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January 13, 2012

In Detroit, fuel economy rules

Filed under: Mortgage, news — Tags: , , , — DoctorBusiness @ 6:36 am

Every auto show, these days, is "all about plug-in cars and hybrids," they say. Everyone’s gawking at the cherry on top while few notice how different the ice cream underneath is.

At the 2012 North American International Auto Show in Detroit, you can see the auto industry changing — deeply, quickly and probably forever. The reasons are stricter fuel economy regulations and changing attitudes toward environmental responsibility.

Yes, those are things car companies talk about when showing off cars such as the new Ford Fusion Energi plug-in hybrid or the Acura NSX hybrid performance car concept.

But fuel economy and the environment are, just as much or maybe even more, the reasons that cars such as the Dodge Dart are equipped with fuel-efficient 4-cylinder engines, or why General Motors (, Fortune 500) unveiled the very small Buick Encore compact SUV.

They’re also why there was one notable omission from this year’s Detroit show. Not a single truck or large SUV was unveiled at any of the show stands this year. There have been auto shows in recent memory at which it seemed there were nothing but massive trucks rolling out under every drape.

Cool cars from the Detroit Auto Show

There were SUVs, of course — there always will be — such as the Buick Encore.

There was also the new Nissan Pathfinder, but even that roomy, 3-row SUV proves the point that fuel economy has become the big bogie. The Pathfinder you see on the roads today is a truck-based vehicle built to withstand real off-road use. The new one rides on car-like engineering, which will allow it to be lighter and less thirsty.

Engines themselves are getting smaller, too. Even the venerable Bentley is downsizing. The British ultra-luxury automaker unveiled the Continental GT V8 at the show.

Under the hood of this car is a relatively modest twin-turbocharged 4.0-liter V8 which, Bentley estimates, will quaff 40% less premium than the 6.0-liter V12 in the less stingy version of the car. Even with the V8, performance will still be "exhilarating," Bentley promises.

In more pedestrian cars, the "bigger engine" option is pretty much out. Today, the Ford Fusion is available with a V6 engine. The new one will not be. Only various 4-cylinder engines will be offered. The Dodge Dart, as well, will be available only with 4-cylinder engines.

Even performance is being subtly redefined. It used to be that performance was measured in one, single, easily stated number: horsepower. In auto shows past, carmakers would compete to see who could unveil the car with most eye-popping horsepower number.

And that’s not entirely over. Shelby American Inc. was on hand with its display of modified Ford (, Fortune 500) Mustangs with horsepower outputs stretching all the way to a gut-crunching 800.

The "new performance" could be found at the Subaru and Toyota () stands, where the identical Subaru BRZ and Scion FRS were on display. These cars put out a relatively slight 200 horsepower out of 2.0-liter flat-four engines. That’s an impressive figure, given the size of the engine and the fact that it doesn’t have a power-boosting turbocharger or supercharger.

But these cars aren’t about zero-to-60 times, Scion and Subaru representatives say. They’re about driving fun. Engineers put the engine as low as possible in the car to create the lowest possible center of gravity, the idea being to optimize cornering while still going quick enough to produce a healthy grin.

This new trend in less showy fuel economy was perhaps best exhibited in the show’s opening moment. A jury of automotive journalists awarded the North American Car and Truck of the Year Awards to the Hyundai Elantra and the Land Rover Range Rover Evoque.

The Elantra, a compact car, gets 40 miles a gallon without sacrificing driving fun. The Range Rover Evoque uses a turbocharged 4-cylinder engine to provide enjoyable driving performance while still getting an impressive — in this context — 22 miles per gallon in combined city and highway driving.

Of course, there are still those plug-in cars. But with standard, run-of-the-mill gasoline-powered cars pushing the fuel economy bar ever higher, they seem likely to remain car show sideshows for a few years longer. 

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January 10, 2012

Markets rise on hopes for US growth, earnings

Filed under: Business, news — Tags: , , , — DoctorBusiness @ 6:48 am

Stock markets shrugged off signs of a slowing Chinese economy on Tuesday, as investors hoped for strong corporate earnings from the U.S. and looked to a new round of talks in Berlin for progress in solving Europe’s debt crisis.

