Downturn illustrates global vulnerability

first_imgIn Chinese astrology, this is the Year of the Pig. But if the recent downturn in financial markets continues, it may make 2007 seem more like The Year of the Dog. China’s Shanghai stock index plunge, which caused the Dow Jones Industrial Average’s largest weekly percentage loss in four years, caught the world off guard. But the Shanghai Surprise will likely turn out to be a mere rut on a long road over the hills and through the valleys of global finance. The market jolt exposes the increasingly small financial world and reminds investors that they can’t diversify themselves away from risk. “It’s a little disappointing,” said Gary Mellor, a computer software developer in Woodland Hills who has mutual funds through Washington Mutual and T. Rowe Price, but none with holdings in Asia. “Fortunately, I have a few more years until retirement.” Jamie Chien, an ad salesman for the San Fernando Valley Business Journal, said that when he heard the main Shanghai Stock Exchange index had declined almost 9 percent, he got nervous. “I know part of my fund is in Chinese stocks,” he said. “I haven’t had a chance to look yet, but I’m pretty sure I took a hit.” Any excuse will do Most investors are taking the correction in stride. In deconstructing exactly why events in Shanghai were able to shake global markets, economists and money managers say that the fragile condition of the U.S. economy set it up for a correction. “What happens with a turning point in the economy is that markets can be easily spooked, especially when they have been overvalued,” said Thomas Higgins, chief economist at Payden & Rygel, an investment management firm downtown with more than $50 billion under management. He said that absent larger economic pressures such as the degenerating mortgage market and slowing economic growth, U.S. stocks probably would have been better insulated against the Chinese sell-off. “If it weren’t for the fact that the U.S. economy is where it’s at, I don’t think it would have led to what it did.” Higgins said that overall, equities will still post positive annual returns, but at single digits as opposed to double digits investors have gotten used to. “These markets are much more integrated than they were 10 or 20 years ago,” said Robert Krol, a professor of economics at California State University, Northridge. “If a country is being well-managed, it can weather these market gyrations pretty well. I don’t know if (the correction) is a wake-up call that there may be chinks in the armor (of Asian economies). “Maybe people need to take a harder look,” Krol said. Diversify, but beware If all markets have the power to influence stock prices and values worldwide, what happens to the classic strategy of not putting all your eggs in the same basket? “I still believe diversification is a way to go,” said Kenneth Caleb, a financial adviser at Diversified Securities in Long Beach, who sees a buying opportunity in the wake of the latest sell-off. Even when someone only owns stocks, diversification in overseas markets is still a good hedge against losses, Caleb said. Of course, putting money into different kinds of assets, like bonds or real estate in addition to stocks, is also a good way to diversify. In fact, Robert Goldsmith, a financial planner and trainer in Simi Valley, thinks a growing awareness that globalization makes markets worldwide more vulnerable to events anywhere will prompt people to pull money out of the stock market and find alternative investments, like real estate or gold. Since “anybody with a mutual fund is exposed” to some emerging market risks, he said the question consumers need to ask themselves when the market suffers a drop is what kind of money they have at play in the markets. He advocates clearly differentiating between savings earmarked for retirement and extra money that is to be used to gamble on high-risk/high-return investment. Separating retirement money from “play money” is probably not something most people are doing, especially most workers who don’t even know what mutual funds they have or how much they have made or lost. “I’d say 50 percent of people have no idea what they put in their 401(k), and they don’t care,” said Michael Sakai, who sells mutual funds for New York Life Insurance Co. in Woodland Hills. As financial planners constantly advise, however, investors should care, because it’s their money. Figuring risk The general rule of thumb to determine how much risk to take is to subtract your age from 100, said Goldsmith. The amount left over would be the maximum ratio you could consider as play money. So a 60-year-old wouldn’t want to risk any more than 40 percent of assets. Investors who have met their retirement goals could view the Nikkei index – Japan’s benchmark Asian stock index as a buy after what happened last week, for example. Joe Quinlan, chief market strategist for Bank of America, told Dow Jones TV that investors should take profits from emerging markets on fire for the last few years and put them into large-cap U.S. stocks, which have been lagging the broader market. Just setting investment dollars aside somewhere and forgetting about them, the experts say, is a bad idea. As for the market going forward, most market watchers say the recent correction could linger uncomfortably long. “If we manage to make it through the next couple weeks without another day like that, I think people will begin to take on more risk,” Higgins said. “But I would think that for the next couple weeks, the market’s going to be on edge.” Joseph Rubinstein, an asset manager in West Covina, said his outlook is generally positive. “This has been a tough week, but investors have been behaving rationally. I can’t predict the short-term noise in the market,” he said, “but I believe the economy is in relatively good shape.”160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set!last_img read more

