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Monday, August 5, 2013
Rescuers find body of Mt. Hood snowboarder
MOUNT HOOD, Ore. (AP) ? A dozen rescuers armed with chain saws and other tools chipped away at tons of ice and snow Sunday to the recover the body of a 25-year-old snowboarder killed when an ice tunnel collapsed on Oregon's Mount Hood.
The snowboarder, Collin Backowski, of Colorado, was traveling with five companions when the collapse hit Saturday afternoon. The others tried to dig him out but could not break through the ice and snow, which an official described as being as thick as concrete.
Rescuers quickly responded but halted efforts about 11 p.m. Saturday, then resumed early Sunday morning.
Hood River Sheriff's Office spokeswoman Tiffany Peterson said that after removing tons of debris by hand, searchers found Backowski where he had been buried by 8 to 10 feet of snow and ice.
None of the searchers or other snowboarders was injured, Peterson said.
The ice tunnel was on the White River Glacier, which begins about 6,000 feet up the south side of the mountain.
An airplane was dispatched to survey the area, along with crews from local sheriff's offices.
Seven rescuers, including five members of an all-volunteer group called the CragRats, were on the mountain on Saturday night.
Companions took pictures of the area just before the tunnel collapsed, giving searchers a better idea of where to look.
Warm temperatures made snow on the mountain slushier and more easily sloughed off the surface, adding to the challenge of attempting to reach the snowboarder.
Source: http://news.yahoo.com/rescuers-body-mt-hood-snowboarder-184201376.html
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Syria limits foreign currency use, threatens traders with jail
BEIRUT (Reuters) - Syrian traders who price goods in foreign currency will face up to 10 years in jail, the government announced on Sunday in a move aimed at stemming the increasing dollarization of an economy crippled by two years of civil war.
A decree issued by President Bashar al-Assad "forbids the use of anything other than the Syrian pound as payment for any type of commercial transaction or cash settlement".
Traders who violate the law face up to three years in jail and a fine equivalent to double the value of the payment. If the sum involved is over $5,000, punishment could rise to 10 years with hard labor, according to the decree published by state media.
Bankers said Sunday's move reinforced existing prohibitions on pricing goods in dollars - a law which has been increasingly flouted after sharp falls and wild fluctuation in the Syrian pound - and said the penalties had been stiffened.
"It's to prevent people from fleeing to the dollar," said one Damascus banker, adding the decree would not have an impact on banking operations.
"It does not in any way affect the banking sector - the country needs foreign currency transfers," he said. "The idea is that people don't all think in dollar terms as if there is no local currency. It's more a psychological move with the currency crumbling."
Sharp falls and fluctuations in the Syrian pound have led to increasing use of the U.S. dollar in all walks of life, by food sellers and manufacturers, taxi drivers and importers.
Before protests against Assad's rule erupted in March 2011 the pound stood at 47 to the dollar. After two years of war and economic collapse, it now changes hands for around 200, and briefly fell as low as 300 last month, exchange dealers say.
Devastation to the commercial and industrial cities of Aleppo and Homs, together with the loss of foreign currency earnings as oil exports and tourism dried up, have hit the economy hard. Damage is estimated in the tens of billions of dollars and this year's wheat crop is expected to fall by half.
The weakness and volatility of the local currency has pushed up inflation and left many shopkeepers struggling to price their goods in local currency.
"Having dollars, depositing them and using them as a currency of savings has never been outlawed but even before the crisis, dealing with dollars in domestic commercial transactions was banned," said a chief currency dealer in a Damascus bank.
"This is a law that imposes more penalties," he said. "Syrians can get transfers in dollars and importers can still price their goods in dollar but they cannot put dollar price tags on goods sold," he said.
(Reporting by Dominic Evans and Suleiman al-Khalidi; Editing by Janet Lawrence)
Source: http://news.yahoo.com/syria-limits-foreign-currency-threatens-traders-jail-121820997.html
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Asia's exports stutter, missing out on U.S. revival
By Wayne Arnold and Choonsik Yoo
HONG KONG (Reuters) - The U.S. economy may have stopped sneezing, but Asia's exports are still laid up with a nasty cold.
Growth in exports from seven of East Asia's biggest exporters - Japan, China, South Korea, Taiwan, Thailand, Hong Kong and Singapore - slowed to a halt in the second quarter, according to national trade data compiled by Reuters, led by a 9 percent drop in exports to the European Union compared to a year earlier.
Growing trade between China and its neighbors has failed to offset a sharp decline in demand from Europe and slumping demand for things made in Japan. More troubling is that the slowdown dashes expectations earlier this year for a gathering recovery in the United States to trigger a rise in demand for Asian exports.
Exports still represent the equivalent of roughly 35 percent of the region's combined economic output. But the U.S. recovery has been led by housing and shale-gas investment, not demand for the electronics Asia's factories supply.
That could make it harder for Asia's economies to weather rising global interest rates and a westward migration of international investment funds. While foreign investors are still accumulating Japanese stocks, they have sold off roughly $12.5 billion of other Asian stocks since May, according to data from Nomura.
