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In the past, standard deduction used to be available only to working people. Budget 2018 has provided for a flat standard deduction of Rs40,000 to every taxpayer, including senior citizens. Senior citizens earning post retirement pension are also eligible for standard deduction. Further, unless the senior citizen is in... |
Reverse mortgage is a special scheme for senior citizens wherein they can monetize their property value and get EMIs in return. The amount paid regularly to the senior citizen under the reverse mortgage scheme is entirely exempt from tax in the hands of the senior citizen. |
Federal Reserve Chairman Ben Bernanke testifies before the Senate Banking, Housing and Urban Affairs Committee on Captiol Hill February 24, 2009 in Washington, DC. |
Ben Bernanke may be a shoo-in for confirmation as Federal Reserve chairman, but that doesn't mean his confirmation hearing will be painless. |
Senate aides from both parties are predicting a contentious hearing, with heavy criticism from both the left and the right. |
Republicans are going to use the fall public hearing as a forum to rip the Obama administration's fiscal policies, hammer away about the deficit and rail about bailouts. |
Democrats, some of whom would have rather seen a liberal nominee, plan to push Bernanke on why the Fed wasn't more pro-active before the financial meltdown last year. |
"There will be a thorough and comprehensive confirmation hearing," Sen. Chris Dodd, the committee's chairman, said this morning. "I expect many serious questions will be raised about the role of the Federal Reserve moving forward and what authorities it should and should not have." |
Sen. Richard Shelby, the top Republican on the Banking Committee, says he plans to highlight the Fed's failures as a bank regulator, how such failures contributed to the financial crisis, and whether Chairman Bernanke's performance as the chief regulator merits his reconfirmation. |
"I don't think he'll have a problem with votes, but the process will be interesting," said a GOP Senate aide. "I don't think the hearings will be pain free." |
Senate aides said Tuesday that no time had been set for Bernanke's hearings. |
Bernanke, who joined President Obama in Martha's Vineyard this morning to announce his re-nomination, has earned praise in many quarters for his handling of the Wall Street financial crisis of 2008. Bernanke, a former chair of the Economics Department at Princeton University, took a bold approach to the crisis, advocat... |
But Dodd, facing a daunting 2010 re-election contest and under withering criticism that he is too close to Wall Street — is expected to take the lead in questioning Bernanke on topics ranging from regulatory reform to TARP to consumer protection. |
There are also bound to be questions from those on the left on whether Bernanke could have done more to ward off the home mortgage crisis. |
"As a result of the greed, irresponsibility and illegal behavior of Wall Street our country has experienced the worst economic decline since the Great Depression," said Sen. Bernie Sanders (I-Vt.). "Mr. Bernanke was head of the Fed and the nation's chief economist as this crisis, driven by reckless speculation, develop... |
Republicans say they'll focus their questioning on the transparency of the Fed's actions and the distribution of Wall Street bailout money. |
"I hope Chairman Bernanke comes to his confirmation hearing with a definitive, concrete plan to bring about an end to these massive bailout programs," said Sen. David Vitter (R-La.). "If he's going to be reappointed, Mr. Bernanke needs to dedicate his second term at the Fed to ending that dangerous approach." |
And some Republicans see a political opening to take on the Obama economic agenda. |
"Chairman Bernanke's confirmation hearing will be an opportunity for the chairman to provide greater transparency on the actions the Fed has taken, and greater insight into the cumulative impact the administration's trillions in new spending, borrowing, and debt will have on the American taxpayer, said Senate Minority ... |
Sen. Jim Bunning (R-Ky.), Bernanke's biggest critic, promises to provide some serious color -- and a "no" vote -- at the confirmation hearing. |
"I am very disappointed that President Obama has decided to nominate Ben Bernanke to continue as Chairman of the Federal Reserve. This is just more evidence that the president has no clue what he is doing when it comes to the economy and solving America's fiscal problems," said Bunning. "Chairman Bernanke is part of th... |
