Sunday, June 30, 2013

If Israel recognizes the Armenian Genocide it won?t be the end of the world - Jerusalem Patriarch

??If Israel recognizes the Armenian genocide it won?t be the end of the world,? Armenian Patriarch of Jerusalem Archbishop Nourhan Manougian told Lauren Gelfond Feldinger of Haaretz in an interview published on Friday, according to Asbarez.com.

Elected the 97th Armenian Patriarch of Jerusalem in January, Manougian is now one of the top Armenian Christian leaders worldwide, in a community scattered over the globe. In Jerusalem, where the Armenian Christian presence dates back almost 1,700 years, he is also one of the most powerful Christian clerics. The Armenian patriarch shares oversight at the ancient Christian holy sites with the Greek Orthodox and Latin ?(Roman Catholic?) patriarchs.

But despite the historical presence, the tiny Old City Armenian community often feels sidelined, Manougian told Haaretz. As the number of community members relentlessly shrinks, and is now only a few hundred, he worries if there will be future generations. Day-to-day life, he says, is also a balancing act, finding a place between the powerful Jewish Israeli and Muslim Palestinian communities. Israeli scholars echo the same concerns.

At the core of Armenian insecurities are successive Israeli governments that have ruled over them since 1967 but never officially acknowledged the 1915 Armenian genocide or its estimated 1.5 million deaths by Ottoman Turkish forces.

Many of Jerusalem?s Armenians, including Manougian, are the children and grandchildren of the survivors of the genocide. His father fled Armenia through the desert that became known as the ?death fields,? as he headed to the northern Syrian city of Aleppo. Born in Aleppo in 1948 and orphaned by age 5, Manougian grew up in that city, with poor relatives and the stories of the survivors around him. After seminary and ordination, serving Armenian Christians took him from Lebanon, across Europe and the United States, and to Haifa, Jaffa and finally in 1998, to Jerusalem.

Here, Armenians believe that Israel?s silence on the events of 1915 is based on maintaining favor with Turkey. ?If you ask me, [recognizing the genocide] is what they have to do,? said Manougian of Israel. ?What if they accept it? It won?t be the end of the world.?

Manougian also felt marginalized by Israel, while waiting five months for the state to officially recognize his title. Manougian was elected after the 2012 death of Patriarch Torkom Manoogian. Palestinian and Jordanian leaders recognized him days after the January election. Israel did not do so until June 23.

Initially, the patriarchate postponed Manougian?s inauguration, waiting for Israel to reorganize the government following its January 22 elections. But as months passed and the recognition application continued to be ignored, the patriarchate on June 4 held the inauguration anyway.

There is no law requiring it, but sending a formal letter of recognition is a Holy Land tradition dating to the Ottoman era, Manougian said. ?The first [Israeli] letter was signed by Ben-Gurion.?

The Prime Minister?s spokesperson did not give a reason for the delay. But Dr. Amnon Ramon, a Hebrew University and Jerusalem Institute for Israel Studies expert on local Christians, said that his impression was that the delay was caused by bureaucracy and lack of priority. In researching his 2012 book, ?Christians and Christianity in the Jewish State? ?(in Hebrew, published by the JIIS?), he found that Israel?s relations with Christians and church institutions are among the lowest priorities in policy and practice of the local and national government bodies, he said.

While Ramon works on improving government relations with Christians, he also encourages Christians, including Armenians, not to allow caution to stop them from lobbying for their own needs. Christians ?have to look at the Israeli side, the Palestinian side, be very cautious, and sometimes this leads them to inaction.?

OldCity Armenians live more closely with the Palestinians and say their relations with them are better than with official Israel or some of their Jewish neighbors. Bishop Aris Shirvanian says that ?they don?t spit on us,? referring to a phenomenon sometimes encountered by Christian clergy in the OldCity.

?We have no legal problems with them,? said Bishop Aris Shirvanian. But the Palestinians have also not recognized the Armenian genocide. ?The whole of the Islamic countries do not recognize the genocide because Turks are Muslims,? he said.

Being Christian in Jerusalem is complicated, he added. ?When you are dealing with two sides [Israelis and Palestinians], you have to not take one side against the other.?


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Source: http://www.panorama.am/en/politics/2013/06/29/nourhan-manougian/

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Saturday, June 29, 2013

Nokia Launches Nimbuzz Chat App To Tell Indian Users To Trade Up To A Smartphone

Nimbuzz WP7 Contact rosterAfter biding it's time in emerging markets, free messaging app Nimbuzz has ben ratcheting up the news and partnerships lately. It's hit 150m users globally, is strong in Asia, India and Saudi Arabia, has been adding new apps for platforms like Windows 8, and signing telco deals.

Source: http://feedproxy.google.com/~r/Techcrunch/~3/U0QeDWP5RDs/

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Foxx will resign as mayor Monday after confirmation as DOT head

Charlotte mayor Anthony Foxx says he will formally resign his position as the city's mayor after he was unanimously voted in as the U.S. Secretary of Transportation.

The US Senate confirmed Foxx as the nation's next transportation secretary in a vote of 100 in favor and none opposed at noon onThursday. The President was immediately notified.

"I am pleased that the Senate today voted unanimously to confirm Anthony Foxx as the next Secretary of Transportation," President Barack Obama released in a statement on Thursday afternoon.

"Anthony knows firsthand that investing in our roads, bridges and transit systems is vital to creating good jobs and ensuring American businesses can grow and compete in a 21st century global economy," he continued. "I welcome Anthony to my team, and I look forward to working with him as we aim to modernize the infrastructure that powers our economy."

After Foxx was confirmed by the Senate, North Carolina Senator Kay Hagan posted her congratulations to him on Twitter.

"Pleased the Senate has unanimously confirmed Mayor Foxx to become our next Secretary of Transportation. A proud day for NC," she tweeted. "Bipartisan vote indicative of Foxx's status as champion of transportation & infrastructure development that fuels economic growth."

Committee chair Senator Jay Rockefeller kicked off the vote in the Senate just after 11:30 a.m. Roll call began almost immediately due to the fact that there were no opposing speeches.

Sen. Harry Reid, D-Nevada, the majority leader, took a break from debating the immigration reform bill and hold a confirmation vote on Mayor Foxx.

The vote comes 60 days after the President nominated Foxx for the position to lead the US Department of Transportation.

Foxx sent a letter out to city council members and staff Thursday afternoon calling a special meeting at 4 p.m. on Monday, July 1st where he will formally resign his position as mayor of Charlotte.

The mayor also plans to discuss transition plans for a successor until a new mayor is elected in November.

