Saturn's southern reaches are draped in the shadow of the huge planet's iconic ring system in a spectacular new picture from NASA's Cassini spacecraft.
The near-infrared photo, which Cassini snapped on June 15, looks toward the southern, unlit side of Saturn's rings from 14 degrees below the ringplane, researchers said. The spacecraft was about 1.8 million miles (2.9 million kilometers) from Saturn at the time; the image scale is 11 miles (17 km) per pixel.
Saturn's ice-covered moon Enceladus, which is 313 miles (504 km) wide, is visible as a tiny, bright speck in the lower lefthand corner of the image.
Many researchers regard Enceladus as one of the best bets in our solar system to host life beyond Earth. Though surface temperatures on the moon are frigid, Enceladus is believed to harbor a vast ocean of liquid water beneath its icy shell.
Enceladus also boasts huge amounts of internal heat, which power a system of geysers that erupt from the moon's south polar regions. Cassini discovered these geysers in 2005 and has snapped many photos of them since.
The $3.2 billion Cassini mission is a collaboration involving NASA, the European Space Agency and the Italian Space Agency. The spacecraft launched in 1997 and arrived at Saturn in 2004. It has been studying the ringed planet and its many moons ever since, and should continue to do so for years to come; the Cassini mission has been extended to at least 2017.
In early 2005, Cassini's Huygens lander, an ESA probe, touched down on the enormous moon Titan and relayed the first photos ever from the surface of that intriguing world.
Titan has a thick, nitrogen-dominated atmosphere and a weather system based on methane and ethane, which have pooled to form lakes in various places across the moon's surface.
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The Miami Herald reports that two separate polls from Republican and Democratic third-party groups have arrived at the same conclusion: Rep. David Rivera (R-FL) is losing his reelection effort.
"Rivera, under separate federal criminal investigations into his personal and campaign finances, trails Democratic challenger Joe Garcia by nine percentage points in a Democratic poll and he's behind by 10 points in the Republican survey -- just outside the poll's error margin."
Hundreds of weapons held by former Libyan rebels who fought the security forces of the late Libyan strongman Muammar Gaddafi have been turned over to military authorities in response to a call by government in the wake of violent incidents in Bhengazi. The earlier call by military authorities for civilians to surrender their arms after the fall of Gaddafi did not result in massive turnover until after the violent incident in Benghazi which killed the American ambassador and three of the US Embassy staff.
According to Army Col. Omran al-Warfali, hundreds came early for the turn over of their weapons to the authorities.
"Hundreds of citizens came since the early hours of this morning to handover their weapons from all segments of society, men and youth, women, and even children came to hand over bullets they found it in the streets," he told AP.
In the same AP report, "Moussa Omr, a former fighter who lives on the outskirts of Benghazi and who fought against Gadhafi, said it was time to turn over his weapon to the state."
"When I saw the announcement on television I came to Benghazi with my wife and son to hand over my weapon to the national army because I want to move from the stage of the revolution to state building," he said. "I trust the national army. They have been with us on the frontline and I know them one by one. I don't need this weapon after today, the militias have been expelled from Benghazi and the national army will protect us."
Libya's new government has been struggling to fight criminality as private armed groups continue to patrol the streets but often take the law into their own hands.
Estimates reveal there are at least 200,000 private citizens in Libya who are armed and government has been trying to entice them to surrender their weapons.
Members of the armed groups were offered jobs and money in exchange for their weapons but few have responded to the call by Libya's new leaders.
But recent developments have shown that armed groups have realized the pressing need for lasting peace in their communities.
Some armed group members have offered to join the military under the new regime after surrendering their weapons.
"Saad Bakar, head of a small brigade in Benghazi, handed over rifles and ammunition on Saturday, saying he was ready to disband his group," Reuters wrote.
"We were waiting until today to make sure that the weapons go to the right place," he said. "We want to join the army as individuals."
The organizers of the weapons collection initiative said the campaign will continue in key cities in order to further entice the armed groups to hand over their weapons, they plan to raffle off prizes to include cars at the end of weapons collection day.
Despite allowing only an average of 190.3 passing yards per game, which is fifth best in the NFL, the Pittsburgh Steelers have lacked big plays in the their secondary so far this season.
The Steelers? lone interception of the season has come from safety Ryan Clark. In addition, the defense has only five sacks, and has given up touchdowns of 71 yards and 64 yards in both of their losses.
Pittsburgh should get the impact that they need when safety Troy Polamalu returns to the line up in Week 5. Polamalu has missed the last two games with a calf injury that sidelined him after the Week 1 loss to the Denver Broncos.
The Pro Bowl safety has practiced this week with the first-team defense, and said that his calf ?feels much better.? Polamalu went on to say that he?s sure that he?ll play on October 7th when the Steelers host the Philadelphia Eagles.
With the status of Pro Bowl linebacker James Harrison still in the air, Polamalu?s potential return to the field will add a much-needed element to not only the secondary, but also the entire defense.
The ten-year veteran?s presence should improve Pittsburgh?s pass coverage, as well as their 16th-ranked run defense.
Safety Ryan Mundy has stepped in during Polamalu?s absence. Mundy, who was fined $21,000 for a hit on Oakland Raiders wide receiver Darrius Heyward-Bey, has recorded 10 tackles in the two games he started this season.
Assuming that there won?t be any setbacks between now and the Steelers? next game, Polamalu?s return should bring Pittsburgh?s defense much closer to where most expected it to be.
ANKARA, Turkey (AP) ? Turkey and Egypt sought to boost their alliance in a turbulent region on Sunday, unleashing harsh criticism of the Syrian regime and pledging joint support for the Palestinian cause.
Egypt's new president, Mohammed Morsi, addressed a major congress of Turkish Prime Minister Recep Tayyip Erdogan's ruling party, amid signs that a partnership between their two countries is emerging, and said they both plan to stand by Palestinians and the Syrian people.
"Our common goal is to support other people who are standing up against their administrations or regimes, to support Palestine and the Syrians in their efforts," Mursi said.
"The events in Syria are the tragedy of the century," Morsi said. "We will be on the side of the Syrian people until the bloodshed ends, the cruel regime is gone and Syrian people reach their just rights."
In his speech to the congress, which is marking the ruling Justice and Development party's decade in power, Erdogan promised that Turkey, which is host to some 88,000 Syrian refuges as well as Syrian opposition groups, would continue to support the Syrian people wanting to oust the regime of President Bashar Assad.
He appealed to Russia, China and Iran to stop backing the regime.
"We call on Russia, China as well as Iran: please review your stance. History will not forgive those who stand together with cruel regimes," he said.
