Home Gifts & Unusual Novelty Gifts

The Revolution was a technological success.

2013-09-11T01:00:00.001-07:00

The Revolution was a technological success.

"Before the 1960s, the population of India was multiplying like rats in a barn," said Jagjit Singh Hara, "but we didn't have the grain to feed them. After the Green Revolution, we doubled our yield and now we have proved that India can feed the world".

But the process has limits and they may have been reached. Population, on the other hand, has continued to rise in poor parts of the world.

The graph, compiled for the BBC by the UN Food and Agriculture Organization, shows that while yield per hectare has increased, the amount of land used for the major staple grains has remained fairly constant; this is because the amount of good farmland is finite.

EMERGING MARKETS-Brazil stocks snap 9-day rally; miner Vale down

2013-08-20T09:33:00.007-07:00

* Steelmaker CSN, Gerdau, Usiminas down after two-session gain * Traders step up bets on PDG Realty; Petrobras declines * Brazil Bovespa down 0.37 pct; Mexico IPC rises 0.62 pct By Lucas Iberico-Lozada SAO PAULO, Aug 20 (Reuters) - Brazilian stocks opened lower on Tuesday, snapping a nine-session rally, led by declines in shares of mining and steel producers despite resilient prices for the commodities in global markets. The benchmark Bovespa stock index shed 0.37 percent to 51,384.15 points, putting an end to an over-4,000 point gain that began two weeks ago. The rally, the longest since the 12-day rally staged at the end of July 2010, drove the Bovespa to its highest level in more than two months. "Since the Bovespa rose in previous sessions despite an uncertain outlook and with the dollar and interest rates higher, it's natural for there to be a correction in gains," said Joao Pedro Brugger, an analyst at Leme Investimentos in the southern city of Florianopolis. Mexico's IPC index saw a moderate recovery from an over one percent drop in the previous session, while Chile's bourse snapped a four-session slump. Among stocks weighing heavily on the Bovespa were shares of firms involved in steel production. Mining giant Vale SA, the world's largest iron-ore miner, reversed the previous session's gains, while steelmakers Gerdau SA, Usinas Siderurgicas de Minas Gerais SA, or Usiminas, and Cia Siderurgica Nacional , or CSN, all backtracked from a two-session surge. Shares in the steel mills fell on speculation that CSN, Usiminas, and Gerdau are in talks to buy Porto do Sudeste, currently operated by MMX Mineracao e Metalicos SA, the mining company owned by embattled tycoon Eike Batista, traders said. Often, talks of mergers and acquisitions activity leads to declines in those stocks, on concerns of a potential debt expenses that may be incurrred in a takeover. Shares of state-run oil company Petroleo Brasileiro SA , known as Petrobras, and homebuilder PDG Realty SA were being "shorted" heavily, traders said. Petrobras saw declines of 0.8 percent, while PDG fell 2.7 percent. Traders who sell securities "short" borrow shares and then sell them in the hope that the price will fall, so they can buy them back more cheaply, return them to the lender and pocket the difference. Mexico's IPC index added 0.62 percent to 41,742.10 points a day after its biggest one-session drop in three weeks. Shares of telecommunications firm America Movil, led by billionaire Carlos Slim, led the index's gains, adding 2.3 percent. Retail giant Wal Mart de Mexico rose 1.3 percent. Chile's IPSA index gained by 0.25 percent to 3,712.10 points. The index was led higher by gains for LATAM Airlines Group and retailer Falabella. Latin America's key stock indexes at 1448 GMT: Stock indexes daily % YTD % Latest change change MSCI LatAm 3,130.33 -0.05 -17.53 Brazil Bovespa 51,384.15 -0.37 -15.70 Mexico IPC 41,742.10 0.62 -4.49 Chile IPSA 3,712.10 0.25 -13.70 Chile IGPA 18,382.89 0.19 -12.75 Argentina MerVal 3,832.92 0.46 34.29 Colombia IGBC 13,628.60 -1.03 -7.39 Peru IGRA 16,605.17 0.33 -19.51 Venezuela IBC 1,288,666.22 0 173.35

This article is taken from Reuters.com

REFILE-UPDATE 1-Nasdaq, CBOE says to review batch of options trades

2013-08-20T09:33:00.005-07:00

(Changes Eastern Standard time (EST) to Daylight time (EDT) NEW YORK Aug 20 (Reuters) - Nasdaq OMX Group Inc said on Tuesday that Nasdaq Options and Nasdaq OMX BX Options will review all trades between 9:30 a.m. EDT (1330 GMT) and 9:47 a.m. EDT (1347 GMT).Also, exchange operator CBOE Holdings Inc said it is reviewing all trades on the Chicago Board Options Exchange and its C2 electronic venue from 03:30 to 08:41 a.m. Chicago time, according to the CBOE website. The trades under review may be adjusted or nullified, according to the website.A CBOE spokeswoman said it has been operating with no interruptions.Calls to the Nasdaq for comment were not immediately returned. Nasdaq Options and Nasdaq OMX BX Options said it was taking requests for "an error review" on those trades until 11:30 a.m. EDT.

This article is taken from Reuters.com

U.S. crime writer Elmore Leonard dead at 87

2013-08-20T09:33:00.003-07:00

NEW YORK (Reuters) - American author Elmore Leonard, whose ear for gritty, realistic dialogue helped bring dozens of hard-bitten crooks, cops and cowboys to life in nearly 50 novels, died on Tuesday several weeks after a stroke. He was 87. "Elmore passed away this morning at 7:15 a.m. at home surrounded by his loving family," according to an announcement on his website, elmoreleonard.com. It did not provide other details.Leonard, who first wrote Westerns when he gave up his advertising agency job in the 1950s before moving on to crime and suspense books, suffered a stroke on July 29.Known by the nickname Dutch, Leonard had his commercial breakthrough in 1985 with the publication of "Glitz."His following books, including "Get Shorty," "Out of Sight," "Killshot," "Bandits" and "Freaky Deaky," came out every year-and-a-half or so and were best-sellers.Leonard's 47th book, "Blue Dreams," was expected to be published this year."I don't have any reason to quit," Leonard told Reuters in 2012, referring to his career. "I still enjoy writing."Hollywood had an affinity for Leonard's books, and more than 25 of his works were made into movies or television shows, beginning with Paul Newman in the 1967 film "Hombre." The Western story "3:10 to Yuma" and the novel "The Big Bounce" were each adapted for film twice.Movie producers and stars were so anxious to secure rights to his books that they were known to show up on Leonard's doorstep on the publication date.But audiences and even the author himself were often unhappy with the cinematic adaptations.Leonard, who spent much of his life in Detroit and its suburbs, said many filmmakers made the mistake of pushing the plots of what were character-driven stories, such as "Get Shorty," which is about a likeable loanshark named Chili Palmer."My characters are what the books are about. The plot just kind of comes along," Leonard told London's Guardian in a 2004 interview. "Movies always want to concentrate on the action."His favorite movie adaptation of one of his novels was director-writer Quentin Tarantino's reworking of "Rum Punch" into the film "Jackie Brown."The cable television series "Justified," the tale of a U.S. marshal in Kentucky that first aired in 2010, was based on Leonard's work and he served as executive producer of the show.'DICKENS OF DETROIT'Born in New Orleans, Leonard moved at age 8 with his family to Detroit, where he became enthralled by the real-life exploits of gangsters Bonnie and Clyde and the fortunes of the city's professional baseball team, the Detroit Tigers.Reading Erich Maria Remarque's World One tale "All Quiet on the Western Front" as a boy made him want to become a writer.After a stint in the Navy building bases in the South Pacific during World War Two, Leonard enrolled at the University of Detroit, entering writing contests and selling stories to magazines that featured tales of the Old West.He would rise before dawn, denying himself a cup of coffee until he had written a page, and then head off to write copy at a Detroit advertising agency.Leonard switched to crime fiction when the popularity of Westerns faded. His tough characters spoke in a clipped, twisted syntax that led Newsweek magazine in a 1984 cover story to call him "the Dickens of Detroit" - a label he scorned.Leonard explained his approach in a New York Times essay in which he listed his rules for writing, including, "Try to leave out the part that readers tend to skip.He summed up his technique by saying, "If it sounds like writing, I rewrite it."Leonard, who overcame a drinking problem in 1977, wrote daily in long-hand on unlined pads in his living room, employing a researcher to enrich his material.He won the National Book Foundation's Medal for Distinguished Contribution to American Letters in November 2012, putting him in the company of such U.S. literary luminaries as Toni Morrison, John Updike, Gore Vidal and Norman Mailer.Leonard was married three times and had five children with his first wife. His son Peter also went into advertising before becoming a writer.(Reporting by Chris Michaud, writing by Bill Trott; Editing by David Brunnstrom and Paul Simao)

