May 2011

Man net profit drops

May 26, 2011

Man net profit drops

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U.S stocks plunge by opening amid unexpected U.S GDP data…

May 26, 2011

U.S stocks plunge by opening amid unexpected U.S GDP data…

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Intensified focus on debt-laden euro nations with the lack of fundamentals

May 26, 2011

Intensified focus on debt-laden euro nations with the lack of fundamentals

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A worse-than-forecasted second reading of growth and personal consumption…

May 26, 2011

A worse-than-forecasted second reading of growth and personal consumption…

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Greenback on the Defensive- Kiwi Strength Persists

May 26, 2011

Greenback on the Defensive- Kiwi Strength Persists

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FX Headlines: Kiwi Rallies Even as Gold, Silver Fall

May 26, 2011

FX Headlines: Kiwi Rallies Even as Gold, Silver Fall

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Consumer Spending Falters, U.S. GDP Falls Short of Forecast

May 26, 2011

Consumer Spending Falters, U.S. GDP Falls Short of Forecast

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The Loonie Taps a Tune

May 26, 2011

The Loonie Taps a Tune

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European shares closed fluctuated…

May 26, 2011

European shares closed fluctuated…

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FXCM’s King of the Micro for April Has Been Crowned

May 26, 2011

FXCM’s King of the Micro for April Has Been Crowned

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FOREX: Dollar Losses Ground as Stocks Rise Ahead of US GDP Revision

May 26, 2011

FOREX: Dollar Losses Ground as Stocks Rise Ahead of US GDP Revision

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Crude Oil Positioned to Rise on US GDP Revision, Gold May Drop as Greece Fears Fade

May 26, 2011

Crude Oil Positioned to Rise on US GDP Revision, Gold May Drop as Greece Fears Fade

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Big Lots Q1 profit down to USD52.5m

May 26, 2011

Big Lots Q1 profit down to USD52.5m

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Russia’s Lukoil Q1 profit soars 71% to USD3.5b

May 26, 2011

Russia’s Lukoil Q1 profit soars 71% to USD3.5b

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US economy grows 1.8% in Q1

May 26, 2011

US economy grows 1.8% in Q1

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Iran: UN nuclear report based ‘fabrications’

May 26, 2011

Iran: UN nuclear report based ‘fabrications’

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Pakistan- ISI denies link with Mumbai attackers

May 26, 2011

Pakistan- ISI denies link with Mumbai attackers

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India- Headley made scapegoat by Americans: Mahesh Bhatt

May 26, 2011

India- Headley made scapegoat by Americans: Mahesh Bhatt

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Turkmenistan’s Iolotan gas field world’s second largest: GCA

May 26, 2011

Turkmenistan’s Iolotan gas field world’s second largest: GCA

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Iran’s nuclear program progressing: IAEA

May 26, 2011

Iran’s nuclear program progressing: IAEA

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S Korea’s oil refiners fined USD399m for collusion

May 26, 2011

S Korea’s oil refiners fined USD399m for collusion

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S Korea’s oil refiners fined USD399m for collusion

May 26, 2011

S Korea’s oil refiners fined USD399m for collusion

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Australia’s mining investments up USD183.8b

May 26, 2011

Australia’s mining investments up USD183.8b

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Australia’s mining investments up USD183.8b

May 26, 2011

Australia’s mining investments up USD183.8b

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Asian Activities Report for May 26, 2011: Tellus Resources (ASX:TLU) Completed A$4.25 Million Initial Public Offering To Fund Highly Prospective Gold Projects

May 26, 2011

Asian Activities Report for May 26, 2011: Tellus Resources (ASX:TLU) Completed A$4.25 Million Initial Public Offering To Fund Highly Prospective Gold Projects

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Guest Commentary: Developing Excellence in Trading through Deep Practice

May 26, 2011

Guest Commentary: Developing Excellence in Trading through Deep Practice

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GBPUSD Offers a Short-Term Setup While We Wait for EURUSD, S&P 500 to Break

May 26, 2011

GBPUSD Offers a Short-Term Setup While We Wait for EURUSD, S&P 500 to Break

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Computer Sciences Q4 profit down

May 26, 2011

Computer Sciences Q4 profit down

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Ascena Retail Q3 profit up 8 percent to USD518m

May 26, 2011

Ascena Retail Q3 profit up 8 percent to USD518m

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US Coast Guard Former National Strike Force Commander to Join O’Brien’s Response Management

May 25, 2011

HOUSTON, TX–(Marketwire – May 25, 2011) – O’Brien’s Response Management is pleased to announce that Captain Roderick Walker, United States Coast Guard (Retired), is joining O’Brien’s as Manager, Consulting Services.

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Tom Alderman: Memo to Doctors: We’re Not Just Patients, We Are Your Customers!

