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Acacia Subsidiary Enters into Settlement Agreement with Fujitsu Semiconductor America, Inc. and Fujitsu Semiconductor Limited
NEWPORT BEACH, Calif.-- August 27, 2012 --Acacia Research Corporation (Nasdaq: ACTG) announced today that its subsidiaries including Advanced Data Access LLC and Smart Memory Solutions LLC entered into an agreement with Fujitsu Semiconductor America, Inc. and Fujitsu Semiconductor Limited. This agreement resolves patent litigation that was pending in the United States District Court for the Eastern District of Texas and patent litigation that was pending in the United States District Court for the Northern District of California.
Acacia Research Corporation's subsidiaries partner with inventors and patent owners, license the patents to corporate users, and share the revenue. Acacia Research Corporation's subsidiaries control over 200 patent portfolios, covering technologies used in a wide variety of industries.
Information about Acacia Research Corporation and its subsidiaries is available at www.acaciaresearchgroup.com and www.acaciaresearch.com.
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Choreographer Sandip Soparrkar and his wife Jesse Randhawa, who is a model by profession, called it a quit. The couple has taken time off from the relationship to figure out things. On Saturday, the estranged issu
Geeta Kapoor Blessing To Partcipant
Join Us on Facebook www.facebook.com Follow Us on Twitter twitter.com DID Li'l Masters will premiere on 28 April 2012 on Zee TV.The show will air at the weekend primetime slot of 9pm every Saturday and Sunday on Zee TV. The Grandmaster of the DID family Mithun Da will make surprise appearances on the show, showering his blessings on the kids.'For regular updates on the latest happenings in Bollywood kindly subscribe www.youtube.com/the bollywoodshow.
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text: DERIVATIVES HFT helps stabilise the market during shocks - Eurex High-frequency trading provides stability to the market during crashes, according to Eurex data aimed at disproving buy-side "misconceptions". By Paloma Migone firstname.lastname@example.com May 09, 2013 9:52 AM GMT High-frequency trading (HFT) provides stability to the market during crashes, according to Eurex data aimed at disproving buy-side "misconceptions".Randolf Roth, head of market structure for Eurex, the derivatives exchange owned by Germany's Deutsche Börse, said the main HFT misconception was that firms only operated "in good weather"."HFT firms contribute not only to liquidity but also help in severe situations to stabilise the market by continuing to run their algorithms the way they did before," he said. "That implies that they continue to provide liquidity on both sides."As stocks plunged in response to the European sovereign debt crisis in August 2011, said Roth, about 200 trading participants acted as buyers in the falling market, including HFT traders, which absorbed major sell positions.Speaking at a seminar in London, Roth said other data from periods of market volatility showed similar behaviour, while the assumed downward spiral in market values - driven by computer-based trading strategies - was not found.HFT stabilises the market through its arbitrage strategies, he said. If there is a huge order imbalance in DAX futures, HFT firms will buy those futures and sell others based on other European indices, such as SMI and Eurostoxx, for example."Those contracts may fall, but only 1-2% - nothing major. More importantly, at the same time they stabilise the imbalanced market in DAX futures because they are the ones buying at the worst time."Front runningRoth also said accusations of HFT front running trades were misleading."HFT firms have no upfront information about customer flow which they could use to front-run customers," he said, arguing that HFT firms simply observe customer orders, adjust their behaviour based on statistical models and make assumptions to identify order flow. He also suggested buy-side concerns over HFT were based on negative experiences in fragmented cash markets in which price levels move before the majority of a large order had been placed."There is this strong perception that if something bad happens to buy-side firms that must have been caused by HFT firms. These concerns could lead to a shift to use dark pools. In our view, that's not a good development," he said.HFT exodus?Eurex is bracing for regulation which will force financial institutions executing HFT in Germany to register with national regulator BaFin.MiFID currently allows firms supervised by domestic regulators to operate in other European markets under 'passport' rules. However, many UK firms, for example, may not be eligible for the passport option as they are regulated only as 'local entities'.As a result, UK firms will either have to register with BaFin, get a passport or set up a branch in Germany. Exemptions may only be granted case by case.European firms will have a transitional period of six months to register for a licence when the bill is implemented, and firms outside of Europe will have nine months. Roth said it was too early to say whether the new rules would lead to a liquidity loss for Eurex. related articles most popular most e-mailed FROM THETRADENEWS.COM Post tradeClearing houses raise margin calls on BrexitSell sideGoldman hits back at LIA over derivatives termsPost tradeStandard Life Investments' Swann rejects direct clearing TechnologyRise of the futures machinesDerivativesThomson Reuters teams up with tech firm for derivatives platformBuy sideBuy-side waiting for 'uberisation' in futures market FROM THE TRADE TVTradeweb on the evolving swaps environment FROM THETRADENEWS.COMSell sideCLSA trading COO Axelsson resignsBuy sideBuy-side boss considers recession probabilityRegulationHow will Brexit impact jobs, markets and regulation?Post tradeClearing houses raise margin calls on BrexitSell sideJP Morgan: 4,000 jobs could move due to BrexitRegulationBrexit could mean divergence with EU derivatives laws, says FIA FROM THE TRADE TVTradeweb on the evolving swaps environment FROM THETRADENEWS.COMBuy sideBBVA aiming straight for the topBuy sideEurex launches OTC clearing incentive scheme for buy-sideTrading VenuesBats sees half-day's volume in first hourRegulationBrexit could mean divergence with EU derivatives laws, says FIATrading VenuesLSEG-Deutsche Boerse merger to press on despite BrexitRegulationESMA moves to relax EC's 'phase-in' of MiFID II bond rules FROM THE TRADE TVTradeweb on the evolving swaps environment


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...P.S. I enjoy working with ESL students and recently earned a certificate in Teaching ESL!ESL tutoring is so rewarding because students are motivated to learn. I have worked with native speakers from many different countries and they all want the same thing--to understand and to be understood.
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By John Carney
Maria Sharapova is heading to Harvard Business School.
The tennis star announced on Twitter and Facebook that she is heading to Harvard Business School.
"'Not sure how this happened but Hey Harvard! Can't wait to start the program!" Ms. Sharapova wrote.
The Associated Press reports that she is enrolled in a two-week program this summer.
After Ms. Sharapova tested positive for meldonium at the Australian Open in January, the International Tennis Federation banned her from the sport for two years. She is reportedly appealing the ban.
Ms. Sharapova was the subject of a 2007 Harvard Business Review case study titled "Maria Sharapova: Marketing a Champion."
Not sure how this happened but Hey Harvard! Can't wait to start the program! 🎓📓 pic.twitter.com/EOoKYhaQli
— Maria Sharapova (@MariaSharapova) June 25, 2016
Not sure how this happened but Hey Harvard! Can't wait to start the program! 🎓📓 pic.twitter.com/EOoKYhaQli
— Maria Sharapova (@MariaSharapova) June 25, 2016
By Miriam Gottfried
One rule of thumb for public companies: don't make promises you can't keep.
ComScore learned that the hard way Tuesday. The internet analytics company said in a regulatory filing that it missed its own deadline of Monday for providing "an informed update" on an internal investigation into a message it received regarding its accounting because its audit committee and board need more time to review the findings. Shares tumbled nearly 20%.
ComScore said March 7 that the investigation by its audit committee and independent counsel into the message, received Feb. 19, would prevent it from submitting its annual securities filing. On May 11, it said it would also be unable to submit its quarterly filing but attempted to reassure investors by saying it expected to be able to offer an update on June 27.
Last August, the Wall Street Journal called attention to comScore's practice of reporting "nonmonetary revenue," which comes with no cash attached and whose fair value is based on subjective estimates. It is unclear whether the accounting matters in question are related to this.
As for its next update, comScore wisely declined to set a date.
