Nektar announces positive results from a Phase ll NKTR-102 study
Nektar Therapeutics announced positive results from a Phase 2 clinical study evaluating single-agent NKTR-102 in women with platinum-resistant/refractory ovarian cancer. A total of 68 patients were enrolled with platinum-resistant disease, half of whom were platinum refractory. All 68 patients were evaluable for the primary endpoint of objective response rate using Gynecologic Cancer InterGroup (GCIG) criteria, which is a combination of response by tumor imaging (RECIST) and/or ovarian cancer biomarker (CA-125) criteria(1). GCIG (confirmed and unconfirmed) response rates were 41 percent (14/34) in the once every 14 days (q14d) dose schedule and 41 percent (14/34) for the once every 21 days (q21d) dose schedule. Confirmed objective GCIG response rates were 29 percent (10/34) and 38 percent (13/34) in the q14d and q21d dose schedules, respectively. Confirmed and unconfirmed objective response rates using RECIST were 24 percent (8/33) and 29 percent (9/31) for the q14d and q21d dose schedules, respectively. Confirmed objective response rates using RECIST were 21 percent (7/33) and 23 percent (7/31) for each dose schedule, respectively.
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06JunMovers & Shakers, breaking market news, breaking news, breaking stock market news, breaking stock news, breaking wall street news, daily stock picks, daily stock tips, daytrades, free stock info, free stock picks, free stock tips, market analysis, market facts, market projections, savings, stockmarket analysis, stocks, technical analysis, trading, trading ideas, trend, usa economics No Comments
Tags: NKTR Nektar announces positive results from a Phase ll NKTR-102 study
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18MayLife settlement, analysis, deals, debt, fed action, financial settlement, government, housing markets, leverage, liquidity, loan, money, savings, settlement, structured settlements, usa economics No Comments
America’s Underclass: Growing Gap Between the Rich and Poor
Macro economic data suggest the great recession is over. But the gap between the haves and the have-nots is growing, thanks, in large part, to a jobless recovery. Wall Street Cheat Sheet’s Damien Hoffman says the growing underclass now accounts for about 10% of the U.S. population.In this clip, he and his brother Derek, who jointly run the Wall Street Cheat Sheet website, point to several signs America is turning into a two-class society:
-The foreclosure problem. 2.8 million homes were foreclosed in 2009. RealyTrac expects that number to increase to 3-3.5 million in 2010. Damien Hoffman thinks it could be even higher if “strategic foreclosures” become a more accepted practice.
- Unemployment. The official rate is 9.9% but the wider measure of under employed and those who have given up on their job search is more like 17%. That’s more than 24 million Americans out of work.
- Record numbers using food stamps. The Agriculture Department said a record 40 million Americans, or 1 in 8 Americans, may not be able to eat without government assistance. “This is the ultimate sign of an under class,” the Hoffman Brothers say.
- Take a look at Dollar Tree Stores. The discounter’s stock is near an all-time high while revenues are up 12.5% this year. In other words, more Americans are chasing cheaper goods.Tags: America's Underclass: Growing Gap Between the Rich and Poor, dji, dltr, gspc, kbh, TLT, xhb, xrt
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15MayFinancial transaction, banking, breaking market news, breaking news, breaking stock market news, breaking stock news, breaking wall street news, debt, equity, financial settlement, liquidity, money, savings, structured settlements, trend, usa economics No Comments
Bank-Failures swell to 72 for 2010
State regulators shuttered small banks in Illinois, Missouri, Georgia and Michigan, including a 23-branch community bank that failed despite having received an infusion from the government’s Troubled Asset Relief Program.So far this year, 72 banks have collapsed and the spate of failures is expected to continue throughout 2010. Although there are signs that the worst of the financial crisis may be over for the banking industry, financial institutions are still being battered by severe losses on mortgages and commercial real-estate loans.
In the largest of Friday’s closures, Illinois regulators closed Midwest Bank & Trust Co. of Elmwood Park. FirstMerit Corp., based in Akron, Ohio, agreed to take over Midwest’s 23 branches, $2.42 billion in deposits and essentially all of its $3.17 billion in assets.
Midwest had been warning for months that it was in dire financial straits. On Thursday, the bank said in a securities filing that it would likely be placed into receivership because it had been unable to raise fresh capital after a previous plan had been rejected by the Federal Reserve.
Its failure is a financial blow to the government, which had previously swapped the preferred shares that it held in Midwest for common shares. The government had received the preferred shares when it injected Midwest with $84.8 million of TARP funds. Common shareholders typically are wiped out when a bank fails.
FirstMerit, which has been a bidder on other failed banks, agreed to pay the Federal Deposit Insurance Corp. a premium of 0.4% for Midwest’s deposits. FirstMerit also entered into a loss-sharing transaction on $2.27 billion of Midwest’s assets.
As part of the deal, the FDIC will receive a so-called value appreciation instrument, which will provide the agency with additional money if FirstMerit’s share price rises over a certain amount of time.
Midwest was the 11th bank to fail in Illinois so far this year.
Elsewhere, regulators in Georgia, Illinois and Michigan closed three one-branch banks.
In Georgia, state regulators seized Satilla Community Bank, of Saint Marys, Ga. Ameris Bank, based in Moultrie, Ga., agreed to assume all of the deposits and most of its assets. Satilla had $135.7 million in assets and $134 million in deposits at March 31.
Ameris, which is paying a premium of 0.19% to assume Satilla’s deposits, also entered into a loss-sharing agreement with the FDIC. It was the eighth bank failure of the year in Georgia.
Michigan regulators closed Plymouth-based New Liberty Bank, which had roughly $109.1 million in assets and $101.8 million in deposits. Bank of Ann Arbor, based in Ann Arbor, assumed all of the deposits and agreed to buy nearly all of the assets. It didn’t pay a premium for the deposits.
In Missouri, regulators closed Southwest Community Bank, based in Springfield. Its $96.6 million in assets and $102.5 million in deposits are being assumed by Simmons First National Bank, of Pine Bluff, Ark.