Sen. Kay Hagan spoke on the Senate floor earlier in the morning - listing off Mayor Foxx's accomplishments while in Charlotte. Chief among them was the Lynx Blue Line and the growth and expansion at Charlotte Douglas International Airport.

"Today is a proud day for all North Carolinians and a positive step for our nation as we continue the important work of rebuilding our infrastructure," Hagan said in a release after Foxx was confirmed.

"I am pleased that my colleagues on both sides of the aisle could come together to unanimously confirm Mayor Foxx, a true champion of transportation and infrastructure development with a proven record of making smart investments that fuel economic growth. Jobs are my number one priority, and I have full confidence that Anthony will approach this new job with an eye for how we can grow our economy as we update our nation's infrastructure.? Though he will be missed in North Carolina, I am eagerly anticipating the strong leadership he will bring to the Department of Transportation."

"I would also take this opportunity to thank outgoing Transportation Secretary Ray LaHood for his service," her statement continued. "I was honored to have Secretary LaHood join my transportation roundtable in Charlotte several years ago, and it was abundantly clear that his expertise and passion for keeping our nation's infrastructure updated is unparalleled. In particular, he is to be commended for his willingness to put politics in service to our country. His example of bipartisanship should be followed more often, and I wish Secretary LaHood the best in his next steps."

Amtrak Chairman Tony Coscia and President/CEO Joe Boardman issued a statement after Foxx's confirmation, as well.

"Amtrak congratulates Secretary of Transportation Anthony Foxx on his confirmation today by the U.S. Senate.? He will play a pivotal role in providing critical federal investments for advancing intercity and high-speed passenger rail projects that enhance service, improve reliability, expand capacity, reduce trip-times and increase speeds.

"We also welcome Secretary Foxx to the Amtrak board of directors where he will help shape the future of America's Railroad and further improve our record-breaking financial and operational performance.

"As a former mayor of Charlotte, N.C., an Amtrak-served community, we believe Secretary Foxx understands that intercity passenger rail is a vital and necessary part of the national transportation network and provides mobility, connectivity, and economic development across America in rural communities, small and medium sized towns, and major cities.

"The Amtrak family welcomes Secretary Foxx aboard and we look forward to working with him to deliver more and better intercity and high-speed passenger rail service to the nation."

The US Senate Committee on Commerce, Transportation and Infrastructure held a hearing in May and approved the mayor's nomination earlier this month with bipartisan support.

The mayor promised lawmakers at his hearing that he would work across party lines in his new position and work on continuing a multimodal approach to the nation's transportation network like his predecessor, Secretary Ray LaHood has.

Source: http://lakenorman.wbtv.com/news/politics/100782-foxx-will-resign-mayor-monday-after-confirmation-dot-head

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Colo. woman arrested after home burns in wildfire

COLORADO SPRINGS, Colo. (AP) ? A Colorado woman is angry after she lost her home in a wildfire and got arrested on a warrant for a traffic violation.

Marsha McCormack was arrested and handcuffed on June 21 as she sifted through the charred remains of her uninsured trailer.

A license plate device tipped authorities that she was wanted on a bench warrant for failing to appear in court on a traffic-related charge.

According to the Colorado Springs Gazette (http://tinyurl.com/nfdf2cx ), the woman was released after her neighbors posted a $446 bail and court fee.

___

Information from: The Gazette, http://www.gazette.com

Source: http://news.yahoo.com/colo-woman-arrested-home-burns-wildfire-144456682.html

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You?re Gonna Want to Sit Down for This: 6 High-End Desk Chairs Reviewed

You’re Gonna Want to Sit Down for This: 6 High-End Desk Chairs Reviewed
First-world problems don't get much bigger than having to pick out a chair in which you can sit comfortably all day while you're using your computer.

Source: http://feedproxy.google.com/~r/GearFactor/~3/Y7p0cgsEnik/

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Dow back over 15,000 on upbeat data and Fed reassurance

stocks

11 hours ago

Stocks closed higher on Thursday, for a third-straight day, lifted by a string of upbeat economic reports and following several speeches from Federal Reserve policymakers suggesting the central bank has time before it starts reducing its bond-buying.

(Read More: US Economy Could Grow 5% in Late 2014: Fund Manager)

The Dow Jones Industrial Average rallied 114.35 points, to close at 15,024.49, boosted by Boeing and Hewlett-Packard, logging its first three-day rally since late April. The blue-chip index posted its 15th triple-digit move of the 19 trading sessions in June, the most in a month since October 2011.

The S&P 500 advanced 9.94 points, to finish at 1,613.20. And the Nasdaq jumped 25.64 points, to end at 3,401.86.

"If we consolidate during the next couple of sessions, the bulls need to hold the 1,600 line or this inverse head and shoulders formation will be negated," wrote Elliot Spar, market strategist at Stifel Nicolaus.

The CBOE Volatility Index (VIX), widely considered the best gauge of fear in the market, ended below 17.

Most key S&P sectors finished in positive territory, led by financials and consumer discretionary, while materials dipped.

Upbeat economic data from China also helped bolster sentiment. Industrial profits unexpectedly rose 15 percent in May year-on-year, defying expectations of a slowdown. Japan's Nikkei rallied nearly 3 percent, logging its biggest percentage gain in 13 sessions, while the Shanghai Composite Index finished flat.

"Any China data carries significant weight these days as investors are desperate for signs that the world's second biggest economy is still ticking along," wrote Stan Shamu, market strategist at IG.

On the economic front, weekly jobless claims fell 9,000 last week to a seasonally adjusted 346,000, according to the Labor Department, largely in line with expectations. The four-week moving average for new claims fell 2,750 to 345,750. And consumer spending rebounded 0.3 percent in May, matching estimates, after a revised 0.3 percent decline in the prior month, according to the Commerce Department.

"I think it makes the Fed even more confident that they're doing the right thing," said Drew Matus, senior U.S. economist and managing director at UBS. "And if you look at these numbers, they suggest that the second quarter's going to be better than the first quarter."

And pending home sales for May soared 6 percent to hit a six-year high, according to the National Association of Realtors.

New York Fed president William Dudley said the central bank's asset purchases would be more aggressive than the timeline Chairman Ben Bernanke outlined last week if economic growth and the labor market turn out weaker than expected.

Dudley added that the recent market forecasts for an earlier rate gain are "quite out of sync" with the statements and expectations of the policy-making Federal Open Market Committee. Dudley is a voting member of the FOMC.

Fed Board Governor Jerome Powell agreed that markets over-reacted to the central bank's statements on tapering.

