Saturday, October 17, 2009

Barack Obama wins Nobel Peace Prize

PRESIDENT Barack Obama has won the 2009 Nobel Peace Prize for "his extraordinary efforts to strengthen international diplomacy and cooperation between peoples", the Norwegian Nobel Committee said.

""Only very rarely has a person to the same extent as Obama captured the world's attention and given its people hope for a better future," the committee said.

"His diplomacy is founded in the concept that those who are to lead the world must do so on the basis of values and attitudes that are shared by the majority of the world's population."

Obama's name had been mentioned in speculation before the award but many Nobel watchers believed it was too early to award the president.

The committee said it attached special importance to Obama's vision of and work for a world without nuclear weapons.

"Obama has as president created a new climate in international politics. Multilateral diplomacy has regained a central position, with emphasis on the role that the United Nations and other international institutions can play."
READ MORE - Barack Obama wins Nobel Peace Prize

Mega Millions Winning numbers


Mega Millions winning numbers for $200M lottery jackpot:-

The winning Mega Millions lottery numbers drawn tonight for the jackpot worth an estimated $200 million were: 10, 13, 18, 33 and 51 with the Mega Ball, 43.

The amount grew because no player matched all the winning numbers to win the $170 million grand prize Tuesday night. Although there was no grand prize winner, 10 tickets were worth second prizes of $250,000 each.

The largest payout so far has been a $390 million jackpot shared by a New Jersey couple from Cape May County and a truck driver in Georgia in 2007. In March, 10 co-workers from the information technology department of Chubb Insurance in White House station split a $140 million jackpot.

eople are interested to know about the mega millions winning numbers for the draw scheduled on Friday night. The jackpot of Friday night was worth of a whooping $200 million. The jackpot amount would increase further if none of the players will be able to match the lucky numbers. As stated by the sources, the winning numbers for the Mega Millions lottery are 51, 33, 18, 13 and 10. It was also stated by the sources that 43 was the number for Mega Ball.

The winning sum of Mega Millions lottery was earlier fixed at one hundred and seventy million dollars. However, the jackpot amount increased as none of the players could match all winning number on Tuesday night’s draw. Tuesday night’s draw had ended without a jackpot winner. Ten tickets matched the number for second prize and each were worth 250,000 dollars. 24 was the Mega Ball number for Tuesday Mega Million’s draw. Lottery numbers for the Tuesday draw were 51, 45, 34, 31 and 17.

The amount of the Mega Millions lottery has grown for the last one and half month. Earlier a man in Georgia had matched all the numbers of the lottery and had won a sum of twelve million dollars. The sum had been increasing after this win as no one had all the numbers. As stated by the sources, in the year 2007, a Georgian truck driver and Cape May County couple had been declared as the winner of biggest jackpot money. They had won a three hundred and ninety million dollars jackpot. The Mega Millions jackpot amount will cross three hundred dollars if the players cannot match the winning numbers. Players of all the participating states are excited to know the results of the draw.
READ MORE - Mega Millions Winning numbers

Pink plane to fly at Oceana Air Show 2009

VIRGINIA BEACH, Va. - The world famous Blue Angels and The Canadian Snowbirds are in Virginia Beach getting ready for the Naval Air Station Oceana Air Show. But they are not the only groups that will grab attention.

The weather is going to have a lot to do with who takes to the air and who doesn't, but there is one message at the NAS Oceana Air Show that won't stay grounded. October is Breast Cancer Awareness Month and the air show is proudly sporting the pink to show support.

Air show pilot Mike Rinker pilots a pink, aerobatic plane named Pink Floyd in honor of his sister, who is a breast cancer survivor. He says it's not just the wings that keep his plane afloat, it's the will to survive.

"When I started doing air shows I felt like I wanted to do more than just go up and flop around," Rinker told WAVY.com.

So Rinker decided to make a statement with Pink Floyd, a statement that no one in attendance could miss.

"I title it love, promise, and hope," Rinker said.

Between rolls, flips and dives Rinker draws a pink heart, a pink ribbon and a pink cross in the sky.

"The heart signifies the love we share, the ribbon signifies the work to create awareness and the cross signifies the hope and the promise today and forever," he said.

Rinker's sister, Kim White says watching her brother fly brings a satisfaction that's difficult to describe. On October 17, 2009 Kim will mark the 8th anniversary of being cancer free.

"If you could see me, you'd see the tears rolling, it really makes me proud," said White.

But Pink Floyd might not take to the air this weekend; mother nature will be left to decide that. Pilot Ken Pietsch told WAVY.com what's got to happen to get planes in the sky this weekend. "We need one thousand above the ground and three miles of visibility, is what we need to fly in the show," said Pietsch.
READ MORE - Pink plane to fly at Oceana Air Show 2009

Friday, October 16, 2009

Probation extended for Lindsay Lohan

Lindsay Lohan's probation has been extended for another year so that she can finish alcohol education classes, a Beverly Hills Municipal Court judge ruled today.
TMZ reports that Lindsay's lawyer told the judge the actress/ leggings designer/spray tan creator has been extremely busy and has only been able to complete about half her classes.

Specifically, TMZ says, Lindsay has completed 15 of 26 individual alcohol classes and 13 of 26 group alcohol classes and 13 of 28 self-help sessions. She completed all six education classes. The court appearance stems from a 2007 incident in which she crashed her car on Sunset Boulevard in Beverly Hills and was arrested for driving under the influence.

Lindsay's lawyer says her client is "moving to Texas" -- she's shooting a movie there. But all sides will be back in court for another progress hearing on December 15.
READ MORE - Probation extended for Lindsay Lohan

Larry Birkhead: Anna Nicole's drugs 'were kind of overwhelming'

Larry Birkhead, the father of Anna Nicole Smith's daughter, took the witness stand today and testified he regularly saw Smith take prescription drugs such as methadone and spotted bottles of valium and other narcotics in her home. Birkhead was at a preliminary hearing in L.A. to decide if three people should be tried for supplying the ex-model with drugs.

But Birkhead elaborated in an interview with Entertainment Tonight, saying Ann Nicole would often take more than she should. "Sometimes if one said take two pills three times a day, she'd take four pills six times a day," he says.

Recalling the 2004 American Music Awards, he says, "The night before she went into seizures and the next day she wanted to present this award so she took something to offset the seizures and it caused her to be loopy. The amounts of prescriptions were kind of overwhelming to me, not being used to that kind of stuff. But to see some of the things that I saw it didn't make me happy, and that was what kind of led up to some of the tension that led to our breakup."

By Mario Anzuoni, Reuters
READ MORE - Larry Birkhead: Anna Nicole's drugs 'were kind of overwhelming'

Bad loans hand Bank of America a $2.23 billion loss

Bank of America, the largest U.S. bank by assets, reported a net loss of $1 billion for the third quarter, failing to match high market expectations after banner earnings reports from rivals JP Morgan Chase and Goldman Sachs.

When accounting for dividends on preferred shares, including $893 million related to dividends paid to the U.S. government, the loss shot up to $2.24 billion.

"Credit costs remain high, and that is our major financial challenge going forward," said CEO Kenneth Lewis. This is the last quarterly earnings report that will be overseen by Lewis, who will retire by year-end, in the wake of lawsuits and federal and state investigations over the circumstances surrounding the bank's acquisition of broker Merrill Lynch last year. Lewis has agreed to give up his 2009 salary and bonus.

Bank of America, the largest U.S. bank by assets, reported a net loss of $1 billion for the third quarter, failing to match high market expectations after banner earnings reports from rivals JP Morgan Chase and Goldman Sachs.

When accounting for dividends on preferred shares, including $893 million related to dividends paid to the U.S. government, the loss shot up to $2.24 billion.

"Credit costs remain high, and that is our major financial challenge going forward," said CEO Kenneth Lewis. This is the last quarterly earnings report that will be overseen by Lewis, who will retire by year-end, in the wake of lawsuits and federal and state investigations over the circumstances surrounding the bank's acquisition of broker Merrill Lynch last year. Lewis has agreed to give up his 2009 salary and bonus.

Bank of America's results were helped by profit from Merrill Lynch, including income from bond, stock and currency trading.

The bank hasn't announced a successor for Lewis yet or when such an announcement might come. In a conference call with analysts after the earnings release, Lewis said, "(The board) is striking a balance between getting it right and doing it with a sense of urgency, but I can't give you a date."

Bank of America stock (BAC) traded lower Friday. It also helped drag down the broader market.

As the largest lender to consumers, Bank of America, based in Charlotte, was badly hurt by increasing unemployment, which rose to 9.8% in September. Losses grew in all its consumer-related businesses. [Read More]
READ MORE - Bad loans hand Bank of America a $2.23 billion loss

After Vista, Windows 7 is a giant leap for Microsoft

It is fitting that Microsoft's new Windows 7 operating system arrives ahead of Halloween. When Microsoft buries Windows Vista for good on Oct. 22 and replaces it with Windows 7, the ghostbusters in Redmond will have exorcised a demon.

If you haven't experienced the frights of Vista firsthand, you've no doubt heard about them: how it takes forever to power up and shut down, how the software constantly nags you, how it hogs precious PC resources and how it's incompatible with all-too-many third-party peripherals and programs.