With Khaled Mashaal, the leader of the Palestinian Islamic militant group Hamas also present, Erdogan said Turkey is determined to speak out against what he called Israel's "state terrorism" in the region and praised Morsi for his support to Palestinians.
"Through Morsi's leadership, our Palestinian brothers in Gaza and in all other Palestinian cities are able to breathe easily," he said.
Erdogan said Turkey would not reconcile with former ally Israel until it lifts its blockade of Gaza and apologizes for an attack in 2010 that killed nine mostly Turkish pro-Palestinian activists in a raid on a flotilla that tried to breach the blockade.
Israel has refused to apologize but has expressed regret for the loss of lives. It insists troops opened fire after coming under attack by activists.
During his 12-hour visit to Turkey, Morsi will try to strengthen economic ties with Turkey ? a country his Muslim Brotherhood group views as an Islamic success story, mixing a strong economy with Western ties and Islamic piety.
Turkish Foreign Minister Ahmet Davutoglu visited Cairo earlier this month and pledged a $2 billion in aid to boost confidence in an economy badly battered by a tourism slump, strikes and ongoing protests since the fall of the authoritarian leader Hosni Mubarak in an uprising last year.
Earlier, Erdogan told delegates at the congress that the era of military coups in the country is over and that Turkey is a model for other Muslim countries to emulate.
The Justice and Development Party, which came to power in 2002, has maintained Turkey's decades-old secular system, but at the same time has curtailed the power of the military, which have staged three coups since the 1960s and forced an Islamic government out of office in 1997.
Earlier this month, a court sentenced more than 300 military officers to long prison terms for attempting to topple the government in 2003.
"The era of coups in this country will never return again," Erdogan said. "Anyone who intervenes or tries to intervene in democracy will sooner or later go in front of the people's courts and be made to account."
?They say if a small business makes it to its fifth year, things are good,? says Tarrin McGhee, owner of Memphis-based Pique Creative Agency. ?I just renewed the license for the fourth year, and it feels nice.?
Tarrin McGhee of Pique Creative Agency, from their office across the street from the Soulsville Foundation.
After a few years working for area non-profits, the Omaha, Nebraska native felt the call to move on. With a background in advertising and public relations, she took?on freelance projects while working to secure job ?interviews with agencies and various companies, before landing two very appealing offers for full-time employment.
But, another call was echoing within- the wild call of the small business owner.
?Cardell Orrin, my unofficial mentor and official business partner, encouraged me to think about different alternatives by asking me if I?d consider going into business for myself,? says McGhee. ?So I began thinking about that, praying, talking to family, and ultimately decided it was worth a shot.?
The urge to go all in as a business owner was further edified when McGhee attended one of? LaunchMemphis? Startup Weekends, regular workshops that arm aspiring small business owners with connections, resources and a plug-in to Memphis? culture of entrepreneurship.
Pique Creative Agency launched in September 2009 when McGhee took the leap of faith.
?I don?t regret it at all,? she says. ?I wanted to compete with the agencies I interviewed with and starting my own company presented an opportunity for me to spend my time working to get closer to other long-term goals that I?ve set for myself, instead of using my talent to help other people accomplish theirs.?
McGhee, center, with Henry Jones and Lindsey Kurtz of Pique client Stand For Children.
?The first two years of business, I had no social life. None,? says McGhee. ?Friendships suffered. My relationships with my boyfriend, my sisters, my mother, friends, all were damaged. I was absorbed with business, clients, prospect meetings, and it took a while to find balance. But I found it. I remembered how to live and why it was so important to ensure that other aspects of my life were not forgotten.?
?You do have to pour yourself into a business to be successful, but you also have to find time to just enjoy life, be present in the moment, and celebrate where you are.?
Organically, Pique has landed mostly non-profit clients, an arrangement that suits McGhee fine. ?I get a lot of fulfillment working with non-profits. I see people are giving of themselves to help others do better and to improve our community, and helping my clients succeed gives me a broader sense of accomplishment than just earning a paycheck.?
Operating out of an office in Soulsville?s Towne Center, just across McLemore Avenue from the Stax Museum and Soulsville Charter School, suits the business model Pique has established. The building complex itself was part of a massive redevelopment project in the community, and McGhee thinks it?s important to stay involved in the city as it changes.
?I remember eleven years ago in college at the University of Memphis people were talking about Memphis being on the brink of greatness,? she says. ?It?s still talked about today because our city has so much potential to improve and so many people working hard to do it. I could have done my business anywhere, but I?m glad that it?s here. Memphis is home.?
McGhee, second from right, at Common Ground's 4th Anniversary Celebration held at the Stax Museum earlier this year.
A lifelong reader and lover of words, she writes fiction and poetry when she finds a rare moment of downtime.
?It helps cleanse the mind,? she says. ?But I don?t share it. In business, I?m the face of the company, which is difficult for an introvert. I write this other stuff for myself. My fear is that after my death it will all be discovered and my secret self will be exposed. A good PR person stays behind the scenes!?
In ten years, McGhee hopes to see Pique as a major competitor to the other agencies in Memphis.
?I started the business to leave something behind for my family, to generate wealth for my loved ones,? she says. ?I?d love to see the company grow and expand into other cities. Because we focus on non-profits, I think that our work can succeed in any city.?
She acknowledges that this kind of growth presents a new spectrum of unknowns and challenges.
?It will be tough to break into new markets, but I?m up for a challenge.?
?People say you work harder for yourself than for an employer,? she says. ?It?s totally true.?
Tarrin is a graduate of the Leadership Academy?s A10 Fellows class. Find out more about the program here.
GENEVA (AP) ? The U.N.'s top human rights body on Friday named renowned former U.N. war crimes prosecutor Carla Del Ponte to its independent panel probing alleged war crimes in Syria's 18-month conflict.
Her appointment came as a sign of stepped-up efforts to gather evidence against members of Syrian President Bashar Assad's regime.
The U.N. Human Rights Council also voted to extend by six months the mission of its probe.
The panel, whose mandate was due to expire within days, has blamed Syria's government forces for the majority of serious abuses since the uprising began in March 2011.
Activists say some 30,000 people have died in Syria since the uprising began. In addition, hundreds of thousands have fled the violence, many going across the border to Turkey.
The collected evidence could one day be used in a war crimes tribunal hearing ? although none is so far planned at the International Criminal Court in The Hague, Netherlands.
Last week, the panel led by Brazilian professor Paulo Sergio Pinheiro submitted a confidential second list of suspected war crimes perpetrators to the U.N. human rights office.
Del Ponte, a former Swiss attorney general, has previously served as prosecutor of the international war crimes tribunals probing atrocities in Rwanda and Yugoslavia. Along with Del Ponte, the Council also named Vitit Muntarbhorn, a Thai professor who has investigated human rights in North Korea.
