Huffington Post…

Jamie Dimon emulates Warren Buffett in his 38-page letter to JPM shareholders — as argument for why JP Morgan Chase is exceptionally good value for long term investors, still bruised from the collapse of bank shares in the 2008 meltdown. Buffett talks about how BRK intrinsic value is far greater than book value; Dimon goes on about how he is going to increase tangible book value by 15 to 20 percent a year. I was able to discern about eight solid reasons to buy JPM in the last section of the letter suggestively called “Why Would You Want To Own The Stock?” 1. You would want to own the stock because “Many of our assets would sell at a substantial premium to what currently is on our books; e.g., credit card loans, consumer branches and others,” Dimon writes . ” And certainly, most of our businesses, if we sold them whole, would sell at a substantial premium to tangible book value.” 2. You would want to own JPM because “We have huge capital formation,” says Dimon proudly. When you look out many years into the future, JP Morgan Chase should generate huge amounts of capital, and once JPM meets the Basel III mandate of 9.5 percent capital, Dimon asserts “we will be generating extreme amounts of excess capital. And our organic growth and acquisitions unlikely will be able to use it all.” 3. You would want to own JPM shares because this excess capital will allow the bank to buyback $10 billion of stock a year for three years at tangible book value. (Today about $33.00 a share. Under this assumption, Dimon claims that “not only would earnings per share be 20 percent higher than they otherwise would have been, but tangible book value would be 15 percent higher than it otherwise would have been… So you can assume that we are a buyer in size around tangible book value.” 4. You would want to own JPM shares because “at $45 per share (about its current price today), buybacks would be accretive to earnings and approximately break even to tangible book value…” Whatever the case JPM will repurchase every share issued to employees as compensation; so there won’t be any dilution to earnings per share for the public. 5. You would want to own JPM shares because Dimon insists the bank is “reserved substantially for mortgage litigation arising from the 2008 housing meltdown.” 6. You would want to own JPM because “only two regulations” from the Dodd-Frank legislation can “hurt our competitive ability… and “we believe they both will be properly resolved in a way that will allow us to complete fairly.” Dimon thinks JPM’s competitors will be hurt worse by the new law. Take that GS. 7. You would want to own JPM shares because of Dimon’s very last comment in his letter, written on March 15. “I view it as a great sign of strength,” he wrote, ” that, in the worst financial markets since the Great Depression, your company could earn money, grow tangible book value (from $22.52 to $33.69 — a more than 50 percent gain), buy Bear Stearns and WaMu and expand our franchise.” 8. You would want to own JPM because as Dimon says on page two of the letter “WE believe you own an exceptional company. Each of our businesses is among the best in the world, and record earnings were matched by increased market share in most of our businesses.”

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Robert Lenzner: Jamie Dimon’s 8 Reasons for Buying JP Morgan Shares

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Huffington Post…

Americans have enough to contend with: stubbornly high unemployment , the ongoing war in Afghanistan and high gas prices . And now, just when you thought things couldn’t get any worse, beehive theft is on the rise . KHOU in Houston reports that unidentified thieves loaded a 500 pound beehive valued at $1,000 into their truck and stole it from outside a local restaurant. The restaurant’s chef told KLTV the thieves must have known what they were doing because they struck when it was rainy and cold outside, a time when bees are least active. According to KHOU, this is far from an isolated incident. Harris County Beekeepers Association member Jennifer Scott told the station these kinds of thefts are on the rise because the creatures, who create pricey raw honey, are in short supply. “Oh yes,” Scott said . “Beekeepers are very careful now where they keep their bees, because bees are stolen.” The Mother Nature Network also reported on the hive stealing trend back in 2010 . For more on the story, watch the video from KHOU above.

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500 Pound Behive Stolen From Restaurant

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March 9 (Bloomberg) — Bloomberg’s Pimm Fox and Deborah Kostroun report on the performance of the U.S. equity market today. U.S. stocks rose, capping the fourth straight weekly rally for the Standard & Poor’s 500 Index, after a government report showing stronger-than-forecast payroll growth bolstered optimism in the world’s largest economy. (Source: Bloomberg)

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Video: U.S. Stocks, Dollar Gain as Treasuries Fall

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Adidas, the athletic-apparel and -equipment producer, reported a sharp rise in fourth quarter net income as it climbed to 18 million euros from 7 million euros a year earlier, thanks to the advance …

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Adidas fourth-quarter net income more than doubles

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Adidas, the athletic-apparel and -equipment producer, reported a sharp rise in fourth quarter net income as it climbed to 18 million euros from 7 million euros a year earlier, thanks to the advance …

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Adidas fourth-quarter net income more than doubles

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Adidas, the athletic-apparel and -equipment producer, reported a sharp rise in fourth quarter net income as it climbed to 18 million euros from 7 million euros a year earlier, thanks to the advance …

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Adidas fourth-quarter net income more than doubles

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0900 GMT: Bank of Italy Governor Visco has beenon the wires, saying Italy must boost growth and mentioning that only 1 in 4 youths in southern Italy have jobs. Meanwhile, the German press is …

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Market Vibrations: News and Commentary from the Europe Desk (0900 GMT)

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http://www.abnnewswire.net/rss2/menafn/abn_menafn_en.asp Workover operations have successfully cleaned out the Encounter-1 wellbore in PEL 218 (Beach 100%). Tubing will now be installed ready for …

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Beach Energy Limited (ASX:BPT) Monthly Drilling Report – February 2012

