Monday, November 26, 2012

Chicago Fed: US economy at near-recession level

The Chicago Federal Reserve National Activity Index fell notably in October 2012, slumping to?a near-recessionary level of -0.56.

By SoldAtTheTop,?Guest blogger / November 26, 2012

This graph shows the Chicago Federal Reserve National Activity Index since 2000. The index indicated pronounced weakness for the US economy in October 2012.

SoldAtTheTop

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The latest release of the?Chicago Federal Reserve National Activity Index (CFNAI)?indicated pronounced weakness for the national economy with the index falling notably from the prior month to stand at a near-recessionary level of -0.56 while the three month moving average also slumped to -0.56.?

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Writer, The PaperEconomy Blog

'SoldAtTheTop' is not a pessimist by nature but a true skeptic and realist who prefers solid and sustained evidence of fundamental economic recovery to 'Goldilocks,' 'Green Shoots,' 'Mustard Seeds,' and wholesale speculation.

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The CFNAI is a weighted average of 85 indicators of national economic activity collected into four overall categories of ?production and income?, ?employment, unemployment and income?, ?personal consumption and housing? and ?sales, orders and inventories?.?

The Chicago Fed regards a value of zero for the total index as indicating that the national economy is expanding at its historical trend rate while a negative value indicates below average growth.?

A value at or below -0.70 for the three month moving average of the national activity index (CFNAI-MA3) indicates that the national economy has either just entered or continues in recession.?

The Christian Science Monitor has assembled a diverse group of the best economy-related bloggers out there. Our guest bloggers are not employed or directed by the Monitor and the views expressed are the bloggers' own, as is responsibility for the content of their blogs. To contact us about a blogger, click here.To add or view a comment on a guest blog, please go to the blogger's own site by clicking on paper-money.blogspot.com.

Source: http://rss.csmonitor.com/~r/feeds/csm/~3/EyEvO4nV7eo/Chicago-Fed-US-economy-at-near-recession-level

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Wall Street falls on caution after rally, retail drags

NEW YORK (Reuters) - Stocks eased on Monday as a mixed start to the holiday shopping season, caution over Greek aid talks and budget discussions in Washington gave investors reason to pause after Wall Street posted its best week in over five months.

While holiday shopping appeared to be off to a good start, analysts cautioned against reading too much into one weekend's numbers. Retailers need to sustain the initial burst through the November-December holiday season, which can account for a third of annual sales and 40 to 50 percent of profits for the year.

Shares in department store operator Macy's Inc , which offered consumers deep discounts on Black Friday, fell 3.6 percent to $40.22. The SPDR S&P retail exchange-traded fund fell 1.3 percent to $62.39.

"The underwhelming performance of retailers in general is hurting the market," said Michael James, a senior trader at Wedbush Morgan in Los Angeles. "Retail is certainly seeing a mixed bag."

Investors continued to chew over two of the greatest overhangs for markets. Euro zone finance ministers and the International Monetary Fund will seek to unfreeze the second bailout package for Greece on Monday. At the same time, U.S. lawmakers have made little progress in the past 10 days toward a compromise to avoid the harsh tax increases and government spending cuts schedule to start in January.

"Friday was a big day in the stock market," said Tim Ghriskey, chief investment officer at Solaris Group in Bedford Hills, New York. "So it's not surprising at all to see some profit-taking on that."

The Dow Jones industrial average <.dji> dropped 88.58 points, or 0.68 percent, to 12,921.10. The Standard & Poor's 500 Index <.spx> fell 8.40 points, or 0.60 percent, to 1,400.75. The Nasdaq Composite Index <.ixic> lost 5.84 points, or 0.20 percent, to 2,961.01.

Total spending for the Black Friday long weekend rose 12.8 percent from last year, to $59.1 billion, from last year, according to the National Retail Federation. That pace was down from the prior year's 16.4 percent increase.

Black Friday's online sales topped $1 billion for the first time ever as more consumers used the Internet do their early holiday shopping, comScore Inc said on Sunday.

Major indexes ended last week with gains of 3 to 4 percent, recovering some of their losses following an 8 percent correction since September. The Dow and S&P 500 both closed above key technical levels for the first time since November 6, which could provide additional support. The Dow ended above 13,000, while the S&P broke above 1,400.

In company news, shares of Knight Capital Group Inc jumped 10.4 percent to $2.75. A source familiar with the matter on Saturday said the company is in talks about possibly selling its market-making operation, its largest and most profitable business, but it is not known if a deal will happen. Knight's chief executive, in an internal memo, said the company currently is in talks with at least two firms on the possible sale of its largest business unit, but would only pursue a deal if it created value for its shareholders and clients.

