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Travelling to China? Leave your laptop at home

2012-05-15T04:31:00.001-07:00

American Government officials and private business people travelling to China are taking more and more precautions against hacking and digital espionage, according to a report in The New York Times. While many people simply leaving their electronics behind, others have separate devices for travelling or follow elaborate routines for blanking out the hard drives before leaving and sanitizing them once again upon return. Travellers have also learnt to take the batteries out of their phones to protect themselves from spyware that might clandestinely start recording their meetings and conversations.

China isn’t the only offender, but its growing importance in world politics and economics make it a huge danger. Laptops that make it back from China are often infected with malware that spreads across a company’s network as soon as they connect to it upon return. The malware then sneaks into other computers, printers and networked appliances in order to avoid detection and allow remote attackers to gain access to corporate secrets. Top government officials are said to be fully aware that every single laptop taken into China by officials in various government had returned without some sort of deliberate and persistent malware infection. It is also illegal to carry encrypted storage devices into China without prior government approval.

LG OPTIMUS SOL: Sol curry

2012-05-15T04:31:00.000-07:00

LG’s updated its Optimus smartphone with a couple of mid – range options and the SOL adds on to the already crowded shelves. Encased in a piano black plastic body, the 3.8 – inch blower sports an ‘Ultra’ AMOLED WVGA display, packs in a 1GHz processor and runs Android Gingerbread. The inclusion of Wi – Fi Direct and DLNA sharing is a pleasant surprise. There’s a gig of internal storage and it comes with a 2GB microSD in the pack… useful since it boasts of DivX/Xvid playback capabilities out – of – the box. An FM tuner is also on board.

As usual, LG decks up Android with its Optimus UI. You can pinch to view thumnails of the seven home screens, jump directly to the desired one with a tap, and even choose the one to display when the home key is tapped. The app drawer classifies apps according to the ones preinstalled and the ones you download. You can create your own app categories… a pinch collapses or expands headings. Preloaded apps include Polaris Office for document editing. Social+ widget for displaying social feeds and also a network data monitor widget.

The 5 – meg snapper can do 720p vids, but its below par – the lack of flash doesn’t help things. The screen is quite vibrant thanks to the AMOLDED goodness and the phone performs without any hiccups. It sure is a capable device, but doesn’t have any standout feature to distinguish it from others. At a similar price point, there are other contenders such as Sony Ericsson’s Xperia ray and even LG’s own dualcore Optimus 2X vying for your dough.

BRAG CARNELIAN : EXOTIC ENTERTAINMENT

2012-05-15T04:30:00.000-07:00

In an age svelte consoles, tablets, handhelds and smartphones that usually inhabit the pages of T3, the Brag Carnelian stands out. It’s an oddity, a heavily priced one at that – so much so that If you were to work out its cost, it could fetch you two Tata Nanos. Yes, in these heavy times rising hardware prices, 99 – cent apps and exponentially cheaper consoles, it seems like an awful extravagance.

Then you switch it on, and fire up. The Elder Scrolls V.Skyrim in all its high – res glory. All those pricing concerns melt away. As good as the game was on slightly inferior devices, you can’t help but feel that the most intricate of details gave seemingly come alive. Water looks real enough to take a bath in, the fireballs spewed by the game’s iconic dragins seems to singe on each touch. An hour in and we can’t believe we actually settled for playing it on anything less.

In a way it’s unsurprising. Chance upon the specs and you’ll realise that this is a brute of a system. It ploughed through heavy hitters like indie PC – killer Hard Reset, our favourite post – apocalyptic shooter, Metro 2033 and Batman Arkham City without a hitch at a glorious 2560×1440 resolution with all the bells and whistles turned on. Thanks to the liquid cooling it wasn’t too noisy either.

The Carnelian isn’t exactly the most cost – effective solution to complement the fact that PC games are as cheap as they are and yes, you can build a discontinuing their Aurora desktop range in the country, you’re short of options for a branding gaming rig.

Having said that, if you’re an enthusiast with money to burn, you can’t go wrong with Brag’s latest.

Price: 1,85,000 Rs

Specifications

Processor: Intel Core i7 3930K@ 3.2 GHz, Liquid cooled
Memory / Storage: 16GB DDR3/120GB SSD, 2TB HDD
Optical Drive: Blu – ray writer
GPU: AMD Radeon HD7970, 3GB
Connectivity: N Wi-Fi, Bluetooth, HDMI, DVI, USB 3.0

KEY STROKE OF GENIUS

2012-05-15T04:29:00.000-07:00

Stylish, laser – powered multi – touch keyboard and mouse duo morph into any interface you fancy

There’s a new wave of keyboards in town. Designer – turned – inventor Jason Giddlings ‘ multi – touch keyboard and mouse is the future of peripherals and promises to change the way we interact with computing devices, morphing into different interfaces as per your needs. The multi – touch device also supports gestures, and comprises of two “fourier transforum infrared “ (FTIR – Google it, why don’cha ) glass sheetsm and hence can be tailored to multiple purposes, from traditional QWERTY to video editing or gaming setups. The mouse is similarly adaptable, putting key controls under your palm.

Everything But the Box Terra MK3: FAT BOTTOMED GIRILS

2012-05-15T04:28:00.001-07:00

Remember the saucy number by Queen that eulogised women with large posteriors? That’s the song that rang true in our minds when we were introduced to EBTB’s Terra Mk3 bookshelf speakers. While Freddie Mercury stood amongst the crowd of rock singer – performers for his showmanship. EBTB does it with its eccentric designs that are anything but cuboidal. But are they fat enough to make the rockin’ world go around?

