Reuters
FLORIDA-based fund manager Arthur Nadel, whose family reported him missing in early January, was arrested today by FBI agents in Tampa, a spokeswoman for the FBI said.
New York FBI spokeswoman Monica McLean said Mr Nadel - head of Scoop Management, overseeing six hedge funds valued at more than $300 million - would make an initial appearance in a federal court in Florida, but he would be charged in a criminal complaint in Manhattan's Southern District of New York.
Tuesday, January 27, 2009
WASHINGTON - Visiting one of his favourite Chicago restaurants in November, Barack Obama was asked by an excited waitress if he wanted the restaurant's special margarita made with the finest ingredients, straight up and shaken at the table.
"You know that's the way I roll," Obama replied jokingly.
Rick Bayless, the chef of that restaurant, Topolobampo, says Obama's comfortable demeanour at the table bodes well for America's food policy. While former President George W. Bush rarely visited restaurants and didn't often talk about what he ate, Obama dines out frequently and enjoys exploring different foods.
"He's the kind of diner who wants to taste all sorts of things," Bayless says. "What I'm hoping is that he's going to recognise that we need to do what we can in our country to encourage real food for everyone."
The country's top chefs, several of whom travelled to Washington for Obama's inauguration last week, hope that Obama's flair for good food will encourage people to expand their horizons when it comes to what they eat.
These chefs tout locally grown, environmentally friendly and - most importantly - nutritious food. They urge diners, even those who may never be able to afford to eat at their restaurants, to grow their own vegetables, shop at farmer's markets and pay attention to where their food comes from.
Dan Barber, chef at New York's popular Blue Hill restaurant and a frequent critic of US food policy, says a few small gestures from the President and First Lady Michelle Obama could accomplish what many of the chefs have been working toward for years.
"I recognise that I'm an elitist guy," says Barber. "Increasingly raise awareness, but don't do it through chefs like me. ... My advice would be more of a symbolic nature, and to not underestimate what can be done through the White House."
Barber said good food needs more publicity, and he hopes Obama and his wife will advertise what they are eating and what they are feeding their children.
Many high-end chefs like Barber believe that most food in the US is over-processed, over-subsidised and grown with no regard to the environment, making it harder for small farms to make a profit selling more natural, nutritious food.
Most of the chefs say they realise food policy and Government support for larger corporate farms won't change any time soon. Congress, with Obama's support, overwhelmingly enacted a US$290 billion farm bill last year that directs many subsidies to the largest agricultural players.
But Obama has already given chefs like Barber a small reason to hope. At his confirmation hearing, Agriculture Secretary Tom Vilsack made an overture to the growing number of food groups and experts who have criticised government subsidies for large corporate farms, saying he will seek to work "with those who seek programmes and practices that lead to more nutritious food produced in a sustainable way".
Daniel Boulud, the veteran New York chef of the restaurant Daniel who has cooked for at least five former presidents, said he thinks the Department of Agriculture should form an agency that exclusively oversees small farms.
But despite loftier goals, Bayless says the Obamas could make a world of difference if they just publish what they are eating every day.
"Everyone's going to want to be like the Obamas," he said.
Wednesday, January 21, 2009
iRiver Spinn PMP Gets Memo App, Bigger Album Art and More in 2.0 Firmware Update [Iriver Spinn]
iRiver's Spinn is certainly beautiful on the outside, but inside its software left a little lacking. A version 2.0 software update is available now which addresses a few of our gripes.
For one, album art now looks like it finally shows up in sizes larger than a postage stamp (half a stamp, actually). Also added is a memo/drawing app for stylus doodling, enhanced video controls, auto-rotating images and the ability to schedule recordings of FM Radio here in the states and DMB radio/TV in Korea.
Sybase Acquires Mobile Payments Provider paybox
Sybase has announced that it has acquired paybox solutions AG, a global leader in mobile payment solutions. "With this acquisition Sybase continues to bolster its Unwired Enterprise strategy by extending its leading mobile infrastructure to mobile payments."
Sybase will now provide mobile operators, financial institutions and merchants with a full suite of mobile payment solutions enabling their customers to undertake person-to-person remittances, make payments for goods and services, top-up mobile airtime and pay bills from a mobile device, in both developed and emerging markets.