By Nicole Friedman
NEW YORK–Natural gas prices rose Tuesday on expectations of continued strong consumption.
Futures for July delivery recently rose 8.4 cents, or 3.1%, to $2.80 a million British thermal units on the New York Mercantile Exchange. The July contract expires at settlement Tuesday. The more-actively traded August contract rose 8.5 cents, or 3.1%, to $2.826/mmBtu.
Forecasts for hot temperatures in the next two weeks are boosting expectations for robust natural-gas demand. Use of gas-powered electricity increases during hot weather as households and offices consume more air-conditioning.
"U.S. natural gas futures are climbing decidedly higher this morning as demand remains strong," said energy-consulting firm Schneider Electric in a note.
Write to Nicole Friedman at email@example.com
By Paul J. Davies
Britain is the new Greece. That isn't because of the threat it poses to European unity. It is because supporters of the campaign to leave the Union have a highly unrealistic idea of what deal they can get.
This time last year, Greece voted against a new bailout from Europe and other lenders after being told by the "No" campaign that they could reject austerity policies while staying firmly in the Eurozone.
Many Brexit supporters now think they can keep unfettered access to Europe's single market, while ending contributions to the EU budget and shutting the door on free movement of labor. But both are key conditions to access the single market. That won't change.
When Greece tried this, it was forced to buckle and accept a worse deal to stay in the euro. The U.K. isn't Greece: losing Britain as a trading partner would hurt the EU more. But Europe's won't agree a deal that upsets those who contribute widely, not least the populations of Germany and France. Brexit backers will have to buckle to stay in the club, too.
By Tess Stynes
Carnival Corp. said its earnings soared in its latest quarter as the cruise-ship company benefited from lower costs and better-than-expected revenue.
Shares rose 5% to $45.82 in recent trading as per-share earnings, excluding certain one-time items, topped expectations.
"This is shaping up to be another strong year," Chief Executive Arnold Donald said in prepared remarks Tuesday touting its recent dividend increase and the board's approval on Monday of the repurchase of an additional $1 billion shares of the company's stock.
Shares of Carnival Corp. have declined 7.6%, along with the broader travel sector, since Britain's vote to leave the European Union last week.
Carnival did project earnings for the current quarter below analysts' expectations. The company forecast per-share earnings of $1.83 to $1.87, while analysts polled by Thomson Reuters expected per-share profit of $1.98.
Carnival, which is dual-listed in the U.S. and the U.K., has benefited in recent quarters from low fuel prices, higher prices and strong bookings.
In its press release Tuesday, Carnival said bookings for the rest of the year are well ahead of the prior year at slightly higher prices. The company, which operates Carnival Cruise Lines as well as the Princess, Cunard and Holland America lines, also said that since March, bookings have been at higher prices but volumes have been running lower because there is less available inventory remaining this year.
For the period ended May 31, Carnival reported a profit of $605 million, or 80 cents a share, up from $222 million, or 29 cents a share, a year earlier. Excluding fuel-hedging impacts and other items, per-share earnings rose to 49 cents from 25 cents. The company had forecast adjusted per-share profit of 34 cents to 38 cents.
Revenue increased 3.2% to $3.7 billion; analysts had expected revenue of $3.68 billion.
Excluding currency effects, net revenue yields—a measure of revenue relative to capacity—rose 3.6%, above the company's guidance for an increase of 1.5% to 2.5%.
Excluding fuel expenses, net cruise costs decreased 1.9%, compared with estimates for an increase of between 0.5% and 1.5%. The company attributed the lower costs to a shift in the timing of expenses.
For the fiscal year ending in November, the company narrowed its per-share earnings estimate to $3.25 to $3.35 on a 3.5% increase in net revenue yields, excluding currency fluctuations. The company previously had projected per-share profit of $3.20 to $3.40 and net revenue yield growth of roughly 3%, excluding currency fluctuations.
Write to Tess Stynes at firstname.lastname@example.com
By Min Zeng
U.S. government bonds were taking a breather Tuesday following their biggest two-day price rally since 2011.
Investors had piled into haven government bonds on the heels of the U.K.'s vote to leave the European Union, or Brexit, sending the yield on the benchmark 10-year Treasury note down to near a record low. Yields fall as bond prices rise.
On Tuesday, riskier assets regained some poise after a large selloff, which allowed some investors to book profits in the bond market. The selling in the bond market was mild, a sign many investors remain cautious due to the uncertainties surrounding the political and economic fallout from Brexit.
The yield on the benchmark 10-year Treasury note was recently at 1.477%, according to Tradeweb. The yield closed at 1.461% Monday, the lowest level since July 2012, when the yield made its all-time record close low at 1.404%.
Government bond yields in Germany and the U.K. also ticked higher after falling to record lows on Monday.
Traders say investors need to brace themselves for more volatility in the financial markets.
The Brexit vote has raised concerns over the global economic growth outlook. Investors are keeping an eye on whether the U.S. economy, currently a bright spot in the world, would remain resilient from softer growth overseas.
Treasury bond yields have fallen sharply this year, reflecting strong demand amid signs of soft global growth and trade, low inflation, a cautious Federal Reserve in raising interest rates and continued unconventional monetary stimulus in Japan and Europe. The 10-year yield was at 2.273% at the end of 2015.
David Rosenberg, chief economist and strategist at Gluskin Sheff & Associates Inc., said the 10-year yield could fall to somewhere between 1% and 1.25% if flight to safety intensifies.
Interest rate strategists at J.P. MorganChase & Co. said they expect the 10-year yield to settle into a 1.35%-1.70% medium-term range but recognize that "the vulnerable equity market setup leaves Treasurys at risk for a blowoff move to lower yields."
Foreign investors are struggling to get income with a record amount of negative-yielding bonds driven partly by negative interest rate policy in Japan and Europe. The yields on the 10-year government bonds in Germany, Japan and Switzerland traded below zero and the 10-year U.K. bond yield fell on Monday to below 1% for the first time on record.
Lower yields overseas have driven investors to buy U.S. Treasury debt, pushing their yields lower as well.
The resilience of the U.S. bond market has caught many interest-rate strategists and traders off guard in recent years. Bond bears had wrongly predicted that yields would reverse declines that spanned more than three decades as the Fed started to normalize interest-rate policy and the U.S. economy recovered from the financial crisis.
Still, piling into government debt, especially long-term bonds, at these low yields leaves investors vulnerable to potentially large capital losses if yields march higher.
Some investors say they are concerned about a sharp reversal, similar to what happened last year when the 10-year bund yield spiked to 1% in less than two months after falling to near zero.
Write to Min Zeng at firstname.lastname@example.com
By Christopher Whittall
Financial markets showed signs of stabilizing Tuesday following sharp declines in the British pound and global equities after the U.K. voted to leave the European Union last week.
The Dow Jones Industrial Average gained 200 points, or 1.2%, to 17340. The S&P 500 added 1.2%, and the Nasdaq Composite rose 1.6%. The gains follow two days of losses that wiped out $3 trillion from global stock markets.
The pound rose 1% against the dollar to $1.3366, though it remained near a three-decade low reached Monday after a steep selloff following the vote. The Stoxx Europe 600 rose 3.1%, having tumbled nearly 11% over the previous two trading sessions. Financial stocks led the gains in Europe after two days of big losses.
"Everyone's dipping their toe back into the water. After you see two drastic days as you did, people start saying it's time to buy," said Frank Ingarra, head trader at NorthCoast Asset Management. Even as the stock-market leveled off, he added that the rhetoric around the U.K.'s departure from the European Union is likely to create more volatility in the coming weeks and months.
"Volatility is here to stay, but I think we'll find some buying opportunities in this more volatile period," he said.
