2.8.2010
Geithner Defends U.S. Bond Rating
WASHINGTON – Treasury Secretary Timothy Geithner on Sunday said the U.S. wasn't in danger of losing its triple-A bond rating, in the wake of a warning from Moody's Investors Services about U.S. treasury-bond rating.
"Absolutely not," Mr. Geithner said in an interview with ABC News's "This Week" when asked about the prospect of the U.S. losing its top rating. "That will Air Jordan 19 never happen to this country."
Bond rating agency Moody's on Wednesday warned that the triple-A rating of U.S. treasury bonds could be in peril unless the U.S. reduces its federal budget deficit or the economy rebounds.
Mr. Geithner noted that when investors were nervous about a global financial crisis, they sought safety in U.S. Treasury securities and the U.S. dollar. "That is a very, very important sign of basic confidence in our capacity as a country to work together to fix these problems," he said.
He said the Obama administration was "deeply serious" about deficit reduction. Mr. Geithner has endorsed the creation of a bipartisan commission that would be charged with recommending ways to reduce the federal deficit over the long haul.
The Treasury secretary sounded an upbeat note on the U.S. economic outlook, saying "we're seeing some encouraging signs of healing," with the economy expanding at an annualized rate of nearly 6% and the jobless rate falling modestly in the most-recent unemployment report.
The economic recovery "is going to take awhile and it's going to be uneven," Mr. Geithner said. While the risks of a double-dip recession are much lower than they have been, he said, "we have more work to do" to spur job creation.
He disputed remarks by newly elected Sen. Scott Brown (R., Mass.), that the economic stimulus package enacted by Congress last year has failed to Air Jordan 20 create jobs. "I don't think there's any basis for that judgment," Mr. Geithner said. He said the stimulus measures have been "very, very effective," and pointed to improvement in the overall economy.
"We have an economy now that's growing again," he said. "With growth, you're going to see jobs created."
Regarding prospects for an overhaul of the financial regulatory system, Mr. Geithner said President Barack Obama was committed to ensuring that Air Jordan 21 Congress enacts tough measures recommended by former Federal Reserve Board Chairman Paul Volcker to reduce risk-taking by the nation's largest banks. "I am very confident we're going to be able to do that," Mr. Geithner said.
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1.27.2010
Man rescued from rubble 14 days after Haiti quake
The 35-year-old man, covered in dust and dressed only in underpants, was carried from the ruins of a building in downtown Port-au-Prince on a stretcher and driven off for medical treatment.
He was rescued by soldiers of the ED Hardy 82nd Airborne Division, and did not appear to have any serious injuries.
More than 130 people have been pulled out still living from under wrecked buildings by rescue teams from around the world, although hopes of finding more survivors are fading fast.
The latest rescue, exactly 14 days after the magnitude-7.0 earthquake killed as many as 200,000 people, came as the U.S.-led relief effort was focused on getting help to hundreds of thousands of survivors left homeless, hungry and injured.
Brazilian U.N. peacekeeping troops sprayed tear gas at a frenzied crowd of thousands crowding a food handout outside the wrecked presidential palace earlier on Tuesday.
"They're not violent, just desperate. They just want to eat," Brazilian Army Colonel Fernando Soares said. "The problem is, there is not enough food for everyone."
U.S. troops, U.N. peacekeepers and aid workers have widened and intensified the distribution of food and water, but many Haitians are still not receiving emergency aid.
Some of the food handouts in the capital have turned unruly, although the United Nations said the overall security situation in Port-au-Prince remained stable and that about two-thirds of Haiti's police force has returned to work.
At the presidential palace on brand clothing Tuesday, U.N. troops with shotguns protected relief workers handing out sacks of rice with American flags on them. Armored trucks formed a cordon to control the crowd and people were searched as they entered the checkpoint.
"Yesterday they gave us rice, but there was not enough. There were too many people," said Wola Levolise, 47, who is living in the camp with her nine children.
The U.N. World Food Program said it handed out 60 tons of food at the camp but ended the distribution early when the crowd got out of control.
"There are isolated, regrettable incidents but these are the exceptions and not the rule," a WFP spokesman said.
The U.N. agency said it has delivered nearly 10 million meals to almost 450,000 people since the quake.
Unsanitary living conditions in Port-au-Prince have raised fears of an outbreak of disease.
So far, doctors on the U.S. Navy hospital ship Comfort, anchored offshore, said they had one case each of typhoid and tuberculosis and several of tetanus, malaria and dysentery.
Lewis Lucke, the retired U.S. ambassador coordinating the relief effort, said aid was moving as fast as possible given the chaotic conditions. "This is really a disaster of biblical proportions," he told Reuters.
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In a bid to get the economy going, the United Nations is offering 150 gourdes ($3.77) a day plus food rations to those willing to take jobs clearing rubble from roads and removing waste that posed a potential health threat.
More than 5,500 Haitians had already started the two-week jobs, using shovels, hammers, wheelbarrows and Wholesale Brand clothing trucks to load debris and haul it to landfills.
The U.S. military said it could scale back its involvement within three to six months as other international organizations assume larger roles providing security and disaster relief. It does, however, plan to help build a 5,000-bed hospital to provide longer-term care to quake victims.
The United States has dispatched more than 15,000 military personnel to Haiti; about 4,700 are deployed on the ground.
There were signs the ruined capital was slowly returning to life. A city garbage truck hauled away piles of rubbish at a makeshift camp and a long line snaked outside a bank in the suburb of Petionville. A street market along Rue Geffrard in Port-au-Prince was crowded and chaotic.
The capital's destroyed downtown commercial area, however, had few open shops. Scavengers picked at smashed buildings for planks of lumber, steel bars and other building materials.
The Haitian government says about 1 million Haitians were displaced from their homes in the capital. It had tents for 400,000 to be used in temporary tent villages to be built outside the city, but said 200,000 more would be needed.
Tents are especially important with the approach of the rainy season, which begins in April.
The United Nations said the
Wholesale Sports Jerseys exodus of quake victims out of the capital has slowed to a trickle, with less than 1,000 leaving over the past day. About 236,000 people have left for the countryside but the United Nations said most had moved in with relatives and large-scale shelter wouldn't be needed.
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1.22.2010
Pakistani military says no new Taliban offensive soon
ISLAMABAD -- Obama administration efforts to pacify Afghanistan suffered a major setback Thursday with the Air Jordan Shoes announcement in Pakistan that Pakistan's military plans no new assault this year on Taliban sanctuaries near the Afghan border.
U.S. strategy in Afghanistan depends on shutting off Taliban havens in Pakistan, especially in the North Waziristan area, where leaders of the Haqqani network, which is considered the most dangerous insurgent group in Afghanistan, shelter.
Pakistan's chief military spokesman, Maj. Athar Abbas, said that any new offensive against the Taliban would have to wait until next year.