Arsenal captain Arteta heaps praise on Bellerin

first_img1 Arsenal captain Mikel Arteta has heaped praise on new boy Hector Bellerin.The young full-back has broken into the Gunners defence and saved them a packet in the transfer window by settling straight into the side.“I have been really impressed with him since he came into the first team – perhaps even more with his attitude than his quality, because I knew all about that,” Arteta said.“I said at the start of the season that, in terms of the young players, he was the closest to making a breakthrough because he has the attributes to become one of the club’s most important players.“He is very brave, his decision making is good and he is a great athlete. He is very open, he is willing to understand what the manager and the team want from him on the pitch and his attitude and contribution has been really good.”The 19-year-old moved from Barcelona to the Arsenal academy in 2011 and has now made nine Premier League appearances this season. Hector Bellerin in action for Arsenal last_img read more


first_imgThe murder accused is led away from court. Copyright Donegal Daily.A man has told Gardai that he is “more than 100% sure” he did not murder another man.Dariuusz Weckowicz appeared at Carndonagh District Court today charged with the murder of fellow Polish national Bogdan Michalkiawicz in Letterkenny. The 47 year old was arrested on Sunday night and questioned at Letterkenny Garda station.He was charged with the murder of Mr Michalkiawicz at 12.05pm today by Detecive Garda Michael Carroll.When the charge was put to him he replied “I did not kill this man. I am more than 100% sure of that.”The body of Mr Michalkiawicz was found by his brother Tomaz at his apartment at Westside at Lower Main Street, Letterkenny on May 15th.At the time Gardai Inspector Michael Harrison said Mr Michalkiawicz has suffered a horrific death.Weckowicz appeared in court yesterday wearing a blue tracksuit top, jeans and a baseball cap and was handcuffed.The services of an interpreptor were made available to him.Defence solicitor Kieran Dillon questioned arresting Garda Detective Michael Carroll on the timeframe in relation to the detention of his client.He later told Judge Paul Kelly that there may be issues at future sittings of the court over his client’s detention at Letterkenny Garda station.Judge Kelly remanded Weckowicz to a sitting of Harristown District Court this Friday, June 21st.MURDER ACCUSED SAID HE IS 100% SURE HE DID NOT KILL BOGDAN was last modified: June 18th, 2013 by StephenShare this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window) Tags:CARNDONAGH DISTRICT COURTMURDRWESTSIDE APARTMENTSlast_img read more

