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Kamis, 04 September 2008

Bonus Plan at Boscov’s Draws Fire

A court battle is brewing over the touchy subject of bonuses for executives at bankrupt companies.

Boscov’s, a family-owned department store chain that filed for Chapter 11 protection in August, has asked a Delaware judge to approve an incentive program for six senior executives that could pay out a total of $1.45 million if certain targets are met.

But the United States Trustee overseeing the case is crying foul. In an objection filed with the court this week, the acting trustee, Roberta A. DeAngelis, has urged a judge to reject the program, arguing its performance hurdles are too low.

The final decision lies with the bankruptcy judge, who was scheduled to consider the matter at a hearing on Friday.

But this much is already clear: Three years after the law was changed in an attempt to curb bonuses in bankruptcy cases, there is still plenty of debate about what the change really means.

When Congress overhauled the bankruptcy code in 2005, a provision requested by Senator Edward M. Kennedy, a Massachusetts Democrat, restricted the use of so-called key employee retention plans, known as KERPs.

These kinds of payouts for top executives had been routinely requested by bankrupt companies, and routinely approved by judges. But critics argued that it was unfair to write big checks to top executives even as employees faced pay cuts or layoffs.

Since the change, many bankruptcy lawyers have argued that performance-based bonus plans — as opposed to plans that simply require the recipient to stay employed until a certain date — are still allowed.

Indeed, several performance-based plans have been approved since then. But in 2006, a New York bankruptcy judge rejected the initial version of a pay plan for executives of Dana, the auto-parts maker. The court later approved a modified plan.

The incentive plan that Boscov’s has requested would award a bonus to certain senior executives, including Chief Executive Kenneth S. Lakin, if the company’s reorganization plan is confirmed by the court before Feb. 28, 2009, or if most of the company’s assets are sold before Jan. 6, 2009.

In its motion seeking the court’s blessing for the plan, Boscov’s said the program should be allowed because it is “strictly performance-based.” It also said that the executives won’t be getting bonuses under their previous incentive programs, yet they are being asked to make “extraordinary efforts” in the Chapter 11 case.

But Ms. DeAngelis, the trustee, argues that the performance part is little more than a smoke screen. In essence, she wrote in her objection, the plan rewards executives “for simply remaining employed by the company and completing tasks which they are required to perform.”

www.nytimes.com/dealbook

About www.SponsoredReviews.com

You might promote your blog all over the blogosphere. You might have a large online network of friends. You might even hire a professional SEO company to optimize it. But if you are not writing quality posts, all the other activities will yield poor results. It is about putting first things first.

What should I do to ensure that I am writing quality posts, you might ask. There is no definite answer for that question, given the variety of styles and topics. But there are some basic guidelines that can be considered universal. Below you will find 5 of them:

1. Does your post have an effective title?

The title of your articles and posts plays a very important role on the overall popularity of your blog. First and foremost because a large percentage of your potential readers will make the decision of whether to read the rest of the content or not based on the title alone.

Think about RSS subscribers, people that see a link to your article on other blogs, users of social bookmarking sites… you probably have 5 seconds to capture their attention. It is no surprise, therefore, the fact that some copywriting gurus argue that you should spend just as much time thinking about the healine as you do actually writing the article.

That being said, make sure that you are not overpromising and underdelivering. If you write a post and title it “7 Tips That Will Change Your Life Forever” the readers will expect just that, nothing more and nothing less. Guess what, if they fail to find what the title promised you will lose your credibility, and they will just move somewhere else.

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2. Is your post scannable?

Remember that you are writing on a website and not on a book. Internet users are multi-taskers; they need to be able to scan through your content easily. Google makes it possible to find very specific bits of information all over the web, meaning that some visitors will be interested only on a fraction of your material. Make it easy for those visitors to filter down what they are looking for.

Pragmatically speaking, stay away from large blocks of text. No one reads them. Instead, use bullet points, ordered lists, headers, subheaders, bold text and so on.

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3. Does it create value for the reader?

This is one of the most important questions you need to ask yourself. Will your content actually create value for the reader? Is it original and unique? There is a reason why personal blogs, where people share their day-to-day activities, are not popular. It is because that kind of content is not useful (except for the friends or family of the author, that is).

People want to learn new things, solve problems, become more productive. They want to know how stuff works. Practical tips. Tutorials. Reviews. Can you help them with that?

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4. Does it carry your opinion?

Blogs are conversation platforms. That is one of the reasons why they became so popular. When you read a blog post, as opposed to a newspaper article, you build a relationship with the writer. You can see his opinion. You can see where this opinion is coming from. You can even talk to him directly by posting a comment.

Certain types of blogs, like the ones reporting news and current events, will certainlly need to maintain a more objective style. If you are not in this situation, however, you should definitely bring your voice and personality into the posts.

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5. Does it contain grammatical errors?

Blogs are certainly more personal than newspapers, but that does not mean that you can neglect the writing aspect. Actually a market research by Vizu Answers confirmed that the writing is the single most important factor that readers use to determine the overall quality of a blog.

Make sure that you are writing with a clean and structured style. Secondly, avoid grammatical and spelling mistakes. Sometimes we become blind to our own mistakes, so proofreading is not enough.

Try to contact a fellow blogger and propose him a cross-proofreading deal. Basically you read his articles looking for spelling mistakes and vice-versa.

