Thursday, February 28, 2013

Kenya's January tea output up 25 pct, exports rise

NAIROBI (Reuters) - Kenya's tea output rose 25 percent to 45.3 million kg in January compared with the same period in the previous year, mainly due to favourable weather conditions, the tea board said on Thursday.

Tea exports from the east African country, which is the world's leading exporter of black tea, rose to 39.8 million kg compared with 37.9 million kg in January 2011.

During the month, 27.6 million kgs of tea was sold through the auction at the port of Mombasa, a drop from 28.1 million kgs in the same period in the previous year.

The average tea auction prices rose to $3.28 per kg up from $2.91 in the year-ago period.

"Higher prices were due to improved buying interests by most markets in anticipation of lower production in the first quarter due to dry and hot weather conditions," Sicily Kariuki, the managing director at the tea board said in a statement.

"In addition, demand for tea in most markets was generally higher due to winter conditions."

Pakistan was the biggest buyer of Kenyan tea, at 26 percent of total exports. The top five export destinations - Pakistan, Egypt, Britain, Afghanistan and the United Arab Emirates - accounted for 72 percent of Kenya's total export volume.

Source: http://news.yahoo.com/kenyas-january-tea-output-25-pct-exports-rise-090152852--finance.html

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Canadians heading into retirement owing money on ... - Financial Post

There were some enlightening facts about debt in a study released this week that included the headline-making finding that half of?Canadians over 50 believe they will exhaust their retirement savings within 10 years of leaving the workforce.

The study, conducted for the Investor Education Fund, found that?24% of the homeowners surveyed expect to have debt on their principal residence after they retire.?Of those who expect to owe money on their homes when they retire, more than one-quarter?said they don?t know how they will pay it off.

?Retiring with debt puts extra strain on your income,??said Tom Hamza, president of the IEF. ?If you go into retirement with inadequate savings in the first place, you may be on shaky ground.?

It is fairly well established that Canadians aren?t putting aside enough money for retirement, but the details in the study conducted by The Brondesbury Group in January of 2013 are ?unsettling,? Mr. Hamza said.

The IEF is funded by regulators with a mandate to help educate investors. Its website features tools such as a cash flow calculator that estimates how long an investment ?nest egg? will last in retirement.

Source: http://business.financialpost.com/2013/02/26/canadians-heading-into-retirement-owing-money-on-homes/

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Samsung announces Android Wallet app for tickets and coupons, opens API to developers

If your heart bleeds Android, but your eyes occasionally wander in the direction of Apple's Passbook, good news. Samsung has announced "Wallet," a ticketing and coupon app of its own. Unveiled at the firm's Developer Day at Mobile World Congress, Wallet comes ready with an open API to encourage adoption, with some big names already onboard including Hotels.com, Booking.com, Expedia, MLB and Lufthansa. Though this isn't the only Android solution we've heard about, in keeping with the norm, the app will be connected, and location aware. As such, the app will let you know when Wallet-friendly stores and so on are nearby, as well as continually send updates to items already stored in the app, should those booking details change. The app API is still in beta at this time, but word is that Samsung is accepting early sign-ups on its approval.

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Source: The Next Web

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Glam Has Filed For An IPO - Business Insider

Two sources familiar with the matter say that Glam Media, the digital lifestyle-content publisher, has filed confidential documents as part of a new secret IPO process.

Glam got its start offering fashion and gossip content on Glam.com, but has since broadened into food, men's lifestyle, health, and other topics. It's one of the top 10 networks of websites in the U.S., according to ComScore.

This so-called "secret IPO" process, which was created under 2012's Jumpstart Our Business Startups (JOBS) Act, permits companies with less than $1 billion in annual revenues to start private discussions with the Securities and Exchange Commission before announcing to the world that they're going public.

There are other technical requirements for going public this way, but the revenue limit is the most significant one. Facebook, for example, wouldn't have been eligible.

The confidential IPO process is becoming more and more common: A recent Ernst & Young study found that 59 percent of eligible companies are taking the confidential-filing route.

After satisfying SEC regulators with private filings, a company files its paperwork publicly 21 days before conducting a roadshow for investors, after which it can list its shares on a market.

A Glam spokesperson declined to comment, as did several Glam investors we contacted.

Glam Media, founded in 2002, has raised $155 million from Accel Partners, Draper Fisher Jurvetson, Burda Media, and others.

It also picked up other investors when it bought Ning, a maker of private social networks, in 2011, for a reported $150 million. Ning had raised $119 million from Netscape founder Marc Andreessen, LinkedIn chairman Reid Hoffman, Legg Mason, and Allen & Co., among others. (Andreessen is also an investor in Business Insider.)?Andreessen joined Glam's board.

Business Insider?recently estimated?Glam's 2012 revenues at between $120 million and $150 million, primarily from advertising. Glam owns properties like Glam.com and Bliss.com, and also represents independent Web publishers, selling ads on their sites.

Glam CEO Samir Arora previously founded NetObjects, which went public in 1999. Two years later, after the collapse of the dotcom bubble, NetObjects shut down and sold its software assets. Arora joined Glam a year later.

One source speculated that part of the appeal of the confidential IPO process for Arora, a masterful marketer, may be the mystery and novelty attached to it.

Glam has been flirting with an IPO for years. We reported last May that Glam had picked Goldman Sachs to lead an IPO. (A Goldman spokesperson declined to comment.) But with paperwork actually filed with the SEC, according to our sources, this process finally seems to be getting underway.

Workday, an enterprise-software startup, is the most well-known example of a company that went public under the JOBS Act. Trulia, the online real-estate service, also filed confidentially under the JOBS Act. Both are now trading above their IPO price, which suggests the confidential-filing process hasn't hurt them in the public markets.

Indeed, the biggest benefit of the JOBS Act may come after the IPO, not before it. By getting designated as an "emerging growth company," companies can avoid some SEC fees and regulations that larger public companies must face.

Source: http://www.businessinsider.com/glam-has-filed-for-an-ipo-2013-2

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Wednesday, February 27, 2013

Engadget UK Giveaway: win a Sony Xperia Z courtesy of Expansys

Engadget UK Giveaway win a Sony Xperia Z courtesy of Expansys

With Sony's latest flagship making its UK debut this week, what better way to celebrate than giving one away? The kind people at Expansys have donated a device for one lucky reader in the UK, while the handset is still only open to pre-orders. If you've entered one of our giveaways before, you may think you know the drill -- but hold up there sonny, as things have changed. Head past the break, and you'll be greeted with our new super competition entry machine (well, widget). Now you have a choice of methods to let you take part, and you can enter more than once should you so choose. If you preferred the old way, you can still comment to enter, but be sure to tell us via the widget or we'll never know (but we will check that you did comment). Entries are open until 12pm (GMT) / 5pm ET Friday morning, and be sure to read the terms and conditions. Well... what are you waiting for?

