Author: Admin

Wednesday, April 1, 2009

According to the payroll services company ADP, United States private sector employers cut 742,000 jobs in in March. The figures were almost 80,000 more than the average analyst prediction of 663,000 losses. This is the largest monthly payroll decline since January 2001, when the ADP began tracking job activity.

ADP also updated its job loss statistics for February, from 697,000 to 706,000.

“The sharp employment declines among medium- and small-size businesses indicate that the recession continues to spread aggressively beyond manufacturing and housing-related activities to almost every area of the economy,” said Joel Prakken, the chairman of the company that conducts the ADP survey, Macroeconomic Advisors LLC.

“Despite some recent indications that stock prices, consumer spending, and housing activity may be bottoming out, employment, which usually trails overall economic activity, is likely to remain very weak for at least several more months,” he added.

The US Labor Department‘s report for employment statistics for March is due to be out on Friday. Analysts predicted that the department will announce the unemployment rate increased to 8.5% with 660,000 jobs eliminated in March. However, the bad news from ADP has prompted some to think that the current forecasts are too optimistic.

Friday, December 12, 2008

Top broker and Wall Street adviser Bernard L. Madoff, aged 70, was arrested and charged by the FBI on Thursday with a single count of securities fraud, also known as stock fraud and investment fraud. He allegedly told senior employees of his firm on Wednesday that his $50 billion business “is all just one big lie” and that it was “basically, a giant Ponzi scheme (since at least 2005).” Mr. Madoff faces up to 20 years imprisonment and a fine of up to $5 million. FBI agent Theodore Cacioppi said Mr. Madoff’s investment advisory business had “deceived investors by operating a securities business in which he traded and lost investor money, and then paid certain investors purported returns on investment with the principal received from other, different investors, which resulted in investors’ losses of approximately $50 billion dollars.”

The former chairman of the Nasdaq Stock Market is also the founder and primary owner of Bernard L. Madoff Investment Securities LLC, the closely-held market-making firm he launched in 1960. The firm is one of the top market maker firms on Wall Street. He founded his family firm with an initial investment of $5,000, after attending Hofstra University Law School. He saved the money earned from a job lifeguarding at Rockaway Beach in Queens and a part time job installing underground sprinkler systems.

A force in Wall Street trading for nearly 50 years, he has been active in the National Association of Securities Dealers (NASD), a self-regulatory organization for the U.S. securities industry. His firm was one of the five most active firms in the development of the NASDAQ, having been known for “paying for order flow,” in other word paying a broker to execute a customer’s order through Madoff. He argued that the payment to the broker did not alter the price that the customer received. He ran the investment advisory as a secretive business, however.

Dan Horwitz, counsel of Mr. Madoff, in an interview, said that “he is a longstanding leader in the financial-services industry with an unblemished record; he is a person of integrity; he intends to fight to get through this unfortunate event.” Mr. Madoff was released on his own recognizance on the same day of his arrest, after his 2 sons turned him in, and posting $10 million bail secured by his Manhattan apartment. Without entering any plea, the Court set the preliminary hearing for January 12.

Madoff’s hedge fund scheme may rank among the biggest fraud in history. When former energy trading giant Enron filed for bankruptcy in 2001, one of the largest at the time, it had $63.4 billion in assets. The scheme would dwarf past Ponzis, and it would further be nearly five times the telecommunication company WorldCom fraud and bankruptcy proceedings in 2002.

The Securities and Exchange Commission filed a separate civil suit on Thursday against Bernard L. Madoff Investment Securities and its eponymous founder Mr. Madoff. It was docketed as “U.S. v. Madoff,” 08-MAG-02735, by the U.S. District Court for the Southern District of New York (Manhattan). SEC, New York associate director of enforcement, Andrew M. Calamari, asked the judge to issue seizure orders on the firm and its assets, and appoint a receiver. The SEC pleads, among others, that “it was an ongoing $50 billion swindle; our complaint alleges a stunning fraud that appears to be of epic proportions.” It further accused the defendant of “paying returns to certain investors out of the principal received from other, different investors” for years. Madoff’s hedge fund business had previously claimed to have served between 11 and 25 clients and had $17.1 billion in assets under management. But virtually all of the assets were missing.