“Mobile payments are an increasingly critical part of mobile computing, a core component of our Unwired Enterprise strategy,” said Marty Beard, president of Sybase 365. “The sheer number of people with access to a mobile phone in both developed and emerging markets around the world, means the mobile device has the potential to become a dominant vehicle for consumers to connect and transact conveniently, anytime, anywhere, fueling the mobile economy. This acquisition extends our offerings and capabilities to enable this mobile economy.”
A privately held company founded in 1999 and headquartered in Raunheim, Germany, paybox will be integrated into Sybase 365, a wholly-owned subsidiary of Sybase, Inc. As a provider of the broadest mobile commerce offering, paybox also brings Sybase a proven track record and a solid customer base.
Sybase is already a leader in mobile technology, global operator connectivity to more than 700 mobile operators, and has a long history in delivering mission critical systems to financial institutions. Combined with paybox’s capabilities and expertise in mobile payments, Sybase extends its leadership and global mCommerce footprint. With this acquisition, Sybase empowers mobile operators, financial institutions and merchants to quickly launch mobile commerce services to their customers in both emerging and developed markets around the world.
“This acquisition is a natural progression of the partnership agreement signed between the two companies in Q4 last year. paybox and Sybase share the same vision for mobile commerce that is in line with where the market is headed and what customers are demanding from their mobile phones,” said Eckhard Ortwein, CEO paybox. “By combining mobile messaging and mobile payments offerings, it will be difficult for any competitor to match our mobile commerce services.”
Sybase has consistently made inroads in the mCommerce arena. For the past several years, the company has provided remote mobile payments via SMS, MMS and WAP to content providers and brands, for digital mobile content and services, charged directly to the subscribers’ bill via their mobile operator. In October, 2007 the company launched Sybase mBanking 365™ - an innovative suite of products for the financial industry enabling banks to interact with customers in real-time through mobile alerts, two-way banking services, out-of-band authentication, and marketing campaigns.
Sybase does not expect this acquisition to have a material impact on 2009 financial results.
Sybase will now provide mobile operators, financial institutions and merchants with a full suite of mobile payment solutions enabling their customers to undertake person-to-person remittances, make payments for goods and services, top-up mobile airtime and pay bills from a mobile device, in both developed and emerging markets.
“Mobile payments are an increasingly critical part of mobile computing, a core component of our Unwired Enterprise strategy,” said Marty Beard, president of Sybase 365. “The sheer number of people with access to a mobile phone in both developed and emerging markets around the world, means the mobile device has the potential to become a dominant vehicle for consumers to connect and transact conveniently, anytime, anywhere, fueling the mobile economy. This acquisition extends our offerings and capabilities to enable this mobile economy.”
A privately held company founded in 1999 and headquartered in Raunheim, Germany, paybox will be integrated into Sybase 365, a wholly-owned subsidiary of Sybase, Inc. As a provider of the broadest mobile commerce offering, paybox also brings Sybase a proven track record and a solid customer base.
Sybase is already a leader in mobile technology, global operator connectivity to more than 700 mobile operators, and has a long history in delivering mission critical systems to financial institutions. Combined with paybox’s capabilities and expertise in mobile payments, Sybase extends its leadership and global mCommerce footprint. With this acquisition, Sybase empowers mobile operators, financial institutions and merchants to quickly launch mobile commerce services to their customers in both emerging and developed markets around the world.
“This acquisition is a natural progression of the partnership agreement signed between the two companies in Q4 last year. paybox and Sybase share the same vision for mobile commerce that is in line with where the market is headed and what customers are demanding from their mobile phones,” said Eckhard Ortwein, CEO paybox. “By combining mobile messaging and mobile payments offerings, it will be difficult for any competitor to match our mobile commerce services.”
Sybase has consistently made inroads in the mCommerce arena. For the past several years, the company has provided remote mobile payments via SMS, MMS and WAP to content providers and brands, for digital mobile content and services, charged directly to the subscribers’ bill via their mobile operator. In October, 2007 the company launched Sybase mBanking 365™ - an innovative suite of products for the financial industry enabling banks to interact with customers in real-time through mobile alerts, two-way banking services, out-of-band authentication, and marketing campaigns.
