Financial life in a big town

October 16, 2011

Libyans bulldoze Gadhafi’s Tripoli compound

Filed under: marketing, technology — Tags: , , , — Silver @ 7:56 pm

Libyan revolutionary forces bulldozed the green walls surrounding Moammar Gadhafi’s main Tripoli compound on Sunday, saying it was time “to tear down this symbol of tyranny.”

The sprawling, fortress-like compound known as Bab al-Aziziya has long been hated by Libyans who feared to even walk nearby during Gadhafi’s more than four decades in power and its capture was seen as a turning point in the civil war as revolutionaries overran the capital in late August.

Ahmad Ghargory, commander of a revolutionary brigade, said the area will be turned into a public park accessible to all Libyans.

“It’s the revolutionary decision to tear down this symbol of tyranny,” Ghargory said. “We were busy with the war, but now we have the space to do this.”

Already, the courtyard in front of Gadhafi’s former house, which he used for many fiery speeches trying to rally supporters during the uprising, has been turned into a weekly pet market. Tripoli residents roam the premises as if at a museum, with vendors selling revolutionary flags and other souvenirs.

Libyans are eager to move on after decades of repression, even though fighting persists on two fronts and tensions between supporters of the former regime and revolutionary forces remain high _ even in Tripoli. The continued instability has delayed efforts by the transitional leadership to move forward with efforts to hold elections and establish democracy.

The Bab al-Aziziya compound, surrounded by high walls lined with barbed wire, had been a mystery to most Libyans though it is one of the city’s largest landmarks. Many Tripoli residents said they wouldn’t go near it, fearing security guards on the compound’s high green walls would get suspicious and arrest or shoot them.

“I cannot explain these feelings,” Farouk Alzeni, 25, said, standing against a backdrop of piles of rubble. “I have never touched this wall because of this place’s heavy security.”

The compound was a main target for NATO airstrikes during the months leading to Gadhafi’s ouster in late August.

Fighters forced their way into the area on Aug. 23 during the battle for the capital, jubilantly rampaging through the remnants of barracks, personal living quarters and offices seen as the most defining symbol of Gadhafi’s nearly 42-year rule.

Gadhafi’s residence, now gutted and covered with graffiti, was also targeted in a U.S. bombing raid in April 1986, after Washington held Libya responsible for a blast at a Berlin disco that killed two U.S. servicemen. A sculpture of a clenched fist crushing a U.S. fighter jet that had been erected after the strike has been removed.

Gadhafi entertained guests in a Bedouin-style tent pitched near two tennis courts about 200 yards (meters) from the family home.

“All the bad things that happened, happened inside these walls credit reports free. And he kept his mercenaries and tortured people inside these walls,” said Tarek Saleh, a 25-year-old revolutionary. “Before we were never able to enter this site, and we’re tearing these walls down so we don’t have to remember those dark days.”

Revolutionary forces have squeezed Gadhafi loyalists into one main district in his hometown of Sirte after weeks of fighting, but some said fears of friendly fire as well as a lack of coordination and communications were slowing their advance. Fighters from the eastern city of Benghazi and Misrata to the west were trying to reorganize themselves to solve that problem.

“We have them cornered in a 900 by 700 meter area, but the fighting is difficult because we are worried about firing on our own forces, they are mixed together,” Benghazi field commander Khaled al-Magrabi said Sunday.

Commanders said they have agreed to divide the remaining loyalist area between them to prevent confusion.

Libyan fighters also faced discord over the looting of buildings, including the airport and houses in Sirte, on the coast 250 miles (400 kilometers) southeast of Tripoli. Trucks were seen carting off tractors, industrial generators and heavy machinery on the road from Sirte to nearby Misrata, which was under siege by Gadhafi forces for months and saw some of the fiercest fighting of the war.

Associated Press reporters also saw trucks carrying equipment from Sirte’s airport, including red-carpeted mobile staircases, baggage carts, airplane towing vehicles and security screening equipment, all apparently meant for Misrata’s badly damaged airport.

Smaller pickups were loaded with rugs, freezers, refrigerators, furniture and other household goods, apparently taken by civilians and fighters to be used in their homes or resold.

The looting was an indication that reconciliation and unity may be difficult to achieve in post-Gadhafi Libya.

