October 2011 ~ All your Search End Here

Monday 31 October 2011

Planets Smashed Into Dust Near Supermassive Black Holes


 

Fat doughnut-shaped dust shrouds that obscure about half of supermassive black holes could be the result of high speed crashes between planets and asteroids, according to a new theory from an international team of astronomers.


The scientists, led by Dr. Sergei Nayakshin of the University of Leicester, are publishing their results in the journal Monthly Notices of the Royal Astronomical Society.
Supermassive black holes reside in the central parts of most galaxies. Observations indicate that about 50% of them are hidden from view by mysterious clouds of dust, the origin of which is not completely understood. The new theory is inspired by our own Solar System, where the so-called zodiacal dust is known to originate from collisions between solid bodies such as asteroids and comets. The scientists propose that the central regions of galaxies contain not only black holes and stars but also planets and asteroids.
Collisions between these rocky objects would occur at colossal speeds as large as 1000 km per second, continuously shattering and fragmenting the objects, until eventually they end up as microscopic dust. Dr. Nayakshin points out that this harsh environment -- radiation and frequent collisions -- would make the planets orbiting supermassive black holes sterile, even before they are destroyed. "Too bad for life on these planets," he says, "but on the other hand the dust created in this way blocks much of the harmful radiation from reaching the rest of the host galaxy. This in turn may make it easier for life to prosper elsewhere in the rest of the central region of the galaxy."
He also believes that understanding the origin of the dust near black holes is important in our models of how these monsters grow and how exactly they affect their host galaxies. "We suspect that the supermassive black hole in our own Galaxy, the Milky Way, expelled most of the gas that would otherwise turn into more stars and planets," he continues, "Understanding the origin of the dust in the inner regions of galaxies would take us one step closer to solving the mystery of the supermassive black holes."

Siri comes to iPhone 4


 

Apple fans who have been slobbering over the amazing voice technology known as Siri but who don't have enough cash to upgrade their iPhone 4 can now rejoice.
Though not official, it looks like Siri can be executed successfully on the last generation iPhone device. Over the weekend, hackers Steve Troughton-Smith and Grant Paul managed to port the supposedly iPhone 4S-exclusive app to its predecessor.
PC World quoted Troughton-Smith as saying, "It works just as well as the iPhone 4S, and I've seen it work even faster than it at times."
The only limitation comes with Siri's "raise to speak" feature, which requires the improved iPhone 4S gyroscope to enable the voice-powered app when users raise the phone to their ear.
The ported app isn't yet widely available, even among the underground channels. There's still some fine tuning to make sure everything is well oiled, but this could be promising to those who still have a year or more on their existing iPhone 4 contract before they even get the chance to upgrade and experience Siri.
It's unclear if Apple will eventually bring official Siri support to previous versions of the iPhone, but that's probably an unlikely scenario.
But as long as there are people like Troughton-Smith, anything is possible.

Panasonic Lumix GX1 Micro Four Thirds camera surfaces in leaked photos





Panasonic just launched a whole new series of Micro Four Thirds lenses a couple of months ago, and it looks like it might soon also have a new Micro Four Thirds camera to take advantage of them. That photo you see above recently turned up on the Mobile01 forums with a bundle of others, showing a hereto unannounced Panasonic Lumix GX1 MFT camera, which looks like it could be a true successor to the GF1 (as opposed to the GF2 and GF3 that moved in a less pro-minded direction). Rumored specs remain a bit light, but the camera apparently has a touchscreen display 'round back, which will likely see a fair bit of use unless you opt for an external EVF. It's also suggested that the camera will be launching soon -- on November 8th -- although that's obviously yet to be confirmed.

Sunday 30 October 2011

3 Australian soldiers killed in Afghanistan

SYDNEY — Three Australian soldiers and an Afghan interpreter were killed and seven other soldiers were wounded when a man wearing an Afghan army uniform opened fire during a parade at a patrol base in Afghanistan, officials said Sunday.
The gunman in Saturday's attack was shot dead by Australian soldiers at the base in southern Kandahar province, Australian Defense Force chief Lt. Gen. David Hurley told reporters in the western Australian city of Perth. Of the seven wounded Australian soldiers, one was being treated for life-threatening injuries and four others for serious injuries, Hurley said.
"Given the nature of this attack, there will be a natural response to question our role in mentoring the Afghan national army," Hurley said. "However, we must be careful not to jump to conclusions. An extensive investigation is commencing so that we can develop an accurate understanding of the circumstances of this incident."
Hurley said the gunman's motive was not yet known. Afghan soldiers at the base were disarmed and confined to their barracks as a precaution as officials investigated the shooting.
Australia has 1,550 troops in Afghanistan, the largest force provided by any country outside NATO. Saturday's attacks brought the Australian death toll from the conflict to 32.
The shooting came the same day a Taliban suicide bomber rammed an explosives-laden vehicle into an armored NATO bus in Kabul, killing 17 people
"Whether the two are related, time will tell," Australian Defense Minister Stephen Smith said. "There's nothing obvious that would draw that conclusion."
Smith insisted that Australia's role in Afghanistan remained vital and said Afghanistan was still on track to take over its own security by 2014 — the year Australia plans to withdraw its troops from the country.
"If we were to leave now, the Afghanistan-Pakistan border area would again become a breeding ground for international terrorism," he said.
Australian Prime Minister Julia Gillard said the shooting marked a dark day for the nation.
"I don't know a better word than the word 'bitter' to describe how we feel today," Gillard told reporters in Perth. "I recognize the circumstances of this incident are going to raise many deep and troubling questions in the minds of Australians. Attacks like this are designed to do just that — to corrode trust."
Gillard repeated Smith's assertion that the incident would not change Australia's mission in Afghanistan.
"Our partners in the Afghan national army are shocked and horrified by what has occurred. The people of Afghanistan are trying to build a nation — a nation free of violence and free of fear," Gillard said. "We know that the act of this Afghanistan (army) member was not in the interests of the people of Afghanistan."