The U.S. economy has shown new signs of strength recently, and investors are hoping that will boost corporate earnings results due to be announced in coming weeks. In particular, signs that the U.S. labor market is improving has raised the possibility of a recovery in American consumer spending, one of the main motors of global economic growth.

Britain’s FTSE 100 index of leading shares rose 1.0 percent to 5,668.89 and Germany’s DAX rose 2.4 percent to 6,158. France’s CAC-40 rose 2.1 percent to 3,194, while indices in Spain, Italy, Switzerland and elsewhere across Europe also recorded gains betwen 1 and 2 percent.

Ahead of the opening bell, Wall Street appeared set for a higher opening as well. Dow Jones industrial futures rose 0.5 percent to 12,402 and S&P 500 futures gained 0.6 percent to 1,283.10.

Moods were tempered by relatively gloomy indicators out of Europe.

The European Central Bank said Tuesday that the amount of overnight deposits that the region’s banks held with it rose to euro481.93 billion ($613 billion) on Monday, breaking the record euro463.56 billion set only a day before.

The high deposits mean banks are keeping spare cash in a safe place even though they earn low interest. They also reflect large amounts of cash put into the banking system from ECB emergency loans of euro489 billion taken up by more than 500 banks in late December.

Dutch electronics giant Royal Philips Electronics NV kicked of corporate Europe’s earnings season by warning that its fourth quarter profits were worse than expected due to a weak European market that made it difficult to charge customers as much as it wanted to for light bulbs.

“Our expected fourth quarter financial results have been affected by the weakness in Europe, which has impacted our health care business, as well as pricing in our consumer lighting business,” said Chief Executive Frans van Houten in a statement.

Philips shares fell 6 percent to euro14.715 in early trading in Amsterdam.

On the day that international debt inspectors were returning to Athens, Greece successfully raised euro1.625 billion ($2.07 billion) in the sale of 26-week treasury bills, at a marginally lower interest rate than a similar auction last month.

Debt-crippled Greece relies on international rescue loans to keep solvent. Although unable to issue long-term debt due to incredibly high borrowing costs, it maintains a market presence through regular treasury bill auctions business card templates.

Greece’s situation will be discusses at an “informal” meeting between Germany’s Chancellor Angela Merkel and International Monetary Fund boss Christine Lagarde in Berlin Tuesday evening.

Ahead of that meeting, Fitch Ratings said a number of euro countries, including Italy, may see their credit ratings downgraded by one or two notches by the end of this month as they struggle to cope with the debt crisis.

Fitch’s head of sovereign ratings David Riley says Tuesday the agency will give its verdict on several countries by the end of January. Fitch currently has Italy, Spain, Belgium, Ireland, Slovenia and Cyprus on so-called “ratings watch negative.”

Much interest in the markets centers on Italy, which Riley says is the “front line” of Europe’s debt crisis.

Overnight markets in Asia were marginally higher thanks to improving economic data out of the U.S., said Cameron Peacock of IG Markets in Melbourne.

The optimism was tempered by news that China’s import growth decelerated sharply in December in a new sign the world’s second-largest economy is slowing.

The customs agency said December imports rose 11.8 percent over a year ago, down from November’s 22.1 percent gain. Exports rose 13.4 percent, down only marginally from the previous month’s rate.

The country’s politically sensitive global trade surplus widened to $16.5 billion.

Weaker Chinese demand for imports reflects a slowdown in rapid domestic economic growth after Beijing tightened lending and investment curbs to prevent overheating. A slump in global demand for Chinese goods has prompted the government to reverse course and promise measures to shore up growth.

Japan’s Nikkei 225 index, reopening after a three-day holiday weekend, added 0.4 percent to close at 8,422.26. Hong Kong’s Hang Seng index rose 0.7 percent to 19,004.28 while South Korea’s Kospi jumped 1.5 percent to 1,853.22. Australia’s S&P ASX 200 rose 1.1 percent at 4,152.20. Benchmarks in Singapore, Taiwan, and Indonesia also posted gains.