"We are not going to conduct any major new operations against the militants over the next 12 months," Abbas told the BBC. "The Pakistan army is overstretched, and it is not in a position to open any new fronts."
Abbas later revised his remarks, telling reporters who were traveling with U.S. Secretary of Defense Robert Gates that operations would have to wait "six months to a year." The military did not respond to a request from McClatchy Newspapers for clarification.
Abbas made his remarks just as Gates arrived in Pakistan for talks that were widely expected to be aimed at pressing Pakistan to expand its military operations against the Taliban and al-Qaida. Last year, the U.S. pressured Pakistan into sending troops into the country's Swat valley, which Pakistani Taliban had overrun, and then into South Waziristan, again against Pakistani Taliban.
The military, however, hasn't moved against Afghan Taliban or the Haqqani network, which Pakistan Michael Jordan Shoes usually denies operate from its soil. Critics have accused Pakistan's army of remaining close to some insurgent groups that it had backed in the past, including the Haqqani network, a charge that the military vehemently denies.
Pakistan's wild tribal region, which includes North and South Waziristan, is a magnet for extremists from around the world.
In recent weeks, Gates and U.S. national security adviser James Jones have suggested that al-Qaida chief Osama bin Laden is hiding in North Waziristan. Last month, a suicide bomber set off from the tribal area to detonate himself at a CIA outpost just across the border in Khost, Afghanistan. The explosion killed seven CIA employees and a Jordanian who was working with them.
Pakistani officials privately say that Washington is exaggerating the importance of the Haqqani network and highlighting bin Laden's likely presence in Pakistan as a way of putting pressure on the country.
Gates met with Pakistan's army chief and civilian president Thursday and played down any rift with Islamabad.
"We have to do this in a way that is comfortable for them, and at a pace that they can accommodate and is tolerable for them," Gates said. "Frankly, I'm comfortable doing that. I think having them set that pace as to what they think the political situation will bear is almost certainly the right thing to do."
Pakistani public opinion is deeply anti-American, while the civilian government has been shown repeatedly not to be in control of the military.
Pakistan's military has argued that it must first tackle the extremist groups that are threatening the country's government before taking on militants who fight only in Afghanistan. U.S. officials Fishing tackle argue that the extremist groups that are operating along the Pakistani-Afghan border are inextricably linked.
"It is important to remember that the Pakistani Taliban operates in collusion with both the Taliban in Afghanistan and al-Qaida, so it is impossible to separate these groups," Gates wrote in an opinion piece published Thursday in The News, a Pakistani daily newspaper.
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1.20.2010
States Race to Apply for U.S. Education Funds
Forty states are seeking federal school funding through a competitive Obama administration program that has prompted educational changes as well as resistance in much of the country.
States have spent months, and in some Wholesale Sunglass cases millions of dollars in consulting fees, preparing applications for the first round of the $4.35 billion Race to the Top program, due Tuesday.
The initiative has generated stiff competition among states eager to prove their bona fides as education reformers in a scramble for federal cash. Administration officials promise to award grants worth up to $700 million to states that show the greatest willingness to push innovation and implement tough testing standards in local schools.
The program has met resistance in some quarters. In Florida, eight of the state's 67 counties declined to sign on to the state's application, citing disagreements with the federal policy. Hundreds of districts in California also declined to go along.
Teachers unions in some states, such as Michigan and Minnesota, have urged members to oppose their states' bids. Unity among a state's educators and unions is one of the criteria administration officials will use to grade requests for funding.
In New York, the program has sparked a stiff political fight over charter schools that could jeopardize the state's chances. Charter schools are publicly Brand Handbags funded but privately run, often by nonunion staff.
New York lawmakers on Tuesday failed to agree on legislation that would allow an expansion of charter schools beyond the current statewide limit of 200. Despite the complications, New York submitted its application for the first round of funding.
In Texas, Gov. Rick Perry last week blasted the program as a "federal takeover," and said his state would not participate.
Education Secretary Arne Duncan warned that only the best applications would receive funds. "There are going to be a lot more losers than winners," he told reporters Tuesday.
In recent months, Obama officials have been pleased that the mere promise of significant aid under the program has prompted 11 states to change rules on issues ranging from teacher evaluation to charter schools.
President Barack Obama is now seeking an extra $1.35 billion to continue the program next year. If approved by Congress, the extra money would also allow individual districts to compete for funds.
The Race to the Top program has sparked nationwide debate, while prodding the nation's powerful teachers unions to budge on key points. The American Federation of Teachers, the second-largest teachers union, last week proposed new ways to evaluate teacher performance and to fire instructors who don't perform—steps the unions have resisted for years.
At the same time, the program has been a boon to charter movements around the country. The competition has "given tremendous visibility to Wholesale Cap and hats charter schools as part of broader education reform," said Nelson Smith, president of the National Alliance for Public Charter Schools.
Connecticut and Ohio successfully defeated budget cuts to charter schools, while Louisiana, Tennessee, Michigan and Massachusetts raised or eliminated caps on the number of charter schools allowed in their states, Mr. Smith said. In Illinois, the specter of federal funds spurred the state to increase its charter-school cap by 60 charters—a goal that the charter movement had failed for years to accomplish on its own.
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1.14.2010
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1.13.2010
Reid says he won't dwell on race-based controversy
WASHINGTON — Senate Majority Leader Harry Reid sought to slam the book shut Monday on a controversy stemming from remarks about President Barack Obama's race and dialect, and a string of forgiving statements from prominent blacks made clear his ED Female Long T-shirts eadership post is not in immediate jeopardy.
"I've apologized to the president," he said, and to everyone "within the sound of my voice that I could have used a better choice of words." He spoke in Apex, Nev., his first public comments since the issue flared over the weekend.
"I'll continue to do my work for the African-American community ... I'm not going to dwell on this any more," he added.
While nationally prominent Democrats ranging from Obama to the Rev. Al Sharpton have rallied to his side, the impact of the gaffe in Reid's home state of Nevada is unpredictable. The 70-year-old majority leader is seeking re-election this fall, and recent polls show him trailing potential Republican rivals.
Republicans have called on Reid to step down as majority leader, a move that would undermine his re-election chances in Nevada, where he is running as a powerful senior lawmaker who can deliver for his home state.
As majority leader, Reid has been the point man for the past year in trying to pass Obama's legislative program through the Senate, and there was ED Female Leggings o public evidence the controversy has eroded his standing. Any change in leadership would be felt most immediately in the drive
to win final passage for health care legislation, an area in which he has committed enormous amounts of time, energy and credibility.
Reid's remarks in his home state were his first in public since the weekend disclosure that he had described Obama during the 2008 presidential campaign as a light-skinned African-American "with no Negro dialect, unless he wanted to have one." Those reflections appear in a new book, "Game Change," by Time magazine's Mark Halperin and New York magazine's John Heilemann.
