Play Video Video:Clinton to send US envoys to Syria BBC Play Video Barack Obama Video:President Obama Promoting Long Term Recovery CBS 2 New York Play Video Barack Obama Video:Obama's agenda comes with risks, rewards AP AFP/Pool – US Secretary of State Hillary Clinton is to meet with Palestinian leaders as she pushes on with "aggressive" … RAMALLAH, West Bank (Reuters) – Secretary of State Hillary Clinton held talks on Wednesday with Palestinian leaders concerned over whether Israel's next government will commit to a U.S.-backed peace process leading to a Palestinian state.
A day after pledging the new Obama administration would always protect Israel's security, Clinton visited the Israeli-occupied West Bank to deliver a message of support for President Mahmoud Abbas's Palestinian Authority.
"We are very committed to your efforts in this leadership of President Abbas," Clinton told Prime Minister Salam Fayyad, pointman in Western-backed reconstruction plans for the Gaza Strip that freeze out the territory's Hamas Islamist rulers.
Hamas, which won a parliamentary election in 2006, violently wrested control of the Gaza Strip from Abbas's Fatah faction in 2007. The West shuns Hamas over its refusal to recognize Israel, renounce violence and accept existing interim peace deals.
Clinton is on her first visit to the region as secretary of state during a time of political transition in Israel, which held an election on February 10 that led to right-winger Benjamin Netanyahu being invited to form a government by April 3.
The Likud party leader's reluctance to commit to the creation of a Palestinian state alongside Israel, a "two-state solution" to the Middle East conflict, could put him on a collision course with the Obama White House.
Clinton met Netanyahu and other political leaders in Jerusalem on Tuesday and pledged that Washington would be "vigorously engaged" in the pursuit of a Palestinian state, an outcome she said would be in Israel's best interests.
Saleh Rafat, a member of the Palestine Liberation Organisation's Executive Committee, said Abbas would tell Clinton later in the day there would be no peace negotiations unless Israel agreed unequivocally to a two-state solution.
SETTLEMENTS
Rafat said Abbas also would urge Clinton to press Israel to halt settlement expansion in the West Bank and East Jerusalem. Palestinians fear Israeli settlements on occupied land, deemed illegal by the World Court, could deny them a viable state.
Netanyahu, mirroring the policy of the outgoing government of Prime Minister Ehud Olmert, has said he would not build new settlements but expand existing ones to accommodate the "natural growth" of their populations.
A U.S.-backed peace "road map" that has served as the foundation of Israeli-Palestinian talks that were restarted under the Bush administration in 2007 calls for a halt to all Israeli settlement activity, including "natural growth."
Bush, who was regarded by Israel as one of its best allies, brought little pressure to bear on Israeli leaders over the issue. Israel has said it intends to keep major West Bank settlement blocs in any future peace deal.
Netanyahu said on Tuesday he and Clinton found "common ground" and would cooperate.
He has enough votes in parliament to form a right-wing government but has been trying to enlist centrist partners in an apparent bid to avoid friction with Washington.
A former prime minister, Netanyahu has proposed shifting the focus of currently stalled peace negotiations from territorial issues to shoring up the Palestinian economy, a concept Palestinian leaders have rejected. He is not against setting up a Palestinian state, but says that should not be the guaranteed outcome of negotiations yet to be held with Israel.
In her talks in Jerusalem on Tuesday, Clinton also called for the consolidation of a ceasefire in the Gaza Strip, where Israel in December launched a devastating 22-day offensive in a declared bid to halt cross-border rocket attacks.
(Writing by Jeffrey Heller, Editing by Alastair Macdonald and Richard Balmforth)
3/04/2009
Source: Obama to order gov't contracting overhaul
WASHINGTON – President Barack Obama plans to change how government contracts are awarded and who can earn them, a move his aides say would save taxpayers about $40 billion a year by making the process more competitive.
Obama is to sign a presidential memo Wednesday that changes government contracting procedures, an administration official said on the condition of anonymity in order to discuss the decision before it was announced.
Obama's directive would order Peter Orszag, director of the White House Office of Management and Budget, to work with Cabinet and agency officials to draft new contracting rules by the end of September. Those new rules, officials said, would make it more difficult for contractors to bilk taxpayers and make some half-trillion dollars in federal contracts each year more accessible to independent contractors.
During last week's White House meetings on the nation's financial future, lawmakers and officials bluntly told top Obama aides that government contracts needed to be handled in a better way. The president's own fleet of Marine One helicopters became an illustration of out-of-control spending.
Arizona Sen. John McCain, Obama's Republican rival during last year's presidential election, dryly told Obama, "Your helicopter is now going to cost as much as Air Force One."
Obama said he already had spoken with Defense Secretary Robert Gates about the fleet of 28 Marine One helicopters that is now over budget at $11.2 billion, a price that has almost doubled since the Navy started the project.
"It is an example of the procurement process gone amok, and we're going to have to fix it," Obama said last week.
Obama will say that his administration will stop outsourcing to private contractors many services that should be performed by government employees. He also pledged to open contracts to small businesses and eliminate "unnecessary" no-bid contracts that allow preferred contractors to take assignments even though they might not be the least expensive option.
In his remarks Wednesday, Obama also planned to praise McCain and Democratic Sen. Carl Levin of Michigan for their work to curb cost overruns in defense contracts. He also will acknowledge Gates' attention to the procurement process.
The administration official said Obama would not, however, sacrifice national security to save pennies. The official also said the administration plans to increase transparency and accountability provisions in contracts — a major theme of Obama's young administration.
A review of 95 defense projects by the Government Accountability Office, the auditing arm of Congress, found that the projects went over budget by $295 billion over the course of several years.
Obama is to sign a presidential memo Wednesday that changes government contracting procedures, an administration official said on the condition of anonymity in order to discuss the decision before it was announced.
Obama's directive would order Peter Orszag, director of the White House Office of Management and Budget, to work with Cabinet and agency officials to draft new contracting rules by the end of September. Those new rules, officials said, would make it more difficult for contractors to bilk taxpayers and make some half-trillion dollars in federal contracts each year more accessible to independent contractors.
During last week's White House meetings on the nation's financial future, lawmakers and officials bluntly told top Obama aides that government contracts needed to be handled in a better way. The president's own fleet of Marine One helicopters became an illustration of out-of-control spending.
Arizona Sen. John McCain, Obama's Republican rival during last year's presidential election, dryly told Obama, "Your helicopter is now going to cost as much as Air Force One."
Obama said he already had spoken with Defense Secretary Robert Gates about the fleet of 28 Marine One helicopters that is now over budget at $11.2 billion, a price that has almost doubled since the Navy started the project.
"It is an example of the procurement process gone amok, and we're going to have to fix it," Obama said last week.
Obama will say that his administration will stop outsourcing to private contractors many services that should be performed by government employees. He also pledged to open contracts to small businesses and eliminate "unnecessary" no-bid contracts that allow preferred contractors to take assignments even though they might not be the least expensive option.
In his remarks Wednesday, Obama also planned to praise McCain and Democratic Sen. Carl Levin of Michigan for their work to curb cost overruns in defense contracts. He also will acknowledge Gates' attention to the procurement process.
The administration official said Obama would not, however, sacrifice national security to save pennies. The official also said the administration plans to increase transparency and accountability provisions in contracts — a major theme of Obama's young administration.
A review of 95 defense projects by the Government Accountability Office, the auditing arm of Congress, found that the projects went over budget by $295 billion over the course of several years.
USA
Play Video Barack Obama Video:Obama's agenda comes with risks, rewards AP Play Video Barack Obama Video:Obama: Wall St. Numbers Not Reflective Of Future CBS 2 New York British Prime Minister Gordon Brown, the first European leader to visit President Obama, met with the president Tuesday ahead of an address to a joint session of Congress Wednesday. Brown's visit is meant to strengthen ties with the US in anticipation of a "global new deal" strategy Brown will present at a G-20 economic summit in London next month.
Bernard Madoff's lawyer filed court papers Monday seeking to let Madoff's wife, Ruth, keep a $7 million Manhattan penthouse and $62 million in assets that he and his client claim are "unrelated" to the securities fraud charges against the accused Wall Street broker. While awaiting trial in an alleged $50 billion Ponzi operation, Madoff is confined to the apartment.
Former Dallas Mayor Ron Kirk, President Obama's choice to be US Trade Representative, has agreed to pay an estimated $10,000 in unpaid income taxes related to speaking fees and sports tickets, the Senate Finance Committee reviewing his nomination said Monday.
