diamond is highly transparent, while graphite is opaque and black. Diamond is among the hardest materials known, while graphite is soft enough to form a streak on paper. Diamond has a very low electrical conductivity, while graphite is a very good conductor. Under normal conditions, diamond has the highest thermal conductivity of all known materials. All the allotropic forms are solids under normal conditions but graphite is the most thermodynamically stable.
All forms of carbon are highly stable, requiring high temperature to react even with oxygen. The most common oxidation state of carbon in inorganic compounds is +4, while +2 is found in carbon monoxide and other transition metal carbonyl complexes. The largest sources of inorganic carbon are limestones, dolomites and carbon dioxide, but significant quantities occur in organic deposits of coal, peat, oil and methane clathrates. Carbon forms more compounds than any other element, with almost ten million pure organic compounds described to date, which in turn are a tiny fraction of such compounds that are theoretically possible under standard conditions.[11]
Carbon is the fourth most abundant element in the universe by mass after hydrogen, helium, and oxygen. It is present in all known lifeforms, and in the human body, carbon is the second most abundant element by mass (about 18.5%) after oxygen.[12] This abundance, together with the unique diversity of organic compounds and their unusual polymer-forming ability at the temperatures commonly encountered on Earth, make this element the chemical basis of all known life.
カーボンとは炭素のことで元素記号はCで表す。炭素は地球上に１４番目に多く存在する原子で、 空や海には主に炭酸ガスとして、地中には主に岩石、石炭、石油として、そして生物の中には いろいろな有機物の形で存在している。単体（主に炭素原子だけが集まったもの）では 地中に天然黒鉛やダイヤモンドなどとして存在する。
我々カーボン業界で炭素とかカーボンというときは炭素の単体をさし、天然黒鉛や主にコークスから工業生産される 人造黒鉛や無定形炭素（炭素質カーボン）などがある。この他に炭素単体からなる製品としてはコークス、活性炭、 カーボンブラック、そして最近では炭素繊維などがある。
カーボンは熱的にも化学的にも極めて安定な物質で古くから使われてきたが、特に導電性があることが判ってから 様々な分野に用途が広がった。特に近年半導体、エレクトロニクス分野などで需要が高まっている。
There are several allotropes of carbon of which the best known are graphite, diamond, and amorphous carbon.[10] The physical properties of carbon vary widely with the allotropic form. For example, diamond is highly transparent, while graphite is opaque and black. Diamond is among the hardest materials known, while graphite is soft enough to form a streak on paper. Diamond has a very low electrical conductivity, while graphite is a very good conductor. Under normal conditions, diamond has the highest thermal conductivity of all known materials. All the allotropic forms are solids under normal conditions but graphite is the most thermodynamically stable.
All forms of carbon are highly stable, requiring high temperature to react even with oxygen. The most common oxidation state of carbon in inorganic compounds is +4, while +2 is found in carbon monoxide and other transition metal carbonyl complexes. The largest sources of inorganic carbon are limestones, dolomites and carbon dioxide, but significant quantities occur in organic deposits of coal, peat, oil and methane clathrates. Carbon forms more compounds than any other element, with almost ten million pure organic compounds described to date, which in turn are a tiny fraction of such compounds that are theoretically possible under standard conditions.[11]
Carbon is the fourth most abundant element in the universe by mass after hydrogen, helium, and oxygen. It is present in all known lifeforms, and in the human body, carbon is the second most abundant element by mass (about 18.5%) after oxygen.[12] This abundance, together with the unique diversity of organic compounds and their unusual polymer-forming ability at the temperatures commonly encountered on Earth, make this element the chemical basis of all known life.
カーボンとは炭素のことで元素記号はCで表す。炭素は地球上に１４番目に多く存在する原子で、 空や海には主に炭酸ガスとして、地中には主に岩石、石炭、石油として、そして生物の中には いろいろな有機物の形で存在している。単体（主に炭素原子だけが集まったもの）では 地中に天然黒鉛やダイヤモンドなどとして存在する。
我々カーボン業界で炭素とかカーボンというときは炭素の単体をさし、天然黒鉛や主にコークスから工業生産される 人造黒鉛や無定形炭素（炭素質カーボン）などがある。この他に炭素単体からなる製品としてはコークス、活性炭、 カーボンブラック、そして最近では炭素繊維などがある。
カーボンは熱的にも化学的にも極めて安定な物質で古くから使われてきたが、特に導電性があることが判ってから 様々な分野に用途が広がった。特に近年半導体、エレクトロニクス分野などで需要が高まっている。
미국, 땅콩버터 살모넬라균 파문 확산
미국, 땅콩버터 살모넬라균 파문 확산
식품회사들이 땅콩버터가 포함된 제품들에 대해 잇따라 리콜 조치에 나서는 등 미국의 살모넬라균땅콩 버터 파문이 확산되고 있다.
테네시주 컬리지데일에 소재한 식품회사 맥키(McKee)는 18일 자사의 땅콩버터 크래커인 '리틀 데비' 2종을 리콜한다고 밝혔다.
이 같은 리콜 발표는 미 식품의약국(FDA)의 가이드라인에 따른 것으로, FDA는 17일 소비자들에게 살모넬라균 감염 가능성이 제기되고 있는 모든 땅콩 버터를 먹지 말라고 촉구한 바 있다.
맥키 측은 그러나 제품을 구입한 소비자들로부터 어떤 특이 사항도 신고받은 바는 없다고 밝히고, 6월 1일 이후 생산된 땅콩 버터 크래커에 한해 리콜한다고 덧붙였다.
인디애나주의 사우스밴드초콜릿사도 이날 조지아주에 소재한 피넛코프(Peanut Corp)사가 만든 땅콩 버터를 포함한 사탕류를 리콜한다고 밝혔고 시카고 근교의 냉동식품회사 랠코프(Ralcorp)도 월마트 등 대형 할인매장에 공급하는 땅콩버터 쿠키류를 리콜했다.
또한 살모넬라균에 오염된 땅콩버터가 확인된 피넛코프사도 18일 리콜 규모를 조지아주 블레이클리 공장에서 생산하는 모든 땅콩버터와 땅콩 페이스트로 확대했다.
앞서 지난 16일 살모넬라균 감염 가능성에 대한 우려로 땅콩버터가 포함된 16개 제품에 대한 자발적인 리콜을 시행한다고 밝힌 바 있는 켈로그는 19일 자사의 피넛버터크래커에서 살모렐라균이 발견됐다는 것을 FDA로부터 확인했다고 밝혔다. 살로멜라균 발견이 확인된 제품은 'Austin Quality Foods Toasty Crackers with Peanut Butter'다.
미국에서는 이번 살모넬라균에 오염된 땅콩버터로 인해 지금까지 43개주에서 470명이 감염, 최소 90명이 병원에 입원했다. 이중 적어도 6명이 숨진 것으로 당국은 파악하고 있다.
<켈로그가 리콜한 16개 품목>
Austin Quality Foods Cheese Crackers with Peanut Butter - all sizes
Austin Quality Foods Cheese & Peanut Butter Sandwich Crackers - all sizes
Austin Quality Foods Mega Stuffed Cheese Crackers with Peanut Butter - all sizes
Austin Quality Foods PB & J Cracker Sandwiches - all sizes
Austin Quality Foods Super Snack Pack Sandwich Crackers
Austin Quality Foods Chocolate Peanut Butter Sandwich Crackers - all sizes
Austin Quality Foods Toasty Crackers with Peanut Butter - all sizes
Austin Quality Foods Reduced Fat Cheese & Peanut Butter Sandwich Crackers
Austin Quality Foods Reduced Fat Toasty Crackers with Peanut Butter Sandwich Crackers
Austin Quality Foods Cookie/Cracker Pack
Austin Quality Foods Variety Pack
Keebler Cheese & Peanut Butter Sandwich Crackers - all sizes
Keebler Toast & PB'n J Flavored Sandwich Crackers - all sizes
Keebler Toast & Peanut Butter Sandwich Crackers - all sizes
Famous Amos Peanut Butter Cookies (2- and 3-ounce)
Keebler Soft Batch Homestyle Peanut Butter Cookies (2.5-ounce)
식품회사들이 땅콩버터가 포함된 제품들에 대해 잇따라 리콜 조치에 나서는 등 미국의 살모넬라균땅콩 버터 파문이 확산되고 있다.
테네시주 컬리지데일에 소재한 식품회사 맥키(McKee)는 18일 자사의 땅콩버터 크래커인 '리틀 데비' 2종을 리콜한다고 밝혔다.
이 같은 리콜 발표는 미 식품의약국(FDA)의 가이드라인에 따른 것으로, FDA는 17일 소비자들에게 살모넬라균 감염 가능성이 제기되고 있는 모든 땅콩 버터를 먹지 말라고 촉구한 바 있다.
맥키 측은 그러나 제품을 구입한 소비자들로부터 어떤 특이 사항도 신고받은 바는 없다고 밝히고, 6월 1일 이후 생산된 땅콩 버터 크래커에 한해 리콜한다고 덧붙였다.
인디애나주의 사우스밴드초콜릿사도 이날 조지아주에 소재한 피넛코프(Peanut Corp)사가 만든 땅콩 버터를 포함한 사탕류를 리콜한다고 밝혔고 시카고 근교의 냉동식품회사 랠코프(Ralcorp)도 월마트 등 대형 할인매장에 공급하는 땅콩버터 쿠키류를 리콜했다.
또한 살모넬라균에 오염된 땅콩버터가 확인된 피넛코프사도 18일 리콜 규모를 조지아주 블레이클리 공장에서 생산하는 모든 땅콩버터와 땅콩 페이스트로 확대했다.
앞서 지난 16일 살모넬라균 감염 가능성에 대한 우려로 땅콩버터가 포함된 16개 제품에 대한 자발적인 리콜을 시행한다고 밝힌 바 있는 켈로그는 19일 자사의 피넛버터크래커에서 살모렐라균이 발견됐다는 것을 FDA로부터 확인했다고 밝혔다. 살로멜라균 발견이 확인된 제품은 'Austin Quality Foods Toasty Crackers with Peanut Butter'다.
미국에서는 이번 살모넬라균에 오염된 땅콩버터로 인해 지금까지 43개주에서 470명이 감염, 최소 90명이 병원에 입원했다. 이중 적어도 6명이 숨진 것으로 당국은 파악하고 있다.
<켈로그가 리콜한 16개 품목>
Austin Quality Foods Cheese Crackers with Peanut Butter - all sizes
Austin Quality Foods Cheese & Peanut Butter Sandwich Crackers - all sizes
Austin Quality Foods Mega Stuffed Cheese Crackers with Peanut Butter - all sizes
Austin Quality Foods PB & J Cracker Sandwiches - all sizes
Austin Quality Foods Super Snack Pack Sandwich Crackers
Austin Quality Foods Chocolate Peanut Butter Sandwich Crackers - all sizes
Austin Quality Foods Toasty Crackers with Peanut Butter - all sizes
Austin Quality Foods Reduced Fat Cheese & Peanut Butter Sandwich Crackers
Austin Quality Foods Reduced Fat Toasty Crackers with Peanut Butter Sandwich Crackers
Austin Quality Foods Cookie/Cracker Pack
Austin Quality Foods Variety Pack
Keebler Cheese & Peanut Butter Sandwich Crackers - all sizes
Keebler Toast & PB'n J Flavored Sandwich Crackers - all sizes
Keebler Toast & Peanut Butter Sandwich Crackers - all sizes
Famous Amos Peanut Butter Cookies (2- and 3-ounce)
Keebler Soft Batch Homestyle Peanut Butter Cookies (2.5-ounce)
(일본) 딸기, 「아마오」 홍콩 상륙
(일본) 딸기, 「아마오」 홍콩 상륙
JA그룹과 후쿠오카현이 전국에서 처음으로 설립한 무역회사･후쿠오카 농산물통상은 20일, 수출 제1호의 현산지 딸기인 ｢아마오｣ 1,000팩을 홍콩에 수출했다. 우송된 딸기는 오후에 홍콩 백화점의 판매장에 진열되어 지역의 이점을 살린 해외에서의 현산 농산물 판매개척이 시작되었다.
홍콩에서 인기가 정착된 ｢아마오｣를 수요가 큰 구정에 맞추어 당초 예정인 2월 보다 빠른 시기에 수출. 4월까지 주2･3편을 보낸다. 2월은 대만에서 열리는 이벤트에 맞추어 수출을 예정하고 있다.
동사는 오차와 과일 등 현의 특산품의 수출품목을 넓혀 아시아나 미국, 구주, 러시아 등의 판로개척에 힘을 기울인다. 2009년도는 농산물의 수출판매고 1억엔, 3년 후에는 3억엔을 계획. 가공품과 선물용 판매나 현내 JA의 지역특산품도 취급할 예정이다.
JA그룹과 후쿠오카현이 전국에서 처음으로 설립한 무역회사･후쿠오카 농산물통상은 20일, 수출 제1호의 현산지 딸기인 ｢아마오｣ 1,000팩을 홍콩에 수출했다. 우송된 딸기는 오후에 홍콩 백화점의 판매장에 진열되어 지역의 이점을 살린 해외에서의 현산 농산물 판매개척이 시작되었다.
홍콩에서 인기가 정착된 ｢아마오｣를 수요가 큰 구정에 맞추어 당초 예정인 2월 보다 빠른 시기에 수출. 4월까지 주2･3편을 보낸다. 2월은 대만에서 열리는 이벤트에 맞추어 수출을 예정하고 있다.
동사는 오차와 과일 등 현의 특산품의 수출품목을 넓혀 아시아나 미국, 구주, 러시아 등의 판로개척에 힘을 기울인다. 2009년도는 농산물의 수출판매고 1억엔, 3년 후에는 3억엔을 계획. 가공품과 선물용 판매나 현내 JA의 지역특산품도 취급할 예정이다.
일본, 식품위장 적발 강화
일본, 식품위장 적발 강화
식품위장을 집중적으로 조사하는 “식품표시특별G-Man"에 의한 적발이 급증하고 있다. 농림수산성이 경찰과 연계하여 적발한 사건은 지금까지 연간 한 두건이었으나 이 ”정예부대“가 발족한 작년 4월 이후에는 모두 12건에 달했다. 전국에 네트워크를갖고 있는 기동성이 성과를 내고 있는 것이다. 은폐공작 등의 수법이 날로 교묘해지는 가운데 지역 업자를 육성하는 입장의 지자체와의 연계 등이 과제가 되고 있다. 작년 9월, 오사카에 본사를 두고 있는 농산물 판매업자의 동경영업소장은 회사를 방문한 동경 농정사무소의 G-Man 두사람 앞에서 무거운 입을 열었다. 지금까지 “우리는 위장 등을 하고 있지 않다”고 갑작스럽게 소장이 진술하였다. 농수성은 소장에 대한 최초의 청취 후 각 지에 흩어져 있는 G-Man을 움직이게 하여 관동지구의 제조 위탁처 등을 일제히 조사하였다. 중국산 죽순을 국산으로 위장한 의심이 강하다는 정보를 입수하여 모순점을 뚫었다. 특별 G-Man인 오오미즈씨는 “주위부터 조사해 나가면 반드시 증언에 차이가 생긴다”고 자신감을 보였다.
연이은 악질적인 식품위장을 접한 농수성은 작년 4월, 조사에 정통한 전국 20명의 직원을 특별 G-Man으로 임명하였다. 종래의 G-Man은 관할마다 조사가 주였지만 각지의 거래처 등을 사용한 위장에 대응하여 전국을 기동적으로 조사할 수 있는 권한을 부여한 것이 특징이다.
특별 G-Man설치에 앞선 2007년 11월에 농림수산성과 경찰청이 연계협정을 체결한 이후 G-Man의 조사를 근기로 업자의 가택수사나 관계자를 체포한 경우는 16건이었다.(08년도는 12건) 농림수산성은 “식품위장의 적발은 매년 셀 수 없을 정도였다. 조사강화의 성과가 나타나고 있다”고 말한다. 적발건수가 증가하는 한편 가공회사를 사용한 악질적인 수법의 위장이나 은폐공장도 횡행한다. 이중장부의 작성, 서류의 바꿔치기, 파기는 수도 없다. G-Man의 청취를 듣고 부하에게 “그 이상 말하지 말라” 등 압력을 가하는 간부도 있어 조사는 어려움이 가중되고 있다. 또한 위반행위에 대한 지도로 도도부현과 호흡이 맞지 않는 경우도 있다. 농림수산성은 작년 10월, 말고기의 산지위장으로 구마모토, 사가에 영업거점을 두고 있는 2개사에 개선지시를 내리고 사명을 공표하였다. 그러나 위장에 관여하면서 영업영역을 구마모토현내로 한정하고 있는 1개 업자에 대해서 현은 지도에 그쳐 회사명 공표를 미루었다. 동 현은 “정부로부터 사명을 공표해야만 한다는 문서를 받았지만 현으로서 지도가 적당하다고 판단했다”고 설명하였다. 농림수산성 표시․규격과의 담당자는 “지역브랜드의 평판을 떨어뜨리고 싶지 않기 때문이 아니겠는가”하고 추측한다.
식품의 안전을 지키는 국가의 체제 구축을 둘러싸고서는 조사권한의 강화를 목적으로 한 소비자청의 행방이 불투명하다. 정부의 출장소의 재점검과 관련 있는 약 1,800명의 G-Man이 소속되어 있는 지방농정사무소의 폐지론도 부상하고 있다. 조사체제의 강화가 어려운 상황이 되고 있지만 소비자문제연구소장은 “처분이 약한 일본농림규격법(JAS)의 벌칙강화도 필요하다”고 지적한다.
식품위장을 집중적으로 조사하는 “식품표시특별G-Man"에 의한 적발이 급증하고 있다. 농림수산성이 경찰과 연계하여 적발한 사건은 지금까지 연간 한 두건이었으나 이 ”정예부대“가 발족한 작년 4월 이후에는 모두 12건에 달했다. 전국에 네트워크를갖고 있는 기동성이 성과를 내고 있는 것이다. 은폐공작 등의 수법이 날로 교묘해지는 가운데 지역 업자를 육성하는 입장의 지자체와의 연계 등이 과제가 되고 있다. 작년 9월, 오사카에 본사를 두고 있는 농산물 판매업자의 동경영업소장은 회사를 방문한 동경 농정사무소의 G-Man 두사람 앞에서 무거운 입을 열었다. 지금까지 “우리는 위장 등을 하고 있지 않다”고 갑작스럽게 소장이 진술하였다. 농수성은 소장에 대한 최초의 청취 후 각 지에 흩어져 있는 G-Man을 움직이게 하여 관동지구의 제조 위탁처 등을 일제히 조사하였다. 중국산 죽순을 국산으로 위장한 의심이 강하다는 정보를 입수하여 모순점을 뚫었다. 특별 G-Man인 오오미즈씨는 “주위부터 조사해 나가면 반드시 증언에 차이가 생긴다”고 자신감을 보였다.
연이은 악질적인 식품위장을 접한 농수성은 작년 4월, 조사에 정통한 전국 20명의 직원을 특별 G-Man으로 임명하였다. 종래의 G-Man은 관할마다 조사가 주였지만 각지의 거래처 등을 사용한 위장에 대응하여 전국을 기동적으로 조사할 수 있는 권한을 부여한 것이 특징이다.
