UncategorizedSeptember 10, 2008 3:33 pm

CAPE CANAVERAL, Fla. —

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Next month’s shuttle flight to the Hubble Space Telescope faces each increased risk of a destructive hit by means of space junk for it will have being in a higher, more littered orbit than usual, NASA said Monday. Managers at NASA’s highest levels will poverty to sign opposite on the mission because of the increased risk.

New number-crunching puts the difference of a catastrophic strike by orbital debris including bits of space junk at about 1-in-185 during Atlantis’ upcoming mission to Hubble. That compares to 1-in-300 odds for a shuttle flight to the international space station, shuttle program director John Shannon said Monday.

Hubble is at a considerably higher and dirtier, so to speak, orbit than the space station - 350 miles versus just over 200 miles. That extraordinary loftiness will expose Atlantis to more pieces of space junk, any of which could slam into the shuttle.

Space debris, allowing, has not caused significant damage to Hubble since its launch in 1990, said Preston Burch, NASA’s Hubble program manager.

NASA’s usual limit is a 1-in-200 chance of a catastrophic hit by space junk. While that’s any arbitrary baseline, anything greater than that must subsist considered at the highest levels of NASA, Shannon said at a news conference. Flight reviews will have existence held later this week and again, with top-level executives, later this month.

Seven astronauts will be within the spaceship, which is scheduled to dilate Oct. 10.

Orbital debris is the newest, biggest threat to an orbiting space shuttle, surpassing even the liftoff dangers of the main engines and booster rockets, and the always-dangerous re-entry, Shannon said.

In part, that’s because of the breakup of several orbiting craft in the past scarcely any years, Shannon said. China deliberately destroyed an old satellite last year, the U.S. military shot prostrate a damaged spy hanger-on in February and a Russian retainer broke apart this past spring. All that generated a considerable amount of junk in orbit.

NASA also understands more about the hazards of micrometeoroid and orbital debris, and how to process the numbers, Shannon said. Some steps will be taken for the period of the Atlantis flight - like reorienting the shuttle in circular path - to reduce the danger like much for example feasible.

After a shuttle flight, Shannon said in that place are small dings onward the wings and holes in the radiators, and the space place looks like it has bullet holes from space debris hits.

“It’s not theoretical,” he said of the debris risk. “We normal don’t possess it in censorious places, typically.”

Overall, NASA puts the odds of a catastrophic waste of a space shuttle during a mission at about 1-in-80. Shannon noted that history has shown the supremacy to be about 1-in-60.


Original text: http://seattletimes.nwsource.com/html/businesstechnology/2008158489_apspaceshuttle.html?syndication=rss

Uncategorized 3:33 pm

Bloggers say the administration’s historic bailout plan is "generous," risky in opposition to taxpayers, and won’t help the housing market

by Karyn McCormack

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Skepticism swept over the financial blogosphere in response to the government’s historic bailout of mortgage giants Fannie Mae (FNM) and Freddie Mac (FRE) announced on Sept. 7.

Highlighting the "stunning reversals" in the stock, bond, currencies, and gold markets by late morning steady Sept. 8, Mike Shedlock at Mish’s Global Economic Trend Analysis provided some nifty charts of the action in financial stocks Lehman Brothers (LEH), Washington Mutual (WM), and Wachovia (WB), of the same kind with well as the preferred shares of Fannie. He wrote: "Today hind a strong orifice, it’s looking likely snake eyes for the pair the taxpayer and reasonableness holders."

Many bloggers analyzed the government officials’ statements and tried to figure out what it all means. One good profane line-by-line interpretation of Henry Paulson’s statement comes from Jesse’s Café Américain (hat tip to Naked Capitalism).

Losing Earnings Power

Picking apart the structure of the bailout, John Hempton at Bronte Capital says one distended take by surprise is that the plan "looks more noble for the everyday [shares] than I would have expected and it is fairly honorable to the preferred," given that both share classes force of will not be wiped out entirely (yet). "Whether the preferreds ultimately get paid anything of run after will depend on the ultimate losses," Hempton writes. Both Hempton and Paul Kedrosky at Infectious Greed give an inkling of that the bailout was designed to be this generous to get Fannie and Freddie managements to cooperate during the transition to a conservatorship.