Two Britons killed in Kabul attack



Two British contractors were among 13 foreigners who died when a Taliban car bomber struck a NATO convoy in the Afghan capital Kabul on Saturday, the Foreign Office in London said.
Officials had said they were all Americans, but a spokeswoman for the Foreign Office said on Sunday that NATO now believed the 13 included two Britons and the Canadian soldier whose death had previously been announced. Four Afghans also died.
"We have learned that two British nationals were among the 13 killed in yesterday's attack in Kabul," a Foreign Office statement said.
"Next of kin have been informed. Our thoughts are with the families of all who died, ISAF (International Security Assistance Force) personnel and contractors, Afghan forces and civilians.
"Consular staff in Kabul are in close touch with the employer of the deceased. We stand by to provide any consular assistance to their families."
On Saturday, the Afghan interior ministry said three bystanders and a policeman were killed in the attack, while NATO's alliance force said at least 13 foreigners died -- five troops and eight civilian employees.
US officials said these 13 were all American but the latest information from ISAF appears to contradict that, the Foreign Office spokeswoman said.
"We believe it was 13 people, and two of those were British nationals. Because of the nature of the incident, it has been difficult to identify some of the nationalities," she said.

Assad predicts disaster if West meddles in Syria


 

AMMAN - Western powers would cause an "earthquake" in the Middle East if they intervened in Syria, President Bashar al-Assad said in an interview published on Sunday, after protesters demanded outside protection from a crackdown that has killed 3,000 people.
Syrian officials were to hold more talks in Qatar with delegates of the Arab League, which wants to convene a dialogue in Cairo between the Syrian authorities and their opponents.
The League's two-week deadline for the planned dialogue to start expires Sunday, with Assad showing no signs of easing the crackdown, which is drawing increasing international outrage and criticism even from previously cautious Arab countries.
Syria, as Assad noted in his interview with Britain's Sunday Telegraph, sits at the heart of the volatile Middle East, where it borders Israel, Lebanon, Turkey, Iraq and Jordan.
"It is the faultline, and if you play with the ground, you will cause an earthquake," he said. "Do you want to see another Afghanistan, or tens of Afghanistans?"
Assad's remarks signal determination to hang onto power against a popular uprising that repression has failed to crush.
Mass protests have also failed to dislodge him, creating an unstable stalemate, which could perhaps be upset by the impact of Western sanctions or any surge in army and police defections.
Syria, a mostly Sunni Muslim country of 20 million, is ruled with an iron fist by members of Assad's minority Alawite sect, an offshoot of Shi'ite Islam, who also dominate the military, key sectors of the economy and a pervasive security apparatus.
After Syrian security forces killed 40 anti-Assad protesters Friday, Arab ministers issued their strongest reaction yet.
The Arab League's committee on the Syrian crisis sent an "urgent message to the Syrian government expressing its severe discontent over the continued killing of Syrian civilians."
A Foreign Ministry source, quoted by state media, said the statement was "based on media lies" and urged the committee to "help restore stability in Syria instead of stirring sedition."
Saturday, security forces and pro-Assad militiamen killed at least 10 civilians, mostly in Homs, 140 km (85 miles) north of Damascus. At a big funeral for six of them in the city's Bab Amro district, mourners linked arms and sang old ballads.
"Tears are falling from the eye, my mother cries for Syria's youth," they chanted.
Syria has barred most international media, making it hard to verify conflicting accounts from activists and authorities.
Homs province, which borders Lebanon and is home to one of Syria's two oil refineries, is emerging as a center of armed resistance to Assad's rule after months of peaceful protests that often drew a violent response from security forces.
One activist group said fighters thought to be army deserters had killed 30 soldiers in clashes in Homs city and in an ambush in the northwestern province of Idlib Saturday.
INVOKING THE PAST
In the interview, Assad compared the unrest with the 1980s, when his father, Hafez al-Assad, crushed Islamist and leftist challenges to his rule, killing tens of thousands of Syrians.
Many thousands were killed in 1982 in Hama, a city where an armed wing of the Muslim Brotherhood had made its last stand.
Opposition figures say Islamists played no part in starting the anti-Assad uprising that erupted in March.
Forty-one years of Assad family rule have stifled political party life and public debate in Syria, making it hard to predict how Syrians would vote if their country became a democracy.
Some argue that Islamists are unlikely to win power, citing secular traditions among Syria's majority Sunnis, who live alongside Christian, Alawite and Druze minorities.
Burhan Ghalioun, a main figure in the opposition Syrian National Council, formed in Istanbul in September, is a secular, Western-educated professor. The council also includes Islamists.
"We've been fighting the Muslim Brotherhood since the 1950s and we are still fighting with them," Assad said in the Sunday Telegraph interview, adding that Western countries "are going to ratchet up the pressure, definitely."
NATO military intervention in Libya played a decisive role in toppling Muammar Gaddafi, the third Arab leader to be overthrown after the revolutions in Tunisia and Egypt.
Western nations, which have been tightening sanctions on Syria to include the oil sector, have shown no appetite to repeat their Libyan operation in Syria, but demonstrators are increasingly calling for a "no-fly zone" to protect them.
"Any problem in Syria will burn the whole region," Assad warned. "If the plan is to divide Syria, that is to divide the whole region."
Syrian authorities have blamed the unrest on foreign-backed "terrorists" they say have killed 1,100 soldiers and police.