Qatar has cashed in its remaining warrants in Britain's Barclays Plc , a move that should yield a $280 million profit. The warrants have not yet been converted, but conversion would dilute the holding of shares by other investors. U.S.-listed shares of Barclays fell 5.6 percent to $15.37.

Apple Inc has asked a federal court to add six more products to its patent infringement lawsuit against Samsung Electronics Co , including the Samsung Galaxy Note II, in the latest move in an ongoing legal war between the two companies. Apple shares were up 1.7 percent at $581.

(Additional reporting by Gabriel Debenedetti; Editing by Kenneth Barry and Leslie Adler)

Source: http://news.yahoo.com/stock-index-futures-signal-early-losses-091313774--finance.html

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After Sandy?s deluge, mold and dust pose threats

John Makely / NBC News

Ken Court removes sheetrock and plywood damaged by the floodwaters of Hurricane Sandy from his home in Breezy Point.

By Maggie Fox, NBC News

From his perch on top of his father?s house in Breezy Point, N.Y., Ken Court can see an array of health disasters in the making.

?There are asbestos roofs that have collapsed near the ocean,? says Court, a 52-year-old roofer. ?There is a lot of dust. You see people walking around with masks on. You use the hand cleaners all day long.?

Breezy Point sits at the tip of the peninsula jutting into the waters south of Brooklyn where Jamaica Bay, New York Bay and the Atlantic Ocean come together. Much of the close-knit, blue-collar neighborhood was destroyed when Superstorm Sandy hit three weeks ago ? swamped in the storm surge, roofs ripped by flailing winds or burned to the ground?in a six-alarm fire that took out block after block of homes.

Now it?s one of the last places left without power or clean water, with no ETA on when either will be restored. And as Court works day in and day out to clean up the mess, he sees long-term trouble wherever he looks.

"You should really wear masks. I remember that everyone in 9/11, when they went there to help, they got sick,? Court told NBCNews in a telephone interview.

Asbestos and other chemicals from the collapsed World Trade Centers created a pall of dust that persisted in lower Manhattan for months after the Sept. 11, 2001 attacks. Firefighters, police and other rescue workers are eligible for federal compensation for the illnesses they have developed since the cleanup ? most recently 50 different types of cancer.

People who were in the area have higher death rates in general than similar populations, and were especially likely to develop respiratory diseases and asthma. Asbestos can cause a rare type of lung cancer called mesothelioma.

While the dust caused by the Sandy cleanup isn?t nearly as bad, Court isn't taking chances. Asbestos is only a problem if it is kicked up in dust and breathed in ? but he?s seeing plenty of dust being generated as wrecking crews pile up and remove the debris. "Those corrugated roofs on the houses down by the ocean ? they?re all asbestos,? he said.

The New York City Department of Health and Mental Hygiene advises on its website that "While Sandy has not caused problems with outdoor air quality, indoor dust, mold, fumes from temporary heating sources and the use of strong cleaning products can be irritating to the eyes, throat, and lungs. Dust can also be produced by repair and debris removal. In addition, debris removal and repair work can lead to injuries of various types.?

John Makely / NBC News

Breezy Point residents clean up after Hurricane Sandy
Kate Sisk. at her summer home at 21 Jamaica Walk in white jump suit trying to remove the fiberglass in the crawlspace before mold starts to grow.

What concerns Court most, however, is mold. His 79-year-old father, Rod, has emphysema ?and needs supplemental oxygen. ?We got a foot of water up into the first floor. We are just ripping everything out and starting fresh,? said Court, who grew up in Breezy Point and who now lives in Port Jefferson Station on Long Island.

?Right now I have men ripping out the tile. We can?t take a chance with mold with my dad,? Court added. ?Now that we took up the tile floor, it?s all wet under there and it?s black.?

Health officials say Court?s doing the right thing. Anything that might turn moldy should be removed or cleaned with a bleach solution. Mold spores can cause allergic reactions or asthma in people who are sensitive to them.

The Centers for Disease Control and Prevention has done many studies on the health dangers that linger after hurricanes, but the CDC's parent agency, the Health and Human Services Department, is not making federal officials available to talk about Sandy's aftermath.

Still no clean water
Despite the flooding that swamped water treatment plants, poured into subway tunnels and flushed raw sewage into rivers, most of New York City?s tapwater supply remained clean. But Breezy Point?s water pipes were damaged so badly that the water still isn?t safe to drink, according to local authorities.

?Breezy Point Cooperative is in the process of re-establishing its internal drinking water system and the City will meet with the Breezy Point Cooperative to ensure that it can safely and reliably provide potable water to its residents," the New York health department said in a statement.

