Tuesday, October 15, 2013

Fitch puts US credit rating on negative watch

WASHINGTON (AP) — The Fitch credit rating agency has warned that it is reviewing the U.S. government's AAA credit rating for a possible downgrade, citing Thursday's looming deadline to increase the nation's borrowing limit.

Fitch has placed the U.S. credit rating on negative watch, a step that would precede an actual downgrade. The agency said it expects to conclude its review within the next six months.

Fitch says it expects the debt limit will be raised soon, but adds, "the political brinkmanship and reduced financing flexibility could increase the risk of a U.S. default."

Fitch is one of the three leading U.S. credit ratings agencies, along with Standard & Poor's and Moody's. S&P downgraded U.S. long-term debt to "AA" in August 2011.

Associated PressSource: http://hosted2.ap.org/APDEFAULT/f70471f764144b2fab526d39972d37b3/Article_2013-10-15-Fitch%20Ratings/id-ea26c83eb25e4323ac4984505723432e
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Brooks Brothers Steakhouse: How's That For Tasteful Shopping?





The Brooks Brothers store on Madison Avenue in New York is planning to open a 15,000-square-foot restaurant next door.



Stan Honda/AFP/Getty Images


The Brooks Brothers store on Madison Avenue in New York is planning to open a 15,000-square-foot restaurant next door.


Stan Honda/AFP/Getty Images


Here's a way to stop hungry shoppers from leaving the store for dinner.


Brooks Brothers, the 195-year-old luxury apparel company, is looking to open a restaurant next summer next to its flagship store in Manhattan, a company spokesman tells NPR. The New York Post reports that the restaurant will be a steakhouse — a fitting culinary accompaniment for the purveyor of fine business suits for the moneyed set, we think.


And it's not the only high-end retailer that's jumped into the food business. Ralph Lauren has a restaurant next to its location off Michigan Avenue in Chicago and another in Paris. (Ironically, the Chicago incarnation features French-inspired dishes like escargot, steak tartare and bouillabaisse, while Paris' menu has a whole page for burgers and steaks.)


Tommy Bahama, a lifestyle clothing line with a tropical twist, has restaurants in about a dozen stores, serving seared ahi tuna and rum mojitos. At some megasized locations of outdoor recreation retailer Bass Pro Shops, customers can order hand-breaded alligator and catfish at an attached seafood grill.


Restaurants can be a terrific traffic driver, says Rob Goldberg, Tommy Bahama's senior vice president of marketing — diners peruse the merchandise while waiting; shoppers might stick around for a drink.


They also give companies another way to express their brand: not just through the colors and feel of the clothing, but also through the flavor and aroma of food, Goldberg says. "For us, the restaurant is a really rich way to tell our lifestyle story because it touches all the senses."


Pairing clothing with food is nothing new: The former Marshall Fields in Chicago opened a restaurant on the seventh floor back in 1905, and other department stores like Macy's and Nordstrom also offer dining options. Even Ikea has a Swedish food market.


But these more recent ventures into dining are part of a larger trend in experiential brand management, says Eric Anderson, marketing professor at Northwestern University.


"A lot of retailers are focusing heavily on managing their brands through the customer experience," Anderson says. "It's no longer just the product they sell."





The interior of Tommy Bahama's island-inspired restaurant in New York City.



Dean Kaufman/Tommy Bahama


The interior of Tommy Bahama's island-inspired restaurant in New York City.


Dean Kaufman/Tommy Bahama


Examples of this are abundant. Anderson pointed to Whole Foods Market: It's not just a place where his students shop for groceries, he says — it's also where they go on dates.


Or there's outdoor retailer REI, whose flagship store in Seattle has a climbing wall. Or luxury automaker Bugatti, which launched a collection of men's clothing and accessories during Milan Fashion Week, according to the Wall Street Journal.


Urban Outfitters Inc. — which owns its namesake hipster stores, as well as Anthropologie and house-and-garden store Terrain — is pursuing plans in a town near Philadelphia to build an entire shopping village. A local government official we spoke with says it's still just a concept, but the 6.5-acre site could include an Anthropologie, Terrain, boutique hotel, spa or exercise studio and several restaurants.