Reid swiftly telephoned his Wholesale Air Jordan Sneaker pologies to the president, who accepted them and issued a statement saying, "As far as I am concerned, the book is closed."
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1.10.2010
U.S. job loss report is blow to still-fragile recovery
The job market remained in a deep funk in December, according to a government report Friday showing that employers view the economic recovery as too weak and too fragile to begin hiring again on any large scale.
The pace of layoffs has slowed sharply in recent months, but businesses still cut 85,000 net jobs in Fishing Lure December, the Labor Department said. The unemployment rate was unchanged at 10 percent, but economists suspect this is only because hundreds of thousands of frustrated workers stopped looking for jobs.
With the jobless rate stuck in double digits and Democrats worried that the weak economy will prompt voters to turn on them in fall elections, the White House plans more public events in coming weeks to underscore its concern about jobs and the economy. On Friday, President Obama called the employment report a setback during his announcement of $2.3 billion in tax credits to support renewable energy, which the administration says will create 17,000 jobs.
"The road to recovery is never straight," Obama said, "and we have to continue to work every single day to get our economy moving again."
Senate Fishing Reel Democrats, meanwhile, have begun crafting a bill to encourage job creation, which Democratic aides said will likely focus on small business, infrastructure spending and "green" energy. The House passed a $154 billion jobs bill in December.
The report was not without bright spots; for instance, revised figures for November showed that the nation had actually added 4,000 jobs that month. It was the first month of job creation since December 2007.
But the overall numbers were fundamentally disappointing, defying forecasters who had expected the number of jobs to hold steady and undermining hopes that better times are near for American workers. Half a year after the economy resumed growing, the job market remains stuck in neutral.
"Businesses just aren't set to hire, yet," said Mark Vitner, senior economist at Wells Fargo. "They've spent the last two years shrinking their operations to survive, and they're largely done with that, but they aren't seeing much reason to expand their operations yet."
Employers slashed positions more dramatically in the past two years, squeezing more productivity out of remaining workers. That has led many analysts to expect a substantial increase in the number of jobs in the early months of 2010, as companies must hire again just to keep up with demand for their products.
That still may happen, though the new report showed the deep sense of caution that remains Fishing Buoy among employers.
"What we're seeing is slow, incremental progress," said Paul Villella, chief executive of HireStrategy, an employment services firm in Reston. "There is more activity, but nobody is saying, I need to hire someone tomorrow."
One positive sign was the addition of 46,500 temporary jobs. That may presage overall job growth in the months ahead, as companies bring on temps to help meet demand while waiting to see whether improved business conditions last.
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1.6.2010
Hubble snaps galaxies at birth
WASHINGTON — Hubble astronomers unveiled a panoramic view Tuesday of the universe's youngest galaxies, offering the earliest look yet at the puny predecessors to our own Milky Way.
Galaxies are the islands of stars filling the cosmos. Large ones such as our own Milky Way galaxy span more than Wholesale Brand Shoes 100,000 light-years (nearly 600,000 trillion miles) and contain hundreds of billions of stars.
The few faint earliest galaxies that emerge from the survey of about 7,500 galaxies are much smaller and filled with young, massive stars. They shine from only 600 million to 800 million years after the Big Bang, which took place about 13.7 billion years ago.
"These are the seeds of later large galaxies like our own," says astronomer Garth Illingworth of the University of California-Santa Cruz, speaking at the American Astronomical Society meeting. Filled with blue-tinted stars, these early galaxies are only one-twentieth the diameter and have just 1% of the mass of our own galaxy and later ones seen in the Great Observatories Origins Deep Survey panorama.
"We're literally seeing galaxies of all shapes, ages and sizes," says astronomer Rogier Windhorst of Arizona State University in Tempe. The image from the new camera installed aboard Hubble makes clear an epoch of "merging" between galaxies 9 billion to 7 billion years ago, Windhorst says.
Combining the chemistry observation from NASA's Spitzer infrared telescope and Chandra X-ray telescope, astronomers are gaining a complete picture of how galaxies formed, merged and grew, Windhorst adds.
The big mystery is the era when ultraviolet light from the youngest stars electrically charged early clouds of interstellar gas, triggering Wholesale Brand Jeans magnetic effects that played a role in later galaxy formation, says astrophysicist Mario Livio of the Space Telescope Science Institute, which manages Hubble. This "re-ionization" era probably played out just before or during the time when the lives of the early galaxies turned up in the new Hubble images.
Just how it took place and whether early galaxies or perhaps the first black holes were the triggers to re-ionization should be answered by NASA's James Webb Space Telescope, which launches in 2014.
"We're just at the beginning of this story," says former astronaut John Grunsfeld, who led the team that repaired the space Wholesale Brand Belts telescope last year and now is the deputy chief of Livio's institute. "It's incredibly thrilling to see these new instruments working and delivering results."
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1.5.2010
People: Tiger Woods gets tough guy makeover
Under all that country club attire, Tiger Woods is apparently one intimidating golfer.
Looking more like a guy working out in a prison yard than the world's greatest golfer, Woods appears on the cover of the Jordan 19 February Vanity Fair shirtless, pumping iron and glaring at the camera.
The accompanying story was written without Woods' participation, and the photos were taken pre-scandal by Annie Leibovitz, who told Vanity Fair "Tiger is an intensely competitive athlete — and quite serious about his sport. I wanted to reveal that in these photos. And to show his incredible focus and dedication."
Is she talking about golf or chasing women? Because he seems to be pretty good at both.
He's also become pretty good at disappearing, ever since his November car accident outside his Florida home after he allegedly had a dispute with his wife over cheating allegations. TMZ.com says he's in Africa at a friend's estate where he wants to "completely disappear from public view." Other reports claim he is holed up at the Trump International on Central Park West in New York City. He also has been rumored to be hiding out in Florida, Arizona and Dubai. Maybe all three at once.
Woods' wife, Elin Jordan 20 Nordegren, just finished a ski trip to the French Alps and was spotted Monday near her family's home in Windermere, Fla., playing with 2-year-old daughter Sam and 10-month-old son Charlie.
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Tonight video, Nordegren — in a hooded top with the name of Tiger's university, Stanford, emblazoned on the back — is seen pulling the kids in a Radio Flyer wagon.
TELEVISION DOESN'T GET ANY BETTER THAN THIS: A disgraced former governor, a disgraced former baseball player, a couple random stand-up comics and a slew of familiar reality TV gadflies lead the cast of allegedly recognizable names for NBC's third season of "The Celebrity Apprentice."
Former Illinois governor Rod Blagojevich will star with Donald Trump on what could be the world's most terrifying grouping of Jordan 21 male hairdos since A Flock of Seagulls' 1985 world tour. Other men joining Blago include Darryl Strawberry, Bret Michaels, Goldberg, Michael Johnson, Sinbad and Curtis Stone.