특별 G-Man설치에 앞선 2007년 11월에 농림수산성과 경찰청이 연계협정을 체결한 이후 G-Man의 조사를 근기로 업자의 가택수사나 관계자를 체포한 경우는 16건이었다.(08년도는 12건) 농림수산성은 “식품위장의 적발은 매년 셀 수 없을 정도였다. 조사강화의 성과가 나타나고 있다”고 말한다. 적발건수가 증가하는 한편 가공회사를 사용한 악질적인 수법의 위장이나 은폐공장도 횡행한다. 이중장부의 작성, 서류의 바꿔치기, 파기는 수도 없다. G-Man의 청취를 듣고 부하에게 “그 이상 말하지 말라” 등 압력을 가하는 간부도 있어 조사는 어려움이 가중되고 있다. 또한 위반행위에 대한 지도로 도도부현과 호흡이 맞지 않는 경우도 있다. 농림수산성은 작년 10월, 말고기의 산지위장으로 구마모토, 사가에 영업거점을 두고 있는 2개사에 개선지시를 내리고 사명을 공표하였다. 그러나 위장에 관여하면서 영업영역을 구마모토현내로 한정하고 있는 1개 업자에 대해서 현은 지도에 그쳐 회사명 공표를 미루었다. 동 현은 “정부로부터 사명을 공표해야만 한다는 문서를 받았지만 현으로서 지도가 적당하다고 판단했다”고 설명하였다. 농림수산성 표시․규격과의 담당자는 “지역브랜드의 평판을 떨어뜨리고 싶지 않기 때문이 아니겠는가”하고 추측한다.
식품의 안전을 지키는 국가의 체제 구축을 둘러싸고서는 조사권한의 강화를 목적으로 한 소비자청의 행방이 불투명하다. 정부의 출장소의 재점검과 관련 있는 약 1,800명의 G-Man이 소속되어 있는 지방농정사무소의 폐지론도 부상하고 있다. 조사체제의 강화가 어려운 상황이 되고 있지만 소비자문제연구소장은 “처분이 약한 일본농림규격법(JAS)의 벌칙강화도 필요하다”고 지적한다.
1/20/2009
Adult Education: Is A College Degree Right For You?
Adult Education: Is A College Degree Right For You?
Adults who are considering pursuing continuing education have a variety of choices when it comes to earning a degree or certificate. They can pursue college degrees through a community college or four-year institution, receive training and certification through vocational or trade programs, or simply expand their knowledge and skills through basic adult education classes. The avenue that you choose very much depends on your individual goals and needs.
If you are interested in pursuing a specific career path then the degree or certification and training you need for that career will certainly play a large role in determining what type of school and program you choose. Spend time studying the programs available at the schools in your area. The point of this exercise is not to choose a school but rather to look at the options open to you. What interests you? Can you picture yourself working in that field?
If you have been out of school for a long time then you may want to test the waters with a basic adult education class first. Adult education classes can help you brush up on basic skills, such as writing or computer use, as well as help you get back into the swing of being a student. The classes are also often much more affordable than a class you would take at a college or institute and often involve less time commitment as well.
If you are unsure what career path you would like to take then you should consider earning a general diploma from a local community college. Perhaps while working toward that degree you will discover interests and talents you had not suspected previously. Then you will be able to apply your classes to your new degree without difficulty. Even if you do not find a vocation that interests you, that general studies diploma will still help you further your professional life.
Furthering your education and training whether in your existing field or a new profession is always beneficial. While pursuing a college degree might be the best option you owe it to yourself to check out adult basic education classes as well as community college programs and technical and training schools.
Adults who are considering pursuing continuing education have a variety of choices when it comes to earning a degree or certificate. They can pursue college degrees through a community college or four-year institution, receive training and certification through vocational or trade programs, or simply expand their knowledge and skills through basic adult education classes. The avenue that you choose very much depends on your individual goals and needs.
If you are interested in pursuing a specific career path then the degree or certification and training you need for that career will certainly play a large role in determining what type of school and program you choose. Spend time studying the programs available at the schools in your area. The point of this exercise is not to choose a school but rather to look at the options open to you. What interests you? Can you picture yourself working in that field?
If you have been out of school for a long time then you may want to test the waters with a basic adult education class first. Adult education classes can help you brush up on basic skills, such as writing or computer use, as well as help you get back into the swing of being a student. The classes are also often much more affordable than a class you would take at a college or institute and often involve less time commitment as well.
If you are unsure what career path you would like to take then you should consider earning a general diploma from a local community college. Perhaps while working toward that degree you will discover interests and talents you had not suspected previously. Then you will be able to apply your classes to your new degree without difficulty. Even if you do not find a vocation that interests you, that general studies diploma will still help you further your professional life.
Furthering your education and training whether in your existing field or a new profession is always beneficial. While pursuing a college degree might be the best option you owe it to yourself to check out adult basic education classes as well as community college programs and technical and training schools.
UK Business Accounting Software
UK Business Accounting Software
How businesses operate all depends on where they are located. Each locality has a unique sense and style of running things with regards to business. Of course, the differences are all due to the laws that govern each of these locales. A product or service could be offered legally in one country, but not in another.
In the United Kingdom, there are various laws and legal matters regarding business that are unique to that country. However, if you take a closer, more in-depth look at how a UK business is run, the concept is more or less the same as in any place on the globe. On the average, a business establishment entertains hundreds of customers per day. Every purchase of a product or service is accounted for.. The company keeps track of all such figures to see how much profit it is reaping or even how much it may be losing. In taking these figures into consideration, the company then needs to allocate their expenses to overhead, labor, tax and the like.
To assist companies in the UK in this part of the business, computer programmers, mathematicians and business professionals have all worked together to create UK-specific business accounting software.
What is UK business accounting software? It is a program that is installed in the computer system of a business or company operating in the UK. This program assists business owners and accountants in different types of computations. There will be no need for people to go through data tabulations or do exhausting, confusing computations manually. All one has to do is key in the right figures, and the software does all the necessary computing itself. With such software, the whole process of computing is completed quickly and efficiently.
Business Accounting Software provides detailed information on Business Accounting Software, Best Business Accounting Software, Free Small Business Accounting Software, Small Business Accounting Software Reviews and more. Business Accounting Software is affiliated with Small Business Accounting Software.
How businesses operate all depends on where they are located. Each locality has a unique sense and style of running things with regards to business. Of course, the differences are all due to the laws that govern each of these locales. A product or service could be offered legally in one country, but not in another.
In the United Kingdom, there are various laws and legal matters regarding business that are unique to that country. However, if you take a closer, more in-depth look at how a UK business is run, the concept is more or less the same as in any place on the globe. On the average, a business establishment entertains hundreds of customers per day. Every purchase of a product or service is accounted for.. The company keeps track of all such figures to see how much profit it is reaping or even how much it may be losing. In taking these figures into consideration, the company then needs to allocate their expenses to overhead, labor, tax and the like.
To assist companies in the UK in this part of the business, computer programmers, mathematicians and business professionals have all worked together to create UK-specific business accounting software.
What is UK business accounting software? It is a program that is installed in the computer system of a business or company operating in the UK. This program assists business owners and accountants in different types of computations. There will be no need for people to go through data tabulations or do exhausting, confusing computations manually. All one has to do is key in the right figures, and the software does all the necessary computing itself. With such software, the whole process of computing is completed quickly and efficiently.
Business Accounting Software provides detailed information on Business Accounting Software, Best Business Accounting Software, Free Small Business Accounting Software, Small Business Accounting Software Reviews and more. Business Accounting Software is affiliated with Small Business Accounting Software.
How Do I Apply To An Online Accounting Degree Program?
Earning a degree online has many benefits. It is convenient, popular and affordable. It allows an adult the opportunity to earn a college degree while continuing to work, spend time with family and friends, or take care of important commitments. It also allows a worker to advance in the job, often before the degree is even completed.
An accounting degree is one degree that can be earned online that has all of these advantages. An associate degree in accounting is available for those who are just beginning their academic or workplace careers. Those with an accounting background and some college experience can choose to earn their bachelor’s degree in accounting. Professionals can choose to further their careers by earning an MBA in accounting.
Before earning any degree in accounting, you need to apply and be accepted into a program. Like traditional degree programs, there is an application process that prospective students must go through before becoming a matriculated student.
While each online institution will have its own application process, there are common procedures that need to be followed when applying for an online accounting degree program.
Choosing the right degree program is often the most difficult part of the application process. Fortunately, all of the research can be done from your computer. Use a reliable search engine to find the type of program you are interested in, e.g. “associate degree in accounting” or “MBA in Accounting.”
Once you have found some programs that interest you, spend time reading the information that the programs offer. Pay close attention to the details each gives about the application process.
Choose the school that best fits your needs, both academically and economically. Make a checklist for yourself of all of the requirements for applying to the school. Usually there will be an online application, a required essay, and a list of documents (such as past transcripts, test scores, etc.) that need to be sent.
As you complete each application step, check it off on your list. Complete the entire application process carefully and meticulously. Incomplete or careless applications can be rejected.
Once you have applied, the program will contact you regarding your application’s status. If any additional information is requested, submit it to the program as soon as possible.
By carefully providing all of the requested information in the application process, you have started on the path to earning an online degree in accounting.
An accounting degree is one degree that can be earned online that has all of these advantages. An associate degree in accounting is available for those who are just beginning their academic or workplace careers. Those with an accounting background and some college experience can choose to earn their bachelor’s degree in accounting. Professionals can choose to further their careers by earning an MBA in accounting.
Before earning any degree in accounting, you need to apply and be accepted into a program. Like traditional degree programs, there is an application process that prospective students must go through before becoming a matriculated student.
While each online institution will have its own application process, there are common procedures that need to be followed when applying for an online accounting degree program.
Choosing the right degree program is often the most difficult part of the application process. Fortunately, all of the research can be done from your computer. Use a reliable search engine to find the type of program you are interested in, e.g. “associate degree in accounting” or “MBA in Accounting.”
Once you have found some programs that interest you, spend time reading the information that the programs offer. Pay close attention to the details each gives about the application process.
Choose the school that best fits your needs, both academically and economically. Make a checklist for yourself of all of the requirements for applying to the school. Usually there will be an online application, a required essay, and a list of documents (such as past transcripts, test scores, etc.) that need to be sent.
As you complete each application step, check it off on your list. Complete the entire application process carefully and meticulously. Incomplete or careless applications can be rejected.
Once you have applied, the program will contact you regarding your application’s status. If any additional information is requested, submit it to the program as soon as possible.
By carefully providing all of the requested information in the application process, you have started on the path to earning an online degree in accounting.
Google搜索消耗的能量相当于烧一壶茶？
Can two Google searches really produce as much carbon dioxide as boiling enough water in an electric kettle for a cup of tea? That's what Alex Wissner-Gross, an environmental fellow at Harvard University, is claiming. "Google operates huge data centres around the world that consume a great deal of power," says Wissner-Gross in forthcoming research about the environmental impact of computing, which calculates that every Google search produces 7g of CO2. "Google are very efficient, but their primary concern is to make searches fast and that means they have a lot of extra capacity that burns energy."
It should probably be noted at this point that Wissner-Gross is also the co-founder of Enernetics, and its associated website www.CO2stats.com, which, according to the Boston Business Journal, allows "websites to get analysis of how energy-efficient they are and sells carbon offsets to help them reach a neutral status". So let's first congratulate Wissner-Gross on getting himself and his company talked about all over the internet, including here. But does his claim stack up?
Without any published data to hand it's hard to tell. All Google is saying is that it is takes the issue seriously, but that "the energy used per Google search is minimal". It adds: ""In the time it takes to do a Google search, your own personal computer will use more energy than we will use to answer your query." (If this is true, it surely makes a mockery of Wissner-Gross's claims as there's no way an average computer uses as much power as an electric kettle when it's boiling water.)
So let's do some crude sums based on what we know and what is being claimed. Google receives millions of search queries every day from all over the world. Estimates vary about quite how many queries it receives, but they seem to range from 200m up to 500m. Let's, for the sake of argument, take the top figure as a worst-case scenario.
If Wissner-Gross is correct then 3,500 tonnes of CO2 (500m x 0.000007 tonnes) are emitted every day through all of us performing Google searches. Or put another way, 1.28m tonnes a year. That's about the same as Laos emits each year, the 151st biggest emitting country in the world.
I'm torn between thinking that this sounds like an awful lot – "Shock: Google emits as much as a country!" – or whether it doesn't sound too bad, given, for right or wrong, how integral Google now is to many of our lives. What is certain is that the environmental impact of information technology as a whole is considerable and ever rising.
A widely quoted figure is that the global ICT sector produces as much CO2 each year as the global aviation industry – about 2-3% of total global emissions. It is helpful, therefore, that Wissner-Gross's claim is at least providing a needed spur to debating the ICT sector's impact, and how best to reduce it.
Ultimately, though, I suspect this particularly quotable nugget will have little impact on the searching habits of internet users. Nor should it, really. We can each monitor how much electricity our own computers use – and aim to keep it at a minimum – but it can only ever be Google's responsibility about how much power its servers and related hardware use. Perhaps there's even an argument for saying that internet searches have helped to reduce net emissions by greatly reducing the need to make physical journeys in search of information, say, a trip to the local library or bookshop?
两条Google搜索真的能产生用电水壶烧一壶茶所产生的二氧化碳？那正是Alex Wissner-Gross——一名哈佛大学环境研究员所断言的。“Google操作全球巨大的数据中心，这些数据中心消耗了大量能量。”Wissner-Gross在即将展开的关于电脑使用对环境所产生的影响的研究中说道，该研究计算出每条Google搜索产生7克的二氧化碳。“Google非常高效，但是他们最担心的是：搜索快捷了，而那就意味着他们有许多额外的精力去消耗能量了。
或许这时应注明一下，Wissner-Gross还是“能量机构”的共同创始人之一。该学会的相关网站：www.co2stats.com被波士顿商业新闻认可道：“可通过该网站得到节能水平的分析，出售碳抵消以帮助其达到平衡状态。”所以先让我们祝贺Wissner-Gross使自己和他的机构在网络上被大家谈的轰轰烈烈，包括现在这篇文章。但是他的学说真的正确吗？
没有发布任何手头的数据，这很难说它真实与否。Google只是说这学说把问题搞严重了，“每条Google搜索所消耗的能量是最小的”。它补充道：“在你搜索时候，你自己的电脑所消耗的能量要比我们回复你的答案所消耗的能量高多了。”（如果这是真的，这当然就使Wissner-Gross的学说变成了笑料，因为一台普通的电脑根本不可能消耗用电水壶烧开水所消耗的能量。）
所以让我们据我们所知的和他所声称的学说，做一些粗劣的计算。Google每天都从世界各地受到成千上万条搜索问题，虽然对于Google每天到底收到多少条问题还有分歧，但是似乎都在200万条至500万条之间。为了便于讨论，让我们取最坏的那个数据。
如果Wissner-Gross是正确的，那么每天都有3500吨（500万*0.000007吨）的CO2随着我们进行Google搜素释放出来。换言之，每年1.28万吨。那和老挝每年释放的一样——世界上第151名释放CO2最多的国家。
在这两种想法中我很难抉择：是认为这听上去真够坏的——“震撼：Google消耗的能量和一个国家一样多！”；还是觉得这听起来也不很坏，Google给我们的生活带来了许多，不论这是好是坏。但可以确定的是,信息技术所带来的环境影响是相当可观的,并且呈上升趋势.
一个广为引用的数据是全球的信息通讯技术部门每年产生的CO2和航空工业一样多——是全球放射物的2%到3%。因此，Wissner-Gross还是有帮助的，至少它产生了必要的刺激，让大家去争论信息通讯技术部门所产生的影响，使大家注意到降低这种影响有多么重要。
最后，虽然我怀疑这“可供人引用的至理名言”大概只会在网络用户的生活中产生极小的影响。当然，也不该产生什么影响。但至少我们每个人都注意到我们的电脑消耗了多少能量——并且试着使它降到最低——不过Google的用户和硬件所消耗的能量只是Google自己的责任。或许还有争论说相比真的到处去寻找信息，网络搜索还能帮助减少能量消耗呢，比如说减少了去一趟当地的图书馆或书店所消耗的能量。
It should probably be noted at this point that Wissner-Gross is also the co-founder of Enernetics, and its associated website www.CO2stats.com, which, according to the Boston Business Journal, allows "websites to get analysis of how energy-efficient they are and sells carbon offsets to help them reach a neutral status". So let's first congratulate Wissner-Gross on getting himself and his company talked about all over the internet, including here. But does his claim stack up?
Without any published data to hand it's hard to tell. All Google is saying is that it is takes the issue seriously, but that "the energy used per Google search is minimal". It adds: ""In the time it takes to do a Google search, your own personal computer will use more energy than we will use to answer your query." (If this is true, it surely makes a mockery of Wissner-Gross's claims as there's no way an average computer uses as much power as an electric kettle when it's boiling water.)
So let's do some crude sums based on what we know and what is being claimed. Google receives millions of search queries every day from all over the world. Estimates vary about quite how many queries it receives, but they seem to range from 200m up to 500m. Let's, for the sake of argument, take the top figure as a worst-case scenario.
If Wissner-Gross is correct then 3,500 tonnes of CO2 (500m x 0.000007 tonnes) are emitted every day through all of us performing Google searches. Or put another way, 1.28m tonnes a year. That's about the same as Laos emits each year, the 151st biggest emitting country in the world.
I'm torn between thinking that this sounds like an awful lot – "Shock: Google emits as much as a country!" – or whether it doesn't sound too bad, given, for right or wrong, how integral Google now is to many of our lives. What is certain is that the environmental impact of information technology as a whole is considerable and ever rising.
A widely quoted figure is that the global ICT sector produces as much CO2 each year as the global aviation industry – about 2-3% of total global emissions. It is helpful, therefore, that Wissner-Gross's claim is at least providing a needed spur to debating the ICT sector's impact, and how best to reduce it.
Ultimately, though, I suspect this particularly quotable nugget will have little impact on the searching habits of internet users. Nor should it, really. We can each monitor how much electricity our own computers use – and aim to keep it at a minimum – but it can only ever be Google's responsibility about how much power its servers and related hardware use. Perhaps there's even an argument for saying that internet searches have helped to reduce net emissions by greatly reducing the need to make physical journeys in search of information, say, a trip to the local library or bookshop?
两条Google搜索真的能产生用电水壶烧一壶茶所产生的二氧化碳？那正是Alex Wissner-Gross——一名哈佛大学环境研究员所断言的。“Google操作全球巨大的数据中心，这些数据中心消耗了大量能量。”Wissner-Gross在即将展开的关于电脑使用对环境所产生的影响的研究中说道，该研究计算出每条Google搜索产生7克的二氧化碳。“Google非常高效，但是他们最担心的是：搜索快捷了，而那就意味着他们有许多额外的精力去消耗能量了。
或许这时应注明一下，Wissner-Gross还是“能量机构”的共同创始人之一。该学会的相关网站：www.co2stats.com被波士顿商业新闻认可道：“可通过该网站得到节能水平的分析，出售碳抵消以帮助其达到平衡状态。”所以先让我们祝贺Wissner-Gross使自己和他的机构在网络上被大家谈的轰轰烈烈，包括现在这篇文章。但是他的学说真的正确吗？
没有发布任何手头的数据，这很难说它真实与否。Google只是说这学说把问题搞严重了，“每条Google搜索所消耗的能量是最小的”。它补充道：“在你搜索时候，你自己的电脑所消耗的能量要比我们回复你的答案所消耗的能量高多了。”（如果这是真的，这当然就使Wissner-Gross的学说变成了笑料，因为一台普通的电脑根本不可能消耗用电水壶烧开水所消耗的能量。）
所以让我们据我们所知的和他所声称的学说，做一些粗劣的计算。Google每天都从世界各地受到成千上万条搜索问题，虽然对于Google每天到底收到多少条问题还有分歧，但是似乎都在200万条至500万条之间。为了便于讨论，让我们取最坏的那个数据。
如果Wissner-Gross是正确的，那么每天都有3500吨（500万*0.000007吨）的CO2随着我们进行Google搜素释放出来。换言之，每年1.28万吨。那和老挝每年释放的一样——世界上第151名释放CO2最多的国家。
在这两种想法中我很难抉择：是认为这听上去真够坏的——“震撼：Google消耗的能量和一个国家一样多！”；还是觉得这听起来也不很坏，Google给我们的生活带来了许多，不论这是好是坏。但可以确定的是,信息技术所带来的环境影响是相当可观的,并且呈上升趋势.