Democrats say they will be on guard against any Republican effort to politicize the hearings. |
"There are legitimate criticisms of the Fed, particularly that it dropped the ball for years on consumer protections," said Sen. Chuck Schumer, a Democrat on the committee. "But Chairman Bernanke's confirmation hearing should not be used as a stage by those with wrongheaded political agendas like trimming the Fed's ind... |
US researchers developed a process that coats a living cell with silica ‘armor’, creating a near-identical inorganic duplicate. This ‘zombie cell’ technique has the potential for building complex nano-scale machines using life as blueprint. |
The process developed at the University of New Mexico is relatively simple. The team suspended living mammalian cells in a petri dish and added mild solution of silicic acid. One of the acid’s byproducts softens the protective lipid casing of the cell and makes it porous enough for the silica to flow in. |
The acid then, in a process ‘still partially obscure’, embalms every organelle in the cell from the micro- and down to nanometer scale, covering them with a sort of silica armor. The resulting cell/silica composite can be then heated to either evaporate the protein ‘mold’ and created a near-perfect silica replica of th... |
Its most immediate use is long-lasting preservation of biological samples. But potentially the technique can be used to fabricate complex useful nanomachinery, says Bryan Kaehr a materials scientist at UNM’s Sandia National Laboratories. |
The alternative is to heat the composite without oxygen and turn the protein into porous conductive graphitic carbon supported by the silica coating. The silica can then be dissolved living a carbon structure that can find its use in fuel cells, decontamination and sensor technology. |
If the composite isn’t heated, there are possible applications too. For instance, biological catalysts – the enzymes – must retain a certain shape to trigger chemical reactions. The silica coating preserves the structure at temperatures undreamed of by nature while still able to carry out reactions. |
“Our zombie cells bridge chemistry and biology to create forms that not only near-perfectly resemble their past selves but can do future work,” Kaehr says. |
The team reported their finds in the Proceedings of the National Academy of Sciences (PNAS). |
Subject: I will not chase, I will not chase, I will not.. |
THIS IS IT, THIS IS IT!!!!!!! THE MOMENT THAT WE'VE ALL BEEN WAITING FOR!!!!! THE BIG BOTTOM (and who doesn't like a big bottom, right)? These are some of the scariest words that anyone can think right now. I said yesterday that I believe that stocks may have temporarily found a bottom, so why are these words so scary ... |
I have a cure, but I am going to need all the help that I can get. I need everyone to chant with me, "I will not chase, I will not chase, I will not chase." The more non-chasing vibes people send my way, the better. A few years ago a younger, more impetuous Deej would definitely been sucked right into this buying spree... |
I'm not going to lose any sleep over it. I am nibbling at stocks that have absurdly high, safe dividends right now. I placed another limit order this morning for a fifth stock at yesterday's closing price. If it fills, great. If not, I will leave it, along with the four other orders that I placed earlier this week acti... |
Will we enter the second Great Depression? No. Why am I so sure you ask? Because policymakers have learned from previous mistakes and they will not let a depression happen again. They may cause some other sort of problem, like a massive currency devaluation, but the student of the Great Depression, Ben Bernanke, will d... |
"Honey grab the door, it's more trick or treaters." |
"Happy Halloween! Man, those are some realistic costumes. Your Ben Bernanke and Hank Paulson disguises look so real. Nice job guys." |
"What's that, they're not costumes? You two are the real dynamic duo, Hank and Ben. What do you want? Some candy? Here's some Smarties and a Dum Dum." |
"Oh you don't want any candy, you want to give me something? What? A million bucks. Gee thanks. I just have to promise to spend it quickly. Sounds good to me. Thanks guys." |
On a related note, I wonder if there really is Halloween costumes for those guys out there. A Bernanke mask combined with some fake money, which will probably eventually be worth almost as much as the real stuff, would be hilarious. At least to me, but not any of the other people on my block who would have no idea who ... |