Dartmouth College named Jim Yong Kim the Ivy League's first Asian-American president Monday. Born in South Korea but raised in Iowa, Dr. Kim is known as a leader in the global fight against HIV/AIDS and for his work supporting healthcare for the poor.
The number of people on probation or parole more than tripled to 5.1 million between 1982 and 2007, according to a new report by the Pew Center on the States. The study recommends gearing up community-supervision strategies to reduce recidivism.
Japanese Emperor Akihito may become the first Japanese emperor or prime minister to visit Pearl Harbor, according to the Kyodo News. A tour of the site of Japan's surprise World War II attack on the US Navy base could occur during an unofficial July stopover in Hawaii while en route to Canada.
Democrats have opened up their widest lead since 1984 in the race for voters' party identification, a Harris Poll indicates. They enjoy a 10 percentage-point lead over the GOP, a seven-point jump since 2002.
The US Tennis Association saluted Billie Jean King at an exhibition event – the Billie Jean King Cup – played Monday in New York's Madison Square Garden. The Williams sisters joined King after Serena defeated Venus 6-4, 6-3 in the final. King founded the Women's Tennis Association in 1973.
Bernard Madoff's lawyer filed court papers Monday seeking to let Madoff's wife, Ruth, keep a $7 million Manhattan penthouse and $62 million in assets that he and his client claim are "unrelated" to the securities fraud charges against the accused Wall Street broker. While awaiting trial in an alleged $50 billion Ponzi operation, Madoff is confined to the apartment.
Former Dallas Mayor Ron Kirk, President Obama's choice to be US Trade Representative, has agreed to pay an estimated $10,000 in unpaid income taxes related to speaking fees and sports tickets, the Senate Finance Committee reviewing his nomination said Monday.
Dartmouth College named Jim Yong Kim the Ivy League's first Asian-American president Monday. Born in South Korea but raised in Iowa, Dr. Kim is known as a leader in the global fight against HIV/AIDS and for his work supporting healthcare for the poor.
The number of people on probation or parole more than tripled to 5.1 million between 1982 and 2007, according to a new report by the Pew Center on the States. The study recommends gearing up community-supervision strategies to reduce recidivism.
Japanese Emperor Akihito may become the first Japanese emperor or prime minister to visit Pearl Harbor, according to the Kyodo News. A tour of the site of Japan's surprise World War II attack on the US Navy base could occur during an unofficial July stopover in Hawaii while en route to Canada.
Democrats have opened up their widest lead since 1984 in the race for voters' party identification, a Harris Poll indicates. They enjoy a 10 percentage-point lead over the GOP, a seven-point jump since 2002.
The US Tennis Association saluted Billie Jean King at an exhibition event – the Billie Jean King Cup – played Monday in New York's Madison Square Garden. The Williams sisters joined King after Serena defeated Venus 6-4, 6-3 in the final. King founded the Women's Tennis Association in 1973.
Obama tries to pump up confidence in the economy
WASHINGTON – Trying to pump up the nation's confidence, President Barack Obama said that Wall Street has been hammered so hard that "buying stocks is a potentially good deal," and he dispatched top aides to Capitol Hill to defend his plans for pulling the economy out of its deep recession. The stock market slipped ever lower, and Republicans suggested Obama was "cooking the books" in rosy recovery predictions.
After being accused for weeks of being too negative about the economy, Obama recently has shifted to a more positive tone. He and his aides still say recovery won't come quickly, but they are becoming more aggressive in declaring that the government's efforts will work.
They better work, Federal Reserve Chairman Ben Bernanke said. The country faces "a prolonged episode of economic stagnation" without bold policy moves, he told the Senate Banking Committee.
Separately, the Fed announced a long-awaited program to spur lending for autos, education, credit cards and other consumer loans by providing up to $200 billion in financing to investors to buy up the debt. If the program succeeds, it should help break economy-crippling credit clogs and make it easier for Americans to finance purchases large and small at lower rates, Bernanke said.
"What the economy requires, what the American people demand is that we move as aggressively as we can to get growth back on track," Treasury Secretary Timothy Geithner told the tax-writing House Ways and Means Committee. "I'm confident this is the right path for the country."
Republicans were not so sure, accusing the new administration of raising taxes during a recession — on many ordinary Americans as well as on the wealthy.
Underscoring the economy's weakness, Detroit's Big Three automakers reported huge U.S. sales declines for February from a year earlier — 53 percent for General Motors Corp., 48 percent for Ford Motor Co. and 44 percent for Chrysler LLC.
On Wall Street, the Dow Jones industrials lost 37 points, but stocks have been falling so fast — 300 points on Monday alone — that the new decline seemed quite modest.
Obama's plan envisions a deficit of $1.7 trillion this year followed by several more years of trillion-dollar shortfalls.
"The new administration has inherited an economic crisis unlike any we have seen in our lifetimes," White House Budget Director Peter Orszag told the House Budget Committee.
The administration acknowledges that its energy proposal would increase costs for consumers but argues that the vast majority of people will get tax breaks elsewhere in Obama's budget package.
"Now, if people don't change how they use energy, then they will face higher costs for energy," Geithner acknowledged.
Obama, meanwhile, was asked about the stock market's swoon in recent days to levels not seen since 1997.
"What I'm looking for is not the day-to-day gyrations of the stock market, but the long-term ability for the United States and the entire world economy to regain its footing," Obama said after meeting in the Oval Office with British Prime Minister Gordon Brown.
"You know, it bobs up and down," he said, comparing stock market movements to daily tracking polls during political campaigns. "The banking system has been dealt a heavy blow," he added. "There are a lot of losses that are working their way through the system. And it's not surprising that the market is hurting as a consequence."
Sounding ever more like an analyst, he said that "profit and earning ratios are starting to get to the point where buying stocks is a potentially good deal if you've got a long-term perspective on it."
The president predicted a recovery "but it's not going to happen overnight."
He got a boost from Bernanke, who was appointed to the top Fed job in 2006 by President George W. Bush. Bernanke said Obama's recently enacted $787 billion stimulus package of increased federal spending and tax cuts should help revive consumer spending, boost factory production and "mitigate the overall loss of employment and income that would otherwise occur."
Bernanke testified that an economic recovery depends on the government's ability to stabilize weak financial markets.
Geithner and Orszag were grilled by Republicans on the tax portion of the budget.
In particular, GOP lawmakers complained about a section that would require polluters to purchase permits from the government for their greenhouse gas emissions, suggesting it would essentially impose huge new energy costs on all consumers and businesses. They also criticized a section limiting the charitable deductions that households earning over $250,000 a year can claim, saying it would burden charities.
"The president's budget increases taxes on every American, and does so during a recession," Rep. Dave Camp, R-Mich., told Geithner.
Geithner said the budget reflects what Obama views as "a deep moral imperative to make our society more just. But it's very good economic policy, too. It will mean there is again a fairer, more equitably shared tax burden on the vast majority of Americans."
Higher taxes for affluent Americans would not come until 2011 once "we are safely into recovery," Geithner said.
But some lawmakers challenged the administration's predictions for such a speedy recovery.
The budget forecasts that the economy, as measured by the gross domestic product, would shrink by just 1.2 percent this year and then snap back and grow by a solid 3.2 percent in 2010, followed by several years over 4 percent.
That's more optimistic than most private forecasts, and comes despite a new government report showing the economy contracted by 6.2 percent in late 2008, far more than the 3.2 percent drop first reported.
"It looks like somebody's cooking the books," Rep. Kevin Brady, R-Texas, told Geithner.
The Obama plan "does predict a somewhat more rapid recovery" than other forecasts, Geithner acknowledged. But, he added, "I believe this is a realistic forecast."
Questioning was pretty much along party lines. Democrats for the most part praised Obama's proposal.
"It is making the tax code more fair," Rep. John Lewis, D-Ga., told Geithner.
Obama's budget faces a difficult path through Congress because of its many controversial proposals on health care, taxes and global warming.
___
Associated Press Writers Stephen Ohlemacher, Andrew Taylor, Jeannine Aversa and Jennifer Loven contributed to this report from Washington, Tom Krisher and Bree Fowler from Detroit.
After being accused for weeks of being too negative about the economy, Obama recently has shifted to a more positive tone. He and his aides still say recovery won't come quickly, but they are becoming more aggressive in declaring that the government's efforts will work.
