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Saturday, December 17, 2011
Friday, December 16, 2011
Stocks down sharply as euro nears 2011 low (AP)
PARIS ? Stock markets slid Wednesday as worries over the ability of European governments to get a handle on their debts also pushed the euro currency to an 11-month low below $1.30.
The euro was down 0.5 percent at $1.2981 by mid-afternoon, just up from its earlier low of $1.2968.
This is the first time the 17-nation currency bloc's currency has traded under $1.30 since January, and represents a fresh sign that Europe's deal last week to enforce more budgetary disciplines on the 17 eurozone countries is meeting with skepticism in the markets.
Meanwhile Europe's unresolved debt crisis kept the pressure on its indebted governments, with Italian borrowing costs rising again. The Italian government paid 6.47 percent interest to borrow euro3 billion ($3.95 billion) for five years at a bond auction, up from 6.30 percent just a month ago.
The Italian auction provided further evidence that the European deal last week to tighten rules on euro countries has not dealt with the underlying debt problems.
"The structural problems in the eurozone remain the market focus, as the governments that have signed up to the plan are now expressing doubts over the ratification process and whether parliamentary backing could be secured," said Chris Walker, an analyst at UBS. "This threatens a drawn-out process for fiscal consolidation which markets may not have much appetite for."
Those concerns have come as the economic newsflow continues to disappoint. In the broader eurozone economy, industrial production slipped 0.1 percent in a further sign of weakness many think will lead to a recession.
Meanwhile in Britain, which is outside the euro, figures showed unemployment hit its highest level for 17 years, with women and young people bearing the brunt of the deepening jobs crisis as the country's austerity measures and economic weakness began to bite.
Germany also reactivated its financial sector rescue fund in response to new questions about how its banks can cover their capital needs amid the continuing eurozone debt crisis.
Chancellor Angela Merkel's spokesman, Steffen Seibert, said the Cabinet decided to reopen the euro360 billion ($474 billion) fund, first established at the height of the 2008 financial crisis.
The fund closed to new applications at the end of 2010. But much of the money ? which totaled euro60 billion for potential capital injections and euro300 billion for loan guarantees ? remains untapped.
European authorities have determined that German banks require a total of euro13.1 billion in new capital to comply with tougher new requirements. The country's second-biggest bank, Commerzbank AG, has been told it needs euro5.3 billion.
In Europe, Germany's DAX closed down 1.7 percent at 5,675.14 while the CAC-40 in France fell 3.3 percent to 2,976.17. The FTSE 100 index of leading British shares ended 2.3 percent lower at 5,366.80.
In the U.S., the Dow Jones industrial average was down 1 percent at 11,836 while the broader Standard & Poor's 500 index fell 1.1 percent to 1,212.
Sentiment also remains undermined by the U.S. Federal Reserve's statement Tuesday that the U.S. economy, while improving, is still weak. Unemployment remains high, and it remains vulnerable to the European debt crisis, which could push the continent into a recession and slow U.S. growth.
"Overall, recent developments on both the economic and market fronts have been discouraging for market sentiment," said Nick Bennenbroek, an analyst at Wells Fargo Bank.
Analysts said markets were disappointed that the Fed refrained from a third round of large-scale purchases of Treasury securities, dubbed quantitative easing III or QE3.
Earlier, Asian shares closed lower. Japan's Nikkei 225 index fell 0.4 percent to end at 8,519.13, its lowest close in two weeks. South Korea's Kospi lost 0.3 percent at 1,857.75 and Hong Kong's Hang Seng shed 0.5 percent to 18,354.43.
___
AP Business Writer Pamela Sampson in Bangkok contributed to this article.
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Pets Of The Week: They Have Love To Spare ? CBS Detroit
By Christy Strawser
CBS Detroit Managing Editor
Rosco smiles all the time, with a big goofy grin that?s impossible to resist. We dare you to be in a bad mood around him.
But Rosco,?a handsome, 9-year old black Labrador retriever?mix with lots of energy and love to spare, was unceremoniously dumped at a county shelter when his family packed up to move. Undaunted, Rosco loves to spend time with people, wearing his heart on his sleeve and his feelings on his happy mug.
He?s one of the hundreds of metro Detroit dogs and cats who needs a new home for the holidays.
See a gallery here?of adoptable pets from the Michigan Humane Society and the Michigan Animal Adoption Network. Their adoption information?is attached to the photos.
Source: http://detroit.cbslocal.com/2011/12/15/pets-of-the-week-they-have-love-to-spare/
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Wednesday, December 7, 2011
How 3 Jewelry Companies Are Thriving During the Downturn (The Motley Fool)
Los Angeles has long been known as a place where fashion designers and stylists are born and bred, but the area outside the City of Angels has recently become a hotbed for several successful jewelry companies.
Yes, jewelry companies. Yes, in this economy.
Jewelry businesses that primarily operate online have picked up speed during the recession, thanks to low costs for overhead, with no need for storefronts or extra employees. "What's great about online is it's global ... It's an instant global platform for your product," said Sharie Ellis of Love is a Devil, a year-old jewelry company based in the San Diego area.
Skipping the traditional bricks-and-mortar digs in favor of a virtual showroom isn't the only strategy that has helped some firms thrive. Here are the frugal strategies three companies have used to amp up exposure and juice sales during this tarnished economy.
Skipping the storefront and selling door-to-door
When best friends Evelyn Bernal and Katiria Delgado decided to launch a jewelry biz, Belina, in August 2010, their business plan did not include wasting precious start-up funds on pricey retail leases. Each partner works in her home office south of Los Angeles in Torrance, and Irvine, Calif.