"The attraction for more money to be put into this region at this time is not there," said Kelvin Tay, chief investment strategist at UBS in Singapore. "We're caught in the middle of nowhere."
SOME SURPRISES
The trade numbers contain some notable surprises: though Japan's falling yen has made its export earnings swell when measured in its own currency, demand remains weak and its exports in U.S. dollar terms fell 14 percent in the second quarter.
And despite a rising currency, South Korea's exports rose 1 percent, with exports to China climbing 13 percent on booming sales of industrial machinery, auto parts and popular consumer items like smartphones, TVs and refrigerators.
That might bode well for China's slowing economy, suggesting that factories are preparing for a boost in orders, and that China's efforts to shift growth from investment and exports to domestic demand are stoking an appetite among consumers for high-end white goods like those made by Samsung Electronics , LG Electronics and Hyundai Motors .
"The Chinese government has been pushing hard to boost domestic consumption, and South Korean exports of late appear to be enjoying that," said Lee Sang-jae, economist at Hyundai Securities in Seoul. "Private consumption there is growing much faster than the overall economic growth."
Economists and investors who look to South Korea as a bellwether for global export demand see in its rising numbers glimmers of hope for the rest of Asia, too. Markus Rosgen, strategist at Citigroup in Hong Kong, said such optimism was reinforced by last week's positive survey of European purchasing managers by London-based financial information services firm Markit.
And Deutsche Bank's chief Asian economist, Michael Spencer, pointed to the U.S. Institute for Supply Management's index of national factory activity, which rose in July to a 2-year high of 55.4, beating economists' expectations of 52.0 and June's reading of 50.9.
But such optimism wasn't reflected in last quarter's exports to Europe or the United States. Exports from China to the EU dropped 8 percent, and fell 20 percent from Japan, marking a seventh straight quarter of declines. Exports to the United States dropped 2.4 percent, led by a 21 percent drop in exports from Hong Kong and a 7 percent decline from Japan.
"PRETTIEST PIG"
While surveys in the West may be improving, they have yet to lift the mood among managers in Asia. HSBC/Markit's survey of regional purchasing managers indicates that new orders are falling in China, South Korea and Taiwan, and that growth is slowing in Japan.
"This suggests that an immediate rebound is not on the cards for Asia," Frederic Neumann, co-head of Asian economic research at HSBC in Hong Kong, wrote in an August 2 note to clients. "In developed markets, broadly speaking, things have picked up nicely. But the feed through to emerging markets is lacking."
Instead of boosting Asian stocks on hopes of an export rebound, therefore, economists warn more investors are likely to shift funds from Asia to the United States with its relatively more positive outlook.
"It is becoming obvious that although the U.S. economy is still struggling to regain its growth momentum, it is probably the ?prettiest pig at the fair' - best of a group of somewhat unattractive options," Chris Christopher, an economist at U.S. consulting and publishing firm IHS, wrote in a note to customers on consumer market trends.
The biggest weakness in export demand came from the country seemingly enjoying the most dramatic rebound - Japan.
Thanks to unprecedented efforts by the central bank there to stimulate demand by buying assets with newly minted money, Japan's yen has lost more than a fifth of its value against the U.S. dollar in the past year. That translated into a 7 percent increase in Japanese exports last quarter, helping Toyota Motor almost double its net profit to a quarterly record 562.19 billion yen ($5.69 billion). Toyota attributed more than a third of its quarterly operating profit to a falling yen.
Despite the rising yen value of its exports, though, Japan actually shipped out almost 6 percent less in the second quarter than the year before. And the value of those exports in U.S. dollars fell 13.8 percent.
(1 = 98.7650 Japanese yen)
(Additional reporting by Yoko Kubota and Tomasz Janowski in Tokyo, and Kevin Lim in Singapore; Editing by Ian Geoghegan)
Source: http://news.yahoo.com/asias-exports-stutter-missing-u-revival-211813497.html
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Sunday, August 4, 2013
Warrior Mind Podcast # 144: Making a Difference and a Profit ...
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This Warrior Mind Podcast is based on Mental Strength Tip #103: Profit and Personal Success.
The purpose of this podcast is to help you understand the importance of how making a difference will turn into making a profit and to do this as soon as possible in your business/career in order to achieve personal success.
A successful entrepreneurial business has many parts but it always begins with the understanding of why you do such work. Aside from that, as an entrepreneur you should also understand the people you serve, their struggles, and by making difference in their lives you deserve to be rewarded in the form of a profit.
Enjoy the podcast below:
I encourage you to embrace a profit driven mindset.? When you do, this will remove of the most powerful mental obstacles that holds most people back from achieve personal success.
?I don?t want to do business with those who don?t make a profit, because they can?t give the best service.? ? Richard Bach
To get you started on creating a personal development plan pick up a copy of ?Develop the Mental Strength of a Warrior? today!
This is a fantastic e-book that helps you with your personal development, self-improvement and personal power.? You?ll learn to take back control of your thoughts, develop success awareness and helps you tap into the powers of your unconsciousness mind to create the mental strength to succeed at anything!
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