Thursday, July 5, 2012

China's Concrete Bubble Is Ready To Pop

(Photo by ChinaFotoPress/Getty Images)

Chinese construction keeps trending down with Sany the world's sixth largest heavy?machinery?maker reporting a rise in profit of 5.3% in the same quarter as a blow out in?receivables of USD $1.39 ?billion ?and cash reserves falling by USD $535 million??. Sany is clearly booking profits on 100% financed machinery while providing zero transparency on credit risk ?and delinquency . If the GFC has taught the world anything, then 100% ?no money down? vendor finance should ring alarm bells.

This all started about about 3 months ago when Zoomlion started to aggressively financing heavy machinery for anyone that wanted to sign up

An analyst told the International Finance News that Sany?s golden age of development has clearly passed. Recent news of staff cuts, changes to the wage structure and offering zero down payments are perhaps the company?s way of seeking a breakthrough during this challenging period, the analyst said.

After losing market share Sany responded by unlocking GPS?disablement?that are normally?included?in vendor finance deals and removing the 20%?deposit?requirement?on new machinery:

As China slows, its construction equipment makers have been accelerating production ? based on the simple idea that long-term survival can be ensured by getting big, fast. The amount of gear produced by the industry increased by almost 80 per cent between 2008 and last year, when 484,316 units were made, according to data from Bloomberg. This was 13,256 more units than the industry could sell ? in spite of a near doubling in exports to more than 40,000 units.

Even worse, also according to Bloomberg: demand for such equipment in China dropped 56 per cent in the year to April.

Matthew Forney and Stella Zhou, writing in Draganomics? China Economic Quarterly for June, look at Sany and its rivals. They note that industry executives are talking of a ?collapse? and are looking to export their way out of trouble.

All of these companies are reacting to a?substantial?market slowdown by expanding their financing options. XCMG the 3rd largest heavy equipment maker in China sales soared by 44% in 2011 by introducing ?no money down? vendor finance , ?opening four new factories this week?.

All of these companies are buying overseas manufacturers , XCMG is finalising a deal to invest in privately held German machinery manufacturer Schwing?. Sany has just bought ?Putzmeister?Holding GmbH for nearly $500 million?. Meanwhile, Zoolion the company we mentioned in The Looting of China?has??investors increasingly concerned about the machinery manufacturer?s plan of raising huge bank loans of up to 140 billion yuan (US$22.2 billion)?, this seems an?extraordinary?amount of debt to raise for as yet an unstated purpose.

Zoomlion, Sany and XCMG (as well as 30 others are headquartered in Changsha, Hunan where?by 2015 the city?s construction machinery products will account for almost a third of those sold globally, rising from its current 9 percent share. Whose Mayer?Zhang Jianfei, a former director of highways at the Ministry of Transport and World Bank adviser on transportation, said that by the end of the 12th Five-Year Plan (2011-15), total sales in the city?s construction equipment sector will have hit 300 billion yuan ($47 billion) . who with that heavy?machinery?available?built one of those ghost cities you keep hearing about (if you follow this?Google?map link you can explore the scale of these cities for yourself)?

This is economic madness on a scale never before seen in history and it wont end well for anyone.

Source: http://feedproxy.google.com/~r/TheMoneyGame/~3/BVCJpyNbl1Q/chinas-concrete-bubble-is-ready-to-pop-2012-7

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FDA approves new home-use HIV test

WASHINGTON ? The Food and Drug Administration approved the first over-the-counter HIV test Tuesday, allowing people to test themselves in private at home and get preliminary results in less than 30 minutes.

"Knowing your status is an important factor in the effort to prevent the spread of HIV," Dr. Karen Midthun, director of the FDA's Center for Biologics Evaluation and Research, said in a statement. "The availability of a home-use HIV test kit provides another option for individuals to get tested so that they can seek medical care, if appropriate."

