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The Breaking News

Dec 23, 2010

Argentina in new bid to pay off the 2001 debt default

Argentina in new bid to pay off the 2001 debt default

Argentina on Wednesday launched a new bid to pay off the remainder of its debt from a disastrous 2001 default, calling it the "last chance" for the creditors holding out for the higher returns.

The country has paid off 93 percent of its debt from the 2001 economic debacle, when it defaulted on bonds worth around 100 billion dollars.

The latest offer is aimed at the investors -- mostly hedge funds known locally as "vulture funds" -- who hold the remaining bonds worth an estimated 6.1 billion dollars (4.6 billion euros) and have rejected previous proposals believing they could win more in court.

The Finance Secretary Hernan Lorenzino said the latest offer was a "gesture" towards the holdouts but warned it would be their "last chance," with the window closing December 30.

Argentina has revived an earlier offer to buy back the debt without past-due interest, paying with its popular Global 2017 bonds, Lorenzino said.

Buenos Aires hopes to turn the page on the default and return to the financial mainstream in 2011.

Christmas medleys take centre stage

Christmas medleys take centre stage

Carols and the bells, lights and flowers.
Hotels, restaurants, gift shops and decorators are ready to welcome Christmas, with a bow.
Celebrations have already kicked in with dining out and entertaining guests. However, sales of new clothes and accessories are insignificant at the time.
The day is most special for children, and five-star and three-star hotels in Dhaka are eagerly waiting to entertain their young guests, along with their parents, with a line-up of several programmes.
MA Awal, sales director of Sonargaon Hotel, said the hotel would organise several events, mainly for children, regardless of religion, on the day.
Sonargaon will organise Christmas parties and carols at all its restaurants. "We are planning something different for our guests, and we try to give them a flavour of Christmas by decorating the hotel with a Christmas tree, lights and flowers, and arranging different programmes.”
It would also host a children's pool party, where Santa Claus will make an appearance, a magic show, a puppet show, fortune-tellers, live piano music and a fairy's wheel, entry to which would cost Tk 800 a person.
The hotel also spreads a special Christmas buffet at Café Bazar on Christmas Eve and a traditional Christmas buffet feast on Christmas Day.
"On the Christmas Day, our main revenue comes from restaurant sales, because most foreign guests tend to celebrate the day with their families in their home countries," Awal said.
It means there will be a 40-45 percent cut in the hotel's occupancy during this time, he added.
Shahidus Sadique, marketing manager of Dhaka Sheraton Hotel, said the hotel has also geared to cater to the growing number of guests on Christmas Day (tomorrow).
"Christmas Day celebrations are part of our promotional activities, and not for profit. We organise different programmes on the day mainly to offer an essence of Christmas to the local Christians and foreign guests.”
The hotel would be humming with a Christmas Children's party at the Ball Room and a special Raffle draw. It will also host a children's party at Lobby Café, where the entry fee is Tk 500 a person.
Sheraton would serve dinner at Vintage for Tk 3,500 a person, and a special lunch and dinner at Bithika for Tk 2,000 a person and Tk 1,500 per child.
On the other side of the city, Radisson Hotel, The Westin and Dhaka Regency are also adding glitter to their celebrations by organising similar programmes, mainly to cater to foreign guests residing in the diplomatic zone in Dhaka.
Also, restaurants, including Bella Italia, Coffee World, Voot, Pizza Hut, KFC, Flambe and Nando's, are ready to cook culinary feasts for the day.

