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Egyptian military says only dialogue can avert disaster
CAIRO (Reuters) - Egypt's military, stepping into a crisis pitting Islamist President Mohamed Mursi against opponents who accuse him of grabbing excessive power, said on Saturday only dialogue could avert "catastrophe".
State broadcasters interrupted their programmes to read out an army statement telling feuding factions that a solution to the upheaval in the most populous Arab nation should not contradict "legitimacy and the rules of democracy".
That sounded like a swipe at protesters who have besieged the palace of the freely elected president and called for his removal, going beyond mainstream opposition demands for him to retract a decree that expanded his powers.
The statement also called for a "serious" national dialogue - perhaps one more credible than talks convened by Mursi on Saturday in the absence of opposition leaders. They insist he must first scrap his November 22 decree, defer next week's popular vote on a new constitution and allow the text to be revised.
Deep rifts have emerged over the destiny of a country of 83 million where the end of Hosni Mubarak's 30 years of military-backed one-man rule led to a messy army-led transition, during which the Muslim Brotherhood and its allies won two elections. Many Egyptians crave stability and economic recovery.
The spokesman for the main Islamist coalition demanded that the referendum go ahead on time on the constitution drafted by an Islamist-led assembly from which liberals had walked out.
The army, which ran Egypt for months after Mubarak fell in February 2011, again cast itself primarily as the neutral guarantor of the nation. A military source said there was no plan to retake control of the country or its turbulent streets.
"DARK TUNNEL"
"The armed forces affirm that dialogue is the best and only way to reach consensus," the statement said. "The opposite of that will bring us to a dark tunnel that will result in catastrophe and that is something we will not allow."
Mursi's office said the president opened his "national dialogue" with about 40 political and other public figures discussing "means to reach a solution to differences over the referendum...and the constitutional decree".
Prime Minister Hisham Kandil told an Egyptian television channel that the talks had led to creating a committee to review Mursi's November 22 decree and to work out legal ways to postpone the referendum. He said a new decree could be issued.
"All options are on the table to reach consensus," he said, adding that it was vital to take action to shore up Egypt's economy that has been battered by the turmoil.
The main opposition coalition, the National Salvation Front, which boycotted Mursi's dialogue repeated its call on Saturday for scrapping the decree and the referendum on the constitution.
Instability in Egypt worries the West, especially the United States, which has given Cairo billions of dollars in military and other aid since it made peace with Israel in 1979.
The army might be pushing the opposition to join dialogue and Mursi to do more to draw them in, said Hassan Abu Taleb of the Al Ahram Center for Political and Strategic Studies.
He discounted the chance of direct military intervention, adding: "They realise that interfering again in a situation of civil combat will squeeze them between two rocks."
However, the military did seem poised to take a more active role in security arrangements for the December 15 referendum.
A cabinet source said the cabinet had discussed reviving the army's ability to make arrests if it were called upon to back up police, who are normally in charge of election security.
According to the state-run daily al-Ahram, an expanded military security role might extend to the next parliamentary election and, at the president's discretion, even beyond that.
The army issued its statement while protesters were still camped out by the gates of the presidential palace.
The tens of thousands of Mursi foes who surged past tanks and barbed wire to reach the palace gates on Friday night had dispersed. But a hard core stayed overnight in a score of tents.
"LEAVE"
Some had spray-painted "Down with Mursi" on tanks of the elite Republican Guard posted there after clashes between rival groups killed at least seven people and wounded 350 this week.
Others draped the tanks with posters of Mursi and the word "Leave" scored across his face in red letters.
"We are no longer calling for scrapping the decree and delaying the referendum," Samir Fayez, a Christian protester at the palace, said. "We have one demand in five letters: leave."
Nearby, a Mursi supporter named Mohamed Hassan was quietly observing the scene. He suggested that the Muslim Brotherhood and its ultra-orthodox Salafi Islamist allies could easily overwhelm their foes if they chose to mobilise their base.
"The Brotherhood and Salafis by themselves are few but they have millions of supporters who are at home and haven't taken it to the streets yet," murmured the 40-year-old engineer.
The Muslim Brotherhood's supreme guide, Mohamed Badie, denounced opposition protests that have swirled around the walls of Mursi's palace, saying they "ruin legitimacy".
Badie said eight people, all of them Brotherhood members, had been killed this week and urged the interior minister to explain why police had failed to prevent assailants from torching the organisation's headquarters and 28 other offices.
"Get angry with the Brotherhood and hate us as much as you like, but be reasonable and preserve Egypt's unity," he told a news conference. "We hope everyone gets back to dialogue."
The well-organised Brotherhood, which thrust Mursi from obscurity to power, remains his surest source of support.
(Additional reporting by Edmund Blair, Omar Fahmy and Yasmine Saleh; Editing by Stephen Powell)
Source: http://news.yahoo.com/egypt-military-calls-dialogue-avoid-dark-tunnel-122329426.html
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Sombrero-wearing students 'will mow lawn for weed + beer'
Image posted by a Penn State sorority on Tumblr.
By Genaro Armas, The Associated Press
STATE COLLEGE, Pa. --?Penn State president Rodney Erickson admonished students who wore costumes and held offensive signs in photographs circulated on the Internet, but said in a campus-wide letter Thursday that the school won't pursue disciplinary action.?
The letter didn't specifically reference the photos or name the Chi Omega sorority, which has apologized. But Erickson said it became clear in recent days that some students "celebrated Halloween in costumes that offended others" and acted contrary to university values.?
One sign in the photo of sorority sisters says "will mow lawn for weed + beer." Two women holding signs are wearing fake mustaches. Others in the photo wore sombreros.?
Erickson said the "disturbing behaviors" were protected by free speech rights. He said he was disappointed and dismayed, but hoped that lessons would be learned from the case.?
"The simplest of those lessons is that costumes that include blackface, or that parody or imitate a person or groups of people, are always offensive to someone," Erickson said. "They convey either a lack of awareness about the human condition and human sensitivities or, worse yet, disdain for the thoughts, feelings, histories and experiences of others.?
"It is that belief that calls upon all Penn Staters, wherever they may be, to reflect for a moment on the value of diversity in the university and the broader communities we inhabit," he added.?
Also Thursday, a posting on the Chi Omega national chapter's website said the Penn State sorority has been placed on probation. The posting cited members "portraying inappropriate and untrue ethnic stereotypes at a social function."?
Chi Omega's Memphis-based national office said it was working closely with Penn State and the school's Panhellenic Council to "implement corrective educational directives for the chapter."?
"I am disappointed in the choices made by our Nu Gamma Chapter members and we regret any pain caused," Chi Omega national president Letitia Fulkerson said in the statement. "Chi Omega does not condone behavior that violates our organization's policy on human dignity."