This article is taken from Reuters.com

UPDATE 2-Russia's MTS lifts margin forecast, revenue rises

2013-08-20T09:33:00.001-07:00

* Raises full-year OIBDA forecast to 43 pct from 41-42 pct * Revenue up 5 pctMOSCOW Aug 20 (Reuters) - Russia's top mobile phone operator MTS on Tuesday reported rising revenue and hiked its profit margin forecast partly on the back of higher data usage - one of the key drivers of growth in Russia's competitive mobile market.MTS, part of oil-to-telecoms conglomerate Sistema, was the last of Russia's "Big Three" mobile operators to report second-quarter earnings. Its shares rose nearly 4 percent in New York after profit beat analyst expectations and reversed a loss a year ago, helped by settlement of a Kyrgyz lawsuit.MTS has faced tougher competition from No.2 operator Megafon , which has expanded in the Russian market with the acquisition of fourth-generation (4G) provider Scartel and seen its shares soar since going public in London last year.The pair also compete with Vimpelcom, which some analysts say has lagged in Russia after diversifying into Italy as well as some emerging markets."It looks like Megafon is the best performer (in the second quarter) followed by MTS and Vimpelcom," said Sergey Vasin, analyst at Gazprombank. "MTS (has been) the leader (in Russia) for a long time and didn't realise how dangerous Megafon was. I think MTS has every chance and every tool to keep leadership in hand. But Megafon can get closer that's for sure."MTS is the largest of Russia's big three mobile operators. According to its figures, it has 71 million mobile subscribers in Russia. Megafon has said it has 66 million mobile subscribers, while Vimpelcom has reported 57.1 million.MTS said its OIBDA margin - operating income before depreciation and amortization - stood at 45.5 percent and it raised its full-year forecast to 43 percent from 41-42 percent.This was boosted by high-margin data services, lower sales of loss-making handsets and compensation related to the settlement of the Bitel dispute, analysts said.Megafon reported an OIBDA margin of 47.5 percent for its second quarter. Vimpelcom reported an EBITDA margin - earnings before interest, tax, depreciation and amortization - of 42.4.MTS, which also operates in Ukraine, Armenia and Turkmenistan, showed revenue of 5 percent, with a 4.4 percent gain in Russia where mobile services rose 5.9 percent."In Russia revenue... was boosted by strong performance of our mobile and fixed operations," said MTS CEO Andrei Dubovskov on a conference call, who said increased data and smartphone usage was a key factor.Russia-focused Megafon previously reported consolidated revenue up 8.4 percent, with mobile data up 28 percent. Vimpelcom reported Russian revenue increased 5 percent with mobile data revenue up 37 percent.The mobile operators have shown growth despite Russia's economy slowing - growth was just 1.2 percent year-on-year in the second quarter - as customers have demonstrated their reliance on phones."It becomes a very essential part of life for Russians, the cellphone," said Vasin. "It is also much easier to buy the latest iPhone and show off to your friends than a Mercedes - that's beneficial for mobile (operators)."MTS said second-quarter net income was 29 billion roubles ($881 million) versus a 23 billion rouble loss a year ago when its earnings were hurt by the suspension of its licence in another central Asian state, Uzbekistan. Its struggles in Uzbekistan put it in contrast to Megafon, whose pure Russia focus is said by analysts to have helped it attract investors.MTS's earnings were boosted by booking a $320 million gain from the settlement of a dispute over the 51-percent stake it bought in Kyrgyz operator Bitel in 2005. The company wrote off that amount in 2006 after it failed to gain operational control of what was then Kyrgyzstan's biggest mobile operator because its ownership was in dispute.Analysts polled by Reuters had forecast net profit of 23.7 billion roubles including the Bitel gain, and about 14.8 billion after stripping it out. Excluding the Bitel gain, net profit was 13 billion roubles, MTS said.MTS expects to pay dividends of 19.8 roubles per share for 2013, giving it a dividend yield of 7.1 percent, according to a presentation. Megafon has a dividend yield of 4.8 percent while Vimpelcom has a dividend yield of 8 percent, according to Gazprombank calculations.