It didn’t take us long before we had the 30mm tweeters and 4 – inch bass – mid driver belting out tracks as best as they could. Just under the midrange driver and in front of the spherical enclosure is the bass reflex port. What’s more, there is a tweakable dial on each of the bottoms… kinky ! Actually, they are meant to tone down the highs, depending on your preferences.

At first, these lacquer – finished, high – gloss speakers were a little stiff when it came to reproducing adequate bass. However, they dealt with the highs and mids quite well. It was only after extended usage did the mid – bass drivers seems to loosen up a little. Adding much – needed body to the soundtracks.

The Mk3 is bright – sounding, which everyone may not prefer, so the HF dial at the back is a plus. While the lows were not as full – bodied as we would have liked, the speakers never skipped a beat or boomed along lazily. Ideally, these should be paired with EBTB’s monster ball, the Subterranean II ( Model 2 ) subwoofer. While the Mk3s were not as detailed for layered music, they were superb with simpler orchestrations like a jazz routine or an acoustic ballad. If you have the moolah, you should take these girls down beside you that red firelight.

MAC JUICE ON TAP : Mobee Magic Feet

2012-05-15T04:28:00.000-07:00

Keeping your achingly stylish Apple wireless kwyboard, Magic Trackpad and Magic Mouse fully charged, the complimentary and equally sexy Mobee Magic Feet inductive charging station props up your peripherals with six hours of side-by-side battery boosting keeping you in full working order for up to ten days. It also adds fours USB ports to your PC – hatting armoury while sitting sleekly on your desk 24/7.

10 Things… Tech heads are irrationally scared of

2012-05-15T04:27:00.000-07:00

Unwanted PC seizure
Vintage tapes being found
Phone loss
Micro face cancer
The toilets of others
Children who know tech
Emailing the CEO
Cash machines
The Airport
Webcams

Unwanted PC seizure

You’ve never done anything other than work, buy Blu – rays online and play QWOP on your office computer. But you also know its previous owner was that sweaty guy with the Red Dwarf t-shirt who smelled of boiled lamb and left in a hurry. Could it be that any second now the “special police” will burst through the window, find a buried folder and send you down for a lengthy and disagreeable stretch in nonce town? Yes, in a word.

Vintage tapes being found

You were a bit of tormented singer-songwriter when you were a teenager, and recorded all your yearning balladry onto cassettes. Then you left them behind when you moved out. So where are said tapes now? They’re still sitting there, waiting for your children to find them. Then they’ll listen to Love is Killing Me ( reprise ), Window Pain, Requiem for my Loneliness and An Eternity of Misery and subsequently never look you in the eye again.

Phone Loss

If there’s one thing that’s more painful to lose than a close friend, it’s your beloved smart phone. The 24 hours before you find it in the fridge are filled with sweaty terror, stomach – churning dread and dark malaise: “How will all the people contact me?” Finally, you see The Precious sitting under that industrial block of cheddar and notice you have 22 missed calls, Job offers? Invites to parties? No. it was you ringing from the house phone.

Microwave face cancer

Cooking food in the old “potty ping” is responsible for your headaches and that lump on your neck, sure as your phone is killing your every sperm. Luckily, the microwave will not have time to kill you. The lasagne sat-fat fests meant for two that you scorch inside it every night will see to that.

The toilets of others

More specifically, those of potential in – laws. You just know it won’t be able to deal with what you’ve just done. Oh yes, it may have a doily on its head and delightful pine seating, but an effective flush ? forget it. Here goes 3-2-1… Nothing. So to refill, then try again. Oh dear. After an hour of this, and long after the dessert course arrived downstairs, you start to weep, before finally slopping off to bed and hoping for the best.

Children who know tech

They’re all over the internet, jumping on anyone who dare mistake their quadcore for a dualcore, or who mentions digital zoom ratings when everyone know only optical zoom is relevant, pausing only to lambast tech publications for their “Apple bias”. If only there was a way to lean through their monitors and clip them round the ear. Get off our virtual lawns, you pesky kids.

Emailing the CEO

A “personal” mailing from the boss to you and the 7,300 other people you work with has made clear there’s to be no pay rises, and counselled. “Feel free to email with any concerns.” So you reply with some detailed queries about his or her “road map”. Fear grabs you as soon as you hit send. Will you now be seen as a troublemaker? Or could it be you’ll get the promotion for your chutzpah? Neither, you’ll just be told a month later that a “company – wide review” is in place and times are tough, to which you should always reply with a thumbs – up smiley.

Cash machines

Up there with toilet rims , hand rails in hospitals and most trains, cash machine keys look like they’re laced with a cocktail of sweat, spit, blood, flu, E-Coli, herpes, bubonic plague and cholera.

The Airport

You know you haven’t got TNT in your blog; you know your passport is in your jacket pocket; you know your briefcase is in your hand. Still, this doesn’t stop you checking all three every 30 seconds or so. You’re also sure this is the time you’ll finally succumb to that childish urge to say, “No, I asked the Taliban to pack it for me,” as your laptop and camera cables poke suspiciously out of your carry bag.

