Since most Filipinos are multilingual, does this mean we’re all in some way better at math?
In a recent study published in Psychological Science, researchers and psychologists from Hebrew University performed a series of experiments which suggest that those who had an easier time learning a new language may be better at detecting statistical patterns.
Ram Frost, lead researcher and psychological scientist, and his team from Hebrew University tested American students in overseas program on how well they picked up the structure of words and sounds in Hebrew. The students were tested two times, once in the first semester and again in the second semester.
Visual patterns
The students were also tested on their ability to detect visual patterns when asked to watch a stream of complex shapes. The students didn’t know that the 24 shapes they were watching have already been organized into eight triplets. The order of shapes within the groups have been randomized but the shapes within each triplet always appeared in the same sequence.
Their results show a strong correlation between statistical learning and language learning. The students that who were able to detect the patterns in visual pattern test were the ones who had an easier time learning Hebrew and were able to understand the language better than their counterparts at the end of 2 semesters.
This study, which was supported by the Israel Science Foundation (159/10) and by the National Institute of Child Health and Human Development (RO1 HD 067364 and PO1HD 01994) provides us with a new insight on how people learn a new language and why some people are better at picking up different languages.
Language and visual perception
In the story in Science Daily on the study,
Frost says "These new results suggest that learning a second language
is determined to a large extent by an individual ability that is not at
all linguistic…It's surprising that a short 15-minute test involving the
perception of visual shapes could predict to such a large extent which
of the students who came to study Hebrew would finish the year with a
better grasp of the language."
This study presents the possibility that statistical learning may have a broad impact on other cognitive skills. And if a certain level of statistical or mathematical acuity is needed to learn a second language, then this implies that Filipinos, who are mostly bilingual, may have a higher level of statistical learning that may have not been exploited or explored.
In their paper, the researchers concluded that "This finding points to the possibility that a unified and universal principle of statistical learning can quantitatively explain a wide range of cognitive processes across domains, whether they are linguistic or nonlinguistic.” — TJD, GMA News
source: gmanetwork.com
Wednesday
'Fast & Furious' beats 'Hangover' on holiday weekend
The latest installment in the action-packed film franchise, starring Vin Diesel and Michelle Rodriguez, earned $97.4 million from Friday through Sunday, and an extra $20 million Monday, box office tracker Exhibitor Relations said.
The Memorial Day holiday weekend, commemorating America's fallen soldiers, is seen as the unofficial start of summer in the United States.
"The Hangover Part III" was left a distant second despite opening a day early Thursday to avoid going head-to-head with "Fast & Furious." The third and final film in the series, given a thumbs down by many critics, took $41.7 million by Sunday, or $50.3 million including Monday.
Third place went to another sequel, "Star Trek: Into Darkness" which earned $37.3 million as it fell from first place last week. The film took in $47.2 million over four days.
Animated 3D family film "Epic" was in fourth place with $33.5 million in tickets sold, or $42.8 million including Monday.
Super-hero blockbuster sequel "Iron Man 3," starring Robert Downey Jr as the title character, took in $19.3 million ($24.7 million over four days) for the number five spot, while "The Great Gatsby," Baz Luhrmann's adaptation of the literary classic, was sixth with $13.5 million ($17 million).
Seventh place was claimed by "Mud," a coming-of-age story starring Matthew McConaughey and Reese Witherspoon, taking in $1.9 million, or $2.5 million including Monday.
"42" -- a biopic about trailblazing black baseball star Jackie Robinson -- was eighth, with $1.26 million in tickets sold, or $1.64 million over the four-day weekend.
The ninth spot went to "The Croods," a stone-age cartoon which earned $1.2 million, or $1.6 million over four days.
Rounding out the top 10 was "Oblivion," a post-apocalyptic action flick featuring Tom Cruise, which earned $869,000, or $1.04 million including Monday. -- Agence France-Presse
source: gmanetwork.com
Tuesday
Happy 10th birthday, WordPress!
Bloggers and website administrators could take time out to mark a
milestone: it's the 10th birthday of blogging platform and content
management system (CMS) tool WordPress.
First released on May 27, 2003, WordPress has grown to become the world's largest CMS, powering some 18 percent of the Web, tech site Mashable reported.
"WordPress was started by Matt Mullenweg and Mike Little and the open-source software has grown to include thousands of contributors. Automattic, the company behind WordPress.com and one of the biggest stewards in the development of the platform as a whole, announced last week that it had raised $50 million in a secondary stock transaction," it said.
The blogging platform and CMS presently has 70 million websites running it, it added.
Among the high-profile sites using WordPress are blogs from Cable News Network, The New York Times and Reuters.
The blogging platform and CMS presently has 70 million websites running it, it added.
Among the high-profile sites using WordPress are blogs from Cable News Network, The New York Times and Reuters.
Marking the milestone is a microsite (http://wp10.WordPress.net/) that accommodates tweets, photos and memories of WordPress.
Other members of the WordPress community are marking the milestone with special meetup events, Mashable added.
In 2003, WordPress was launched as a free and easy way to publish content. But it has evolved into a CMS that can run full Web apps.
"Shopping cart systems, Twitter analytics services and even robust WordPress site management solutions can all be built on WordPress," Mashable said.
On the other hand, Mashable said the plugins, themes, specialized hosting providers and custom solutions builders continue to grow as well. — TJD, GMA News
In 2003, WordPress was launched as a free and easy way to publish content. But it has evolved into a CMS that can run full Web apps.
"Shopping cart systems, Twitter analytics services and even robust WordPress site management solutions can all be built on WordPress," Mashable said.
On the other hand, Mashable said the plugins, themes, specialized hosting providers and custom solutions builders continue to grow as well. — TJD, GMA News
source: gmanetwork.com
Singapore to regulate Yahoo!, other online news sites
"Online news sites that report regularly on issues relating to Singapore and have significant reach among readers here will require an individual licence," Singapore's Media Development Authority (MDA) said in a statement.
"This will place them on a more consistent regulatory framework with traditional news platforms which are already individually licensed," the media regulator said.
Prosperous and orderly Singapore, a regional base for many multinationals and fund managers, is one of the world's most wired-up cities with most people having broadband access.
It has long maintained strict controls on the media, saying that was necessary to maintain stability in a small, multi-racial country and that media must be held accountable for what they publish.
Lobby group Reporters Without Borders, in its latest report, ranked Singapore 149th globally in terms of press freedom, down 14 places from 2012 and below many of its neighbors.
In 2011, the city-state's tiny opposition made big gains against the long-ruling People's Action Party in parliamentary elections, partly by using the internet to reach voters.
A survey by the Straits Times newspaper shortly before the vote found 36.3 percent of people between the ages of 21 and 34 cited the internet as their top source of domestic political news compared with 35.3 percent who preferred newspapers.
"Will find a way"
The MDA identified sg.news.yahoo.com, a service run by internet giant Yahoo! Inc, as among 10 sites that would be affected by the new requirement, based on criteria such as having 50,000 unique visitors from Singapore a month over a period of two months.
Yahoo! declined to comment when contacted by Reuters.
"We are not in a position to respond until we receive the actual license conditions for review," the head of its Singapore news service, Alan Soon, said.
Of the remaining nine sites, seven are run by Singapore Press Holdings Ltd, whose publications tend to maintain a pro-government stance. The other two are operated by state-owned broadcaster Mediacorp.
Conditions for the sites that require individual licenses, which have to be reviewed annually, include a performance bond of S$50,000 ($39,700) and a requirement that objectionable content be removed within 24 hours when directed by the MDA.
The MDA said the new regulation did not apply to blogs, though adding: "If they take on the nature of news sites, we will take a closer look and evaluate them accordingly".
The regulation drew criticism from some Internet users who saw it as an attempt to stifle online news not affiliated with the government.
On state-owned Channel NewsAsia's Facebook page, a person named Jeremy Tan likened the development to what goes on in China or North Korea.
"You can try to shut us up. We will find a way around it," another internet user, Sushikin Ky, said on the Facebook page. — Reuters
source: gmanetwork.com
Monday
Google, Microsoft to work on YouTube app for Windows Phone (Whew!)
This would make sure users of Windows Phone would not be barred from watching YouTube videos from their devices, tech site Mashable reported.