"Market adjustments since May have been larger than would be justified by any reasonable reassessment of the path of policy," Powell said in a speech. "To the extent the market is pricing in an increase in the federal funds rate in 2014, that implies a stronger economic performance than is forecast either by most FOMC participants or by private forecasters."

Atlanta Federal Reserve Bank President Dennis Lockhart, meanwhile, said the U.S. economy's path will determine the fate of the central bank's bond buying, but it would be appropriate to pull back a bit if the economy performs as expected.

"There is no 'predetermined' pace of reductions in the asset purchases, nor is the stopping point fixed," Lockhart said in remarks prepared for delivery to the Kiwanis Club of Marietta. "The pace of purchases, the composition of purchases and the ultimate size of the Fed's balance sheet still depend on how economic conditions evolve."

Markets have been fixated on Fed commentary this week, after Bernanke said last week that the central bank could begin to wind down its $85 billion monthly bond purchases before the end of the year. That sent already rising yields higher and sent stocks on a roller-coaster ride.

Treasury prices extended their gains as yields tumbled to session lows following the data and after the auction of $29 billion in seven-year notes saw healthy demand.

? 2013 CNBC LLC. All Rights Reserved

Source: http://feeds.nbcnews.com/c/35002/f/663286/s/2de2dc76/l/0L0Snbcnews0N0Cbusiness0Cdow0Eback0Eover0E150E0A0A0A0Eupbeat0Edata0Efed0Ereassurance0E6C10A467525/story01.htm

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Friday, June 28, 2013

Zimmerman testimony focuses on letter given to Trayvon Martin's mom

Editor?s note: This story contains racially charged language that may be offensive to some readers.

A friend who was on the phone with Trayvon Martin moments before he was killed gave the unarmed teen?s mother a letter outlining the events leading up to his death. In the letter she didn?t count race among the reasons why Martin may have been killed, despite later testifying that circumstances around the death were racially charged.

Rachel Jeantel, 19, took the witness stand Thursday for a second day in George Zimmerman?s second-degree murder trial and answered questions about the Feb. 26, 2012, shooting of Martin, which Zimmerman is charged with. She also answered questions about a letter she says she wrote with a friend and gave to Martin?s mom several weeks after Martin?s death.

Martin, 17, was shot and killed while walking back to his dad?s girlfriend?s gated Sanford, Fla., community from a convenience store on a rainy evening. Zimmerman has pleaded not guilty to second-degree murder charges, claiming he was acting in self-defense.

Jeantel, of Miami, was the last person on the phone with Martin the night he was killed and says she heard the start of her friend?s deadly confrontation with Zimmerman. She?s considered a key witness for the prosecution.

On Thursday, a defense attorney questioned Jeantel about the letter she had given to Martin?s mom, Sybrina Fulton, and asked why the letter didn?t have any references to racially charged reasons for the killing ? a motive the defense is trying to quash for why Zimmerman, who is of white and Hispanic descent, shot Martin, who is black.

A copy of the letter was read in court to jurors:

?I was on the phone when Trayvon decided to go to the corner store. It started to rain so he decided to walk through another complex because it was raining too hard. He started walking, then noticed someone was following him. Then he decided to find a shortcut ?cause the man wouldn?t follow him. Then he said the man didn?t follow him again. Then he looked back and saw the man again. The man started getting closer, then Trayvon turned around and said, ?Why are you following me?? Then I heard him fall, then the phone hung up. I called back and text. No response. In my mind I thought it was just a fight. Then I found out this tragic story.?

See the letter that was presented in court (.pdf)

The letter was dated March 19, 2012, and was signed ?Diamond Eugene? ? which Jeantel told the court was her nickname.

Defense attorneys asked Jeantel to read the letter in court, but Jeantel said she was unable to read it because she can?t read cursive. When they probed her as to how she could have written the letter if she can?t read cursive, she told them she dictated the words to a friend, who wrote it for her. So defense attorneys read it aloud to the courtroom instead.

While the letter was read, Trayvon Martin?s parents, Tracy Martin and Sybrina Fulton, showed little emotion, staring straight ahead in the courtroom.

But defense attorney Don West was more curious about what the letter left out rather than what was in it. He asked Jeantel about an interview with the Martin family attorney in which race relations had come up.

?It was in the interview with Mr. [Benjamin] Crump that you said you thought this was a racial thing?? West asked.

?He had asked me if it was a racial thing,? Jeantel responded.

Jeantel said her opinion on motives around Martin?s killing was untainted by outside sources because she didn?t watch the news, and decided that based on ?how the situation happened? she had come to the conclusion that the killing was racially motivated. West asked if the fact that Martin had told her on the phone that a ?creepy ass cracker? was following him influenced her suspicions about it being racially motivated; Jeantel told him it did not, that the fact that Martin was ?being followed? was more what made her think it was a racially charged event.

West also asked why Jeantel left out other details of the night from the letter. On Wednesday, Jeantel testified in the Sanford, Fla., courtroom that the last words she heard Martin say before the phone cut out were ?Get off, get off.? West wanted to know why she didn?t mention those final words that she heard to his grieving mother as she explained what happened that night when she went to hand-deliver her letter.

?Ms. Fulton did not ask me,? Jeantel said.

Jeantel also admitted giving a different play-by-play of the phone call to Crump vs. what she testified Wednesday. She told Crump during an interview last year that while she was talking to Martin she heard a man on the phone ask, ?What are you talking about?? But Wednesday, Jeantel had testified that on that night she heard a man who sounded to be out of breath say to Martin, "What are you doing around here?"

Martin then said, ?Get off, get off,? before the phone cut off, Jeantel said Wednesday.

She said that Martin had said a man was following him in the minutes before his death, and that she had advised her friend to run away. After the phone line went dead, she called and texted Martin, but got no response.

Woman who placed 911 call testifies
On Wednesday afternoon, following Jeantel?s testimony, a representative from T-Mobile ? the carrier of the phone Martin had the night he was killed ? took the stand to answer questions about Martin?s phone records, focusing on calls prior to his death.

Jenna Lauer, a resident of Twin Lakes who was home with her husband watching TV when Martin was killed, was next.

Lauer is the woman who placed the call that captured screams in the moments before Martin's death.

That call was the subject of hearings over the last several weeks about whether to admit testimony of experts hired by the state who concluded the screaming voice was not Zimmerman's.

Last weekend, Judge Debra Nelson sided with the defense and ruled the expert testimony would not be heard.? But Nelson said the recording itself could be played, which it was in court on Thursday.

Lauer testified that she and her husband muted the TV on Feb. 26 after they heard sounds coming from the direction of the backyard ? something that at first ?just sounded like loud talking,? she said, but she said she couldn?t make out any words.