Back to the economy and inflation versus deflation. Sure the fact that there isn't as much leverage in the system...and there probably never will be in our lifetimes is going to be a problem for asset values. When everyone and their mother levers up 20- and 30-to-1 and chases the same assets, it sort of artificially in... |
On a related side note, someone at work who doesn't follow the stock market very closely asked me the other day "What happened to all of the money that everyone lost last week?" I thought to myself for a few minutes and answered "I'm not sure that it ever really existed." All of the leverage in the system caused the pr... |
Even the price of oil got ahead of itself, but I think that we may have found a bottom in oil prices. Want to know how I decided that we have? All of the investment banks are now calling for $50 oil. If that isn't a sign of a bottom, I don't know what is. These fools were all sooooooo sure that $150 and $200 oil was he... |
Hmmm, I'm running out of time. |
I agree with him that we will ultimately re-test our previous lows. So I am placing my limit orders and not chasing stocks. I would appreciate it if everyone would repeat my mantra and send me some positive non-chasing mojo today. Thanks for reading. |
Opening reception. 5-7p.m. Friday, Feb. 1, at the Monterey Museum of Art, 559 Pacific St., Monterey. New work by Johnny Apodaca. Free admission to MMA members, $10 all others. 372-5477, www.montereyart.org. |
Opening reception. 5-8p.m. Friday, Feb. 1, at the Salinas Valley Art Gallery, 218 Main St., Salinas. Works by Elise Chezem. 422-4162. |
Opening reception. 5:30-7p.m. Friday, Feb. 1, in the Alvarado Gallery, at the Monterey Conference Center, 1 Portola Plaza, Monterey. Works by Terese Garcia. 242-8743. |
“The Hidden Images of a Painter” opening reception. 5-7p.m. Saturday, Feb. 2, at The Winfield Gallery, Dolores Street between Ocean and Seventh avenues, Carmel. Artistic collaboration between George Blair and Cedric Wentworth. 624-3369. |
“Director”s Cut” opening reception. 5-7p.m. Friday, Feb. 8, at the Carl Cherry Center for the Arts, Fourth Avenue and Guadalupe Street, Carmel. 422-4162. |
Opening reception. 6-8p.m. Saturday, Feb. 9, at the Carmel Art Association, Dolores Street between Fifth and Sixth avenues, Carmel. Features work by the CAA”s 15-member board of directors painters. 624-6176, www.carmelart.org. |
FirstFridays Art Walk. 5-8 p.m. Friday, Feb. 1, along the 100 and 200 blocks of Main Street, on Monterey and Salinas streets, in Chinatown, at the Railway Express Train Station and along Central Avenue in Oldtown Salinas. Live music, art openings, dance performances, light refreshments and special promotions at galleri... |
Creative Arts Gathering. 9a.m.-noon Saturday, Feb. 2, at The Creative Edge, 8 Stratford Place, Monterey. Open house sharing of creative projects and the creative process for adults. All levels. Bring a poem, painting, song or other creative expression. Free. 373-7809, www.creative-edge.org. |
Family Day at the Monterey Museum of Art. 11a.m.-4p.m. Saturday, Feb. 2, at the Monterey Museum of Art, 559 Pacific St., Monterey. Explore, create and play in the galleries. Scavenger hunt, drawing, portrait lab and more. Free admission. www.montereyart.org. |
Collage classics class. 1-3p.m. Tuesdays, Feb. 5-March 12, at Scholze Park Center, 280 Dickman Ave., Monterey. Creative projects using images from magazines, books and old papers. Open to all levels. $50 for Monterey residents, $65 all others. $2 materials fee. 646-3878. |
Papercraft Some Love. 2-4p.m. Saturday, Feb. 9, at Bella”s Studio, 140 W. Franklin St., Ste. 205, Monterey. Learn how to handcraft heart-themed notecards, a gift tag and ornament. $40 includes materials. 920-2272, bella@bellastudiomonterey.com. |
Hand-printed Valentine workshop. 1-3p.m. Saturday, Feb. 10, at the Carmel Art Association, Dolores Street between Fifth and Sixth avenues, Carmel. Instructor: Pamela Takigawa. Materials and instructions to make a card will be provided. Participants are welcome to bring embellishments such as lace, ribbon or photos to a... |
Life/Figure Drawing sessions. 7-10p.m. the first and third Mondays of the month at Youth Arts Collective, 472 Calle Principal, Monterey. $10 per session. 375-9922. |