The FDIC estimated the four failures would cost $301.7 million to its deposit insurance fund.
Tags: Bank-Failure Tally Grows to 72 for 2010, Bank-Failures swell to 72 for 2010
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21Febbanking, cash, credit, deals, government, leverage, liquidity, loan, market facts, money, return rate, savings, stockmarket analysis, trading ideas, trend, usa economics No Comments
What you need to know about credit card reform
The new credit card regulations are finally here. Starting Monday, Feb. 22, 2010, banks will need to abide a spate of new rules on terms and disclosures. The idea behind the landmark law was to prevent banks from using unfair practices that dig borrowers deeper into debt.
The new credit card law is finally here. Starting Monday, banks will need to abide by new regulations on terms and disclosures. The idea behind the landmark law was to prevent banks from using practices that often dug borrowers deeper into debt.
A look at how the credit card law affects key aspects of your account.INTEREST RATES
THEN: Banks could raise the interest rate on an account at any time, including the rate on an existing balances, even if you weren’t late on payments.
NOW: The rate cannot be raised in the first year after an account is opened unless an introductory rate has come to an end. After that, cardholders must be notified 45 days in advance of any rate change.
For existing balances, rates can’t be raised unless the account is at least 60 days past due. If payments are made on time for six consecutive months, the original rate must be restored.
There’s still no cap on rates.
DISCLOSURES
THEN: The fine print on cardholder agreements was often difficult to understand. Rates, fees and penalties for other services such as cash advances, for example, could be hard to find. The impact of the interest rate on paying down a balance was hard to compute.
NOW: Cardholders will see how many months it will take to pay off a balance if only minimum payments are made. Statements will also indicate how much needs to be paid each month to pay off a balance within three years.
SERVICE FEES
THEN: Banks could charge as much as they wanted. They could assess annual fees, activation fees and other fees. This was mostly a problem for subprime cards marketed to those with poor credit scores. One popular card, for example, the Premier Bankcard, charged $256 in first-year fees for a $250 credit line.
NOW: Service fees, such as activation and annual fees, will be capped at 25 percent of the credit limit during the first year of use. After that, there is no cap.
GRACE PERIODS
THEN: Some card companies sent out statements not long before payments were due, and sometimes shifted payment due dates from month to month, meaning that payments would not always have enough time to arrive and get processed before being deemed late. As a result, some cardholders ended up getting charged interest or late fees even when they thought they were sending in payments on time.
NOW: The law requires that due dates remain consistent. Statements must be sent out 21 days before the payment due date, and finance charges and fees cannot be applied before that period is up. In practice, about half of card issuers have extended grace periods to as long as 25 days.
OVER-THE-LIMIT FEES
THEN: Banks set credit limits, then routinely allowed charges to exceed those limits. When that happened, though, the customer was charged an over-the-limit fee as high as $39. These fees were often triggered by interest charges or late-payment fees that pushed a balance over the credit limit. What’s more, multiple over-the-limit fees could get charged in a single billing cycle if the balance was paid down and another charge pushed the balance back over the limit.
NOW: The cardholder must specifically agree to permit transactions that exceed the credit limit. Only then can over-the-limit fees be charged. But the fees can’t be triggered by other fees or interest charges. Only one over-the-limit fee may be imposed during a billing cycle. No over-the-limit fees may be charged unless the cardholder has specifically agreed to permit transactions exceeding their authorized credit limit. These fees can no longer be triggered by other fees or interest charges imposed by the card issuer, and only one such fee may be imposed during a billing cycle.
In practice, several of the largest card companies have dropped these fees. Some banks are using pop-up boxes on their Web sites or other methods to obtain consumer authorization.
UNIVERSAL DEFAULT
THEN: If you made a late payment on one credit card or loan, or even late payments for obligations like utility bills, that could trigger interest rate hikes on other credit card accounts.
NOW: Card companies cannot raise interest rates on existing credit card balances. Interest rates can’t rise during the first year an account is open, unless the original agreement spelled out a promotional rate for a limited time.
Consumers with older accounts must be informed of any interest rate increase on new charges at least 45 days in advance. They must also be given a chance to opt out of the hike by canceling the account and paying down the balance at the old interest rate. If an interest rate is increased, the card company must review the account once every six months to assess whether the rate should be dropped.
STUDENTS
THEN: Students arriving on college campuses often confronted a gantlet of credit card marketers handing out T-shirts, pizza and other gifts in exchange for filling out card applications. Credit cards were frequently handed out without checking the applicant’s income sources. In 2008, 84 percent of undergraduates had at least one credit card. Average balances topped $3,100.
NOW: Credit cards may no longer be issued to anyone under age 21, unless the applicant has a co-signer, or can show independent means to repay the debt. Colleges must disclose any marketing deals they make with credit card companies. Banks are not allowed to hand out gifts on or near campuses or at college-related events.
Tags: credit card, credit card regulations, What you need to know about credit card reform
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07Janbanking, breaking market news, breaking news, breaking stock market news, breaking stock news, breaking wall street news, daily stock picks, daily stock tips, daytrades, deals, loan, money, savings, structured settlements, trading ideas, trend No Comments
JANUARY 7, 2010, 1:33 A.M. ET
China Raises Key Interbank Rate
China’s central bank unexpectedly raised a key interbank market interest rate Thursday for the first time in nearly five months, signaling a change in its policy focus toward pre-empting inflation risks in the new year.
The tightening move, in the form of a higher yield in its weekly bill sale, came less than a day after the People’s Bank of China hinted its priorities had shifted toward managing inflation expectations and away from single-mindedly supporting economic growth.
It also shows the PBOC still prefers using liquidity management tools, rather than policy interest rates, to guide market funding costs.