Sybase does not expect this acquisition to have a material impact on 2009 financial results.
Despite The Bad News, Bank Customers Will Find Some Deals In 2009
Gail Liberman and Alan Lavine
PALM BEACH GARDENS, Fla. -- Despite some dire financial predictions for 2009, good news is in store for savvy consumers -- if you have good credit and are proactive at looking for banks' deals and perks.
One example: Low mortgage rates. Mortgage refinances are booming, said David Olson, president of Wholesale Access, Columbia, Md. Mortgage "rates are way down, and some predict they could go as low as 4%," he said. But to take advantage of the low rates, consumers must have a Fico credit score over 720, he said. See story on refinancing strategies.
Bank of America, Wells Fargo, Chase and Citigroup are aggressively pushing standard 30-year fixed-rate mortgages through mortgage brokers, Olson said. For about 20% to 30% of the population with great credit scores, interest rates are becoming historically low in relation to Treasury securities.
"New banks are entering the marketplace," said Melissa Cohn, president of Manhattan Mortgage Corp. in New York. Although there are still a few banks that offer no-documentation loans, she does not see those coming back in a big way. For people with lower credit scores, the Federal Housing Administration is about their only opportunity, she said. However, some banks will grant you a mortgage if you have a really good explanation for your score. Savings institutions often are more willing to listen than banks.
Better rates on savings?
Although lower interest rates are great news on the loan side, they're unattractive to depositors. Nevertheless, expect new bank holding companies, such as Goldman Sachs, to compete for your cash with higher rates, said Ron Shevlin, senior analyst at Aite Group, a Boston financial services research and advisory firm.
Also, consider shopping for high yields online. You can pick up as much as 2 percentage points by shopping targeted promotions, according to Informa Research Services Inc. in Calabasas, Calif. Consider searching at sites such as TheStreet.com, FiLife.com and MSN.com for offers.
More money-management aids
Banks are adding free tools to their Web sites to help you manage your money, Shevlin said. Banks are borrowing interactive features from social networking Web sites, such as Mint.com and Wesabe.com, as well as from often costly financial management software programs.
Unlike mutual fund companies' Web sites which often stress investment asset allocation, bank sites focus on budgeting, cash flow and cutting expenses. "Banks are looking to differentiate themselves from a service perspective, beyond competing on rates," Shevlin said.
Some of the sites will offer concrete tips once you enter a password and input your information. For instance, say you spend $50 monthly for your cell phone. A bank message may indicate that other customers in the bank's network spend 25% less.
Expect more banks to let you check account balances and conduct account transfers on your cell phone, Shevlin adds. Stores are hooking up with banks to let you buy a high-ticket item and qualify for a bank loan instantly on your cell phone at the same time.
Some bad news
It could be tougher this year to get car loans at car dealerships, according to Informa Research Services. If you need a home equity credit line, check for new rate floors, limiting how low your interest rate can go. Expect lower credit limits and stricter guidelines. Plus, watch for an increase in credit card rates and lower credit lines.
The "universal default" feature is likely to reappear on credit cards, the company warns. This means that if you rack up late payments or max out your other credit accounts or loans, you could see a rate hike on an unrelated credit card. But new federal rules, starting July 1, 2010, in many cases should prevent those higher rates from applying to pre-existing balances. See story on new rules.
Free checking accounts may be harder to find. But ask to get bank fees waived in 2009. You might get your checking account fee waived with direct deposit, a minimum number of electronic transfers or by agreeing to get your checking account statements online, according to an informal survey of consumer banking experts at Informa Research.
Also, there is a rumor that persons depositing more than $100,000 might be charged a fee to cover higher FDIC insurance costs, but experts at Informa Research said they'd seen "no examples yet."
Beware of higher charges for transferring credit card balances to another card. Limits on balance-transfer fees are being eliminated. Plus, minimum balance transfer fees may be increasing. See story on balance-transfer offers.