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Source: Expansys UK

Source: http://feeds.engadget.com/~r/weblogsinc/engadget/~3/qrsg_hBELno/

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6th Gen Console Game...? - The Pok?Community Forums

So in Stadium and Stadium 2...they made the Pokemon 3d since the handheld game is 2d...also the same for Battle Revolution where they mad the "sprites" 3d! And since the whole Pokemon X and Y game will be in 3d , what do YOU think they'll be doing for the console game? Or will they actually MAKE a console game? Tell me what you think

Source: http://www.pokecommunity.com/showthread.php?t=297425

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Tegra 4 reference tablets use SanDisk iNAND Extreme, mate a fast CPU with fast storage

Tegra 4 reference tablets use SanDisk's iNAND Extreme, match fast chips with fast storage

It's well established that NVIDIA's Tegra 4 is at least reasonably quick. It's only quick when the storage isn't a bottleneck, however, which is why SanDisk has negotiated a repeat partnership as the official storage supplier for reference Tegra 4 tablets. Pop open one of the designs and you'll find either 16GB or 32GB of SanDisk's iNAND Extreme keeping pace with the quad-core processor. The reference deal may be more than just a publicity grab: it raises the chance that companies will use the speedier flash memory in their own Tegra 4 slates. Whether or not SanDisk makes it to shipping devices, the deal could lead to balanced tablet hardware that seldom leaves us waiting.

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Source: SanDisk

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When Apple's Engraving Service Goes Wrong

When Redditor jayhawk503 bought his new iPod, he got more than he bargained for. He claims he didn't want any damn engraving. We're not sure how true that is, but it's funny nonetheless. [Reddit via Geekosystem] More »


Source: http://feeds.gawker.com/~r/gizmodo/full/~3/42QsShzEfqQ/when-apples-engraving-service-goes-wrong

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TripIt Founders Launch Chairish, A Consignment Marketplace To Sell Pre-Owned Home Furniture

Chairish After selling travel itinerary startup TripIt to Concur for $120 million, the startup's co-founders, Gregg Brockway and his team are launching their newest venture?Chairish. Chairish is an online consignment marketplace for people to buy and sell pre-owned home furnishings.

Source: http://feedproxy.google.com/~r/Techcrunch/~3/jJV8OKpfWLg/

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Which 80 Prominent Republicans Just Signed a Legal Brief ...

This story has been updated.

As the gay marriage debate continues to heat up, prominent Republicans ? and some surprising names at that ? are emerging to voice their support for same-sex unions. Following a blistering loss in the 2012 presidential election, discussion about social issues, particularly gay rights, has emerged as a potentially-problematic area for right-of-center politicians. And in an era colored by increasing support for homosexual marriage, the pressure is mounting.

This week, more than 80 ?prominent Republicans, including top advisers to President George W. Bush, four former governors and two members of Congress signed a legal brief that proclaims gay people have the right to marry under the U.S. Constitution. The document will be submitted to the Supreme Court this week, where it is purportedly intended to add to the voices that will be heard during two upcoming gay rights cases, The New York Times reports.

80 Prominent Republicans Sign Legal Brief Proclaiming Gay Marriage Is a Constitutional Right | Supreme Court

Photo Credit: AP?

Next month, the High Court will hear a battle over Proposition 8, California?s controversial law banning same-sex unions. Additionally, a separate case concerning the Defense of Marriage Act will be argued.?The legal brief could have an impact on conservative justices who support traditional marriage, but who are also sympathetic?to gay marriage arguments surrounding equal rights.

Many of the names on the document argue that legalizing same-sex unions advances conservative values by expanding personal freedom and supporting family structures.?The Times has more about some of the?surprising?names who are accepting this view:

Among them are Meg Whitman, who supported Proposition 8 when she ran for California governor; Representatives Ileana Ros-Lehtinen of Florida and Richard Hanna of New York; Stephen J. Hadley, a Bush national security adviser; Carlos Gutierrez, a commerce secretary to Mr. Bush; James B. Comey, a top Bush Justice Department official; David A. Stockman, President Ronald Reagan?s first budget director; and Deborah Pryce, a former member of the House Republican leadership from Ohio who is retired from Congress.

Ms. Pryce said Monday: ?Like a lot of the country, my views have evolved on this from the first day I set foot in Congress. I think it?s just the right thing, and I think it?s on solid legal footing, too.?

Jon M. Huntsman Jr., the former Utah governor, who favored civil unions but opposed same-sex marriage during his 2012 presidential bid, also signed. Last week, Mr. Huntsman announced his new position in?an article?titled ?Marriage Equality Is a Conservative Cause,? a sign that the 2016 Republican presidential candidates could be divided on the issue for the first time.

80 Prominent Republicans Sign Legal Brief Proclaiming Gay Marriage Is a Constitutional Right | Supreme Court

Photo Credit: AP

Here?s a portion of how Huntsman framed his new-found views on the matter:

Today we have an opportunity to do more: conservatives should start to lead again and push their states to join the nine others that allow all their citizens to marry. I?ve been married for 29 years. My marriage has been the greatest joy of my life. There is nothing conservative about denying other Americans the ability to forge that same relationship with the person they love.

All Americans should be treated equally by the law, whether they marry in a church, another religious institution, or a town hall. This does not mean that any religious group would be forced by the state to recognize relationships that run counter to their conscience. Civil equality is compatible with, and indeed promotes, freedom of conscience.

Last week, former First Lady Laura Bush, former Vice President Dick Cheney and former Sec. of State Colin Powell made headlines after past interviews they gave on the subject of gay marriage were used in an ad for??The Respect for Marriage Coalition, a group favoring same-sex nuptials. As of Monday, the Times reports that these individuals were not yet signed onto the brief (you can see more of the names who did sign on board here).

Interestingly, in making the argument that gay marriage should be legal and that Proposition 8 deserves to be overturned, past Supreme Court cases that are near and dear to conservatives? hearts are cited. The Times claims that the document notes the Citizens United case, which focused upon campaign finance restrictions, and a Second Amendment case in which the Washington D.C. handgun ban was overturned.

80 Prominent Republicans Sign Legal Brief Proclaiming Gay Marriage Is a Constitutional Right | Supreme Court

Photo Credit: AP

This brief brings the stark divide within the Republican Party over gay marriage out into the open. With House of Representatives leadership?continuing?the tout the 1996 Defense of Marriage Act, which defines marriage as existing only between one man and one woman, it?s evident that the split is only growing.

With the American public increasingly?becoming?supportive of gay marriage, questions over how this dynamic will impact the Republican Party?s future are ongoing. Recent trends are certainly showcasing increased support for same-sex unions ? and even homosexuality more generally.

LifeWay Research?conducted a survey back in November?? the results of which were released last month. The organization asked respondents, ?Do you believe homosexual behavior is a sin???Forty-five percent of the American public said that it is not, with 37 percent answering affirmatively, and an additional 17 percent?saying?that it did not know which side to select.

For better or for worse (and that depends on whom you?re talking to), it?s clear that the tides are turning.