Tags: China Raises Key Interbank Rate, rate increase, U.S. Dollar
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19DecFinancial transaction, Life settlement, banking, breaking market news, breaking news, breaking stock market news, breaking stock news, deals, debt, equity, loan, money, savings, settlement, structured settlements, usa economics No Comments
Seven U.S. banks closed by regulators 140 have failed in 2009
Seven U.S. banks were closed by regulators on Friday, bring the total this year to 140 as the effects of the credit crisis continued to be felt across the country.
What’s more, the Federal Deposit Insurance Corp. established temporary institutions to help close two of the failed banks.
Atlanta-based RockBridge Commercial Bank became the 25th Georgia-based bank to fail this year. The FDIC was unable to find another institution to take over the failed bank, and so will mail checks to retail depositors for insured funds.
RockBridge Commercial Bank had roughly $294 million in assets and $291.7 million in deposits as of Sept. 30. Its failure will cost the federal deposit-insurance fund $124.2 million, the regulator said.
Panama City, Fla.-based Peoples First Community Bank became the 14th to fail in that state in 2009. Peoples First Community Bank had $1.7 billion in deposits as of Sept. 30, and Gulfport, Miss.-based Hancock Bank has agreed to assume those deposits.
Peoples First Community Bank’s failure will cost the deposit-insurance fund $556.7 million, according to the FDIC.
New Baltimore, Mich.-based Citizens State Bank’s failure will cost the deposit-insurance fund $76.6 million, with the FDIC creating the Deposit Insurance National Bank of New Baltimore to protect depositors of Citizens State Bank.
The new bank will remain open for 45 days to allow depositors to access insured deposits and open an account elsewhere, the agency said. Columbus, Ohio-based Huntington National Bank will operate the DINB under contract with the FDIC.
An FDIC spokesman said the agency has created such bridge banks “several times this year and in previous years.”
Irondale, Ala.-based New South Federal Savings Bank also was closed by regulators Friday. The bank had $1.2 billion in deposits as of Sept. 30, which will be assumed by Plano, Texas-based Beal Bank, the FDIC added.
New South Federal Savings Bank’s failure will cost the deposit-insurance fund $212.3 million.
Springfield, Ill.-based Independent Bankers’ Bank was closed, with $511.5 million in deposits as of Sept. 30.
The FDIC said it created the Independent Bankers’ Bank Bridge Bank to allow client banks of Independent Bankers’ Bank “to maintain their correspondent banking relationship with the least amount of disruption.”
Independent Bankers’ Bank’s failure will cost the deposit-insurance fund $68.4 million.
Two Southern California banks were closed Friday, the 16th and 17th such failures in the Golden State as a whole.
First Federal Bank of California in Santa Monica was taken over by regulators. OneWest Bank of Pasadena will assume all of its deposits and take over First Federal’s 39 branches, the FDIC said.
OneWest Bank agreed to purchase all of the $6.1 billion in First Federal Bank assets and did not pay the FDIC a premium for the $4.5 billion in total deposits; the hit to the deposit-insurance fund will be $146 million.
Separately, La Jolla, Calif.-based Imperial Capital Bank was closed. It had $2.8 billion in deposits as of Sept. 30, the FDIC said, and its failure will cost the deposit-insurance fund $619.2 million. City National Bank of Los Angeles is assuming all of the deposits in the “least costly” resolution, according to the agency.
Tags: Seven U.S. banks closed by regulators 140 have failed in 2009
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18DecFinancial transaction, Life settlement, banking, breaking market news, breaking news, breaking stock market news, breaking stock news, breaking wall street news, credit, debt, equity, leverage, liquidity, loan, money, savings, settlement, trend, usa economics No Comments
Credit card’s newest trick: 79.9 percent interest
First Premier card carries heavy interest rateIt’s no mistake. This credit card’s interest rate is 79.9 percent.
The bloated APR is how First Premier Bank, a subprime credit card issuer, is skirting new regulations intended to curb abusive practices in the industry. It’s a strategy other subprime card issuers could start adopting to get around the new rules.
Typically, the First Premier card comes with a minimum of $256 in fees in the first year for a credit line of $250. Starting in February, however, a new law will cap such fees at 25 percent of a card’s credit line.
In a recent mailing for a preapproved card, First Premier lowers fees to just that limit — $75 in the first year for a credit line of $300. But the new law doesn’t set a cap on interest rates. Hence the 79.9 APR, up from the previous 9.9 percent.
“It’s the highest on the market. It’s the highest we’ve ever seen,” said Anuj Shahani, an analyst with Synovate, a research firm that tracks credit card mailings.
The terms are eyebrow raising, but First Premier targets people with bad credit who likely can’t get approved for cards elsewhere. It’s a group that tends to lean heavily on credit too, meaning they’ll likely incur steep financing charges.
So for a $300 balance, a cardholder would pay $20 a month in interest.
First Premier said the 79.9 APR offer is a test and that it’s too early to tell whether it will be continued, according to an e-mailed statement. To comply with the new law, the bank said it will no longer offer the card that has $256 in first-year fees as of Feb. 21, 2010. However, customers will still be able to use their existing cards.
According to First Premier’s Web site, the credit cards are issued by its sister organization Premier Bankcard. The company, based in Sioux Falls, S.D., says Premier Bankcard is the 10th largest issuer of MasterCard and Visa cards in the country, with more than 3.5 million customers.
In a mailing sent to prospective customers in October with the revamped terms, First Premier writes “…you might have less-than-perfect credit and we’re OK with that.” The letter notes that an online application or phone call is still required, but guarantees a 60-second status confirmation.
The letter also states there are no hidden fees that aren’t disclosed in the attached form. That’s where the 79.9 percent interest rate and $75 annual fee are listed. There’s also $29 penalty if you pay late or go over your credit limit. The credit limit is $300.
The bank did not say how many people were offered the 79.9 APR card, but noted that it needed to “price our product based on the risk associated with this market.”
Even if First Premier doesn’t stick with the 79.9 APR, it will likely hike rates considerably from the current 9.9 percent to offset the lower fees, said Shahani of Synovate.
The revamped terms may not be the only changes; First Premier also appears to be moving away from the riskiest borrowers.