Gift shops are also abuzz. Archies Gallery and Hallmark, two of the oldest gift shops, are eyeing a handsome sale from card and gift.
"People prefer cards to greet family and friends on this occasion. We started getting orders for cards and small gifts from corporate houses that want to greet their clients on the day," said Jamil Ahmed, shop in-charge of Archies Gallery in New Market.
Flower sales have also shot up at high-end shops, like Ferns n Petals, a flower shop that imports flowers from India and Thailand. The shop received a large number of advance orders for bouquets and decorative flowers for the day, said an executive of the shop.
The aroma of fresh bakery items fills the air as sales orders are mounting at bakeries, and many expect to earn handsome revenues.
"We received orders for about 1,000 cakes for Christmas. There is a large Christian community residing in this neighborhood, and a cake is a must for the day," said Ahmed Ali, manager of Coopers at Farmgate.
Interestingly, commercial decorators are also busy these days, as residences, hotels, restaurants, gift shops and offices are using fairy lights to decorate their premises.
"The trend of lighting one's house or commercial building on Christmas Day is growing, and so is our revenue," said Abdus Sakur, owner of Rafayel Decorators at Baridhara.
He received orders for decorating 20 houses and 15 commercial buildings, mainly in Baridhara, he said.
Sakur said he charges between Tk 5,000 and Tk 20,000, depending on the size of the building. "Most of the time, people take our services for two to three days, so the charge varies."

Source : the daily star.

Sep 23, 2010

Latest Technology News

Sprint may consider usage-based pricing

Sprint may consider usage-based pricing

CEO says that, like rivals AT&T and Verizon, his company may one day be forced to consider usage-based pricing on its currently unlimited 4G data service.


How the iPhone could get into Verizon hands

How the iPhone could get into Verizon hands

It's very likely the iPhone will make its way to Verizon at some point. But there are technical, legal, and strategic barriers that need to be overcome first.

Is your PC a sitting duck for hackers?

Is your PC a sitting duck for hackers?

The new Zero Day Tracker site lists unpatched vulnerabilities in an effort to aid computer users and put pressure on vendors to clean up their act.


Google: Chrome Frame ready for prime time

A year after its public debut, Google's project to modernize old versions of Microsoft's browser sheds its beta label. But ultimately, IE9 probably will matter more.






GOP 'Pledge' makes closing argument to voters

GOP 'Pledge' makes closing argument to voters


John Boehner, Mike Pence, Eric Cantor, Cathy McMorris Rodgers AP – House Minority Leader John Boehner of Ohio, gestures during a news conference on Capitol Hill in Washington, …

STERLING, Va. – Want to know what Republicans would do if they win control of the House?

No need to guess any longer.

House Republicans were at a hardware store in suburban Virgina Wednesday to roll out a 21-page policy agenda.

Their "Pledge to America" doesn't include many new ideas, but it pulls together familiar proposals to slash taxes and spending and cut down on government regulation, as well as repeal President Barack Obama's health care law and end his stimulus program. The agenda also vows to change the way Congress works.

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

WASHINGTON (AP) — Republicans are putting their leading midterm congressional campaign arguments into a new manifesto designed to show they're listening to an angry public and are focused on creating jobs.

GOP lawmakers later Thursday will roll out their "Pledge to America" — a 21-page document filled with familiar proposals to slash taxes and spending and cut down on government regulation, as well as repeal President Barack Obama's health care law and end his stimulus program.

With polls showing voters disenchanted with Obama, worried about the economy and mad at elected officials, the agenda also vows to change the way Congress works — requiring every bill to cite its constitutional authority, for example, and to be made public for three days before a vote.

"Putting spending, putting the policy of economic growth in place and cleaning up the way Congress works is not only a stark contrast to this president and this Congress," said Rep. Paul Ryan, R-Wis. "It's a contrast to the way we conducted ourselves a decade ago. We spent to much money. We lost our way."

The plan steers clear of specifics on important issues, such as how it will "put government on a path to a balanced budget." It omits altogether the question of how to address looming shortfalls in Social Security and Medicare, which account for a huge portion of the nation's soaring deficit, instead including a vague promise: "We will make the decisions that are necessary to protect our entitlement programs."

Republicans are favored to add substantially to their ranks on Nov. 2, perhaps enough to seize control of the House.


Their new agenda is rife with the kind of grass-roots rhetoric that could appeal both to tea party activists and to independent voters the GOP is courting in its quest for control.

"Regarding the policies of the current government, the governed do not consent," the pledge says. "An arrogant and out-of-touch government of self-appointed elites makes decisions, issues mandates and enacts laws without accepting or requesting the input of the many."