UPDATE: The current list of Republicans, as presented by the American Foundation for Equal Rights, is below:

  • Ken Mehlman,?Chairman, Republican National Committee, 2005-2007
  • Tim Adams,?Undersecretary of the Treasury for International Affairs, 2005-2007
  • David D. Aufhauser,?General Counsel, Department of Treasury, 2001-2003
  • Cliff S. Asness,?Businessman, Philanthropist, and Author
  • John B. Bellinger III,?Legal Adviser to the Department of State, 2005-2009
  • Katie Biber,?General Counsel, Romney for President, 2007-2008 and 2011-2012
  • Mary Bono Mack, Member of Congress, 1998-2013
  • William A. Burck, Deputy Staff Secretary, Special Counsel and Deputy Counsel to the President, 2005-2009
  • Alex Castellanos, Republican Media Advisor
  • Paul Cellucci,?Governor of Massachusetts, 1997-2001, and Ambassador to Canada, 2001-2005
  • Mary Cheney, Director of Vice Presidential Operations, Bush-Cheney 2004
  • Jim Cicconi, Assistant to the President & Deputy to the Chief of Staff, 1989-1990
  • James B. Comey, United States Deputy Attorney General, 2003-2005
  • R. Clarke Cooper,?U.S. Alternative Representative, United Nations Security Council, 2007-2009
  • Julie Cram,?Deputy Assistant to the President and Director White House Office of Public Liaison, 2007-2009
  • Michele Davis,?Assistant Secretary for Public Affairs and Director of Policy Planning, Department of the Treasury, 2006-2009
  • Kenneth M. Duberstein,?White House Chief of Staff and Assistant to the President, 1981-1984 and 1987-1989
  • Lew Eisenberg,?Finance Chairman, Republican National Committee, 2002-2004
  • Elizabeth Noyer Feld,?Public Affairs Specialist, White House Office of Management and Budget, 1984-1987
  • David Frum,?Special Assistant to the President, 2001-2002
  • Richard Galen,?Communications Director, Speaker?s Political Office, 1996-1997
  • Mark Gerson,?Chairman, Gerson Lehrman Group and Author of?The Neoconservative Vision: From the Cold War to the Culture Wars?and?In the Classroom: Dispatches from an Inner-City School that Works
  • Benjamin Ginsberg,?General Counsel, Bush-Cheney 2000 & 2004
  • Adrian Gray,?Director of Strategy, Republican National Committee, 2005-2007
  • Richard Grenell,?Spokesman, U.S. Ambassadors to the United Nations, 2001-2008
  • Patrick Guerriero,?Mayor, Melrose Massachusetts and member of Massachusetts House of Representatives, 1993-2001
  • Carlos Gutierrez,?Secretary of Commerce, 2005-2009
  • Stephen Hadley,?Assistant to the President and National Security Advisor, 2005-2009
  • Richard Hanna,?Member of Congress, 2011-Present
  • Israel Hernandez,?Assistant Secretary of Commerce for International Trade, 2005-2009
  • Margaret Hoover,?Advisor to the Deputy Secretary of Homeland Security, 2005-2006
  • Michael Huffington,?Member of Congress, 1993-1995
  • Jon Huntsman,?Governor of Utah, 2005-2009
  • David A. Javdan,?General Counsel, United States Small Business Administration, 2002-2006
  • Reuben Jeffery,?Undersecretary of State for Economic, Energy, and Agricultural Affairs, 2007-2009
  • Greg Jenkins,?Deputy Assistant to the President and Director of Presidential Advance, 2003-2004
  • Coddy Johnson,?National Field Director, Bush-Cheney 2004
  • Gary Johnson,?Governor of New Mexico, 1995-2003
  • Robert Kabel,?Special Assistant to the President for Legislative Affairs, 1982-1985
  • Theodore W. Kassinger,?Deputy Secretary of Commerce, 2004-2005
  • Jonathan Kislak,?Deputy Undersecretary of Agriculture for Small Community and Rural Development, 1989-1991
  • David Kochel,?Senior Advisor to Mitt Romney?s Iowa Campaign, 2007-2008 and 2011-2012
  • James Kolbe,?Member of Congress, 1985-2007
  • Jeffrey Kupfer,?Acting Deputy Secretary of Energy, 2008-2009
  • Kathryn Lehman,?Chief of Staff, House Republican Conference, 2003-2005
  • Daniel Loeb,?Businessman and Philanthropist
  • Alex Lundry,?Director of Data Science, Romney for President, 2012
  • Greg Mankiw,?Chairman, Council of Economic Advisers, 2003-2005
  • Catherine Martin,?Deputy Assistant to the President and Deputy Communications Director for Policy & Planning, 2005-2007
  • Kevin Martin,?Chairman, Federal Communications Commission, 2005-2009
  • David McCormick,?Undersecretary of the Treasury for International Affairs, 2007-2009
  • Mark McKinnon,?Republican Media Advisor
  • Bruce P. Mehlman,?Assistant Secretary of Commerce, 2001-2003
  • Connie Morella,?Member of Congress, 1987-2003 and U.S. Ambassador to the Organization for Economic Co-operation and Development, 2003-2007
  • Michael E. Murphy,?Republican Political Consultant
  • Michael Napolitano,?White House Office of Political Affairs, 2001-2003
  • Ana Navarro,?National Hispanic Co-Chair for Senator John McCain?s Presidential Campaign, 2008
  • Noam Neusner,?Special Assistant to the President for Economic Speechwriting, 2002-2005
  • Nancy Pfotenhauer,?Economist, Presidential Transition Team, 1988 and President?s Council on Competitiveness, 1990
  • J. Stanley Pottinger,?Assistant U.S. Attorney General (Civil Rights Division), 1973-1977
  • Michael Powell,?Chairman, Federal Communications Commission, 2001-2005
  • Deborah Pryce,?Member of Congress, 1993-2009
  • John Reagan,?New Hampshire State Senator, 2012-Present
  • Kelley Robertson,?Chief of Staff, Republican National Committee, 2005-2007
  • Ileana Ros-Lehtinen,?Member of Congress, 1989-Present
  • Harvey S. Rosen,?Member and Chairman, Council of Economic Advisers, 2003-2005
  • Lee Rudofsky,?Deputy General Counsel, Romney for President, 2012
  • Patrick Ruffini,?eCampaign Director, Republican National Committee, 2005-2007
  • Steve Schmidt,?Deputy Assistant to the President and Counselor to the Vice President, 2004-2006
  • Ken Spain,?Communications Director, National Republican Congressional Committee, 2009-2010
  • Robert Steel,?Undersecretary of the Treasury for Domestic Finance, 2006-2008
  • David Stockman,?Director, Office of Management and Budget, 1981-1985
  • Jane Swift,?Governor of Massachusetts, 2001-2003
  • Michael E. Toner, Chairman and Commissioner, Federal Election Commission, 2002-2007
  • Michael Turk,?eCampaign Director for Bush-Cheney 2004
  • Mark Wallace,?U.S. Ambassador to the United Nations, Representative for UN Management and Reform, 2006-2008
  • Nicolle Wallace,?Assistant to the President and White House Communications Director, 2005-2008
  • William F. Weld,?Governor of Massachusetts, 1991-1997, and Assistant U.S. Attorney General (Criminal Division), 1986-1988
  • Christine Todd Whitman,?Governor of New Jersey, 1994-2001, and Administrator of the EPA, 2001-2003
  • Meg Whitman,?Republican Nominee for Governor of California, 2010
  • Robert Wickers,?Republican Political Consultant
  • Dan Zwonitzer,?Wyoming State Representative, 2005-present

