Wednesday, December 7, 2011

ADB cuts East Asia growth forecast as risks grow (AP)

HONG KONG ? Economic growth in East Asia will continue to wane in 2012 as sovereign debt problems in Europe and an anemic U.S. economy raise the risk of a deep global downturn, the Asian Development Bank said Tuesday.

The ADB said it cut its 2012 growth forecast to 7.2 percent from the 7.5 percent predicted in September for 14 East Asian economies excluding Japan. It said in a worst-case scenario ? in which the U.S. and Europe slow as much as they did in the 2008-2009 global crisis ? East Asia would grow only 5.4 percent in 2012.

The Manila-based lender said it's "cautiously optimistic" about the outlook but notes that global conditions have worsened since midyear.

The report said that major risks include a deep recession in both the Europe and the U.S., rising protectionism and resurgent inflation.

"The recovery in advanced economies lost steam this year and they will continue to struggle," the report said. "While U.S. economic growth could strengthen somewhat, the eurozone will likely fall into either a brief recession or a more severe long-term downturn."

Emerging Asian economies are "certainly not immune" to a major slowdown in advanced economies, which would hurt their economic growth, it said.

The report covers China, Hong Kong, Taiwan, South Korea and 10 Southeast Asian countries.

Source: http://us.rd.yahoo.com/dailynews/rss/economy/*http%3A//news.yahoo.com/s/ap/20111206/ap_on_bi_ge/as_asia_economy

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Tuesday, December 6, 2011

US Ambassador Under Fire for Anti-Semitism Comments (ABC News)

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Detroit home remodeling turns up counterfeit cash

(AP) ? Police say a home remodeling project in suburban Detroit has turned up a stash of counterfeit cash.

The Detroit Free Press reports (http://on.freep.com/s9q42W ) that police in Troy received a call Monday from the homeowner, who had lived in the house for more than a decade.

Police say the fake bills were hidden inside a wall. There's no word on how long it may have been there.

Police forwarded the counterfeit cash to the U.S. Secret Service.

___

Information from: Detroit Free Press, http://www.freep.com

Source: http://hosted2.ap.org/APDEFAULT/aa9398e6757a46fa93ed5dea7bd3729e/Article_2011-12-01-Counterfeit%20Stash/id-a993cad7e94046d8958d328fa32558b0

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Sunday, December 4, 2011

Bat Ears Deform For Better Ping Pickups

60-Second Science60-Second Science | More Science

Slow motion video and high resolution imaging show that horseshoe bats can deform the shape of their outer ears for superior echolocation. Cynthia Graber reports.

More 60-Second Science

Bat see with their ears. Which are highly attuned to pick up minute variations in the reflection of the sound pulses they use to echolocate. Here are some pulses, slowed down. [Bat sound.]

And now researchers have shown that horseshoe bats can manipulate the shape of their ears in milliseconds to better catch those bouncing sound waves.

Horseshoe bats had been known to move their entire outer ear, or pinna. But scientists wondered whether the motion was a generalized swiveling of the entire ear?the way a cat can point its whole ear in a specific direction?or whether the bats could delicately manipulate the shape of the pinnae.

The researchers analyzed the pinnae with high-speed video and high-resolution imaging. And they found that the pinnae could move from upright to bent and back again within a tenth of a second, less than the blink of an eye. The study appeared in the journal Physical Review Letters. [Li Gao et al, Ear Deformations Give Bats a Physical Mechanism for Fast Adaptation of Ultrasonic Beam Patterns]

The changes in the deformation of the bats? ears can correspond to different echolocation beam patterns. Which might allow the bats to tune in to particular frequencies. And you thought wiggling your ears was impressive.

?Cynthia Graber

[The above text is a transcript of this podcast]


Source: http://rss.sciam.com/click.phdo?i=415bf37972f3e605e3f5292c7287e46a

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Saturday, December 3, 2011

House Republicans step up anti-regulation effort (AP)

WASHINGTON ? The Republican-run House has passed a bill that critics say would emasculate protections for the air, workplace safety, children's toys and many other concerns.

Friday's 253-167 vote sends the bill to the Democratic Senate, which is unlikely to act on it.

Republicans insist the legislation would simply let the government seek lower-cost regulations. But Democrats and the White House said the aim was get rid of aggressive rules approved by the Obama administration

The White House issued a veto threat.

THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP's earlier story is below.

The House was voting Friday on a Republican bill to drastically curtail government regulation, rejecting arguments from Democrats that it would endanger the air, children's toys, workplaces and other public safety priorities.

Republicans were making their most ambitious effort yet to attack regulations that businesses dislike, but critics said the measure would emasculate federal protections. The White House budget office, siding with Democrats, issued a veto threat in advance of the vote, saying the bill would subject the government to unprecedented hurdles.

"America faces an avalanche of unnecessary federal regulatory costs," Rep. Lamar Smith, R-Texas, the House Judiciary Committee chairman, said during House debate. "Yet the Obama administration seeks to add billions more to that cost."

Democratic Rep. George Miller of California angrily denounced the bill, saying the U.S. has spent great time and effort "to ensure when workers go to work every day, they will return safely to their home."

"This legislation begins to bring that to an end because it would needlessly and recklessly expose our workers to injuries ..." said Miller, the senior Democrat on the House Education and the Workforce Committee.

At this point, the fight is mainly a 2012 campaign issue because the Democratic-run Senate is unlikely to pass this or other anti-regulation bills approved this year by the GOP-led House.