Polls show large majorities are fed up with Congress and both parties and show Republicans have a chance to earn the public's trust on key issues.

The latest Associated Press-GfK poll found nearly three-quarters disapprove of the way Congress is handling its job, with 68 percent disapproving of Republicans compared with 60 percent disapproving of Democrats.

Rep. Pete Sessions of Texas, the head of Republicans' House campaign committee, said the agenda was drafted to answer the public's skepticism about government and give them a "deliverable."

"A number of people are very cynical about the reliability and the sincerity of either party," Sessions said. "We've put things on a sheet of paper."

Rep. Mike Pence of Indiana, the House GOP conference chairman, said ahead of the rollout in suburban Virginia later Thursday that the party document stems from a long period of listening to and talking to voters.

"Congress ought to be acting to make sure there is no tax increase on any American at any level," he said.

Democrats dismissed the GOP plan as recycled ideas that would further exacerbate the nation's problems.

"Republicans want to return to the same failed economic policies that hurt millions of Americans and threatened our economy," said Nadeam Elshami, a spokesman for House Speaker Nancy Pelosi, D-Calif.

GOP lawmakers planned to go public with their plan at a hardware store in a Virginia suburb of Washington, choosing a location outside the nation's capital that's in keeping with the plan's grass-roots emphasis.

Pence appeared on CBS's "The Early Show," and Ryan was interviewed on ABC's "Good Morning America."


Obama: Don't let skeptics, fear derail Mideast peace

President Obama says he wants to see Israel and Palestine, living side by side in peace and security.
President Barack Obama addressed world leaders at the U.N. General Assembly on Thursday, telling them, "Each of us comes here with our own problems and priorities. But there are also challenges that we share in common as leaders and as nations."

He says critics and skeptics of a Mideast peace between Israelis and Palestinians should "consider the alternative," according to excerpts released in advance of the speech.

STORY HIGHLIGHTS

  • NEW: President Obama addresses world leaders at United Nations
  • He says Israelis, Palestinians will miss out on opportunities without peace accord
  • Obama says other countries have responsibility to help with the peace process
  • Tensions mount over possibility of new Israeli settlements in West Ban

Obama to make appeal for Mideast peace settlement

Obama to make appeal for Mideast peace settlement

President Obama says he wants to see Israel and Palestine, living side by side in peace and security.
President Obama says he wants to see Israel and Palestine, living side by side in peace and security.



President Barack Obama addressed world leaders at the U.N. General Assembly on Thursday, telling them, "Each of us comes here with our own problems and priorities. But there are also challenges that we share in common as leaders and as nations."

He says critics and skeptics of a Mideast peace between Israelis and Palestinians should "consider the alternative," according to excerpts released in advance of the speech.

"If an agreement is not reached, Palestinians will never know the pride and dignity that comes with their own state. Israelis will never know the certainty and security that comes with sovereign and stable neighbors who are committed to co-existence," he said. "The hard realities of demography will take hold. More blood will be shed.

"This Holy Land will remain a symbol of our differences, instead of our common humanity," he said.


According to his prepared text, Obama said although peace must be made by Israelis and Palestinians, other countries have a responsibility as well.

"Those of us who are friends of Israel must understand that true security for the Jewish state requires an independent Palestine -- one that allows the Palestinian people to live with dignity and opportunity," Obama said. "And those of us who are friends of the Palestinians must understand that the rights of the Palestinian people will be won only through peaceful means -- including genuine reconciliation with a secure Israel."

Since being elected president, Obama has worked to resolve the conflict between Israelis and Palestinians.

U.S. Secretary of State Hillary Clinton and Mideast peace envoy George Mitchell have worked to achieve peace talks aimed at resolving all core issues of the Mideast conflict within 12 months.

Tensions are growing over the issue of possible new Israeli settlements in the West Bank.

Israeli Prime Minister Benjamin Netanyahu is under pressure from the Palestinians and the Obama administration to extend a 10-month moratorium on building Israeli settlements in the disputed West Bank territory. That moratorium is set to expire Sunday. Palestinians have said the construction would torpedo the talks, but Israel says some construction is likely.

