World stocks fall amid China credit concerns

LONDON (AP) ? Global stock markets reeled Monday amid concerns that credit conditions will tighten in the U.S. and China, the world's two largest economies.

Shanghai's stock index endured its biggest loss in four years after the country's central bank allowed commercial rates to spike higher. Analysts say the move was part of an effort to curb the high level of off-balance-sheet lending in China that could threaten the country's financial stability.

But the higher lending rates could also hurt economic growth. The impact for stock markets would be all the greater if the U.S. Federal Reserve tightens its own ultra-loose monetary policy over the coming months, as it has signaled it would do so long as the U.S. economy improves according to its forecasts.

Mainland China's Shanghai Composite Index plummeted 5 percent to 1,968.51 while the smaller Shenzhen Composite Index plunged 6.1 percent to 881.87.

In Europe, Britain's FTSE 100 fell 1.2 percent to 6,040.44 and France's CAC-40 slid 1.6 percent to 3,599.05. Germany's DAX was down 0.9 percent to 7,717.43 even though a key business sentiment index rose slightly, suggesting the recovery in Europe's largest economy continues, though at a slow pace.

Wall Street opened lower, with the Dow Jones industrial down 1.6 percent to 14,563.29 and the S&P 500 down 1.7 percent to 1,564.91.

Government bond yields rose in the U.S. and other big economies on expectations that borrowing rates would not remain at their current lows for much longer. The U.S. 10-year rate traded above 2.6 percent for the first time since August 2011.

Bond yields also rose in Europe's financially shaky countries, suggesting investors are relatively more cautious about lending them money despite the good returns they provide. Spain's 10-year bond yield was above 5 percent for the first time in three months.

Analysts at Moody's Investors Service said they saw the Chinese central bank's action to allow lending rates to rise as "a conscious decision" to curb credit growth.

Moody's added that a prolonged credit crunch could threaten Chinese companies, "especially those in the private sector with weak credit quality, because it heightens the risk that banks will scale back lending to those companies." Moody's says that China's central government finances remain strong, but that rapid credit growth and liabilities at the local level pose a threat to growth.

Andrew Sullivan of Kim Eng Securities in Hong Kong said China's new leaders want credit to be available to keep the economy moving but not so much as to promote asset bubbles.

"After six months in power, the new leadership is putting its policies in place. It's signaling that credit is going to remain tight," Sullivan said. "All that is in line with moving China from being an export driven economy to being a domestic consumption economy."

The concerns over China's credit market were magnified by existing worries that access to money will tighten in the world's largest economy, the U.S.

Investors are concerned what will happen as the U.S. Federal Reserve slows down its monetary stimulus program, which has been pumping $85 billion into the financial system every month and helped many stock indexes reach multiyear or record highs. Markets tumbled last week when Fed Chairman Ben Bernanke said the program would likely slow down this year and end in 2014.

Elsewhere in Asia, Hong Kong's Hang Seng fell 2.2 percent to 19,813.98. Japan's Nikkei 225 index, the regional heavyweight, fell 1.3 percent to 13,062.78. South Korea's Kospi lost 1.3 percent to 1,799.01. Australia's S&P/ASX 200 shed 1.5 percent at 4,666.50.

In energy markets, benchmark oil contract for August delivery was up 8 cents to $93.77 per barrel in electronic trading on the New York Mercantile Exchange. The contract fell $1.71 to close at $93.69 on Friday.

In currencies, the euro fell to $1.3091 from $1.3139 late Friday in New York. The dollar fell to 97.33 yen from 97.76 yen.

___

Sampson reported from Bangkok. Joe McDonald in Beijing and Fu Ting in Shanghai also contributed to this report.

Source: http://news.yahoo.com/world-stocks-fall-amid-china-credit-concerns-104336559.html

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High court sends back Texas race-based plan

WASHINGTON (AP) ? The Supreme Court has sent a Texas case on race-based college admissions back to a lower court for another look.

The court's 7-1 decision Monday leaves unsettled many of the basic questions about the continued use of race as a factor in college admissions.

Justice Anthony Kennedy, writing for the court, says a federal appeals court needs to subject the University of Texas admission plan to the highest level of judicial scrutiny.