Three dead, three missing after Kansas grain elevator blast

Kansas - Three people were dead and three missing after a grain elevator explosion, an Atchison, Kansas, Fire Department official said on Sunday.
The official, who did not want his name to be used, declined to give other details, but an earlier statement on the city's website described the 7 p.m. Saturday incident as "a large-scale explosion" at the Bartlett Grain elevator in Atchison.
"The percussion of the explosion could be felt at least three miles away," it said, adding that there was no threat to public safety.
Police and fire units from Atchison and nearby areas went to the scene to help in control and rescue efforts.
The statement said stored grain can generate toxic gases and milled grain can be explosive under certain conditions. Rescue operations can be difficult because workers are often scattered throughout the facility, making them hard to find.

'We are united', reiterates Team Anna; visits Hazare

Ralegan Siddhi (Maharashtra), Oct 30 (IANS) Putting up a united front, Team Anna Sunday said there were no differences among its core committee members and accused the Congress of trying to create rifts through a smear campaign.
Team Anna members Sunday came here to meet activist Anna Hazare, a day after holding a core committee meeting in Ghaziabad.
In the wake of graft allegations against some members, the group also decided to draft a code of conduct for its core committee members and anybody violating it would be removed from the committee.
They also said that its members will jointly campaign in the five states that go to the polls in 2012 for a strong Lokpal institution.
'We are all united. We will wait till the winter session of parliament to see if the Lokpal bill is enacted. Otherwise, we will as a team tour the five states going to polls next year to campaign against the Congress,' Team Anna member Arvind Kejriwal told reporters here. He was flanked by members Prashant Bhushan and Kiran Bedi.
They alleged that Congress was trying to divide the team members through its smear campaign against members of the core committee of India Against Corruption.
'Some leaders of the Congress are trying to divide the team. Some are trying to discredit us. This is a 20-crore people's agitation. If we give up the movement now, people will stop trusting us. Till the time a Lokpal institution is in place, we will continue our movement. We are all united,' Kejriwal said in the presence of Anna Hazare.
'Congress is running scared after its Hisar poll defeat. But we are not against any political party or grouping. Since Congress is in power at the centre, it should fulfill its commitment to the nation to have a corruption-free government and enact the Jan Lokpal bill,' he said.
Kejriwal and Kiran Bedi also dismissed allegations of misuse of funds by them, saying all the IAC accounts were specially audited for six months and the accounts will be put up on the movement's website on Nov 1.
'If you still have doubts over the accounts, you can order an investigation through any government agency,' Kejriwal said.

Sebastian Vettel wins inaugural Indian Grand Prix

 
 Greater Noida - World champion Sebastian Vettel made history by winning India's first ever Formula One with ease on Sunday as McLaren's Jenson Button tightened his grip on the championship's second place.

Red Bull's Vettel led throughout for his 11th victory of the season, finishing some 8.4 seconds ahead of Button with Ferrari's Fernando Alonso third and Australian Mark Webber fourth.

Seven-time champion Michael Schumacher battled to fifth but McLaren's Lewis Hamilton came in seventh after yet another collision with his Ferrari bete noire, Felipe Massa. "My pace was good up until the crash. After the crash, we struggled," said the 2008 champion.
But wire-to-wire Vettel was in a class of his own at the all-new Buddh International Circuit near New Delhi as he closed on Michael Schumacher's 2004 record of 13 wins in one year, with two races left this season.

"Yes boys! Yes, we did it," Vettel shouted over the team radio as he finished. "The first Indian Grand Prix. Fantastic challenge, we did it!"
In dry, 30 Celsius (86 Fahrenheit) heat, India's debut grand prix got off to a furious start when Rubens Barrichello was hit on the first turn and three cars ended up off-track, before Jarno Trulli found himself on grass.

Vettel made no mistake from pole position but Button nipped past Webber and Alonso to go from fourth on the grid to second, cueing up an early dogfight with the Australian Red Bull driver.
As they dueled, Vettel opened up a lead of nearly five seconds and after the first set of stops, the young German emerged from the pit lane still at the head of the field.

Williams' Pastor Maldonado was the first retirement with a gearbox problem and Sebastian Buemi had to stop his Toro Rosso when it started pouring smoke.
And there were fireworks on lap 24 when Hamilton, trapped on the inside by Massa as they hared towards a left-hand turn, shunted the Ferrari driver across the track in the latest of a series of collisions between the two.

Massa was given a drive-through penalty and Hamilton pitted for a new front wing, but the Brazilian's race soon ended in farce as a kerb shattered his front suspension - a replay of the mishap he suffered in qualifying.
Button threatened to close the gap on Vettel in the final laps but there was no catching Formula One's youngest ever back-to-back champion and he punched the air as he took the chequered flag in front of the giant grandstand.

