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Thursday, August 1, 2013
Global stock markets drift ahead of Fed statement
BANGKOK (AP) ? Global stock markets drifted Wednesday as investors waited for the Federal Reserve's latest assessment of the U.S. economy.
The Fed is not expected to announce any big changes when it releases an updated policy statement Wednesday at the end of a two-day meeting. However, investors are anxious for clues about when the Fed might start scaling back its monetary stimulus.
"We're unlikely to get anything new, but obviously everyone is cautious just in case we get anything new," said Andrew Sullivan of Kim Eng Securities in Hong Kong.
The Fed is buying $85 billion in Treasury and mortgage bonds every month to spur growth and lending. While long-term interest rates have been held near record lows, the program has also drawn investors away from bonds and into higher yielding investments like stocks and commodities. Recent hints that the Fed might start scaling back its stimulus program have sent stocks reeling.
Investors are also waiting for the U.S. government to Wednesday report its first estimate of economic growth for the second quarter. DBS Bank Ltd. in Singapore said analysts are expecting a drop in GDP growth to 1 percent from 1.8 percent. Most economists blame tax increases and government spending cuts for the sluggish second quarter.
Investors are also focusing on U.S. employment figures for July, due out Friday. Fed Chairman Ben Bernanke has said that the central bank could begin to scale back its bond purchases later this year if the economy strengthens, but Fed officials typically put greater weight on employment and inflation data than the GDP figures.
Britain's FTSE 100 rose 0.6 percent to 6,607.08. Germany's DAX was nearly unchanged at 8,271.51. France's CAC-40 rose 0.1 percent to 3,989.25.
Wall Street looked set for another lackluster day, with Dow Jones industrial futures nearly flat at 15,494. S&P 500 futures rose 0.1 percent to 1,685.90.
Japan's Nikkei 225 index tumbled 1.5 percent to close at 13,668.32. The Tokyo benchmark closed down 3.3 percent on Monday and then recovered about halfway Tuesday.
Hong Kong's Hang Seng fell 0.3 percent to 21,883.66. South Korea's Kospi dropped 0.2 percent to 1,914.03. Australia's S&P/ASX 200 advanced 0.1 percent to 5,052. Shares in Sydney jumped in the aftermath of comments by Reserve Bank of Australia governor Glenn Stevens, who on Tuesday suggested there was more room for interest rate cuts if needed.
Benchmarks in mainland China rose while Singapore, the Philippines, Thailand and Taiwan fell.
Chinese property stocks were among the big gainers. Shanghai-listed Poly Real Estate Group advanced 3.2 percent while China Resources Land rose 3.4 percent in Hong Kong.
Benchmark crude for August delivery was up 52 cents to $103.60 a barrel in electronic trading on the New York Mercantile Exchange. The contract fell $1.47 to close at $103.08 on the Nymex on Tuesday.
In currencies, the euro rose to $1.3289 from $1.3259 late Tuesday. The dollar fell to 97.68 yen from 98.06 yen.
___
Follow Pamela Sampson on Twitter at http://twitter.com/pamelasampson
Source: http://news.yahoo.com/global-stock-markets-drift-ahead-fed-statement-091219567.html
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Florida Community Bank boosts loans by $176M, adds jobs
Mark Freerks
Florida Community Bank added 25 employees in the second quarter.
Florida Community Bank grew its loan by $176 million during the second quarter as it brought on 25 additional employees.
The Weston-based bank, a subsidiary of private equity-funded Bond Street Holdings, has been busy on the acquisition front as well. Its deal to buy Jacksonville-based Atlantic Coast Bank fell short after selling shareholders voted against the sale, but now it has a pending $42.5 million deal to acquire Miami Lakes-based Great Florida Bank (Pink Sheets: GFLB).
Florida Community Bank?s organic growth during the second quarter exceeded the size of many small banks in the state. Its loan portfolio reached $1.64 billion on June 30, up from $1.46 billion on March 31. It increased its employee headcount to 567, from 542.
The bank posted earnings of $3.5 million in the second quarter, up from earnings of $3.3 million in the first quarter. Its net interest income was unchanged at $28.8 million. It took a $473,000 expense to reserve for future loan losses, improved from a $1.1 million expense in the first quarter.
Its asset quality got better. Most of its problem assets came from failed banks that it acquired with loss-sharing coverage from the Federal Deposit Insurance Corp.
Florida Community Bank had $106.7 million in noncurrent loans, or 6.45 percent of total loans, with $73.2 million of that with FDIC loss sharing on June 30. That?s down from $116.9 million in noncurrent loans, or 7.89 percent, with $78.2 million in FDIC loss sharing on March 31.
