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March 30, 2011

World powers tangle over arming Libya’s rebels

Filed under: legal, technology — Tags: , , , — Moon @ 11:09 pm

World powers clashed Wednesday over whether it is legal to supply weapons to Libya’s badly equipped rebels as Moammar Gadhafi’s troops beat back their advance on the ground.

Britain and the U.S. believe that existing U.N. Security Council resolutions on Libya could allow for foreign governments to arm the rebels.

But NATO, which is in the process of taking over command of air and other military operations in Libya, rejected that theory, saying an arms embargo was in place. China, Russia and Germany were also against supplying weapons to the rebels, with Moscow warning of possible al-Qaida links to some rebels.

Analysts, however, suggested the only hope of avoiding a lengthy stalemate in the conflict would be to provide anti-tank weapons and shoulder-launched missiles to the rebels, allowing them to take on Gadhafi’s military hardware.

British Prime Minister David Cameron said he supported U.S. Secretary of State Hillary Rodham Clinton’s assessment that nations could legally supply weapons to Libyan rebels, despite an arms embargo being in place. Cameron told the House of Commons that U.N. Security Council resolutions “would not necessarily rule out the provision of assistance to those protecting civilians in certain circumstances.”

“We do not rule it out, but we have not taken any decision” on whether to supply weapons, he told lawmakers.

Obama said in television interviews Tuesday the U.S. also did not rule out providing arms to rebels, while Clinton said in London that such a move would be legally permitted _ read as a signal the policy is under consideration.

NATO insists the U.N. resolutions prohibit the supply of weapons into Libya, while Russia and China expressed concern that some allies were overstepping the mark. In Germany, Foreign Ministry spokesman Stefan Bredohl said the relevant resolutions included a “comprehensive arms embargo.”

Russian Foreign Minister Sergey Lavrov warned Western nations against supplying weapons to Gadhafi’s opponents and said Moscow feared that some rebels could be allied with al-Qaida.

His remarks echoed concerns raised in Washington on Tuesday, when NATO’s top commander, U.S. Navy Adm. James Stavridis, said officials had seen “flickers” of possible al-Qaida and Hezbollah involvement with the dissident forces.

The comments were seized upon by Michele Bachmann, the tea party-backed conservative congresswoman, who said the U.S. should rule out supplying weapons because of those concerns about an al-Qaida influence.

NATO said agreement from all 28 members of the alliance would be needed to participate in the arming of rebel forces, and that approving such a move would risk further rifts between the members themselves and outside partners such as the Arab League and African Union no fax cash loans.

“The U.N. resolution forbids arms to enter Libya,” said an official who could not be named under standing regulations. “Quite honestly, NATO wouldn’t even consider doing anything else unless a new U.N. Security Council resolution is issued to that effect.”

In London, ex-British foreign secretary Malcolm Rifkind urged nations to ensure Libya’s rebels are “properly assisted to enable this war to be brought to an end as soon as possible.”

British Foreign Secretary William Hague said he supported that view, but also acknowledged that “introducing new weapons into a conflict can have unforeseeable and unknown consequences.”

Retired Brigadier Benjamin Barry, of London’s International Institute for Strategic Studies, said it wasn’t certain rebels would have the ability to use any weapons supplied by the West, because they would likely require basic training.

“The kind of arms that could be provided are simple, easy to use anti-armor weapons, unguided shoulder-launched rockets, guided missiles and mortars,” Barry said.

But he acknowledged there would be “a risk that these weapons could pass into unfriendly hands after the fighting is over.”

The history of arming anti-Soviet rebels in Afghanistan would weigh heavily on any decision to offer military hardware, Hague said. “There are examples of weapons being given to people in good faith and then those weapons being used for other purposes,” he told lawmakers.

Hague confirmed Britain had ordered the expulsion of five Libyan diplomats _ including the country’s military attache _ over threats to opponents of Gadhafi’s regime in the U.K., and because they posed a potential security risk.

“Were these individuals to remain in Britain, they could pose a threat to our security,” Hague said. Officials explained the Libyan diplomats had been involved in attempts to harass opposition supporters in Britain.

Hague said British diplomats had held talks in the eastern Libyan city of Benghazi with opposition figures in recent days _ before similar meetings being held by U.S. and French officials _ to seek assurances about their motives.

He said he was assured that, despite the warning from Stavridis, violent Islamists did not hold a prominent role within Libya’s rebel movement.

