Keeping the financial regulators on their toes



Initially as director and now as managing director of the GAO’s financial markets and community investment section, Brown and her staff have issued dozens of reports examining the flaws and offering recommendations to improve the $700 billion Troubled Asset Relief Program (TARP) bailout fund, the Wall Street regulatory reform law and the initiatives to prevent housing foreclosures.

Read More..

Global private equity firms eyeing Southeast Asia






SINGAPORE : More global private equity firms have been setting up offices in Southeast Asia, and the funds raised in the region are expected to grow at an annual rate of 30 per cent over the next three years.

Private equity investors are also likely to cast the spotlight on Singapore, Indonesia and China.

Things are heating up in Singapore's private equity space.

Singapore-based venture capital and private equity firms managed a total of S$26.5 billion last year, according to a survey by the Singapore Venture Capital & Private Equity Association (SVCA) and PricewaterhouseCoopers (PwC). Out of this, S$2.3 billion was invested in Singapore.

US private equity firm Kohlberg Kravis Roberts (KKR) opened its Singapore office in October, with plans to inject more than US$1 billion in Southeast Asia over the next five years.

Indonesian private equity firm Northstar Group has also made its first foray into the Singapore market.

It recently acquired a 50 per cent stake in Nera Telecommunications, through its newly-incorporated unitE, Asia Systems.

Northstar has invested close to US$2 billion with co-investors in the Southeast Asian region.

Experts have said Singapore's location makes it a natural platform for global investors to set up base.

Eugene Wong, chairman of the Singapore Venture Capital and Private Equity Association, said: "Singapore is becoming like the Asia equivalent of NYC and Silicon Valley, so we can play the role of a New York for private equity, the big M&A private equity players, and the Silicon Valley tech region for high-tech high-growth companies. So for players in Singapore, one advantage is that we can also invest in China, Korea, and New Zealand. "

While private equity transactions in Southeast Asia have totalled US$3.6 billion so far this year, investing in this region is not without its challenges.

Jack Wang, a partner at Lexico, said: "US private equity firms are familiar with corporate governance. And in Asia, personal relationships are the predominant factors when it comes to deal sourcing and deal execution, so a change in mindset, lots of focus on the personal element...this is particularly true in Indonesia, most of the existing companies are owned by family business, and in China as well, politics is a big factor. "

According to research by the Singapore Venture Capitalist Association, approximately US$6.4 billion worth of funds will be raised in Southeast Asia by the end of 2012. And with the rising affluence in this region, market watchers have said they expect more private equity firms from the US to invest in the telecoms, commodities and consumer sectors in Southeast Asia.

- CNA/ms



Read More..

Tremors shake towns in Himachal Pradesh

SHIMLA: Tremors of a light intensity were felt in Himachal Pradesh Tuesday evening. No loss of life or damage to property has been reported.

An earthquake measuring 4.8 on the Richter scale was felt for some seconds around 5.45 pm in the state, including in Shimla and Solan districts, an official at the state meteorological office here said.

He said the epicentre was in Uttarkashi in Uttarakhand.

Last month, Himachal twice felt earthquakes of light intensity. The epicentre of both quakes was on the border of Chamba and Lahaul and Spiti districts.

Read More..

Space Pictures This Week: Space "Horse," Mars Rover, More





































































































');



































































































































































 $'+ doc.ngstore_price_t +'';
html += ' $'+ doc.ngstore_saleprice_t +'';
} else {
html += ' $'+ doc.ngstore_price_t +'';
}
html += '
';

$("#ecom_43331 ul.ecommerce_all_img").append(html);




o.totItems++;

}// end for loop
} // end if data.response.numFound != 0

if(o.totItems != o.maxItems){
if(o.defaultItems.length > 0){
o.getItemByID(o.defaultItems.shift());
} else if(o.isSearchPage && !o.searchComplete){
o.doSearchPage();
} else if(!o.searchComplete) {
o.byID = false;
o.doSearch();
}
}// end if
}// end parseResults function

o.trim = function(str) {
return str.replace(/^\s\s*/, '').replace(/\s\s*$/, '');
}

o.doSearchPage = function(){
o.byID = false;

var tempSearch = window.location.search;
var searchTerms ="default";
var temp;

if( tempSearch.substr(0,7) == "?search"){
temp = tempSearch.substr(7).split("&");
searchTerms = temp[0];
} else {
temp = tempSearch.split("&");
for(var j=0;j 0){
o.getItemByID(o.defaultItems.shift());
} else if(o.isSearchPage){
o.doSearchPage();
} else {
o.doSearch();
}

}// end init function

}// end ecommerce object

var store_43331 = new ecommerce_43331();





store_43331.init();









































































































































































Read More..