Another roadblock to any peace deal is the Palestinian view that any two-state solution must include a handover of all the land Israel captured in the 1967 war, along with East Jerusalem as the Palestinian capital.

While Netanyahu has expressed openness about a Palestinian state, he has strongly opposed a Palestinian takeover of East Jerusalem.

As for Israel, its security concerns have been front and center and they have spurred the fighting in the Middle East. The attacks into Israel by Palestinian militants firing rockets from Gaza spurred Israel's offensive in Gaza that begin in late 2008.

Obama said supporters of the Arab Peace Initiative should "seize this opportunity to make it real by describing and demonstrating the normalization that it promises Israel." He urged those supporting Palestinian self-government to help the Palestinian Authority with political and financial help.

"And those who long to see an independent Palestine rise must stop trying to tear Israel down."


Gamers shun stores for downloads

Gamers shun stores for downloads


Team Fortress screenshot, Valve Valve's games site Steam tops the download game rankings

US sales of PC games via downloads have exceeded shop sales for the first time, suggest figures.

In the first six months of 2010, 11.2 million full games for the PC were bought online compared to 8.2 million physical unit sales, said NPD Group.

Topping the list of download sites was Steamgames, the online shop of game developer Valve which created Half-Life, Left 4 Dead and many others.

Despite the prevalence of downloads, physical sales generated more cash.

NPD said that PC sales in shops made up 57% of all cash spent on PC games compared to 43% for downloads. NPD said this was due to the higher average price of games sold in stores.

The figures also revealed that the total sales of downloads and in-shop sales were down 21% on the same period in 2009.

Ahmadinejad: Israeli PM a 'skilled killer'

Ahmadinejad: Israeli PM a 'skilled killer'

Iranian President Mahmoud Ahmadinejad lashed out at Benjamin Netanyahu in an interview with CNN's Larry King Wednesday, calling the Israeli prime minister a "skilled killer" who "should be put on trial for killing women and children."

The Iranian president denied that international sanctions were hurting his country, and refused to commit to meeting President Obama if the opportunity arose.

Ahmadinejad also deflected questions about Iran's nuclear program, saying Iran has "no interest" in a nuclear bomb and that no one is concerned about Iran's intentions other than "the Zionist regime and some American authorities."

"We are not seeking the bomb," Ahmadinejad said.

The United States and its allies are not convinced by Iran's regular denials, and the International Atomic Energy Agency -- a United Nations body -- says it cannot confirm that Iran is not diverting nuclear materials for military purposes.


International powers discussing Iran's nuclear program with Tehran are pushing to restart negotiations soon, a senior U.S. official told CNN Wednesday. Iran has not responded to the request.

Meanwhile, Ahmadinejad insisted that "we have no interest in [a nuclear bomb] and we do not think that it is useful."

"Both the Zionist regime and the United States government should be disarmed," he said. "The threat to the world are the bombs that the U.S. government and the Zionist regime have."

Iran normally refuses to refer to Israel by name, calling it "the Zionist regime."

Ahmadinejad is in New York for the annual meeting of the United Nations General Assembly.

He regularly challenges American presidents to talk to him in front of the world's media during the UNGA, but did not clearly commit to talking to Obama when King asked him about it.

"It depends," he said.

"I think it would be very good to sit before members of other states and the media and to discuss our views -- to have an exchange at the United Nations. I think that would be very positive so that everyone could hear what we have to say and it could help resolve many problems," he said.

Ahmadinejad denied having direct influence over the case of two American hikers who have been detained in Iran for more than a year without trial.

There is a "chance" Josh Fattal and Shane Bauer could be released but a judge must make the decision, he said.

A third American who was detained with them, Sarah Shourd, was released last week.

Ahmadinejad said her release was "because of mercy, compassion and as a humanitarian gesture."

He said he had "suggested" it but that he had "no influence" over the legal process.

He spoke to King through a translator.

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