Tuesday, October 25, 2011

Brightbridge Wealth Management Headlines:Facebook hires former Bush aides as Washington lobbyists

http://brightbridgewealthmanagement-facts.com/2011/06/brightbridge-wealth-management-headlinesfacebook-hires-former-bush-aides-as-washington-lobbyists/

It’s hiring two aides of former President George W. Bush as lobbyists.
Joel Kaplan, previously deputy chief of staff in the Bush White House, is joining Facebook as vice president of U.S. public policy, a new position in which he will oversee the company’s public policy strategy and interact with federal and state policymakers.
Zuckerbergobama Myriah Jordan, who worked in the Bush White House in the office of the chief of staff, is joining Facebook as policy manager, focusing on congressional relations.
Facebook now has four registered lobbyists, two Republicans and two Democrats, Tim Sparapani and Adam Conner. It spent $230,000 on lobbying in the first quarter.
“At Facebook, we’re committed to explaining how our service works; the important actions we take to protect the more than 500 million people who use our service; and the value of innovation to our economy,” company spokesman Andrew Noyes said in a written statement. “This work occurs daily in Washington, at the state level, and with policymakers around the world.”
The two new hires come as Facebook finds itself embroiled in political debates on Capitol Hill over online privacy and child safety. Facebook has stepped up hiring in Washington, growing from a one-man operation in 2007 to a 12-member team.

Brightbridge Wealth Management Headlines:Sony Confirms Latest Hacker Intrusion, Seeks FBI Investigation

http://brightbridgewealthmanagement-facts.com/2011/06/brightbridge-wealth-management-headlinessony-confirms-latest-hacker-intrusion-seeks-fbi-investigation/

June 4 (Bloomberg) — Sony Corp. said it contacted the U.S. Federal Bureau of Investigation and took action to protect its websites after intrusions by a group of hackers.
“We have confirmed that a breach has occurred and have taken action to protect against further intrusion,” Michael Lynton, chairman of Sony Pictures Entertainment, said in a statement. “We also retained a respected team of experts to conduct the forensic analysis of the attack.”
A group calling itself LulzSec posted statements online saying it broke into SonyPictures.com and downloaded unencrypted personal information, including passwords, e-mail addresses and dates of birth from 1 million user accounts.
The attack was the latest on Tokyo-based Sony, which in the past two months said more than 100 million accounts were compromised after hackers broke into its networks. Sony, which two days ago resumed full operation of the PlayStation Network in the U.S. and Europe after six weeks of suspension, said last month the intrusions will cost about 14 billion yen ($173 million) this fiscal year.
“My biggest concern is whether the expense related to unauthorized accesses will stay within 14 billion yen,” Tsunenori Ohmaki, an analyst at Tachibana Securities Co. in Tokyo, said yesterday. Online businesses have become more important to Sony as its main TV unit probably won’t contribute to earnings in the near future, he said.
LulzSec
LulzSec, which described the attack only as recent, posted customer information online from what appeared to be sweepstakes and loyalty-program databases, including one tied to the long- running soap opera “The Young and the Restless.” The group also took information from Sony music operations in Belgium and the Netherlands, it said.
“It’s just a matter of taking it,” LulzSec said in its statement. “This is disgraceful and insecure; they were asking for it.”
Sony fell 0.6 percent to close at 2,129 yen in Tokyo trading yesterday, extending its loss this year to 27 percent. The Nikkei-225 Stock Average has lost 7.2 percent this year.
The maker of Bravia televisions and Walkman music players has been facing series of intrusions to its online entertainment services, forcing an April 20 shutdown of the Qriocity and PlayStation Network services. Sony also halted some Internet services in Canada, Thailand and Indonesia last month after detecting unauthorized accesses.
Sony Ericsson
Intruders stole the names and e-mail addresses of about 2,000 customers at Sony Ericsson Mobile Communications AB’s Canadian website, while a site in Thailand may have been modified to help send fraudulent e-mails, Sony said last month. The company also suspended a site in Indonesia because of a suspected attack and found Web codes for the Japanese music unit were stolen.
At Sony Music Entertainment (Japan) Inc., hackers have stolen programming code related to artists’ sites, Yoshikazu Takahashi, a spokesman at the unit, said last month.
Tim Schaaff, president of Sony Network Entertainment International, appeared before a congressional panel June 2 to defend the company’s response to the April data breach.
Sony restored the PlayStation Network in all markets except Japan, Hong Kong and South Korea on June 2. Users of its Qriocity entertainment services will be able to download music with the resumption, while video on demand will remain suspended until further notice, it said.
Sony increased the number of firewalls between servers and added software to monitor intrusions and system vulnerabilities before resuming the services.