?DO NOT drink the water from the faucets. Do not use this water to cook, wash yourself or wash food, make ice, brush teeth or for any other activity involving consumption of water,? the Breezy Point Cooperative web site advises. It?s not even okay to boil it ? meaning chemicals could be contaminating the water, also.

Andrew Juhl, an ecologist and oceanographer at Columbia University, has been testing the waters around New York City for years and knows well what could have seeped into the broken water pipes at Breezy Point.

?With the hurricane there was this enormous flood of water that came into the city and flooded sewage treatment plants and also damaged pipes,? Juhl told NBCNews. ?It is possible that there was a lot of sewage released. We don?t really know. No one was out sampling at that time.?

Related stories

Love among the ruins: Sandy decimates community, but wedding goes on

'What Thanksgiving is all about': Breezy Point teen raises $80K, lifting spirits in devastated hometown

His tests the days after Sandy hit showed lots of bacteria in the water, however ? enough to where people shouldn?t touch the water without washing afterwards.

?We measure Enterococcus,? he said. It?s found in the guts of warm-blooded animals, including people. ?If you find it in the environment, you know it was recently in the body of a warm-blooded animal.? While enterococci are not themselves a big threat to health, if they?re in the water, so are other germs. These include anything that the people and animals in the area contribute to sewage, from hepatitis to parasites such as Cryptosporidium and Giardia lamblia that may cause diarrhea and stomach cramps.

One thing that people may fear is cholera, but cholera isn?t commonly found in New Yorkers, and so it?s very unlikely to be in the sewage or water.

?The most common illness that people get is gastrointestinal problems,? Juhl says. ?They get nausea, diarrhea, cramping, skin rashes, eye infections -- that kind of thing.?

You don?t have to drink the water to get ill ? people who touch the water can touch their eyes, mouths and noses and become infected. Juhl?s team sampled flooded basements in Queens and found the water was teeming with bacteria commonly found in sewage. They also found germs all over dried-out storm debris.

?The stuff we sampled up in Rockland County had been sitting around dry for a week and it still had really high (bacterial) counts. That actually surprised me,? Juhl said. ?We haven?t done that kind of sampling before and we don?t have a context for it.? Maybe there are really high counts there all the time.?

Nonetheless, it could make people handling it sick. ?They should wear gloves. They should wear face masks. They should make sure they clean themselves really well before they eat. We don?t know what the specific threat is. l would be prudent,? Juhl advises.

Court?s doing just that. ?Most people are wearing protective equipment when they are working in the basements,? he said. ?You wear boots.?

Related stories:

?

Source: http://vitals.nbcnews.com/_news/2012/11/25/15341592-after-sandys-deluge-mold-and-dust-are-the-threats?lite

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Sunday, November 25, 2012

Society International Day to end Violence against Women

End Violence Against WomenUN Trust Fund to End Violence against Women Announces over US$8 million in grants: Malawi among beneficiaries

Today is the United Nations International Day to End Violence Against Women to mark the Day, 25 November 2012, the UN Women Executive Director Michelle Bachelet has called on all heads of state and government to make new commitments and take strong national action to protect women and girls. The UN gender entity and women's empowerment chief acknowledged that the world community has already come a long along way with national laws, international treaties, and widespread and growing awareness on ending violence against women. But she says this it is not enough.


She said Government promises must be translated into concrete actions, such as providing new safe houses, free hotline services, and free legal and medical aid to survivors. "The time for complacency has run out. Together, it is possible to stop the violence against women and girls, Mrs. Bachelet said in a televised speech made available around the world.

To assist government s in their various campaigns to end the scourge of violence against women, the UN Trust Fund to End Violence against Women, which is administered by UN Women announced this past week that over US$8 Million in grants have been disbursed to 12 initiatives in 18 countries. The initiatives taking center-stage were those that are dealing with women in conflict and transitional countries.

In ten countries funds will be used to address violence against women in conflict, post conflict and transitional settings. Malawi is among the ten countries and will use the funds to work among communities with the ending violence in the school environment. Libya received funds also for the first time. This is the Fund's 16th year to disburse funds in the campaign to end violence against women and according to UN Women the funds allocated have been received by more than 350 initiatives in 128 countries over the course of the UNTF?s 16-year history.

Another first for the Fund has been the contribution of significant support from countries in Africa, Latin America and the Arab States region, which is seen as a testament to the growing mobilization to address violence against women globally. Statistically, up to seven in ten women are targeted for physical and or sexual violence in their lifetime and 603 million women live in countries where domestic violence is still not considered a crime.