"Microsoft and YouTube are working together to update the new YouTube for Windows Phone app to enable compliance with YouTube’s API terms of service, including enabling ads, in the coming weeks. Microsoft will replace the existing YouTube app in Windows Phone Store with the previous version during this time," Mashable quoted Microsoft as saying in a statement.
Earlier this month, Google - which owns YouTube - asked Microsoft to remove the YouTube app by May 22.
Microsoft complied and replaced the app with a previous version but it still did not support ads.
However, it pointed out it did not have the necessary technical tools that only Google has.
"Now it seems those requests got to the right people, and the two parties hashed things out," Mashable said.
A separate article on The Next Web said Microsoft and Google may come out with the app in the coming weeks.
"(I)t appears that Google has finally agreed to play ball, though it’s not clear what Microsoft had to offer to pull off a deal. Ultimately, it appears that every Windows Phone user who uses YouTube will benefit from a Google-approved app," it added. — TJD, GMA News
source: gmanetwork.com
European stocks claw back ground as markets steady
Last week's shakeout of equity, bond and currency markets was triggered by concerns the US Federal Reserve could wind in its support sooner that had been expected, weak China data and doubts over how low Japan will allow the yen to go.
With UK and US markets both closed for public holidays, European equity and bond markets saw a quieter than usual start to the week.
The FTSEurofirst 300 index of top European shares started up 0.3 percent as last week's falls tempted buyers, while demand for safe-haven 10-year German government bond futures eased.
The dollar was also steadier, though it dipped to 101.00 against the yen as the latest steep fall in Japanese equities saw investors continue to unwind their dollar hedges and head for bonds. The euro was little changed at $1.2940.
"Markets are currently experiencing difficulty fully and precisely understanding both the pace of global growth and the implications of central banks' activism," Credit Agricole said in a note.
"Expectations cannot remain stable for long and so investors should be prepared for periods of higher volatility in particular asset classes," they added.
In commodity markets, Brent crude slipped
towards $102 per barrel, extending last week's 2 percent drop, as a weak
economic outlook in a well-supplied market pressured prices. The
broader market nerves also helped gold firm as it looked to build on
last week's best run in a month. — Reuters
source: gmanetwork.com
Saving money on your personal injury claim
There are a number of companies offering to help people to effectively make such claims meaning that, if you want to make a personal injury claim, you will have to think very carefully about which company you should turn to in order to save as much money as possible during the personal injury claims process. Thankfully, this post can help you to do just that.
- Use an online compensation calculator – Before you even start making a personal injury claim, you can see how much money you could gain through a successful claim by using an online tool that cites possible compensation amounts for different body parts.
- Get free claiming advice – You don’t necessarily have to pay for reliable advice on making a personal injury claim, as some solicitors’ firms offer it freely over the phone. They can provide tailored advice after you ask them a question and they consider your case.
- Choose a personal injury compensation solicitor – Avoid using the services of a solicitor with generic legal experience. Instead, to save money, you should opt for the services of a solicitor with specialist experience in helping people to make personal injury claims.
- Choose a direct claim solicitor – Whenever possible, opt for the services of a direct claim solicitor, as they will not have to pay insurers, brokers and accident management companies and so can pass on savings to you.
- Choose a solicitor who can offer cash alongside compensation – You should consider one of the solicitors who offer cash along compensation to clients they have won cases for. Such solicitors are able to do this by cutting out middlemen.
- Choose a solicitor with considerable experience – Choosing a solicitor with at least five years’ experience should increase your claim’s likelihood of success.
Private Mortgage Insurance: What You Need to Know
Unfortunately, if you don’t have at least 20% to put down on your mortgage when buying a home, you’ll have to buy private mortgage insurance. Also known as PMI, this insurance protects the lender when and if you fall behind on your mortgage payments. The insurance is almost always automatically cancelled when 20% of your mortgage is paid. If the lender doesn’t cancel it, be sure to contact them in writing. There are certain circumstances when the lender may not cancel your private mortgage insurance. If your home has gone down in value, they may not cancel the insurance. If you have another lien on the home, they may not cancel it.
There are a variety of ways you can pay your private mortgage insurance. You can finance the cost of the insurance, paying an additional amount on top of your mortgage payment, you can pay the insurance premium in one lump sum each year, or you may be able to set up separate monthly payments with the lender or the private mortgage insurance company. If you don’t pay your private mortgage insurance in a lump sum, you will have to pay interest just as you would on your car insurance. The interest rates typically run from 1/2 to 1 percent of the total amount that is borrowed, although this number varies from lender to lender.The cost of PMI is based on your credit rating, the type of mortgage you have, and the length of the loan. The good news is, if you earn less than $100,000.00 a year, the private mortgage insurance premiums are tax deductible, although this amount is always subject to change because tax laws often change.Paying PMI can be eliminated if you have paid off at least 20% of your mortgage or if the value of your home has gone up.
If you have remodeled your home, the value more than likely has risen. If you built a garage or any other outside building, if you have installed a new furnace, new plumbing or electrical wiring or done any other remodeling in your home, its value has probably risen. An appraisal would be required to prove to the lender that the value of your home has gone up, then they can determine whether or not your private mortgage insurance can be cancelled.No one likes to pay higher mortgage payments because they have had to finance their private mortgage insurance. Paying the insurance fees once a year can be costly too, but there is a savings on interest. There are a variety of mortgage lenders and they each have their own set of standards regarding PMI. Be sure to check with your mortgage company regarding the cost and payment plans they have available.
source: bripblap.com
Seven Mistakes to Avoid when Choosing Life Insurance
Choosing life insurance can be an onerous task. It doesn’t just make you think about all the bad things that could happen to you and your family, it makes you think about it in detail. On top of that, you then have to decide what type of insurance you need, what level of cover is best, and which insurance provider to go for.
It can be enough to put you off altogether. But, try not to be discouraged. Here are a few guidelines on what not to do. After all, once you know what not to do, the rest should fall into place!
Don’t settle
As we said, it can be easy to get discouraged when you are looking for life insurance. There are so many options, so many insurance providers and so many insurance products. Wading through them can seem like a huge task. However, it’s never a good idea to settle. Don’t just go for the first half-decent option, just so you can stop looking. Taking some extra time should mean you get life insurance that actually suits you – and at a better price. If you’re hung up on where to start, you can begin with a quote from mainstream providers.
Don’t be uninformed
Knowledge is power, as they say. Knowledge is also the key to finding the best life insurance. Do some research to find out what type of life insurance products are out there, and try to find out more about each insurer. This should help you to find a product that suits you, any extras that need to be added on, with an insurer that is professional and offers the kind of service that benefits you.
Don’t be pushed
Once you know what you want, you will also know what you don’t want. While some insurers may try to convince you to buy certain products or extras, it may be the case that you don’t actually need them. As long as you know what you need, you won’t waste money on anything you don’t need.
Don’t be put off by prices
When you find out the price of the policy you’re interested in, there can be a certain amount of ‘sticker shock’. Try not to be put off by prices. As long as you take the time to find out what level of cover you need, as well as what’s on offer, then you know you will be getting the best deal for the type of cover that suits you. And remember, life insurance offers valuable protection – it’s not really something you want to scrimp on.
Don’t let someone else fill in the forms
There is often one person in the household that deals with the finances and paperwork. However, you must make sure that you are the one who answers any questions about you, when life insurance applications and paperwork are being completed. However well you and your partner know each other, it’s still possible that incorrect information could be given. This could lead to a void policy, or a claim being denied.
Don’t undervalue non-working partners
Non-working partners and partners that work part-time are often undervalued on life insurance policies. Often, we only pay attention to the actual paychecks that come into the household, and forget about all the work that goes on around the house. However, if you think how much it would cost if an outside party was brought in to do those tasks, the costs would really add up.
Don’t just forget about it
Unfortunately, you can’t just forget about your policy once you have purchased it. It’s more than likely that your life insurance will need to be updated over the years. Try to have a look over your policy every year or so, or when there is a life-changing event in your family. Update your policy as required, to be sure you are still covered for any lifestyle changes.
source: bripblap.com
It can be enough to put you off altogether. But, try not to be discouraged. Here are a few guidelines on what not to do. After all, once you know what not to do, the rest should fall into place!