United States District Court for the Southern District of New York Louis L. Stanton on Thursday appointed Lee Richards, a Manhattan lawyer, as the firm’s receiver. A hearing is set for Friday, for a ruling on the SEC’s petition to grant plenary powers to the receiver over the entire firm, and an absolute asset sequestration.

Doug Kass, president of hedge fund Seabreeze Partners Management said that “this is a major blow to confidence that is already shattered — anyone on the fence will probably try to take their money out.”

Saturday, July 9, 2005

After a press conference in London from the Metropolitan Police and Transport for London, more details are emerging about the attacks in London on Thursday.

Data from the Underground system’s power and control systems have revealed that all three bombs went off within 50 seconds of each other, at 8.50am, with the managing director of Transport for London, Tim O’Toole saying the bombs went “bang bang bang, very close together”.

The first bomb to detonate was on the Liverpool Street train soon after it left for Aldgate on the Circle line, seconds before the others. The blast tripped out the power system, visible in the control room. The first call the police received that morning reported “a bang” at Aldgate East, coming within a minute of the blast.

The Edgware Road train, leaving for Paddington and also on the Circle, exploded opposite a train coming from the other direction, making people think at first that it was a derailment. The first call to the Police spoke not of an explosion, but of a person falling under the wheels of the train. The confirmation of a bomb did not come until 9.17am, but by that time the emergency services were already on scene.

Transport for London’s new TrackerNet software is fully opertational on the Circle line, which allows for precise tracking of trains, but is not yet fully installed on the Piccadilly line. The first indication of the Piccadilly line bomb was when the tunnel telephone system wires were cut by the blast, an event logged by other software. The cutting of the lines then tripped out the track current. The tunnel itself suffered only slight damage and is safe, but the train – which was packed with commuters heading for Russell Square – is very badly damaged.

London Underground declared a ‘code Amber’ within minutes, moving trains to platforms and opening all doors. A ‘code Red’ – full evacuation – was set at around 9.15am. O’Toole described the decision to evacuate as being “very grave, not taken lightly”. When questioned as to whether everything possible had been done on the day to save lives, the managing director of Transport for London was “very proud” of the choices made that morning.

As investigations continue, all bodies have been removed from the sub-surface Circle line trains, but the carriages themselves are still in situ while a painstaking forensic investigation takes place.

Currently, work is on-going to retrieve bodies and forensic evidence from the carriage of the train in the deep tunnel of the Piccadilly line near King’s Cross. Teams of rescue workers looking for human remains are working alongside forensics experts in a “meticulous” search to find evidence.

Conditions are described as being very difficult, with high temperatures and lots of dust. Work was halted over Friday night when conditions became too bad, and resumed this morning. Efforts have been made to improve the ventilation.

Work will continue throughout tonight and possibly into Sunday. The exact number of bodies still in the wrecked carriage is unknown.

Access from King’s Cross is impossible, so workers are taking the longer route from Russell Square station to get to the front of the train.

Police have revealed that the bombs were ‘high explosives’ – not homemade. However they are declining to be specific about their composition as the information could be useful when they interrogate suspects.

Police will not confirm or deny if any parts of a timer have been found, but have said that “any device will now be in a million pieces”. Police believe the use of timers more likely than suicide bombings as the blasts were so closely timed, but are not ruling out anything.

Sunday, April 25, 2010

The World Health Organization (WHO) yesterday began simultaneous immunization campaigns, in 112 countries and territories across its Americas, Eastern Mediterranean, and European regions. The unprecedented vaccination drive will last for a week.

This is the first time the World Health Organization has launched such an event across multiple regions at once. WHO officials say their goal is to expand immunization coverage and raise awareness of the importance of vaccines, and that such cross-border activities can prevent disease and save lives.

WHO spokesman Daniel Epstein says that many countries are working to eliminate measles, adding that says countries in the European region are very concerned that they have stalled in their goal of eliminating measles and rubella this year.

“In European countries, in many of them, immunization coverage is below the 95 percent recommended level. And, there have been ongoing measles outbreaks in some of these countries. Measles cases have also been imported to the US and Canada and the Americas from European countries,” said Epstein.

The agency says an important goal of the immunization campaigns is to reach those who have been excluded up to now. It notes that every year, in the countries of the Eastern Mediterranean Region, 25 percent of deaths among children under age five are attributed to vaccine preventable diseases. 2.1 million children in the Middle East hadn’t received a shot against tetanus, whooping cough, or diphteria in 2009, according to the WHO.