Football Travels to Davidson for Season Finale

first_imgStory Links PreviewDrake (5-5, 5-2 PFL) and Davidson (8-3, 5-2 PFL) are playing each other for the first time since 2017 when Drake won 17-12 at Drake Stadium. The teams, which are tied for second with Dayton in the Pioneer Football League standings, have played just nine times since the Wildcats joined the PFL for the 2001 season. Saturday’s game is the fifth time the two teams have played in Davidson, N.C. Drake holds an 8-1 advantage in the series. A win by Davidson and second-place finish in PFL play would be their best finish since the PFL went to single division play in 2007 when it finished third. Drake is seeking its third consecutive second-place finish and looking to avoid its first losing season since 2015 when it went 5-6. Drake quickly answered on its next drive as Lauer’s nine-yard rushing touchdown ended a 7-play 75-yard drive that took just 3:10 off the clock. Holder Alex Bray saved a broken play on the extra point try as he scampered in for two points to extend lead to 22-7. Dayton extended its lead on its first drive after halftime going 83 yards on 13 plays using almost seven minutes of the game clock. Cook’s one-yard bootleg touchdown was the final play of the scoring drive. The Flyers later added another touchdown midway through fourth quarter to lead 39-22. LIve Audio Jack Cook cut Drake’s lead with a four-yard touchdown run from under center that capped an 8-play 75-yard drive. Dayton wasn’t done as it tacked on three points after Corwin’s first interception. Drake looked like it would answer getting all the way down Dayton’s 14-yard line after Corwin hit Feller for another big gain. But after a timeout, Corwin’s pass was intercepted by Brandon Easterling, his second of the game, at the goal line and he returned it 100 yards for a game-changing score. The Flyers converted the two-point try to lead 25-22 at halftime. Drake wasted little time getting on the scoreboard as it scored on the opening drive after a Dayton touchback. Corwin hit Feller for a 51-yard apparent touchdown on the second play of the game. However, the score was called back by a Bulldogs’ illegal block in the back penalty. It didn’t matter though as Drake still marched down the field 75 yards in six plays as Corwin connected with Cates on the final play. Lauer rushed for another 100-plus yards on the ground with 106 yards on 21 carries. Lauer, who also accomplished the feat last week in the win over Jacksonville, scored two touchdowns and has surpassed the century mark in a game six times now this season. Senior wide receiver Shane Feller recorded his second career 100-plus performance in receiving yards with a career-best 120 yards on four catches with one touchdown. Fifth-year senior tight end Devin Cates caught seven balls for 70 yards, including an eight-yard touchdown reception, his team-high eighth this year. Senior wide receiver Mitch McFarlane added 55 receiving yards on three catches. Drake  held a 22-7 lead late in the second quarter but Dayton scored 10 points before halftime and added another 22 straight-points after the break that helped grab control the game. Live Stats Corwin finished with a career-best 306 yards in the air but threw four interceptions. Chisolm rushed for 142 yards and two touchdowns while Cook finished with 74 and two touchdowns. Adam Trautman had 104 yards on eight catches.center_img Live Video Prior to the game, Drake honored its 2019 senior class of 15 student-athletes and one equipment manager, before their final appearance at Drake Stadium. Print Friendly Version RewindDayton rallied for a 46-29 PFL victory over Drake Nov. 16 at Drake Stadium in the Bulldogs’ home finale. Dayton, which missed a 50-plus field goal try on its first drive, scored a touchdown with just three seconds left in the opening quarter. The Flyers covered 69 yards on eight plays that was capped by Jake Chisolm’s 9-yard touchdown run. Drake Game Notes DAVIDSON, N.C. – The Drake University football team travels to Davidson College Saturday for its season finale at 12 p.m. CDT. Fans can watch via Davidson All-Access or listen to Chuck Reed and Cole Neary call the action on 1350 ESPN Des Moines and also available via TuneIn. Davidson Game Notes Drake stopped the Dayton scoring run when Corwin hit Feller from 22 yards out for a touchdown with 6:13 left in the game. The drive went 75 yards on seven plays in just 1:45. The Bulldogs’ following onside attempt didn’t work as a penalty was called for illegal block as the Flyers took over with good field position at Drake’s 36-yard line. Drake’s defense held and forced a turnover on downs but Corwin was intercepted on the drive. The Flyers added one last touchdown with 1:22 left on the game clock. Davidson is ranked third among PFL teams in scoring offense (35.7 ppg) and scoring defense (22.7 ppg) while Drake is ranked fourth in scoring offense (31.1 ppg) and second in scoring defense (22.3 ppg). The game will also feature two of the league’s top running backs. Drake’s Drew Lauer sits right at 1,000 yards rushing to go with 11 touchdowns. Davidson’s Wesley Dugger set the PFL career touchdown mark last week with his 43rd and 44th career touchdowns, making him the FCS’ active career leader along with Duquesne’s A.J. Hines. The Bulldogs added to their lead 14-0 on their very next offensive possession. Lauer’s 13-yard touchdown run capped an impressive 11-play, 65-yard drive that took almost five minutes.last_img read more

Massive task!