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Tuesday, November 13, 2012
Xvida Tech Comment: Boomerang Ready For Take Off | MacMegasite
Monrovia, California ? Boomerang Ready For Take Off! Xvida CEO, Uros Cadez, announces launch of Kickstarter campaign. Tech-design firm Xvida has launched its Kickstarter campaign for Boomerang, the first all-in-one mount and stand for the iPad. Investment raised on the crowd-funding Kickstarter platform will supplement existing venture capital and push Xvida?s tech triumph into full production. In next week?s release video, Uros Cadez, Xvida CEO, will introduce Boomerang for the first time.
?Boomerang combines two of the most common ways in which we use the iPad,? said Cadez, ?It?s a superior iPad stand with three solid viewing angles; it can also act as a mounting system to other surfaces with its simple, magnetically detachable mount, which works a bit like the MacBook power cord.?
?Like many people, I?ve been big fan of the iPad ever since its 2010 launch, but since then I?d been looking for the perfect accessory, something which allowed me to type at exactly the right angle. I wanted to step into my car and use iPad as a navigation device without having to constantly change all the mounts, cases, and adapters. I wanted to loose myself in a movie no matter how hard the workout at the gym. My guess was that many others loved the iPad, but not the need to constantly adapt it to its environment. Our research proved this and we advanced with our prototypes.?
Cadez came up with the idea to develop Boomerang while working in London as a computer graphics artist, creating visual effects for TV and the movie industry. Although he had the expertise to visualize and animate, the turning point was when he joined forces with Luka Stepan, a talented friend from the Royal College of Art?s London Design School. Together, they began designing Boomerang.
For the past 18 months Cadez has been working with a team of experienced young professionals, leaning on their detailed knowledge of consumer design, plastics, mechanical engineering and manufacturing to develop the perfect iPad companion.
?Boomerang was designed from the ground up, using the finest machining technologies. This allowed us to build a sleek, thin and foldable device without compromising on its sturdiness. We performed stress tests to make sure the device is ready to perform with the toughest of your daily challenges, day after day.?
Boomerang is the first all-in-one mount and stand, but Cadez plans to open-source one side of Boomerang?s interface and in doing so enable others to develop and even sell their own mounts.
Boomerang- the world?s first all-in-one mount and stand for the iPad. Xvida, an innovative start-up company, is about to start raising funds for Boomerang on Kickstarter. Boomerang is the first ever all-in-one mount and stand for the iPad.
Boomerang is a stylish, lightweight and slim iPad stand, enabling ergonomic typing and viewing angles. Combined with any of its mounting accessories, the iPad becomes a hands-free personal entertainment device on an airplane or in the gym, a navigation system for your car and a range of additional applications currently under development.
Boomerang attaches with perfect ease with various mounting accessories via magnetic interface. Boomerang is fully compatible with all iPads (except iPad1 and iPad mini). In addition, Boomerang is also compatible with Smart Cover, so no need to carry a separate add-on. Boomerang offers a sleek combination of quality and simplicity.
XVIDA
Xvida is a tech start-up, dedicated to developing simple, elegant tablet computing mounting solutions. A talented team of experienced young professionals with detailed knowledge of consumer product design, plastics, mechanical engineering and manufacturing, combined under the umbrella of an online sales and marketing team. Founder and CEO, Uros Cadez previously worked as a Senior General Technical Director at ?The Mill? and ?The Moving Picture Company? in London, United Kingdom. Entrepreneur Marko Cadez, based in Los Angeles, has extensive expertise in online sales and marketing. He oversees anything web-related and helps with business decisions. He is also the owner of Best Travel Store. Luka Stepan is the creative artist behind award-winning Slovenian furniture and product designer Gigodesign. With a Masters? Degree in Design Products from the Royal College of Art, London, United Kingdom has a strong technical and practical design heritage. Dejan Toman is the CEO of the manufacturing plant that will produce The Boomerang. Copyright (C) 2012 Xvida. All Rights Reserved. Apple, the Apple logo, iPhone, iPod and iPad are registered trademarks of Apple Inc. in the U.S. and/or other countries.
Source: http://macmegasite.com/2012/11/12/xvida-tech-comment-boomerang-ready-for-take-off/
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Monday, November 12, 2012
Thanksgiving Gold ? Host Home Party - Host Home Party, Sell Scrap ...
The young woman was restless as she lay down to sleep. The wind was blowing the snow through the cracks of her cabin while the high pitched cries of some wild animal bounced off the walls. She had lost ten pounds since moving to this lonely place and never felt quite warm. She listened to the sound of her young husband snoring and wondered that the children could sleep so peacefully.
What was that sound now? It almost sounded like someone knocking. Who could that be?
The woman crept out of her bed and tried to peer through the chinks in the door. It was the woman, a girl really ? a native. They had bumped into each other that afternoon, while each was getting water from the creek. They both were startled but soon realized that?neither one meant the other harm. They had smiled at each other tentatively and then each scurried home.
The woman opened the door a few inches and peeked out trying to see in the dark. The native girl held out something furry. It was a warm fur blanket, heavy and reassuring. The woman glanced up to thank her but she was gone. The woman closed the door gently, crawled into her bed, and slept.
The golden glow we experience at Thanksgiving is not from the precious metal, but from precious memories, special family traditions, and if we are lucky, from an unexpected friendship. A friendship offered without expectations or compromises. A friendship that grows golden with the years and like the gold in our jewelry box, this gold maintains its value, is pure and true, and does not erode with time.
Thanksgiving is the holiday of the New World celebrated initially by Spanish, British and French colonists along the Atlantic sea coast. It is a harvest festival celebrating the gifts of the spring and summer?s work in the fields. It is a friendship festival acknowledging the acceptance and help offered by the native peoples. True, we know that this period of relative peace was soon replaced as the immigrant trickle turned into a flood. But for one day a year we relax into the grace of thankfulness for the gifts we are given.
On this one day each year, we have been taught to give thanks for our family, friends, home, and country. To keep renewing Thanksgiving, we must teach the giving as well as the thanking. This holiday season let us reach out to the newcomer who walks among us, and be at the door of our neighbor with the unspoken need gently fulfilled.
