Shares plunged on Wall Street and the dollar fell sharply tonight after an increase in jobless claims and weak signals from industry prompted fears that the US is heading for a double-dip recession.
The Dow Jones index fell 200 points at one stage in morning trading in New York after the US labour department reported that 500,000 new claims for unemployment benefit were filed in the week ending 14 August – an increase of 12,000 on the previous week and the highest figure for nine months.
The already gloomy mood was compounded when the Philadelphia Fed, one of the Federal Reserve's 12 regional reserve banks, published its monthly health check on manufacturing in America's mid-Atlantic region. The survey, seen by Wall Street as a barometer of US industrial conditions, showed activity had contracted unexpectedly for the first time since July 2009.
President Barack Obama called on Congress to pass a bill providing support for small businesses, but Wall Street believes the threat to the world's biggest economy will also require action by the Federal Reserve to expand the money supply through its quantitative easing programme. James Bullard, president of the St Louis Fed, said tonight that the central bank would need to step up its purchases of bonds should the threat of deflation intensify.
Click here to read the full article
Horn was in critical condition for several weeks thereafter, and was said to have suffered a stroke and partial paralysis. Doctors removed one-quarter of his skull to relieve the pressure of his swelling brain during an operation known as a decompressive craniectomy. The portion of skull was placed in a pouch in Horn's abdomen in the hope of replacing it later. Horn was eventually transferred to UCLA Medical Center in Los Angeles, California for long-term recovery and rehabilitation.
As of 2006, Horn was walking, assisted only by Fischbacher, and talking. To host Pat O'Brien on the television news program The Insider, he complained about his daily rehabilitation, "They are slave drivers over there. You'd think they are the KGB from Russia."
It is disputed whether or not the tiger intentionally attacked Horn. Montecore had been trained by Horn since he was a cub; he had performed with the act for six years. Fischbacher, appearing on the Larry King interview program, said Horn fell during the act and Montecore was attempting to drag him to safety, as a mother tigress would pull one of her cubs by the neck. Fischbacher said Montecore had no way of knowing that Horn, unlike a tiger cub, did not have fur and thick skin covering his neck and that his neck was vulnerable to injury. Fischbacher said if Montecore had wanted to injure Horn, the tiger would have snapped his neck and shaken him back and forth.
Former Mirage owner Steve Wynn (who hired the duo in 1990) told Las Vegas television station KLAS-TV the events were substantiated as described by Fischbacher. According to Wynn, there was a woman with a "big hairdo" in the front row who, he says, "fascinated and distracted" Montecore. The woman reached out to attempt to pet the animal, and Horn jumped between the woman and the tiger.
According to Wynn, Horn said, "Release, release," attempting to persuade Montecore to let go of his arm, and eventually striking the tiger with his microphone. Horn tripped over the cat's paw and fell on his back; stagehands then rushed out and jumped on the cat. It was only then, said Wynn, that the confused tiger leaned over Roy and attempted to carry Horn off the stage to safety. Wynn said that although the tiger's teeth inflicted puncture wounds that caused Horn to lose blood, there was no damage to his neck. Stagehands then sprayed Roy and Montecore with a fire extinguisher to separate the two.
Montecore was put into quarantine for ten days in order to ensure he was not rabid, and was then returned to his habitat at The Mirage. While Horn has requested that Montecore not be harmed, the incident may augur the end of exotic animal shows in which there are no barriers between tigers and audience members. Some animal rights activists, many of whom oppose the use of wild animals in live entertainment, sought to use the incident as a springboard for publicity, though few have ever accused the Siegfried & Roy show of mistreating animals.
The injury to Roy Horn prompted The Mirage to close the show indefinitely and to lay off 267 cast and crew members with one week's severance pay. While Fischbacher has said "the show will go on", a hotel spokesman told the production staff that they "should explore other career opportunities."
According to the Las Vegas Advisor, The Mirage will suffer financially, not just from the loss of $50+ million in annual ticket sales, but from having to forgo untold millions in sales of food, beverages, hotel rooms and the casino's gambling winnings. An MGM Mirage spokesman said losing Siegfried & Roy is a bigger hit to the Mirage brand than to its finances, because the entertainers are "practically the faces" of the hotel, and finding a new hotel brand or identity will be difficult.
In February 2009, the duo staged a "final" appearance with Montecore as a benefit for The Lou Ruvo Brain Institute. This performance was recorded for broadcast on ABC television's 20/20 program. The 10-minute program featured one of Siegfried & Roy's signature illusions, in which Siegfried and Montecore (now 12 years old) magically switched places from within separate, locked transparent enclosures.
On April 23, 2010, the duo officially said farewell to show business. “The last time we closed, we didn’t have a lot of warning,” said longtime manager Bernie Yuman. “This is farewell. This is the dot at the end of the sentence.”