?The UN Trust Fund shows what works to prevent violence against women, to end impunity and to provide services and support to survivors,? said Michelle Bachelet, Executive Director of UN Women. ?I appeal to governments, business and foundations to support the work of this fund and make a strong contribution to ending violence against women and girls.?

This year?s announcement marks the 16th annual grant-making cycle of the UN Trust Fund. The new grantees will spearhead pioneering approaches worldwide aimed at transforming the lives of women and girls:

In Malawi, Concern Worldwide, an international non-governmental organization, received funds from the UNTF and will promote safe learning environments for girls in primary schools, institutionalizing good practices to end school-related gender-based violence.

The absence of school facilities and overcrowded classrooms in the majority of schools, are not the only problems children face. There are perverse levels of abuse and violence within the schools themselves, of which girls are often the target, are a hidden horror that Concern and other actors are working to end, not only in Malawi but other countries as well.

An example has been highlighted inKenya for where a government report published in November 2009 revealed that some 12,660 girls were sexually abused by their teachers over a five-year period. In some cases, teachers abused as many as 20 girls in a single school before they were reported to authorities.

Typically, girls in all these countries, have less of a voice socially and culturally than their male peers, and are often forced to have sex in exchange for good grades?a practice know as ?sexually transmittable grades.? The report revealed that in its worst form, gender-based violence in schools can leave girls as young as 12 years old pregnant, HIV positive, and homeless.

Ensuring that schools are a safe learning environment for boys and girls is of critical importance both economically and socially, and Concern has made it an urgent priority.

Seventeen percent of all girls in Malawi do not attend as a result of forced marriages and in Nsanje, where Concern is working, this scenario has abruptly cut short the dreams of many young girls. Some 12 percent of all females in the Malawi are aged between 6-13 years, and approximately 74 percent of the population live below the poverty line. Furthermore, approximately 17 percent of girls drop out of school as a result of forced marriages, and schools are not safe for girls due to sexual abuse by male teachers and men at large.

The twin evils of poverty and traditional customs has compelled parents, in a bid to raise finances to maintain their families, and married off their daughters when they think they have come of age. Because the suitor pays a bride price, in an ironic twist, the trend has now developed whereby the younger the girl, the higher the bride price. Concern relates the story of 12 year old Martha, and many young girls like her in Nsanje that are have been caught in the vicious child marriage trap, and sold off before they have finished their schooling.

"Their dreams, hopes and aspirations have been destroyed by these negative cultural practices or by the pervasive daughter- with-cash bartering," Concern reports.

The cultural practices, which unfortunately, are widespread, have been the major contributing factor in preventing girls from receiving an education. For instance, it is believed that girls will gain respect if they marry early and have children. Concern is hosting discussions with community leaders and education officials in Malawi to highlight the importance of education for all children.

At the United Nations where during the United Nations General Assembly Committee work (October to December), in line with the UN.secretary-General Ban Ki-moon call to a global fight to end child marriages, stern language has been incorporated into a draft resolution to eliminate child forced marriages.

In Malawi, the President, Her Excellency Mrs. Joyce Banda to commemorate the first International Day of the Girl Child (that was celebrated around the world on 11 October, 2012), has called for the increase of the age of marriage of girls to 21 years. This will allow the girl child to complete her education as well as delay the first time she starts bearing children.

As the world commemorates this day and the 16 Days of Activism against Violence against Women, it is essential that families, communities and governments join hands in ending violence against women, paving the way to equality of women and thereby "unlocking progress across board."


Source: http://www.maravipost.com/malawi-news/society/2326-international-day-to-end-violence-against-women.html

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Congo rebels advance as regional leaders seek cease-fire

The war continues to expand in the Democratic Republic of Congo, with rebels vowing to extend the gains they've made in the east of the country as more civilians are forced to flee their homes.

By Max Delaney,?Correspondent / November 23, 2012

Refugees flee the town of Sake in Congo after the government failed to liberate the town from the M23 rebel movement.

Jerome Delay/AP

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As regional leaders talked peace in plush hotel rooms a country away, fighting between rebels and government troops in the Democratic Republic of Congo's east rumbled on.

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On Friday, civilians carrying meager bundles of their belongings continued to stream out of the town of Sake a day after the Congolese national Army and an allied local militia tried ? and failed ? to retake the town from the M23 rebels.

Where those fleeing can go is unclear. Already tens of thousands of people displaced by the swirl of fighting are struggling to survive in makeshift camps studding the stony countryside.

The rebels pushed on with their offensive, capturing towns and villages around the regional capital Goma ? which they have controlled without challenge since seizing it from Congo's ragtag military on Tuesday. Buoyed by their victory the rebels said they were going much farther ? Congo's capital Kinshasa, a thousand miles to the west.