May 25, 2011

A friend recently called a doctor to make an appointment for an epidural shot for his sciatic back pain. He was given a date and told to arrive two and a half hours ahead of the appointed time. When the perplexed friend asked why so long a wait, the answer was simply, “That’s the way we schedule here — in case the doctor finishes earlier with some of his patients. ” “…in case he finishes earlier? All his patients would have to die for him to finish that early,” the friend lamented. Incredible as it seems, this doctor has a built-in, two-and-a-half-hour wait for all his patients. This is clearly a guy from the old school, the old being the ‘Doctor-as-God school.’ However, in our modern, Byzantine health care system, doctors are re-cast as ‘practitioners’ so why shouldn’t we patients be re-branded and treated as ‘customers’? This could be a generational concept. If you ask 88-year-old retired Syracuse, N.Y. cardiologist Murray Grossman if he ever thought of his patients as customers, you’ll get a decisive ” No.” Same response from retired 71-year-old Los Angeles rheumatologist, Michael Lutsky. “Absolutely not. It was frowned upon in our training to consider patients as customers. ” The business of medicine, how to run an office, how to market yourself and the notion of customer-based thinking was, and is still not, a part of medical school curriculum. “It should be,” says 56-year-old Mark Schlesinger, M.D., a board certified anesthesiologist with a practice in Burbank, Calif., “Patients ARE customers, of course!” Schlesinger is a pain doc, “not just another shot-jockey, ” he’s quick to add. When he first started out in medicine, he ran what’s called a ‘block shop’ in a hospital. That’s one of two disparaging terms to describe pain doctors. Block shops are guys who will stick a needle into anything whether it’ll help, or not. Pill mills are doctors who write a prescription for anything if you have enough money. It took a bit, but he eventually came around to the concept of customer-based medicine. The Schlesinger Pain Centers — note the plural — offers more than just epidural shots. According to the very slick, four-color promotional cards in his office, Schlesinger offers customers a complete line of services for sale including Medical Management, Full Service Office Injections, Pain Pumps and Stimulators, TENS Therapy, Pain Support Groups, Traction/Inversion Therapy, Massage Therapy, Yoga Therapy and Psychological care. To ease his customers into all this, the doctor runs I Love Lucy episodes on the flat-screen TV in his waiting room. Music plays during procedures as he works in a faux tiger-skin apron. Oh, and when you leave, you can take home your very own Schlesinger Centers T-Shirt (sm, med, or lg,) imprinted on the front with a caricature of a happy customer, doing a hand-stand saying, “I SURVIVED MY NERVE BLOCK while the back of the shirt proudly proclaims, “IT’S ALL GOOD” — complete with website and phone number. “If you go back to the years before lots of insurance, doctors did think of their patients as customers. They knew their patients as people, they had a pretty good idea about their patients’ economic situation so they could charge a fair price,” Schlesinger says. But this is now, and it seems the doctor-patient relationship has morphed into a something akin to speed dating. “We deliver care in ALL its forms,” Mark Schlesinger explains. Sure, care is having effective diagnostic and treatment skills. “…care is also seeing patients as people, and not just as colons, gall bladders or heart valves. Most doctors won’t call their patients customers because they think it’s demeaning. But I don’t think so. I don’t think that salesmanship is demeaning.” So if this patient-as-customer concept isn’t dealt with in medical schools, what was the spark for this doctor? Schlesinger smiles a bit and remembers, as a 14-year-old in Newark, N.J, watching the way his father, a butcher, treated people. “The core of the business isn’t what you’re going to sell Mrs. Murphy today, it was what you were going to sell her next week, and the week after that, and the week after that. He took a personal interest in Mrs. Murphy because she was his valued customer.” Oh yeah.

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A Look At What World Leaders Will Discuss At G8 Summit

May 25, 2011

This Thursday, leaders from the “Group of Eight” top industrialized nations — the United States, Japan, Germany, France, Britain, Italy, Russia and Canada — will convene at the French seaside town of Deauville to begin a two-day annual summit on global issues. The summit, which coincides with U.S. President Obama’s six-day European tour, will focus on a variety of topics, among them global economy, climate change and the aftermath of Japan’s devastating March 11 earthquake and tsunami. Issues pertaining to the Arab Spring — particularly those related to Libya and Syria — will also feature prominently in the discussions, reports the AFP. See what G8 leaders will discuss in Deauville this week, courtesy of Reuters, below:

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College Dropouts Wanted: Peter Thiel Awards $100,000 Fellowships To Entrepreneurs Under 20

May 25, 2011

Midway through his freshman year at Harvard University, Ben Yu felt like Harvard’s core curriculum kept getting in the way of his other interests. So he dropped out. Starting in January, Yu, 19, began doing the things he never had time for when he was enrolled in college — he climbed Mount Kilimanjaro and went caving in Kentucky. He also applied to become a Thiel Fellow. Peter Thiel, a co-founder of PayPal and an early investor in Facebook, created the Thiel Foundation. Last fall, it announced a new fellowship program: It would give 20 people under the age of 20 $100,000 to drop out of school and become world-changing visionaries. More than 400 young people applied. Earlier today, the 24 winners were announced . “The established path is always to stay and finish school,” said Yu, who was among the 24 chosen winners. He wants to build a price-comparison service for online consumers to locate the cheapest products in the shortest amount of time. “For me, there was no reason to wait until I graduated to follow my dreams.” The only condition of Thiel’s two-year fellowship is that all fellows commit full-time to making their ideas work. Simultaneously being enrolled in college is forbidden. “These fellows are going to bring significant new ideas to a wide range of technical and scientific fields in ways that will change the industries and improve people’s quality of life,” said Jim O’Neill, who runs the Thiel Foundation. “Every field benefits from smart, driven new players.” The Thiel Fellowship gets at the heart of Thiel’s basic complaint about higher education — namely, that going to college gets in the way of entrepreneurship. He also believes that a higher education bubble threatens to dismantle the entire enterprise. Thiel is correct about the rising cost of college, not to mention an increased amount of student debt . According to the Institute for College Access and Success, a nonprofit based in Oakland, Calif., the average college graduate now leaves school with an average of $24,000 in student loan debt. Meanwhile, one in 10 has difficulty securing a job. But entering a weak economy without a college degree is a far riskier bet. According to the U.S. Bureau of Labor Statistics, 20 percent of 20- to 24-year-olds with only a high school diploma are jobless. Thiel’s critics lament that his fellowship is merely another way for elites to get ahead, while college becomes increasingly inaccessible to the general public. “It’s great for these kids, but the question remains: Is it great for the world?” asked Shamus Khan, a professor of sociology at Columbia University, who studies wealth and inequity. He described the Thiel Fellowship as “an act of total self-indulgence.” “It’s the classic problem with a lot of the people who made their money in the tech boom in last 30 years,” said Khan. “While a tiny few managed to make millions upon millions, they did almost nothing for the economic health of the nation. While Thiel has made billions, the average American worker is worse off today. The elevation of these few has meant declines for the many — and this fellowship glorifies, rather than challenges, that.” James Altucher, a venture capitalist and a frequent critic of the increasing cost of college , sees Thiel’s fellowship as nothing if not a smart business move. “He’s going to make money by investing in their companies and these kids are going to do well by having a five-year head start unlike their counterparts who’ll graduate with $200,000 in debt,” said Altucher. “But it definitely doesn’t alleviate the issue of costs rising for everyone else. It doesn’t really do anything.” Meanwhile, Matthew Segal, a 25-year-old president of Our Time , which is a membership organization for young people under 30 based in Washington, D.C., thinks that any amount of entrepreneurship is a good thing — especially for soon-to-be 20-somethings. “Our country has become less entrepreneurial over the last decade,” said Segal. “I fear young people are becoming too risk-averse and they’re fearful of taking out the loans to stake their claim.” Segal, an entrepreneur himself, sees the biggest hurdle young people face when taking a risk is the inability to cover basic essentials, like rent and utilities. “This gives them the peace of mind to start a business while also being able to pay your living expenses and get your idea off the ground,” said Segal. “It’s the critical first stage of any entrepreneur attempting to grow his or her new company.” Early next month, Yu will leave Plainfield, Ill., for San Francisco, where, for the next two years he’ll join the 23 other fellows. The $100,000 will go toward keeping him afloat while he attempts to attract investors into transforming his seedling of an idea and making it a profitable enterprise. Perhaps his biggest hurdle was telling his mother that he planned to follow in the footsteps of fellow Harvard dropouts Bill Gates and Mark Zuckerberg. Yu’s family emigrated from China to the United States. His father works as a chemist. His mother works as a cashier at Home Depot. “When I first told her about the fellowship, she told me pretty clearly that if it were up to her I would have stayed at Harvard,” said Yu. “She believed the only way to have a future is to finish college. I think I have a better plan.”