They better work, Federal Reserve Chairman Ben Bernanke said. The country faces "a prolonged episode of economic stagnation" without bold policy moves, he told the Senate Banking Committee.
Separately, the Fed announced a long-awaited program to spur lending for autos, education, credit cards and other consumer loans by providing up to $200 billion in financing to investors to buy up the debt. If the program succeeds, it should help break economy-crippling credit clogs and make it easier for Americans to finance purchases large and small at lower rates, Bernanke said.
"What the economy requires, what the American people demand is that we move as aggressively as we can to get growth back on track," Treasury Secretary Timothy Geithner told the tax-writing House Ways and Means Committee. "I'm confident this is the right path for the country."
Republicans were not so sure, accusing the new administration of raising taxes during a recession — on many ordinary Americans as well as on the wealthy.
Underscoring the economy's weakness, Detroit's Big Three automakers reported huge U.S. sales declines for February from a year earlier — 53 percent for General Motors Corp., 48 percent for Ford Motor Co. and 44 percent for Chrysler LLC.
On Wall Street, the Dow Jones industrials lost 37 points, but stocks have been falling so fast — 300 points on Monday alone — that the new decline seemed quite modest.
Obama's plan envisions a deficit of $1.7 trillion this year followed by several more years of trillion-dollar shortfalls.
"The new administration has inherited an economic crisis unlike any we have seen in our lifetimes," White House Budget Director Peter Orszag told the House Budget Committee.
The administration acknowledges that its energy proposal would increase costs for consumers but argues that the vast majority of people will get tax breaks elsewhere in Obama's budget package.
"Now, if people don't change how they use energy, then they will face higher costs for energy," Geithner acknowledged.
Obama, meanwhile, was asked about the stock market's swoon in recent days to levels not seen since 1997.
"What I'm looking for is not the day-to-day gyrations of the stock market, but the long-term ability for the United States and the entire world economy to regain its footing," Obama said after meeting in the Oval Office with British Prime Minister Gordon Brown.
"You know, it bobs up and down," he said, comparing stock market movements to daily tracking polls during political campaigns. "The banking system has been dealt a heavy blow," he added. "There are a lot of losses that are working their way through the system. And it's not surprising that the market is hurting as a consequence."
Sounding ever more like an analyst, he said that "profit and earning ratios are starting to get to the point where buying stocks is a potentially good deal if you've got a long-term perspective on it."
The president predicted a recovery "but it's not going to happen overnight."
He got a boost from Bernanke, who was appointed to the top Fed job in 2006 by President George W. Bush. Bernanke said Obama's recently enacted $787 billion stimulus package of increased federal spending and tax cuts should help revive consumer spending, boost factory production and "mitigate the overall loss of employment and income that would otherwise occur."
Bernanke testified that an economic recovery depends on the government's ability to stabilize weak financial markets.
Geithner and Orszag were grilled by Republicans on the tax portion of the budget.
In particular, GOP lawmakers complained about a section that would require polluters to purchase permits from the government for their greenhouse gas emissions, suggesting it would essentially impose huge new energy costs on all consumers and businesses. They also criticized a section limiting the charitable deductions that households earning over $250,000 a year can claim, saying it would burden charities.
"The president's budget increases taxes on every American, and does so during a recession," Rep. Dave Camp, R-Mich., told Geithner.
Geithner said the budget reflects what Obama views as "a deep moral imperative to make our society more just. But it's very good economic policy, too. It will mean there is again a fairer, more equitably shared tax burden on the vast majority of Americans."
Higher taxes for affluent Americans would not come until 2011 once "we are safely into recovery," Geithner said.
But some lawmakers challenged the administration's predictions for such a speedy recovery.
The budget forecasts that the economy, as measured by the gross domestic product, would shrink by just 1.2 percent this year and then snap back and grow by a solid 3.2 percent in 2010, followed by several years over 4 percent.
That's more optimistic than most private forecasts, and comes despite a new government report showing the economy contracted by 6.2 percent in late 2008, far more than the 3.2 percent drop first reported.
"It looks like somebody's cooking the books," Rep. Kevin Brady, R-Texas, told Geithner.
The Obama plan "does predict a somewhat more rapid recovery" than other forecasts, Geithner acknowledged. But, he added, "I believe this is a realistic forecast."
Questioning was pretty much along party lines. Democrats for the most part praised Obama's proposal.
"It is making the tax code more fair," Rep. John Lewis, D-Ga., told Geithner.
Obama's budget faces a difficult path through Congress because of its many controversial proposals on health care, taxes and global warming.
___
Associated Press Writers Stephen Ohlemacher, Andrew Taylor, Jeannine Aversa and Jennifer Loven contributed to this report from Washington, Tom Krisher and Bree Fowler from Detroit.
Australia woes stoke global recession fears
SYDNEY (AFP) – The first contraction in Australia's economy for eight years sent shockwaves through markets Wednesday, after the US unveiled a credit drive to stem a crisis that shows no sign of relenting.
Dashing hopes Australia could avoid the global recession, shock figures showed the economy contracted 0.5 percent in the December quarter, well below market expectations of 0.1 percent growth.
Ending a long run of expansion on the back of a China-driven resources boom, the figures came despite government attempts to kick start the economy with two stimulus packages worth more than 50 billion dollars (32.5 billion US).
Treasurer Wayne Swan said the figures were a "sobering reflection" of an extremely difficult global environment that was likely to get worse before it improves.
"Although the Australian economy has held up better than most other economies, the inevitable impact of the global recession is clearly evident in today's data," he said.
The news sent currency and share markets plummeting, with the Australian dollar plunging 0.65 US cents to 63.15 US cents immediately after the announcement and the benchmark SP/ASX200 share index closing 1.6 percent lower.
Pressurised world markets earlier hit multi-year lows amid worries about the world economy, exacerbated by a huge global rout earlier in the week.
Japanese share prices slipped 0.82 percent in morning trade, a day after London's FTSE 100 index of leading shares shed 3.14 percent to finish at a six-year low. Tokyo later recovered on bargain-hunting to close up 0.85 percent.
Governments continued to forge stimulus efforts, with Japan's parliament passing a controversial plan to hand 20 billion dollars back to the public to fight the recession.
A 200-billion-dollar US government bid to rev up consumer lending failed to halt a slide on Wall Street which fell 0.55 percent Tuesday, after automakers reported heavy US sales declines as the deepening crisis evaporates demand.
General Motors reported a 53 percent slide, Ford sales fell 48 percent and Toyota's sales dropped 37 percent from a year earlier.
Overall sales for the US market were down 41 percent from a year ago to a weak annual pace of 9.12 million vehicles.
The Treasury and the Federal Reserve said the credit drive, which could increase to one trillion dollars, aims to break a credit crunch by buying up asset-backed securities linked to credit cards, auto loans and other types of consumer credit.
Called the Term Asset-Backed Securities Loan Facility (TALF), the programme is designed "to catalyse" credit markets that have been "virtually shuttered since the worsening of the financial crisis in October," according to a joint statement.
Ryan Sweet at Economy.com said the programme could help revive economic activity.
"If the TALF works as intended, it could become the blueprint for future programs to combat the financial crisis," he said.
As the launch was announced, Federal Reserve chairman Ben Bernanke said that this and other efforts by the central bank along with a huge stimulus programme should over time provide "solid gains" for the recession-plagued economy.
Bernanke also highlighted the failings of the banking system to steer clear from mountains of bad debt in an unusually harsh rebuke to ailing insurer American International Group, whose record fourth quarterly loss of 61.7 billion dollars helped send world markets spiralling down this week.
He told a Senate hearing that "if there's a single episode in this entire 18 months (of the financial crisis) that has made me more angry, I can't think of one than AIG."
"I think AIG exploited a huge gap in the regulatory system," Bernanke said.
Economies worldwide have been hit by the crisis sparked by so-called subprime loans in the United States, made to borrowers with weak credit histories.
The loans were resold as complicated investment instruments to banks, institutions and private investors around the world. Once large-scale defaults hit, the impact was felt worldwide.
In France, Prime Minister Francois Fillon warned on French radio that "The whole of 2009 will be a year of crisis."
The Bank of England is expected to slash its key interest rate on Thursday by half a percentage point to just 0.5 percent -- the lowest level in the bank's 315-year history, analysts said.
The European Central Bank meets on Thursday when it is expected to cut rates half a point to a record low 1.50 percent amid a chorus of complaints it has been too slow to adjust policy as the economy slumps.