The "Celebrity Apprentice" women include Cyndi Lauper, Sharon Osbourne, Holly Robinson Peete, Selita Ebanks, Maria Kanellis, Carol Leifer and Summer Sanders.
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11.23.2009
65? Back of the Line for the Swine Flu Vaccine, Pal
Life is unfair. Or, at least, it sure can look that way.
For example, consider this: Who of these four is first in line for a swine flu shot:
1. A great-grandmother in a Wholesale Racing Suit Series nursing home with lung problems?
2. A hospital cafeteria worker being treated for AIDS?
3. An overweight department-store Santa with a line of children waiting for his lap?
4. A healthy Wall Street banker whose trophy wife is pushing a new baby in a $600 Bumbleride jogging stroller?
Answer: The banker.
Normal flu seasons have accustomed Americans to an “old people first” ethic, but swine flu has reversed that. It’s pregnant women and children first, and in the rush for the lifeboats, elbows are beginning to fly.
Mostly, as in any panic, confusion has reigned. Older people are still first in line for Wholesale James shoes seasonal flu shots, but all the media attention has been on swine flu. Both kinds of shots are in short supply. More swine vaccine is being made, but slowly. All the seasonal vaccine has already been made — but much of it was taken up by middle-aged people who didn’t know one shot from another and bared their arms for any available needle.
Now that the health authorities are cracking down on the swine flu vaccine and real triage has begun, some older Americans are finding the new realities pretty harsh. Breathing problems and heart conditions are common among people over 50, and some have been calling their Wholesale Brand Denim Short Congressmen to complain. Those older Americans and their advocates point to studies indicating that elderly people rarely catch swine flu but, when they do, their outcomes are just as grim as they are for seasonal flu, which kills 36,000 mostly elderly people a year.
“We’re not used to this in the U.S.,” said Jeffrey Levi, executive director of Trust for America’s Health, a nonpartisan group that works to prevent epidemics, and who testified before Congress last week, essentially defending the Centers for Disease Control and Prevention’s choices. “When there’s a limited supply of a scarce resource, you have to give it to those who are most at risk and who will benefit the most.”
So why the banker? He gets the shot not for his sake — many Americans would be pleased to see him roast on a spit — but to save his baby. Infants under six months old are at very high risk but too young for a flu shot.
The hospital employee does not have direct patient contact; if he is taking his anti-AIDS drugs, his immune system is not suppressed. And even if Santa is morbidly obese — though that could create a lap problem — he is Wholesale Brand Watches Series presumably over 18.
And the great-grandmother? She was born before 1957, probably caught H1N1 flus several times growing up, and may still have protective antibodies. True, if she is unlucky enough to catch swine flu anyway, she is at risk. But public health is a numbers game and her probability is low. Also, flu shots don’t protect the aged well, since their immune systems may be too weak to build new antibodies. Studies suggest it is more effective to inoculate their nurses and visitors.
On the AARP Web site, some people are complaining. “I’m 70 and my wife is 69 and we are last on the list for H1N1. I thought there was no death panels,” wrote one.
But Dr. J. T. Howell, a geriatric specialist in Bucks County, Pa., said most of his Wholesale Brand bikini older patients were taking their back-of-the-line status in stride.
“There’s been, if anything, a little more concern about lack of ability to get the regular seasonal vaccine, which has also been in short supply in our area,” he said. “But, again, they’re doesn’t seem to be a great deal of concern with respect to H1N1.”
The ground for all these decisions was laid on July 29, when the C.D.C. released guidelines saying which Americans should be first in line.
The first swipe at the problem comprised 159 million Americans — half the population. It included everyone under 25, all health care workers and everyone of any age with heart or lung problems, diabetes, obesity or a list of other ills.
Now, just as the pandemic’s fall wave has peaked, there are only 42 million doses of swine flu vaccine to go around — by coincidence, the same number that the C.D.C. said were at top risk and should be the first of the first should there be a shortage of the vaccine. They are pregnant women, people caring for infants less than six months old, health care workers with direct patient contact, children six Wholesale UGG BOOTS months through 4 years old and children 5 through 18 with chronic medical problems.
Who was left out in the narrower reslicing of the cake? Everyone over age 18, unless they are pregnant, have an infant at home or treat patients.
That means that about 117 million Americans have been told: Yes, you are officially at risk. Please step to the rear anyway until more of this slow-growing vaccine is ready.
11.20.2009
Russia steps up pledge for climate action
STOCKHOLM, Nov 18 (Reuters) - Russia toughened its plans to curb harmful greenhouse gas emissions on Wednesday in a rare encouraging development before United Nations climate talks next month.
European Commission President Jose Manuel Barroso said President Dmitry Medvedev had promised Russia would reduce emissions by 25 percent from 1990 levels by 2020. Russia had previously said it would cut emissions by 10-15 percent.
The deepening cut from a 1990 baseline UGG 30th Anniversary Chestnut Boots nevertheless puts Russian emissions on an upward trajectory from now. But participants in an EU-Russia summit latched on to the pledge as a positive development before Dec. 7-18 climate talks in Copenhagen. Russia lags far behind top emitters the United States and China, but its attitude to the talks carries weight.
"I very much welcome the signal from President Medvedev today of their proposed emissions reduction target of 25 percent. This is indeed very encouraging," Barroso told a news conference after a European Union-Russia summit in Sweden.
Vladimir Chizhov, Russia's ambassador to the EU, told reporters Medvedev had mentioned a figure of 22-25 percent at the talks. Russia is the world's number three greenhouse gas emitter.
The new goal will still allow a rise from current levels. Russia's emissions, which have plunged since the collapse of the Soviet Union's inefficient smokestack industries, were 34 percent below 1990 levels in 2007.
"Russian emissions should at least be kept 35 percent below 1990 levels in 2020," said Olga Senova of the Russian Socio-Ecological Union, a network of environmental groups.
And Lars Haltbrekken, chairman of Friends of the Earth Norway, said 25 percent should be an "absolute minimum".
Expectations for a deal in Copenhagen have slipped to a "political agreement", covering core issues such as cuts in emissions by developed nations and aid to the poor. Time has run out to achieve a legally binding text with U.S. legislation UGG 5825 Classic Short Boots bogged down and China reluctant to commit.
But countries such as Brazil, South Korea and the United States have shown increased willingness to take action in recent days. U.S. President Barack Obama said on Tuesday Copenhagen should cut a deal with "immediate operational effect".
Cuts announced so far by the rich fall far short of the average 25 to 40 percent below 1990 levels for developed nations outlined in one scenario by the U.N. climate panel to avoid the worst of droughts, heatwaves, rising sea levels.
Brazil's Presdient Luiz Inacio Lula da Silva told the German weekly newspaper Die Zeit that rich nations "talk a lot but do little."
He also said: "We have to prevent the U.S. laying the blame on China and vice versa -- they both use this to escape their own responsibility."