Members of the 47-nation Human Rights Council voted 41 to three in favor of a resolution put forward by Arab states to extend the panel's mission until the council's next session in March. Russia, China and Cuba opposed the resolution and three countries abstained.
Syria's ambassador, Faysal Khabbaz Hamoui, denounced the resolution and lashed out at those who backed it ? in particular Arab states who are funding Syrian opposition fighters.
"They have decided to draft a resolution that is very tolerant to al-Qaida," he said, insisting that Syria will "never become an extremist Islamic emirate."
The U.S. ambassador, Eileen Chamberlain Donahoe, said that the investigative panel "has been doing its job" ? notably to turn up information that could one day be used to prosecute those behind Syria's bloodshed.
The panel's members "will help ensure that this will not be a case where impunity prevails, but rather that those responsible for these crimes against the Syrian people will face justice and accountability," she said.
LONDON/MOSCOW (Reuters) - Russian billionaires Oleg Deripaska and Michael Cherney reached an 11th-hour settlement in a dispute over a billion dollar slice of aluminum giant RUSAL , shortly before they were due to give evidence in a drawn-out London court case.
The case, which had been expected to run well into 2013, was due to dwell on allegations of broken promises, criminality and mob rule while shining a light on the murky carve-up of lucrative smelters in the 'wild east' of post-Soviet Siberia.
"Mr. Deripaska announces that Mr. Cherney's litigation in London against him has been terminated," a spokesperson for Deripaska said in a brief statement. "Neither party will be making any further comment in relation to the litigation or matters raised therein."
Cherney's team released a nearly identical statement.
Cherney, born in Ukraine, raised in Uzbekistan, Jewish by creed and living in Israel since leaving Russia in 1994, alleged that metals mogul Deripaska reneged on a deal to buy him out of their joint aluminum business, RUSAL.
Well-connected Deripaska, who controls RUSAL and is a survivor of President Vladimir Putin's crackdown on oligarchs who once wielded great political power, denied having had any such business relationship with Cherney. He alleged he was the victim of a protection racket Cherney helped orchestrate - an accusation Cherney denied.
Cherney, who in 2008 won the right to bring his case against Deripaska in London's respected courts - the venue of choice for the warring Russian wealthy - was due to be cross-examined next Tuesday via video-link from Israel. An outstanding arrest warrant relating to a separate money laundering investigation prevents him from travelling to London.
Lawyers were intrigued at the last-minute deal.
"The experience in most of these cases is that they do go to trial because no one is willing to back down," said Philippa Charles, a litigation partner at law firm Mayer Brown.
"So it's interesting that the level of publicity has perhaps focused the minds of both parties on whether or not it is actually worth having their dirty linen washed in public."
THE POWER OF METAL
The Russian aluminum industry, like much of Russia's raw materials sector, came under the control of a few powerful oligarchs during the huge selloff of state assets that followed the collapse of communism and of the Soviet Union in 1991. The brutality of the business rivalry over aluminum smelters gave birth to the term 'aluminum wars'.
Cherney's case against Deripaska had overtones of a recent battle between Russian oligarchs Boris Berezovsky and Roman Abramovich, which in August helped ensure the concept of "krysha", or roof, was established in English courts.
Berezovsky's claim for $6 billion was dismissed and Judge Elizabeth Gloster described him as an 'inherently unreliable witness'. Abramovich had said he had paid money to Berezovsky for 'krysha' services of political cover and protection,
A "krysha", in Russian gangster parlance, can be either a figure who genuinely protects, in return for payment, the interests of a business in a sometimes brutal business world or it can refer to a racketeer extorting money by intimidation. The boundary between the two can, of course, be blurred.
The case, which began in July when both sides published opening statements and lawyers laid out the details of their arguments in front of Judge Andrew Smith, hinged in part on what was agreed in a London hotel 11 year ago.
Cherney and Deripaska agreed they met at the Lanesborough Hotel on a March morning in 2001, that they signed one document and that Deripaska handed Cherney $250 million. Everything else, even exactly when they first met each other, was disputed.
Deripaska says he made the payment to terminate a krysha arrangement with Cherney, partly because his business was now powerful enough, and his security forces strong enough, to confront criminal gangs.
Cherney says he had orally agreed a 50/50 partnership with Deripaska in 1993, which lasted until March 2001. He alleges Deripaska then agreed at the Lanesborough meeting to pay him a preliminary $250 million for his aluminum interests held by Deripaska - and also agreed to buy him out of the remainder of his stake within a few years.
RUSAL, the product of a slew of takeovers and mergers mainly in Siberia, where the hydro-electric power needed to fuel hungry smelters comes cheap, has emerged as Russia's only aluminum producer. Cherney alleged a 13.2 percent stake belongs to him.
Deripaska, a former physics student who started investing in aluminum assets in 1991 who has entertained top British politicians on his 70 million pound ($114 million) yacht, says he was forced into a "krysha" after being threatened by some of the country's most powerful criminal gangs in the mid-1990s.
Stories abound about such "protection" mobs attacking the wives and relatives of those who failed to do their bidding, launching fictitious criminal proceedings, violent takeovers of businesses or simply liquidating rivals and critics.
($1 = 0.6164 British pounds)
(Writing by Kirstin Ridley, Additional reporting by Clara Ferreira-Marques; Editing by Ralph Boulton and Mark Potter)
FILE - In this July 25, 2006 file photo, General Motors Corp. headquarters are shown in Detroit. The top-performing stock among automakers in the U.S. this quarter is General Motors. The company, which endured management upheaval during the quarter and announced that it would lose substantial cash in Europe, saw its shares rise almost 18 percent from July through late September. The gain was the best since the first quarter of this year, when the stock climbed about 23 percent. GM posted strong profits in that period. (AP Photo/Paul Sancya, File)
FILE - In this July 25, 2006 file photo, General Motors Corp. headquarters are shown in Detroit. The top-performing stock among automakers in the U.S. this quarter is General Motors. The company, which endured management upheaval during the quarter and announced that it would lose substantial cash in Europe, saw its shares rise almost 18 percent from July through late September. The gain was the best since the first quarter of this year, when the stock climbed about 23 percent. GM posted strong profits in that period. (AP Photo/Paul Sancya, File)
DETROIT (AP) ? Surprise! The top-performing stock among automakers in the U.S. this quarter is General Motors.
The company, which endured management upheaval during the third quarter and announced that it would lose substantial cash in Europe, saw its shares rise 15 percent from July through the end of September. The gain was the best since the first quarter of this year, when the stock climbed about 23 percent. GM posted strong profits in that period.