Lauer told the court she didn?t hear anyone say ?You?re going to die tonight, mother***er? ? a phrase Zimmerman told police that Martin uttered in the moments before Zimmerman drew his gun.

Later under cross-examination, she also said she didn?t hear anyone say ?Why are you following me for?? a question Martin, according to Jeantel, had asked in his last moments.

Lauer later described the sounds as being people ?scuffling around.?

?I keep saying scuffling because it sounded like sneakers on pavement and grass,? Lauer said.

As the noises continued and turned into ?yelping,? Lauer called 911.

The yelps, plus screams for help, could be heard while she was on the phone with 911, but Lauer, who was a member of the Retreat at Twin Lakes? homeowners? association and had seen Zimmerman several times, couldn?t see who the screams were coming from. She said a gunshot went off while she was still on the phone with 911, and the screams stopped afterwards.

As for who was yelling for help, ?it was one person,? Lauer said, and it was a man, although she couldn?t identify who it was. She said neither she nor her husband looked out the window during the incident, fearing they may get hurt.

Zimmerman, 29, was a neighborhood watch volunteer in the Retreat at Twin Lakes community at the time of the killing. He could face life in prison if he is convicted.

Editor's note: George Zimmerman has sued NBC Universal for defamation. The company strongly denies the allegation.

Source: http://feeds.nbcnews.com/c/35002/f/663306/s/2de5a840/l/0Lusnews0Bnbcnews0N0C0Inews0C20A130C0A60C270C191756210Ezimmerman0Etestimony0Efocuses0Eon0Eletter0Egiven0Eto0Etrayvon0Emartins0Emom0Dlite/story01.htm

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Obama heads to South Africa with Mandela on his mind

By Jeff Mason and Mark Felsenthal

DAKAR (Reuters) - U.S. President Barack Obama heads to South Africa on Friday hoping to see ailing icon Nelson Mandela, after wrapping up a visit to Senegal that focused on improving food security and promoting democratic institutions.

Obama is in the middle of a three-country tour of Africa that the White House hopes will compensate for what some view as years of neglect by the administration of America's first black president.

Before departing Dakar, Obama was scheduled to meet with farmers and local entrepreneurs to discuss new technologies that are helping farmers and their families in West Africa, one of the world's poorest and most drought-prone regions.

But it was Mandela, the 94-year-old former South African president who is clinging to life in a Pretoria hospital, who will dominate the president's day even before he arrives in Johannesburg.

Asked on Thursday whether Obama would be able to pay Mandela a visit, the White House said that was up to the family.

"We are going to completely defer to the wishes of the Mandela family and work with the South African government as relates to our visit," deputy national security adviser Ben Rhodes told reporters in Senegal.

"Whatever the Mandela family deems appropriate, that's what we're focused on doing in terms of our interaction with them."

Obama sees Mandela, also known as Madiba, as a hero. Whether they are able to meet or not, officials said his trip would serve largely as a tribute to the anti-apartheid leader.

"I've had the privilege of meeting Madiba and speaking to him. And he's a personal hero, but I don't think I'm unique in that regard," Obama said on Thursday. "If and when he passes from this place, one thing I think we'll all know is that his legacy is one that will linger on throughout the ages."

The president arrives in South Africa Friday evening and has no public events scheduled. He could go to the hospital then.

Obama is scheduled to visit Robben Island, where Mandela spent years in prison, later during his trip.

On Friday morning, Obama will take part in a "Feed the Future" event on food security. That issue, along with anti-corruption measures and trade opportunities for U.S. companies, are topics the White House wants to highlight on Obama's tour.

Obama, who has been in office since 2009, has only visited Africa once in his presidential tenure: a short trip to Ghana at the beginning of his first term.

While acknowledging that Obama has not spent as much time in Africa as people hoped, the administration is eager to highlight what it has done, in part to end unflattering comparisons to accomplishments of predecessors George W. Bush and Bill Clinton.

Food security and public aid are two of the issues the Obama team believes are success stories.

"Africa has seen a steady and consistent increase in our overall resource investment each year that we've been in office," said Raj Shah, head of USAID. "And sustaining that in this political climate has required real trade-offs to be made in other areas, but we've done that."

(Editing by Daniel Flynn and Stacey Joyce)

Source: http://news.yahoo.com/obama-heads-south-africa-mandela-mind-020643222.html

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Thursday, June 27, 2013

Confirmed: Stephen Conroy Has Resigned As Communications ...

It?s official: Kevin Rudd is now, once again, Prime Minister-Elect following a leadership spill in Canberra late last night. We expect a raft of Cabinet resignations today, but it has now been confirmed that Communications Minister, Senator Stephen Conroy, has resigned.

His resignation was confirmed by his office early this morning:

Conroy ? a key Labor powerbroker in the Gillard government ? has been the champion of the National Broadband Network since it was announced by the very first Rudd-led government.

His other more controversial policies included a push around the Mandatory Internet Filter ? a policy that was dumped late last year.

Conroy has been a key Gillard supporter in the 43rd Parliament.

The now ex-Prime Minister Julia Gillard called a Caucus meeting to spill for the Labor leadership once and for all yesterday, a vote which saw the nation?s first female PM ousted by a vote of 57 to 45 in favour of Kevin Rudd.

Now that Senator Conroy has left his post, it?s unclear as to who will take his place in the new Rudd-led government.

There?s speculation Gillard?s Sports Minister, Senator Kate Lundy, might inherit the massive portfolio, but that?s just it: Senator Lundy threw her support behind the Prime Minister yesterday right into the Caucus Room.

Senator Penny Wong has been elected Senate Leader in Conroy?s-stead, although at this stage the position is largely going to be ceremonial: today (Thursday) is the last sitting day before the Federal Election, which at this stage is still set for 14 September. Although, it?s being speculated that an August election is now more-likely.

The Australian people will then decide who they want in Government, and the respective party leaders ? Abbott and Rudd ? will then decide on their Cabinets post-ballot.

Source: http://www.gizmodo.com.au/2013/06/stephen-conroy-resigns-as-kevin-rudd-wins-leadership-ballot/

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KeyMe: Store Your Keys In the Cloud, Never Get Locked Out Again

KeyMe: Store Your Keys In the Cloud, Never Get Locked Out Again

Whether you've got to deal with a crotchety landlord or a dopey locksmith, we can all agree that replacing lost or stolen keys can be a drag. KeyMe, a new service launched this week in New York, seems to have found a solution by storing your keys in the cloud and making them accessible via a kiosk 24/7.

Read more...