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——
Daniel is the owner of DailyBlogTips.com and a Guest Blogger on SponsoredReviews

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About www.RevResponse.com

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Getty Images

About Getty Images

Getty Images creates and distributes the world's best and broadest imagery collections, making them available in the most accessible and usable way -- 24 hours a day, every day. From contemporary creative imagery to news, sports, entertainment and archival imagery, our products are found each day in the full range of traditional and digital media worldwide.

Mark Getty and Jonathan Klein founded Getty Images in 1995 with the goal of turning a disjointed and fragmented stock photography market into a thriving, modernized industry able to meet the changing needs of visual communicators. We were the first company to license imagery via the web, moving the entire industry online.

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Rights groups faults Wachovia's mortgage aid

James Temple, Chronicle Staff Writer

Thursday, September 4, 2008


(09-03) 19:12 PDT -- As Wachovia Corp. struggles under a souring portfolio of loans inherited from an Oakland company, the nation's fourth-largest bank is proving among the least willing to modify mortgages in ways that would help local borrowers hold on to their properties, housing rights groups claim.


Images

ACORN, an advocacy organization representing low-income communities, staged a rally at a Wachovia branch at Mission and First streets in San Francisco on Wednesday, with about 30 people calling on the bank to be more flexible in adjusting loan terms to prevent foreclosures.

"Wachovia has been the least responsive," said Grace Martinez, lead organizer with ACORN, noting that Bank of America Corp. and Citigroup Inc. have been more willing to work with distressed borrowers to find solutions. "We want them to partner and to be a good bank and start negotiating."

Wachovia spokeswoman Eileen Leveckis disputed the allegation, saying the company worked with 18,000 borrowers the past 12 months to help them stay in their homes.

"It's just so hard to respond to the (claim) that we're the 'least flexible,' " she said. "Our policy is that we have been offering modification assistance, and we continue to offer loan modification assistance, to delinquent borrowers as well as those who anticipate difficulty remaining current with their payments."

Still, ACORN wasn't the only group asserting that Wachovia has been particularly unaccommodating. Wachovia representatives have told a handful of housing counselors working on behalf of struggling borrowers that the company isn't allowing any mortgage modifications, said Kevin Stein, associate director of the California Reinvestment Coalition, an umbrella organization for more than 200 advocacy groups across the state. Two Wachovia customers independently contacted The Chronicle and said they were told Wachovia wouldn't consider altering their loans.

No group or individual, however, could point to any statistical evidence that Wachovia was less likely to modify troubled mortgages than any other large lender.

The Charlotte, N.C., financial services company controls about $122 billion in what are called Pick-a-Payment loans and expects to lose around 12 percent on the holdings, according to a research note published last week by Kevin Fitzsimmons, managing director with New York equity research firm Sandler O'Neill & Partners. It obtained most of those mortgages through its ill-fated purchase of Oakland's Golden West Financial Corp., parent company of World Savings Bank, for approximately $25 billion two years ago.

Such loans allow borrowers to choose among several payment options, including a minimum that doesn't cover interest and thus allows the total owed to grow each month. After a set time period or once the principal reaches a certain level, the mandatory payment jumps, sometimes exceeding borrowers' ability to pay.

Wachovia is treating the Pick-a-Payment portfolio as a "distressed asset," Fitzsimmons said in the paper, published after a meeting with the bank's chief executive officer, Robert Steel. Wachovia, which lost $8.9 billion during the second quarter, is pursuing a two-pronged approach to deal with it, Fitzsimmons said in an interview.

On one hand, Wachovia is aggressively trying to get homes in or near foreclosure off its books, by quickly initiating the repossession process and aggressively selling them. On the other, it has dedicated 1,000 employees to contact Pick-a-Payment customers by the end of the year in an effort to refinance their loans into more traditional products. In some cases, the company may forgive portions of the loan or extend terms in order to get borrowers into more stable financing, he said.

The distinguishing characteristics between the two groups are, by Fitzsimmons' estimation, how close to foreclosure they are and whether the property is located in an area that has already suffered significant price declines.

Susan Fallis, a communications professor at Saint Mary's College in Moraga, so far seems to fall into the "get the loans off the books" camp of Wachovia customers. In 2004, she sold the Santa Cruz parking lot her father bought in the 1960s for his mobile home business. She reinvested the approximately $3 million into 20 single-family houses in and around Reno, with a 40 percent down payment on each one.

Sixteen of the loans were Pick-a-Payment mortgages from Wachovia. Because Reno rents dropped as her minimum payments climbed, she is now losing about $7,000 per month. She has asked Wachovia to temporarily lower the interest rate on her loans by less than two percentage points, without asking for any adjustment on the loan principal. The change would enable her to break even, but company representatives have told her allowing it "would require a complete reversal in corporate policy," she said.

If Wachovia doesn't allow any modifications, Fallis expects she will have no choice but to default in the next few months. She said everyone loses in that scenario: Wachovia has to sell 16 homes at a loss, 16 families have to vacate their rental properties and her family loses wealth accrued over more than a generation.

"It's absolutely insane," she said. "I'm about ready to become the Cindy Sheehan of real estate; this is just making me so angry."

Wachovia's Leveckis wasn't personally familiar with Fallis' case, but based on the description said it sounded like it qualified as the type of "hardship and financial distress" that would allow the bank to modify the loans.