The race's build-up has been overshadowed by two deaths in motorsports this month and the controversial spectacle of glamorous Formula One appearing in one of India's poorest regions.
But its private-sector organisers are already celebrating a smooth and successful event which has helped bury memories of last year's Commonwealth Games, which are remembered for their poor organisation and corruption.

Saturday 29 October 2011

Adele to get throat surgery, cancels all 2011 dates Reuters


Adele to get throat surgery, cancels all 2011 dates 





 British singer-songwriter Adele has been forced by impending surgery to cancel all her remaining tour dates and promotional appearances through the end of the year, her record label said on Friday.
Columbia Records said in a statement that Adele, 23, was canceling the appearances with "deep regret."
"She is to undergo surgery to alleviate the current issues with her throat and a full recovery is expected. As a result, doctors have ordered her to rest her voice and completely recuperate" before resuming work commitments, the statement said.
Earlier this month the Grammy-winning singer pulled out of 10 U.S. dates on the back of her hit album "21" that has produced hits such as "Rolling in the Deep" and "Someone Like You."
"21" is the best-selling album of the year in the United States.
On Friday, she canceled her remaining British dates. Ticket holders will receive refunds.
Adele was forced to postpone several U.S. dates earlier this year due to vocal chord issues and was finishing up a tour in Britain when problems reappeared in early October.
She topped the American Music Awards nominations on Oct. 11, edging out the likes of Katy Perry and Lady Gaga with four nods.

'Romeo' Row: Prateik And Arjun Kapoor To Clash In Shakespeare Adaptation


'Romeo' Row: Prateik And Arjun Kapoor To Clash In Shakespeare Adaptation 



 It was probably critically acclaimed director Vishal Bhardwaj who introduced the concept of localizing Shakespeare plays with his Maqbool and Omkara based on 'Macbeth' and 'Othello' and the trend seems to have caught on now.

Young actors Prateik and Arjun Kapoor (son of Boney Kapoor) shall be seen playing Romeos in their forthcoming flicks Issaq and Ishaqzaade respectively, which are said to be desi adaptations of Shakespeare's tragic drama 'Romeo And Juliet'. However, the similarities do not end there. Both the actors will play characters set in North India, who are forced to be on the run after certain circumstances and what makes this clash between the two flicks interesting is that both adaptations are set in a crime-infested area of North India, where different factions are at war against each other,

In Issaq, which is being directed by Manish Tiwari, Prateik plays a gun-runner, who is forced to go on the run whereas in the Habib Faisal directed Ishaqzaade, Arjun will be seen to be on the run.

When contacted, Prateik was quoted to have said, "I have no idea of what they (Habib Faisal team) are making. The titles of the two films may have a similar sound. But as long as their film doesn't have my script and cast, I am fine."

Haunted Mumbai

 

You can’t get to the 13th floor of the Trident Hotel at Nariman Point because there isn’t one. In fact, it is not uncommon for skyscrapers in Mumbai’s commercial district -- like Hoechst, Maker Chambers and Atlanta -- to exclude 13 when numbering their floors.

However, urban legends and local superstitions in haunted Mumbai go beyond mere triskaidekaphobia.

Stories of ghosts, unexplained serial suicides, abandoned mills, haunted houses and territorial widows in white saris determined to make people’s lives miserable from the afterlife, populate a large unofficial body of local folklore.

Despite the catalog of gruesome urban legends, Mumbai is a city with its head on its shoulders; a city with too much grit to capitulate to ghost stories.
No one will ever stop driving down the winding road from the Tower of Silence that offers one of the best views of the city; and the price of an apartment at Grand Paradi will surely frighten a Mumbaiker before any old story about spiteful spirits.
A spate of suicides here makes the luxurious Grand Paradi apartments one of Mumbai most notorious residential  …



1. Grand Paradi Towers

Arguably the most famous haunted Mumbai house is situated in one of the city’s most affluent areas.

On the eighth floor of the Grand Paradi Towers in Kemps Corner, a series of freakish suicides drew attention to what appeared to be a gruesome pattern of deaths and accidents in the building.

In 2004 an elderly couple jumped out of the window of this apartment. Their children and their grandchild followed suit within the year.

“There was something unacceptable to our rational minds that a whole family, three generations, living in one house should commit suicide in the same way," says a resident who has lived in the building for 30 years. "There have been up to 20 fatal accidents and suicides since the building was constructed in 1976. Many involving children and even a maid who either jumped or fell out of a window."

After the series of unfortunate events the building society began to believe that paranormal forces were at work.
“After the suicides of the family the building society decided to do a puja and a havan (prayer ceremonies) and since then everything has stopped but the flat remains unoccupied," another resident tell us.
You think this gate could keep the phantom hitchhiker out?


2. Sanjay Gandhi National Park

Located on the northern fringes of Mumbai, this large protected area is usually where visitors go in search of wildlife.

There are rumors however, that at night people see a phantom hitchhiker.
Dubious as this sounds, forest guards insist it's true.
For nearly 30 years the derelict Mukesh Mills was used by film and television crews. It's now making way for a …


3. Mukesh Mills
Shut down in 1980, this enormous abandoned mill in Colaba has been the shooting ground for numerous Bollywood films and advertisements.

Deserted and rundown, Mukesh Mills is a ready-made set for horror films and Gothic shows, especially considering the mills are actually considered to be haunted.