Source: http://www.glitterbugparties.com/blog/2012/11/12/thanksgiving-gold/
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No. 16 Stanford knocks off Oregon State 27-23
Stanford running back Stepfan Taylor (33) runs past Oregon State cornerback Rashaad Reynolds (16) to score on a 40-yard touchdown reception during the third quarter of an NCAA college football game in Stanford, Calif., Saturday, Nov. 10, 2012. (AP Photo/Jeff Chiu)
Stanford running back Stepfan Taylor (33) runs past Oregon State cornerback Rashaad Reynolds (16) to score on a 40-yard touchdown reception during the third quarter of an NCAA college football game in Stanford, Calif., Saturday, Nov. 10, 2012. (AP Photo/Jeff Chiu)
Oregon State running back Storm Woods (24) runs against Stanford cornerback Alex Carter (25) during the second quarter of an NCAA college football game in Stanford, Calif., Saturday, Nov. 10, 2012. (AP Photo/Jeff Chiu)
Oregon State wide receiver Markus Wheaton (2) scores on a 23-yard touchdown pass in front of Stanford safety Ed Reynolds (29) during the third quarter of an NCAA college football game in Stanford, Calif., Saturday, Nov. 10, 2012. (AP Photo/Jeff Chiu)
Stanford quarterback Kevin Hogan (8) is hit by Oregon State defensive end Scott Crichton (95) as he throws the ball to running back Stepfan Taylor (33) for a 40-yard touchdown during the third quarter of an NCAA college football game in Stanford, Calif., Saturday, Nov. 10, 2012. (AP Photo/Jeff Chiu)
Stanford fullback Ryan Hewitt, left, celebrates with tight ends Zach Ertz (86) and Levine Toilolo after scoring on a 12-yard touchdown reception during the first quarter of an NCAA college football game against Oregon State in Stanford, Calif., Saturday, Nov. 10, 2012. (AP Photo/Jeff Chiu)
STANFORD, Calif. (AP) ? Stanford coach David Shaw fought back tears. Running back Stepfan Taylor's voice trembled. Linebacker Alex Debniak's eye black smeared all over his face.
In the home locker room at Stanford Stadium late Saturday afternoon, these were not the looks of the losers. Instead, they were the emotions from surviving Senior Day and the possibility of an intriguing opportunity ahead: a chance to host one more game this season.
And they can thank a redshirt freshman and a fortunate fumble for the chance.
Kevin Hogan threw for 254 yards and three touchdowns in his first collegiate start, and No. 16 Stanford overcame four turnovers to rally past No. 13 Oregon State 27-23 on Saturday and stay in control of its Pac-12 title hopes.
"They came back and made some plays to help us win the game," Shaw said. "Almost Shakespearean, to a certain degree."
Oregon State quarterback Cody Vaz fumbled late in the fourth quarter to give the Cardinal (8-2, 6-1) the ball at the Beavers 29. The only Oregon State (7-2, 5-2) turnover turned out to be the difference.
Hogan audibled out of a run and called the play "Special," which Stanford also ran to convert a fourth-and-9 in an overtime win against Arizona earlier this season, and hit tight end Zach Ertz for a 13-yard touchdown to make it 27-23 with 5:07 left and Stanford stopped the Beavers twice more.
Now the Cardinal will head to second-ranked Oregon next in what could be a North Division final ? if Stanford also beats UCLA in its season finale ? for a spot in the conference championship game. Oregon has beaten Stanford the last two seasons.
"We've got to realize what's at stake," said Taylor, who ran for 114 yards and a touchdown, eclipsing 1,000 yards rushing for the third straight season. "I think everybody on this team knows that and everybody is coming together for that one goal that we all want."
Oregon State won the turnover margin 4-1 but only converted three points out of them ? and the one mistake cost the Beavers badly.
Vaz fumbled while shifting the ball during a scramble and Josh Mauro recovered. After Ertz caught the go-ahead touchdown, Oregon State got the ball back and Debniak sacked Vaz on third down.
The quarterback left with an ankle injury, and Sean Mannion ? the former starter ? threw incomplete on fourth-and-16 from the Oregon State 37 with 1:52 left.
Hogan, who took over the starting role from inconsistent Josh Nunes, completed 22 of 29 passes with two interceptions. He also ran for 49 yards on 11 carries.
Vaz finished 23-of-38 passing for 226 yards and a touchdown and Storm Woods ran for 94 yards in a deflating loss for Oregon State, which rallied from a 14-0 deficit to score 23 straight points and controlled the pace for most of the game.
The Beavers, who haven't played in the Rose Bowl since 1965, had their BCS and Pac-12 title hopes severely damaged.
"We're disappointed obviously," Oregon State coach Mike Riley said. "It was a tough loss and we had our opportunities. What we did was give up the big play two scores up and gave them back the momentum. That was big for them. Then the turnover gave them good field position to score the winning touchdown."
Stanford started strong and closed fast.
After Ertz fumbled on Stanford's opening possession, the defense stopped Oregon State three-and-out. Then Hogan led a 13-play, 93-yard scoring drive - the Cardinal's longest of the season - capped by Taylor's 1-yard touchdown run.
Hogan kept the momentum going, rolling to his right and hitting fullback Ryan Hewitt on a play-action pass. Hewitt sliced back inside and bulldozed through a defender for a 12-yard TD that gave Stanford a 14-0 lead late in the first quarter.
The Beavers came back in a hurry.
They used three different running backs on an 81-yard drive that came almost exclusively on the ground. Terron Ward finished it off when he ran for a 7-yard score to the Beavers on the board, and Trevor Romaine kicked the first of his three field goals to slice Stanford's lead to 14-10 in the second quarter.
In the final minutes of the first half, Tyrequek Zimmerman stripped Taylor at the Oregon State 21. That ended a streak of 262 rushes for Taylor without a fumble.
Oregon State converted two long third down on the opening possession of the third quarter. None better than when Vaz found Markus Wheaton on a short screen pass over the middle on third-and-16 for a 22-yard touchdown to give the Beavers a 17-14 lead.
Rudolf Fujita tipped Hogan's pass that Feti Taumoepeau intercepted. Stanford's defense held Oregon State to a 42-yard field goal by Romaine, who made another from 44 yards later in the third quarter for a 23-14 lead.
The momentum changed for good on one play.
Taylor took a short pass from Hogan while the quarterback was being tackled. Taylor made a defender miss down the sideline, cut back inside and stiff-armed another to the ground for a 40-yard TD that trimmed Oregon State's lead to 23-21 as the third quarter expired, a play Shaw called the best of Taylor's career.
Rashaad Reynolds outjumped Jamal-Rashad Patterson to intercept Hogan's pass midway through the fourth. Two plays later, Vaz fumbled, and Stanford surged back to squeak out a far-from-perfect victory.
"In the end, we got our goal," Hogan said. "So I'm happy about that."
____
Antonio Gonzalez can be reached at: www.twitter.com/agonzalezAP
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FBI probe of Petraeus began with "suspicious emails"
WASHINGTON (Reuters) - The FBI investigation that led to the discovery of CIA Director David Petraeus' affair with author Paula Broadwell was sparked by "suspicious emails" that initially did not contain any connection to Petraeus, U.S. law enforcement and security officials told Reuters on Saturday.
But the CIA director's name unexpectedly turned up in the course of the investigation, two officials and two other sources briefed on the matter said.
It was "an issue with two women and they stumbled across the affair with Petraeus," a U.S. government security source said.
The Washington Post reported on Saturday that the FBI probe was triggered when Broadwell sent threatening emails to an unidentified woman close to the CIA director.
The woman went to the FBI, which traced the threats to Broadwell and then uncovered explicit emails between Petraeus and Broadwell, the Post said.