Source

March 29, 2011

Chrysler hopes to rev up sales with increased personnel

Filed under: legal, marketing — Tags: , , , — Moon @ 9:18 am

Chrysler Group LLC, the U.S. automaker operated by Fiat SpA, is pushing its U.S. dealers to hire more service workers and salesmen to help the company boost vehicle sales 32 percent this year.

“While it’s still early in the calendar year, now is the time to act,” Peter Grady, vice president of Chrysler’s network development and fleet, said in a memo to dealers. “Hiring additional personnel in preparation for the spring market is essential for success in 2011.”

Chief Executive Sergio Marchionne is targeting global sales this year of 2 million vehicles, including 1.57 million in the U.S. The automaker has begun selling new or revamped models including the Chrysler 300 sedan, Dodge Durango sport-utility vehicle and Fiat 500 subcompact.

Chrysler, aiming to boost U.S. deliveries by 45 percent this year, has been working with its 2,311 dealers in the market to extend store hours and add quick-lube services.

In February, Marchionne said 80 percent of the automaker’s U.S. dealers were operating profitability, the highest percentage since 2000 absolutely free credit score.

“After analyzing our competitors and your 2010 financials, we believe there’s still some work to do,” Grady told dealers in the memo.

Chrysler’s sales staff productivity was “considerably lower” than competitors’ and the number of salesmen fell 10 percent last year while rivals increased forces, he said.

“Chrysler underperforms by almost two vehicles per month per salesperson,” Grady said.

Chrysler’s service advisers generated $8,500 less each month in sales than their General Motors Co. counterparts and $2,500 less than those at Toyota Motor Corp., Grady said.

Chrysler dealers in recent months have hired 600 sales consultants, 500 technicians and almost 100 service advisers, Grady said. He said metropolitan dealerships should hire six additional sales consultants, three technicians and one service adviser.

Source

March 22, 2011

Portugal Says 2011 GDP Will Fall as Investment, Government Spending Drop - Bloomberg

Filed under: loans, marketing — Tags: , , , — Moon @ 4:25 pm

The Portuguese government forecasts the economy will contract this year as investment declines and it cuts spending to narrow the budget deficit.

Gross domestic product will fall 0.9 percent in 2011 following a 1.4 percent increase last year, according to the Portugal’s stability and growth program released last night. The forecast is less than the 1.3 percent contraction predicted by the Bank of Portugal in January and compares with a forecast for 0.2 percent growth included in the budget released last year. The new plan says the economy will expand 0.3 percent next year, 0.7 percent in 2013 and 1.3 percent in 2014.

The government forecasts debt as a percentage of GDP will climb to 87.9 percent in 2011 and 88.1 percent in 2012 from 82.4 percent last year. That ratio will start falling in 2013 to 87.4 percent, and will drop to 85.3 percent the following year, according to the plan. The government set a target for a budget deficit of 4.6 percent of GDP in 2011, and aims to reach the EU limit of 3 percent in 2012 and a gap of 2 percent in 2014.

Portugal is raising taxes and implementing the deepest spending cuts in more than three decades, aiming to convince investors it can narrow its budget gap, curb its debt and avoid a bailout after the Greek debt crisis led to a surge in borrowing costs for high-deficit euro nations.

Risk Premium

The spread between Portuguese and German 10-year bond yields fell 1 basis point to 412 basis points today after reaching a euro-era record of 484 on Nov. 11. Ireland in November became the second euro country after Greece to seek a bailout and the first to request aid from the European Financial Stability Facility. Portugal’s 10-year bond yield climbed to a euro-era record of 7.70 percent on March 9, according to data compiled by Bloomberg.

The stability and growth program forecasts the average rate of Portugal’s 10-year bonds will be 6.8 percent in 2011, 6.9 percent in 2012, 6.8 percent in 2013 and 6.5 percent in 2014.

Portuguese Prime Minister Jose Socrates had said his government is available to discuss its deficit-cutting measures with opposition parties as he tries to avoid a “political crisis,” early elections and the possibility of a bailout. “If parliament decides on a motion against the stability and growth program, that means the government is not in a condition to make commitments internationally,” Socrates said on March 15.

Additional Measures

Jaime Gama, the Portuguese parliament’s president, scheduled a meeting of parliamentary party leaders for 10 a.m. today.

Finance Minister Fernando Teixeira dos Santos on March 11 presented additional deficit-cutting measures equal to 4 paydayloans.5 percent of GDP over the three years through 2013, including a reduction in pensions of more than 1,500 euros ($2,134) a month and further cuts in tax benefits. Teixeira dos Santos said yesterday that a political crisis would make it more difficult for the country to access financial markets.

