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Thursday, September 13, 2012
RIP: iPhone 3GS [Apple]
Eurozone worries ease on German court's bailout fund ruling
Germany's Constitutional Court ruled today that the European Stability Mechanism bailout fund is legal, clearing the way for its use in bolstering the eurozone's ailing national economies.
A trader reacts under the curve of the German stock index DAX at the stock market in Frankfurt, Germany, Wednesday, Sept. 12. The top German court rejected calls to block permanent eurozone rescue fund.
Michael Probst/AP
EnlargeMarkets heaved a sigh of relief, stock prices rallied ? never before has a decision of Germany?s Constitutional Court had such an impact on the world?s economy.
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Europe?s bailout fund, the European Stability Mechanism (ESM), got the all clear today when the court in the city of Karlsruhe ruled that the ratification of the ESM treaty was in line with the German constitution. The ruling had been awaited nervously by governments and investors around the world, since a rejection of the ESM by Germany would have thrown the eurozone, already reeling from the biggest debt crisis since its creation in 1999, into even greater turmoil.
?This is a good day for Germany, and a good day for Europe,? Chancellor Angela Merkel told parliament after the ruling. ?We are sending a strong signal that we are committed to the eurozone project.?
The bailout fund with its planned volume of ?500 billion is the eurozone?s most important weapon in the fight against the sovereign debt crisis. In the past three? years Greece, Ireland, and Portugal already had to ask the EU and the International Monetary Fund (IMF) for financial support. While major eurozone economies like Spain and Italy are finding it increasingly difficult to borrow fresh money from reluctant investors, the existence of a bailout fund with a lot of ?firepower? is seen as necessary to convince financial markets and institutions around the world that the euro is here to stay.
But it is the strength of that firepower which has caused heated debate and led to the biggest case in the history of Germany?s Constitutional Court. More than 37,000 plaintiffs had asked for an injunction to stop Germany from ratifying the ESM, which has been created to replace the temporary bailout fund EFSF. They are concerned that non-elected politicians or civil servants could make far-reaching decisions on the amount that member states are paying into the fund or the way that money is being used.
These concerns seem not unfounded. Christine Lagard, director of the IMF, has in the past insisted that the bailout fund needed to be stocked up to a trillion euros in order to be effective.? Talk of such sums set alarm bells ringing in Germany.
?We do our bit to help, but the fact is that the eurozone?s bailout policies are fundamentally wrong,? says Klaus Peter Willsch, member of parliament for Chancellor Merkel?s governing Christian Democrats. He belongs to the growing number of MPs who are skeptical about Merkel?s resolve to safeguard German interests. Under the current treaty Germany would be liable for ?190 billion of the ESM?s ?500 billion.
And while the Karlsruhe court ruled that this treaty was not a violation of the German Constitution, it also stated that any expansion of the ESM?s volume or brief in the future needs to be sanctioned by the parliament in Berlin.
It is this restriction that makes people like Michael Efler feel like a winner, even if he just lost a case. Mr. Efler, spokesman for the civil rights group ?More Democracy,? is one of the 37,000 plaintiffs who brought the case, trying to stop Germany as the last eurozone member to ratify the ESM. ?We feel that more and more power is transferred from national parliaments to Europe. And even if the court today gave the OK to the bailout fund, they imposed a strong limit to the amount of power that this or any future German government can delegate to Brussels.? That, in Efler?s eyes, is a victory.
But most of all it creates a bit of calm that the eurozone desperately needs. ?The markets will be happy for a while at least,? says Ingolf Pernice, professor of constitutional law at Humboldt University in Berlin. ?It?s only one step in solving the euro debt crisis, but it?s an important one.?
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Wednesday, September 5, 2012
German Shepherd Dog - Millie - Large - Adult - Female - Dog ...
German Shepherd Dog - Millie - Large - Adult - Female - Dog
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Tuesday, September 4, 2012
Moon's magnetic umbrellas may shield future spaceships
Lunar watchers have been crying over spilt milk for decades. But now the mystery of milky splotches on the moon's surface might finally be solved: sections of soil are being protected by weak but effective magnetic bubbles.
The work could help spaceship builders devise magnetic shielding to protect astronauts on future missions from harmful radiation.
Unlike Earth, the moon has no global magnetic field to shield it from the solar wind ? the constant flow of charged particles from the sun. These particles interact with lunar soil, darkening it over thousands of years.
Match the splotch
But a closer look shows some light regions that are apparently unrelated to the local terrain and so have no obvious source.
"It very quickly became quite a mystery as to what it was," says plasma physicist Ruth Bamford of the Rutherford Appleton Laboratory in the UK.