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Research Reveals Top Trends in Parking

May 25, 2011

Demand for sustainable solutions and high-tech advances are revolutionizing the parking industry, according to new research released by the International Parkin read more

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Why Google Wants To Reinvent Your Wallet

May 25, 2011

NEW YORK — Google is poised to announce a new cellphone-based payment system that would enable the Internet giant to tap into a new treasure trove of personal data and allow the company can use to do what it does best: sell ads. Google will reportedly unveil smartphones equipped with near-field communication (NFC) technology that enables shoppers to pay for purchases by waving their phones over scanners at retailers’ registers. Building a ‘digital wallet’ will help Google grow its advertising business by collecting even more valuable data about its users, which it can in turn leverage to attract retailers eager to learn more about their customers. “The first thing everyone needs to realize is that customer data is the new currency,” said Bob Egan, chief analyst for the Sepharim Group, a market research company. “Google wants to gather customer information.” Though details on the service are still slim, the new mobile payment system could potentially allow Google to collect real-time information about users’ locations, shopping habits, spending patterns and more, then use this to sell ads, coupons, and loyal reward programs to local merchants. “If Google, a company whose core business model is based on advertising revenues, can somehow add real-world purchase information to its collection of online behavioral data, it could allow them to drive even more advertising revenues,” explained Forrester analyst Thomas Husson. By tracking where people shop and what they buy, Google could take its lucrative online advertising business, where promotions appear on a screen next to search results and build a second advertising business that links ads with offline activities. These offers and promotions would be based not on search queries, but on more tangible data, such as how much a customer tends to spend. Google could potentially even use an individual’s shopping history to propose items she might like to buy, a possibility that recalls former Google CEO Eric Schmidt’s affirmation that “most people … want Google to tell them what they should be doing next.” Analysts note that Google’s digital wallet is at once a strategic move and a public relations ploy. It aims to put its competitors on notice and help Google stake out its territory in the burgeoning mobile payments business. At the same time, the new feature helps differentiate Google’s Android smartphone operating system from competitors, such as Apple’s iPhone. Though Google has not yet confirmed its plans to unveil an electronic wallet, on Thursday, the company is hosting a press conference in New York at which it promises to announce its “latest innovations.” “This is a PR event for Google,” said Egan. “It fires the first shot across the bow and forces more conversations to take place among other players.” Yet Google’s efforts to upend traditional payment systems face a host of challenges, among them convincing retailers to invest in new hardware to process sales transactions, as well as getting consumers to move sensitive credit card information from their wallets to their phones. “The biggest challenge of mobile payments is acquiring merchants and acquiring customers,” said Drew Sievers, chief executive of mobile banking company mFoundry. “Merchants don’t want you unless you have customers and customers don’t want you unless you have merchants.” And while Google may be one of the first Internet companies to launch a mobile payment service, it will not be alone for long. Apple is rumored to be preparing its own “wave and pay” system, and experts say Amazon and Facebook are likely to follow. Though Google has launched several flops recently — among them, Google Buzz and Google Wave — the company has shown it is more or less unparalleled when it comes to collecting, organizing and monetizing vast quantities of user data. By some estimates, Google stands to use digital wallets to reinvent the discount and daily deals business, much as it did for the search industry nearly a decade ago. “There are so many reports about how confused consumers are,” said Sievers of the numerous deal sites, such as Living Social, Groupon, and Yipit. “That’s the identical problem Google solved in search: Consumers couldn’t really find the best thing for them, and Google came out and owned the market because they allowed consumers to get what they wanted. If they do that in the offers space, it’s going to be history repeating itself.”

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Real Estate | Commercial Real Estate Loan Prices Rise In April …

May 25, 2011

BOSTON–(BUSINESS WIRE)– The aggregate value of Commercial Real Estate ( CRE ) loans priced.

