Saturday, April 13, 2013

Wall Street analysts discuss paradigm shift: breaking up banks

(Reuters) - At least three Wall Street analysts this week have written reports about the possibility of the biggest banks breaking themselves up to boost profitability, signaling that investors may be more willing to embrace an idea that is still toxic to some lawmakers in Washington.

New regulations in areas like capital requirements are imposing higher costs on the biggest investment banks, raising doubts about their future profitability. These questions make the biggest global investment banks "un-investable," wrote analyst Kian Abouhossein, who himself works at JPMorgan, one of the biggest global investment banks.

Breaking up large "universal banks," could unlock value for shareholders, Wells Fargo analyst Matthew Burnell wrote in a report on Wednesday. These "financial supermarkets" typically house investment banking, consumer banking and wealth management operations under one roof.

If these banks broke up into smaller companies, the value of the parts would likely be greater than the current whole, Burnell wrote. He estimated that universal banks currently trade at 25 to 30 percent below publicly traded financial firms that focus on just one business.

CLSA analyst Mike Mayo, a long-time critic of big banks, wrote on Tuesday: "Almost every investor that we speak with indicates that a breakup would be bullish for the stocks."

"While there is skepticism as to whether a full breakup will occur, there is an undercurrent of shareholders who would support such a move," he added.

The 2010 Dodd-Frank financial reform law was designed to end government bailouts of too-big-to-fail banks by creating mechanisms for winding down large financial institutions.

But some U.S. legislators are looking to add rules that would impose extra costs on the biggest banks, to reflect the fact that these companies could still end up being bailed out in the next crisis.

Under a proposal from senators David Vitter, a Louisiana Republican, and Sherrod Brown, an Ohio Democrat, banks with more than $400 billion in total assets would face an additional capital surcharge. The bill would also prevent banks' riskier affiliates from accessing government support such as deposit insurance.

JPMorgan's Abouhossein said the risk of these types of rules being imposed by lawmakers and regulators around the world makes it difficult to buy shares of the biggest investment banks.

(Reporting by Rick Rothacker in Charlotte, North Carolina)

Source: http://news.yahoo.com/wall-street-analysts-discuss-paradigm-shift-breaking-banks-235141490--sector.html

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Jolie joins G-8 to urge end to sexual violence

AAA??Apr. 11, 2013?9:40 AM ET
Jolie joins G-8 to urge end to sexual violence
By CASSANDRA VINOGRADBy CASSANDRA VINOGRAD, Associated Press?THE ASSOCIATED PRESS STATEMENT OF NEWS VALUES AND PRINCIPLES?

Flanked by G8 Foreign Ministers, US actress Angelina Jolie, in her role as UN envoy, talks during a news conference regarding sexual violence against women in conflict, during the G8 Foreign Ministers meeting in London, Thursday, April, 11, 2013. The ministers are meeting in London as Britain currently holds the G8 Presidency, with the heads of government G8 meeting set for June in Northern Ireland.(AP Photo/Alastair Grant, pool)

Flanked by G8 Foreign Ministers, US actress Angelina Jolie, in her role as UN envoy, talks during a news conference regarding sexual violence against women in conflict, during the G8 Foreign Ministers meeting in London, Thursday, April, 11, 2013. The ministers are meeting in London as Britain currently holds the G8 Presidency, with the heads of government G8 meeting set for June in Northern Ireland.(AP Photo/Alastair Grant, pool)

Flanked by G8 Foreign Ministers, US actress Angelina Jolie, in her role as UN envoy, talks during a news conference regarding sexual violence against women in conflict, during the G8 Foreign Ministers meeting in London, Thursday, April, 11, 2013. The ministers are meeting in London as Britain currently holds the G8 Presidency, with the heads of government G8 meeting set for June in Northern Ireland.(AP Photo/Alastair Grant, pool)

Angelina Jolie looks to the media as she leaves a G8 Foreign Ministers meeting on sexual violence against women in London, Thursday, April, 11, 2013. The ministers are meeting in London as Britain currently holds the G8 Presidency, with the heads of government G8 meeting set for June in Northern Ireland.(AP Photo/Alastair Grant)

British Foreign Secretary William Hague, left, flanked by US actress Angelina Jolie, right, in her role as UN envoy, talks during a news conference regarding sexual violence against women in conflict, during the G8 Foreign Ministers meeting in London, Thursday, April, 11, 2013. The ministers are meeting in London as Britain currently holds the G8 Presidency, with the heads of government G8 meeting set for June in Northern Ireland.(AP Photo/Alastair Grant, pool)

(AP) ? Angelina Jolie brought her celebrity wattage to London on Thursday to back an urgent cause: fighting sexual violence in military conflicts.