And, those 0% or teaser interest rate offers are going to get shorter, said Stephen Clifford, vice president of Mintel Comperemedia, a Chicago direct-marketing research company.
But, Clifford said, expect additional rewards or points to promote certain behavior. A higher level of credit-card usage, for example, might trigger more bonus rewards.
"Card companies are still mailing out offers," Clifford said, "but they're selective with whom they're mailing the offers to."
PALM BEACH GARDENS, Fla. -- Despite some dire financial predictions for 2009, good news is in store for savvy consumers -- if you have good credit and are proactive at looking for banks' deals and perks.
One example: Low mortgage rates. Mortgage refinances are booming, said David Olson, president of Wholesale Access, Columbia, Md. Mortgage "rates are way down, and some predict they could go as low as 4%," he said. But to take advantage of the low rates, consumers must have a Fico credit score over 720, he said. See story on refinancing strategies.
Bank of America, Wells Fargo, Chase and Citigroup are aggressively pushing standard 30-year fixed-rate mortgages through mortgage brokers, Olson said. For about 20% to 30% of the population with great credit scores, interest rates are becoming historically low in relation to Treasury securities.
"New banks are entering the marketplace," said Melissa Cohn, president of Manhattan Mortgage Corp. in New York. Although there are still a few banks that offer no-documentation loans, she does not see those coming back in a big way. For people with lower credit scores, the Federal Housing Administration is about their only opportunity, she said. However, some banks will grant you a mortgage if you have a really good explanation for your score. Savings institutions often are more willing to listen than banks.
Better rates on savings?
Although lower interest rates are great news on the loan side, they're unattractive to depositors. Nevertheless, expect new bank holding companies, such as Goldman Sachs, to compete for your cash with higher rates, said Ron Shevlin, senior analyst at Aite Group, a Boston financial services research and advisory firm.
Also, consider shopping for high yields online. You can pick up as much as 2 percentage points by shopping targeted promotions, according to Informa Research Services Inc. in Calabasas, Calif. Consider searching at sites such as TheStreet.com, FiLife.com and MSN.com for offers.
More money-management aids
Banks are adding free tools to their Web sites to help you manage your money, Shevlin said. Banks are borrowing interactive features from social networking Web sites, such as Mint.com and Wesabe.com, as well as from often costly financial management software programs.
Unlike mutual fund companies' Web sites which often stress investment asset allocation, bank sites focus on budgeting, cash flow and cutting expenses. "Banks are looking to differentiate themselves from a service perspective, beyond competing on rates," Shevlin said.
Some of the sites will offer concrete tips once you enter a password and input your information. For instance, say you spend $50 monthly for your cell phone. A bank message may indicate that other customers in the bank's network spend 25% less.
Expect more banks to let you check account balances and conduct account transfers on your cell phone, Shevlin adds. Stores are hooking up with banks to let you buy a high-ticket item and qualify for a bank loan instantly on your cell phone at the same time.
Some bad news
It could be tougher this year to get car loans at car dealerships, according to Informa Research Services. If you need a home equity credit line, check for new rate floors, limiting how low your interest rate can go. Expect lower credit limits and stricter guidelines. Plus, watch for an increase in credit card rates and lower credit lines.
The "universal default" feature is likely to reappear on credit cards, the company warns. This means that if you rack up late payments or max out your other credit accounts or loans, you could see a rate hike on an unrelated credit card. But new federal rules, starting July 1, 2010, in many cases should prevent those higher rates from applying to pre-existing balances. See story on new rules.
Free checking accounts may be harder to find. But ask to get bank fees waived in 2009. You might get your checking account fee waived with direct deposit, a minimum number of electronic transfers or by agreeing to get your checking account statements online, according to an informal survey of consumer banking experts at Informa Research.
Also, there is a rumor that persons depositing more than $100,000 might be charged a fee to cover higher FDIC insurance costs, but experts at Informa Research said they'd seen "no examples yet."
Beware of higher charges for transferring credit card balances to another card. Limits on balance-transfer fees are being eliminated. Plus, minimum balance transfer fees may be increasing. See story on balance-transfer offers.