Record Powerball Jackpot to Grow Even Bigger













The jackpot for Wednesday's Powerball drawing now stands at $425 million -- the richest Powerball pot ever -- and it's likely to get even sweeter.


"Back in January, we moved Powerball from being a $1 game to $2," says Mary Neubauer, a spokeswoman for the Iowa lottery. "We thought at the time that this would mean bigger and faster-growing jackpots."


It's proved true. The total, she says, "has been taking huge jumps -- another $100 million since Saturday." (The most recent drawing, on Saturday night, produced no winning numbers.)


Until now, the biggest Powerball pot on record -- $365 million -- was won in 2006 by eight Lincoln, Neb., co-workers.


In Photos: Biggest Lotto Jackpot Winners


Lottery officials in Iowa, where Powerball is headquartered, have started getting phone calls from all around the world. "When it gets this big," says Neubauer, "we start getting inquiries from Canada and Europe from people wanting to know if they can buy a ticket. They ask if they can FedEx us the money."






Don Smith/The Record (Bergen County)/AP Photo











Powerball Drawing No Winner; Jackpot Grows to $425 Million Watch Video









Powerball Fever: Millions Chase the Chance to Hit Jackpot Watch Video







The answer she has to give them, she says, is: "Sorry, no. You have to buy a ticket in a member state from a licensed retail location."


About 80 percent of players don't choose their own Powerball number, opting instead for a computer-generated one.


Asked if there's anything players can do to improve their odds of winning, Neubauer says no -- apart from buying a ticket, of course.


Lottery officials put the odds of winning Wednesday's Powerball pot at one in 175 million, meaning you are 25 times more likely to win an Academy Award.


Skip Garibaldi, a professor of mathematics at Emory University in Atlanta, provides additional perspective: You are three times more likely to die from a falling coconut, he says; seven times more likely to die from fireworks, "and way more likely to die from flesh-eating bacteria" (115 fatalities a year) than you are to win the Powerball lottery.


Segueing, then, from death to life, Garibaldi notes that even the best physicians, equipped with the most up-to-date equipment, can't predict the timing of a child's birth with much accuracy.


"But let's suppose, however, that your doctor managed to predict the day, the hour, the minute and the second your baby would be born," Garibaldi says. The doctor's uncanny prediction would be "at least 100 times" more likely than your winning Wednesday.


Even though he knows the odds all too well, Garibaldi says he'll usually play the lottery. "When it gets this big, I'll buy a couple of tickets. It's kind of exciting. You get this feeling of anticipation. You get to think about the fantasy."


So will he be purchasing two tickets for Wednesday's Powerball? "I can't," he tells ABC News. "I'm in California" -- one of eight states that doesn't offer Powerball.



Read More..

Thailand lifts Internal Security Act in Bangkok






BANGKOK: The Thai government has lifted the Internal Security Act (ISA) invoked in some parts of the capital as the security situation returned to normalcy following an anti-government rally.

Government spokesman Tosaporn Sereerak said Prime Minister Yingluck Shinawatra signed the order on Monday.

Initially, the ISA was invoked for nine days starting last Thursday in the Pranakorn, Dusit and Pomprabsattrupai districts, close to the Royal Plaza, following anticipation that violence may occur during the anti-government rally there last Saturday.

The rally, organised by the Pitak Siam group, however, attracted some 20,000 protesters, far short of the target of one million people.

Eighty-two people, consisting of protesters, policemen and a soldier, sustained minor injuries during the rally.

The invocation of the ISA, among others, allows the mobilisation of soldiers to help the police to control the security situation and imposition of curfew.

Police have already stopped blocking roads around Government House and Parliament.