Attempts by Reuters and other news media to reach Broadwell, an Army reserve offer and author of a biography of Petraeus, have not been successful.
The FBI and CIA declined comment on Saturday.
Many questions in the case remain unanswered publicly, including the identity of the second woman; the precise nature of the emails that launched the FBI investigation; and whether U.S. security was compromised in any way.
Nor is it clear why the FBI waited until Election Day to tell U.S. Director of National Intelligence James Clapper, who oversees the CIA and other intelligence agencies, about its investigation involving Petraeus.
The CIA director announced his resignation suddenly on Friday, acknowledging an extramarital affair and saying he showed "extremely poor judgment.
The developments likely ended the public career of one of the United States' most highly regarded generals, who was credited with helping pull Iraq out of civil war and led U.S. and NATO troops in Afghanistan.
Meanwhile, new details emerged on Saturday about developments in the final days leading to Petraeus' departure from atop the CIA.
Clapper was notified by the FBI on Tuesday evening about 5 p.m. - just as returns in the U.S. presidential election were about to come in - about "the situation involving Director Petraeus," a senior intelligence official said. Clapper and Petraeus then spoke that evening and the following morning.
WHITE HOUSE NOTIFIED WEDNESDAY
"Director Clapper, as a friend and a colleague and a fellow general officer, advised Director Petraeus that he should do the right thing and he should step down," the official said.
Clapper is a retired Air Force lieutenant general; Petraeus served nearly four decades in the U.S. Army.
On Wednesday, Clapper notified the National Security Council at the White House that Petraeus was considering resigning and President Barack Obama should be informed, the official said.
U.S. law enforcement and intelligence officials agreed to discuss the Petraeus matter only on condition of anonymity because of the issue's sensitivity and because it is the subject of a law enforcement investigation.
Once Petraeus' name turned up in the investigation, the importance of the FBI inquiry was immediately escalated, as investigators became concerned the CIA chief somehow might have been compromised, the law enforcement official said.
However, the official and two sources briefed on the matter said no evidence has turned up suggesting Petraeus had become vulnerable to espionage or blackmail. At this point, it appears unlikely that anyone will be charged with a crime as a result of the investigation, the official said.
The FBI investigation began fairly recently - months ago rather than years ago, when Petraeus would still have been in uniform as one of the U.S. Army's top field commanders, the official said.
Representative Peter King, Republican chairman of the House of Representatives' Homeland Security Committee, said in an interview on MSNBC the FBI was "investigating or monitoring ... the director of the CIA for four or five months."
Several officials briefed on the matter said senior officials at the Pentagon, CIA and Congress knew nothing of the FBI's investigation of Petraeus until Thursday afternoon at the earliest, and some key officials were not briefed on the details until Friday.
There is no evidence at this time that anyone at the White House had knowledge of the situation involving Petraeus prior to the U.S. presidential election on Tuesday, which saw Obama elected to a second four-year term.
Another U.S. government security source said it was not until Friday afternoon that some members of the House and Senate intelligence oversight committees were notified about Petraeus' resignation by Clapper's office.
The congressional committees were told that it was a personal issue that Petraeus had to discuss with his wife. When pressed, a representative of the Office of the Director of National Intelligence said it involved another woman.
(Writing by Warren Strobel; Additional reporting by Doug Palmer and Matt Spetalnick; Editing by Todd Eastham)
Source: http://news.yahoo.com/cia-director-petraeus-resigns-admits-extra-marital-affair-004518014.html
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Sunday, November 11, 2012
Letter to the Sports Editor?Banks DIH Ltd needs to refocus energy ...
?
Dear Mr. Editor,
I hardly ever write anything in the newspaper, but I am making the exception today because of genuine and growing concerns I have with the business operations of Banks DIH Ltd. My husband is somewhat of a prominent shareholder at the company, and he has been for more than a decade. While he is content with only voicing his discontent to me, I think I too have my own anxieties about the Company?s recent maneuverings, consequently leading me to write this letter. I have witnessed first and Banks DIH Ltd?s move from one of the leading businesses conglomerates in Guyana, to one struggling to keep up with changing economic times and quickly fluctuating business needs, thus leading to the closure, near closure and struggles of a number of its business?s in Guyana.
Years ago you just had to know about Demico/Idiho/QuikServ, the Arawak Steak House, Camp Site and a number of their other businesses that were ?staples? of everyday life in Guyana, all under the umbrella of Banks DIH Ltd. Service was great and above all they produced high class and tasty meals with standards to match. Jump forward a few years and one wonders if this could be the same Company.
Demico in Linden has closed down, it had been said that it was because of poor sales. When one looks at Church?s Chicken and Mario?s that are now booming in Linden with lines that sometimes end up outside of the building, one wonders what could have prompted such ?lack of sales?.
Kitty?s Demico outlet closed down, other smaller and larger businesses doing and producing most of the same things that outlet produced are still thriving. Camp Site has closed its doors. The Arawak Steak House has closed up shop as well.
Arapaima seems to be following that line with hardly any customers dining coupled with standards that are deplorable. OMG which was originally touted as ?the place? to dine ? now far from it.
Demico/Idiho/QuikServ in the heart of Georgetown seems to be heading there too. Pastries always appear and taste stale. Service has gone down the drain. The place is smelly and has metamorphosed into a proverbial liming and wasting time spot.
Most times when you enter the facility at least 90% of those utilizing it have not bought anything. The maids and security guards occupy well needed seats and are usually loud and ruckus.
How this could escape the attention of the management of Banks DIH Ltd is beyond puzzling and makes me wonder if they are desirous of closing down all of these places. Most of their properties/places of business are on prime real estate, easily accessible by consumers so there is hardly any excuse.
What is clear is that a series of bad business practices and elementary break downs in management, more than likely contributed to the decline and in some cases demise of these brands identified earlier. Where is the management?
One would assume that better promotion combined with well thought out business strategies would be utilized with greater financial resources being injected into these failing businesses, but that seems far from the mind of management of Banks DIH Ltd. It?s almost as though they are preoccupied with things more important than ?business?? which would be worrying. These places like Demico/Idiho/Camp Site etc. are part of the fabric of Guyanese society and help us to have something that is uniquely Guyanese ? ?Our own?.
Monies are being invested in all sorts of other areas but nothing is being invested in the very thing that now allows them to make these investments ? the business. Last year a large amount of money was spent on football and at first I thought this was a great way to re-energize the young people into Banks DIH Ltd?s services and products and thought that the attention from the football tournaments etc. would then be channeled somewhere else in the business arena; never happened.
Millions of dollars spent, not to ?sponsor? a tournament, but to become actively involved in running it. So we allow our businesses to collapse all around us, at the sake of running tournaments.
Corporate responsibility is fulfilled with the act of writing a cheque and working towards its good usage. But to do an entire tournament seems for the most part a ?tournament for itself?, with no conceivable gains.