"Together we can put pressure on China and the U.S.," he said of leaders planning to go to the Copenhagen talks. U.S. President Barack Obama, visiting China from Nov. 15-18, says he will go to Denmark if he can help clinch a deal.
In London, a U.N. report said that women bear the brunt of the harmful impacts of global warming but are mostly ignored in the debate over how to halt it.
In its 2009 state of the world population report, the U.N. Population Fund (UNFPA) said the world's poor are the most vulnerable to climate change and the majority of the 1.5 billion people living on $1.0 a day or less are women.
And in Paris, Valery Giscard d'Estaing, the Air Yeezy Shoes former president who championed France's dependence on nuclear power, took a tilt at wind turbines by saying they were blighting France.
11.18.2009
70 percent of Americans see China as economic threat: poll
WASHINGTON — A clear majority of Americans see China as an economic threat, a poll showed Monday, as Barack Obama sought to bolster relations on his first trip to Beijing and Shanghai as president.
More than 70 percent of those questioned in the CNN poll said they considered the Asian giant to be an economic threat, while only 28 percent disagreed with the notion.
Two-thirds of those surveyed said UGG 5825 Classic Short Boots they saw China as a source of unfair competition for American companies, while only a quarter viewed China positively as a huge potential market for US goods.
"That may be why 71 percent of Americans consider China an economic threat to the US," said CNN polling director Keating Holland. "Americans tend to view foreign countries as competition, and China is no exception."
Trade tensions between the powers have intensified in recent months, with both sides taking action against the other's imports.
Obama, due to make his first presidential visit to China on November 15-18, ignited the first major trade spat of his presidency last month after he imposed punitive duties on Chinese-made tires.
An angry Beijing lodged a complaint UGG Boots at the World Trade Organization and retaliated by launching a probe into possible unfair trade practices involving imports of US car products and chicken meat.
Americans were split on whether China posed a military threat with slightly more, 51 percent, agreeing with the statement than disagreeing (47 percent).
A quarter of the 1,014 people questioned in the weekend poll said China had a good track record on human rights, but 68 percent suggested the rights of Chinese citizens were not being respected.
Obama pushed Monday for an unshackled Internet and expanded political freedoms during a webcast town hall event in booming Shanghai.
It was unclear how many Chinese actually saw the event, as it was not televised nationally -- though was shown on Shanghai local television -- and was only carried as a live Ugg Short transcript on the website of state agency Xinhua.
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11.14.2009
Bacteria in intestines play role key role in weight gain, study finds
A high-fat, high-sugar diet does more than pump calories into your body. It also alters the composition of bacteria in your intestines, making it easier to gain weight and harder to lose it, research in mice suggests. And the changeover can happen in as little as 24 hours, according to a report Wednesday in the new journal Science UGG Boots Translational Medicine.
Many factors play a role in the propensity to gain weight, including genetics, physical activity and the environment, as well as food choices. But a growing body of evidence, much of it accumulated by Dr. Jeffrey I. Gordon of Washington University in St. Louis, shows that bacteria in the gut also play a key role.
Humans need such bacteria to help convert otherwise indigestible foods into digestible form.
Ninety percent of the bacteria fall into two major divisions, or phyla: the Firmicutes and the Bacteroidetes. Previous research had shown that obese mice had higher levels of Firmicutes, and lean ones had more Bacteroidetes.
Analyzing the genomes of the bacteria, Gordon and graduate student Peter Turnbaugh concluded that the Firmicutes were more efficient at digesting food that the body can't.
Animals that have a higher proportion of Firmicutes convert a higher proportion of food into calories that can be absorbed by the body, making it easier to gain weight.
When the researchers transferred Ugg Mini bacteria from obese mice into so-called gnotobiotic mice, which were raised in a sterile environment and had no bacteria in their guts, the mice gained more weight than did those receiving a similar amount of bacteria from lean mice, even though they were fed the same diet.
Gordon and Turnbaugh found that they could transfer bacteria from human intestines into gnotobiotic mice, which were fed a low-fat, plant-rich diet in the weeks before the bacteria were transplanted and for a month afterward.
After the bacteria were transplanted from a lean human donor, the colonies in the mice had a high proportion of Bacteroidetes and a low proportion of Firmicutes. But within 24 hours after the mice were switched to a high-sugar, high-fat diet, the proportions of the two phyla were Ugg Sunburst Tall reversed.
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11.12.2009
Business urges Obama get off trade sidelines in Asia
WASHINGTON (Reuters) - U.S. business groups on Monday urged President to use his upcoming trip to Asia to join talks on a regional free trade initiative and to set the stage for long-delayed congressional approval of a free trade pact with South Korea.
"We are standing on the sidelines while Asian nations clinch new deals," Thomas Donohue, UGG 5815 Classic Tall president of the U.S. Chamber of Commerce said in a statement.
"It's time to see action from Washington to expand trade with Asia in order to create jobs and avoid drawing a line down the middle of the Pacific," he said.
Obama heads to Asia on Thursday on a four-nation tour that begins in Japan before heading to Singapore for the annual summit meeting of the Asia Pacific Economic Cooperation forum and finishing with stops in China and South Korea.
In a pre-trip interview with Reuters on Monday, Obama said boosting exports was a crucial part of his economic agenda.
"It is particularly important for us when it comes to Asia as a whole to recognize that in the absence of a more robust export strategy, it is going to be hard for us to rebuild our manufacturing base and employment base," Obama said.
He also said U.S. manufacturers had "legitimate concerns" about their ability to sell their goods 5202 Baby Infant Erin Boots 0-24 Month,Pink into China and that he would raise the issue of the value of that country's currency when he meets with Chinese leaders next week in Beijing.
U.S. business groups fear the United States could be left on the outside as China, Japan, South Korea and the 10 members of the Association of Southeast Asian Nations accelerate efforts toward regional economic integration.
There also is widespread dismay in Asia over Obama's lack of engagement on trade issues, said Fred Bergsten, president of the Peterson Institute for International Economics.
At a time when Asian nations are aggressively signing free trade agreements with each other and the European Union and sewing up a regional economic bloc, "the U.S. is screwing itself -- there's no other way to put it -- by being inactive is this area," he said.
U.S. Trade Representative Ron Kirk said last week Obama would not send a two-year-old free trade agreement with South Korea to Congress for a vote until Seoul makes more concessions to open its markets to U.S. autos and other exports.
Kirk said his office was developing proposals to give to South Korea on those points and that Obama and South Korean President Lee Myung-bak would discuss the pact's UGG 5245 Ultra Tall Boots status when they meet in Singapore and in Seoul.
Obama, now in his tenth month in office, also has not decided whether to join the Transpacific Partnership by negotiating free trade deals with New Zealand and Brunei Darussalam and joining them to existing U.S. free trade pacts with Chile, Singapore, Australia and Peru.