This article is taken from Reuters.com

Steadier China economy offers iron ore hope, but caution stays

2013-08-20T09:32:00.021-07:00

SHANGHAI/SINGAPORE (Reuters) - A rally in iron ore prices to five-month highs has spurred optimism a stabilizing economy may help top buyer China absorb rising global supply, prompting some analysts and traders to raise their estimates for the second half of the year. But other forecasters stuck to their price projections, convinced the recent upturn would be short-lived and could quickly falter if Chinese steel demand fizzles out during an anticipated peak season that starts next month.Still, a rosier outlook suggests that the second-biggest shipped commodity after oil will remain a boon to top miners Vale SA (VALE5.SA), Rio Tinto (RIO.AX)(RIO.L) and BHP Billiton (BHP.AX)BHP.L, although prices remain well below record highs near $200 a tonne (1.1023 ton) reached in 2011.Surprisingly upbeat Chinese trade and factory output data last week pointed to a stabilizing economy after more than two years of slower growth, fuelling hopes steel demand, which has been firm at the start of the second half of the year, could strengthen further."We see stronger-than-expected iron ore demand in the second half since mills have to replenish supplies after destocking in the first half," said Graeme Train, a commodity analyst with Macquarie in Shanghai. "Stronger steel demand will support ore."Train sees iron ore at around $125 to $130 a tonne in the second half, up from a previous forecast of $120, with the possibility of even stronger prices in the fourth quarter.Heavy restocking by Chinese steel mills has boosted spot iron ore prices .IO62-CNI=SI by 29 percent from the year's low at end-May to hit $142.80 a tonne last week, its loftiest since mid-March. The price stood at $139.20 on Monday.Before the rally, analysts polled by Reuters on July 4 had expected prices to fall to an average $116 a tonne in the second half, from $136.70 in January-June.Standard Chartered has also lifted its third-quarter price forecast, to $130 a tonne from its July estimate of $112, and upped its average full-year projection to $133 from $128. Commonwealth Bank of Australia sees upside risk to its forecast third-quarter price of $119 a tonne.Two traders at big trading houses said they see iron ore averaging about $130 a tonne in the second half of the year."Underlying steel demand remains resilient," said an iron ore trader in Shanghai. "As long as the economy continues its recovery and Beijing ramps up infrastructure investment, steel production will grow strongly."MINOR UPSIDEIncreased steel orders, mainly from the property sector, have encouraged Chinese mills to keep production high.Floor space for newly started construction projects jumped 8.4 percent in January to July from a year earlier, compared with a 3.8 percent rise in the first six months and a decline in the first quarter, according to the National Bureau of Statistics.Beijing's plan to boost investment in urban infrastructure and railways is also pushing steelmakers to keep output high.China's crude steel output could rise by 64 million tonnes, or 9 percent, to a record 780 million tonnes this year, the state economic planning agency said earlier this month.That increase in steel output translates to nearly 100 million tonnes of additional iron ore demand, outpacing analysts' estimated increase in global seaborne iron ore supply of 48 million to 65 million tonnes this year.But other analysts see the rally as fleeting.CLSA commodity strategist Ian Roper said the jump in prices only adds "a bit of upside" to the second-half price average, and sees it as a short-term bounce driven by stronger steel orders and the fact that the expected supply increase hasn't come through yet.Roper sees iron ore averaging $115 a tonne in July-December, and falling to $95 in 2014.Standard Bank analyst Melinda Moore has similarly maintained her price forecasts at $113 and $108 for the third and fourth quarters, respectively.Mills are rebuilding iron ore stockpiles ahead of the peak steel consumption season in September and October. If demand is slower than expected during the peak period, mills could be left with high inventories, putting pressure on steel and ore prices.(Additional reporting by Silvia Antonioli in LONDON and Fayen Wong in SHANHGAI; Editing by Richard Pullin and Simon Webb)

This article is taken from Reuters.com

Former executive from China Mobile parent under investigation

2013-08-20T09:32:00.019-07:00

(Reuters) - A former senior executive from China Mobile Ltd's (0941.HK) state-owned parent is being investigated for "severe discipline violations," coming at a time when a slew of investigations is gripping the country's corporate sector. Xu Long, who was general manager of China Mobile Communications Corp's Guangdong office, was taken away by the provincial government's disciplinary committee on Friday, according to the official China News Service. Xu was also the Communist Party secretary for the company."Xu Long has been removed from his posts of China Mobile chairman and general manager, as well as party secretary. He is now under investigation by relevant departments because of alleged severe discipline violations," China Mobile Communications said in an emailed statement on Tuesday.The Guangdong province's disciplinary committee was not available for comment, while Xu could not be immediately reached for comment.The Chinese government is investigating domestic and foreign companies over possible bribery and price-fixing allegations in an effort to clean up the country's corporate sector. Last week, China's price regulator said it planned to investigate the petroleum, telecommunications, banking and auto sectors next for possible violations of anti-trust laws.Several executives and former executives of China Mobile Communications have been investigated by Chinese authorities for graft over the past several years, according to domestic media reports.In May, China Mobile Ltd said its parent was also beefing up its internal supervision after a government audit highlighted problems in accounting practices and internal management.In investigations also targeted at foreign firms, China has fined companies such as Mead Johnson Nutrition Co (MJN.N) and Danone SA (DANO.PA) due to price-fixing and anti-competitive practices.Chinese police also accused of British drugmaker GlaxoSmithKline Plc (GSK.L) of bribing Chinese officials and doctors through travel agencies to boost sales illegally and raise the price of its medicines in the country.(Reporting by Lee Chyen Yee in SINGAPORE; Editing by Matt Driskill and Ryan Woo)

This article is taken from Reuters.com

ECB's Asmussen to check up on Greek reform progress

2013-08-20T09:32:00.017-07:00

FRANKFURT (Reuters) - European Central Bank Executive Board member Joerg Asmussen will visit Greece on Wednesday to discuss progress on reforms needed to ensure more bailout money, the ECB said. Greece got an aid tranche of 5.8 billion euros ($7.75 billion) from its international lenders - the euro area, its national central banks and the International Monetary Fund - in July and stands to receive another 1 billion euros in October, subject to implementation of further reforms.The international lenders, known as the troika, will return in Athens in the autumn to find out whether the government needs to find further savings to meet its 2015-2016 budget targets."In the run-up to the next troika review mission, ECB Executive Board member Joerg Asmussen will visit Athens for bilateral meetings with Greek policy makers and representatives of society and the business community to discuss the Greek adjustment program and wider euro area developments," the ECB said in an emailed statement on Tuesday.Asmussen will meet Central Bank Governor George Provopoulos, Finance Minister Yannis Stournaras and George Zanias, chairman of Greece's biggest lender, National Bank (NBGr.AT), Greek sources told Reuters.ON TRACKProgress on reform in the recession-stricken country has been patchy and there have been several reports that Greece may need another aid package or more debt relief to get back to a more sustainable financial position.Earlier this month, the German government, one of Greece's biggest creditor, dismissed a report by Der Spiegel magazine, which quoted a document that said Europe "will certainly agree a new aid program for Greece" and that the existing aid package carried "extremely high" risks.German Economy Minister Philipp Roesler said at the time that Greece was absolutely going in the right direction. This message was echoed by France's Finance Minister Pierre Moscovici on Tuesday."It seems to me that this program is on track," Moscovici told Inter radio. "I don't see an urgent need for a new aid plan for Greece."Tax revenues continue to lag targets, however, and the Greek economy is deep into a depression. It shrank at an annual rate of 4.6 percent in the second quarter. This was, however, a little better than forecast, leading some economists to predict the contraction may decelerate in the fourth quarter.(Reporting by Eva Kuehnen, George Georgiopoulos in Athens and Nicholas Vinocur in Paris; Editing by Jeremy Gaunt)