Investors continued to weigh the ramifications of Britain's unexpected referendum result for the global economy and European politics as U.K. Prime Minister David Cameron traveled to Brussels on Tuesday to discuss the so-called Brexit with EU leaders.
In the U.S., the Commerce Department said the economy expanded more than previously thought in the first three months of the year. Gross domestic product, the broadest measure of goods and services produced across the U.S., grew at a seasonally adjusted annual rate of 1.1% in the period, the weakest pace in a year, while the agency previously estimated the economy grew at a 0.8% pace.
After two sessions of heady gains, demand for havens eased Tuesday. Gold fell 0.8% to $1,314.80 an ounce, while the yield on the 10-year Treasury note rose slightly to 1.471%, according to Tradeweb, as prices fell.
Shares of utilities, which are often viewed as bond proxies because of their steady dividend payouts, were among the only decliners Tuesday after posting big gains the past couple days. Utility companies were the only S&P 500 sector in the red, down 0.7% in recent trading, after rising 1.4% over the last two trading sessions.
The dollar rose 0.6% against the yen, which tends to gain during times of market stress.
Mark Dowding, a senior portfolio manager at BlueBay Asset Management, said global markets are likely to stabilize following the recent declines, and that the impact of Brexit won't be felt as keenly in Europe and the U.S. as in the U.K.
"I'd be inclined to think we have seen most of the worst of it in the course of the last couple of days in terms of global assets, but we may not have seen the worst of it in terms of the U.K.," he said.
Mr. Dowding cautioned against reading too much into Tuesday's bounce in sterling, though, warning that the pound could fall as low as $1.20 against the dollar.
"You've got an economic crisis, a constitutional crisis, a political crisis. The outlook for the pound looks depressingly bleak," he said.
Standard & Poor's Global Ratings stripped the U.K. of its triple-A credit rating Monday and Fitch Ratings cut the country's rating by a notch, predicting an "abrupt slowdown" in growth as businesses postpone investment.
"It's going to be volatile for as long as we haven't got clarity on what happens next," said Russell Silberston, a fund manager at Investec Asset Management. "The U.K. doesn't really have a government. We don't have an opposition. We don't know who's in charge. The country is split."
The Stoxx Europe 600 banks index gained 3.4% Tuesday after sinking to its lowest level since 2011 Monday. The U.K.-focused FTSE 250 index climbed 3.6%, though remains around 9% lower versus a week ago.
The WSJ Dollar Index, which measures the greenback against 16 other currencies, declined 0.5% Tuesday as market stress subsided after rising 2.7% over the past two trading days. Elsewhere in currencies, the euro gained 0.4% against the dollar at $1.1061.
In commodities, crude-oil prices rose after two sessions of declines, helped by a weaker U.S. dollar and a production strike in Norway. U.S. crude rose 2.9% to $47.67 a barrel.
Asian shares mostly ended higher in choppy trade. The Nikkei Stock Average rose 0.1% after falling as much as 1.9% earlier in the session.
Japanese government bond yields hit record lows, meanwhile, with the yield on the 20-year note nearing negative territory for the first time.
Expectations of further policy easing from the Bank of Japan have boosted these securities, which have also benefited from a flight to safety following the Brexit vote.
Many investors now expect major central banks to act to counter a potential drag on the global economy after the Brexit vote, with many predicting rate cuts from the Bank of England and further stimulus from the European Central Bank.
Fed fund futures, which investors and traders use to bet on movements in U.S. interest rates, indicated Monday there is a greater probability of the Federal Reserve cutting interest rates than raising interest rates before the end of 2016, according to CME Group, though rates remaining unchanged was shown to be the most likely outcome.
"The most immediate impact of Brexit will be on economic growth. That in turn will have a significant effect on central banks' monetary policy stances," said Tanguy Le Saout, head of European fixed income at Pioneer Investments.
–Corrie Driebusch contributed to this article
Write to Christopher Whittall at firstname.lastname@example.com
By Mike Cherney
The dollar fell on Tuesday, snapping a two-day winning streak, as investors took advantage of lower prices on riskier assets like stocks, which were rattled by the U.K.'s vote last week to leave the European Union.
The euro rose 0.4% against the dollar to $1.1063, and the pound, which hit a 31-year low against the dollar on Monday, rose 1.1% to $1.3386. The dollar was down against emerging-market currencies from Brazil, Russia and Mexico, though it rose 0.6% against the Japanese yen to ¥102.4740.
The WSJ Dollar Index, which measures the dollar against a basket of other currencies, shed 0.4% in recent trading.
The dollar jumped in recent days after the U.K.'s Brexit vote sent investors into haven assets, amid uncertainty about how the country's departure from the EU would impact trade, business and economic growth in Europe and elsewhere.
But the moves on Tuesday suggested investors believed some markets had fallen too far, especially amid signs that U.S. economic growth continued at a slow but steady pace. On Tuesday, the Commerce Department revised its estimate for expansion in the first quarter, and said gross domestic product grew at a 1.1% seasonally adjusted annual rate, compared with a 0.8% estimate previously.
Despite the dollar's move downward on Tuesday, some analysts said the greenback was still poised to rise in the aftermath of the Brexit vote.
"The broader political and economic uncertainties facing the U.K. remain intact and we think the (dollar) remains a broadly attractive bet in uncertain times," Scotiabank analysts said in a note Tuesday morning.
Write to Mike Cherney at firstname.lastname@example.com
By Miriam Malek
London—Oil prices rose on Tuesday, pushed higher by the threat of union strikes by Norwegian oil and gas workers.
The global benchmark, Brent, rose 2.3% to $48.23 a barrel. Its U.S. counterpart, West Texas Intermediate, climbed 2.3% to $47.38 a barrel.
Up to 7,500 oil and gas workers may be affected by a strike starting Saturday. The workers are demanding a new wage deal before midnight on July 1.
The strikes could limit production from Norway, which is one of Europe's major producers.
Norwegian oil output was around 1.55 million barrels a day in May, or about 1.6% of the world's crude output.
But gains to prices were limited after reports on Monday that Nigerian oil output has been restored to 1.9 million barrels a day.
"It remains to be seen how sustainable the current production level will be. After all, the risk of further attacks by the militant group known as the Niger Delta Avengers has not gone away," Germany-based Commerzbank said.
Oil prices appear to have calmed after the U.K.'s decision to leave the European Union sent oil into a tailspin.
"Everything is in reaction to Brexit, but it's a very short-term dynamic," according to commodity analyst Edward Bell from Dubai-based Emirates NBD. "In the longer term, outlook will be based on the rebalancing of market fundamentals."
Several analysts agreed that there were too many blind-spots to draw a conclusion on whether Brexit would affect the global supply and demand outlook.
Some investors were worried that the U.K.'s decision to leave the EU could point to slower economic growth in Europe, possibly affecting oil demand. But, weakened investment because of a poorer economic outlook could also limit oil supply, which would balance the market.
Outside of Europe, the oil market was largely ignoring a supply glut of refined products across Asia, which could cause crude stocks to build and drag on oil prices.
Singapore is continuing to digest its stock buildup of bunker fuel which began earlier this year, according to U.S. price-reporting agency Platts. China was also continuing to export high levels of oil products into the Asia region, flipping its status as the last resort market for buying oil.
Oil product inventories were also high in the Netherlands and Europe, though this was balanced somewhat by lower inventories in the Middle East region.
The American Petroleum Institute will release preliminary estimates of crude storage later Tuesday.
–Kjetil Malkenes Hovland contributed to this article.
Write to Miriam Malek at firstname.lastname@example.com
By Georgi Kantchev
Sterling edged up from its decade-lows on Tuesday as global markets rose for the first time since Britain voted to leave the European Union, but amid political and economic uncertainty few predict a recovery for the pound.