The Hollywood star joined British Foreign Secretary William Hague in announcing $36 million in additional funding from G-8 nations to go toward a series of measures for preventing sexual violence and ensuring justice for its survivors.

For too long, Jolie said, survivors of sexual violence have been "the forgotten victims" of wars in the Middle East, Africa and elsewhere.

"Today, I believe that their voices have been heard," she said alongside Hague, U.S. Secretary of State John Kerry, and others at a meeting of foreign ministers from G-8 nations.

The British foreign secretary called sexual violence in conflict "one of the greatest and most persistent injustices" in the world and said the time had come to eradicate the scourge of rape in war.

"This in my mind is the slave trade of our generation," Hague said. "Now that we have put war-zone rape on the international agenda, it must never slip off it again and it must be given even greater prominence."

He said the G-8 ministers meeting in London have made the "historic" declaration that rape and serious sexual violence in conflicts constitute war crimes and grave breaches of the Geneva Conventions ? putting responsibility on nations to search for and prosecute anyone accused of such crimes.

Jolie, who serves as a special envoy for the U.N. High Commissioner for Refugees, welcomed the "long overdue stand" on sexual violence, saying that for too long international political will to prevent it has been "sorely lacking."

Sexual violence has been used as a weapon of war in several conflicts, including in Syria, Libya, Bosnia and the Democratic Republic of Congo. Hague said some funding will go toward training military personnel on how to respond to sexual violence, since they are often the first to encounter survivors.

Ministers also pledged to set out international standards for the investigation of rape and sexual violence, as well as to ensure there is no amnesty for sexual violence in peace agreements.

___

Cassandra Vinograd can be reached at http://twitter.com/CassVinograd

Associated PressNews Topics: Arts and entertainment, General news, Government and politics, Movies, Entertainment, Sexual assault, War and unrest, Sex in society, Violence, Celebrity, International relations, Violent crime, Crime, Social issues, Social affairs

Source: http://hosted2.ap.org/APDEFAULT/4e67281c3f754d0696fbfdee0f3f1469/Article_2013-04-11-Britain-Angelina%20Jolie/id-4222b638768b454bac61f70ca62b021e

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Friday, April 12, 2013

Maya Long Count calendar calibrated to modern European calendar using carbon-14 dating

Apr. 11, 2013 ? The Maya are famous for their complex, intertwined calendric systems, and now one calendar, the Maya Long Count, is empirically calibrated to the modern European calendar, according to an international team of researchers.

"The Long Count calendar fell into disuse before European contact in the Maya area," said Douglas J. Kennett, professor of environmental archaeology, Penn State.

"Methods of tying the Long Count to the modern European calendar used known historical and astronomical events, but when looking at how climate affects the rise and fall of the Maya, I began to question how accurately the two calendars correlated using those methods."

The researchers found that the new measurements mirrored the most popular method in use, the Goodman-Martinez-Thompson (GMT) correlation, initially put forth by Joseph Goodman in 1905 and subsequently modified by others. In the 1950s scientists tested this correlation using early radiocarbon dating, but the large error range left open the validity of GMT.

"With only a few dissenting voices, the GMT correlation is widely accepted and used, but it must remain provisional without some form of independent corroboration," the researchers report in today's (April 11) issue of Scientific Reports.

A combination of high-resolution accelerator mass spectrometry carbon-14 dates and a calibration using tree growth rates showed the GMT correlation is correct.

The Long Count counts days from a mythological starting point. The date is composed of five components that combine a multiplier times 144,000 days -- Bak'tun, 7,200 days -- K'atun, 360 days -- Tun, 20 days -- Winal, and 1 day -- K'in separated, in standard notation, by dots.