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Huffington Post…

Kalyani Spieckerman was only 15 months old when she had the tip of her right ring finger amputated by her stroller while her parents were visiting Boston for a medical conference. The accident happened just a month before stroller company Maclaren issued a recall of 1 million of its strollers, in November 2009. Now, a December 29 bankruptcy filing by Maclaren, first reported by DaddyTypes , has left victims like Spieckerman in limbo. On the day it filed for bankruptcy last year, Maclaren named among its creditors seven families, including the Spieckermans, whose children’s fingers were amputated by Maclaren strollers. All of them are in the process of suing. Chapter 7 bankruptcy automatically halts all lawsuits against a company, including those from people injured by products. Unless the seven families with pending lawsuits receive explicit permission from a Connecticut bankruptcy court, their cases will remain in limbo while an independent trustee divvies up the company’s remaining assets. Chapter 7, unlike other types of bankruptcy, results in the complete liquidation of a company, with no possibility of restructuring. Since the 2009 “Macopalypse,” Maclaren has faced many such lawsuits. A faulty hinge mechanism in strollers amputated 20 fingertips and caused more than 149 total incidents, including lacerations and bruising, according to the U.S. Consumer Product Safety Commission. Maclaren did not respond to The Huffington Post’s requests for comment. Yet Maclaren is not exactly defunct; other branches of the company continue to sell its strollers . This is because Maclaren USA, the unit that filed for bankruptcy, is only one part of a multinational corporation with branches in China and Europe. It is unusual for a company to file for bankruptcy for only one of its branches, The New York Times has reported . The court-appointed trustee is preparing to investigate the filing, the paper reported on Friday. Because other branches of Maclaren — such as Maclaren North America, incorporated in October 2010 — are alive and well, some are calling the bankruptcy an attempt for a healthy company to write off liabilities by shifting its assets to a new, debt-free branch. Court filings put Maclaren USA’s liabilities at $15.9 million, much of it owed to other branches of Maclaren and the company’s CEO, Farzad Rastegar. David Netto, the former creative director of Maclaren Nursery and a chief creditor in the bankruptcy filing, has accused Maclaren of fraud, arguing that the bankruptcy was an intentional attempt by the company to transfer profitable assets while writing off debt and liabilities. Maclaren owes Netto $1.1 million for the purchase of his company in 2009. “I gather [Maclaren North America] was invented to supplant Maclaren USA,” Netto told The Huffington Post. “It had everything to do with writing off the debt.” Netto was made aware of the bankruptcy in late January when he received a letter from the court-appointed trustee naming him as a creditor in the bankruptcy of the company where he was still working. Netto resigned a few days later on Jan. 27, and is now pursuing legal action. “What I find particularly offensive is it seems impossible not to conclude that [CEO Farzad Rastegar] is trying to get out of injury lawsuits for amputated fingers,” he said. According to Jason Brookner, a Dallas-based bankruptcy attorney, the practice of intentionally moving assets from one company to another before filing for bankruptcy might be a fraudulent conveyance, which can be illegal under bankruptcy law. Typically, the court-appointed trustee will investigate and decide whether fraudulent conveyance has occurred and whether to pursue legal action on behalf of creditors, a process that can take as long as several years. In a statement to parenting blog BabyGizmo posted on Feb. 25 — the only statement that the company has released so far — Maclaren North America said that Maclaren USA, also known as American Baby Products, was a “third party distributor” who had “lost the rights to distribute Maclaren products.” This is despite the fact that it was Maclaren USA CEO Farzad Rastegar who first acquired the British company out of a bankruptcy in the United Kingdom in 2001. On Thursday, Kalyani Spieckerman’s lawyers filed a motion requesting that the court remove the “automatic stay” imposed on her lawsuit by the bankruptcy filing. Spieckerman’s case may be allowed to proceed, as her claims lie within the limits of Maclaren’s insurance policy with Swiss Reinsurance America, said Larry Cook, a lawyer for the Spieckermans. “We got derailed and now we’re going to get put back on track,” Cook said. Yet in court filings, Maclaren checked a box that said it had no insurance policies at all. “There’s a lot of red flags making us scratch our heads and say something’s not right,” said Elizabeth Austin, who will represent the independent, court-appointed trustee. “We’re taking a deeper look to figure out what has happened,” she told The Huffington Post. Plaintiffs are not always so lucky in bankruptcy cases if the damages they seek exceed the limits of a company’s insurance policy, according to Brookner, the bankruptcy attorney. “Sometimes there is a limited amount of insurance coverage, which can be exhausted,” he said. In other words, other families could be left out to dry with no settlement money even while international branches of Maclaren continue to sell strollers, depending on the unreleased details of Maclaren’s insurance. Cook declined to comment on the exact amount the Spieckerman family is seeking, but in a letter that he wrote in May to the insurance company, Cook asked for a $400,000 settlement, mentioning Spieckerman’s medical bills, permanent disfigurement and her mother’s emotional distress. In the filings, lawyers call Maclaren’s actions “malicious,” alleging that the company knew about the potentially dangerous mechanism even as it continued to distribute and sell the strollers.

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Amputated Finger Lawsuits Halted By Maclaren Bankruptcy

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http://www.abnnewswire.net/rss2/menafn/abn_menafn_en.asp Beach Energy Ltd (ASX:BPT) will join the S&P ASX 100 index from March 16, 2012. Beach, one of Australia’s leading energy exploration and …

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Beach Energy Limited (ASX:BPT) Beach Energy Ltd admitted to S and P ASX 100 Index

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Ad Agency Founder, Former Ad-Tech CMO, and 15-Year Digital Marketing Veteran Completes Executive Staff

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Rocket Fuel Gets Marketing Turbo Boost, Adds Eric Porres as CMO

This is from
Marketwire – Management Changes:

VANCOUVER, WA–(Marketwire – Feb 21, 2012) – Barrett Business Services, Inc. (BBSI) ( NASDAQ : BBSI ), a leading provider of business management solutions, announced the promotion of Gregory Vaughn from vice president to the newly created role of chief administrative officer, effective immediately.

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BBSI Promotes Gregory Vaughn to Chief Administrative Officer