Dashing hopes Australia could avoid the global recession, shock figures showed the economy contracted 0.5 percent in the December quarter, well below market expectations of 0.1 percent growth.
Ending a long run of expansion on the back of a China-driven resources boom, the figures came despite government attempts to kick start the economy with two stimulus packages worth more than 50 billion dollars (32.5 billion US).
Treasurer Wayne Swan said the figures were a "sobering reflection" of an extremely difficult global environment that was likely to get worse before it improves.
"Although the Australian economy has held up better than most other economies, the inevitable impact of the global recession is clearly evident in today's data," he said.
The news sent currency and share markets plummeting, with the Australian dollar plunging 0.65 US cents to 63.15 US cents immediately after the announcement and the benchmark SP/ASX200 share index closing 1.6 percent lower.
Pressurised world markets earlier hit multi-year lows amid worries about the world economy, exacerbated by a huge global rout earlier in the week.
Japanese share prices slipped 0.82 percent in morning trade, a day after London's FTSE 100 index of leading shares shed 3.14 percent to finish at a six-year low. Tokyo later recovered on bargain-hunting to close up 0.85 percent.
Governments continued to forge stimulus efforts, with Japan's parliament passing a controversial plan to hand 20 billion dollars back to the public to fight the recession.
A 200-billion-dollar US government bid to rev up consumer lending failed to halt a slide on Wall Street which fell 0.55 percent Tuesday, after automakers reported heavy US sales declines as the deepening crisis evaporates demand.
General Motors reported a 53 percent slide, Ford sales fell 48 percent and Toyota's sales dropped 37 percent from a year earlier.
Overall sales for the US market were down 41 percent from a year ago to a weak annual pace of 9.12 million vehicles.
The Treasury and the Federal Reserve said the credit drive, which could increase to one trillion dollars, aims to break a credit crunch by buying up asset-backed securities linked to credit cards, auto loans and other types of consumer credit.
Called the Term Asset-Backed Securities Loan Facility (TALF), the programme is designed "to catalyse" credit markets that have been "virtually shuttered since the worsening of the financial crisis in October," according to a joint statement.
Ryan Sweet at Economy.com said the programme could help revive economic activity.
"If the TALF works as intended, it could become the blueprint for future programs to combat the financial crisis," he said.
As the launch was announced, Federal Reserve chairman Ben Bernanke said that this and other efforts by the central bank along with a huge stimulus programme should over time provide "solid gains" for the recession-plagued economy.
Bernanke also highlighted the failings of the banking system to steer clear from mountains of bad debt in an unusually harsh rebuke to ailing insurer American International Group, whose record fourth quarterly loss of 61.7 billion dollars helped send world markets spiralling down this week.
He told a Senate hearing that "if there's a single episode in this entire 18 months (of the financial crisis) that has made me more angry, I can't think of one than AIG."
"I think AIG exploited a huge gap in the regulatory system," Bernanke said.
Economies worldwide have been hit by the crisis sparked by so-called subprime loans in the United States, made to borrowers with weak credit histories.
The loans were resold as complicated investment instruments to banks, institutions and private investors around the world. Once large-scale defaults hit, the impact was felt worldwide.
In France, Prime Minister Francois Fillon warned on French radio that "The whole of 2009 will be a year of crisis."
The Bank of England is expected to slash its key interest rate on Thursday by half a percentage point to just 0.5 percent -- the lowest level in the bank's 315-year history, analysts said.
The European Central Bank meets on Thursday when it is expected to cut rates half a point to a record low 1.50 percent amid a chorus of complaints it has been too slow to adjust policy as the economy slumps.
Apple introduces new Mac desktop computers
Apple introduces new Mac desktop computers
SAN FRANCISCO (Reuters) – Apple Inc refreshed its line of Mac desktop computers, adding stronger capabilities and nudging some prices lower as consumer spending feels the pinch of the recession.
Apple introduced on Tuesday new models of its iMac, Mac mini and Mac Pro desktops, following a refresh of its MacBook notebook PCs last year.
The new line includes a flagship 24-inch iMac with twice the memory size and twice the storage of the previous generation 20-inch iMac, but is priced at the same $1,499. It also includes a 20-inch PC and two new 24-inch iMacs priced between at $1,199 to $2,199.
Oppenheimer analyst Yair Reiner said the new desktop PCs did not break new ground on form or aesthetics, but the new iMacs offered much more bang for the buck.
"Nothing earth-shattering here but in a time when price and value are of increasing significance the refresh definitely puts Apple at the head of that comparison," he said.
Calyon Securities analyst Shebly Seyrafi said the new desktops should be able to contribute meaningfully to Apple's March quarter, but he wondered whether their price points are still too high.
"They increased the performance but didn't lower the price. I question whether that is the right business move in today's environment where I think customers want lower prices," he said.
Sales of Apple's desktops, like those of competitors such as Hewlett-Packard Co and Dell Inc, have been declining as consumers shift to notebooks.
Apple's desktop shipments fell 25 percent in the December quarter as notebooks rose 34 percent. Desktop revenue made up less a third of all Mac revenue in the quarter.
The picture for desktops is only expected to become grimmer. Research group Gartner expects global desktop sales to fall 32 percent in 2009, even as notebooks rise 2.7 percent.
Apple also introduced a new Mac Pro desktop PC aimed at business users. The new Mac Pro starts at $2,499, $300 less than the previous Mac Pro.
In addition, the company unveiled two new Mac Mini desktops, measuring 6.5 inches by 6.5 inches by 2 inches, with the entry-level price unchanged at $599. The Mac mini also now features an Nvidia graphics processor, and the chip maker said its GPUs are now available in all Mac computers, both desktops and notebooks.
Oppenheimer's Reiner noted that Apple's press release was something of a "non-event" compared to some of the company's other product launches that have been among the most eagerly anticipated events in the technology world.
When Apple refreshed its line of Macbook notebooks in October, Chief Executive Steve Jobs -- currently on medical leave until June -- introduced the new PCs with his typical showmanship at Apple's headquarters in Cupertino, California.
Calyon's Seyrafi did not see Apple's somewhat low-key announcement as significant, noting that desktops are simply not as important as notebooks these days.
Shares of Apple were up 1.7 percent to $89.41 in afternoon trading on Nasdaq.
(Additional reporting by Yinka Adegoke; Editing by Derek Caney and Tim Dobbyn)
SAN FRANCISCO (Reuters) – Apple Inc refreshed its line of Mac desktop computers, adding stronger capabilities and nudging some prices lower as consumer spending feels the pinch of the recession.
Apple introduced on Tuesday new models of its iMac, Mac mini and Mac Pro desktops, following a refresh of its MacBook notebook PCs last year.
The new line includes a flagship 24-inch iMac with twice the memory size and twice the storage of the previous generation 20-inch iMac, but is priced at the same $1,499. It also includes a 20-inch PC and two new 24-inch iMacs priced between at $1,199 to $2,199.
Oppenheimer analyst Yair Reiner said the new desktop PCs did not break new ground on form or aesthetics, but the new iMacs offered much more bang for the buck.
"Nothing earth-shattering here but in a time when price and value are of increasing significance the refresh definitely puts Apple at the head of that comparison," he said.
Calyon Securities analyst Shebly Seyrafi said the new desktops should be able to contribute meaningfully to Apple's March quarter, but he wondered whether their price points are still too high.
"They increased the performance but didn't lower the price. I question whether that is the right business move in today's environment where I think customers want lower prices," he said.
Sales of Apple's desktops, like those of competitors such as Hewlett-Packard Co and Dell Inc, have been declining as consumers shift to notebooks.
Apple's desktop shipments fell 25 percent in the December quarter as notebooks rose 34 percent. Desktop revenue made up less a third of all Mac revenue in the quarter.
The picture for desktops is only expected to become grimmer. Research group Gartner expects global desktop sales to fall 32 percent in 2009, even as notebooks rise 2.7 percent.
Apple also introduced a new Mac Pro desktop PC aimed at business users. The new Mac Pro starts at $2,499, $300 less than the previous Mac Pro.
In addition, the company unveiled two new Mac Mini desktops, measuring 6.5 inches by 6.5 inches by 2 inches, with the entry-level price unchanged at $599. The Mac mini also now features an Nvidia graphics processor, and the chip maker said its GPUs are now available in all Mac computers, both desktops and notebooks.
Oppenheimer's Reiner noted that Apple's press release was something of a "non-event" compared to some of the company's other product launches that have been among the most eagerly anticipated events in the technology world.