Webcams

Even wonder if that little camera built into your laptop is beaming your image to some far off land, or to everyone you know while you’re busy “relaxing”? No? Oh good, Just us then…

LENOVO U300S: PORTA PARTY

2012-05-15T04:26:00.000-07:00

Ultrabooks are finally a category that isn’t just the purview of Apple-loving hipsters, extending to people who well, actually do something with their laptops rather than just look fashionable at coffee shops. To prove its point, Lenovo has thrown its hat into the ring with the U300s. The first thing that hits you is its slim, borderline anorexic looks. Carved form a block of aluminium, it is quite striking. Decked with grey accents, it has an appearance that’s quite unlike other ultrabooks in its category. Its appearance is quite befitting the discerning business class who yearn for some added style while working on presentations. This notion is further heightening by the 13.3-inch-screen – more than enough room to multi-task between documents, emails and spreadsheets. It’s a welcome change from the usual fare that’s an inch or two shorter on display space.
In terms of specs, the U300s is available ini5 or i7 variants. Battery life is decent, clocking around five hours. That’s just about enough to get you through a long flight, if used judiciously. Its equipped with a 128GB solid state drive, which is by no means generous but should suffice if you don’t plan on storing movies or music. This is strictly a professional affair and it shows, what the ergonomic Chiclet-shaped keys that allows a modicum of comfort to ease you through a harrowing day of computing. While the U300s is a solid piece of kit, we feel a tad short-changed by omissions such as backlit keys and a LAN port. For the price, it should have these features-something the non-hipster ultrabook-seeking folk would definitely clamour for when the inevitable refreshed, revamped model hits.

SPECIFICATIONS

PROCESSOR- Intel core i5 245M up to 2.3GHz

MEMORY- 4GB STORAGE -128GB SSD

GRAPHICS- Intel HD3000

DISPLAY-1366*768 13.3-inch

CONNECTIONS- USB

SIZE/WEIGHT -324*216*15mm/1.32kg

Aussie Struggles on the Forex Market

2012-05-15T04:23:00.000-07:00

Australian dollar is struggling on the Forex market, especially against the US dollar. Concerns about what’s happening in Europe are affecting risk appetite, and sending Forex traders away from riskier assets like the Aussie and to low beta currencies like the US dollar and the Japanese yen.

Risk appetite is playing a big role in the Australian dollar’s performance today. Concerns that the Greece might actually leave the eurozone are increasing, and there are worries that Spain can’t handle its debt. This risk appetite is leading to losses by high beta currencies like the Australian dollar against low beta currencies like the US dollar and the Japanese yen. Australian dollar is, however, higher against the euro, since the euro is in such a bad state.

The Aussie’s case isn’t being helped by the situation with gold, either. Gold prices are falling right now, and the Australian dollar is a commodity currency that derives a significant amount of support from the precious metal. Aussie also gets help from China, since Australia is one of China’s major trading partners. However, China hasn’t been seeing such stellar growth recently. The result is that Aussie is having trouble finding support against some of its counterparts.

At 13:12 GMT AUD/USD is down to 0.0082 from the open at 1.0019. EUR/AUD is down to 1.2859 from the open at 1.2869. AUD/JPY is down to 79.59 from the open at 80.18.

US Dollar Gains Against Euro in Forex Trading

2012-05-15T04:20:00.000-07:00

US dollar is heading higher against the euro in Forex trading right now, gaining as concerns about Spain and Greece come into sharper focus. Greenback is also higher against the Canadian dollar and other commodity currencies as oil prices and gold prices drop. UK pound, though, is gaining against the US dollar, as is the Japanese yen.

US dollar is turning in a mixed performance today, gaining against the euro and many commodity currencies as Forex traders look for safe haven against the volatility brought on by troubles continuing in Greece and Spain. In Greece, difficulties about forming a government, and the future of the austerity measuresagreed to for the bailout, are causing uncertainty. In Spain, the financial sector continues to struggle, and doubts remain about Spain’s ability to repay its debts. All of this is weighing on risk appetite and the euro, as well as keeping commodities down and prompting the greenback to gain against the Canadian dollar and the Australian dollar

However, there are other currencies gaining against the dollar. Great Britain pound is showing some strength, and the Japanese yen is higher as risk appetite grows. Concerns are that a higher pound will hurt the British economy, while Japanese leaders fret about the economic impact of a higher yen.

At 12:30 GMT EUR/USD is down to 1.2856 from the open at 1.2901. GBP/USD is up to 1.6077 from the open at 1.6066. USD/JPY is lower at 79.8045, down from the open at 79.9900. USD/CAD is up to 1.0052 from the open at 1.0002. AUD/USD is down to 0.9974 from the open at 1.0014.

Euro at 3-Month Low as Greece May Leave Eurozone

2012-05-15T04:19:00.000-07:00

The euro fell today, reaching the lowest level in more than three months against the US dollar, as speculation that Greece may leave the eurozone drove away investors from the shared 17-nation currency.

Greece is still unable to form a coalition government after a week of talks and negotiating. Even if the a government would be formed, the country may still leave the currency union as the Hellenic Republic is reluctant to implement austerity measures that are very unpopular among Greeks. Experts say that in the long term an exit of Greece from the eurozone may benefit both the country and the euro, but in the short term an impact could be very negative.

EUR/USD fell from 1.2901 to 1.2866 as of 8:50 GMT today, while the intraday minimum of 1.2860 was the lowest since January 23. EUR/JPY was down from 103.17 to 103.04.