一个广为引用的数据是全球的信息通讯技术部门每年产生的CO2和航空工业一样多——是全球放射物的2%到3%。因此，Wissner-Gross还是有帮助的，至少它产生了必要的刺激，让大家去争论信息通讯技术部门所产生的影响，使大家注意到降低这种影响有多么重要。
最后，虽然我怀疑这“可供人引用的至理名言”大概只会在网络用户的生活中产生极小的影响。当然，也不该产生什么影响。但至少我们每个人都注意到我们的电脑消耗了多少能量——并且试着使它降到最低——不过Google的用户和硬件所消耗的能量只是Google自己的责任。或许还有争论说相比真的到处去寻找信息，网络搜索还能帮助减少能量消耗呢，比如说减少了去一趟当地的图书馆或书店所消耗的能量。
为什么美国人永远不该出远门？
I had someone ask for an aisle seats so that his or her hair wouldn't get messed up by being near the window.
A client called in inquiring about a package to Hawaii. After going over all the cost info, she asked, "Would it be cheaper to fly to California and then take the train to Hawaii?"
I got a call from a woman who wanted to go to Capetown. I started to explain the length of the flight and the passport information when she interrupted me with "I'm not trying to make you look stupid, but Capetown is in Massachusetts. "Without trying to make her look like the stupid one, I calmly explained, "Capecod is in Massachusetts, Capetown is in Africa." Her response ... click.
A man called, furious about a Florida package we did. I asked what was wrong with the vacation in Orlando. He said he was expecting an ocean-view room. I tried to explain that is not possible, since Orlando is in the middle of the state. He replied, "Don't lie to me. I looked on the map and Florida is a very thin state."
I got a call from a man who asked, "Is it possible to see England from Canada?" I said, "No." He said "But they look so close on the map."
Another man called and asked if he could rent a car in Dallas. When I pulled up the reservation, I noticed he had a 1-hour lay over in Dallas. When I asked him why he wanted to rent a car, he said, "I heard Dallas was a big airport, and I need a car to drive between the gates to save time."
A nice lady just called. She needed to know how it was possible that her flight from Detroit left at 8:20am and got into Chicago at 8:33am. I tried to explain that Michigan was an hour ahead of llinois, but she could not understand the concept of time zones. Finally I told her the plane went very fast, and she bought that!
A woman called and asked, "Do airlines put your physical description on your bag so they know who's luggage belongs to who?" I said, "No, why do you ask?" She replied, "Well, when I checked in with the airline, they put a tag on my luggage that said FAT, and I'm overweight, is there any connection?" After putting her on hold for a minute while I "looked into it" (I was actually laughing) I came back and explained the city code for Fresno is FAT, and that the airline was just putting a destination tag on her luggage.
I just got off the phone with a man who asked, "How do I know which plane to get on?" I asked him what exactly he meant, which he replied, "I was told my flight number is 823, but none of these darn planes have numbers on them."
A woman called and said, "I need to fly to Pepsi-cola on one of those computer planes." I asked if she meant to fly to Pensacola on a commuter plane. She said, "Yeah, whatever."
A businessman called and had a question about the documents he needed in order to fly to China. After a lengthy discussion about passports, I reminded him he needed a visa. "Oh no I don't, I've been to China many times and never had to have one of those." I double checked and sure enough, his stay required a visa. When I told him this he said, "Look, I've been to China four times and every time they have accepted my American Express."
A woman called to make reservations, "I want to go from Chicago to Hippopotamus, New York" The agent was at a loss for words. Finally, the agent: "Are you sure that's the name of the town?" "Yes, what flights do you have?" replied the customer. After some searching, the agent came back with, "I'm sorry, ma'am, I've looked up every airport code in the country and can't find a Hippopotamus anywhere." The customer retorted, "Oh don't be silly. Everyone knows where it is. Check your map!" The agent scoured a map of the state of New York and finally offered, "You don't mean Buffalo, do you?" "That's it! I knew it was a big animal!"
A client called in inquiring about a package to Hawaii. After going over all the cost info, she asked, "Would it be cheaper to fly to California and then take the train to Hawaii?"
I got a call from a woman who wanted to go to Capetown. I started to explain the length of the flight and the passport information when she interrupted me with "I'm not trying to make you look stupid, but Capetown is in Massachusetts. "Without trying to make her look like the stupid one, I calmly explained, "Capecod is in Massachusetts, Capetown is in Africa." Her response ... click.
A man called, furious about a Florida package we did. I asked what was wrong with the vacation in Orlando. He said he was expecting an ocean-view room. I tried to explain that is not possible, since Orlando is in the middle of the state. He replied, "Don't lie to me. I looked on the map and Florida is a very thin state."
I got a call from a man who asked, "Is it possible to see England from Canada?" I said, "No." He said "But they look so close on the map."
Another man called and asked if he could rent a car in Dallas. When I pulled up the reservation, I noticed he had a 1-hour lay over in Dallas. When I asked him why he wanted to rent a car, he said, "I heard Dallas was a big airport, and I need a car to drive between the gates to save time."
A nice lady just called. She needed to know how it was possible that her flight from Detroit left at 8:20am and got into Chicago at 8:33am. I tried to explain that Michigan was an hour ahead of llinois, but she could not understand the concept of time zones. Finally I told her the plane went very fast, and she bought that!
A woman called and asked, "Do airlines put your physical description on your bag so they know who's luggage belongs to who?" I said, "No, why do you ask?" She replied, "Well, when I checked in with the airline, they put a tag on my luggage that said FAT, and I'm overweight, is there any connection?" After putting her on hold for a minute while I "looked into it" (I was actually laughing) I came back and explained the city code for Fresno is FAT, and that the airline was just putting a destination tag on her luggage.
I just got off the phone with a man who asked, "How do I know which plane to get on?" I asked him what exactly he meant, which he replied, "I was told my flight number is 823, but none of these darn planes have numbers on them."
A woman called and said, "I need to fly to Pepsi-cola on one of those computer planes." I asked if she meant to fly to Pensacola on a commuter plane. She said, "Yeah, whatever."
A businessman called and had a question about the documents he needed in order to fly to China. After a lengthy discussion about passports, I reminded him he needed a visa. "Oh no I don't, I've been to China many times and never had to have one of those." I double checked and sure enough, his stay required a visa. When I told him this he said, "Look, I've been to China four times and every time they have accepted my American Express."
A woman called to make reservations, "I want to go from Chicago to Hippopotamus, New York" The agent was at a loss for words. Finally, the agent: "Are you sure that's the name of the town?" "Yes, what flights do you have?" replied the customer. After some searching, the agent came back with, "I'm sorry, ma'am, I've looked up every airport code in the country and can't find a Hippopotamus anywhere." The customer retorted, "Oh don't be silly. Everyone knows where it is. Check your map!" The agent scoured a map of the state of New York and finally offered, "You don't mean Buffalo, do you?" "That's it! I knew it was a big animal!"
经济萧条期必将死掉的10大事物
The government says we've been in a recession for the past year. Experts say it'll be at least another year before it's over. And everybody says it's the worst economic downturn since the Great Depression.
Nice sound bite. What does that mean?
Who knows? We can be sure that this downturn will be totally differerent from the Depression, and that it will be different from the many recessions we've suffered every decade or every other decade since the '30s. I'm not an economist or a historian, but it seems to me that this recession will be something unprecedented.
One reason is that that there was no Internet or mobile technology in the 1930s. That means individual people and companies today have very-low-cost, high-efficiency alternatives for doing a wide range of activities. That will accelerate the demise of those things fated to be replaced anyway.
Here are 10 things that I believe won't survive the recession:
1. Free tech support
The practice still employed by some companies of paying humans to answer phones and solve consumers' problems with hardware or software will become a thing of the past. PCs, laptops and hardware peripherals, as well as application software will be purchased like airline tickets, with price becoming the sole criteria for many buyers. In order to compete on price, companies that now offer real tech support will replace it with message boards (users helping users), wikis, wizards, software-based troubleshooting tools and other unsatisfying alternatives.
2. Wi-Fi you have to pay for
Everyone is going to share the cost of public Wi-Fi because the penny-pinching public will gravitate to places that offer "free" Wi-Fi. Companies that charge extra for Wi-Fi will see their iPhone, BlackBerry and netbook-toting customers -- i.e., everybody -- taking their business elsewhere. The only place you'll pay for Wi-Fi will be on an airplane.
3. Landline phones
Digital phone bundles for homes (where TV service, Internet connections and landline phone service are offered in a total package) will keep the landline idea alive for a while, but as millions of households drop their cable TV service and as consumers look to cut all needless costs, the trend toward dropping landline service in favor of cell phone service only will accelerate until it's totally mainstream, and only grandma still has a landline phone.
4. Movie rental stores
The idea of retail operations where you drive to a store, pick a movie, stand in line and then drive home with the movie will become a quaint relic of the new fin de siècle (look it up!). The new old way to get movies will be discs by mail, and the new, new way will be downloading.
5. Web 2.0 companies without a business plan
The era when Web-based companies could emerge and grow on venture capital, collecting eyeballs and members at a rapid clip and deferring the business plan until later are dead and gone. Yeah, I'm talking to you, Twitter. Sand Hill Road-style venture capital is shrinking toward nothing, and investors in general will be hard to come by. Those few remaining investors will want to see real, solid business plans before the first dollar is wired to any start-up's bank.
6. Most companies in Silicon Valley
Tech company failures and mergers will leave the industry with a low two-digit percentage (maybe 25%) of the total number of companies now in existence. Like the automobile industry, which had more than 200 car makers in the 1920s and emerged from the Depression with just a few, Silicon Valley is in for some serious contraction. The difference is that the auto industry ended up with the Big Three, whereas the number of tech companies will grow dramatically again during the next boom.
7. Palm Inc.
Elevation Partners, which has among its principals U2's Bono, pumped a whopping $100 million into the failing Palm Inc. this week.
The idea is to give the company time to release its forthcoming Nova operating system, which will take the cell-phone world by storm and give Apple a run for its money. It would have been far more efficient, however, to just flush that money down the toilet. With the iPhone setting the handset interface agenda, BlackBerry-maker RIM kicking butt in the businesses market, and Google stirring up trouble with its Android platform, this is no time for a clueless company like Palm to be introducing a new operating system. By this time next year, Palm will be gone. And so might Elevation Partners.
8. Yahoo
Yahoo Inc. is another company that can't seem to do anything right. Or, at least, can't compete with Google. Yahoo will be acquired by someone, and its brand will become an empty shell -- used for some inane set of services but appreciated only by armchair historians (joining the ranks of Netscape, Napster and Commodore).
9. Half of all retail stores
Many retail stores are obsolete and will be replaced by online competitors. Entire malls will become ghost towns. By this time next year, most video game stores, book stores and toy stores -- as well as brick-and-mortar shops in many other categories -- will simply vanish. Amazon.com will grow and grow.
10. Satellite Radio
I'm sorry, Howard Stern. It's over. The newly merged Sirius XM Radio simply cannot sustain its losses. The company is already deeply in debt and would need to dramatically increase subscribers over the next six months in order to meet its debt obligations. Unfortunately, new car sales, which account for a huge percentage of satellite radio sales, are in the gutter and stand-alone subscriptions are way down.
Change is hard. But efficiency is good. While boom years gives us radical innovation and improve consumer choice, recessions help us focus on what's really important and accelerate the demise of technologies and companies that are already obsolete.
So say good-bye to these 10 things, and say hello (eventually) to a new economy, a new boom and a new way of doing things.
Nice sound bite. What does that mean?
Who knows? We can be sure that this downturn will be totally differerent from the Depression, and that it will be different from the many recessions we've suffered every decade or every other decade since the '30s. I'm not an economist or a historian, but it seems to me that this recession will be something unprecedented.
One reason is that that there was no Internet or mobile technology in the 1930s. That means individual people and companies today have very-low-cost, high-efficiency alternatives for doing a wide range of activities. That will accelerate the demise of those things fated to be replaced anyway.
Here are 10 things that I believe won't survive the recession:
1. Free tech support
The practice still employed by some companies of paying humans to answer phones and solve consumers' problems with hardware or software will become a thing of the past. PCs, laptops and hardware peripherals, as well as application software will be purchased like airline tickets, with price becoming the sole criteria for many buyers. In order to compete on price, companies that now offer real tech support will replace it with message boards (users helping users), wikis, wizards, software-based troubleshooting tools and other unsatisfying alternatives.
2. Wi-Fi you have to pay for
Everyone is going to share the cost of public Wi-Fi because the penny-pinching public will gravitate to places that offer "free" Wi-Fi. Companies that charge extra for Wi-Fi will see their iPhone, BlackBerry and netbook-toting customers -- i.e., everybody -- taking their business elsewhere. The only place you'll pay for Wi-Fi will be on an airplane.
3. Landline phones
Digital phone bundles for homes (where TV service, Internet connections and landline phone service are offered in a total package) will keep the landline idea alive for a while, but as millions of households drop their cable TV service and as consumers look to cut all needless costs, the trend toward dropping landline service in favor of cell phone service only will accelerate until it's totally mainstream, and only grandma still has a landline phone.
4. Movie rental stores
The idea of retail operations where you drive to a store, pick a movie, stand in line and then drive home with the movie will become a quaint relic of the new fin de siècle (look it up!). The new old way to get movies will be discs by mail, and the new, new way will be downloading.
5. Web 2.0 companies without a business plan
The era when Web-based companies could emerge and grow on venture capital, collecting eyeballs and members at a rapid clip and deferring the business plan until later are dead and gone. Yeah, I'm talking to you, Twitter. Sand Hill Road-style venture capital is shrinking toward nothing, and investors in general will be hard to come by. Those few remaining investors will want to see real, solid business plans before the first dollar is wired to any start-up's bank.
6. Most companies in Silicon Valley
Tech company failures and mergers will leave the industry with a low two-digit percentage (maybe 25%) of the total number of companies now in existence. Like the automobile industry, which had more than 200 car makers in the 1920s and emerged from the Depression with just a few, Silicon Valley is in for some serious contraction. The difference is that the auto industry ended up with the Big Three, whereas the number of tech companies will grow dramatically again during the next boom.
7. Palm Inc.
Elevation Partners, which has among its principals U2's Bono, pumped a whopping $100 million into the failing Palm Inc. this week.
The idea is to give the company time to release its forthcoming Nova operating system, which will take the cell-phone world by storm and give Apple a run for its money. It would have been far more efficient, however, to just flush that money down the toilet. With the iPhone setting the handset interface agenda, BlackBerry-maker RIM kicking butt in the businesses market, and Google stirring up trouble with its Android platform, this is no time for a clueless company like Palm to be introducing a new operating system. By this time next year, Palm will be gone. And so might Elevation Partners.
8. Yahoo
Yahoo Inc. is another company that can't seem to do anything right. Or, at least, can't compete with Google. Yahoo will be acquired by someone, and its brand will become an empty shell -- used for some inane set of services but appreciated only by armchair historians (joining the ranks of Netscape, Napster and Commodore).
9. Half of all retail stores
Many retail stores are obsolete and will be replaced by online competitors. Entire malls will become ghost towns. By this time next year, most video game stores, book stores and toy stores -- as well as brick-and-mortar shops in many other categories -- will simply vanish. Amazon.com will grow and grow.
10. Satellite Radio
I'm sorry, Howard Stern. It's over. The newly merged Sirius XM Radio simply cannot sustain its losses. The company is already deeply in debt and would need to dramatically increase subscribers over the next six months in order to meet its debt obligations. Unfortunately, new car sales, which account for a huge percentage of satellite radio sales, are in the gutter and stand-alone subscriptions are way down.
Change is hard. But efficiency is good. While boom years gives us radical innovation and improve consumer choice, recessions help us focus on what's really important and accelerate the demise of technologies and companies that are already obsolete.
So say good-bye to these 10 things, and say hello (eventually) to a new economy, a new boom and a new way of doing things.
China’s Game Investment and Financing
Shanghai---The report on China Game Investment and Financing was released at China Game Investment and Development Forum, which was jointly organized by ChinaVenture, a market search company, and the organization Committee of ChinaJoy in Shanghai on July 14. The report shows that China Game has attracted venture capital of US$300 million totally which is invested in nearly 50 projects since 2000. It also estimates that another upsurge of venture capital and the second tide of overseas IPO are coming from 2007 to 2009, with the game industrial chain becoming perfect little by little.
According to this report, the online game players will amount to 60 million this year (32.6 million in 2006, according to the Publishers Association of China), being nearly 40% of total netiens in China. The market scale of online game is estimated to exceed RMB10 billion (US$1.32 billion) this year, which will also exceed the whole market scale of South Korean, a strong country in the game industry. The statistics shows the role-playing game (RPG) income increases to RMB5.65 billion (US$747 million) in 2006 from RMB1.76 billion (US$233 million) in 2003. This report estimates that RPG income will reach RMB9.4 billion (US$1.24 billion) in 2011. The statistic data also shows the leisure game income increases to RMB1.77 billion (US$234 million) in 2006 from RMB240 million (US$31.74 million) in 2003, which is estimated to catch up with that of RPG in 2011. The report points out that RPG has entered the mature and stable period, while the leisure game still has an fast increasing trend.
The report also points out that the mobile game will have a breakthrough, with mobile phone subscribers totaling 400 million and the 3G times coming this year, though the mobile game market is small at present. It estimates that mobile online game income will reach RMB5100 in the 4th quarter this year.
Finally, the report concludes the inexorable trend of online game is free to players, while inserted advertisements will be the important sources of income. The mobile online game will be the new increasing point of the game industry. Simultaneously, venture capitals will continue paying high attention to the game industry, and the withdrawal channels of venture capital will be richer fatherly, featuring company’s being listed, strategic investment and purchase.
According to this report, the online game players will amount to 60 million this year (32.6 million in 2006, according to the Publishers Association of China), being nearly 40% of total netiens in China. The market scale of online game is estimated to exceed RMB10 billion (US$1.32 billion) this year, which will also exceed the whole market scale of South Korean, a strong country in the game industry. The statistics shows the role-playing game (RPG) income increases to RMB5.65 billion (US$747 million) in 2006 from RMB1.76 billion (US$233 million) in 2003. This report estimates that RPG income will reach RMB9.4 billion (US$1.24 billion) in 2011. The statistic data also shows the leisure game income increases to RMB1.77 billion (US$234 million) in 2006 from RMB240 million (US$31.74 million) in 2003, which is estimated to catch up with that of RPG in 2011. The report points out that RPG has entered the mature and stable period, while the leisure game still has an fast increasing trend.
The report also points out that the mobile game will have a breakthrough, with mobile phone subscribers totaling 400 million and the 3G times coming this year, though the mobile game market is small at present. It estimates that mobile online game income will reach RMB5100 in the 4th quarter this year.
Finally, the report concludes the inexorable trend of online game is free to players, while inserted advertisements will be the important sources of income. The mobile online game will be the new increasing point of the game industry. Simultaneously, venture capitals will continue paying high attention to the game industry, and the withdrawal channels of venture capital will be richer fatherly, featuring company’s being listed, strategic investment and purchase.
1/19/2009
What is Chinese Medicine?
What is Chinese Medicine?
Chinese Medicine, the official journal of the International Society for Chinese Medicine, is an open access, peer-reviewed online journal that encompasses all aspects of research on Chinese medicine, provided the material, methods, results, and conclusions are evidence-based, scientifically justified, and ethical.
Areas of interest include herbal medicine, health food, clinical nutrition, acupuncture, Tui-na, Qi-qong, Tai Chi Quan, energy research, medical education, cultural exchange, and technical translation.