GM's stock outperformed all other major automakers in the U.S. including rival Ford Motor Co., which saw its shares rise 3 percent.
General Motors Co.'s gains for the quarter surprised industry watchers, given publicity about management changes and the continued sales slump in Europe that has hit nearly every major automaker. During the quarter, GM ousted its marketing chief and the head of European operations. It also lost several other key executives including its top electric-car engineer and head designer in Europe.
Investors now realize that most of the departures signal that GM is making necessary changes. That's better than sweeping management problems under the rug like it did in the past, said Bill Selesky, an industry analyst for Argus Research. The changes, he said, have set GM apart from its peers this quarter.
"I think people are now looking at the company and saying they're more proactive," Selesky said. "They're not the same company my father used to know."
For the quarter, GM shares gained $3.05, from $19.70 on July 2 to $22.75 on Friday.
U.S. shares of Japanese rivals Toyota Motor Corp., Honda Motor Co. and Nissan Motor Co.'s each lost ground during the quarter, with Toyota down 2.5 percent, Honda off 11 percent, and Nissan down 9 percent.
GM got on many portfolio managers' buy lists during the quarter because it hit a 52-week low of $18.72 in July, and many thought they were buying at the bottom, said Joe Phillippi, president of New Jersey-based AutoTrends Consulting LLC. "You go for the bounce of the cycle," he said.
Some of the investors might hold the stock longer because of GM's plans to boost sales by revamping 70 percent of its North American product lineup by the end of 2013, Phillippi said.
"Fit, finish, refinement, fuel economy numbers. It keeps getting better," he said of GM products.
Longer-term, a rising stock price could help the U.S. government recoup the $50 billion it spent bailing out GM in 2008 and 2009. Treasury still holds 500 million shares of GM under that deal, but hasn't sold yet because of the relatively low price. GM stock would have to get to $53 for the government to break even
GM made $2.5 billion through the first half of the year. But it's predicting lower profits in the second half as losses continue in Europe. Car sales are in their fifth-straight year of decline there, and GM has lost money in Europe for a dozen years. GM posted a $361 million pretax loss in the region in the second quarter. During the third quarter, it warned that it may have to reduce the value of its European operations.
But GM has been taking small steps to fix Europe, including an announcement in August that employees at two German plants would work reduced hours during the next few months.
The fact that something is being done to change Europe is encouraging to investors, who see the company as a good short-term investment, Selesky said.
GM still has problems to deal with elsewhere, including slow growth in China and North America. GM's U.S. sales are lagging behind overall market growth. Through August, U.S. sales grew 3.7 percent over a year earlier, but the whole market grew almost 15 percent.
And if the new products in North America, including important new pickup trucks next year, don't boost GM's sales and market share, that will mean trouble for the stock, Phillippi said.
"If they don't pick up share, people will hammer them," he said.
The fossil-fuel industry has long given more money to Republicans than Democrats, but in this presidential campaign it has skewed far further: from 2-to-1 or 4-to-1 in the past, the ratio of campaign donations is now at 8-to-1?in the Republicans? favor (see chart above). Yet the industry has in fact fared better under recent Democratic than Republican presidents, according to a new investment bank report.
In a Sept. 27 note to clients, Oppenheimer?s Fadel Gheit writes that each party has held the White House for half of the last 24 years. Under Democrats, the exchange-traded index of leading oil and gas companies, called XOI, rose an average of 9 percent a year. Under Republicans, the XOI rose 7 percent annually.
ExxonMobil specifically (the industry?s second-largest contributor to Republican causes, with $1.8 million poured into the campaign) has had a 10 percent average annual rise in its share price under Democrats, and 7 percent under Republicans, Gheit writes. (Consumers have fared better under Democrats as well: crude oil prices rose 10 percent a year under Republicans over the last quarter century, compared with 7 percent under Democrats. Natural gas prices rose 6 percent a year under Republicans, compared with just 2 percent under Democrats.)
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Yet the industry and its supporters have spent $31.6 million to support Republicans and unseat Democrats in this election cycle, or 89 percent of the $42.6 million spent on all candidates, according to the Center for Responsive Politics, a Washington-based watchdog group. And that is only direct spending on candidates. In addition, the industry and its supporters have poured?$153 million into television ads defending oil, gas and coal, compared with $41 million by clean energy advocates, according a study by The New York Times.
The industry is not only picking on Obama?since 1990, oil and gas companies and their employees have focused some 78 percent of their political contributions on Republican candidates, or $239 million of the $319 million that they spent.
So what explains the industry?s election contribution decisions? In the current election cycle, Republican candidates generally support opening up closed federal land and coastal areas to wide-scale oil and gas drilling; they also by and large support coal mining. Obama and Democrats generally have been big backers of federal support for renewable fuels such as solar and wind, in order to scale back U.S. consumption of fossil fuels.
But that is not everything. There is also ?visceral disdain, beyond dislike? for Obama, John Hofmeister, the former president of Shell USA, told me. ?He?s basically viewed as a know-nothing, empty suit by the industry, using whatever language he needs to so that people think he?s engaged and doing something,? Hofmeister said in an email exchange. ?In meetings with energy executives that I have all the time, it doesn?t take much to get people to a level of angst about Obama that some spit and some just curse.?
With polls showing Obama holding a consistent and growing lead over Republican Mitt Romney, industry leaders are preparing for what comes next, which, if the president does win re-election, apparently will be continued staunch opposition to his energy policies. ?[Oil and gas industry] people will grind their teeth, curse in private and public, say to one another that they?ll have to open their wallets to work against Obama?s efforts, and basically wait him out,? Hofmeister said. ?No one expects him to reach out in victory and offer to work together on the nation?s future energy.?
The industry will take the long view. ?The industry will concentrate on what it does [best]?fight the good fight to resist Obama and his directions,? said Hofmeister, ?and come out the other end in reasonably good shape with momentum on their side because the public will be so upset at the lack of energy leadership that gets us to where we?ll be.?
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by Michael J. O'Brien, Esq (The O'Brien Law Firm LLC)
When you are engaged in long-term financial planning making sure that your assets are shielded from creditors and litigants is going to be one of the primary goals. At the same time, estate tax efficiency may be a concern if your resources are such that they exceed the amount that can be passed on to your loved ones before the death tax kicks in.
Right now that threshold stands at $5.12 million. Anything that you leave behind that exceeds this figure is subject to a 35% federal levy and it should be noted that these figures change in 2013 when the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 expires. At that time the top rate is going up to 55% while the exclusion is reduced to $1 million.
The key is to position your assets optimally in light of these forces of asset erosion. One option would be to place resources into an Alaska trust.