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Tim Hortons CEO Abruptly Leaves Company

May 25, 2011

( CBC ) — Don Schroeder, the president and CEO of Tim Hortons, has suddenly left the company, forcing Canada’s biggest coffee chain to ramp up its search for a permanent replacement. The board of Tim Hortons made the announcement Wednesday. Executive chair Paul House, who once held the top job in the company, will take on the role again on a temporary basis, the board said. The board said it had already been engaged in comprehensive succession planning for the CEO position as part of its strategic planning. “Don Schroeder has made significant contributions to Tim Hortons during his 20 years of service, and although a transitional arrangement could not be reached, we appreciate his leadership as president and CEO since his appointment in 2008,” interim CEO Paul House said in a release. The company would not elaborate to CBC News on the sudden departure of the CEO. But one analyst thinks the company’s reference to its being unable to reach a “transitional arrangement” is likely the reason. “It seems like the board went to him and said, ‘Look, we want to find a different guy to lead this firm longer-term and take it to the next level, will you stick around in the transition period?’ — and he just said ‘I’m out,’” said Brian Yarbrough, a retail analyst at Edward Jones in St. Louis, Mo. Two weeks ago, Tim Hortons reported quarterly results that missed analysts’ expectations, disappointing investors. The stock price promptly tumbled by more than four per cent. At the time, Schroeder noted that Canadian same-store sales were affected by higher redemptions for food and beverage prizes in the company’s popular Roll Up the Rim to Win promotional contest. While profits have held up in the face of a tough recession, the chain’s expansion efforts into the U.S. market have been less successful. Late last year, Tims announced it would shut down 54 locations in New England, where it was losing money. Shares of Tim Hortons were off 35 cents to $45.48 in midday trading Wednesday — suggesting that investors weren’t viewing Schroeder’s sudden departure as especially worrying.

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Vasco Fernandes Joins Avascent

May 25, 2011

WASHINGTON, DC–(Marketwire – May 25, 2011) – The Avascent Group, a leading strategy and management consulting firm, has added Vasco Fernandes as a partner in its Washington, DC office. “Vasco is an important addition to our leadership team as we continue to grow and expand the range of services we can provide our clients,” said Avascent Group President Steve Irwin. “In addition to bringing world class business strategy, operations improvement and organization design capabilities to the firm, Vasco also brings a wealth of experience in working with leading clients worldwide, having built large consulting practices in North America and Europe, and having led highly successful projects there and in Asia, Australia, South America and the Middle East.”

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Stephen Herrington: The Tea Party Fiscal Flip Flop(s)

May 25, 2011

When the 2011 federal budget was being bludgeoned into it’s final form, the Republicans/Tea Party screamed that continued borrowing would raise the cost of borrowing by increasing the perception that the U.S. government might not be able to service higher debt. At what level a punitive demand for interest increases on U.S. debt would happen is anybody’s guess, but it was argued that it would happen, eventually. Standard & Poor’s even threatened that the rating of U.S. Treasuries might be lowered from AAA sometime in the next dozen years if the U.S. budget deficit is not subdued. Bond vigilantes would surely punish us for our profligate spending by raising demands for interest on U.S. debt. Attendant to that argument was that the possibility of tax increases required to cover debt payments, both growing principal and interest, created “uncertainty” in the business community. “Uncertainty” is what, Republicans say , is keeping businesses from hiring. Now, within a few weeks of sealing the 2011 budget deal, as the argument has shifted from the budget to the raising of the debt ceiling, something strange has happened. The Tea Party Republicans are now saying that it’s OK for U.S. government interest expenses to go up. It’s OK to default on some obligations, and if that causes interest costs on the debt to go up, all the better. Higher interest payments will decrease the capacity of government to take on further debt and will, therefore, extort spending cuts. Since Republicans control the House, no tax increases can be passed to cover the increased interest costs and government will have to be made smaller. The fact that default, wholly or in part, will raise interest costs no longer seems to matter. Now, in fact, to Tea Partiers it seems to be a good thing. The threat of higher interest on U.S. securities has been serious, if not exactly imminent. If the interest paid on new borrowing goes up, that’s one thing, but since about 2/3rds of the U.S. debt is short term two year notes, an increase in interest on debt would actually deepen our debt problems as two year term Treasuries get refinanced at a higher rate. It would be like deliberately opting to increase your adjustable mortgage interest with no increase in your ability to pay. Republicans, and many Blue Dog Democrats, were/are concerned about long term debt consequences, and rightly so. If nothing is done to spur economic growth and create jobs, revenues would remain the same while costs of debt service increase. We have to default, but the means we might use to avoid default, like monetizing the debt or slashing spending, would simply redistribute the burden of increased debt service to the populations with exposure to changes in inflation or government programs. So the best thing to do, all around, is to balance the budget in the long run. The long run is not the short run. To borrow a popular term from what’s left of the housing industry, the Tea Party is now talking about a strategic default. The difference is that the purpose of this government strategic default would be political instead of financial. Default by the U.S. government would be financial absurdity. In many states, you can walk away from an underwater mortgage, but your credit is ruined. The ruination of U.S. credit as a country means the ruination of the credit of every last citizen of the country. It would be like deliberately missing a payment on your credit card so that the interest you pay goes from 12 percent to 29 percent, and the GOP is thinking that’s clever enough to impose it on every U.S. citizen. The political reasons to do it range from capping the economy short of recovery to making the Democrats look bad to the baseline misguided conservative ideology. It is clever, Republican clever, because it will force the cost of government to go up and so force government to do less and so shrink government. A shrinking government that is more expensive will prove, once and for all, that government is a waste of money. This strategic default is a new variant on starving the government beast through amassing debt. Since they aren’t in a position to run the debt up any further, even their base gets upset with that, they can still increase the cost of government. It’s a last ditch attempt, short of winning elections on a platform of destroying Medicare, to break the government. With a Tea Party strategic default, the “uncertainty” for business will become worse sooner, rather than later. Business, still not recovered from the Great Republican Recession, fears tax increases and would now face both tax increases and higher cost of credit for themselves, as credit terms for government set the expectation of credit terms across credit markets. Much worse though, current short and long term Treasury holders would see the cash value of their bonds fall. As interest rates go up, bonds that pay less in interest lose cash value. Treasuries are widely held as investments. Domestically and internationally, holders of Treasuries could be forced into insolvency by loses in their bond portfolios. A banking, stock market, pension, endowment and global government debt crisis would ensue. “Uncertainty” for business will become a certainty. It’s hard to imagine that the party of business, the GOP, would condone legislative actions that would make it worse for business than it is already, but that’s the inevitable outcome of deliberate strategic default. Businessmen, traditional GOP constituents, it’s time to call your congressman and Senator and tell them to kick the Tea Party to the curb. It appears a right wing populist movement is just as dangerous to your short term interest as is any left wing populist movement. Sure, the deficit needs to come down, but the way to do it is to grow the economy and/or make economically neutral cuts. Default now will just make things worse sooner, rather than later. The Tea Party flip is a fiscal and financial flop.