Throngs of PC users found Vista so scary that they stuck with the Windows XP operating system Microsoft launched in 2001, a lifetime ago in the tech world.

Microsoft doesn't have to apologize for Windows 7. Vista's replacement represents a monster leap forward. It's Vista done right – at last. Microsoft claims hundreds of small improvements, and a few big ones.

"We'll see what happens when Windows 7 is with (customers) all day every day, but I'm cautiously optimistic that we really have hit the right note there," Microsoft CEO Steve Ballmer told me in a phone interview.

What you'll notice is that Windows 7 is snappier than its predecessor, more polished, and simpler to navigate. Screens are less cluttered. It has better search. Windows 7 rarely nags. I've been testing various versions for months on numerous computers. It sure seems more reliable so far. With a few exceptions, compatibility hasn't been a major issue. [Read More]
READ MORE - After Vista, Windows 7 is a giant leap for Microsoft

Auto ads help Google earnings gain 27%

As far as Google (GOOG) is concerned, the recession is practically over.

"We believe the worst is behind us and now feel confident about investing heavily in our future," Google CEO Eric Schmidt said Thursday as the company reported a 7% increase in third-quarter revenue from a year ago, to $5.9 billion.

Earnings were up 27% to $1.6 billion, mostly from increased auto advertising – thanks to the government's "cash-for-clunkers" program – and retail. Both travel and finance continued to be weaker than they were.

"Google is clearly taking advantage of companies looking for advertising they perceive to get more bang for their buck," says Whit Andrews, an analyst at Gartner. "Despite being under renewed pressure from a variety of different sources, Google has been quite strong."

Google, which had cut back on hiring, plans to begin beefing up its engineering staff. It has 20,000 employees. [Read More]
READ MORE - Auto ads help Google earnings gain 27%

Easy steps can cut winter heating bills

Natural gas and heating oil prices rose again Thursday, continuing a recent upward tick. Even so, the cost of heating your house, apartment or condo should dip this winter, according to recent projections by the government.

But you don't have to simply hope for lower prices and milder weather to reduce costs – you can cut 5% to 30% of your energy bills by taking a few simple steps, says Christina Kielich of the Department of Energy.

Start by combating myths and learning how your home works.

Myth:

Exhaust fans only remove odors.

Reality: Your kitchen or bathroom exhaust fans can drain your house of heated air in one hour, says Gordon Holness, president of the American Society of Heating, Refrigerating and Air-Conditioning Engineers.

Myth:

Duct tape seals ducts.


Reality: It's good for almost everything else, but it curls and unravels on heating ducts. Buy a mastic or tape designed for hot areas. Turn on the heat and follow the ducts wherever you can fit. Put your hand near the joints to feel where hot air is escaping, then apply the mastic or tape. A tip from George Stuckey of Fox Service in Austin: If you choose the shiny, foil-like tape, rub it briskly with a spoon or an old credit card after you apply it. That activates the glue and helps it adhere.

Myth:

Really small openings don't matter.


Reality: Tiny openings around dryer vents and garden faucets allow cold air to enter your home all winter long. Inexpensive sealing putty, which comes in rope form and has the consistency of Play-Doh, can solve your problem quickly. It works indoors and out and stays in place for decades, Stuckey says. [Read More]
READ MORE - Easy steps can cut winter heating bills

Easy steps can cut winter heating bills

Natural gas and heating oil prices rose again Thursday, continuing a recent upward tick. Even so, the cost of heating your house, apartment or condo should dip this winter, according to recent projections by the government.

But you don't have to simply hope for lower prices and milder weather to reduce costs – you can cut 5% to 30% of your energy bills by taking a few simple steps, says Christina Kielich of the Department of Energy.

Start by combating myths and learning how your home works.

Myth:

Exhaust fans only remove odors.

Reality: Your kitchen or bathroom exhaust fans can drain your house of heated air in one hour, says Gordon Holness, president of the American Society of Heating, Refrigerating and Air-Conditioning Engineers.

Myth:

Duct tape seals ducts.


Reality: It's good for almost everything else, but it curls and unravels on heating ducts. Buy a mastic or tape designed for hot areas. Turn on the heat and follow the ducts wherever you can fit. Put your hand near the joints to feel where hot air is escaping, then apply the mastic or tape. A tip from George Stuckey of Fox Service in Austin: If you choose the shiny, foil-like tape, rub it briskly with a spoon or an old credit card after you apply it. That activates the glue and helps it adhere.

Myth:

Really small openings don't matter.


Reality: Tiny openings around dryer vents and garden faucets allow cold air to enter your home all winter long. Inexpensive sealing putty, which comes in rope form and has the consistency of Play-Doh, can solve your problem quickly. It works indoors and out and stays in place for decades, Stuckey says. [Read More]
READ MORE - Easy steps can cut winter heating bills

Obama: New Orleans not forgotten


NEW ORLEANS — In his first presidential visit to this city, Barack Obama praised the resiliency of residents in rebuilding their flood-wrecked homes and promised to continue flowing federal dollars to the effort.

"It is always an inspiration to spend time with the men and women who have reminded the rest of us what it means to persevere in the face of tragedy and rebuild in the face of ruin," Obama said during a town-hall-style meeting at the University of New Orleans.

Obama's visit here — his sixth since Hurricane Katrina in 2005 and first as president — was eagerly awaited by residents and leaders throughout the Gulf Coast, who still rely on federal resources to rebuild from the floods. [Read More]
READ MORE - Obama: New Orleans not forgotten

Lindsay Lohan ordered to appear in court

LOS ANGELES (AP) — Lindsay Lohan has another date with a judge.

A judge in Beverly Hills, California, has ordered the Mean Girls star to appear at a court hearing Friday morning.

The 23-year-old actress was placed on three years of probation in 2007 after she pleaded guilty to two counts of being under the influence of cocaine, and no contest to two counts of drunken driving and one count of reckless driving. She spent 84 minutes in jail.

It is unclear why Lohan has been ordered to appear. The judge's order was made during a routine progress report Wednesday.

Court records show that no warrant has been issued, and they do not reflect a probation violation has occurred.

E-mails to Lohan's publicist and attorney were not immediately returned Thursday.
Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
READ MORE - Lindsay Lohan ordered to appear in court

Thursday, October 15, 2009

'Texas Monthly' Recognizes Ben DuBose Among the Super Lawyers of Texas

DALLAS, Oct. 2 /PRNewswire/ -- Ben DuBose, of DuBose Law Firm, PLLC, has been recognized by Law & Politics Media and Texas Monthly as one of the select "Texas Super Lawyers" in the October, 2009 Texas Monthly "Texas Super Lawyers" edition. Earlier this year, Mr. DuBose was chosen as one of the "Best Lawyers in Dallas" by D Magazine. In 2005 he was honored by Law & Politics Media and Texas Monthly magazine as a "Rising Star of Texas Law."

In selecting attorneys for Super Lawyers, Law & Politics Media employs a rigorous, multiphase process. Peer nominations and evaluations are combined with third party research. Each candidate is evaluated on 12 indicators of peer recognition and professional achievement.

During his legal career, Mr. DuBose has practiced law with some of the nation's most prominent law firms representing personal injury victims and consumers. He has obtained significant results for hundreds of mesothelioma victims from coast to coast for over a decade. Mr. DuBose has led the way to discover the asbestos-containing properties of many products previously unknown in asbestos litigation. He was also part of a legal team working with Trial Lawyers for Public Justice seeking to prevent unsafe asbestos abatement practices in the case of Families for Asbestos Compliance, Testing and Safety v. City of St. Louis as well as recent efforts by the EPA and the City of Ft. Worth, Texas to test the controversial "wet method" of asbestos removal.

"My goal as an attorney has always been to help people receive the justice they deserve. I'm honored to have had the opportunity to help injured victims and their families throughout my career," said Mr. DuBose.

Ben DuBose received his J.D., cum laude, from Texas Tech University School of Law. He is admitted to the bar and courts of Texas, Pennsylvania, the U.S. Supreme Court and the United States District Court for the Northern District of Texas. He is a member of the American Bar Association, American Association for Justice, Public Justice, Texas Trial Lawyers Association, Dallas Bar Association, Dallas Bar Foundation, Dallas Trial Lawyers Association and the State Bar College of Texas. [Read More]
READ MORE - 'Texas Monthly' Recognizes Ben DuBose Among the Super Lawyers of Texas

American father in custody case released from Japanese jail

Japanese authorities have released an American man who was jailed for allegedly trying to snatch back his children from his estranged wife.

Police in the rural southern town of Yanagawa let Christopher Savoie go Thursday without indicting him on charges of child kidnapping.

Officials said the indictment was "on hold," but did not elaborate.

The prosecutor's office in nearby Fukuoka said Savoie was released after he promised not to take his children back to the United States "in this manner," implying he could not have any contact with the children.