(H/T: New York Times)

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Related:

Source: http://www.theblaze.com/stories/2013/02/26/which-75-prominent-republicans-just-signed-a-legal-brief-proclaiming-gay-marriage-is-a-constitutional-right/

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Tuesday, February 26, 2013

Ad-free Social Platform App.net Goes Freemium With Free, Invite-Only Plan

app net logoApp.net, the project that emerged from founder Dalton Caldwell's desire to build a social platform that wasn't driven by advertising, is adding its first free option today. Given Caldwell's emphasis on creating a product that people are actually willing to pay for, this might seem like a step backwards, or one of those infamous startup "pivots." However, Caldwell told me that this actually isn't a change of plans, and to back that up he pointed to his initial blog post announcing the project back in July. The post didn't explicitly say that that there are going to be both paid and free tiers, but the two positive examples of non-advertising companies that Caldwell cited are Dropbox and particularly Github, which both offer free services and then charge for additional features.

Source: http://feedproxy.google.com/~r/Techcrunch/~3/Hj9BQ14NdDY/

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Fragments of continents hidden under lava in Indian Ocean: New micro-continent detected under Reunion and Mauritius

Feb. 22, 2013 ? The islands Reunion and Mauritius, both well-known tourist destinations, are hiding a micro-continent, which has now been discovered. The continent fragment known as Mauritia detached about 60 million years ago while Madagascar and India drifted apart, and had been hidden under huge masses of lava.

Such micro-continents in the oceans seem to occur more frequently than previously thought, says a study in the latest issue of Nature Geoscience.

The break-up of continents is often associated with mantle plumes: These giant bubbles of hot rock rise from the deep mantle and soften the tectonic plates from below, until the plates break apart at the hotspots. This is how Eastern Gondwana broke apart about 170 million years ago. At first, one part was separated, which in turn fragmented into Madagascar, India, Australia and Antarctica, which then migrated to their present position.

Plumes currently situated underneath the islands Marion and Reunion appear to have played a role in the emergence of the Indian Ocean. If the zone of the rupture lies at the edge of a land mass (in this case Madagascar / India), fragments of this land mass may be separated off. The Seychelles are a well-known example of such a continental fragment.

A group of geoscientists from Norway, South Africa, Britain and Germany have now published a study that suggests, based on the study of lava sand grains from the beach of Mauritius, the existence of further fragments. The sand grains contain semi-precious zircons aged between 660 and 1970 million years, which is explained by the fact that the zircons were carried by the lava as it pushed through subjacent continental crust of this age.

This dating method was supplemented by a recalculation of plate tectonics, which explains exactly how and where the fragments ended up in the Indian Ocean. Dr. Bernhard Steinberger of the GFZ German Research Centre for Geosciences and Dr. Pavel Doubrovine of Oslo University calculated the hotspot trail: "On the one hand, it shows the position of the plates relative to the two hotspots at the time of the rupture, which points towards a causal relation," says Steinberger. "On the other hand, we were able to show that the continent fragments continued to wander almost exactly over the Reunion plume, which explains how they were covered by volcanic rock." So what was previously interpreted only as the trail of the Reunion hotspot, are continental fragments which were previously not recognized as such because they were covered by the volcanic rocks of the Reunion plume. It therefore appears that such micro-continents in the ocean occur more frequently than previously thought.

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The above story is reprinted from materials provided by Helmholtz Centre Potsdam - GFZ German Research Centre for Geosciences.

Note: Materials may be edited for content and length. For further information, please contact the source cited above.


Journal Reference:

  1. Trond H. Torsvik, Hans Amundsen, Ebbe H. Hartz, Fernando Corfu, Nick Kusznir, Carmen Gaina, Pavel V. Doubrovine, Bernhard Steinberger, Lewis D. Ashwal, Bj?rn Jamtveit. A Precambrian microcontinent in the Indian Ocean. Nature Geoscience, 2013; DOI: 10.1038/NGEO1736

Note: If no author is given, the source is cited instead.

Disclaimer: Views expressed in this article do not necessarily reflect those of ScienceDaily or its staff.

Source: http://feeds.sciencedaily.com/~r/sciencedaily/top_news/top_science/~3/OaIWm9jLxY4/130224142725.htm

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Shak and Jill ? You CAN Buy After Bankruptcy

Bankruptcy laws were put in place to help rescue people from financial prison, specifically if they find themselves in trouble through no fault of their own. ?It could be due to medical bills, unexpected job loss, a layoff. ?When you live paycheck to paycheck ? or even if you have any kind of medical emergency ? bankruptcy can happen.

However just because you have declared bankruptcy, it doesn?t mean you?ll be ineligible to buy a home for the rest of your life. ?After a couple of years, you can again qualify. ?From?Tamara Schuster, a broker from Illinois,

FHA is available 2 years after Chapter 7 discharge ?( Bankruptcy) EXCEPT that if there is a foreclosure, the rule is 3 years after the foreclosure is complete ? meaning generally 3 years from the date of transfer of the deed to the next owner (could be a buyer or the bank if they hold the property).? So people with a foreclosure face a longer wait even if their credit has been reestablished.

If you are looking for a home, be completely truthful with your lender so they can tell you definitely whether you are qualified now or if you need to wait a few more months or another year.

Source: http://shakandjill.com/2013/02/you-can-buy-after-bankruptcy.html

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Self Help Guidance TN Requin 2013 Which Will Help Make Positive ...

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Syria says it's prepared to talk with armed rebels

BEIRUT (AP) ? Syria said Monday it is prepared to hold talks with the armed rebels bent on overthrowing President Bashar Assad, the clearest signal yet that the regime is growing increasingly nervous about its long-term prospects to hold onto power as opposition fighters make slow but persistent headway in the civil war.

The offer, by Syrian Foreign Minister Walid al-Moallem during a visit to Moscow, came hours before residents of Damascus and state-run TV reported a huge explosion and a series of smaller blasts in the capital, followed by heavy gunfire.

State-run news agency SANA said there were multiple casualties from the explosion, which it said was a suicide car bombing.

The proposal marked the first time that a high-ranking regime official has stated publicly that Damascus would be willing to meet with the armed opposition. But al-Moallem did not spell out whether rebels would first have to lay down their weapons before negotiations could begin ? a crucial sticking point in the past.

The regime's proposal is unlikely to lead to talks. The rebels battling the Syrian military have vowed to stop at nothing less than Assad's downfall and are unlikely to agree to sit down with a leader they accuse of mass atrocities.

But the timing of the proposal suggests the regime is warming to the idea of a settlement as it struggles to hold territory and claw back ground it has lost to the rebels in the nearly 2-year-old conflict.

Opposition fighters have scored several tactical victories in recent weeks, capturing the nation's largest hydroelectric dam and overtaking airbases in the northeast. In Damascus, they have advanced from their strongholds in the suburbs into neighborhoods in the northeast and southern rim of the capital, while peppering the center of the city with mortar rounds for days.

