Tuesday, February 26, 2013

With Pope Benedict's retirement, the where is clearer than the how

It is about to become the world's most famous retirement home, its occupant the world's most famous retiree.

A former nunnery set within the stone walls of the Vatican is being extensively refurbished by workers in preparation for the arrival of Benedict XVI, who steps down as Pope and head of the world?s 1.2 billion Catholics on Thursday.

The 85-year-old German pontiff?s decision to live out the rest of his days just a few hundred yards from where his successor will guide the crisis-hit Church has thrown up some highly awkward questions for the Holy See.

Will the ex-Pope interfere in his replacement?s affairs? How will they greet each other when they bump into each other in the Vatican gardens or anywhere else in the tiny sovereign nation? And will Benedict become a sort of shadow Pope, his presence looming large over the new papacy?

RECOMMENDED: How much do you know about the Catholic Church? Take our quiz!

Vatican officials insist that Benedict plans to adopt a quiet life of prayer and reflection and that he will not meddle in the affairs of the Holy See.

But at his last ever Sunday address today, Benedict assured 100,000 people crowding St Peter?s Square that he would not be ?abandoning? the Church.

He raised questions about exactly what his role will be when he told the faithful that he would "continue to serve it [the Church] with the same dedication and the same love which I have tried to do so until now, but in a way more suitable to my age and to my strength."

A FORMER NUNNERY, WITH A VIEW

Whatever his role turns out to be, it will be performed in comfort. The three-story nunnery, which has an adjoining chapel, boasts a study, a library, and living quarters for the band of personal staff that Benedict will bring with him from his papal apartments.

Set on a hill within the Vatican City State, it commands wonderful views of the terracotta rooftops of Rome, the Spanish Steps, and the distant Apennine mountains, which at this time of year are coated in glistening snow.

Gardeners were busy weeding and trimming the surrounding gardens and a cement mixer churned away in the driveway which leads to the entrance of the residence.

Mature palm trees and umbrella pines provide shade and the roof of the Sistine Chapel looms so close it almost seems to be in touching distance.

It is there that 116 cardinals will gather next month to elect Benedict?s successor in a secretive, centuries-old process known as a conclave. (Read here for how a conclave works.)

Past conclaves have lasted for weeks and occasionally ended in fist fights between feuding cardinals. In modern times, it is rarely more than a few days before white smokes wafts from a chimney stack on the Sistine Chapel?s roof, signaling the election of a new Pope.

FIRST, TO A CASTLE

Benedict will not move into the ex-convent immediately. On Thursday afternoon at around 5 pm local time he will be flown by helicopter to Castel Gandolfo, a magnificent castle which sits on the lip of a steep-sided extinct volcano.

It is the traditional summer residence of the papacy and has been used by successive popes for 400 years to escape the squalor, heat, and intrigue of Rome.

Benedict is expected to spend around two months living in the castle, while renovations to the nunnery are completed.

Attached to the castle is a huge estate made up of landscaped gardens, box hedges, mature oak trees, fish ponds, and fountains ? a perfect place for Benedict to indulge in long contemplative walks and contemplate the ramifications of his historic resignation.

There is even a small model farm, consisting of a freshly-planted vineyard, greenhouses, orange and lemon trees, and a herd of 25 Friesian cows, which are prized for their milk and yogurt.

A broad, shaded terrace, built over the remains of a Roman villa constructed by the Emperor Domitian, offers views of the Mediterranean. ?There are also the remains of a Roman theater, which was excavated in the 1970s,? says Pier Paolo Turoli, the administrator of the estate.

Benedict will live in an apartment within the castle, the oldest parts of which date back to the 13th century.

?It was acquired by the Vatican in 1596 when the Savelli family, who owned it, were unable to pay a debt to the Papacy,? says Saverio Petrillo, whose official title is director of the Papal villas.

When Benedict's helicopter arrives at the estate on Thursday he will be driven to the castle, which looms imposingly over the main piazza of the tiny village of Castel Gandolfo.

He will appear at a balcony over the entrance gate and greet thousands of well-wishers crammed into the cobbled square.

FINAL HOURS AS POPE

Then he will pray in the private chapel as the final moments of his pontificate tick away ? at 8 pm precisely local time, he will cease to be Pope and he will no longer be Benedict XVI, the 264th successor to St. Peter.

Vatican officials say he will pray, study, and write during his retirement. He has produced several books, the last one the final part of a trilogy on the life of Christ.

Benedict has said he will live "hidden from the world," but Vatican spokesman Federico Lombardi has said he could provide "spiritual guidance" to his successor.

His retirement will certainly be more opulent than that enjoyed by the tiny number of Popes who have resigned in the past.

When Celestine V resigned after a few months in 1294 and returned to his former life as a hermit, he was hounded by the Church, with his successor fearing he could be a threat and set up as an anti-Pope.

He was captured after an attempt to flee to Dalmatia and imprisoned in a castle south of Rome, where he died a few months later.

It is widely believed that an unnamed character in Dante's Inferno refers to Celestine; Dante consigned the man to Hell for his "great refusal."

Benedict's resignation may have been an ecclesiastical bombshell, but perhaps not even his sternest critics would wish a similar fate on him.

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Source: http://news.yahoo.com/pope-benedicts-retirement-where-clearer-193559640.html

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Andy Samberg Is Engaged!

Nick Carter proposed to Lauren Kitt! See more stars who are planning to tie the knot

Source: http://www.ivillage.com/engaged-celebrities-they-put-ring-it/1-b-277661?dst=iv%3AiVillage%3Aengaged-celebrities-they-put-ring-it-277661

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Monday, February 25, 2013

Hill-Murray football coach cited in Fridley prostitution sting

FRIDLEY, Minn. - The head coach of the Hill-Murray High School football team has been cited in connection with a prostitution sting in Fridley.

Mark Mauer, 54, of Woodbury, was one of 19 men and four women arrested in the two-day undercover sting at the Liveinn Hotel in Fridley. Police say the hotel's management knew of and cooperated with the undercover investigation.

The men are cited with a misdemeanor of solicitation and the women with a misdemeanor of prostitution.

Mark Mauer is a cousin of Minnesota Twins player Joe Mauer.

According to the Fridley Police reports, Mauer arrived at the hotel just before 7:30 p.m.

On Tuesday, Feb. 19, and allegedly agreed to pay an undercover officer $100 for a half hour of "full service."

Police allege Mauer found the prostitution ad on the website Backpage.com in the escort section.

Mauer did not answer when KARE 11 called him on his cell phone Friday, nor was he at his listed address in Woodbury.

Hill-Murray school officials would not comment on camera, but but the school's president Susan Paul released the statement below:

"I want to share with you some distressing news regarding our school and make you aware of an alleged incident involving Hill-Murray staff member and head football coach, Mark Mauer, that is being reported in the press. I want to be clear that this incident is not related in any way to Hill-Murray, our students, or Mr. Mauer's work responsibilities. Nor will this incident affect the high quality education that our families expect at Hill-Murray School. We ask for your prayers for all members of the Hill-Murray School community."

Source: http://www.nbcnews.com/id/50925553/ns/local_news-minneapolis_st_paul_mn/

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Wednesday, February 20, 2013

Burger King's Twitter account hacked

Burger King's official Twitter account appears to have been hacked Monday -- instead of promoting the Whopper, it's promoting for McDonalds.

At around 12 p.m. EST, Burger King tweeted "We just got sold to McDonalds! Look for McDonalds in a hood near you."

The avatar for the Burger King Twitter account changed to the McDonalds golden arches with a red background, the name changed to McDonalds, and the background photo on the Twitter homepage was replaced with a photo of McDonalds chicken nuggets and fries.

The apparent hacker has referenced hacker groups Anonymous and LulzSec in the tweets, and the hack seems to be linked to Twitter user @DFNCTSC, who has not tweeted yet.