Savoie, 38, a Tennessee native and naturalized Japanese citizen, allegedly grabbed his children -- 8-year-old Isaac and 6-year-old Rebecca -- as his estranged wife walked them to school on September 28 in Yanagawa. [Read More]
READ MORE - American father in custody case released from Japanese jail

Obama to make first visit to New Orleans as president

NEW ORLEANS, Louisiana (CNN) -- President Obama will visit New Orleans on Thursday for the first time since taking office, to address rebuilding efforts in the city ravaged by Hurricane Katrina four years ago.

During his trip, Obama will visit a charter school and host a town hall meeting to hear residents' concerns, the White House said.

The president's visit will focus on efforts to help rebuild the Gulf Coast, including cutting red tape and easing funding so residents can become self-sufficient.

"The president made a promise to come to New Orleans and wanted to fulfill that promise as soon as his schedule allowed," said Nicholas Shapiro, White House spokesman. [Read More]
READ MORE - Obama to make first visit to New Orleans as president

Gangsters' girl: I sold myself for shoes, clothes

All that glitters may not be gold, but for Colombia's narco-molls the most important thing is that it glitters. Beauty queens, fashion models, actresses or regular girls made good are lovers of drug capos and above all lovers of the finest luxuries cocaine money can buy.Few are prepared to speak publicly and even less to appear on camera.
Those who date mob bosses don't want to blow their cover. That could expose their boyfriends to arrest and themselves to retaliation. In addition it could bring anti-drug police sniffing, ready to seize ill-gotten gains. [Read More]
READ MORE - Gangsters' girl: I sold myself for shoes, clothes

Tuesday, October 13, 2009

Senate panel OKs health reform bill; Obama: 'We're not there yet'

WASHINGTON (CNN) -- The health care reform debate reached a new milestone Tuesday as a key congressional committee passed an $829 billion plan projected to extend coverage to an additional 29 million Americans.

The Senate Finance Committee's bill would subsidize insurance for poorer Americans, establish nonprofit health care cooperatives, and create health insurance exchanges to make it easier for small groups and individuals to purchase coverage.

Among other things, it would cap annual out-of-pocket expenses and prevent insurance companies from denying coverage for pre-existing conditions.

The plan is financed by a combination of reductions in spending for Medicare and other government programs, as well as higher taxes on expensive insurance policies and new fees on the health industry. [Read more]
READ MORE - Senate panel OKs health reform bill; Obama: 'We're not there yet'

Young people are at risk for H1N1 complications, studies say


An analysis of the sickest swine flu patients in Australia, Canada, Mexico, and New Zealand suggests that relatively healthy adolescents and young adults are among the most likely to get very sick after an H1N1 infection, a pattern similar to that seen in the 1918 influenza pandemic.

Almost all critically ill patients in the studies were sick for only a few days before rapidly progressing to more severe symptoms and respiratory failure, which required treatment with a breathing machine, according to three studies published in the Journal of the American Medical Association.

The mortality rate ranged from 14.3 percent to 41.4 percent, depending on the country. The findings may help shine some light on what the 2009 H1N1 flu season may bring, and who may be hit the hardest by the swine flu during the next few months.

"These studies are telling us that young people are at risk for bad complications of H1N1 and under usual circumstances, [seasonal] flu does not cause acute respiratory failure in younger people," says Dr. Neil Schachter, the medical director of the respiratory care department at Mount Sinai Medical Center, in New York City, and the author of The Good Doctor's Guide to Colds and Flu.[Read more]
READ MORE - Young people are at risk for H1N1 complications, studies say

Storm threatens California with flooding, mudslides

Heavy rain that began pounding California on Tuesday threatened to unleash dangerous floods and mudslides, especially in areas ravaged by wildfires.

"Very heavy rain is likely over the Sierra Nevada and foothills from later today through Wednesday morning as a strong and very moist Pacific storm moves into the region," the National Weather Service said. Up to 8 inches of rain could fall in areas above 4,000 feet, it said.

Forecasters described it as the first major storm of the season.

The Santa Cruz County Office of Emergency Services issued a mandatory evacuation order for 60 homes in a section of Davenport, an unincorporated community north of Santa Cruz along the state's central coast. The San Lorenzo Valley high school, middle school, and elementary schools are closed, the county said. [Read more]
READ MORE - Storm threatens California with flooding, mudslides

American is first woman to win economics Nobel

WASHINGTON (AP) — Elinor Ostrom became the first woman to win a Nobel Prize in economics, honored along with fellow American Oliver Williamson on Monday for analyzing economic governance — the rules by which people exercise authority in companies and economic systems.

Ostrom was also the fifth woman to win a Nobel award this year — a record for the prestigious honors.

It was also an exceptionally strong year for the United States, with 11 American citizens — some of them with dual nationality — among the 13 Nobel winners, including President Barack Obama, who won the Nobel Peace Prize on Friday.

Ostrom, 76, and Williamson, 77, shared the 10 million kronor ($1.4 million) economics prize for work that "advanced economic governance research from the fringe to the forefront of scientific attention," the Royal Swedish Academy of Sciences said.

Ostrom, a political scientist at Indiana University, showed how common resources — forests, fisheries, oil fields or grazing lands — can be managed successfully by the people who use them, rather than by governments or private companies. [Read More]
READ MORE - American is first woman to win economics Nobel

U.S. looks at tourist tax to fund company to promote tourism

To entice more international travelers to visit, U.S. tourism officials and lawmakers may start charging some who do make the trip an extra $10 for the privilege.

The money collected will be used to create and fund a non-profit company that will market the USA as an attractive destination for tourists, business travelers and students.

But before any money can be spent on marketing, the company must find a dollar-for-dollar match from the private sector, up to $100 million. The enterprise will be a private-public partnership overseen by Congress and the secretary of Commerce.

Last week, the U.S. House voted overwhelmingly for the Travel Promotion Act, which includes the $10 charge. The measure now heads to the Senate, where passage is likely before year's end, predicts Geoff Freeman of the U.S. Travel Association (USTA).

Only visitors from countries not required to have entry visas for up to 90 days of travel in the U.S. — most European countries, Australia, Brunei, Japan, Korea, Singapore and New Zealand — will be required to pay the fee. Travelers only have to pay once in a two-year period, regardless of the number of trips.

The legislation attempts to create an agency similar to those found in other countries, where a cabinet-level government entity or a national tourism company promotes tourism. The Department of Commerce has trade and economic development units but doesn't directly promote tourism. [Read More]
READ MORE - U.S. looks at tourist tax to fund company to promote tourism

Michael Jackson's 'This Is It': Consensus is 'it's not bad'

Initial reaction to Michael Jackson's new single has been fairly positive, but no one is declaring the song a classic.

This Is It, which began streaming early Monday at michaeljackson.com, is the first new music by the pop icon to be released since his death June 25 at age 50.

It's the title track of an upcoming documentary that chronicles his last days of preparation for a series of London comeback concerts that were to have started in July. The film, which opens Oct. 28 for a two-week run, is accompanied by a double-disc album with original masters and alternate versions of Jackson's biggest hits.

The sunny, orchestra-backed single is punctuated by finger snaps and background vocals by his brothers. It will be heard in the movie's closing sequences. Those familiar with Jackson's music say the song probably was recorded during sessions for 1991's Dangerous album. The song is markedly similar to I Never Heard, a 1991 Safire song that Jackson co-wrote with Paul Anka.

"It's a safe, midtempo pop ballad that features what his fans love: his trademark breathy vocals and confident delivery," says AOL music editor Jessica Robertson. "I don't think it will set the world on fire, because it's missing what fans and critics love most about his songs, which is a strong and powerful groove to carry it." [Read More]
READ MORE - Michael Jackson's 'This Is It': Consensus is 'it's not bad'

Monday, October 12, 2009

Citigroup dumps Phibro, avoids showdown with U.S.

NEW YORK — Citigroup (C) is removing one of the irritants in its relationship with the government, its Phibro commodities trading division that is paying one trader an estimated $100 million this year.

The deal announced Friday carries a tradeoff for Citigroup: While the $250 million sale to Occidental Petroleum means a bit less government scrutiny, it also means the bank is losing hundreds of millions of dollars in annual income that could help repay $49 billion in bailout money.

Phibro, which makes most of its money through oil and natural gas trades, earned an average $371 million annually during the past five years. Citigroup sold it for about $250 million, which means Occidental could recoup its investment in less than a year.

A Citigroup official with knowledge of the deal said the bank wanted to dispose of Phibro by the end of the year.

The official, who spoke on condition of anonymity because she wasn't authorized to discuss the deal publicly, said Citigroup considered Phibro a "political hot potato" that would hurt the company despite its financial success. [Read More]
READ MORE - Citigroup dumps Phibro, avoids showdown with U.S.

Monsanto a focus of U.S. antitrust investigation

ST. LOUIS — The Justice Department is investigating whether Monsanto violated antitrust rules in trying to expand its dominance of the market for genetically engineered crops, the company says.

Monsanto (MON) has provided interviews and documents to the Justice Department over the past two months, company spokesman Lee Quarles said. He said the department has questioned Monsanto about its marketing tactics in the biotech seed industry, which have become a target of criticism.

Quarles said Monsanto has done nothing illegal and is cooperating with the investigation.

"We definitely stand behind our business," he said.