"It sounds like extraordinary circumstances there; especially with 16 loans I'd think we'd want to work with her," she said. "I have to tell you, foreclosure, no one wins on that one."


from; http://www.sfgate.com

Thursday's football transfer rumours: the next West Ham manager

Today's Mill is a secret lemonade drinker.
Roberto Mancini

Roberto Mancini: is he ready to take his elaborately coifed barnet to Upton Park. Photograph: Alessandro Bianchi/Reuters

Slaven Bilic is the hot favourite to take over as the next West Ham manager.

Slaven Bilic has ruled himself out of the race to become the next West Ham manager.

Harry Redknapp is the man the top brass at Upton Park want to be the next West Ham manager.

Harry Redknapp is oh-so-happy at Portsmouth and does not want to be the next West Ham manager.

Tony Adams isn't quite so happy at Portsmouth and he's as short as 16-1 with the bookies to become the next West Ham manager.

Davide Ballardini is a tough-as-old-boots former Cagliari coach and is Hammers' technical director Gianluca Nani's choice as the next West Ham manager.

Pierpaolo Bisoli may have only managed a village under-12s side somewhere in Tuscany but he's has been identified by Nani as the next West Ham manager.

Paolo Di Canio loves West Ham with all his heart, both lungs and one of his kidneys. He's a shock contender to be the next West Ham manager.

Roberto Mancini doesn't love West Ham with any vital organs. In fact, he may never have heard of them. But he's got three Serie A trophies on his CV, he's as Italian as pappa al pomodoro, so he's in the running to become the next West Ham manager.

Sam Allardyce isn't Italian but he once ate out at Pizza Express and he's still among the favourites to be the next West Ham manager.

Avram Grant has more points to prove than a baker of conical bread and is desperate show them all, show them all I tells yer, by becoming the next West Ham manager.

Sven-Goran Eriksson has got more Italian connections than Milan train station, so he's on the radar to become the next West Ham manager.

Stuart Pearce once played for West Ham, he's in charge of a football team, so he's among the frontrunners in the race to be the next West Ham manager.

Louis van Gaal is always linked with jobs in the Premier League. That's why he's one of the candidates to become the next West Ham manager.

In other West Ham news, the Sun reports that two senior Hammers players had a "bitter fight" after the 4-1 win over Blackburn. Sources suggest several pints of Pedigree, half a Ringwood's Boondoggle and three bottles of Old Speckled Hen were wasted in the battle. Those dressing-room rumbles will have to be sorted out by the next West Ham manager.

Up in the north-east, where no one cares who'll be the next West Ham manager, Newcastle is revolting [insert your own gag here]. Angry Toon players have threatened chaos at St James' Park if Kevin Keegan leaves. Senior players are set to "confront the club's hierarchy". Some may even use nasty words to express their feelings. Then they'll all get on with it, just as usual.

If Keegan does end up out on his ear, then Alan Shearer is ready to step up to the plate. Yes, he'll be dusting himself down, taking a deep breath, and resting his buttocks on one of the most demanding hotseats in football – the one opposite Jake Humphries on Football Focus. He'll be telling Jake just what he thinks of the appointment of Real Zaragoza's Marcelino as the new Newcastle manager.

Keegan, though, has issued an ultimatum – he wants Dennis Wise sacked, he wants generic 1980s cop-show villain Tony Jimenez sacked and he wants complete control of all transfers and contract negotiations. It's that or he's walking. Just in time to become the next West Ham manager.

from; http://www.guardian.co.uk

Teen suicides drop a bit, but rate still high

Lindsey Tanner, Associated Press

Wednesday, September 3, 2008

The number of teen suicides has fallen slightly, researchers said, possibly fueled by drug warnings that have scared many from using antidepressants.

But the rate remains disturbingly high: about 4.5 per 100,000 in 2005, the most recent data available. That follows an 18 percent spike the previous year, which alarmed experts when it was first reported.

Until then, suicides among 10- to 19-year-olds had been on a steady decline since 1996.

Dr. David Fassler, a psychiatry professor at the University of Vermont, said the report suggests a "very disturbing" upward trend that correlates with a decline in teen use of antidepressants.

That decline stems from the Food and Drug Administration's 2004 black-box warning label because of reports that the drugs can increase risks for suicidal tendencies.

Fassler, who wasn't involved in the new study, is among psychiatrists who believe the drugs' benefits, including treating depression that can lead to suicide, outweigh their risks. He said he has no financial ties to makers of antidepressants.

The new research, based on national data 1996-2005, appears in today's Journal of the American Medical Association. It shows the rate dropped by about 5 percent from 4.7 in 2004 - from 1,983 suicides in 2004 to 1,883 in 2005.

That's still 600 more suicides than would have been expected had the earlier trend continued, said lead author Jeffrey Bridge, a researcher at Nationwide Children's Hospital in Columbus, Ohio.

Patrick Tolan, director of the University of Illinois-Chicago's juvenile research institute, said it will be important to continue tracking teen suicides to see if the rate continues to decline or hovers at a higher-than-expected level.

Regardless, suicide remains a leading cause of teen deaths and "a major public health issue," he said.

from; http://www.sfgate.com

Women who smoke have heart disease much sooner

Maria Cheng, Associated Press

Wednesday, September 3, 2008

(09-03) 04:00 PDT Munich --

Women typically get heart disease much later than men, but not if they smoke, researchers said Tuesday.

In fact, women who smoke have heart attacks nearly 14 years earlier than women who don't smoke, Norwegian doctors reported in a study presented to the European Society of Cardiology. For men, the gap is not so dramatic; male smokers have heart attacks about six years earlier than men who don't smoke.