The account was still under hacker control after about an hour.

Feb. 18 is Presidents' Day, a national holiday in the U.S.

Source: http://www.owensoundsuntimes.com/2013/02/18/burger-kings-twitter-account-hacked

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PFT: Kaepernick shuns spotlight, gets to work

Ron RiveraAP

When it comes to minority hiring, the NFL this year came within one vacancy of mimicking the 2008 Lions, going 0-for-15 in coaching and G.M. positions.

Despite a fairly vocal contingent of fans who seem to not understand the impact of state and federal laws against race discrimination, the NFL realizes its owners can?t hire whomever they want to hire.? And so the NFL rightly is disappointed by the recent trend.

One of the few remaining minority head coaches in the NFL addressed the dynamic in comments to Jonathan Jones of the Charlotte Observer, calling the lack of minority hires ?disheartening.?

?I?ll give you a name, Perry Fewell,? Rivera said, referring to the Giants defensive coordinator.? ?He?s a great coach and I really think he should have been in the cycle.?

Fewell, as far as we can tell, didn?t even get an interview this year.

?This guy went to the Super Bowl last year and helped design a [heck of a] defense,? Rivera said.? ?Sometimes you do sit there and go, ?Wow, some guys do get overlooked,? and it?s happened to me, too.? Hopefully Perry will have a great opportunity next year.?

Rivera may have a point.? The last time the Giants won the Super Bowl, their defensive coordinator (Steve Spagnuolo) immediately became a ?hot? head-coaching candidate.? A year later, he went to the Rams.? Three years later, he was fired.? One year later, he was fired again as defensive coordinator of the Saints.

Regardless of race, the problem becomes that owners allow themselves to get caught up in whomever the media identifies as the ?hot? candidate, locking in on a name before doing proper due diligence.? For whatever reason, the ?hot? name far more often than not belongs to a white coach.? (Maybe the media isn?t as liberal as everyone assumes.)

And while we agree with Rivera?s observations on minority coaching hires, we need to mention ? and to disagree with ? another comment he made about his quarterback, Cam Newton.

?It kind of bothers me when people say, ?Well Cam is a black quarterback,?? Rivera said.? ?Well, he?s a quarterback.? Aren?t we past that yet??

Unless I?m missing something, I think we are past that.? Though improvements clearly are needed when it comes to hiring coaches, coaches have become color blind when it comes to quarterbacks.? I?m not aware of anyone calling Cam Newton or any other current African-American signal-caller a ?black quarterback.?? (I?m wrong, please correct me with links pasted in the comments.)

They?re all quarterbacks, regardless of skin color.? Hopefully, one day, they?ll all be coaches, too.? Without regard to any superficial factor that has no bearing on ability, intelligence, or character.

While no owner or other employer will ever declare that decisions of this kind are being made at least in part based on rate, the numbers are what they are.? And the numbers are, as the NFL freely admits, disappointing.

Source: http://profootballtalk.nbcsports.com/2013/02/18/kaepernick-shuns-spotlight-to-start-offseason-work/related/

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Participation: The Trend That Is Bigger Than The Harlem Shake

Filthy Frank Harlem ShakeGlobal audiences of prosumer video producers will create content that is viewed by global audiences in numbers far in excess of traditional TV. TV will enter the era of "participation" and when the medium changes from one-way broadcast to the millions to the ability to interact with each other through video it is unlikely that the future will resemble the past. Why would it? Read on ...

Source: http://feedproxy.google.com/~r/Techcrunch/~3/2gBjQv9TAwc/

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Tuesday, February 19, 2013

From Dati to Hidalgo, the women fighting to become mayor of Paris

NKM, as she is known, is considered palatable to conservative Parisians to the west but also "bobo compatible" ? able to sway the capital's growing number of "bourgeois bohemians". Polls suggest that she can command higher scores than Miss Dati.

She is endorsed by Fran?ois Fillon, a former prime minister who appears to have decided not to run and whose venomous relations with Miss Dati are well-documented.

Miss Dati has the backing of Jean-Fran?ois Cop?, a sworn enemy of Mr Fillon with whom he was recently locked in a vicious battle to lead the centre-Right UMP party.

The two "Sarkozettes" appeared very close at one stage during the Sarkozy presidency but are barely on speaking terms. Miss Dati suffered a spectacular fall from grace ? reportedly because Carla Bruni-Sarkozy, the former first lady saw her as a potential love rival ? after she was sacked as justice minister.

Born of North African parents, she is now a Euro MP and is the mayor of the chic 7th arrondissement in Paris. She had accused her younger rival of being a parachut?e ? a non-Parisian airdropped into the capital.

In a reference to ridicule she attracted last year when she failed to correctly guess the price of a metro ticket, NKM retorted that she was a regular on the municipal transport system, saying: "I'm a parachut?e with a travel card."

Both Right-wingers have accused the uncharismatic Miss Hidalgo, who is ahead in the polls, of being Mr Delano?'s designated heir who has never held elected office.

Miss Hidalgo hit back at NKM, saying she had betrayed the trust of her constituency and wanted to "use" the mayoral position for a shot at the presidency. She described her the candidate of the "old barons of the Parisian Right" and criticised her "lack of courage" for not fully backing gay marriage.

Mr Delanoe also joined the attack on NKM, saying: "I don't doubt that she will run a campaign based on image. I think Parisians will realise that she is a conservative who won't own up to it."

A fourth potential candidate is C?cile Duflot, the 37-year old housing minister, who said on Sunday that "nothing is ruled out" about her candidacy.

Daniel Cohn-Bendit, the Green Euro MP, said the contest promised to be "enthralling".

"Perhaps they will show that one can have different projects, do politics differently between women by being competitors without being adversaries," he said hopefully.

Source: http://telegraph.feedsportal.com/c/32726/f/568301/s/28b1f6c9/l/0L0Stelegraph0O0Cnews0Cworldnews0Ceurope0Cfrance0C98784490CFrom0EDati0Eto0EHidalgo0Ethe0Ewomen0Efighting0Eto0Ebecome0Emayor0Eof0EParis0Bhtml/story01.htm

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University of Missouri guide asks professors to accommodate Wiccan, Pagan holidays

Students at University of Missouri don't need to cram for exams that fall on Wiccan and Pagan holidays, now that the school has put them on par with Christmas, Thanksgiving and Hanukah.

The university?s latest ?Guide to Religions: Major Holidays and Suggested Accommodations? ? designed to help faculty know when and when not to schedule exams and other student activities ? lists eight Wiccan and Pagan holidays and events right alongside more mainstream occasions. It's all part of the school's effort to include everyone's beliefs, although some critics say listing every holiday associated with fringe belief systems is a bit much.

?The holidays and accommodations section of this guide is provided to faculty, staff and student leaders as an educational resource for the myriad of religious holy days celebrated at Mizzou,? the guide reads. ?Not only does this section offer crucial information about dates and practices, we also hope that the information about recommended academic and food accommodations will be valuable to those planning classroom activities and other academic and co-curricular events.?

?It?s beyond political correctness, it?s almost like an excuse to do nothing."

- Tammy Bruce, radio host

The first holiday on the list is the Hindu two-day festival celebrating the birth of Krishna, a god considered to be a ?warrior, hero, teacher and philosopher.? During the observance, which occurs on Aug. 28 this year, Hindus are likely to forgo sleep in order to, among other things, sing traditional songs.

?Avoid scheduling major academic deadlines on this day, since it is likely that students will be operating on very little sleep,? the guide continues.

Other holidays like Ramadan, Rosh Hashanah and Easter are included in the guide of 43 holidays with varying degrees of suggested accommodations to be granted to students at the 34,000-student public university in Columbia.