Chinese Medicine is a credible channel to disseminate unbiased scientific data, information, and knowledge in Chinese medicine to researchers, clinicians, academics, and students in Chinese medicine, integrative Chinese-Western medicine, complementary and alternative medicine (CAM), and related biomedical fields.
Content overview
Chinese Medicine considers the following types of articles:
Commentaries: short, focused and opinionated articles on any subject within the journal's scope. These articles are usually related to a contemporary issue, such as recent research findings, and are often written by opinion leaders invited by the Editorial Board.
Research: reports of data from original research.
Reviews: comprehensive, authoritative, descriptions of any subject within the journal's scope. They should have an educational aim and be between 2000-3000 words. Reviews can cover any topical themes such as basic science and clinical reviews, ethics, pro/con debates, equipment reviews and thematic series to highlight specific topics in the field.
Peer review policies
Only manuscripts of high relevance and suitability will enter into the peer review process, which will be conducted by at least two internationally known experts in the field, and will aim to ensure that all published manuscripts provide new scientific knowledge.
Edited by Hin Wing Yeung, Chinese Medicine is supported by an international Editorial Board.
Publishing in Chinese Medicine
All articles will be listed in PubMed immediately upon acceptance (after peer review), and will be covered by PubMed Central, CAS, CABI and Scopus.
Articles in Chinese Medicine should be cited in the same way as articles in a traditional journal. However, because articles in this journal are not printed, they do not have page numbers. Instead, they have a unique article number.
The following citation:
Chin Med 2004, 2:1
refers to article 1 from volume 2 of the journal.
As an online journal, Chinese Medicine does not have issue numbers. Each volume corresponds to a calendar year.
To keep up to date with the latest articles from Chinese Medicine, why not register to receive alerts? Registration also enables you to customise your subject areas of interest, store your searches, and submit your manuscripts.
Submission of manuscripts
Manuscripts should be submitted electronically to Chinese Medicine using the online submission system. Full details of how to submit a manuscript are given in the instructions for authors.
General journal policies
Chinese Medicine is published by BioMed Central, an independent publisher committed to ensuring peer-reviewed biomedical research is Open Access. That means it is freely and universally accessible online, it is archived in at least one internationally recognised free access repository, and its authors retain copyright, allowing anyone to reproduce or disseminate articles, according to the BioMed Central copyright and licence agreement. Chinese Medicine however, has taken this further by making all its content Open Access.
Chinese Medicine's articles are archived in PubMed Central, the US National Library of Medicine's full-text repository of life science literature, and also at INIST in France and in e-Depot, the National Library of the Netherlands' digital archive of all electronic publications. The journal is also participating in the British Library's e-journals pilot project, and plans to deposit copies of all articles with the British Library.
BioMed Central is working closely with the Thomson Reuters (ISI) to ensure that citation analysis of articles published in Chinese Medicine will be available.
Chinese Medicine is able to deliver summaries of frequently updated content via Really Simple Syndication (RSS) feeds. These are accessible via the orange "XML" button at the top of the list of recent articles or the list of most accessed articles. For more information about RSS feeds see our publisher's website.
If you would like to help raise awareness of Chinese Medicine, why not download the journal's leaflet and poster? You will need Acrobat Reader to open them.
For further information about general policies please see the instructions for authors.
Chinese Medicine, the official journal of the International Society for Chinese Medicine, is an open access, peer-reviewed online journal that encompasses all aspects of research on Chinese medicine, provided the material, methods, results, and conclusions are evidence-based, scientifically justified, and ethical.
Areas of interest include herbal medicine, health food, clinical nutrition, acupuncture, Tui-na, Qi-qong, Tai Chi Quan, energy research, medical education, cultural exchange, and technical translation.
Chinese Medicine is a credible channel to disseminate unbiased scientific data, information, and knowledge in Chinese medicine to researchers, clinicians, academics, and students in Chinese medicine, integrative Chinese-Western medicine, complementary and alternative medicine (CAM), and related biomedical fields.
Content overview
Chinese Medicine considers the following types of articles:
Commentaries: short, focused and opinionated articles on any subject within the journal's scope. These articles are usually related to a contemporary issue, such as recent research findings, and are often written by opinion leaders invited by the Editorial Board.
Research: reports of data from original research.
Reviews: comprehensive, authoritative, descriptions of any subject within the journal's scope. They should have an educational aim and be between 2000-3000 words. Reviews can cover any topical themes such as basic science and clinical reviews, ethics, pro/con debates, equipment reviews and thematic series to highlight specific topics in the field.
Peer review policies
Only manuscripts of high relevance and suitability will enter into the peer review process, which will be conducted by at least two internationally known experts in the field, and will aim to ensure that all published manuscripts provide new scientific knowledge.
Edited by Hin Wing Yeung, Chinese Medicine is supported by an international Editorial Board.
Publishing in Chinese Medicine
All articles will be listed in PubMed immediately upon acceptance (after peer review), and will be covered by PubMed Central, CAS, CABI and Scopus.
Articles in Chinese Medicine should be cited in the same way as articles in a traditional journal. However, because articles in this journal are not printed, they do not have page numbers. Instead, they have a unique article number.
The following citation:
Chin Med 2004, 2:1
refers to article 1 from volume 2 of the journal.
As an online journal, Chinese Medicine does not have issue numbers. Each volume corresponds to a calendar year.
To keep up to date with the latest articles from Chinese Medicine, why not register to receive alerts? Registration also enables you to customise your subject areas of interest, store your searches, and submit your manuscripts.
Submission of manuscripts
Manuscripts should be submitted electronically to Chinese Medicine using the online submission system. Full details of how to submit a manuscript are given in the instructions for authors.
General journal policies
Chinese Medicine is published by BioMed Central, an independent publisher committed to ensuring peer-reviewed biomedical research is Open Access. That means it is freely and universally accessible online, it is archived in at least one internationally recognised free access repository, and its authors retain copyright, allowing anyone to reproduce or disseminate articles, according to the BioMed Central copyright and licence agreement. Chinese Medicine however, has taken this further by making all its content Open Access.
Chinese Medicine's articles are archived in PubMed Central, the US National Library of Medicine's full-text repository of life science literature, and also at INIST in France and in e-Depot, the National Library of the Netherlands' digital archive of all electronic publications. The journal is also participating in the British Library's e-journals pilot project, and plans to deposit copies of all articles with the British Library.
BioMed Central is working closely with the Thomson Reuters (ISI) to ensure that citation analysis of articles published in Chinese Medicine will be available.
Chinese Medicine is able to deliver summaries of frequently updated content via Really Simple Syndication (RSS) feeds. These are accessible via the orange "XML" button at the top of the list of recent articles or the list of most accessed articles. For more information about RSS feeds see our publisher's website.
If you would like to help raise awareness of Chinese Medicine, why not download the journal's leaflet and poster? You will need Acrobat Reader to open them.
For further information about general policies please see the instructions for authors.
How credit cards work
Credit card
An example of the front in a typical credit card:
Issuing bank logo EMV chip Hologram Credit card number Card brand logo Expiry Date Cardholder's name
An example of the reverse side of a typical credit card:
Magnetic Stripe Signature Strip Card Security Code
Credit cards are issued after an account has been approved by the credit provider, after which cardholders can use it to make purchases at merchants accepting that card.
When a purchase is made, the credit card user agrees to pay the card issuer. The cardholder indicates his/her consent to pay, by signing a receipt with a record of the card details and indicating the amount to be paid or by entering a Personal identification number (PIN). Also, many merchants now accept verbal authorizations via telephone and electronic authorization using the Internet, known as a 'Card/Cardholder Not Present' (CNP) transaction.
Electronic verification systems allow merchants to verify that the card is valid and the credit card customer has sufficient credit to cover the purchase in a few seconds, allowing the verification to happen at time of purchase. The verification is performed using a credit card payment terminal or Point of Sale (POS) system with a communications link to the merchant's acquiring bank. Data from the card is obtained from a magnetic stripe or chip on the card; the latter system is in the United Kingdom and Ireland commonly known as Chip and PIN, but is more technically an EMV card.
Other variations of verification systems are used by eCommerce merchants to determine if the user's account is valid and able to accept the charge. These will typically involve the cardholder providing additional information, such as the security code printed on the back of the card, or the address of the cardholder.
Each month, the credit card user is sent a statement indicating the purchases undertaken with the card, any outstanding fees, and the total amount owed. After receiving the statement, the cardholder may dispute any charges that he or she thinks are incorrect (see Fair Credit Billing Act for details of the US regulations). Otherwise, the cardholder must pay a defined minimum proportion of the bill by a due date, or may choose to pay a higher amount up to the entire amount owed. The credit provider charges interest on the amount owed if the balance is not paid in full (typically at a much higher rate than most other forms of debt). Some financial institutions can arrange for automatic payments to be deducted from the user's bank accounts, thus avoiding late payment altogether as long as the cardholder has sufficient funds.
An example of the front in a typical credit card:
Issuing bank logo EMV chip Hologram Credit card number Card brand logo Expiry Date Cardholder's name
An example of the reverse side of a typical credit card:
Magnetic Stripe Signature Strip Card Security Code
Credit cards are issued after an account has been approved by the credit provider, after which cardholders can use it to make purchases at merchants accepting that card.
When a purchase is made, the credit card user agrees to pay the card issuer. The cardholder indicates his/her consent to pay, by signing a receipt with a record of the card details and indicating the amount to be paid or by entering a Personal identification number (PIN). Also, many merchants now accept verbal authorizations via telephone and electronic authorization using the Internet, known as a 'Card/Cardholder Not Present' (CNP) transaction.
Electronic verification systems allow merchants to verify that the card is valid and the credit card customer has sufficient credit to cover the purchase in a few seconds, allowing the verification to happen at time of purchase. The verification is performed using a credit card payment terminal or Point of Sale (POS) system with a communications link to the merchant's acquiring bank. Data from the card is obtained from a magnetic stripe or chip on the card; the latter system is in the United Kingdom and Ireland commonly known as Chip and PIN, but is more technically an EMV card.
Other variations of verification systems are used by eCommerce merchants to determine if the user's account is valid and able to accept the charge. These will typically involve the cardholder providing additional information, such as the security code printed on the back of the card, or the address of the cardholder.
Each month, the credit card user is sent a statement indicating the purchases undertaken with the card, any outstanding fees, and the total amount owed. After receiving the statement, the cardholder may dispute any charges that he or she thinks are incorrect (see Fair Credit Billing Act for details of the US regulations). Otherwise, the cardholder must pay a defined minimum proportion of the bill by a due date, or may choose to pay a higher amount up to the entire amount owed. The credit provider charges interest on the amount owed if the balance is not paid in full (typically at a much higher rate than most other forms of debt). Some financial institutions can arrange for automatic payments to be deducted from the user's bank accounts, thus avoiding late payment altogether as long as the cardholder has sufficient funds.
Credit Card FAQ
Credit Card FAQ
Q: How can I get started?
A: At Your Credit Network, we have made credit card selection easy as A, B, C. Simply begin by narrowing in on some of the requirements you have for your credit card. Whether it be low interest rates, cash-back on every purchase, airline miles, etc. Once you have made a decision about your credit card type, you can then visit the Your Credit Network Home Page or you can click from the navigation bar on the left side of the screen. The next page will contain several credit card offers – just compare the different features until you find the card that is suited for your needs. Finally, just click the Apply Now button, fill out the application, and you are on your way to a new credit card!
Q: What is the application process like?
A: After making a decision on a credit card(s) that is right for you, simply click the Apply Now button located just under the picture of the credit card you’re applying for. Be sure to review the terms and conditions of each credit card offer to ensure that it fits your exact needs. If these terms seem reasonable, fill out the application as thoroughly and accurately as possible. Easy right?
Q: At what point will I find out if I am approved?
A: Approval for a specific credit card will vary depending on the nature of the offer, the policies of the issuing bank, and the information obtained from your credit report. There are some credit cards that offer instant approval (visit our instant approval credit cards page) while others may require a few weeks. To speed up the application process, make sure all your information provided is up-to-date.
Q: How important is my credit score?
A: Credit scores play a large role in how fast you get approved. Customers with higher credit scores tend to receive faster approvals, higher limits and lower annual percentage rate (APR). Even with average or below average credit, you can still get approved!
Q: Where can I find my credit score?
A: There are many ways to get your credit score. Simply search online for credit scores and your will find various offers on getting your credit score. We recommend Credit Report Professionals for a free copy of your credit report from all the major bureaus.
Q: If I am not a U.S. citizen, can I still apply?
A: Your Credit Network only offers U.S. citizens credit card offers, but if you are not a citizen of the U.S. then simply contact the issuing bank at the number found in the terms and conditions document associated with your credit card offer.
Q: What kind of information needs to be provided in the application?
A: Only basic information is needed. Have your social security number, driver’s license number, and your current mailing address in front of you.
Q: What if I am not a member of the bank for the credit card I want to apply for?
A: There is no need to be a member of the bank for the card which you are interested in. Select the credit card you want, click the Apply Now button, fill out the application, and your work is done.
Q: Can I apply for more than one card at a time?
A: Yes. It is quite common for a person to apply for two or three credit cards at once. Just remember that the issuing banks do review your credit information each time you submit an application (this includes how many applications you’ve submitted in the past) and at some point they may decide that you have the maximum amount of credit extended to you relative to your income.
Q: How safe is it to apply for a credit card online?
A: Your Credit Network utilizes the latest 128-bit Secure Socket Layer (SSL) technology to encrypt the information sent from your computer. This means the data transmitted is safe from third parties. Rest assured, your personal information is protected!
Q: Who do I contact regarding payments or account information?
A: The customer service center of the bank that issued your card will be able to assist you. The contact information is usually listed on the back of your credit card as either a toll-free number or a web address.
Q: What if I have other questions besides the ones from above?
A: The customer service will also be able to assist you with any further questions you may have.
Q: How can I report a lost or stolen credit card?
A: Immediately contact the bank that issued your credit card to report a lost or stolen credit card. Visit the banks website online for a customer service number to assist you with this.
Q: How can I get started?
A: At Your Credit Network, we have made credit card selection easy as A, B, C. Simply begin by narrowing in on some of the requirements you have for your credit card. Whether it be low interest rates, cash-back on every purchase, airline miles, etc. Once you have made a decision about your credit card type, you can then visit the Your Credit Network Home Page or you can click from the navigation bar on the left side of the screen. The next page will contain several credit card offers – just compare the different features until you find the card that is suited for your needs. Finally, just click the Apply Now button, fill out the application, and you are on your way to a new credit card!
Q: What is the application process like?
A: After making a decision on a credit card(s) that is right for you, simply click the Apply Now button located just under the picture of the credit card you’re applying for. Be sure to review the terms and conditions of each credit card offer to ensure that it fits your exact needs. If these terms seem reasonable, fill out the application as thoroughly and accurately as possible. Easy right?
Q: At what point will I find out if I am approved?
A: Approval for a specific credit card will vary depending on the nature of the offer, the policies of the issuing bank, and the information obtained from your credit report. There are some credit cards that offer instant approval (visit our instant approval credit cards page) while others may require a few weeks. To speed up the application process, make sure all your information provided is up-to-date.
Q: How important is my credit score?
A: Credit scores play a large role in how fast you get approved. Customers with higher credit scores tend to receive faster approvals, higher limits and lower annual percentage rate (APR). Even with average or below average credit, you can still get approved!
Q: Where can I find my credit score?
A: There are many ways to get your credit score. Simply search online for credit scores and your will find various offers on getting your credit score. We recommend Credit Report Professionals for a free copy of your credit report from all the major bureaus.
Q: If I am not a U.S. citizen, can I still apply?
A: Your Credit Network only offers U.S. citizens credit card offers, but if you are not a citizen of the U.S. then simply contact the issuing bank at the number found in the terms and conditions document associated with your credit card offer.
Q: What kind of information needs to be provided in the application?
A: Only basic information is needed. Have your social security number, driver’s license number, and your current mailing address in front of you.
Q: What if I am not a member of the bank for the credit card I want to apply for?
A: There is no need to be a member of the bank for the card which you are interested in. Select the credit card you want, click the Apply Now button, fill out the application, and your work is done.
Q: Can I apply for more than one card at a time?
A: Yes. It is quite common for a person to apply for two or three credit cards at once. Just remember that the issuing banks do review your credit information each time you submit an application (this includes how many applications you’ve submitted in the past) and at some point they may decide that you have the maximum amount of credit extended to you relative to your income.
Q: How safe is it to apply for a credit card online?
A: Your Credit Network utilizes the latest 128-bit Secure Socket Layer (SSL) technology to encrypt the information sent from your computer. This means the data transmitted is safe from third parties. Rest assured, your personal information is protected!
Q: Who do I contact regarding payments or account information?
A: The customer service center of the bank that issued your card will be able to assist you. The contact information is usually listed on the back of your credit card as either a toll-free number or a web address.
Q: What if I have other questions besides the ones from above?
A: The customer service will also be able to assist you with any further questions you may have.
Q: How can I report a lost or stolen credit card?
A: Immediately contact the bank that issued your credit card to report a lost or stolen credit card. Visit the banks website online for a customer service number to assist you with this.
March to see battle between major 3G service providers
March to see battle between major 3G service providers
Adjust font size:
Competition between service providers (SP) has intensified since the Chinese government issued the 3G telecommunication licenses for the major SPs. China Mobile (CMCC) and China Telecom, the country's leading 3G operators, will both consider March as a critical period for their respective promotions of product and service.
At the TD-SCDMA Industry Internal Communication Conference initiated by China Mobile on January 16, China Mobile's Vice President Li Yue said his company would open base stations in 28 cities as part of their second phase project, while Dong Xin, the general director of marketing, observed that the company had modified its strategy in accordance with the company's 3G network project plan formulated last December. According to the new plan, CMCC's 3G coverage will reach the 28 target cities in June this year.
In comparison, China Telecom's Vice President Zhang Jiping told the press that the company would launch 3G service in 100 major cities before the end of March and would launch full-scale nationwide 3G services in July.
Major cities in better-developed areas will be the front line of the two companies' first round of battle. China Telecom started the trial of strength by offering 3G service in approximately 81 cities, mainly along the eastern coast, and the choice of 28 provincial capitals and a number of other key cities is the CMCC response.
In the preliminary stage of 3G service, both China Mobile and China Telecom are guaranteeing a "smooth transition" for their customers so far as there will be no need for their customers to change their subscriber identity module (SIM) cards.
Its established customer network is CMCC's greatest advantage, whereas China Telecom aims to highlight its CDMA network connection speed: it promises 3.1Mb/S for downloading and 1.8Mb/S for uploading, a huge increase from the present 153.6 Kb/s. A China Telecom official has gone on record stating that the company aims to be the country's number one in 3G SP. However, this ambition seems sure to meet a counter-challenge from CMCC.
According to its plan, CMCC's TD network will cover all the country's cities by 2011. Says Li Yue: "In three years, CMCC will have the largest 3G network coverage in the world."
Currently, CMCC's smooth transition policy offers no change of SIM card, no change of cell phone number, and no re-registration for its subscribers in the 10 TD covered cities. But doubts and criticism have surfaced in response to the high failure rate, the instability of terminals, and the unreliability of debugging tools, all technical problems that remain problematic.
Li Yue also points out that CMCC is making the most of its experience in 2G network operation so as to roll out the TD/2G integration, allowing TD/2G coexistence and free sharing of resources. He also notes that poor performance from component suppliers is holding back CMCC's overall progress.
CMCC, the country's largest wireless telecommunication operator, currently has 460 million subscribers, among whom 420,000 are 3G users, including 156,000 new customers, according to business data made available by the company. The data also shows 82 percent of 3G users have chosen to upgrade their SIM cards. CMCC plans to invest 58.8 billion yuan (US$8.61 billion) in their TD network, building around 60,000 base stations.