Don’t settle
As we said, it can be easy to get discouraged when you are looking for life insurance. There are so many options, so many insurance providers and so many insurance products. Wading through them can seem like a huge task. However, it’s never a good idea to settle. Don’t just go for the first half-decent option, just so you can stop looking. Taking some extra time should mean you get life insurance that actually suits you – and at a better price. If you’re hung up on where to start, you can begin with a quote from mainstream providers.
Don’t be uninformed
Knowledge is power, as they say. Knowledge is also the key to finding the best life insurance. Do some research to find out what type of life insurance products are out there, and try to find out more about each insurer. This should help you to find a product that suits you, any extras that need to be added on, with an insurer that is professional and offers the kind of service that benefits you.
Don’t be pushed
Once you know what you want, you will also know what you don’t want. While some insurers may try to convince you to buy certain products or extras, it may be the case that you don’t actually need them. As long as you know what you need, you won’t waste money on anything you don’t need.
Don’t be put off by prices
When you find out the price of the policy you’re interested in, there can be a certain amount of ‘sticker shock’. Try not to be put off by prices. As long as you take the time to find out what level of cover you need, as well as what’s on offer, then you know you will be getting the best deal for the type of cover that suits you. And remember, life insurance offers valuable protection – it’s not really something you want to scrimp on.
Don’t let someone else fill in the forms
There is often one person in the household that deals with the finances and paperwork. However, you must make sure that you are the one who answers any questions about you, when life insurance applications and paperwork are being completed. However well you and your partner know each other, it’s still possible that incorrect information could be given. This could lead to a void policy, or a claim being denied.
Don’t undervalue non-working partners
Non-working partners and partners that work part-time are often undervalued on life insurance policies. Often, we only pay attention to the actual paychecks that come into the household, and forget about all the work that goes on around the house. However, if you think how much it would cost if an outside party was brought in to do those tasks, the costs would really add up.
Don’t just forget about it
Unfortunately, you can’t just forget about your policy once you have purchased it. It’s more than likely that your life insurance will need to be updated over the years. Try to have a look over your policy every year or so, or when there is a life-changing event in your family. Update your policy as required, to be sure you are still covered for any lifestyle changes.
source: bripblap.com
what is professional indemnity insurance?
Professional indemnity insurance is often a much forgotten insurance when it comes to business; however if you are a sole trader or in a partnership, you won’t be afforded the same protection as that of a limited company or limited partnership. If you are negligent or even make an innocent mistake which causes financial loss to a client/customer, then it is not just your business which will have to pay out for legal fees and compensation, but also your home if your business has insufficient assets to meet the costs. Professional indemnity insurance is absolutely crucial if you are a sole trader, or in a partnership where you are offering advice or other services whereby people rely on you for accurate information and a 100% accurate service.
In the present day and age of the ‘claim culture,’ you can almost guarantee that no matter how well you get on with your customers or clients, if you have not given them precisely what was promised, then you are highly likely to face a claim.
It is easy to go along with the day-to-day business matters and take a ‘cross that bridge when we come to it approach’, but seriously and honestly consider the following before you take this laid-back approach; how will you pay for legal costs in defending a claim made against you? How will you pay compensation for loss suffered by your client? How much money do you have set aside for dealing with potential claims? What would you do if your business has insufficient realisable assets to cover the financial costs?
If you are worried about adding another expense to your business with professional indemnity premiums, then think seriously about whether you should risk carrying on in business until you can afford to have such insurance. It is one thing risking your business, but quite another to risk your home and livelihood as well. If you are a sole trader, freelancer offering a service or in a partnership, you cannot really afford not to have professional indemnity insurance.
source: bripblap.com
Refinancing Can Save You Money
The mortgage landscape has changed a great deal since those halcyon days, and today’s homeowner needs to look more carefully at the implications of refinancing an existing loan. There are still many reasons to refinance, but there are pitfalls to consider as well.
Good Reasons to Refinance
In almost every case, the best reason to refinance is to save money, and the simplest way to save is with a lower interest rate. If rates will be significantly lower on a new loan than they are on an existing loan, savings naturally follow. For example, a loan of $100,000 that carries an interest rate of 5 percent costs $5,000 in interest every year. If the rate can be reduced to 4 percent, that represents a saving of $1,000 annually.
Every prospective borrower does not get the same interest rate. Instead, the rate paid by a given borrower is customized according to that borrower’s specific circumstances. The biggest influence on the rate is the creditworthiness of the borrower. If your credit score has improved since you last took out a loan, there is a very good chance that you can get a lower rate now.
You may also be able to save because of changes in things you cannot control. If the amount of the loan was high when the property was purchased, that loan may have been categorized as a “jumbo” loan, a category that comes with higher rates. The cut-off for jumbo loans changes every year, though, and you may find that your loan amount no longer falls within jumbo parameters. In that case, it can make sense to investigate a conventional loan at a lower rate.
Saving money may be the single best reason to refinance, but not all refinances are motivated by savings. Borrowers often want to tap some of their home equity, whether to pay bills, finance an education, make improvements to the property or for any of a hundred reasons. This can be a perfectly valid choice, but borrowers should remember that they are using their homes as collateral and consider the risk involved.
Good Reasons to Think Twice
Regardless of interest rates or property values, borrowers should know that a refinance resets the mortgage clock. If an existing loan has a 30 year term, a new loan will start from scratch. If a loan has been outstanding for five years or more, the borrower is starting to see more principal included in each payment. With any new loan, the first few years are almost entirely devoted to interest payments.
The second issue to consider is whether the decrease in rate is enough to make the transaction worthwhile as a whole. Almost all loans have closing costs. If those costs are high, they can outweigh any savings that come from a lower interest rate.
The borrower’s plans play a part in the tradeoff between closing costs and rate. If Borrower A pays $5,000 in closing costs while saving $1,000 per year on monthly payments, he will not recoup those closing costs if he plans to sell the house next year. Borrower B, however, who plans to be in the home for the next 20 years, will see savings after the first five years and will save enough over the life of the loan to more than make up for the initial costs.
Private Mortgage Insurance (PMI) can also be a factor. PMI is a monthly cost that is typically applied to mortgages when the loan-to-value ratio exceeds 80 percent. A borrower may not have faced PMI when he purchased the property, but, if the house has lost value, PMI may suddenly be required.
Even if they can be approved for a mortgage, borrowers who have had recent credit issues may run into problems. Lenders save their lowest rates for their most creditworthy borrowers. Borrowers with credit issues often find themselves faced with higher rates when trying to refinance, a situation that is the reverse of the one facing borrowers who are refinancing with improved credit scores.
source: bripblap.com
Saturday
One Direction sweeps awards for most popular social media stars
One Direction was named most popular music group, most popular UK musicians, most popular in the UK, and most popular in west Europe, at the Social Star Awards, but did not show up to collect their prizes, sending their thanks by videolink.
Canadian pop star Justin Bieber won the award for best solo artist, Selena Gomez for most popular actor, Ellen DeGeneres for top TV show, and Portuguese soccer player Cristiano Ronaldo for most popular sports star.
The awards highlight viral sensations and people who garner the most social media attention globally based on data from Singapore-based Starcount that tracks the social media activity of 1.7 billion people across 11 social media networks.
American actress Jessica Alba and "Entourage" star Jeremy Piven hosted Thursday night's ceremony that ended a 24-hour marathon of 288 online awards awarded in categories ranging from best finance brand to top Indonesia actor.
"It is all about the most popular people on the planet ... Everyday we are sharing, liking, viewing, tweeting and what our awards show does is celebrate the superstars of social media," Starcount CEO Paul Morrison told reporters ahead of the awards.
Many of the award winners were absent from the prize giving but the void was filled with live performances by South Korean rapper Psy, American singer Carly Rae Jepsen, SkyBlu from electronic dance duo LMFAO, and U.S. rockers Aerosmith.
R&B singer-songwriter Eric Benet hailed the impact of social media.
"If you plan on being relevant and have a sustainable career in this day and age social media is about as important as TV was ... in the 1950s," he told Reuters television.
"Way back in the '90s when I started back in the music industry we would have to rely on our PR department and our record label but now in this day and age we, the artist, can take command of our career. It's awesome." - Reuters
source: gmanetwork.com
Thursday
Oklahoma country singer plans benefit for tornado victims
LOS ANGELES -- Oklahoma country singer Blake Shelton is planning a televised benefit to raise money for victims of the massive tornado that swept through Moore, Oklahoma, this week, music magazine Billboard reported Wednesday.