    


Source: http://feeds.gawker.com/~r/gizmodo/full/~3/S66C4oFgjXE/keyme-store-your-keys-in-the-cloud-never-get-locked-o-586549581

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Wednesday, June 26, 2013

Square branches out into e-commerce with new ... - The Next Web

Mobile and digital payment platform Square has moved into a new market today. It?s a bit different than what most people might think ? it?s an e-commerce play called?Square Market and it enables local businesses throughout the United States to sell their products to anyone, anywhere, through the Internet.

A different kind of market

Earlier today, the company tweeted out a tease hinting that it would be expanding into a new market this week. After the recent move into Japan, its second international country, it made sense that Square could be expanding to other places ? perhaps Europe? Australia? South America? We now know that to be inaccurate.

Square Market is the company?s digital marketplace where people can go to find local businesses who want to sell their products anywhere in the US. It?s different from the Square Directory, which was set up as a means to find physical stores that accepted the Square Card Reader. The Market is Square?s way of helping businesses reach more customers. After all, wouldn?t it be great to order Blue Bottle coffee from Las Vegas or New York City?

Creating a global marketplace of local businesses

This e-commerce play is much different than simply shopping on Amazon or large retailers. Square Market is solely focused on the local businesses, which has been the company?s?modus operandi from day one. There?s something to be said about local businesses and the quality and care that they put into their product.

One of the unfortunate downsides of being a local business is that the store is essentially limited to just the community around it. And it doesn?t even have to be a physical store ? after all, there are many people that have tangible goods who might work out of their homes or an office and want to find ways to sell their wares. With Square Market, it looks like the company is helping to create more of a national marketplace accessible to everyone and at a rate that won?t break the bank.

sr market 730x388 Square branches out into e commerce with new Square Market virtual stores for US businesses

No expensive set up needed

Square says that with its marketplace, sellers won?t need to spend a ton of money dealing with creating a website, fees, or even ?complex inventory management.? The company lets anyone open up a store on its platform for free with items, photos, and a profile. Square only charges a 2.75 percent transaction fee for each item sold.

Merchants can also sync up items sold through their Square Register right with their online store.

But how will customers find the store? Square says that merchants and customers can easily share items that they?ve found in a store through Facebook, Twitter, and Pinterest. Leveraging Twitter?s Cards API, the item?s description and photo will appear within the Tweet.

Naturally, Square will handle all transactions. Through its dashboard, merchants can view all order details and also choose how an item is to be shipped.

Fulfillment not included

Square Market isn?t going to do all the work for the merchant. Once the transaction has been processed, it?s up to the seller to ship the item and handle all fulfillment requests. In a sense, one could think about it as if you?re in New York City and you bought a cup of coffee from Blue Bottle in San Francisco. The barrista would need to package it and ship it to you either through FedEx, UPS, DHS, or even the US postal service.

Social selling

Square?s entry into the social selling space is an interesting one, especially as it seems more companies are seeking to find ways to monetize it. It could also be advantageous if Square finds a way to effectively utilize it, especially in light of the competition it?s facing from PayPal, Intuit, Amazon, and others.

But let?s also not forget those startups that have been here for a while, including Chirpify and Ribbon. They are the ones that have made it so brands can sell their wares using a simple Tweet, Facebook post, or even a YouTube video.

Ajit Varma, Square?s Director of Discovery, says that the company is ?focused on making easy-to-use tools for merchants that create an incredible experience for their customers ? no matter where they are. Creating an online marketplace is our next step in making commerce easy for everyone. Square Market makes local businesses accessible to customers down the block and across the country.?

This feature is available also on mobile devices. Since the service already syncs with the Square Register app, it wouldn?t be that unbelievable that when a purchase is made, the merchant will be notified on their phone or tablet device and easily process the transaction. It could also be registered using Square?s newest device, Stand, which was revealed in May for US retailers to have for $299.

Busy year for Square

Today?s news just adds onto Square?s busy year. It is already processing $15 billion payments annually (not including the amount from Starbucks, which is a major investor in the company).

The company also has made strides to expand itself internationally, with the hiring of former Google executive Francoise Brougher and former US Deputy Trade Representative Demetrios Marantis. As mentioned earlier, Square has brought its platform to Japan, making it the second non-US country following Canada.

It also comes on the heels of company co-founder Tristan O?Tierney announcing his departure after 4.5 years.

Square Market is available starting today for US merchants to set up their shops and begin selling online.

Update:?Square co-founder and CEO Jack Dorsey tweeted out that Square Market was created in just three months.

? Square Market

Source: http://thenextweb.com/insider/2013/06/26/square-branches-out-into-ecommerce-with-new-square-market-virtual-stores-for-us-businesses/

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Facebook, Apple, Microsoft, Skype & Yahoo Hit With Prism Data Protection Complaints In Europe

Europe Vs FacebookThe European data protection activists behind the Europe v Facebook (evf) campaign group, that has long been a thorn in Facebook's side in Europe, have filed new complaints under regional data protection law targeting Facebook, Apple, Microsoft, Skype and Yahoo for their alleged collaboration with the NSA's Prism data collection program.

Source: http://feedproxy.google.com/~r/Techcrunch/~3/ERhm95r2xzQ/

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New stock camera app debuts in Google Play edition GS4 and HTC One

Camera app

Redesigned radial menu makes it easier to see all your options

We've got our our hands on the "Google Play edition" Samsung Galaxy S4 and HTC One, and we've been putting both devices through their paces. For the most part, it's hardware we already know running software we've seen before on the Nexus 4. But there's one subtle change we've noticed that could make it a little easier to control your photographic options on the new Googlified devices.

The camera app that ships on the Google-branded GS4 is later than what's on the Nexus 4 (version 1.1.40012 versus 1.1.40001, if you're keeping track), and the UI has been somewhat redesigned. The big circular menu on the Nexus is replaced with an arch-shaped menu on the Google Editions, making it easier to see all your options without your thumb getting in the way.

read more

    


Source: http://feedproxy.google.com/~r/androidcentral/~3/Cz-7MFv3YrU/story01.htm

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Tuesday, June 25, 2013

An Artist Got 16 Bucks for a Song That Pandora Streamed a Million Times

An Artist Got 16 Bucks for a Song That Pandora Streamed a Million Times

A million of anything is pretty much always an insanely impossible number. Winning a million dollars, having a million Twitter followers, selling a million products?anything done a million times is something to be proud of. But maybe not getting your song streamed on Pandora a million times. All you get sometimes is 16 measly dollars. Or $16.89 to be exact.

Read more...