Huffington Post…

Marcus Aurelius, a Roman Emperor and philosopher remarked: “Where life is possible at all, a right life is possible; life in a palace is possible; therefore even in a palace a right life is possible.” Often I write about people making money by stretching ethics, flouting rules, or breaking the law. This commentary is different. It’s about someone who was very successful financially and well known in the Chicago Greek community. But he didn’t seek publicity, and you wouldn’t find his name in the Wall Street Journal or the Financial Times . To protect the privacy of his family, I’ll only use his first name, Peter. Peter unexpectedly passed away recently. At his funeral and the reception afterwards, I was struck by the beneficial impact he had on so many lives. Peter was known to his family, friends, and business colleagues as a man of unquestionable integrity and as someone who found joy in the important things in life. Timothy M. Whiting, Peter’s mentee and good friend, had this to say about Peter after he delivered his own special eulogy over dinner: “He was just one of those people who could touch your life and you were never the same after. The reason I spoke was because he had more of an impact than I think even he or his family realized.” With Tim’s permission, I offer you his eulogy in memory of Peter, who provided an example of what it means to achieve the success of a life well-lived. Tim added “what he taught me has changed my life,” and hopes his eulogy will have a positive impact on someone else’s life, since “that is what Peter would have wanted.” Eulogy for a Friend and Mentor Peter became my friend and mentor after I rented my first apartment from him 11 years ago. Peter was very proud of his Greek heritage. I soon became known to Peter as Tim Whitingopoulos, honorary Greek. As with any mentor, our time was spent talking about life, business decisions, ideas for making money–and of course laughing, as Peter loved to do. As a mentor, I had the best. Peter taught me many things that changed my life and will stay with me forever. I wanted to share a few of the lessons he taught me and my hope is you can pass them on to your families, friends or the people you may embrace and mentor in your lifetime. The first lesson I learned from Peter was that rules in your life are very important. For instance, we had a 24 hour rule. We called each other back within 24 hours. Peter’s rules were about much more than returning a friend’s phone call. Peter would say a man has to have rules, otherwise he will be lost. What were Peter’s “Rules”? Family First – Peter was devoted to his family, and they always came first. He loved his wife, “the Spartan woman,” he would call her. He trained his son and daughter to run his business. Peter took time off of work when his son was a colicky baby to help nurse him to health. Laughter – Peter loved to laugh. For example, he would ask such things as how many walnuts does a walnut tree produce a year. After several “educated” but completely off base guesses he would laugh and laugh almost to tears. I recall the answer being something about walnut trees yielding 17,000 nuts! Work – Peter believed to be successful, you had to work and work hard. Loyalty – Peter’s rule was that loyalty worked both ways. He would not waste time being loyal to someone if they were not loyal to him. Accountability – Peter always was there for me and his family and friends. He would always follow through with whatever he promised. He always picked up your call and if he didn’t, he would call you back in less than an hour. Like loyalty though, Peter expected the same accountability back. Patience – Peter was a patient man. He never invested for a quick turnaround. I recall him talking about the trees on his farm and how the black walnut lumber would yield the most profit but it was going to take 40 years to mature and then be sold. I said he wouldn’t live long enough to see that, but he said my children will! Intelligence – Peter thought every man should have a wide body of general knowledge. He read four newspapers a day and he was always learning and trying new things right up until he died to increase his vast knowledge on many things important to life. His second lesson was that “You make money at what you are good at and what you know.” In order to be successful at whatever you do, he would say it must be your focus. Peter would say: “don’t waste your time or your money on things you don’t know anything about. In the end, your best chance at success is you and your expertise in what you do best. Peter’s third lesson is that you “make money when you buy something, not when you sell.” It applied to everything in Peter’s life whether it was gold, rugs, real estate, or even friends like me! Peter invested his time in me when I was starting out and trying to make something of myself. And when it came time to “sell” I was worth a heck of lot more! Peter was right and this principle applies to everything in life. The fourth lesson Peter taught me is to never become attached to money. Peter was an ultra-successful lawyer, businessman, and real estate investor. He enjoyed phenomenal financial success, but he knew money is a commodity. Nothing more. He would say: “So what if you lost money. You will make it back just as easily. Peter would spend money generously and wisely, but it never became who he was. This attitude allowed him to take calculated risks without worrying about whether he won or lost. He therefore, never became afraid to take risks that led to winning, where others never act to begin with because they are afraid of losing. The fifth lesson is to make time for what is important in your life. He dropped everything when his family needed him. He mentored me every Friday. He took time every day to spend with his best friend, Mike. He loved to play handball and made time in his busy schedule to play twice a week. He loved lunches and dinners at the Greek Isles and he loved spending time with his family on his tree farm. Peter’s last lesson is the most important one in life: “Don’t waste your time with people who don’t care anything about you.” He would always say spend your time with your work, family, true friends and the things you enjoy. Those things will bring you the most happiness in life. Random people, he would say, don’t care about you and take you away from those that matter most. Those who really do care, add to your life. Peter my friend, as we say goodbye, I just want to recite the words of an Irish Poem fitting for you as I’m sure it really originated from the Greeks in some way! “May the road rise to meet you, may the wind be ever at your back. May the sun shine warm upon your face and the rain fall softly on your fields. And until we meet again may God hold you in the Palm of His Hand.” In memory of Peter

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Janet Tavakoli: Even In a Palace a Right Life Is Possible

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Huffington Post…

Even though it falls on the same date every year, Valentine’s Day still takes many of us by surprise. If you’re in a new relationship, you’re trying to figure out how far you can go with gifts, flowers and dinner on the town. And if you’ve been with the same partner for years, you’re probably trying to figure out how to raise the stakes. Fortunately, some of the best rewards credit cards can help treat your loved one to a February 14 they won’t forget. Top Valentine’s Day credit card offers A handful of today’s top-rated credit cards can help you pass the Valentine’s Day test, but not in the way you think. Instead of putting yourself in debt to bankroll a special evening, consider using your credit card’s special features to streamline your planning. Check out a few of our editorial team’s favorite love offerings from major credit card issuers: Discover Open Road . This version of the Discover Card offers one of the most unusual signup bonuses on the market: a $150 Restaurant.com gift certificate. If you’re not familiar with the website, Restaurant.com offers deeply discounted deals to eateries in most major cities. It’s not hard to stretch that $150 credit into $300 or more in dining rewards. One caveat: You won’t be able to use that credit on Valentine’s Day, but you can certainly shift around your “dining out” budget for the rest of the month with help from this special offer. Bloomingdale’s Ultimate Premier Insider from American Express. As a rule, we generally avoid retail store credit cards. They rarely offer great value, and their interest rates tend to balloon beyond the point of practicality. However, a partnership between Bloomingdale’s and American Express means that your frequent shopping trips can help you keep your next gift a secret. Spend $2,500 a year at Bloomie’s, and you’ll get free gift wrapping and local delivery, plus help from a personal shopper who can help you pick out a great V-Day surprise. Marriott Rewards Premier Visa Signature Card from Chase. Sometimes, the route to your Valentine’s heart leads straight out of town. This travel rewards credit card bestows you with instant Silver Elite status in the Marriott Rewards program. That means you’ll have direct access to an experienced guest services professional who can help you plan everything you need for a romantic getaway at any of Marriott’s 3,700 hotels and resorts throughout the world. While you dine and play during your trip, you’ll earn a 20 percent premium on your Marriott Rewards points, plus enough bonus points to cover next year’s surprise trip. Citi Gold / AAdvantage Visa Signature. When your romantic getaway means getting really far away, Citi’s partnership with American Airlines can help you score some inexpensive plane tickets. Between a generous signup bonus and AA’s reduced mileage awards, you can quickly earn enough miles to escape to somewhere really romantic. Plus, the Citi Private Pass program gives you access to exclusive events and hard-to-get tickets for theater, sports and concerts in many cities across the country. Each of these four cards offers something even better for your relationship than a low interest rate and a money-saving signup offer. All four cards provide access to personal concierge services that can help you plan exciting gifts, meals and experiences for your special someone. Concierges don’t always work directly for your credit card issuer: Visa Signature and Discover Card outsource their concierge requests to outside companies. However, their partnerships with ticket agencies, florists, tour operators and restaurants can elevate your date to epic levels. Credit card concierge can save Valentine’s Day In lieu of a personal assistant, your credit card company’s concierge service works as a team to track down gifts and experiences your loved one will adore. If you’ve ever struggled to come up with ideal gifts or dining suggestions, just provide your concierge with your budget and some baseline ideas. A concierge might suggest some special deals from partner vendors, or reference some recent requests from fellow cardholders. American Express, Citi and Chase all hold event tickets and restaurant reservations for their cardholders, adding value by making a venue’s “sold out” sign irrelevant. Yet, even concierges from the best credit card rewards programs run into challenges filling last minute requests for flowers, chocolates and dinner reservations on Valentine’s Day. Instead of relying on a credit card’s concierge to save the day, it’s best to connect with them early on if you want help planning a truly romantic experience. The original article can be found at CardRatings.com : “Best Credit Cards for Valentine’s Day”