Monday night's explosion struck about 800 yards (meters) from Abbasid Square, a landmark plaza in central Damascus. It was followed by several other smaller blast thought to be mortar shells landing in various districts of the capital. The blasts and subsequent gunfire caused panic among residents who hid in their apartments.

On Thursday, a car bomb near the ruling Baath Party headquarters in Damascus killed at least 53 people, according to state media.

While the momentum appears to be shifting in the rebels' direction, the regime's grip on Damascus remains firm, and Assad's fall is far from imminent.

Still, Monday's offer to negotiate with the armed opposition ? those whom Assad referred to only in January as "murderous criminals" and refused to talk with ? reflects the regime's realization that in the long run, its chances of keeping its grip on power are slim.

Asked about al-Moallem's remarks, U.S. State Department spokesman Patrick Ventrell said the offer of talks was a positive step "in the context of them raining Scuds down on their own civilians." But he expressed caution about the seriousness of the offer.

"I don't know their motivations, other than to say they continue to rain down horrific attacks on their own people," Ventrell told reporters in Washington. "So that speaks pretty loudly and clearly."

If the Assad regime is serious, he said, it should inform the U.N. peace envoy, Lakhdar Brahimi of its readiness for talks. Ventrell said the regime hasn't done that yet.

Andrew Tabler, a fellow at the Washington Institute, said called the offer "a sign of weakness."

"I think everybody knows, including Bashar Assad, that they (the regime) can't hang onto the whole country," Tabler said.

Mustafa Alani, an analyst with the Gulf Research Center in Geneva, said the regime has "reached the conclusion that they are heading toward a major defeat eventually, and this is the right time to negotiate."

"They are not losing miles every day, but they are losing substantial ground every day. So the regime is not genuine (in its offer) because it has changed, it's genuine because it is responding to a major shift in the balance of power on the ground," he added.

Alani cautioned, however, that the regime is also eager to keep the idea of talks alive in order to forestall any Western decision on arming the rebels. As long as the possibility of negotiations is still on the table, the U.S. and the European Union ? which have so far provided only non-lethal aid ? will be reluctant to open the flood gates on weapons for the opposition, he said.

"The whole regime tactic is to delay supplying arms, to buy time," Alani said. "The regime can show good will. Whether they're a viable partner or not is a different story."

It's also unclear who exactly the regime would sit across from at the negotiating table.

The dozens of armed groups across Syria fall under no unified command and do not answer to the Syrian National Council, an umbrella group of opposition parties that the West recognizes as the legitimate representative of the Syrian people.

At least one group offered a lukewarm response Monday to al-Moallem's proposal.

The head of one group, Free Syrian Army chief Gen. Salim Idriss, said he is "ready to take part in dialogue within specific frameworks," but then rattled off conditions that the regime has rejected in the past.

"There needs to be a clear decision on the resignation of the head of the criminal gang, Bashar Assad, and for those who participated in the killing of the Syrian people to be put on trial," Idriss told pan-Arab broadcaster Al-Arabiya TV.

He said the government must agree to stop all kinds of violence and to hand over power, saying that "as rebels, this is our bottom line."

Syria's 23-month-old conflict, which has killed more than 70,000 people and destroyed many of the country's cities, has repeatedly confounded international efforts to bring the parties together to end the bloodshed. Russia, a close ally of Assad and his regime's chief international advocate, offered Feb. 20, in concert with the Arab League, to broker talks between the rebels and the government.

With the proposal, which the Kremlin would be unlikely to float publicly without first securing Damascus' word that it would indeed take part, Moscow ratcheted up the pressure on Syria to talk to the opposition.

Russia has shielded Assad's government from U.N. action and kept shipping weapons to the military, but it is growing increasingly difficult to protect the regime as the violence grinds on.

Russian Foreign Minister Sergey Lavrov repeated his call Monday for Syria to negotiate with the opposition, saying before meeting al-Moallem that "the situation in Syria is at a crossroads now." He also warned that further fighting could lead to "the breakup of the Syrian state."

Past government offers for talks with the opposition have included a host of conditions, such as demanding that the rebels first lay down their arms. Those proposals have been swiftly rejected by both activists outside Syria and rebels on the ground.

Both sides in the conflict in recent weeks have floated offers and counteroffers to hold talks on the crisis.

In a speech in January, Assad offered to lead a national dialogue to end the bloodshed, but said he would not talk with the armed opposition and vowed to keep fighting. The opposition rejected the proposal.

This month, the leader of the Syrian National Coalition, the umbrella group for opposition parties, said he would be open to discussions with the regime that could pave the way for Assad's departure, but that the government must first release tens of thousands of detainees. The government refused, and even members within the coalition balked at the idea of talks.

Speaking to reporters Monday in Cairo, SNC chief Mouaz al-Khatib accused the regime of procrastinating and said it had derailed his dialogue offer by not responding to the coalition's conditions.

"We are always open to initiatives that stop the killing and destruction, but the regime rejected the simplest of humanitarian conditions. We have asked that the regime start by releasing women prisoners and there was no response," he said. "This regime must understand that the Syrian people do not want it anymore."

The coalition also finds itself at odds with its Western backers, and has said it will boycott a conference in Rome that is to help drum up financial and political support for the opposition. The SNC suspended its participation in the Rome meeting because of the indifference of the West and the coalition's Arab allies over the regime's attacks on the Syrian people in Aleppo and other cities.

Walid al-Bunni, a spokesman for the Coalition, said later Monday that the group has reversed its decision following a phone call between al-Khatib and U.S. Secretary of State John Kerry.

Al-Bunni told Al-Arabiya TV the decision was made based on guarantees al-Khatib heard from western diplomats that the conference would be different this time. He did not elaborate.

Kerry on Monday urged rebel leaders not to skip the meeting and insisted that more help is on the way.

Kerry made a public plea at a joint news conference with British Foreign Secretary William Hague and also called al-Khatib, leader of the Syrian Opposition Council, "to encourage him to come to Rome," a senior U.S. official said. The official spoke on condition of anonymity because he wasn't authorized to speak publicly on the matter.

Meanwhile, the fighting inside Syria rages on.

The Syrian Observatory for Human Rights activist group reported heavy clashes Monday near a police academy in Khan al-Asal just outside Aleppo.

Rebels backed by captured tanks launched an offensive on the facility Sunday. Observatory director Rami Abdul-Rahman said at least 13 rebels and five regime troops were killed.

In another part of Aleppo, rebels downed a military helicopter near the Mennegh airport, where there have been fierce clashes for months.

A video posted online by activists showed a missile being fired, a trail of white smoke and the aircraft going up in flames. Voices in the background shouted, "God is great!" as a man raised both hands in celebration.

The video appeared to be authentic and corresponded to other AP reporting.

___

Associated Press writers Nataliya Vasilyeva in Moscow, Albert Aji in Damascus, Zeina Karam in Beirut, Matthew Lee in London, Bradley Klapper in Washington and Geir Moulson in Berlin contributed to this report.