Apollo-era missions matched the splotches to magnetic field bubbles a few hundred metres across. Some scientists thought these "mini magnetospheres" could be deflecting solar particles.
Further measurements, though, showed the fields are so weak that positively charged protons should slip right through them.
Proton rain
In the new lab test, Bamford and colleagues shot a beam of protons and electrons ? representing the solar wind ? at a small magnet. Sure enough, the charged particles parted over the magnet like rain flowing over an umbrella.
"As far as I know, this is the first time that anybody's done an actual experiment," says Georgiana Kramer of the Lunar and Planetary Institute in Houston, Texas.
The team thinks that negatively charged electrons follow the field lines of the mini-magnetospheres, while the protons initially glide through. The separation between negative and positive charges creates an electric field that is stronger than the magnetic field. This pulls the protons back so that both particles slide over the bubble.
Bamford says her team has been working on magnetic "deflector shields" for spacecraft, but critics said running them would take too much energy to be practical. By understanding the moon bubbles, researchers can potentially make an artificial system that would work at lower energies.
Journal reference: Physical Review Letters, doi.org/h8k
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Obama, on eve of convention, tours storm-hit Louisiana
LAPLACE, Louisiana (Reuters) - President Barack Obama visited Louisiana on Monday for a first-hand look at the damage from Hurricane Isaac, seeking to show his administration was on top of the relief effort on the eve of his Democrats' national convention in North Carolina.
Obama's tour was pre-empted by his Republican challenger, Mitt Romney, who diverted from the campaign trail to Louisiana on Friday to inspect the fallout from the storm a day after accepting his party's nomination for the November 6 election.
Flying into New Orleans, Obama traveled by motorcade to nearby St. John the Baptist Parish, one of the hardest-hit communities, to meet federal, state and local officials and assess the disaster response before surveying the area.
As he arrived on hot, sunny day, Obama saw evidence of the storm's fury - twisted road signs, toppled trees and pools of water beside the road.
The White House has taken pains to depict Obama as deeply engaged in the government's handling of Isaac and its aftermath. His Republican predecessor, George W. Bush, was heavily criticized for the sluggish federal response to Hurricane Katrina, which devastated New Orleans in 2005.
Being cast in the role of consoler-in-chief could have political benefits for Obama, who is locked in a tight race with Romney and will accept his party's nomination in a prime-time speech on Thursday night in Charlotte, North Carolina. The convention begins on Tuesday.
Isaac was the first hurricane to strike the United States this year, hitting New Orleans almost exactly seven years after Katrina devastated the city, causing an estimated 1,800 deaths.
But Isaac was a much weaker storm. It was blamed for six deaths in Louisiana and two in neighboring Mississippi, and both states suffered from widespread flooding.
MORE THAN 100,000 WITHOUT POWER
Even as the fading remnants of Isaac moved east, about 125,000 people remained without power in Louisiana, the governor's office said. With floodwaters not yet receded in some areas, about 2,600 people remained in emergency shelters. Obama has declared disasters in Louisiana and Mississippi.
Isaac's passage through Gulf of Mexico last week forced cancellation of one day of the Republican convention in Tampa, Florida, and took some attention away from it as the storm barreled toward landfall farther north.
Obama, staying away from the region while emergency officials were occupied with the height of the crisis, waited until Monday for his visit. He went ahead with a Labor Day rally with union workers in Ohio but freed up time in his campaign schedule by scrapping a second event in the political battleground state.
Romney, who has struggled to show that he can connect with ordinary Americans, wasted little time before detouring to the disaster zone the day after his convention.
The White House sought to play down any political implications and highlighted the fact that Louisiana's Republican governor, Bobby Jindal, accompanied both of the men.
But White House spokesman Jay Carney echoed Democrats who have pointed out that Romney's vice presidential running mate, congressional fiscal hawk, Paul Ryan, had earlier proposed sharp cuts in disaster relief spending.
"Disasters are apolitical," Carney told reporters on Air Force One. But he added, "Last year there was an effort to underfund the money that's used to provide relief to Americans when they've been hit by disasters. That effort was led by Congressman Paul Ryan."
Meantime, oil operations that had been interrupted along the Gulf Coast were slowly coming back on line.
The U.S. Energy Department said the Exxon Mobil Corp's joint-venture 192,500 barrel per day (bpd) Chalmette, Louisiana, refinery was restarting on Monday after being shut last week because of Isaac.
The Energy Department also said Exxon's 502,500 bpd Baton Rouge refinery has returned to a normal production level after reducing throughput during Isaac's approach to and passage across Louisiana.
Only Phillips 66's 247,000 bpd refinery in Alliance, Louisiana, remained shut down on Monday due to flooding and power loss from the storm, the agency said.