Sterling gained 0.8% against the dollar and was trading at $1.334 after slumping to a 31-year low Monday. It was trading up 0.12% against the euro, in gains analysts attributed to traders covering their short positions after profiting from bets the pound will fall.
With Britain's political situation in flux and its exit negotiations with the EU likely to drag on for years, analysts expect further falls for the pound. The U.K. currency is also vulnerable because of the country's large current-account deficit and an expectation that foreign investment will fall.
"I wouldn't put too much weight on this move—we're in uncharted territory now," said Rob Carnell, chief international economist at ING Bank.
Mr. Carnell sees the pound falling to $1.25 due to the continued post-Brexit uncertainty.
"I wouldn't be going out and filling my boots with sterling," he said.
Financial markets showed signs of stabilizing Tuesday. The Stoxx Europe 600 rose 2.6% in early European trade, having tumbled nearly 11% over the previous two trading sessions. The euro also advanced 0.7% to 1.109 against the greenback.
But analysts continue to focus on the pound, which was one of the biggest market casualties from Britain's historic vote to exit the EU last Thursday.
John Wraight, head of U.K. rates strategy at UBS, said that after falls of such magnitude for sterling, a rebound should have been expected.
"But the key question for markets is what's next on the political side," he said.
Investors on Tuesday were trying to gauge the state of play in Brussels, where U.K. Prime Minister David Cameron will discuss Britain's next steps with other EU leaders. But Mr. Cameron, who resigned on Thursday, has said that negotiating the U.K.'s future relationship with the bloc is something the next prime minister will decide, heralding a further period of delay.
Mr. Cameron's Conservative Party will elect a new leader by September, leaving analysts scrambling to work out what each of the potential candidates will mean for negotiations.
"A period of exceptional uncertainty now starts for the U.K., including a potential leadership battle in the Conservative party, the timing of the trigger of the EU's Article 50 [regulating Britain's exit from the bloc], as well as potential Scottish referendum too," analysts at Deutsche Bank wrote in a note to clients.
Nicola Sturgeon, leader of Scotland's devolved government, has said a second Scottish independence referendum was "very much on the table," because Scots mainly voted to stay in the EU.
Deutsche Bank said it now believes sterling will fall to $1.15 later this year.
Analysts also highlight the U.K.'s record current-account deficit, which is sustained by large inflows of foreign capital. But if the investors providing those inflows were to go sour on the U.K., demand for sterling would slump and the pound's value could plummet.
Still, some analysts say any forecasts need to be taken with a grain of salt.
"There is no historical precedent for this and all of our models can't help," said ING's Mr. Carnell.
–Gregor Stuart Hunter and Christopher Whittall contributed to this article.
Write to Georgi Kantchev at firstname.lastname@example.com
By Stephen Grocer
Morning MoneyBeat is the Journal's pre-market primer. To receive this morning newsletter via email, click here: http://on.wsj.com/MoneyBeatUSSignup
Financial markets showed signs of stabilizing Tuesday following sharp falls in the British pound and global stocks after the U.K. voted to leave the European Union last week.
In Portugal, European Central Bank President Mario Draghi urged major central banks to better coordinate their policies. Mr. Draghi said central banks should think about whether their policies are "properly aligned" with those of their peers, and warned that currency devaluations aimed at boosting competitiveness are a "lose-lose" for the global economy."
Given the pounding capital markets have been taking lately, the first even hint of a constructive response from an authority was enough to give the markets a boost.
The pound rose 0.8% against the dollar to $1.332, though remained near a three-decade low reached Monday after a dramatic post-Brexit selloff. The Stoxx Europe 600 rose 2.4%, having tumbled nearly 11% over the previous two trading sessions. Financial stocks led the gains after two days of steep losses.
After two days of heady gains, investor demand for havens eased Tuesday. Gold fell 0.9% to $1313 an ounce, while the yield on the 10-year Treasury note rose slightly to 1.477% as prices fell.
Asian shares mostly ended higher in choppy trade. The Nikkei Stock Average closed up 0.1% after earlier falling as much as 1.9% earlier in the session. Japanese government bond yields hit record lows, meanwhile, with the yield on the 20-year note nearing negative territory for the first time.
In the U.S., futures markets pointed to a 1.2% opening gain for the S&P 500 after two consecutive sessions of losses on Wall Street that erased three months of gains for U.S. stocks.
Investors may do well this earnings season to buy American.
Or put another way, investors may want to consider S&P 500 companies that generate more than half their sales within the U.S.
The second-quarter earnings season is shaping up to be another disappointing affair. S&P 500 companies are expected to report a 5.2% decline in earnings from the second quarter of 2015, according to FactSet. That would mark the first time since the height of the financial crisis that the index has endured five straight quarters of profit contraction.
Yet companies that garner 50% of their revenue from the U.S. should outperform their brethren with more overseas exposure.
By FactSet's count, S&P 500 companies with 50% or more of their sales coming from the U.S. will report a 2.8% decline in earnings. While not great, that is better than the 9% drop in profits expected from companies in the index with a majority of their sales coming from abroad.
Once again, the energy sector remains the main driver of the S&P 500's profit contraction, with an expected 77% year-over-year drop.
Even so, withhold energy from FactSet's calculation, and the revenue exposure trend still holds.
Exclude energy, S&P 500 companies are expected to report 1.7% slide in earnings. Meanwhile, those members of the index that generate the majority of their sales from within the U.S. should report a 0.1% increase in profits, according to FactSet. Those that generate a majority of their revenue overseas are expected to report earnings contracted 5.3%.
On this day in 1953, the first Chevrolet Corvette is assembled at a plant in Flint, Mich.
Brexit, Brazilian economic turmoil, U.S. oil and gas debt, Southern Europe's bad-debt pile: there is a whole litany of pitfalls for banks out there. Unfortunately, for Banco Santander, it is exposed to each and every one.
The Spanish lender's stock has been hit hard in the wake of the U.K. vote to leave the European Union. After staging a slight recovery Tuesday it is still down about 20% since the referendum. Santander's earnings are likely to suffer, but not as much as this price fall implies.
Santander moved to calm market fears late on Monday by saying the Brexit vote wouldn't have a material effect on this year's results and reiterating its financial targets.
Santander gets about one-quarter of its profits from its U.K. arm, which has been performing well in the past couple of years. But with the British pound down more than 7% against the euro, those profits are worth less even before the effects of a U.K. slowdown are factored in.
However, the bank has shown itself adept at keeping a lid on deteriorating situations. Brazil is its second biggest contributor to profits at about 18% even though the economy has crumbled over past couple of years. It defended itself by switching early to a less risky customer base, while strengthening of the Brazilian Real will help this year, too.
In the U.K., Santander is in a better position than many rivals to avoid the worst of what may come because it has less exposure to the potentially troublesome amateur landlord market, for example, where any house price problems will be felt first.
Bad loan charges related to U.S. oil and gas hurt in the first quarter, but were taken as a prudent forward-looking measure. Meanwhile bad-loan charges in Spain continue to fall, helping profits even as business growth is anemic and margins on lending get ever tighter.
If the fallout from Brexit does more than just knock a bit off Europe's growth rate and causes wider strains in the fabric of the EU, then the Spanish picture could start to look a lot worse. But Spanish and German government bond yields are moving closer again, suggesting this risk is diminishing.
It seems impossible that Santander's earnings won't suffer from this, Citigroup has already cut earnings per share forecasts by 3% for 2016 and 7% for 2017. However, the stock price fall implies consensus forecasts should be cut by 15% for 2017.
No doubt the bank faces risks, especially if Brexit causes wider political and economic problems, but there are good reasons to think Santander should be able to trade higher than barely more than half its forward book value.
Write to Paul J. Davies at firstname.lastname@example.com
By Ian Talley
The International Monetary Fund recently cut its U.S. economic forecast the U.S., painting a bleak growth picture ahead without a major overhaul of the American economy.