The department's investigation of Monsanto is part of a previously announced inquiry into consolidation in the seed industry. The department is looking into Monsanto's licensing agreements with seed companies. [Read More]
READ MORE - Monsanto a focus of U.S. antitrust investigation

Sunday, October 11, 2009

Study: Half of U.S. kids assaulted each year

More than 60% of youngsters had either direct or indirect exposure to violence within the past year, according to a U.S. government survey that looked at past-year and lifetime exposure to violence among children aged 17 and younger.

The survey also found that:

— Nearly half the children surveyed were assaulted at least once in the past year, and more than one in 10 were injured as a result.
— Nearly one-quarter of the children were the victim of a robbery, vandalism or theft.

— About 10% were victims of maltreatment (including physical and emotional abuse, neglect or a family abduction), and one in 16 were victimized sexually. (Read More)
READ MORE - Study: Half of U.S. kids assaulted each year

Obama 'don't ask, don't tell' pledge questioned

WASHINGTON (AP) — President Barack Obama restated his campaign pledge to allow gay men and women to serve openly in the U.S. military, but left many in his audience of activists wondering when he would make good on the promise.

"I will end 'don't ask-don't tell,"' Obama said Saturday night to a standing ovation from the crowd of about 3,000 at the annual dinner of the Human Rights Campaign, a gay civil rights advocacy group. (Read More)
READ MORE - Obama 'don't ask, don't tell' pledge questioned

Should U.S. automakers just pack up and move to China?

Should U.S. automakers just pack up and move to China? The idea isn't so far fetched.

In the U.S. sales have perked up a bit, but remain deeply depressed. Even if they were better, competition is fierce, it's hard to make profits on the smaller cars and SUVs now in demand and no one feels any particular pressure to buy a new car. They can just keep patching up the old one.

In China, and for that matter, India, the picture is more akin to the U.S. at the turn of the 20th century. Families are buying their first or second cars. They won't wait to buy because they don't have an existing model to turn in. It's a gold rush. Sure, there are plenty of Chinese makers -- indeed, U.S. and European makers are required to partner with a Chinese firm -- but the domestic makers still haven't totally nailed the quality equation. Quality? That means a shiny new Buick. (Read More)
READ MORE - Should U.S. automakers just pack up and move to China?

Thursday, October 8, 2009

US 'needs fresh Afghan strategy'

A top US general in Afghanistan has called for a revised military strategy, suggesting the current one is failing.

In a strategic assessment, Gen Stanley McChrystal said that, while the Afghan situation was serious, success was still achievable.

The report has not yet been published, but sources say Gen McChrystal sees protecting the Afghan people against the Taliban as the top priority.

The report does not carry a direct call for increasing troop numbers.

"The situation in Afghanistan is serious, but success is achievable and demands a revised implementation strategy, commitment and resolve, and increased unity of effort," Gen McChrystal said in the assessment.

Copies of the document have been sent to Nato Secretary General Anders Fogh Rasmussen and US Defence Secretary Robert Gates. (Read More)
READ MORE - US 'needs fresh Afghan strategy'

Thursday, September 24, 2009

Obama: U.N. must act to prevent nuclear attack

President Obama called the United Nations Security Council to order today and issued a grave warning: The prospect of a nuclear attack on a major city.

"Just one nuclear weapon exploded in a city -- be it New York or Moscow, Tokyo or Beijing, London or Paris -- could kill hundreds of thousands of people, and it would badly destabilize our security, our economies and our very way of life," Obama said.

The first U.S. president to chair a U.N. Security Council meeting, Obama added that "the United Nations has a pivotal role to play in preventing this crisis."

Over the next 12 months, Obama said, he will work with Russia on a new nuclear cuts and work for global agreements to reduce production of fissile material...(Read More)
READ MORE - Obama: U.N. must act to prevent nuclear attack

Saturday, August 8, 2009

NYC mayor: Plane, chopper crash 'not survivable'

NEW YORK — A tour helicopter carrying Italian tourists collided with a small plane Saturday over the Hudson River, and authorities believed all nine people aboard the two aircraft were killed.

The accident, which New York City Mayor Michael Bloomberg called "not survivable," scattered debris into the river and onto the Hoboken, N.J., waterfront. It happened just after noon between Manhattan and Hoboken on a crystal clear summer day.

Two bodies were recovered in the water, one floating free and one in the wreckage. Other bodies have been spotted in the debris. The crash victims included five Italian tourists and a pilot on the helicopter and the three people on the plane, including a child, Bloomberg said.

"This is not going to have a happy ending," Bloomberg said. He said he thought it fair to say "this has changed from a rescue to a recovery mission."

The plane, a Piper PA-32, took off from Teterboro Airport in New Jersey, and the helicopter was a Eurocopter AS 350 owned by Liberty Helicopters, a sightseeing and charter company, the Federal Aviation Administration said. Liberty offers sightseeing and helicopter charter flights in the New York City region.

The mid-air collision was the fifth crash involving Liberty Helicopters since 2001, according to National Transportation Safety Board accident reports. No one was seriously hurt in any of the previous accidents. The company has had more accidents on sightseeing flights than any of its competitors, NTSB records show.

The plane was headed to Ocean City, N.J., FAA spokesman Jim Peters said. The helicopter had just taken off from a heliport on Manhattan's West side.

People who saw the crash and its aftermath described the two aircrafts colliding not far from the Hoboken shoreline, and said the impact sheared off the plane's wing.

"There was a loud pop, almost like a car backfire," said Buzz Nahas, who saw the crash from Hoboken. "The helicopter dropped like a rock."

Katie Tanski, of Hoboken, heard the noise of the collision, looked up and saw chaos in the air.

"We saw the helicopter propellers fly all over," she said. Some pieces of the wreckage fell on land, sending Tanski and others scurrying for cover.

Seven months ago, the same river was the scene of a spectacular aircraft accident that resulted in no loss of life. In January, a US Airways flight taking off from LaGuardia Airport slammed into a flock of birds and lost power in both engines. The plane crash-landed in the Hudson River, and all 155 people on board were pulled to safety.

A person who answered the phone at a Liberty Helicopters office declined to comment on the accident, but said the company would be releasing a statement.

The company runs sightseeing excursions around the Statue of Liberty, Ellis Island and Manhattan at costs ranging from $130 to about $1,000. The firm's website had flights of various lengths. The longest flight, lasting 22-25 minutes, is called "Romance Over Manhattan," said the website.

A Liberty helicopter struck another chopper while attempting to take off from a heliport at West 30th Street in New York, N.Y., on March 22, 2008. None of the four passengers or the pilot were injured on the sightseeing flight.

In another accident, a Liberty helicopter crashed Sept. 19, 2008, in Linden, N.J., during a training flight. Neither pilot was injured, the NTSB said.

In one case on July 7, 2007, a Liberty Eurocopter EC130B4 lost power over the Hudson River and made an emergency landing in the water. The pilot and all seven passengers, who were wearing inflatable life vests around their waists, escaped without injury, the NTSB said.

The NTSB has not yet concluded what caused the accident.

On June 14, 2001, a Liberty helicopter struck trees in darkness and fog in Hopewell, N.J., the NTSB said. The safety board found that the pilot was at fault for continuing the flight into poor weather. The pilot and six passengers aboard the charter flight received minor injuries.

Contributing: Alan Levin, USA TODAY, in Washington; Associated Press

READ MORE - NYC mayor: Plane, chopper crash 'not survivable'

Wednesday, August 5, 2009

Some short-term credit union loan rates may be high

You need money, and you need it fast. You've already pawned your saxophone. Friends with money won't return your calls.

One option is to get a payday loan, a short-term loan against your next paycheck. Payday lenders typically don't require a credit check, making them an easy source of quick cash. But annual interest on these loans often runs as high as 400%, and many borrowers who use payday loans to meet a short-term cash crunch end up with long-term debt.

An alternative is a loan from your credit union. In recent years, many credit unions have launched short-term loans for their members. The products were created in response to concerns that many low-income credit union members were relying heavily on payday loans.

Ideally, a credit union loan should offer a low-cost alternative to a payday loan, and many do. But before you sign up, scrutinize the details. Some credit union loans "are only marginally cheaper than traditional payday loans," says Lauren Saunders, an attorney with the National Consumer Law Center. Other credit unions have lent their names to third parties that are offering payday loans, the NCLC says.

The NCLC cited several examples of what it believes are high-cost credit union loans, including:

•Kinecta Federal Credit Union in Manhattan Beach, Calif., claims to offer short-term loans with a 15% annual percentage rate, but charges fees that raise the effective APR to 275%, the NCLC says.

In an e-mail, Kinecta spokeswoman Laura Oberhelman said the credit union's loan is competitively priced and in compliance with federal regulations governing such loans. In many cases, Oberhelman said, a short-term loan is less costly than paying overdraft fees on a checking account or re-establishing service with a utilities provider.

Kinecta also offers borrowers a free savings account in an effort to wean them from payday lending, Oberhelman said.

•The GoodMoney loan developed by Prospera Credit Union of Appleton, Wis., charges a fee of $9.90 per $100 for a 14-day loan, which works out to an annual APR of 252%, the NCLC said.