Mail art workshop and potluck. 5:30-7:30p.m. Fridays at the Pacific Grove Art Center, 568 Lighthouse Ave., Pacific Grove. Make mail art to send and share mail art that was received. $5. First Fridays of the month free. 402-5367, artnants@aol.com. |
“Creative Expressions: The Healing Circle” free art group for survivors of domestic violence. 7p.m. Wednesdays at the YWCA Counseling Center, 457 Webster St., Monterey. Open, supportive and therapeutic environment to practice art with an art therapy counselor. Lara Lawrence at 655-9224 ext. 304. |
Go Figure! Open Draw. 9a.m.-noon, ongoing Tuesdays, at Pacific Grove Art Center, 568 Lighthouse Ave., Pacific Grove. $10 Model fee. 394-5490, 373-4575. |
Painting, drawing and collage class with Jane Reyes. 1-4p.m. Mondays at the Pacific Grove Adult Ed Center, 1025 Lighthouse Ave., Pacific Grove. $25-$45 per six-week session, start anytime. 646-6580. |
Kids” art. 3:30p.m. Wednesdays for grades 1-5 at the Oldemeyer Center, 986 Hilby Ave., Seaside. $45 for city residents/$56 for others. Each session is four weeks. 899-6805. |
Ceramics class for adults and senior citizens. 9a.m.-noon Thursdays at the Monterey Senior Center, 280 Dickman Ave., Monterey. Focuses on hand-building techniques like coil, slab and hand sculpting. Materials fee. Register at first class. 646-3878. |
The Academy of Coastal Painting. 711 Cannery Row, Second Floor, Monterey. Portrait classes 6-8:30p.m. Mondays; mural painting classes 6-9p.m. Tuesdays; fashion design classes 6-8p.m. Wednesdays; developing your critical eye 6-9p.m. Thursdays. Classes are six weeks and are $200, not including materials. 373-1664. |
Carmel Adult School. Art classes offered are: life-figure drawing and painting, photography, oil painting, outdoor painting, watercolor, ceramics, wood carving. Most classes are 12 weeks and cost $25-$35. 624-1714, 624-3855. |
EDITOR”S NOTE: A complete list of art galleries can be found online at montereyherald.com.GO! |
UPDATE: The Federal Trade Commission released the following statement regarding Amazon's acquisition of Whole Foods: "The FTC conducted an investigation of this proposed acquisition to determine whether it substantially lessened competition under Section 7 of the Clayton Act, or constituted an unfair method of competit... |
Amazon is one huge step closer to wrapping up its proposed $13.7 billion acquisition of Austin-based Whole Foods Market. |
On Wednesday, August 23, shareholders of Whole Foods approved the $42-a-share deal, which was announced in June. If federal regulators give the okay, the Amazon-Whole Foods marriage will be consummated by the end of this year. The shareholders meeting took place at Whole Foods’ headquarters, above its flagship Austin s... |
Shareholders of Seattle-based Amazon aren’t required to sign off on the deal, according to The Wall Street Journal. |
Whole Foods, founded in September 1980 in Austin, operates more than 460 stores in the U.S., Canada, and the United Kingdom. |
Facing pressure from competitors that have bulked up their offerings of natural and organic foods, Whole Foods’ growth has stalled in recent years. The Amazon acquisition should provide more solid financial footing for Whole Foods, while giving the e-commerce giant a nationwide network of brick-and-mortar locations to ... |
For now, it’s unclear precisely how Whole Foods will be run under the auspices of Amazon, including what effect the deal will have on Whole Foods’ Austin headquarters. |
Several members of Congress have called for close federal scrutiny of the deal, as has the United Food and Commercial Workers International Union, which represents more than 1 million retail workers in the U.S. |
In a letter to the Federal Trade Commission (FTC), which has yet to weigh in on the deal, the union’s president, Marc Perrone, sounded a warning about the combination of Amazon and Whole Foods. |
Molly Johnson-Jones, senior analyst at GlobalData, tells Chain Store Age that she doubts the Amazon-Whole Foods deal will encounter stiff opposition from federal regulators. |
“Although there was some talk of the Federal Trade Commission being notified of potential job losses as a result of the deal and [President] Trump wanting to look into Amazon’s finances, it is unlikely that there will be any meaningful objections to the deal as it ultimately benefits the consumer and enhances innovatio... |
LONDON (Reuters) - Rolls-Royce (RR.L) boss Warren East has rebuilt confidence in the British engine-maker, but there are doubts among investors and industry experts about whether his slimmed-down group has the muscle to meet ambitious production and development goals. |