The bank typically mails offers to subprime households, meaning those with credit scores below 700. In the third quarter, however, 84 percent of its offers were sent to subprime households, down from 91 percent the same period last year, according to Synovate.
First Premier could be cleaning up its credit card portfolio since the new regulations will limit its ability to raise interest rates. That could mean First Premier won’t issue cards as liberally to those with bad credit.
As harsh as First Premier’s terms seem, that could be a blow to those who rely on the card, said Odysseas Papadimitriou, CEO of CardHub.com.
“Even when the cost of credit is astronomical, for people in true emergencies, it’s much better than not having access to credit,” said Papadimitriou.
Until Feb. 21, First Premier is still offering its even-higher-fee card online. So the price for credit the bank charges is at least $256 in first-year fees.
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11NovFinancial transaction, banking, breaking market news, breaking news, breaking stock market news, breaking stock news, breaking wall street news, deals, equity, free stock info, free stock picks, free stock tips, global economy, liquidity, savings, short term investments, stockmarket analysis, structured settlements, usa economics No Comments
-Gold hits record in six of last eight sessions
-SPDR Gold Trust holdings unchanged on Wed
Gold hit a record high on Wednesday
for the second straight day as investors focused on the precious
metal’s appeal as a hedge against a weakening dollar.
Risk tolerance was also increasing after strong factory
output data from China pointed to a strengthening global economy,
boosting commodities prices and another factor supporting the
precious metal.
Gold is often seen as a hedge against energy price-led
inflation.
“The euro clawed back above $1.500 and oil steadied near $80
(a barrel). Japanese stocks are extending their gains. Everything
looks good for gold,” said Shuji Sugata, a manager at Mitsubishi
Corp Futures’ research team.
Spot gold XAU stood at $1,119.35 an ounce as of 0059 GMT
after rising to a record $1,120.30, compared with New York’s
notional close of $1,117.45..
Bullion has now renewed record highs for six out of the past
eight sessions.
U.S. gold futures for December delivery traded at
$1,121.00 an ounce. The contract earlier rose to a fresh record
of $1,121.20.
But interest in gold exchange-traded funds remained soft,
with holdings of the largest bullion-backed ETF, New York’s SPDR
Gold Trust, at 1,114.443 tonnes on Wednesday, unchanged
since Nov. 9.
Precious metals prices at 0110 GMT
Metal Last Change Pct chg YTD pct chg Turnover
Spot Gold 1120.20 2.75 +0.25 27.27
Spot Silver 17.70 0.13 +0.74 56.36
Spot Platinum 1377.00 9.00 +0.66 47.75
Spot Palladium 345.50 4.00 +1.17 87.26
Euro/Dollar 1.5010
Dollar/Yen 89.87
prices in yen per gram, except silver which is
priced in yen per 10 grams. Spot prices in $ per ounce. -
11OctFinancial transaction, daily stock picks, daily stock tips, daytrades, fed action, financial settlement, free stock info, free stock picks, free stock tips, global economy, hedge fund, leverage, liquidity, market analysis, savings, settlement, short term investments, structured settlements, technical analysis, trading, trading ideas, trend No Comments
Sideways trading in this market.
Internals point down, Futures started up at 6:00 EST Sunday 10/11/09
The Dollar is still driving the equities rally, as the dollar drops the inverse reaction has been occurring in the equities market.Stockshakers actively trades the /ym Dow Futures, currently long with very tight stops. 9:00PM EST 10/11/09 Sunday.
Dollar Reaches Breaking Point at Banks Shifting Record Reserves
Central banks flush with record reserves are increasingly snubbing dollars in favor of euros and yen, further pressuring the greenback after its biggest two- quarter rout in almost two decades. Policy makers boosted foreign currency holdings by $413 billion last quarter, the most since at least 2003, to $7.3 trillion, according to data compiled by Bloomberg. Nations reporting currency breakdowns put 63 percent of the new cash into euros and yen in April, May and June, the latest Barclays Capital data show. That’s the highest percentage in any quarter with more than an $80 billion increase.
World leaders are acting on threats to dump the dollar while the Obama administration shows a willingness to tolerate a weaker currency in an effort to boost exports and the economy as long as it doesn’t drive away the nation’s creditors. The diversification signals that the currency won’t rebound anytime soon after losing 10.3 percent on a trade-weighted basis the past six months, the biggest drop since 1991.
“Global central banks are getting more serious about diversification, whereas in the past they used to just talk about it,” said Steven Englander, a former Federal Reserve researcher who is now the chief U.S. currency strategist at Barclays in New York. “It looks like they are really backing away from the dollar.”
Sliding Share
The dollar’s 37 percent share of new reserves fell from about a 63 percent average since 1999. Englander concluded in a report that the trend “accelerated” in the third quarter. He said in an interview that “for the next couple of months, the forces are still in place” for continued diversification. America’s currency has been under siege as the Treasury sells a record amount of debt to finance a budget deficit that totaled $1.4 trillion in fiscal 2009 ended Sept. 30.
Intercontinental Exchange Inc.’s Dollar Index, which tracks the currency’s performance against the euro, yen, pound, Canadian dollar, Swiss franc and Swedish krona, fell to 75.77 last week, the lowest level since August 2008 and down from the high this year of 89.624 on March 4. The index, trading at 76.489 today, is within six points of its record low reached in March 2008.
Foreign companies and officials are starting to say their economies are getting hurt because of the dollar’s weakness.
Stockshakers are buying CLWR.
If the stock fails 7.03 the position will be reversed.GOOG Calls - Android fuel?
Tough choices for feds giving out broadband money
The federal government will soon start handing out the first $4 billion from a pot of stimulus funds intended to spread high-speed Internet connections to more rural communities, poor neighborhoods and other pockets of the country clamoring for better access. The challenge is that the government has received $28 billion in requests.
So the reviewers at the Commerce and Agriculture Departments who will award the broadband money must make hard choices. The 2,200 applications each envision something different _ more fiber-optic lines, for example, or computer labs or municipal wireless networks. But they all promise that their proposals will create jobs and bring new economic opportunities.