When Apple refreshed its line of Macbook notebooks in October, Chief Executive Steve Jobs -- currently on medical leave until June -- introduced the new PCs with his typical showmanship at Apple's headquarters in Cupertino, California.
Calyon's Seyrafi did not see Apple's somewhat low-key announcement as significant, noting that desktops are simply not as important as notebooks these days.
Shares of Apple were up 1.7 percent to $89.41 in afternoon trading on Nasdaq.
(Additional reporting by Yinka Adegoke; Editing by Derek Caney and Tim Dobbyn)
U.S. mortgage demand off before Obama rescue details
NEW YORK (Reuters) – Applications for loans to buy U.S. homes and to refinance existing mortgages fell for the second straight week, the Mortgage Bankers Association said on Wednesday, as consumers awaited for specific details on President Barack Obama's housing stimulus plan.
The $275 billion program announced two weeks ago aims to reduce mortgage rates and stem the record tide of foreclosures that has dragged home prices down nearly 27 percent from their mid-2006 peak.
The Mortgage Bankers Association's seasonally adjusted mortgage applications index, made up of both purchase and refinance loans, fell 12.6 percent to 649.7 last week.
That was about half the level posted early this year, when average 30-year mortgage rates fell as low as 4.89 percent, according to the trade group. Mortgage rates rose to 5.14 percent last week from 5.07 percent the prior week.
Potential buyers and refinancers have pulled back in the hopes that Obama's Homeowner Affordability and Stability Plan will cut borrowing costs and steady house prices.
"The housing stimulus package was announced but without sufficient detail to cause the market to have comfort that it would work, and (a sense about) when it would work," Michael Feder, chief executive at real estate data and analytics company Radar Logic, told Reuters on Tuesday.
The Mortgage Bankers Association's seasonally adjusted refinancing applications index slumped 15.3 percent to 3,063.4, less than half the level seen as recently as mid-January.
Its purchase index dropped 5.6 percent to 236.4 last week, having steadily descended from this year's high of 344.2 in the week ended January 2.
An unwillingness to buy a fast-depreciating asset, a supply glut and swiftly evaporating jobs continue to contribute to the housing market swoon, analysts agree.
"While there is some demand from bargain hunters, housing conditions remain quite dire," Barclays economist Michelle Meyer wrote on Tuesday after the January National Association of Realtors pending home sales index slid to its lowest level since the index was started in 2001.
"Consumers have lost confidence in the economy and are worried about job security, discouraging big-ticket purchases," and tight credit conditions are overshadowing relatively low mortgage rates, she added.
(Editing by Leslie Adler)
The $275 billion program announced two weeks ago aims to reduce mortgage rates and stem the record tide of foreclosures that has dragged home prices down nearly 27 percent from their mid-2006 peak.
The Mortgage Bankers Association's seasonally adjusted mortgage applications index, made up of both purchase and refinance loans, fell 12.6 percent to 649.7 last week.
That was about half the level posted early this year, when average 30-year mortgage rates fell as low as 4.89 percent, according to the trade group. Mortgage rates rose to 5.14 percent last week from 5.07 percent the prior week.
Potential buyers and refinancers have pulled back in the hopes that Obama's Homeowner Affordability and Stability Plan will cut borrowing costs and steady house prices.
"The housing stimulus package was announced but without sufficient detail to cause the market to have comfort that it would work, and (a sense about) when it would work," Michael Feder, chief executive at real estate data and analytics company Radar Logic, told Reuters on Tuesday.
The Mortgage Bankers Association's seasonally adjusted refinancing applications index slumped 15.3 percent to 3,063.4, less than half the level seen as recently as mid-January.
Its purchase index dropped 5.6 percent to 236.4 last week, having steadily descended from this year's high of 344.2 in the week ended January 2.
An unwillingness to buy a fast-depreciating asset, a supply glut and swiftly evaporating jobs continue to contribute to the housing market swoon, analysts agree.
"While there is some demand from bargain hunters, housing conditions remain quite dire," Barclays economist Michelle Meyer wrote on Tuesday after the January National Association of Realtors pending home sales index slid to its lowest level since the index was started in 2001.
"Consumers have lost confidence in the economy and are worried about job security, discouraging big-ticket purchases," and tight credit conditions are overshadowing relatively low mortgage rates, she added.
(Editing by Leslie Adler)
Toll Brothers fiscal 1st-qtr loss narrows
HORSHAM, Pa. – Toll Brothers Inc. said Wednesday its loss in the fiscal first quarter narrowed despite plummeting revenue as the luxury homebuilder slashed expenses.
For the quarter ended in January, Toll Brothers lost $89 million, or 55 cents per share, compared with a year-ago loss of $96 million, or 61 cents per share.
Pretax write-downs totaled $156.6 million in the most recent quarter, down from $245.5 million the prior year.
Excluding the write-downs, earnings fell to $9.6 million, or 6 cents per share, from $57.3 million, or 35 cents per share, a year ago.
Revenue declined 51 percent to $409 million from $842.3 million.
Cost of revenue and selling, general and administrative expenses both declined year over year.
Analysts on average expected a loss of 52 cents per share on revenue of $425.3 million.
Cash at quarter-end amounted to $1.53 billion, Toll Brothers said, up from $956.6 million at the same time a year ago.
"Faced with a plunging stock market, weak consumer confidence, growing job losses, challenging credit markets and a hobbled economy, we continue to focus on maintaining a strong balance sheet and significant liquidity," Robert I. Toll, chairman and chief executive, said in a statement. "With this capital, we hope to take advantage of opportunities we believe will arise from the current downturn."
The company says it expects to deliver 2,000 to 3,000 homes this year, based on its quarter-end backlog of $1.04 billion. Toll Brothers declined to provide more specific earnings guidance
For the quarter ended in January, Toll Brothers lost $89 million, or 55 cents per share, compared with a year-ago loss of $96 million, or 61 cents per share.
Pretax write-downs totaled $156.6 million in the most recent quarter, down from $245.5 million the prior year.
Excluding the write-downs, earnings fell to $9.6 million, or 6 cents per share, from $57.3 million, or 35 cents per share, a year ago.
Revenue declined 51 percent to $409 million from $842.3 million.
Cost of revenue and selling, general and administrative expenses both declined year over year.
Analysts on average expected a loss of 52 cents per share on revenue of $425.3 million.
Cash at quarter-end amounted to $1.53 billion, Toll Brothers said, up from $956.6 million at the same time a year ago.
"Faced with a plunging stock market, weak consumer confidence, growing job losses, challenging credit markets and a hobbled economy, we continue to focus on maintaining a strong balance sheet and significant liquidity," Robert I. Toll, chairman and chief executive, said in a statement. "With this capital, we hope to take advantage of opportunities we believe will arise from the current downturn."
The company says it expects to deliver 2,000 to 3,000 homes this year, based on its quarter-end backlog of $1.04 billion. Toll Brothers declined to provide more specific earnings guidance
World stocks rebound on China stimulus hopes
World stocks rebound on China stimulus hopes
Slideshow:Stock Markets Play Video Barack Obama Video:President Obama Promoting Long Term Recovery CBS 2 New York Related Quotes Symbol Price Change
AIG 0.43 0.00
HBC 27.95 0.00
^GSPC 696.33 0.00
LONDON – Stock markets in Europe and Asia rebounded Wednesday amid mounting hopes that China will soon announce a big stimulus package that could help limit the length and depth of the recession in the industrialized world.
A legislative meeting starts Thursday in China and top of the agenda is what the government can do to lift growth rates, which have fallen in the wake of the global economic downturn. As one of the few major economies still expanding, China is being closely watched amid hopes its demand and trade can help the world weather the most severe global slowdown in decades.
Chinese shares led Wednesday's advance, with Shanghai's index jumping more than 6 percent to close at 2,198.11.
"Obviously, this unusual rally suggests that investors are overly optimistic about what to expect from the legislature. They think the government will do more to boost spending to stimulate the economy," said Peng Yunliang, an analyst with Shanghai Securities in Shanghai.
Elsewhere in Asia, Japan's Nikkei 225 stock average was up 61.24 points, or 0.9 percent, to 7,290.96, while Hong Kong's Hang Seng added 297.27, or 2.5 percent, to 12,331.15. South Korea's Kospi climbed 3.3 percent to 1,059.26.
Markets in Singapore, Taiwan and New Zealand also gained. Australia's index shed 1.6 percent.