In the Americas, WHO says special regional events are being held in border areas of Nicaragua, between Suriname and French Guiana, and between Haiti and the Dominican Republic. It says many young children, pregnant women, elderly and indigenous peoples live in isolated areas where vaccine coverage is low.

In all three regions, Epstein said the vaccination campaigns will be accompanied by health information campaigns.

“The biggest obstacle to reaching our goals of vaccination are lack of awareness, lack of information and people being ignorant that they should be vaccinated, and thus not having enough vaccinators, money, trucks, bicycles, etc. to get to these remote regions,” he said.

WHO also began a large polio immunization campaign across sixteen countries in central and West Africa on Saturday. It says 78 million children under five will be vaccinated to stop a major outbreak of the disease.

Tuesday, April 3, 2007

In the NFL today, the New Orleans Saints traded a sixth-round draft pick to the Miami Dolphins for kicker Olindo Mare. Mare will compete with John Carney, the Saints 44 year old kicker who has had a hard time hitting field goals over 35 yards. The Saints visited with former Dallas Cowboy and Indianapolis Colts kicker Mike Vanderjagt, but never offered anything. The Saints also used kicker Billy Cundiff last year.

Over the past ten seasons with the Dolphins, Mare amassed 1,048 points, while converting 245 of 303 field goals and 313 of 318 extra points.

Dolphins General Manager Randy Mueller indicated that Miami pursued the trade in hopes of improving future prospects. “Adding another draft pick is another chip that hopefully we can turn into a player for the Dolphins down the road,” said Mueller. “We need to build this team a nucleus of young talent that has kind of been void for the last few years,” he continued.

It had been speculated that Mare might be traded from the Dolphins, since they inked an off-season deal with New York Giants kicker Jay Feely.

Tuesday, January 30, 2007

This Monday Hewlett-Packard is to announce that it is expanding its partnership with SAP. The partnership will be working with NetWeaver around several new services. The company is also expected to mention about its new enterprise solutions that are currently in development.

Hewlett-Packard will offer its clients services for upgrading servers, storage and NetWeaver – SAP’s application builder platform meant for integrating business processes throughout different systems. Among other services that the company is going to provide comprise assessment, governance and some architecture services for R3.

The manager of Worldwide Packaged Applications for Enterprise Applications Services at HP Services Consulting & Integration, Tim Treat, stated that the company first of all looks at servers, storage and management and only afterwards it makes a proposal regarding the things that are to be updated. He mentioned that when Hewlett-Packard will work on upgrading servers and management, it will turn its attention towards Intel.

After performing all the upgrades, the company is going to offer its clientele a variety of services package options that are related to NetWeaver. The services offered by Hewlett-Packard will include: enabling the service, design and implementation, application development and management.

Tim Treat said that adaptive infrastructure is one of the company’s new things that are to come. Recently the company’s clients have put in place enough hardware capacity and infrastructure with the goal of supporting peak or quarter-end processes. However, a big amount of that capacity is unused till peak times. This is why Hewlett-Packard looks forward to bring solutions that are to allow users pay for the things they really use.

Treat also outlined the fact that, besides its new services, the company is to announce business-process consulting together with IDS Scheer – software and consulting company, which is one of the leading providers of Business Process Management and IT solutions.

Monday, October 30, 2006

The BSE Sensex touched another milestone by crossing the historic 13,000 mark. The BSE’s main index reached to 13,039.30 in morning trade, surpassing the previous peak of 12,994.45 set earlier this month on October 17. After 135 trading sessions the new milestone of 13,000 has been achieved. Sensex also gained today all-time closing high of 13,024.26 points.

Reliance Communications Ltd. gained almost 3 percent when it announced it’s better than expected results in the morning. Dr. Reddy’s Laboratories Ltd. gained 4.09 percent at 760 while Bhari Airtel group gained 2.65 percent at 541.25. Infosys gained Rs. 6.55 at Rs. 2,104 per equity share.

People are expecting bullish market and looking for higher benchmarks. Nimesh Kampani, Chairman, JM Morgan Stanley expected the new milestone of 14,000 mark by March, next year.