What follows are snapshots of four projects representing a cross section of the broadband stimulus hopefuls. It’s too soon to know which plans will win federal grants or loans, either in this round of funding or in the next, as the total broadband stimulus expands to $7.2 billion. Those that do get picked may not get the full amount they are seeking.But perhaps one _ or more _ of these projects has a chance.
For the Coeur d’Alene Indian tribe in the Idaho panhandle, the stimulus money could mean a lifeline to the outside world.The tribe is asking for $12.2 million for a ring of fiber-optic lines that could connect up to 3,500 homes on one side of its rural reservation, which is about half the size of Rhode Island.
Right now, the tribe’s landline broadband options are limited. The local cable company has pulled out of the market. And the phone company, Verizon Communications Inc., offers digital subscriber line (DSL) service to just a small slice of the the reservation.
Although the tribe launched its own wireless network in 2005 with the help of Agriculture Department funding, that network reaches less than half the reservation and slows to a crawl whenever too many people get online at once.
Valerie Fast Horse, the tribe’s information technology director, says stimulus money would let the Coeur d’Alene Indians build a network that is “more stable and more reliable” and could deliver faster connections at lower prices.The tribe’s wireless network currently offers top speeds of 1.5 megabits per second, comparable to standard DSL service available elsewhere. But it charges users about $100 a month, about four times the standard price. The proposed fiber network would deliver a 20-megabit connection _ faster than what most cable subscribers get _ for $100 a month. Or tribe members would be able to get a 1.5-megabit connection for $25 a month.
Fast Horse envisions all sorts of uses for the fiber lines, including distance learning. Tribe members already use video conferencing to participate in classes at North Idaho College, about 35 miles away, when the roads are too icy to drive. But
that requires them to travel to the tribe’s education center, which has a landline connection to the Internet. A fiber-to-the-home network would let tribal members take classes without leaving their kitchens, she says.It would also enable Coeur d’Alene members to consult with medical specialists around the country. And it would help the tribe preserve its language and culture, by allowing more members to access the tribe’s video-sharing Web site, Rezcast. Among other things, the site features clips of powwows and online tutorials with tribal elders speaking their native language.
Clearwire Corp., a company pioneering the use of a next-generation wireless technology known as WiMax, is upfront about the fact that some markets don’t make sense for telecom providers that need to show a profit.So Clearwire is asking for $19.4 million to build a high-speed wireless network in a handful of poor Detroit neighborhoods that it otherwise might not serve anytime soon.
Although those neighborhoods have more than 800,000 people, high unemployment and poverty levels make for a tough business case. But federal dollars would change the equation, says John Bunce, president of the Clearwire unit applying for stimulus funding.
And with that seed money as a starting point, the company pledges to spend its own capital to expand the wireless network across metropolitan Detroit, including more lucrative suburban markets.
The company offers a range of wireless plans, including a $45-a-month package that delivers speeds averaging 3 megabits to 6 megabits per second. On the low end, the company offers a basic 1-megabit connection for $25 a month.
In Detroit, Clearwire says, it would also provide free and discounted accounts for poor residents through nonprofit partners.
In Appalachia, a nonprofit Internet provider called the Mountain Area Information Network (MAIN) wants help expanding a service started back in the dial-up Internet days so that people in the mountains of North Carolina wouldn’t have to make a long-distance phone call to get online.
MAIN is asking for $2.5 million to extend its wireless network in Asheville, N.C., and several remote mountain communities. A sister non-profit is asking for $38.8 million to install fiber lines that would connect that network to the Internet.Launched in 1996, MAIN today has about 1,200 dial-up subscribers, 400 wireless subscribers and several hundred additional customers who pay to access a Wi-Fi connection for a few hours or a few days at a time. Stimulus money would enable the non-profit to spread its wireless “cloud” to 11,000 additional homes in Asheville public housing projects and surrounding low-income neighborhoods.
Wally Bowen, MAIN’s executive director, says the service would bring inexpensive mobile Internet connections _ with speeds of 3 megabits per second for $30 a month _ to a transient, low-income community that includes struggling artists and young entrepreneurs. Many of those people, he says, cannot sign up for the typical one-year or two-year contracts required to get the cheapest Internet rates from the big phone companies.
MAIN would also use federal funding to bring wireless connections to 1,700 homes in Graham County, an isolated, rural district that has no four-lane highway. Although the library and community college in Graham County’s only town,
Robbinsville, do provide high-speed Internet access, budget cuts have restricted the number of hours that those computer centers are open.
In addition, MAIN would use stimulus money to extend its wireless service to Mount Mitchell State Park, home to the highest point east of the Mississippi. That would allow campers, park rangers and visiting scientists studying acid rain and biodiversity to get real-time updates on weather and trail conditions.
Philadelphia is making its second run at a big municipal broadband project.The city is asking for $21.8 million to connect police precincts, fire stations, libraries, housing projects, recreation centers and community organizations across three inner-city neighborhoods.
Allan Frank, Philadelphia’s chief technology officer, envisions doing this with a combination of fiber lines and a wireless network. That would bring high-speed links to city buildings to handle municipal affairs _ while also enabling garbage
collectors, emergency responders, fire inspectors and other city workers to stay connected using handheld devices in the field.Philadelphia also has two other stimulus proposals: The city’s public housing authority would like $2.4 million to place computer labs in housing projects. And the city’s library system, working closely with community groups, is asking for $15 million to set up Internet training programs, supply laptops and install Internet connections to get low-income residents online.
Five years ago, Philadelphia partnered with EarthLink Inc. to blanket the city with wireless access, in hopes of providing cheap connections for poor neighborhoods. But that effort ended in failure: EarthLink concluded the venture had no business model and pulled out. Now the city hopes to buy the network assets that EarthLink left behind.Frank says the stimulus money is an opportunity to “restart the conversation about what our technology future should look like.” By retaining control over the project and focusing on broadband adoption as well as access, he added, the city would avoid the mistakes it made last time.”This is a game reset for us,” he says.