Until now, Republicans have focused on derailing specific rules and regulations from President Barack Obama's administration, many of them from the Environmental Protection Agency. The latest effort, however, would curtail regulators and their proposed rules across the entire federal government.

The bill considered Friday, the Regulatory Accountability Act, would put numerous hurdles in place before new rules could be issued. Regulators would have to consider the legal authority for the rule, the nature and significance of the problem, any reasonable alternatives, and potential costs and benefits of the alternatives.

Federal courts would have an expanded role, and the government would have a tougher legal standard to meet for a proposed rule to be adopted.

OMB Watch, an advocacy organization that tracks federal regulations, said if the bill already had been law, the government would not have been able to issue a finding that greenhouse gases endangered public health. The group said it would have been more difficult to withstand court challenges to findings that a popular weed killer was dangerous. It would have been tougher to defend statements about the health impact of too much salt. And the government would have had to weaken a strong rule on lead in gasoline.

Still to come, probably next week, is a bill that would make it far easier for Congress to kill regulations.

The House on Thursday passed the first of the three bills in this latest anti-regulation effort. It would give more weight to the impact of federal regulations on small businesses, whose owners can be a powerful political force and are being courted by both parties. That bill cleared the House on a 263-159 vote and now goes to the Senate.

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Source: http://us.rd.yahoo.com/dailynews/rss/gop/*http%3A//news.yahoo.com/s/ap/20111202/ap_on_go_co/us_republicans_regulations

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Hacking groups launch 'Operation Robin Hood'

Two hacktivist groups, Anonymous and TeaM p0isoN, are now working together to hack and harass banks in support of the Occupy Wall Street movement.

Announced in a YouTube video, the new campaign is called "Operation Robin Hood" and, like its titular character, the hacktivism effort seeks to "return the money to those who have been cheated by our system and most importantly to those hurt by our banks."

"Operation Robin Hood will take credit cards and donate to the 99 percent as well as various charities around the globe," the hackers, united as "p0isaNoN," say in the video. "The banks will be forced to reimburse the people there [sic] money back."

The campaign, announced on an Anonymous blog, does not specify how it will obtain credit cards or return any funds to affected parties, but that doesn't prevent the hacktivists from speaking in grandiose terms about the campaign's goals.

"It?s time for the banks to pay for their crimes and corruption," the hackers' announcement reads. "We are not waiting for our government to step up and take action. It?s time for the banks to pay for not protecting you and only causing harm. But why feel sorry for them while they make us pay every day? Make us over pay for their services? Make us pay all their little charges? Operation Robin Hood urges YOU, to now move your accounts into secure credit unions, before it?s too late while we hit them from the inside."

OpRobinHood, as it's called, has reportedly already begun. A Pastebin post allegedly from the group explains that the hackers have already exploited vulnerabilities on the sites of both The First National Bank of Long Island and National Bank of California.

Team Poison member "Phantom" claims to have manipulated the sites with JavaScript code to make a pop-up dialog box appear. The banks' online databases were not altered but could have been, Phantom said.

"This is just [a] warning for you to withdraw your money from banks," Phantom said.

? 2011 SecurityNewsDaily. All rights reserved

Source: http://www.msnbc.msn.com/id/45501387/ns/technology_and_science-security/

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Friday, December 2, 2011

Jerry Jasinowski: Rational Exuberance

Former Fed Chairman Alan Greenspan once chided Wall Street for what he termed "irrational exuberance," in a time when stock prices were clearly racing ahead of reality, but I believe the exuberance we have seen this week is both rational and long overdue.

Today's employment report was simply the icing on the cake for a week of good news as the November unemployment rate dropped to 8.6 percent and we created 140,000 new private sector jobs.

Stock markets surged on Wednesday in response to a broad-based currency intervention by the world's central banks, led by the Federal Reserve, to ameliorate the credit crunch by providing cheaper dollar liquidity to the European banking system. The European banks were flirting with a Lehman-style credit implosion because they could not get sufficient dollar liquidity based on Euro assets -- all part of the continuing drama surrounding the fiscal stability of several Euro nations.

The central bank action amounts to quantitative easing on a global scale. The Fed and other central banks too are providing dollars at a cheaper rate than they would have under normal conditions. As we saw with the earlier Fed Quantitative Easing in the United States, this action provides economic nourishment that equity and commodity markets love.

At the same time, and also of great importance, China made a determination that slow growth is its number one problem, not inflation. Consequently, China cut its bank reserve requirement by .5 percentage points. This action also provides major liquidity for China and the rest of the global economy, complementing the action by the Fed and Europe's central banks.

As we suggested in our Thanksgiving note, there is substantial good news out there indicating that U.S. economic growth is likely to be higher than anticipated, at least in the near term. The ISM manufacturing report rose from 50.8 to 52.7 in November. Auto sales in November were up 14 percent. And other surveys confirm that consumer confidence is on the rebound.

None of this indicates we are out of the woods by any means. The central banks' action does nothing to mitigate the European sovereign debt problem, or for that matter the U.S. fiscal impasse. We still face a sharply slower economic growth picture in the first quarter of 2012, especially if we don't extend the payroll tax and enact some other tax measures that seem to enjoy bipartisan support. But in the overall scheme of things, there is nothing like a good solid dose of economic growth to reduce deficits, create jobs and foster holiday cheer!

Jerry Jasinowski, an economist and author, served as President of the National Association of Manufacturers for 14 years and later The Manufacturing Institute. Jerry is available for speaking engagements.

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Source: http://www.huffingtonpost.com/jerry-jasinowski/rational-exuberance_b_1125407.html

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