Commanders tried to rein in looting by ordering fighters to refrain from entering private homes and to detain anybody not authorized to be in the area. Benghazi fighters arrested three men for looting on Saturday.

Revolutionary forces also distributed fliers at checkpoints leading into the city that read, “Dear Muslims, avoid God’s wrath. Do not steal from people’s homes, their cars, or take their personal possessions.”

Fighting also raged in the desert enclave of Bani Walid, 90 miles (140 kilometers) southeast of Tripoli.

An official with revolutionary forces there, Abdullah Kenshil, said they captured the airport in Bani Walid on Sunday, but further advance was stalled by heavy shelling from Gadhafi’s forces elsewhere.

Source

October 12, 2011

Small business loans set record

Filed under: Business, news — Tags: , , , — Silver @ 1:16 am

Small Business Administration guaranteed loans hit a record $210.9 million for the eastern district of Missouri in the past year.

That’s a 51 percent increase from a year ago and a record level of SBA lending, according to SBA St. Louis District Director Dennis Melton.

In the eastern Missouri SBA’s 2011 fiscal year, which ended Sept. 30, there were 533 loans to small businesses and start-up companies, totaling $210.9 million. For the 2010 fiscal year, there were $139.2 loans to 566 borrowers.

The previous record was in fiscal 2007 when the SBA’s eastern district reached $178.4 million in loans for 1,173 borrowers.

The SBA said fee waivers on certain kinds of loans

September 27, 2011

Philippe spins in Atlantic, far from land

Filed under: Finance, Uncategorized — Tags: , , , — Silver @ 4:56 am

Tropical Storm Philippe is heading northwest with little change in strength and the storm is still far from land.

The U.S. National Hurricane Center in Miami said Philippe had maximum sustained winds of about 50 mph (80 kph) on Tuesday. No significant change in strength is expected over the next two days.

In the Pacific, Hurricane Hilary is gradually weakening and has maximum sustained winds of 115 mph (185 kph). The storm is expected to turn toward the west-northwest. Hilary doesn’t pose any immediate threat to Mexico’s coast.

Source

September 25, 2011

Russia’s finance minister to quit over Medvedev

Filed under: Lending rates, economics — Tags: , , , — Silver @ 11:04 am

Russia’s finance minister has said he will step down rather than serve under Dmitry Medvedev if the president becomes prime minister next year as planned.

Alexei Kudrin has been finance minister since 2000 and his conservative fiscal policies are widely credited with helping Russia weather the 2008-2009 global financial crisis.

He is close to Vladimir Putin, the current prime minister, who Saturday announced his intention to return to the presidency next year. Putin said he would then name Medvedev prime minister.

Kudrin told reporters from Russia’s state news agencies in Washington later Saturday that he would not serve in Medvedev’s government because of disagreements over economic policy.

He specifically cited Medvedev’s plans to increase military spending.

“I do not see myself in the new government, and it is not just that I have not been offered the job,” he told reporters on the sidelines of the annual meeting of the International Monetary Fund and World Bank. “I think that those differences of opinion that I have will not allow me to join the government.”

During Putin’s presidency from 2000 to 2008, Kudrin stashed some of the revenue from Russia’s oil exports in a stabilization fund cash advance loan no fax. In doing so, he had faced strong opposition from other government ministers who wanted the money for expenditures, but when the financial crisis hit and oil prices fell, those savings proved crucial in reducing the blow.

Medvedev’s spokeswoman, Natalya Timakova, said it was too soon to discuss the composition of the next government.

“President Medvedev and Prime Minister Putin proceed from the understanding that all federal officials are continuing to perform their duties at their place of work,” she was quoted by state news agencies as saying. “If someone has other ideas, they should be ready to change their place of work.”

Putin’s spokesman said Kudrin has never hidden his disagreements with Putin or Medvedev on economic policies.

“He is a professional economist,” Dmitry Peskov was quoted as saying. “He is an economist with a capital letter.”

Kudrin, 50, had been mentioned as a possible prime minister under Putin if he returned to the presidency.

Source

September 21, 2011

Casinos’ re-valuation angers assessor Zimmerman

Filed under: marketing, money — Tags: , , , — Silver @ 11:52 am

CLAYTON

September 15, 2011

UBS finds unauthorized trading loss of $2 billion

Filed under: legal, technology — Tags: , , , — Silver @ 3:44 am

Swiss bank UBS AG said Thursday it has discovered that unauthorized trading by one of its staff has caused an estimated loss of $2 billion, and warned it could result in a loss for the entire third quarter.