Hempton also points out that Fannie is losing earnings power and no some knows the real amount of losses in its traditional mortgage portfolio.

Over at Blogging Stocks, Peter Cohan lists the "winners and losers" of the bailout. The winnners include Bill Gross at bond fund manager PIMCO, China’s People’s Bank, the former CEOs of Fannie and Freddie, and Wall Street firms that get fees for issuing securities, he says. The losers, according to Cohan: American taxpayers and homeowners.

Small Banks May Fail

What happens to banks that acknowledge common and preferred shares of Fannie and Freddie? "Many banks will have to take writedowns (taken in the character of they mark to emporium), and some smaller banks will probably fail," wrote CalculatedRisk.

For taxpayers, the cost is unclear, CalculatedRisk says. But the agreement’s terms will not patronize taxpayers, argues Shedlock at Mish’s Global Economic Trend Analysis. "At taxpayers’ risk, the Treasury will accommodate with up to $200 billion to the GSEs [government sponsored enterprises] at a mere 50 groundwork points over LIBOR," Shedlock wrote. "This is a huge asset-backed commercial paper (ABCP) scheme sponsored by the Treasury at taxpayer expose to danger."

In the meantime, this plan won’t save the housing emporium, which still faces excess supply, tighter lending standards, and still-high home prices compared to incomes, CalculatedRisk says. "The possible slightly reduce mortgage rates are almost inconsequential compared to supply and price issues," wrote CalculatedRisk.

Outspoken pundit Barry Ritholtz at The Big Picture (who provides a to a great extent "linkfest" of news articles and opinions about the bailout) points out that "this is now the sixth Sunday night/Monday morning press release in 14 months aimed at excepting the financial system." He asks on the supposition that anyone wants to wager that this will have existence the very last bailout.


Original text: http://www.businessweek.com/investor/content/sep2008/pi2008098_368042.htm?campaign_id=rss_null

Uncategorized 3:33 pm

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One important change has been the declaration through Russia of a new map of its — and eventually our — world. On the last day of August, President Dmitri Medvedev laid through Moscow’s new, post-Georgian-invasion "guiding principles of foreign discretion."

A resurgent and energy-rich Russia was laying claim to a "privileged" sphere of influence in the world, Medvedev said on Russian television from the Black Sea resort of Sochi. "Russia, like other countries in the creation, has regions where it has privileged interests," he was quoted in The New York Times, the only place where I saw this important narrative reported. "These are regions in what place countries with which we bring forth friendly relations are located." Asked whether this in effect denoted such now-independent border states being of the kind which Georgia, Ukraine and Moldova, he answered, "It is the border region, but not solely."

Does this mean a new Cold War, as many analysts are saying? Does this indicate each unavoidable return to the ended? To the counteracting! What we are witnessing is an entirely new play on the world stage of geopolitical theater.

The Cold War marked a profound ideological conflict betwixt Marxist collectivism and free market capitalism. This was a fight to the finish, and indeed, it did last — Russia is after this a investor state.

During the Cold War, the Soviets were genuinely impassioned about transforming every little people in the world to communism. Today they seek only to control their borders and get the West to invest more heavily in Russia. No longer the ideologues and true believers of the "Third Rome," they are today simply a normal rule: aggressive and unpleasant, but not fanatic.

Yet, in the aftermath of the Georgian war of this summer, the Russians were also declaring that, thanks to their oil wealth and growing middle class, they interrogation to subsist treated again as a world power. They would accept international law but would not accept American "unipolar" dominance in the world — steady though at the same time they are confused since to how and where their hold potentate extends.

Last week, the Financial Times reported that former Czech President Vaclav Havel, one of our epoch’s rare wise men, warned, "Russia does not really be aware of where it begins and at what place it ends." In order to perceive these changes better, one should see what has happened since the brief, but-end nasty Georgian war, what one. began Aug. 8. It was, remember, Georgia, under its unruly American-trained President Mikheil Saakashvili and American-trained army and commandos, that first attacked the pro-Russian province of South Ossetia. The Russians were ready and were inciting, and yet it was Saakashvili who initially showed no restraint at all. (His own envoy defense minister, Batu Kutelia, told the Financial Times that the Georgian government could not believe that the Russians would strive against!)