Pound Gains, Threatens Economy of UK

2012-05-15T04:18:00.000-07:00

The Great Britain pound rose today as the safe haven role of the currency helped it to profit from speculation that Greece may leave the eurozone. The strength of the sterling caused worries that it may hurt the UK economy.

The pound gains appeal as the Swiss franc loses it due to the euro-peg. Economists are worried, though, that a strong currency may harm efforts to bring the United Kingdom out of recession. Ian Stannard, the head of European currency strategy at Morgan Stanley, explained:

The U.K. economic backdrop may not be brilliant, but it’s enjoying a haven status because of the political uncertainty in the euro zone. The advantage of sterling over a traditional haven like the Swiss franc is that its asset market is more liquid. The downside is that the strength of the pound may backfire as it hurts exports.

GBP/USD rose from 1.6063 to 1.6072 and GBP/JPY went up from 128.49 to 128.70 as of 8:18 GMT today.

GBP Falls vs. USD & JPY, Gains vs. EUR Over This Week

2012-05-15T04:17:00.000-07:00

The Great Britain pound fell against the US dollar and the Japanese yen this week as growing concerns about the health of the UK economy reduced appeal of the currency. The sterling is still perceived as refuge from Europe’s crisis, therefore it gained versus the euro.

Britain’s economy has entered a recession, significantly hurting prospects for the sterling. The Bank of England refrained from expanding stimulus during its last policy meeting, but most economists agree that the country needs quantitative easing. The pound is supported by its status of a safe haven, but such role looks tenuous considering the economic condition of Britain. Anyway, the problems of Europe allowed added to Britain’s strength against commodity currencies of countries that depend on European demand for their exports.

The pound was drifting down against the greenback and the yen since the end of March and it extended this trend for this week. The euro rose on Friday, but that did not help the shared 17-nation currency to erase its losses versus the sterling. The Canadian dollar was more successful, ending the week almost flat after falling for six consecutive trading sessions.

GBP/USD slid from 1.6133 to 1.6070 and GBP/JPY fell from 128.78 to 128.43. EUR/GBP was down from 0.8062 to 0.8033, while during the week it has reached 0.7994 — the lowest since 2008. GBP/CAD climbed from 1.6067 to 1.6201, but retreated to 1.6076 by the weekend.

Australian Dollar Falls as China Signals About Slowing Growth

2012-05-15T04:15:00.000-07:00

The Australian dollar slipped, falling to the lowest level this year against its US peer, as negative macroeconomic data hurt prospects for Australia’s exports and general pessimistic sentiment on the Forex market reduced appeal of growth-related currencies.

The National Bureau of Statistics reported that China’s consumer price index fell from 3.6 percent in March to 3.4 percent in April, being in line with forecasts. Industrial production, on the other hand, frustrated forecasters, falling from 11.9 percent to 9.3 percent, while an increase to 12.1 percent was predicted. Other fundamental reports, including retail sales, were also worse than expected. China is the main trading partner of Australia, therefore its fundamentals have a great impact on the Aussie.

The FX market in general also was not supportive for the Australian currency as traders preferred to stick to safer investments. JPMorgan Chase & Co. announced a $2 billion loss, sparking fear among investors. The MSCI Asia Pacific Index of equities slid 1 percent and posted the second week of losses.

AUD/USD was down from 1.0075 to 1.0019 — the lowest rate since December 20. AUD/JPY dropped from 80.50 to 80.08. EUR/AUD went up from 1.2829 to 1.2887.

Breitbart.com: Document supporting Elizabeth Warren’s ancestry claim doesn’t exist

2012-05-15T04:13:00.000-07:00

The exciting conclusion to the Case of the Missing Marriage Application. Remember, after a bit of sleuthing, Michael Patrick Leahy determined that the whole 1/32 claim came down to an 1894 marriage application that had supposedly been unearthed by an amateur genealogist but which no one else had actually seen. Leahy couldn’t reach that genealogist on Friday; today, he did. Mystery solved:

Lynda Smith, the amateur genealogist who unknowingly found herself at the root of the false “Elizabeth Warren is 1/32 Cherokee” meme introduced to the media by “noted” genealogist Chris Child of the New England Historic Genealogical Society, acknowledged in an email to me this past Saturday, May 12, that her statement in a March 2006 family newsletter upon which Mr. Child based his claim of Ms. Warren’s Cherokee ancestry was made with no supporting documentation. It was, in fact, an honest mistake that Ms. Smith now acknowledges is entirely without foundation…

According to Ms. Smith:

“I am rather embarrassed about this posting of mine [on rootsweb about William J. Crawford], especially since it seems to be of some importance…. I’ve been through all papers in my Crawford file and I didn’t find who sent that Cherokee reference to me…”

Read the whole thing for an explanation of Smith’s mistake. The obvious question: Why did the professional genealogist who confirmed Warren’s ancestry for the Boston Herald rely on an amateur’s research instead of demanding to see the original documents? Investigative reporter and genealogist Thomas Lipscomb was wondering that too and sent this e-mail to Powerline:

No reputable genealogist or genealogical organization would ever use a family newsletter by an amateur genealogist as the basis for an opinion. They require direct documentation from a certified copy of a birth or marriage certificate or some other objective evidence. While family newsletters, or family web postings may provide a useful tip as to where the real documentation may be, they are just as likely to be dead wrong encrustations of family myth that may or may not be true, but can’t be proven.