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What Would Jesus Spend His Money On?

May 25, 2011

By G. Jeffrey MacDonald Religion News Service BEVERLY, Mass. (RNS) No sooner had 29-year-old Graham Messier joined a small group at his church earlier this year than he found himself breaking an American taboo: talking about how much he earns, and where it all goes. Others in the group did likewise as they kicked off an eight-week program aimed at reconciling personal finances with Christian rhetoric about economic justice. It’s countercultural, they said, but it works. By the eighth meeting, Messier’s group had raised $1,800 for three non-profits simply by cutting back on gourmet coffees, dining out and other non-essentials. Talking about household budgets isn’t “the most comfortable thing in the world,” Messier said. “But talking as Christians about the reality of our money situations should be more of a focus than it is generally if we’re going to be real about loving, giving to the poor and taking care of our fellow man.” Since inception in 2006, the Lazarus at the Gate curriculum has guided some 400 people in more than 30 groups to give away a total of $200,000. Using the biblical story of poor Lazarus seeking help at a rich man’s gate, most participants learn that ordinary Americans rank among the world’s richest 5 percent — and that a few dollars go a lot farther in the developing world than they do at their local Starbucks. What began as a Boston-based pilot has grown into an open-source curriculum. The ecumenical Boston Faith and Justice Network (BFJN) shares Lazarus materials upon request with college student groups and churches in other regions and countries. The Boston group recently received funding from Episcopal City Mission and the Presbyterian Hunger Program to encourage the curriculum’s use in their respective denominations. For small groups in U.S. churches, intimate sharing is familiar terrain, but few go so far as to probe spending practices. This “special kind of discipleship” is rare, in part, because it entails true vulnerability and people often don’t want to “disclose family secrets,” according to Max Stackhouse, a retired Princeton Theological Seminary theologian and co-editor of the book, “On Moral Business.” Talking about spending habits “really does cut to the depth of who you are,” said Craig Gay, a Regent College sociologist and author of “Cash Values: Money and the Erosion of Meaning in Today’s Society.” “It really does lay you bare, and that’s threatening,” Gay said. “Most of us don’t want to be that transparent with each other, (but) being less private and more accountable in this area is probably a good idea.” Discomfort notwithstanding, Lazarus has proven a compelling challenge in various religious sectors, appealing to both evangelicals and mainline Protestants, according to Ryan Scott McDonnell, executive director of the Boston Faith and Justice Network. College students seem especially interested since Lazarus campus groups have attracted interest from non-Christians who sense a portion of their money could be used in better ways for greater impact. “People are looking for a framework for social justice or something, and they have a hunger for it in their heart, and they don’t know how to articulate it or interpret it,” said Mako Nagasawa, co-author of the Lazarus curriculum and an advisor to the Asian Christian Fellowship group at Boston College. “We want to say it comes from being made in the image of God and being redeemed by Jesus.” As a Lazarus group gets started, participants share household budgets with the assurance that others won’t judge them or break confidentiality. Subsequent meetings place those budgets in larger contexts. Participants explain how money was (or wasn’t) discussed at home during their childhoods. Together, they unpack biblical passages that address money and responsibilities. Presenters illustrate how poverty fuels social problems such as prostitution, human trafficking and environmental degradation. In practice, Lazarus groups function as a kind of hybrid between secular giving circles and evangelical accountability groups. When members of Messier’s group convened at Christ Church of Hamilton and Wenham (Mass.), participants would report (or confess) their spending and saving over the previous week. Even with group encouragement, efforts to cut back aren’t always successful. Two artists in the Christ Church group, Matt Allard and Liana Hill, found that visits from relatives and unpredictable cash flow prevented them from saving an extra $20 per week for charity. But they donated $140 anyway. “It’s increased my intentional behavior,” Hill said. Lifting the veil on finances involves risk, Gay noted, and requires vigilance to make sure no one suffers abuse. Yet when trust is warranted, he said, Lazarus groups might help people steer clear of secretive spending habits. Simplicity for the sake of generosity is one the Lazarus goals, but exceptions are allowed. After seven weeks of vegetarian fare at the church, the final celebration dinner at one couple’s home featured flank steak, wine and two desserts. As the final meeting wound down, the group’s 13 members voted to divide their $1,800 equally among three organizations whose work includes microfinance, sustainable agriculture and rescuing prostitutes in Manila. The group agreed to keep meeting monthly and making quarterly donations. And they gave thanks for an experience that’s helped them learn to live more gratefully from day to day. To accrue savings, “we split meals, we didn’t get alcohol, or we would share a drink,” said McDonnell, who was part of the Christ Church group. “And we enjoyed it so much more because we made an intentional decision to go out to eat,” added McDonnell’s wife, Caroline.

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The Most Dangerous Cities In America

May 25, 2011

Yesterday, the FBI trumpeted the news that violent crime dropped 5.5% in 2010 while reported property crimes fell 2.8% during the depths of the worst economic slowdown since the Great Depression. The news, though, is far from positive.

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BlackRock CEO Makes Fortune While Stock Sinks

May 25, 2011

BlackRock Inc. (BLK) Chief Executive Officer Larry Fink told investors on a conference call in January last year that the world’s biggest money manager was “very well positioned” for 2010. At the end of the year, the market sent a different message: New York-based BlackRock’s total share return was negative 16 percent, while the Standard and Poor’s 500 Asset Management and Custody Bank Index rose 13 percent.