Business groups hope Obama, after hearing first hand the region's efforts toward regional integration, will decide to move more aggressively on the trade front.
"We just cannot afford to be on the outside, looking in at Asia, which is where both trade and trade agreements are growing the fastest in the world," said Frank Vargo, vice president for international economic affairs at the National Association of Manufacturers.
11.9.2009
Army chaplain seeks prayers for meaning in rampage
FORT HOOD, Texas — An Army chaplain asked mourners Sunday to pray for the accused Fort Hood shooter, calling on them to focus less on why the tragedy happened and more on helping each other through "the valley of the shadow of darkness."
"Lord, all those around us search for motive, search for meaning, search for something, someone to blame. That is so frustrating," Col. Frank Jackson told a group of about 120 people gathered at one of the post's chapel. "Today, we pause to hear from you. So Lord, as we pray together, we focus on things Ugg Classic we know."
Worshippers at the 1st Cavalry Memorial Chapel hugged each other and raised their hands in prayer during the service, in which Jackson asked the congregation to pray for the 13 dead and 29 wounded that Maj. Nidal Malik Hasan is accused of shooting. The chaplain also urged the crowd to pray for Hasan and his family "as they find themselves in a position that no person ever desires to be — to try and explain the unexplainable."
"Our prayer is that you will use us and this faith community to be a catalyst for healing and reconciliation," Jackson said. "Give us listening ears, open eyes and hearts, and confidence in the presence of your holy spirit as we journey together with all those around us through this valley of the shadow of darkness."
Meanwhile, a leading lawmaker said he plans to begin a congressional investigation to determine whether the shootings constitute a terrorist attack.
Sen. Joe Lieberman, chairman of the Senate Homeland Security and Governmental Affairs Committee, said on "Fox News Sunday" that he wants to find out whether the Army missed warning signs that Hasan was becoming extreme.
"If Hasan was showing signs, saying to people that he had become an Islamist extremist, the U.S. Army has to have zero tolerance," said Lieberman, an independent from Connecticut. "He should have been gone."
Across the sprawling post and in neighboring Killeen, soldiers, their relatives and members of the community struggled to make sense of the shootings. Candles burned Saturday night outside the apartment complex where Hasan lived. Small white crosses, one for each of the dead, dotted a lawn at a Killeen church on Sunday.
At least 16 victims remained hospitalized with gunshot wounds, and seven were in intensive care.
Even as the community took time to mourn the victims at worship services on and off the post, Fort Hood Ugg Cardy spokesman Col. John Rossi acknowledged that the country's largest military installation was moving forward with its usual business of soldiering. The processing center where Hasan allegedly opened fire on Thursday remains a crime scene, but the activities that went on there were relocated, with the goal of reopening the center as soon as Sunday.
Fort Hood is "continuing to prepare for the mission at hand," Rossi said. "There's a lot of routine activity still happening. You'll hear cannon fire and artillery fire. Soldiers in units are still trying to execute the missions we have been tasked with."
But the specter of the shooting lingers on the post. Rossi acknowledged that psychic wounds could be deep.
"The piece that most are troubled with right now is the location of where it happened and how it could happen," he said. "We know that problems sometimes take a while to manifest themselves in an individual and might come up in a later time period."
Military criminal investigators continue to refer to Hasan as the only suspect in the shootings but won't say when charges would be filed. Hasan, who was shot by civilian police to end the rampage, was in critical but stable condition at an Army hospital in San Antonio. He was breathing on his own after being taken off a ventilator on Saturday, but officials won't say whether Hasan can communicate.
A government official speaking on condition of anonymity because the person was not authorized to discuss the case said an initial review of Hasan's computer use has found no evidence of links to terror groups or anyone who might have helped plan or push him toward the attack. The review of Hasan's computer is continuing, the official said.
Army investigators on Sunday were searching for additional evidence to put together a comprehensive bullet trajectory analysis. Investigators were "seeking any military or civilian personnel who may have left the scene ... with gunshot damage such as damaged privately owned vehicles," Fort Hood spokesman Chris Haug said in a statement.
Hasan likely would face military justice rather than federal criminal charges if investigators determine the violence was the work of just one person.
John P. Galligan, an attorney who has represented Fort Hood soldiers but is not involved in the Hasan case, said a soldier can be in military custody until his case is disposed of unless his attorney complains of undue, lengthy delays. After a soldier is charged, he can be held in pre-trial confinement for 120 days before an attorney could raise complaints about delays.
Army Chief of Staff George Casey warned against reaching conclusions about the suspected shooter's motives until investigators have fully explored the attack. He said on ABC's "This Week" that focusing on Hasan's Islamic roots could "heighten the backlash" against all Muslims in the military.
There had been signs in Ugg Sundance Limited Edition 30th Anniversary recent months that Hasan's growing anger with the U.S. wars in Iraq and Afghanistan were at odds with his military service, including his comments that the war on terror was "a war on Islam." Others who knew Hasan, an Army psychiatrist, said he had wrestled with what to tell fellow Muslim solders who had their doubts about fighting in Islamic countries.
"I told him, `There's something wrong with you,'" Osman Danquah, co-founder of the Islamic Community of Greater Killeen, told The Associated Press on Saturday. "I didn't get the feeling he was talking for himself, but something just didn't seem right."
Danquah assumed the military's chain of command knew about Hasan's doubts, which had been known for more than a year to Hasan's classmates at a Maryland graduate military medical program. There, students complained to faculty about Hasan's "anti-American propaganda," but said a fear of appearing discriminatory against a Muslim student kept officers from filing a formal complaint.
11.7.2009
Young soldiers show heroism in Fort Hood tragedy
FORT HOOD — Unlike many, maybe even most of the soldiers on this enormous military post, privates first class Marquest Smith and Jeffrey Pearsall had never seen combat before Thursday.
But the pair of 21-year-olds emerged from the tragic shootings of 43 soldiers and civilians here as bonafide combat heros.
Smith, from Fort Worth, possibly saved the lives of five soldiers and a civilian Fort Hood employee while repeatedly running back into the building where 39-year-old Army psychologist Maj. NidalMalik Hasan began a shooting spree that resulted in the deaths of 13 people.
Pearsall, of Houston, turned his five-year-old Ford F150 pickup into a makeshift ambulance and hauled five or six wounded soldier to the hospital, at least one of whom, he was told later by medical staff at Darnall Army Medical Center on the post, UGG Boots likely would not have survived had Pearsall not gotten him to the hospital so quickly.
"There's not just one or two heros in this, there's a whole bunch of heros," Pearsall said, referring to soldiers and civilian Department of the Army police officers who responded to the shootings and their bloody aftermath. Caring for wounded soldier amid chaos "is a job we're trained to do on the battlefield, and now it's a job, obviously we have to do here in the United States too."