The test, manufactured by OraSure, already had been approved for medical clinics. The new at-home test, called OraQuick, will be sold in supermarkets and pharmacies beginning in October.

Tests for the human immunodeficiency virus, which causes AIDS, have become increasingly simpler and quicker to use since their introduction in the 1980s. In 2002, the FDA approved the first on-the-spot tests for clinics. In 2005, the FDA began exploring the possibility of approving a home test.

The FDA emphasized that any results from a self-administered test, which works by detecting antibodies in a swab from the gums, should not be considered final. In trials, the test failed to detect HIV in 1 in every 12 patients known to be infected, and returned false positives in 1 in 5,000 cases. Anyone receiving a positive result should follow up with a medical provider, the agency said.

In May, an FDA advisory panel unanimously recommended that the test be approved, saying the benefits outweighed the risks. One concern has been that people who learn that they are infected may not have immediate access to counseling or support.

The agency said it hoped the new tests would reach people who were not getting tested, which, in turn, could lead to early treatment and reduce the transmission rate of the virus.

Previously, the FDA approved an HIV home test, but the samples had to be sent to a laboratory for analysis.

The federal Centers for Disease Control and Prevention estimates that of the 1.2 million people in the U.S. with HIV, 1 in 5 is not aware of the infection. And it says that a disproportionate number of the 50,000 new cases of HIV each year is linked to people who have not been tested.

OraSure has not said how much the test will cost, only that it will be more than the $18 cost for the professional kit.

Kevin Frost, chief executive of the Acquired Immune Deficiency Syndrome research group amfAR, said although he thought home testing was a good idea, a high price tag could put it beyond the reach of those who needed it most.

"If the people who go out and pay for this test end up being sorority girls who had a one-night stand and worry if they're infected, that's not going to be a net positive," he said.

Doug Michels, president of OraSure, acknowledged that pricing was a "fine balance," but said his company's product was not designed to replace other options.

Chip Lewis, a spokesman for Whitman-Walker Health, which provides AIDS care in Washington, said at-home testing could reach some people who didn't want to go to a clinic. But removing medical professionals from the process could cause problems, he said.

"It's not like a home pregnancy test," he said. "You need really a lot of information about how to read the test, how to use the test properly."

Michels said OraSure's research showed that the vast majority of people receiving a positive result said they would seek medical advice. The FDA also required OraSure to run a call center to support users of the test. Michels said trained counselors would answer the calls.

ian.duncan@latimes.com

Source: http://feeds.latimes.com/~r/latimes/news/science/~3/SdKkrHn5y-0/la-na-hiv-test-20120704,0,2444275.story

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UK court: Mulcaire must reveal phone hacking names

(AP) ? Britain's Supreme Court says a private investigator must reveal who ordered him to hack mobile phone voice mails on behalf of a tabloid newspaper.

Glenn Mulcaire was jailed briefly in 2007 for eavesdropping on the phone messages of royal aides on behalf of the now-defunct News of the World.

Actor Steve Coogan is suing Mulcaire and Rupert Murdoch's News International after being told his phones had been hacked and wants Mulcaire to provide evidence for his case. News of the World was part of Murdoch's media empire.

Mulcaire attempted to refuse under laws that prevent self-incrimination, but the country's highest court ruled Wednesday that he must hand over the information.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/cae69a7523db45408eeb2b3a98c0c9c5/Article_2012-07-04-Britain-Phone%20Hacking/id-ee64bc5d45c548fca153f1957a3d6fa8

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Wednesday, July 4, 2012

California A?s stay perfect at Canadian Open

The California A?s, with their perfect defensive record, have established themselves as the team to beat at Softball City.

The A?s ran their record to 6-0 (won-lost) at the Scotiabank Canadian Open Fastpitch International Championship with a 4-0 win over Great Britain Monday, and two more victories ? over Indonesia-Jakarta and the St. Louis Extreme Elite ? on Tuesday.

California has yet to concede a run and is the lone unbeaten team left in the nine-team Women?s elite tournament.