Source: http://news.yahoo.com/syria-says-prepared-talk-armed-rebels-195253563.html

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Acer Liquid E1 and Liquid Z2 smartphones hands-on

Last week, Acer got out in front of the Mobile World Congress madness by reintroducing its Liquid E1 smartphone and announcing the new Liquid Z2. Well, we're on the ground here in Barcelona and we just got to see them both in person. A quick recap for those who missed Acer's first Androids of 2013: the mid-range E1 runs Jelly Bean on a 4.5-inch 960 x 540 IPS display, has a dual-core 1GHz processor, a 5-megapixel camera and a 1,760mAh battery. The entry-level Z2 also runs Android 4.1, but has a 3.5-inch 480 x 320 screen, single-core 1GHz CPU, a 3-megapixel shooter and a 1,300 mAh cell. Both phones come in either black or white and can be had in single- or dual-SIM configurations. Peruse our galleries of photos below, won't you? Then join us after the break for a video and our full impressions.

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Source: http://www.engadget.com/2013/02/24/acer-liquid-e1-and-z2-hands-on/

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Monday, February 25, 2013

MasterCard aims at mobile payment market with launch of "digital wallet"

LONDON (Reuters) - Mastercard unveiled its bid to dominate the mobile payments market on Monday with a 'virtual wallet' allowing customers to keep personal payment details in their phone and avoid checkouts by scanning bar codes in-store to pay.

Financial services companies like the U.S. credit-card company as well as technology names Google and eBay Inc's PayPal are looking for ways to capitalize on the prevalence of consumers' sophisticated phones by providing programs that house credit and debit cards, coupons and store loyalty program details virtually.

Mastercard said its MasterPass service, effectively an app, would let customers pay for their goods without approaching a cashier by instead scanning a bar code and creating a digital receipt on their phone or tablet that can be shown as they exit the store.

It can also be used for easier online payments, allowing customers a "one click" way to pay without the hassle of having to input their credit or debit card details each time.

It comes almost a year after MasterCard's first foray into the mobile payments market with PayPass, which let customers pay at store tills by simply tapping their cards against a sensor.

The U.S.-based credit card company said the MasterPass system would be rolled out in Australia and Canada by the end of March. The United States will follow later in the spring, ahead of the UK in the summer.

Participating retailers include Argos , Boots and American Airlines, while banks which have signed up include Spain's BBVA and Santander , Citigroup in the United States, Italy's Intesa Sanpaolo and Sweden's Swedbank .

Ed McLaughlin, chief emerging payments officer at MasterCard, said banks would pay to use the technology, but would not give any detail on what the charges would be. Banks will also be able to use a "private label" version that can wrap their own cards into the MasterPass virtual wallets.

McLaughlin would not give details on MasterCard's usage targets for MasterPass, but said it was his company's "big play" for the next generation of payments technology.

Last month MasterCard posted fourth-quarter results that topped Wall Street estimates as more people chose card payments over cash, but it warned that global economic woes could slow revenue growth in 2013.

Both it and larger rival Visa Inc are working to spread card payments in parts of the world dominated by cash transactions. Mastercard is now focusing on tie-ups with banks in Africa and Brazil, where mobile and card payments are on the rise. It has also linked up with TIM, the second-largest mobile network operator in Brazil, to launch a mobile money program for its subscribers.

But MasterCard has its work cut. While the area of mobile payments is widely seen as the next big money-spinner, companies are so far struggling to make money from them. There is also a raft of different products coming to market.

Visa Inc will soon be rolling out its own digital wallet service, V.me [ID:nL4N0B67P8] while last week PayPal launched a new European version of its mobile payments service that merchants can run on Apple Inc iPhones and Android-based smartphones.

Meanwhile tech start-up Square, headed by Twitter co-founder Jack Dorset, has attracted thousands of small merchants in recent years by offering a free card reader that attaches to smartphones and handles payments for a flat fee.

(Reporting By Laura Noonan; Editing by Sophie Walker)

Source: http://news.yahoo.com/mastercard-aims-mobile-payment-market-launch-digital-wallet-142944977--sector.html

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US caught in awkward embrace of Myanmar 'crony'

Myanmar's main business association, the Union of Myanmar Federation of Chamber of Commerce and Industry President Win Aung, right, smiles with U.S. Assistant Secretary of State for Economic and Business Affairs Jose Fernandez during a conference titled "U.S.-Myanmar Economic Relations: The Path Forward" at the UMFCCI office in Yangon, Myanmar, Monday, Feb. 25, 2013. Flanked by small national flags, Win Aung and Fernandez shook hands in Yangon Monday and agreed to deepen business ties between their two countries. (AP Photo/Khin Maung Win)

Myanmar's main business association, the Union of Myanmar Federation of Chamber of Commerce and Industry President Win Aung, right, smiles with U.S. Assistant Secretary of State for Economic and Business Affairs Jose Fernandez during a conference titled "U.S.-Myanmar Economic Relations: The Path Forward" at the UMFCCI office in Yangon, Myanmar, Monday, Feb. 25, 2013. Flanked by small national flags, Win Aung and Fernandez shook hands in Yangon Monday and agreed to deepen business ties between their two countries. (AP Photo/Khin Maung Win)

U.S. Assistant Secretary of State for Economic and Business Affairs Jose Fernandez speaks during the conference titled "U.S.-Myanmar Economic Relations: The Path Forward" at the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI) office Monday, Feb. 25, 2013, in Yangon, Myanmar. Flanked by small national flags, Win Aung, the president of the UMFCCI, Myanmar's main business association, and Fernandez shook hands in Yangon Monday and agreed to deepen business ties between their two countries. (AP Photo/Khin Maung Win)

National flags of Myanmar, right, and the United States decorate the entrance with a banner marking the conference titled "U.S.-Myanmar Economic Relations: The Path Forward" at the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI) office Monday, Feb. 25, 2013, in Yangon, Myanmar. Flanked by small national flags, Win Aung, the president of the UMFCCI, Myanmar's main business association, and U.S. Assistant Secretary of State Jose Fernandez shook hands in Yangon Monday and agreed to deepen business ties between their two countries. (AP Photo/Khin Maung Win)

YANGON, Myanmar (AP) ? The image was meant to convey growing friendship between the United States and Myanmar, currently the world's hottest frontier market. Flanked by small national flags, Win Aung, the president of Myanmar's main business association, and U.S. Assistant Secretary of State Jose Fernandez shook hands in Yangon on Monday and agreed to deepen business ties between their countries.

The awkward part? The United States still dubs Win Aung a "crony" who allegedly used his close ties to Myanmar's old military rulers to build one of the country's biggest business conglomerates. He remains on a blacklist of entities U.S. citizens and companies are banned from doing business with.

The handshake illustrates the complex and sometimes contradictory path the U.S. is forging as it tries to encourage new business ties with Myanmar while retaining moral sway over powerful economic, political and military interests it has long censured. Many praise the ethical stance taken by U.S. policymakers and hope that the entry of U.S. companies will help forge a more transparent, less corrupt corporate culture. But some question the effectiveness of Washington's chosen tools and the impact they have on the ability of U.S. investors to compete in what has quickly become a hot market.