In Europe, the FTSE 100 index of leading British shares recovered from six-year lows to rise 66.42 points, or 1.9 percent, to 3,578.51, while Germany's DAX was up 99.38 points, or 2.7 percent, at 3,790.10. The CAC-40 in France was 54.05 points, or 2.1 percent, higher at 2,608.60.
U.S. futures pointed to a higher open for Wall Street on Wednesday. Dow futures rose 119, or 1.8 percent, to 6,788 and the broader Standard & Poor's 500 futures gained 14.3, or 2.1 percent, to 704. After a choppy session, the Dow closed Tuesday at 6,726.02, its lowest close since April 1997, while the S&P closed at 696.33, 52 percent below its peak of October 2007.
Despite Wednesday's rebound around the world, the markets remain in a jittery mood ahead of Thursday's interest rate decisions from the European Central Bank and the Bank of England and Friday's closely-watched U.S. jobs report for February.
"The mood in equity markets is still bleak but we need to be aware that sentiment-emotion is looking rather extreme, not that fundamentals look in any way supportive," said Neil Mackinnon, chief economist at ECU Group.
Sentiment around the world was ravaged this week with the news that American International Group Inc. posted the biggest quarterly loss in corporate history, and HSBC Holdings PLC slashed its dividend and revealed it needed to raise nearly $18 billion from shareholders. And the warning from Ben Bernanke, the U.S. Federal Reserve chairman, that U.S. banks may need more government cash injections to stay afloat did not help matters either.
Oil prices rose, with benchmark crude for April delivery up $1.62 to $43.27 a barrel on the New York Mercantile Exchange. The contract added $1.50 to settle at $41.65 overnight.
In currencies, the dollar fell rose 1.4 percent to 99.35 yen while the euro fell 0.4 percent to $1.2504.
___
AP Business Writer Jeremiah Marquez in Hong Kong contributed to this report.
Slideshow:Stock Markets Play Video Barack Obama Video:President Obama Promoting Long Term Recovery CBS 2 New York Related Quotes Symbol Price Change
AIG 0.43 0.00
HBC 27.95 0.00
^GSPC 696.33 0.00
LONDON – Stock markets in Europe and Asia rebounded Wednesday amid mounting hopes that China will soon announce a big stimulus package that could help limit the length and depth of the recession in the industrialized world.
A legislative meeting starts Thursday in China and top of the agenda is what the government can do to lift growth rates, which have fallen in the wake of the global economic downturn. As one of the few major economies still expanding, China is being closely watched amid hopes its demand and trade can help the world weather the most severe global slowdown in decades.
Chinese shares led Wednesday's advance, with Shanghai's index jumping more than 6 percent to close at 2,198.11.
"Obviously, this unusual rally suggests that investors are overly optimistic about what to expect from the legislature. They think the government will do more to boost spending to stimulate the economy," said Peng Yunliang, an analyst with Shanghai Securities in Shanghai.
Elsewhere in Asia, Japan's Nikkei 225 stock average was up 61.24 points, or 0.9 percent, to 7,290.96, while Hong Kong's Hang Seng added 297.27, or 2.5 percent, to 12,331.15. South Korea's Kospi climbed 3.3 percent to 1,059.26.
Markets in Singapore, Taiwan and New Zealand also gained. Australia's index shed 1.6 percent.
In Europe, the FTSE 100 index of leading British shares recovered from six-year lows to rise 66.42 points, or 1.9 percent, to 3,578.51, while Germany's DAX was up 99.38 points, or 2.7 percent, at 3,790.10. The CAC-40 in France was 54.05 points, or 2.1 percent, higher at 2,608.60.
U.S. futures pointed to a higher open for Wall Street on Wednesday. Dow futures rose 119, or 1.8 percent, to 6,788 and the broader Standard & Poor's 500 futures gained 14.3, or 2.1 percent, to 704. After a choppy session, the Dow closed Tuesday at 6,726.02, its lowest close since April 1997, while the S&P closed at 696.33, 52 percent below its peak of October 2007.
Despite Wednesday's rebound around the world, the markets remain in a jittery mood ahead of Thursday's interest rate decisions from the European Central Bank and the Bank of England and Friday's closely-watched U.S. jobs report for February.
"The mood in equity markets is still bleak but we need to be aware that sentiment-emotion is looking rather extreme, not that fundamentals look in any way supportive," said Neil Mackinnon, chief economist at ECU Group.
Sentiment around the world was ravaged this week with the news that American International Group Inc. posted the biggest quarterly loss in corporate history, and HSBC Holdings PLC slashed its dividend and revealed it needed to raise nearly $18 billion from shareholders. And the warning from Ben Bernanke, the U.S. Federal Reserve chairman, that U.S. banks may need more government cash injections to stay afloat did not help matters either.
Oil prices rose, with benchmark crude for April delivery up $1.62 to $43.27 a barrel on the New York Mercantile Exchange. The contract added $1.50 to settle at $41.65 overnight.
In currencies, the dollar fell rose 1.4 percent to 99.35 yen while the euro fell 0.4 percent to $1.2504.
___
AP Business Writer Jeremiah Marquez in Hong Kong contributed to this report.
Guatemalan inmates kill, mutilate teacher
GUATEMALA CITY – Police say inmates at a Guatemalan juvenile prison killed one of their teachers during a riot and mutilated him.
Police spokesman Donald Gonzalez says the prisoners took three of their teachers hostage to protest the transfer of several of their fellow inmates to another detention center.
He says they killed one of the teachers, Winter Vidaurre, before police regained control of the prison using tear gas. Gonzalez said prisoners removed Vidaurre's heart.
The violence erupted Tuesday at the Stage 2 detention center. It was unclear how old the rioters were. Of the 62 prisoners, 32 reached adulthood while incarcerated
Police spokesman Donald Gonzalez says the prisoners took three of their teachers hostage to protest the transfer of several of their fellow inmates to another detention center.
He says they killed one of the teachers, Winter Vidaurre, before police regained control of the prison using tear gas. Gonzalez said prisoners removed Vidaurre's heart.
The violence erupted Tuesday at the Stage 2 detention center. It was unclear how old the rioters were. Of the 62 prisoners, 32 reached adulthood while incarcerated
Clinton meets Palestinian leaders in West Bank
RAMALLAH, West Bank (Reuters) – Secretary of State Hillary Clinton held talks on Wednesday with Palestinian leaders concerned over whether Israel's next government will commit to a U.S.-backed peace process leading to a Palestinian state.
A day after pledging the new Obama administration would always protect Israel's security, Clinton visited the Israeli-occupied West Bank to deliver a message of support for President Mahmoud Abbas's Palestinian Authority.
"We are very committed to your efforts in this leadership of President Abbas," Clinton told Prime Minister Salam Fayyad, pointman in Western-backed reconstruction plans for the Gaza Strip that freeze out the territory's Hamas Islamist rulers.
A day after pledging the new Obama administration would always protect Israel's security, Clinton visited the Israeli-occupied West Bank to deliver a message of support for President Mahmoud Abbas's Palestinian Authority.
"We are very committed to your efforts in this leadership of President Abbas," Clinton told Prime Minister Salam Fayyad, pointman in Western-backed reconstruction plans for the Gaza Strip that freeze out the territory's Hamas Islamist rulers.
No iPhones, iPods at Bill Gates's house
Tue Mar 3, 2009 2:39PM EST
See Comments (1773)
Buzz up!on Yahoo!Bill Gates's sprawling Washington state compound is, as you might expect, packed to the gills with bleeding-edge gear, from the heated floors and 20-seat home theater to the X-ray machine (for screening the mail, of course) and miles of fiber-optic cabling. But here's what you definitely won't find at chez Gates: an iPhone.
In the latest issue of Vogue, Bill's wife, Melinda Gates, reveals that among the "very few things" on "the banned list in our household" are—you guessed it—iPods and iPhones.
Brutal, yes—especially for Bill and Melinda's three kids (two daughters and a son, aged 12, six, and nine, respectively), who'll just have to grin and bear it as their little pals make merry with the latest and greatest iPod.
And even Melinda herself admits to an occasional pang of Apple envy: "Every now and then I look at my friends and say, 'Ooh, I wouldn't mind having that iPhone.'" (Ouch!)
Then again, what else did we expect from Microsoft founder Bill Gates? The man has his pride, not to mention scores of Windows Mobile and Zune team members who'd probably feel a tad bit hurt if Bill Jr. was running around with an iPhone.