On Monday at Softball City, A?s pitcher Blaire Luna struck out 10 batters to hand the British team its first loss of the competition.

China-Liaoning remained in second place with a 5-1 record, its only loss a 1-0 setback to the A?s on Sunday.

The White Rock Renegades, meanwhile, have won four consecutive games since they dropped an 8-0 decision to China-Liaoning on opening day, and are in third place in the elite division.

Prior to losing to China-Liaoning, the Renegades opened the tournament Saturday with a 6-1 win over Indonesia ? in a contest that was delayed until 10:30 p.m. due to rain during the day.

On Sunday, White Rock won its second game, 7-0 over Team Peru, led by pitcher Sara Hopwood. Hopwood earned her first win of the tourney, striking out seven in five innings, while also going 2-for-3 at the plate, with a double and three runs-batted-in.

Marina Groenewegen, with a triple, and Courtney O?Connor, who was 2-for-2 with a double, also had strong days at the plate.

Monday, the Renegades got a two-run home run from Cloverdale?s Leah Riske to edge Mexico 4-3 in eight innings.

Renegades starting pitcher Kyla Myre scattered three hits over seven and one-third innings, while Cassidy Lee earned the win after retiring the final two Mexican batters.

After reeling off three straight wins, the Renegades were finally tagged with a loss Tuesday, dropping a 7-0 decision to Great Britain, who sat with a 4-1 record heading into Wednesday?s action. White Rock rebounded from the loss later in the day to knock of Team BC ? which features a handful of former Renegades ? by a 13-7 score.

Play in the Women?s International tournament began Wednesday atat Softball City, with Japan playing New Zealand opening the tournament with an afternoon game.

Canada hit the field for its first game at 7:30 p.m. against New Zealand.

None of the Day 1 games were completed by Peace Arch News press deadlines.

Australia, the United States and Venezuela are the other national teams in the International group. The tournament plays through the weekend, with the championship game slated for Monday night.

- with files from Nick Greenizan

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Source: http://www.peacearchnews.com/sports/161351715.html

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Tuesday, July 3, 2012

Physicists bet they're homing in on Higgs

Illinois lab issues its last word on the long-sought particle

Web edition : Monday, July 2nd, 2012

As physicists in Europe prep for a major announcement about the long-sought Higgs particle, U.S. scientists are not going gentle into that good night. Researchers at the Fermi National Accelerator Laboratory in Illinois have squeezed out the last drop of analysis on their own data ? and concluded that the Higgs, if it exists, should have a mass between 115 and 135 billion electron volts.

That range, reported July 2, is not substantially different from earlier reports. It fits with hints reported by the European laboratory CERN in December, which suggested the Higgs might have a mass around 125 billion electron volts (SN: 12/31/11, p. 10). A proton has a mass of around 1 billion electron volts.

The Fermilab report ?is the strongest evidence of Higgs boson production at any collider,? says Dmitri Denisov, a physicist at the lab.

Still, the data aren?t strong enough to claim that the Higgs particle has been spotted. ?I would be willing to bet your house, but not mine,? says Rob Roser, another Fermilab physicist.

Many physicists expect to hear convincing, or near-convincing, evidence of the Higgs? existence on July 4, when CERN will report its latest data.

The Higgs is the last undiscovered fundamental particle in physics? standard model, which describes the particles that make up the universe and the forces that govern their interactions. Several theorists, including the University of Edinburgh?s Peter Higgs, proposed the particle in 1964 as a signal of a field that would have slow down the motion of some elementary particles, giving them mass.

Fermilab?s data come from its now-shuttered Tevatron collider, which slammed beams of protons into their antimatter counterpart, antiprotons. Between 2001 and 2011(SN: 9/24/11, p. 22), it gathered data on 500 trillion such collisions. Each created a shower of particle debris that physicists can scour for traces of the Higgs, which if it exists would have emerged in a small fraction of collisions and then immediately decayed away into other particles.