The GoodMoney loan differs from traditional payday loans because borrowers who can't repay the balance in two weeks can work out a plan to stretch out the payments, says Prospera CEO Ken Eiden. "Maybe you pay $500 over 10 weeks instead of the usual one or two weeks," he says. That program, he says, keeps customers from falling into a cycle of debt and teaches them how to manage money.

If you need money, and your credit union offers a short-term loan, here are some things you should consider:

The loan terms. Most payday lenders require borrowers to repay the entire balance, plus fees, when they receive their paycheck. That's a problem, because most borrowers can't repay the entire balance in such a short time, says Lois Kitsch, program director for the National Credit Union Foundation, the charitable arm of the credit union industry. Borrowers often roll the balance into a new payday loan.

Kitsch says consumers should be wary of loans requiring them to repay the balance within a short period. Many credit unions give members 30, 60 or even 90 days to repay loans, she says. Virtually all credit unions that offer short-term loans prohibit rollovers, according to the NCUF.

You should also determine whether your credit union will let you make installment payments if you can't pay the balance by the due date. The NCLC recommends that credit unions give borrowers this option to protect them from rollovers and multiple application fees.

The loan cost. Some credit unions claim that they charge 0% interest on their short-term loans. However, application and other fees can push the effective APR into the triple digits, according to the NCLC, which has recommended capping the annual interest rate for payday loan alternatives at 36%, including fees.

Savings features. Some credit unions tie their payday loan alternatives to financial education programs in an effort to help members stay out of debt, Kitsch says. For example, many credit unions that offer payday alternatives require borrowers to deposit 5% to 10% of their payments in a savings account, she says. Their hope is that eventually, you'll have enough money put aside to cover emergencies, eliminating the need for a loan from your credit union, Eddie's EZ Cash or friends who'll return your calls.

READ MORE - Some short-term credit union loan rates may be high

Frugal folk can raise strategy shields as credit card fees jump

Americans have a complex relationship with credit cards.

They love the convenience of plastic, especially if they need to rent a car or bail an errant relative out of jail. But they detest many credit card company practices, such as raising interest rates for no reason, lowering credit limits or slapping on hefty fees.

These practices have increased in recent weeks as credit card issuers prepare for a series of reforms that will take effect in February. Among other things, the new law will limit when issuers can raise rates on existing debt. In the interim, many issuers are raising rates and fees for some of their customers. Some tips on how to cope:

If you're carrying a balance:

FIND MORE STORIES IN: Curtis Arnold

Do the math before transferring your balance to a low-rate card. Several card issuers are still offering a low introductory interest rate for customers who transfer their balances. But they've also raised their balance-transfer fees, which will eat into the amount you save. For example, Chase plans to raise the maximum balance transfer fee on some of its credit cards to 5% from 3%.

Some credit card issuers cap the maximum amount they'll charge customers to transfer their balances. USAA, for example, caps the fee at $75, according to Bankrate.com's 2009 credit card survey.

But many others don't cap balance-transfer fees, which can lead to substantial charges for customers who transfer large balances, says Ellen Cannon, managing editor for Bankrate.com.

Depending on the size of your balance, "There are still scenarios where balance-transfer deals can work for you," says Curtis Arnold, founder of CardRatings.com. Some credit card issuers are still offering a 0%, 12-month introductory rate, but you need excellent credit to qualify, he says.

Don't be afraid to negotiate. If your rate goes up, call the credit card issuer and ask for a better deal.

If you always pay on time, pay more than the minimum and have never exceeded your credit limit, there's a good chance your credit card issuer will lower your rate, Cannon says. "They don't want to lose their good customers."

If you don't carry a balance:

The easiest way to avoid higher interest rates is to pay off your balance every month. But even customers who don't carry a balance are vulnerable to stealth fees, according to Bankrate.com. What to watch out for:

Fees for exceeding your card limit. Many credit card issuers have lowered customers' available credit, increasing the likelihood that you'll inadvertently exceed the limit.

Over-limit fees range from $15 to $39, with some issuers tying the amount of the fee to the amount by which you exceed your limit. Starting in February, banks will be required to get customers' permission before allowing them to make purchases that exceed their limits.

In the meantime, the best way to avoid triggering over-limit fees is to set up online accounts for your credit cards and review them every day, says Adam Levin, founder of Credit.com.

Reviewing your accounts, he says, "brings you face to face, sometimes unpleasantly, with how much you're spending and what you're buying, and how close you might be coming to that magic credit limit line for that particular card." It's also a good way to protect yourself against identity theft.

Different grace periods. Read the fine print on your credit card statement to find out how much time you've got to pay your bill before triggering finance charges and late fees. In the Bankrate.com survey, grace periods ranged from 20 to 25 days.

Even paying a day late could trigger fees of up to $39, according to Bankrate.com. Want to avoid late fees by making a payment by phone? If you talk to a human being, most issuers will charge you about $15, Bankrate found.

Watch your mail

You probably get a lot of mail marked "very important" that turns out to be junk. But if you receive official-looking notices from your credit card issuer, open them and read them, says Ruth Susswein, deputy director of national priorities at Consumer Action, an advocacy group.

This may be the only notice you get that your interest rate is going up, or that your issuer has increased the minimum you must pay on your balance every month, she says.

Read the material carefully, "even though it's painful to look at," she says. "The smaller the print, the more important it is."

READ MORE - Frugal folk can raise strategy shields as credit card fees jump

Fed up with your bank's fees? How to move your accounts

At first, it seemed like the perfect match. Thoughtful gifts. A smile every time you walked in the door. An occasional note thanking you for, well, just being you.

But like so many romances that looked promising at first, your relationship with your bank has soured. You've been ground down by ATM fees, overdraft charges and penurious earnings on your so-called interest-bearing checking account. You're angry and you want out. But breaking up with your bank can be messy and expensive, especially if you use direct deposit, online bill payment and similar automatic services.

Because of the hassle, most consumers don't switch banks unless they move to another part of the country, says James Van Dyke, president of Javelin Strategy and Research. Every year, only about 11% of bank customers change their bank accounts, he says.

While consumers often complain about fees and services, Van Dyke says, "It takes dynamite to remove them from their bank."

However, attitudes may be changing. While the overall percentage of bank account switchers remained about the same during the first quarter, 44% cited higher fees as the reason for the change, up from 36% for the past 12 months (see box), according to a Javelin survey. Only 8% cited a move as the reason for the change, vs. 26% for the past 12 months.

The findings suggest that consumers who have long complained about fees and services "are getting up and walking away," Van Dyke says.

Banks have given them plenty of reason to leave. Average ATM and bounced-check fees continued to soar last year, according to Bankrate.com. Banks have also made it easier for consumers to overdraw their accounts with checks, ATMs and debit cards, triggering hefty overdraft fees. Meanwhile, the average interest-bearing checking account is paying less than 1%.

In this tight-fisted economy, there's no reason to pay more for banking services than necessary — especially when there are so many banks and credit unions vying for your affections. Some community banks and credit unions are offering interest rates of 4% or more on checking accounts if you meet certain requirements, such as using your debit card at least 10 times a month. You can find more information about rewards checking accounts at checkingfinder.com or bankdeals.blogspot.com.

How to orchestrate a painless breakup:

•Take advantage of "switch kits" offered by some banks and credit unions. These kits, typically available online or at bank branches, provide all the forms you need to change direct deposits and automatic payments. They also contain forms you can send to your old bank and other institutions, informing them that you're closing the account.

•Leave a cushion in your old bank account to cover outstanding checks or debits. You're probably not going to forget to change your mortgage payments, but you might overlook the monthly debit for your Netflix subscription, or the quarterly deduction for your health club dues. For that reason, it's a good idea to leave your old account open for at least three months, says Marc Hedlund, chief executive of Wesabe, an online money-management service. Every time you get an automatic payment on the old account, switch it to the new one, he says.

What you want to avoid is having payments hit your bank account after it's been closed. Some companies will send a bill that has bounced back to a collections agency, Hedlund says.

•Set up online accounts for your new and old bank and monitor them frequently. That will make it easier to determine whether your employer, mortgage lender and other businesses you deal with have switched over to your new account, says Bill Hampel, chief economist for the Credit Union National Association. You can also use your online accounts to move money between your new and old account as needed, he says.

If you have money in a savings account, Hampel adds, it's not a bad idea to deposit some of it in your old bank account temporarily, just in case there are some outstanding checks or debits you've forgotten about.

•Don't burn bridges with your old bank. Your ex may need to get in touch with you weeks, or even months after you close your account, so make sure it can find you. If you move or get a new phone number, notify your old bank in writing. Don't rely on a phone call.

READ MORE - Fed up with your bank's fees? How to move your accounts

When settling credit card debt, watch out for scams

ou snicker when you hear an ad for a pill that will vaporize belly fat. You scoff at suggestions that you can work at home and earn more money than Warren Buffett.

But when you hear about a program that promises to significantly reduce your credit card debt, you wonder: Do these debt-relief services really work?

Debt-settlement companies typically try to negotiate with credit card companies to reduce the amount you owe. Rising unemployment has led to a sharp increase in the number of consumers who are behind on their payments, creating a receptive audience for their services. But like a weight-loss product that causes you to gain 10 pounds, some of these programs could leave you even deeper in debt.