This article is taken from Reuters.com

Kia Cadenza beats Toyota Avalon in Consumer Reports list of large sedans

2013-08-20T09:32:00.015-07:00

DETROIT (Reuters) - Kia Motors Corp's (000270.KS) Cadenza debuted on Tuesday in second place on Consumer Reports magazine's list of top large sedans, edging out the former standard-bearer in the segment, the gasoline-powered version of Toyota Motor Corp's (7203.T) Avalon. The gas-powered Avalon ranked third among 12 large sedans rated by the influential publication, which has more than 8 million subscribers. At the top of the Consumer Reports list was the 2014 Chevrolet Impala, made by General Motors Co (GM.N).Toyota's hybrid Avalon sedan did, however, tie for second with the Cadenza."The Cadenza banishes any lingering thoughts that Kia is just a manufacturer of cheap, unrefined cars," said Jake Fisher, director of automotive testing for Consumer Reports.In 2007, the last time the magazine ranked large sedans, the gas-powered Avalon topped the list. That the Avalon has been supplanted by American and Korean models reflects the upheaval in the global auto industry over the last six years.Since its 2009 U.S.-funded bankruptcy restructuring, GM has put a renewed focus on quality. Kia and its sister company, Hyundai Motor Co (005380.KS), are moving into more premium segments of the U.S. market with higher-quality models."Kia and Hyundai have really risen up in our testing," the magazine's automotive editor, Rik Paul, said in an interview. "Americans, too, are following suit. The Japanese are not nearly as dominant as they once were."The hybrid Avalon sedan tied for second place with the Cadenza because fuel economy is given more weight in the rankings, Paul said. Last month, the magazine said the Impala was the best-rated sedan of any size.The Cadenza, which went on sale earlier this year, is Kia's first attempt to go upscale. Kia used the model to mark its first appearance at the Concours d'Elegance classic car show this month.(Reporting by Deepa Seetharaman; Editing by Steve Orlofsky)

This article is taken from Reuters.com

CBOE to review batch of trades on CBOE, C2 markets

2013-08-20T09:32:00.013-07:00

CHICAGO Aug 20 (Reuters) - Exchange operator CBOE Holdings Inc said on Tuesday that is reviewing all trades on the Chicago Board Options Exchange and its C2 electronic venue from 08:30 to 08:41 a.m. CDT, according to the CBOE website. The trades under review may be adjusted or nullified, CBOE said on the website.A CBOE spokeswoman said it has been operating all day with no interruptions.

This article is taken from Reuters.com

EMERGING MARKETS-Brazil stocks snap 9-day rally; miner Vale down

2013-08-20T09:32:00.011-07:00

This article is taken from Reuters.com

High-speed trader Infinium Capital starts talks on tie-up

2013-08-20T09:32:00.009-07:00

CHICAGO Aug 20 (Reuters) - Infinium Capital Management is in talks to acquire a strategic partner, the president of the high-speed U.S. trading firm said on Tuesday. "We are looking at multiple strategic partners to strengthen our capital position," President Mark Palchak told Reuters. "Capital is the life blood of what we do."Merger talks have increased in the high-frequency trading business as firms face increased competition and regulatory oversight, low interest rates that have hurt volume and volatility, and the uncertain global economic recovery.A favored tool of hedge funds and other institutional traders, high-frequency trading uses so-called algorithmic software programs to post orders in the blink of an eye.The practice accounted for more than 60 percent of all futures volume in 2012 on U.S. exchanges like the CME Group Inc and IntercontinentalExchange Inc, according to New York industry researcher The Tabb Group.Privately held Infinium is a household name in Chicago's trading community. The firm trades in commodities, energy and other markets.George Hanley, a co-founder of Infinium who went on to run a separate trading firm, earlier this year took the helm from founding principal and chairman Charles Whitman, people with knowledge of the situation told Reuters last month.Rivals have been under pressure. Trading companies Getco Holding Co and Knight Capital Group, which merged in July to create KCG Holdings Inc, recorded second-quarter losses, mainly due to deal costs, though the low-volume, low-volatility trading environment also hurt.

This article is taken from Reuters.com

Nasdaq, CBOE says to review batch of options trades

2013-08-20T09:32:00.007-07:00

NEW YORK (Reuters) - Nasdaq OMX Group Inc (NDAQ.O) said on Tuesday that Nasdaq Options and Nasdaq OMX BX Options will review all trades between 9:30 a.m. EDT and 9:47 a.m. EDT. Also, exchange operator CBOE Holdings Inc (CBOE.O) said it is reviewing all trades on the Chicago Board Options Exchange and its C2 electronic venue from 03:30 to 08:41 a.m. Chicago time, according to the CBOE website. The trades under review may be adjusted or nullified, according to the website.A CBOE spokeswoman said it has been operating with no interruptions.Calls to the Nasdaq for comment were not immediately returned. Nasdaq Options and Nasdaq OMX BX Options said it was taking requests for "an error review" on those trades until 11:30 a.m. EDT.(The story changes Eastern Standard time (EST) to Daylight time (EDT)(Reporting by Chuck Mikolajczak, Doris Frankel and Caroline Valetkevitch; Editing by Chizu Nomiyama and Nick Zieminski)

This article is taken from Reuters.com

UPDATE 2-Medtronic shares slump on soft Q1 defibrillator sales

2013-08-20T09:32:00.005-07:00

By Susan KellyAug 20 (Reuters) - Medtronic Inc on Tuesday reported a first-quarter profit in line with expectations on solid growth in emerging markets, but soft U.S. demand for implantable heart defibrillators weighed on its shares, which slumped more than 2 percent.Revenue in the quarter came in below analysts' estimates, dragged down by a 3 percent decline in sales of implantable cardioverter defibrillators (ICDs), a key product line. Competitors Boston Scientific Corp and St. Jude Medical Inc had better ICD sales, raising expectations for Medtronic, analysts said. ICDs use electrical pulses to help control life-threatening irregular heartbeats.The company, whose products range from pacemakers and stents to insulin pumps and brain stimulation devices, reiterated its outlook for both sales and profit for the fiscal year.Chief Executive Omar Ishrak said on a conference call that new ICDs, pacemakers and spinal devices to be launched in the coming quarters would bolster results.Medtronic has focused on increasing its presence in faster-growth emerging markets like China, India and Latin America as the weak U.S. economy and efforts to reduce healthcare spending pressure the industry."We are confident in both our outlook for the remainder of the year and our long-term competitive position in the changing healthcare environment," Ishrak said.The Minneapolis-based company said net earnings rose to $953 million, or 93 cents per share, in the first quarter ended July 26, from $864 million, or 83 cents per share a year earlier.Excluding special items, Medtronic earned 88 cents a share, in line with the average analyst estimate, according to Thomson Reuters I/B/E/S.Total revenue rose 2 percent to $4.08 billion. Sales in emerging markets climbed 15 percent to $504 million.Overall sales of ICDs declined 3 percent to $655 million, but pacemaker sales were up 2 percent to $474 million. Sales of spinal products fell 3 percent to $765 million.Sales of its biologic bone-growth stimulator for spines declined 11 percent, hurt by the publication of an independent review that found its Infuse product was associated with a slightly increased risk of cancer. Infuse is a genetically engineered protein that is surgically placed where new bone is needed to stimulate growth and healing.On the call, Ishrak defended the product, saying the Yale University study provided further evidence that Infuse was a safe and effective treatment for approved indications.In addition, a separate analysis published in the online edition of the journal Spine found no cancer risk associated with the use of the product in spine fusion surgery."Sales in the spinal business continue to deteriorate, where some people were expecting it to stabilize," said Aaron Vaughn, an analyst with Mid-Continent Capital, which has $1.9 billion under management but does not own Medtronic shares.Vaughn said Medtronic's results suggested U.S. demand for healthcare services is stable but not rebounding.Medtronic forecast fiscal 2014 earnings of $3.80 to $3.85 per share and revenue growth of 3 percent to 4 percent excluding the impact of foreign currency fluctuations.Ishrak said Medtronic aims to generate 20 percent growth in emerging markets over the longer term as the regions become an increasingly important source of revenue.Medtronic shares fell $1.26, or 2.3 percent, to $52.84 on the New York Stock Exchange.