The bank held $15.8 million in reserve for future loan losses to cover 47 percent of its loans without FDIC loss sharing protection on June 30.
Brian Bandell covers banking, finance, health care and education. Get the latest banking industry news here.
Source: http://feedproxy.google.com/~r/vertical_3/~3/mUwFYEfF87c/florida-community-bank-boosts-loans.html
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Wednesday, July 31, 2013
Yahoo! News - Latest News & Headlines
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Japan whistleblower still fighting after Supreme Court ruling on Olympus, joined by employee
Whistleblower: Olympus ignores Japan court order
Associated Press - 29 July 2013 06:43-04:00
Associated Press - 29 July 2013 06:43-04:00
TOKYO (AP) ? Camera and medical equipment maker Olympus is facing another legal battle over its treatment of a whistleblower employee a year after Japan's Supreme Court ruled it should reinstate the man in his regular job.
Masaharu Hamada has been assigned by Olympus to quality training, in which he has no experience. He sees the assignment as harassment.
He wants the Tokyo District Court to order Olympus to abide by the top court's ruling. Olympus says it complied with the Supreme Court decision.
Hamada was joined Monday by Yoshihisa Ishikawa who is suing Olympus for sending him to work under Hamada.
Hamada first sued Olympus in 2008 after being ostracized for relaying a supplier's complaint.
He is considered a whistleblower in Japan because he raised questions and was subjected to humiliating punishment.
News Topics: Business, General news, Supreme courts, National courts, National governments, Government and politics, Courts, Judiciary People, Places and Companies: Japan, East Asia, AsiaCopyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. This article is published under the terms of the News Licensing Group, LLC. privacy policy, in addition to the terms of use and privacy policy for this website.
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Tuesday, July 30, 2013
Obtaining creator night wedding gowns ? IsabellaAddison
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Source: http://isabellaaddison.bloguez.com/IsabellaAddison/5920934/Obtaining-creator-night-wedding-gowns
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Bradley Manning acquitted of aiding the enemy
FILE - In this Monday, July 29, 2013, file photo, Army Pfc. Bradley Manning is escorted to a security vehicle outside of a courthouse in Fort Meade, Md. U.S. Army Pfc. Bradley Manning was acquitted Tuesday, July 30, 2013, of aiding the enemy for giving classified secrets to WikiLeaks. The military judge hearing the case, Army Col. Denise Lind, announced the verdict. (AP Photo/Patrick Semansky, File)
FILE - In this Monday, July 29, 2013, file photo, Army Pfc. Bradley Manning is escorted to a security vehicle outside of a courthouse in Fort Meade, Md. U.S. Army Pfc. Bradley Manning was acquitted Tuesday, July 30, 2013, of aiding the enemy for giving classified secrets to WikiLeaks. The military judge hearing the case, Army Col. Denise Lind, announced the verdict. (AP Photo/Patrick Semansky, File)
Army Pfc. Bradley Manning, left, is escorted to a security vehicle outside of a courthouse in Fort Meade, Md., Monday, July 29, 2013, after the third day of deliberations in his court martial. Manning faces charges including aiding the enemy, espionage, computer fraud and theft for admittedly sending hundreds of thousands of classified documents and some battlefield video to the anti-secrecy website WikiLeaks while working as an intelligence analyst in Iraq. (AP Photo/Patrick Semansky)
Army Pfc. Bradley Manning is escorted to a security vehicle outside of a courthouse in Fort Meade, Md., Monday, July 29, 2013, after the third day of deliberations in his court martial. Manning faces charges including aiding the enemy, espionage, computer fraud and theft for admittedly sending hundreds of thousands of classified documents and some battlefield video to the anti-secrecy website WikiLeaks while working as an intelligence analyst in Iraq. (AP Photo/Patrick Semansky)
Army Pfc. Bradley Manning, right, is escorted into a courthouse in Fort Meade, Md., Tuesday, July 30, 2013, before a hearing in his court martial. The military judge hearing Manning's trial is expected to announce her decision Tuesday afternoon. Manning faces 21 counts including espionage, computer fraud and theft charges, but the most serious is aiding the enemy, which carries a possible life sentence. (AP Photo/Patrick Semansky)
FORT MEADE, Md. (AP) ? More than three years after U.S. Army Pfc. Bradley Manning was arrested for giving classified secrets to WikiLeaks, a military judge acquitted the former intelligence analyst Tuesday of aiding the enemy but convicted him of espionage, theft and computer fraud charges.
The judge, Army Col. Denise Lind, deliberated for about 16 hours over three days before reaching her decision in a case that drew worldwide attention as supporters hailed Manning as a whistleblower. The U.S. government called him an anarchist computer hacker and attention-seeking traitor.