Source: http://news.yahoo.com/high-court-sends-back-texas-race-based-plan-142424792.html

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The Best Mad Men Season Yet

Megan Draper (Jessica Pare) and Don Draper (Jon Hamm)

Photo by Jaimie Trueblood/AMC

Mindful of the recent ?sick day? on which Don Draper drunkenly slouched through a viewing of a Nixon ad, I approached last night?s episode of Mad Men half-expecting the season finale to be powered by at least a bit of electoral energy. Converting this half-expectation into an active wish, I began planning to compare and contrast the misadventures of Draper and crew with the mistakes registered by George Roundy, the hairdresser played by Warren Beatty in our country?s great bedroom farce, Shampoo, set on Election Day 1968, and ending on a cliff above the frontier of the promised land. I realized it ought to be easy to generate a spark of an idea about ambition, masculinity, and the American dream in the friction between the two productions. But I hadn?t yet realized what I?d already felt, that Mad Men has stopped being a period piece.

Among the signs of artistic growth that mark the show?s sixth season as its best to date is that it is has stopped using the past as a crutch to prop up its scenarios. In its first season, when the calendar paged across the second Tuesday in November of 1960, the producers wrought much ballyhoo. The agency had Nixon as a client; thus, according to the alternate rules of historical fiction, the audience had to credit Sterling Cooper with the real Nixon?s campaign slogan (?For the future?) and had to grin and bear a handful of instances of U.G.H. (unfortunately gratuitous historicism). I take its moments of jagged tonality to represent the cracks of a maturing voice, and its excesses as shrewd expressionistic choices. (Yes, it seemed rather much for the season opener to quote Dante?s Inferno by way of bearing down on Draper?s midlife crisis. But Don Draper is not having a midlife crisis. His life is the crisis, and it?s got momentum.) This season, less eager to please and more anxious to jar, Mad Men has moved its mimicry of then-current events farther back in the thematic mix. The tail end of the season breezes past the election to tumble toward the more emotionally momentous holiday of Thanksgiving.

The fate of the country is noted, significantly, by Draper, only when a man of God interrupts his drinking and his drinking career. ?I?m doing just fine,? was Don?s brush-off of the guy who may in fact have saved his soul. ?Nixon?s president, everything?s back where Jesus wants it.?

Think of it this way: Now that Mad Men has stopped attempting to be Updike?s Rabbit series, an analytic diorama, it has focused its self-consciously literary efforts on the more interesting business of being Updike?s Couples. American history is just a thing that happens, like the weather, and instead the personal past is the nightmare from which Draper?off the sauce and onto a mission of radical reinvention?may yet awake.

The show is pitching Draper?s epiphany as a program of radical transparency, enacted by a character known for his opacity and invisibility. I appreciated the elegance of the episode?s return to the season opener. There, Draper, creating a campaign for a hotel in Hawaii, produced a spooky-Zen print ad featuring an empty suit on a beach. Here, when the clients arrive for a meeting, his partners can?t find him. It is as if, embracing the idea of the ad, he has disappeared. Where to? The bar stool, where he?s doing just fine. Man, the crusty old symbolism of American masculinity had a rough week: Undone by cars and guns, trembling with delirium in the absence of alcohol and with fear in the face of adultery, the strong and silent majority of the ensemble did not do much to give patriarchy a good name.

Not for nothing does Draper?s come-to-Jesus moment?his outing of himself as an orphan, for the sake of his relationship with his kids?happen during a meeting with Hershey?s. ?The wrapper looked like what was inside,? he says early in the episode, a professional illusionist and existential imposter appreciating an honest fa?ade. He repeats the line later. Shortly, he takes his kids on a car ride to visit the house where he grew up. A kid eats an ice-cream treat on the stoop of the house, at the end of the finale, while Don begins to reconcile be and seem. Everything for a moment is back where Jesus wants it.

Source: http://www.slate.com/articles/arts/television/2013/06/mad_men_season_6_this_was_the_best_season_yet.html

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Obama to tout economic impact of immigration

WASHINGTON (AP) ? President Barack Obama will convene a meeting of CEOs and business leaders to tout what the White House says are the economic benefits of a landmark immigration bill.

The afternoon meeting is scheduled just hours before the Senate holds a key test vote on a border security amendment. The measure could help the bill garner more Republican support.