Federal and state regulators have brought a number of actions against debt-relief companies for misleading and deceptive practices.

Last week, Chase Card Services, a division of JPMorgan Chase, said it will forgive the debts of more than 13,000 credit card holders who were allegedly defrauded by a Florida-based group of debt-settlement companies.

The settlement stemmed from a lawsuit brought by Florida Attorney General Bill McCollum against the companies. The lawsuit alleged that customers were told to stop sending monthly payments to their credit card companies and send the money instead to the debt-settlement firm, which promised to reduce debts to pennies on the dollar. Instead of sending the money to credit card companies, the lawsuit alleged, the group used it to pay attorneys' and processing fees.

For some borrowers with large debts that can't be repaid within three to five years, a reputable debt settlement company may offer an alternative to bankruptcy, says Gerri Detweiler, credit adviser for Credit.com, a consumer site. Legislation enacted in 2005 has made it more difficult for some individuals to file for Chapter 7 bankruptcy, which eliminates most debts. Chapter 13 bankruptcy requires you to agree to make up to five years of court-ordered payments, and you may be required to surrender some assets.

Still, bankruptcy offers more legal protection than debt settlement: While you're filing for bankruptcy, your creditors can't file lawsuits or harass you. "I would never suggest someone go into debt settlement unless they've met with an attorney, and the attorney concurs that bankruptcy may not be the best option," Detweiler says.

If you decide to pursue debt settlement, watch out for red flags. Warning signs:

The company charges a large upfront fee. Many of the debt-relief companies targeted by federal and state regulators demanded thousands of dollars in fees and never delivered on promises. If a company gets most of its payment upfront, Detweiler says, "They don't have much incentive to do a good job for you." Ideally, fees should be tied to results.

The company claims that debt settlement won't affect your credit report. Not true. While successful debt settlement will reduce the amount you owe, "Your credit will be significantly damaged," Detweiler says. "If you're weighing bankruptcy vs. debt settlement from a credit report standpoint, there's not much difference."

The company claims it can protect you from lawsuits. "While creditors do settle debts every day, it's an adversarial process," Detweiler says. "You could be sued."

The company claims it can eliminate all of your debts. These companies provide, for a fee, a document that purports to absolve the consumer from credit card debts because the original line of credit was illegal. Consumers who fall for this scam end up with higher debts, ruined credit and calls from a collection agency.

There are low-cost alternatives to debt settlement. Call your lenders and see if they're willing to negotiate with you directly.

Another option is a non-profit credit counseling agency, says Chuck Bell, programs director for Consumers Union. A credit counselor may be able to negotiate a debt-management plan with your lenders that allows you to repay your debt over time, sometimes at a lower interest rate.

You can find a credit counselor in your area at www.debtadvice.org, the website for the National Foundation for Credit Counseling, or www.aiccca.org, the website for the Association of Independent Consumer Credit Counseling Agencies.

Ideally, Bell says, "You're going to get an independent source of advice, not somebody who is going to profit from your misfortune."

READ MORE - When settling credit card debt, watch out for scams

Earlier notice on rate hikes gives credit card users options

Here's another good reason to pay attention to mail from your credit card company: You could soon receive a notice that the interest rate on your credit card is going up. That's the bad news. The good news? Well, there isn't much, but how about this: You may actually have time to figure out what to do about it.

Within the next few weeks, credit card issuers will be required to give borrowers at least 45 days' notice before making a significant change in their interest rates or fees. The heads-up requirement is included in a credit card reform bill President Obama signed in May. Most provisions in the Credit Card Accountability, Responsibility and Disclosure Act don't take effect until next year, but the advance-notice requirement kicks in on Aug. 20. Previously, credit card issuers could raise rates with just 15 days' notice.

There are some exceptions to this requirement. If your card's interest rate is tied to the prime rate or similar benchmark and that benchmark changes, your issuer doesn't have to give you advance notice, says Ben Woolsey, director of marketing and consumer research for CreditCards.com. However, Woolsey says, issuers will be required to give you 45 days' notice if they increase the margin, which is the amount added to the benchmark index to calculate your annual percentage rate.

In the past, consumers have complained that by the time they learned about a rate increase, they didn't have time to do anything about it, says Gerri Detweiler, credit adviser for Credit.com. "This will give consumers a little longer to sort out their options if they get a notice of a change in terms," she says.

Your best bet, of course, is to pay off your balance before the rate increase. If that's not possible, you have two choices:

Repay your balance at the higher interest rate. If you have a small balance and the rate increase is modest, this may not cost you much. And if you have other credit cards with lower rates, you can use them for future purchases.

Many borrowers, though, aren't dealing with modest increases. While the law requires issuers to notify borrowers of a rate increase, it doesn't cap the amount. And in advance of more stringent rules that will take effect next year, many credit card issuers are imposing significant increases in borrowers' rates.

Opt out of the rate increase. The law requires issuers to give borrowers the option of paying off their existing balance at the old rate. Typically, once the balance is paid off, your credit card issuer will close your account, says Curtis Arnold, founder of CardRatings.com.

Since you're probably already ticked off at your credit card issuer for jacking up your rate, opting out and parting ways may seem like a sensible and satisfying choice. But before you head down this path, it's important to understand how it could affect your credit score, Arnold says.

One of the factors used to calculate your credit score is what's known as the "credit utilization ratio," which is based on the amount of credit you have outstanding as a percentage of your total available credit. For example, if you have $10,000 in available credit and owe $2,000, your credit utilization ratio is 20%. Keeping your utilization rate low helps your score.

When you close a credit card account — or your issuer closes it for you — the amount of your total available credit shrinks, which could lead to a higher utilization rate, says Craig Watts, spokesman for Fair Isaac, developer of the widely used FICO score.

Watts adds, however, that the impact of closing an account varies, depending on the individual. If you have low balances on your other cards, closing one account isn't going to shift your utilization rate enough to affect your score, he says. If you have a lot of outstanding debt, though, closing one account could change your utilization ratio enough to lower your credit score, he says.

Before deciding whether to opt out or stay in, get out a calculator and figure out how much the new interest rate will affect your monthly payments. If you're trying to make ends meet and face a big increase in your monthly payments, you should seriously consider opting out, says Bill Hardekopf, chief executive of LowCards.com.

Once you've paid off your balance, you can focus on rebuilding your credit score, Watts says. If you're having trouble making your monthly payments, "deal with that situation first," he says. "You can always improve your credit score over time after you take care of current priorities."

READ MORE - Earlier notice on rate hikes gives credit card users options

Saturday, May 30, 2009

Prince Harry: New York trip has been 'fantastic'

As Britain's Prince Harry neared the end of his second and final day in New York City on Saturday, he described his experiences as "fantastic."

The 24-year-old visited the Harlem Children's Zone, a nonprofit organization that offers free programs and classes in a low-income area, then went to Governors Island in New York Harbor to play in the Veuve Clicquot Manhattan Polo Classic.

Profits from the match will benefit Sentebale, a charity for orphans in Lesotho, Africa, a cause Harry's mother, Princess Diana, had promoted. The prince was accompanied by Prince Seeiso of Lesotho, who also lost his mother when he was young.

The men toured the Children's Zone with founder Geoffrey Canada, and spent time in a classroom where some students were studying for a math test. A 10-year-old girl sitting at a desk covered with drawing paper and colored markers gave Harry a picture.

"Is this for me?" Harry asked as he accepted it. Pointing to the desk and pens, he then asked, "You find yourself very lucky to have all this?" When she nodded, he replied "Good."

A young boy gave Harry a bowl containing a dish he had prepared, and the prince ate it while the child sounded off the ingredients. Throughout the classroom visit, the prince smiled and chatted easily with students.

Cheering people lined the street as Harry entered the building. As he left, reporters shouted questions.

Asked how he liked his first official visit overseas and meeting the children, the prince responded, "It's been fantastic -- really, really worthwhile."

"It's my first visit to New York. I'm hopeful I'll come back to visit again."

He also was asked whether he thought his appearances would change any image the public might have of him, apparently referring to some of his wild exploits ways when he was younger.

Those incidents included a one-day stint in drug rehab in 2002 and accusations of racism in January.

"I don't know what the image is of me. There is always the image that's been given to me, but people have their own opinions, it's the media that likes to stamp on the image which isn't really me."

On Friday, the youngest son of Princess Diana offered his condolences to September 11 victims at the former site of the World Trade Center. The prince met New York Gov. David Paterson and briefly spoke with family members of 9/11 victims. The prince then laid a wreath at the site and bowed his head in a moment of silence.

He left a handwritten note tacked to the wreath, citing an "the courage shown by the people" of New York on September 11, 2001.

Harry later paid tribute to his fellow citizens at Lower Manhattan's British Garden at Hanover Square, where he honored the 67 British victims of the September 11 attacks, officials said.

The third in line for the British crown, Harry is active in the British Army. He received a promotion to lieutenant in April 2008 and is currently training for an Army Air Corps pilot position, according to the prince's Web site.
READ MORE - Prince Harry: New York trip has been 'fantastic'

Pillow Saves Girl, 8, From Bullet

Police are investigating a shooting outside a Moore home where a bullet narrowly missed hitting an 8-year-old girl while she slept in her bed.