This article is taken from Reuters.com

UPDATE 3-Ukraine region rejects Chevron shale gas deal draft

2013-08-20T09:32:00.003-07:00

* Chevron deal would be second shale agreement in Ukraine * Nationalists say deal would damage environment* Ukraine sees shale as alternative to costly Russian gas importsKIEV, Aug 20 (Reuters) - A shale gas deal in Ukraine hit a setback on Tuesday when a local council rejected the government's draft production-sharing agreement with U.S. energy company Chevron amid warnings by nationalists regarding likely damage to the environment.Officials told Reuters that deputies in Ivano-Frankivsk region, in western Ukraine, had sent the draft back to the government, pressing for guarantees which would address their concerns over the exploration plans.Chevron wants to tie up a deal to explore the Olesska shale field in western Ukraine. Royal Dutch Shell has already signed a $10 billion deal for shale exploration and extraction at the Yuzivska field in the east of the ex-Soviet republic.According to the council's website, deputies expressed concerns over the ecological consequences of shale exploration in the mountainous forest region which is known for inland tourist resorts.The "fracking" process, in which water and chemicals are used to break up rock, sandstone and shale deposits to release gas, has sparked opposition from environmentalists elsewhere in Europe who fear it can pollute underground water.But the Kiev government sees shale gas development as important for easing its dependence on costly gas imports from Russia which weigh heavily on its economy.Fuel Minister Eduard Stavytsky was quoted by UNIAN news agency as saying that Chevron has proposed investing $350 million in initial tests to ascertain the commercial viability of gas deposits at the Olesska field, with a $3 billion investment envisaged for the first stage of extraction.Stavytsky told Reuters by telephone: "We will consider the proposals (from the council) and in mid-September there will be another vote."There is nothing dramatic in what has happened. This is the normal working process," he said."Chevron looks forward to understanding how the Ukrainian government plans to address the concerns raised by the Ivano-Frankivsk Regional Council which will enable us to move forward expeditiously to implement this strategic project," a Chevron spokeswoman said.In the council debate, Iryna Sekh, a national deputy from the Svoboda far-right nationalist opposition, said: "This agreement opens the way to lawful destruction of Ukrainian land during gas extraction."There are clauses in the agreement which allow Chevron to turn hundreds of kilometres of Ukraine into swamp and desert. Chevron would have the right to use sand, stone, underground water supplies and other water sources on the basis of agreements in and beyond the (agreed) area."I doubt that there is a country in the world which would allow such rights and privileges to a foreign investor," she said.Even if the Ivan-Frankivsk council eventually supports the deal, it would still require the approval of a second council in the Lviv region.

This article is taken from Reuters.com

Detroit bankruptcy challenged on constitutional grounds

2013-08-20T09:32:00.001-07:00

DETROIT (Reuters) - Public labor unions took aim at Detroit's historic bankruptcy filing on Monday, asking a U.S. court to toss the city's bid for protection from its creditors because it is constitutionally flawed on both the state and federal levels. A union that represents public-sector workers even took the unusual step of arguing that Chapter 9 of the federal bankruptcy code, under which municipalities seek protection from their creditors, violates the U.S. Constitution.But as a midnight deadline for filing objections to the bankruptcy passed, Detroit's bondholders were conspicuously absent from the long list of unions, pension funds and individual creditors lining up to argue against bankruptcy.Unions representing the city's firefighters and police alleged that state-appointed emergency manager Kevyn Orr had failed to negotiate in good faith, stating "there were no negotiations."Under U.S. bankruptcy code, Detroit must prove it is insolvent and has negotiated with creditors in good faith, or there were too many creditors to make negotiations feasible, in order to be certified by a federal judge for a bankruptcy proceeding.For his part, Michigan Attorney General Bill Schuette said in a filing that even if the bankruptcy case continues, the city cannot be allowed to ignore state constitutional protections for retirement benefits earned by its employees.Schuette's filing does not ask the judge to prevent Detroit's bankruptcy from proceeding.Unions and the city's two public pension funds made similar arguments in their filings, claiming a bankruptcy filing will lead to an unconstitutional reduction in retirement benefits.The American Federation of State, County and Municipal Employees Council 25, in its filing with the U.S. Bankruptcy Court in Detroit, argued that Chapter 9 encroaches on states' rights.The union made more conventional legal arguments as well.It argued that Detroit, which last month filed for what would rank as the largest-ever U.S. municipal bankruptcy, has not proven it is insolvent and has not negotiated in good faith with its creditors.AFSCME also said Michigan's emergency manager law, which enabled Detroit to file for bankruptcy on July 18, violates the state constitution because the law does not explicitly protect retirement benefits for public workers.The United Auto Workers, whose members work for the city, also filed an objection early Monday evening, claiming that Gov. Rick Snyder violated Michigan's constitution when he permitted Detroit's emergency manager Kevyn Orr to file for bankruptcy.A June 14 "Proposal to Creditors" made roughly a month before the bankruptcy filing "serves as the vehicle of Governor Snyder and EM Orr to use federal bankruptcy law to impair pensions protected from impairment" by the Michigan constitution, the UAW said in its objection.AFSCME's arguments were adopted by two other city unions -SEIU Local 517 and International Union of Operating Engineers Local 324 - in separate filings.Municipal bankruptcy experts said the U.S. Supreme Court settled Chapter 9's constitutionality in 1938.Jim Spiotto, an attorney at Chapman and Cutler, said as long as a state allows a local government to file for bankruptcy, as in Detroit's case, states' rights are not at issue."I'm sure somebody at the bankruptcy court level brought it up before, but I don't think (the argument) lasted very long," he said.An AFSCME spokesman did not return messages seeking comment on the federal constitutional argument.Schuette, the Michigan attorney general, said in his filing that Detroit is bankrupt, and the governor was authorized to allow the city's bankruptcy petition."However, throughout this bankruptcy process, protections enshrined in the Michigan Constitution by the citizens of our state must be honored, respected and followed," Schuette said, pointing to a constitutional prohibition against diminishing or impairing accrued retirement benefits for public workers.He added unaccrued benefits can still be part of proceedings.CLOCK TICKINGPrior to the 11:59 p.m. Eastern Daylight Time deadline set for Monday night by U.S. Judge Steven Rhodes, who is overseeing Detroit's case, objections had been expected by bondholders and bond insurers.Members of both groups have challenged an agreement the city reached with counter parties to interest-rate swaps that would enable the city to unwind its swaps contracts at a discounted rate.No explanation was immediately available for why no objection was filed by bondholders and bond insurers. Bond insurers, which step in and make debt payments on the city's behalf when it cannot meet its obligations, are particularly at risk after Orr in June announced plans to default on Detroit debt he considers unsecured.In a court filing earlier this month, Detroit released a list of creditors, including current, former and retired workers, that filled 3,504 pages. An initial filing in the case by Orr said that "further negotiations with all of the city's various stakeholders is impracticable."Orr's filing included a litany of Detroit's financial woes, including more than $18 billion in debt and other obligations, with nearly $12 billion of that amount considered unsecured.Detroit, a former manufacturing powerhouse and cradle of the U.S. automotive industry and Motown music, has struggled for decades as companies moved or closed, crime surged and its population fell from a peak of 1.8 million in the 1950s to around 700,000 currently. The city's revenue fell short of spending, while its budgets and borrowing ballooned.Orr will respond "specifically and completely" to the objections in court, said his spokesman, Bill Nowling."Mr. Orr believes he has surpassed the legal standard of negotiating in good faith with creditors and stakeholders," Nowling said. "He submitted a proposed restructuring plan to creditors on June 14."About 50 individuals filed objections at the federal court in Detroit on Monday morning. The group was organized by the Detroit chapter of the National Action Network, a national civil rights organization founded by Rev. Al Sharpton.The group's objection cites potential constitutional problems with a Michigan law that allowed for the bankruptcy filing and claims that the judge did not allow enough time for objection filings.Rev. Charles Williams II, the chapter's president, said many residents, himself included, received notice only last week that they were parties of interest who could object to the filing."The process hasn't been as clear and transparent as it should have," Williams said. "Many Detroit residents received letters giving them the opportunity to file for an objection and they didn't even know they received it. They weren't properly notified."Rhodes has scheduled October 23 for the start of a hearing to determine if Detroit is eligible to file for bankruptcy under Chapter 9. If Detroit is deemed eligible for municipal bankruptcy, it would be the biggest such case in U.S. history.Detroit's largest unsecured creditors are its two pension funds, which have claims totaling $3.74 billion in estimated unfunded liabilities, according to a court filing by the city.The remainder of the city's top 20 creditors include bondholders of $1.47 billion of certificates of participation that Detroit sold for its pension funds and hundreds of million dollars of general obligation bonds.The Detroit Institute of Arts said on Monday it will not file an objection to the bankruptcy. The DIA has become embroiled in the city's case because its assets, which include works by Van Gogh and Matisse, could be sold to pay Detroit's debt. However, Orr has said he hopes he does not have to sell DIA assets.Rhodes on Monday appointed Chicago attorney Robert Fishman as the fee examiner in the case.(Additional reporting by Karen Pierog, Nicholas Brown and Deepa Seetharaman; Editing by Dan Grebler and Elizabeth Piper)