While family members may find these myths of interest, professionals like the New England Historic Genealogical Society and Christopher Child, or the New York Genealogical and Biographical Society, where I have served on the Heraldry Committee, will not accept them as documentation for any kind of genealogical claim. And they certainly won’t take a chance of embarrassing themselves professionally by making a public statement on the basis of flimsy evidence they regard as little more than rumor.

Read all of that too. But wait — you’re not done reading yet. One last piece is William Jacobson’s new post chronicling his e-mail exchange with the New England Historic Genealogical Society and the curious appearance in his comments of someone who’s very interested in spinning what the NEHGS originally told the Herald. Did they really confirm that Warren is Native American, or did they merely confirm that she had an ancestor by the name of O.C. Sarah Smith whom others were claiming was Native American? Spintastic.

Via the Daily Caller, here’s Warren standing by her claim even as Scott Brown’s campaign insists that there’s nothing left of her minority status. Alternate headline: “Elizabeth Warren: I’m very proud of my Native American heritage that apparently no one can document.”

Victory: Federal judge strikes down NLRB’s rule approving “ambush” union elections

2012-05-15T04:12:00.000-07:00

Big win, but it’ll probably take electing President Romney to make sure they don’t make it stick on the second try.

“According to Woody Allen, eighty percent of life is just showing up,” Boasberg wrote in an opinion issued today. “When it comes to satisfying a quorum requirement, though, showing up is even more important than that.”

The rule change, challenged in court by the U.S. Chamber of Commerce, simplified and shortened balloting at a time when the unionized share of the workforce is falling, according to labor relations consultant Phillip Wilson. The compressed schedule could have cut the time permitted for voting in half to as few as 15 days, Wilson said.

Unions win 87 percent of elections held 15 days or less after a request, a rate that falls to 58 percent when the vote takes place after 36 to 40 days, according to a February report by Bloomberg Government.

O’s two Democratic appointees wanted to give unions a shot at quietly gathering the necessary signatures for an election and then dumping the petition on management before the company had a chance to make its case to the employees against unionization. The third member of the NLRB, Republican Brian Hayes, opposed the plan. No problem, though — Dems win 2-1, right? Nope. Not if Hayes doesn’t vote:

When the final rule came up, the NLRB’s lone Republican commissioner, Brian Hayes, did not cast a vote. He was given only a matter of hours on the NLRB’s electronic ballot system before the Democratic majority went ahead and published it that day, without anyone requesting a response.

Mr. Becker claimed that Mr. Hayes had “effectively indicated his opposition” and therefore he was “present” even though he was not, in fact, present. Basically, the NLRB argued that the quorum requirement was satisfied because there were three members in office when the rule was “approved.”

With a final vote of just 2-0 on what’s supposed to be a five-member Board, the court ruled that there was no quorum and therefore the rule was invalid. Think of Hayes’s absence as the anti-union version of those Wisconsin Democrats who fled the Capitol last year in order to deny Scott Walker a quorum to pass his collective bargaining reforms. What happens, though, now that Obama’s gone and dubiously recess-appointed a bunch of new members to the NLRB? Presumably the new members will pass the “ambush” election rule with a quorum and then the next court battle will be over whether those recess appointments were in fact valid. That suit has already been filed, in fact; if the next court throws out the recess appointments then the ambush rule stays blocked. If not, then President Romney’s our only hope.

Canadian Dollar Steady Today

2012-05-07T23:10:00.001-07:00

Canadian dollar is mostly steady today. Amidst uncertainty about Europe, and concerns about what’s next, the loonie is managing to hold its own, especially against the US dollar. Risk aversion isn’t as big a deal as might have thought after the weekend in Europe. However, there is little domestic data to change the course of the Canadian dollar, and volumes are low due to a holiday close for the markets in London.

Even though there is uncertainty about what is next for the eurozone with the loss of Nicolas Sarkozy to Francois Hollande in France, and the loss of Parliament seats for pro-austerity parties in Greece, Forex traders don’t seem quite ready to abandon risk appetite altogether. And, even though commodities are lower, with oil prices below $97 a barrel, the loonie is still finding some support against the US dollar.

For the most part, the Canadian dollar’s support has come from one of the few bits of data reported: Building permits were unexpectedly higher in March according to Statistics Canada. The improvement indicates that spending for economic stimulus is underway, since many of the building permits are for government and office buildings.

At 14:39 GMT USD/CAD is at 0.9945, down from the open at 0.9989. GBP/CAD is a litte bit higher, coming in at 1.6083, up from the open at 1.6068.

BNP Paribas To Finish Restructuring In Coming Months

2012-05-06T08:22:00.000-07:00

- New bank rules alter the way the economy is funded

-- Clear shift by corporates toward bond markets

-- BNP Paribas to focus on its fixed income business

(Adds comment and detail throughout.)

PARIS (Dow Jones)--BNP Paribas SA (BNP.FR) should complete its restructuring plan in coming months, freeing the French bank to focus on growing its presence in the currently booming fixed income market, Chief Executive Jean-Laurent Bonnafe told Dow Jones Newswires Friday.

Bonnafe said new rules that force banks to hold higher levels of capital to protect themselves against bad loans have altered the way corporations finance their ...

Oil drops below $100 for first time since February

2012-05-06T08:20:00.000-07:00

NEW YORK — Oil dropped below $100 per barrel for the first time since February following a disappointing U.S. jobs report and warnings of a weakening world economy.