Here are six charts that detail why the fund is so concerned, and the IMF's prescriptions.
A rising share of the workforce is retiring, squeezing the capacity of the economy to grow.
The IMF recommends the U.S. move forward with immigration reform, expand the earned-income tax credit and provide greater childcare benefits to encourage more women in the workforce.
Meanwhile, the disparity between the rich and the poor appears to be building.
And poverty is rising.
"Income polarization itself can prevent productivity-improving investments in education by poorer households, lessen social mobility, add to economic insecurity, and limit consumption prospects," the IMF said.
Businesses are on average becoming less dynamic, and improvements in productivity and efficiency are slowing, the IMF warns.
"If left unchecked, these forces will continue to drag down both potential and actual growth, diminish gains in living standards, and worsen poverty," the IMF said.
To counter those forces, the IMF says the government must invest more in infrastructure, boost spending on education and workforce training and raise the minimum wage to aid the poor.
But mounting government debt will constrain the government's ability to address those issues without an overhaul of entitlement programs such as social security and healthcare and a comprehensive revamp of the tax code.
Without such actions—efforts that have thus far exceeded the ability of Congress to resolve—the ability of the economy to expand will remain far short of its pre-crisis levels.
IMF Cuts 2016 U.S. Economic-Growth Forecast to 2.2% (June 22)
The Global Economy's Dismal Outlook in 6 Charts (June 8)
OECD Warns Of Faltering Growth, Cuts Forecasts (June 1)
World Bank Again Cuts Global Growth Forecasts (Jan. 6)
By Austen Hufford
LendingClub Corp. said Tuesday that it would eliminate about 12% of its workforce, as loan volumes has plummeted in the second quarter following the troubled fintech company's disclosure that it had made improper loans in order to boost its numbers.
The company has struggled since it pushed out then Chief Executive Renaud Laplanche in May, which followed its board discovering problems with $22 million in loans that the company sold to Jefferies LLC and what it called the executive's lack of disclosure surrounding a personal investment. Since then, the company announced the delaying of its annual shareholder meeting and a Justice Department investigation.
On Tuesday, the company said that in December 2009, 32 loans totaling $722,800 were made to Mr. Laplanche and three of his family members in order to inflate reported loan volumes at the time. The vast majority were paid off within months.
A representative for Mr. Laplanche didn't immediately respond to a request for comment. LendingClub said Tuesday that it appointed acting CEO Scott Sanborn as the company's permanent CEO and president.
LendingClub operates an online peer-to-peer lending platform that lets borrowers obtain loans and investors purchase notes backed by payments made on those loans.
The 179 positions to be eliminated are due to lower loan volumes in the second quarter and because restoring investor confidence will take time, the company said.
The company, which will hold its delayed investor meeting Tuesday, said that loan originations in the second quarter of 2016 are expected to be roughly one third lower than in the first quarter. The company also is taking a $20 million to $40 million write-down to account for the slowing growth.
LendingClub said that it used abnormal methodologies to determine the net asset values and monthly return figures reported for six private investment funds. Investors in those funds are being reimbursed by about $800,000 and will be given corrected figures. The impacted funds had total assets of $1.1 billion as of May 31.
To boost loan volumes, the company has been issuing investor incentives to both retail and institutional investors totaling roughly $9 million. LendingClub also is posting $15 million to $20 million in additional expenses related to employee retention and severance; and the board review and due diligence.
Shares, which have fallen 61% this year, rose 3.3% to $4.44 in premarket trading.
Write to Austen Hufford at email@example.com
By Peter Grant
Singapore's sovereign-wealth fund is negotiating to acquire Yes Communities, an owner of manufactured-housing communities, in a deal that would value Yes at more than $2 billion, according to people familiar with the mater.
GIC is in talks to buy Denver-based Yes from private-equity firm Stockbridge Capital Group, the people said. Yes owns or operates 178 communities in 17 American states, according to the company's website.
The deal hasn't been finalized, and the talks could still break down, the people said.
If completed, the deal would highlight the appeal of manufactured housing, a niche residential real-estate business that has been stigmatized—to an extreme, according to some investors—by its association with trailer parks. While some communities resemble trailer parks, most consist of prefabricated housing units that are set in place but many have wheeled chassis that make them transportable.
Gary McDaniel, chief executive of Yes Communities, declined to comment. Executives with GIC and Stockbridge didn't return calls seeking comment.
Portfolios of manufactured-housing communities have never been as attractive to big investors as trophy office buildings or regional shopping malls. But the asset class is beginning to gain more attention as investors increasingly look to find sources of higher yield in a world of low interest rates.
If GIC's purchase of Yes goes through at the price being negotiated, GIC would get an initial yield from the company of slightly more than 6%, people familiar with the matter said. Investors who are buying trophy property in top markets today generally are getting less than a 5% return.
Other recent deals in the sector include the sale of Carefree Communities Inc. earlier this year by private-equity firm Centerbridge Capital Partners for $1.68 billion to Sun Communities Inc.
NorthStar Realty Finance Corp. last month agreed to sell its 135 manufactured-housing communities to a property fund managed by Brookfield Asset Management Inc. in a deal valued at $2.04 billion.
Centerbridge spent more than $1 billion to buy and expand Carefree starting in 2013, according to people familiar with the matter. At the time of the Sun deal, Carefree owned 103 manufactured and recreational vehicle communities with 27,554 total sites. The combined company will have 337 communities with about 117,000 developed sites.
Demand among investors for manufactured-housing communities has been increasing partly because supply constraints keep a damper on competition. Local governments are reluctant to give new communities permits because of the stigma attached to them and because they don't produce as much as other types of real-estate development in property taxes.
Meanwhile, residents tend to stay in manufactured-housing communities for a long time. And costs are limited, especially in the communities in which the owner simply rents pads and leaves upkeep of the homes to the renter.
"Well-capitalized private equity and publicly traded REITs are eager to acquire these properties, invest capital on cosmetic or deferred maintenance items, and realize improved performance [of] the properties typically within the first two years of ownership," said Paul Adornato, an analyst with BMO Capital Markets, in an email.
Investors from Singapore have had a growing appetite for U.S. real estate in recent years. For example, the Kwee family is helping finance a Jean Nouvel-designed luxury condominium rising next to Manhattan's Museum of Modern Art.
GIC has been especially active. In late 2014, for example, the sovereign-wealth fund cut a deal to acquire IndCor Properties, one of the largest owners of industrial space in the U.S., from Blackstone Group LP for $8.1 billion.
Write to Peter Grant at firstname.lastname@example.com
By Richard Barley
A nation feels humiliated. But enough about the English soccer team's defeat by Iceland. The Brexit-related downgrades of the U.K.'s credit rating are a blow too, but more psychologically and politically than financially.
Standard & Poor's cut the U.K. a hefty two notches to AA from AAA Monday with Fitch following with a one-notch move to AA. Both have a negative outlook. The rationale is far from surprising: a more uncertain outlook for the U.K. outside the European Union, with slower growth and higher borrowing needs contributing to a heavier debt burden. That is a potential concern given the U.K.'s big current-account deficit makes it reliant on attracting foreign financing.
But the rating cuts themselves shouldn't cause too many ripples. Downgrades were expected, and there are many fewer triple-A rated assets in the world after the financial crisis. Vitally, like Japan and the U.S., both of which have faced downgrades, the U.K.'s control of its own currency means questions of creditworthiness are about willingness to pay, not ability to pay. Unlike in the eurozone crisis, where investors fled from troubled countries and into nations like Germany, there is no large, liquid pool of sterling assets as a handy alternative.