(China.org.cn by Maverick Chen, January 19, 2009)
Adjust font size:
Competition between service providers (SP) has intensified since the Chinese government issued the 3G telecommunication licenses for the major SPs. China Mobile (CMCC) and China Telecom, the country's leading 3G operators, will both consider March as a critical period for their respective promotions of product and service.
At the TD-SCDMA Industry Internal Communication Conference initiated by China Mobile on January 16, China Mobile's Vice President Li Yue said his company would open base stations in 28 cities as part of their second phase project, while Dong Xin, the general director of marketing, observed that the company had modified its strategy in accordance with the company's 3G network project plan formulated last December. According to the new plan, CMCC's 3G coverage will reach the 28 target cities in June this year.
In comparison, China Telecom's Vice President Zhang Jiping told the press that the company would launch 3G service in 100 major cities before the end of March and would launch full-scale nationwide 3G services in July.
Major cities in better-developed areas will be the front line of the two companies' first round of battle. China Telecom started the trial of strength by offering 3G service in approximately 81 cities, mainly along the eastern coast, and the choice of 28 provincial capitals and a number of other key cities is the CMCC response.
In the preliminary stage of 3G service, both China Mobile and China Telecom are guaranteeing a "smooth transition" for their customers so far as there will be no need for their customers to change their subscriber identity module (SIM) cards.
Its established customer network is CMCC's greatest advantage, whereas China Telecom aims to highlight its CDMA network connection speed: it promises 3.1Mb/S for downloading and 1.8Mb/S for uploading, a huge increase from the present 153.6 Kb/s. A China Telecom official has gone on record stating that the company aims to be the country's number one in 3G SP. However, this ambition seems sure to meet a counter-challenge from CMCC.
According to its plan, CMCC's TD network will cover all the country's cities by 2011. Says Li Yue: "In three years, CMCC will have the largest 3G network coverage in the world."
Currently, CMCC's smooth transition policy offers no change of SIM card, no change of cell phone number, and no re-registration for its subscribers in the 10 TD covered cities. But doubts and criticism have surfaced in response to the high failure rate, the instability of terminals, and the unreliability of debugging tools, all technical problems that remain problematic.
Li Yue also points out that CMCC is making the most of its experience in 2G network operation so as to roll out the TD/2G integration, allowing TD/2G coexistence and free sharing of resources. He also notes that poor performance from component suppliers is holding back CMCC's overall progress.
CMCC, the country's largest wireless telecommunication operator, currently has 460 million subscribers, among whom 420,000 are 3G users, including 156,000 new customers, according to business data made available by the company. The data also shows 82 percent of 3G users have chosen to upgrade their SIM cards. CMCC plans to invest 58.8 billion yuan (US$8.61 billion) in their TD network, building around 60,000 base stations.
(China.org.cn by Maverick Chen, January 19, 2009)
2009 GDP growth to hit 8.3%: think tank
China's Gross Domestic Product (GDP) growth is expected to drop to 8.3 percent in 2009, the country's major think tank said Monday.
The report, issued by the Chinese Academy of Sciences (CAS), predicted China's economy slowdown in the first half year due to the unfavorable international economic environment.
The report also said that the unprecedented stimulus package of 4 trillion yuan (US$586 billion) will poise China for an early recovery in the third quarter.
The government set the goal of 8 percent growth this year at the Central Economic Work Conference held on December 8.
The United Nations Development Programme (UNDP) predicted last week that China's GDP growth would slow to 8.4 percent in 2009.
The CAS report also predicted that the primary, secondary and tertiary industries will expand at 5 percent, 9.8 percent and 9.5 percent, respectively.
The Chinese economy will face heavy pressure in terms of exports this year due to the recession, the report said. The growth rate of exports and imports is expected to drop to 6.5 percent and 4.6 percent respectively.
Total trade for 2008 was US$2.56 trillion, up 17.8 percent from 2007. The total included US$1.43 trillion in exports, up 17.2 percent, and US$1.13 trillion in imports, up 18.5 percent, figures from the General Administration of Customs (GAC) showed.
(Xinhua News Agency January 19, 2009)
The report, issued by the Chinese Academy of Sciences (CAS), predicted China's economy slowdown in the first half year due to the unfavorable international economic environment.
The report also said that the unprecedented stimulus package of 4 trillion yuan (US$586 billion) will poise China for an early recovery in the third quarter.
The government set the goal of 8 percent growth this year at the Central Economic Work Conference held on December 8.
The United Nations Development Programme (UNDP) predicted last week that China's GDP growth would slow to 8.4 percent in 2009.
The CAS report also predicted that the primary, secondary and tertiary industries will expand at 5 percent, 9.8 percent and 9.5 percent, respectively.
The Chinese economy will face heavy pressure in terms of exports this year due to the recession, the report said. The growth rate of exports and imports is expected to drop to 6.5 percent and 4.6 percent respectively.
Total trade for 2008 was US$2.56 trillion, up 17.8 percent from 2007. The total included US$1.43 trillion in exports, up 17.2 percent, and US$1.13 trillion in imports, up 18.5 percent, figures from the General Administration of Customs (GAC) showed.
(Xinhua News Agency January 19, 2009)
Huang Guangyu resigns as Gome chairman
Huang Guangyu, China's home appliance tycoon, has resigned as a director of Gome Electrical Appliances, the company said in a notice to the Hong Kong Exchanges late Sunday.
Huang also ceased to be chairman of the group, effective on January 16, according to the notice.
Huang's resignation was a result of his "inability to perform his duties as a director of the company," it said, and the resignation would not materially affect the business and operations of the group.
According to the notice, Chen Xiao was appointed chairman and chief executive officer of the group, effective from January 16. Chen was appointed as the acting chairman of the group on November 27 last year.
Huang, a self-made billionaire, was detained on November 24 on claims that he had manipulated share trading in two listed companies, Sanlian Commercial Co and Beijing Centergate Technologies Co. His company, the Hong Kong-listed Gome Electrical Appliances Holdings Ltd, has been suspended from trading since November 24.
His wife, Du Juan, was also under investigation for alleged involvement in economic crimes, Beijing police confirmed last week.
(Xinhua News Agency January 19, 2009)
Huang also ceased to be chairman of the group, effective on January 16, according to the notice.
Huang's resignation was a result of his "inability to perform his duties as a director of the company," it said, and the resignation would not materially affect the business and operations of the group.
According to the notice, Chen Xiao was appointed chairman and chief executive officer of the group, effective from January 16. Chen was appointed as the acting chairman of the group on November 27 last year.
Huang, a self-made billionaire, was detained on November 24 on claims that he had manipulated share trading in two listed companies, Sanlian Commercial Co and Beijing Centergate Technologies Co. His company, the Hong Kong-listed Gome Electrical Appliances Holdings Ltd, has been suspended from trading since November 24.
His wife, Du Juan, was also under investigation for alleged involvement in economic crimes, Beijing police confirmed last week.
(Xinhua News Agency January 19, 2009)
Banker: Challenges and opportunities in 2009
Chinese commercial banks face grim challenges in 2009, as external demand weakens, the growth of the domestic economy slows and corporate profitability slackens, warned a Chinese banker.
Ma Weihua, president of China Merchants Bank, a leading midsize commercial bank, made the remarks in an article carried by the latest annual issue of the well-known business magazine "Caijing". examda.com
According to Ma, great attention should be paid to lenders’ exposure to risks made in boom times.
The risk exposures could turn nasty in an economic downturn, Ma noted.
He cited the following risks:
-- External-oriented enterprises took the blunt of the financial crisis since the third quarter of 2008, along with shrinking demand and fewer orders from abroad, leading to an exports slowdown. Still worse, some senior executives of struggling businesses had fled. This would threaten the safety of lenders’ credit assets.
-- Some major industries, including steel, coal, cement, power, oil processing and coking, chemical fibers and textiles, and shipping sectors, performed unsatisfactorily, with corporate earnings declining.
-- Liquidity of smaller enterprises remained tight, with their repayment capabilities weakening.
-- The probability of default on home loans is mounting in the real estate sector, which has suffered from sluggish sales
As Ma pointed out, between 2003 and 2007, the Chinese economy kept growing at an annual rate of 10.6 percent. And so the banking sector stayed on the fast development track.
In the first half of 2008, the 14 listed commercial banks on the Chinese mainland realized more than 230 billion yuan (33.6 billion U.S. dollars) in combined net profits, a growth of more than 60 percent on the same period of the previous year.
But the rosy picture has been blurred since the second half of last year. Ma predicted that growth in banks’ net profits would continue to slow down substantially in 2009.
However, Ma noted, opportunities existed amid challenges.
The Chinese Government has adopted a slew of measures to boost the national economy, including active fiscal policy and moderately loose monetary policy and strong means to expand domestic demand. All these would translate into higher demand for bank loans. examda.com
Intermediate services would grow for banks as corporate demand for cash management, financial consulting and wealth management would soar.
Banks’ awareness of the need for better management would increase.
According to Ma, it would be imperative for Chinese banks to make a shift from their traditional growth pattern, which focused on large corporate customers and interest differentials between lending and borrowing. They should pay much more attention to retail businesses, intermediate services and smaller corporate customers, Ma added.
At the end of his article, Ma stressed that the impact from the financial crisis on Chinese banks would be short lived and limited, as the support factors behind the Chinese economy and its financial industry would remain strong.
According to Ma, investment in China will maintain its path towards funding urbanization and industrialization.
As long as the process does not come to an end, the cost of "made-in-China" will continue to be lower than the world average. This will help keep China as an important target of foreign direct investment, he said.
The consumer mentality was being changed in China and consumption would grow rapidly as a result, Ma believed.
Ma Weihua, president of China Merchants Bank, a leading midsize commercial bank, made the remarks in an article carried by the latest annual issue of the well-known business magazine "Caijing". examda.com
According to Ma, great attention should be paid to lenders’ exposure to risks made in boom times.
The risk exposures could turn nasty in an economic downturn, Ma noted.
He cited the following risks:
-- External-oriented enterprises took the blunt of the financial crisis since the third quarter of 2008, along with shrinking demand and fewer orders from abroad, leading to an exports slowdown. Still worse, some senior executives of struggling businesses had fled. This would threaten the safety of lenders’ credit assets.
-- Some major industries, including steel, coal, cement, power, oil processing and coking, chemical fibers and textiles, and shipping sectors, performed unsatisfactorily, with corporate earnings declining.
-- Liquidity of smaller enterprises remained tight, with their repayment capabilities weakening.
-- The probability of default on home loans is mounting in the real estate sector, which has suffered from sluggish sales
As Ma pointed out, between 2003 and 2007, the Chinese economy kept growing at an annual rate of 10.6 percent. And so the banking sector stayed on the fast development track.
In the first half of 2008, the 14 listed commercial banks on the Chinese mainland realized more than 230 billion yuan (33.6 billion U.S. dollars) in combined net profits, a growth of more than 60 percent on the same period of the previous year.
But the rosy picture has been blurred since the second half of last year. Ma predicted that growth in banks’ net profits would continue to slow down substantially in 2009.
However, Ma noted, opportunities existed amid challenges.
The Chinese Government has adopted a slew of measures to boost the national economy, including active fiscal policy and moderately loose monetary policy and strong means to expand domestic demand. All these would translate into higher demand for bank loans. examda.com
Intermediate services would grow for banks as corporate demand for cash management, financial consulting and wealth management would soar.
Banks’ awareness of the need for better management would increase.
According to Ma, it would be imperative for Chinese banks to make a shift from their traditional growth pattern, which focused on large corporate customers and interest differentials between lending and borrowing. They should pay much more attention to retail businesses, intermediate services and smaller corporate customers, Ma added.
At the end of his article, Ma stressed that the impact from the financial crisis on Chinese banks would be short lived and limited, as the support factors behind the Chinese economy and its financial industry would remain strong.
According to Ma, investment in China will maintain its path towards funding urbanization and industrialization.
As long as the process does not come to an end, the cost of "made-in-China" will continue to be lower than the world average. This will help keep China as an important target of foreign direct investment, he said.
The consumer mentality was being changed in China and consumption would grow rapidly as a result, Ma believed.
Investors grow timid about 2009 market
Thrifty Shang Youjuan was still caught in the euphoria of 2007’s bull market when she took bold steps to invest most of her life savings into the Chinese stock market in January 2008.
But like countless investors in the country, the 56-year-old retiree has seen over 60 percent of her hard-earned 320,000 yuan (US$46,900) evaporate in the unexpected market mayhem now taking place.
"I’ve been tortured for an entire year, and am glad that the wretched 2008 finally ended," Shang said.
She ventured into the stock market in 1993 with 3,000 yuan. That year, urban per capita annual income was only 2,337 yuan.
Her appetite for more investment returned and started swelling when the value of the money she put into the market doubled in 2007.
Unfortunately, her dreams were shattered, after tumbling through the turbulence in the stock market and one of the biggest overall falls ever seen in the history.examda.com
The leading indicator plummeted 72 percent from an all-time high of 6,124 points in October 2007 to a low of 1,664 points a year later.
The market value shrank from 32.76 trillion yuan on Jan 2 to 9.7 trillion yuan by the end of the year, making it the worst performer in the global market meltdown.
As for the new year just begun, industry experts and investors hold diverse opinions.
"We forecast the leading indicator will hover between 1,650 points to 2,700 points, given the growth rate of corporate profit will be likely to fall to negative 10 percent," said Wu Feng, an analyst with TX Investment Consulting.
"The recovery may come in the second half next year," Wu said. He suggested that policy-driven stocks like energy and 3G sectors will see sustainable gains.
"In our view, markets with economies showing greater resilience are likely to fare better. In this regard, we have a preference for China and are overweight on both the A-shares and H-shares," said Lorraine Tan, director of equity research, Asia, at Standard & Poor’s.
However, some individual investors were more pessimistic after the market carnage in 2008, and are considering shifting their portfolios toward safer investments.
"I will liquidate my account when the index climbs to 2,500 points, as nobody knows when the financial woes will end. And will invest more into some other products with low risks, like gold and bonds," said Gong Zhou, a 32-year-old advertiser in Shanghai.
Gong made up his mind because over 70 percent of the 250,000 yuan he had in stocks shrunk in value.
He said he’d believed in the prediction of some renowned economists in 2007, who said the Chinese stock market would rise to 8,000 points or higher in 2008.
The benchmark Shanghai Composite Index edged down for the eighth straight trading day Wednesday to fall 0.66 percent, closing at 1820.81 and marking the end of the turbulent year.
The valuation of A-shares had been trimmed to 14.77 times earnings per share yesterday from as high as 49.84 times last year.
The stock market performance has left the average investor stunned.
"The drastic correction in Chinese stock market has reflected a grim economic outlook, under which corporate earnings are expected to shrink further due to slumping demands and exacerbating external economic conditions," said Mao Nan, an analyst with Shanghai-based Orient Securities.
But like countless investors in the country, the 56-year-old retiree has seen over 60 percent of her hard-earned 320,000 yuan (US$46,900) evaporate in the unexpected market mayhem now taking place.
"I’ve been tortured for an entire year, and am glad that the wretched 2008 finally ended," Shang said.
She ventured into the stock market in 1993 with 3,000 yuan. That year, urban per capita annual income was only 2,337 yuan.
Her appetite for more investment returned and started swelling when the value of the money she put into the market doubled in 2007.
Unfortunately, her dreams were shattered, after tumbling through the turbulence in the stock market and one of the biggest overall falls ever seen in the history.examda.com
The leading indicator plummeted 72 percent from an all-time high of 6,124 points in October 2007 to a low of 1,664 points a year later.
The market value shrank from 32.76 trillion yuan on Jan 2 to 9.7 trillion yuan by the end of the year, making it the worst performer in the global market meltdown.
As for the new year just begun, industry experts and investors hold diverse opinions.
"We forecast the leading indicator will hover between 1,650 points to 2,700 points, given the growth rate of corporate profit will be likely to fall to negative 10 percent," said Wu Feng, an analyst with TX Investment Consulting.
"The recovery may come in the second half next year," Wu said. He suggested that policy-driven stocks like energy and 3G sectors will see sustainable gains.
"In our view, markets with economies showing greater resilience are likely to fare better. In this regard, we have a preference for China and are overweight on both the A-shares and H-shares," said Lorraine Tan, director of equity research, Asia, at Standard & Poor’s.
However, some individual investors were more pessimistic after the market carnage in 2008, and are considering shifting their portfolios toward safer investments.
"I will liquidate my account when the index climbs to 2,500 points, as nobody knows when the financial woes will end. And will invest more into some other products with low risks, like gold and bonds," said Gong Zhou, a 32-year-old advertiser in Shanghai.
Gong made up his mind because over 70 percent of the 250,000 yuan he had in stocks shrunk in value.
He said he’d believed in the prediction of some renowned economists in 2007, who said the Chinese stock market would rise to 8,000 points or higher in 2008.
The benchmark Shanghai Composite Index edged down for the eighth straight trading day Wednesday to fall 0.66 percent, closing at 1820.81 and marking the end of the turbulent year.
The valuation of A-shares had been trimmed to 14.77 times earnings per share yesterday from as high as 49.84 times last year.
The stock market performance has left the average investor stunned.
"The drastic correction in Chinese stock market has reflected a grim economic outlook, under which corporate earnings are expected to shrink further due to slumping demands and exacerbating external economic conditions," said Mao Nan, an analyst with Shanghai-based Orient Securities.
Chinese shares close down 0.95 percent
Chinese shares closed down 0.95 percent on Tuesday as China Eastern Airlines shares fell despite the announcement of an expanded government bailout plan, dealers said.
The benchmark Shanghai Composite Index, which covers A and B shares, ended down 17.57 points at 1,832.91 on turnover of 37.9 billion yuan (5.5 billion dollars).examda.com
The Shanghai A-share index lost 18.51 points, or 0.95 percent, to 1,924.55 on turnover of 37.8 billion yuan, while the Shenzhen A-share index was down 5.10 points, or 0.86 percent, at 589.21 on turnover of 20.7 billion yuan.
The benchmark Shanghai Composite Index, which covers A and B shares, ended down 17.57 points at 1,832.91 on turnover of 37.9 billion yuan (5.5 billion dollars).examda.com
The Shanghai A-share index lost 18.51 points, or 0.95 percent, to 1,924.55 on turnover of 37.8 billion yuan, while the Shenzhen A-share index was down 5.10 points, or 0.86 percent, at 589.21 on turnover of 20.7 billion yuan.
The worst predictions about 2008
Here are some of the worst predictions that were made about 2008. Savor them -- a crop like this doesn't come along every year.
1. "A very powerful and durable rally is in the works. But it may need another couple of days to lift off. Hold the fort and keep the faith!" -- Richard Band, editor, Profitable Investing Letter, Mar. 27, 2008
At the time of the prediction, the Dow Jones industrial average was at 12,300. By late December it was at 8,500.
2. AIG (NYSE:AIG) "could have huge gains in the second quarter." -- Bijan Moazami, analyst, Friedman, Billings, Ramsey, May 9, 2008
AIG wound up losing $5 billion in that quarter and $25 billion in the next. It was taken over in September by the U.S. government, which will spend or lend $150 billion to keep it afloat.examda.com
3. "I think this is a case where Freddie Mac (NYSE:FRE) and Fannie Mae (NYSE:FNM) are fundamentally sound. They're not in danger of going under I think they are in good shape going forward." -- Barney Frank (D-Mass.), House Financial Services Committee chairman, July 14, 2008
Two months later, the government forced the mortgage giants into conservatorships and pledged to invest up to $100 billion in each.
4. "The market is in the process of correcting itself." -- President George W. Bush, in a Mar. 14, 2008 speech
For the rest of the year, the market kept correcting and correcting and correcting.
5. "No! No! No! Bear Stearns is not in trouble." -- Jim Cramer, CNBC commentator, Mar. 11, 2008
Five days later, JPMorgan Chase (NYSE:JPM) took over Bear Stearns with government help, nearly wiping out shareholders.