"The Voice" judge Shelton, a native of Ada, Oklahoma, which is 75 miles northwest of Moore, said he would have more information on the NBC concert in the next 24 hours.
"I'm hoping it will raise a lot of money. Obviously it will be televised and will happen really quickly," Shelton told Billboard after the conclusion of Tuesday's "The Voice."
Representatives for NBC and Shelton did not immediately respond to requests for comment.
The singer opened Tuesday's reality singing competition show with his ballad "Over You," which he sang with wife Miranda Lambert as a tribute to the tornado's victims.
Shelton, who serves as a judge along with Maroon 5 frontman Adam Levine, R&B star Usher and pop singer Shakira, said he hoped to "call in some really big favors" for the benefit.
The huge tornado tore through the Oklahoma City suburb on Monday, ripping apart two elementary schools and a hospital and killing 24 people, including nine school children.
Country singer Toby Keith, a native of Moore, appeared on CNN on Tuesday night as he returned to his hometown
"Always when these things happen, music people get together. I've had 500 text messages from people all over the music world saying 'What are we going to do? We want to help...'" a visibly shaken Keith said on the "Piers Morgan Live" program.
"I'm in and Moore knows I'm going to be here, hopefully in the next couple days we can sort it out," he added.
Celebrities have been quick to take to social media to voice their support for tornado victims, urging people to donate to the American Red Cross and Salvation Army.
Basketball player Kevin Durant, one of the stars of the Oklahoma City Thunder NBA team, has pledged $1 million for tornado relief through his family foundation and encouraged his 4.1 million Twitter followers to help raise relief funds.
NBC's star-studded telethon with Bruce Springsteen and Billy Joel for the victims of Superstorm Sandy in November 2012 helped raise more than $23 million, while ABC's "Day of Giving" event raised more than $10 million for the American Red Cross.
NBC is a unit of Comcast Corp. - Reuters
source: gmanetwork.com
Wednesday
PSEi closes higher on positive corporate news, Wall St.'s record finish
Philippine shares ended higher Wednesday on positive corporate news and the US market's record high close overnight.
"Index closed 57 points higher today as investors were focusing on positive corporate news," Joanna Capiral, analyst at Papa Securities Corp., told GMA News Online.
Petron Corp. shares went up by 1.78 percent to close at P16 apiece from P15.72, helped by news the oil company was expand its retail network to 5,000 in three to four years. LT Group's shares went up by 1.94 percent to P26.25 apiece from 25.75 on robust first quarter results.
"US market's overnight gains also contributed to the market's positive close," said Capiral.
The bellwether PSEi was up by 57.49 points or 0.78 percent to 7,385.07, less than 10 points shy of its 31st record close of 7,392.20 on May 15.
The broader all-shares index went up by 27.46 points or 0.61 percent to 4,519.30.
All sub-indices were in the positive territory led by holding firms which added 0.93 percent and industrial with 0.85 percent.
More than 818.38 million shares valued at P8.81 billion were traded.
Advancers outweighed decliners 93 to 70 while 48 stocks were unchanged.
According to Reuters, US stocks rose on Tuesday, with the Dow and the S&P 500 closing at new all-time highs as Federal Reserve officials' comments eased some concerns that the central bank could start reducing its stimulus program.
The Dow Jones industrial average gained 52.30 points, or 0.34 percent, to end at a record 15,387.58. The Standard & Poor's 500 Index added 2.87 points, or 0.17 percent, to finish at a record 1,669.16. The Nasdaq Composite Index advanced 5.69 points, or 0.16 percent, to close at 3,502.12—its highest close since October 2000. — VS, GMA News
source: gmanetwork.com
"Index closed 57 points higher today as investors were focusing on positive corporate news," Joanna Capiral, analyst at Papa Securities Corp., told GMA News Online.
Petron Corp. shares went up by 1.78 percent to close at P16 apiece from P15.72, helped by news the oil company was expand its retail network to 5,000 in three to four years. LT Group's shares went up by 1.94 percent to P26.25 apiece from 25.75 on robust first quarter results.
"US market's overnight gains also contributed to the market's positive close," said Capiral.
The bellwether PSEi was up by 57.49 points or 0.78 percent to 7,385.07, less than 10 points shy of its 31st record close of 7,392.20 on May 15.
The broader all-shares index went up by 27.46 points or 0.61 percent to 4,519.30.
All sub-indices were in the positive territory led by holding firms which added 0.93 percent and industrial with 0.85 percent.
More than 818.38 million shares valued at P8.81 billion were traded.
Advancers outweighed decliners 93 to 70 while 48 stocks were unchanged.
According to Reuters, US stocks rose on Tuesday, with the Dow and the S&P 500 closing at new all-time highs as Federal Reserve officials' comments eased some concerns that the central bank could start reducing its stimulus program.
The Dow Jones industrial average gained 52.30 points, or 0.34 percent, to end at a record 15,387.58. The Standard & Poor's 500 Index added 2.87 points, or 0.17 percent, to finish at a record 1,669.16. The Nasdaq Composite Index advanced 5.69 points, or 0.16 percent, to close at 3,502.12—its highest close since October 2000. — VS, GMA News
source: gmanetwork.com
Georgina Wilson clarifies tweet about Erap Estrada; apologizes to the former President's family
Isang linggo pagkatapos pumutok ang kontrobersiya tungkol sa patutsada diumano niya kay former President at currently Manila Mayor-elect Joseph "Erap" Estrada sa Twitter, nagsalita na ang model-host na si Georgina Wilson upang linawin ang isyu.
Sa email na ipinadala ni Georgina—sa pamamagitan ng kanyang manager na si Shirley Kwan—kay PEP managing editor Karen Pagsolingan ngayong gabi, May 22, sinabi nitong luma na ang tweet niya tungkol kay Erap at wala raw itong kinalaman sa katatapos na eleksyon.
Sabi ni Georgina, "I would like to clarify the details of a tweet I posted regarding former President Joseph Ejercito Estrada.
"The tweet was written 4 years ago in 2009 at a time when I was still studying at University in Australia.
"It is in no way connected to the recently concluded elections.
"The original post is still in my twitter timeline."
Sa screen shot na ipinadala sa PEP, kasama ng statement ni Georgina, makikita na "21 Oct 09" (October 21, 2009) ang petsa ng tweet niyang ito:
“ugh i hate politics - but I only have one thing to say: Anyone that votes for Erap is a f***ing idiot"
Sa kabila nito, humingi pa rin ng paumanhin si Georgina sa pamilya ni dating Pangulong Estrada na nasaktan daw dahil sa kanyang mga salita.
Matatandaang nag-react ang mga anak ni Erap sa dating aktres na si Laarni Enriquez, sina Jake at Jerika Ejercito, nang makarating sa kanila ang tweet na ito ni Georgina na lumabas noong May 14.
Sabi pa ni Georgina sa kanyang statement sa PEP, "I fully understand the responsibilities that come with being part of this industry.
"I know my words were insensitive and hurtful but I feel it is not fair that it has been taken out of context." -- Erwin Santiago, PEP
source: gmanetwork.com
Monday
Yahoo to acquire Tumblr for $1.1 billion
The two firms confirmed weekend reports of the tie-up, in a deal which helps the struggling Internet pioneer connect with Tumblr's youthful users.
The companies said the deal is worth $1.1 billion, "substantially all of which is payable in cash."
Yahoo! chief executive Marissa Mayer said the fast-growing Tumblr would operate independently but that the groups would "work together to create advertising opportunities that are seamless and enhance user experience."
"We promise not to screw it up," Mayer said in a blog post on Tumblr, as Yahoo! moved its official company blog to the new platform.
"Tumblr is incredibly special and has a great thing going. We will operate Tumblr independently. David Karp will remain CEO."
"The product roadmap, their team, their wit and irreverence will all remain the same as will their mission to empower creators to make their best work and get it in front of the audience they deserve. Yahoo! will help Tumblr get even better, faster," Mayer added.