"This is not a minor difference," said Dr. Silvia Priori, a cardiologist at the Scientific Institute in Pavia, Italy. "Women need to realize they are losing much more than men when they smoke," she said. Priori was not connected to the research.

Dr. Morten Grundtvig and colleagues from the Innlandet Hospital Trust in Lillehammer, Norway, based their study on data from 1,784 patients admitted for a first heart attack at a hospital in Lillehammer.

Their study found that the men on average had their first heart attack at age 72 if they didn't smoke, and at 64 if they did.

Women in the study had their first heart attack at age 81 if they didn't smoke, and at age 66 if they did.

After adjusting for other heart risk factors like blood pressure, cholesterol and diabetes, researchers found that the difference for women was about 14 years and for men, about six years.

Previous studies looking at a possible gender difference have been inconclusive.

Doctors have long suspected that female hormones protect women against heart disease. Estrogen is thought to raise the levels of good cholesterol as well as enabling blood vessel walls to relax more easily, thus lowering the chances of a blockage.

Grundtvig said that smoking might make women go through menopause earlier, leaving them less protected against a heart attack. With rising rates of smoking in women - compared with falling rates in men - Grundtvig said that doctors expect to see increased heart disease in women.

"Smoking might erase the natural advantage that women have," said Dr. Robert Harrington, a professor of medicine at Duke University and spokesman for the American College of Cardiology.

Doctors aren't yet sure if other cardiac risk factors like cholesterol and obesity also affect women differently.

"The difference in how smoking affects women and men is profound," Harrington said. "Unless women don't smoke or quit, they risk ending up with the same terrible diseases as men, only at a much earlier age."


from; http://www.sfgate.com

Analysis: McCain risks being eclipsed by Palin

Thursday, September 4, 2008


Alaska Gov. Sarah Palin took a live road test before the entire nation Wednesday night, and she didn't crash.

Whether she broke Democratic presidential nominee Barack Obama's record of 38.4 million viewers for his convention speech in Denver last week remains to be seen. The bigger question could be whether she will outshine the man who put her on the GOP ticket.

Sen. John McCain, who accepts the Republican nomination tonight, has been engulfed by the Palin gale since he plucked the obscure 44-year-old governor from the farthest reaches of the continent to be his running mate. In the five days since, Palin has managed, without doing anything, to steal the focus from both parties' nominees in what was already a historic election. Even Republicans were calling Palin "the hottest ticket on the convention floor" among delegates more interested in her than McCain.

Now an overnight celebrity herself, Palin delivered a homespun justification for her candidacy that sought to hit the touchstones of ordinary voters and play up the likeability quotient that has made her the most popular governor in the United States.

Looking at the signs in the audience declaring, "Hockey Moms 4 Palin," she ad-libbed with a smile, "Know the difference between a hockey mom and a pit bull? Lipstick."

Palin came out like a pit bull. She leveled a swipe at Michelle Obama, saying people in small towns "love their country, in good times and bad, and they're always proud of America." She took aim at Obama, saying people in small towns like the one she grew up in "don't quite know what to make of a candidate who lavishes praise on working people when they are listening, and then talks about how bitterly they cling to their religion and guns when those people aren't listening. We tend to prefer candidates who don't talk to us one way in Scranton and another way in San Francisco."

The crowd devoured it.
A rocky start

It was Palin's first chance to define herself and push back against a media onslaught that has raced from her beauty queen past and mooseburger diet to investigations of her earmark requests and fundraising for indicted Alaska Republican Sen. Ted Stevens. Things got off to a rocky start as she arrived on stage an hour past her scheduled time, at 10:30 p.m. on the East Coast, but she dove straight into the task, defending her family by way of introducing them.

If a first rule in politics is to define yourself before others do, Palin had a difficult task reintroducing herself to a public that has already begun forming strong opinions of her character and her positions. She attacked the assignment with gusto, burnishing her reformist credentials by way of mocking criticisms of her experience.

Looking increasingly at ease on stage as she warmed up, Palin described Obama as "a man who has authored two memoirs but not a single major law or reform" and "who can give an entire speech about the wars America is fighting, and never use the word victory except when he's talking about his own campaign."

The Obama campaign has been scrupulous in leaving the attack on Palin to the media and left-leaning allies, who have sought to paint her as another Dan Quayle, a former vice president intended as a fresh young conservative face who quickly devolved into a caricature of a callow dolt.

As a woman, Palin may be more difficult to deride, and her performance Wednesday night was superior to anything Quayle delivered. Yet, like Quayle, Palin has distracted attention from her running mate. The familiar and less telegenic McCain faces an enormous hurdle Thursday in breaking through the hubbub. And with new e-mails leaked about Palin's pressure on a state official to fire her ex-brother-in-law from his job as a state trooper, questions will continue to dog her, as they did Quayle, through the rest of the campaign.

Palin dove into the attack role traditionally assigned to vice presidential candidates, despite questions about her qualifications to step into the presidency, made more acute by McCain's age and history of melanoma.

National gut check

As a former sportscaster and as a governor, Palin knows cameras, but nothing in any of her previous incarnations could compare to her debut before a national television audience and millions of voters waiting to see and assess for themselves what stuff she is made of.