(Additional reporting by Ian Simpson; Writing by Matt Spetalnick; Editing by Cynthia Osterman)
Source: http://news.yahoo.com/obama-eve-convention-tours-storm-hit-louisiana-225413838.html
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C$ nudges lower ahead of central banks, jobs data
TORONTO (Reuters) - The Canadian dollar edged slightly lower against its U.S. counterpart on Tuesday as U.S. manufacturing data showed the economy of Canada's largest trading partner continues to struggle, disappointing investors ahead of several events later in the week that have the potential to move the market.
The U.S. data, which also weighed on North American stock markets, overshadowed Tuesday's election in the province of Quebec in which the separatist Parti Quebecois is expected to return to power.
The figures showed U.S. manufacturing shrank at its sharpest clip in more than three years last month, while separate data showed exports and hiring in the sector slumped.
"The data was soft. But the data pales in comparison with the rest of the week's events in (terms of) data risk," said Jack Spitz, managing director of foreign exchange at National Bank Financial.
On Wednesday, the Bank of Canada will announce its next interest rate decision, while Canada and the United States will release employment data for August on Friday.
The central bank is expected to leave interest rates unchanged, so investors are focused on whether Governor Mark Carney will change the bank's recent message that interest rates need to rise.
"I think (Carney's) going to be cognizant of the strength in Canadian dollar as being an economic headwind and ultimately his guidance, while hawkish, will likely acknowledge the strength of the Canadian dollar and that itself may mitigate some of the gains by loonie going forward," Spitz said.
LIMITED QUEBEC IMPACT
Analysts said the impact of the Quebec election was small, partly because Parti Quebecois is expected to form a minority government, which would make it more difficult for it to hold a referendum on separation from Canada.
"Surprisingly enough, very few people are talking about that ... I thought it might have more of an impact, but it seems like the market is very complacent about it," said David Bradley, director of foreign exchange trading at Scotiabank.
The Canadian dollar finished the North American session at C$0.9858 versus the U.S. dollar, or $1.0144, marginally weaker than Friday's close of C$0.9857, or $1.0145.
Earlier in the day, it touched C$0.9843, or $1.0160, matching the high of last week, which was also the strongest level since May.
Spitz said the move to that level saw more investors stepping to sell the Canadian dollar, squaring short positions against the U.S. currency.
Canada's dollar was stronger against most other major currencies on Tuesday and touched a three-month high against the Australian dollar, even though the Australian currency got a boost after the Reserve Bank of Australia gave no indication it would cut interest rates soon.
Overall, trading ranges remained tight and volatility for the currency was low. Analysts noted Canada's dollar will take its cue from key events every day for the remainder of the week.
The European Central Bank is expected to unveil steps on Thursday to deal with the region's debt crisis, including a bond-buying scheme to help lower Spanish and Italian borrowing costs.
"There are expectations -- big expectations -- in terms of what (ECB President Mario) Draghi will deliver. He appears to have telegraphed at least some of it with respect to bond buying," Spitz said. "Anything that falls short will be traded accordingly."
Canadian government bonds were firmer across the curve, with the two-year bond climbing 5 Canadian cents to yield 1.125 percent. The benchmark 10-year bond price rose 33 Canadian cents, to yield 1.740.
(Editing by Jeffrey Hodgson; Editing by Peter Galloway)
Source: http://news.yahoo.com/c-modest-retreat-soft-u-data-184844231--finance.html
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Monday, September 3, 2012
Self-proclaimed messiah, Unification Church founder Rev. Moon dies at 92
GAPYEONG, South Korea (AP) ? The Rev. Sun Myung Moon was a self-proclaimed messiah who built a global business empire. He called both North Korean leaders and American presidents his friends, but spent time in prisons in both countries. His followers around the world cherished him, while his detractors accused him of brainwashing recruits and extracting money from worshippers.
These contradictions did nothing to stop the founder of the Unification Church from turning his religious vision into a worldwide movement and a multibillion-dollar corporation stretching from the Korean Peninsula to the United States.
Moon died Monday at a church-owned hospital near his home in Gapyeong County, northeast of Seoul, two weeks after being hospitalized with pneumonia, Unification Church spokesman Ahn Ho-yeul told The Associated Press. Moon's wife and children were at his side, Ahn said. He was 92.
The church will hold a 13-day mourning period beginning Monday and start accepting mourners Thursday at a multipurpose gym at its nearby religious center, the church said in a statement. The funeral will be held Sept. 15, and Moon will be buried at nearby Cheonseung Mountain, where his home is located, the statement said.
Moon founded his Bible-based religion in Seoul in 1954, a year after the Korean War ended, saying Jesus Christ personally called on him to complete his work.