Unlike the European Union and Australia, which lifted their travel and financial sanctions against Myanmar, the United States has taken what U.S. officials call a "calibrated" approach to retain leverage in case Myanmar's political and economic reforms get derailed. While Washington has suspended most restrictions, the U.S. still maintains its list of targeted sanctions, bans some people from traveling to the U.S. and blocks imports of specific products, such as jade and rubies, for which trade has been dominated by state and military interests.

Fernandez was in Myanmar as part of a U.S. business delegation, the first since President Barack Obama's historic November visit. The delegation was organized by the U.S. Chamber of Commerce and hosted by Win Aung's group, the Union of Myanmar Federation of Chambers of Commerce & Industry. Over 50 representatives of U.S. companies including Chevron, General Motors, Target Corp., ConocoPhillips, Caterpillar, General Electric International, Honeywell and eBay are scheduled to spend the week meeting with leading businesspeople and government officials in Myanmar.

Fernandez, in an interview, declined to comment on Win Aung's inclusion in the list of so-called "Specially Designated Nationals." The list forms the backbone of U.S. sanctions against Myanmar now that general restrictions on investment, imports and financial services have been suspended in response to the sweeping economic and political reforms instated since Myanmar's president, Thein Sein, took office in March 2011.

Fernandez conceded that "maybe some adjustments need to be made" to the list, but praised it as an important foreign policy tool for encouraging responsible investment.

"The value of the list is we continue to have concerns about human rights abuses, as well as continued political prisoners, continued military ties to North Korea and corruption. That list is a valuable tool for addressing those concerns," he said.

Win Aung, who also heads the Dagon Group of Companies, with interests in timber, rubber, energy and construction, urged the United States to remove all its sanctions against Myanmar, also known as Burma.

"We request your government to support us with a total lifting of sanctions for the benefit of the majority of our people," Win Aung said.

U.S. companies have welcomed the easing of sanctions, but many say the fact that sanctions have been suspended, rather than eliminated, discourages long-term investment and that the welter of remaining regulations is a drain on time and resources.

"You can't do a lot of direct investment if there's the specter of it being taken away tomorrow," said Darren Brooks, senior corporate counsel for Caterpillar Asia. "It's a little bit of a minefield. We're trying to tiptoe around it and do things correctly."

The latest sign of the ambivalence of U.S. foreign policy came Friday, when the government responded to pressure from U.S. business groups by allowing U.S. companies to transact with four Myanmar banks that are still on the U.S. sanction list. Two of the banks, Myanma Economic Bank and Myanma Investment and Commercial Bank, are state owned. Asia Green Development Bank and Ayeyarwady Bank are privately owned.

Asia Green Development Bank is owned by Tay Za, who was described by the U.S. Treasury in 2008 as an arms dealer and financial henchman of the former military regime. Ayeyarwady Bank is owned by Zaw Zaw, who was described as "one of Burma's up-and-coming cronies" in a June 2009 leaked diplomatic cable from the U.S. Embassy in Yangon. He has not been publicly linked to arms or drug dealing.

"American corporations are very late in every business sector," said businessman Aung Aung, whose oil and gas and hotel companies have alliances with Korean, Indian and Russian partners. "Asian countries, like India and especially China, have already dominated the market. It's difficult for American companies to compete."

The U.S. ranked 13th in foreign investment in Myanmar as of Jan. 31, according to Myanmar's Directorate of Investment and Company Administration. The U.S. accounted for just 0.6 percent of approvals by dollar volume ? less than the Netherlands, France and Vietnam. China ranked number one with a 33.9 percent share of foreign investment approvals, followed by Thailand.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/cae69a7523db45408eeb2b3a98c0c9c5/Article_2013-02-25-Myanmar-US-Business/id-8bbbc77a336644b292effb92be248e84

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Microsoft's computers hacked | Technology | AMEinfo.com

Posted by staff reporter
Monday, February 25 - 2013 at 04:51 UAE local time (GMT+4)

Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of AME Info FZ LLC / 4C.

The information comprised in this section is not, nor is it held out to be, a solicitation of any person to take any form of investment decision. The content of the AMEinfo.com Web site does not constitute advice or a recommendation by AME Info FZ LLC / 4C and should not be relied upon in making (or refraining from making) any decision relating to investments or any other matter. You should consult your own independent financial adviser and obtain professional advice before exercising any investment decisions or choices based on information featured in this AMEinfo.com Web site.

AME Info FZ LLC / 4C can not be held liable or responsible in any way for any opinions, suggestions, recommendations or comments made by any of the contributors to the various columns on the AMEinfo.com Web site nor do opinions of contributors necessarily reflect those of AME Info FZ LLC / 4C.

In no event shall AME Info FZ LLC / 4C be liable for any damages whatsoever, including, without limitation, direct, special, indirect, consequential, or incidental damages, or damages for lost profits, loss of revenue, or loss of use, arising out of or related to the AMEinfo.com Web site or the information contained in it, whether such damages arise in contract, negligence, tort, under statute, in equity, at law or otherwise.

Source: http://www.ameinfo.com/microsofts-computers-hacked-330974

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Alcatel One Touch Star hands-on

Alcatel One Touch Star handson

Alongside Alcatel's other launches today at Mobile World Congress the One Touch Star is another example of an affordable handset that still manages to maintain good looks with excellent fit an finish. Featuring a 4-inch WVGA AMOLED display, 5-megapixel autofocus camera with LED flash, quad-band GSM and 900 / 2100 UMTS, all powered by a 1GHz dual-core CPU.

The handset is a little on the heavy side, but not in an awful way, more like a quality sort of feeling, reminiscent of iPhone's weight. Clever touches such as the corner tab being recessed a little more to get at the 1500mAh battery and SIM slots -- or dual-SIM slots when optioned with that -- is also a clever touch and just generally adds to the device's appeal. Of course the One Touch Star will be a budget phone but it is also a brilliant example of how lower pricing and excellent quality can coexist. Well done Alcatel, well done. No word on pricing but it is expected to begin shipping sometime in March 2013. A Gallery showing off the cranberry variety is just below the break.

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Source: http://www.engadget.com/2013/02/24/alcatel-one-touch-star-hands-on/

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The 411 on several types of auto insurance | CulturaPopulara.ro

The fundamental reasons why anyone requires auto insurance is for security for both you and your car. Depending on your local area you?ve numerous alternatives to pick from for the type of auto insurance you need. Today initially, it can be complicated with the myriad of options open to customers. But by getting an understanding of the various types of auto insurances, the job is certainly made easier.

Besides a number of states, most of the others demand a small amount of liability insurance. When you are accountable for any injury this kind of insurance is especially meant to protect the residents of the other car. It covers their medical expenses and car repair however, not you or your vehicle. On your own, the insurance you will need is comprehensive or accident insurance.

Car insurance estimates for collision insurance are greater than liability insurance due mainly to the fact that the protection is a lot more. It gives for the repairs required for your car as well as your medical bills irrespective of whether or not you had been responsible in a accident. Comprehensive insurance covers a lot of other forms of injury to your vehicle including fireplace, vandalism or natural disasters.