Click here to read the full article
"If we can get some confirmation from the earnings and then the stocks rally on that, it will be a very good sign that we'll have a decent summer," said Blair Falconer, portfolio manager at HSBC Securities.
North American markets finished higher last week, with the TSX up 3.34 per cent and the Dow industrials ahead 5.28 per cent as bargain hunters moved in following big slides of over four per cent the previous week.
NEW YORK — Analysts are raising earnings estimates for U. S. companies at the fastest rate since at least 2004 during a quarter when stocks have posted some of their biggest losses in 16 months on concern that the economy will sink back into a recession.
Profit for companies in the Standard & Poor’s 500 Index now are expected to jump 34 percent this year, according to more than 8,000 estimates compiled by Bloomberg. On March 29, the projected increase had been 27 percent. The revision is the greatest during any quarter in at least six years.
But lower-than-forecast home sales, manufacturing and private-sector job growth have sent the benchmark gauge for U. S. equities down 11 percent since hitting 1,217 April 23, despite last week’s rally.
A Qassam rocket landed near a building in one of the communities in the Sdot Negev Regional Council early Wednesday, causing damage to a packing-house. There were no reports of injuries.
Avi Aptelboim, head of the community's emergency squad, reported that "a Color Red siren was sounded at around 4 am, followed by a rocket which landed inside the community, near the packing-house. The packing-house sustained heavy damage and it won't be operated today. There were no injuries, thank God." "The rocket landed right next to the packing-house.
The equipment near the packing-house was damaged, and the building itself sustained damage from shrapnel," said one of the residents.
Maze cartoon a Lamboghini racing down the road. Analogy of the economy. Created by Yonatan Frimer
Maze Cartoon of the Afghanistan hand-off between Petraeus and McCrystal.
Cartoon maze sports analogy of an NFL football handoff between Petraeus and McCrystal as generals for the war in Afghanistan. Created by Yonatan Frimer
Click here for a printable, hi-res version of this maze
Click here for the maze solution
Visit Team of Monkeys . com for more maze cartoons by Yonatan Frimer
WASHINGTON - US PRESIDENT Barack Obama yesterday removed his top US commander in Afghanistan following a public flap over the general's controversial remarks to a magazine.
The unceremonious exit of General Stanley McChrystal injected greater uncertainty into the troubled war effort, taking place just as the United States was about to launch a major offensive in and around the key southern Afghan city of Kandahar, the stronghold of the Taleban.
Gen McChrystal, who derided the Obama administration and its handling of the war in Afghanistan in a lengthy profile in the Rolling Stone magazine, was summoned to the White House yesterday to explain his remarks.
After a 30-minute face-to-face meeting, Mr Obama said he accepted the resignation of the petulant general and relieved him of his command of US forces in Afghanistan. 'It was a difficult decision, it saddens me to lose a soldier who I've come to respect and admire,' said Mr Obama, noting that the decision was not prompted by the 'personal insult'.
'But war is bigger than any one man or woman. Difficult as this is, it is the right decision for our national security.'
Maze cartoon of a motorcycle lableled, "middle east" speeding down a road in the direction of war, and away from the direction of peace. Created by Yonatan Frimer
Click here for a printable, hi-res version of this maze
Click here for the maze solution to Motorcycle maze.
click here to view the latest maze cartoons by Yonatan Frimer
Click here to view maze art by Yonatan Frimer
More about this maze cartoon's topic:
Turkey’s provocative flotilla—often described in Orwellian terms as a humanitarian mission—has set in motion a flurry of diplomatic activity, but if the Iranians send escort vessels for the next round of Turkish ships, it could present a casus belli.
It is also instructive that Syria is playing a dangerous game with both missile deployment and rearming Hezbollah. According to most public accounts, Hezbollah is sitting on 40,000 long-, medium- and short-range missiles and Syrian territory has served as a conduit for military material from Iran since the end of the 2006 Lebanon War.
Should Syria move its own scuds to (Click here to read the full article)
Pictures of Tony Hayward yachting at the Isle of Wight billed as a PR nightmare and insulting to those affected by oil slick
Images of the beleaguered BP chief executive, Tony Hayward, attending a yacht race on the Isle of Wight, just 48 hours after a hostile interrogation by a US congressional committee on the Gulf Coast oil spill, have provoked sharp criticism on both sides of the Atlantic.
President Barack Obama's chief of staff, Rahm Emanuel, condemned Hayward's attendance at the event as "part of a long line of PR gaffes and mistakes" on ABC television, adding: "I think that we can all conclude that Tony Hayward is not going to have a second career in PR consulting".
Click here to read the full article.