Many directors, actors and producers refuse to work here past sunset.

One television actress claimed to have had a particularly bad experience when one of her female co-stars suddenly began speaking in a manly voice, as if she were possessed, telling the crew to leave the premises immediately.

Others say this haunted Mumbai area is jinxed and people are always losing their belongings, wallets and phones.
Mukesh Mills will soon be demolished and replaced by a new high-rise residential and commercial complex and a five-star hotel.
The Tower of Silence, a Parsi temple near Bombay, circa 1955.


4. Tower of Silence

Sounds ominous doesn’t it? The Tower of Silence is actually a Parsi cemetery situated rather picturesquely on Malabar Hill in South Mumbai.

Custom dictates that Parsis leave the bodies of their dead for vultures to feed on.

The graphic images that come to mind lend themselves to all sorts of horrifying stories.

The winding road that leads down the hill is particularly desolate and eerie at night and the place has become recognized as a kind of ghoulish hangout.
The weird happenings at the Grand Paradi Towers for instance, were blamed on spectral forces emanating from this cemetery.

Friday 28 October 2011

U.S. Market Is Vastly Outperforming the Rest of the World: Bespoke’s Hickey

The conventional wisdom for at least the last five years for American investors is this: Go abroad to find returns. Emerging markets like Brazil, India, and China, and even Europe are the places to seek gains. The only choice for those preferring to invest locally is through American multi-nationals that create jobs overseas and keep the earnings abroad to avoid taxes.
Happily, for those of us clinging to the antiquated belief that America rocks, Paul Hickey, co-founder of Bespoke Investment Group, says the prevailing wisdom is wrong. "After a ten year period of underperformance the U.S. started to bottom in late 2008 versus the rest of the world," he says. "In the last year or two the U.S. has been vastly outperforming global peers."
It gets even better for folks who are resentful of the multinationals refusing to repatriate and pay taxes on over $1,000,000,000,000 in overseas earnings. "Companies with more exposure overseas this year are doing much worse than U.S. companies (focused on domestic growth)," Hickey says.
In other words the closer U.S. investors get to home with their investments, the better off they may be. Among other catalysts for this, according to Hickey, is dollar strength. Though dollar weakness relative to the Euro is contributing to today's powerful rally, Hickey notes the EUR/USD actually peaked two years ago and has been losing steam ever since, at least in the big picture.

I don't agree with Hickey on the greenback, but I don't have to. He also points to slowing growth abroad, international instability, and a wildly overhyped BRIC theme. Not to mention investors penchant for believing cyclical trends last forever; when they don't. After ten years of underperforming global markets, U.S. stocks are outperforming the rest of the world and doing so without banana republic/dictatorial risk.
The bottom line, at least according to Hickey, is that investors don't have to chase returns all over the globe. They can outperform right here at home by investing in companies not reliant on tax avoidance and creating jobs overseas for their earnings.