U.K. gilt yields rose early Tuesday, but that reflects a wider bounce in markets, with stocks rising and sterling off its lows. German and U.S. yields rose too. In the post-referendum turmoil, gilts behaved very much as a haven: over Friday and Monday alone, the market returned 4.2% and bonds maturing in 25 years or more gained 7.9%, according to Barclays index data. That also reflects expectations that the Bank of England will loosen monetary policy, with some suggesting that quantitative easing could be restarted.
Measures other than ratings will prove more consequential. Sterling's plunge has hurt foreign investors. The pound is still a reserve currency, though of smaller stature than the dollar and the euro, accounting for 4.9% of international reserves, according to International Monetary Fund data. In the long run, official holdings of sterling could be seen as a barometer of its success or otherwise.
Politically, the downgrade is a knock to a U.K. seeking to redefine itself in the new world. The snap verdict is in. It will take years to discover the lasting impact of the U.K.'s decision.
Write to Richard Barley at email@example.com
By Jacky Wong
A rare Chinese boardroom tussle is testing the country's resolve to make markets friendlier to investors.
Hostile takeover battles are unusual in China, where most companies have a controlling shareholder, sometimes the government. But China Vanke, a developer in the country's southern city of Shenzhen, doesn't have one—and its entrenched management team's jobs are now in danger.
Baoneng Group, an obscure insurer, became Vanke's biggest shareholder last year. That raised management fears of a takeover attempt, which the developer proposed to thwart by issuing a big chunk of new shares and using them to buy projects from subway operator Shenzhen Metro. Baoneng's countermove: an attempt to remove Vanke Chairman Wang Shi and most of the board.
State-owned conglomerate China Resources, which had been Vanke's largest shareholder until Baoneng came on the scene, has also come out against the deal.
Both voted against resolutions Monday at Vanke's annual general meeting, where Mr. Wang hinted that regulators should step in. "Capital in the markets cannot just do whatever it wants," he said.
But his adversaries haven't done anything that isn't ordinary in an unfettered market. Baoneng bought its Vanke shares in the open market. China Resources is voicing opposition to a transaction that would dilute its interests.
If any party's actions are open to question, it's Vanke's. The tie-up with Shenzhen Metro would be highly dilutive and—as China Resources has pointed out—could have been financed with debt. Vanke has suspended trading in its Shenzhen-listed shares for more than six months, presumably to prevent Baoneng from buying more. Arbitrary trading halts were one reason index provider MSCI earlier this month decided against including Chinese domestic shares in its indexes.
Credit-rating company Moody's is worried that Vanke's rating could be hurt by removal of the management team, led by Mr. Wang since the company's founding decades ago under the Shenzhen municipal government. Vanke has delivered stellar results through prudent financial management—not a commonplace in China, especially for developers.
But the alternative isn't so bad either. China Resources has no shortage of managers for a property business, given that it owns another highly rated developer, China Resources Land.
Vanke was among the first batch of companies listed on the Shenzhen stock exchange as the country moved to embrace the market. Now, 25 years later, it's time to accept the sometimes uncomfortable effects of letting market forces rule.
Write to Jacky Wong at firstname.lastname@example.com
By Katherine Dunn
LONDON—Copper prices climbed to a nearly eight week high on Tuesday morning in London on a weakening U.S. dollar, as global markets appeared to steady slightly after sharp falls following the U.K.'s vote to leave the European Union.
The London Metal Exchange's three-month copper contract was up 1.96% in midmorning European trade, its highest point since May 4th. The sharp gains build on a modest 0.3% price rise on Monday, spurred by climbing Asian stock markets.
"Base metals and oils are trading firmly in positive territory as the dollar begins to dip," said Dee Perera, a base metals analyst at brokerage Marex Spectron in London. Trading volumes are also very high, she said.
The WSJ Dollar Index, which measures the dollar against a basket of currencies, was trading down 0.53% on Tuesday. Crude oil was up 2.59% at $47.55 a barrel.
Markets as a whole have seen wild volatility in recent days, as the British vote to exit the EU rippled through equities, commodities, and currencies, pushing the pound to a 31-year low Monday and raising demand for safe haven assets.
However, Tuesday morning saw a slightly calmer picture as markets pared back some of the initial losses and the dollar dipped, leaving the fundamental picture for most commodities on the sidelines.
On Tuesday, the metal was attempting to pass the technically important level of $4,800 per ton, Commerzbank said in a note.
"If it were to succeed, this could spark technical follow-up buying which would doubtless push the copper price even higher."
–Christopher Whittall contributed to this article.
Write to Katherine Dunn at email@example.com
By Ed Ballard
LONDON—Gold retraced some of its recent gains Tuesday as the wave of selling that has gripped financial markets since the U.K. voted to quit the European Union eased.
Spot gold traded 0.77% lower at $1,314.60 a troy ounce in midmorning London trade after two days of gains. The slide came as the pound climbed 0.73% against the dollar to $1.3337, having dipped below $1.32 Monday, and U.K. stocks recovered somewhat, with the blue-chip FTSE 100 index gaining 2.53%.
"Gold has seen a bit of profit-taking, which is not surprising given the run-up on Friday," said Robin Bhar, head of metals research at Société Générale.
Gold reached highs just under $1,360 Friday after a slim majority of Britons handed victory to campaigners for a so-called Brexit that plunged financial markets and European politics into turmoil.
"Whether this is the calm before the next storm or we're in for a prolonged period of more stable markets is difficult to tell," Mr. Bhar said.
With Prime Minister David Cameron due to meet EU officials to discuss the consequences of the referendum,U.K. politics looks set to remain the focus for traders in the precious metal for the time being.
"There are significant questions to be answered and it will be very difficult to provide all the clarity the market wants," said Xiao Fu, head of commodity markets strategy at BOCI Global Commodities, a subsidiary of Bank of China Ltd.
"From where we are now there's still upside for gold," she said.
Analysts at Commerzbank noted that investors in exchange-traded funds who buy physical gold purchased 12.6 tons of the metal Monday, following even larger gains Friday.
"There are many reasons to support a high gold price," they wrote in a note to clients, citing uncertainty over the U.K.'s negotiations with Brussels and moves by rating companies to downgrade the U.K.'s credit rating.
Mr. Bhar noted that it's a rare occurrence for Westminster politics to take center stage in the gold market.
"It doesn't happen often—the U.K.'s influence in financial markets and economic developments is fairly minor compared with the U.S., China and the EU as a whole," he said.
Previous episodes included a program of gold sales that began in 1999 under Gordon Brown's Labour government and the U.K.'s violent ejection from the European Exchange Rate Mechanism in 1992, he said.
Write to Ed Ballard at firstname.lastname@example.com
By Neanda Salvaterra
Here's your morning jolt of news, insight and analysis on the global energy business. Send us tips, suggestions and complaints: email@example.com
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SEC Requires Energy Companies to Disclose Payments to Governments
Energy companies will have to report their payments to governments for extracting oil, gas and minerals under rules the Securities and Exchange Commission completed Monday, Andrew Ackerman and Dave Michaels report. The rule enforces a provision of the 2010 Dodd-Frank law aimed at addressing the "resource curse," in which oil and mineral wealth in resource-rich countries does not benefit low-income people. The move will affect as many as 755 companies,the SEC said
SolarCity Forms Special Committee to Review Tesla Offer
SolarCity Corp. has taken steps to address potential conflicts of interest in a takeover bid by Tesla Motors Inc., Mike Ramsey reports. The two companies' chairman—and biggest shareholder—is Elon Musk, and his cousins sit on the SolarCity board. SolarCity appointed two other board members to a special committee and hired outside advisers to evaluate the offer, which could total $2.8 billion. Following the bid, Tesla's shares fell by more than 10% and some investors and analysts expressed concern about the deal.