Android to overtake iPhone in 2012 says analyst
Symbian still on top, but BlackBerry downGoogle’s Android will have more than quadrupled its market share by the end of 2012, market watcher Gartner has claimed. But Symbian looks set to remain the dominant smartphone OS for several years to come.Android’s market share stood at a paltry 1.6 per cent during Q1 2009, but will grow to 14.5 per cent by the time Q4 2012 rolls around, Gartner forecast, based on an estimated 522m smartphones shipping worldwide during the period.As a result, Android will move from its current position as the sixth most popular operating system for smartphones to become the second most popular, Gartner said.
The main reason for Android’s market share growth will, Gartner VP Ken Dulaney told website AppleInsider, be because “unlike Apple, they [Google] license their OS to multiple OEMs”.Dulaney said many handset makers are betting their futures on Android, while Apple is just one company.Speaking of Apple, its share of the smartphone OS market will also grow - but only from 10.8 per cent to 13.7 per cent, Gartner said.
Symbian will remain the most popular OS. However, its market share will drop from 49.3 per cent during Q1 2009 to 39 per cent by Q4 2012.Research in Motion’s BlackBerry OS is currently the second most popular handset OS, Gartner said, with a Q1 2009 market share of 19.9 per cent. But it will slip to fifth place by Q4 2012 with market share of just 12.5 per cent.Windows Mobile’s share will grow from 10.3 per cent to 12.8 per cent during the same quarters, Gartner added, which will see it remain as the fourth most popular phone-based OS.
Total Campaign Contributions/Lobbying by TARP Recipients
Return on Investment
Total campaign contributions and lobbying by TARP recipients*>
Company Campaign Contributions, 07-08 Cycle Lobbying Expenditures, 2008 TARP Payment Return on Investment Bank of America Corp** $5,752,630$8,790,000$45,000,000,000309335%Citigroup Inc. $4,799,678$7,660,000$50,000,000,000401194%AIG $929,774$9,690,000$40,000,000,000376556%JPMorgan Chase & Co. $4,778,638$5,390,000$25,000,000,000245754%Wells Fargo & Company $1,553,471$1,200,740$25,000,000,000907601%General Motors Corporation $916,142$14,071,000$10,400,000,00069293%The Goldman Sachs Group, Inc. $5,690,351$3,280,000$10,000,000,000111378%Morgan Stanley $3,689,027$3,120,000$10,000,000,000146764%The PNC Financial Services Group Inc. $68,525$0$7,579,200,00011060389%U.S. Bancorp $496,461$570,000$6,599,000,000618676%Chrysler Holding LLC and Cerberus Capital Management $1,075,350$7,927,782$5,500,000,00060990%GMAC LLC $72,207$4,620,000$5,000,000,000106460%SunTrust Banks, Inc. $175,903$0$4,850,000,0002757101%Capital One Financial Corporation $700,161$1,132,000$3,555,199,000193944%Regions Financial Corp. $161,775$180,000$3,500,000,0001023966%Fifth Third Bancorp $149,550$80,000$3,408,000,0001484544%American Express Company $1,028,038$3,790,000$3,389,000,00070240%BB&T Corp. $262,737$0$3,133,640,0001192591%Bank of New York Mellon Corporation $886,701$558,402$3,000,000,000207498%KeyCorp $159,280$210,000$2,500,000,000676893%CIT Group Inc. $23,200$90,000$2,330,000,0002058204%Comerica Inc. $210,538$0$2,250,000,0001068591%State Street Corporation $152,627$980,000$2,000,000,000176481%Marshall & Ilsley Corporation $57,400$0$1,715,000,0002987705%Northern Trust Corporation $240,892$0$1,576,000,000654135%Zions Bancorporation $117,159$60,000$1,400,000,000790151%Huntington Bancshares $188,700$232,971$1,398,071,000331455%Synovus Financial Corp. $10,150$0$967,870,0009535565%Popular, Inc. $12,700$390,000$935,000,000232083%First Horizon National Corporation $30,050$0$866,540,0002883561%M&T Bank Corporation $3,500$10,000$600,000,0004444344%City National Corporation $262,965$0$400,000,000152011%Webster Financial Corporation $14,850$0$400,000,0002693503%First Bancorp $4,900$0$400,000,0008163165%Fulton Financial Corporation $5,700$0$376,500,0006605163%TCF Financial Corporation $103,300$0$361,172,000349534%South Financial Group, Inc. $29,100$0$347,000,0001192340%Wilmington Trust Corporation $59,850$0$330,000,000551278%East West Bancorp $4,800$0$306,546,0006386275%Sterling Financial Corporation $5,750$0$303,000,0005269465%Whitney Holding Corporation $27,950$0$300,000,0001073245%Susquehanna Bancshares, Inc $6,850$0$300,000,0004379462%Valley National Bancorp $950$0$300,000,00031578847%UCBH Holdings, Inc. $42,750$0$298,737,000698700%New York Private Bank & Trust Corporation $6,350$0$267,000,0004204624%Cathay General Bancorp $2,500$0$258,000,00010319900%Wintrust Financial Corporation $4,401$0$250,000,0005680427%SVB Financial Group $18,300$0$235,000,0001284053%International Bancshares Corporation $116,100$0$216,000,000185947%Trustmark Corporation $6,500$0$215,000,0003307592%Umpqua Holdings Corp. $650$0$214,181,00032950823%MB Financial Inc. $15,150$0$196,000,0001293629%First Midwest Bancorp, Inc. $1,750$0$193,000,00011028471%Pacific Capital Bancorp $500$480,000$180,634,00037493%United Community Banks, Inc. $12,250$0$180,000,0001469288%Boston Private Financial Holdings, Inc. $6,400$0$154,000,0002406150%Independent Bank Corp. $2,250$0$150,000,0006666567%National Penn Bancshares, Inc. $1,500$0$150,000,0009999900%Dickinson Financial Corporation $94,050$0$146,000,000155137%Central Pacific Financial Corp. $19,750$0$135,000,000683444%Sterling Bancshares, Inc. $9,150$0$125,198,0001368184%FirstMerit Corp. $4,500$0$125,000,0002777678%Banner