Granted, not every clothing company should be launching a diner, Anderson says. "If your core competence is in apparel, what business do you have running a restaurant?"


Still, the food venture has worked for Tommy Bahama, Goldberg says: Retail locations with a restaurant attached have, on average, a 20 to 25 percent lift in sales. He says people "try the restaurant on for size" before trying on, say, a shirt.


But he acknowledges the stakes are high — especially when it comes to food. Diners are unforgiving. One tasteless dish, rude server or long wait time could mean that a customer doesn't return to the food or the shirts.


"In a restaurant, we're making a product every 11 minutes with perishable goods," Goldberg says. "And every single plate is a reflection of your brand."


Source: http://www.npr.org/blogs/thesalt/2013/10/11/232210856/brooks-brothers-steakhouse-hows-that-for-tasteful-shopping?ft=1&f=1053
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Indians say cyclone evacuation kept them alive

Indian people ride past idols of Hindu gods and goddesses damaged during the Cyclone Phailin at a temporary worship venue in Berhampur in Ganjam district, Orissa state, India, Monday, Oct. 14, 2013. A mass government evacuation of nearly 1 million people spared India the widespread deaths many had feared from the powerful weekend cyclone, which destroyed hundreds of millions of dollars' worth of crops and tens of thousands of homes. (AP Photo/Bikas Das)







Indian people ride past idols of Hindu gods and goddesses damaged during the Cyclone Phailin at a temporary worship venue in Berhampur in Ganjam district, Orissa state, India, Monday, Oct. 14, 2013. A mass government evacuation of nearly 1 million people spared India the widespread deaths many had feared from the powerful weekend cyclone, which destroyed hundreds of millions of dollars' worth of crops and tens of thousands of homes. (AP Photo/Bikas Das)







An Indian couple repair their home at the cyclone affected Haripur village in Ganjam district, Orissa state, India, Monday, Oct. 14, 2013. A mass government evacuation of nearly 1 million people spared India the widespread deaths many had feared from the powerful weekend cyclone Phailin, which destroyed hundreds of millions of dollars' worth of crops and tens of thousands of homes. (AP Photo/Biswaranjan Rout)







An Indian woman collects her belongings after returning to the cyclone-hit Haripur village on the Bay of Bengal coast in Ganjam district, Orissa state, India, Monday, Oct. 14, 2013. A mass government evacuation of nearly 1 million people spared India the widespread deaths many had feared from the powerful weekend cyclone, which destroyed hundreds of millions of dollars' worth of crops and tens of thousands of homes. (AP Photo/Biswaranjan Rout)







A young Indian girl swings as men clear debris after returning to their cyclone-hit home in Sonapur in Ganjam district, Orissa state, India, Monday, Oct. 14, 2013. A mass government evacuation of nearly 1 million people spared India the widespread deaths many had feared from the powerful weekend cyclone, which destroyed hundreds of millions of dollars' worth of crops and tens of thousands of homes. (AP Photo/Biswaranjan Rout)







An Indian man on a cycle crosses a street with uprooted trees fallen by Cyclone Phailin in Chhatrapur in Ganjam district, Orissa state, India, Monday, Oct. 14, 2013. A mass government evacuation of nearly 1 million people spared India the widespread deaths many had feared from the powerful weekend cyclone, which destroyed hundreds of millions of dollars' worth of crops and tens of thousands of homes. (AP Photo/Bikas Das)







PODAMPETTA, India (AP) — Agya Amma's house in this seaside village was flattened by the cyclone that roared in from the Bay of Bengal with torrential rains and winds topping 200 kilometers (131 miles) per hour. But the fact that she was still here on Monday, surveying the pile of twisted wood and shredded thatch that had been her home, was proof that this was a different kind of disaster for India.

Unlike past storms that have lashed India's eastern coast, Cyclone Phailin did not extract a heavy human toll, thanks to a massive and improbable evacuation effort that effectively moved nearly 1 million residents of one of India's poorest regions out of the storm's path and into government shelters.

By Monday, only 25 people had been reported killed, even though tens of thousands of homes were destroyed. The successful evacuation effort was earning rare praise for a country known for large-scale disasters that have caused high death tolls. In 1999, a cyclone that struck the same coast killed about 10,000 people, while more than 6,000 were killed in June by flooding and mudslides in another Indian state, Uttarakhand.