Army Chief of Staff Gen. George Casey told reporters at a news conference here Friday afternoon that after visiting with Fort Hood's leaders, crime scene investigators and some of those who at the scene on Thursday, that the shootings were a "kick in the gut, not just for the Fort Hood community, but for the entire Army."
But Casey went on to tell how he'd heard stories of Army medics attending an on-post college graduation in the building next to where the shootings occurred "running to the sound of guns," of soldiers carrying the wounded to cover while Hasan was still on his rampage, and "of soldiers who were wounded while caring for other soldiers."
Neither Smith nor Pearsall were hurt in the shootings, at least not physically. But Smith narrowily avoided being shot several times.
When the first shots were fired inside the post's Soldier Readiness Center — a former sports-themed restaurant and bar converted into a paperwork processing center for soldiers leaving for or returning from war — Smith was sitting in a cubicle with a civilian employee going through his paperwork.
"We heard popping but we didn't know what it was so we just kept talking about my paperwork," said Smith. "Then we heard people running and somebody yelled 'gun!' "
Smith quickly closed the cubicle's sliding door and then hid with a civilian employee, a woman, under her desk. After hiding for a couple of minutes, a stray bullet penetrated the cubicle wall and went through the chair Smith had drawn up close to the desk for protection. The bullet apparently deflected downward, toward Smith's feet, where it lodged in the heel of his right boot. The civilian employee survived untouched.
When he let up for minute, Smith made a dash for a side door. "There were a couple of soldiers near the door, one was a major, and I pulled them outside," Smith said, "I don't know if they were wounded or not."
Then he went back inside, found two wounded Ugg Sundance Limited Edition 30th Anniversary soldiers and pulled them outside before going back in once again. But upon his second return into the building Smith, a tall, lanky former basketball player at Sam Houston High in Arlington, Texas, discovered that the shooter was less than 10 feet away. He turned and ran back toward the door.
"I just saw his back, but began running away," he said. "That's when I could hear and feel the bullets going past my head on either side and hitting the wall."
Once outside, Smith wasn't done. Pearsall, who Smith called his "battle buddy" had been waiting in his pickup for Smith to complete his paperwork, when he heard the shooting.
"I didn't know what it was at first, but then I saw people running out of the building, covered in blood. I told them to get in my truck," Pearsall said. "I got out and helped several more get in. They were pretty messed up. Blood was everywhere. A couple of medics then got in too. I probablly had five or six people back there, including the medics. Then right before I took off, PFC Smith jumped in."
But not for long. After about a mile, as the truck was nearing the on-post hospital, "PFC Smith realized we'd left one of our guys back there, so when I slowed down a little he jumped out and ran nearly a mile back there," Pearsall said.
Smith found the wounded soldier he was search for trying, without much success, to drive himself to the hospital in his own car. "I stopped him and threw him in the back seat and drove him to the hospital," he said.
But while both young soldiers escaped with nothing more than a small bullet hole in one boot heel, both say have been shaken badly.
"I didn't get any sleep last night," a visibly tired and upset Smith said. "My experience was terrifying. I never thought this could happpen at Fort Hood. I'm very distraught right now, and angry."
"I'm angry because I feel betrayed. He (Hasan) was one of our own and did this to our own family."
"We're soldiers' first and we did our jobs even though this happened to my family I'm going to do my job," he said.
Pearsall said the only good to come from the tragic Ugg Ultimate Tall Braid event was witnissing his fellow soldiers rallying to the aid of the wounded. "It shows me that when I do go into combat everybody knows what to do."
11.6.2009
New Zealand envoy doubts climate deal to be finalized in Copenhagen
WELLINGTON, Nov. 6 (Xinhua) -- New Zealand's climate change ambassador Adrian Macey said on Friday that it is unlikely a new ratifiable climate change treaty will emerge out of talks in Copenhagen in December.
The last round of negotiations were wrapping up in Barcelona, Spain, ahead of the meeting in the Danish Ugg Roxy capital of Copenhagen.
Two years ago in Bali 190 nations pledged to agree to a successor to the Kyoto Protcol by the end of this year.
New Zealand climate change ambassador Macey said though an agreement is on track - it might not be what everyone is expecting or wanting.
"There is a sense of realism and lowering of expectation I think now pretty well universally shared, although not necessarily accepted by everybody," Radio New Zealand quoted him as saying.
"We're not going to get a full ratifiable treaty outcome ... The big global comprehensive deal is not going to be finalized at Copenhagen - that's pretty clear," he added.
Macey said it is likely there will be a strong political declaration and a set of decisions coming from the meetings in Copenhagen and it is not a question of despair.
"All is not lost if you don't get Ugg Nightfall that full, comprehensive deal at Copenhagen. The key thing is make sure what you get puts you on track to get there," said.
The Barcelona meetings are due to finish on Friday evening local time.
11.5.2009
Dollar pressured by Fed's pledge on low rates
SYDNEY (Reuters) - The U.S. dollar was under pressure on Thursday, moving toward recent multi-month lows on a basket of currencies, after the U.S. Federal Reserve's reiterated its committment to keep rates low for months to come.
U.S. fed funds futures trimmed chances of a rate hike after Fed's pledge to near zero for an 'extended Ugg Mini period', a decision traders say is likely to fuel leveraged carry trades and boost demand for high-yielding currencies like the Australian and New Zealand dolalrs.
"I do not think the Fed signaled any change," said Richard Grace, chief currency strategist at Commonwealth Bank of Australia. "The policy guidance remains the same. I think the downtrend in the U.S. dollar is intact and we could see the dollar index fall to around 74 in the short term."
"While this situation supports continued efforts at accommodation, credit easing is being capped off and officials are focusing more explicitly on conditions that would signal a retreat," said Robert DiClemente, chief U.S. economist at Citi.
The Fed in its latest statement introduced a checklist of variables that are likely to play an important role in determining how long the unusual accommodation will be in place.
Specifically, the statement listed low rates of resource utilization, subdued inflation trends, and stable inflation expectations as factors that would warrant Ugg Sunburst Tall exceptionally low rates.
Analysts said a change in these factors could see the Fed start tightening policy.
The pound was marginally lower at $1.6550 ahead of a Bank of England (BoE) policy decision. Most expect the BoE to expand its quantitative easing policy by at least 25 billion pounds, while keeping key interest rates unchanged at a record low of 0.5 percent.
The yen, another currency used to fund carry trades, was also under pressure. It was slightly weaker on the dollar at 90.68 yen, having lost 0.3 percent on Wednesday. The euro was holding sharp gains on the yen at 134.75 yen, having jumped over 1.4 percent in the previous session.
Meanwhile, the Aussie hovered near 91 U.S. cents, with all eyes on Reserve Bank of Australia's Governor Glenn Stevens' speech at 0555 GMT. The Australian central bank earlier this week raised its cash rate by 25 basis points, but markets are uncertain Ugg Whitely Boots if it will move again in December.