Benchmark West Texas Intermediate crude fell as low as $99.90 Friday before edging back to $100.21 per barrel in New York. Crude prices are down 2.3 percent for the day.

Oil prices have been falling since Wednesday as analysts and traders increasingly focus on the economy. The Labor Department said Friday that the economy added just 115,000 jobs in April — far fewer than the pace of hiring earlier this year. Government data shows that U.S. oil consumption dropped 5.3 percent in the first quarter, and supplies have been growing for the past six weeks and hit a 22-year high in Cushing, Okla., where benchmark crude is delivered.

The European economy also is slowing down as eurozone governments continue to struggle with a mountain of debt.

“We’re fearful that the economy is slowing more than we originally thought,” PFGBest analyst Phil Flynn said.

Oil has crossed the $100 mark 21 times during the past year. It rose as high as $113.93 per barrel last April and fell as low as $75.67 per barrel on Oct. 4.

As demand falls in the West, OPEC has been delivering more oil to world markets in an effort to force prices even lower. And Western nations are planning talks with Iran over its nuclear program, easing fears of a protracted standoff in the Middle East. Concerns about Iran, which is believed to be building a weapon, helped push benchmark oil to its peak near $110 per barrel earlier this year.

The recent drop in oil has helped make retail gasoline cheaper in the U.S. Pump prices have declined by an average of 13 cents per gallon since peaking this year at $3.936 on April 6. The national average hit $3.802 per gallon on Friday, according to auto club AAA, Wright Express and Oil Price Information Service.

OPIS chief oil analyst Tom Kloza said gas prices will head lower for the rest of the year. Kloza expects the national average to drop as low as $3.50 per gallon before the Fourth of July.

In other futures trading, heating oil lost 5.12 cents to $3.0357 per gallon, wholesale gasoline lost 4.55 cents to $3.0045 per gallon, and natural gas lost 4.6 cents to $2.294 per 1,000 cubic feet. Brent crude, which is used to set the price of oil imported into the U.S., lost $1.98 to $114.10 per barrel.

UBS loses bid to dismiss FHFA mortgage debt case

2012-05-06T08:14:00.000-07:00

(Reuters) - A U.S. judge has rejected UBS AG's (UBSN.VX) bid to dismiss a federal regulator's lawsuit accusing it of misleading Fannie Mae (FNMA.OB) and Freddie Mac (FMCC.OB) into buying billions of dollars of risky mortgage debt.
U.S. District Judge Denise Cote in Manhattan said on Friday that the Federal Housing Finance Agency may pursue claims that UBS violated federal securities laws by misleading Fannie Mae and Freddie Mac into buying $6.4 billion of subprime and other residential mortgage-backed securities.
The case is one of 17 that the FHFA filed last year against banks over losses suffered by the housing finance giants on approximately $200 billion of mortgage debt. Cote's decision is the first to consider a defendant bank's motion to dismiss, and the judge's reasoning may also be applied in the other cases.
"The court is essentially saying that banks do not get to plead ignorance when they had an obligation to provide information to investors," said Kathleen Engel, a professor at Suffolk University Law School in Boston and co-author of "The Subprime Virus."
"It will give the FHFA a lot of confidence to pursue its cases, and make the banks very skittish."
The FHFA, the conservator for Fannie Mae and Freddie Mac, said the government-sponsored enterprises lost more than $1.1 billion on the securities as more borrowers fell behind or went into foreclosure. It sought to hold UBS responsible for marketing the securities as being safer than they were.
"A Securities Act defendant cannot simply claim that she blindly reported information given to her by third parties and thereby avoid liability for inaccuracies that made their way into the offering materials," Cote wrote in a 66-page decision, referring to a 1933 federal securities law.
She also dismissed claims accusing UBS of negligent misrepresentation.
Bank of America Corp (BAC.N), Barclays Plc (BARC.L), Citigroup Inc (C.N), Goldman Sachs Group Inc (GS.N), JPMorgan Chase & Co (JPM.N) and Royal Bank of Scotland Group Plc (RBS.L) are among the defendants in the other FHFA cases.
UBS spokesman Christiaan Brakman said Fannie Mae and Freddie Mac were sophisticated investors with "expert knowledge" of mortgage industry practices and standards. He said UBS is reviewing Cote's decision and is confident of its case.
Stefanie Johnson, an FHFA spokeswoman, said the regulator is pleased with the decision and will continue to press its case, "which is important to the enterprises and taxpayers."
SERIAL DEVIATIONS
The FHFA lawsuits are among many accusing banks of selling mortgage securities that they knew or should have known were riskier than advertised.
Losses on the securities have been a major contributor to the five-year U.S. housing slump, and were a large factor in the 2008 global financial crisis.
The U.S. government has lost $151 billion on its investments in Fannie Mae and Freddie Mac since it seized the companies on September 7, 2008. FHFA director Edward DeMarco is trying to recoup some of those losses and minimize future losses.
In its case against UBS, the FHFA sought to recover Fannie Mae's and Freddie Mac's losses on debt that the Swiss bank sold in 22 securitizations from September 2005 to August 2007.
It accused UBS of failing to perform adequate due diligence on the underlying loans, and hiding or misstating the quality of the underwriting, the ability of borrowers to make payments and the frequency with which borrowers occupied their homes.
Cote said the FHFA had plausibly alleged that the mortgage originators had "serially deviated" from their underwriting standards, with the result that statements in the securities offering materials that UBS provided were false.
The case is Federal Housing Finance Agency v. UBS Americas Inc et al, U.S. District Court, Southern District of New York, No. 11-05201.
(Reporting by Jonathan Stempel and Grant McCool in New York, and Dave Clarke in Washington, D.C.; Editing by Martha Graybow and Dan Grebler)