But anti-riot police are still protecting Parliament, where a no-confidence debate against the government of Yingluck Shinawatra is into its second day.

The debates will run till Tuesday, to be followed by a no-confidence vote on Wednesday.

The opposition Democrat Party has accused Prime Minister Yingluck of allowing corruption, and of being a puppet for her fugitive brother, ousted premier Thaksin.

But the motions, which also target three other ministers, are not likely to pass, as the legislature is dominated by the ruling Puea Thai party and its coalition partners.

- BERNAMA/CNA/de



Read More..

Make workplace harassment laws gender neutral, demand NGOs

NAGPUR: Workplace harassment laws in the country favour women and differentiate against men. These laws should be made gender neutral, demanded a coalition of multinational NGOs.

The Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Bill, 2010 was passed by the Lok Sabha in September. NGOs like Save Indian Family Foundation, Men Seek Justice, All India Men's Welfare Association, Indian Affiliate Chapter of Association for International Men's Rights Activism and Welfare believe that the bill is a violation of the fundamental rights of any citizen not to be discriminated against on grounds like religion or sex.

"It is an outdated concept that only women are victims of sexual harassment. The bill was gender neutral to begin with till the intervention of the Women and Child Development (WCD) ministry and some militant women's NGOs, after which the name of the bill was changed to The Protection of Women from Sexual Harassment at Workplace Bill, 2010," informed Rajesh Vakahria of city unit of Save Indian Family Foundation.

The ministry had said that they would conduct a survey on workplace harassment to see if it needs to include men but the survey has been pending since the last 15 years. "Some independent organizations have shown that a big proportion of those harassed at workplaces were men, who were abused by female bosses," he said. The words men and women must be replaced by gender-neutral terms like person, employee and boss in the bill, he added.

Read More..

Distant Dwarf Planet Secrets Revealed


Orbiting at the frozen edges of our solar system, the mysterious dwarf planet Makemake is finally coming out of the shadows as astronomers get their best view yet of Pluto's little sibling.

Discovered in 2005, Makemake—pronounced MAH-keh MAH-keh after a Polynesian creation god—is one of five Pluto-like objects that prompted a redefining of the term "planet" and the creation of a new group of dwarf planets in 2006. (Related: "Pluto Not a Planet, Astronomers Rule.")

Just like the slightly larger Pluto, this icy world circles our sun beyond Neptune. Researchers expected Makemake to also have a global atmosphere—but new evidence reveals that isn't the case.

Staring at a Star

An international team of astronomers was able for the first time to probe Makemake's physical characteristics using the European Southern Observatory's three most powerful telescopes in Chile. The researchers observed the change in light given off by a distant star as the dwarf planet passed in front of it. (Learn how scientists found Makemake.)

"These events are extremely difficult to predict and observe, but they are the only means of obtaining accurate knowledge of important properties of dwarf planets," said Jose Luis Ortiz, lead author of this new study and an astronomer at the Instituto de Astrofisica de Andalucia, in Spain.

It's like trying to study a coin from a distance of 30 miles (48 kilometers) or more, Ortiz added.

Ortiz and his team knew Makemake didn't have an atmosphere when light from the background star abruptly dimmed and brightened as the chilly world drifted across its face.

"The light went off very abruptly from all the sites we observed the event so this means this world cannot have a substantial and global atmosphere like that of its sibling Pluto," Ortiz said.

If Makemake had an atmosphere, light from the star would gradually decrease and increase as the dwarf planet passed in front.

Coming Into Focus

The team's new observations add much more detail to our view of Makemake—not only limiting the possibility of an atmosphere but also determining the planet's size and surface more accurately.

"We think Makemake is a sphere flattened slightly at both poles and mostly covered with very white ices—mainly of methane," said Ortiz.

"But there are also indications for some organic material at least at some places; this material is usually very red and we think in a small percentage of the surface, the terrain is quite dark," he added.

Why Makemake lacks a global atmosphere remains a big mystery, but Ortiz does have a theory. Pluto is covered in nitrogen ice. When the sun heats this volatile material, it turns straight into a gas, creating Pluto's atmosphere.

Makemake lacks nitrogen ice on its surface, so there is nothing for the sun to heat into a gas to provide an atmosphere.