Russian Oil Boss Looks to Parlay Hedge Into an Empire
Russian oil tycoon Mikhail Gutseriev has been expanding his oil, real estate and banking empire despite Russia's downturn, Laura Mills reports. Mr. Gutseriev, whose family is the majority owner of big Russian oil producer OAO NK Russneft, says he earned $700 million by hedging falling oil prices. Now he aims to float a portion of the company—which is partially owned by Glencore PLC—this year on Moscow's stock exchange.
Oil prices rose on Tuesday, pushed higher by the threat of union strikes by Norwegian oil and gas workers.
Up to 7,500 oil and gas workers may be affected by a strike that could start as early as Saturday. The workers are demanding a new wage deal before midnight on July 1.
The global benchmark, Brent, rose 2.3% to $48.23 a barrel while its U.S. counterpart, West Texas Intermediate, climbed 2.3% to $47.38 a barrel.
Financial markets showed signs of stabilizing after the U.K. referendum. The British pound edged up against the U.S. dollar after slumping to a three-decade low yesterday. U.K. Prime Minister David Cameron went to Brussels to discuss the so-called Brexit with EU leaders.
Read our latest market report at wsj.com.


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There were no miracle shots or tears of joy from Bubba Watson at the Masters when the American launched his title defence.
Unlike his final round last year, when he produced one of the greatest shots seen at Augusta National to win the green jacket, Watson was unable to conjure up any magic this time.
He shot a three-over 75, his worst first-round score in five appearances at the Masters. His score was not enough to knock him of contention but left him a long way off the lead.
Instead of the tears that followed his playoff win last year, there were only groans this time as he struggled with his putter on the lightning fast greens.
"There's going to be bad days and good days." said Watson, who is nine shots back of co-leaders Marc Leishman of Australia and Spaniard Sergio Garcia.
"I hit the ball really well. I can't complain about my ball-striking. I just didn't putt well."
The left-handed Watson was solid from tee to green but had 35 putts in his round, among the highest totals from the opening round.
"I never got the speed right, never got the ball to the hole," he said.
"They were slower than what I was expecting. The balls weren't rolling out like they normally do over the past years, so I just left a lot of putts short, a lot of putts were breaking different than I was expecting."
Watson burst into tears when he attended his pre-tournament new conference on Tuesday as the memories of his win from last year came flooding back.
But he said he had no problems controlling his emotions when he was on the course Thursday, adopting the approach that he was back at work.
"I gave the jacket up two weeks ago when I was here, so nobody owns the jacket. Everybody is playing for it right now," he said.
"I didn't feel any different. I didn't feel any more pressure to myself. I just didn't get the speed right on the greens. If I two-putt all those, I shoot one-under, which would be a nice score."
- Reuters
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If she is able to, when do you expect Lydia Ko to win her first major?Related story: (See story)


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Usher's Ex Tameka Foster to File Appeal on Child Custody Decision
Tameka Foster is not letting go her sons she shared with Usher. The ex-wife is planning to file an appeal after a judge recently granted Usher a primary physical custody of their 4-year-old Usher Raymond V and 3-year-old Naviyd Ely Raymond.
According to TMZ's source, Tameka felt the ruling was unfair because her ex-husband is constantly on the road while she has more stable schedule. She suspected that a conspiracy was going on since she found out that Usher's lawyer's law firm threw an election fundraiser back in 2008 for the judge, Lane, who presided over the trial.
Indeed Tameka has hinted about this connection on Twitter. "Money can buy many things... But in the end. Truth & goodness will prevail," she wrote after the decision was made. "I must continue to believe this. Stand firm."
Tameka is said interviewing lawyers for an appeal.
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The following articles were printed from New Times [newtimesslo.com] - Volume 27, Issue 24
Cal Poly is floating on victorySan Luis Obispo
By Joan Sales
I have a daughter who lives in Pasadena, so I went down to the Rose Parade this year, and it was wonderful. I have to congratulate Cal Poly on their float. It was really cute and won the Bob Hope Humor Award.
Way to go, Poly!
Defining homelessness: Santa Maria continues to see an uptick in homeless people, but locals find themselves living on the street for a variety of reasons Political Watch 6/23/16 Community Notebook 6/23/16 - 6/30/16 Hobnobbing with Helen What does it take to move the 40-ton historic Enos Ranchos House half of a mile? Buena Vista Beautifiers continues to push for park preservation Sherpa Fire grows to nearly 8,000 acres


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When I was 14 or so, I read the book, "The Boy who sailed around the
world alone" by Robin Lee Graham. I am sure that I read a lot of books
at that time but I don't think that any made a more lasting impression
on me. I even know to this day exactly where that book is. I guess that
is the power of a travelogue.
Travelogues let us experience things that we often have neither the time, means or for that matter physical stamina for ourselves. When done well, they also give us great insight both into the challenges in the world around us but also can remind us of the greatness of humankind and give us hope for its future. I think that Pelada is an example of just such a film. I hope you enjoy it.
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What, no film crank on Df
Started Dec 10, 2013 | Discussions thread
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Skatterball • Senior Member • Posts: 1,043
What, no film crank on Df
Dec 10, 2013
Ok, so I admit that I would have loved to own the new Nikon Df. It is from my era when Nikon F bodies were the epitome of a pro camera.
But wait! This retro beauty is missing one very important feature. Where is the film/thumb crank? That has always been one of the key features of film SLR's of the era. Without the thumb crank it's not fully retro. So, I'll wait and see if they come down in price.
Also, I wanted this camera to pass along to my son as a keepsake, the way my dad passed his Rolex watch to me. But long after I am gone, will this digital Nikon still be working and will its software useful.
Alas, I may never own it but I will sure go talk to folks who do.
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A few weeks ago, I reported here on a plan by Congressman John Murtha's friends and campaign donors to obtain up to $1 billion for a controversial project to build a biodefense manufacturing facility. The players included:
Lobby shop Ervin Technical Associates (ETA), founded by Jim Ervin, a retired Air Force lieutenant colonel, who the Wall Street Journal describes as a "longtime friend" of Murtha.
Private equity firm Four Seasons Ventures, which Ervin also helped found and which "primarily invests in technologies… that will garner United States government support." Four Seasons invests in at least two firms that have received federal earmarks with Murtha's help, including PharmaThene, a biodefense firm–which also retains ETA as its lobbyist.
The University of Pittsburgh Medical Center, which also retains ETA and which is a major donor to Murtha.
These three outfits have been seeking funding for a manufacturing plant that would produce biodefense products, even though the grounds for such a facility (as explained in the original story) are highly dubious. The players have been putting the project together since at least 2005, and UPMC conducted a $3 million "conceptual study" funded by the Defense Applied Research Projects Agency (DARPA).
None of the three were terribly forthcoming about the project, but DARPA has now sent my colleague Sam Fellman answers to some questions we asked about a month ago. The agency's replies, from spokeswoman Jan Walker, shed light on Murtha's role in the project, and how his friends and sponsors have benefited thus far. Here are a few highlights from the email exchange we had with DARPA:
Q. Did Congressman Murtha – or any other Member of Congress – contact DARPA on UPMC's behalf for this project?
A. Rep. Murtha is the Chairman of the Appropriations subcommittee that funds DARPA and either he or his staff might bring DARPA's attention to proposed projects. Rep. Murtha did meet with DARPA's Director in October 2007 to discuss the on-going study and the general issue of quickly manufacturing large quantities of bioweapon countermeasures. Rep. Murtha also held a hearing on that issue in April 2008 at which DARPA testified.
Q. Did Four Seasons receive any portion of the funding [from the $3 million study]?
A. DARPA's cooperative agreement was with UPMC, but Four Seasons Ventures (FSV) was their largest subcontractor.
Q. Where was the work for this project conducted by UPMC?
A. Four Seasons Ventures' facilities in Washington DC…served as the primary location for the study.
Q. This year, UPMC has been holding briefings for stakeholders, which have been sponsored by DARPA. When did DARPA's involvement end?