On the basis of the particular conditions, numerous deductibles could be elected for the total estimated annual cost will be altered by that for comprehensive and collision auto insurance quotes.

Medical cost and personal injury protection are also available with some organizations. They raise medical protection and sometimes even cover lost wages, childcare costs and related expenses due to accidents.

Actual injury coverage can be an crucial coverage along with the minimum requirement coverage. This really is for car accidents where you?re to blame and in situations where the injury of one other cars occupants meets their personal injury insurance. Missing this insurance gives the target of the incident the best to appropriate action which may create a economic responsibility being placed by the state you and your car report. This will remain for three years. It is also known as an SR22.

Uninsured motorist and underinsured motorist insurance take care of you when you happen to be in a accident with those that either dont have or have insufficient liability insurance.

Rental payment and towing and labor insurance are other additional choices. These prices usually are classified as add-ons or endorsements to your policy.

For car insurance prices organizations need details about driving records, age and duration of a permit, apart from examination of your car for the purpose of validating it. cheaper car insurance california

Source: http://culturapopulara.ro/?p=25396

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NE/NW College Prep 53, Pal-Mac 46

(3)NE/NW College Prep had three players in double figures in a 53-46 win over (6)Pal-Mac in the Class B1 quarterfinals Saturday at School 33.

Chad Cole and Tony Wright had 11 points apiece for College Prep and Breon Johnson added ten. The Panthers led 17-5 after the first quarter, but had to hold on against a tough Red Raider team.

Mitch Crist led all scorers with 15 points for Pal-Mac.

College Prep will meet (2)Newark in the Class A semifinals Wednesday. The Reds pasted (7)Dansville 69-36 Saturday. Game time and site for the semis matchup is to be determined.

Source: http://rochesterhomepage.net/fulltext?nxd_id=373482

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Sunday, February 24, 2013

Q&A: Why investors are wary of Italy's elections

(AP) ? Investors are keeping a wary eye on Italy as the country heads to the polls Sunday and Monday to elect a new parliament. They fear that a new government and prime minister could weaken or scrap the economic reforms and budget cuts begun by outgoing Prime Minister Mario Monti during his 15 months in office and hurt Italy's chances of recovering from a decade of low growth.

While the markets are unlikely to punish Italy as they did in 2011-12, they will want to make sure a new government doesn't mean a return to Italy's bad old days.

Here are some questions and answers about this weekend's elections matter for Italy and the rest of Europe.

Q: Why all the worry?

A: Italy's economy ? the third-largest among the 17 European Union countries that use the euro ? has only grown less than a half percent a year on average for a decade. That is compared to 1.25 percent in other rich industrialized countries. Faster growth is needed to shrink Italy's mounting debt burden, which already equals 127 percent of its annual gross domestic product.

Because of its size, Italy's problems can dent market confidence in the whole eurozone. Doubts about Italy's ability to manage its debt caused markets to question whether the euro could survive in 2011-12.

Q: What's wrong with its economy?

Before it joined the euro in 1999, the country used to give its economy a boost by to devaluing its old currency, the lire ? a trick that used to make its exports cheaper.

Devaluation helped mask underlying problems such as labor rules that favor vested interests such as unions and established workers, which kill off job prospects for younger people; a high business tax burden and heavy cost to businesses from expensive public utilities and red tape.

Italy "remains in dire need of structural reforms to boost competitiveness and improve trend growth," wrote economists Norbert Aul and James Ashley at RBC Capital Markets. They noted that the only economies that have grown more slowly in the past 12 years are Zimbabwe, San Marino, and Portugal.

A growing economy would increase government revenue from business and income taxes and the country's debt.

Q: Where does Monti come into all this?

A: Italy's political parties installed Monti, a former EU commissioner and academic, as prime minister to lead a temporary crisis government of financial experts in November, 2011. His predecessor, Silvio Berlusconi, resigned after high borrowing costs, fed by fears Italy would not pay its debts, threatened the country with financial ruin and rattled confidence in the eurozone.

Monti set about easing some of Italy's anti-business practices, such as labor laws that made it extremely difficult to fire longtime workers. He reduced the budget deficit with the help of an unpopular tax on homes.

Italy's deficit is down to around 3 percent of gross domestic output for last year ? not great, but it complies with the official limit for eurozone members.

However, in January, Monti resigned as Prime Minister after Berlusconi's party withdrew its support and criticized his cutbacks - hence the new elections.

Q: So now the elections are under way, what are investors afraid of?

A: Italy's Byzantine election laws could mean many different outcomes. The worst result would be no party or coalition being able to form a government, leading to new elections.

Researcher Vincenzo Scarpetta at the Open Europe think tank says the probability of this is "very low" but that re-run elections could mean "potentially, huge market pressure, which Italy can hardly afford." This pressure would come in the form of rising interest rates on government debt.

Another possibility could be a parliament so divided that it can't govern effectively, or a shaky coalition of parties with clashing agendas ? meaning that any policies would be the result of endless compromise and back-room deals. A badly split parliament "would surely affect investors' confidence as Italy's political future would remain unclear," said Aul and Ashley.

The return of a government led by Berlusconi's center-right coalition ? regarded as unlikely ? could also dismay markets given his call to repeal Monti's home tax and the lack of confidence markets showed in him in 2011.

Q: What do markets want to see?

A: Analysts say investors seem to be anticipating that the center-left Democratic Party, led by Pier Luigi Bersani will win. Bersani opposes budget austerity but is regarded as not totally against all efforts to improve conditions for business. Markets would like it best if he wins but still needs the seats won by small parties led by Monti to govern. That would mean the government might continue with some of the reforms.

Q: So should we expect market chaos and the eurozone crisis to erupt again?

A: Not right away, no. Italian law requires extensive consultation, so it could take weeks to tell who is in charge. In 2008, it took 24 days for Berlusconi to be sworn in despite a landslide win.

However, an anti-reform result could mean Italy's borrowing costs could rise in the days and weeks following the election.

That would be a sure sign that bond investors are more skeptical of the country's long-term ability to pay.

But it's considered unlikely that the yields would immediately rise to the record levels of last year that threatened to push Italy to default. That is thanks to the European Central Bank, which has done much to calm fears that a country will be unable to pay its debts. In September, the ECB offered to buy unlimited amounts of bonds issued by indebted countries, if they agree to reforms and to cut their deficits. No one has used the program yet but its mere existence has lowered Italy's borrowing costs.

Nonetheless, a new Italian government that rejects reform "will lead to more uncertainty, higher yields and a gradual process toward the situation we had last year," says Carsten Brzeski, an analyst at ING in Brussels.

The big problem is the long-term absence of growth rather than what the markets do next week.

Economists Aul and Ashley warn: "Whichever party ends up in power... needs to focus upon Italy's economic frailties as a matter of priority."

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/cae69a7523db45408eeb2b3a98c0c9c5/Article_2013-02-24-Italy-Election-QandA/id-d34c685fe8884996995be44eab465615

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