first_imgDebris from MH370 is expected to wash up along the Western Australian coast over the next few months as search crews race against the impending winter weather to locate the Boeing 777.The herculean task of locating MH370 will be the most complex international effort in aviation history and it may be years before the main body of wreckage is located.It took almost two years to find Air France Flight 447 and that was in calmer mid Atlantic waters, after debris was found just six days after the crash in 2009.According to the lead investigator of the AF447 crash Alain Bouillard, searches face a “colossal task” that is “far, far harder”.Mr Bouillard London’s Telegraph the location of MH370 is “one of the most hostile environments in the world”.However, searchers are expected to learn from the lessons of the AF447 recovery, observers said.In that recovery a team led by the Woods Hole Oceanographic Institution operating full ocean depth autonomous underwater vehicles used sidescan sonar, to locate the main debris field at a depth of 4000m. More than 104 bodies were recovered.Without doubt the biggest challenge in locating and recovering MH370 will be the sea condition with winter swells as high as 25m (75ft).The location of the MH370 is at the convergence of three currents – the South Indian Ocean Current, which becomes the West Australian Current, the Leeuwin current and the Antarctica Circumpolar Current.Those underlying currents work below the sea swells which move in a broad easterly and north-easterly direction depending upon the frontal activity.Oceanographer Dr Erik Van Sebille told Channel 7’s Sunrise the currents are extremely strong at up to 2cm a second and would get worse.“The current varies every day and has vortices and debris can move 100km a day [in all directions].”With the new satellite data from Inmarsat, along with increasing amounts of drift data searchers will try to zero in on MH370’s initial impact area.An Australian warship is expected to be tasked with deploying US locator equipment. Yesterday a 5m long 800kg Bluefin drone and a Towed Pinger Locater arrived in Perth aboard a special G550 jet from the US.MH370’s black boxes are key to solving the mystery of why the plane veered so far off course. In theory, the black boxes containing flight data and cockpit voice recordings will continue emitting tracking signals for about another two weeks, with an average audible range of 2 to 3km.“Picking up a signal from the beacon seems an outside chance,” a member of the team that hunted the black boxes from Air France flight AF447 said.In that accident the signals were not heard at all as one transmitter had failed and the other had fallen off on impact and was never found.The sea bed where MH370 is thought to be is up to 5km deep. But the cockpit voice recorder only tapes the last between 30 minutes and two hours – depending upon the model – of the pilot’s conversation and investigators will never hear what happened around the time the plane first changed course.MH370 Tributes Pagelast_img read more

NPP wins Williamnagar Assembly seat in Meghalaya

first_imgThe National People’s Party (NPP), a regional entity that former Lok Sabha Speaker Purno A Sangma had formed, won the adjourned election to the Williamnagar Assembly constituency in Meghalaya on Tuesday.The victory has taken the seat tally of NPP, an ally of the Bharatiya Janata Party, to 20 in the State’s 60-member House with an effective strength of 59 after former Chief Minister Mukul Sangma of Congress gave up Ampati, one of the two seats he had won. The NPP-led alliance, including two legislators of BJP, now has 37 MLAs.The result declared around Tuesday noon showed NPP candidate Marcuise N. Marak won the Williamnagar seat by bagging 9,558 votes, which was 37.5% of the total votes cast.Of the constituency’s 32,345 voters, 78.8% had exercised their franchise.Independent candidate Sengbath R. Marak was second with 4,698 votes while former minister Deborah C Marak of Congress, who had won the seat in 2013, finished third with 4,517 votes.Krinilla R Mark, the widow of slain Nationalist Congress Party leader Jonathone N Sangma who was expected to gain sympathy votes, came fourth with 4,009 votes.Election in Williamnagar had to be adjourned after extremists killed Mr. Sangma by blowing up his vehicle during campaign a week ahead of the Assembly polls on February 27. He was the candidate of NCP, which later decided to field his widow.“The challenge of living up to the expectations of the people begins now,” Mr. Marak, who had won the State’s Rongrenggiri seat as an NCP candidate in 2008, said after the result was declared.Prior to the poll in Williamnagar, the NPP-led alliance had 36 MLAs in the Meghalaya assembly. Apart from NPP’s 20 now and BJP’s two, the constituents are United Democratic Party (six LMAs), People’s Democratic Front (four), Hill State People’s Democratic Party (two), NCP (one) and two independents.last_img read more

Victoria bowling coach fined over ball tampering

first_imgMick Lewis, the bowling coach of Victoria, has been fined more than $2,000 for tampering with the ball during the final of the Sheffield Shield domestic first-class competition against South Australia.The former Australia fast bowler pleaded guilty to a charge of ball tampering which arose from an incident on the third day of the four-day match Monday in which the umpires found the state of the ball had been altered after being handled by Lewis.Cricket Australia said “ball tampering is a very serious offence and simply won’t be tolerated at any level of the game.”It said as it was Lewis’ first offense he would not be suspended but would pay a fine of $2,266, equivalent to half a player’s match fee.Television replays showed that after a boundary had been hit by a South Australia batsman, Lewis appeared to kick the ball under a picket fence, then scrape it against a concrete gutter before returning it to a fieldsman.Umpires Paul Wilson and Mick Martell inspected the ball two overs later and decided its condition had been altered and it should be replaced.After discussion with match referee Steve Bernard, the umpires awarded South Australia five bonus runs in its second innings.Cricket Australia said Bernard “addressed the matter as soon as it was brought to his attention, spoke at length to Mick Lewis about it and has handed down the subsequent penalty.”We acknowledge that (Lewis) has apologized to the South Australian team and the match officials and hope the matter deters others from doing anything like this in the future.”advertisementlast_img read more