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Curtis Arnold: Best Credit Cards for Valentine’s Day

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(MENAFN) Scotland-based GlaxoSmithKline PLC (GSK) posted a net profit of USD1.98 billion in the fourth quarter from USD1 billion loss a year earlier, AP reported. Profits were slightly lower than …

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UK’s GlaxoSmithKline reports USD2b profit in Q4

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(MENAFN – Kuwait News Agency (KUNA)) Iran has agreed to accept 45 percent of payment for its crude exports to India in the latter’s currency – ‘Rupees’, and use it (Indian currency) for buying …

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Iran agrees on part payment for crude sale to India in ”Rupees”

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More here: Michael Bless Named Chief Executive Officer of Century Aluminum

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EUR/JPY:Although the market remains locked in an intense downtrend, daily studies are finally correcting from oversold territory and out from multi-year lows with the market looking to establish …

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EUR/JPY Classical Technical Report 02.07

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Eur/SekThe market remains under some intense pressure, with the latest setbacks threatening a return to the key lows from early 2011 by 8.70. However, daily studies are now tracking in oversold …

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Scandis Still Consolidating Gains; Not Ready to Relent Just Yet

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From
Marketwire – Management Changes:

Oak Street Funding Expands Leadership Roles to Meet Increasing Demand

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Oak Street Funding Adds Senior Industry Veteran Todd Gray

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Asian stocks managed to advance today as Apple shifted the attention from Greece, as it saw quarterly profits which more than doubled, the yen weakened boosting earnings expectations for exporters …

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Gains in Asia on Apple’s profits, ahead of the Fed’s decision and the WEF in Davos

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Asian investors continued to lose their appetite for risk amid thin volumes as Greece’s restructuring issue is still unsolved; the European finance ministers rejected the offer by …

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Asian markets still mixed on Greek impasse, India’s rate cut, Japan’s growth cut and US earnings 

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The MSCI Asia Pacific Index advanced today 0.3% at 16:28 in Tokyo, although the World Bank cut its growth forecasts by the most in three years, yet optimism improved as the manufacturing data in the …

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Most Asian stocks rise on positive economic data ahead of Portugal’s and Germany’s bond auctions

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From
Marketwire – Management Changes:

First Provider to Serve 25 Percent of Fortune 100, LogLogic Keeps Big Data and Cloud as Top Strategic Imperatives; Remains Only Platform to Scale for Any Data, Any App and Any Source

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LogLogic Caps Off a Strong 2011 With Another Outstanding Quarter, Extends Its Industry-Leading Position in Log and Security Intelligence; Also Hires Industry Veteran Mandeep Khera

DENVER, CO–(Marketwire – Jan 12, 2012) – Thought Equity Motion, Inc. — a leading provider of cloud-based video management and licensing services — today announced that J.R. DeLang, a recognized leader in the media and entertainment space, has joined the company’s Board of Directors.

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Thought Equity Motion Names Entertainment Industry Veteran, J.R. DeLang, to Board of Directors

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(MENAFN – Gulf Times) Despite years of official talk about addressing global current-account imbalances, they remained one of the world’s main economic concerns in 2011. Global imbalances were, to …

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Global imbalances and domestic inequality

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(MENAFN – Arab Times) Talking to the TV is usually a sign of extreme agitation, mental instability or loneliness. TV manufacturers are set to make it a more rational behavior this year, with a range …

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2012 seen as year of the ‘interface’

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GBP/JPY: This market could be in the process of establishing a major base following the September break to record lows. However, the latest round of setbacks will need to hold above 118.00 for …

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GBP/JPY Classical Technical Report 01.10

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Huffington Post…

Constructing a skyscraper once took months if not years to build. But not anymore, and certainly not in China . In this recently released time-lapse video, a 30-story hotel is built in just 15 days, or 360 hours. Constructed in Dongting Lake in Hunan province , the hotel is 170,000 square feet and can withstand a 9.0 earthquake reports Treehugger . According to the International Business Times , the prefabricated modules were put together in a factory and then placed on steel structures at the construction site. The Chinese company behind the speedy design and building is Broad Group , a firm which previously built the 15-story Ark Hotel in Changsha, China, in just six days .

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Incredible Video Shows Hotel Built In 360 Hours (VIDEO)

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AURORA, ON–(Marketwire – Jan 9, 2012) – Helix BioPharma Corp. ( TSX : HBP ) ( NYSE Amex : HBP ) ( FRANKFURT : HBP ) (the “Company” or “Helix”) announces that Mr. Jack M. Kay has been appointed as Chairman of the Board. Mr. Kay replaces Dr. Donald H. Segal in this capacity. Dr. Segal remains as Helix’s Chief Executive Officer and a director of the Company.

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Helix BioPharma Corp. Appoints Jack Kay as Chairman of the Board and Professor Kazimierz Roszkowski-Sliz as European Medical Director

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New Zealand’s trade deficit widened in November, where crude oil prices increased along with the fertilizer purchases, as both bolstered imports, also the Exports increased for the third …

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New Zealand’s trade deficit widened in November

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SAN DIEGO, CA–(Marketwire – Dec 20, 2011) – Following an extensive search process, Mark Cafferty, President & CEO of the San Diego Workforce Partnership, has been named the new President & CEO of the San Diego Regional Economic Development Corporation (EDC), according to EDC Board Chair Debra L. Reed.