My husband (a football lover) and I tried to attend the event, but with an extremely bad venue, no place to park, and haphazard management of the gate, you simply could not stay for too long. There was no place to sit or stand; it was obvious that the organizers (Banks DIH Ltd ) had not managed the tournament/crowd/gate effectively enough, so you had more than double the amount of people than the ground could accommodate. A recipe for disaster ? Poor management exemplified.
Again poor management embarrasses Banks DIH Ltd and all its shareholders who are responsible for electing a number of these very people. Recently, I found out that Banks DIH Ltd will be hosting the Tournament again and are investing even more millions. To what end? Wouldn?t this money be better utilized in bringing back the businesses to some semblance of respectability and profitability?
Even if we ignore the well known fact that this football tournament and football in Guyana at the national level generally, has its own inherent issues with feuding divisions and battling national organizers, added to the fact (if I am to believe the writings in the newspaper) that business went bad between the Kashif and Shanghai Organization and Banks DIH Ltd thus prompting them to launch their own tournament.
There is no other justifiable reason for such a large investment in football without an equal or greater investment in the subsidiaries/arms of the company other than this is a ?feeding of the ego?; One that comes at a great cost to Banks DIH Ltd and its subsidiaries and naturally, the shareholders as well.
By no means am I saying not to support football in Guyana, whichever organization, team or tournament they so desire, but it is time that Banks DIH Ltd return to its secondary and rightful role as ?sponsor? not organizer and implementer and refocus on its ?primary? role of ?business? for the sake of all stakeholders.
Dr. Indira Gopaul
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Egypt officials: 5 killed in train collision
CAIRO (AP) ? Egyptian security officials say two trains traveling south of the capital have collided, killing at least five people.
The officials said the collision Saturday is believed to be caused by an error from the switch operator. The two trains were traveling between two villages near Fayyoum, an oasis province 100 kilometers (60 miles) southwest of Cairo.
The officials spoke on condition of anonymity because they were not authorized to brief the media.
Egypt's railway system has a poor safety record, mostly blamed on badly maintained equipment and poor management. Egypt's worst railway disaster took place in February 2002 when a train heading to southern Egypt caught fire, killing 363 people.
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Report Reveals Cost of Veterans' Unmet Mental Health Needs
Calls on Community Behavioral Health Centers To Fill Gap in Care
WASHINGTON, Nov. 9, 2012 /PRNewswire-USNewswire/ -- Every dollar invested in evidence-based care for Iraq and Afghanistan veterans with untreated mental health disorders results in $2.50 in savings over two years, according to a new report released today by the National Council for Behavioral Health (National Council). The report finds that if all 210,000 untreated veterans with PTSD and/or major depression received appropriate treatment, the $481 million investment would result in more than $1.2 billion in cost savings.
To meet the unmet mental health needs of veterans, the report suggests expanding the role and funding of the nation's network of community behavioral health centers. Currently 27 percent (657,000) veterans of Iraq and Afghanistan veterans are using community-based care. More veterans are moving from DOD-provided services to VA-provided services to community-based services. By 2014, 40 percent (970,000 veterans) will be using community-based care. As the nation's specialists in treating mental health and addiction disorders, community-based centers are committed to outreach to returning veterans and to providing evidence-based care.
"Providing effective, proven treatments for our veterans is not just about saving money, it's about saving lives," says Jeannie Campbell, a veteran and executive vice president at the National Council. "Our veterans deserve the proper mental health services to support their amazing resilience and help them move toward recovery."
The report calculates that of the 2.4 million active duty and reserves who were deployed to the wars in Iraq and Afghanistan since 2001, almost 30 percent (730,000 men and women) will have a mental health condition. More than 18 percent will suffer from PTSD, major depression or a combination of both disorders.
Less than half of returning veterans needing mental health services receive any treatment, according to the report. Of those receiving treatment for PTSD and major depression, only 30 percent are receiving evidence-based care.
Untreated mental health disorders wreak havoc on the lives of veterans. One in three homeless men are veterans, and almost 60 percent of homeless veterans are minorities. The unemployment rate for veterans of Iraq and Afghanistan is some 40 percent greater than that of the general population.
"We need a mandate and the funding to deliver the right care at the right time and in the right setting for the men and women who have risked their lives," says Linda Rosenberg, the National Council's president and CEO. "Our community behavioral health centers are dedicated to using evidence-based care to help get these veterans on the road to recovery."
The report features a state-by-state analysis of needs, costs and savings, if Iraq and Afghanistan veterans receive evidence-based care for mental health disorders.
The report, Meeting the Behavioral Health Needs of Veterans of Operation Enduring Freedom and Operation Iraqi Freedom ( http://www.thenationalcouncil.org/galleries/resources-services%20files/Veterans%20BH%20Needs%20Report.pdf ),was developed by the National Council for Behavioral Health, a not-for-profit association of nearly 2,000 organizations that provide treatment and rehabilitation for mental illnesses and addiction disorders to more than eight million adults, children and families in communities across the country. The full report is available at www.TheNationalCouncil.org.
For more information, contact Meena Dayak, 301.602.8474, MeenaD@thenationalcouncil.org.
SOURCE National Council for Community Behavioral Healthcare
Source: http://news.yahoo.com/report-reveals-cost-veterans-unmet-mental-health-needs-170700459.html
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Saturday, November 10, 2012
Exclusive: Schulze's Best Buy bid seen in December, below range
NEW YORK (Reuters) - An eventual bid for Best Buy Co Inc
The former chairman has done most of his due diligence on Best Buy and has formed a business plan to turn around the world's largest consumer electronics chain, with his efforts now focused on lining up financing for a deal, the sources said.
At least three private equity firms - Apollo Global Management LLC , TPG Capital LP and Leonard Green & Partners LP - are considering joining Schulze in the bid, the sources said. Cerberus Capital Management LP, which was among the buyout firms that weighed joining the bidding group, is no longer working on the deal, one of the four sources said.
The sources declined to be identified because the information is not public.
The Richfield, Minnesota-based company has been grappling with tough competition from online retailers and the aftermath of a boardroom drama that led to Schulze's departure and the ouster of his onetime protege.
Schulze said in August he could acquire Best Buy for $24 to $26 per share, valuing the deal between $8.16 billion and $8.84 billion and, if debt is included, as much as $10.9 billion.
But Best Buy's shares have since fallen more than 20 percent to trade just above $15. The stock was up 1.6 percent at $15.50 on Friday afternoon on the New York Stock Exchange.
While a final decision on the offer price has not been made, the drop in shares has raised the likelihood that Schulze's bid could be below $24 per share, the sources said.
Schulze is expected to take a 30-day extension to mid-December for submitting a final proposal to Best Buy's board, they said.
The founder's efforts to clinch equity and debt commitments for what could be one of the largest leveraged buyouts of the year were delayed by superstorm Sandy which disrupted operations at several major Wall Street banks.