This article is taken from Reuters.com

Portrait of doomed love conquers British public's hearts

2013-08-20T09:31:00.015-07:00

LONDON (Reuters) - "The Lady of Shalott", a painting by John William Waterhouse of a young woman lamenting unrequited love, has been chosen as the British public's favorite artwork, soon to be displayed among other masterpieces across the nation's billboards. The public's top choice illustrates a section of a poem with the same name by British writer Alfred Lord Tennyson, which describes the Lady of Shalott sitting in a boat "like some bold seer in a trance".In second place came John Everett Millais's "Ophelia", depicting the tragic character from Shakespeare's "Hamlet" floating down a river before she drowns.Francis Bacon's 1949 "Head VI" followed in third place, an unsettling painting based on a 1650 portrait of Pope Innocent IX by Spanish painter Diego Velazquez.The list was compiled based on 30,000 "likes" on Facebook from the public, who voted for their favorite pieces of British art as part of the "Art Everywhere" project.Reproductions of the top 57 pieces will be splashed across 22,000 poster sites in cities, towns and villages across Britain from 12-25 August."Art is for everyone, and everyone who has access to it will benefit from it. This project is amazing and gives the public a voice and an opportunity to choose what they want to see on their streets," Damien Hirst, one of Britain's most commercially successful artists, said in a statement from Art Everywhere.Ninety percent of British adults are expected to see the pieces on show, according to the project's website.Hirst's "Paradaxin", a painting of equally spaced multi-colored dots on a white background, came 48th out of the 57 paintings chosen.The event was inaugurated on Thursday by British painter Peter Blake, who unveiled a poster of his work "The Meeting or Have a Nice Day Mr Hockney" on a giant shopping-center billboard in west London.The display aims to "bring the project to the people", seeking "as far a reach as possible," Art Everywhere press officer Elizabeth Flanagan told Reuters. The posters will be seen in spots as diverse as taxis and escalators, car parks and supermarkets."This is a joyful celebration with no agenda other than to flood our streets with art and celebrate the creative talents and legacy of this amazing country," Richard Reed, who initiated the idea and is co-founder of the "Innocent Drinks" fruit beverage company, said. Innocent is owned by U.S.-based beverage company Coca-Cola.Reed is collaborating with the Tate gallery, which houses the national collection of British art, art fundraisers The Art Fund and the British poster industry.The public partly paid for the project with 30,000 pounds ($46,600) crowd-funded through the Art Everywhere website, where people were encouraged to donate three pounds to purchase the paper and printing required for a poster site."It's a fantastic project and to see my work reproduced on posters across the UK is fulfilling a long-held fantasy!," Cornelia Parker, the only living artist whose work made the top 10, said in a statement on the Art Everywhere website.(Reporting By Amritha John; Editing by Michael Roddy)

This article is taken from Reuters.com

Steadier China economy offers iron ore hope, but caution stays

2013-08-20T09:31:00.013-07:00

This article is taken from Reuters.com

Victorian woman photographer Cameron celebrated at NY museum show

2013-08-20T09:31:00.011-07:00

NEW YORK (Reuters) - With a camera meant to amuse her in her solitude and some famous friends, Julia Margaret Cameron managed to forge a body of work focused on Victorian portraiture that is still celebrated a century and a half later. "She was one of the greatest portraitists in photography, and one of the great portraitists in any medium," said Malcolm Daniel, curator of a new exhibit at the Metropolitan Museum of Art which features 35 pristine 19th-century photographs.Cameron, who was British and died in 1879, was "eccentric in manner, spiritual in sensibility and unconventional in technique," Daniel told Reuters on Monday before the opening of the show, which runs through January 5."She was not really interested in the documentation of how people looked. It was about finding the inner spirit and soul of a person," said Daniel, senior curator at the Met's Department of Photographs.As such, he added, the pioneering photographer's work has seen "waves of popularity and dismissal" for generations, with Cameron's soft focus, long-exposure works deemed variously "treacly, or celebrated as an artist."For her part, Cameron dismissed documentary portraiture as "map-making and skeletal rendering of feature and form."Cameron received a camera as a Christmas gift in 1863 from her daughter with the idea that "it might amuse you, mother, to try to photograph during your solitude."With no training in art, she eschewed professional models, instead shooting friends, family, neighbors and household staff.Her friends were not just ordinary folk - among them were the poet Alfred Lord Tennyson, a neighbor on the Isle of Wight, and the Victorian scientist and mathematician Sir John Herschel, each of whom is represented by several portraits from 1865-66.Cameron's oeuvre comprised three bodies of work: portraits of great men, such as the philosopher Thomas Carlyle, women such as nieces or maids who often posed as literary or historical figures like Sappho, and staged, costumed tableaux featuring Shakespearean, Biblical or Arthurian themes.For the tableaux, Cameron, who shot in natural light, often looked no further than her own home, with her husband posing as King Lear or Merlin the magician. The latter was for a project request by Tennyson himself, who needed illustrations for a new edition of his tome, "Idylls of the Kings."Another frequent subject was Alice Liddell - the muse of "Alice in Wonderland" author Lewis Carroll, who posed for Cameron a dozen times in 1872 alone, including for the portrait "Pomona" which is among those in the exhibit.More than 1,200 images survive by Cameron, who largely stepped away from photography after moving back to Ceylon in 1875.They all have one thing in common: Cameron never appears in any of them, never once having shot a self-portrait.(Editing by Mary Milliken and Christopher Wilson)

