Monthly Archives: September 2010 - Page 2

Netflix, NBC Universal ink deal to put ‘SNL,’ other shows on streaming service

Netflix has reached a deal with NBC Universal to put ‘Saturday Night Live,’ ’30 Rock,’ ‘Friday Night Lights,’ ‘Battlestar Galactica,’ ‘Monk’ and other TV shows on its online instant streaming service.

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U.N. Calls Emergency Meeting Over Rising World Food Prices

Linda Young – AHN News Writer

Rome, Italy (AHN) – United Nations officials warned of a major new world food crisis Friday at an emergency meeting over rising international food prices

The U.N.’s Food and Agriculture Organization (FAO) called the meeting in Rome to discuss the looming crisis. FAO officials blame recent environmental disasters as well as rampant speculative trading on commodity futures markets by investors.

Although food prices have not risen as much as they did during the 2008 food crisis, FAO officials were concerned.

“The FAO has recognized a variety of drivers behind food price spikes, such as drought, energy prices and trade restrictions; however, the impact of crude oil prices on food inflation cuts across all national boundaries and has a disproportionate impact on food prices,” said Bliss Baker, a spokesperson for Global Renewable Fuels Alliance.

“As long as we are dependent on crude oil for our primary source of energy, we will continue to see food prices climb as crude oil prices climb,” Baker added.

However, other forces are at work to increase food prices, according to the U.N.’s special rapporteur on food, Olivier De Schutter. In a paper released earlier this week, De Schutter said that as other investments turned sour and lost investor interest–including overvalued asset backed securitization investments–investors looking for profits flocked to invest in food commodity futures because everyone must eat.

“Beginning at the end of 2001, food commodities derivatives markets, and commodities indexes in particular began to see an influx of non-traditional investors, such as pension funds, hedge funds, sovereign wealth funds, and large banks that packaged and dealt the commodity index instruments,” De Schutter wrote. “The reason for this was simply because other markets dried up one by one: the dotcoms vanished at the end of 2001, the stock market soon after, and the U.S. housing market in August 2007.”

“As each bubble burst, these large institutional investors moved into other markets, each traditionally considered more stable than the last. Strong similarities can be seen between the price behavior of food commodities and other refuge values, such as gold. As the European Commission notes, the prices of both had been largely stable, began to rise slowly in 2005, and accelerated sharply in August 2007, when the subprime crisis hit. Similar behavior obtained in oil markets, which hit the $100 per barrel mark in February 2008 and peaked in June 2008, only to fall back subsequently,” De Schutter said.

De Schutter calls for regulation of the food commodity markets in a report titled “Food Commodities Speculation and Food Price Crises, Regulation to reduce the risks of price volatility.” The full report is available at: srfood.org/images/stories/pdf/otherdocuments/20102309_briefing_note_02_en.pdf

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Commercial Hard Money Loans

Hard money loans are a specific type of asset-based loans. In this type of loan, a borrower receives funds that are secured by the value of a parcel of real estate. These loans are paid back with a higher interest rate than conventional commercial or residential property loans. This type of loan is rarely, if ever, issued by a commercial bank or other deposit institution.

Hard money loans are very similar to bridge loans. Bridge loans typically have similar criteria for lending. They also have similar costs to the borrower. The primary difference between a hard money commercial loan and a bridge loan is that a bridge loan frequently refers to a commercial property or investment property that is in transition. The property may not fully qualify for traditional financing yet. Hard money commercial loans refer not only to asset-based loans with a high interest rate but also loans for a financial situation that is possible distressed. Examples of this include cases where someone is arrears on an existing mortgage or where bankruptcy and foreclosure proceedings are already in process.

Hard money mortgages, both commercial and residential, are made by private investors. They typically make loans only in their local areas. The credit score of the borrower is not important because the loan is secured by the value of the collateral property. The maximum loan to value ratio is 65-70%. This means that if a piece of property is worth $100,000, the lender would give the borrower $65,000 to $70,000. This low LTV (loan-to-value) ratio gives the lender added security in the event that the borrower cannot pay and the lender has to foreclose on the property.