Portugal’s Social Democratic Party, the biggest opposition group in parliament, has said it does not back the new measures presented by the government. The Social Democrats have said that they support Portugal’s plan to reduce its budget gap and meet the deficit targets.

Socrates became prime minister in 2005 and his Socialist Party won re-election in 2009 without a majority in parliament. The Social Democrats agreed in October to let the government’s 2011 budget proposal pass in parliament by abstaining.

Bond Redemptions

Portugal intends to sell as much as 20 billion euros of bonds this year to finance its budget and cover the cost of maturing debt. Portugal faces bond redemptions in April and June worth about 9 billion euros in total. It also faces bill maturities in July, August, September, October and November.

The government is already trimming the wage bill by 5 percent for public-sector workers earning more than 1,500 euros a month, freezing hiring and raising value-added sales tax by 2 percentage points to 23 percent to help narrow a deficit that amounted to 9.3 percent of GDP in 2009, the fourth-biggest in the euro region after Ireland, Greece and Spain.

Portugal will report a 2010 budget deficit of about 7 percent of GDP, narrower than the 7.3 percent gap the government had forecast,Socrates said on Jan. 28.

Asset Sales

The government is estimating it will raise 2.18 billion euros in revenue from the sale of state assets this year. To strengthen the financial system, banks should have a core Tier 1 capital ratio of 8 percent by the end of 2011, according to the plan released yesterday.

GDP fell 0.3 percent in the final three months of 2010, the first quarterly contraction in a year. Portugal’s unemployment rose to 11.1 percent in the fourth quarter, the highest since at least 1998.

The government forecasts unemployment will rise to 11.2 percent this year from 10.8 percent in 2010, and inflation will accelerate to 2.7 percent in 2011 from 1.4 percent last year.

Portugal’s economic growth has averaged less than 1 percent a year in the past decade, one of Europe’s weakest growth rates.

Source

March 21, 2011

New Boeing jumbo jet completes first flight

Filed under: caredit, term — Tags: , , , — Moon @ 12:17 am

EVERETT, Wash. — The Boeing Co.’s newest and largest passenger plane has completed its first flight, taking off from Everett and landing about 4 ½ hours later in Seattle.

The 747-8 Intercontinental left Paine Field at 9:58 a.m. PDT Sunday, rousing cheers from Boeing workers. The two pilots flew across Washington state and landed around 2:25 p.m. at Boeing Field.

Chief test pilot Capt. Mark Feuerstein says the flight was clean and that the airplane is “ready to go fly right now.”

Boeing’s Elizabeth Lund says the company expects to deliver the jet by the end of the year.

The new plane can carry up to 467 passengers with a range of nearly 7,000 miles.

AP-WF-03-20-11 2241GMT

Source

March 19, 2011

Mixed signals in St. Louis jobs report

Filed under: Uncategorized, technology — Tags: , , , — Moon @ 9:21 am

The agencies that measure employment trends here and elsewhere delivered a mixed message Friday on the St. Louis job situation.

According to the Federal Reserve Bank of St. Louis, regional unemployment in January stood at 9.6 percent

March 17, 2011

Consumer prices rise 0.5 pct., most since June ‘09

Filed under: business, economics — Tags: , , , — Moon @ 6:25 pm

Americans paid more for food and energy in February, but outside those volatile categories inflation was tame.

The Labor Department says the Consumer Price Index rose 0.5 percent in February, the largest increase since June 2009. But excluding food and energy costs, core prices rose 0.2 percent, the same as in January.

Gas prices jumped 4.7 percent in February, above January’s increase but below December’s rise. Food costs increased 0.6 percent, the most in two and a half years personal business card.

Costs for other goods and services, such as health care and cars, are also rising. Core consumer prices increased 1.1 percent in the past year, up from a 0.6 percent annual increase in October. Still, that’s below the Fed’s preferred range of 1.5 percent to 2 percent.

Source

March 16, 2011

Subaru, Toyota limit output at N. American plants

Filed under: Uncategorized, news — Tags: , , , — Moon @ 4:05 am

Two Japanese automakers are halting some production at North American factories to assess availability of parts following Friday’s deadly earthquake and tsunami in Japan.

Subaru of America says it has suspended overtime at its plant in Lafayette, Ind. The plant, Subaru’s only North American factory, employs 3,500 workers and built 150,000 vehicles last year, including the Outback and Tribeca wagons and Legacy sedan.

Toyota is suspending overtime and production on Saturdays at all of its North American plants to assess the availability of car parts.

Both automakers are trying to conserve parts after the huge earthquake and tsunami, which is disrupting shipments from Japan to the U.S.