Benchmark crude for February delivery rose $1.46 to $102.77 a barrel in electronic trading on the New York Mercantile Exchange. The contract fell 25 cents to settle at $101.31 in New York on Monday.

In currency trading, the euro rose to $1.2799 from $1.2762 late Monday in New York. The dollar fell to 76.85 yen from 76.89 yen.

Source

January 7, 2012

U.S. Delivery Hiring May Melt Away in January - Bloomberg

Filed under: Uncategorized, news — Tags: , , , — DoctorBusiness @ 4:20 am

Delivery companies such as FedEx Corp. (FDX) and United Parcel Service Inc. (UPS) added 42,200 jobs to payrolls in December, about a fifth of the total for all employers last month. History indicates the gain will be followed by a similar-sized loss in January.

A surge in Internet holiday shopping over the past three years is prompting such companies to take on more truck drivers and warehouse workers than usual to handle the rush. It takes time for government statistics to be able to smooth over such seasonal trends, leading to a see-saw pattern in hiring.

December 31, 2011

Singapore GDP Slowed to 4.8% as Lee Expects

Filed under: news, technology — Tags: , , , — DoctorBusiness @ 4:56 am

Singapore

December 26, 2011

BofA

Filed under: Europe, news — Tags: , , , — DoctorBusiness @ 2:42 am

+%3Cp%3EBank+of+America+Corp.+Chief+Executive+Officer+Brian+T.+Moynihan+said+U.S.+economic+growth+will+be+slow+next+year+and+that+companies+aren%92t+using+stockpiles+of+cash+to+build+their+businesses.+%3C%2Fp%3E+%3Cp%3E%932012+will+be+another+year+that%92s+a+grind+in+the+economy%2C%94+Moynihan%2C+52%2C+said+today+at+an+economic+outlook+conference+held+in+Charlotte%2C+North+Carolina%2C+where+the+company+is+based.+%93Never+have+middle-market+and+large+companies+been+as+profitable%2C+had+as+much+cash+on+their+%3Ca+topic_url%3D%22http%3A%2F%2Ftopics.bloomberg.com%2Fs%26amp%3Bp-500-index%2F%22+href%3D%22http%3A%2F%2Fwww.bloomberg.com%2Fapps%2Fquote%3Fticker%3DSPX%3AIND%22+density%3D%22full%22+title%3D%22Get+Quote%22+ticker%3D%22SPX%3AIND%22+class%3D%22web_ticker%22%3Ebalance+sheet+%28SPX%29%2C+had+as+much+availability+on+their+lines%2C+but+they+haven%92t+done+anything+with+the+money.+They+don%92t+feel+the+certainty+of+opportunity+to+make+big+investments.%94+%3C%2Fp%3E+%3Cp%3EBank+of+America%2C+the+second-biggest+U.S.+lender+by+deposits%2C+is+cutting+costs+amid+stagnant+revenue.+The+company+has+been+hurt+by+weak+economic+growth+and+concern+that+Europe%92s+debt+crisis+will+spread+through+the+world%92s+financial+system.+Shares+of+the+firm+dropped+more+than+60+percent+this+year+and+fell+below+%245+today+for+the+first+time+since+March+2009.+%3C%2Fp%3E+%3Cp%3EThe+U.S.+economy+may+expand+about+2.1+percent+next+year%2C+Moynihan+said.+Consumer+spending+was+%93modestly+encouraging%94+at+about+5+percent+higher+this+month+than+the+year-earlier+period%2C+he+said.+Employment+won%92t+improve+%93a+lot%94+in+2012%2C+he+said.+%3C%2Fp%3E+Slower+Growth++%3Cp%3EMoynihan%92s+comments+follow+an+economic+report+last+week+from+Bank+of+America+researchers+that+projected+that+the+U.S.