Her next big national televised event, an even more herculean assignment, will be her Oct. 2 debate with Democratic vice presidential nominee Joe Biden at Washington University in St. Louis. With 36 years in national politics as a Delaware senator - a seat he won at just 29 years old, 15 years younger than Palin is now - along with two runs for the presidency and chairmanship of two high-profile Senate committees (Foreign Relations and Judiciary), Biden is as thoroughly versed in national policy as anyone in Washington. Palin, by contrast, will be cramming until the day of the debate.

From Minneapolis, Palin probably will be heading to battleground states to fuel the fires of conservative fever that were lighted the moment her name was announced, as well as shore up support among female, blue-collar, rural and independent voters. She also will headline fundraisers as a star draw for McCain's coffers.

"She's attractive, she speaks well, and ... it's who she is that's her great advantage" in the setting of the GOP conclave, said Marion Just, a Wellesley College political scientist and media specialist at Harvard University. "It's also her disadvantage outside of that setting." Former supporters of Democratic Sen. Hillary Rodham Clinton are probably unreachable, Just said, given Palin's positions, but "among independents, and women who are conservative on social issues, I think she has a good chance."

from; http://www.sfgate.com

Rabu, 03 September 2008

English Soccer Club Sale Reveals Emirates’ Rivalry

Published: September 2, 2008


LONDON — Sports teams have long been the playthings of rich men, but by swooping in to buy the English soccer club Manchester City, Abu Dhabi’s ruling family has demonstrated just how much money it now takes to play in the big leagues.

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Henning Bagger/Agence France-Presse — Getty Images

Members of the Manchester City club celebrated a victory last Thursday against the Danish team F.C. Midtjylland in a tournament match in Denmark won on penalty kicks.

Chris Weeks/Associated Press

Sulaiman al-Fahim managed the purchase of the Manchester City team for Abu Dhabi.

“Our goal is very simple — to make Manchester City the biggest club in the Premier League,” said Sulaiman al-Fahim, the property developer who is managing the Manchester City buyout for Sheik Mansur bin Zayed al-Nahyan, of Abu Dhabi, told the BBC.

“We will buy whatever is needed. You cannot put a figure on what we will spend, like 100 million pounds,” Mr. Fahim added. “More than that might be needed.”

Soccer may not yet compare with investing in modern art or real estate or blue chip stocks. But the intense interest in Manchester City, a soccer club with a long history but a bare trophy cupboard, illustrates just how much the bull market in commodities has turned oligarchs from Russia, steel magnates from India and sheiks from the kingdoms in the Persian Gulf into acquisitive buyers of prized and highly visible Western assets.

More than half of the Premier League’s 20 clubs are now owned by foreign businessmen, and Monday’s sale of Manchester City may have done little more than hand over ownership of the club from the exiled former prime minister of Thailand to the royal estate of Abu Dhabi.

Still, it represents an important shift. It may be the first, but it is unlikely to be the last venture into English soccer by the rulers of the Persian Gulf states. Abu Dhabi moved swiftly, almost secretively to buy Manchester City even as its better-known neighbor, Dubai, has been bidding for two years to purchase the Liverpool club.

There is a game within a game going on. Before oil was discovered in the United Arab Emirates in 1958, the families ruling the kingdoms of Abu Dhabi and Dubai — the Nahyans and the Maktoums — amused themselves with competitive falconry. They still do falconry, and the families today are somewhat intermarried, but in recent years Abu Dhabi has felt overshadowed by the more entrepreneurial and flamboyant rulers of Dubai, who have turned it into a Middle Eastern mecca for global business.

Despite commanding more than 9 percent of the world’s oil supply, Abu Dhabi has sometimes seemed jealous of Dubai’s ability to draw attention to itself, in part by creating a hub in the Middle East for prestigious sporting events.

As the Emirates get richer, Western entrepreneurs who bought into British soccer on the expectation of making money are finding that they cannot keep up. That is why most experts in the field say that it is only a matter of time before the American sports entrepreneurs who control Liverpool, Tom Hicks, who owns the Texas Rangers, and George N. Gillett Jr., owner of the Montreal Canadiens of the National Hockey League, cut their losses and sell the club to the persistent bidders from Dubai.

As for Abu Dhabi, it accrues a yearly cash surplus exceeding $50 billion. Its sovereign economic fund, the Abu Dhabi United Group, is, by most outside estimates, worth a trillion dollars, and rising. It has a 7 percent stake in Citigroup. It invests in Ferrari and General Motors. And among its other projects is a new campus opening in 2010 that will become a branch of New York University and a $1 billion museum modeled on the Louvre in Paris.

It is debatable that none of those achieved the same global headlines as the takeover of Manchester City, and hours later the team’s signing of Robinho, a Brazilian world star from Real Madrid, for 32.5 million pounds ($58.6 million). Hours before that midnight deal in Madrid, Chelsea, the London club owned by the Russian billionaire Roman Abramovich, was trying to tie up a $50 million deal for the same player.

Mr. Abramovich has already spent five times that sum on Chelsea’s team after rescuing the club from indebtedness five years ago. Mr. Abramovich never talks publicly about his motives, or complains publicly when, for example, he unloads players — as he did with Andrei Shevchenko to A.C. Milan and Shaun Wright-Phillips to Manchester City for a fraction of the $100 million he spent on them.

He knows, as most of the entrepreneurs must, that buying into soccer is a financial loser. Mohamed al-Fayed, the Egyptian owner of Harrods, the London department store, who became the first foreigner to buy an English team, Fulham, in 1997, also says it is impossible to make money owning a club.