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San Diego Regional Economic Development Corporation Names Mark Cafferty as President & CEO

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(MENAFN – Arab News) Dr. Abdullah Moopan, who had worked 28 years in the Kingdom as a psychiatrist at King Fahd Hospital and a medical director and doctor for Al-Abeer Medical Group in Jeddah, …

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Indian social activist Dr. Moopan passes away

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Huffington Post…

Citigroup is not alone. But it has become a primal example of what our vaunted system of American capitalism, once a meritocracy open to all, that has now been diminished, if not erased, into a cesspool of self dealing and outright unfairness. In May of this year Vikram Pandit received a retention award that could reach a pay package of $42 million dollar (“Pandit May Get a $42 Million Retention Award If Citigroup Meets Estimates” Bloomberg 05.19.11 ) which would make him one of the highest paid banking executives in a field littered with banking institutions who would not exist today were it not for bailouts, TARP programs, and on, paid for and at the risk of the threadbare pockets of the federal government (for those who have forgotten or believe stratospheric compensation falls in line with the responsibilities at hand, please recall the President of the United States earns a $400,000 annual salary, along with $50,000 annual expense account , a $100,000 nontaxable travel account and $19,000 for entertainment). Of these, Citigroup has led the pack with $45 billion alone of government succor, reimbursed in whole or in part to the nation’s Treasury, but without the government’s largesse and assumption of enormous risk at a critical moment, Citigroup and many of the other institutions would have gone under. Vikram Pandit’s payout will be spread over four years and are subject to meeting certain performance goals. And how do these benighted executives achieve these dollar and cent performance goals? Well, that’s just the rub. The New York Times has just reported “Citigroup to lay Off 4500 Over Coming Months” 12.07.11 Well, it’s the new American way. You get paid more for hiring fewer people (and Pandit is not alone here), or putting those already employed on the unemployment roles. Wall Street banks in general are laying off more and more people given the headwinds to the financial sector. But that is the point. How many of the laid off could have been kept on the payroll with just a portion of Pandit’s paycheck. And for society to countenance an ethos where the more people you lay off, the more you get paid, is madness. And this not the first time at Citigroup or with Vikram Pandit. In 2007/2008 just before becoming a tin cup institution, Vikram Pandit, after just six weeks on the job was awarded $26.7 million stock bonus and 3 million in stock options while almost concurrently announcing that Citigroup’s work force would be cut by 4200 employees (please see “Citigroup’s Self -Immolation And The Beginning of the Eclipse of American Style Capitalism” 01.2808) from which the following is quoted hereby: “While all these ‘executives’ (i.e. Pandit together with past Chairman Chuck Prince and eminence grise board member Robert Rubin) were wallowing in gravy, Citigroup had the effrontery to announce almost simultaneously that it was cutting 4200 jobs! 4200 jobs lost, 4200 families in distress. Shameless is hardly too strong an adjective. By proceeding with such unfairness, in such a one sided callous manner, Citigroup has become the poster child of so much that is wrong, and much of what is happening throughout corporate America.” And that was in January 2008, before the meltdown in September that same year, and before it took $45 billion in government funds to bail out Citigroup alone. This, only to revisit much of the same distortions near four years later. A transliteration from a popular French proverb “Plus ca change, plus c’est la meme chose” would not be out of place. “The more it changes, the more it stays the same”.

Continued here:
Raymond J. Learsy: Citigroup’s CEO’s Monster Pay Package While Cutting Jobs. America’s New Capitalism

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Huffington Post…

You saw that title, “A $200K Mortgage for $2 a Month,” and maybe you thought, “that looks like spam.” No. It’s real. And then maybe you thought, “a $200,000 mortgage? For only $2 each month? That sounds impossible.” Well, it is possible. It’s just not possible for you. For Bank of America, yes. For Citigroup, yes. For Wells Fargo, yes. For you, no. The GAO’s main report on its audit of the Federal Reserve exposed who received the trillions and trillions of dollars in Fed bailouts. But the GAO report wasn’t very specific about the terms of those bailouts. For that, we have the Freedom of Information Act records obtained by Bloomberg News, which Bloomberg wrote about last week. Among other things, Bloomberg reported that the Fed lent out this cash to Wall Street at rates “as low as 0.01 percent.” To such worthy recipients as Bear Stearns, AIG, the Royal Bank of Scotland, etc., etc. Well, it could have been worse. The Fed could have just dumped the money into a wood chipper. If you do that math, you’ll see that when the Fed gave Citigroup the money for a $200,000 mortgage, at 0.01 percent, Citigroup had to pay less than $2 each month for that money . Citigroup then lent that money to you — if it deigned to lend you anything — for maybe $1,000 a month, maybe more. And that $40,000 credit card balance? Citigroup paid the Fed less than a dollar a month for that money. And you paid $1,000. Citigroup pays $1. You pay $1,000. You see how that works? Citigroup fell into such a deep hole that it had to borrow a “term-adjusted” $58,000,000,000 from the Fed , according to Page 132 of the GAO’s audit report. And what would you get from the Fed, if you fell into a deep hole? Nothing. Nada. Zilch. Zip. Diddly-squat. Zero. You wouldn’t get jack. If you lose your home, you can sleep in your car. If you lose your car, you can sleep under a bridge. Unless, of course, you’re a Wall Street banker. Two hundred and thirteen years ago, there was a Member of Congress who said: “Millions for defense, but not one penny for tribute.” Now we have a government that says: “Trillions for Wall Street, but not one penny for you.” That’s our government. Unless we change it. Courage, Alan Grayson “Everybody knows that the dice are loaded Everybody rolls with their fingers crossed Everybody knows that the war is over Everybody knows the good guys lost Everybody knows the fight was fixed The poor stay poor, the rich get rich That’s how it goes. Everybody knows.” – Leonard Cohen, “Everybody Knows” We need someone in Congress who is PAYING ATTENTION. And someone who is willing to FIGHT FOR US. Click here, and support Alan Grayson’s campaign TODAY.

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Alan Grayson: A $200K Mortgage for $2 a Month

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Dec. 9 (Bloomberg) — Peter Tchir, founder of TF Market Advisors, talks about European leaders’ accord for a closer fiscal union to help stem the region’s debt crisis. Tchir also discusses his investment strategy. He speaks with Adam Johnson on Bloomberg Television’s “Street Smart.”(Source: Bloomberg)

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Video: Tchir Says New Europe Pact Looks `Cobbled Together’