+economy+will+slow+to+1+percent+growth+by+the+fourth+quarter+of+2012+as+Europe+enters+recession.+%3C%2Fp%3E+%3Cp%3EThe+risk+from+a+European+sovereign+default+%93is+not+what+people+think%2C%94+Moynihan+said.+Bank+of+America+had+about+%2414.6+billion+at+risk+in+Greece%2C+Ireland%2C+Italy%2C+Portugal+and+Spain+as+of+Sept.+30%2C+compared+with+about+%2416.7+billion+at+the+end+of+the+second+quarter.+%3C%2Fp%3E+%3Cp%3E%93It%92s+not+the+bank+%3Ca+topic_url%3D%22http%3A%2F%2Ftopics+%3Ca+href%3D%22http%3A%2F%2Fus-paydayloans.com%22%3Epaydayloan%3C%2Fa%3E%3C%21–+.+–%3E.bloomberg.com%2Fbank-of-america-corp%2F%22+href%3D%22http%3A%2F%2Fwww.bloomberg.com%2Fapps%2Fquote%3Fticker%3DBAC%3AUS%22+density%3D%22sparse%22+title%3D%22Get+Quote%22+ticker%3D%22BAC%3AUS%22+class%3D%22web_ticker%22%3Ebalance+sheets+%28BAC%29+that%92s+really+under+attack+here+for+us+or+our+competitors%2C%94+Moynihan+said.+%93The+risk+is+that+an+economy+which+in+the+aggregate+is+as+big+as+the+U.S.+having+a+recessionary+environment+obviously+pulls+down+worldwide+growth.%94+%3C%2Fp%3E+%3Cp%3ERecord+low+yields+for+U.S.+Treasuries+amid+rising+borrowing+costs+for+some+European+nations%2C+a+so-called+flight+to+quality%2C+is+another+sign+that+%93no+one+is+taking+risk%2C%94+Moynihan+said.+%3C%2Fp%3E+%3Cp%3EThere+was+%93no+question%94+that+new+international+rules+for+bank+capital+have+lowered+the+lender%92s+leverage%2C+Moynihan+said.+An+increase+of+1+percent+in+capital+requirements+cuts+the+ability+to+lend+by+about+10+percent%2C+he+said.+%3C%2Fp%3E+Achieving+Balance++%3Cp%3E%93The+question+is%2C+did+we+get+the+balance+right%2C%94+Moynihan+said%2C+%93Or+did+we+swing+the+pendulum+too+far+where+we%92ve+underleveraged+financial+services+to+have+an+effect+on+growth%3F%94+%3C%2Fp%3E+%3Cp%3EMoynihan+spoke+as+part+of+a+panel+that+included+Jeffrey+Lacker%2C+president+of+the+Federal+Reserve+Bank+of+Richmond%2C+who+said+impediments+to+economic+growth+will+be+%93deeper+and+more+persistent+than+we+thought+a+year+ago.%94+%3C%2Fp%3E+%3Cp%3EObstacles+Lacker+cited+include+the+oversupply+of+housing%2C+a+mismatch+of+skills+between+unemployed+people+and+new+jobs%2C+changes+in+tax+policy+and+regulations+and+the+%93murky+federal+budget+outlook.%94+%3C%2Fp%3E+%3Cp%3EAnother+panelist%2C+Duke+Energy+Corp.+CEO+Jim+Rogers%2C+drew+laughter+by+referencing+Bank+of+America%92s+failed+attempt+to+charge+some+customers+%245+per+month+to+use+their+debit+cards.+%3C%2Fp%3E+%3Cp%3E%93Talking+about+the+economy+is+so+depressing%2C%94+Rogers+said.+%93I+was+about+to+pull+some+data+from+Bank+of+America%2C+but+they+wanted+to+charge+me+5+bucks.%94+%3C%2Fp%3E++%3Cp%3E%3Ca+href%3D%27http%3A%2F%2Fwww.bloomberg.com%2Fnews%2F2011-12-19%2Fbofa-s-moynihan-predicts-u-s-economy-will-expand-slowly-again-next-year.html%27+rel%3D%27nofollow%27%3ESource%3C%2Fa%3E%3C%2Fp%3E+

December 7, 2011

Holiday fad gives new meaning to ‘ugly’ sweaters

Filed under: news, term — Tags: , , , — DoctorBusiness @ 3:32 pm

When it comes to Christmas sweaters, even thrift stores lower their standards.