An extension will also give Schulze and the buyout firms a chance to see how Best Buy is performing in the crucial Christmas holiday season, the sources said.
There are no guarantees, however, that Schulze will ultimately be able to secure financing for the proposed buyout. Schulze has said he plans to fund any deal through a combination of private equity and debt financing, as well as the reinvestment of some of his own equity in the company.
Best Buy and Apollo declined to comment. The other private equity firms could not be reached for comment.
EYES ON INVESTOR DAY
Best Buy has seen its fortunes falter over the years, as consumers increasingly use its big box stores as showrooms for products they end up buying online at Amazon.com Inc and other websites. To add to its troubles, the company forced out Schulze's protege, Brian Dunn, as CEO earlier this year amid allegations the executive was having an inappropriate relationship with a female employee.
That scandal also led to the ouster of Schulze, who founded the company in 1966, from the board, and to Best Buy hiring turnaround expert Hubert Joly as its CEO to come up with its own restructuring plan.
Joly will have more of a chance to distance the company from its founder next week, when he unveils more details of his own turnaround plan to Best Buy investors in New York.
Barclays analyst Alan Rifkin expects Joly to reinforce the retailer's commitment to its brick-and-mortar stores and talk about his plans to win shoppers from online and discount rivals with better service and a wider product assortment, both in stores and online. Rifkin, however, does not expect Joly to announce any significant store closures next week.
"I don't think they have gotten their arms around the entire real estate portfolio just yet. We do think they need to rationalize their domestic square footage," said Rifkin.
Analysts also think Best Buy needs to do something soon to address consumer perceptions that its prices are higher than those of online giant Amazon's.
"Mr. Joly needs to balance cost cuts which can prop up earnings. But by the same token, he needs to outline investments and initiatives that will make the stores and the brand compelling to the American consumer," said Bradley Thomas, an analyst with KeyBanc Capital Markets. "The challenge will be finding that right balance."
Best Buy, which has now posted declines in same-store sales in eight of the last nine quarters, has said it planned to match online prices on some items this holiday season.
One analyst has said that Best Buy's declining fortunes could make a buyout more attractive for some investors.
"We are starting to believe that current shareholders may be more receptive to Schulze's previously disclosed offer of $24-$26 per share than we previously believed," Morningstar analyst R.J. Hottovy said late last month.
(Reporting by Soyoung Kim, Olivia Oran and Dhanya Skariachan; editing by Paritosh Bansal, Edwina Gibbs and Matthew Lewis)
Source: http://news.yahoo.com/exclusive-schulzes-best-buy-bid-seen-december-below-180243287--sector.html
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Obama faces familiar world of problems in 2nd term
FILE - In this Feb. 23, 2011, file photo President Barack Obama, with Secretary of State Hillary Rodham Clinton at right, speaks about Libya in the Grand Foyer of the White House in Washington. Obama now has a freer hand to deal with a world of familiar problems in fresh ways. That could mean tougher Iran and Syria policies, or new engagement toward countries such as Cuba and North Korea. He could also refocus on the moribund Middle East peace efforts. But a pressing task is assigning a new national security team. Clinton has announced her plans to retire and could stay a few weeks past January to help the administration as it reshuffles personnel. (AP Photo/Carolyn Kaster, File)
FILE - In this Feb. 23, 2011, file photo President Barack Obama, with Secretary of State Hillary Rodham Clinton at right, speaks about Libya in the Grand Foyer of the White House in Washington. Obama now has a freer hand to deal with a world of familiar problems in fresh ways. That could mean tougher Iran and Syria policies, or new engagement toward countries such as Cuba and North Korea. He could also refocus on the moribund Middle East peace efforts. But a pressing task is assigning a new national security team. Clinton has announced her plans to retire and could stay a few weeks past January to help the administration as it reshuffles personnel. (AP Photo/Carolyn Kaster, File)
President Barack Obama, first lady Michelle Obama and their daughters Sasha, left, and Malia, walk from Marine One to board Air Force One at Chicago O'Hare International Airport, Wednesday, Nov. 7, 2012, in Chicago, the day after the presidential election. Obama defeated Republican challenger former Massachusetts Gov. Mitt Romney. (AP Photo/Carolyn Kaster)
WASHINGTON (AP) ? Now that his re-election is secured, President Barack Obama has a freer hand to deal with a world of familiar problems in fresh ways, from toughening America's approach to Iran and Syria while potentially engaging other repressive countries such as Cuba and North Korea and refocusing on moribund Middle East peace efforts.
The first tweaks in his Iran policy could come within weeks, officials said.
But a pressing task for Obama will be to assign a new team to carry out his national security agenda. Secretary of State Hillary Rodham Clinton has announced her plans to retire but could stay a few weeks past January to help the administration as it reshuffles personnel. Defense Secretary Leon Panetta is likely to depart shortly after her. CIA Director Gen. David Petraeus is expected to stay on.
The favorite to succeed Clinton, U.N. Ambassador Susan Rice, would face a difficult Senate confirmation process after her much-maligned explanations of the attack on the U.S. Consulate in Benghazi, Libya, meaning she could land instead as Obama's national security adviser. That job that doesn't require the Senate's approval. Tom Donilon, who currently holds that position, and Chuck Hagel, a former Republican senator, are among the other contenders.
The chances of another early favorite, Senate Foreign Relations Committee Chairman John Kerry, are hampered by Democrats' fear that Republican Scott Brown, who lost his Massachusetts Senate seat Tuesday, could win Kerry's seat in a race to replace him.
Officials, however, are pointing to Jon Huntsman, the former Utah governor, Obama's ambassador to China and Republican presidential candidate, and the State Department's current No. 2, William Burns.
Huntsman is still widely respected by the administration even if he'd hoped to unseat Obama. Choosing Huntsman would allow the president to claim bipartisanship while putting an Asia expert in the job at a time when the U.S. is focusing more attention on the world's most populous continent. Burns would be an option as caretaker secretary until postelection passions in Congress subside and a permanent replacement might face smoother confirmation. He is a career diplomat who has no political baggage and would be unlikely to stir significant opposition among lawmakers.
At the Pentagon, speculation about successors has been limited. Panetta's deputy, Ashton Carter, is seen as a possibility, along with Michele Flournoy, who served as Defense Department policy chief from 2009-12 and would be the first woman in the top job.
New Cabinet members will enter at a time of various global security challenges, from the Arab Spring to China's rapid economic and military expansion in Asia. But the president's escape from any future campaigning also offers unique diplomatic opportunities, which Obama himself hinted at in March when he told then-Russian president and current prime minister Dmitry Medvedev that he'd have "more flexibility" on thorny issues after the election.
Obama's immediate predecessors, Bill Clinton and George W. Bush, used their second terms to launch major, though ultimately unsuccessful initiatives for an Israeli-Palestinian accord, an elusive goal that Obama also deeply desires. This summer he listed the lack of progress toward peace among the biggest disappointments of his presidency so far, suggesting another U.S. attempt in the offing.