The continuing advance comes despite a flurry of diplomatic efforts to end the fighting.

As Goma fell, the three men who are widely seen as having played a central role in creating the conflict ? and could play the key role to end it ? met for talks at a luxury hotel on the shores of lake Victoria outside Uganda's capital Kampala.

On the one side was Congo's beleaguered president Joseph Kabila ? who had just seen his army melt away and angry protestors torch his party offices in several cities. On the other side was Rwandan President Paul Kagame ? the man whose own defense minister is in de facto command of the M23 rebels, according to the UN and Congo.

And somewhere in the middle was Uganda's wily leader Yoweri Museveni, a compromised mediator given that some senior Ugandan officials, including Mr. Museveni's own younger brother, have been accused by the UN of supporting the rebels.

Backing DRC?

At a hastily convened press conference on Wednesday the three presidents, looking weary after hours of talks, demanded the rebels stop fighting and pull out of Goma, while Museveni and President Kagame said they could not ?entertain the idea of overthrowing the legitimate government of the DRC or undermining its authority.?

"Wherever they [M23] are we shall tell them to go back. The region is saying to them to go back ... and I can assure you they will go back," Museveni said.

For its part, the government of Congo said it would ?look expeditiously into the causes of [the rebels'] discontent and address them as best as it can.? Mr. Kabila was noncommittal when asked about the possibility of direct negotiations ? the rebels' major demand.

While the presidents seemed confident about stopping the violence, no one seemed to have told the rebels to stop fighting. Rebel leaders said they would not be withdrawing from Goma any time soon.

Museveni reportedly sent a chopper down to the Congo border on Thursday to spirit M23's political chief to Kampala for talks, and Kagame and Kabila are expected back in town over the weekend.

But whether Kabila will agree to negotiate face-to-face with the rebels remains the big question, say analysts.

?Given that the FARDC [Congo's Army] is not strong enough to defeat M23 it's not clear that he is in a position to block such an agreement. It may be his only choice,? says Laura Seay, a regional expert at Morehouse College in the US. ?That said, Kabila only wants to deal with Rwanda, not the M23, as he sees Kigali as the source of M23's strength.?

And despite intense international pressure to find a solution, both sides remain far apart.

?It's hard to see what a negotiated solution would look like at this stage,? Ms. Seay says

Source: http://rss.csmonitor.com/~r/feeds/csm/~3/fnbkVWhjiOE/Congo-rebels-advance-as-regional-leaders-seek-cease-fire

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PHOTO: Florida State Fan Tried To Apply Face ... - Business Insider

This poor Florida State fan just wanted to show her support for the Seminoles with some face paint. There was just one small problem: she apparently didn't realize the view in the mirror is reversed. Luckily for us, the view on the television is not...

Source: http://www.businessinsider.com/photo-florida-state-fan-tried-to-apply-face-paint-and-failed-2012-11

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Saturday, November 24, 2012

Trial of Ukraine's sick Tymoshenko delayed again

KIEV (Reuters) - Jailed Ukrainian opposition leader Yulia Tymoshenko's trial for tax evasion was adjourned again on Friday until December 18 because the former prime minister, hospitalized for back trouble, could not attend.

Tymoshenko, the main political foe of President Viktor Yanukovich, was sentenced to seven years in prison in October last year on abuse-of-office charges. Her second trial, for alleged tax dodging and embezzlement, was originally meant to commence in April but has been repeatedly postponed.

The 51-year-old denies wrongdoing and says she is being persecuted by Yanukovich in revenge for her role in the 2004 "Orange Revolution" which derailed his first presidential bid.

Tymoshenko has been in a state hospital since May, receiving treatment for back pains. Her health was also harmed, her family says, by an 18-day hunger strike she called off on November 16.

Judge Kostyantyn Sadovsky postponed the trial again.

"The court rules it impossible to consider the case in the absence of the accused, Tymoshenko, and her defense counsel. An adjournment is ordered until December 18," Sadovsky said, according to Interfax news agency on Friday.

The abuse of office charge for which Tymoshenko was jailed stems from a gas deal she brokered with Russia in 2009 as prime minister. The new tax evasion and embezzlement charges relate to events in the 1990s when she ran a major gas trading company.

The European Union has supported Tymoshenko, calling her case an example of selective justice, and shelved agreements on free trade and political association with Ukraine.

(Writing by Olzhas Auyezov; editing by Jason Webb)

Source: http://news.yahoo.com/trial-ukraines-sick-tymoshenko-delayed-again-134720986.html

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