    


Source: http://feeds.gawker.com/~r/gizmodo/full/~3/hJXkLDjRb6A/an-artist-got-16-bucks-for-a-song-that-pandora-streamed-566438837

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James says he's not thinking about 2014 yet

Miami Heat forward LeBron James reacts as he is introduced, Monday, June 24, 2013, during a celebration for season ticket holders at the American Airlines Arena in Miami. The Heat defeated the San Antonio Spurs 95-88 in Game 7 to win their second straight NBA championship. (AP Photo/Wilfredo Lee)

Miami Heat forward LeBron James reacts as he is introduced, Monday, June 24, 2013, during a celebration for season ticket holders at the American Airlines Arena in Miami. The Heat defeated the San Antonio Spurs 95-88 in Game 7 to win their second straight NBA championship. (AP Photo/Wilfredo Lee)

Miami Heat players laugh as they watch highlights of center Chris Bosh, right, Monday, June 24, 2013, during a celebration for season ticket holders at the American Airlines Arena in Miami. Other players from left are: Shane Battier, Juwan Howard, LeBron James, Dwyane Wade and Rashard Lewis. The Heat defeated the San Antonio Spurs 95-88 in Game 7 to win their second straight NBA championship. (AP Photo/Wilfredo Lee)

NBA champion Miami Heat's LeBron James, left, motions to the fans during a parade honoring the team as Juwan Howard, right, looks on in Miami, Monday, June 24, 2013. (AP Photo/Javier Galeano)

Miami Heat LeBron James, left and Dwyane Wade celebrate after defeating the San Antonio Spurs 95-88 to win their second straight NBA championship.(AP Photo/Lynne Sladky)

(AP) ? LeBron James has this summer on his mind, and is already starting to plan for next season.

The summer of 2014, that can wait.

James said Tuesday that he is not thinking about the possibility of becoming a free agent in 12 months, though he did acknowledge that the prospects of competing with Dwyane Wade, Chris Bosh, Erik Spoelstra and Pat Riley for several more championships with the Miami Heat is more than a tiny bit intriguing.

"That's the goal," James said. "That's the ultimate finish. And we all hope that can happen, obviously."

James' final interview session of this season revealed plenty in 17 minutes, including that he's already feeling an itch to get back on the basketball court after just a few days off, that he'll stop at nothing to give longtime girlfriend Savannah Brinson anything she wants on their wedding day in a couple months, and that he's making no secret of his hope that the Heat bring back at least the majority of this year's championship roster.

The most interesting news, however, was when he spoke of his short- and long-term plans. First, he's vowing to come back better next season, which is no small promise from someone with four MVP awards, two Finals MVP awards and who carries the tag of "best player in the world." And then next summer, it certainly sounds as if he's going to give the prospects of staying in Miami a good, long look.

"This is what we came here for, so that would be the ultimate," James said. "But you can never ... I don't know, life changes, things happen, and we have to be prepared for that. But this is what we all want to be here for, that's to be able to compete for a championship each and every year. And if we can do that, then it'd be awesome."

James scored 37 points in Game 7 of the NBA Finals against the San Antonio Spurs, carrying the Heat to their second straight championship in a season where he picked up his fourth MVP award. He's gotten to the championship series in all three of his seasons with Miami, falling to Dallas in 2011, then beating Oklahoma City last season and the Spurs this year.

The team gathered for physicals and a quick meeting on Tuesday, and now begins the process of scattering for vacation and other business. James will make his annual trip with Nike to China next month, not long after Wade does some business there.

And already, James sounds like he's missing the group that he spent the past nine months with.

"It's like, 'Damn, I wish we could come back in the locker room, have another practice, take another flight, have another bus ride with those 15 guys,'" James said. "That's what it's all about. You miss the guys throughout the summer. I know my family probably doesn't want to hear that, but it's the truth."

It was not a Finals without speed bumps for James, who failed to score 20 points in any of the first three games against the Spurs. And after Miami lost Game 5 in San Antonio, James had to prepare without one of his most faithful sounding boards.

Maverick Carter, James' longtime friend and perhaps his most trusted confidant, wouldn't talk with him for days after Game 5, other than challenging him by saying that great players have to be great in the biggest moments.

James responded with 32 points, 10 rebounds and 11 assists in Game 6, then the 37-point outburst in Game 7.

"That's why I like the guys around me, off the court," James said. "It's not just a bed of roses with us. They've been around me too long to allow me to be careless or not stepping up to the plate at the highest level, not in basketball but in everything."

The Heat are expected to announce by Sunday that they will pick up an option on point guard Mario Chalmers, one of three potentially departing players ? Ray Allen and Chris Andersen being the others ? identified by James on Tuesday as being "huge parts of our team." James, who was completely exhausted after Game 7, said he's already feeling rejuvenated physically and is eager to get back to work, which may not be great news for opponents.

"I'm going to come back a better player," James said, "because I owe it to my teammates. ... I'm obsessed with success."

James said he hasn't taken much of a look at who might be available for Miami this summer in free agency yet, in part because the season just ended and in part because he thinks the current Heat roster, if brought back essentially intact, would be good enough to contend for the title in 2014.

If Riley, Spoelstra, managing general partner Micky Arison and salary-cap guru Andy Elisburg find a way to improve the roster, then James ? who plays just about every position on offense and defends them all on defense ? certainly wouldn't complain.

Still, it says something that he's not demanding upgrades, either.

"My mindset is at a point where there is no relief," James said. "I love the burden. I love what I have to do for this team to win. If it happens and we get someone who relieves something from me as far as a big or a wing guy or something, then it'd be good for our team. But I'm not going up to those guys or approaching this summer saying 'I need help.' I'm coming back saying if we come back with this roster, we're going to compete for a championship."

The way he sees it, if he gets better and the Heat get healthier and other players find ways to improve, then he likes his chances next year.

"This year coming, which will be here soon, that's our focus," James said. "Our focus is on how we're going to get better this year coming up, and how we're going to prepare to be better with all these other teams getting better, to be able to keep that trophy here."

So he gets one ring when next season starts, and another a couple months beforehand, when he and Brinson finally tie the knot.

He's let his fianc?e do most of the planning, though James has been involved in some decisions. His approach has been steadfast since proposing shortly after the clock struck midnight and the calendar flipped to Jan. 1, 2012 ? it's her day.

"I'm involved enough to where everything's going to go right," James said. "The most important person is Savannah. She's happy, then I'm happy. That's all that matters. I don't really care about nothing else. I don't really care about nobody else there on that day besides her."

Then comes a new season ? and the same questions he heard going into his infamous 'Decision' summer of 2010, when he left Cleveland for Miami.

"I've been in this position before," James said. "I've heard it before. It can't get any worse than my season before I became a free agent in 2010."