So, which phones and MP3 players are on the Gates's "good-to-go" list? Well, there's always the Zune for music and video—not the sexiest MP3 player out there, mind you, but at least it's got Wi-Fi and a snazzy interface.
And of course, there are plenty of Windows Mobile handsets to choose from; personally, I'd go for the Palm Treo Pro (if I had to get a Windows Mobile phone, that is), although it's not exactly a barrel of fun for the teens. Or how about the HTC Touch Pro? That's a pretty cool phone … I guess (as I pat the iPhone 3G in my jeans pocket).
Related:
Gates of Heaven [Vogue]
See Comments (1773)
Buzz up!on Yahoo!Bill Gates's sprawling Washington state compound is, as you might expect, packed to the gills with bleeding-edge gear, from the heated floors and 20-seat home theater to the X-ray machine (for screening the mail, of course) and miles of fiber-optic cabling. But here's what you definitely won't find at chez Gates: an iPhone.
In the latest issue of Vogue, Bill's wife, Melinda Gates, reveals that among the "very few things" on "the banned list in our household" are—you guessed it—iPods and iPhones.
Brutal, yes—especially for Bill and Melinda's three kids (two daughters and a son, aged 12, six, and nine, respectively), who'll just have to grin and bear it as their little pals make merry with the latest and greatest iPod.
And even Melinda herself admits to an occasional pang of Apple envy: "Every now and then I look at my friends and say, 'Ooh, I wouldn't mind having that iPhone.'" (Ouch!)
Then again, what else did we expect from Microsoft founder Bill Gates? The man has his pride, not to mention scores of Windows Mobile and Zune team members who'd probably feel a tad bit hurt if Bill Jr. was running around with an iPhone.
So, which phones and MP3 players are on the Gates's "good-to-go" list? Well, there's always the Zune for music and video—not the sexiest MP3 player out there, mind you, but at least it's got Wi-Fi and a snazzy interface.
And of course, there are plenty of Windows Mobile handsets to choose from; personally, I'd go for the Palm Treo Pro (if I had to get a Windows Mobile phone, that is), although it's not exactly a barrel of fun for the teens. Or how about the HTC Touch Pro? That's a pretty cool phone … I guess (as I pat the iPhone 3G in my jeans pocket).
Related:
Gates of Heaven [Vogue]
3/03/2009
外汇交易相关术语
* 外汇交易相关术语（均按字母A-Z顺序排列）*
保证金-- 以比较少的资金总量来控制大量商品交易金额的能力。 亦被称作"杠杆"。
保证金交易 -- 一种购买选择权，给予选择购买者以规定汇率购买特殊配对货币的权利。
报价 -- 指配对货币中的第二种货币的报价。例如，在美元和日圆配对货币中，日圆就是报价货币。也指第二方货币或对方货币。
价差 -- 即配对货币买进与卖出的差额。
点 -- 外汇交易价格中最小的交易单位。
个体交易者 -- 商品交易法案中所规定的进入外汇交易的任何一方，不具备参与合同的资格。这包括资产量少于1，000万美元的个体以及多数小商行。
回购 -- 一未结头寸上的交易日期被放至另一远期交易日期的过程。
即期市场 -- 用于支付产品的货币在移交时的即时市场，即是即期货币。
基础货币 -- 用于外汇交易，比照配对货币做出报价的货币。配对货币中的第一种货币为基础货币。例如，在美元和日圆配对货币中，美元就是基础货币。与原始货币表意相同。
即期交易 -- 要求用货币进行的即时、全额真实交易。在银行间市场上，即期交易通常指的是交易日后的第二个营业日。这一术语也指交易双方约定在两个工作日内进行交割，但这些交易并非是真正的即期交易，此种交易也受联邦商品交易法案的保护。
交易员 -- 在外汇货币交易中充当交易对手与另一方进行交易的公司。
交易对手 -- 交易对手是指在柜台交易中的另一方。对于个体交易者来说，交易商是永远的交易对手。
交叉汇率 -- 外汇交易两种货币间的交易汇率，在此处的两种货币均非美元。
履约价格 -- 选择权的买卖双方所议定，当选择权买方要求履约时，买进或卖出的特殊配对货币的价格。也即人们所称的"履行价格"。
卖出选择权 -- 一种卖出选择权，给予选择购买者以规定汇率出卖特殊配对货币的权利。
美式期权 -- 美式期权的持有人有权在期权期限内的任何时候执行期权，包括到期前和到期日。
卖出价 -- 交易者可以买入配对货币的报价 与"买入价""卖出价"或"汇率价"意同。
买入价 -- 交易者在卖出配对货币地方的报价。 与"买入价格"或"买入汇率"表意相同。
欧元 -- 11个欧洲国家（也就是比利时、芬兰、法国、德国、爱尔兰、意大利、卢森堡、荷兰、葡萄牙和西班牙）在1999年1月1日所使用的现行货币。
欧式选择权 -- 选择权买方于到期日之前，不得要求选择权卖方履约，仅能于到期日要求选择权卖方履约。
配对货币 -- 两种货币级成的外汇交易汇率。 例如，美元/日圆就是一对货币。
清算结算 -- 用于交易到期日交付的实际货币量。
升水 -- 选择权购买人为购买选择权而支出的价格，不包括商品的价格。
未结头寸 -- 尚未撤销或者清算的任何交易。
选择权合约到期日 -- 选择权买方有权向选择权卖方要求履约的最后一日。
远期外汇交易 -- 是指交易双方在成交后并不立即办理交割，而是事先约定币种、金额、汇率、交割时间等交易条件，到期才进行实际交割的外汇交易。这一术语也指交易双方约定在未来某个时间进行交割，但这些交易并非是真正的远期交易，此种交易也受联邦商品交易法案的保护。
银行间市场 -- 金融机构和其他大公司之间存在的货币交易宽松网络。
英磅 -- 表示英国货币--磅的另一术语。
保证金-- 以比较少的资金总量来控制大量商品交易金额的能力。 亦被称作"杠杆"。
保证金交易 -- 一种购买选择权，给予选择购买者以规定汇率购买特殊配对货币的权利。
报价 -- 指配对货币中的第二种货币的报价。例如，在美元和日圆配对货币中，日圆就是报价货币。也指第二方货币或对方货币。
价差 -- 即配对货币买进与卖出的差额。
点 -- 外汇交易价格中最小的交易单位。
个体交易者 -- 商品交易法案中所规定的进入外汇交易的任何一方，不具备参与合同的资格。这包括资产量少于1，000万美元的个体以及多数小商行。
回购 -- 一未结头寸上的交易日期被放至另一远期交易日期的过程。
即期市场 -- 用于支付产品的货币在移交时的即时市场，即是即期货币。
基础货币 -- 用于外汇交易，比照配对货币做出报价的货币。配对货币中的第一种货币为基础货币。例如，在美元和日圆配对货币中，美元就是基础货币。与原始货币表意相同。
即期交易 -- 要求用货币进行的即时、全额真实交易。在银行间市场上，即期交易通常指的是交易日后的第二个营业日。这一术语也指交易双方约定在两个工作日内进行交割，但这些交易并非是真正的即期交易，此种交易也受联邦商品交易法案的保护。
交易员 -- 在外汇货币交易中充当交易对手与另一方进行交易的公司。
交易对手 -- 交易对手是指在柜台交易中的另一方。对于个体交易者来说，交易商是永远的交易对手。
交叉汇率 -- 外汇交易两种货币间的交易汇率，在此处的两种货币均非美元。
履约价格 -- 选择权的买卖双方所议定，当选择权买方要求履约时，买进或卖出的特殊配对货币的价格。也即人们所称的"履行价格"。
卖出选择权 -- 一种卖出选择权，给予选择购买者以规定汇率出卖特殊配对货币的权利。
美式期权 -- 美式期权的持有人有权在期权期限内的任何时候执行期权，包括到期前和到期日。
卖出价 -- 交易者可以买入配对货币的报价 与"买入价""卖出价"或"汇率价"意同。
买入价 -- 交易者在卖出配对货币地方的报价。 与"买入价格"或"买入汇率"表意相同。
欧元 -- 11个欧洲国家（也就是比利时、芬兰、法国、德国、爱尔兰、意大利、卢森堡、荷兰、葡萄牙和西班牙）在1999年1月1日所使用的现行货币。
欧式选择权 -- 选择权买方于到期日之前，不得要求选择权卖方履约，仅能于到期日要求选择权卖方履约。
配对货币 -- 两种货币级成的外汇交易汇率。 例如，美元/日圆就是一对货币。
清算结算 -- 用于交易到期日交付的实际货币量。
升水 -- 选择权购买人为购买选择权而支出的价格，不包括商品的价格。
未结头寸 -- 尚未撤销或者清算的任何交易。
选择权合约到期日 -- 选择权买方有权向选择权卖方要求履约的最后一日。
远期外汇交易 -- 是指交易双方在成交后并不立即办理交割，而是事先约定币种、金额、汇率、交割时间等交易条件，到期才进行实际交割的外汇交易。这一术语也指交易双方约定在未来某个时间进行交割，但这些交易并非是真正的远期交易，此种交易也受联邦商品交易法案的保护。
银行间市场 -- 金融机构和其他大公司之间存在的货币交易宽松网络。
英磅 -- 表示英国货币--磅的另一术语。
3/02/2009
Rio Carbon 6GB Player
Rio Carbon 6GB Player
larger image
PRODUCT INFORMATION
Carbon Pearl 6GB brings 17% more storage to the award winning ultra-slim design for even more digital music pleasure.