This article is taken from Reuters.com

BHP delays $14 billion Canada potash push as profit drops

2013-08-20T09:31:00.009-07:00

MELBOURNE (Reuters) - BHP Billiton's new chief has put his stamp on the top global miner, mapping out a cautious approach to expanding into the potash market, which it sees as its next big growth business beyond 2020. CEO Andrew Mackenzie outlined the low-risk course as he handed down his first results, reporting a 15 percent drop in half-year profit before one-offs, which missed forecasts largely due to Australian mining tax adjustments and other non-operational items.BHP and Glencore Xstrata wrapped up the results season for the world's big five miners, with BHP holding up slightly better than its peers as it stepped up output of iron ore, copper, coal and oil and slashed $2.7 billion in costs in the face of sliding commodity prices.Major miners have come under pressure to rein in spending, sell off underperforming assets and tackle debt after years of rampant spending on new mines and acquisitions as commodity prices soared.Reflecting the austerity drive, BHP said it plans to invest $2.6 billion over the next four years digging shafts at the Jansen potash project, delaying production at least until 2020 from its original 2015 target, while inviting offers for stakes in the mine."The whole basis of the strategy that we're being clear about today is that we want to retain complete flexibility to enter the market at a timing which we think is right to maximize returns for our sharheolders," Mackenzie told reporters.BHP put more than $40 billion worth of new projects on ice a year ago to combat costs that had grown out of control over the previous decade as miners raced to feed booming Chinese demand.Mackenzie reiterated that BHP remains confident in China's long-term growth prospects, as 250 million people move into cities and the country rebalances its economy toward consumption-led growth."In the short to medium term, I think the signs are reasonably positive that they'll hold to their forecast for 7-8 percent annual growth," he said.He outlined a more aggressive cut in capital and exploration spending than recently flagged, with spending to fall 26 percent to $16.2 billion in the 2014 financial year.Attributable profit excluding one-offs fell to $6.12 billion for the six months to June from $7.18 billion a year ago. That was well below analysts' forecasts of $7.16 billion, according to Thomson Reuters I/B/E/S.BHP increased its final dividend by 2 cents to 59 cents, just short of analysts' forecasts at 60 cents.BHP's shares fell 3.2 percent in early London trade, underperforming a 0.8 percent fall in the FTSE 100 index."We believe that the market may be surprised that the group is pushing ahead with its Jansen potash project in Canada," Investec said in a morning note in London.POTASH PLANSBHP has long planned to break into the potash industry, targeting a lucrative new business that has been controlled by two cartels, as developing countries look to grow more food over the next few decades.It has already invested $1.2 billion in Jansen and the timing of its entry has been closely watched by the world's major producers, led by Potash Corp of Saskatchewan, which BHP tried to take over in 2010.Its $39 billion bid was blocked by Canada on fears that potash prices and royalties would drop as BHP planned to split from the North American cartel. Now Russia's Uralkali has given potash producers a taste of what could happen as it recently quit the Belarusian Potash Co cartel.Mackenzie said once Jansen's shafts and infrastructure are in place, the mine would be about three years away from production, but the company would decide on when to begin producing based on the market and its ability to fund further development.BHP believes the project will generate returns well above the company's average returns over many decades, he said."As long as we get the timing right, we're not overly aggressive, we think those returns are there," Mackenzie said.(Reporting by Sonali Paul; Editing by Richard Pullin)

This article is taken from Reuters.com

Deutsche Wohnen makes $2.3 billion bet on Berlin property with GSW bid

2013-08-20T09:31:00.007-07:00

FRANKFURT (Reuters) - Deutsche Wohnen (DWNG.DE) offered to buy rival residential landlord GSW Immobilien (GIBG.DE) for 1.8 billion euros ($2.3 billion) to expand in Berlin's booming rental market and tap nascent interest from international investors. The all-share deal would push an enlarged Deutsche Wohnen closer to the top five European real estate firms by market value, such as British Land (BLND.L) and domestic rival Land Securities (LAND.L), giving it easier access to funding from investors across the continent.Deutsche Wohnen said on Tuesday it plans to finance the bid for GSW by issuing as many as 135 million new shares, more than four-fifths of its existing share capital.The acquisition would be Germany's second-biggest residential real estate deal since Whitehall bought LEG Immobilien (LEGn.DE) for 3.4 billion euros in 2008.Deutsche Wohnen said it would offer 51 of its shares for every 20 shares in GSW, which would give GSW investors a stake of around 43 percent in the enlarged company.The offer represents a 15 percent premium to GSW's three-month volume-weighted average share price and the company's net asset value (NAV), making it more expensive than other recent residential real estate deals.Patrizia Immobilien (P1ZGn.DE) paid a 7 percent discount to NAV when it bought most of GBW in April and property firms LEG Immobilien and Deutsche Annington (ANNGn.DE) both joined the stock market at a discount this year.Still, analysts said GSW was worth the price for Deutsche Wohnen because 72 percent of its portfolio would be in Berlin following the takeover, up from 54 percent, bringing economies of scale.Some 85 percent of Berlin's population rents rather than owns - compared with a nationwide ownership rate of 46 percent - making it an attractive investment for landlords, Close Brothers Seydler analyst Manuel Martin said.GSW, whose chairman and chief executive were forced out by a shareholder rebellion last month, said it would study the offer before deciding how to proceed.The ouster of the two executives followed a campaign led by Dutch pension fund PGGM, which said Chief Executive Bernd Kottmann lacked experience in managing residential real estate.SURGING RENTSIn a sign that European property is beginning to attract investors after a downturn that hammered property values, Blackstone (BX.N) - one of the world's biggest private equity firms - is seeking to raise up to $5 billion for a new fund, a source familiar with the matter said.Last week, data showed the euro zone was emerging from a 1-1/2 year recession, with the economies of both Germany and France expanding faster than expected.The GSW deal would increase Deutsche Wohnen's portfolio of flats by around 63 percent to more than 147,000 and give it a 6.5 percent share of Berlin's rental market. Rents in the capital surged 40 percent between 2007 and 2012, according to research institute Empirica.It would also push Deutsche Wohnen into the No.2 spot in Germany behind Deutsche Annington (ANNGn.DE), the country's largest real estate firm with 179,000 apartments.Shares in GSW were up 6.3 percent at 33.44 euros at 1117 ET, while Deutsche Wohnen was down 4.7 percent at 13.495 euros.Deutsche Wohnen, which has net debt of 3 billion euros, would take on 1.8 billion in debt from GSW.Deutsche Wohnen needs support for the deal from 75 percent of GSW's shareholders, which it expects to get because two-fifths of GSW shareholders also own shares in Deutsche Wohnen.Deutsche Wohnen also has to get backing for the capital increase from its shareholders at an extraordinary general meeting on September 30.(Additional reporting by Christiaan Hetzner and Brenda Goh; Editing by Noah Barkin and Erica Billingham)

This article is taken from Reuters.com

Ally to raise capital, buy back stock from U.S.