A source in the company familiar with its strategy told Reuters that East’s turnaround program was being felt across the business. It has eliminated 33 internal legal entities out of about 300, allowing it to cut down on back office support and internal transactions, the source said. |
East has also been shaking up the senior executive team tasked with turning around the aerospace and defense company, naming Daily Mail and General Trust’s (DMGOa.L) Stephen Daintith as its new finance chief last week. |
His overhaul has buoyed the company’s stock, along with the impact of the fall in the pound against the dollar after the Brexit vote, which makes Rolls engines cheaper for overseas buyers. Rolls-Royce shares are up 25 percent this year. |
“There are plenty of uncertainties out there. And if you focus on those, it could be a pretty bumpy ride,” said senior portfolio manager Kave Sigaroudinia at Baillie Gifford, Rolls’s fourth-biggest shareholder, according to Thomson Reuters data. |
“You will get operational challenges, ramping up production can create operational problems,” Sigaroudinia told Reuters. |
“We can continue to be focused on our transformation, even while we increase engine production and invest in the new technologies that will create the next generation of Rolls-Royce civil aerospace engines,” he added. |
Analysts expressed deeper concerns about the company, whose shares trade at a price to earnings ratio of 27 for 2016, compared with a sector average of in the mid-teens. That comes despite an expected halving of profits this year and no recovery to 2015’s profit level in sight for the next three years. |
Of 24 analysts covering the stock, only two rate it a “strong buy” or a “buy”, while its current 711 pence share price trades well above the consensus 627 pence target price, according to Reuters data. |
“Rolls looks to be priced almost for a flawless execution,” said Barclays analyst Phil Buller, who has an underweight rating on the stock with a target price of 480 pence. |
East, 54, is one of the most celebrated technology executives in Britain, having built ARM into the country’s most successful tech company in the 12 years he was CEO. |
“The CEO acknowledged that existing engineering resources are ‘stretched’ against this set of programs,” Bernstein analysts said after East participated in their conference this month. |
Most recently, U.S. aero-engine maker Pratt & Whitney (UTX.N) in September downgraded its 2016 delivery forecast for the engines which power the Airbus A320neo, a miss which it said would put pressure on its cash flow. |
A problem on one of Rolls’s flagship Trent 1000 engines, used to power the Boeing 787 Dreamliner, is testament to what can go wrong. |
ANA Holdings Inc (9202.T), Japan’s largest airline, said in August that all 100 Rolls-Royce engines on its Dreamliner fleet would need modifying following three engine failures caused by corrosion and cracking of turbine blades. |
“Boeing is likely to be asking Rolls-Royce some questions about how intensely they are going to be focused on supporting the 787 issue,” the source said. |
Any slip-ups may make it harder to convince Boeing it has the capacity to take part in the U.S. planemaker’s next likely project: a mid-market jet requiring a new engine that could cost $5 billion to $6 billion to develop. |
For investors like Baillie Gifford, and U.S. activist investor ValueAct, which took a stake in Rolls last year based on what it sees from 2020 onwards, the company’s long-term outlook holds potential. |
Richard Marwood, senior fund manager at Royal London Asset Management – which holds a 0.3 percent position in Rolls in its passively managed funds - said the concrete results of East’s work were a long way off. |
If you’re one of a number of investors concerned about the possibility of a corporate bond bubble, new research has revealed one possible hedge for sophisticated investors. According to a new report by CEPRES, private infrastructure assets are a solid hedge for corporate bonds and can even deliver stronger returns. |
CEPRES used regression analysis to calculate risk adjusted return (alpha) and correlation (beta) for private infrastructure assets compared to the U.S. corporate bond market. The firm found an alpha of 19.5 percent and a beta of -0.9. That means corporate bonds and private infrastructure assets have a nearly perfect in... |
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