The church gained fame ? and notoriety ? by marrying thousands of followers in mass ceremonies presided over by Moon himself. The couples often came from different countries and had never met, but were matched up by Moon in a bid to build a multicultural religious world.
Today, the Unification Church has 3 million followers, including 100,000 members in the U.S., and has sent missionaries to 194 countries, Ahn said. But ex-members and critics say the figure is actually no more than 100,000 members worldwide.
The church's holdings included the Washington Times newspaper; Connecticut's Bridgeport University; the New Yorker Hotel, a midtown Manhattan art deco landmark, and a seafood distribution firm that supplies sushi to Japanese restaurants across the U.S. It acquired a ski resort, a professional football team and other businesses in South Korea. It also operates a foreign-owned luxury hotel in North Korea and jointly operates a fledgling North Korean automaker.
The church has been accused of using devious recruitment tactics and duping followers out of money. Parents of followers in the United States and elsewhere have expressed worries that their children were brainwashed into joining. The church has pointed out that many new religious movements faced similar accusations in their early years. Moon's followers were often called "Moonies," a term many found pejorative.
Born in 1920 in a rural part of what is today North Korea, Moon said he was 16 when Jesus Christ first appeared to him and told him to finish the work he had begun on Earth 2,000 years earlier. Moon, who tried to preach the gospel in the North, was imprisoned there in the late 1940s for alleged spying for South Korea; he disputed the charge.
When the Korean War broke out in 1950, he went to South Korea. After divorcing his first wife, he married Hak Ja Han Moon in 1960. They have 10 surviving sons and daughters, according to the church.
In South Korea, Moon quickly drew young acolytes to his conservative, family-oriented value system and unusual interpretation of the Bible. He conducted his first mass wedding in Seoul in the early 1960s, and the "blessing ceremonies" grew in scale over the years. A 1982 wedding at New York's Madison Square Garden ? the first outside South Korea ? drew thousands of participants.
"International and intercultural marriages are the quickest way to bring about an ideal world of peace," Moon said in a 2009 autobiography. "People should marry across national and cultural boundaries with people from countries they consider to be their enemies so that the world of peace can come that much more quickly."
Moon began building a relationship with North Korea in 1991, even meeting with the country's founder, Kim Il Sung, in the eastern North Korean port city of Hamhung. In his autobiography, Moon said he urged Kim to give up his nuclear ambitions, and that Kim responded by saying that his atomic program was for peaceful purposes and he had no intention to use it to "kill my own people."
"The two of us were able to communicate well about our shared hobbies of hunting and fishing," Moon wrote. "At one point, we each felt we had so much to say to the other that we just started talking like old friends meeting after a long separation."
When Kim died in 1994, Moon sent a condolence delegation to North Korea, drawing criticism from conservatives at home. The late Kim Jong Il, who succeeded his father as North Korean leader, sent roses, prized wild ginseng, Rolex watches and other gifts to Moon on his birthday each year. Moon said Kim Il Sung had instructed Kim Jong Il that "after I die, if there are things to discuss pertaining to North-South relations, you must always seek the advice of President Moon."
The church also sent a delegation to pay its respects after Kim Jong Il died in December and was succeeded by his son Kim Jong Un.
Moon sought and eventually developed a good relationship with conservative American leaders such as former Presidents Richard Nixon, Ronald Reagan and George H.W. Bush.
Yet he also served 13 months at a U.S. federal prison in the mid-1980s after a New York City jury convicted him of filing false tax returns. The church says the U.S. government persecuted Moon because of his growing influence and popularity with young Americans.
In later years, the church adopted a lower profile in the United States and focused on building up its businesses. Moon lived for more than 30 years in the United States, the church said.
As he grew older, Moon also handed over day-to-day control of his empire to his children. His U.S.-born youngest son, the Rev. Hyung-jin Moon, was named the church's top religious director in April 2008. Other children run the church's businesses and charitable activities in South Korea and abroad.
In 2009, Moon married 45,000 people in simultaneous ceremonies worldwide in his first large-scale mass wedding in years, the church said. Some were newlyweds and others reaffirmed past vows. He married an additional 7,000 couples in South Korea in February 2010. The ceremonies attracted media coverage but little of the controversy that dogged the church in earlier decades.
Hyung-jin Moon told The Associated Press in February 2010 that his father's offspring do not see themselves as his successors.
"Our role is not inheriting that messianic role," he said. "Our role is more of the apostles ... where we become the bridge between understanding what kind of lives (our) two parents have lived."
___
AP writer Sam Kim contributed to this story from Seoul.
Source: http://news.yahoo.com/unification-church-founder-rev-moon-dies-92-185236876.html
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