Gauging the Fallout of Another Rescue

Another European plan to fix its sovereign debt problem has initiated another sharp market rally. But will the enthusiasm over the latest rescue effort last longer than the optimism that greeted past plans, only to slowly fade away?
The market’s quick embrace of the latest effort to tackle Greece’s mammoth debt burden and restore confidence in the Continent’s banks reflected hope that this plan was broader and more robust than previous ones.
“It’s not a silver bullet, but it makes things manageable to some extent,” said Gilles Moec, co-head of economic research for Deutsche Bank. Though vague on details, others said, it is clearly a step in the right direction after many missteps.
But skeptics quickly emerged, saying some of the main elements of the plan may not be as good as they looked initially, starting with whether it will truly deliver as much debt relief to Greece as promised, and whether it is sufficient to buttress potentially troubled banks.
Moreover, they add, plenty of things will have to go right to ensure its success, and plenty could go wrong to derail it.
“It’s another patchwork effort,” said Richard Cookson, global chief investment officer of Citi Private Bank. “It’s trying to tide things over for the euro zone, and it has worked a bit today. But the half-life of the euphoria seems to diminish with every package that comes along.”
And David Watts, senior European strategist for CreditSights, said, “It’s certainly hard to see this as the bazooka that the market has been calling for. There are very real risks that this will prove to be just another divot in the road.”
The yield on Italy’s 10-year bond, which recently hit a high of 6 percent on concern over the country’s debt and commitment to fiscal reform, remained uncomfortably high at 5.8 percent after the agreement was announced. And the interest rates on Spanish and French bonds narrowed only slightly as well, reflecting a deeper concern that this plan would not provide a magic cure for Europe’s debt problems.
Finally, even if all the components fall into place for Greece, looming on the horizon is the debt burden of other countries, including Ireland, Portugal, Spain and especially Italy, which owes more than $2 trillion and is the world’s fourth-largest borrower after the United States, Japan and Germany. “Everything depends on Italy,” said Lüder Gerken, director of the Center for European Policy in Freiburg, Germany.
The cornerstone of the latest plan, which helped feed investor enthusiasm, is a 50 percent reduction of Greece’s government debt.
But this — the simplest part of the blueprint — comes with asterisks.
Of the 340 billion euros in Greek government debt, only about 200 billion euros — most of it owed to banks — falls under the scope of the accord, meaning the country’s total sovereign debt would be reduced by about 30 percent at best. The rest of the debt is controlled by the European Central Bank, the International Monetary Fund and other institutions that have said they would not participate in a debt restructuring.
But even a 30 percent reduction in Greece’s debt load is not assured. That is because the 50 percent write-off on the value of Greek debt, the so-called haircut that policy makers want banks and other financial institutions, to accept, is voluntary. Since Greek government bonds are trading at about 40 percent of their face value, officials from the Institute of International Finance, which represented the banks in the marathon negotiations with European leaders, said the number of participants was “very likely to be very high.”
Still, it is far from certain all those volunteers will materialize.
Antonio Garcia Pascual, Barclays Capital’s chief economist for southern Europe, said he feared that many hedge funds and nonbank investors would hold out for better terms. If enough of those investors balk, the deal could fall through.
That may leave European officials in the unenviable position of either filling in the financing gap with government-backed funds or forcing an involuntary loss of 50 percent on private creditors, in turn initiating a default on the bonds, which policy makers fear would make it harder for Greece to raise money from public markets in the future.
“You cannot have a lot of holdouts,” Mr. Garcia Pascual said. “If you want to get the debt relief you need for Greece, you may be forced to impose a haircut.”
Even if most private lenders and investors sign off, and the restructuring is completed voluntarily, Greece will still be heavily burdened with debt.
The 120 percent debt-to-gross-domestic-product goal for 2020 assumes that Greece will be generating a budget surplus equal to 4.5 percent of G.D.P. by 2014, and that the Greek economy will be growing at 3 percent annually by 2016, said David Tan, lead portfolio manager of the international fixed income group at J.P. Morgan Asset Management.
In reality, the I.M.F. expects Greece’s economy to contract by 5.5 percent this year and 2.5 percent in 2012, as austerity measures imposed as part of earlier restructuring efforts go into effect. “If you make less heroic assumptions on growth, debt doesn’t come down very much at all,” Mr. Tan said.
Another main element of the plan is to shore up 70 of Europe’s biggest banks by requiring them to raise 106 billion euros in fresh capital, to help them offset the losses they will suffer in taking haircuts on Greek bonds and the drop in value of other sovereign debt they own.
But that is not a sure thing, either.
In contrast to bank rescue plans in the United States and Britain, European governments are not injecting funds directly into financial institutions. Instead they are asking banks to turn to private investors to significantly raise their capital level, to 9 percent by next year. Raising money from private investors will be difficult, though, especially as many of the likely sovereign fund candidates are the same ones that suffered deep losses from investing in troubled American banks in 2007 and 2008.
In addition, some economists say that European banks are so burdened with bad sovereign debt that they need to raise far more than 106 billion euros to become healthy. Some estimate they need to raise 300 billion euros, or three times that amount.
Mark Luschini, chief investment strategist at Janney Montgomery Scott, said that 106 billion euros might allow European banks to absorb losses stemming from a Greek debt restructuring, “but I’m not sure that it is enough to deal with write-downs on Italian debt if that country runs into trouble.”
Then there is the question of whether the answer to the euro zone’s debt crisis is taking on even more debt, which this plan requires.
The main bailout fund of 440 billion euros known as the European Financial Stability Facility, relies on the sterling credit of Germany and France for its borrowing power. European leaders have promised to use the fund to provide insurance for investors looking to buy risky Italian and Spanish bonds.
In addition, they hope to leverage their contribution by turning it into an insurance program as well as obtaining additional private investments to increase the facility’s borrowing capacity to about 1 trillion euros. But, just as with the money Europe hopes to get from private investors to help recapitalize its banks, it is not clear that there is enough appetite from outsiders to take on this risk.
Moreover, although it is a large number, the 1 trillion euro facility would cover only about three years of financing needs for Italy and Spain, while they endeavor to return their weakened economies to health so they no longer need a handout.
Similarly, the initial bailout package for Greece fashioned by European and I.M.F. officials last year was intended to give Greece relief for a three-year period, with the aim that it would then be back on its feet economically.
“Clearly that didn’t work,” noted Mr. Watts of CreditSights. Allowing a mere “three years to grow the Italian economy back to the point where it can underpin market confidence is probably optimistic.”
Besides being unequal to the scale of the Continent’s debt burden, critics add that the financial stability plan is too reliant on France, which may well see its AAA rating taken down a notch because of its own debt and deficit problems. That would make it harder and more expensive for France to make its expected contribution. A downgrade for France would hurt the bailout fund’s ability to issue bonds and attract capital from investors.
And, just as with the money Europe hopes to get from private investors to help recapitalize its banks, it also remains unclear if Europe will be able to entice Asian and Middle East investors to put money into investments that would be linked to the bailout fund, and allow it to leverage up its existing assets.
“It’s not a solution to the crisis,” said Nicolas Véron, a senior fellow at Bruegel, a research organization in Brussels. “It doesn’t address the weak links in the banking system.”