Clinton's Camp David negotiations and Bush's Annapolis process became signature foreign policy priorities in 2000 and 2007. But the Israelis and the Palestinians remain as far apart as ever on the contours of an agreement, from the borders of their two separate states to issues related to refugees and resources.
Any Obama-led plan for the Middle East will be complicated by Israel's fears about the Iranian nuclear program, civil war in nearby Syria and the new reality of an Islamist-led Egypt having replaced America's most faithful Arab ally. Obama's difficult relationship with Israeli Prime Minister Benjamin Netanyahu could also complicate the process.
With Iran, the president is holding out hope that crippling economic sanctions will force the Islamic republic's leaders to scale back its uranium enrichment activity. Iran insists its program is designed for energy and medical research purposes, even as many in the West fear the ultimate goal is to produce nuclear weapons. Obama has stressed the narrowing time frame for Tehran to negotiate a peaceful solution to the standoff, while pressing Israel to hold off on any plans for a pre-emptive strike.
Officials say the administration is likely to adjust its two-track approach to Iran ? which offers Tehran rewards for coming clean on its nuclear program and harsher penalties for continued defiance ? in the coming weeks. Details are still being debated. In the end, however, Obama may have to resort to a military strategy if Iran continues to enrich uranium at higher levels and nears production of weapons-grade material ? a possible scenario he acknowledges.
"The clock is ticking. We're not going to allow Iran to perpetually engage in negotiations that lead nowhere," Obama said in his last foreign policy debate with Republican presidential candidate Mitt Romney. "We have a sense of when they would get breakout capacity, which means that we would not be able to intervene in time to stop their nuclear program."
Syria's widening conflict is another concern. More than 36,000 people have died in the last 20 months, as a brutal crackdown on dissent by President Bashar Assad's regime has descended into a full-scale civil war. Obama has demanded Assad's departure, yet has ruled out military assistance to the rebels or American military actions such as airstrikes or enforcing a no-fly zone over Syria.
Last week, in a significant shift in policy, the secretary of state demanded a major shakeup in the opposition's ranks in the hopes of rallying Syrians behind the rebellion. However, Clinton's spokeswoman, Victoria Nuland, reiterated Wednesday the administration still rejects the notion of providing weapons to anti-Assad fighters or any talk of armed intervention.
In other places, Obama's engagement efforts may get another look. After some success with a rapidly liberalizing Myanmar, there are hopes for democratic reforms and human rights advances in Cuba and North Korea, among others.
But short of a rapid change in attitude from these governments, Obama's options for a landmark breakthrough in U.S. diplomacy are limited. He won't be able to reach out to Havana until it frees the jailed U.S. contractor Alan Gross, while Pyongyang will have to denuclearize if it wants better relations with America ? steps neither regime has shown a willingness to entertain. The recent re-election of Venezuelan President Hugo Chavez has halted chances for now of any rapprochement between Washington and Caracas.
In Afghanistan, the president will seek to stick to NATO's 2014 withdrawal date for most international troops, a central campaign promise. His administration has been trying unsuccessfully to jump-start peace negotiations between President Hamid Karzai's Western-backed government and the Taliban. The so-called reconciliation effort relies heavily on America's frustrating and unreliable ally Pakistan, where extremist groups such as al-Qaida and the Haqqani network will continue to face U.S. drone attacks.
Behind all the diplomatic efforts are larger questions of American geopolitical strategy. Obama had initial success improving U.S. relations with Russia, getting a nuclear arms-reduction pact in 2011, but has since seen America's former Cold War foe frustrate U.S. missile defense plans and hopes of an international consensus on Syria. The president has continued to trumpet the benefits of his Russia "reset" policy but may take a firmer stance against Moscow if it refuses to show compromise.
For economic reasons, China policy is less likely to change. The world's two biggest economies are deeply interdependent and, despite lingering disagreements over Beijing's currency exchange rates and intellectual property infringement, neither side will want to do anything that threatens a trade war and jeopardizes China's booming growth or America's still-fragile jobs recovery.
___
Associated Press writers Donna Cassata, Robert Burns and Kimberly Dozier contributed to this report.
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Friday, November 9, 2012
Childhood Obesity Expected to Cost Maine Over $1 Billion, Study Says
If childhood obesity remains unchecked in Maine, it's expected to cost the state roughly $1.2 billion in medical costs over the next 20 years, according to a new study.
Currently, 7.8 percent of Maine children and adolescents are obese, according to data from schools in the state and the U.S. Centers for Disease Control and Prevention. Todd Gabe, a professor of economics at the University of Maine, set out to determine just how costly childhood obesity could become for the state over the next two decades.
Already, the annual medical costs of obesity in Maine are an estimated $452.7 million (for children and adults combined), according to the study. Considering the growing body of research that's linked obesity in childhood with higher chances of obesity in adulthood, childhood obesity is "particularly problematic" because it contributes to medical costs today and in the future, Gabe wrote.
According to the professor's estimates, the medical costs of obesity for the current group of Maine children?for both the obese and non-obese children?will be an estimated $1.2 billion over the next 20 years.
"If anything, these cost numbers are conservative," he told the Bangor Daily News.
Gabe broke the study down into five-year increments (five years into the future, 10 years, etc.) to correspond with the five-year age cohorts used by the U.S. Census Bureau (under five years, five to nine years, etc.).
Based on Gabe's estimates, even five years from now, the number of overweight and obese children in Maine will have skyrocketed, from 24,198 now to 41,895 in five years.
It only gets worse from there. Going the full 20 years into the future, Gabe projects an estimated 79,812 of the current cohort of 310,959 Maine children and adolescents (who will all be adults by that time) will be obese.
In percentage terms, 25.7 percent of those current children and adolescents would be obese?which falls in line with Maine's current adult obesity rate of 27.8 percent, according to figures from the CDC cited in the study.
Gabe did explore a few factors that could reduce the costs of obesity for the state over the next two decades, including reducing the number of overweight and obese children, or decreasing the odds of children (whether healthy, overweight, or obese) becoming obese adults. According to the study, if Maine reduces the probability of non-obese children becoming obese adults by 12 percent, the state could save $100 million in medical costs related to obesity over the next 20 years.
A report released in September by the Trust for America's Health and Robert Wood Johnson Foundation suggested that 13 states could have adult-obesity rates higher than 60 percent by 2030. The report estimated that if obesity continued along its current track, 55.2 percent of Maine adults would be obese by 2030.
Want all the latest K-12 sports news? Follow @SchooledinSport on Twitter.
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I want a white Nexus 4, Waiting on the DNA [From the Forums]
Just in case you missed out on some of the Android news today, now is the time to go ahead and get yourself fully caught up. Here on the blogs and in the Android Central Forums there is plenty to talk about. Have some questions? Need some help or just looking to chat Android? You know where to go, check out some of the threads below to get started.