Commercial hard money lender programs are similar to traditional hard money loans in terms of the LTV requirements and interest rates. A commercial hard money lender is typically a strong financial institution with the deposits and abilities to make discretionary decisions on loans that are non-conforming. These borrowers do not conform to the standards of Fannie Mae, Freddie Mac, or other residential conforming credit guidelines. Since it’s a commercial property in question, the loan does not generally conform to a standard commercial loan guideline either.

Traditional commercial hard money loans are very high risk and have a higher than average default rate. Just like in a normal commercial loan, when a property owner defaults on a commercial hard money loan, he or she can potentially lose the property to foreclosure.

For more information on hard money lending, please visit http://www.pitbullmortgageschool.com.

Author: Joseph Devine
Article Source: EzineArticles.com
Solar panel, solar power

Alzheimer’s, Dementia Costs World Economy $604 Billion

Jeehan Fernandez – AHN News Writer

London, United Kingdom (AHN) – The worldwide costs of Alzheimer’s disease and other dementias is expected to exceed 1 percent of global GDP, or $604 billion USD in 2010, a landmark report on Global Economic Impact of Dementia revealed Tuesday.

“If dementia care were a country, it would be the world’s 18th largest economy. If it were a company, it would be the world’s largest by annual revenue exceeding Wal-Mart’s $414 billion and Exxon Mobil’s $311 billion,” the report assessed.

The number of people with dementias will double by 2030 and more than triple by 2050, thus exacting a massive toll on global economy with problem set to accelerate in coming years, according to World Alzheimer Report 2010.

The new study which was issued on World Alzheimer’s Day provided the most current and comprehensive global picture of economic and social costs of illness, the Alzheimer’s Disease International (ADI) said in a statement.

“This is a wake-up call that Alzheimer’s disease and other dementias are the single most significant health and social crisis of 21st century. World governments are woefully unprepared for social and economic disruptions this disease will cause,” said ADI chairman Dr. Daisy Acosta.

“The scale of this crisis cries out for global action. History shows that major diseases can be made manageable and even preventable with sufficient global awareness and political will to make substantial investments in research and care options,” ADI executive director Marc Wortmann added.

“This new report gives us the clearest, most comprehensive picture yet of global economic and social costs of dementia. We merged the best available data and most recent insights regarding worldwide economic cost of dementia. This enabled us to provide more detailed estimates than before by making use of recently available data that considerably strengthens evidence base,” explained author Prof. Anders Wimo.

“The care of people with dementia is not just a health issue, it is a massive social issue. This is particularly true in low and middle income countries which lack adequate systems of formal care. Governments must show greater leadership, working with all stakeholders to drive solutions to long term care issue,” co-author Prof. Martin Prince added.

Reports from individual countries such as UK suggested that dementias are one of costliest illnesses and yet research and investment is at a far lower level than for other major illnesses.

The report combines most current prevalence data from World Alzheimer Report 2009 with improved data on low and middle-income countries from 10/66 Dementia Research Group studies in Latin America, India and China.

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Bangladesh Anthrax Scare Threatens $400 Million In Exports

News Room Administrators Staff

Dhaka, Bangladesh (NewsBahn) – By Saleem Samad

Special to All Headline News

Bangladesh remains on high alert for reports of fresh anthrax infections creeping far and wide in the countryside amid a significant fall in consumption of beef and mutton.

Fisheries and Livestock Minister Abdul Latif Biswas has declared a nationwide anthrax threat.

The government, fearing the panic taking deep roots in the economy, has formed a national committee for control of anthrax infection before the Eid-ul-Azha, the Moslem festival of sacrifice of cattle in November.

Manufacturers of finished leather and leather goods, who yearly make nearly half a billion dollars in export earnings, are equally nervous. Last year earnings from exports of finished leather amounted $226 million and exports of leather shoes and leather goods earned more than $200 million.

Usually beef and mutton is in high demand during the festival of Eid-ul Azha. Nearly 40 per cent of the annual supply of rawhide is procured during the festival, said Mohammed Aftab, president of the Bangladesh Hides and Skin Merchants Association.

The anthrax infection, which began in a northern Bangladesh village Aug. 20, has gradually spread to half the country. Public health officials have raised the number of confirmed infections to nearly 600. The current outbreak has been described as the biggest in the country in two decades.