Pension Plan Sues Wal-Mart Officials Over Failures

2012-05-06T08:10:00.000-07:00

The pension plan, the California State Teachers’ Retirement System, owns about 5.3 million shares in Wal-Mart, worth about $313 million. Although that is a small stake — far less than 1 percent — the suit was filed on behalf of Wal-Mart itself against people the pension plan identified as having failed in their duties to the company.

The suit names the company’s board and several current or former executives or board members as defendants.

The type of lawsuit, called a derivative suit, is not uncommon after accusations of corporate misdeeds. But the pension plan, known as CalSTRS, has never brought such a lawsuit before.

The suit, filed in Delaware, asks that damages from the result of any violations be awarded to Wal-Mart, and that the company reform and improve its corporate governance and internal procedures.

“The severity of this occurrence demands that shareholders step in the role of the board, and act essentially in their stead, to protect the interests of shareholders,” said Jack Ehnes, the pension fund’s chief executive. James D. Cox, a professor of law at Duke Law School, said the suit would probably prompt other lawsuits from small investors. “There’s a lot of piling on in derivative suits,” he said.

Since derivative suits ask that damages be returned to the company, there is not usually a great monetary reward for plaintiffs. But Mr. Cox said a company settling such a suit would often agree to cover plaintiffs’ lawyers’ fees, which can be significant.

Mr. Ehnes of CalSTRS said the fund had not collaborated with other shareholders regarding the lawsuit, but given pension funds’ active involvement with Wal-Mart, he expected a “boisterous” period to follow.

“Our connection to this stems from ensuring that there is a responsible board of directors representing our interests day in and day out, overseeing compliance, overseeing a code of ethics,” he said. “We all need to understand what was going on in the boardroom, and what was going on in the corporate culture.”

A Wal-Mart spokesman, Greg Rossiter, said the company took its responsibility to shareholders seriously, adding, “We are reviewing the lawsuit closely and are thoroughly investigating the issues that have been raised.”

The charges in the suit are largely based on an article published in The New York Times last month that disclosed that Wal-Mart investigators had found credible evidence that the Mexican subsidiary bribed officials in Mexico and that executives at corporate headquarters in Arkansas subsequently shut down the investigation.

The suit is apparently the first by a big, established institutional investor after the bribery accusations. Earlier, leaders of New York City’s pension funds said they would vote their shares against the five directors standing for re-election at the company’s shareholder meeting in June.

Activist pension funds occasionally use derivative suits to compel corporate governance changes — for example, a Massachusetts pension fund filed a derivative suit against Hewlett-Packard in 2010.

But CalSTRS prefers to meet with management rather than bringing suits, Mr. Ehnes said.

Indeed, “it’s unusual that CalSTRS would bring something like this — it signals that they’re very upset,” said Charles M. Elson, a professor specializing in corporate governance at the University of Delaware. “For Wal-Mart, it’s a problem.”

Mr. Cox, the law professor, said that Wal-Mart and the pension fund would grapple next with whether any board members were sufficiently independent to evaluate whether to dismiss or pursue a suit against directors and management. CalSTRS argues in the suit that most of the directors have conflicts of interest that would prevent them from making an unbiased decision.

In a case like this, Mr. Cox said, he expected that “Wal-Mart will find two or three of these directors who are looked at as more holy than the others,” and “set up a special committee that will speak for the company.”

Special committees generally find that the derivative suit ought to be dismissed, he said.

The New York Times reported last month that some Wal-Mart executives, in 2005 and 2006, knew about the bribery accusations and chose to ignore them. It is not clear whether Wal-Mart’s directors were made aware of the accusations.

Since late 2011, Justice Department prosecutors have been monitoring Wal-Mart’s internal investigation of the bribery accusations. Wal-Mart informed the Justice Department after learning of The Times’s reporting. Officials of the Securities and Exchange Commission have also met with Wal-Mart officials about the matter.

Under the Foreign Corrupt Practices Act, American companies are prohibited from bribing foreign officials.

There are also multiple investigations under way in Mexico.

The lawsuit names all of Wal-Mart’s current directors, along with several executives and some former board members and executives. They include Michael T. Duke, Wal-Mart’s chief executive and a board member; H. Lee Scott Jr., also a board member and Mr. Duke’s predecessor as chief executive; Eduardo Castro-Wright, vice chairman of Wal-Mart, and Thomas A. Mars, chief administrative officer.