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National Retail Properties, Inc. Announces New and Expanded $450 Million Unsecured Credit Facility

May 25, 2011

ORLANDO, FL, May 25, 2011 /PRNewswire/ — National Retail Properties, Inc. (NYSE: NNN), a real estate investment trust, today announced the closing of a new $450 million unsecured credit facility, replacing its existing $400 million credit facility.   The new facility matures May 2015, with an option to extend maturity to May 2016. The facility is priced at LIBOR plus 150 basis points. The new facility also includes an accordion feature to increase the facility size to $650 million. Wells Fargo Securities LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated were joint lead arrangers and joint book-runners of this credit facility with Wells Fargo Bank, National Association as the Administrative Agent and Bank of America N.A. as the Syndication Agent. Documentation Agents were PNC Bank, National Association, Royal Bank of Canada and U.S. Bank, National Association. Other bank participants include BB&T, Citibank N.A., SunTrust Bank, Capital One, N.A., and Raymond James Bank, FSB. “We greatly appreciate the strong support of our bank group and the confidence they have in our business,” said Kevin B. Habicht (top right photo), Executive Vice President and CFO.   “This expanded facility gives us significant financial flexibility and enhances our ability to take advantage of acquisition opportunities which helps us perpetuate NNN’s track record of 21 consecutive increases in our annual dividend.” National Retail Properties invests primarily in high-quality retail properties subject generally to long-term, net leases. As of March 31, 2011, the company owned 1,223 Investment properties in 46 states with a gross leasable area of approximately 13.3 million square feet. For more information on the company, visit www.nnnreit.com. Contact: Kevin B. Habicht, Chief Financial Officer, +1-407-265-7348

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Grubb & Ellis Receives Listing Standards Notice from NYSE

May 25, 2011

    SANTA ANA, CA (May 25, 2011) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today reported that on May 19, 2011, it was notified by the New York Stock Exchange that it is not currently in compliance with the NYSE’s continued listing standards, which require an average market capitalization of not less than $50 million over 30 consecutive trading days and shareholders’ equity of not less than $50 million.     The company intends to notify the NYSE that it will submit a plan within 45 days from the receipt of the NYSE notice that demonstrates its ability to regain compliance within 18 months.   Upon receipt of the company’s plan, the NYSE has 45 calendar days to review and determine whether the company has made a reasonable demonstration of its ability to come into conformity with the relevant standards within the 18-month period, or whether it will require the company to do so within a lesser time period.   The NYSE will either accept the plan, at which time it will specify the applicable time period within which the company has to come into compliance.   Thereafter, the company will be subject to ongoing monitoring for compliance with this plan.   Alternatively, should the NYSE reject the plan, the company will be subject to suspension and delisting proceedings. The company’s business operations, SEC reporting requirements and debt instruments are unaffected by the notification.   During any cure period, the company’s shares will continue to be listed and traded on the NYSE, subject to its compliance with other NYSE continued listing standards, and a “.BC” indicator will be affixed to the GBE ticker symbol.   The company previously announced in April that it had been notified by the NYSE that it was not in compliance with the NYSE’s continued listing standard as the minimum average closing price of the company’s common stock fell below $1.00 per share for over 30 consecutive trading days.   The company is in the process of developing a plan to comply with this continued listing standard as well.   In March, Grubb & Ellis announced that it had engaged JMP Securities to explore strategic alternatives, including the potential sale or merger of the company.   Contact : Janice McDill, Phone: 312.698.6707                                       Email:   Janice.mcdill@grubb-ellis.com           

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Daymark Realty Advisors Secures 34,000-SF Lease Renewal with Smiths Medical at 5200 Upper Metro Near Columbus, OH

May 25, 2011

    COLUMBUS, OH   (May 25, 2011) – Daymark Realty Advisors Inc., a leading provider of strategic asset, property management and structured finance solutions for owners of commercial real estate, today announced that it has secured a 63-month lease renewal totaling 33,967 square feet with Smiths Medical at 5200 Upper Metro (top left photo) in the Columbus suburb of Dublin, Ohio.   Since January 1, 2011, Daymark Realty Advisors and its subsidiaries have successfully executed lease transactions totaling in excess of 1.2 million square feet, valued at more than $18.9 million.   Daymark Realty Advisors and its subsidiaries manage 5200 Upper Metro, a three-story, Class A office building, on behalf of individual owners.   Smiths Medical, the largest division of the UK-based Smiths Group, is a global supplier of innovative medical devices for the hospital, emergency, home, and specialist environments. “Smiths Medical has been a tenant at 5200 Upper Metro for the last six years and their renewal maintains the 89 percent occupancy rate at the property,” said Elizabeth Grossman , vice president, asset management. “Dublin’s friendly entrepreneurial environment has attracted several large companies in the last decade and is home to numerous corporate headquarters.”   Built in 1999, 5200 Upper Metro is a 96,000-square-foot office building situated on nearly eight acres in the affluent suburb of Dublin. The property is located in the Metro Center Business Park , a 130-acre corporate office park that features numerous amenities, including an onsite café, four hotels, three restaurants, and a fitness center. Chris Potts and Brett Cisler from Colliers International represented Daymark Realty Advisors in the transaction.   Paul Tingley from Jones Lang LaSalle represented Smiths Medical.   For more information regarding Daymark, please visit www.DaymarkRealtyAdvisors.com   Contact : Damon Elder, (714) 975-2659, delder@DaymarkRA.com

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EastGroup Properties Announces 126th Consecutive Quarterly Cash Dividend

May 25, 2011

JACKSON, MS, May 25, 2011—EastGroup Properties (NYSE-EGP) announced today that its Board of Directors declared a quarterly cash dividend of $.52 per share payable on June 30, 2011 to shareholders of record of Common Stock on June 17, 2011.   This dividend is the 126th consecutive quarterly distribution to EastGroup’s shareholders and represents an annualized dividend rate of $2.08 per share. EastGroup Properties, Inc. is a self-administered equity real estate investment trust focused on the development, acquisition and operation of industrial properties in major Sunbelt markets throughout the United States with an emphasis in the states of Florida, Texas, Arizona and California.   Its strategy for growth is based on its property portfolio orientation toward premier business distribution facilities clustered near major transportation features. EastGroup’s portfolio currently includes 28.3 million square feet. EastGroup Properties, Inc. press releases are available at www.eastgroup.net .   For more information, please contact: David H. Hoster II (top right photo), President and Chief Executive Officer, (601) 354-3555 or N. Keith McKey, Chief Financial Officer, at same number.