Huffington Post…

CHEYENNE, Wyo. (AP) — A U.S. Environmental Protection Agency draft finding that it may have detected groundwater pollution resulting from a controversial technique that plays a huge role in modern oil and gas development isn’t settled science yet. Nor is it settled politics, especially where hydraulic fracturing has been opening up vast new oil and gas reserves and creating economic opportunities that might not otherwise exist. And so the debate over fracking is likely to continue. Environmentalists have been sounding the alarm about fracking in Pennsylvania, New York State and other places with new gas drilling. They lauded Thursday’s announcement concerning pollution in a central Wyoming community as a long time coming. “In Wyoming, EPA is recognizing what experts — along with families in fracking communities across the country — have known for some time,” Kate Sinding, an attorney with the Natural Resources Defense Council in New York City, said in an e-mail Thursday. “Fracking poses serious threats to safe drinking water.” Jan Jarrett, president of the environmental group PennFuture, said the news underscores the need for more research and protections in Pennsylvania. “It really highlights the importance of getting the best possible safeguards in place,” he said, adding that the report also shows that hydraulic fracking is not foolproof, as some in the industry have claimed. The EPA emphasized that its announcement that it had found chemicals likely associated with gas production practices, including fracking, was just the first step in a review of its science. The draft report opens up a 45-day public comment period and a 30-day peer review process by independent scientists. Even so, the oil and gas industry and its allies blasted the announcement as premature. “Unsubstantiated statements coming from the EPA today stretch the data and cause unwarranted alarm and concern about a proven technology that allows our industry to safely extract oil and natural gas. The EPA’s announcement is irresponsible and leads us to call into question its motives,” said Bruce Hinchey, president of the Petroleum Association of Wyoming. The practice called hydraulic fracturing is aimed at improving the productivity of oil and gas wells. It involves pumping pressurized water, sand and chemicals underground to open fissures and improve the flow of oil or gas to the surface. Sen. James Inhofe called the study “not based on sound science but rather on political science.” “Its findings are premature, given that the Agency has not gone through the necessary peer-review process, and there are still serious outstanding questions regarding EPA’s data and methodology,” the Oklahoma Republican said. Residents of Pavillion long have said their drinking water stinks of chemicals and is giving them health problems. Health officials last year recommended that they not drink their water and ventilate their bathrooms while showering. Industry officials pointed out that the EPA announcement didn’t focus on those domestic water wells but two wells drilled somewhat deeper into the aquifer specifically to test for pollution. Moreover, the compounds could have had other origins not related to gas development, said Doug Hock, spokesman for Calgary, Alberta-based Encana, owner of the Pavillion gas field. “Those could just have likely been brought about by contamination in their sampling process or construction of their well,” Hock said. An announced $45 million sale of the Pavillion field to Midland, Texas-based Legacy Reserves fell through last month amid what Encana said were Legacy’s concerns about the EPA investigation. The EPA, which has been studying the groundwater in Pavillion for more than two years, also emphasized that the preliminary findings are specific to the Pavillion area, not necessarily anywhere else in the U.S. The agency said the fracking that occurred in Pavillion differed from fracking methods used in regions with different geological characteristics. The fracking occurred below the level of the drinking water aquifer and close to water wells, the EPA said. Elsewhere, drilling is more remote and fracking occurs much deeper than the level of groundwater that would normally be used. “EPA’s highest priority remains ensuring that Pavillion residents have access to safe drinking water,” said Jim Martin, EPA regional administrator in Denver. “We look forward to having these findings in the draft report informed by a transparent and public review process.” The draft EPA report and the upcoming critiques of it come as states and the federal government continue to ponder whether and how to regulate fracking. Last year, Wyoming became one of the first states to require oil and gas companies to publicly disclose the chemicals used in fracking. Colorado regulators are considering doing the same. The public and industry representatives packed an 11-hour hearing on the issue in Denver on Monday. They all generally supported the proposal but the sticking point is whether trade secrets would have to be disclosed and how quickly the information would have to be turned over. ______ Associated Press writers Colleen Slevin in Denver, Mary Esch in Albany, N.Y., and Kevin Begos in Pittsburgh contributed to this report. And so the debate over fracking is likely to continue. Environmentalists have been sounding the alarm about fracking in Pennsylvania, New York State and other places with new gas drilling. They lauded Thursday’s announcement concerning pollution in a central Wyoming community as a long time coming. “In Wyoming, EPA is recognizing what experts – along with families in fracking communities across the country – have known for some time,” Kate Sinding, an attorney with the Natural Resources Defense Council in New York City, said in an e-mail Thursday. “Fracking poses serious threats to safe drinking water.” Jan Jarrett, president of the environmental group PennFuture, said the news underscores the need for more research and protections in Pennsylvania. “It really highlights the importance of getting the best possible safeguards in place,” he said, adding that the report also shows that hydraulic fracking is not foolproof, as some in the industry have claimed. The EPA emphasized that its announcement that it had found chemicals likely associated with gas production practices, including fracking, was just the first step in a review of its science. The draft report opens up a 45-day public comment period and a 30-day peer review process by independent scientists. Even so, the oil and gas industry and its allies blasted the announcement as premature. “Unsubstantiated statements coming from the EPA today stretch the data and cause unwarranted alarm and concern about a proven technology that allows our industry to safely extract oil and natural gas. The EPA’s announcement is irresponsible and leads us to call into question its motives,” said Bruce Hinchey, president of the Petroleum Association of Wyoming. The practice called hydraulic fracturing is aimed at improving the productivity of oil and gas wells. It involves pumping pressurized water, sand and chemicals underground to open fissures and improve the flow of oil or gas to the surface. Sen. James Inhofe called the study “not based on sound science but rather on political science.” “Its findings are premature, given that the Agency has not gone through the necessary peer-review process, and there are still serious outstanding questions regarding EPA’s data and methodology,” the Oklahoma Republican said. Residents of Pavillion long have said their drinking water stinks of chemicals and is giving them health problems. Health officials last year recommended that they not drink their water and ventilate their bathrooms while showering. Industry officials pointed out that the EPA announcement didn’t focus on those domestic water wells but two wells drilled somewhat deeper into the aquifer specifically to test for pollution. Moreover, the compounds could have had other origins not related to gas development, said Doug Hock, spokesman for Calgary, Alberta-based Encana, owner of the Pavillion gas field. “Those could just have likely been brought about by contamination in their sampling process or construction of their well,” Hock said. An announced $45 million sale of the Pavillion field to Midland, Texas-based Legacy Reserves fell through last month amid what Encana said were Legacy’s concerns about the EPA investigation. The EPA, which has been studying the groundwater in Pavillion for more than two years, also emphasized that the preliminary findings are specific to the Pavillion area, not necessarily anywhere else in the U.S. The agency said the fracking that occurred in Pavillion differed from fracking methods used in regions with different geological characteristics. The fracking occurred below the level of the drinking water aquifer and close to water wells, the EPA said. Elsewhere, drilling is more remote and fracking occurs much deeper than the level of groundwater that would normally be used. “EPA’s highest priority remains ensuring that Pavillion residents have access to safe drinking water,” said Jim Martin, EPA regional administrator in Denver. “We look forward to having these findings in the draft report informed by a transparent and public review process.” The draft EPA report and the upcoming critiques of it come as states and the federal government continue to ponder whether and how to regulate fracking. Last year, Wyoming became one of the first states to require oil and gas companies to publicly disclose the chemicals used in fracking. Colorado regulators are considering doing the same. The public and industry representatives packed an 11-hour hearing on the issue in Denver on Monday. They all generally supported the proposal but the sticking point is whether trade secrets would have to be disclosed and how quickly the information would have to be turned over. ______ Associated Press writers Colleen Slevin in Denver, Mary Esch in Albany, N.Y., and Kevin Begos in Pittsburgh contributed to this report.