For Samhain, listed as a Pagan and Wiccan celebration considered by some to be the Wiccan New Year, general practices include ?paying respect to ancestors, family members, elders of the faith, friends, pets and other loved ones? who have died. The holiday coincides with Halloween.

In recognition of Hanukah, the eight-day Jewish festival of lights, ?academics and work? are permitted according to the guide, which suggests that food accommodations be considered as requested and in accordance to Kosher restrictions.

The Chinese New Year, meanwhile, is billed as the ?most important? of traditional Chinese holidays with Confucian, Taoist and Buddhist religions and corresponds to the new moon in Aquarius, which can occur between late January through mid-February. This year?s celebration fell on Sunday, while in 2014 it will be celebrated on Jan. 31.

?Avoid scheduling important academic deadlines, events and activities on this date,? the guide reads. ?Many Chinese employees will probably request this day off.?

University officials said no complaints had been received in connection to the guide, which many have found "useful and informational," according to a statement to FoxNews.com.

"The information about the Wiccan and Pagan holidays has been in the guide since last fall," the statement read. "Please keep in mind that this is not intended just for faculty. This is an informational guide for anyone across campus (and beyond)."

Of Mizzou?s 34,748 students enrolled in fall 2012, more than 14 percent were listed as minorities and 6.1 percent were international students, with China, Korea and India accounting for the most pupils from overseas.

Tammy Bruce, radio host of the nationally syndicated ?Tammy Bruce Show? and Fox News contributor, said she found the guide to be indicative of an unbecoming societal shift.

?It almost seems as though we?re looking for excuses for people to not have to take their commitments seriously,? Bruce told FoxNews.com. ?It?s beyond political correctness; it?s almost like an excuse to do nothing. It?s like societal nihilism, where nothing matters.?

Source: http://feeds.foxnews.com/~r/foxnews/national/~3/p-YUoLmgyws/

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Friday, February 15, 2013

PNC getting new CEO as president gets promotion

PNC President William Demchak has been named CEO.

PNC Financial Services Group Inc. (NYSE:PNC) CEO James Rohr is leaving his executive post a year before his retirement, handing the reins to PNC President William Demchak, the Pittsburgh Business Times reports.

Rohr, 64, will stay involved with the bank as executive chairman of the board.

Demchak joined PNC in 2002 as CFO and has been president since April 2012. He previously worked at JPMorgan Chase & Co. (NYSE:JPM), according to his LinkedIn profile.

"Bill has demonstrated exceptional leadership since joining PNC in 2002. As president, he drove customer growth by successfully aligning our businesses to deliver the entire company for our clients," Rohr said in a statement. "His candor and work ethic have earned him the trust of employees and investors, and the confidence of PNC's board. He deserves the opportunity to steer PNC into the future."

Doug Buchanan directs news coverage for Business First.

Source: http://feedproxy.google.com/~r/bizj_columbus/~3/fdT-wDfzFyg/pnc-getting-new-ceo-as-president-gets.html

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Maldives ex-president to stay in Indian embassy: party

MALE (Reuters) - Former Maldives president Mohamed Nasheed will stay in the Indian embassy in Male until a caretaker government is formed, his party said on Thursday, despite a government assurance he would not be arrested if left.

Nasheed, the Maldives' first democratically elected leader, who left office last year in contested circumstances, entered the Indian High Commission in the capital on Wednesday as police tried to arrest him in connection with a court case.

His supporters, who say Nasheed was ousted last February in a coup, clashed with police outside the mission, the latest such unrest in the Indian Ocean archipelago which is best known as a luxury holiday destination.

A court had ordered Nasheed's arrest after he missed a February 10 court appearance in a case relating to accusations that he illegally detained a judge during the last days of his rule.

But a government spokesman said on Thursday Nasheed no longer faced arrest.

"Nasheed's arrest warrant has ceased and he won't be arrested," Imad Masood, spokesman for President Mohamed Waheed Hussain Manik, told Reuters.

"The court will now announce a fresh date for the hearing and Nasheed can appear without being arrested," Masood said.

However, Nasheed's Maldivian Democratic Party (MDP) said he would remain in the embassy because of the danger he faced.

"Until we find a transitional arrangement, he will be there," MDP spokesman Hamid Abdul Gafoor told Reuters.

If Nasheed is eventually found guilty in the case he faces, he could be barred from standing in a presidential election on September 7. His party says the trial is an attempt to exclude him from the contest and has challenged the court's legitimacy.

India's External Affairs Ministry on Wednesday expressed concern over instability and called on the government of the Maldives "to adhere strictly to democratic principles and the rule of law".

Indian External Affairs Minister Salman Khurshid said he had a "useful conversation" with his counterpart in the Maldives about what he described as a "situation of unusual nature", though he offered no suggestion the deadlock had been resolved.

Nasheed says he was forced from power at gunpoint after opposition protests and a police mutiny. A national commission last August said the toppling of his government was not a coup, a ruling that triggered several days of demonstrations.

"An interim, caretaker government should be established that can lead the Maldives to genuinely free and fair elections," Nasheed said in a statement, calling for President Waheed to resign.

The Maldives held its first free elections in 2008. Nasheed defeated Maumoon Abdul Gayoom, who had ruled for 30 years and was accused by opponents and international human rights groups of running the country as a dictator.

(Additional reporting Shihar Aneez in COLOMBO and Annie Banerji in NEW DELHI; Writing by Henry Foy; Editing by Robert Birsel)

Source: http://news.yahoo.com/maldives-ex-president-embassy-refuge-no-longer-faces-083948380.html

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Thursday, February 14, 2013

GOP faults Obama speech for liberalism, hostility

by ERICA WERNER,Associated Press Associated Press

President Barack Obama speaks as he Linamar Corporation in Arden, N.C., Wednesday, Feb. 13, 2013, the day after delivering his State of the Union address. (AP Photo/Charles Dharapak)

President Barack Obama speaks as he Linamar Corporation in Arden, N.C., Wednesday, Feb. 13, 2013, the day after delivering his State of the Union address. (AP Photo/Charles Dharapak)

slideshow WASHINGTON (AP) ? Republicans said Wednesday that President Barack Obama's State of the Union address was full of well-worn liberal ideas and campaign-style hostility, and did little to ease partisan tensions over major issues.

"An opportunity to bring together the country instead became another retread of lip service and liberalism," said Senate Minority Leader Mitch McConnell, R-Ky.

He said Obama offered little more than "gimmicks and tax hikes" in a "pedestrian liberal boilerplate that any Democratic lawmaker could have given at any time in recent history."

Obama used the prime-time speech Tuesday to call for action on a broad agenda that included the economy, guns, immigration, taxes and climate change. He offered new initiatives on preschool programs, voting, manufacturing, and research and development. He said he wanted to raise the minimum wage and lower energy use.

"It is our unfinished task to make sure that this government works on behalf of the many and not just the few," the president said.

During a visit Wednesday to Asheville, N.C., Obama promoted his ideas on creating jobs and closing the income gap between the wealthiest and middle-income Americans. The president used a retrofitted former Volvo plant to make a case for proposals designed to encourage companies that have operated overseas to bring back jobs to the U.S.

"We're seeing this trend of what we call insourcing, not just outsourcing," Obama said. "And the reason is because America has got outstanding workers. We're starting to produce more homegrown energy, which is driving down our energy costs. And, obviously, we've still got the biggest market in the world. And if we try to improve our infrastructure a little bit more, then we're going to be even that much more competitive."

Obama wants to spend money on public works, on neighborhood renovations, on helping communities that have lost job major employers, and on encouraging businesses, universities and the government to work together on new manufacturing technologies.

"I need Congress to take up these initiatives, because we've come too far and we've worked too hard to turn back now," Obama said.

His remarks didn't seem to budge Republicans who control the House and hold enough votes to stall legislation in the Senate. They believe government helps best by getting out of the way.