6. "Existing-Home Sales to Trend Up in 2008" -- Headline of a National Association of Realtors press release, Dec. 9, 2007
On Dec. 23, 2008, the group said November sales were running at an annual rate of 4.5 million -- down 11% from a year earlier -- in the worst housing slump since the Depression.
7. "I think you'll see (oil prices at) $150 a barrel by the end of the year" -- T. Boone Pickens, June 20, 2008
Oil was then around $135 a barrel. By late December it was below $40.
8. "I expect there will be some failures. I don't anticipate any serious problems of that sort among the large internationally active banks that make up a very substantial part of our banking system." -- Ben Bernanke, Federal Reserve chairman, Feb. 28, 2008
In September, Washington Mutual became the largest financial institution in U.S. history to fail. Citigroup (NYSE:C) needed an even bigger rescue in November.examda.com
9. "In today's regulatory environment, it's virtually impossible to violate rules." -- Bernard Madoff, money manager, Oct. 20, 2007
About a year later, Madoff -- who once headed the Nasdaq Stock Market -- told investigators he had cost his investors $50 billion in an alleged Ponzi scheme.
10. A Bound Man: Why We Are Excited About Obama and Why He Can't Win, the title of a book by conservative commentator Shelby Steele, published on Dec. 4, 2007.
Mr. Steele, meet President-elect Barack Obama.
1. "A very powerful and durable rally is in the works. But it may need another couple of days to lift off. Hold the fort and keep the faith!" -- Richard Band, editor, Profitable Investing Letter, Mar. 27, 2008
At the time of the prediction, the Dow Jones industrial average was at 12,300. By late December it was at 8,500.
2. AIG (NYSE:AIG) "could have huge gains in the second quarter." -- Bijan Moazami, analyst, Friedman, Billings, Ramsey, May 9, 2008
AIG wound up losing $5 billion in that quarter and $25 billion in the next. It was taken over in September by the U.S. government, which will spend or lend $150 billion to keep it afloat.examda.com
3. "I think this is a case where Freddie Mac (NYSE:FRE) and Fannie Mae (NYSE:FNM) are fundamentally sound. They're not in danger of going under I think they are in good shape going forward." -- Barney Frank (D-Mass.), House Financial Services Committee chairman, July 14, 2008
Two months later, the government forced the mortgage giants into conservatorships and pledged to invest up to $100 billion in each.
4. "The market is in the process of correcting itself." -- President George W. Bush, in a Mar. 14, 2008 speech
For the rest of the year, the market kept correcting and correcting and correcting.
5. "No! No! No! Bear Stearns is not in trouble." -- Jim Cramer, CNBC commentator, Mar. 11, 2008
Five days later, JPMorgan Chase (NYSE:JPM) took over Bear Stearns with government help, nearly wiping out shareholders.
6. "Existing-Home Sales to Trend Up in 2008" -- Headline of a National Association of Realtors press release, Dec. 9, 2007
On Dec. 23, 2008, the group said November sales were running at an annual rate of 4.5 million -- down 11% from a year earlier -- in the worst housing slump since the Depression.
7. "I think you'll see (oil prices at) $150 a barrel by the end of the year" -- T. Boone Pickens, June 20, 2008
Oil was then around $135 a barrel. By late December it was below $40.
8. "I expect there will be some failures. I don't anticipate any serious problems of that sort among the large internationally active banks that make up a very substantial part of our banking system." -- Ben Bernanke, Federal Reserve chairman, Feb. 28, 2008
In September, Washington Mutual became the largest financial institution in U.S. history to fail. Citigroup (NYSE:C) needed an even bigger rescue in November.examda.com
9. "In today's regulatory environment, it's virtually impossible to violate rules." -- Bernard Madoff, money manager, Oct. 20, 2007
About a year later, Madoff -- who once headed the Nasdaq Stock Market -- told investigators he had cost his investors $50 billion in an alleged Ponzi scheme.
10. A Bound Man: Why We Are Excited About Obama and Why He Can't Win, the title of a book by conservative commentator Shelby Steele, published on Dec. 4, 2007.
Mr. Steele, meet President-elect Barack Obama.
Overseas lenders petition for tax delay
A group of overseas banks have asked the Chinese government to delay a newly imposed interest tax on overseas borrowings, although the tax's levy is in line with international practice, media reports said.
In a petition letter, 36 overseas lenders said the withholding tax on interest payments on all loans to mainland banks from overseas creates an excessive burden. The petitioners included HSBC, Citibank, Standard Chartered and Bank of East Asia.
In the petition signed on Dec 23, banks asked that they only be required to pay the withholding tax incurred after Dec 4 with the back payments put on hold. The tax is retroactive to Jan 1 this year.
However, an unnamed overseas banking source said the tax is also levied in other countries and regions. So overseas banks on the mainland must adhere to the law if the government does not approve the delay, Southern Metropolitan reported yesterday.
The Guangzhou-based newspaper said the mainland government levied a similar tax in mid-1997 but suspended it by that year's end after intense lobbying from overseas banks.examda.com
On Dec 12, the mainland revived the tax in line with its latest corporate income tax law, which charges about 10 percent in withholding tax on income from interest. The law took effect on Jan 1 this year.
Banking professionals estimated the tax would add 3 to 5 percent to banks' overseas borrowings costs.
That concerns overseas banks on the mainland, which are more reliant on overseas sources, such as their parent companies, for borrowings.
Central University of Finance and Economics professor Guo Tianyong said it would be unfair to domestic banks if only overseas lenders enjoyed lower overseas borrowings costs, as the mainland's interest rate is much higher than overseas rates.
In a petition letter, 36 overseas lenders said the withholding tax on interest payments on all loans to mainland banks from overseas creates an excessive burden. The petitioners included HSBC, Citibank, Standard Chartered and Bank of East Asia.
In the petition signed on Dec 23, banks asked that they only be required to pay the withholding tax incurred after Dec 4 with the back payments put on hold. The tax is retroactive to Jan 1 this year.
However, an unnamed overseas banking source said the tax is also levied in other countries and regions. So overseas banks on the mainland must adhere to the law if the government does not approve the delay, Southern Metropolitan reported yesterday.
The Guangzhou-based newspaper said the mainland government levied a similar tax in mid-1997 but suspended it by that year's end after intense lobbying from overseas banks.examda.com
On Dec 12, the mainland revived the tax in line with its latest corporate income tax law, which charges about 10 percent in withholding tax on income from interest. The law took effect on Jan 1 this year.
Banking professionals estimated the tax would add 3 to 5 percent to banks' overseas borrowings costs.
That concerns overseas banks on the mainland, which are more reliant on overseas sources, such as their parent companies, for borrowings.
Central University of Finance and Economics professor Guo Tianyong said it would be unfair to domestic banks if only overseas lenders enjoyed lower overseas borrowings costs, as the mainland's interest rate is much higher than overseas rates.
China’s economy likely to accelerate in 2H of 2009
A vendor prepares Chinese knots for the upcoming Spring Festival at a wholesale market in Xiangfan, Hubei province, December 22, 2008. China’s economic growth is expected to accelerate at mid-year for a full-year figure of more than 8 percent.
BEIJING -- The ongoing financial crisis would pose further challenges for China in 2009, but economic growth would probably accelerate at mid-year for a full-year figure of more than 8 percent, according to economists quoted in a story on Thursday at Xinhuanet.com.
Zhang Yansheng, head of the international economy research institution under the National Development and Reform Commission, said expanding domestic demand in the second half would cushion the impact of plunging exports as macroeconomic measures and stimulus packages would have a further effect.
China would increase investment this year in agriculture and rural development, energy conservation and pollution control, social welfare, environmental protection, major infrastructure projects and raising living standards.
Li Yang, director of the Institute of Finance and Banking under the Chinese Academy of Social Sciences, said the economy would shake off the impact of the global economic turmoil and resume rapid development in the second half.
According to the central economic work conference held in December,rural consumption and spending on housing, cars, services and tourism would be the focus of efforts to boost domestic consumption.
Yi Gang, vice governor of the People’s Bank of China (PBOC), the central bank, said he expected domestic enterprises would draw down inventories by the end of the second quarter and purchase new production goods, which would be a signal of recovery.
Liu He, deputy director of the office for the Central Leading Group on Finance and Economy Work, said exports had been falling but credit support would keep the situation from worsening.
Officials in major world economies have taken unprecedented monetary and fiscal measures to fight the financial crisis, which would probably ease the pain in the second half.
China’s gross domestic product growth slowed to 9 percent in the first three quarters of 2008 as a result of the financial crisis, compared with 11.9 percent in all of 2007.
Exports slid 2.2 percent year-on-year in November, the first monthly decline since June 2001, and fiscal revenue recorded its first monthly decrease for 12 years in October.examda.com
Fan Jianping, chief economist at the State Information Center, said the country’s economy would continue slowing and face tougher conditions in the first half of this year.
China’s top statistician, Yao Jingyuan, said the economy was still in good shape and industrialization and urbanization were still two important powerhouses of growth.
The government urged most stimulus investment be directed into projects and construction before March, when the National People’s Congress and Chinese People’s Political Consultative Conference National Committee would be held.
"Stimulus measures would likely pay off in the second quarter of this year," said Li Jing, chairman of China Equities, JP Morgan Securities.
Measures so far included a 4 trillion yuan stimulus package, increased export tax rebates and tapping the vast rural consumer market with more government subsidies for farmers to buy home appliances.
BEIJING -- The ongoing financial crisis would pose further challenges for China in 2009, but economic growth would probably accelerate at mid-year for a full-year figure of more than 8 percent, according to economists quoted in a story on Thursday at Xinhuanet.com.
Zhang Yansheng, head of the international economy research institution under the National Development and Reform Commission, said expanding domestic demand in the second half would cushion the impact of plunging exports as macroeconomic measures and stimulus packages would have a further effect.
China would increase investment this year in agriculture and rural development, energy conservation and pollution control, social welfare, environmental protection, major infrastructure projects and raising living standards.
Li Yang, director of the Institute of Finance and Banking under the Chinese Academy of Social Sciences, said the economy would shake off the impact of the global economic turmoil and resume rapid development in the second half.
According to the central economic work conference held in December,rural consumption and spending on housing, cars, services and tourism would be the focus of efforts to boost domestic consumption.
Yi Gang, vice governor of the People’s Bank of China (PBOC), the central bank, said he expected domestic enterprises would draw down inventories by the end of the second quarter and purchase new production goods, which would be a signal of recovery.
Liu He, deputy director of the office for the Central Leading Group on Finance and Economy Work, said exports had been falling but credit support would keep the situation from worsening.
Officials in major world economies have taken unprecedented monetary and fiscal measures to fight the financial crisis, which would probably ease the pain in the second half.
China’s gross domestic product growth slowed to 9 percent in the first three quarters of 2008 as a result of the financial crisis, compared with 11.9 percent in all of 2007.
Exports slid 2.2 percent year-on-year in November, the first monthly decline since June 2001, and fiscal revenue recorded its first monthly decrease for 12 years in October.examda.com
Fan Jianping, chief economist at the State Information Center, said the country’s economy would continue slowing and face tougher conditions in the first half of this year.
China’s top statistician, Yao Jingyuan, said the economy was still in good shape and industrialization and urbanization were still two important powerhouses of growth.
The government urged most stimulus investment be directed into projects and construction before March, when the National People’s Congress and Chinese People’s Political Consultative Conference National Committee would be held.
"Stimulus measures would likely pay off in the second quarter of this year," said Li Jing, chairman of China Equities, JP Morgan Securities.
Measures so far included a 4 trillion yuan stimulus package, increased export tax rebates and tapping the vast rural consumer market with more government subsidies for farmers to buy home appliances.
World accessory market reports sales rise
The Yiwu international trade market where more than 60,000 shops sell accessories, ornaments and toys reported 49.2 billion yuan (7.2 billion U.S. dollars) in sales in 2008, up 6.83 percent year on year.
Dubbed as the "world accessory market," Yiwu does business with 200 countries and territories. More than 1.7 million varieties of small commodities are sold here.
The market saw a slowed sales growth in the third quarter under the global financial pinch.
"We launch more than 100 new ornament products every day, which made us easy to adapt for market changes," said Zhou Xiaoguang, owner of a major ornament company. examda.com
He said the company achieved a 10 percent sale growth in 2008.
Over 85 percent of shops in Yiwu offered new products to promote sales. Toy exporters said they were turning to new markets such as Russia and Brazil, after the trade with America and Europe suffered in the financial turmoil.
Dubbed as the "world accessory market," Yiwu does business with 200 countries and territories. More than 1.7 million varieties of small commodities are sold here.
The market saw a slowed sales growth in the third quarter under the global financial pinch.
"We launch more than 100 new ornament products every day, which made us easy to adapt for market changes," said Zhou Xiaoguang, owner of a major ornament company. examda.com
He said the company achieved a 10 percent sale growth in 2008.
Over 85 percent of shops in Yiwu offered new products to promote sales. Toy exporters said they were turning to new markets such as Russia and Brazil, after the trade with America and Europe suffered in the financial turmoil.
Top 10 economic stories of 2008
Editor’s note: Sixteen Beijing-based news agencies, including the People’s Daily, Xinhua News Agency, China Daily and nine economists from government sectors and economic institutions, unvelied on Tuesday their picks for China’s top 10 economic events of the year:
The New Labor Contract Law introduced earlier last year entitles workers with over 10 years of service at a firm the right to sign contracts protecting them from dismissal without cause.
The snowstorms that hit the central, eastern and southern parts of China last winter left 129 people dead and caused $21 billion in economic losses.examda.com
The 8.0-magnitude quake in Sichuan province on May 12 killed more than 69,000 people and injured 374,000 others.
The Beijing Olympics saw over 80 Olympic and world records broken, seen by a 4.7-billion audience.
Dairy giant Sanlu’s milk powder was found tainted with melamine in September, with other companies also implicated. The scandal left six babies dead and 294,000 others sick.
Promoting reform and development in rural areas was put at the top of the agenda for the third Plenary Session of the 17th CPC Central Committee.
The central bank cut banks’ benchmark lending and deposit rates by 0.27 of a percentage point to boost economic growth after the main stock index tumbled 6.32 percent on Oct 28.
The government introduced a 4-trillion-yuan stimulus package in November after the sub-prime crisis in the US last summer led to a global economic slump.examda.com
The country unveiled a scheme on fuel taxes and the reform of its refined oil pricing on Dec 5.
A new era in cross-Straits relations began on Dec 15 with the launch of daily direct air, shipping and postal services.
The New Labor Contract Law introduced earlier last year entitles workers with over 10 years of service at a firm the right to sign contracts protecting them from dismissal without cause.
The snowstorms that hit the central, eastern and southern parts of China last winter left 129 people dead and caused $21 billion in economic losses.examda.com
The 8.0-magnitude quake in Sichuan province on May 12 killed more than 69,000 people and injured 374,000 others.
The Beijing Olympics saw over 80 Olympic and world records broken, seen by a 4.7-billion audience.
Dairy giant Sanlu’s milk powder was found tainted with melamine in September, with other companies also implicated. The scandal left six babies dead and 294,000 others sick.
Promoting reform and development in rural areas was put at the top of the agenda for the third Plenary Session of the 17th CPC Central Committee.
The central bank cut banks’ benchmark lending and deposit rates by 0.27 of a percentage point to boost economic growth after the main stock index tumbled 6.32 percent on Oct 28.
The government introduced a 4-trillion-yuan stimulus package in November after the sub-prime crisis in the US last summer led to a global economic slump.examda.com
The country unveiled a scheme on fuel taxes and the reform of its refined oil pricing on Dec 5.
A new era in cross-Straits relations began on Dec 15 with the launch of daily direct air, shipping and postal services.
Credit card crunch tightens for would-be users
It’s a domino effect. The American subprime crisis led a global financial crisis, then triggering an economic crisis. What’s next, an employment and credit card debt crisis?
Both overseas and Chinese economists and bankers alike have started to consider the possibilities that may lead to another crisis in the global economies in 2009.www.examda.com
Guangdong Development Bank, a Guangdong based commercial bank that took the pioneering step among its domestic counterparts to design the first credit card for undergraduate students in 2004 is now refusing the students’ applications for credit cards, according to its new policy effective December 2008.
Guangdong Development Bank is not the only commercial bank that is backing away from the once sizzling market. China Merchants Bank, the leading credit card issuer, began saying "no" to undergraduates applying for credit cards in October 2008 and China Citic Bank stopped marketing credit cards to students at the beginning of 2008.
Chinese banks began to back off the business largely because the undergraduates have been blacklisted as high-risk cardholders after more borrowers defaulted on their payments in the wake of the financial crisis.
Accordingly banks have begun to tighten the standards for applicants.
China is not an exception. Banks in the United States are also taking measures to prevent a credit crisis. Big lenders, like American Express, Bank of America, Citigroup and even the retailer Target, have begun tightening standards for applicants and are culling their portfolios of the riskiest customers.
The New York Times reports that big lenders are slowing the flood of mail offers to a trickle with moves that would translate for the average American household into about 13 fewer pieces of credit card junk mail a year than its peak in 2005.
Compared with such a credit-hooked country as the US, China is still an emerging credit card market.
Xu Luode, chairman of China Banking Regulatory Commission, said currently there are 47 banks that are allowed to issue credit cards and these banks have issued over 150 million credit cards till the end of 2008.
However, analysts forecast the financial crisis will raise the bad loan rate for credit cards to 3 or 4 percent, tripling the previous 1 percent level of the past two years.
Large amounts of cash withdrawn from credit cards through irregular means has also greatly contributed to the sharp rise in default rates.www.examda.com
In one such operation hucksters hand out cards with a "credit card service phone number" at subways. People who dial the number are directed to a private apartment where they can withdraw cash from their credit card through a Point of Service (POS) machine at a lower rate than banks.
The POS machines are easily obtained from banks, no matter it is true or false, under a pretense of being used for a business.
Under the circumstance, China Banking Regulatory Commission warned banks in June 2008 that they should be alert to fraud and credit risk posed by cardholders without stable incomes, including undergraduates.
Regulators were also urged to take action against the illegal use of credit cards, says Guo Tianyong, chairman of China Banking Research Center at Central University of Finance and Economics.
Banks such as China Merchants Bank and China Citic Bank have also found that after four or five years of credit card expansion, it’s more profitable to maintain and cultivate customers with good credit than simply enlarging the number of users.
An anonymous sales manager at China Citic Bank said that in 2009 it would focus on promoting its after-sale services and developing high-level customers who are more creditworthy and profitable, especially in light of the financial crisis.
"After five years of rapid expansion, the financial crisis gives us a chance to slow down and maintain our customers," the manager said. "Then we will be prepared to set out for another stage."
Both overseas and Chinese economists and bankers alike have started to consider the possibilities that may lead to another crisis in the global economies in 2009.www.examda.com
Guangdong Development Bank, a Guangdong based commercial bank that took the pioneering step among its domestic counterparts to design the first credit card for undergraduate students in 2004 is now refusing the students’ applications for credit cards, according to its new policy effective December 2008.
Guangdong Development Bank is not the only commercial bank that is backing away from the once sizzling market. China Merchants Bank, the leading credit card issuer, began saying "no" to undergraduates applying for credit cards in October 2008 and China Citic Bank stopped marketing credit cards to students at the beginning of 2008.
Chinese banks began to back off the business largely because the undergraduates have been blacklisted as high-risk cardholders after more borrowers defaulted on their payments in the wake of the financial crisis.
Accordingly banks have begun to tighten the standards for applicants.
China is not an exception. Banks in the United States are also taking measures to prevent a credit crisis. Big lenders, like American Express, Bank of America, Citigroup and even the retailer Target, have begun tightening standards for applicants and are culling their portfolios of the riskiest customers.