That is despite the $5.3 billion that the 20 clubs share from television rights in the league’s current three-year contract. As quickly as the money trickles in, it seeps out on multimillion-dollar contracts to acquire some of the world’s best players.

So why do so many rich foreigners invest in English soccer?

Mr. Abramovich bought the Chelsea team at a time when one or two other Russian oligarchs were being locked up in Moscow jails. In buying Manchester City, Thaksin Shinawatra, the former Thai prime minister, bought a way of keeping himself in the public eye in England, where he seeks asylum before his desired return to Thailand.

By contrast, the Glazer family that borrowed the money to buy Manchester United and the two American owners of Liverpool made what they thought were sound investments in an English sport they believed could be more profitably marketed.

But many years ago, when Gianni Agnelli, the chairman of the Fiat empire in Italy, bought world famous players for his team Juventus, he conceded that it was a frivolous pleasure that had became addictive.

He preferred it to buying paintings to lock away in a vault or racehorses or acquiring more property than he could manage. “I spend more than I should, in time and money,” he once said. “But I find it compelling.”

from; http://www.nytimes.com

LIVE from the Googleplex: Chrome Browser Launches

by: Rob Hof on September 02

Google’s about to brief a gazillion of us reporters about its much-discussed Chrome Web browser, now ready for download here. I wrote my initial thoughts yesterday, and you can get the basics with a nifty comic book that explains Chrome with only a few forays into serious geek. While we listen to Led Zeppelin’s “Whole Lotta Love,” the Rolling Stones’ “Can’t You Hear Me Knocking,” and other classics and trying to divine their significance, we await the demo which I will try to liveblog…. Among others, Google’s own Matt Cutts is also liveblogging, better than I can. Update: Liveblogging didn’t work, but now that I’m on a network that works with our software, here’s my hurried account:

OK, Sundar Pichai, Google's VP of product management, is explaining why Google's bothering to do its own browser. Basically, the Web has really changed a lot from a place to browse pages, literally, to a place where you do some pretty sophisticated applications. You just need a new browser to do this better, as we all know from the limitations in speed and reliability of today's browsers.

Chrome, BTW, stands for the borders of the Web browser window, including the frames, menus, toolbars, and scroll bars. Simplicity is the goal. "The browser should stay out of the way."

Key components of Chrome: First, the Webkit core, which is also the basis for Apple's Safari browser and Google's Android as well. Second (geek alert), a multiprocess architecture, which means multiple applications or windows can run at once, independently. Third, the V8 Javascript engine, which essentially promises much faster performance on common applications.

They're launching Chrome in 43 languages in 122 countries. In other words, they've been working on this a good long time.

Chrome will be completely open source, so anyone can use it, or the various pieces of it. "If the Web gets better, more people use the Web, and Google benefits," he says. In other words, he's saying this isn't just something that benefits Google alone.

Now a demo of the user experience on Chrome from a couple of Google engineers: First, the tabs to open new windows are now are the very top of the browser. Why? Because they actually are pretty central to using browsers these days. You can drag and drop tabs to create separate windows or drag them back into the main window.

Surprisingly, there's no search box alongside the address bar where you type the URL, unlike other browsers. So now, the address box is also the search box, now called the "omnibox." You can type in "a" and if you commonly go to Amazon.com, that will show up as an immediate option to click to. In the same box, you can also search WITHIN sites, such as Amazon.com.

If you open a new tab, instead of coming up blank as in most browsers, you see a page showing your most-visited sites so you can quickly click to the most likely places you want to go. "This page becomes yours, it's what you want to do," the engineer (whose name I missed) says.

Of course, this raises privacy concerns, otherwise known as "I don't want other people to know I visited these porn sites." So there's an "incognito" window with a guy in sunglasses and overcoat, which strikes me as a little creepy. But anyway. The other guy shows how this works using a search for "toe fungus." Right. But anyway, the idea is you can search privately in this tab, close it, and no one knows what happened in that browser.

They now show how the browser handles music downloads and streaming. You can drag and drop an MP3 onto your desktop so you don't have to mess around with various ways to save music.

You can also create application shortcuts on your desktop for apps like Gmail that you use a lot, so you don't have to go into the browser every time to use them.

Darin Fisher, another tech lead on Chrome, will talk about what's under the hood. (Geek alert again.) He's talking about the frustration, which I encounter every day, of having one browser window or tab crash or hang, taking all your other windows with it. At least Firefox now has a feature that will bring back those windows, but it doesn't solve the problem that crashed the browser in the first place. So Chrome will run each tab entirely separately, so if one tab hangs up, the whole browser doesn't come crashing down. The technology that allows this is the "sandbox," to use a highly technical term (actually, it is a technical term, but one that mercifully describes what it does pretty well).

How does this work? Chrome has a task manager that lets you see which tabs are using the most computing power, which is an indication of what might be slowing your browser experience, or crashing it entirely. Plug-in applications such as Shockwave, which runs Web videos, also are handled independently, so if they misbehave, they can be jettisoned without closing the browser or even the rest of the tab.

Now they're showing how fast the browser is. They have Internet Explorer up in a window, doing a test of average time to load a page: 220 milliseconds. Looks fast. But now Chrome: 77 milliseconds. Noticeably faster. But that is static content and as they're pointing out, dynamic content is common on the Web now.

Tech lead Lars (sorry, missed his last name) all the way from Google's outpost in Denmark is explaning how and why Google created a new Javascript engine called V8. (Javascript is what makes many Web applications run.) Too much geek stuff for me to explain cleanly, but again, the key benefit is that the apps that use Javascript will run much faster.