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/347875155d53465d95cec892aeb06419/Article_2013-06-25-Heat%20Wrapup/id-87c95af6c31b4c1c8cb62a1bb4f414f7

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Supreme Court strikes down section of Voting Rights Act (cbsnews)

Share With Friends: Share on FacebookTweet ThisPost to Google-BuzzSend on GmailPost to Linked-InSubscribe to This Feed | Rss To Twitter | Politics - Top Stories News, RSS Feeds and Widgets via Feedzilla.

Source: http://news.feedzilla.com/en_us/stories/politics/top-stories/315164566?client_source=feed&format=rss

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Monday, June 24, 2013

Live coverage of Zimmerman murder trial at 9:00 am ET

After spending a few days roasting over an open fire, Paula Deen is cooked. She lost her job with the Food Network on Friday meaning that she is, for all intents and purposes, gone from our lives now. But an unusual voice spoke up in her defense last night: professional opinioner Bill Maher. Eater pointed us towards this video of Maher defending the former Food Network star on last night's?Real Time with Bill Maher. ...

Source: http://news.yahoo.com/george-zimmerman-murder-trial--live-video-and-chat-222843188.html

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'Monsters' Scares Away 'World War Z' For Box-Office #1

Brad Pitt's zombie flick couldn't top the $82 million opening of Pixar's 'Monsters University.'
By Ryan J. Downey

Source: http://www.mtv.com/news/articles/1709454/monsters-university-box-office-world-war-z.jhtml

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Powerful gene-editing tool appears to cause off-target mutations in human cells

June 23, 2013 ? In the past year a group of synthetic proteins called CRISPR-Cas RNA-guided nucleases (RGNs) have generated great excitement in the scientific community as gene-editing tools. Exploiting a method that some bacteria use to combat viruses and other pathogens, CRISPR-Cas RGNs can cut through DNA strands at specific sites, allowing the insertion of new genetic material. However, a team of Massachusetts General Hospital (MGH) researchers has found a significant limitation to the use of CRISPR-Cas RGNs, production of unwanted DNA mutations at sites other than the desired target.

"We found that expression of CRISPR-Cas RGNs in human cells can have off-target effects that, surprisingly, can occur at sites with significant sequence differences from the targeted DNA site," says J. Keith Joung, MD, PhD, associate chief for Research in the Massachusetts General Hospital (MGH) Department of Pathology and co-senior author of the report receiving online publication in Nature Biotechnology. "RGNs continue to have tremendous advantages over other genome editing technologies, but these findings have now focused our work on improving their precision."

Consisting of a DNA-cutting enzyme called Cas 9, coupled with a short, 20-nucleotide segment of RNA that matches the target DNA segment, CRISPR-Cas RGNs mimic the primitive immune systems of certain bacteria. When these microbes are infected by viruses or other organisms, they copy a segment of the invader's genetic code and incorporate it into their DNA, passing it on to future bacterial generations. If the same pathogen is encountered in the future, the bacterial enzyme called Cas9, guided by an RNA sequence the matches the copied DNA segment, inactivates the pathogen by cutting its DNA at the target site.

About a year ago, scientists reported the first use of programmed CRISPR-Cas RGNs to target and cut specific DNA sites. Since then several research teams, including Joung's, have succesfully used CRISPR-Cas RGNs to make genomic changes in fruit flies, zebrafish, mice and in human cells -- including induced pluripotent stem cells which have many of the characteristics of embryonic stem cells. The technology's reliance on such a short RNA segment makes CRISPR-Cas RGNs much easier to use than other gene-editing tools called zinc finger nucleases (ZFNs) and transcription activator-like effector nucleases (TALENs), and RGNs can be programmed to introduce several genetic changes at the same time.

However, the possibility that CRISPR-Cas RGNs might cause additional, unwanted genetic changes has been largely unexplored, so Joung's team set out to investigate the occurrence of "off-target" mutations in human cells expressing CRISPR-Cas RGNs. Since the interaction between the guiding RNA segment and the target DNA relies on only 20 nucleotides, they hypothesized that the RNA might also recognize DNA segments that differed from the target by a few nucleotides.

Although previous studies had found that a single-nucleotide mismatch could prevent the action of some CRISPR-Cas RGNs, the MGH team's experiments in human cell lines found multiple instances in which mismatches of as many as five nucleotides did not prevent cleavage of an off-target DNA segment. They also found that the rates of mutation at off-target sites could be as high or even higher than at the targeted site, something that has not been observed with off-target mutations associated with ZFNs or TALENs.

"Our results don't mean that RGNs cannot be important research tools, but they do mean that researchers need to account for these potentially confounding effects in their experiments. They also suggest that the existing RGN platform may not be ready for therapeutic applications," says Joung, who is an associate professor of Pathology at Harvard Medical School. "We are now working on ways to reduce these off-target effects, along with methods to identify all potential off-target sites of any given RGN in human cells so that we can assess whether any second-generation RGN platforms that are developed will be actually more precise on a genome-wide scale. I am optimistic that we can further engineer this system to achieve greater specificity so that it might be used for therapy of human diseases."

Source: http://feeds.sciencedaily.com/~r/sciencedaily/top_news/top_health/~3/k3Z12VMmz6k/130623145102.htm

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Sunday, June 23, 2013

Crews work to save Colo. town as wildfire grows

Wildfire smoke masks the sun as it sets over a ridge Saturday, June 22, 2013, near South Fork, Colo. A massive wildfire threatening a tourist region in southwestern Colorado has grown to nearly 60 square miles, but officials said Saturday that the erratic blaze had slowed and they were optimistic they could protect the town of South Fork. (AP Photo/Gregory Bull)

Wildfire smoke masks the sun as it sets over a ridge Saturday, June 22, 2013, near South Fork, Colo. A massive wildfire threatening a tourist region in southwestern Colorado has grown to nearly 60 square miles, but officials said Saturday that the erratic blaze had slowed and they were optimistic they could protect the town of South Fork. (AP Photo/Gregory Bull)

Two horses graze on a ridge as smoke from area fires fills the sky Saturday, June 22, 2013, near Monte Vista, Colo. Fire crews with tankers and hoses at the ready stood guard Friday night as a massive and fast-burning wildfire threatened a popular mountain tourist enclave in southwestern Colorado, forcing the evacuation of more than 400 people. (AP Photo/Gregory Bull)

Firefighters from the San Juan Hotshots based in Durango, Colo, clear brush from around structures Saturday, June 22, 2013, in South Fork, Colo. Fire crews with tankers and hoses at the ready stood guard Friday night as a massive and fast-burning wildfire threatened a popular mountain tourist enclave in southwestern Colorado, forcing the evacuation of more than 400 people. (AP Photo/Gregory Bull)