The New York Times reports that big lenders are slowing the flood of mail offers to a trickle with moves that would translate for the average American household into about 13 fewer pieces of credit card junk mail a year than its peak in 2005.
Compared with such a credit-hooked country as the US, China is still an emerging credit card market.
Xu Luode, chairman of China Banking Regulatory Commission, said currently there are 47 banks that are allowed to issue credit cards and these banks have issued over 150 million credit cards till the end of 2008.
However, analysts forecast the financial crisis will raise the bad loan rate for credit cards to 3 or 4 percent, tripling the previous 1 percent level of the past two years.
Large amounts of cash withdrawn from credit cards through irregular means has also greatly contributed to the sharp rise in default rates.www.examda.com
In one such operation hucksters hand out cards with a "credit card service phone number" at subways. People who dial the number are directed to a private apartment where they can withdraw cash from their credit card through a Point of Service (POS) machine at a lower rate than banks.
The POS machines are easily obtained from banks, no matter it is true or false, under a pretense of being used for a business.
Under the circumstance, China Banking Regulatory Commission warned banks in June 2008 that they should be alert to fraud and credit risk posed by cardholders without stable incomes, including undergraduates.
Regulators were also urged to take action against the illegal use of credit cards, says Guo Tianyong, chairman of China Banking Research Center at Central University of Finance and Economics.
Banks such as China Merchants Bank and China Citic Bank have also found that after four or five years of credit card expansion, it’s more profitable to maintain and cultivate customers with good credit than simply enlarging the number of users.
An anonymous sales manager at China Citic Bank said that in 2009 it would focus on promoting its after-sale services and developing high-level customers who are more creditworthy and profitable, especially in light of the financial crisis.
"After five years of rapid expansion, the financial crisis gives us a chance to slow down and maintain our customers," the manager said. "Then we will be prepared to set out for another stage."
credit card
A credit card is part of a system of payments named after the small plastic card issued to users of the system. The issuer of the card grants a line of credit to the consumer (or the user) from which the user can borrow money for payment to a merchant or as a cash advance to the user. A credit card is different from a charge card, where a charge card requires the balance to be paid in full each month. In contrast, credit cards allow the consumers to 'revolve' their balance, at the cost of having interest charged. Most credit cards are issued by local banks or credit unions, and are the same shape and size as specified by the ISO 7810 standard.
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Take advantage of preferred seating - Visa Signature Access gives you exclusive entry to exciting events as well as the best seats at sports, entertainment, and cultural venues.
Reserve last-minute tables at popular restaurants - Visa Signature Dining makes it easy to get preferrred reservations, discounts, and special offers at the nation's hottest restaurants.
Enjoy more savings and more extras - Get discounts at select merchants, valuable upgrades, and savings of up to 50% on accommodations at spectacular places. Visa Signature Privileges make it possible.
Receive personalized assistance - From hard-to-find gifts to travel and entertainment planning, let Visa Signature Concierge handle all the details.
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Earn 1 Point for every dollar you spend in net retail purchases.§ Points are redeemeable for cash, brand name merchandise, travel with no blackout dates dining certificates and more.
Earn 1 Point for every dollar you spend in net retail purchases.* Points are redeemable for cash, brand name merchandise, travel with no blackout dates dining certificates and more
No Annual Fee
WorldPoints® Mall — Get Bonus Points at more than 200 of your favorite online retailers
Free access to the MyConciergeSM service, which can help with everything from hard-to-get tickets, dinner reservations, tee-times and more
Ultimate Access® rewards - an exclusive benefit of the WorldPoints® rewards program, that gives you the ability to redeem your points for unprecedented access to sports and entertainment personalities, VIP access to marquee events, unique memorabilia, and once-in-a-lifetime experiences
Absolute Fraud Protection
Online account access and points management
Market Update Set Alert
Market Update Set Alert
--------------------------------------------------------------------------------
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Weekly Recap - Week ending 16-Jan-09
A bad start to the new year got worse this week as each of the major indices suffered material losses. The financial sector was at the heart of those losses as it plummeted 16% on the week amid a torrent of concerns about deteriorating credit quality and the seemingly unending need by the banks to raise capital to plug the gaping holes created by losses and writedowns on bad investments.
Bank of America (BAC) and Citigroup (C) were the biggest trouble spots this week. Shares of the former dropped as much as 46% at one point while shares of Citigroup fell as much as 59%.
Citigroup rattled investors with a decision to sell a controlling interest in its Smith Barney brokerage unit to Morgan Stanley (MS), which the market concluded was more of a forced sale than anything else to raise capital. Citigroup later announced, in conjunction with reporting an $8.3 billion fourth quarter loss, that it would be splitting into two units as it attempts to downsize its operations in meaningful fashion.
Ironically, it was Bank of America's effort to super-size its operations that got it into a heap of trouble with the market this week. Specifically, its acquisitions of mortgage giant Countrywide and former investment banking giant Merrill Lynch raised the bank's credit risk profile. That came back to hurt it in a big way as evidenced by Bank of America reporting its first loss in 17 years and needing an additional $20 billion in TARP funds to digest its Merrill Lynch purchase.
more...
In Play ®
--------------------------------------------------------------------------------
5:07PM Calpine: Harbinger Capital Partners comments on Calpine registration statement; Harbinger, a major CPN shareholder, remains committed to its investment (CPN) 7.83 -0.04 : Harbinger Capital Partners Funds commented on today's announcement by CPN that it filed an amendment to its Form S-3 Registration Statement with the Securities and Exchange Commission. The filing is part of CPN's obligations under its successful emergence from bankruptcy protection in January 2008. The shares being registered were previously issued in connection with CPN's reorganization. No new shares are being issued or sold by CPN under the registration statement. Harbinger, a major CPN shareholder, remains committed to its investment.
5:05PM Pfizer receives FDA complete response letter for lasofoxifene (PFE) 17.50 +0.11 : Pfizer Inc said it has received a complete response letter from the U.S. Food and Drug Administration (FDA) asking for additional information on the company's application for lasofoxifene. The investigational compound is currently under review for the treatment of osteoporosis in postmenopausal women at increased risk of fracture. Pfizer is reviewing the letter and will work with FDA to determine the appropriate next steps regarding the company's application.
5:03PM Trex responds to filing of class action lawsuit (TWP) 16.89 +0.23 : Co responded to a class action suit filed in Washington by a plaintiffs' class action law firm alleging certain product defects. In response to the claims of the case, which focus on product surface flaking, co, noted that, "TWP has fully and publicly disclosed that a manufacturing problem affected a small percentage of product manufactured in its Fernley, Nevada plant beginning in 2003. This issue was entirely isolated to parts of the West Coast, only affected a small percentage of TWP decking materials produced in the Nevada plant, and has since been remediated."
--------------------------------------------------------------------------------
ADVERTISEMENT
Weekly Recap - Week ending 16-Jan-09
A bad start to the new year got worse this week as each of the major indices suffered material losses. The financial sector was at the heart of those losses as it plummeted 16% on the week amid a torrent of concerns about deteriorating credit quality and the seemingly unending need by the banks to raise capital to plug the gaping holes created by losses and writedowns on bad investments.
Bank of America (BAC) and Citigroup (C) were the biggest trouble spots this week. Shares of the former dropped as much as 46% at one point while shares of Citigroup fell as much as 59%.
Citigroup rattled investors with a decision to sell a controlling interest in its Smith Barney brokerage unit to Morgan Stanley (MS), which the market concluded was more of a forced sale than anything else to raise capital. Citigroup later announced, in conjunction with reporting an $8.3 billion fourth quarter loss, that it would be splitting into two units as it attempts to downsize its operations in meaningful fashion.
Ironically, it was Bank of America's effort to super-size its operations that got it into a heap of trouble with the market this week. Specifically, its acquisitions of mortgage giant Countrywide and former investment banking giant Merrill Lynch raised the bank's credit risk profile. That came back to hurt it in a big way as evidenced by Bank of America reporting its first loss in 17 years and needing an additional $20 billion in TARP funds to digest its Merrill Lynch purchase.
more...
In Play ®
--------------------------------------------------------------------------------
5:07PM Calpine: Harbinger Capital Partners comments on Calpine registration statement; Harbinger, a major CPN shareholder, remains committed to its investment (CPN) 7.83 -0.04 : Harbinger Capital Partners Funds commented on today's announcement by CPN that it filed an amendment to its Form S-3 Registration Statement with the Securities and Exchange Commission. The filing is part of CPN's obligations under its successful emergence from bankruptcy protection in January 2008. The shares being registered were previously issued in connection with CPN's reorganization. No new shares are being issued or sold by CPN under the registration statement. Harbinger, a major CPN shareholder, remains committed to its investment.
5:05PM Pfizer receives FDA complete response letter for lasofoxifene (PFE) 17.50 +0.11 : Pfizer Inc said it has received a complete response letter from the U.S. Food and Drug Administration (FDA) asking for additional information on the company's application for lasofoxifene. The investigational compound is currently under review for the treatment of osteoporosis in postmenopausal women at increased risk of fracture. Pfizer is reviewing the letter and will work with FDA to determine the appropriate next steps regarding the company's application.
5:03PM Trex responds to filing of class action lawsuit (TWP) 16.89 +0.23 : Co responded to a class action suit filed in Washington by a plaintiffs' class action law firm alleging certain product defects. In response to the claims of the case, which focus on product surface flaking, co, noted that, "TWP has fully and publicly disclosed that a manufacturing problem affected a small percentage of product manufactured in its Fernley, Nevada plant beginning in 2003. This issue was entirely isolated to parts of the West Coast, only affected a small percentage of TWP decking materials produced in the Nevada plant, and has since been remediated."
Market Update
Market Update
--------------------------------------------------------------------------------
Weekly Recap - Week ending 16-Jan-09
A bad start to the new year got worse this week as each of the major indices suffered material losses. The financial sector was at the heart of those losses as it plummeted 16% on the week amid a torrent of concerns about deteriorating credit quality and the seemingly unending need by the banks to raise capital to plug the gaping holes created by losses and writedowns on bad investments.
Bank of America (BAC) and Citigroup (C) were the biggest trouble spots this week. Shares of the former dropped as much as 46% at one point while shares of Citigroup fell as much as 59%.
Citigroup rattled investors with a decision to sell a controlling interest in its Smith Barney brokerage unit to Morgan Stanley (MS), which the market concluded was more of a forced sale than anything else to raise capital. Citigroup later announced, in conjunction with reporting an $8.3 billion fourth quarter loss, that it would be splitting into two units as it attempts to downsize its operations in meaningful fashion.
Ironically, it was Bank of America's effort to super-size its operations that got it into a heap of trouble with the market this week. Specifically, its acquisitions of mortgage giant Countrywide and former investment banking giant Merrill Lynch raised the bank's credit risk profile. That came back to hurt it in a big way as evidenced by Bank of America reporting its first loss in 17 years and needing an additional $20 billion in TARP funds to digest its Merrill Lynch purchase.
Bank of America said it lost $1.79 billion in the fourth quarter, yet that excludes a $15 billion loss at Merrill Lynch. The need for additional governmental aid rankled the market, which was dismayed by the seemingly poor due diligence performed by Bank of America ahead of the Merrill purchase.
What's done is done now, but the developments surrounding these two, major banks this week, as well as a disappointing earnings report from JPMorgan Chase (JPM) that was replete with an admission the bank is girding itself for a continued deterioration in the economy and additional loan losses, served as a wake-up call that there won't be a quick fix to the financial sector's problems.
Unfortunately, that also means there won't be a quick fix to the economy's problems.
President Obama (we'll give him the official title now with his inauguration only days away) has stressed on a number of occasions already the need to act quickly with a stimulus plan to get the economy growing again. His initial hope was to be able to sign a stimulus plan into law almost immediately upon taking office. It now sounds as if the congressional debate on the bill will extend into February.
In the past week House Democrats presented an $825 billion stimulus plan that calls for $550 billion in spending and $275 billion in tax cuts. There isn't any point in getting into the details since it will no doubt experience revisions, but it is worth noting that the overall figure is in the ballpark of what the market was expecting given views expressed by officials in the Obama administration.
The economic data in the past week certainly provided the new president with ample reason to stress the urgency of getting new stimulus flowing through the economy as soon as possible.
December retail sales were atrocious, declining 2.7% and falling for the sixth straight month. Industrial production in the fourth quarter declined at an 11.5% annual rate. The trade deficit narrowed sharply to $40.4 billion (from -$56.7 bln), with a $25 bln drop in imports and an $8.7 bln drop in exports reflecting a sharp contraction in overall global trade.
After two weeks below 500,000, weekly initial claims jumped 54,000 to 524,000. Although there was a 115,000 drop in continued claims, that improvement was quickly attributed to people having exhausted their jobless benefits. More companies, meanwhile, announced job cuts.
Both the PPI and CPI reports actually brought some relatively good news. Core prices stayed out of negative territory, providing a brief respite for the market from its deflation concerns but certainly not expelling them. CPI, for example, was up a scant 0.1% for 2008, which was the slowest rate of increase since 1954.
Separately, there wasn't much to cheer about on the earnings front. Alcoa came up short of lowered estimates, Intel reported a 90% drop in fourth quarter net income, and several companies, including Tiffany & Co. (TIF), KLA-Tencor (KLAC), Liz Claiborne (LIZ), NVIDIA (NVDA), Motorola (MOT), Genentech (DNA), Estee Lauder (EL), Johnson Controls (JCI), and Lubrizol (LZ) issued sales and/or earnings warnings.
In brief, the events that unfolded in the past week, which also included the ECB cutting its key lending rate another 50 basis points to 2.00%, the Senate approving the next $350 billion of TARP funds, GM providing a 2009 U.S. industry wide auto sales estimate that is the lowest in 27 years, and machinery orders in Japan being the lowest on record, provided a sobering reminder that this slowdown is global and deep.
To be sure, it made it apparent that rallies like the one seen at the end of 2008 are still to be viewed in a bear market context.
--Patrick J. O'Hare, Briefing.com
**For interested readers, the S&P 400 Midcap Index, which isn't included in the table below, declined 2.6% this week and is down 4.0% year-to-date.
--------------------------------------------------------------------------------
Weekly Recap - Week ending 16-Jan-09
A bad start to the new year got worse this week as each of the major indices suffered material losses. The financial sector was at the heart of those losses as it plummeted 16% on the week amid a torrent of concerns about deteriorating credit quality and the seemingly unending need by the banks to raise capital to plug the gaping holes created by losses and writedowns on bad investments.
Bank of America (BAC) and Citigroup (C) were the biggest trouble spots this week. Shares of the former dropped as much as 46% at one point while shares of Citigroup fell as much as 59%.
Citigroup rattled investors with a decision to sell a controlling interest in its Smith Barney brokerage unit to Morgan Stanley (MS), which the market concluded was more of a forced sale than anything else to raise capital. Citigroup later announced, in conjunction with reporting an $8.3 billion fourth quarter loss, that it would be splitting into two units as it attempts to downsize its operations in meaningful fashion.
Ironically, it was Bank of America's effort to super-size its operations that got it into a heap of trouble with the market this week. Specifically, its acquisitions of mortgage giant Countrywide and former investment banking giant Merrill Lynch raised the bank's credit risk profile. That came back to hurt it in a big way as evidenced by Bank of America reporting its first loss in 17 years and needing an additional $20 billion in TARP funds to digest its Merrill Lynch purchase.
Bank of America said it lost $1.79 billion in the fourth quarter, yet that excludes a $15 billion loss at Merrill Lynch. The need for additional governmental aid rankled the market, which was dismayed by the seemingly poor due diligence performed by Bank of America ahead of the Merrill purchase.
What's done is done now, but the developments surrounding these two, major banks this week, as well as a disappointing earnings report from JPMorgan Chase (JPM) that was replete with an admission the bank is girding itself for a continued deterioration in the economy and additional loan losses, served as a wake-up call that there won't be a quick fix to the financial sector's problems.
Unfortunately, that also means there won't be a quick fix to the economy's problems.
President Obama (we'll give him the official title now with his inauguration only days away) has stressed on a number of occasions already the need to act quickly with a stimulus plan to get the economy growing again. His initial hope was to be able to sign a stimulus plan into law almost immediately upon taking office. It now sounds as if the congressional debate on the bill will extend into February.
In the past week House Democrats presented an $825 billion stimulus plan that calls for $550 billion in spending and $275 billion in tax cuts. There isn't any point in getting into the details since it will no doubt experience revisions, but it is worth noting that the overall figure is in the ballpark of what the market was expecting given views expressed by officials in the Obama administration.
The economic data in the past week certainly provided the new president with ample reason to stress the urgency of getting new stimulus flowing through the economy as soon as possible.
December retail sales were atrocious, declining 2.7% and falling for the sixth straight month. Industrial production in the fourth quarter declined at an 11.5% annual rate. The trade deficit narrowed sharply to $40.4 billion (from -$56.7 bln), with a $25 bln drop in imports and an $8.7 bln drop in exports reflecting a sharp contraction in overall global trade.
After two weeks below 500,000, weekly initial claims jumped 54,000 to 524,000. Although there was a 115,000 drop in continued claims, that improvement was quickly attributed to people having exhausted their jobless benefits. More companies, meanwhile, announced job cuts.
Both the PPI and CPI reports actually brought some relatively good news. Core prices stayed out of negative territory, providing a brief respite for the market from its deflation concerns but certainly not expelling them. CPI, for example, was up a scant 0.1% for 2008, which was the slowest rate of increase since 1954.
Separately, there wasn't much to cheer about on the earnings front. Alcoa came up short of lowered estimates, Intel reported a 90% drop in fourth quarter net income, and several companies, including Tiffany & Co. (TIF), KLA-Tencor (KLAC), Liz Claiborne (LIZ), NVIDIA (NVDA), Motorola (MOT), Genentech (DNA), Estee Lauder (EL), Johnson Controls (JCI), and Lubrizol (LZ) issued sales and/or earnings warnings.
In brief, the events that unfolded in the past week, which also included the ECB cutting its key lending rate another 50 basis points to 2.00%, the Senate approving the next $350 billion of TARP funds, GM providing a 2009 U.S. industry wide auto sales estimate that is the lowest in 27 years, and machinery orders in Japan being the lowest on record, provided a sobering reminder that this slowdown is global and deep.
To be sure, it made it apparent that rallies like the one seen at the end of 2008 are still to be viewed in a bear market context.
--Patrick J. O'Hare, Briefing.com
**For interested readers, the S&P 400 Midcap Index, which isn't included in the table below, declined 2.6% this week and is down 4.0% year-to-date.
Oil falls to near $36 ahead of busy earnings week
Oil falls to near $36 ahead of busy earnings week
Monday January 19, 2:41 am ET
By Alex Kennedy, Associated Press Writer
Oil falls to near $36 in Asia as investors brace for dismal US corporate results
SINGAPORE (AP) -- Oil prices fell to near $36 a barrel Monday in Asia as investors eyed a slew of U.S. corporate earnings this week for signs of weakening consumer demand amid the worst recession in decades.
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Light, sweet crude for February delivery was down 44 cents at $36.07 a barrel by late afternoon in Singapore in electronic trading on the New York Mercantile Exchange. The contract, which expires on Tuesday, rose $1.11 on Friday to settle at $36.51. The March contract was trading at $42.40 a barrel.
Investors expect to glean more insight into the extent of the current downturn when hundreds of companies report fourth quarter results this week, including heavyweights Google Inc., US Bancorp, General Electric Co., Microsoft Corp. and Johnson & Johnson.
Investors are bracing for bad numbers after banking giant Citigroup on Friday said it lost $8.29 billion in the fourth quarter and that it was splitting in two to help restore profits.
Concern that a recession in developed countries may be worse than previously expected -- and that it's eating away at demand for oil -- has sent crude prices down about 30 percent from $50.47 a barrel earlier this month and down about 75 percent from $147.27 in July.