Health officials visiting the affected areas blamed consuming beef from sick cows that were not vaccinated as the cause of the anthrax spread.

Institute of Epidemiology, Disease Control and Research (IEDCR) said no one had died from the infection and all affected persons were under treatment.

Anthrax is a potentially lethal bacterium that exists naturally in the soil and commonly infects livestock, which ingest or inhale its spores while grazing. It can be transmitted to humans who handle or eat infected animals.

Anthrax commonly affects hoofed animals such as cattle, sheep and goats, but humans who come into contact with the infected animals can get sick.

Abu Hadi Noor Ali Khan, professor of the veterinary department at Bangladesh Agricultural University, said the outbreak could not be contained without an adequate supply of anthrax vaccine.

“Only the government produces anthrax vaccines and the vaccines produced so far this year can vaccinate less than 5 per cent of the cattle,” Khan told English daily The New Age.

Most of the consumers in cities and small towns deliberately avoid beef curry and beef kabab from their daily platter for fear of being infected. Young people have resorted to ordering chicken or vegetarian menu, especially in popular hangouts such as KFC, Pizza Hut and other fast food outlets.

IEDCR director Mahmudur Rahman said all the cases were not anthrax, as many panic-stricken people are dubbing regular infections or any skin abnormalities as anthrax infections.

Meat traders have threatened to strike the capital if the government does not come up with an effective solution against anthrax within two weeks.

“No anthrax patient has been found in the city yet. Instead blamed the media and the government for creating panic over the infection,” claimed Golam Mortuza Montu, president of Bangladesh Meat Traders Association.

A cattle market on the fringe of the capital Dhaka is empty of livestock for sale. The number of cattle coming to the city has dropped radically. Many butchers have hung “no meats available” signs in front of their shops while others have barely managed to sell their stock.

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Hard Money Lending is Helping The Economy

Hard Money Lending is Helping the Economy For real estate investors access to conventional funding through banks for real estate projects has become difficult to obtain. Banks have tightened up their requirements for lending, and any blemish on your record can disqualify you for a loan. Additionally the amount of paperwork required to obtain a conventional loan has become paramount, taking weeks to months to complete the process. Many time critical investment deals are missed due to the length of the funding process. Many of these real estate investors have turned to hard money lenders to fund their real estate projects. Since hard money loans are secured based on the value of the property, credit scores are not as critical. Although credit scores are part of the assessment, the entire credit portfolio of an investor is considered when making a decision. A blemish or two will not hurt your chances, if you are still deemed credit worthy. The major decision factor for lending is in the assessment of the property. Good levels of equity in the property will result in a positive financing decision. As banks crack down on their lending practices, hard money lenders are filling the void for real estate investors, and local economies are benefiting from their involvement.

The continued flow of money for flips as well as new construction projects has kept the local economies moving. Real estate investors are still investing in properties and obtaining construction loans. This in turn has kept construction workers, building supply shops, plumbers, painters, etc. employed in this tough economy. This also trickles down to retail, grocery stores, and restaurants, keeping these establishments in business as well. All of this continued business activity results in a healthier local economy and adds to the local tax revenue. The buying and selling of houses keeps the real estate market active, and provides a new supply of renovated houses for homeowners. More homeowners in the community means more dollars spent locally as well as additional tax revenue. These are all good things for the local economy. Hard money lenders are changing the real estate investment landscape from credit based financing to equity based financing. Many projects that were not financed previously due to credit decisions are seeing new light. Also, equity based financing helps parse out the good deals from the bad resulting in better financing decisions overall. With new money being invested in profitable projects, everyone from the real estate investor to the local restaurant owner are benefiting from a stronger local economy.

Harold Money PhotoAbout Author
Jason Balin www.hardmoneybankers.com

Interpol chief has Facebook identity stolen

He’s one of the most powerful people in world policing, but on Facebook Interpol chief Ronald K. Noble is just as vulnerable to identity theft as anyone else.