2013-08-20T09:31:00.005-07:00

(Reuters) - Ally Financial Inc has sold $1 billion of stock in a private placement and will repay the U.S. government nearly $6 billion as the auto lender works to boost its capital levels and exit government ownership. With the transactions, Ally will have repaid the Treasury about $12.1 billion of the $17.2 billion it received during the financial crisis under the Troubled Asset Relief Program."Ally has made great progress in restructuring and strengthening its business in order to repay the taxpayer, and we look forward to continuing to work with the company to recover the remaining investment," Assistant Treasury Secretary for Financial Stability Tim Massad said in a statement.The company entered agreements with investors for a private placement of 166,667 shares of the company's common stock for $1 billion. An Ally spokeswoman declined to disclose the investors' identity but said they were a diverse group of existing and new shareholders.Ally agreed to pay $5.2 billion to repurchase outstanding preferred securities held by the U.S. Treasury. The car loan company also paid $725 million to terminate the Treasury's right to receive extra payments if the company sells shares below a particular price, a term the company and the government had previously agreed to in 2010 when the U.S. converted some of its preferred Ally shares into common stock.The lender was singled out as the weakest of 18 major banks in the Federal Reserve's stress test in March as being the most weakly capitalized. The Fed objected to Ally's capital plan "both on quantitative and qualitative grounds," and it was the only bank that failed to meet the minimum threshold of a 5 percent capital buffer in a scenario where unemployment rose to 12.1 percent and share prices fell 50 percent.The private placement must take place before November 30, and both that and transactions with the U.S. Treasury is contingent on the Federal Reserve approval of the bank's resubmitted capital plan. Ally has to resubmit its new capital plan by the end of September.Ally reported a net loss of $927 million in the second quarter, driven by a $1.6 billion charge related to a settlement in the bankruptcy case of its subsidiary Residential Capital LLC.(Reporting by Peter Rudegeair and Aman Shah; editing by Andrew Hay)

This article is taken from Reuters.com

Which are the world's friendliest and unfriendliest cities?

2013-08-20T09:31:00.003-07:00

Editor's note: "The City" is a CNN special series that profiles the sustainable urban future of five cities over five days. Watch the show every day during our special theme week starting Monday, Aug 19 on "World Business Today" at 1300 GMT and "Connect The World" at 2000 GMT.

(CNN) -- The United States, land of freedom and opportunity, is also the land of scowling faces and folded arms, according to a new poll.

Travel magazine Conde Nast Traveler has unveiled the results of its annual readers' choice survey.

More than 46,000 readers gave their opinions last year on everything from favorite airlines to best hotels and friendliest and unfriendliest cities.

It's the latter category that might cause the most surprises, with U.S. cities dominating the "unfriendly" list.

Newark, New Jersey, is the unfriendliest city in the world according to the survey.

5. Charleston, South Carolina Score: 91.5 The only U.S. city that made it into the top 10 friendliest cities. Charleston took first place in a previous poll to find the friendliest cities in the United States.

World's friendliest cities

HIDE CAPTION

U.S. cities rule 'unfriendliest cities' list

"Newark is best known for being the site of an airport near New York, and for many of our readers, that's the only reason to stop there," says Conde Nast Traveler.

In total, five U.S. cities were voted into the top 10 unfriendly cities list and eight made the top 20.

Oakland, California (third), "has an image problem and a split personality" according to a reader who answered the survey.

New Haven, Connecticut (seventh), home of Yale University, is the city of "rude, unfriendly folks;" Detroit (eighth) was called the "armpit of the world" by one reader and Atlantic City, New Jersey (ninth), was dismissed as a "pale shadow of Las Vegas."

Other cities in the list include Islamabad in Pakistan (second least friendly), Luanda in Angola (fourth), Kuwait City (fifth) Lome in Togo (sixth) and Tangier in Morocco (tenth).

What do you think? Tell us about your own friendly or unfriendly travel experiences in the comments section below.

Conde Nast Traveler stresses that its rankings are inspired by factors including location, political perception, size and language barriers, and don't necessarily correspond to rude behavior of locals.

But enough badmouthing.

The survey also announces the friendliest cities in the world.

Florianopolis, the island city in Brazil, is the world's friendliest city according to the poll.

Hobart in Tasmania followed in second place and Thimpu in Bhutan wrapped up the top three.

One U.S. city made it into the top 10 friendliest cities -- Charleston, South Carolina.

Standing fifth in the global list, Charleston was also voted the friendliest city in the United States in a previous poll.

The world's unfriendliest cities

20. Caracas, Venezuela

19. Bethlehem, Palestine

18. Casablanca, Morocco

17. Wilmington, Delaware

16. Moscow

15. Riyadh, Saudi Arabia

14. Shenzhen, China

13. Albany, New York

12. Los Angeles

11. Guangzhou, China

10. Tangier, Morocco

9. Atlantic City, New Jersey

8. Detroit

7. New Haven, Connecticut

6. Lome, Togo

5. Kuwait City

4. Luanda, Angola

3. Oakland, California

2. Islamabad, Pakistan

1. Newark, New Jersey

The world's friendliest cities

20. Cork, Ireland

20. Asheville, North Carolina

18. Edinburgh, Scotland

16.Savannah, Georgia

16. Auckland, New Zealand

14. Victoria, British Columbia

14. Galena, Illinois

13. Dublin, Ireland

12. Christchurch, New Zealand

11. Chiang Mai, Thailand

9. Ubud, Bali, Indonesia

9. Kilkenny, Ireland

8. Mandalay, Myanmar

6. Margaret River, Australia

6. Paro, Bhutan

5. Charleston, South Carolina

4. Queenstown, New Zealand

3. Thimpu, Bhutan

2. Hobart, Tasmania

1. Florianopolis, Brazil

Also on CNN: 20 biggest travel mistakes

This article is taken from CNN.com

One thing you'd change in your city

2013-08-20T09:31:00.001-07:00

"The City" is a CNN special series that profiles the sustainable urban future of five cities over five days. Watch the show every day during our special theme week starting Monday, Aug 19 on "World Business Today" at 1300 GMT and "Connect The World" at 2000 GMT.

This article is taken from CNN.com

Victorian woman photographer Cameron celebrated at NY museum show

2013-08-20T09:30:00.017-07:00

This article is taken from Reuters.com