As she climbed through a stack of boxes in the back of the Goodwill store in south St. Louis County, a district manager explained that sweaters that are too faded, or have too many lint pills on them, are usually recycled.

“This sweater would normally never make it (to the sales floor) in a million years,” said Latrice Clayborne, as she pulled out a lint-infested brown cardigan with a snowman, a sprig of holly and white snowflakes on it.

But when it comes to “ugly Christmas sweaters,” Goodwill, like many resale shops around town, has started to make exceptions. They know that no matter the condition, these items of questionable fashion won’t last long once they put them out on the racks.

Yes, the holidays are approaching, which means that “ugly Christmas sweater” season is also in full swing no faxing payday loan. The sweaters, popular in the 1980s, have found a second life in recent years as part of an ironic fashion trend that pokes fun at the aesthetics of the garments.

“People are calling, desperate to see if we have any,” said Faith Sandler, executive director of the nonprofit that runs the ScholarShop. “They are going to events where they are trying to outdo one another with how ugly the sweaters are. The more stuff hanging from them, the better!”

She noticed an uptick in traffic to the stores’ holiday sweaters rack last year. But this year, they seem to be even hotter commodities, she said, so much so that they can hardly keep them in stock.

“I’m just so glad they’re cool, because for a while I was embarrassed by the rack,” she added.

Josh Goldman, 26, of Chesterfield, went to several stores over the weekend in search for an over-the-top sweater that would elicit chuckles

November 21, 2011

Parents: Hacking made us think daughter was alive

Filed under: Homes, news — Tags: , , , — DoctorBusiness @ 10:04 am

The parents of murdered teen Milly Dowler say that phone hacking on behalf of a British tabloid made them think that she was still alive.

Sally Dowler told the inquiry investigating Britain’s media ethics that her 13-year-old daughter’s phone had been cleared of some messages shortly after she disappeared in early 2002, suggesting that she was checking her voicemail.

In fact Milly was dead and the person clearing the messages worked for the News of the World tabloid.

The Dowler parents have previously made similar statements, but Monday was the first time the pair spoke out on national television.

THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP’s earlier story is below.

LONDON (AP) _ Celebrities and crime victims whose personal lives have been exposed in Britain’s press will testify at an inquiry into media ethics payday advance low fees.

The Leveson inquiry is run by a judicial body that could recommend sweeping changes to the way Britons get their news.

Britain’s media ethics probe was set up in the wake of the scandal over phone hacking at Rupert Murdoch’s News of the World, which was shut in July after it became clear that the tabloid had systematically broken the law. Most horrific was the news that the tabloid had broken into the phone of murdered schoolgirl Milly Dowler in its search for scoops.

Actor Hugh Grant and the Dowler family will be some of the first to give evidence Monday.

Source

November 19, 2011

Ameren pledges quick fix for lake dispute

Filed under: money, news — Tags: , , , — DoctorBusiness @ 10:56 pm

Ameren Missouri said it will move swiftly to resolve a dispute threatening more than 1,200 waterfront homes at Lake of the Ozarks that are on land currently set aside for the utility’s Bagnell Dam project.

The St. Louis-based company on Friday promised to deliver a proposal to adjust the dam project boundary around the 93-mile serpentine lake to federal regulators before March 31 — two months before a deadline set by the Federal Energy Regulatory Commission (FERC).

FERC last week ordered the plan in an effort to assuage property owners who feared their homes faced condemnation because were built on property reserved for the dam and Osage hydroelectric project.

The July 26 FERC order ignited a furor among lake residents and businesses, banks and Missouri’s congressional delegation, which proposed legislation to clip the federal government’s oversight of the lake.

FERC, which regulates 2,500 hydroelectric dams, said its July order had been misinterpreted by some property owners. The agency also criticized Ameren for lax management of shoreline development under its federal hydropower license.