Karp, in a statement to "the Tumblr community," said, "Our team isn't changing. Our roadmap isn't changing. And our mission -- to empower creators to make their best work and get it in front of the audience they deserve -- certainly isn't changing. But we're elated to have the support of Yahoo! and their team who share our dream to make the Internet the ultimate creative canvas.
The deal is expected to close in the second half of the year.
Yahoo! has been looking at a range of possible acquisitions since Mayer took the helm last year and vowed to revive the company, which has faded in the face of competition from Google.
Tumblr could be key to Yahoo!'s strategy because of its popularity with younger Internet users. A survey this year conducted by the online data group Survata found Tumblr more popular than Facebook among those aged 13 to 25.
While Tumblr generates very little cash, bringing it in the Yahoo! family could offer the potential for new advertising and other revenue sources.
Roger Kay at Endpoint Technologies said the deal "brings a social element that Yahoo! is missing and a set of new users."
But Kay added that "paying $1.1 billion for a company with $13 million in revenue seems a little nuts to me... Those numbers aren't even earnings, which are surely negative. So, even if Tumblr survives intact, Yahoo is unlikely to get its $1.1 billion back over any interval that falls within a human lifetime."
Founded in 2007 and headquartered in New York, Tumblr says it has more than 108 million blogs, 50 billion postings in 12 languages and 175 employees. The website ranking site Alexa lists Tumblr as number 32 in terms of global popularity. — Agence France-Presse
source: gmanetwork.com
Saturday
Facebook's Sandberg says it's OK for women to cry at work
Facebook chief operating officer Sheryl Sandberg said in an interview published Saturday says it's ok for women to cry at work, share emotions and be honest about their femininity.
Sandberg shot to global fame after the the publication of her best-selling book "Lean In: Women, Work and the Will to Lead" which talks about women's career struggles and advises women to "lean in" to reach their potential.
It has drawn bouquets from admirers for articulating a new modern feminist vision and brickbats from critics who say her lofty position has made her out-of-touch with the gruelling personal cost of combining career and family.
In an interview with “India's Mint” business daily, the 43-year-old admitted: "I cry at work," adding women are not "one type of person Monday through Friday" and "then a different person in the nights and weekend."
"I think we are all of us emotional beings and it's okay for us to share that emotion at work," said Facebook's number two, who was named in “Time Magazine's” 2013 list as one of the 100 most influential people in the world.
Studies have shown women are more prone than men to cry at work because males are schooled not to cry in public and it can hurt their career progression.
Sandberg, who is married with two young children, said on the subject of her book "the messages of believing in yourself and sitting at the table, getting compensated fairly, those can happen at any point in your career."
It is necessary to talk about gender-related issues honestly in the workplace, and a need for employers to say: "I am here to support you", she added in the interview.
The question of whether women can "have it all" in terms of pursuing careers and raising families is "very problematic", added Sandberg, who got $26.2 million in salary, bonus and shares last year from the US social networking giant.
Men never face such questions because society assumes they can have both professions and children, she said in the interview.
A huge percentage of women globally have both children and work full-time, but to do so they must get the "support they need at the workplace and at home," Sandberg said. – Agence France-Presse
source: gmanetwork.com
Thursday
Credit rating upgrade fans 'hot money' inflows in April
Central bank data show portfolio flows—also known as “hot money” given the ease with which they enter and exit economies—netted $1.13 billion in April, up by 239 percent from $333.43 million in the same month last year.
Gross inflows of foreign hot money for the month amounted to $3.5 billion, while outflows reached $2.38 billion, data further showed.
The latest hot money data pushed the net inflow tally to $2.218 billion as of end-April, up 178 percent from $797.88 million in the same period last year.
Unlike direct investments, hot money flows do not directly strengthen industries. Such portfolio flows are, instead, put into domestic securities and bonds market.
The central bank, however, said the rise in foreign hot money was an indication of improved sentiment on the Philippines after Fitch Ratings gave the Philippines its first investment grade.
On March 27, Fitch raised the country’s credit rating by a notch from BB+ to BBB-, which is the minimum investment grade. It was the first investment grade received by the Philippines from an international credit-rating agency.
The credit watchdog cited favorable macroeconomic fundamentals—such as declining debt burden of the government, rising foreign-exchange reserves, and robust growth of the economy—for its decision. — BM, GMA News
source: gmanetwork.com
Many countries badly mismanage oil, mining resources
Washington — More than 80 percent of the world's major oil and gas-producing and mining countries fail to meet "satisfactory standards" for managing their natural resources, according to a report tracking global resource mismanagement and corruption.
New York-based Revenue Watch Institute released its first Resource Governance Index on Wednesday (Thursday in Manila), which scores and ranks 58 countries according to the level of transparency and accountability in their oil, gas and mining sectors.
The index, which is to be released annually from this year, is designed to help commodity-rich countries avoid the so-called "resource curse," when their promising economies grow only slowly because of poor institutional oversight.
"The lives of over a billion citizens could be transformed if their governments managed their oil, gas and minerals in a more open, accountable manner," Revenue Watch said.
The index scores countries on a scale of 1 to 100, with Norway ranking as the top performer on governance with 98, followed by the United States at 92. Myanmar was lowest with a score of 4, just below Turkmenistan.
Countries are judged on four factors: legal framework, transparency levels, government checks and balances, and governance. Only 11 of the 58 countries scored above the "satisfactory" score of 70, according to the group.
"More than half the sample, 32 countries, do not meet even basic standards of resource governance, performing weakly or even failing," the report said.
The worst performing countries on the index also rely almost exclusively on natural resources as their main source of income, according to Revenue Watch, adding that if their governments improved the way they manage these resources, it would make a significant difference in their economic development.
The index cited as an example Nigeria, whose oil revenues were 60 percent higher than total international aid to sub-Saharan Africa in 2011.
Revenue Watch also highlights Saudi Arabia and Afghanistan, placing them 48th and 49th in the rankings.
Even highly-ranked countries did not escape criticism.
"Countries like Canada, the US and Australia also need to ensure their multinational companies do not facilitate the opacity found in many countries where they operate," said Daniel Kaufmann, president of Revenue Watch.
Kaufmann said in an interview said that measures in these and other countries to ensure transparency in contracts will be crucial for improving resource governance in resource-rich countries.
He pointed to a section of the 2010 US Dodd-Frank Act that requires companies registered with regulators to publicly report how much they pay governments for access to oil, gas and minerals. That enables investors to assess risk.
A federal court last month declined to hear a challenge by the U.S. trade groups to the measure and referred the case to a lower court.
Kaufmann said the impact of the US provision will be global.
New York-based Revenue Watch Institute released its first Resource Governance Index on Wednesday (Thursday in Manila), which scores and ranks 58 countries according to the level of transparency and accountability in their oil, gas and mining sectors.
The index, which is to be released annually from this year, is designed to help commodity-rich countries avoid the so-called "resource curse," when their promising economies grow only slowly because of poor institutional oversight.
"The lives of over a billion citizens could be transformed if their governments managed their oil, gas and minerals in a more open, accountable manner," Revenue Watch said.
The index scores countries on a scale of 1 to 100, with Norway ranking as the top performer on governance with 98, followed by the United States at 92. Myanmar was lowest with a score of 4, just below Turkmenistan.
Countries are judged on four factors: legal framework, transparency levels, government checks and balances, and governance. Only 11 of the 58 countries scored above the "satisfactory" score of 70, according to the group.
"More than half the sample, 32 countries, do not meet even basic standards of resource governance, performing weakly or even failing," the report said.
The worst performing countries on the index also rely almost exclusively on natural resources as their main source of income, according to Revenue Watch, adding that if their governments improved the way they manage these resources, it would make a significant difference in their economic development.
The index cited as an example Nigeria, whose oil revenues were 60 percent higher than total international aid to sub-Saharan Africa in 2011.
Revenue Watch also highlights Saudi Arabia and Afghanistan, placing them 48th and 49th in the rankings.
Even highly-ranked countries did not escape criticism.
"Countries like Canada, the US and Australia also need to ensure their multinational companies do not facilitate the opacity found in many countries where they operate," said Daniel Kaufmann, president of Revenue Watch.
Kaufmann said in an interview said that measures in these and other countries to ensure transparency in contracts will be crucial for improving resource governance in resource-rich countries.
He pointed to a section of the 2010 US Dodd-Frank Act that requires companies registered with regulators to publicly report how much they pay governments for access to oil, gas and minerals. That enables investors to assess risk.