This time, heterogeneous earlier Soviet occupations of its neighbors, the Russians fought bitterly in anticipation of the Georgians and then recognized the two breakaway Georgian regions of South Ossetia and Abkhazia, but they did not stay in Georgia itself. The Moscow Times, the English-language newspaper in Moscow, reported without interruption Aug. 22 that the Russians besides did not engage the important Baku-Tbilisi-Ceyhan (BTC) pipeline that runs through Georgia. They wanted only to advise that "no new pipelines (bypassing Russia) will be added to those that were constructed earlier this decade."

"Moscow obviously did not wish for to cause any additional anxiety among European consumers," Times writer Pavel K. Baev wrote, referring to the dependence of Europe today steady Russian energy. "Nor did it want to deal Tbilisi any one unnecessary trump cards for its blame of game." What we are seeing, therefore, it would seem, is a new Russia with a far more nuanced conversion to an act of military power than that employed by the whole and clumsy Soviets.

In fact, inside of only a month of the Russo-Georgian war, Moscow had secured agreement from Uzbekistan to start building a new gas pipeline to Russia, a deal which bypasses the BTC pipeline and gives Moscow direct use of Central Asian energy stores and even greater energy power over the European Union. In acts like as these, we see the new non-ideological but economically bellicose Russia.

Moreover, this new authoritarian-capitalist regime in Moscow immediately began to lose some billions of dollars through a resultant steep stock market sell-off, with VTB, the Russian dike, announcing that worsening relations between Russia and the NATO nations had "already had an unambiguously negative impact on Russian investor sentiment." At the like time, oil prices began to fall precipitously, menacing the major underpinning of the Russian resurgence, and, in the world, Russia was at all times more alone, taken in the character of even China and the Central Asian countries withheld approval of its Georgian war.

Washington’s super sleuth Dick Cheney was immediately in Georgia — in performance, he was going there as the Republican Convention began (so he would not have to speak?) — announcing civilian aid of $1 billion, and word from the White House was that President Bush was ready to scrap an important nuclear deal with Russia potentially worth billions of dollars to Moscow. And NATO members, assembly in Europe, wondered whether they, or Washington, had gone too estranged in all only offering Georgia NATO membership when it was so close to Russia’s old borders.

Such situations can be dealt with more easily if America and the West will take into consideration Russia’s realistic interests while fortifying their own. Though conservative Americans will hate it, the performance is that Russia has a right to protect, and define, its own interests, just as we have an undeniable right to defend and support our interests across the universe. If we are smart enough, and allowing that we meet others’ actions, we be able to elude military actions to the time when the very last. The truth is that at the same time that all of this is not very pleasant, it is not the intelligent Cold War at all. It is first-rate work realpolitik, orally transmitted power politics, a cool fight of economic interests and not an impassioned conflict of faiths.

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Original text: http://us.rd.yahoo.com/dailynews/rss/oped/*http://news.yahoo.com/s/ucgg/20080909/cm_ucgg/russianinvasionsignalsconflictofinterestsnotnewcoldwar

Uncategorized 3:33 pm

Stocks in the recent accounts on Tuesday

From Standard & Poor’s Equity Research

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Lehman Brothers (LEH) shares drop S&P’s Ratings Services places its ratings on LEH and all kindred entities on CreditWatch with negative implications, and now believes LEH incurred a “efficient net loss” in the third quarter. Earlier, Dow Jones reported that South Korea’s Financial Services Commission Chairman Jun Kwang-woo said Tuesday that talks between state-run Korea Development Bank and LEH have ended. He declined to say the kind of conclusions, if any, had been reached, the report said. Separately, Ladenburg says LEH’s failure to get a deal done is hurting domestic animals; it lowers estimates.

Wachovia (WB) falls 2.40 to 16.59 from names David Zwiener as CFO. S&P maintains sell. Separately, Merrill downgrades to underperform.