- Google Nexus 4 Forums - White version eventually?
- Samsung Galaxy S3 Forums - Have we lost driving mode in Jelly Bean?
- Droid DNA Forums - DNA and VoLTE?
- Google Nexus 7 Tablet Forums - Why is Maps keeping it awake and sucking power?
- Android Contest Forums - Weekly photo contest -- Caption this picture
We've got nearly 1 million members helping members and nearly 2 million posts in our Android Forums. Are you one of them? Join today!
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Source: http://feedproxy.google.com/~r/androidcentral/~3/zeaebrJPLfk/story01.htm
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New Briefing Paper: ?Is this Time Different? Questions for MOOCs ...
Here?s a briefing paper (published in August and made available online today) from the CIC (Committee on Institutional Cooperation). We?ve linked to the 58 page (PDF) paper and also embedded a copy below.
Description
Massive Open Online Courses (MOOCs) are making headlines and building momentum across the world of higher education. In their recent briefing paper, ?Is this Time Different? Questions for MOOCs and Online Learning Beyond 2012,? the?CIC Chief Information Officers give their thoughts on how this new trend in online education differs from past online education attempts that have failed.??In this paper, the CIC CIOs offer a list of near-term actions for campuses, discussion questions for campus leaders, and additional context for recent developments in IT-enabled education.
CIC Member Universities Include:
- University of Chicago
- University of Illinois
- Indiana University
- University of Iowa
- University of Michigan
- Michigan State University
- University of Minnesota
- University of Nebraska-Lincoln
- Northwestern University
- Ohio State University
- Pennsylvania State University
- Purdue University
- University of Wisconsin-Madison
Is this Time Different? Questions for MOOCs and Online Learning Beyond 2012
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Thursday, November 8, 2012
Wall Street sinks after election as 'fiscal cliff' eyed
NEW YORK (Reuters) - The Dow industrials lost more than 300 points in a sell-off on Wednesday that drove all major U.S. stock indexes down over 2 percent in the wake of the presidential election as investors' focus shifted to the looming "fiscal cliff" debate and Europe's economic troubles.
The Standard & Poor's 500 Index posted its biggest daily percentage drop since June, with all 10 S&P sectors solidly lower and about 80 percent of stocks on both the New York Stock Exchange and the Nasdaq ending in negative territory. Both the Dow and the S&P 500 closed at their lowest levels since early August.
Financial stocks and energy shares, two sectors that could face increased regulation after President Barack Obama's re-election, were the weakest on the day. The S&P financial index lost 3.5 percent, while the S&P energy index fell 3.1 percent. An S&P index of technology shares slid 2.8 percent as the stock of Apple Inc entered bear market territory.
Obama's victory had been anticipated, though many polls indicated a close race between the president and Mitt Romney, his Republican challenger, going into election day.
The election was considered a major source of uncertainty for the market, but now the focus turns to the fiscal cliff, with investors worrying that if no deal is reached over some $600 billion in spending cuts and tax increases due to kick in early next year, it could derail the economic recovery.
The Republican Party retained control of the U.S. House of Representatives, while the Senate remained under Democratic control.
David Joy, chief market strategist at Ameriprise Financial in Boston, said this kind of divided government was disappointing "since that configuration has resulted in gridlock and there's no clear path towards unlocking that.
"It holds implications for how quickly we resolve the fiscal cliff issue, or whether it gets resolved at all," said Joy, who helps oversee $571 billion in assets.
The market's losses were broad, with pessimism exacerbated by overseas concerns after the European Commission said the region would barely grow next year, dashing hopes for improvement in the short term.
Still, some viewed the day's slide as a buying opportunity, saying it was unlikely that no deal would be reached on the fiscal cliff and arguing that Europe's troubles were already priced into markets.
"There's no question that Europe is lagging the rest of the developed and emerging world, but stocks will find a base soon, when investors start seeing through some of the smoke over the region and cliff," said Richard Weiss, who helps oversee about $120 billion in assets as a senior money manager at American Century Investments in Mountain View, California.
The Dow Jones industrial average slid 312.95 points, or 2.36 percent, to close at 12,932.73. The Standard & Poor's 500 Index fell 33.86 points, or 2.37 percent, to 1,394.53. The Nasdaq Composite Index lost 74.64 points, or 2.48 percent, to close at 2,937.29.
The S&P 500 closed below the key 1,400 level for the first time since August 30, while the Dow ended under 13,000 for the first time since August 2.
About 7.81 billion shares traded on the New York Stock Exchange, the American Stock Exchange and Nasdaq, slightly below last year's daily average of 7.84 billion, though Wednesday's volume did surpass that of many recent sessions.
Contributing to the Nasdaq's decline, Apple shares fell 3.8 percent to $558, off 20.8 percent from an all-time intraday high of $705.07 set on September 21. That slump puts the stock of the world's most valuable publicly traded company in bear market territory.
Despite Wednesday's sell-off, all three major U.S. stock indexes were still up for the year. At Wednesday's close, the Dow was up 5.9 percent for 2012 so far, while the S&P 500 was up 10.9 percent and the Nasdaq was up 12.8 percent.
Wednesday's plunge was a reversal from Tuesday's rally when voting was under way. Defense and energy shares were among the market leaders that day, causing speculation that some investors were betting on a Romney win.
On Wednesday, an index of defense shares fell 2.9 percent, its biggest one-day drop in a year. Shares of United Technologies dropped 2.9 percent to $77.68 while Lockheed Martin sank 3.9 percent to $91.15.
Energy shares fell as investors bet that the industry may see increased regulation in Obama's second term, with less access to federal lands and water. Crude oil shed more than 4 percent while an index of coal companies plunged 8.8 percent. Coal firms Peabody Energy lost 9.6 percent to $26.24 and Arch Coal sank 12.5 percent to $7.58.
Among financials, JPMorgan Chase & Co
"The notion that you may have gotten a respite on the financial services side (with regulation) if Romney had been elected is obviously being unwound," said Mike Ryan, chief investment strategist at UBS Wealth Management Americas in New York.
Healthcare stocks were mixed as President Obama's re-election rules out the possibility of a wholesale repeal of his healthcare reform law, though questions remain as to what parts of the domestic policy will be implemented. The S&P health care index <.gspa> shed 1.9 percent. In contrast, Tenet Healthcare
In 2008, stocks also rallied on election day, but then fell by the largest margin on record for a day following the vote, with each of the three major U.S. stock indexes posting losses ranging from 5 percent to 5.5 percent.
After the bell, both Qualcomm Inc
(Additional reporting by Ashley Lau; Editing by Jan Paschal)
Source: http://news.yahoo.com/wall-street-sinks-election-fiscal-cliff-eyed-001805928--finance.html
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Video: Nation resides on the edge of the fiscal cliff
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Source: http://video.msnbc.msn.com/newsnation/49730855/
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Man behind anti-Islam film to return to jail for a year
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