The dwarf planet has less mass, and a weaker gravitational field, than Pluto, said Ortiz. This means that over eons of time, Makemake may not have been able to hang on to its nitrogen.

Methane ice will also transform into a gas when heated. But since the dwarf planet is nearly at its furthest distance from the sun, Ortiz believes that Makemake's surface methane is still frozen. (Learn about orbital planes.)

And even if the methane were to transform into a gas, any resulting atmosphere would cover, at most, only ten percent of the planet, said Ortiz.

The new results are detailed today in the journal Nature.


Read More..

President Obama Prepares for Cabinet Shuffle


Nov 26, 2012 6:45am







ap barack obama hillary clinton ll 120514 wblog President Obama Prepares for Cabinet Shuffle

Carolyn Kaster/AP Photo


As President Obama prepares for his second term, preparations have begun for the traditional shuffling of the Cabinet.


Top priority for the president: filling slots for those top officials heading — if not running — for the door: Secretary of State Hillary Clinton and Secretary of the Treasury Tim Geithner.


To replace Clinton, Democratic insiders suggest that U.S. Ambassador to the United Nations Dr. Susan Rice is the frontrunner, with Sen. John Kerry, D-Mass., also a viable candidate.


Rice has been harshly criticized by Republicans for the erroneous comments she made on Sunday news talk shows after the attack on the U.S. compound in Benghazi, Libya, comments that were based on intelligence reports that falsely blamed the attack on a protest against an anti-Muslim video. When the president, during his recent press conference, offered a vociferous defense of Rice, many of those close to him began to suspect he was tipping his hand as to what he might decide.


To replace Geithner at Treasury, White House chief of staff Jack Lew is thought to have the inside track if he wants it, with other possibilities including Neal Wolin, the current deputy secretary of the Treasury and Lael Brainard, current under secretary of the Treasury for international affairs.


Other informed sources suggest that there is consideration being given to a business/CEO type such as investor Roger Altman, former Time/Warner chair Richard Parsons, and Facebook’s Sheryl Sandberg.


Those are the two most pressing jobs to fill, with Clinton exhausted from a long stretch in government — eight years as first lady, eight as senator, and four as secretary of state — and the president having personally promised Geithner’s wife that he could leave as soon as possible after the election.


Any of the business/CEO types being discussed for treasury secretary could also serve as secretary of commerce, a position that for the Obama administration has proved as troublesome as the role of drummer in Spinal Tap. Jeff Zients, the acting director of the Office of Management & Budget, is said to be under consideration.


It’s too flip to refer to it as a consolation prize, but informed sources say that — with Defense Secretary Leon Panetta also planning on leaving — Kerry could be offered the position secretary of defense if he wants it, though the Massachusetts senator has suggested he only wants State. Another option, Michelle Flournoy, a former under secretary of defense for Policy, would be the first female to serve in that position. There was some discussion of National Security Adviser Tom Donilon moving across the river, but it seems clear, sources say, that he’s staying where he is.


If Lew leaves to take the position at Treasury, some possible replacements for him as chief of staff include deputy National Security Adviser Denis McDonough or Vice President Biden’s former chief of staff Ron Klain. Tom Nides, deputy secretary of state for management and resources, has also been discussed.


President Obama’s senior adviser David Plouffe has also long discussed leaving the White House. There are many options to fill his shoes, including the elevation of communications director Dan Pfeiffer. Also possible: bringing back former press secretary Robert Gibbs, or former deputy chief of staff/campaign manager Jim Messina. Another option might be to bring in some of the people who were part of the messaging shop in the campaign — David Simus, who served as director of opinion research for the campaign, or Larry Grisolano, who did ads for campaign.


– Jake Tapper



SHOWS: World News







Read More..

Climate skeptic group works to reverse renewable energy mandates



The Electricity Freedom Act, adopted by the council’s board of directors in October, would repeal state standards requiring utilities to get a portion of their electricity from renewable power, calling it “essentially a tax on consumers of electricity.” Twenty-nine states and the District of Columbia have binding renewable standards; in the absence of federal climate legislation, these initiatives have become the subject of intense political battles.

Read More..