Tevatron scientists have about the same amount of data as CERN has so far, but at much lower energies. That means far fewer Higgs particles should have been produced in Illinois than in Europe. Still, data from the two main Tevatron detectors suggest that there are more particle ?events? in the 115 billion to 135 billion electron volt range than one would expect if the Higgs did not exist, Fermilab scientists reported at an in-house seminar.

Further analysis from Europe should pin down whether this signal is real or not. CERN has the mother of all atom smashers: The 27-kilometer-circumference Large Hadron Collider collides protons with protons at energies never before achieved. Project scientists will present their latest findings at a CERN seminar on the morning of July 4, Geneva time, and also later in the week at a high-energy physics conference in Melbourne, Australia. Rumors are flying that the 125 GeV signal may have gotten stronger with data from CERN?s 2012 data run.

If the Higgs is found, the question turns to whether its properties match predictions made by the standard model, or whether they are slightly different. ?If we do find the Higgs, we can start to play these measurements off each other and decide if we have a standard model Higgs or if there?s new physics involved,? said Fermilab physicist Eric James.

Key to the July 4 announcement will be the statistical strength of any reported Higgs signal. Separately, each of the LHC?s two main Higgs experiments may not be able to achieve the desired ?five-sigma? signal, meaning the probability is less than 1 in 3.5 million that a statistical fluke could create the same signal or a more extreme one. Combined, the experiments may be able to reach that threshold. (The Tevatron analysis from its two detectors is just under three sigma, meaning the chance is 1 in 550 that a statistical fluke could create something at least as unusual.)

How long it will take, though, remains a mystery. ?I can tell you 2012 is the year? to learn if the Higgs exists or not, says Tom LeCompte of Argonne National Laboratory. ?I can?t tell you July is the month.?


Found in: Atom & Cosmos

Source: http://www.sciencenews.org/view/generic/id/341955/title/Physicists_bet_theyre_homing_in_on_Higgs

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Mexico returns former ruling party to power

MEXICO CITY (AP) ? Mexico's old guard sailed back into power after a 12-year hiatus Sunday as the official preliminary vote count handed a victory to Enrique Pena Nieto, whose party was long accused of ruling the country through corruption and patronage.

The second place candidate, leftist Andres Manuel Lopez Obrador, refused to concede, saying he would wait for a full count.

The Federal Electoral Institute's representative count said Pena Nieto of the Institutional Revolutionary Party, or PRI, won about 38 percent of the vote, prompting wild cheers from a party that was voted out in 2000 after 71 autocratic years in power. Lopez Obrador of the Democratic Revolution Party had 31 percent and Josefina Vazquez Mota of the ruling National Action Party had about 25 percent, according to the institute.

Pena Nieto, who sought to cast himself as the leader of a new PRI, called his victory "a fiesta of democracy."

"There is no return to the past," said the youthful, 45-year-old who is married to a soap opera star. "You have given our party a second chance and we will deliver results."

He promised a government that would be democratic, modern and open to criticism. He pledged to fight organized crime and said there would be no pacts with criminals.

"My gratitude tonight is for the millions of Mexican who voted for me," he said. "I will work for all of Mexico ... I will govern for everyone."

Despite a clear victory, more than 60 percent of voters did not support him and it was not the mandate the PRI had anticipated based on the pre-election polls.

Vazquez Mota, 51, was the first to concede, followed by New Alliance candidate Gabriel Quadri, who had only single-digit support.

At the PRI headquarters in Mexico City, a party atmosphere broke out with supporters in red dancing to norteno music.

There were plenty of reasons to celebrate. The party also appeared likely to retake at least at least one of the two houses of Congress and some governorships.

Critics say the party's 71-year rule was characterized by authoritarian and corrupt practices. But the PRI has sought to portray itself as a group that has been modernized and does not seek a return to its old ways.