The House Budget Committee chairman, GOP Rep. Paul Ryan of Wisconsin, said Obama's leadership style stands in the way of bipartisan efforts to resolve problems such as the ballooning deficit.

"He seems to always be in campaign mode, where he treats people in the other party as enemies rather than partners," Ryan, the Republican vice presidential nominee last year, told "CBS This Morning."

Ryan was asked if he supported House Speaker John Boehner's assertion that he didn't believe Obama "has the guts" to stand up to liberals in his own party on spending cuts.

"That's why the congressman makes remarks like that," Ryan said of Boehner, R-Ohio.

The morning-after comments came as Obama embarked on a three-state trip to sell voters on the programs he outlined. Republican critics have said the president should stay home and focus his attention on dealing directly with Congress.

Obama told a national audience that he was determined to intervene to right income inequality and aid the middle class.

He called on Congress to pass comprehensive immigration legislation with a pathway to citizenship for 11 million illegal immigrants, as well as far-reaching gun control measures and a climate bill to cut greenhouse gas emissions. He threatened to go around Congress with executive actions on climate change if lawmakers fail to act.

But Obama cannot count on willing partners on those issues, any one of which could tie Congress in knots for months with no guarantee of success.

The president spent relatively little time on the looming fiscal crises confronting the nation: the deep automatic spending cuts to take effect March 1, followed by the government running out of money to fund federal agencies March 27. He made clear he will continue to press for the rich to pay more in taxes, a position Republicans have rejected.

Republicans made clear they're in little mood to cooperate.

"In the last election, voters chose divided government which offers a mandate only to work together to find common ground," Boehner said in a statement. "The president, instead, appears to have chosen a go-it-alone approach to pursue his liberal agenda."

Obama did reiterate his willingness to tackle entitlement changes, particularly on Medicare, though he has ruled out increasing the eligibility age for the popular benefit program for seniors.

___

Associated Press writers Julie Pace and Stephen Ohlemacher contributed to this report.

Source: http://romenews-tribune.com/bookmark/21704781

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Wednesday, February 13, 2013

Michael Kors lifts FY outlook; shares jump to life high

(Reuters) - Fashion company Michael Kors Holdings Ltd raised its full-year forecast after handily beating Wall Street estimates for its third-quarter results with the help of strong sales of luxury items in North America and Europe during the holidays.

The results sent the company's shares up 13 percent to a lifetime high of $64.80 on the New York Stock Exchange.

Comparable-store sales rose 41 percent in North America during the holiday quarter, while those in Europe rose 58 percent.

Kors, known for its designer wear, handbags and watches, said conversion of its department store locations into branded shop-in-shops pulled in more customers and generated higher sales volume.

Chief Executive John Idol said the quarter saw strong demand for luxury items from Europe and North America and expects the global luxury market to keep its pace of growth.

The Luxury Goods Worldwide Market Study of 2012 estimated that the luxury market would grow from $251 billion in 2011 to between $314 billion and $327 billion in 2015.

Kors, which went public in December 2011, has challenged bigger rival Coach Inc in the affordable luxury segment and seems to be gaining market share, according to analysts. Last month, Coach reported a 2 percent decline in North American same-store sales.

Fewer shoppers visited Coach's own full-service stores and factory outlets during the holiday season, which the company attributed to a cautious mood among consumers.

"Obviously they (Kors) are gaining market share from Coach , but its not only Coach ... it is also the little guys that are getting squeezed in a highly competitive market," Morningstar analyst Paul Swinand told Reuters.

The company said it expects an increase of low-to-mid 20s in same-store sales in the current quarter.

Kors also raised its full-year earnings-per-share estimate to between $1.80 and $1.82 from its previous range of $1.48 to $1.50. It also said it now sees full-year revenue at about $2.1 billion, higher than the $1.86 billion to $1.96 billion forecast earlier.

Analysts had estimated full-year earnings of $1.57 per share on revenue of $2.01 billion, according to Thomson Reuters I/B/E/S.

Net income rose four fold to $130.0 million, or 64 cents per share, up from $32.0 million, or 20 cents per share, a year earlier. Analysts had expected 41 cents per share.

Revenue jumped 70 percent to $636.8 million in the quarter ended December, well ahead of the $540.3 million analysts had anticipated.

(Reporting By Siddharth Cavale in Bangalore and Martinne Geller in New York; Editing by Lisa Von Ahn and Sreejiraj Eluvangal)

Source: http://news.yahoo.com/michael-kors-lifts-fy-outlook-shares-jump-life-153910071--finance.html

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Clean tech: Students compete in statewide energy venture challenge

EVENT ANNOUNCEMENT

DATE: 2 p.m. Friday, Feb. 15, 2013

PLACE: Blau Auditorium, Ross School of Business, 701 Tappan St., Ann Arbor

EVENT: Michigan Clean Energy Venture Challenge

Robot helicopters for bridge inspections. Smart home-lighting systems. Two-seat electric vehicles. These are three of the products from green energy startups that will compete this week for more than $100,000 in prizes at the CEVC. Now in its fifth year, the competition encourages student technologists from colleges and universities across Michigan to transform clean tech ideas into viable ventures.

Winners will be announced at the Feb. 15 awards ceremony, which features speaker Don Runkle, CEO of EcoMotors, a Michigan-based startup that designs and manufactures eco-friendly combustion engines. The top four teams will also pitch their ideas to attendees.

"It's been exciting to witness the extraordinary progress of the teams and their ideas over the past six months and the evolution of the CEVC itself over the last few years," said Doug Neal, executive director of the University of Michigan Center for Entrepreneurship, which administers the competition. "We're committed to contributing to the acceleration of the state's entrepreneurial success. It's great to see talented student entrepreneurs from such a large number of Michigan universities and colleges involved in the challenge this year."

Seven U-M teams are among this year's semifinalists. They are:
? TerraWatt Solar, which provides residential solar system consultations and designs.
? Recraft, which designs and services water systems that generate biodiesel.
? A2B Bikeshare, which enables communities to independently implement bike sharing.
? Sky Specs, which has designed a robotic helicopter that flies itself and carries cameras and sensors to inspect bridges and other structures.
? conDUCT Solutions, which increases the potential for LEED certification for building owners by generating electricity from high-rise waste streams.
? Precision Water, which has developed a system that lets users dispense exact amounts of water from their faucets.
? Spray-n-Stretch, which has developed a method to fully recover shrunken clothes using a fabric friendly spray and a simple garment stretcher.

This year, 22 teams from 10 Michigan colleges and universities have advanced to the Feb. 14 semifinals, almost double the number of schools represented in last year's competition. Each team participates for the full six months of the challenge and receives mentorship, up to $2,000 in prototype funding, intensive training on lean business formation, and critical feedback on their ideas from experts in the field.

"More than a funding vehicle, the CEVC is designed to give students entrepreneurial tools that can be applied during the competition and beyond. Our hope is to create a statewide cohort of entrepreneurs with the potential to turn Michigan into a clean energy hub," said Amy Klinke, assistant director for small business initiatives at the Center for Entrepreneurship and one of the contest's directors.

Past first- and second-place winners include PicoSpray, a U-M team whose small-engine fuel injection system for motorcycles, mopeds and lawn mowers was recently featured in Fast Company, and 2012 Accelerate Michigan Innovation Competition winner Algal Scientific, a U-M and Michigan State University team whose technology removes nutrient pollutants from waste water while producing algae that could be used as fuel, fertilizer or bioplastic.

The competition is part of a national effort encouraging young entrepreneurs to develop greener energy solutions through President Obama's Startup America campaign. The winner of the Michigan contest will advance to a regional competition in the spring in Chicago, and eventually could have a shot at a national grand prize in Washington, D.C., this summer.