KEY FEATURES
6GB of memory stores up to 1500 songs**
Built-in mic for voice record
Drag & drop data and music files
Rechargeable battery - up to 20 hours
USB 2.0 for faster downloads
Charge from USB or Power Adapter
Plays MP3, WMA & Audible®
FEATURED REVIEW
PC World awards Carbon 6GB and 5GB 'PC World World Class Award Read the "RIO Carbon Wins 2005 World Class Award From PC World" press release.
Read the full “PC World World Class Award” article from PCWorld
Sporting a tapered, award winning ultra-thin design, this tiny MP3 player, about the size of a business card, will slide into any pocket virtually unnoticeable. The Rio Carbon 6GB is capable of holding up to 96 hours of MP3 (192 hours WMA) music**, and with up to 20 hours of battery life on a single charge, music lovers need not worry about running out of juice. Supporting USB 2.0 and a host of file formats; users can download music efficiently and easily from most of their favorite online music sites. The Rio Carbon 6GB also includes voice recording and provides seamless integration and support of the Microsoft Windows® platform.
Rio Carbon Pearl Dimensions: 2.5”W x 3.3”H x 0.6” D
Rio Carbon Pearl Weight: 3.2 oz.
System Requirements:
Windows® 2000, XP. Intel Pentium II 233 mhz or higher. 64MB RAM. 35MB available hard drive space. USB Port. CD-ROM drive
*1GB equals 1,000,000,000 bytes
**At 128kbps MP3, 64kbps WMA.
larger image
PRODUCT INFORMATION
Carbon Pearl 6GB brings 17% more storage to the award winning ultra-slim design for even more digital music pleasure.
KEY FEATURES
6GB of memory stores up to 1500 songs**
Built-in mic for voice record
Drag & drop data and music files
Rechargeable battery - up to 20 hours
USB 2.0 for faster downloads
Charge from USB or Power Adapter
Plays MP3, WMA & Audible®
FEATURED REVIEW
PC World awards Carbon 6GB and 5GB 'PC World World Class Award Read the "RIO Carbon Wins 2005 World Class Award From PC World" press release.
Read the full “PC World World Class Award” article from PCWorld
Sporting a tapered, award winning ultra-thin design, this tiny MP3 player, about the size of a business card, will slide into any pocket virtually unnoticeable. The Rio Carbon 6GB is capable of holding up to 96 hours of MP3 (192 hours WMA) music**, and with up to 20 hours of battery life on a single charge, music lovers need not worry about running out of juice. Supporting USB 2.0 and a host of file formats; users can download music efficiently and easily from most of their favorite online music sites. The Rio Carbon 6GB also includes voice recording and provides seamless integration and support of the Microsoft Windows® platform.
Rio Carbon Pearl Dimensions: 2.5”W x 3.3”H x 0.6” D
Rio Carbon Pearl Weight: 3.2 oz.
System Requirements:
Windows® 2000, XP. Intel Pentium II 233 mhz or higher. 64MB RAM. 35MB available hard drive space. USB Port. CD-ROM drive
*1GB equals 1,000,000,000 bytes
**At 128kbps MP3, 64kbps WMA.
Calligraphy Pens
Calligraphy Pens
Calligraphy Pens, Refill Ink, Parchment Calligraphy Paper...
Panache Cartridge Calligraphy Pen
Click above for details
Panache Ink Cartridges
10/pkg
Click above for colors
Panache
Parchment
Calligraphy Paper
Click above for colors
Scheaffer Calligraphy Pens
Click above for details
Scheaffer Cartridge Ink
Click above for color list
5 Cartridges per package.
Calligraphy Sets
$12.99
SB3059
Bamboo Sketch Pens
YA236
Click above for sizes
Lettershop Calligraphy Project
$19.99
SB28012
Elegant Writer Sets
Click above for sizes
Rotring Sketching Art Pens PCK2500
Click above for sizes
Rotring Calligraphy Art Pen PCK2502
Click above for sizes
Calligraphy has been an art for centuries. Save the written word and learn Calligraphy today...
Calligraphy Pens, Refill Ink, Parchment Calligraphy Paper...
Panache Cartridge Calligraphy Pen
Click above for details
Panache Ink Cartridges
10/pkg
Click above for colors
Panache
Parchment
Calligraphy Paper
Click above for colors
Scheaffer Calligraphy Pens
Click above for details
Scheaffer Cartridge Ink
Click above for color list
5 Cartridges per package.
Calligraphy Sets
$12.99
SB3059
Bamboo Sketch Pens
YA236
Click above for sizes
Lettershop Calligraphy Project
$19.99
SB28012
Elegant Writer Sets
Click above for sizes
Rotring Sketching Art Pens PCK2500
Click above for sizes
Rotring Calligraphy Art Pen PCK2502
Click above for sizes
Calligraphy has been an art for centuries. Save the written word and learn Calligraphy today...
heater
Selling Leads » home solar water heater
Sell separate pressurized solar water heater system
We are professional solar and recycling energy manufacturer and supplier in china, our product line including non-pressure series solar water heater (one pipe inlet-outlet/two pipe... Send Inquiry Now
solar water heater for home
1. Vacuum tubes: 47*1500mm, 58*1800mm, Borosilicate glass 3.3 2. Absorbing rate >91%-93% 3. Out tank shell: Stainless steel 4. Inner tank: 304 2B food grade stainless stee... Send Inquiry Now
Sell All Glass Vacumm Tube Solar Water Heater (non-pressure)
1. Material of Inner tank�SUS304-2B stainless steel with 0.4mm thickness 2. Material of Outer tank�SUS304-2B stainless steel with 0.31mm thickness ... Send Inquiry Now
Sell solar water heater
Non-pressure Solar Water Heater Features: 1) Inner water tank shell is made of SUS304-2B food grade stainless steel plates, and outer tank shell is made of SUS304-2B food grad... Send Inquiry Now
Sell solar water heater (home use)
xxxxx part: vacuum tube 2. inner water tank: 304-2B 3. outer water tank: SS 4. attemperator: polyurethane 5. airproof circle: si 6. tank cover: SS 7. plank: SS( 1.0mm pr... Send Inquiry Now
Sell separate pressurized solar water heater system
We are professional solar and recycling energy manufacturer and supplier in china, our product line including non-pressure series solar water heater (one pipe inlet-outlet/two pipe... Send Inquiry Now
solar water heater for home
1. Vacuum tubes: 47*1500mm, 58*1800mm, Borosilicate glass 3.3 2. Absorbing rate >91%-93% 3. Out tank shell: Stainless steel 4. Inner tank: 304 2B food grade stainless stee... Send Inquiry Now
Sell All Glass Vacumm Tube Solar Water Heater (non-pressure)
1. Material of Inner tank�SUS304-2B stainless steel with 0.4mm thickness 2. Material of Outer tank�SUS304-2B stainless steel with 0.31mm thickness ... Send Inquiry Now
Sell solar water heater
Non-pressure Solar Water Heater Features: 1) Inner water tank shell is made of SUS304-2B food grade stainless steel plates, and outer tank shell is made of SUS304-2B food grad... Send Inquiry Now
Sell solar water heater (home use)
xxxxx part: vacuum tube 2. inner water tank: 304-2B 3. outer water tank: SS 4. attemperator: polyurethane 5. airproof circle: si 6. tank cover: SS 7. plank: SS( 1.0mm pr... Send Inquiry Now
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