Enrique Pena Nieto appears to be accomplishing what many thought would never happen again: the return of a strong and dynamic PRI," said Eric Olson of the Washington-based Mexico Institute. "The question: How will they govern?"

Lopez Obrador took hundreds of thousands of supporters to the streets in protest when he narrowly lost in 2006.

"We hope the candidate of the left will act with democratic maturity and also recognize the results," Coldwell said.

Vazquez Mota garnered little more than 23 percent in exit polls released by Milenio and TV Azteca networks and quick count by Mitofsky. Lopez Obrador had about 30 percent of the vote.

The PRI has been bolstered by voter fatigue due to a sluggish economy and the sharp escalation of a drug war that has killed roughly 50,000 Mexicans over the past six years.

Hugo Rubio, 33, a municipal employee in Nezalhualcoyotl, says what he expects is "more jobs, more tranquility in terms of security" under Pena Nieto.

"He has demonstrated that (the party) had changed, that he cares about the people who are most in need," Rubio said at a red-clad crowd of supporters gathered with banners and balloons.

There were very few reports of problems during the vote, though some polling stations ran out of ballots and at least nine people were arrested in the southern state of Chiapas for trying to pass ballots pre-marked for the PRI.

Interior Secretary Alejandro Poire said that across the country federal security forces were working closely with local and state authorities, as well as electoral officials, to guard the peace during the vote.

Sergio Ortega, a 31 year old businessman from the city of Guadalajara, said he would vote against Pena Nieto to try to prevent the return of the PRI.

"He had too much favoritism. They played many tricks," Ortega said.

Pena Nieto has cast himself as a pragmatic economic moderate in the tradition of the last three PRI presidents. He has called for greater private investment in Mexico's state-controlled oil industry, and has said he will try to reduce violence by attacking crimes that hurt ordinary citizens while deemphasizing the pursuit of drug kingpins.

Pena Nieto also has been dogged by allegations that he overspent his $330 million campaign funding limit and has received favorable coverage from Mexico's television giant, Televisa.

University students launched a series of anti-Pena Nieto marches in the final weeks of the campaign, arguing that his party hasn't changed since its days in power.

But many say the PRI would not be able to re-impose its once near-total control even if it wanted to because of changes in society, the judiciary and Congress.

"The context has changed dramatically," said Rodrigo Salazar, a professor at the Latin American Faculty of Social Sciences in Mexico City. "Society isn't the same. It's a very critical society, a very demanding society, with a strong division of powers."

Caldwell predicted the party would take two and possibly four of the six governor's seats up for grabs from rival parties. He said the party won in Jalisco and Chiapas, and stood to defeat the PAN in Morelos and Guanajuato, despite tight races and claims from both sides of victory.

Mexico's main leftist party appears to have won big in the Mexico City mayor's race.

Miguel Angel Mancera of the PRD says exit polls favor his victory after voting in the capital ended Sunday.

His closest challenger, Beatriz Paredes of the PRI, says none of the exit polls favor her. The conservative National Action's candidate, Isabel Miranda de Wallace, has not commented on the voting.

The PRD has struggled in the rest of Mexico, but it has held a lock on Mexico City since the mayorship became an elected position in 1997.

All of the parties were accusing rivals of emulating the traditional PRI tactic of offering voters money, food or benefits in return for votes. Lopez Obrador's party says Pena Nieto's campaign has handed supporters prepaid money cards worth nearly $5.2 million (71 million pesos).

"Where do they get so many resources to conduct the PRI campaign, so many billboards?" asked voter Marilu Carrasco, a 57-year-old actress who was lined up to cast her vote for Lopez Obrador in southern Mexico City's Copilco neighborhood. The PRI's return to the presidency "could be the worst thing that could happen to us," Carrasco said.

PRI activists, meanwhile, had published photographs of truckloads of handouts they say were given out by Democratic Revolution backers.