And, those 0% or teaser interest rate offers are going to get shorter, said Stephen Clifford, vice president of Mintel Comperemedia, a Chicago direct-marketing research company.
But, Clifford said, expect additional rewards or points to promote certain behavior. A higher level of credit-card usage, for example, might trigger more bonus rewards.
"Card companies are still mailing out offers," Clifford said, "but they're selective with whom they're mailing the offers to."
Obama fails to comfort investors; Stock markets welcome 44th U.S. president with inauguration day sell-off
Barack Obama took office yesterday with the world's banks freefalling and the auto industry gasping - and Wall Street greeted the 44th U.S. president with its worst inauguration day trading session on record.
Obama vowed to meet a host of challenges including war, sagging confidence and an economy he said was "badly weakened" by "greed and irresponsibility."
But investors were hoping for more, even with an $825 billion (U.S.) stimulus plan and a second $350 billion financial bailout in the works.
"People were looking for something, new plans, new hopes," said Joe Saluzzi, co-manager of trading at Themis Trading in Chatham, N.J. "They didn't hear something new."
Stock prices extended losses while Obama spoke, then continued to decline after he finished as investors expressed disappointment that they did not hear more specifics about his promises for bold and swift action, considering the depth of the U.S. recession.
The Dow Jones industrial average closed down 4 per cent, extending its 2009 slump to more than 9 per cent, while the S&P 500 sank 5.3 per cent, a record inauguration day decline.
And things weren't much better in Toronto, where the TSX finished down 3.8 per cent.
Financial stocks sold off on the banking sector's latest woes and sharp slides hit energy stocks.
Overall, the Dow dropped 332.13 points to 7,949.09 and Toronto's S&P/TSX composite index tumbled 336.55 points to 8,504.93.
Some investors were hoping for an "Obama bounce" but market historians pointed out that the Dow has fallen on 72 per cent of past inauguration days.
Markets were still feeling the aftershocks of Monday's announcement from the Royal Bank of Scotland that it will likely post a $41.3 billion loss for 2008 and that the British government will be bailing out banks for the second time in three months.
Investors fear the bailout might be a move to fully nationalize some British banks.
Then came news that fourth-quarter profit at State Street Corp., which had been performing better than most financial services firms, was down 71 per cent.
State Street announced that it was forced to take billions of dollars in writedowns on its commercial paper program and investment portfolio. Its shares plunged $21.46, or 59 per cent, to $14.89.
The TSX financial sector was down 5.8 per cent, with Royal Bank of Canada falling $1.76 (Canadian) to $30.84 and Manulife Financial off $2.10 to $20.11.
A sharp profit drop by online brokerage TD Ameritrade pushed down shares in TD Bank, which has a 40 per cent stake in the company. TD dropped $2.80 to $39.42.
U.S. bank stocks taking big hits included Citigroup and Bank of America.
The energy sector fell 6.8 per cent even as the February crude contract on the New York Mercantile Exchange gained $2.23 (U.S.) to $38.74.
Shares of Suncor Energy, the biggest decliner in Toronto, slumped 15.84 per cent to end at $22.10 (Canadian) after the oil-sands producer reported its first quarterly net loss in 16 years. It also said it would halt a $20.6 billion oil-sands expansion.
Statistics Canada said manufacturing sales decreased for a fourth consecutive month in November. Sales fell 6.4 per cent to $48.4 billion, the lowest level since December 2004. The Canadian dollar lost 0.81 of a cent to 78.89 cents (U.S.)
The TSX Venture Exchange fell 16.27 points to 856.68.
The Nasdaq composite index was off 88.47 points to 1,440.86, while the S&P 500 slipped 44.9 points to 805.22.
Gold stocks advanced 3.3 per cent as the February bullion contract rose $15.30 (U.S.) to $855.20 an ounce.
GRAPHIC: DANIEL ACKER bloomberg NEWS Traders work near screens inside the New York Stock Exchange showing the inauguration of U.S. President Barack Obama, who was sworn in on the steps of the U.S. Capital. World stock markets fell sharply as ongoing gloom surrounding the bank sector offset any optimism generated by the inauguration.
Tuesday, January 13, 2009
Subscribe to:
Posts (Atom)