"If we had stayed here, everyone in the village would be dead," said Amma, a 55-year-old fisherwoman. "I consider myself lucky to be alive."

Despite the comparatively low number of deaths, Phailin still dealt its share of misery, as hundreds of thousands of coastal residents found themselves huddling in shelters, their homes flattened and crops destroyed by the most powerful storm to hit India in more than a decade.

At least four days before the cyclone hit, police in the coastal states of Orissa and Andhra Pradesh began traveling through villages to warn residents of the coming storm and urge them to go to government shelters set up in schools and other concrete buildings.

While a few chose to ignore the warnings or stay home to guard their belongings, many had lived through the cyclone 14 years ago that killed 10,000.

By Friday, the day before the cyclone hit land, hundreds of thousands of people had moved inland. Amma and others from her tiny village of Podampetta walked 1.5 kilometers (a mile) to the nearest shelter and spent two nights waiting out the storm.

On Monday, residents ventured out to see the destruction, and many of them learned that they had lost everything.

"There is nothing to eat, no place for me to stay," said Buchi Amma, 50, another Podampetta villager not related to Agya Amma. She said she had no idea how she and her husband would be able to buy food.

"I only want life to get back to normal," she said, standing atop the concrete slabs of her shattered home.

A lake the size of a football field, formed when sea water surged ashore, cut across the main road out of Podampetta.

For the tens of thousands made homeless, authorities were distributing tarps so people could build makeshift shelters, state police official M.N. Rao said.

"Relief centers have been opened, and food is being supplied to the people, both dry rations as well as cooked food when possible," he said.

Officials worked Monday to clear roads and restore communications. Train services were being restarted.

The death toll of 25 was expected to rise as officials reach isolated areas along the cyclone-battered coast, and parts of Orissa were still facing massive flooding after heavy rains brought by the cyclone caused rivers to overflow.

Hundreds of thousands of people were marooned Monday in the district of Balasore, where the situation "is critical," according to P.K. Mohapatra, the state's head of relief operations. Authorities were air-dropping packages of food in the area, while army personnel and speed boats were deployed to help with rescue and relief operations.

The Indian coast guard rescued 17 sailors whose cargo ship, the MV Bingo, sank during the cyclone, officials said. They were taken to a hospital in Kolkata for a check-up and are safe now, coast guard Commandant Rajendra Nath told the Press Trust of India news agency.

Meanwhile, the weakened storm was moving north Monday over the state of Bihar toward the Himalayan state of Sikkim, which was bracing for heavy rains.

The Indian Ocean is a cyclone hot spot. Of the 35 deadliest storms in recorded history, 27 have come through the Bay of Bengal — including the 1999 cyclone — and have landed in either India or Bangladesh.

___

Follow Kay Johnson on Twitter at twitter.com/kayatap

Associated PressSource: http://hosted2.ap.org/APDEFAULT/3d281c11a96b4ad082fe88aa0db04305/Article_2013-10-14-India-Cyclone/id-207f99b3f5b94a14934533869d897287
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China able to achieve major economic targets this year: Premier


BEIJING (Reuters) - China has the basic foundations to meet its major economic targets this year and the upward trend of the economy will continue, Premier Li Keqiang was quoted as saying in remarks published on Tuesday.


Li made the comments in a media conference during an official visit to Vietnam. They were reported by the official Xinhua news agency.


The Chinese government has set an annual target of 7.5 percent growth for its gross domestic product in 2013.


Li was also quoted as saying the country has the necessary means to control consumer inflation at a level around 3.5 percent for this year, the official goal.


(Reporting by Aileen Wang and Jonathan Standing)



Source: http://news.yahoo.com/china-able-achieve-major-economic-targets-premier-101512787--business.html
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JPMorgan trader examined in currency probe: WSJ


(Reuters) - British authorities investigating potential manipulation in the currency markets are looking at the role of a senior trader at JPMorgan Chase & Co while he worked for another firm, the Wall Street Journal reported on its website on Monday.


The bank's London-based head of spot currency trading participated in certain electronic chat sessions while at his former employer, Royal Bank of Scotland Group PLC , that authorities have homed in on, the WSJ said.