A total of 13 prizes will be awarded on Friday. In addition to a first- and second-place prize, there will be six category awards, including best resource conservation, energy efficiency, and for the first-time this year, app- or computer-based program. Five special achievement awards will be given to best prototype, most disruptive, best team assembled, best pivot(s) and judges' choice.

Beyond U-M, students from these colleges and universities are participating: Western Michigan, Wayne State, Michigan State, Michigan Tech, Central Michigan, Grand Valley State, Kettering, Northwood and Oakland.

SPONSORS: Baker College of Flint, DTE Energy, MASCO Corporation Foundation, Kresge Foundation, Dow Corning, Google and Next Energy. U-M partners include the Ross Energy Club, Energy Institute, Center for Entrepreneurship and MPowered.

INFORMATION: http://micevc.com

Source: http://feedproxy.google.com/~r/umns-sustainability/~3/zodyiAp9WbI/21187-clean-tech-students-compete-in-statewide-energy-venture-challenge

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Monday, February 11, 2013

More coincidence than conspiracy at fashion week

NEW YORK (AP) ? During every season of designer previews at New York Fashion Week a few key, quirky items seem to pop up on different runways. They're not quite trends since one has to think they're partly for runway effect not retail orders, but they're part of the style zeitgeist nonetheless. So, how does the ball start rolling on items such as oversized fur mittens, harnesses or sleeveless coats?

It's safe to say designers don't take a meeting together to decide what direction to go in.

"The honest answer is some of it is plain and simple coincidence," said Cindi Leive, editor in chief of Glamour magazine. "These designers are creating hundreds of looks over the course of a season. It would be more unusual if there were no overlap."

Still, she said, there also are fashion cycles and sociological factors to consider as catwalk collections are prepared.

Take fur ? both real and fake. Leive said Sunday it has been on every runway so far on this fourth of eight days of fashion week.

After the recession, no one was touching fur, she said, but it has slowly made a comeback as people feel a little more comfortable about spending money. The interpretation this go-around has been impactful, with an emphasis on oversized unexpected fur touches such as hoods, handbags and boots, but they're not as expensive as a full-length coat.

It's important for fashion insiders to be aware of what's happening in other parts of culture, including politics and art, said Marie Claire executive editor Nina Garcia earlier in the week as she prepared to judge aspiring designers at "Project Runway."

"Successful designers soak it all in," she said.

Fashion week continues in New York through Thursday, when the influential Marc Jacobs closes out things. Runway previews then move on to London, Milan and Paris.

VICTORIA BECKHAM

The opening look at Victoria Beckham's show was a windowpane plaid coat. She also incorporated more sweaters and knits into her collection, with a nod to mod with some geometric, colorblocked shift dresses.

The most unexpected looks were the flashes of bright yellow, including a sleeveless trench; the techno shine she added to pleated skirts that the audience could only see as the models walked; and the long cape-style tuxedo coat.

One of the important evolutions for fall is the softer shoulder, which she used to tweak one of her popular zip-back, slim-fit dress silhouettes.

For shoes, she put models in lower kitten heels, made in collaboration with Manolo Blahnik, which was a bit of a surprise for a woman known for skyscraper stilettos.

"I'm always designing what I want to wear," she said.

CHRISTIAN SIRIANO

The "Project Runway" alum used the Russian opera as the inspiration for his fall runway show, using a book of Russian opera houses as reference.

The girl wearing this collection, he said, was on her way to see the Russian opera.

"I wanted it to be a story of what she wears during the day, what she'll wear for a cocktail dress, what she'll wear to the opera," he said.

His vintage-inspired day looks evoke many eras, from the 1940s to the 1960s, and were mostly separates of turtlenecks paired with loose leather trousers and faux fur vests in muted colors such as white, black and camel.

One ensemble included a pointed-toe flat in a penny loafer style, a surprise inclusion given fashion's love for the high heel. Siriano explained it as a way to ensure its wearability, and also because he "wanted it to be a bit more demure, a bit simple."

Other shoes in the collection included bootie heels and heeled penny loafers with gold trim, echoing the filigree that anchored many of the evening dresses that closed the show.

JOSEPH ALTUZARRA

Joseph Altuzarra's urban, confident, fashion-forward customer wears graphic black-and-white leather ? layers it on, in fact ? and then there's the fox or mink fur on top. She's not shy about drawing attention in fur mittens, shiny grommet embellishment and strategically placed zippers. She wears her high-waisted trousers with a low-slung belt.

His fall-winter collection also includes optic white pants and a khaki cotton sleeveless trench worn with a khaki four-button tailored skirt.

The silhouette he offers his customers is strong and slim, sometimes with a little bump at the hip.

"The design and construction emphasize the nip of the waist and exaggerate the hip, while shrunken proportions mixed with a bolder shoulder volume sharpen the classic silhouette," he says in describing the shape.

___

AP Writer Amanda Kwan contributed to this story.

___

Follow Samantha Critchell on Twitter at http://twitter.com/AP_Fashion

Source: http://news.yahoo.com/more-coincidence-conspiracy-fashion-week-183426501.html

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NCAA Mens Basketball: Portland 68 vs Pepperdine 72

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    Lorne Jackson #0 (NCAA Men's Basketball, Portland 68 vs Pepperdine 72, Chiles Center Portland, OR Feb 9, 2013)

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    Jordan Baker #1 (NCAA Men's Basketball, Portland 68 vs Pepperdine 72, Chiles Center Portland, OR Feb 9, 2013)

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    Nikolas Skouen #31 (NCAA Men's Basketball, Portland 68 vs Pepperdine 72, Chiles Center Portland, OR Feb 9, 2013)

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    Lorne Jackson #0 (NCAA Men's Basketball, Portland 68 vs Pepperdine 72, Chiles Center Portland, OR Feb 9, 2013)

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    Stacy Davis #5 (NCAA Men's Basketball, Portland 68 vs Pepperdine 72, Chiles Center Portland, OR Feb 9, 2013)

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    Stacy Davis #5 (NCAA Men's Basketball, Portland 68 vs Pepperdine 72, Chiles Center Portland, OR Feb 9, 2013)

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    Jordan Baker #1 (NCAA Men's Basketball, Portland 68 vs Pepperdine 72, Chiles Center Portland, OR Feb 9, 2013)

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    Jordan Baker #1 (NCAA Men's Basketball, Portland 68 vs Pepperdine 72, Chiles Center Portland, OR Feb 9, 2013)

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    Lorne Jackson #0 (NCAA Men's Basketball, Portland 68 vs Pepperdine 72, Chiles Center Portland, OR Feb 9, 2013)

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    Atif Russell #11 (NCAA Men's Basketball, Portland 68 vs Pepperdine 72, Chiles Center Portland, OR Feb 9, 2013)

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    Jordan Baker #1 (NCAA Men's Basketball, Portland 68 vs Pepperdine 72, Chiles Center Portland, OR Feb 9, 2013)

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    Austin Mills #13 (NCAA Men's Basketball, Portland 68 vs Pepperdine 72, Chiles Center Portland, OR Feb 9, 2013)

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    Jordan Baker #1 (NCAA Men's Basketball, Portland 68 vs Pepperdine 72, Chiles Center Portland, OR Feb 9, 2013)

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    Jordan Baker #1 (NCAA Men's Basketball, Portland 68 vs Pepperdine 72, Chiles Center Portland, OR Feb 9, 2013)

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    Kevin Bailey #00 (NCAA Men's Basketball, Portland 68 vs Pepperdine 72, Chiles Center Portland, OR Feb 9, 2013)

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    Bryce Pressley #1 (NCAA Men's Basketball, Portland 68 vs Pepperdine 72, Chiles Center Portland, OR Feb 9, 2013)