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Dove Ad Casts Spotlight On Madison Avenue Racism

May 25, 2011

When people ask Eugene Morris why he left a virtually all-white advertising firm in the early 1970s for an African-American one, he tells them about the time he asked a white higher-up for an overdue raise. “He started telling me about how well-dressed I was,” Morris recalled. “He told me that I had a nice sports car, which I did, and he told me that he knew that I had a very nice apartment. He started naming all these things, these possessions of mine, and he said, ‘Aren’t you making enough money?’ I thought the next thing he was going to say was, ‘Well what more would a ‘mmmm’ want?’” Incidents like these added up, Morris said, and after a while he decided he’d had enough, as did many other young black executives who left the advertising world after an initial surge of racially progressive hiring in the late ’60s and early ’70s. Morris cited this incident recently to illustrate one of the reasons why the racial make-up of the mainstream advertising business still looks much as it did in the early ’70s, which is to say, predominantly white. “When I first came into the business, if I had projected forty years into the future,” said Marshall, “I never would have described the current situation, where African-Americans are still in the single digits in all these agencies.” For all too obvious reasons, the dearth of black executives in advertising doesn’t normally receive much attention from the mainstream media, but a controversial Dove body wash ad cast the issue into the spotlight this week. Supposedly an attempt to present Dove as a company that values cultural diversity, many believe that the ad fell astoundingly short. It shows a black woman, a white woman, and an olive-skinned woman, possibly Latina, standing side by side — a tableau of racial harmony. What’s offensive is what’s behind them: a pair of skin close-ups with “before” and “after” titles positioned so that it looks like they’re referring to the black and white woman, respectively. As Copyranter, the blog that caused an stir on the Internet earlier this week by posting the ad, noted, it’s as though the ad is pitching a product that ” turns Black Women into Latino Women into White Women .” The blog Styleite reached a similar conclusion, writing, “Visually, it communicates that if you have dark skin before you use VisibleCare, you’ll have pale skin afterward .” Noting another salient difference between the black model and white one, Styleite added, “You’ll also be thinner.” In a press statement, Unilever, the company that makes Dove products, said that all three women were “intended to demonstrate the ‘after’ product benefit” and added, “We do not condone any activity or imagery that intentionally insults any audience.” What’s most significant about the ad — and most embarrassing to Unilever — is that no one at the company seems to have anticipated that people would find it offensive. And that speaks to a larger issue, one that the activist and former magazine editor Michaela Angela Davis framed like this: “When it comes to advertising, it’s not enough to just have a black woman in the room. She has to be in the boardroom — she can’t just be in the changing room.” The lack of black women, and men, in Madison Avenue’s boardrooms is a problem that the attorney Cyrus Mehri hopes to publicize. Two years ago, his firm, Mehri and Skalet, partnered with the NAACP to create the Madison Avenue Project , an initiative aimed at increasing the ranks of blacks and Latinos in advertising. A report released by the group in 2009 showed that black college graduates working in the business earn 80 cents for every dollar earned by whites with the same qualifications. Based on a survey of the various pools from which advertising firms traditionally draw talent, the study’s authors also concluded that the industry had under-hired blacks by an order of 7,200 jobs. Responding to the Dove ad, Mehri said, “I don’t see how an African-American woman would not be offended by this ad, and I think it’s indicative of an industry that still resembles the ‘Mad Men’ you see on TV. They have not evolved or progressed from the 1960s.” Last year, the Madison Avenue Project commissioned an analysis of the ads shown during the 2010 Super Bowl. Of the 76 creative directors responsible for selling beer, cars and other products to the game’s 106 million viewers, 70 were white men and five were white women. The only non-white creative director, Joelle De Jesus, whose “House Rules” commercial for Doritos was one of the few ads to show a non-white character, was actually an amateur who’d scored the spot by winning a contest. As it happens, Unilever was one of the advertisers in that line-up; a commercial called ” Manthem ,” which hawked Dove’s product line for men, culminated with a shot of the white male protagonist dancing on the shoulders of a black man. Asked why advertising firms don’t hire more blacks, Mehri said, “They don’t believe that blacks can market to the mainstream.” Morris, who is now the head of E. Morris Communications, an agency that specializes in advertising to black customers and, incidentally, has lost business recently as companies looking to cut corners reassign their black-oriented campaigns to the general-market firms that handle their other accounts, said, “I would say that it would make more sense, when you think about it, that African Americans would be better at creating general assignment advertising for whites than whites would be at creating advertising for blacks. There’s no way I can survive in this world if I don’t understand white people, whereas white people can basically survive without ever having a meaningful interaction with a black person.” Both “Manthem” and the Dove body wash ad that offended so many people this week were produced by the advertising and public relations giant Ogilvy & Mather. When it comes to hiring non-white executives, Ogilvy’s record is “very, very poor,” said Mehri. “They have very few, if any, minority creative directors.” Ogilvy did not respond to a request for comment. WPP, the holding company that owns Ogilvy, referred an additional request back to Ogilvy. One of the ironies of the Dove body wash ad is that Unilever has gone out of its way in recent years to lure in customers with the message that, to quote from its recent press release, “real beauty comes in many shapes, sizes, colors and ages.” In 2004, the company launched what it called the Dove Campaign for Real Beauty, a parade of ads that featured “normal-looking” women of varying shape and size and ethnicity (all of them beautiful). Gwen Sharp, a sociologist who co-writes the blog Sociological Images , said, “It always shocks me when you have companies that I know spend enormous amount of money on their ad or their focus groups, and in the best case don’t catch, and in the worst case don’t care, about the cultural undertones that their ads play into.” She pointed out that Unilever also makes Fair & Lovely, a skin cream marketed to women in India that, if its advertising is to be believed , can actually make you white.