Irrevocable self-settled trusts that allow the individual starting the trust to act as beneficiary and receive financial distributions are not allowed in most states. The 49th state of Alaska is however an exception. You can indeed fund an Alaska trust, receive financial distributions, and enjoy asset protection and estate tax efficiency at the same time.
Asset protection trusts established in the state of Alaska can be a very viable option for people looking for wealth preservation. Contact a good estate planning lawyer to learn more about Alaska trusts and other steps that you can take to keep your assets accessible to you but otherwise untouchable.
Experienced estate planning attorneys Cleveland OH of The O?Brien Law Firm LLC offers estate planning and business planning resources to residents of Cleveland OH. To learn more about these free resources, please visit www.obrienlaw.net today.
ScienceDaily (Sep. 27, 2012) ? Carnivorous plants feature complex mechanisms to survive in habitats poor in nutrients: trapping systems help them to lure, catch, kill, and digest small prey animals (mainly insects) and to take up the resulting nutrients. Traps that move are termed 'active', and such active systems are currently being investigated in the Plant Biomechanics Group of the Botanic Garden Freiburg, led by Prof. Thomas Speck.
In the PhD project of Simon Poppinga, the researchers show for the first time the trapping action of the particular sundew Drosera glanduligera, which was accomplished in close collaboration with the private cultivators Siegfried and Irmgard Hartmeyer. The spectacular capture movement has been investigated biophysically, and the findings are published in the journal PLOS ONE.
Sundews are commonly known for their trap leafs being covered with sticky tentacles to which small prey animals stick to and become wrapped within minutes up to hours. The Round-Leaved Sundew Drosera rotundifolia, which is native to nutrient-poor bogs also in the Black Forest, possesses such a flypaper-trap. Additionally to these glue-tentacles, Australian Drosera glanduligera features non-sticky snap-tentacles that bend towards the trap centre within 75 milliseconds after mechanical stimulation, which is faster than the snap-trapping action of the famous Venus Flytrap. The function of these tentacles was subject to speculation until now. It could be shown that the snap-tentacles catapult incautious prey animals onto the sticky trap leaf, and that this sundew hence possesses a combined catapult-flypaper-trap.
Carnivorous plants enjoy great popularity worldwide. Although the trapping mechanism described here can surely be termed one of the most spectacular plant movements, only few persons will be able to see it with their own eyes due to the very tough cultivation and short life span of the plant. All the others can follow a documentary about this research project on YouTube:
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The above story is reprinted from materials provided by Albert-Ludwigs-Universit?t Freiburg.
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Journal Reference:
Simon Poppinga, Siegfried Richard Heinrich Hartmeyer, Robin Seidel, Tom Masselter, Irmgard Hartmeyer, Thomas Speck. Catapulting Tentacles in a Sticky Carnivorous Plant. PLOS ONE, 2012; 7 (9): e45735 DOI: 10.1371/journal.pone.0045735
Note: If no author is given, the source is cited instead.
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Enhancing oral health via sense of coherence: A cluster randomized trialPublic release date: 27-Sep-2012 [ | E-mail | Share ]
Contact: Ingrid L. Thomas ithomas@iadr.org 703-299-8084 International & American Associations for Dental Research
Alexandria, Va., USA Today, the International and American Associations for Dental Research (IADR/AADR) published a study titled "Enhancing Oral Health via Sense of Coherence: a Cluster Randomized Trial." This study by lead author Orawan Nammontri, University of Sheffield, UK, is published in the IADR/AADR Journal of Dental Research.
Sense of coherence (SOC) has been related to oral health behaviors and oral health related quality of life (OHRQoL) in observational studies. This cluster randomized trial aimed to test the effect of an intervention to enhance SOC on OHRQoL in children.
In this study, 12 primary schools in Thailand were randomly allocated to intervention and control groups. The intervention comprised seven sessions over two months, focusing on child participation and empowerment. The first four sessions were classroom activities and the last three involved working on healthy school projects.
Trained teachers, who received a one-day course, delivered the intervention. Socio-demographic and clinical data, together with self-report measures of OHRQoL, SOC and oral health beliefs were obtained from 261 10 to 12 year olds (133 in the intervention and 128 in the control group). Data were collected at baseline, two weeks after the intervention and at three-month follow-up. Mixed effects models indicated that the intervention increased SOC and improved OHRQoL, together with oral health beliefs and gingival health.
The findings offer experimental evidence that OHRQoL can be influenced by SOC. SOC may also provide an avenue for oral health promotion.
"The IADR/AADR Journal of Dental Research is pleased to publish this study about enhancing oral health via sense of coherence," said JDR Editor-in-Chief William Giannobile. "This study provides an in-depth look at a cluster randomized trial for patient oral health motivational strategies."
A companion perspective article titled "Are dental health behaviors rational, after all?" was written by Gary Slade, University of North Carolina, USA. In it, Slade highlights that the new study by Nammontri et al. demonstrated benefits for children's oral health while advancing researchers' understanding of health behaviors and additional investigations will be necessary to verify the benefits of the intervention.
###
Visit http://jdr.sagepub.com/content/early/recent for links to the complete articles or contact Ingrid L. Thomas at ithomas@iadr.org to request the PDFs.
About the Journal of Dental Research
The IADR/AADR Journal of Dental Research is a multidisciplinary journal dedicated to the dissemination of new knowledge in all sciences relevant to dentistry and the oral cavity and associated structures in health and disease.
About the International Association for Dental Research
The International Association for Dental Research (IADR) is a nonprofit organization with more than 12,000 individual members worldwide, dedicated to: (1) advancing research and increasing knowledge to improve oral health, (2) supporting the oral health research community, and (3) facilitating the communication and application of research findings for the improvement of oral health worldwide. To learn more, visit www.iadr.org. The American Association for Dental Research (AADR) is the largest Division of IADR, with nearly 4,000 members in the United States. To learn more, visit www.aadronline.com.
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AAAS and EurekAlert! are not responsible for the accuracy of news releases posted to EurekAlert! by contributing institutions or for the use of any information through the EurekAlert! system.
Enhancing oral health via sense of coherence: A cluster randomized trialPublic release date: 27-Sep-2012 [ | E-mail | Share ]
Contact: Ingrid L. Thomas ithomas@iadr.org 703-299-8084 International & American Associations for Dental Research
Alexandria, Va., USA Today, the International and American Associations for Dental Research (IADR/AADR) published a study titled "Enhancing Oral Health via Sense of Coherence: a Cluster Randomized Trial." This study by lead author Orawan Nammontri, University of Sheffield, UK, is published in the IADR/AADR Journal of Dental Research.
Sense of coherence (SOC) has been related to oral health behaviors and oral health related quality of life (OHRQoL) in observational studies. This cluster randomized trial aimed to test the effect of an intervention to enhance SOC on OHRQoL in children.