Wednesday 26 October 2011

Roush, Bayne try to negotiate through ‘team orders’ wreckage

Roush, Bayne try to negotiate through ‘team orders’ wreckage


Heart or head. Dreams or reality. Pleasure or business. When you've got to choose between them with a moment's notice, you may end up in the right place without much liking how you got there. Such was the dilemma of Trevor Bayne at Talladega.
The Bayne/Jeff Gordon "team orders" story isn't going away, and it's not going away because some of the key players continue to make statements that fly directly in the face of their actions on Sunday night.
Step back and put yourself in Bayne's shoes for a moment. You've won the Daytona 500, yes, but you're still very much a rookie. And in one of the biggest races of the year, your idol, a guy you've worshiped for most of your life, comes over your radio and says he wants to pair up with you. This is one of those moments you've dreamed of for your entire life. Are you really going to have the presence of mind to say no?
Well, as it turns out, he should have, because Bayne's initial agreement to run with Jeff Gordon was what kicked off the entire "team orders" fiasco at Talladega, one that's no more clear on Tuesday after statements made by both Bayne and team owner Jack Roush. (While Bayne was technically running for the Wood Brothers, he's part of the Roush Fenway team.)

As Gordon recounted Sunday night, in the closing laps of the race Bayne agreed to run with him and the two began talking strategy. But then Bayne left Gordon hanging; Gordon didn't know it, but the No. 6 Ford of David Ragan had blown up, and Bayne dropped back to help Ford/Roush teammate Matt Kenseth. (In the photo above, you can see Bayne in the 21 getting pushed by Kenseth in the 17; Gordon, all alone, is falling backward, where he'd finish 27th.)
Let's get one element out of the way right now, though: Bayne did not reel in Gordon with the express intent of ditching him once the green flag dropped. That's not in Bayne's character, and that's not ethical racing. Despite what some Gordon fans may believe, there's no way Bayne deliberately duped Gordon before the final green.
Ah, but WHY did Bayne drop back? That's starting to become the key question. "This weekend, there were no team orders, from myself or anyone at Roush Fenway, given to any of our drivers as to whom they could or could not choose to run with or assist, nor did I give similar directions or suggestion to any of the other Ford drivers," Roush said in a statement on Tuesday. And in an interview with ESPN's David Newton, Bayne said that he dropped back to help Kenseth on his own volition, not from orders over the radio.
Trouble is, those two accounts don't square with three in-the-moment recollections: Gordon's, Bayne's, and Roush-Fenway's:
• Immediately after the race, Gordon told Yahoo! Sports that Bayne apologized to him in person, right behind the 24's hauler, and said, "It wasn't me, it wasn't me. That's what I'm being told to do."
• Bayne took to Twitter and said he was "strong-armed into bailing" on Gordon.

• And a Roush-Fenway source told Yahoo! Sports on Sunday night that, in fact, there were explicit instructions to help other Ford Chase competitors if necessary. (There were no specific orders not to work with other manufacturers, the source said.)
The purpose of this is not to play "gotcha" here, although the story of who said what to whom at what time has changed in the last 48 hours. It's simply this: be straight-up. Bayne had every right to drop Gordon, and realistically, he had every obligation to help his teammate in a situation like this. Sure, he could have apologized to Gordon over the radio, but this was the middle of a race. Gordon, once he calmed down, was reportedly square with Bayne, who's taking this all much harder than he needs to.
And the idea of there being no team orders given is, quite simply, ludicrous on its face. Talladega and Daytona provide the starkest example of teammates working together; it's obvious that drivers from one team or manufacturer are going to do everything they can to line up with their comrades-in-arms, and that team owners are going to do everything they can to encourage that kind of assistance. To indicate otherwise insults the intelligence of the fans ... or feeds the constant, rampant conspiracy theories, which is even worse.

Wozniacki, Kvitova start with wins at WTA finals


Top-ranked Caroline Wozniacki rallied to defeat Agnieszka Radwanska of Poland 5-7, 6-2, 6-4 Tuesday in their opening round-robin match at the WTA Championships.
Wimbledon champion Petra Kvitova and U.S. Open winner Sam Stosur also began the group stage with a victory at the season-ending tournament. Kvitova beat Vera Zvonareva of Russia 6-2, 6-4 in the Red Group—which also includes Wozniacki and Radwanska—while Stosur defeated Maria Sharapova 6-1, 7-5 in the White Group.
Wozniacki wasted a 4-2 lead in the third set, but broke again when Radwanska netted a forehand on the Dane’s second match point.
Wozniacki had also wasted three set points in the first set of a match where both players struggled to hold serve on the indoor hard court. The second set alone featured six breaks of serve, with Wozniacki getting four of them.
“It was a bit frustrating not to get the first set after having three set points, but I managed to keep my head cool and just fight back,” Wozniacki said.
Making her first appearance at the season-ending tournament for the top eight players of the season, Kvitova wasted a 4-1 lead to be even at 4-4 in the second set but broke again immediately before wrapping up the win.
Stosur breezed through the first set without facing a break point against the second-ranked Sharapova, who played her first match since pulling out of the quarterfinals in Tokyo with an ankle injury last month.
But Sharapova found her rhythm early in the second set, where she took a 3-0 lead and had a chance to break again in the fourth game. But Stosur held and evened the score before breaking again for 6-5.
“It did take me a while to get going,” Sharapova said. “It’s obviously tough to come back after a month and compete at this level. But the good thing is that I gave myself a chance, and I did everything I could to even be here.”
Sharapova finished with six double faults and only hit 59 percent of her first serves—compared to 74 percent for Stosur.
The top two players in each group advance to the semifinals.
This is the first time the tournament is held in Istanbul, after being staged in Doha, Qatar, the past three years.
“The surface is a little bit weird,” Radwanska said. “It’s pretty slow. So you really have to be used to it. I just hope I can play better in the next match.”