Brazil expects rates below 8 pct by year's end-paper

2012-05-06T07:41:00.000-07:00

* Government sees 50 point cut in base rate in May
* Government expects base rate at 7.5-7.75 pct by end 2012
SAO PAULO May 5 (Reuters) - The Brazilian government expects its benchmark interest rate to fall below 8 percent by year's end after it modernized rules on domestic savings accounts earlier this week, the local Folha de S.Paulo newspaper said on Saturday.
The government of President Dilma Rousseff also sees the central bank cutting the benchmark Selic rate by 50 basis points at its next monetary policy meeting later in May, the paper said, without naming its sources. The rate currently stands at 9 percent annually.
The Selic is 25 basis points above its lowest-ever rate of 8.75 percent, which occurred between early September 2009 and May 2010, when negative economic growth weighed on monetary policy.
On April 18, the central bank cut its base rate by 75 basis points to its current level and said in its subsequently released minutes on April 26 that further monetary easing would continue with care.
The paper said the government has lowered its outlook for a year-end Selic rate to 7.5 percent to 7.75 percent in the wake of a change in the laws on savings accounts' returns and considering the anemic economic growth and benign inflation in recent months.
Rousseff took a bold but risky step to shake Brazil from its economic torpor on Thursday, overhauling 19th century-era rules governing domestic savings accounts to allow interest rates to fall further in coming months.

FCC rejects Liberty Media bid for Sirius XM control

2012-05-06T07:37:00.000-07:00

* John Malone company has 40 pct Sirius XM stake

* Liberty Media claimed de facto control over Sirius XM

* FCC dismisses Liberty Media application

By Liana B. Baker

May 5 (Reuters) - A federal regulator dismissed John Malone's Liberty Media Corp's application to take control of Sirius XM Radio Inc with its current stake of 40 percent.

Friday's decision by the U.S. Federal Communications Commission came after Liberty Media, Sirius XM's largest shareholder, in March requested approval to take over the company's operating licenses, arguing that it had de facto control of Sirius XM with its large stake and board seats.

Liberty acquired its 40 percent stake in 2009 as part of deal in which it loaned the satellite radio provider $530 million to help it avoid bankruptcy.

But its strategy to use the FCC to transfer control of Sirius XM's operating licenses failed.

The FCC said Liberty's application was not "sufficient" to show it was in control of the company. Liberty was not able to get passwords, signatures and other information from Sirius XM to properly submit its application, the FCC said.

Liberty still has other options to gain control of Sirius XM, whose 22.3 million subscribers make it the largest U.S. satellite radio provider.

Executives at Liberty have said the company could boost its stake above 49.9 percent. It already holds five of Sirius XM's 13 board seats.

Sirius XM CEO Mel Karmazin said on a conference call last week that Sirius XM was not currently "combative" with Liberty. He said he did not know what Liberty planned to do with its 40 percent stake.

"If the time comes that Liberty's interests are different than the other 60 percent of shareholders, we will do what we have to do to protect the interest of our 60 percent of shareholders," he said.

Sirius XM and Liberty Media did not immediately respond to a request for comment on Saturday.

• Stamp Out Hunger to collect food May 12

2012-05-06T07:35:00.000-07:00

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LinkedIn raises outlook, beats on profit

2012-05-06T07:32:00.000-07:00

* Q1 adj EPS 15 cents vs Street view 9 cents

* Total revenue jumps 101 pct, beats expectations

* Revises up 2012 revenue outlook

* Shares rise 10 pct in after-hours trading

* LinkedIn to buy SlideShare for $118.75 million

By Jennifer Saba

May 3 (Reuters) - LinkedIn Corp raised its outlook after smashing first- quarter revenue and profit expectations, racking up strong growth from services that help companies find and hire employees.

"The guidance was surprisingly high," said Ken Sena, an analyst with Evercore Partners. "I think it's a matter of them being able to use the data they have more efficiently to drive better results for their partners."

The company increased its 2012 revenue outlook on Thursday by $40 million to a range of $880 million to $900 million.

LinkedIn shares were up 10 percent in after-hours trading at $120.50 from their $109.41 close.

The company, based in Mountain View, California, was one of the first prominent U.S. social networking sites to make a debut in an initial public offering a year ago, whetting the appetites of those eagerly awaiting Facebook's impending IPO.

With more than 161 million members worldwide, LinkedIn is being closely watched by investors to see if its business model is solid.

LinkedIn shares are up nearly 70 percent year-to-date and are more than double its IPO price of $45.

A combination of international growth expansion and a hiring spree in order to generate more sales are behind the company's revised forecast, said Kerry Rice, an analyst with Needham & Co.

"LinkedIn has the best value out there," said Rice about companies seeking employees.

SNAPPING UP SLIDESHARE

LinkedIn also announced on Thursday that it acquired content sharing company SlideShare for $118.75 million in a mix of cash and stock. The service lets professionals upload presentations and share them with others.

The company was started in the living room of former PayPal executive Reid Hoffman, who co-founded LinkedIn in 2002. It makes money by selling services and subscriptions to individuals seeking jobs and companies looking to hire.

LinkedIn reported first quarter revenue rose 101 percent to $188.5 million, besting analysts' average forecast of $178.58 million, according to Thomson Reuters I/B/E/S.

The top line results were bolstered by the strong performance of the company's three units.

Revenue at its hiring solutions division, which represents more than half of total revenue, jumped 121 percent, while it grew 73 percent at its marketing solutions unit that sells display advertising.

"I think marketing solutions is the biggest surprise in terms of how much the numbers beat, given the weakness out of Yahoo," said Herman Leung, a senior analyst with Susquehanna Financial Group, which holds a stake in LinkedIn.

Premium subscriptions -- offered to members for more specialized services -- saw revenue increase 91 percent.

Excluding special items, first-quarter earnings per share of 15 cents was well above analysts' expectations of 9 cents per share.

Net income rose to $5 million from $2.1 million in the same quarter a year ago.