Pichai says Google has been working on this for more than two years, which I can certainly imagine. He says there's a "huge team" here, in Kirkland (Wash.), and Denmark.

Larry Page, Google's cofounder, now appears. He says he has been using Chrome for quite a while as his primary browser. He used it on a slow, old computer to force the team to make it fast on most computers. He says we're entering a new era in which the pace of browser development is accelerating.

Now the Q&A. First up, somebody asks about privacy aspects of the new browser. Pichai says they tried to come up with new features that are user-friendly while still trying to incorporate privacy concerns.

How does this fit with Android? Pichai says it shares Webkit, V8, and some other code, but will be optimized for mobile, especially the user interface.

Will changes to Webkit go back into the open-source development? Yes.

Is it fair to call Chrome the operating system of Web apps? This gets some laughs. Sergey Brin, who just stepped in wearing red Crocs, says no. But he says he thinks Chrome will allow people to do more online, and not just on a single computer.

What are the plans for handling plug-in applications? Pichai says there's no programming interface for browser extensions yet. Brin says since it's open-source, you can do it yourself (if you're a geek, of course).

Plans for distribution beyond downloads? And why did you decide you needed to do the whole browser yourself? On distribution, Pichai says no specifics yet but will consider ways to distribute it (via agreements with PC makers or others). On why Google is doing this generally, he says Google saw a chance to rewrite the browser from scratch but let others use it. "We hope others pick up good ideas," he says.

What about speedier video, ask John Furrier. These involve plug-ins that will work as they work in other browsers. So it doesn't sound like speed will change much on video in particular.

How long has Chrome been under development? Two years, though Brin says the speculation as far back as 2005 might have prompted Google to consider doing it and found that maybe it wasn't such a bad idea.

What direct benefits to Google will Chrome bring? Is this new ad real estate for Google? Page: Not so much the real estate as improving and speeding the Web experience, so that should help Google a lot?

Why should people switch to IE or Firefox? Brin: "We want to have several browsers out there. Certainly Firefox has made tremendous progress." But IE still has about 80% market share, so he says there should be more alternatives. Basically, he says Chrome will help people be more productive online.

Kara Swisher asks if there's a business here. Page doesn't really answer.

Were you worried about features of IE8, which might favor Microsoft over Google? Page: Again, no real answer I could divine.

Greg Sterling at Search Engine Land asks if Chrome would be a success if IE9 is built on it. Brin: Yes, but not necessary for it to be a success. Page reiterates bottom line: If Google can make the browser faster, that will result in more searches, and Google will benefit.

Will Chrome gains be at expense of Firefox more than IE? Pichai says most people don't even realize there's a choice besides IE. He hopes Chrome will spark interest in all alternatives, including Firefox. Page says Google will continue to support Firefox. "I think we have a great product here, and I think people will use it."


from; http://www.businessweek.com

Louisiana mopping up after Gustav encounter

By Jacqueline L. Salmon and Dana Hedgpeth
The Washington Post



NEW ORLEANS — Even though Hurricane Gustav did not wreak the destruction expected when it struck the Gulf Coast on Monday, officials said Tuesday that they were not ready to allow many of the 1.9 million Louisiana residents who had evacuated to return to their homes.

While the worst was avoided — there were no major levee breaks of the sort that inundated New Orleans after Hurricane Katrina in 2005 — Louisiana Republican Gov. Bobby Jindal cautioned that the state faces major hurdles before life returns to normal.

Massive power outages were among the most immediate problems, with some towns without electricity. More than 130 transmission lines and dozens of substations were knocked out of service, meaning Gustav was surpassed only by hurricanes Katrina and Rita in 2005 in the destruction caused to the region's electric grid.

About 1.4 million customers were without power in Louisiana, and vast portions of the New Orleans and Baton Rouge metropolitan areas have been knocked off the national electricity grid, said Kevin Kolevar, assistant secretary of energy for electricity delivery and energy reliability.

Of immediate concern were about a dozen hospitals that had limited electric service. State officials were forced to transport scores of patients for fear they couldn't survive long without air conditioning.

The state's secretary of Health and Hospitals, Alan Levine, said 139 in serious condition had been evacuated as of Tuesday night.

State and federal officials said they were moving fuel to hospitals and other key facilities to ensure that they can continue to run generators.

To clear debris, distribute supplies and secure communities isolated by the storm, thousands of National Guard troops, federal law-enforcement officers and other emergency workers were being deployed.

Ten deaths were attributed to Gustav, six occurring during the evacuation.

Meanwhile, Gustav continued to spawn bad weather. The National Weather Service reported that a tornado touched down in New Orleans's West Bank neighborhood Tuesday night, and there were reports of flooding along several rivers in residential neighborhoods on the northern shore of Lake Pontchartrain, roughly 20 miles north of New Orleans.

There had been concerns that the storm would disrupt energy supplies from the Gulf of Mexico, which accounts for 25 percent of U.S. oil and 12 percent of natural gas production.

But Energy Secretary Samuel Bodman said initial flights showed no visible damage to 3,842 oil- and gas-production platforms along the coast, and he expected quick restoration of production.

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In Washington, officials said President Bush will visit Louisiana today.

Jindal said the state is deferring to local authorities to determine when different areas are safe enough for residents to go back. Hundreds of buses were waiting to bring people home, and the state was working with Amtrak and airlines to coordinate the return once local leaders approve it.