A. As per DARPA's cooperative agreement, UPMC conducted a study and delivered a report to DARPA documenting the study findings. The report provided a comprehensive view of the biodefense manufacturing capacity that would be necessary to meet a variety of Federal Government (DoD and civilian) needs. In addition, DARPA also funded UPMC to educate industry and government regarding the results of the study and engage them in discussions of a possible public-private partnership for biodefense manufacturing. The effort under the cooperative agreement ends March 31, 2009. There has been no additional funding provided since 2008.
Q. Will DARPA be issuing a report on the project, and if so when?
A. At this time, the UPMC report is only available to government agencies. DARPA has no plans to make it more widely available.
In other words, Murtha has been supporting a highly questionable project that has benefited an interlocking network of his political funders and friends in private industry.
More from Ken Silverstein:
Commentary — November 17, 2015, 6:41 pm
The Clintons' so-called charitable enterprise has served as a vehicle to launder money and to enrich family friends.
From the November 2013 issue
Perspective — October 23, 2013, 8:00 am
How pro-oil Louisiana politicians have shaped American environmental policy
Freddie Gray's relatives arrived for the trial in the afternoon, after the prep-school kids had left. By their dress, they seemed to have just gotten off work in the medical and clerical fields. The family did not appear at ease in the courtroom. They winced and dropped their heads as William Porter and his fellow officer Zachary Novak testified to opening the doors of their police van last April and finding Freddie paralyzed, unresponsive, with mucus pooling at his mouth and nose. Four women and one man mournfully listened as the officers described needing to get gloves before they could touch him.
The first of six Baltimore police officers to be brought before the court for their treatment of Freddie Gray, a black twenty-five-year-old whose death in their custody was the immediate cause of the city's uprising last spring, William Porter is young, black, and on trial. Here in this courtroom, in this city, in this nation, race and the future seem so intertwined as to be the same thing.
Percentage of British citizens who say that Northern Ireland should remain part of the United Kingdom:
Economist/MORI survey (London)
In the United Kingdom, a penis-shaped Kentish strawberry was not made by snails.
The Playboy mansion in California was bought by the heir to the Twinkie fortune, and a New Mexico man set fire to his apartment to protest his neighbors' loud lovemaking.
Subscribe to the Weekly Review newsletter. Don't worry, we won't sell your email address!
"Matt was happy enough to sustain himself on the detritus of a world he saw as careening toward self-destruction, and equally happy to scam a government he despised. 'I'm glad everyone's so wasteful,' he told me. 'It supports my lifestyle.'"


text:
Chaney's Used Cars Corruption Scandal-BE ADVISED
Posted in the Avon Park Forum
United States
#1 Nov 28, 2009
Unfortunately what we have here is more than just people getting more than what they can pay for. This is a racket that preys on people who actually probably feel when they walk in they can afford it. It isn't until after they sign they are told they must pay every 2 weeks. Even then they most likely feel they can handle it. Unfortunately, there are many people who do not get behind but still have their car taken and resold. These crooks prey on the unsuspecting just as bad as people who rape people, who abuse children, and take advantage of the elderly. The game is to lure in hispanics or people that probably do not know the law and will not have any recourse when the car is basically stolen. Some people actually do get behind and their car is repoed and I agree that the financing company does have a right to exercise their lienholder rights. I am not saying let everyone default on their loans, what I am saying is there is no one stopping the illegal repossessions and no one watching to protect the victims. Another point is the Florida Statue prohibits this type of activity by car dealers to try to prevent this type of corruption. The law clearly states that if a car is repoed the lienholder can go back to the consumer for the difference-default judgement, but also if the vehicle is sold for more than the consumer owes, that money is to be returned to the consummer. This prevents people taking advantage and repoing unnecessarily. The issue here is that Chaney never gives back the money and if forced to give back the profit he is making would probably not repo illegally or in a day or two late. Tell me have you always been so fortunate to have your mortage paid by the due date or your car and insurance paid by the due date. Has any of your installment loans ever been delayed a day or two-ever? If it has because things happen, mail is delayed or you may have overlooked it by a day or two-would you feel that you should lose your house, vehicle or anything because of a one time day or two delay? I am sure you would be singing a different tune if it was you. What I am saying is this is an outrage to treat people like these people do and it causes alot of concern that this is going on in our community. We as fellow neighbors need to at least direct these people on what their options are. Yes I may not have enough to fight their battle for them but I am doing what I can and hopefully you will not be so cold hearted you don't understand that sometimes you have to reach out and help those who are being railroaded and taken advantage of. Trying seeing the Christain value in this and stop this horrible travesty being done and if nothing else tell everyone to not fall for this outfit or better yet, call all agentcies that might be able to investigate and stop this type of activity or even better yet, help find an attorney willing to look into this for all of these people who have been treated so unjusticely.
United States
#2 Nov 28, 2009
True Words spoken like a good, no make that like a Great Samaritan. Who should I call? I will be glad to assist.
United States
#3 Nov 29, 2009
I bought a car from Chaney's and a couple months later a fellow co-worker was lookinh so I told her about Chaney's. She bought one and when they were asking her to sign the papers, said I woulod get a credit for bringing her in. I was thrilled. Well the thrill turned into a nightmore. First the girl did not make her payment and about the same time changed jobs and I no longer worked with her. I got a call from Royce Chaney who said I needed to help them get the car back since I brought her in. He also said if I helped him I would get another credit. SO I tried to locate her. I even had my boyfriend help try to locate her and called around. I wasn't having very much luck. Chaney kept calling me and I would tell him what I knew. It was time to make a payment (I was always on time) and when I called to make it on my debit card, the office refused to take it. I took down the girl's name and called back many more times trying to make the payment. I kept asking why and then someone told me it was because the other girl had not paid. I called Royce Chaney who said he would get it straightened out and not to worry. Guess what? Chaney repoed my car. Royce Chaney said to come in and pay the payment and it would be straightened out. I drove there-3 hours to be told I had to pay the entire balance on the car-$12,000.00 plus the tow or lose my car. Of course I treid desperately to talk to Gerald Chaney but no one can get near him and was told the sheriff was going to be called if I did not leave. I left and got ahold of Royce Chaney, who said that Gerald was mad about the girl's car not being found and that must not have tried so until I got the girls car back, I could forget about my car. I had no choice than to try my best even harder to locate this girl. One night I found her and the car and called Royce Chaney. He told me to call a tow company he had in my area but when I called them they said it would be an hour-so I have a friend who has a tow co and he came and towed it away so the girl would not find it until Chaney's guy got there. He did and got the car. To this day, they still have not given me my car and it has been 5 months. They lie, they are crooked and they run a very disreputable business. Stay AWAY.
United States
#4 Nov 29, 2009
The man is crazy. Get your cars from someplace else or you will be in the devils ballpark. This guy is a demon.
United States
#5 Nov 30, 2009
Hey man thanks fot the warnings. I went up there to look at cars a few days ago and didn't feel too comfortable about the atmosphere. Came home and started looking up information on this place. Wow what a bunch of sleezeballs. I am so glad man I didn't buy there.
#6 Nov 30, 2009
United States
#9 Dec 1, 2009
What do you mean, What? These guys are really bad crooked swindlers. Thanks for all the good people at least warning others about these varmits.
United States
#10 Dec 2, 2009
I bought a car from Chaney and thought wow what a nice car. I had it 2 days and the transmission went out. I had it fixed because there is no warranty on his cars. Man he won't even let you test drive them. I know I have stupid all over my face. I had the car out of the shop 6 days and the radiator hose busted. Fixed it. Had the car another 13 days after that and the muffler came loose. Now another 9 days and the fuel pump went out. I give up. All I hear is bad stuff about this jerk and now I know why.
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