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    Bryce Pressley #1 (NCAA Men's Basketball, Portland 68 vs Pepperdine 72, Chiles Center Portland, OR Feb 9, 2013)

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    Bryce Pressley #1 (NCAA Men's Basketball, Portland 68 vs Pepperdine 72, Chiles Center Portland, OR Feb 9, 2013)

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    Thomas van der Mars #12 (NCAA Men's Basketball, Portland 68 vs Pepperdine 72, Chiles Center Portland, OR Feb 9, 2013)

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    Thomas van der Mars #12 (NCAA Men's Basketball, Portland 68 vs Pepperdine 72, Chiles Center Portland, OR Feb 9, 2013)

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    Kevin Bailey #00 (NCAA Men's Basketball, Portland 68 vs Pepperdine 72, Chiles Center Portland, OR Feb 9, 2013)

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    Kevin Bailey #00 (NCAA Men's Basketball, Portland 68 vs Pepperdine 72, Chiles Center Portland, OR Feb 9, 2013)

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    Derrick Rodgers #15 (NCAA Men's Basketball, Portland 68 vs Pepperdine 72, Chiles Center Portland, OR Feb 9, 2013)

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    Derrick Rodgers #15 (NCAA Men's Basketball, Portland 68 vs Pepperdine 72, Chiles Center Portland, OR Feb 9, 2013)

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    Jake Ehlers #11 (NCAA Men's Basketball, Portland 68 vs Pepperdine 72, Chiles Center Portland, OR Feb 9, 2013)

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    Korey Thieleke #21 (NCAA Men's Basketball, Portland 68 vs Pepperdine 72, Chiles Center Portland, OR Feb 9, 2013)

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    Ryan Nicholas #32 (NCAA Men's Basketball, Portland 68 vs Pepperdine 72, Chiles Center Portland, OR Feb 9, 2013)

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    Riley Barker #14 (NCAA Men's Basketball, Portland 68 vs Pepperdine 72, Chiles Center Portland, OR Feb 9, 2013)

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    Derrick Rodgers #15 (NCAA Men's Basketball, Portland 68 vs Pepperdine 72, Chiles Center Portland, OR Feb 9, 2013)

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    Thomas van der Mars #12 (NCAA Men's Basketball, Portland 68 vs Pepperdine 72, Chiles Center Portland, OR Feb 9, 2013)

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    Thomas van der Mars #12 (NCAA Men's Basketball, Portland 68 vs Pepperdine 72, Chiles Center Portland, OR Feb 9, 2013)

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    Derrick Rodgers #15 (NCAA Men's Basketball, Portland 68 vs Pepperdine 72, Chiles Center Portland, OR Feb 9, 2013)

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    Riley Barker #14 (NCAA Men's Basketball, Portland 68 vs Pepperdine 72, Chiles Center Portland, OR Feb 9, 2013)

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    Thomas van der Mars #12 (NCAA Men's Basketball, Portland 68 vs Pepperdine 72, Chiles Center Portland, OR Feb 9, 2013)

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    Kevin Bailey #00 (NCAA Men's Basketball, Portland 68 vs Pepperdine 72, Chiles Center Portland, OR Feb 9, 2013)

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    Tanner Riley #3 (NCAA Men's Basketball, Portland 68 vs Pepperdine 72, Chiles Center Portland, OR Feb 9, 2013)

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    Riley Barker #14 (NCAA Men's Basketball, Portland 68 vs Pepperdine 72, Chiles Center Portland, OR Feb 9, 2013)

  • Source: http://www.sportspagemagazine.com/content/bb/mc-bb/gal-mc-bb/ncaa-mens-basketball-portland-68-vs-pepperdine-72.shtml?55719

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    Friday, February 8, 2013

    Senator Beagle Sees First Hand the Value of Career Technical ...

    Senator Bill Beagle (R-Tipp City), visited the Miami Valley Career Technology Center (MVCTC) campus on Friday, January 25, 2013, to tour the campus and meet with students and staff. Senator Beagle is the Chairman of the Senate Standing Committee on Workforce & Economic Development, the work being done at MVCTC to prepare students for the workforce of tomorrow, is right in-line with the goals of Senator Beagle?s committee.

    Senator Beagle toured MVCTC high school programs and spoke with many students and staff about their classes and experiences at MVCTC. This included visiting the MVCTC Computer Technology Academy ? GIS and Technical Intelligence Program, Dental Assistant, Biotechnology, Computer Network Engineering, Precision Machining, Robotics, and Aviation Maintenance Technician Program. GIS senior, Jacob Pepple (Arcanum), shared with Senator Beagle the project he created using 2012 election data to map in ArchGIS software the Ohio school district election results. "MVCTC has prepared me for the future by introducing me to a more professional environment. Throughout my junior and senior years at MVCTC, my classes have demanded 100% effort for completion. Through this hard work I am more prepared to face the real demands of the work force. MVCTC has also motivated me to become a better, well rounded individual. Reasonable rules and hard work has helped to develop my personality into that of a mature and hardworking professional,? shared, Jacob.

    After the tour was complete, Senator Beagle had the opportunity to meet with MVCTC Superintendent, Dr. Nick Weldy, and MVCTC Adult Education Supervisor Mrs. Amy Leedy.

    Career Technical Education (CTE) encompasses 94 percent of high school students and 13 million postsecondary students in the United States and includes high schools, career centers, community and technical colleges, four-year universities and more. CTE is a major part of the solution to many national economic and workforce problems, such as high school dropout rates, a weakened economy, global competitiveness and massive layoffs. According to the U.S. Bureau of Labor Statistics, nearly one-third of the fastest growing occupations will require an associate?s degree or a postsecondary vocational certificate. At a time when job opportunity is so critical, CTE programs in every community are ensuring students are adequately equipped with the skills to successfully enter the workforce.

    For more information about MVCTC, please visit www.mvctc.com.

    For over 40-years, MVCTC has been providing career technical education for 27 partner school districts encompassing five counties in Southwest Ohio. MVCTC is dedicated to providing in-demand workforce training for youth, adults, and organizations in the Miami Valley.

    Source: http://www.darkejournal.com/2013/02/senator-beagle-sees-first-hand-value-of.html

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    White House allies produce preschool-for-all plan

    WASHINGTON (AP) ? Days before President Barack Obama outlines his agenda for the coming year, a think tank with close ties to the White House is outlining a plan that would provide preschool for all children within five years.

    The Center for American Progress proposal, released Thursday, provides a road map for how the Obama administration could move forward with pre-kindergarten programs for all 3- and 4-year-olds. For families with younger children, federal subsidies for child care would increase to an average $7,200 per child and the number of students in Early Head Start programs would double.

    "We're trying to ensure all children are ready to learn when they get to school," said Neera Tanden, the president and CEO of the think tank and a former top policy official in the Obama administration. "Investing in early learning and pre-K is the best investment that we can make. The return on investment is significant."

    Education Department officials, including Secretary Arne Duncan, have signaled that pre-kindergarten programs would be a priority during Obama's second term. The Center for American Progress has been an influential partner for the White House in fleshing out its policies. Think tank officials say they don't know what precisely will be in Obama's State of the Union speech on Tuesday, but seldom does the organization move too far or too quickly ahead of White House priorities.

    Under the center's plan, Washington would match states' spending on these preschool programs for 3- or 4-year-olds at an average rate of $10,000 per child ? enough to cover full-day programs. The program would be phased in over five years, starting first with low-income students who, studies show, benefit the most from pre-kindergarten programs.

    Children ages 3 and 4 would be eligible to attend preschool for free if they come from a family of four earning $46,100 or less. For families making more than that, the rates would be adjusted based on income.