Manning stood and faced the judge as she read the decision. She didn't explain her verdict, but said she would release detailed written findings. She didn't say when she would do that.
The charge of aiding the enemy was the most serious of 21 counts Manning faced and carried a potential life sentence. His sentencing hearing on the convictions begins Wednesday. He faces up to 128 years in prison.
Manning's court-martial was unusual because he acknowledged giving the anti-secrecy website more than 700,000 battlefield reports and diplomatic cables, and video of a 2007 U.S. helicopter attack that killed civilians in Iraq, including a Reuters news photographer and his driver. In the footage, airmen laughed and called targets "dead bastards."
Manning pleaded guilty earlier this year to lesser offenses that could have brought him 20 years behind bars, yet the government continued to pursue the original, more serious charges.
Manning said during a pre-trial hearing in February he leaked the material to expose the U.S military's "bloodlust" and disregard for human life, and what he considered American diplomatic deceit. He said he chose information he believed would not the harm the United States and he wanted to start a debate on military and foreign policy. He did not testify at his court-martial.
Defense attorney David Coombs portrayed Manning as a "young, naive but good-intentioned" soldier who was in emotional turmoil, partly because he was a gay service member at a time when homosexuals were barred from serving openly in the U.S. military.
He said Manning could have sold the information or given it directly to the enemy, but he gave them to WikiLeaks in an attempt to "spark reform" and provoke debate. A counterintelligence witness valued the Iraq and Afghanistan war logs at about $5.7 million, based on what foreign intelligence services had paid in the past for similar information.
Coombs said Manning had no way of knowing whether al-Qaida would access the secret-spilling website and a 2008 counterintelligence report showed the government itself didn't know much about the site.
The defense attorney also mocked the testimony of a former supervisor who said Manning told her the American flag meant nothing to him and she suspected before they deployed to Iraq that Manning was a spy. Coombs noted she had not written up a report on Manning's alleged disloyalty, though had written ones on him taking too many smoke breaks and drinking too much coffee.
The government said Manning had sophisticated security training and broke signed agreements to protect the secrets. He even had to give a presentation on operational security during his training after he got in trouble for posting a YouTube video about what he was learning.
The lead prosecutor, Maj. Ashden Fein, said Manning knew the material would be seen by al-Qaida, a key point prosecutor needed to prove to get an aiding the enemy conviction. Even Osama bin Laden had some of the digital files at his compound when he was killed.
Some of Manning's supporters attended nearly every day of two-month trial, many of them protesting outside the Fort Meade gates each day before the court-martial. They wore T-shirts with the word "truth" on them, blogged, tweeted and raised money for Manning's defense. One supporter was banned from the trial because the judge said he made online threats.
Hours before the verdict, about two dozen demonstrators gathered outside the gates of the military post, proclaiming their admiration for Manning.
"He wasn't trying to aid the enemy. He was trying to give people the information they need so they can hold their government accountable," said Barbara Bridges, of Baltimore.
The court-martial unfolded as another low-level intelligence worker, Edward Snowden, revealed U.S. secrets about surveillance programs. Snowden, a civilian employee, told The Guardian his motives were similar to Manning's, but he said his leaks were more selective.
Manning's supporters believed a conviction for aiding the enemy would have a chilling effect on leakers who want to expose wrongdoing by giving information to websites and the media.
Before Snowden, Manning's case was the most high-profile espionage prosecution for the Obama administration, which has been criticized for its crackdown on leakers. The espionage cases brought since Obama took office are more than in all other presidencies combined.
The WikiLeaks case is by far the most voluminous release of classified material in U.S. history. Manning's supporters included Pentagon Papers leaker Daniel Ellsberg, who in the early 1970s spilled a secret Defense Department history of U.S. involvement in Vietnam.
The 7,000 pages of the Pentagon Papers showed that the U.S. government repeatedly misled the public about the Vietnam War.
The material WikiLeaks began publishing in 2010 documented complaints of abuses against Iraqi detainees, a U.S. tally of civilian deaths in Iraq, and America's weak support for the government of Tunisia ? a disclosure that Manning supporters said helped trigger the Middle Eastern pro-democracy uprisings known as the Arab Spring.
The Obama administration said the release threatened to expose valuable military and diplomatic sources and strained America's relations with other governments.
Prosecutors said during the trial Manning relied on WikiLeaks and its founder Julian Assange for guidance on what secrets to "harvest" for the organization, starting within weeks of his arrival in Iraq in late 2009.
Federal authorities are looking into whether Assange can be prosecuted. He has been holed up in the Ecuadorean Embassy in London to avoid extradition to Sweden on sex-crimes allegations.
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