Firefighters from the San Juan Hotshots based in Durango, Colo, clear brush from around structures Saturday, June 22, 2013, in South Fork, Colo. Fire crews with tankers and hoses stood guard Friday night as a massive and fast-burning wildfire threatened a popular mountain tourist enclave in southwestern Colorado, forcing the evacuation of more than 400 people. (AP Photo/Gregory Bull)

Firefighter Cole Ingram, of the San Juan Hotshots based in Durango, Colo, walks with a chainsaw as his crew clears brush from around structures Saturday, June 22, 2013, in South Fork, Colo. Fire crews with tankers and hoses stood guard Friday night as a massive and fast-burning wildfire threatened a popular mountain tourist enclave in southwestern Colorado, forcing the evacuation of more than 400 people. (AP Photo/Gregory Bull)

(AP) ? Fanned by another afternoon of high winds, the erratic wildfire threatening tourist areas of the southwestern Colorado mountains grew to 100 square miles on Saturday, and fire officials said they saw little hope for a break before Tuesday.

Still, they remained optimistic of saving the popular summer retreat of South Fork, and some 600 firefighters spent another day trying to keep the flames from moving in on the Wolf Creek Ski area and the historic mining town of Creede.

"I like our chances," fire operations chief Russ Long said when asked about the chances of protecting South Fork from one of three blazes in the so-called West Fork fire complex that were sparked last week by lighting in forests turned tinder by lingering drought and beetle infestations that have killed thousands of acres of spruce trees.

But he emphasized that firefighters were strictly in defensive mode, with no containment of the fire.

The blaze's rapid advance on Friday prompted the evacuation of hundreds of summer visitors and the town's 400 permanent residents, and it could be days before people are allowed back into their homes, cabins and RV parks, fire crew officials said. South Fork Mayor Kenneth Brooke estimated that 1,000 to 1,500 people were forced to flee.

The fire's movement toward South Fork had slowed overnight Friday when winds dropped and the flames moved into a more healthy section of forest. But 30- to 40- mph winds returned Saturday afternoon, grounding aircraft and spreading the fast-moving flames to the north.

The town of Creede's 300 residents were under voluntary evacuation orders as officials feared the fire could reach the roads leading out of town.

Officials said they knew of no structures lost, and they estimated the blaze was about a mile and half from South Fork.

"We were very, very lucky," said Rio Grande County Commissioner Carla Shriver. "We got a free pass yesterday."

Many of the evacuees are retirees from Texas and Oklahoma, who come to the mountains in their RVs to escape the summer heat.

"We jumped out of the South Texas hot box into the Colorado frying pan," said Ralph Harden of Victoria, Texas.

Some business owners were allowed back into South Fork during the day Saturday to tie up issues left unattended in the rush to leave.

New fire crews, meanwhile, descended from other areas to join more than 600 firefighters in the area.

And the Red Cross, anticipating the mandatory South Fork evacuation would last for days, prepared to bring in more supplies and portable showers.

Many of the evacuees are retirees from Texas and Oklahoma, who come to the mountains in their RVs to escape the summer heat.

"We jumped out of the South Texas hot box into the Colorado frying pan," said Ralph Harden of Victoria, Texas.

The heavy smoke from the fire was so thick that the plume was credited with keeping keep an 18-square-mile wildfire burning 100 miles to the east near Walsenburg from spreading as fast as it would have otherwise.

Susan Valente, an on-site spokeswoman for an 18-square-mile fire near Walsenburg, said the shade helped keep the forest from drying out in the hot afternoon sun. Residents from 300 homes remain evacuated while in the city of Walsenburg and the town of Aguilar remain on pre-evacuation notice, meaning residents must be ready to flee at a moment's notice.

"Fire conditions are prime with the combination of fuels, heat, winds and low humidity," fire information officer Mike Stearly of the Rocky Mountain Area Coordination Center, "It's expected to be like this through next Tuesday."

There are 12 wildfires burning in Colorado that have scorched 133 square miles, which includes the Black Forest fire that destroyed 511 homes north of Colorado Springs and is the most destructive in Colorado history.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/386c25518f464186bf7a2ac026580ce7/Article_2013-06-23-Colorado%20Wildfires/id-467cf955a7e745619196188a291500d5

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Looking to Non-public Money Banks During the Credit Crisis ...

As a country of debtors, we are all conversant with loans in some way or other. From car loans to mortgages, most of us have been knee deep in a loan at some particular point. There are certain kinds of financing, for example hard cash loans, that are less familiar.

The finance industry is a poser to lots of people. When banks were failing right and left, many wondered where the money was going. As we start bailing out and recapitalizing banks with $700 bln, many are surprised to see banks are still not lending. Heck, the federal government has even sent a directive to banks informing them to do that. Notwithstanding this, money is still hardly trickling into the credit market.

Folks and firms wanting financing now are in a tough spot. Many have money flow issues that need vital financing, but banks simply are reluctant to loan funds because they have collectively been burned so badly over the last couple of years. This creates a gap in the finance market. The beauty of capitalism is there is always someone willing to fill that gap.

In the current financial climate, the parties happy to fill the loan gap are called license moneylender . These are groups that are used to providing bridge financing to firms and individuals in need. Whereas they have regularly been regarded as banks of last resort, they are now becoming a common funding source given the aversion of banks to get into the market.

Non-public money lenders are pretty much what the name says. The usually are composed of a fund into which well off people contribute money. The fund then has a designated purpose such as providing short-term financing on residence projects, manufacturer cash flow scenarios or whatever.

You should note the repeated mention of "short term" financing. Private cash isn't used like standard financing. It isn't intended to cover a whole project from phase one through completion. Instead , non-public money is mostly designed to cover an opening between periods when standard financing can be instituted.

The current market is an ideal example of when personal cash is a good option for most. Let's assume you are converting apartments into condos. The project is going to take two years. You have licensing that requires the project to be undertaken in the next 180 days. You are having problem getting financing from a bank.

Personal cash can frequently be used to buy time in that particular situation. You can get a one year loan that can let you get started so that the license does not go bad. You also buy time to arrange traditional financing. Even if the banks are not currently loaning, they might be in another half a year. If not, you can arrange for extra private money financing.

Is non-public money a good form of financing for every scenario? No. It is dear. In a market like the current one where things are really tight in the credit arena, it often makes lots of sense.

Source: http://faxless-payday-loans-review.blogspot.com/2013/06/looking-to-non-public-money-banks.html

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