A federal court last month declined to hear a challenge by the U.S. trade groups to the measure and referred the case to a lower court.
Kaufmann said the impact of the US provision will be global.
"It will affect all the multinational companies listed in the US,"
he said, and while will not result in immediate full transparency
abroad, in three to five years it might turn out to be a "game changer."
— Reuters
source: gmanetwork.com
Insurance fears for flood-risk homes
Until now, insurers have agreed to continue to offer cover to homes at vulnerable areas in exchange for government investment in flood defences.
However, this agreement, known as the Statement of Principles, is due to expire at the end of June.
And currently, insurers say they have no plans to renew the arrangement, as they feel the government is not spending enough on flood prevention.
Government & insurers standoff over flood cover
Gareth Lane, is head of home insurance at Confused.com.
He explains: "As things stand, no agreement has been reached between the Association of British Insurers (ABI) and the government."
The ABI is the body that represents the insurance industry.
"Talks are ongoing but without a new agreement the existing arrangement will end next month."
Impact on home insurance costs
To date, there has not been any major change in the pricing or availability of buildings insurance, says Lane.
But he warns that expiration of the agreement could have several effects.
"Insurers might significantly raise your home insurance excess – the amount you contribute towards a claim.
"In some cases, a person's excess for flood damage might exceed £10,000."
Equally, says Lane, insurance providers may raise premiums for those living in areas that are at risk of flooding.
"This would create a situation where home insurance becomes a significant household expense – or even unaffordable."
Insurers may withdraw cover entirely
In the worst case scenario, there are concerns that insurers may refuse to insure properties in high-risk flood areas altogether.
"This would be extremely serious, as lenders won't offer mortgages to homeowners who don't have buildings insurance in place," says Lane.
"This could affect the housing market negatively in some areas.
"At the very least, properties that are very expensive to insure could be seen as less desirable, and that could be reflected in their value."
Insurers & government say flood talks 'continuing'
If insurers no longer guarantee to provide cover in areas where no improvements in flood defences are planned, this could leave up to 200,000 homeowners across the country unable to get affordable home insurance.
This is according to the ABI.
The impact of this would be that these individuals would be unable to remortgage or sell up and move, as lenders won't offer mortgages to homeowners who don’t have buildings insurance in place.
A spokesman for the ABI says: "We continue in discussions with the government on the model we have developed to safeguard the availability and affordability of flood insurance for those at high risk.
"In addition, we need consensus on sustained targeted flooding investment and sensible planning decisions.”
Government 'working with insurers'
A government spokesman for the Department for Environment, Food and Rural Affairs says: "We want flood insurance to be affordable and remain widely available.
"We are working with the insurance industry to ensure this will be the case."
What action can homeowners take?
However, the end of June is looming ever-closer and, as things stand, there is still no sign of an agreement being reached any time soon.
This leaves those living in flood-risk areas in a potentially precarious position.
"The problem is, there is not much that homeowners can do to directly influence these negotiations – and certainly not in the small time-frame available," says Lane.
"However, if you live in a flood-risk area and come home insurance renewal time you are not happy with the premium or excess offered, you don't have to accept this.
"It's definitely worth shopping around, as other insurers may well offer you a better deal."
How to get flood cover
Most home insurance policies will cover flood and storm damage.
But levels of cover do vary between insurers, so dig out your home insurance policy to find out exactly what you are covered for.
Preparation is key so keep abreast of wet weather warnings.
You can register online with the Environment Agency's Floodline Warnings Direct service, which provides flood warnings by phone, text or email.
A similar flood alert service is run by the Scottish Environment Protection Agency (SEPA).
If you live in England or Wales, the Environment Agency produces flood maps which are viewable online. Scottish residents should contact SEPA.
source: confused.com
Wednesday
Eurozone economy trapped in recession
With governments trapped in austerity, banks refusing to lend and leaders resorting to urgent bids to unlock tax hidden in offshore bank vaults, the eurozone is now firmly entrenched as the global economy's "weakest link," according to Dutch-based ING analysts.
One week from another tense summit of EU leaders, official figures showed a 0.2 percent contraction between January and March, in the longest recession since the single currency bloc was established in 1999.
On a year-by-year comparison, data agency Eurostat said this translated into a 1.0 percent drop in output across the 17 states that share the euro—which are home to 340 million people.
While core economy Germany clambered out of negative territory with 0.1-percent growth after a 0.7-percent slide at the end of 2012, France sank into recession with a 0.2-percent reduction and both Italy and Spain posted 0.5-percent drops, the figures showed.
"We doubt that the region is about to embark on a sustained recovery any time soon," said Ben May of London-based Capital Economics, citing disappointing survey results in recent weeks.
The latest official European Commission forecast for 2013 published earlier this month tipped a 0.4-percent contraction, but the analyst said that was way off course with "something closer to a two-percent decline" likely.
His firm's pessimism was backed by Howard Archer of fellow London-based specialist analysts, IHS Global Insight.
"We expect the eurozone to suffer gross domestic product (GDP) contraction of 0.7 percent in 2013 with very gradual recovery only starting in the latter months of the year," said Archer.
"Today's GDP figures once again show that the eurozone remains the weakest link in the world economy," said the ING analyst, Peter Vanden Houte, though "a subdued recovery in the second half of the year is still possible."
But for that to happen, it would be "imperative that eurozone leaders maintain the momentum in the strengthening of the monetary union, with the banking union as a first important hurdle to be taken."
He tipped action by the European Central Bank to boost lending to small businesses.
No figures were given for growth in Ireland which, among the bailout economies, appeared to have turned the corner in the previous quarter with flat instead of negative growth.
However, Cyprus, at negative 1.3 percent, can expect a sharp deterioration later, given that the figure was for the period prior to bailout negotiations that saw banks in lockdown for a fortnight. — Agence France-Presse
source: gmanetwork.com
Tuesday
Angelina Jolie has double mastectomy to elude breast cancer
Jolie wrote in the New York Times on Tuesday the operation has made it easier for her to reassure her six children that she would not die young from cancer, like her own mother did at 56.
"We often speak of 'Mommy's mommy', and I find myself trying to explain the illness that took her away from us. They have asked if the same could happen to me," wrote Jolie, 37.
"I have always told them not to worry, but the truth is I carry a 'faulty' gene."
The Oscar-winning actress said her doctors had estimated she had an 87 percent risk of breast cancer and 50 percent risk of ovarian cancer.
"Once I knew this was my reality, I decided to be proactive and to minimize the risk as much as I could. I made a decision to have a preventive double mastectomy," she said.
Partner and fellow Hollywood star Brad Pitt was by Jolie's side through three months of treatment that ended late in April, she said. The two got engaged last year.
Jolie said that even though she had kept silent about her treatment while it was going on, she hoped her story would now help other women.
"I choose not to keep my story private because there are many women who do not know that they might be living under the shadow of cancer. It is my hope that they, too, will be able to get gene tested."
Breast cancer alone kills some 458,000 people each year, according to the World Health Organization. It is estimated that one in 300 to one in 500 women carry a BRCA 1 or BRCA 2 gene mutation, as Jolie does.
Her decision was hailed by breast cancer patients and charities.
Richard Francis, Head of Research at the Breakthrough Breast Cancer charity in Britain, said it demonstrated the importance of educating women with the gene fault.
"For women like Angelina it's important that they are made fully aware of all the options that are available, including risk-reducing surgery and extra breast screening," Francis told Reuters.
Breast Cancer Campaign Chief Executive Baroness Delyth Morgan said Jolie's openness in talking about her experience and her decision to have surgery would raise awareness of the disease and its risk.
Jolie won a 1999 best supporting actress Oscar for "Girl, Interrupted".
She lends her star power to a range of humanitarian campaigns, including serving more than 10 years as a goodwill ambassador for the U.N. High Commissioner for Refugees.
In April, she urged governments to step up efforts to bring wartime sex offenders to justice. - Reuters
source: gmanetwork.com
Monday
For banks in cyber heist, how to get their money back?
Oman-based Bank of Muscat lost $40 million and United Arab Emirates-based National Bank of Ras Al Khaimah PSC (RAKBANK) lost $5 million in the global heist, according to US prosecutors.