Workplace climate responsible for gender-based job stress

first_imgWashington, Jul 14 (PTI) The gender-based job stress which women face is because of the workplace climate and not due to their nature as commonly thought, a new study suggests.Social scientists have long known that women working in numerically male-dominated occupations like physics and firefighting report experiencing workplace stress, but men who work in numerically female-dominated occupations like nursing and child care do not, researchers said.The study by Cate Taylor from Indiana University in the US found that gender-based stress is experienced due to the workplace, and not because of something about the women.She designed and carried out an experiment that subjected both men and women to the negative social conditions that many women report experiencing in male-dominated occupations.The result was that men showed the same physiological stress response to the conditions as did women.”Women are not especially sensitive to negative workplace social conditions. Rather, both women and men exhibit similar responses to the same types of stressful workplace conditions,” she said.The study focuses on what Taylor calls “gendered social exclusion,” behaviour that would tend to make “token” women or men feel excluded from a group of mostly opposite-sex coworkers.For example, men might exclude female co-workers by talking constantly about sports or other stereotypically male interests.To determine the effect of gendered social exclusion, Taylor placed female study participants in experimental groups with three male confederates and male study participants in groups with three female confederates.The confederates were trained to make the study participants feel excluded by talking about stereotypically masculine topics (sports, video games and a class in business statistics) or stereotypically feminine topics (shopping, yoga and pilates, and a class in child development) and by subtly excluding the participants from the conversations.advertisementShe compared the stress response of these participants with the stress response of participants in groups made up of members of the same sex that did not use conversation to make the participants feel excluded.In order to measure stress response, at several points during the experiment, Taylor measured levels of the hormone cortisol in the participants saliva – a known indicator of physiological stress response.Cortisol levels rose markedly in participants subjected to gendered exclusion but not in the other participants.”The results suggest that conditions associated with male-dominated professions are what cause token women to report experiencing high levels of stress in the workplace,” said Taylor.”If the workplace climate were less unfriendly, we might see more women in these male-dominated occupations, and we might see more parity in pay,” she said.The study was published in the American Journal of Sociology. PTI SAN CPSlast_img read more


first_imgChhetri was happy that Mumbai City FC have qualified for Chhetri was happy that Mumbai City FC have qualified for the first time for the play-offs with one game in hand. “I feel very happy. Last year we could not qualify but this is the first stage (in play-offs). When I joined (after stint with I-League club Bengaluru FC), the team was in a very good position. Everyone looks fit. We will give our best but will take it one game at a time,” Chhetri said. “The first season, I was not there. Second season we had a good team, but we just lost our track. One of the reasons we have done well is sitting on my right (Forlan). He has been very influential on and off the field. “We also have a very able coach and coaching staff. We are in sync. We are heading in the same direction and when this happens more often than not we will taste success. There are no groups here. We are united but not complacent. “We are going to try our best to win the next game (against Delhi Dynamos here on December 3). There has been no calculation about whom to avoid (in semis). None from coach to captain. We are happy that we have qualified with one game in hand. “We want to be a confident team going into the semis. We will try to win the last game as well as the next one, semis. We have a great away result but had not done well at home. Suddenly we have won two out of two at home. We have to build on it, work harder. The momentum is with us,” he said. Asked about his position in the teams line-up, Forlan said from childhood he always played as a forward. “I like having freedom to play wherever I feel comfortable. I am comfortable in forward position where I have always played as a kid. We have really good players, Indian or foreign. Everybody who has had an opportunity has done well. We are all enjoying each others company, playing and training,” he said. He was not sure whether he could take part in a longer league in India. “Entire season in India? I dont know what I am going to do once the league ends. I have to see, get whole information before deciding,” Forlan said. PTI SSR GK PDS PDS SREadvertisementlast_img read more