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EPA Report On Wyoming Water Doesn’t End Fracking Debate

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With the Acquisition of Brasil1 the IMX Sports & Entertainment Portfolio Includes Projects Like UFC, Volvo Ocean Race, LPGA Brazil Cup, Among Others; IMX Will Work With Sports, Entertainment and Venues

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EBX Group and IMG Worldwide Acquire Brasil1 to Launch Its IMX Joint Venture

Haley Lends 40 Years of Operational Experience to the InoLife Technologies Leadership Team

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Bob Haley Joins InoLife Technologies, Inc. Executive Team as Chief Operations Officer

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http://www.abnnewswire.net/rss2/menafn/abn_menafn_en.asp Lithex Resources Limited’s (ASX:LTX) tenements near Marble Bar (Moolyella and Shaw River) cover areas which were mined extensively for tin …

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Lithex Resources (ASX:LTX) To Present Rare Earth and Specialty Metals at Investorium in Sydney on December 12

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Several macroeconomic data will be released during the coming week, starting with China’s PMI manufacturing data for November and followed by Japan’s industrial production for October. Initially, …

The rest is here:
The key data awaited from Asia this week

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(MENAFN) Japan’s finance ministry said that last month, the country’s exports dropped 3.7 percent from 2010, to USD71.7 billion, recording the first decline in 3 months, reported AP. The ministry …

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Japan’s Oct exports drop 3.7% to USD71.7b

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(MENAFN – Arab News) Met with a major stumbling block, Ottawa’s ambition to be a global energy powerhouse is taking a virtual detour – away from the Americas and interestingly via the fast growing …

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Oil scene: Canada’s ambition of becoming global energy powerhouse faces roadblocks

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Huffington Post…

(Jonathan Stempel) – Seven banks that helped MF Global Holdings Ltd sell bonds were sued by pension funds who said the bonds’ offering prospectuses concealed problems that led to the futures brokerage’s collapse. The lawsuit was filed Friday afternoon in Manhattan federal court against units of Bank of America Corp, Citigroup Inc, Deutsche Bank AG, Goldman Sachs Group Inc, Jefferies Group Inc, JPMorgan Chase & Co and Royal Bank of Scotland Group Plc. Other defendants include several officials associated with MF Global, including former Chief Executive Jon Corzine. Friday’s lawsuit may be one of the earliest efforts for investors to recover money from relatively deep-pocketed defendants that they believe may share in responsibility for MF Global’s October 31 bankruptcy. Bank of America spokeswoman Shirley Norton, Citigroup spokeswoman Danielle Romero-Apsilos and Jefferies spokesman Richard Khaleel declined to comment. The remaining banks did not immediately respond to requests for comment. According to the complaint, the registration statements and prospectuses for about $900 million of MF Global note offerings this year omitted how the company was using high leverage, investing heavily in risky European sovereign debt, and not properly segregating client assets from its own. It said the seven banks helped draft the offering documents and sell the notes, collecting $21.2 million of fees, but that their “failure to conduct an adequate due diligence investigation was a substantial factor” in MF Global’s collapse, as well as in defaults on the notes. The lawsuit was brought by the IBEW Local 90 Pension Fund in Connecticut, and the Plumbers’ and Pipefitters’ Local #562 Pension Fund in Missouri, and seeks class-action status. It seeks damages for investors between February 3, 2011 and October 31, 2011 in MF Global securities, including its 1.875 percent convertible senior notes maturing in 2016, its 3.375 percent convertible senior notes maturing in 2018, and its 6.25 percent senior notes maturing in 2016. MF Global is not a defendant because of the bankruptcy. The case is IBEW Local 90 Pension Fund et al v. Corzine et al, U.S. District Court, Southern District of New York, No. 11-08401. (Reporting by Jonathan Stempel in New York, editing by Bernard Orr) Copyright 2011 Thomson Reuters. Click for Restrictions .

Excerpt from:
BofA, Goldman Sachs, Other Banks Sued Over MF Global’s Collapse

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Huffington Post…

Can you feel it? The single women are coming. The educated, capable, driven, single women. And most of them are wearing fabulous shoes. This post is inspired by Kate Bolick’s eloquent ” All The Single Ladies ,” The Atlantic ‘s November issue cover story. It resonated with me like no other piece in recent years because it is not just about men, and if now is the end of them or whether they are necessary. It is about the shift in the sociological landscape from a society which has one script for women to one that has many. Ms. Bolick encourages women to give themselves permission to acknowledge that marriage is not society’s, or their, highest ideal. It’s fine if it happens, and it must happen with the right person, but it need not be a pursuit. She writes “If I stopped seeing my present life as provisional… perhaps I could actually get down to the business of what it means to be a real single woman.” Thank you, Ms. Bolick. And that’s where it gets interesting. What are All The Single Ladies going to do? As women embrace this idea and shift energy they have been putting towards finding a mate — and potentially caring for a family — to their life’s work, what is going to happen? Corporate America has no ceiling but the board room’s for a woman unencumbered. This is the most exciting time for single women, should we choose to embrace it. Corporate America is just one place where this shift will have an impact. Here are four changes that will unfold: A pure increase in activity. A lot of women are going to have a lot of energy and time. I know. I am energetic and full of ideas. I am also single and of a certain age. I haven’t happened to meet the right man. In 2004, I started my first company. Five years later, with that first company reasonably established, and with extra space in my head and some time on my hands, I built the technology for my second company. I’m running it alongside my first. Unencumbered single women who by circumstances do not have a mate or childbearing responsibilities have to do something with their time and intellect. Many will channel energy to their careers. Unencumbered single women who also choose to have love happen, rather than pursue it single-mindedly, will have even more time and energy. More platforms that enable others. As more women establish or take charge of organizations, more platforms will emerge that enable others to succeed. Female managers are generally naturally more collaborative than men , finds Alice Eagly, Chairman of the Department of Social Psychology at Northwestern University, in looking at research on female and male managers. Women, in general, are more interested in helping others reach their full potential, than engaging with an adversary. Oprah has charisma, motivates, and empathetically connects with both her guests and her audience. She also built a platform from which she chose to enable others to launch their careers. Dr. Mehmet Oz, Dr. Phil, Nate Berkus and Gayle King all launched their own shows starting with segments on Oprah . Suze Orman and Martha Beck got tremendous career boosts from her. Yes, men do this also (witness Stephen Colbert’s launch from Jon Stewart’s show). Women naturally do it more. More flexible work environments. More single women in senior corporate roles will be better for work-life balance. Single women have lives and they are interested in pursuing activities outside of the workplace. Ultimately they know that this makes them better in the workplace. This philosophy combined with today’s technology portends more flexible work environments. More single women in senior corporate roles will also be better for work-family balance. Single women today have great kids in their lives, and they adore them. Okay, they may even be obsessed with them. The age of the Professional Aunt No Kids (PANKS) is upon us. They are going to make sure that there are reasonable and supportive environments for families in their workplace. A new women’s network. With the rise of women in the workplace, naturally a new woman’s network will take hold. This isn’t bad or exclusive of men. Its impact will be two-fold. First, kids, especially girls, are going to see their aunts and think “I want to be like that.” These aunts are going to encourage girls to certainly keep an eye out for a husband if and when marriage is something they’d like to experience, but to definitely take care of their career. Because a financially independent woman is just so hot (and it feels so good). Secondly, these women are going to help other women — and men (see the point about collaboration above). Madeline Albright has said, “There is a special place in hell for women who do not help other women,” and these women believe it. The earlier women embrace Ms. Bolick’s idea of getting down to the business of being a real single woman, the more powerful they will be. Get married, don’t get married, of course the choice is yours. But don’t let the pursuit of it take all your energy. Take care of your spiritual, physical, emotional, financial, social, and professional self. Make sure you are not emotionally hollow because of tunnel vision focused solely on marriage. After all, it is a truth universally acknowledged that a single woman in possession of good fortune is having a phenomenal life.