In this study, 12 primary schools in Thailand were randomly allocated to intervention and control groups. The intervention comprised seven sessions over two months, focusing on child participation and empowerment. The first four sessions were classroom activities and the last three involved working on healthy school projects.
Trained teachers, who received a one-day course, delivered the intervention. Socio-demographic and clinical data, together with self-report measures of OHRQoL, SOC and oral health beliefs were obtained from 261 10 to 12 year olds (133 in the intervention and 128 in the control group). Data were collected at baseline, two weeks after the intervention and at three-month follow-up. Mixed effects models indicated that the intervention increased SOC and improved OHRQoL, together with oral health beliefs and gingival health.
The findings offer experimental evidence that OHRQoL can be influenced by SOC. SOC may also provide an avenue for oral health promotion.
"The IADR/AADR Journal of Dental Research is pleased to publish this study about enhancing oral health via sense of coherence," said JDR Editor-in-Chief William Giannobile. "This study provides an in-depth look at a cluster randomized trial for patient oral health motivational strategies."
A companion perspective article titled "Are dental health behaviors rational, after all?" was written by Gary Slade, University of North Carolina, USA. In it, Slade highlights that the new study by Nammontri et al. demonstrated benefits for children's oral health while advancing researchers' understanding of health behaviors and additional investigations will be necessary to verify the benefits of the intervention.
###
Visit http://jdr.sagepub.com/content/early/recent for links to the complete articles or contact Ingrid L. Thomas at ithomas@iadr.org to request the PDFs.
About the Journal of Dental Research
The IADR/AADR Journal of Dental Research is a multidisciplinary journal dedicated to the dissemination of new knowledge in all sciences relevant to dentistry and the oral cavity and associated structures in health and disease.
About the International Association for Dental Research
The International Association for Dental Research (IADR) is a nonprofit organization with more than 12,000 individual members worldwide, dedicated to: (1) advancing research and increasing knowledge to improve oral health, (2) supporting the oral health research community, and (3) facilitating the communication and application of research findings for the improvement of oral health worldwide. To learn more, visit www.iadr.org. The American Association for Dental Research (AADR) is the largest Division of IADR, with nearly 4,000 members in the United States. To learn more, visit www.aadronline.com.
[ | E-mail | Share ]
?
AAAS and EurekAlert! are not responsible for the accuracy of news releases posted to EurekAlert! by contributing institutions or for the use of any information through the EurekAlert! system.
Harman announced a fair amount of JBL-branded speakers back at IFA, but that wasn't all it had to announce before the year goes out. Today we met with in the company in NYC, where it was ready to show off even more of its upcoming wireless and dock speakers. In fact, don't tell Harmon that the 30-pin connector is on its way out, as its $199 OnBeat Venue (seen above and $139 OnBeat aWake are ready to pair up with your last-gen iOS devices. The Venue is rated for a peak output of 30-watts and features a stow-away dock a tweeter and woofer combo for both stereo channels, component outputs for use with TVs, an obligatory 3.5mm jack and Bluetooth if you'd prefer to go wireless. The aWake shrinks things down to about 13 watts, and features a digital clock so that you can use it on your bedside night stand -- despite its small size, it'll easily dock an iPad. Both systems also work with free JBL apps for iOS that'll enhance the experience. According to the company, it's also working on solutions for the Lightning connector, but wouldn't reveal any hard details.
Moving along to dedicated speakers, you might recall the SoundFly BT, which recently got outed during its trip to the FCC. The 20-watt Bluetooth-equipped unit is strictly intended to plug directly into wall outlets, having only a status light with no inputs or buttons. It'll set you back $149 when it hits shelves, and if you tack another another $50 you can get an AirPlay-equipped version instead. We gave the BT a quick listen and it sounded surprisingly big with a fair amount of bass extension -- impressive considering it's petite and it plug-friendly design. A Harmon rep even noted that the hotel we were in was interested in procuring some for its rooms. Sadly, the units aren't remotely water-resistant, even though our demo area was a bathroom.
Lastly, we're actually most intrigued by the $59 Harman / Kardon BTA 10 dongle. The nearly matchbook-sized box connects to any speaker via its 3.5mm jack, allowing you to stream over Bluetooth 4.0 on the fly. Power is supplied via a micro-USB cable, and a blue indicator light lets you know that it's powered up. Harmon's mainly created it to add Bluetooth functionality to its non-wireless speakers, but it can be used with any speaker of your choice. We're also told that it overs very high-quality, despite being Bluetooth, thanks to some in-house development dubbed as TrueStream. There's no exact word on when all of these units will hit shelves, but you can peek the galleries for better looks -- check the source link for full details.
All in good time: Before you invest money in the purchase of office equipment and supplies to start your business online, from home, make sure there is a market for your product or service. There are several stories of entrepreneurs motivated to start an online business, but have a very competitive product (all offer the same product, and then the sale of one of them is difficult for others). Then, spend some time researching the products or services you would like to represent or sell. Remember that an online business will be successful whether or not someone who wants to buy what you are selling.
Dedicate space and time: The idea of working from home, ?in your bathrobe?, is what motivates many idealists to start an online business. Actually, no matter what you can use for your office, but rather, where and when. To succeed, it is important to set aside the common distractions of home, children yelling, etc. Customers do not want to know his personal life but rather want enter into a business relationship. You must show your professionalism protecting the perception the customer has of the company.
Marketing 101: Unlike the screenplay for the movie by Kevin Costner: ?If you build it, they will come?, the customers do not appear. One of the main reasons why online businesses fail is because the owner wants to sell. Before going too far, ask yourself a question: Am I ready to spend my time looking for customers? If your answer is yes, you are ready to move to the next level, otherwise, I would suggest that you review the reasons why he decided to start an Internet business. In addition to the sale, it is important that owners know other ways to sell their products or services. Take time to understand how to use online marketing tools such as social media, email and search engines like Google to help sell their products.
Prepare for the worst: Any new business or enterprise requires a great deal of optimism, but experience teaches us to be prepared in case things do not go as expected. Starting a business online is much cheaper than a traditional business, but also requires an initial investment. Be realistic about the amount of money you have to invest in your business, properly plan and control their marketing costs and thus get better results.
Expect the best: Unlike the above, it is very important to the positive energy and passion that you put into your online business. Another reason why the Internet business from home, can fail is because its founder loses strength. How many of us know someone who started their online business and stayed on the road? You should look for a product or service that you are passionate about. Keep learning new ways to sell and market your product.
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There?s not much that could convince me to become a Toronto Maple Leafs fan ? except maybe a 5% return.