Japanese automakers Nissan and Honda say their North American plants have not been affected so far.

Source

March 14, 2011

Congress Will Pass Bill to Keep U.S. Government Operating, Durbin Predicts - Bloomberg

Filed under: technology, term — Tags: , , , — Moon @ 12:33 pm

Congress will probably approve a measure this week to keep the U.S. government in operation through April 8, Senator Dick Durbin of Illinois, the majority whip, said yesterday.

The legislation, proposed by House Republicans March 11, would reduce discretionary spending by about $6 billion and fund the U.S. government for three weeks, replacing a measure that expires March 18. Democrat Durbin, speaking on CNN’s “State of the Union,” said the Senate would take up the measure once it passes the House, where Republicans have majority control.

Enacting the sixth stopgap spending measure of fiscal 2011 is needed to prevent a government shutdown and will provide lawmakers and President Barack Obama with more time to work out a deal to fund U.S. programs through the fiscal year that ends Sept. 30, Durbin said. Congress needs to advance the measure to facilitate an agreement addressing the nation’s long-term fiscal straits, Durbin said.

“We’re not going to balance America’s budget in the next six months,” Durbin said. Republican lawmakers, led by the House, propose cutting $61 billion in government spending this year, which Durbin rejected as part of this year’s budget. “That goes way too far,” he said. The Democratic-controlled Senate rejected that proposal March 9.

Fiscal Issues

Long-term fiscal issues can’t be resolved in stopgap funding bills, Durbin said. “We’re looking at this in honest and hard terms about how we deal with this deficit, not in a matter of six months but over a period of time so that we responsibly cut spending and don’t do it at the expense of America’s economic growth.”

The three-week measure worked out between the White House and lawmakers from both parties would forestall a shutdown of non-essential government services after March 18.

Senator Mitch McConnell, a Kentucky Republican and the minority leader, said on “Fox News Sunday” yesterday that the short-term bill puts the U.S. on a “slow path” toward the $61 billion target.

While Senate Republicans will support the latest spending bill, they will insist on deeper budget cuts as a condition of funding the government through Sept. 30 and of voting to raise the debt ceiling, McConnell said.

“My prediction is not a single one of the 47 Republicans will vote to raise the debt ceiling unless it includes with it some credible effort to do something about our debt,” McConnell said.

Political Bickering

President Barack Obama on March 11 urged lawmakers to work out a deal that keeps the government running through the end of the fiscal year, saying the public expects them to “stop with the political bickering.”

“We can’t keep on running the government on two-week extensions,” Obama said. “That’s irresponsible.”

Representative Kevin McCarthy, a California Republican who is the majority whip, vowed a government shutdown wouldn’t happen and said Obama and Senate Democrats hold the keys to an agreement on financing government operations through the end of the fiscal year.

“We think that Democrats need to step up and actually produce something,” McCarthy said on “State of the Union.”

Source

March 12, 2011

Ex-Cardinals official finds niche in apparel

Filed under: economics, news — Tags: , , , — Moon @ 9:37 pm

For the second time in his career, major league baseball’s spring training has heightened meaning for Tim Hanser.

After his dad was part of a group that bought the St. Louis Cardinals in 1996, Hanser spent 12 years working for the Redbirds, including overseeing international scouting and heading the team’s community foundation.

As vice president of community outreach for the Cardinals, Hanser helped oversee the funding of new youth baseball fields, including Stan Musial Field in Jennings and the Lou Brock Field in the Murphy Park neighborhood of St. Louis.

Hanser, who owns a World Series ring from the 2006 winning season, left the high profile world of professional sports in May 2008 when he and a group of investors acquired apparel company A & E Group.

A & E Group’s cause-related merchandise division designs jackets, shirts and accessories and donates a portion of the proceeds to breast cancer organizations. The company’s other divisions include outdoor jackets and shirts and medical scrubs and accessories.

The 15-year-old privately held company has 25 full-time employees. Its products are made overseas and distributed from the company’s St. Charles headquarters and warehouse complex. (A & E will move to a new headquarters and distribution complex in Maryland Heights next month.)

Last summer, Hanser returned to his baseball roots by launching a new division, Three60 Gear, which features shirts with high-resolution images of sports figures on the front and back. Hanser has signed a licensing agreement with Major League Baseball and the National Basketball Association for the shirts and is in talks with other professional sports leagues.

As baseball spring training heats up, Hanser said he’s gearing up to expand the Three60 brand into more stadiums and is negotiating with retail customers that are putting together their baseball merchandise lineups.

How did your career path go from the Cardinals to owning a clothing company?