The chat sessions were with a group of traders from other banks who were called "The Bandits' Club" and "The Cartel," the WSJ said.


Reuters reported last week that Royal Bank of Scotland had handed Britain's financial regulator instant messages sent by a former currency trader to counterparts at other banks, but could not verify the identity of the former trader.


Investigations into the $5 trillion-a-day market have broadened, with authorities in Switzerland and Britain looking into whether traders at banks sought to manipulate benchmark foreign currency rates.


JPMorgan spokesman Brian Marchiony declined comment.


(Reporting by Aruna Viswanatha; Editing by Ken Wills)



Source: http://news.yahoo.com/jpmorgan-trader-examined-currency-probe-wsj-212612179--sector.html
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Sunday, October 13, 2013

Two men arrested in Oklahoma shooting that left five injured

Tulsa Police Department

Meng Lee was arrested in relation to the Saturday Tulsa shooting.

By Elisha Fieldstadt, NBC News

Two men have been arrested after five people were injured when a gunman started shooting into a crowd at an Oklahoma festival on Saturday night, police said Sunday

Tulsa Police Department

Boonmlee Lee was arrested in relation to the Saturday Tulsa shooting.

Tulsa Police apprehended Boonmlee Lee, 21, and Meng Lee, 19 after a police helicopter reported a suspicious vehicle with its lights off near the Green Country Event Center, where 300-400 people had congregated for the celebration of the Hmong New Year, according to the Tulsa Police Department. The Hmong are an Asian ethnic group mainly from Laos.

The suspect on the passenger side of the vehicle tried to throw a black sweatshirt and gun out of the car and was changing his clothes when cops stopped them, said the Tulsa Police Department.

Both of the suspects face five counts of shooting with the intent to kill, possession of a firearm and possession of firearm commission felony first offense, according to Oklahoma NBC affiliate KJRH.

Police said two men were shot in their torsos and three were shot in their arms and legs. Each of the victims was transported to a local hospital but their identities have not yet been released.

Police Capt. Mike Williams told The Associated Press on Saturday that one victim was in critical condition and another may lose a leg.

 

Source: http://feeds.nbcnews.com/c/35002/f/663306/s/32684bb7/sc/8/l/0Lusnews0Bnbcnews0N0C0Inews0C20A130C10A0C130C20A94810A10Etwo0Emen0Earrested0Ein0Eoklahoma0Eshooting0Ethat0Eleft0Efive0Einjured0Dlite/story01.htm
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Friday, October 11, 2013

Goodbye, tracking cookies? Don't celebrate just yet


October 11, 2013









Is there something in the water? First Google, now Microsoft, is rumored to be working on technologies to replace tracking cookies for online advertising.


The secrecy surrounding these projects is no big deal, but what's bound to be a big deal is if they replace a well-known  (if a widely hated) system with a complete unknown.


Word about Google's "AdID" technology started circulating back in September, when USA Today reported about "an anonymous identifier for advertising ... that would replace third-party cookies" for the sake of end-user ad-tracking. The system is allegedly intended to give consumers "more privacy and control over how they browse the Web," and would be used with advertisers that have "agreed to basic guidelines" -- although it's not clear if those guidelines are designed to better favor consumers or advertisers.


USA Today's anonymous source within Google couldn't give more details, in part because the proposal was soon slated to be circulated amongst "industry participants, government bodies and consumer groups."


Speculation has since raged about what Google is planning and to what end. Some believe Google may be trying to follow the same model Apple created for iOS via its iAd platform -- the latter of which attracted unwanted attention from U.S. regulatory agencies back in 2010 (and which may well have been instrumental in allowing Google to purchase AdMob in the same timeframe).


When Google was pressed for more details, a "Google spokesperson" (according to multiple outlets) would only reply: "We believe that technological enhancements can improve users' security while ensuring the Web remains economically viable. We and others have a number of concepts in this area, but they're all at very early stages."


Those two words, "and others", might well have been a hedge, but perhaps Google knew something that everyone else has just now gotten wind of as well.




Source: http://www.infoworld.com/t/web-browsers/goodbye-tracking-cookies-dont-celebrate-just-yet-228652
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