    The price tag for the plan is not small: Over a 10-year period, it would cost $98.4 billion for preschool, $84.2 billion for child care subsidies and $11.5 billion for Early Head Start ? a total of almost $200 billion. Once the program was up and running, it would cost nearly $25 billion a year ? $12.3 billion for preschool, $10.5 billion for child care subsidies and $1.4 billion for Early Head Start.

    But given the fierce debate on spending and debt ? especially among Republicans ? that kind of spending would probably meet resistance in Congress even if Obama embraced it as a blueprint.

    "This is an area where you have a challenge in the political timeline. Early learning is an investment when you get the returns in 10 or 20 years," Tanden said. "What we do have in the arena of early learning is the hard data that shows the actual return on investment."

    For instance, a child who does not have early childhood education is 25 percent more likely to drop out of school, 40 percent more likely to become a teenage parent and 70 percent more likely to be arrested for a violent crime.

    Closer to the kitchen table, the proposals have an economic resonance. The average family with two parents working and with children younger than 5 spends roughly a one-tenth of the income on child care. For families making less, that percentage climbs quickly.

    In the think tank's outline, states could partner with public school districts, charter schools, Head Start programs or child care agencies ? a concession that could win over Republicans who want more options for parents.

    The plan would double the number of families making $46,100 or less who receive child care subsidies, from 22 percent to 44 percent.

    Currently, the average subsidy is about $5,600 annually ? far short the actual cost of caring for these infants and toddlers. The proposal would have federal tax dollars cover 75 percent of the subsidy program and take the annual amount to about $7,200. States would be left to pick up the rest.

    That part of the proposal would cost the federal government an estimated $84.2 billion over its first decade.

    The proposal also would increase the number of students in Early Head Start programs from 120,000 to 240,000. That piece of the plan would cost $11.5 billion over its first 10 years.

    Source: http://news.yahoo.com/white-house-allies-produce-preschool-plan-080804735--politics.html

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    Thursday, February 7, 2013

    Revenue & Sales Manager - BC Tourism Jobs - go2

    The innovative and contemporary lobby design reflects the modernization of this landmark hotel located in the very centre of downtown Vancouver.

    From trendy pillar booths in the lobby to the kitchen-equipped suites, the family-owned and operated Century Plaza Hotel and Spa strives to provide our guests with a home away from home ambience.

    Source: http://www.go2hr.ca/jobs/revenue-sales-manager

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    Monster storm expected to explode in Atlantic. It may be one for the books.

    NOAA forecasters say an unnamed extra-tropical storm will experience explosive intensification over the North Atlantic this weekend. Its central low pressure could rival a category 4 hurricane's.

    By Pete Spotts,?Staff writer / January 25, 2013

    Forecasters are predicting explosive intensification this weekend for an extra-tropical storm in the North Atlantic that is expected to eclipse the intensity of last October's superstorm Sandy.

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    Unlike Sandy, the nameless North Atlantic superstorm poses no threat to land. But it does highlight the power such storms can attain.

    It's forecast to develop winds of up to 98 miles an hour, while the air pressure at its center ? expected to reach a low between 920 to 930 millibars ? would rival that of a category 4 hurricane, according to forecasters at the National Oceanic and Atmospheric Administration's Ocean Prediction Center in College Park, Md.

    The system is the same storm "that gave us some snow a couple of days ago in DC," says Robert Banks, a forecaster at the Ocean Prediction Center. The storm intensified as the cold air moved out over relatively warm North Atlantic water, which is feeding energy into the system.

    In addition, the system is merging with two other upper-level troughs ? providing the storm with yet more punch.

    It's not clear how this storm will fare in the record books, Mr. Banks says. But over at the Weather Underground's web site, data gathered by British weather historian Stephen Burt shows five other storms between 1824 and 1986 with central pressures ranging from 920.2 to 925.6 millibars.

    An extra-tropical superstorm in January 1993 holds the record for low pressure ? 913 millibars ? for North Atlantic winter storms in an event that destroyed an oil tanker after it ran aground at the Shetland Islands. The tanker, the MV Braer, was carrying 85,000 tons of crude oil.

    Source: http://rss.csmonitor.com/~r/feeds/science/~3/nJYav9aEyWQ/Monster-storm-expected-to-explode-in-Atlantic.-It-may-be-one-for-the-books

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    Republicans are Jumping the Shark With Consumer Finance ...

    more from Yellow Dog Yankee

    shark-jumping

    The Republicans seem intent on jumping the shark, even if they have to do it one goldfish at a time. This time they are staking a lot of political capital on a battle to disable the Consumer Financial Protection Bureau (CFPB) and its director Richard Cordray.

    On Friday, Senate Minority Leader Mitch McConnell and 42 other Republicans sent a letter to President Barack Obama announcing they will block the appointment of Cordray to be permanent director of the Consumer Financial Protection Agency, a position he already holds through a recess appointment made by the President on January 4, 2012. This appointment will not be ratified, the letter said, ?Until key structural changes are made to ensure accountability and transparency? at the CFPB. The letter demands the director be replaced by a commission, CFPB?s independent funding be replaced by Congressional appropriation, and ?a safety-and-soundness check? for financial regulators who oversee those aspects of financial institutions be established.

    CFPB was created by the Dodd-Frank Wall Street Reform and Consumer Protection Act and was the brainchild of Elizabeth Warren who was expected to head the agency. When the Republicans made it clear Warren stood a better chance of being deported than confirmed, the President nominated Cordray, former Attorney General of Ohio and Warren?s right-hand man. Of course it wasn?t just Warren, although they were particularly hostile toward her, but the Bureau itself to which the Republicans and their Wall Street buddies objected. In a 2011 letter much like the one last Friday, Republicans said no conceivable nominee would be acceptable so the President invoked his recess appointment powers.

    That appointment and three others to the National Labor Relations Board (NLRB) have been challenged in separate law suits and the NLRB appointments were invalidated by a federal appeals court last week, but more about that in a moment.

    In attempting to defang CFPB Republicans of course are pandering to their Wall Street constituency. However Dodd-Frank is no longer the Wall Street bugaboo that it was two years ago and CFPB has earned some credibility, even if it is of the ?devil we know? variety.

    The Agency has only slowly rolled out its mandate, taking on consumer financial domains one at a time. It now regulates credit cards, mortgages, student loans, and credit reporting agencies. Elizabeth Warren described CFPB as ?a new sheriff in town? and consumers are beginning to recognize it as such. In its first 15 months of operation it logged approximately 79,200 consumer complaints. Not a bad total for an agency just hitting the ground, especially since it did not have a director or launch its non-bank supervision until January 2012 or begin accepting student loan complaints until last March.

    One of its responsibilities is formulating rules to carry out consumer laws and some critical ones for mortgage servicing, mortgage standards, and appraisals were released in final form in mid-January. While few of the stakeholders were happy about the idea of regulations they almost universally praised the process the Bureau had pursued in developing them. Lobbying groups representing mortgage bankers, credit unions, consumers, and home builders all issued statements thanking the Bureau for not just inviting their comments, but listening to and incorporating them. These rules are all due to go into effect in January 2014.

    Small business owners ? those job creators we hear so much about from McConnell ? were recently surveyed by the Small Business Majority about Dodd-Frank generally and CFPB specifically. Eighty-four percent of the majority Republican sample supported the Bureau and 58 percent agreed its regulations are needed. Only one-third associated CFPB with bureaucracy that hurts small businesses and job creation.

    Now back to the law suits. If the NLRB recess appointments are unconstitutional so too are any decisions those members made in the past year. If the Cordray appointment suffers the same fate so will some, but not all of CFPB?s rule making and even many personnel decisions. More worrisome is the potential for months of uncertainty about the new rules going into effect in 2014 at a time when major banks are gearing up and spending millions of dollars to meet their requirements.