Originally posted here:
Rosina Samadani: What All the Single Ladies Are Going to Do (in Corporate America)

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Huffington Post…

Michael O’Leary, the cavalier leader of European discount air carrier Ryanair, is garnering worldwide press, yet again, for his plans to offer in-flight porn via handheld devices on its flights. The low-fare airline, the largest in Europe, carrying more than 7 million passengers per month, plans to develop an app which passengers can use on their iPads or smartphones to pull up gambling and pornographic websites. Offering porn sites in hotels for a fee is one thing, Bob Atkinson of Travelsupermarket told the Sun , a London based tabloid. “But that’s in the privacy of a room. Anyone could see it on a plane. It’s wrong.” As to whether it is a step up or down from his years-old promise to offer free “blow jobs” in business class, the jury is still out, (the translator said there was no German word for “Blow Job” and O’Leary replied that Germans must have terrible sex lives). Readers of the Sun and USA Today have offered mostly comedic opinions on the subject. Lionel13, a Sun reader, offered a predicament: “What if the plane lands on time and the film hasn’t ended…extra baggage charge?” “When the plane is crashing, You can still get off,” joked a USA Today reader, Phil Bender. “Trays raised or lowered? I hope that the passengers have to put the tray down while accessing it……..but let’s not go there!” commented Martin Higginson on the Travelmole blog. O’Leary may be the trailblazer of porn in the skies, but the public viewing of pornography is a right of the first amendment, according to various news reports. New York public libraries have recently been confronted with the issue of threesomes and toys on reading room computers because of rather unrestricted Internet access, the New York Post reports . Some libraries do provide private viewing screens, much like cubicles, for instances of personal or mature computer use. Perhaps Ryanair can take a cue. Extra-large blankets for sale? Still, O’Leary has not lost his diehard audience of passengers, according to a comment from Gary Boland, in the Travelmole blog: “He’s brilliant! No, I don’t agree with in-flight porn for obvious reasons but you’ve got to hand it to Mr O’Leary — he’s brilliant at coming up with ideas to keep us all talking about Ryanair.” While others were still skeptical: “If you believe this, you’re an idiot,” writes Alex Thomas in a USA Today message board related to the piece. Unfortunately, excited passengers will have to wait a year before they can access steamy scenes on the plane, or at the very least, until Ryanair can figure out how to provide access to enough broadband to support their app. Ryanair operates 1,400 flights per day and has been consistently profitable over the last decade, even when the global airline industry collectively lost nearly $50 billion. In the 2010 fiscal year Ryanair earned $431 million. O’Leary is planning to bring the airline to America, although, it seems that some of their a-la-carte fees and ticket tactics have already landed here . O’Leary is the leader of a drastic reassessment of the commercial airline industry. “At the heart of the O’Leary philosophy is the idea that commercial air passengers are not delicate creatures whose repeat business depends of free pillows, blankets, and tea. Rather, they are hardy beasts –parsimonious when buying a ticket, profligate once in the air … The question… is not whether the O’Leary Way will be further adopted by airlines scrambling for survival but how far and fast his paradigm will spread.” This, according to BusinessWeek . O’Leary’s dream is that all passengers will fly free on Ryanair and that all income will come from baggage fees, ticketing fees and in-flight sales including porn and gambling fees. O’Leary’s epiphany was realizing that Herb Kelleher and Richard Branson’s flamboyance were generating loads of free publicity for Southwest Airlines and Virgin Atlantic. He once dressed up as the Pope to launch a new route to Rome, insulted high-ranking government officials, vowed to make passengers pay for toilet breaks, and fly in standing compartments. O’Leary has said that the major airlines have been confusing their customers, treating cheap budget travelers as though they were “One-percenters” and hauling them with a level of courtesy that they would never get anywhere else. O’Leary’s ultimate validation for these strange and insulting ideas is that more and more people are flying Ryanair. “The customer is not always right, “O’Leary has said repeatedly, “The customer is usually wrong.”

Link:
Blake Fleetwood: Porn in the Skies: Join the Mile High Club All by Yourself

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This is from
Marketwire – Management Changes:

CHICAGO, IL–(Marketwire – Nov 17, 2011) – Braintree ( www.braintreepayments.com ), an online payments provider that powers commerce for many of the fastest-growing and most discerning online, mobile and social businesses in the world, announced that Capital One co-founder Nigel Morris has joined the company’s board of directors and invested in the company following a $34 million investment from Accel Partners earlier this year.

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Nigel W. Morris, Co-Founder of Capital One, Joins Braintree Board of Directors

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(MENAFN – Saudi Press Agency) The Romanian economy grew in the third quarter at its fastest rate in the last three years, dpa quoted the National Statistical Institute (INS) as forecasting …

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Romanian third quarter growth up; best in 3 years

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(MENAFN – Jordan Times) Four masked, armed intruders tried to steal a display case full of money from a suburban San Diego casino by chaining it to an SUV parked outside, but the plan went awry, …

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Gunmen steal money from display at casino

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