Obama is expected to highlight new estimates about the bill's impact on the national deficit. The Congressional Budget Office says the bill would reduce the deficit by about $200 billion over the next 10 years and by about $700 billion over the following decade.

The bill would provide a pathway to citizenship for many of the 11 million people living in the U.S. illegally.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/89ae8247abe8493fae24405546e9a1aa/Article_2013-06-24-US-Obama-Immigration/id-5489fd433747419bbbd7eecd5ccb457f

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AppScale Launches As An Open-Source Backup Equivalent To Google App Engine

Startup?AppScale?has launched its open-source backup up service for Google App Engine (GAE), which is compatible with standard cloud services that developers use when building apps. The company, which was one of six startups that presented at the Structure conference last week, stood out even if it did not win an award for overall best startup and even though it wasn't the audience award winner. Here' why: It is a backup Platform as a Service (PaaS) for a PaaS and infrastructure services.

Source: http://feedproxy.google.com/~r/Techcrunch/~3/pKITxl2zNq8/

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Photos of the Day (Powerlineblog)

Share With Friends: | | Politics - Top Stories News, News Feeds and News via Feedzilla.

Source: http://news.feedzilla.com/en_us/stories/politics/top-stories/314571436?client_source=feed&format=rss

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Home Improvement Projects Made Simple

Home Improvement Projects Made Simple

You need to make renovations, but you will not know how to begin. Can this situation sound like you? Many individuals procrastinate about renovations because they feel under-qualified. This article will explain to you get back to normal with home improvements.

Don?t buy furniture which includes busy patterns.You should use different colored pillows and throws without making an excessive amount of a distinctive effect.

Use empty baby food glass jars to assist organize work area. You must screw or super glue the lids within shelf. It is possible to put small stuff like nails and screws.This can help increase your space and efficiency.

Choose your color scheme that already within a room. It may be upholstery fabric, curtains or perhaps an area rug that you opt to use to construct one scheme.As an illustration, in case your sofa carries a pattern that is composed of mauve, red and green within it, then select one dominant color from those options to feature in at the very least half of the room. The other two colors serves as accents.

In case your inner carpenter is simply dying to have out, you can build bed furniture to switch your old furniture. This may be quite challenging, however with some patience and effort, you could make gorgeous custom furniture that is exactly suitable for your taste.

Add value to your house by refinishing your hardwood flooring. You will find the proper equipment and perhaps even take classes with a home improvement center close to you.Doing the job yourself could save quite a bit of money.

Although individual solar lights can be found in many styles and so are cheap, they?re really not ideal for anything beyond providing decorative accents.

It is possible to increase your home?s value and add additional entrance charm by just adding high-gloss paint to its shutters and doorway. Homes that are constructed with light colored brick really look fantastic with blue and red paints while darker exteriors often favor dark greens or deep tone in the door.

Should your roof leaks, you need to start by checking nearby the chimney, round the chimney, in any low spots, and near your wall step flashing. Gutters that are damaged can make things leak because water goes directly across the beyond the home.

You need to include some dry day in case your project involves painting. It is really an essential in painting project to have success. On days that happen to be humid or wet, paint takes longer to dry in the walls, and therefore means any project is going to take longer. Painting on only dry days can cut time in half in between your project time.

Put two coats of the flat paint on first, then stencil on glossy paint in unique designs. The reflected light from the glossy coat will prove to add additional visual interest by reflecting light.

If the water is soaked up, you need to apply more water repellent. Be sure your deck is sealed prior to winter strikes to halt damage.

Be sure to put safety equipment on your next project. Safety googles, gloves and hard hats.

These blankets prevent heat loss and enhance the efficiency of the hot water heater so as to allow it to be more effective.

Look for the outer of your residence with the eye towards seeing it others see it. Begin with examining your yard beautiful.

To summarize, everyone can do home improvement. In the event you don?t have any experience, all you need to do is discover the information. The content you?ve just read contains excellent suggest that will help you in starting your own home improvement projects. You may make a positive change inside your home?s look, so begin using the data today!

Thanks for reading. For more tips on home improvement and making your house look the best, including information on lever door handle, oriental carpets and cream kitchen bin please see our website

Source: http://www.jwopenmarket.com/home-improvement-projects-made-simple/

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