    There are a few ways to resolve this crisis should it emerge but the most immediate and cost neutral is Senate confirmation of a CFPB director who could then ratify the Bureau?s previous work. Instead the Republicans are preparing for a fight to rid the country of a regulator that no one but them seems heavily invested in destroying. Wall Street could spend millions to comply with rules that may be moot and that they aren?t all that opposed to anyway; small businesses actually like the Bureau, and consumers might notice that once again their financial welfare doesn?t count on one side of the Senate aisle.

    Looks like the Republicans are about to be the stupid party again.

    And particularly stupid when one realizes another little wrinkle in their plan. CFPB is Elizabeth Warren?s baby and she is now a senior U.S. Senator and a member of the Banking Committee. There will be vigorous defenses of the Bureau by consumer organizations and the President and Senate Democrats have said they will not consider the Republicans? demands. But it will be Warren who will lead the charge. She may be a freshman senator but she is the survivor of many congressional hearings and a master of media sound bites. She also has a broad and enthusiastic army of supporters both inside and outside her home state and will be able to command a lot of vocal support from every senator?s constituency.

    This will, in the end, give the Democrats another opportunity to accuse Republicans of disregarding the middle class and being pawns of Wall Street, an opportunity which Warren will exploit to the max, while Wall Street frankly doesn?t give much of a damn.

    Source: http://www.politicususa.com/republicans-jumping-shark-consumer-finance-protection-bureau-attack.html

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    Wednesday, February 6, 2013

    Analysis: U.S. data, earnings suggest "fiscal cliff" fears overhyped

    NEW YORK (Reuters) - Jon Najarian's no wimp. He's taken his shots more than once during three decades playing the U.S. stock and options markets and before that as a college football player. So he doesn't scare easily.

    But when Congress seemed hell-bent on running the economy over the much-ballyhooed "fiscal cliff" at the end of last year, Najarian finally got skittish.

    "For the first time in 31 years, I was completely out of the market at the end of the year," the co-founder of online brokerage TradeMonster.com said. "I thought Democrats and Republicans were willing to blow the whole thing up."

    He wasn't alone. Scores of investors feared Congress would let some $600 billion in automatic tax increases and spending cuts slam the fragile U.S. economy just to make a political point and flooded the safety of money-market funds to avoid a potential plunge in stocks.

    Business leaders at some of the nation's largest companies warned that tax policy confusion would suppress hiring, corporate investment and consumer spending.

    And then, all of the fear disappeared into the wind. A deal struck on New Year's Day avoided most of the threatened tax hikes, which many feared would have plunged the U.S. economy into recession. The stock market soared to five-year highs. Business and consumer confidence improved.

    The economy could yet be slowed by across-the-board spending cuts set to take effect next month. But most of the fears that had chief executives shouting about the sky falling didn't come to fruition.

    Not only did the "fiscal cliff" danger disappear but another threat - to head-bang the economy against a ceiling on government debt - was later taken off the table for some months. Even the danger of gridlock leading to a government shutdown has faded.

    It raises the question of how so many leaders misjudged the impending "fiscal cliff," particularly now that subsequent economic data and earnings reports suggest CEOs were either overstating the concerns to pressure Washington or using the so-called cliff as an excuse for any signs of underperformance as results reporting season came round.

    CEOS CLAMORING FOR HELP

    Corporate CEOs were the most vocal in urging lawmakers to avoid the "fiscal cliff," warning that uncertainty was suppressing demand and would prompt them to invest less. Executives from Wells Fargo, F5 Networks, Aetna Inc and 3M Co all expressed these concerns.

    But economic data and the actions of some businesses in recent months suggest the concern may have been overdone.

    DuPont saw fourth-quarter profits eroded by weak demand for paint pigment and solar panels, and CEO Ellen Kullman said the high U.S. budget deficit and uncertainty over tax and regulatory policy were holding the U.S. economy back.

    In an interview, she said lawmakers should make up their minds and added that the company was considering putting off spending in 2013. The company's results for the fourth quarter of 2012, released on January 22, did beat Wall Street expectations.

    However, economic figures failed to bear out some of the warnings. U.S. orders for long-lasting manufactured goods came in at better-than-expected levels for the last three months of 2012, as consumers were continuing to spend.

    Meanwhile, mergers-and-acquisition activity in the Americas picked up sharply in the fourth quarter, with about $427 billion in announced deals, compared with about $272 billion in the year-ago period, according to Thomson Reuters data, a sign of renewed confidence by businesses in spending their cash.

    The fiscal cliff may have induced companies to tread cautiously, but it didn't stop them from spending altogether.

    Bank of America Merrill Lynch said in a note to clients that company guidance on expected capital expenditures hit bottom in October, but has been trending upward since. In January, the ratio of companies raising expectations for such spending to those lowering hit 4-to-1, its highest in more than a year.

    And as soon as a deal to avoid the cliff was struck, money started pouring into mutual funds and exchange traded funds. Investors added $34.2 billion to equity funds in the first four full weeks in January, according to Lipper data.

    Kim Forrest, senior equity research analyst at Pitt Capital Group in Pittsburgh, said some of the most dire warnings on the fiscal cliff were probably intended to lower expectations.

    "It's the job of a CEO to set the appropriate bar for expectations at any given time, and allowing analysts to have too rosy a view isn't going to serve their shareholders well in the short run," she said. "So I think all that negative talk really did reset expectations."

    Kevin March, chief financial officer at computer chip maker Texas Instruments, partly blamed the "fiscal cliff" for making customers reluctant to make big orders. The company's revenue fell 13 percent in the fourth quarter compared with the same period a year earlier.

    The company beat expectations in the fourth quarter, but warned of uncertain demand in the first three months of 2013.

    Meanwhile, the Semiconductor Industry Association noted that chip sales in the Americas were up 13.4 percent in December from the previous year, and increased 12 percent quarter-over-quarter, though the SIA did say that policy uncertainty posed "risks to the near-term market outlook."

    Of the 53 percent of S&P 500 companies that have reported fourth-quarter earnings, 69 percent have beaten profit expectations, according to Thomson Reuters data. That is a higher proportion than over the past four quarters and above average since 1994.

    SPOOKING MARKETS

    All the doom and gloom from corporate bosses and the round-the-clock coverage of the "fiscal cliff" in the financial and mainstream media, certainly spooked markets in December, and stocks ended an otherwise strong 2012 on the defensive.

    Politicians did not inspire confidence either. Bickering between Democrats and Republicans brought back bad memories of 2011, when lawmakers toyed with letting the country default to force concessions on spending. It also recalled the failed congressional vote in 2008 to raise emergency capital for banks, which caused a panicked sell-off in stocks.

    In fact, the market's near-death experience in 2008, when Lehman Brothers collapsed and the global financial system seized up, makes people more prone to see every new risk as an existential threat, said Dan Ariely, professor of behavioral economics at Duke University's Fuqua School of Business and author of "Predictably Irrational."

    "I think that in the financial industry, we've been told and trained" to be fearful, he said.

    Of course, not every CEO had the sky falling. Aetna's chief financial officer, Joe Zubretsky, said in December that "we're pretty much assuming the cliff gets solved."

    In the end, that's what happened. Data last week showed employers added 127,000 more jobs than initially reported in November and December. Retail sales rose 0.5 percent in December, but some fear a hike in the payroll tax that took effect in January will cut into spending in the months ahead.

    Earnings still face headwinds, but stocks kicked off 2013 with their longest winning streak in eight years. Both the S&P 500 and Dow hit five-year highs and rest a few percentage points from all-time records.

    "Were we overly pessimistic? Of course, the answer is yes," Najarian said. "But I'm more than happy to have been wrong about this."

    (Additional reporting by Rodrigo Campos; editing by David Gaffen, Martin Howell and Leslie Gevirtz)

    Source: http://news.yahoo.com/analysis-u-data-earnings-suggest-fiscal-cliff-fears-215751151--sector.html

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