But electoral officials have repeatedly insisted that outright fraud is almost impossible under the country's elaborate, costly electoral machinery.

Lopez Obrador, 58, says he wants to keep state control over the national oil company, make Mexico self-sufficient in energy and food production, and fund new social spending and jobs programs by cutting waste and corruption, not by raising taxes.

By 11 p.m. the leftist candidate still remained confident of victory. At his party headquarters, there were only about 500 people showing support for a man known to draw crowds in the hundreds of thousands.

A group of about five people held up signs that call the election a fraud. One sign read, "General Obrador, I am ready for the revolution!"

___

Associated Press writers Mark Stevenson, Adriana Gomez Licon, and Carlos Rodriguez contributed to this report from Mexico City, Gloria Perez from Atlacomulco, Mexico, Gustavo Ruiz from Morelia, Mexico, and Manuel de la Cruz in Tuxtla Gutierrez, Mexico.

Source: http://news.yahoo.com/mexico-returns-former-ruling-party-power-052201748.html

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The Real Housewives of New Jersey Recap: Temporary Shrinkage


The Real Housewives of New Jersey look for some help from a professional but when it's all just "Temporary Shrinkage" can you expect the results to last? We recap all of the drama of therapy in this week's THG +/- review.

Is that really just a garage Joe and Teresa are building back there? It's bigger than most single family homes but then again do these two know how to do anything normal? Minus 10.

But plus 8 for appearances. The Guidice kids may act like brats but they look adorable in those matching overalls and even Joe seems more human as he tries to teach his girls how to spread the concrete.

Teresa and Joe Giudice Pic

In an unexpected surprise Rosie shows up on the Guidice doorstep ticked off because of all the things she's read about Teresa putting down her sister. Minus 9. That's been going on for over a year now. What took her so long?

Teresa just looks at her perplexed as though she doesn't know what she's talking about and remarks that she doesn't store things in her brain. Yeah. No kidding. 

Minus 12 because these two are so trashy they can't have a simple conversation without getting bleeped out repeatedly. Enough with the f-bombs every other word.

Back at the Wakile family, Kathy and Rosie's mother tells a horrifying story over Sunday dinner. When she was five years old her mother gave her away to another family member. I can't even imagine that! Plus 15 for how this wise woman learned the hard way that holding grudges against the people who hurt you is never worth it. How did she end up on a show so full of idiocy?

After dinner, Kathy decides to be her sister's wingman as they head out to a gay bar called the Cubby Hole. Rich almost looks a little worried that she might enjoy herself too much. 

Minus 8. Kathy needs to learn that to be a good wingman you have to remain at least somewhat sober. What was in those drinks?

Maybe it's in the same drinks that Ashley is downing at her bar. Or is it now Ashlee? And who the heck paid for this stupid kid to legally change her name? Minus 11. That costs money and the last I knew the girl didn't have a real job.

Perhaps they also paid for Ashlee's new tattoo…of a skull on her wrist to remind her of her favorite bar. Do you think she'll ever be smart enough to realize how foolish she is?

But the highlight of the night is Teresa and brother Joe's therapy session.

How can this possibly work when neither one of them really thinks they could possibly be in the wrong. Teresa says she wants her money back if it doesn't work and Joe Gorga claims he's an angel sent from God. Plus 10 to Rich and Kathy. I loved watching their jaws drop when Joe delivered that line.

The shrink tells them not to share an RV in Napa so Teresa immediately takes that as a challenge to do so. Yeah, this is going well. I think she just forfeited her refund.

Then they're told to leave the past in the past and move forward. They sort of manage that one. At least they begin a new fight over whether Teresa's building an apartment for her parents or a garage. 

Honestly, can you imagine these two and there spouses, drunk and trapped in an RV together?  Who do you think will come out alive?

Episode total =  -17                               Season total =  -116     

Source: http://www.thehollywoodgossip.com/2012/07/the-real-housewives-of-new-jersey-recap-temporary-shrinkage/

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