Parishes that sustained little damage said residents could begin returning today. Those with more significant destruction said residents will need to wait as late as Friday.

To get residents back to New Orleans, Democratic Mayor Ray Nagin announced a plan in which employees of major corporations and retailers are expected to return to the city today, with the rest of the city's residents allowed back starting possibly Thursday.

Tuesday, authorities established checkpoints on major roads leading into the city to turn away anyone who tried to come back prematurely.

But despite warnings from officials, a trickle of evacuees began returning to other areas.

In Cocodrie, a fishing community on the Gulf Coast where Gustav made landfall, residents were breathing a huge sigh of relief.

"Normally you couldn't drive down this road the day after a hurricane," said Donna Domangue, who has lived on the bayou her whole life. "It's full of water."

But Tuesday, she and a few relatives drove their small pickup along the bayou that empties into the Gulf of Mexico to check her restaurant and other family businesses and houses.

In New Orleans, things began to return to some semblance of normalcy. Many of the estimated 10,000 residents who rode out the storm emerged from their homes. Under partly sunny skies, they walked dogs, cruised the empty streets on bikes and sought out restaurants, which were reopening.


from; http://seattletimes.nwsource.com

Much hinges on Sarah Palin's RNC speech

BY CRAIG GORDON craig.gordon@newsday.com
September 3, 2008

ST. PAUL, Minn. - When Sarah Palin takes the stage here, Republicans want voters to see a steely God-and-family conservative with heart, a lifetime NRA member ready to take aim at Washington - a sort of Annie Oakley of the tundra.

Democrats hope voters see something entirely different - a rookie candidate out of her depth, whose relatively thin resume is filled with contradictions and whose vetting raises questions about John McCain's judgment.

The battle between the two parties to define Palin - as a successful pick or a stumble, as a worthy No. 2 to John McCain or a Dan Quayle-like liability - kicks into gear tonight at the Republican convention here. The one person missing from the debate for four days - Palin herself - is expected to make her case in prime time.

McCain's campaign refused to say yesterday whether Palin would explicitly bring up the biggest story of the week here - her pregnant teenage daughter, Bristol Palin - or only make an oblique reference to it. "I think it's a unique opportunity that's a chance for her to get out and tell her story and let people see beyond the media froth that's existed for the past 48 hours," McCain adviser Rick Davis said.

Palin's job tonight is twofold. First, she must demonstrate she has the political heft to be sitting down the hall from a 72-year-old President McCain, without overreaching. The McCain campaign's claims that she has command experience because she runs the Alaska National Guard might sound like a stretch to some voters.

But the other part of her job tonight is to come across as the everywoman, the hockey mom who could make history - and that's one area where speaking of her daughter's pregnancy might help some viewers see her as someone like them, even if they disagree with her anti-abortion views, experts said.

"These imperfections of her family are the same kind of thing that makes her relatable to people that have had similar things in their lives," such as her husband's two-decade-old drunken-driving charge, said Dianne Bystrom of Iowa State University. "People are looking for someone they can relate to."

Delegates here have stood staunchly behind Palin. But some liberal bloggers have posed the question of whether Palin should be running for vice president when she's got a 4-month-old baby with Down syndrome and a pregnant daughter at home - causing conservatives to say that's a sexist question, one that Barack Obama would never be asked even though he has two daughters.

Some Democrats say the party shouldn't turn its fire on Palin at all - except to use her selection to raise questions about McCain's vetting process, which even Republicans fret was badly managed.

"We know he had the wrong call on Iraq. Now we have this big decision, his first real presidential-level decision, and he's made a pick that by any objective standards has generated a bunch of questions. So what does this say about what kind of president he's going to be?" Democratic strategist Chris Lehane said.

Democrats also have begun trying to puncture Palin's image as a reform-minded governor. She opposed the "bridge to nowhere" in Alaska - but only after first supporting it. She also sought $200 million in congressional earmarks for Alaska - McCain refuses to take any.

"The challenge is that she has got to hit the toughest track in the world running and she can't stumble. And we'll see if she can do that. If she can do that, then I think she's probably a tremendous asset," said Tony Blankley, a one-time top aide to former House Speaker Newt Gingrich. "If she doesn't make a bad stumble, then she's probably home and dry."

TONIGHT'S LIKELY MAIN SPEAKER SARAH PALIN

Early life: Born in 1964 in Idaho, her family moved to Alaska when she was an infant. She was a star high school basketball player and beauty queen, placing second in the 1984 Miss Alaska pageant.

Parents: Her father, Chuck Heath, is a retired schoolteacher and high school cross-country coach. He shared his passion for hunting with his four children, especially Palin, who eagerly describes moose-hunting trips with her father. Her mother, Sally, was a school secretary.

Education: On a beauty pageant scholarship, she attended Hawaii Pacific College and North Idaho College before graduating with a journalism degree from the University of Idaho.

Professional life: She worked as a television sports reporter in Anchorage before marrying Todd Palin, an oil worker and fisherman. She was elected to the Wasilla City Council in 1992 and was mayor from 1996 to 2002, when she was prevented by term limits from making a third run. In 2006, she defeated incumbent Gov. Frank Murkowski in the GOP primary and former Gov. Tony Knowles, a Democrat, in the general election for the office.

Children: The Palins have five children, Track, 19; Bristol, 17; Willow, 14; Piper, 7; and Trig, 4 months.


from; http://www.newsday.com