The announcement caused UBS shares to plummet 6.3 percent to 10.24 Swiss francs ($11.68) in early trading on the Zurich exchange.

The Zurich-based bank provided little information on the incident, saying it was still under investigation. But it said no customer money was affected.

“UBS has discovered a loss due to unauthorized trading by a trader in its investment bank,” it said.

“UBS’s current estimate of the loss on the trades is in the range of $2 billion,” the bank said. “It is possible that this could lead UBS to report a loss for the third quarter of 2011.”

Source

September 13, 2011

River City Casino to expand, add nearly 100 employees

Filed under: Banks, news — Tags: , , , — Silver @ 4:04 am

Lemay

September 9, 2011

Recovery will be long and slow, economists say

Filed under: Business, economics — Tags: , , , — Silver @ 6:52 am

Canada and the U.S. will continue along a long, slow path of tepid economic growth for the rest of this year and next, economists say.

“Growth will be very near the stall rate and next year won’t see much of a recovery,” said Warren Jestin, chief economist at Scotiabank.

Jestin joined other chief economists from Canada’s big banks as they presented updated forecasts to the Economic Club of Canada in Toronto on Thursday.

Their cautious view was echoed by U.S. Federal Reserve Chairman Ben Bernanke Thursday.

Speaking to the Economic Club of Minnesota Thursday, U.S. Federal Reserve Chairman Ben Bernanke said policy makers will discuss the tools they could use to boost the recovery at their next meeting this month and stand ready to use them if necessary.

While Bernanke said that Congress and President Barack Obama must put the federal government’s finances on a “sustainable trajectory” over the long term, he warned that policy makers should not “disregard the fragility of the economic recovery.”

Growth in Canada and the U.S. will come in at about 2 per cent this year, Jestin said.

Look for Canada, with its strong domestic economy, to outpace the U.S., where the housing market and jobless rate, continue to drag down growth.

“The U.S. is like a vehicle with a broken transmission. It doesn’t matter how much gasoline you put in the tank,” said Derek Burleton, deputy chief economist at TD Bank Group.

That’s the Catch-22 facing Obama, who delivered a televised address Thursday outlining a jobs creation payroll.

The U.S. president’s plan included a reduction in payroll taxes for small businesses, payroll tax cuts for employees, aid for the long-term unemployed, funds for infrastructure spending and money for laid-off teachers and veterans.

Next week, Obama is expected to send a plan on how to offset the spending to the special 12-member congressional committee charged with coming up with $1.5 trillion (U.S.) in deficit cuts.

“This is certainly an unprecedented period in U.S. economy history,” BMO chief economist Sherry Cooper said.

In Canada, labour market data for August, to be released Friday by Statistics Canada, is likely to continue to show improvement, economists said.

It’s more evidence that the domestic economy is holding up well, even as exports pull down growth.

Meanwhile, the Organization for Economic Cooperation and Development slashed its growth forecasts for the U.S. and Japan and said central banks around the world should be ready to ease monetary policy if economies weaken further.

The U.S. will grow 1.1 per cent in the third quarter and 0.4 per cent in the fourth, instead of the 2.9 per cent and 3 per cent predicted in May, the OECD said in its interim economic assessment.

Japan will expand 4.1 per cent in the third quarter before stalling in the fourth, and the three biggest euro economies will grow 1.4 per cent and then shrink 0.4 per cent.

With files from the Star’s wire services

To read about Obama’s job creation plan see A2

Source

August 28, 2011

NYC subways to resume some service Monday

Filed under: Mortgage, economics — Tags: , , , — Silver @ 10:16 pm

The New York City subway is to resume some services Monday.

The city’s public transit system, the country’s largest, has been down because of the threat of the approaching Hurricane Irene. Subways, trains and buses are slowly coming back on after inspectors look for any damage.

Officials said commuters should expect long lines and long waits.

THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP’s earlier story is below.

Many travelers heading to and from the East Coast still face days of delays even as airlines start flying again Monday at major airports that closed for Tropical Storm Irene.

More than 11,000 flights were canceled nationwide over the weekend, and hundreds more will be scrubbed Monday morning, a flight-tracking service said.