My first job, I was a researcher in Washington D.C. for the U.S. Senate, researching bills and legislation in Jack Danforth’s office. Then I taught for a couple years after that, at a high school in downtown D.C.

In 1996, I came back to St. Louis to join the St. Louis Cardinals.

And three years ago, I bought A & E.

Other than Cardinals merchandising and the Cardinals retail side, I didn’t have experience in apparel.

I really value the charitable, cause-related part of the business. Also, I love the outdoors: hunting and fishing and hiking. I thought it was an exciting company that had potential to grow.

Your acquisition of A & E coincided with the start of the recession. How did that effect you?

Yeah, great timing, huh? We were in process with the purchase just as things were starting to feel a little uncertain. But believe it or not, we’ve kind of powered through the recession, and Three60 is part of our surging forward short term personal loans. We’ve been very fortunate. We’ve got a great strong banking relationship with M&I Bank, and we’ve been able to keep growing.

Where did the idea for the sports-related Three60 Gear brand come from?

We wanted to do something for fans that was completely unique and totally different. We came up with Three60 Gear as a way to put high-def full action sports images on shirts. Through a process called dye sublimation, the image is first printed on a sheet of paper, and then it’s heat pressed, or sublimated, onto the blank white shirt.

The shirt is key. It’s a shirt that fans love because it has all the wicking features, and it’s antimicrobial. It’s not your uncle’s cotton T-shirt.

Each shirt has a patch with a serial number. Fans can go to the website, type in the serial number, and find out all the details about the image: it was on this date, this opponent, he was pitching against this player, etc. It’s a real interactive way that fans can find out more about the shirt. We’ve never seen anything like it.

How have sales been so far?

Last year, we tested with the Cardinals, Yankees, Phillies, Giants and a few other teams. Fans last fall were gobbling them up. Now we can do shirts for many additional teams. We sell at stadiums, sporting good stores and department stores. This year, we’re in about 20 of the 30 Major League Baseball markets.

We also have a brand new e-commerce site we’re relaunching later in March. If you happen to love the Giants and you live in St. Louis, you’ll be able to go to our website and they’ll all be there. At most retailers, they’re around $40, and at stadium shops and our website, they’re a little higher. It’s an exciting way for fans to show their pride, to show their true colors.

Your company is moving from St. Charles to leased space in the Westport area of Maryland Heights next month. What’s prompting the move?

It’ll give us more space in the office and give us more efficiency in the warehouse. It’s about the same square feet as we have now, but it’s configured much better. Most of our warehouse now is all one level, so we can’t stack things up. This is going to be a step up for us.

Our customers are nationwide. Shipping-wise, it’s nice to be in the center of the country. We can ship to each coast very quickly.

We’re constantly evolving because we know that consumers want apparel that’s cutting edge design, and the newest fabrics and technologies. So we incorporate that in all of our divisions where we can. If there’s an antimicrobial technique for our medical line, we’ll add it there, or a wicking material, for the hikers or hunters, we’ll put that in our product assortment. It’s a competitive field and we know each day we have to earn our customer’s business with great designs, great delivery and competitive pricing.

Source

March 11, 2011

Billionaires had good year in 2010, Forbes magazine reports

Filed under: Uncategorized, business — Tags: , , , — Moon @ 6:45 am

The global ranks of billionaires grew by 199 people in the past year, but none came close to unseating Carlos Slim of Mexico, the world’s richest man, who added $20.5 billion to his coffers, according to Forbes magazine’s annual tally.

The number of people on Forbes’ list climbed to 1,210 billionaires, setting a record with combined wealth of $4.5 trillion, up from $3.6 trillion a year ago. While the biggest slice of that wealth, $1.5 trillion, is controlled by people in the U.S., more than half of the new billionaires came from Brazil, Russia, India and China.

At the top of the list for the second year in a row is Mexican telecom magnate Slim, whose fortune climbed to $74 billion. The majority of his net worth comes from his holdings in America Movil, Latin America’s largest phone service provider.

Microsoft co-founder Bill Gates was No. 2 on the list, with a net worth of $56 billion. The rebound in the stock market helped investor Warren Buffett’s wealth increase to $50 billion to secure third place.

The makeup of the top 10 was almost unchanged. Christy Walton, whose father-in-law Sam Walton and his brother founded Wal-Mart Stores Inc., displaced Germany’s Karl Albrecht as No. 10. Walton, one of 102 women on the list this year, saw her net worth climb to $26 billion.

Mark Zuckerberg, CEO of Facebook, had the fastest-growing net worth

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