Corporation $6,140$0$124,000,0002019444%Signature Bank $7,875$0$120,000,0001523710%1st Source Corporation $450$0$111,000,00024666567%S&T Bancorp $3,200$0$109,000,0003406150%Park National Corporation $10,500$0$100,000,000952281%Old National Bancorp $8,250$0$100,000,0001212021%F.N.B. Corporation $1,000$0$100,000,0009999900%Pinnacle Financial Partners, Inc. $29,850$0$95,000,000318158%Iberiabank Corporation $2,000$0$90,000,0004499900%Plains Capital Corporation $59,650$0$87,631,000146809%Midwest Banc Holdings, Inc. $2,800$0$84,784,0003027900%Sandy Spring Bancorp, Inc. $250$0$83,094,00033237500%Columbia Banking System, Inc. $2,500$0$76,898,0003075820%TowneBank $4,750$0$76,458,0001609542%Texas Capital Bancshares, Inc. $18,150$0$75,000,000413123%Bank of the Ozarks, Inc. $11,150$0$75,000,000672546%Wesbanco Bank Inc. $208$0$75,000,00036057592%Green Bankshares, Inc. $1,200$0$72,278,0006023067%Virginia Commerce Bancorp $8,850$0$71,000,000802160%Southwest Bancorp, Inc. $50,650$0$70,000,000138103%Flushing Financial Corporation $2,300$0$70,000,0003043378%Superior Bancorp Inc. $250$0$69,000,00027599900%Nara Bancorp, Inc. $2,000$0$67,000,0003349900%First Bancorp $2,650$0$65,000,0002452730%SCBT Financial Corporation $250$0$65,000,00025999900%CoBiz Financial Inc. $1,000$0$64,450,0006444900%Union Bankshares Corporation $1,000$0$59,000,0005899900%Liberty Bancshares, Inc. $20,900$0$58,000,000277412%Great Southern Bancorp $2,500$0$58,000,0002319900%WSFS Financial Corporation $21,550$0$53,000,000245840%Ameris Bancorp $1,000$0$52,000,0005199900%State Bankshares, Inc. $4,800$0$50,000,0001041567%Home Bancshares, Inc. $1,500$0$50,000,0003333233%Fidelity Southern Corporation $300$0$48,200,00016066567%MetroCorp Bancshares, Inc. $1,500$0$45,000,0002999900%Cadence Financial Corporation $8,250$0$44,000,000533233%Exchange Bank $2,750$0$43,000,0001563536%Sterling Bancorp $1,300$0$42,000,0003230669%Eagle Bancorp, Inc. $801$0$38,235,0004773308%Bridgeview Bancorp, Inc. $6,600$0$38,000,000575658%OceanFirst Financial Corp. $3,300$0$38,000,0001151415%First Defiance Financial Corp. $2,000$0$37,000,0001849900%State Bancorp, Inc. $6,850$0$36,842,000537739%Fidelity Financial Corporation $1,657,052$2,190,000$36,282,000843%Yadkin Valley Financial Corporation $1,250$0$36,000,0002879900%West Bancorporation, Inc. $250$0$36,000,00014399900%Porter Bancorp $5,000$0$35,000,000699900%Encore Bancshares Inc. $4,300$0$34,000,000790598%First Security Group, Inc. $3,350$0$33,000,000984975%Centrue Financial Corporation $1,000$0$33,000,0003299900%Pulaski Financial Corp $1,000$0$33,000,0003299900%Peapack-Gladstone Financial Corporation $2,300$0$28,685,0001247074%Centerstate Banks of Florida Inc. $500$0$27,875,0005574900%Citizens & Northern Corporation $700$0$26,000,0003714186%Peoples Bancorp of North Carolina, Inc. $2,125$0$25,054,0001178912%Shore Bancshares, Inc. $3,800$0$25,000,000657795%Horizon Bancorp $2,600$0$25,000,000961438%Intervest Bancshares Corporation $2,300$0$25,000,0001086857%HF Financial Corp. $250$0$25,000,0009999900%Heritage Financial Corporation $1,250$0$24,000,0001919900%Wainwright Bank & Trust Company $15,250$0$22,000,000144162%Citizens South Banking Corporation $750$0$20,500,0002733233%First Financial Service Corporation $7,325$0$20,000,000272938%BNCCORP, Inc. $5,050$0$20,000,000395940%C&F Financial Corporation $250$0$20,000,0007999900%Carver Bancorp, Inc $5,300$0$19,000,000358391%Bar Harbor Bankshares/Bar Harbor Bank & Trust $500$0$19,000,0003799900%Security Federal Corporation $1,250$0$18,000,0001439900%ECB Bancorp, Inc./East Carolina Bank $1,000$0$18,000,0001799900%Timberland Bancorp, Inc. $430$0$16,641,0003869900%Carolina Bank Holdings, Inc. $1,250$0$16,000,0001279900%BankFirst Capital Corporation $500$0$16,000,0003199900%Monarch Financial Holdings, Inc. $1,997$0$14,700,000736004%Magna Bank $2,250$0$13,795,000613011%Morrill Bancshares, Inc. $3,100$0$13,000,000419255%LCNB Corp. $1,000$0$13,000,0001299900%OneUnited Bank $3,550$0$12,063,000339703%First Manitowoc Bancorp, Inc. $2,500$0$12,000,000479900%1st Constitution Bancorp $2,000$0$12,000,000599900%Pacific Coast Bankers’ Bancshares $250$0$11,600,0004639900%Mid Penn Bancorp, Inc. $1,800$0$10,000,000555456%Uwharrie Capital Corp $1,500$0$10,000,000666567%Midland States Bancorp $500$0$10,000,0001999900%New Hampshire Thrift Bancshares, Inc. $500$0$10,000,0001999900%Citizens First Corporation $74,700$0$8,779,00011652%Syringa Bancorp $750$0$8,000,0001066567%First Sound Bank $2,716$0$7,400,000272359%Western Community Bancshares, Inc. $5,600$0$7,290,000130079%Fidelity Bancorp, Inc. $5,100$0$7,000,000137155%Somerset Hills Bancorp $2,000$0$7,000,000349900%American State Bancshares, Inc. $5,350$0$6,000,000112050%Patapsco Bancorp, Inc. $1,050$0$6,000,000571329%Seaside National Bank & Trust $400$0$6,000,0001499900%Northeast Bancorp $1,000$0$4,227,000422600%Pacific Commerce Bank $1,500$0$4,060,000270567%Capital Pacific Bancorp $1,750$0$4,000,000228471%Bank of Commerce $15,950$0$3,000,00018709%FPB Financial Corp. $500$0$3,000,000599900%Treaty Oak Bancorp, Inc. $250$0$3,000,0001199900%Grand Total $37,477,300$76,702,895$305,212,309,000267208%*TARP recipient list accessed at Treasury.gov on Feb. 2, 2009. List includes only recipients that spent money on lobbying or were associated with campaign contributions. Campaign contributions include money from PACs and individuals but do not include post-election fundraising.