Archaeologists want to place the Long Count dates into the European calendar so there is an understanding of when things happened in the Maya world relative to historic events elsewhere. Correlation also allows the rich historical record of the Maya to be compared with other sources of environmental, climate and archaeological data calibrated using the European calendar.

The samples came from an elaborately carved wooden lintel or ceiling from a temple in the ancient Maya city of Tikal, Guatemala, that carries a carving and dedication date in the Maya calendar. This same lintel was one of three analyzed in the previous carbon-14 study.

Researchers measured tree growth by tracking annual changes in calcium uptake by the trees, which is greater during the rainy season.

The amount of carbon-14 in the atmosphere is incorporated into a tree's incremental growth. Atmospheric carbon-14 changes through time, and during the Classic Maya period oscillated up and down.

The researchers took four samples from the lintel and used annually fluctuating calcium concentrations evident in the incremental growth of the tree to determine the true time distance between each by counting the number of elapsed rainy seasons. The researchers used this information to fit the four radiocarbon dates to the wiggles in the calibration curve. Wiggle-matching the carbon-14 dates provided a more accurate age for linking the Maya and Long Count dates to the European calendars.

These calculations were further complicated by known differences in the atmospheric radiocarbon content between northern and southern hemisphere.

"The complication is that radiocarbon concentrations differ between the southern and northern hemisphere," said Kennett. "The Maya area lies on the boundary, and the atmosphere is a mixture of the southern and northern hemispheres that changes seasonally. We had to factor that into the analysis."

The researchers results mirror the GMT European date correlations indicating that the GMT was on the right track for linking the Long Count and European calendars.

Events recorded in various Maya locations "can now be harmonized with greater assurance to other environmental, climatic and archaeological datasets from this and adjacent regions and suggest that climate change played an important role in the development and demise of this complex civilization," the researchers wrote.

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Story Source:

The above story is reprinted from materials provided by Penn State. The original article was written by A'ndrea Elyse Messer.

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


Journal Reference:

  1. Douglas J. Kennett, Irka Hajdas, Brendan J. Culleton, Soumaya Belmecheri, Simon Martin, Hector Neff, Jaime Awe, Heather V. Graham, Katherine H. Freeman, Lee Newsom, David L. Lentz, Flavio S. Anselmetti, Mark Robinson, Norbert Marwan, John Southon, David A. Hodell, Gerald H. Haug. Correlating the Ancient Maya and Modern European Calendars with High-Precision AMS 14C Dating. Scientific Reports, 2013; 3 DOI: 10.1038/srep01597

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/most_popular/~3/oSlPYGBfdGs/130411194926.htm

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Wednesday, April 10, 2013

Hooters sued by former waitress in dispute over wig

Following brain surgery, your main worry should not be whether you?ll get fired at work for refusing to wear a wig that scrapes your scar. But former Hooters waitress Sandra Lupo contends in a lawsuit that?s what happened when she declined to don a wig and her hours were reduced so much, she was forced to quit.

She filed a disability discrimination lawsuit in Missouri against Hooters of St. Peters, LLC and Hooters of America LLC and is seeking $25,000 for mental and emotional distress, plus punitive damages, attorney fees and other relief.

"Hooters of America believes the lawsuit is without foundation, denies the accusations and has filed a motion that the lawsuit be dismissed," the company said in a statement to NBC News. Hooters, in an April 5 response to the court, denies most of her statements and says ?its actions were taken for legitimate, nondiscriminatory business reasons.?

Hooters is a privately held chain of restaurants that bank on attractive waitresses wearing short shorts and cleavage-hugging shirts.

Lupo, who had been working at the Hooters of St. Peters, Mo., since 2005, was in her last six weeks of nursing school and was at her computer in June 2012 when she felt tingling and numbness on her left side. ?I was bleeding out in my brain,? she told NBCNews.com.

She spent a week in the hospital following her July 2 surgery and was visited by her Hooters manager, according to her suit filed on the Circuit Court of St. Charles County.