“We’ve hopefully ratcheted down the passion,” Philip Moeller, a FERC commissioner, said during a meeting the Post-Dispatch editorial board this week. “It is (Ameren’s) duty to enforce their license. It’s not our duty.” Moeller was in St. Louis for a nationwide conference of utility commissioners.

Moeller said Ameren previously suggested it would seek revisions to exclude privately owned lands from the project boundary, but never followed through.

Ameren Missouri’s chief executive, Warner L. Baxter, too, is trying to calm jangled nerves. He discussed the issue with some Missouri congressional leaders on Thursday in Washington, D.C.

“We understand the heightened concerns of affected property owners and others regarding this issue and are taking what we believe to be necessary steps to expedite submitting a proposal to FERC,” Jeff Green, Ameren Missouri’s shoreline supervisor, said today payday loan lenders in states.

The 93-mile serpentine lake, created when the Osage River was dammed in 1931, serves as the reservoir for the hydroelectric plant. Ameren owns and manages the lake, dam and hydro plant under FERC’s oversight. Terms are spelled out in a 40-year license issued in 2007.

The license requires Ameren to submit a plan to manage land within the Bagnell Dam project, a narrow ring of shoreline encircling the lake. The project boundary is defined by elevation and reaches from the waterline to 678 feet above sea level in places.

Ameren said it’s considering a proposal to lower the boundary elevation to 662 feet, eliminating most of the lakefront property at issue. The utility said it will also consider additional revisions for homes or other structures below that elevation. The utility plans to give stakeholders a month to provide input before sending it to regulators.

However, even if FERC accepts Ameren’s proposed boundary changes, it won’t resolve the property ownership questions, which are already the subject of a handful of lawsuits.

“Just moving the project boundary does not necessarily change the ownership of that property,” Green said.

Ameren sent letters to hundreds, if not thousands, of property owners at the lake over the past couple of years claiming that all or part of their homes, decks, gazebos and patios were built on utility land. Those claims have been challenged in many cases by those who say they have paid taxes on the properties for years.

Ameren said it has no desire to own lakefront property that’s not part of the Bagnell Dam project and will seek to resolve the ownership issue after getting the project boundary redrawn.

Source

October 25, 2011

Fidelis creditors seek settlement with former CEO

Filed under: money, news — Tags: , , , — DoctorBusiness @ 2:00 am

A committee of US Fidelis creditors wants to settle a suit it filed earlier this year accusing a former chief executive of fraudulently stripping at least $500,000 from the Wentzville company in the months leading up to its March 1, 2010, bankruptcy petition.

Before it stopped doing business in late 2009, US Fidelis was the nation’s largest seller of vehicle service contracts. The company imploded amid allegations of consumer abuses and plundering by its owners, the brothers Darain and Cory Atkinson, who were indicted on June 15 on charges of consumer fraud, stealing and illegally selling insurance payday loans in one hour.

In March 2009, the Atkinsons hired Chris Riley to turn around the company’s image and, if possible, prepare it to be sold. Riley, a consultant who specialized in corporate mergers and acquisitions, was to be paid an annual salary of $300,000 and one year of company-paid rent at his house in Creve Coeur.

In October 2009

September 21, 2011

Stocks open mixed ahead of Fed statement

Filed under: Loans, news — Tags: , , , — DoctorBusiness @ 11:52 am

Stocks are opening mixed amid uncertainty about what steps the Federal Reserve might take to stimulate the U.S. economy.

Concerns that Greece could fail to qualify for fresh bailout funds also pushed stocks lower.

Fed Chairman Ben Bernanke plans to discuss the central bank’s policy decision at midday Wednesday. Most economists expect some sort of stimulus measures.

Investors are also concerned about European debt. Greek finance ministers said Wednesday the country will have to enact more austerity measures before international lenders will release rescue funds.

Shortly after the opening bell, the Dow Jones industrial average is down 11 points, or 1 percent, at 11,399. The Standard & Poor’s 500 index is up less than 1 point. The Nasdaq composite is up 11, or 0.4 percent, at 2,601.

Source

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