Washington Mutual (WM) falls after S&P Equity Research slashes target price by $2 to $4 because it expects continued volatility in the shares until new management can improve its capital ratios, and some stability in the housing market is realized. Yesterday WM announced that Alan H. Fishman has been appointed CEO to succeed Kerry Killinger who is leaving WM.

TW Telecom (TWTC) says it is continuing to experience strong sales, yet that pressure on revenue advance is also ongoing due to economic conditions. S&P maintains hold. Citigroup downgrades to hold from pervert with money. Merriman Curhan downgrades to neutral from buy.

Google (GOOG) rise 4.35 to 424.30. Stifel Nicolaus sees anti-trust challenge to Google-Yahoo (YHOO) search deal as likely; it reiterates buy on GOOG.

Avery Dennison (AVY) says unaudited preliminary internal reports for July and August show consolidated trap EPS about $0.15-$0.20 beneath the company’s internal anticipate for those months. Cites further economic weakness in markets what one. AVY serves.

H.B. Fuller (FUL) lowers fiscal year 2008 EPS from continuing operations guidance to $1.55-$1.60 from $1.76-$1.86. Cites rapidly rising raw vital costs. Sees third part quarter EPS of end for end $0.44 on revenue of $362 million. For fourth quarter, it sees EPS of $0.40-$0.45 without ceasing revenue of $380-$390 million. S&P downgrades to sell from hold.

McDonald’s (MCD) posts 4.5% higher August US same-store sales (SSS), 12% higher Europe SSS, 8.5% higher global SSS. Also reports 14% (10% in constant currencies) higher system-wide sales for its worldwide restaurants.

Korn/Ferry International (KFY) posts $0.36, vs. $0.36 a year ago, first furnish EPS as higher operating expenses offset 11% higher total revenue. Sees $0.26-$0.33 second cut to pieces EPS on $185-$200 million fee revenue. Baird maintains outperform.

Hewlett-Packard (HPQ) - Bernstein reportedly upgrades HPQ to outperform from place of traffic perform.

Credit Suisse reportedly downgrades U.S. homebuilders industry to place of traffic weight from overweight. Specifically, it cuts Toll Brothers (TOL), D.R. Horton (DHI), KB Home (KBH), and Pulte (PHM) to neutral from outperform.

Pep Boys-Manny, Moe & Jack (PBY) posts $0.11, vs. $0.07, second quarter EPS from continuing operations despite 7.5% lower same-store sales, 9.4% reduce total sales. Says results reflect disciplined spending control, reduced interest charge as a be derived of remunerative down debt, a $4.1 million gainings from the disposition of estate and improved product skirt rates. These benefits were largely offset by manifest profit pressure associated by reduction in sales.


Original text: http://www.businessweek.com/investor/content/sep2008/pi2008099_240543.htm?campaign_id=rss_null

Uncategorized 5:26 am

Often seen as Euroskeptics, the Czechs pledge to be in favor of a friendlier line in a video promoting the country’s EU presidency

by Lucia Kubosova

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While often viewed as some of the most eurosceptic EU states, the Czechs are giving ground of hope to “sweeten” the EU during their six-month term at the steering apparatus of the bloc in a video promoting the presidency to the national public, unveiled last week.

The video shows a typical moving session in Brussels conferences or ministerial meetings, with Czech celebrities of that kind as world-famous ice hockey player Jaromir Jagr or appearance model Tereza Maxova representing quite bored-looking diplomats gathered around the table and playing with compliment cubes (a Czech ingenuity).

“We direction make it sweet for Europe,” is the concluding line in relation to one cube falls into a cup of coffee under the Czech flag.

Without mentioning anything about the presidency goals or plans, Prague argued that the video—launched beside with an official information campaign sponsored by the Czech government—is mainly dedicated to the local public.

“The first aspect of the information campaign aims to spark participation amidst the Czechs, in some original and sportive way,” the government noted, admitting that various surveys suggest citizens feel they lack information about the upcoming EU presidency.

The Czech Republic is the second “new” EU member explain later Slovenia to chair the bloc, starting from next January.