**Includes data for Merrill Lynch, which was acquired by Bank of America
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04Octbreaking stock market news, breaking stock news, breaking wall street news, daily stock picks, daily stock tips, daytrades, free stock info, free stock picks, free stock tips, markets, savings, settlement, technical analysis, trading, trading ideas, trend, usa economics No Comments
Spot gold seen in $980-$1,010 per oz range in near term
Gold stayed above $1,000 an ounce on
Monday as the dollar remained pressured after last week’s jobs
data pushed the currency down broadly on concerns the U.S.
economic recovery may not be as robust as previously thought.
Traders remained wary of a sudden liquidation of speculative
long positions in U.S. gold futures even after such positions
eased slightly from record highs in the week ended Sept. 29,
putting a cap on prices.
At the same time, physical demand emerged at the market’s
lows last week to underpin prices.
The market appeared more resilient than in March 2008 when it
failed to sustain gains after scaling record highs, taking nearly
a year to retest the $1,000 level, traders said. But an attempt
at an all-time high this time was likely to take a while.
“Long futures positions likely increased over the past week,
showing how persistent those longs are. Wariness about them is
capping prices, but it doesn’t seem like selling momentum is
building either,” said Yuichi Ikemizu, Tokyo branch manager for
Standard Bank.
“Selling pressure isn’t as strong as last year, with physical
demand emerging when prices fell towards $980 last week to
underpin the market. At the same time, nobody is chasing up the
market,” he said, adding that he expected prices to stay in a
range between $980 and $1,010 for a while.
Spot gold XAU had inched up 0.2 percent to $1,003.55 an
ounce as of 0240 GMT, after posting a weekly gain of 1 percent
last week.
The precious metal reclaimed the $1,000-an-ounce level after
a choppy session on Friday when the greenback fell in response to
U.S. employers cutting more jobs than expected in September,
sending the unemployment rate to a 26-year high of 9.8 percent.
U.S. gold futures for December delivery GCZ9 were barely
changed at $1,004.8 per ounce, compared with $1,004.3 an ounce on
the COMEX division of the New York Mercantile Exchange. The
December contract had hit the day’s low of $987 an ounce on
Friday.
Non-commercial net long positions in gold futures on the
COMEX division of the New York Mercantile Exchange eased to
231,386 lots for the week ended Sept. 29 from an all-time high of
236,749 lots the week before, figures from the Commodity Futures
Trading Commission showed.
The world’s largest gold-backed exchange-traded fund, the
SPDR Gold Trust GLD, said its holdings stood at 1,096.548
tonnes as of Oct. 4, up 0.1 percent or 1.221 tonnes from the
previous business day. XAU
The dollar remained under pressure on Monday after falling
against most major currencies on Friday. USD
Finance ministers from the Group of Seven industrialised
nations said at a meeting in Istanbul at the weekend that too
much volatility in the foreign exchange market could hurt the
global economy and financial system.
While G7 officials had a chance to address concern that a
further dollar slide could hurt many countries’ exports, they
merely recycled verbatim the language on exchange rates that
appeared in its statement six months ago. The failure to break
new ground on currency rates leaves the door open to more dollar
weakness in coming months as the U.S. economy struggles with its
trade and budget deficits.
“The G7 statement didn’t move the currency market, so the
impact on gold was virtually nil,” Standard Bank’s Ikemizu said.
The world’s largest silver-backed exchange-traded fund, the
iShares Silver Trust SLV, said its bullion holdings nudged down
3.53 tonnes, or 0.04 percent, from the previous day to 8,594.22
tonnes on Friday, the lowest level since late May.
Traders said investor appetite for silver was hurt by
copper’s fall to two-month lows on Friday when the weak U.S. jobs
data eroded confidence in demand prospects. The two precious
metals move similarly and closely on the outlook for industrial
demand.PRICES
Precious metals prices at 0240 GMT
Metal Last Change Pct chg YTD pct chg Turnover
Spot Gold 1003.50 2.20 +0.22 14.01
Spot Silver 16.17 0.05 +0.31 42.84
Spot Platinum 1281.00 3.00 +0.23 37.45
Spot Palladium 293.50 -0.50 -0.17 59.08
TOCOM Gold 2908.00 18.00 +0.62 13.02 27280
TOCOM Platinum 3714.00 20.00 +0.54 40.05 6795
TOCOM Silver 469.40 0.60 +0.13 47.01 270
TOCOM Palladium 852.00 14.00 +1.67 54.91 101
Euro/Dollar 1.4636
Dollar/Yen 89.74TOCOM prices in yen per gram, except TOCOM silver which is
priced in yen per 10 grams. Spot prices in $ per ounce.TOP STORIES
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