The bullet came through a window, shattered the glass and woke up the girl and her parents. They didn't find the bullet hole until the next morning.

"It was this small hole in the blinds, that stuck out at first," said the girl's stepmother, who asked to be identified only as "Jennifer". "I thought, 'What else could go through that and cause such a big hole?'

"The much larger hole in the window indicated that someone had fired a shot into her 8-year-old daughter's bedroom.

The bullet seemed to have disappeared until Jennifer's stepdaughter noticed a mark on her pillow."

The front of the pillow had a hole. The back of it didn't," she said. "I dug around and it was deep in there.

"The bullet had landed inside the pillow that was just inches away from her stepdaughter.

"It landed between her legs," Jennifer said. "There was a pillow at the bottom of the bed between her legs and it landed in that pillow.

"She said she thinks the shot may have come from an open field behind her home. Police said there's no way to know for sure.

"It was somebody just messing around, doing something for fun, shooting at a target," she said. "The bullet is going to go somewhere, and it could be into a person.

"Police said they got a call of shots being fired in that area early in the morning but didn't find anything when they arrived. Officers said they currently have no leads about who may have fired the shots.
READ MORE - Pillow Saves Girl, 8, From Bullet

U.S. vows to keep using 'state secrets' defense

The Obama administration has informed a federal judge it will continue to invoke the "state secrets" privilege in a legal battle with an Islamic charity suspected of funding terrorism.

The United States has designated the Oregon-based al-Haramain Islamic Foundation as a terrorist organization. The group, which has sued the government over alleged warrantless wiretapping, is demanding classified information about the program.

U.S. officials have refused to tell the charity's lawyers whether the group was subjected to presidentially authorized, warrantless, foreign intelligence surveillance in 2004 and, if so, what information was obtained.

In a court document filed overnight in San Francisco and released early Saturday in Washington, the Justice Department said its case-by-case review of the government's use of the state secrets defense has not changed its position in the al-Haramain case.

The defense allows courts to block lawsuits against the government on grounds that the litigation could harm national security.

"An additional review was conducted at the highest levels of the Department of Justice to determine whether continued invocation of the privilege was warranted," the government told the court.

"Based on that review, it is the government's position that disclosure of classified information ... would create intolerable risks to national security."

The Obama administration has criticized President Bush's Justice Department for invoking the state secrets defense too quickly.

Attorney General Eric Holder has ordered a review to determine whether the government's use of the state secrets privilege can be sharply narrowed. The government brief, however, reveals the legal tool will continue to be used despite strong objections from civil liberties groups and their political allies.

"The government does not take this position lightly," Justice Department lawyers told Judge Vaughn Walker, who has been unsympathetic to the government stance.

"An assertion of the state secrets privilege to preclude further litigation is an extremely significant step that requires in-depth consideration and debate at the highest levels of our government," the Justice document says.

All sides acknowledge the importance of the case.

"The government recognizes that the underlying dispute in this case raises the fundamental separation of powers question concerning whether the court has the ultimate authority under the Foreign Intelligence Surveillance Act (FISA) to order the disclosure of state secrets to a private party over the government's objections," according to the justice filing.

The immediate issue is Walker's May 22 order to show cause as to why the government should not be sanctioned for "failing to obey the court's orders" to turn over classified information.

The government insists it has not yet received a direct court order to do that, and has only refrained from "agreeing" to do so. The government vowed a swift appeal once it receives such an order.

The Obama administration argument concludes with a direct challenge to the judge "to recognize that the imposition of discovery sanctions is not a lawful, appropriate, or productive alternative."

In 2007 the 9th Circuit Court of Appeals overturned a ruling by Walker in the same case in which he had rejected the government's state secrets privilege. The ruling, however, left unanswered whether the FISA law could preempt the state secrets privilege, so al-Haramain went back to court to continue the fight on that issue.
READ MORE - U.S. vows to keep using 'state secrets' defense

Hired! New Job, New State, New Start

The 2.3 million college grads in the class of 2009 are finding that starting a career in the current economic climate will require some sacrifice.

While 73% of recent graduates worry about finding work after graduation, 50% say they have already changed or plan to change their career path, according to the State of the Student Survey released recently by DeVry University.

But putting long-term goals on hold and taking a "bridge job" don't have to derail a grad's ambitions.

Shalyn Pugh, 21, was living in Vancouver, Washington, and working as an Americorp volunteer during her last year of college at Washington State University. With a degree in public affairs and environmental science, Pugh planned on a career in environmental education and outreach.

"I was set to graduate early. I thought that was a good thing. Having worked as a research assistant and an Americorps volunteer in Clark County, just north of Portland, Oregon, I figured finding a job in the non-profit world would be a snap," she said.

But after 8 months of searching, Pugh didn't land a single interview.

"It was a stalemate," she said.


With no leads and news of her sister's pregnancy, Pugh decided it was time for a change. She moved to Bend, Oregon, to be closer to her sister and brother-in-law. That's when her brother-in-law told her about a position at his company, G5 Search Marketing.

Although the position as a Web QA specialist was a far cry from what Pugh had intended on doing, it was a full-time job with benefits -- and it was available.

"After a couple rounds, I was on the team," she said. Now, "here I am, three hours from where I was job hunting, in a different industry than I intended."

Pugh also discovered that she loves her new job testing formatting and design changes for G5 clients as well as her place in Bend, which she shares with her dog, Lulu.

Eventually she plans to resume her pursuit of a career in environmental law or science, but for the time being Pugh is learning about HTML coding, search engine optimization and how to build web pages.

"I believe the skills I'm gaining now will be more than useful in the future regardless of the industry I'm working in," she says.

For now, her sights are set on the impending arrival of her niece or nephew, due any day.

Compromise is O.K.

For other job seekers trying to stay afloat in the worst job market in 25 years, our career experts agree that finding a job for the interim is a good idea -- even if it is outside your desired industry and region.

"Do what you need to do to satisfy your needs today," said Gerry Crispin, co-owner of Careerxroads, a consulting firm based in New Jersey.

According to Ford Myers, president of Career Potential, LLC, a Pennsylvania-based career consulting firm, there are times when it is appropriate to get what he calls a "bridge job," when the opportunity you want may be out of reach.

"You've got to do something temporary until you can find the opportunity that you're really looking for," Myers said.

That's not always a bad thing. As in Pugh's case, sometimes trying different fields can uncover a new interest, or develop a valuable skill. "It may seem like a detour," said Kathy Robinson, the founder of TurningPoint, a career consulting firm in greater Boston, but "she's learning a skill set that may apply to the environmental field down the road."

"The important thing is to never lose sight of your real career goals," Myers added.

To that end, Crispin recommends that job seekers stay connected to their career of choice by joining professional associations, tracking colleagues in that industry and building a network of contacts.

"If you can't meet your dream today, then decide what it is you can do without necessarily giving up your dream forever," Crispin said
READ MORE - Hired! New Job, New State, New Start

American Dream Slipping Away

There was a time, not very long ago, when getting a job on the production line at a big automaker meant an instant ticket to the American dream, even for someone with little formal education. Not anymore.

"The minute you signed the paper, you were instantly vaulted into the middle class," said Mike Smith, director of Wayne State University's Walter P. Reuther Library in Detroit, named for the founder of the United Auto Workers, the union that represents auto workers.

A shrinking paycheck. As the auto industry undergoes a sea change, the government has demanded that Chrysler and General Motors (GM, Fortune 500) bring their labor costs in line with foreign competitors operating non-union factories in the U.S.

Today, an entry-level autoworker in a "non-core" position will make $14 an hour, compared to the $28-an-hour "base rate" others make, according to a summary of Chrysler's contract agreement.

Workers' benefits have also taken a hit.

"Workers coming in will have good benefits and a good wages but not necessarily what they were 20 or 30 years ago," said Smith.

Anemic health care. New UAW employees will pay a much larger portion of their health care expenses and once they retire, carmakers won't pay for it, according to information from the Center for Automotive Research.

Fewer medical procedures and drugs will be covered and, under new agreements, Chrysler and GM retireees won't have dental and vision care covered.

Eroding unemployment benefits. As GM and Chrysler restructure, the UAW has agreed to give up salary protections that had cushioned laid off autoworkers... [Read More]

READ MORE - American Dream Slipping Away

Friday, May 29, 2009

How much cash should you have in your portfolio?

When the markets began to tank last fall, investors fled to cash and cash-like investments. No one cared if yields were paltry. The return of principal rather than the return on principal was the biggest priority.

The result today is that you may hold more cash in your portfolio than during the years leading up to the bear market. According to a recent survey of 401(k) plans by Hewitt Associates, investors added 11% to stable-value funds in 2008. (Stable value funds invest in short-term bonds that carry an insurance “wrapper.”)

But with the immediate crisis out of the way (let’s hope), how much cash do you need going forward?