11.3.2009
Is Trick-or-Treating Dangerous?
But were the reports true? For all the anecdotal evidence, the notion that psychotic strangers pose a danger to children has been repeatedly debunked. Only two children are known to have been killed by poisoned Halloween loot. In both cases, the perpetrators were actually family members, who tried to exploit the trick-or-treating urban legend to throw police off their Air Jordan 13 trail. Plenty of parents call poison centers to report concerns related to Halloween, says Gail Banach, director of education at the Upstate New York Poison Center in Syracuse, but overall complaints don't spike. And other experts agree that the concern is overblown. In 1985, Joel Best, a professor of sociology and criminal justice at the University of Delaware, studied media reports going back to 1958 and found no evidence "that any child has ever been killed or seriously harmed by a contaminated treat picked up in the course of trick-or-treating." Most of the the 100 or so cases of alleged poisoning over the last 50 years, he adds, were probably hoaxes. "You can't prove a negative. You can't prove that it's never, ever happened," Best says. "[But] if it was happening, it would make the news." So is there any likely candy-borne danger? Well, yes: eating your way to a tummy-ache. Dr. Tony Woodward, chief of emergency medicine at Seattle Children's Hospital, expects to see a few of those cases in any given year. "When they have a ton of candy in front of them, they're going to eat it," he says. Experts recommend filling kids up Michael Jordan Shoes with snacks or dinner before sending them out so they're less tempted to nosh on sweets. But even though candy doesn't pose much of a threat, trick-or-treating does carry safety hazards. According to the American College of Emergency Physicians, common Halloween injuries include eye wounds from sharp objects and burns from flammable costumes. The Poison Center's Banach notes that kids can also have allergic reactions to face paint or makeup. "We always recommend that if you're using that kind of product, you test it out on a patch of skin before you put it all over your child to be the Incredible Hulk," she says. But the biggest Halloween danger of all is car accidents. Children are more than twice as likely to be killed by a car while walking on Halloween night than at any other time of the year, according to a study by Safe Kids USA. Such tragedies are often preventable. Parents can make sure costumes aren't too long, shoes don't make a child prone to tripping and masks don't restrict their vision. And parents of young children should accompany them on the walk around the neighborhood to keep Jordan 6 Ring them safe. "A lot of kids don't know the right way to cross the street because they're not walking anywhere on a regular basis," says Nichole Hodges, home safety coordinator for the Center for Injury Research and Policy at Nationwide Children's Hospital in Columbus. "This may be a good time to provide that education as parents."
Ultimately, getting a child's candy X-rayed can't hurt — as long as parents aren't too preoccupied with overblown threats to watch out for real ones. "We do want to check the candy," says Hodges. "At the same time, we have to focus our energies on how kids are actually getting hurt."
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10.31.2009
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10.30.2009
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10.29.2009
CIT secures $4.5 billion credit facility
NEW YORK (Reuters) - Commercial lender CIT Group Inc (CIT.N), teetering on the brink of bankruptcy, said on Wednesday it has secured $4.5 billion of additional financing.
Lenders in the new facility will be among the first in line to collect money from CIT if it goes bankrupt.
CIT is trying to restructure its debt before another $800 million of obligations come due at the beginning of November. The lender to about a million small and mid-sized businesses is looking at either filing for bankruptcy, or Michael Jordan Shoes getting its current lenders to agree to new terms on their debt.
The new facility matures in 2012, and is backed by an estimated $30 billion of assets, which are also supporting a $3 billion loan the company received over the summer.
The $4.5 billion financing is a setback for activist investor Carl Icahn, who also had been trying to lend to the company.
CIT said the proceeds will be used to refinance some of the company's existing secured debt, which it may have to pay off as it restructures debt. The loan will allow the company to continue serving the small and medium sized companies it lends to, the company said.
The 101-year-old company is trying to restructure its liabilities by getting investors to forgive at least $5.7 billion of debt and exchange their securities for new notes before October 29. Investors held about $30 billion in unsecured debt at the end of June, and the company had about $70 billion of assets at the time.
If CIT does not get enough support for the exchange, it hopes that creditors will agree to a prepackaged bankruptcy. People familiar with the matter told Reuters this week that the exchange is likely to fail, and the company is likely to file for bankruptcy.
However the company handles its liabilities, it is hoping to increasingly rely on its bank subsidiary, which can borrow money through deposits, to make new loans and leases.
Icahn is pushing for CIT to stop making new loans, and instead file for bankruptcy, collect money from its existing loans and use
Air Jordan 13 the funds to pay off creditors.
Carl Icahn said earlier this month he was willing to lend to CIT on better terms than what it was seeking from other investors.
CIT said on Wednesday it was unable to determine whether Icahn had arranged sufficient funding for his proposal.
Icahn, has snapped up CIT debt in the past few months and claims to be the company's largest bondholder.
CIT said on Wednesday that it is putting together a process for naming directors if the company files for a prepackaged bankruptcy. In that scenario, most of its directors will have been chosen by bondholders, the company said. Current directors would make up no more than five of 13 directors to be elected at next year's annual meeting.
CIT's shares rose 10.4 percent to close at $1.06 on the New
Air Jordan 6 York Stock Exchange.
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10.28.2009
Verizon's Not-So-Big FiOS Rollout
Verizon likes to promote its TV service with the tagline "This is FiOS. This is Big." But in the third quarter, FiOS proved to be anything but.
Net new additions for the FiOS TV service amounted to only 191,000, down from 300,000 in the second quarter and the lowest since the second quarter of last year. Extrapolating from one quarter is tricky. Annualized, though, the quarterly growth fell well short of the rate Verizon would need to meet its target of one million new FiOS TV customers a year.
Verizon blamed the slowdown on marketing campaigns that didn't work. Air Jordan 4 Price increases at FiOS probably didn't help. Whatever the specific causes, the worry is FiOS's growth is already slowing as the fiber-optic network's rollout nears its end. What's not clear is whether Verizon can scramble to hit growth targets without overspending on marketing.
The cost of signing up new FiOS customers is already contributing to pressure on profits at Verizon's "wireline" arm, which includes the shrinking landline phone business. Operating income margins fell to 3.8% in the quarter from 8.6% a year earlier. Verizon is cutting costs to lift that level.
As far as FiOS is concerned, CEO Ivan Seidenberg acknowledged, Verizon needs to balance the cost of adding new customers with the revenue growth they generate. He has little choice: Verizon will need cash flow from TV and broadband Internet users to fund its dividend in future years, unless Verizon Wireless starts paying a dividend to joint owners Air Jordan Shoes and Vodafone.
All this complicates Mr. Seidenberg's vision of making Verizon's wireline business "video-centric." One answer could be a Verizon acquisition of DirecTV -- but even there he will have to be careful he doesn't overpay for growth.
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