Instead of selling their wares behind storefronts, they get exposure by staging trunk shows in the living rooms of potential clients.
Belina brings its baubles to house parties to complement a night of bachelorette debauchery or a girls- night-in soiree. With white wine flowing alongside enviable necklaces and rings, the women start spending. Belina has been able to consistently book house parties every weekend.
The perk of selling pieces face-to-face versus selling the pieces online is that the buyers can literally smell, touch, and feel the products, rather than clicking through pieces online.
Lower price points are also attractive to shoppers. Belina keeps its prices between $10 and $40, a relatively cheap range in the jewelry industry that targets females age 13 and up.
There are other perks to in-person purchases versus online shopping, as well. "The deal is there is no shipping costs, taxes or fees and it's there to try on," said Bernal.
Free word of mouth marketing
Marketing -- whether it's hiring a full-blown public relations firm or paying big bucks to advertise in print publications -- is a luxury many up-and-coming jewelry companies can't afford.
When Noon Designs opened on a residential street a block away from a San Diego beach, it barely generated the revenue to pay for its 260-square-foot, $600-a-month space in a converted one-car garage. As a result, founders Nora Alexander and Maie Liis Webb, who studied abroad in Slovakia and Switzerland during their college years at the Rhode Island School of Design, had to rely on their reputation to drive traffic into their store.
Now, just two years later, the company sells its products to 70 shops across the U.S., has two shops in Southern California, and about a dozen other designers' pieces in its stores.
"We believe these days in this down economy people want to support friendly faces and their local community," said Jessica Madore, who joined the company in late 2009 after she quit her lucrative marketing and sales job at a Portland, Maine, textiles firm to head west and pursue the California dream.
The first day she arrived in the sunny state, she stumbled across the San Diego garage the Noon designers were working out of.
Though Noon has since graduated from its humble beginnings, the company still heavily relies on word-of-mouth advertising to grow the business. "Honestly, it's been working. People come to us for gifts for their girlfriends, mothers, and grandmothers just as much as they do to treat themselves," said Madore.
Test-drive temporary digs
If you can't afford to sign a long-term lease, there's another option: Set up a pop-up boutique -- a temporary display inside an existing store.
That's the route taken by Love is a Devil, a young jewelry company that opened up a pop-up boutique in Temecula in February.
The founders, Alana Crain and Sharie Ellis, attended the Fashion Institute of Design and Merchandising together and named their brand after a Shakespeare sonnet as an ode to Crain's eclectic and edgy style mixed with Ellis' all-American, classic taste.
The pop-up boutique's proximity to celebrities -- it's just a two-hour drive from Rodeo Drive -- helps create foot traffic. Displaying its wares in prime real estate paid off: Taylor Armstrong, star of the Bravo TV hit Real Housewives of Beverly Hills, popped into Love is a Devil's pop-up store while she was visiting the surrounding wine country. The reality TV star gave the brand national exposure by wearing her chosen piece on an episode that ran this season.
Fool contributor Tierney Plumb appreciates your comments. She has no positions in any of the businesses mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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Tuesday, December 6, 2011
Sierra Leone Gola Rainforest becomes national park
FREETOWN, Sierra Leone (AP) ? Sierra Leone's president is officially declaring the Gola Rainforest a national park.
A statement from the Ministry of Agriculture, Forestry and Food Security says that the Gola Rainforest has been identified as a "Biodiversity hotspot" and is of global importance because of its rich variety of plants and animals.
It said President Ernest Bai Koroma is making the declaration Saturday as part of a government action plan that recommends creating a national network of protected areas for terrestrial and wetland ecosystems across the country.
The Gola Rainforest National Park lies in the countries southeast at the border with Liberia.
The Royal Society for the Protection of Birds says the declaration of the over 71,000-hectare Gola Rainforest as a national park should subdue ongoing threats from logging and mining.
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TUF 14 weigh-in: Bisping misses weight then curses at MMA fans
If Michael Bisping didn't have the majority of the Las Vegas crowd rooting against him tonight, he does now. He sealed his fate yesterday by snapping at the fans gathered at the Palms during the Season 14 "The Ultimate Fighter" Finale weigh-in.
Bisping missed weight by .25 pounds, argued with officials and then told off the crowd (5:21 mark) when UFC analyst Joe Rogan asked for the fans to give him a little love:
"I could give a [expletive] about [expletive] getting love," Bisping said. "All I care about is smashing this [expletive] head in. [Expletive] you all."
Bisping and Miller face off in the five-round main event of TUF 14. Diego Brandao and Dennis Bermudez both made weight at featheweight. True flyweight John Dodson had no issues at bantamweight and T.J. Dillashaw was right on the money as well.
TUF 14 weigh-in (courtesy MMAjunkie)
MAIN CARD (Spike TV)
- Michael Bisping (186) vs. Jason "Mayhem" Miller (185.5)
- Dennis Bermudez (146) vs. Diego Brandao (145)
- John Dodson (134) vs. T.J. Dillashaw (135.5)
- Yves Edwards (155) vs. Tony Ferguson (155.5)
- Johnny Bedford (136) vs. Louis Gaudinot (136)
PRELIMINARY CARD (Facebook)
- Marcus Brimage (143) vs. Stephan Bass (145)
- John Albert (136) vs. Dustin Pague (136)
- Roland Delorme (136) vs. Josh Ferguson (134)
- Josh Clopton (144) vs. Steven Siler (146)
- Bryan Caraway (145) vs. Dustin Neace (145.5)
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Monday, December 5, 2011
Video: Florio, King: Tebow's hot, and handling it well
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Source: http://nbcsports.msnbc.com/id/21134540/vp/45548008#45548008
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