Brightbridge Wealth Management Headlines:Retail chains post modest 4.9% sales growth in May

http://brightbridgewealthmanagement-facts.com/2011/06/brightbridge-wealth-management-headlinesretail-chains-post-modest-4-9-sales-growth-in-may/

Shoppers appeared to be more cautious last month in spending for clothing and other items as rising gas and food prices took up a bigger chunk of their disposable income, raising some concern about a possible slowdown in sales over the summer.
Major retail chains reported a modest 4.9% gain in sales last month compared with a year earlier, below analysts’ predictions of a 5.4% rise, according to Thomson Reuters’ tally of 24 retailers released Thursday.
At the Westfield Culver City mall, shoppers said that rising temperatures had put them in the mood to browse for swimsuits and other summer apparel. But most said they were planning to spend modestly.
“We’re looking for sales and trying to buy only pieces that we really need,” said Lorena Aceves, 41, a supervisor at a workers’ comp claim-processing agency who was checking out floral sundresses and bikinis at Target. “Not planning to get anything fancy, maybe one or two items.”
Her daughter, Vanessa Rodriguez, 18, nodded in agreement Wednesday. “Last week, I spent my whole allowance filling up my car. I can’t afford to buy anything after that,” the high school senior from Culver City said.
More than half the retailers missed Wall Street expectations, although several, such as Costco Wholesale Corp. and a handful of luxury chains, reported big year-over-year gains in May.
“Overall, the numbers were strong on the surface,” said Michael Niemira, chief economist at the International Council of Shopping Centers. “However, we are seeing some inflation issues with prices of gasoline and rising food costs, which seem to have rippled through and affected middle- to lower-end retailers.”
Industry experts noted that sales during the Memorial Day weekend were less than expected and may signal troubles ahead for retailers.
“Perhaps we will see some pent-up demand in June, but we are concerned that the consumer, particularly at the lower end, may simply have a fixed spending amount and may simply spend less as apparel prices rise,” Adrienne Tennant, a managing director at investment firm Janney Montgomery Scott in Philadelphia, wrote in a Thursday note to investors.
Discounters and off-price retailers performed well in May as frugal consumers continued to hunt for bargains. Sales at Costco rose 13%, and others posted more modest increases. Ross Stores Inc. rose 4%, Target Corp. gained 2.8% and TJX Cos., parent company of T.J. Maxx stores, grew 2%.
Results are based on stores open at least a year, known as same-store sales and considered an important measure of a retailer’s health because it excludes the effect of store openings and closings.
High-end stores posted stronger results in May, buoyed by a recovering stock market and rising global demand. Nordstrom Inc. saw a 7.4% bump, Neiman Marcus Inc. reported a 12% rise and Saks Inc. posted a 20.2% increase.
Looking ahead, more affluent beachgoers and those planning summer trips are expected to open their wallets and splurge for surfboards and swimsuits after several years of frugality, said Doug Palladini, the president of the Surf Industry Manufacturers Assn.
“Retailers have brought surf wear more aggressively back into inventory and the outlook is generally very optimistic,” he said, pointing to action sports retailer Zumiez Inc., which reported a 7.8% gain in May, as a sign of strong demand for surf-related apparel.
However, retail experts caution that continued unemployment, a weak housing market and rising commodity prices probably will restrain middle- to lower-income consumers from making unnecessary purchases.
Reports this week of weak private-sector hiring last month and fresh lows in U.S. home prices sent the stock market stumbling. May national unemployment figures will be released Friday.
“It’s going to be a tough road for retailers during the summer and into back-to-school season,” said Ken Perkins, president of research firm Retail Metrics Inc. “The big issue is whether the soft patch the economy is running into now will affect consumer confidence and the ability to spend in the longer term.”
Consumers may also be put off by rising prices as retailers pass along higher costs for cotton and overseas labor, Perkins said, estimating that retail sales may slow to 2% growth in the latter half of the year.
The back-to-school season will be heavily promoted and watched by retailers who, nervous about consumer spending losing steam, view it as a good indicator of what’s to come during the holidays, said Laura Gurski, partner in the retail practice at Chicago-based management consulting firm A.T. Kearney.
“Very good retailers will start advertising early and try to stay out in front of the curve this fall,” Gurski said.
For now, some shoppers are tired of saving and are willing to splurge a little on something summery.
On Wednesday, real estate agent Marina Zecevic headed to Westfield Culver City with a friend to buy beachwear for her coming trip to Mexico. After three hours of shopping, she had snapped up a lavender purse, two pairs of sandals and some lingerie for a total of $100.
“I’m trying to restrain myself,” the 53-year-old from Westwood said. “But summer’s coming and you think, ‘Let’s have something nice to wear to the beach.’”