The lawsuit claims that her store manager told her ?she could return to work as soon as she was capable, and that, she could wear a ?chemo cap? or any other items of jewelry to distract from her lack of hair and the visibility of her cranial scar.?

Her hair had been cut to ?-inch for the surgery.

On July 16, Lupo?s doctors gave her the all-clear to return to work. Soon after, she met with her manager and the Hooters' regional manager, who said she would be required to wear a wig at work, according to Lupo?s lawsuit.

Hooters? April 5 filing does not address whether any of its employees told Lupo to wear a wig. It says that her manager ?informed her she would need a head covering.?

At the time of the meeting, Lupo protested that she was unable to afford a wig, which can cost from several hundred to several thousands of dollars, according to her claim.

When she did return to work July 21, wigless, she was told a wig was required. She then borrowed a wig but it ?caused extreme stress to her body because of the surgery and the healing wound,? according to the suit.

Hooters then reduced her hours ?to the point that Plaintiff could not earn an income, thereby forcing Plaintiff to quit,? according to the suit. ?It is and has been the routine custom, policy and practice of Defendants to reduce their employees? hours which forces them to voluntarily resign thereby making them ineligible for unemployment compensation.?

The Hooters filing specifically denies that allegation.

After Lupo said she could not wear the wig, Hooters stopped scheduling her for as many hours, she said.

?I actually had to beg for one shift a week,? Lupo said. Pre-surgery, she was working several days a week while finishing nursing school. She had also trained staff and worked promotions for the restaurant, but no alternate duties were offered to her.

?They refused to accommodate it,? she said.

Today she is recovered, graduated and working as a registered nurse.

?Justice,? she said, is the main goal of the lawsuit.

Source: http://feeds.nbcnews.com/c/35002/f/653351/s/2a84157c/l/0L0Snbcnews0N0Cbusiness0Chooters0Esued0Eformer0Ewaitress0Edispute0Eover0Ewig0E1C9279586/story01.htm

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Monday, April 8, 2013

The Rumor Mills for Samsung Galaxy Note 3 Release Date, Specs, Features Already Begun!

Some rumors regarding the release Date & specs of Samsung Galaxy Note 3, and will it affect Samsung Galaxy S4!! At present, there have been quite a lot of rumors regarding Samsung. And according to these rumors Samsung is working on its upcoming Samsung Galaxy Note 3 that is about to be released on latter half of this year. The Galaxy Note 3 from Samsung will be its next flagship device and the successor of the famous Samsung Galaxy Note 2 phablet.

lately Samsung made some announcements regarding Samsung Galaxy S4 which is the latest flagship device of Samsung and will be one of the most influential next generation smartphones of this year. However, it seems quite obvious that Samsung may very soon face competition among its very own smart devices and which may affect its overall business.

Source: technobuffalo

There?s no doubt that Samsung is one of the leading manufacturers of smartphone & tablet devices. This Korean firm has achieved top level due to its Galaxy range of smartphones & tablets. But the real question is, what will customers do when they have to select from Samsung Galaxy S4 & Samsung Galaxy Note 3? Moreover, the hardware configuration of the latest upcoming Samsung Galaxy Note 3 phablet can be a threat to Samsung Galaxy S4. In fact customers have already posted comments on internet that say that the Samsung Galaxy Note 3 will for sure be a better smart device.

Source: technobuffalo

Also read: Rumors: Samsung to Release Galaxy S4 Mini to Complete with Apple?s iPhone Mini

The spectacular features of Samsung Galaxy S4 will not make a much difference because the Galaxy Note 3 will have all these features along with some extra cool features. One of such features is the flexible display which was initially expected to be seen in Galaxy S4. This latest feature will add extra protection and would make the device nearly unbreakable.

Source: technobuffalo

We all are familiar with the greatness of Galaxy Note 2, and we can tell that its successor would be equally good. So allow us to know what you all think regarding these two devices. Would the Galaxy Note 3 boost sales for Samsung or will it give a tough time to Galaxy S4 instead?

?Article source: captees

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Source: http://www.iphone5sreleasedate.com/the-rumor-mills-for-samsung-galaxy-note-3-release-date-specs-features-already-begun.html

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