"In the short-term, demand is collapsing and the price is going to fall," said Richard Urwin, who helps manage more than $10 billion of stocks, bonds and other investments, including Asian assets, for BlackRock in London. "The risks for the moment are on the downside."
The oil market is closed in the U.S. on Monday for Martin Luther King Jr. Day and on Tuesday the attention of some investors will be diverted to Washington with the inauguration of President-elect Barack Obama.
The Organization of Petroleum Exporting Countries has announced production cuts of 4.2 million barrels a day since September, and the group's members are showing signs of implementing the output reductions.
But many investors are worried the cuts won't be enough as demand from around the world evaporates.
"The OPEC output cuts aren't going to offset demand weakness," Urwin said.
The fall in demand means oil producers have more spare capacity than six months ago, so in the event demand rises on the back of an economic recovery, producers will be able to easily meet that demand, which would slow any jump in prices.
"Even if we see an economic recovery later in the year, I don't think oil is going to rebound very quickly because the degree of excess capacity is quite big," Urwin said.
In other Nymex trading, gasoline futures were steady at $1.17 a gallon. Heating oil was little changed at $1.47 a gallon while natural gas for February delivery dropped 8.6 cents to $4.72 per 1,000 cubic feet.
Monday January 19, 2:41 am ET
By Alex Kennedy, Associated Press Writer
Oil falls to near $36 in Asia as investors brace for dismal US corporate results
SINGAPORE (AP) -- Oil prices fell to near $36 a barrel Monday in Asia as investors eyed a slew of U.S. corporate earnings this week for signs of weakening consumer demand amid the worst recession in decades.
ADVERTISEMENT
Light, sweet crude for February delivery was down 44 cents at $36.07 a barrel by late afternoon in Singapore in electronic trading on the New York Mercantile Exchange. The contract, which expires on Tuesday, rose $1.11 on Friday to settle at $36.51. The March contract was trading at $42.40 a barrel.
Investors expect to glean more insight into the extent of the current downturn when hundreds of companies report fourth quarter results this week, including heavyweights Google Inc., US Bancorp, General Electric Co., Microsoft Corp. and Johnson & Johnson.
Investors are bracing for bad numbers after banking giant Citigroup on Friday said it lost $8.29 billion in the fourth quarter and that it was splitting in two to help restore profits.
Concern that a recession in developed countries may be worse than previously expected -- and that it's eating away at demand for oil -- has sent crude prices down about 30 percent from $50.47 a barrel earlier this month and down about 75 percent from $147.27 in July.
"In the short-term, demand is collapsing and the price is going to fall," said Richard Urwin, who helps manage more than $10 billion of stocks, bonds and other investments, including Asian assets, for BlackRock in London. "The risks for the moment are on the downside."
The oil market is closed in the U.S. on Monday for Martin Luther King Jr. Day and on Tuesday the attention of some investors will be diverted to Washington with the inauguration of President-elect Barack Obama.
The Organization of Petroleum Exporting Countries has announced production cuts of 4.2 million barrels a day since September, and the group's members are showing signs of implementing the output reductions.
But many investors are worried the cuts won't be enough as demand from around the world evaporates.
"The OPEC output cuts aren't going to offset demand weakness," Urwin said.
The fall in demand means oil producers have more spare capacity than six months ago, so in the event demand rises on the back of an economic recovery, producers will be able to easily meet that demand, which would slow any jump in prices.
"Even if we see an economic recovery later in the year, I don't think oil is going to rebound very quickly because the degree of excess capacity is quite big," Urwin said.
In other Nymex trading, gasoline futures were steady at $1.17 a gallon. Heating oil was little changed at $1.47 a gallon while natural gas for February delivery dropped 8.6 cents to $4.72 per 1,000 cubic feet.
European markets buoyed by British bank bailout
European markets buoyed by British bank bailout
Monday January 19, 6:24 am ET
By Pan Pylas, AP Business Writer
European markets buoyed by latest British bank bailout; US markets closed for holiday
LONDON (AP) -- European stock markets rallied Monday as investors digested the details of the British government's second bailout of its banking sector in just over three months as it attempts to kick-start lending in the economy.
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Europe's gains followed earlier rises in Asia as investor confidence was buoyed by the prospect of Barack Obama's inauguration as U.S. President on Tuesday. Wall Street will be closed later for the Martin Luther King national holiday.
In Europe, Germany's DAX rose 72.05 points, or 1.7 percent, at 4,438.33, while France's CAC-40 was up 48.50 points, or 1.6 percent, to 3,065.25.
Most attention was on the FTSE 100 index of leading British shares, which was up 82.82 points, or 2 percent, at 4,229.88, after the British government said it would be creating a scheme to insure bank loans in the hope that the banks will start lending again.
"The markets have received some reassurance that that governments are beginning to get to grips with the banking difficulties but having said that there are considerable nerves in the background," said Keith Bowman, an equities analyst at stockbrokers Hargreaves Lansdown in London.
The new plan would require banks to identify their riskiest assets and allow them to pay a fee to insure them with the government in return for lending more money. By offering to insure bank loans, the government is exposing taxpayers to billions of pounds of potential losses.
In addition, the government has given the Bank of England the green light to, in effect, start printing money by buying whatever bank assets it considers to be necessary.
As part of the package of measures, the government said it will be increasing its stake in cash-strapped Royal Bank of Scotland PLC to 70 percent from 58 percent by converting preference shares into ordinary shares.
News of the government's growing stake in RBS came after the bank said it could post a full-year loss of as much as 28 billion pounds ($41.3 billion), which would be the biggest loss ever by a U.K. corporation.
RBS shares slid 25 percent on the news that it is closer to be being fully nationalized and on the revelation of the losses.
Barclays PLC fared much better though and was up nearly 8 percent.
On Friday, Barclays shares sank by a quarter in frenzied last-minute trading on fears that it would need massive government assistance to shore up its finances. However, in a statement late Friday, Barclays insisted its full year results, to be announced next month, would prove the pessimists wrong.
Barclays opted not to take government cash during last October's 37 billion pound bailout ($55 billion) of the banks and instead raised 7 billion pounds from private investors in the Middle East.
The problems potentially facing the British banks were stoked last week by Citigroup Inc.'s announcement that it will split its operations in two, separating its traditional banking business from the company's riskier assets, as it posted a massive $8.3 billion fourth quarter loss. Bank of America Corp. also revealed a $2.4 billion quarterly loss and had to tap the U.S. government for a cash injection of $20 billion in exchange for stock.
Stock markets around the world had started 2009 on a relatively strong footing, glad to have put the previous year behind them and hopeful that the incoming Obama administration would be able to limit the length and depth of the recession in the U.S. with its massive stimulus plan.
Those hopes of a turnaround in the world economy by the middle of this year have evaporated as investors grappled with increasingly grim economic and corporate data from across the world.
"Renewed concerns surrounding the state of the U.S. banking sector and the global recession have brought the rally in global equities to an abrupt end," said Andrew Pankiw, analyst at Henderson Global Investors.
Earlier, most Asian stock markets following a rally on Friday on Wall Street.
Japan's Nikkei 225 stock average edged up 26.70 points, or 0.3 percent, to 8,256.85, South Korea's Kospi gained 1.4 percent to 1,150.65 and Hong Kong's Hang Seng recovered early losses to rise 0.6 percent to 13,339.99.
Shanghai's benchmark rose 1.7 percent and markets in Australia and Singapore also gained. Thailand and Malaysia retreated.
Wall Street will be closed Monday for the Martin Luther King Day national holiday, and the focus will be on Barack Obama's inauguration as President when trading resumes Tuesday.
On Friday, the Dow Jones industrials rose 68.73 points, or 0.8 percent, to 8,312 and the S&P500 gained 9.9 points, or 1.2 percent, to 858.50.
Oil prices continued to languish with light sweet crude for February delivery down 66 cents at $35.85 a barrel in electronic trading on the New York Mercantile exchange.
The dollar was down 0.1 percent to 90.64 yen while the euro fell 0.1 percent to $1.3269.
AP Business Writer Stephen Wright in Bangkok contributed to this report.
Monday January 19, 6:24 am ET
By Pan Pylas, AP Business Writer
European markets buoyed by latest British bank bailout; US markets closed for holiday
LONDON (AP) -- European stock markets rallied Monday as investors digested the details of the British government's second bailout of its banking sector in just over three months as it attempts to kick-start lending in the economy.
ADVERTISEMENT
Europe's gains followed earlier rises in Asia as investor confidence was buoyed by the prospect of Barack Obama's inauguration as U.S. President on Tuesday. Wall Street will be closed later for the Martin Luther King national holiday.
In Europe, Germany's DAX rose 72.05 points, or 1.7 percent, at 4,438.33, while France's CAC-40 was up 48.50 points, or 1.6 percent, to 3,065.25.
Most attention was on the FTSE 100 index of leading British shares, which was up 82.82 points, or 2 percent, at 4,229.88, after the British government said it would be creating a scheme to insure bank loans in the hope that the banks will start lending again.
"The markets have received some reassurance that that governments are beginning to get to grips with the banking difficulties but having said that there are considerable nerves in the background," said Keith Bowman, an equities analyst at stockbrokers Hargreaves Lansdown in London.
The new plan would require banks to identify their riskiest assets and allow them to pay a fee to insure them with the government in return for lending more money. By offering to insure bank loans, the government is exposing taxpayers to billions of pounds of potential losses.
In addition, the government has given the Bank of England the green light to, in effect, start printing money by buying whatever bank assets it considers to be necessary.
As part of the package of measures, the government said it will be increasing its stake in cash-strapped Royal Bank of Scotland PLC to 70 percent from 58 percent by converting preference shares into ordinary shares.
News of the government's growing stake in RBS came after the bank said it could post a full-year loss of as much as 28 billion pounds ($41.3 billion), which would be the biggest loss ever by a U.K. corporation.
RBS shares slid 25 percent on the news that it is closer to be being fully nationalized and on the revelation of the losses.
Barclays PLC fared much better though and was up nearly 8 percent.
On Friday, Barclays shares sank by a quarter in frenzied last-minute trading on fears that it would need massive government assistance to shore up its finances. However, in a statement late Friday, Barclays insisted its full year results, to be announced next month, would prove the pessimists wrong.
Barclays opted not to take government cash during last October's 37 billion pound bailout ($55 billion) of the banks and instead raised 7 billion pounds from private investors in the Middle East.
The problems potentially facing the British banks were stoked last week by Citigroup Inc.'s announcement that it will split its operations in two, separating its traditional banking business from the company's riskier assets, as it posted a massive $8.3 billion fourth quarter loss. Bank of America Corp. also revealed a $2.4 billion quarterly loss and had to tap the U.S. government for a cash injection of $20 billion in exchange for stock.
Stock markets around the world had started 2009 on a relatively strong footing, glad to have put the previous year behind them and hopeful that the incoming Obama administration would be able to limit the length and depth of the recession in the U.S. with its massive stimulus plan.
Those hopes of a turnaround in the world economy by the middle of this year have evaporated as investors grappled with increasingly grim economic and corporate data from across the world.
"Renewed concerns surrounding the state of the U.S. banking sector and the global recession have brought the rally in global equities to an abrupt end," said Andrew Pankiw, analyst at Henderson Global Investors.
Earlier, most Asian stock markets following a rally on Friday on Wall Street.
Japan's Nikkei 225 stock average edged up 26.70 points, or 0.3 percent, to 8,256.85, South Korea's Kospi gained 1.4 percent to 1,150.65 and Hong Kong's Hang Seng recovered early losses to rise 0.6 percent to 13,339.99.
Shanghai's benchmark rose 1.7 percent and markets in Australia and Singapore also gained. Thailand and Malaysia retreated.
Wall Street will be closed Monday for the Martin Luther King Day national holiday, and the focus will be on Barack Obama's inauguration as President when trading resumes Tuesday.
On Friday, the Dow Jones industrials rose 68.73 points, or 0.8 percent, to 8,312 and the S&P500 gained 9.9 points, or 1.2 percent, to 858.50.
Oil prices continued to languish with light sweet crude for February delivery down 66 cents at $35.85 a barrel in electronic trading on the New York Mercantile exchange.
The dollar was down 0.1 percent to 90.64 yen while the euro fell 0.1 percent to $1.3269.
AP Business Writer Stephen Wright in Bangkok contributed to this report.
4Q earnings could indicate economy's direction
4Q earnings could indicate economy's direction
Sunday January 18, 9:37 pm ET
By Tim Paradis, AP Business Writer
Wall Street looks to week's big earnings to help answer questions about economy's direction
NEW YORK (AP) -- As hundreds of fourth-quarter earnings reports stream in this week, Wall Street's reaction will turn on companies' answers to one question: When will the recession end?
"Not soon" is what the market heard last week. Big banks posted ugly numbers and told investors they were still struggling with rickety balance sheets. That revived fears that the economic recovery that some analysts have forecast for the second half of the year won't materialize.
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The market has largely written off the first half of 2009. Now, stocks could take a beating if companies lead investors to believe a recovery will be pushed back to 2010.
Of the 42 companies in the Standard & Poor's 500 index that have reported results for the October-December quarter, 25 have fallen short of Wall Street's already reduced forecasts, according to S&P.
But some analysts believe that investors, who buy and sell based on how they think the economy will be faring six to nine months from now, will eventually stop reacting negatively to disappointing data.
"There will be more bad economic news. I don't think we're out of the woods on layoffs and earnings announcements but at some point it's all factored in," said John Dorfman, chairman of Thunderstorm Capital LLC in Boston.
He said the 50 percent drop in the S&P 500 index from its October 2007 high to an 11-year low on Nov. 20 gives him hope that the market will start to look past bad news and find early signs the economy is stabilizing.
"The sentiment is now so gloomy," he said. "It's the natural turning of the economic cycle. It's mysterious when it's going down. You think 'How can it ever turn?' But it always does."
This week, the range of industries issuing reports and 2009 outlooks is broad, from technology companies to airlines to regional banks. Google Inc., United Airways parent UAL Corp. and US Bancorp all plan to release results. Big names including General Electric Co., Microsoft Corp. and Johnson & Johnson are also due and, more important, so are their comments about the state of their businesses.
It's a shortened week with markets closed Monday for Martin Luther King Jr. Day. And Tuesday some of investors' attention will be diverted to Washington with the inauguration of President-elect Barack Obama.
The new administration could give stocks a bounce, market watchers say, as Obama prepares to dispense the second half of the government's $700 billion financial bailout fund and awaits passage of an $825 billion stimulus package that is fast making its way through Congress.
"I think the inauguration will give people a little more confidence," said Harry Clark, president and chief executive at Clark Capital Management in Philadelphia.
Wall Street last week saw a continuation of the selling that began on Jan. 5, a pullback fed by investors' renewed realization that the economy and corporate profits remain very weak. Despite an uptick Thursday and Friday, the S&P 500 index lost 4.5 percent over the week.
Investors could get a break this week from the drubbing because major financial companies like Citigroup Inc. and Bank of America Corp. have already delivered the bad news. Citigroup on Friday said it lost $8.29 billion in the fourth quarter -- its fifth straight deficit -- and that it was splitting the company in two to help restore profits.
And investors will look at overseas markets, which are open Monday. The British government said Sunday it was pumping another more money into its banking system to try to revive lending.
Clark thinks the news will continue to be grim but that a recovery will come sooner than most investors expect because the economy is already 13 months into a recession. Even the toughest recessions don't usually last longer than 16 months.
Clark cautioned that there is still risk of a shock like the failure of another big financial firm, like the fall of Lehman Brothers Holdings Inc. in September. That could upend the relative orderliness seen in trading since late November.
But he also said earnings reports could offer a reminder that not all industries are suffering as much as banks and that a recovery is possible. Industries like health care and consumer staples are holding up well compared with banks.
With little in the way of economic data due during the week -- a government report on housing construction is due Thursday -- investors will focus on earnings.
"There will be some good nuggets," Clark said, referring to earnings reports. "The market needs a catalyst."
"We're in the bottoming process," he said, predicting the gyrations in stocks will continue as investors examine the economy.
Sunday January 18, 9:37 pm ET
By Tim Paradis, AP Business Writer
Wall Street looks to week's big earnings to help answer questions about economy's direction
NEW YORK (AP) -- As hundreds of fourth-quarter earnings reports stream in this week, Wall Street's reaction will turn on companies' answers to one question: When will the recession end?
"Not soon" is what the market heard last week. Big banks posted ugly numbers and told investors they were still struggling with rickety balance sheets. That revived fears that the economic recovery that some analysts have forecast for the second half of the year won't materialize.
ADVERTISEMENT
The market has largely written off the first half of 2009. Now, stocks could take a beating if companies lead investors to believe a recovery will be pushed back to 2010.
Of the 42 companies in the Standard & Poor's 500 index that have reported results for the October-December quarter, 25 have fallen short of Wall Street's already reduced forecasts, according to S&P.
But some analysts believe that investors, who buy and sell based on how they think the economy will be faring six to nine months from now, will eventually stop reacting negatively to disappointing data.
"There will be more bad economic news. I don't think we're out of the woods on layoffs and earnings announcements but at some point it's all factored in," said John Dorfman, chairman of Thunderstorm Capital LLC in Boston.
He said the 50 percent drop in the S&P 500 index from its October 2007 high to an 11-year low on Nov. 20 gives him hope that the market will start to look past bad news and find early signs the economy is stabilizing.
"The sentiment is now so gloomy," he said. "It's the natural turning of the economic cycle. It's mysterious when it's going down. You think 'How can it ever turn?' But it always does."
This week, the range of industries issuing reports and 2009 outlooks is broad, from technology companies to airlines to regional banks. Google Inc., United Airways parent UAL Corp. and US Bancorp all plan to release results. Big names including General Electric Co., Microsoft Corp. and Johnson & Johnson are also due and, more important, so are their comments about the state of their businesses.
It's a shortened week with markets closed Monday for Martin Luther King Jr. Day. And Tuesday some of investors' attention will be diverted to Washington with the inauguration of President-elect Barack Obama.
The new administration could give stocks a bounce, market watchers say, as Obama prepares to dispense the second half of the government's $700 billion financial bailout fund and awaits passage of an $825 billion stimulus package that is fast making its way through Congress.
"I think the inauguration will give people a little more confidence," said Harry Clark, president and chief executive at Clark Capital Management in Philadelphia.
Wall Street last week saw a continuation of the selling that began on Jan. 5, a pullback fed by investors' renewed realization that the economy and corporate profits remain very weak. Despite an uptick Thursday and Friday, the S&P 500 index lost 4.5 percent over the week.
Investors could get a break this week from the drubbing because major financial companies like Citigroup Inc. and Bank of America Corp. have already delivered the bad news. Citigroup on Friday said it lost $8.29 billion in the fourth quarter -- its fifth straight deficit -- and that it was splitting the company in two to help restore profits.
And investors will look at overseas markets, which are open Monday. The British government said Sunday it was pumping another more money into its banking system to try to revive lending.
Clark thinks the news will continue to be grim but that a recovery will come sooner than most investors expect because the economy is already 13 months into a recession. Even the toughest recessions don't usually last longer than 16 months.
Clark cautioned that there is still risk of a shock like the failure of another big financial firm, like the fall of Lehman Brothers Holdings Inc. in September. That could upend the relative orderliness seen in trading since late November.
But he also said earnings reports could offer a reminder that not all industries are suffering as much as banks and that a recovery is possible. Industries like health care and consumer staples are holding up well compared with banks.
With little in the way of economic data due during the week -- a government report on housing construction is due Thursday -- investors will focus on earnings.
"There will be some good nuggets," Clark said, referring to earnings reports. "The market needs a catalyst."
"We're in the bottoming process," he said, predicting the gyrations in stocks will continue as investors examine the economy.
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