Brightbridge Wealth Management Headlines: Why 64 Percent Is the Golden Mean in the Housing Market: View

http://brightbridgewealthmanagement-facts.com/2011/06/brightbridge-wealth-management-headlines-housing-market-photo-h-armstrong-robertsgetty-illustration-by-bloomberg-view-by-the-editors-may-31-2011-901-pm-pt-5-comments-inshar/

Who should own a home? From the late 1960s to the mid-1990s, the answer in the U.S. was surprisingly consistent. Homeowners were savers who could muster significant down payments, with incomes solid enough to enable them to start repaying mortgages right away. During war, peace, boom times and recessions, the national rate of home ownership remained steady at 64 to 65 percent of households.
Starting in 1995, a home-ownership craze began. The belief took hold that rising home ownership meant a better society, no matter how fragile new buyers’ finances might be. Down payments started to matter much less; the same was true of income, which came to be ignored through no-documentation “liars’ loans.” By late 2004, a record 69.2 percent of American households owned their homes.
The U.S. housing market’s subsequent collapse has shown ubiquitous ownership to be a costly delusion. In the past nine quarters, more than 2.1 million homes have been foreclosed on. Lenders have lost countless billions of dollars in mortgage defaults or modifications. Yesterday brought news that the S&P/Case-Shiller index of urban home prices fell 3.6 percent in March from a year earlier, to the lowest level since 2003. The American housing slump isn’t finished yet.
A decade ago, three of the European countries with the fastest-growing rates of home ownership were Spain, Ireland and Greece. All three had boosted their rates above 80 percent, compared with a European average of 64 percent. Since then, each of those countries has become ensnarled in defaults, recessions and struggles to manage national debt. By contrast, Germany, with a home-ownership rate below 50 percent, has come through the upheaval essentially unscathed.

Owning or Renting

In Europe and the U.S., the balance between owning and renting is making a painful return to healthier levels. The U.S. home-ownership rate has ebbed to 66.4 percent, a level last seen in the late 1990s. The next step is to fix the logjam of foreclosed homes. The best hope may be the current settlement talks among regulators, lenders and loan servicers regarding abuses. A streamlined foreclosure process would let the housing market stabilize more quickly, albeit at a lower level.
Are U.S. lenders ready to return to the stricter norms of past generations? Recent signals are ambiguous. This spring, financial regulators proposed that loans meeting a handful of tests, including down payments of 20 percent or more, be designated as qualified residential mortgages, or QRMs. Such loans would be treated as extra-safe instruments that original lenders could securitize in full, making them more appealing to investors.

Skin in the Game

This rule would also force mortgage lenders to keep “skin in the game,” meaning they would have to hold about 5 percent of any non-qualified loan on their books, presumably forcing them to more carefully evaluate borrowers’ ability to repay.
Mortgage lending groups hate this idea, naturally. They say most borrowers couldn’t meet such a strict standard. According to the Mortgage Bankers Association, difficulties in securitizing non-QRM loans could add to credit costs, causing such loans to carry interest rates as high as 8.8 percent next year. If so, the association warns, millions of Americans could be priced out of the market.
Such worries seem overblown. If strong incentives exist for borrowers to rustle up bigger down payments, more will do so. Loans that almost qualify for QRM status are likely to attract market support, quickly making them more affordable than mortgage bankers predict. As for risky non-QRM loans, if they end up carrying uncomfortably high interest rates, that is market discipline at work.
A sound mortgage market, in which it takes work and a demonstrated ability to save to qualify for favorable credit, can thrive for generations. Trying to revive the anything-goes attitude of bubble-era lending in an effort to funnel more than 65 percent of Americans into home ownership can only lead back to instability.

Brightbridge Wealth Management Headlines: Zurich appoints CAO for General Insurance in the Middle East

http://brightbridgewealthmanagement-facts.com/2011/06/brightbridge-wealth-management-headlines-zurich-appoints-cao-for-general-insurance-in-the-middle-east/

Reporting directly to Maroun Mourad, Chief Executive Officer of Zurich’s General Insurance business in the Middle East, Samer will be instrumental in supporting Zurich’s growth initiatives for the region across all segments and will work closely with country General Managers to accelerate the build-up of Zurich’s retail operation.