Computer hackers broke into third-party companies that processed transactions for prepaid debit cards issued by the banks, the prosecutors said. Then, gangs in 27 countries withdrew the money from cash machines in two coordinated hits, one on December 21 last year and the other on February 19 this year.
While details of what happened are still sketchy, experts said the banks could bring claims against the processing companies in court, or they could file claims with their insurers and those of the processing companies.
"There's no hard and fast rule," said Dan Karson, the Americas chairman of Kroll Advisory Solutions. "We're in very much a new cybersphere of finance, and allocating liability is still very much evolving."
Any claims by banks against the processing companies would depend on the contracts between the two parties, Karson and other experts said. Those contracts include industry security standards, which are required by the major credit card payment networks, in this case MasterCard.
In most security breach cases, the processing company in question did not fully comply with the standards, said Doug Johnson, vice president for risk management policy at the American Bankers Association.
However, even if the processor failed to comply with security standards, banks may still be unable to get back their money. That is because the contracts between processors and banks, under terms set by credit card companies like MasterCard or Visa, typically limit the processor's liability.
"They can't make everybody whole, or they'll be out of business," said Michael Klaschka of Integro Insurance Brokers, which has many financial institutions as clients. "The bank may have very little recourse against the credit card processor."
In the hit against Bank of Muscat, the processor is enStage Inc., based in Cupertino, California, a source close to the Bank of Muscat said.
In a statement on Sunday, Bank of Muscat said it was examining its options to recover the money. "We reiterate that we are exploring all avenues of recovery so as to protect shareholder interests and will advise the markets accordingly if there are any material developments in this regard," the statement said.
Officials at enStage did not respond to requests for comment on Saturday. EnStage CEO Govind Setlur said in a statement in the Times of India his company had implemented security enhancements since the attack.
In the RAKBANK case, the processor is India's ElectraCard Services, according to people familiar with the situation. ElectraCard Services said in a statement on Sunday that data appeared to have been compromised outside its "processing environment.
MasterCard has said it cooperated with law enforcement in the investigation and said its systems were not compromised in the attacks.
The banks can still try to sue the processors for negligence or other claims, but their success may be limited by their contracts, which include regulations that lay out specific fines and dispute resolution procedures mandated by the credit card companies.
Such lawsuits have proven difficult to win, according to Joseph Burton of law firm Duane Morris in San Francisco, an expert in financial litigation. US federal courts have generally, but not unanimously, found that banks are restricted to contractual remedies.
In one major case, card-issuing banks filed a class action against Heartland Payment Systems after the processor announced in 2009 that hackers had compromised the data for more than 100 million credit cards.
A federal judge in Houston, Texas, dismissed almost all of the claims in 2011, finding that the banks were bound by their contracts, which included regulations set by Visa and MasterCard that govern how banks can seek relief after a breach. The banks' appeal is pending.
Bank of Muscat and RAKBANK could also seek payment from their insurers under their general policies.
Some banks also have additional security coverage for cyber crime, although experts said the market for such policies is still relatively immature. It is not known if Bank of Muscat or RAKBANK carried cyber insurance.
The insurers, in turn, could also press claims against the processors, or the processors' own insurers.
"It's certainly possible that the bank could be left holding the bag," said Frederick Rivera of law firm Perkins Coie, an expert in financial services litigation in the United States.
A complicating factor is that the banks are located in the Middle East, while one of the processors is based in India, making it unclear which courts would have jurisdiction over any litigation. But experts said the requirements that credit card companies impose on banks and processors are global in nature.
Federal prosecutors will also seek restitution for the banks from the defendants arrested in the case, though the amount of funds available likely won't approach the total amount of stolen money.
The US Justice Department indicted eight people it said had withdrawn cash in New York, and prosecutors seized hundreds of thousands of dollars in cash and bank accounts, along with luxury watches and a Mercedes sport utility vehicle.
But the New York cell was just one part of a coordinated global heist. US prosecutors have not said where the ringleaders of the gang were based.
The prosecutors said the gang targeted prepaid debit cards issued by the two banks, using hackers who broke into the payment processing companies to raise account balances and withdrawal limits for the cards.
The heist did not compromise the accounts of any individual customers, unlike in cases of identity theft. In those cases, customers are typically made whole by their financial institution or credit card companies, which in turn seek to be made whole by the company that was breached. — Reuters
source: gmanetwork.com
Google draws up PHL election doodle
Visitors to Google's Philippine website (www.google.com.ph) were greeted with an animation of hands bearing ballots, eventually dropping them into the ballot box.
The letters in "Google" were drawn up in the company's standard colors, but could also symbolize the wide variety of political parties in the country.
Clicking on the doodle would take the user to a Google Search Results page for "Philippine Elections."
Google Philippines' Google+ page also advised users to get news and election-related information at www.google.com.ph/elections.
On Monday, Filipinos trooped to polling centers to cast their votes. The voting started at 7 a.m. and will end at 7 p.m. — LBG, GMA News
source: gmanetwork.com
Sunday
F1 has invested in New Jersey race, says Ecclestone
BARCELONA - Formula One has put money into New Jersey's postponed Grand Prix of America to ensure it will go ahead next year, commercial supremo Bernie Ecclestone told Reuters on Saturday.
The riverside race, with the New York skyscrapers as a backdrop, was supposed to go ahead this year but was postponed to 2014, with June the likely date, because organizers supposedly needed more time to prepare.
Before the postponement, Ecclestone had raised doubts about the race going ahead and said local organizers had not complied with the terms and conditions of the contract which had subsequently lapsed.
Speaking at the Spanish Grand Prix, the 82-year-old said the picture was now much more promising.
"There's no reason why it shouldn't happen. We've put money behind it to pay a lot of the things off, a lot of their debts," he said. "So I'm hoping now we are going to get it together.
"We're going to try and make it happen next year."
Ecclestone said money had been "put into the circuit" which would be recovered when the race was held.
Chris Pook, a long-time Ecclestone associate who organized a grand prix in Long Beach, California, between 1976 and 1983, has joined the New Jersey senior management team as special assistant to the chairman, Leo Hindery Jr.
Pook's role is to advise on all aspects of construction, planning and execution of the race at Port Imperial.
"He knows all the things not to do, which is important," said Ecclestone. "And the other people weren't sure what not to do. They thought they knew what to do but not what was the important thing."
There has been talk of Long Beach being revived as a Formula One venue, to give the United States a West Coast race as well as East Coast and one in the middle at the new circuit in Austin, Texas.
"If we do this [New Jersey], it [Long Beach] won't [happen again]," said the Briton. - Reuters
source: gmanetwork.com
Chrysler recalls 469,000 SUVs worldwide over gearshift problem
Included are 2006- to 2010-model-year Jeep Commanders and 2005 to 2010 Jeep Grand Cherokees, of which about 295,000 are in the United States, 28,500 are in Canada and 4,200 are in Mexico. The remaining 141,000 are outside of North America.
Chrysler was aware of 26 accidents and 2 injuries related to the gearshift problem but no fatalities, a company spokesman said.
It was Chrysler's largest recall since more than 900,000 Jeep Grand Cherokee and Liberty SUVs were recalled worldwide in November to fix a part that could cause airbags to deploy inadvertently.
Chrysler, an affiliate of Italy's Fiat SpA, also said it is recalling 532 2013-model-year Ram 1500 pickup trucks in the United States and Canada, a third of which remain in dealer inventories, to inspect and possibly replace windshield defrosting and defogging components.
Additionally, the company said it is recalling about 5,330 right-hand-drive 2008 to 2012 Jeep Wranglers to install dust shields to prevent dust buildup that could compromise airbag operation. All of the vehicles, used mostly for rural mail delivery, are in the United States.
Chrysler said it was unaware of any accidents or injuries linked to the Ram and Wrangler recall issues.
The company said it will directly contact affected customers and make the repairs for free.
Chrysler, which emerged from a government-sponsored bankruptcy four years ago, last month reported a steep drop in quarterly profits due to an aggressive new-vehicle launch schedule, but said it was on track to meet its business targets, expecting a strong second half of 2013.