Steven Romick, manager of FPA Crescent Fund, recently stopped by Money’s offices. He says FPA Crescent, which invests in both bonds and stocks, currently has little more than 20% allocated to cash, down from roughly 40% back in September. Romick’s shift makes sense from a long-term perspective. Consider: Today, the average rate on bank money market accounts is only 1.33%, according to Bankrate.com. Factor in inflation, and cash doesn’t give your portfolio the growth it needs.

But Romick also says this: “The idea that you’re invested at all times [in say, equities] presupposes there is no better deal coming down the road.” In other words, cash gives you flexibility, which you need if you want to be able to pounce on investment opportunities as they arise.

So how much cash should you have ? As always, you’ll have to consider your goals, time horizon and risk tolerance. You’ll also want to look at how much cash is held in the mutual funds you own. Many fund managers, such as Romick, loaded up on greenbacks last year.

If you need to scale back and build up say, your equity or bond allocation, make the shift gradually. And promise yourself you won’t abandon cash altogether during the next market boom.

Finally, remember that separate from your portfolio, you also want emergency savings to cover at least six months of living costs. That money should be kept in a safe, liquid spot, such as a bank savings account.

READ MORE - How much cash should you have in your portfolio?

Are U.S. bonds really a safe haven?

It looked like a no-brainer. With a flight to quality last year pushing up U.S. Treasury bond prices and risky loans looking like losses waiting to happen, U.S. banks ploughed money into government bonds. And until about mid-May, when prices of 10-year securities topped 100 cents on the dollar, that looked like a good bet. Now, however, this safe haven isn't looking quite so secure.

A rebound in risk appetite and worries about Uncle Sam's credit rating has drained some air from the Treasury market bubble. A 10-year bond now fetches only a little over 95 cents on the dollar. That may not seem like much of a drop, but if you think of banks leveraging up their positions, it could result in some nasty losses.

How much so? Well, American depository institutions hold some $581 billion in various types of government obligations on reserve with the central bank, according to Federal Reserve statistics.

Of course, the cost of funding these positions has also plummeted. The London interbank offered rate (Libor) for three-month dollar borrowings is now a mere two-thirds of a percent. And a steeper yield curve is a boon for banks looking to earn their way out of trouble through fat net interest margins.

But one could argue that Libor is being artificially depressed by the U.S. government's interventions to prop up bank credit. Should they withdraw those measures -- say, by pulling its borrowing guarantees, its liberal discount window collateral requirements or other programmes -- Libor could easily rise to a level appropriate for the industry's average single-A to double-A credit. That was over 5% in 2006, for example.

Should that happen, and longer rates also struggle higher, banks run the risk of losing money on their hordes of Treasurys, just when their plummeting prices make them hardest to unload. If so, this port in the storm could turn out to be quite choppy.
READ MORE - Are U.S. bonds really a safe haven?

More U.S. airports add rail service to downtown

Riding the rails between downtown and the airport is becoming a reality for more U.S. travelers.

With their roadways jammed with cars and shuttles, a growing number of domestic airports are building or have plans for a rail link that will connect passengers from the terminals to regional metro-rail systems, allowing road warriors and vacationers to ditch their cars.

"There is a consensus building that this is a desirable piece of overall strategy to deal with ground transportation challenges," says Matthew Coogan, director of New England Transportation Institute who has written extensively about the subject.

Direct rail connections to Seattle-Tacoma and Dallas Love Field are expected to open later this year. Other large airports with an approved rail project that will be completed in the next few years: Salt Lake City, Phoenix Sky Harbor, Miami, Dallas/Fort Worth and Oakland.

Several other airports, including Denver, Washington Dulles and Los Angeles, have similar plans, but their projects are years from completion.

Airport rail links have long been popular in Europe and Asia. But only eight of the 20 largest U.S. airports, based on 2008 boardings, have rail service that drops passengers off within walking distance of the terminals: Atlanta, Chicago O'Hare, New YorkJohn F. Kennedy, San Francisco, Newark, Minneapolis, Boston and Philadelphia.

But a confluence of operational and economic factors have pushed the airport rail agenda forward in recent years despite opposition from taxi and bus proponents and fiscally conservative lawmakers.

With air traffic rising rapidly in recent years, airports are learning that simply building more parking lots and enlarging roadways aren't sustainable practices, Coogan says. Many U.S. airports have also embraced the green movement, budgeting more for programs that reduce their carbon footprint.

Greater availability of federal funding sources for airport rail is helping the cause. After a rigorous application process, Phoenix Sky Harbor persuaded the Federal Aviation Administration to let it use the passenger facility charge — a fee added to air tickets — to partially fund its rail project. Oakland received $70 million for its rail project from the federal economic stimulus package this year.

Popular rail services

Experts cite Washington, D.C.'s metro service to Washington Reagan National, Bay Area Rapid Transit's (BART) connection to San Francisco International and New York JFK's 8-mile AirTrain that links to the local subway as the most heavily used and popular systems in the USA. They also feed into established and far-reaching regional metro systems that are easy to use for travelers who forgo rental cars. Since it opened in 2003, AirTrain ridership has grown steadily, and about 4.75 million paid to ride the JFK train in 2008, according to the Port Authority of New York & New Jersey.

"When I fly to SFO, I always take the BART from the airport to my office in downtown San Francisco, and I love it," says business traveler Marc Belsher, a health care technology consultant. "It is inexpensive, reliable, relatively fast and ultraconvenient. It is the natural choice for me, especially in this economy."

Cleveland, St. Louis and Portland, Ore., run smaller rail systems that also provide direct-to-airport service. The number of travelers using Portland Metro's service to the airport grew 7.7% in 2008, says Steve Schreiber, aviation director for Portland International.

Still, airport-rail ridership in the USA is woefully low compared with other countries, says Andrew Sharp, director general of the U.K.-based International Air Rail Organisation. In many European and Asian airports, 20% to 30% of travelers get to and from the airport using rail. In the USA, ridership typically ranges from 2% to 5%, he says.

Airports actively pursuing a rail connection have several options:

Add to existing systems.Seattle's Sound Transit, a voter-approved initiative passed in the late 1990s to create a regional light-rail system, is close to finishing its latest line. The Central Link, a 16-mile line running between downtown Seattle and Sea-Tac airport, will launch later this year. Its airport station is scheduled to open in December.

About a decade ago, Salt Lake City had no public rail. The Utah Transit Authority has since built a system that covers about 150 miles. A 5-mile downtown-to-airport connection is under construction and scheduled to open in 2012, says Michael Allegra of UTA. He expects about 6,000 riders daily when it opens.

One of the largest construction projects in the nation's capital is a 23-mile extension of the region's Metro to Washington Dulles. The new line will also serve the Tysons Corner area, Virginia's largest employment center. The completion date hasn't been determined.

•People-mover rail. Some airports have a metro station nearby but not within walking distance. To close the gap, they are looking to automated people-mover trains as a solution. Because people-movers typically run within airport grounds, airport authorities can tap funding sources that are available only for airport projects.

Phoenix Sky Harbor will use passenger facility charges to partially fund its Sky Train, a people-mover that will open in 2012 and connect to a nearby light-rail station. One airport station will contain an enclosed and air-conditioned moving walkway that will take travelers directly to the terminals.

BART this month approved funding for a 3.2-mile elevated people-mover that will connect BART's Coliseum station to Oakland International, replacing the current bus connection. It's scheduled to enter service in 2013. About 4,300 Bay Area passengers a day are expected.

Meanwhile, Miami-Dade Transit broke ground last week on a people-mover extension from the Earlington Heights station — the nearest stop to Miami International— to a ground transportation hub that's being built next to the airport. The rail link and the ground transportation hub are both expected to be completed in 2012.

Ongoing debates

Like most large construction projects, airport rail proposals face stiff headwinds. Opponents challenge funding sources and new taxes and cite preferences for cars and buses. But the central argument in most debates has centered around ridership, specifically whether airports have enough demand to justify millions in cost.

BART's connection to SFO, completed in 2003, has yet to reach BART's initial ridership forecast and is still not profitable. Prior to construction, BART projected there would be 17,800 average daily boardings to and from the airport by the year 2010. As of this month, SFO ridership was at about 11,000.

Frank Sterling and Juliet Ellis, activists in the Bay Area, also questioned BART's plans to spend $500 million for Oakland International's people-mover and its decision to charge $6 for the service vs. $3 for the current shuttle bus.

"The proposal to charge double that for the new connector might drive away customers, unless it delivers twice the value," they wrote in a recent newspaper commentary, "Can East Bay residents afford this?"

These are appropriate debates, Coogan says. Some cities are better off sticking to buses, he says. For example, LAX's FlyAway Bus, which provides non-stop rides to various neighborhoods in Southern California, is more convenient for many travelers than the metro.

For some cities, it'd be wiser to spend scarce funds for extending metro to public transportation-friendly suburbs before considering airports, Coogan adds.

"How often does a person go to work? And how often does a person go to Paris in a year?" he says.

In Seattle, where light-rail coverage is still growing, expectations are modest, with 3,000 riders a day expected at the airport station initially. "We're at the beginning. It's a step-by-step process," says Ron Lewis of Sound Transit. "But there are other neighborhoods that will be served by the line along 15 miles."

By Roger Yu, USA TODAY
READ MORE - More U.S. airports add rail service to downtown