Xavi lifts listless Barca to win at Granada

Barcelona head coach Josep Guardiola



MADRID, Oct 25 - Xavi celebrated setting a club record for La Liga appearances when he netted a superb free kick to give an otherwise listless Barcelona a 1-0 win at Granada on Tuesday in a scrappy game in which the home side finished with nine men.
The 31-year-old Spain midfielder, playing his 392nd league match, struck in the 33rd minute at Granada’s Los Carmenes stadium to lift the champions above surprise packages Levante and great rivals Real Madrid to the top of the standings.
Xavi’s mark beat the previous record set by Migueli, a central defender known as “Tarzan” who played for Barca in the 1970s and 80s. Xavi already owned the appearance record for all competitions, which he extended on Tuesday to 591.
“It was a difficult match that we were unable to kill off in the second half,” he told reporters after scoring his fourth league goal of the campaign.
“Generally it was a good performance but everything can be improved on,” he added.
Barca, who have not conceded a goal in seven matches in all competitions, have 21 points from nine games. Levante are on 20 from eight ahead of their home match against Real Sociedad on Wednesday, when Real, who have 19 points, host Villarreal.
Sevilla stayed fourth on 17 points after they needed a stoppage time equaliser to rescue a 2-2 draw at home to struggling Racing Santander in the late kickoff.
A 37th-minute Manu del Moral header put the Andalusians in front before second-half goals from forward Ariel Nahuelpan and youth team midfielder Jairo Samperio took Santander within sight of their first win of the season.
However, Del Moral rose to nod in a second in the 92nd minute to preserve Sevilla’s unbeaten start.
FRUSTRATING NIGHT
Barca, the European champions, travelled to Granada having slipped from first to third following Saturday’s 0-0 draw at home to Sevilla when World Player of the Year Lionel Messi had a stoppage-time penalty saved.
The Argentine, enduring another frustrating night, had a dinked effort cleared off the line on the hour.
The La Liga joint top scorer, level on 10 goals with Real forward Cristiano Ronaldo, has failed to score in five away games in the league for the first time since December 2009.
Granada played most of the second half with 10 men after midfielder Jaime Romero was shown a second yellow card eight minutes after the break for catching Maxwell with a high foot.
Forward Dani Benitez was dismissed in stoppage time when he earned a second yellow for kicking the ball away.
Despite their numerical advantage, Barca were unable to add to Xavi’s fine effort and even endured nervous moments in the final stages as Granada pressed for an equaliser.
Referee Cesar Muniz Fernandez brandished his yellow card 11 times, seven to Granada, who did not manage a shot on target, and four to Barca.
“We were not very quick in passing the ball around,” Barca coach Pep Guardiola said at a news conference.
“When you are only 1-0 ahead anything can happen,” he added. “Any lapse in concentration against such a speedy team can condemn you but we managed to close out the game.”
The Catalan club’s victory was soured by an injury to forward Pedro, who had to be replaced by David Villa 10 minutes into the second half after twisting his left ankle.

300s In ODIs: India Break Australia's Record





It took India nearly 22 years of playing ODI cricket to cross 300 for the first time in a matchand they were the last major cricket team to reach that score. Even Zimbabwe had achieved the feat many years earlier.

But once there, India have now made scores of 300 or more, more times than any other team.

The Mohali ODI provided the 65th such instance, and India have now overtaken Australia at 64.

Here's a list of ODI teams that have crossed 300 in an ODI at least once.


Team
300+
Scores
Won
Lost
Tied
NR
HS
India
65
52
12
1
0
414
Australia
64
59
4
0
1
434
Pakistan
53
47
6
0
0
385
South Africa
45
41
4
0
0
438
Sri Lanka
38
33
5
0
0
443
New Zealand
32
26
5
1
0
402
England
27
17
8
2
0
391
West Indies
27
19
8
0
0
360
Zimbabwe
19
16
3
0
0
351
Ireland
6
4
2
0
0
329
Bangladesh
4
4
0
0
0
320
Netherlands
4
3
1
0
0
315
Asia XI
3
3
0
0
0
337
Kenya
3
3
0
0
0
347
Africa XI
2
0
2
0
0
318
Canada
1
1
0
0
0
312
ICC World XI
1
1
0
0
0
344
Scotland
1
1
0
0
0
323

Some Key Figures:

Out of India's 65 scores of 300, 16 were batting second.

Out of those 16, India won 11 games. Three were against England.

The 11 successful chases:

No
Score
Overs
Result
Oppn
Ground
Start Date
1
316/7
47.5
won
Pak
Dhaka
18 Jan 1998
2
302/7
49.4
won
RSA
Kochi
09 Mar 2000
3
326/8
49.3
won
Eng
Lord's
13 Jul 2002
4
325/5
47.4
won
Win
Ahmedabad
15 Nov 2002
5
303/4
46.1
won
Srl
Jaipur
31 Oct 2005
6
317/8
49.4
won
Eng
The Oval
05 Sep 2007
7
301/4
42.1
won
Pak
Karachi
26 Jun 2008
8
310/4
46.5
won
Srl
Karachi
03 Jul 2008
9
317/3
48.1
won
Srl
Kolkata
24 Dec 2009
10
321/5
48.5
won
NZl
Bangalore
07 Dec 2010
11
300/5
49.2
won
Eng
Mohali
20 Oct 2011

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