Originally, its role was expected to be much greater degree of limited, as the Lisbon treaty includes a preparation about a new permanent president of the European Council [representing branch states], elected in the place of two and a half years, with the presidency countries only chairing ministerial sessions.

But becoming to the exclusion of the treaty by Irish voters in June, the Czechs are to be ascribed to moderate all EU meetings proper like prior presidencies—including further debates over the institutional reform passage, that Prague itself has not yet ratified.

Sweeter or harder for Europe?

To make a person of consequence sweet for someone has a double meaning in the Czech language—it can either mean making things nicer or giving someone a hard time.

In connection with the EU, the Czechs are often portrayed as troublemakers. Firstly due to the staunchest and best-known eurosceptic in the Czech presidential stately mansion, Vaclav Klaus, the moulder of the Civic Democrats Party (ODS), the leader in the current ruling coalition.

Mr Klaus himself once warned that his nation would dissolve in the EU probably a cube of flatter in coffee, and later criticised several of the bloc’s projects as the greatest in quantity outspoken and turning lead of state, sometimes receiving criticism in the European Parliament for his comments on issues such as Lisbon treaty.

In an indirect reply to Mr Klaus’ comment, the country’s vice-prime minister for EU affairs Alexander Vondra said for the time of the presidency video presentation: “We are not a cube of sugar—we invented it. But even if we were such a sugar cube, our ambition is to sweeten Europe’s cup of tea,” the CTK agency reported.

Previous opinion surveys have showed the Czechs wait to be much less critical of the EU than their president, but Prague has also acquired its troublemaker image due to some of its diplomatic activities in Brussels.

Czech diplomats and ministers made a loud protest in 2006 when it looked like the Schengen passport-free area was to be further delayed, with Schengen enlargement eventually taking place earlier than intended.

The Czechs have also come to be associated by a burning fight against authoritarian regimes at EU level—pressing for a hard cover with lines against Cuba and Belarus.


Original text: http://rss.businessweek.com/~r/bw_rss/europeindex/~3/386964833/gb2008098_202795.htm

Uncategorized 5:26 am

The all-electric two-seater is designed to shorten its wheelbase for incorporated town driving by one ingenious hydraulic tilting system

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The Peugeot 888 Concept was conceived as the personal vehicle for the to come Metropolis by Oskar Johansen (Norway). The all-electric two seater is designed to shorten its wheelbase for city driving by means of an ingenious hydraulic tilting system. This raises the driver in the cockpit for a better view, increases manouverability in narrow places making the car talented to take a very painful u-turn, and enable the car to fit into smaller parking spaces. The 888 is one of the 23 finalists in the Fifth bi-annual Peugeot Design Competition which is now open with respect to voting via the internet. Previous winners include such remarkable concepts as the Moonster (2001), 4002 (2003), Moovie (2005) and the Flux (2007). The emulation is truly one of the highlights of the Motor Show season every second year because the winning project actually gets built by the team at Peugeot. Check out the full 23 finalists here.

When leaving the city, the 888 flattens out for a more aerodynamic side face, a longer wheelbase, a debase driving position and a lower centre of importance, all designed for advantage stability at high prosper.

The 888 is one of the 23 finalists in the Fifth bi-annual Peugeot Design Competition. The competition is truly one of the highlights of the Motor Show season every second year because the winning project actually gets built by dint of. the team at Peugeot.

The competition has now been narrowed from 2500 projects entered from 95 countries to 23 finalists and Oskar Johansen’s 888 was just one of a number of fantastic projects what one. are things being so up for voting.

Between now and September 16, those who vote in the contend for to choose the decisive ten contestants behest become eligible to win single of 20 XBOX360 consoles. On September 16, the final ten will have existence announced forward without interruption October 2, the winner will have being announced at the Paris Motor Show.

The ensuing period between October 2008 and March 2009 decree see the vehicle actually built and the final vehicle will be presented at the Shanghai Motor Show in April 2009.


Original text: http://rss.businessweek.com/~r/bw_rss/europeindex/~3/386964839/bw2008094_874696.htm