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Angel Gurría: Déjà Vu All Over Again?

May 25, 2011

We’d like to think we’re through the worst of the biggest crisis in 70 years. And yet derivatives, a chief culprit of the financial meltdown, continue to account for 10 times world GDP and counting. A major $8.5 billion takeover has analysts speculating about a new internet bubble. Some emerging economies are showing classic signs of overheating with property prices, consumer credit and bank profits hitting all time highs. We could be forgiven for wondering if we have learned anything over the past few years. We would deserve less forgiveness if we were unwittingly preparing the ground for the next slump and no one sounded the alarm. If international institutions do their job and fulfill their purpose, we stand a good chance of avoiding the mistakes of the past. The crisis has brought the roles of organizations like the OECD into sharp focus. Like never before, we are coordinating our efforts with the International Monetary Fund, the World Bank, the World Trade Organization and the International Labor Organization. But much more needs to be done. The G20, governments, civil society actors and citizens around the world now have higher expectations of us. Since the OECD was founded 50 years ago, it has provided a unique forum where leaders and decision makers meet to discuss which policies work and which don’t. We have had a solid track-record freeing people from economic and social wreckage, beginning with the Marshall Plan in the aftermath of WWII. Helping governments and countries understand the interdependence of their economies and societies paved the way for an era of cooperation. In addressing the latest crisis we have delivered some concrete results: closing down tax havens worldwide so taxpayers and collectors are sure we’re all making a contribution to clear up the mess. OECD standards to fight international bribery have global reach with Russia on the brink of becoming the 40th country to sign up to them. Bribery takes money out of people’s hands, food out of people’s mouths and undermines development. In an effort to bring renewed focus on the need for robust corporate governance we have fundamentally overhauled our international Guidelines for Multinational Enterprises. We continue to push for the separation of risky business investments such as derivatives from high-street banking. And we are making real efforts to address the deficit in citizens’ financial education and protection that the crisis so flagrantly revealed. We are leading G20 efforts to enforce proper consumer protection so that people are never placed in the position where they sign a mortgage document that they don’t understand. In regions like the Middle East, we can bring our experience to bear to help rebuild societies and economies, as we have done throughout Western and Eastern Europe. And we are pushing boundaries of knowledge and understanding by questioning conventional wisdom. After seven years working to better measure societal progress, the launch of Your Better Life Index is designed to respond to a pent-up demand from citizens the world over to move beyond GDP as the means of measuring well-being and gauging progress. By giving ordinary people the instrument to measure their well-being we are changing the face of public policy making, helping them help us deliver the best public policies to improve their lives. The pre-crisis system let us down. We need to restore trust and make good on what people want most — growth and jobs. The best way to do this is to start from the facts, the evidence, the numbers, to share best practices, to make an honest assessment of what works and what doesn’t. And to develop standards that can ensure the global community can benefit from the accrued wisdom of experience. Good public policy is about good ideas. There is no political monopoly on them. They should be formulated not in competing corners of the policy landscape, but rather at the nexus of where economics, government, the private sector and everyday people meet. We’re clearly not out of the woods as far as the crisis is concerned. It is all too human to indulge in wishful thinking and end up back where we started with business as usual. But it would be a temptation we could never forgive ourselves for falling into. Angel Gurria is Secretary-General of the Organization for Economic Cooperation and Development.

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Demand Drops For Durable Goods

May 25, 2011

WASHINGTON — Businesses cut back on their orders for heavy machinery, computers, autos and airplanes in April, reducing demand for long-lasting manufactured goods by the largest amount in six months. Orders for durable goods fell 3.6 percent, and a key category that serves as a proxy for business investment was down 2.8 percent, the Commerce Department reported Wednesday. The weakness was widespread across a number of industries as the impact of supply disruptions stemming from the Japanese earthquake in March rippled through U.S. manufacturing. Demand for autos, auto parts, steel, computers and electronic equipment all fell, and those declines were attributed in part to difficulty in getting critical component parts from Japan, where manufacturing has been disrupted by the March 11 earthquake and tsunami and nuclear plant disaster. Many analysts viewed the setbacks as temporary, but said they could dampen manufacturing for several months, until U.S. companies find alternative supply sources. “We think the disruptions from Japan will be temporary. Manufacturing will still be a bright spot for the economy this year,” said David Wyss, chief economist at Standard & Poor’s in New York. Jennifer Lee, senior economist at BMO Capital Markets, said that the April durable goods report was just another sign that “the U.S. economy is encountering its fair share of speed bumps” at the moment. Strong demand domestically and overseas has kept U.S. factories humming, making manufacturing one of the strongest sectors of the economy since the recession ended in June 2009. The overseas demand has been supported by a weaker dollar, which makes U.S. products cheaper in foreign markets. U.S. factories have added 167,000 jobs over the past six months, the best stretch of hiring gains in manufacturing since 1997. The April decline left orders at $189.9 billion, still 22.5 percent below where orders were in December 2007, the month the recession began. However, the April level is 27.7 percent above the recession low hit in April 2009. The big drop last month came following a 4.4 percent increase in March, a gain that was revised up from a previously reported 2.9 percent increase. In addition to the weakness in autos, demand for commercial aircraft fell 30 percent in April. Analysts had expected a big drop in this highly volatile category because new orders at Boeing slowed sharply in April. Orders for nondefense capital goods excluding aircraft, a category viewed as a good indication of business investment plans, fell 2.6 percent in April after a big 5.4 percent rise in March. Despite the April drop, economists are forecasting strong gains in business capital spending for the rest of this year as companies boost purchases of equipment to take advantage of a one-year tax break that Congress passed in December. Excluding all transportation categories, orders would have been down 1.5 percent in April after rising 2.5 percent in March. Other industries seeing a drop in demand in April included primary metals such as steel, down 1.5 percent, and computers, down 4.4 percent. Demand for machinery fell 3.4 percent in April.

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