A diehard Buffalo Sabres fan, I received notice from my team this month that in the event of a labour dispute in the National Hockey League I could get a refund on my purchased tickets. The players have been locked out since last week.
My beloved Sabres, who are owned by a billionaire, said if I let them hold onto my money they would pay me annual interest of 4%, which would start accruing after the games I purchased were cancelled.
Much to my chagrin, the Leafs are offering an even better rate to their season ticket holders.
?Leafs season ticket holders have an option: They can choose to be refunded monthly, should games be cancelled, and receive 1% interest, or they can leave their money on account where they will earn 5% interest,? said Pat Park, director of media relations with the team.
Across the NHL, it seems fans are being presented with this magical investment opportunity ? to get a return on their funds that any pension fund manager would be happy to accept.
The Vancouver Canucks are offering up to 3%. Likewise for the Winnipeg Jets, Calgary Flames and Montreal Canadiens. The Edmonton Oilers might be checking out hockey rinks in Seattle for a new location but for now their fans will be getting a 4% return on their money.
But nothing beats the cash being handed out south of the border where reports have circulated that have both the Florida Panthers and Minnesota Wild offering a meaty 10% return for fans if they let their cash ride with the team.
The money on file, with the accumulated interest, is eventually used to pay for future tickets ? assuming they play hockey again.
We hope it?s a short lockout so we don?t spend our time and energy refunding a game here and a game there
So why are the teams offering a rate of return I can?t possibly get on a guaranteed income certificate? For the most part it seems to be goodwill but also the hassle of returning all that money.
?We have had tremendous fan support since the start of our franchise,? said Aaron Sickman, a spokesman for the Minnesota Wild. ?They?ve been coming back to us in droves and we want to encourage our fans to keep their money with us. We hope it?s a short lockout so we don?t spend our time and energy refunding a game here and a game there.?
Marc Ganis, a sports consultant and president of Chicago-based SportsCorp Ltd., laughs when I tell I?m thinking of getting Wild season?s tickets and betting on a prolonged strike. ?That?s pretty impressive,? he says, about the 10% rate, adding the risk is probably minimal because he can?t remember the last time ticket holders lost their money because of a bankrupt franchise.
Mr. Ganis says the administration cost of refunding tickets is one reason why teams will pay interest to keep fans but he said the high rate might be seen as positive indicator the delay may be short. ?By doing this, it?s not a lot of money and it looks good on them,? he says. ?For this type of interest, I?d let the money roll.?
Certified financial planner Ted Rechtshaffen says it probably makes sense to leave your money with the team, if you know you are coming back to hockey when the labour dispute is over. ?The bottom line is do you want your money or do you know you are going to buying the tickets anyway, then it?s gravy,? says Mr. Rechtshaffen.
Of course, all of this is based on the premise that the underlying tickets were a worthwhile investment to begin with. ?If I was advising someone, I?d say 10% interest is great but then you turn that money into $150 hockey tickets which may or may not be the best investment,? he says. ?It?s only 10% on money that is 100% committed to buying hockey tickets.?
Maybe it?s time to just forget about buying hockey tickets. That might be the best investment I ever make.
Jami Lynn Toler, 27, faked having breast cancer so she could have her breasts augmented, according to Arizona police.
By NBC News staff
A Phoenix woman accused of pretending to have cancer to raise money for breast implants was sentenced on Wednesday to one year in jail, local media reported.
As part of a plea agreement, Jami Lynn Toler, 27, will also get three years? probation and pay restitution, The Arizona Republic reported.?
"I am so sorry for violating the trust placed in me and so sorry for what I did," Toler said at her sentencing, according to kpho.com.
Toler pleaded guilty in Maricopa County Superior Court last month to theft.
According to prosecutors, Toler told her family, friends and co-workers at Hallmark Hospice that she had breast cancer and needed money for a double mastectomy and breast reconstructive surgery.
Toler's mother created a website for donations, and police said people donated more than $8,000 to the cause beginning in 2011.
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According to court records, Toler paid a doctor $5,800 cash for breast augmentation surgery that was performed Nov. 15.
Staff at her workplace became suspicious when she couldn't provide a doctor?s note for her medical leave, according to wptv.com.
Medical records later obtained by police show she didn't have cancer.
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Republican presidential candidate, former Massachusetts Gov. Mitt Romney gestures as he speaks during a campaign rally, Wednesday, Sept. 26, 2012, in Westerville, Ohio. (AP Photo/ Evan Vucci)
Republican presidential candidate, former Massachusetts Gov. Mitt Romney gestures as he speaks during a campaign rally, Wednesday, Sept. 26, 2012, in Westerville, Ohio. (AP Photo/ Evan Vucci)
Republican presidential candidate, former Massachusetts Gov. Mitt Romney speaks at a campaign rally, Wednesday, Sept. 26, 2012, in Westerville, Ohio. (AP Photo/Jay LaPrete)
Republican presidential candidate, former Massachusetts Gov. Mitt Romney speaks at a campaign rally, Wednesday, Sept. 26, 2012, in Westerville, Ohio. Ohio Gov. John Kasich is second from right. (AP Photo/Jay LaPrete)
WESTERVILLE, Ohio (AP) ? Mitt Romney says the nation's debt could grow to almost $20 trillion if the country re-elects President Barack Obama.
Romney also says his policies would do more to help middle-class families than the president's.
Campaigning in Ohio, where polls give the advantage to Obama, the Republican presidential nominee combined a sharper focus on the mounting debt with an insistence that middle-class families are struggling.
Said Romney: "I want to help them."
The national debt is $16 trillion and growing. Romney says the interest payments alone cost more than what the U.S. spends on several government departments combined.
Romney planned two additional stops Wednesday in Ohio.
High in the Rocky Mountains, just west of the Continental Divide, metal concentrations in the Upper Snake River have been climbing over the last 30 years, in some cases increasing as much as fourfold. Strong evidence links this trend to climate change, according to a recent study led by the United States Geological Survey and University of Colorado at Boulder.
Air and water sampling and record-keeping for the Upper Snake River, which has remained pristine for the past three decades, has been long-term and consistent. The United States Geological Survey and the Environmental Protection Agency?s records show a 30-year trend of rising temperatures, melting permafrost and dropping water tables that parallels the rise in metal concentrations, suggesting a relationship between those variables.
Because the metals are diluted by other water sources, the concentrations do not pose a direct threat to water for drinking or agriculture. ?This is not a human health issue directly, not for big downstream urban areas,? said Andrew Manning, a research geologist with the United States Geological Survey and one of the study?s principal investigators. Resort towns could potentially see metal contamination in their water sources, but the study raises broader concerns.