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Yemen Outlaws Motorcycles

The Media Line Staff

Sanaa, Yemen (TML) – The open road. The wind blowing through your hair. The sun sets over the Gulf of Aden, the Arabian Sea and the Abyan Delta — Yemen’s most fertile valley. The Harley revs as you cruise down the coastal plain along the Aden Mukalla highway, past cotton and tobacco fields, orchards, fruit farms, clay houses, hot springs, a fish-canning factory and the Khanfar Mountain.

Not anymore.

Authorities in Yemen’s Abyan Governate, a growing stronghold for Al-Qa’ida in the Arabian Peninsula, have banned motorcycles from cities in the region’s urban centers.

“Using motorbikes in terrorist operations to assassinate intelligence officers and security personnel have been massively mounted over the past nine months in the province,” a ‘Sana-based Yemeni Interior Ministry official told the Xinhua news agency.

The news, first reported in the pan-Arab London-based daily Al-Sharq Al-Awsat, follows a series of recent assassinations by Al-Qa’ida militants throughout Abyan and will affect some 5,000 two-wheeled vehicles, according to local media. Militants on motorcycles have killed at least 30 Yemeni soldiers, intelligence officers and security personnel over the last three months alone, using the bikes to make a quick escape.

“Motorcycles are typically used by terrorists and insurgents to deliver weapons directly if its a suicide attack or to make a quick getaway,” Dr Theodore Karasik, Director for Research and Development at the Institute for Near East Gulf Military Analysis told The Media Line. “The banning of motorcycles is indicative of how the government, with help from U.S. officers, is trying to cut down on the movements of Al-Qa’ida members and tribal members who support them.”

Brig. Gen. (Ret.) Musa Qallab, the former program manager of Gulf Defense Issues at the Gulf Research Center, said motorcycles are the ideal tool for a terrorist attack.

“They are easy to rent, easy to buy and easy to use,” he told The Media Line. “So many people drive motorcycles so it’s easy to hide, easy to cheat and more importantly very easy to escape from the scene through narrow passages. It’s very hard to stop them in a crowded area full of traffic.”

Dr Stephen Steinbeiser, resident director of the American Institute for Yemeni Studies in the Yemeni capital ‘Sana, said the move was long overdo.

“Motorcycles and scooters are easy to maneuver and to get around roadblocks, so I’m surprised they didn’t think of this earlier,” he told The Media Line. “I don’t think its a sign of desperation, I see it as a sign that the government is taking this seriously, doing anything it can to protect themselves, and is taking practical and creative ways to change the way they do business and tackle a rising threat.”

Yemeni authorities say Abyan has become a stronghold for Al-Qa’ida, and earlier this month, Al-Qa’ida in the Arabian Peninsula (AQAP) threatened to assassinate 55 specific top security officers in Abyan.

Home to almost 24 million people, Yemen is one of the poorest nations in the Middle East and the government has long had a mutually beneficial relationship with radical Islamist groups, particularly during the country’s civil war when the northern Yemen army used radical Islamists to fight against forces in the south.

After 9/11 the Yemeni government became more hesitant of cooperation with Al-Qa’ida-affiliated groups and last year, following the merger of Al-Qa’ida in Yemen with their Saudi counterparts to form Al-Qa’ida in the Arabian Peninsula, the government launched a number of military operations against AQAP strongholds but has not had the resources to develop a forceful campaign against the group.

Geopolitical analysts warn that with a weak central government, Yemen has become the global radical Islamists’ destination of choice, providing an ideal staging ground for future terror attacks on Western interests in the Gulf, the Red Sea gateway to the Suez Canal, and beyond.

Ever since the Yemen-based Al-Qa’ida in the Arabian Peninsula claimed responsibility for the attempted Christmas day bombing of a Detroit-bound airliner, Western eyes have turned to Yemen.

The U.S. has already been conducting covert strikes on Al-Qa’ida targets in Yemen and has pledged to double military assistance to the embattled government.

But while the Yemeni government has shown some concern over Al-Qa’ida’s presence in the country, this is a relatively recent development seen by many as a ploy to please the U.S.