Sergio Marchionne, CEO of Chrysler and its Italian parent Fiat, which currently owns a 58.5 percent share of the U.S. automaker, said there was a 50-50 chance that Fiat's buyout of Chrysler would be finalized by June 2014. — Reuters
source: gmanetwork.com
Thursday
'Smart' nanoparticles may replace injections for diabetes treatment
Scientists at North Carolina State University, the University of North Carolina at Chapel Hill, the Massachusetts Institute of Technology and Children Hospital Boston are behind the research that may change the lives of an estimated 366 million people worldwide suffering from diabetes.
“We’ve created a ‘smart’ system that is injected into the body and responds to changes in blood sugar by releasing insulin, effectively controlling blood-sugar levels,” said biomedical engineering assistant professor Dr. Zhen Gu of North Caroline State University. “We’ve tested the technology in mice, and one injection was able to maintain blood sugar levels in the normal range for up to 10 days.”
Diabetes is a metabolic condition in which the sufferer has increased levels of glucose, or “blood sugar”. Glucose is important because it release energy the body requires to function properly. Insulin is the hormone responsible for bringing this energy to the body’s cellular network. Problems arise when not enough insulin is produced, leading to an unhealthy buildup of blood sugar. Symptoms can include frequent urination as well as increased thirst and hunger.
If left untreated, diabetes can lead to death. Diabetics therefore have to closely observe their blood sugar levels daily, as well as inject themselves with insulin several times a day. This has proven as much of a hassle as it is painful to sufferers of the disease.
The proposed new treatment involves introducing nanopartciles, each containing insulin and special enzymes modified to detect glucose, into the bloodstream. The enzymes will circulate throughout the body, immediately converting the glucose they come into contact with into insulin. The enzymes are “fully biocompatible and dissolve in the body,” according to the researchers.
“This technology effectively creates a ‘closed-loop’ system that mimics the activity of the pancreas in a healthy person, releasing insulin in response to glucose level changes,” said Gu. “This has the potential to improve the health and quality of life of diabetes patients.”
The research was recently published in the science journal ACS Nano. The scientists are keen to commence human testing. — TJD, GMA News
source: gmanetwork.com
Drivers ending car loan deals early
Global information services company Experian found that 54 per cent of motorists swapped their cars before the conclusion of their finance deal, compared to 35 per cent in 2009 and 28 per cent in 2007.
Experian said drivers are changing their vehicles early because they are seeking to adjust their motoring finances, are tempted to buy a better car, or need to make a change because of their personal circumstances, such as starting a family and needing a bigger vehicle.
Most ownership changes happened just over a year before the end of finance deals last year, the study of 87,000 hire purchase (HP) and personal contract plan (PCP) arrangements in Britain revealed.
The research involved both new and used cars and the data shows those buying used cars are more likely to swap earlier than the overall average, around a year and a half before the scheduled end of finance deal terms, while those with new cars typically switched with seven months still to go.
The 2009 averages showed new cars remained in the possession of the original owners until five months after the term ended, and used car buyers changed just a month before. In 2007 buyers of both new and used cars typically swapped vehicles 13 months and seven months after the end of agreements respectively.
The study shows more than four in five drivers arranged car loans of 26 months or more on average in 2012, mostly hire purchase agreements, but an increasing number of the deals were personal contract plans (PCP), up from 6.12 per cent in 2007 to 13.69 per cent.
It all adds up to a big change in how car buyers are choosing to manage paying for vehicles, according to Andrew Ballard, principle consultant at Experian's automotive business. He said more PCP deals and longer terms indicate drivers want to keep initial payments and instalments as low as possible.
Mr Ballard said the fact motorists are choosing to make changes earlier than ever could be because they can no longer afford the finance or have been tempted by subsidised deals or incentives.
He said dealers would be wise to keep in close contact with their customers to find out their needs to be able to offer them deals more suited to their circumstances.
source: confused.com
Wednesday
Low-priced iPhone may launch this year
ETrade Supply cited sources who confirmed the lower-end models are coming, though they may not likely be game-changing.
"We just heard 'on the wind' confirmation that Apple will in fact be releasing lower end models. This is not the game changing move that we are used to from Apple which had kept them on top for so many years," it said.
It said this could be part of a new strategy from Apple, with the "disappointing" sales of the iPhone 5, and little expectation from the rumored iPhone 5S.
The low- to mid-range models are expected make up for lost market share "until they can come up with a new innovative idea," ETradeSupply said.
For now, it said Apple appeared to have a "brain freeze" that rivals Samsung had been exploiting.
"So now the story is, Apple needs to make money somewhere and keep the brand alive while they wait for a new idea. So by releasing lower end models they plan to recapture market share, hold interest in their OS and keep investors happy," it said.
A separate article on tech site Mashable cited previous rumors showing the budget iPhone is expected to look like a cross between the iPhone 5, the latest iPod touch and the iPod classic.
"In terms of materials used, some reports suggest the phone will be made mostly from plastic — making it cheaper to manufacture, but also less durable," it added. — TJD, GMA News
source: gmanetwork.com
Tuesday
How to clean up your credit report
This is even more important in the current economic climate with lenders getting stricter about who they will lend to.
In fact, you may now also need to pass a credit check when applying for a contract with a mobile phone company, broadband service or utility provider.
While this may make worrying reading for those currently suffering from a less than perfect credit rating, it’s not all bad news.
There are some simple steps you can take to get it back in shape.
Get a copy of your credit record
Firstly, get your hands on your credit report from one of the three main credit agencies, Equifax.co.uk, Experian.co.uk or CallCredit.co.uk - there may be a charge for this.
"A credit report is like your financial passport," says Tom Ilube from credit report company Noddle.
"Companies look at your report all the time and make decisions about you based on this information, from approving a mortgage to giving you a mobile phone contract."
Put simply, the better your score, the better your chances of getting accepted for credit – and the better the rate you should get.
Simple steps
A simple step to improving your credit history is getting registered on the electoral roll, as lenders should view this as a sign of stability.
Also, paying all your bills on time and making more than the minimum payments on existing credit cards has a positive result as this helps build a good payment history.
Ilube adds: "Avoid keeping a high balance on your credit card, as this may be viewed as excessive debt."
In addition, having too much available credit can also be viewed negatively by lenders as there is the potential for you to get into debt at some point.
To help avoid this, you should close down out-of-date credit cards and cancel old agreements such as store cards.
Avoid multiple applications
Only apply for credit when you really need it, and don’t use a scatter-gun approach by making multiple applications for credit within a short period of time.
This is generally viewed badly by lenders and may result in you getting turned down as it looks like you need credit desperately because you are overstretched financially.
To help avoid multiple credit card applications from harming your credit history, Confused.com offers a free card matcher service which lets you see which cards you are likely to be accepted for before you apply.
Cleaning up your credit record
As well as understanding the significance of your credit score, you also need to know how to repair it.
If you find any errors, you need to write to the particular credit agency immediately, asking for them to be corrected.
For example, if you have fully paid a County Court Judgment, or if your bankruptcy has ended, make sure this is shown on your report.
If there is a particular reason for any blip you may be able to add a note to your file explaining your case.
Financial relationships
One person's financial situation may impact on another's credit rating if they’re linked financially - through a joint mortgage, for example.
Therefore Ilube advises people who are either divorced or separated to sever old financial relationships by making sure their ex’s details are removed from any joint accounts as soon as possible.
Finally, try to steer clear of so-called "credit repair companies".
These claim to be able to get rid of negative information from your report but may charge you for doing something you can do yourself for free.
Credit building credit cards
If you have some serious blemishes on your profile or a limited credit history, there are specialist card providers that may be able to help you access credit and rebuild your credit profile.
For example, credit building cards such as Luma, powered by Capital One, Vanquis and Aqua are all good choices for people with a less than perfect credit history.
You will usually start with a relatively low credit limit and higher interest rates of up to 40 per cent.
But provided you service these cards properly – by making repayments on time and in full and staying within your limit – you can pave the way to a better credit history.
And in turn, you may become eligible for a more competitively priced mainstream card in the future.
source: confused.com
New annuity code to help pensioners
When you reach retirement age, it is highly likely that you will use your pension pot to buy an annuity.
An annuity is the investment vehicle which converts your funds into an income guaranteed for the rest of your life.
As this is a once-in-a-lifetime decision, it's very important that you get it right.
The good news is, under a new code of conduct, it should get easier to get an annuity with the best rates and most suitable terms for your particular needs.
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