There’s no easy way to squeeze all those displaced passengers onto scheduled flights, especially if airports around New York _ the nation’s busiest airspace _ encounter delays reopening Monday. And ground transport alternatives remain limited, with bus and train service disrupted into Monday as well along the East Coast.

Airlines won’t say how many passengers have been grounded since Irene came ashore in North Carolina on Saturday.

FlightAware, which tracks cancelations, put the total around 650,000, noting that many of the 11,800-plus flights canceled so far were on regional airlines that use small planes. Some travel experts suggested much larger numbers _ 1 million or more.

Finding open seats will be especially difficult this week because it’s the last gasp of the summer vacation season.

“We’re coming into the Labor Day holiday weekend, so a lot of those flights are already full,” said Todd Lehmacher, a spokesman for US Airways.

Airlines resumed flights Sunday at airports around Washington, Philadelphia and Richmond, Va. But the longer closure of the New York area’s Kennedy, LaGuardia and Newark, N.J., airports means travel delays will continue rippling across the country.

The Port Authority of New York and New Jersey, which operates the three airports, said late Sunday that Kennedy and Newark would open to arriving flights at 6 a.m. Monday, with departures beginning at noon. LaGuardia was to reopen at 7 a.m.

New York City officials said they weren’t sure Sunday evening when mass transit would be fully restored after shutting down Saturday, though some local bus service has resumed. The subways remained closed, and downed trees and high water still covered commuter train tracks across the region. Airline officials said those disruptions would affect their ability to get back into gear.

“It’s really dependent upon mass transit and the airport being ready to support the start-up,” JetBlue CEO Dave Barger told NBC.

Long-distance bus and train companies also saw lingering effects from Irene, which was downgraded early Sunday from a hurricane to a tropical storm as high winds ebbed.

Greyhound scrubbed bus travel between Richmond, Va., and Boston all weekend. A spokeswoman said buses would begin to roll north out of Richmond Monday morning and the company hoped to be running in New York by midday.

Amtrak said trains from New York to Florida will be canceled Monday, as will the car train between Lorton, Va., and Sanford, Fla. Some lines in North Carolina and Florida will be open.

Amtrak said in a statement Sunday evening that many routes south of Philadelphia will resume operation, while it canceled many trains between New York and points north. The railroad said separately that its inspections are revealing problems with wiring and signals, as well as trees blocking the tracks. Passengers with paid tickets on canceled trains can rebook or receive refunds by calling 800-872-7245 or visiting Amtrak.com.

But United, Continental, Delta, American, JetBlue, Southwest, AirTran and US Airways canceled hundreds of Monday-morning flights to the New York and Boston area.

Airlines said passengers should call ahead and make sure they have a confirmed seat before going to the airport, but the 670 flights that FlightAware said airlines had canceled for Monday is a small share of the nation’s daily flights.

Airlines also moved several hundred planes out of the storm’s path to avoid damage, which will further slow the return to normal service.

When blizzards hit the East Coast in December and February, it took some passengers days to get home. That could happen again.

Sara Hesselsweet of Norwalk, Conn., and her family were to fly home Sunday from vacation at Lake Tahoe on the California-Nevada border. After their flight was canceled, American Airlines told her it couldn’t find seats for her, her husband and 2-year-old son until next Saturday.

So the family decided to fly from Reno, Nev., to Dallas and on to Chicago, where they would rent a car to drive back to Connecticut.

“We checked Philadelphia, D.C., Boston, the Carolinas _ we couldn’t get a flight anywhere,” said Hesselsweet, sitting amid a pile of carry-on bags in the Reno airport.

Source

August 24, 2011

Japan sets $100B to manage strains of strong yen

Filed under: Business, money — Tags: , , , — Silver @ 1:28 am

Japan’s government has unveiled a $100 billion loans program to ease the strains of a strong yen and encourage companies to turn adversity into opportunity.

The one-year facility announced Wednesday by the finance ministry aims to prompt Japanese companies to shift their yen holdings into foreign currencies and spur overseas mergers and acquisitions.

A strong yen erodes the value of exporters’ profits abroad but it also makes potential acquisitions outside of Japan less expensive.

Through the program, the government will send foreign currency reserves to the Japan Bank for International Cooperation. The state-operated bank would then extend loans to commercial banks so they can help companies with overseas investments and secure natural resources.

Source

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