?Higher metal concentrations can impact the whole alpine ecosystem,? said Andrew Todd, a research biologist with the survey and the study?s primary author. At the confluence of Deer Creek and the Upper Snake River, for example, the water is sometimes milky with aluminum precipitate that blankets the riverbed and smothers life underneath. ?It?s referred to as the white death,? Dr. Todd said.
This emerging challenge for local flora and fauna is layered on top of other new stresses, like rising stream temperatures and changing hydrology.
The rise in metal concentrations also has implications for mine reclamation projects. Not five miles from the Upper Snake River, the E.P.A. has ?people underground right now? at the Pennsylvania Mine working to determine what level of remediation is required in local streams, Dr. Manning said. But ecosystem remediation practices are based on static waterborne metal concentrations.
?How do we set these standards with shifting baselines?? Dr. Manning said. ?These findings present a very big challenge for the cleanup of mine sites.?
The researchers are now looking for other long-term data sets in similarly undisturbed watersheds like the Upper Snake River, both to corroborate their findings and develop a predictive model of how mineralized watersheds might react to climate change.
?How broadly our findings carry over to other mineralized watersheds is a very important question that remains unanswered,? Dr. Manning said.
Current models of these chemical reactions are based on much smaller-scale experiments, often from work in the laboratory ?plopping a piece of rock in a beaker,? he said. ?But how this processes works on the mountain-scale remains a topic of research.?
MADRID (Reuters) - Musty-smelling branches and ageing furniture symbolize the thrifty philosophy of Spain's Popular, a trait which has made the bank one of the country's most efficient.
But even careful Popular, which has weathered the nation's economic turmoil without public funds, may be forced to take European aid due to its exposure to Spain's property crash.
Spanish banks will learn from an audit on Friday the extent of the damage from the collapse of a real estate boom that left the sector with 184 billion euros in repossessions and bad loans.
The Madrid government sought up to 100 billion euros in euro zone aid for its crisis-torn banking sector after the nationalization of Bankia and the audit, coordinated by consultancy Oliver Wyman, will decide each bank's needs.
Banco Popular Espanol's Chairman Angel Ron is one of the few bankers in Spain to question publicly the wisdom of the stress tests and says his bank does not need aid.
"It's like taking a very aggressive medicine before even being ill," Ron, 50, told a forum in Barcelona last week.
The audit will show a gap of 3 billion euros at the nation's sixth-biggest lender, the biggest capital need of any of the banks that have not already had a bailout from the Spanish government, one banking source said.
Sources at Popular said it needed less than 2 billion euros, a sum that it can raise by itself. If the hole in its balance sheet is 3 billion, the bank is likely to require public aid.
The burden of the Spanish banks' debts on central government finances, along with aid demands from regional governments have pushed the euro zone's fourth biggest economy towards a European aid program.
The audit of the 14 banks that account for 90 per cent of Spain's banking sector will show capital needs of between 55 billion euros and 60 billion euros, a source with direct knowledge of the matter said.
Economy Minister Luis de Guindos says the capital shortfall for the entire sector will be in line with preliminary estimates published in June of 62 billion euros. That number came from an earlier, more superficial audit of Spanish banks, done by Oliver Wyman and Roland Berger.
The Spanish big three - BBVA, Santander and Caixabank - are expected to emerge with no capital needs identified.
Most of the European rescue money, 40 billion to 45 billion euros, will go to nationalized savings banks Bankia, NovaGalicia, Catalunya Caixa and Banco de Valencia.
BIGGEST QUESTIONS
The biggest questions to be answered in the audit are around the capital needs of Popular and two other commercial banks, Sabadell and Bankinter, as well as four savings banks, Banco Mare Nostrum, Kutxabank, Ibercaja-Liberbank-Caja 3, Unicaja-CajaEspa?a/Duero.
Together the seven are set to take a total of 15 billion to 20 billion euros in the European aid, but some may not need any.
The final European cash injections will depend on each bank's ability to raise its own funds as well as the size of the haircut small bondholders will be forced to take and the price at which assets are transferred into a "bad bank" the government must set up as one of the conditions for European aid for the banks.
Unlike Spain's savings banks, which were at the heart of the financial system's problems and were run by executives with close links to regional and political authorities, Popular has a reputation for responsibility.
"When you enter the offices of Popular in central Madrid you realize that this bank has not embarked on a spending spree," said a financial source who works closely with the bank.
"You just have to see the furniture from the sixties to realize the bank is almost all about austerity," said the source, who declined to be named.
During Spain's decade-long building boom and credit spree, Popular refrained from offering new borrowers televisions and vacations, like other banks did.
But it did get into the construction sector frenzy and now has 31.3 billion euros exposure to real estate. Its foreclosed assets rose to 9.8 billion euros at the end of June, one of the highest among Spanish banks.
It also ended up with substantial stakes in struggling real estate firms Metrovacesa and Colonial, which it took on in exchange for loans that went bad.
If Popular takes public funds it will unload repossessed buildings and bad loans into the bad bank.
Popular, which reported a profit of 480 million euros last year, has one of the Spanish financial industry's lowest "efficiency ratios", which measures expenses as a percentage of revenue, at 38.5 percent. A lower efficiency ratio means that a bank is making considerably more than it is spending and is therefore on a sound fiscal footing.
The bank has already announced plans to raise up to 2.3 billion euros selling off branches, a life and pension insurance business in Portugal and other non-core assets. It also plans a 700 million euros rights issue and forecasts 7 billion euros in pre-provisioning profit between now and end-2014
Popular took over northern Galician lender Pastor in 2011 as the government urged banking consolidation, and has been in tentative negotiations about a tie-up with savings bank Banco Mare Nostrum (BMN).
But after earlier mergers of weak banks only created big weak banks, the government is nervous about a Popular-BMN deal.
A Spanish government source has said it would only make sense if a big, healthier bank was involved.
According to a source close to BMN, the audit will reveal a 2 billion euros capital gap at that savings bank.
(Additional reporting by Julien Toyer; Editing by Fiona Ortiz and Peter Millership)
?It helps cleanse the mind,? she says. ?But I don?t share it. In business, I?m the face of the company, which is difficult for an introvert. I write this other stuff for myself. My fear is that after my death it will all be discovered and my secret self will be exposed. A good PR person stays behind the scenes!?
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Public release date: 27-Sep-2012
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All in good time: Before you invest money in the purchase of office equipment and supplies to start your business online, from home, make sure there is a market for your product or service. There are several stories of entrepreneurs motivated to start an online business, but have a very competitive product (all offer the same product, and then the sale of one of them is difficult for others). Then, spend some time researching the products or services you would like to represent or sell. Remember that an online business will be successful whether or not someone who wants to buy what you are selling.