Beyond Al-Qa’ida’s growing presence, Yemen has a smorgasbord of problems: from a serious impending water crises and an economy overly dependent on a dying oil sector; to Somali pirates; a secessionist movement in the south; and a Houthi rebellion in the north. With around two-thirds of Yemen under the control of separatist groups, rebels or local tribes, the Yemeni government is much more concerned with consolidating its power than with fighting the growing band of radical Islamists in the Yemeni mountains.

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United, Continental Airlines Stockholders Approve Merger

Jeehan Fernandez – AHN News Writer

Chicago, IL, United States (AHN) – Stockholders of United Airlines and Continental Airlines both approved Friday the merger of two leading carriers which is expected to be finalized on Oct. 1.

UAL Corp., the parent company whose primary subsidiary is United Airlines, said that more than 98 percent of votes cast and 84 percent of shares outstanding were voted by stockholders in favor of the transaction.

More than 98 percent of votes cast and 75 percent of shares outstanding were also voted by Continental stockholders in favor of the same.

“This vote is a significant step toward closing our merger with Continental, creating the world’s leading airline and the industry’s best network for our customers,” Glenn Tilton, United chairman and CEO said in a statement.

He added the merger will also create “a strong company that provides career opportunity for our people and an airline that can deliver return for our shareholders.”

“There is much work ahead as we bring these two companies together, pulling the best from both of our companies and building on the work we have each done to strengthen our airlines,” Tilton said.

Jeff Smisek, Continental’s chairman, president and CEO said that “in approving the transaction, our stockholders recognized the value of bringing together (the two companies) to create a platform for increased profitability and sustainable long-term value.”

United and Continental announced an all-stock merger of equals on May 3. The companies have received clearance on proposed merger from the United States Department of Justice and European Commission.

United hires 46,000 employees and operates some 3,300 flights a day to more than 230 U.S. domestic and international destinations from its hubs in Los Angeles, San Francisco, Denver, Chicago and Washington, D.C. It has key global air rights in the Asia-Pacific region, Europe and Latin America.

United ranked first in on-time performance for domestic scheduled flights for 2009 among America’s five largest global carriers as measured by Department of Transportation and published in Air Travel Consumer Report for 2009.

Continental has 40,000 employees and operations of more than 2,700 daily departures throughout Americas, Europe and Asia, serving 132 domestic and 137 international destinations. It has hubs serving New York, Houston, Cleveland and Guam, and together with its regional partners, carries some 63 million passengers annually.

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Hard Money: A Great Niche For Mortgage Brokers

A Great New Niche for Mortgage Brokers aE” Hard Money Lending With the subprime crisis of a few years ago, and the recession of the past couple of years, the demand for the services of mortgage brokers has diminished. These facts along with tighter lending standards, has led to tough times for mortgage brokers, with many having difficulty finding enough clients to maintain their business. Although lending standards have tightened, real estate investors are still finding ways to fund their real estate projects. Many are turning to hard money lenders to obtain the financing they need to flip a property, invest in a foreclosure, fund a new construction, and other real estate projects. These hard money loans are asset based loans, using the intrinsic value of the property as collateral for the loan, rather than relying on the investor’s credit worthiness. Mortgage brokers, who find themselves short on clients, can look to hard money lending to expand their clientele. Lending to real estate investors will allow them to take advantage of this growing segment of the market. Those who have jumped into the hard money lending arena find that they have little competition with other brokers, and have many clients looking for a broker to help them with their financing needs. An added advantage is that real estate investors, unlike individual homeowners are repeat customers. Most will make multiple investments in a year, seeking new financing for each, thereby increasing your business two, three, and even four fold per new client. Helping real estate investors find proper financing is an underserved market, and a broker who teams up with the right hard money lenders can quickly capitalize on this need.

A broker wanting to expand into hard money lending should research the market as well as the availability and reputations of the hard money lenders in their area. Start by doing an internet search on the hard money lenders in your area, and assess their offerings, experience, and dedication to hard money lending. Then set up interviews with the firms that stand out. You want a hard money lender who is very knowledgeable about the local real estate market, who strictly deals with hard money lending, and is well capitalized, with many financial backers. They should be very professional, organized, and of course ethical. Hard money lending can be a very profitable niche for mortgage brokers who team with the right hard money lenders.

Harold Money PhotoAbout Author
Jason Balin www.hardmoneybankers.com

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