Maroun Mourad said, “The first half of 2011 has seen Zurich make a number of senior appointments which is testament to our commitment to growing our presence in the region. The addition of Samer Abou-Jaoude to the Zurich team comes at a pivotal moment for the company as it gears up to roll out its broader general insurance proposition. Samer brings both multinational and regional expertise to the table. He has extensive operational, project management and consultancy expertise in the insurance industry and will help us to speed up the integration of Compagnie Libanaise d’Assurances and the launch of our retail platform”.

Samer has significant experience in the Middle East and North Africa region in insurance, management consultancy, and market development. He holds an MBA degree in Insurance Management from the Ecole Nationale d’Assurances in Paris, and an MA in International Affairs from the Lebanese American University.

Brightbridge Wealth Management Headlines: A crisis that could tear Europe apart

http://brightbridgewealthmanagement-facts.com/2011/06/brightbridge-wealth-management-headlines-a-crisis-that-could-tear-europe-apart/

Just imagine living in a Britain in which the state had broken down completely. You would see mobs rampaging through the streets and fires burning in the capital city.
You would see governments rise and fall; you would see taxes rise and social services cut. You would see faceless European bankers flying in to take over Britain’s economy, and you would see thousands of people take to the barricades, blazing with outrage at their betrayal by the political classes.
This may sound like the stuff of science fiction. But it is precisely what is happening right now in Greece, at the epicentre of what may prove to be one of the most terrifying political and economic crises in our lifetimes.

Brightbridge Wealth Management Headlines: Hulu weighs sale options after approach: source

http://brightbridgewealthmanagement-facts.com/2011/06/brightbridge-wealth-management-headlines-hulu-weighs-sale-options-after-approach-source/

(Reuters) – Online video site Hulu has been approached by a potential buyer and is weighing whether to sell itself, according to a person familiar with the matter.
Hulu is best known for offering free online access to popular TV shows from its strategic owners but last July launched a paid subscription service as a way to expand its offerings to include TV shows from other programing partners like Viacom.
The approach presents another decision point for the jointly owned company, which has shown an unclear strategy and last year spent six months planning an initial public offering before dropping the plan.
The development has encouraged the Hulu board to engage with the banking community to help handle the approach from the “serious” buyer and other potential offers, the person said.
Hulu is jointly owned by News Corp, Walt Disney Co, NBC Universal and private equity firm Providence Equity Partners.
The acquisition approach has not been made by any of the current equity holders, the person said. The buyer is expected to be either a strategic buyer or private equity. No decision has been made about whether the board is prepared to sell the company or not.
Though Hulu has been immensely popular with users, its owners have come under increasing pressure from their cable and satellite distribution partners reluctant to pay premium dollars to carry content that is being offered for free on the Web.
Added to that has been the unwillingness of many program makers to put their shows up on a free site with an advertising model that is yet to prove itself with premium video.
Hulu’s stiffest competition online is from Netflix, which now has more than 20 million paying subscribers in the United States.
Last year, Hulu had been planning to raise $200 million to $300 million in a public offering that would have valued the company at about $2 billion. But the company backed out of the plan in favor of a focus on new subscription models.
A Hulu representative was not immediately available.

Brightbridge Wealth Management Headlines: Apple may have tough road in Amazon lawsuit

http://brightbridgewealthmanagement-facts.com/2011/07/brightbridge-wealth-management-headlines-apple-may-have-tough-road-in-amazon-lawsuit/

(Reuters) – Apple Inc may face hurdles in stopping online retailer Amazon.com Inc from using Apple’s App Store name through a trademark lawsuit, a U.S. judge indicated at a hearing on Wednesday.
Apple, the maker of best-selling iPhones and iPad tablets, filed a lawsuit saying that Amazon has improperly used Apple’s App Store name to solicit software developers throughout the United States.
At the hearing in an Oakland federal court on Wednesday, District Judge Phyllis Hamilton said she would reread some of the supporting papers in the case, according to an individual who was at the hearing.
However, Hamilton said Apple had a “stumbling block” in proving that anyone would confuse Apple’s App Store for Amazon’s Appstore for Android, the individual said.
Hamilton did not make a final ruling at the hearing, court records show.
Apple declined to comment. Amazon did not immediately respond to requests for comment.
Apple claims in the lawsuit that Amazon is unlawfully using the App Store name in connection with what Amazon calls the “Amazon Appstore Developer Portal,” along with other instances like advertisements for a version of Angry Birds, the popular mobile game.
Apple has also asserted a claim of unfair competition, and is seeking to enjoin Amazon from using the App Store mark.
The case in U.S. District Court, Northern District of California is Apple Inc v. Amazon.com Inc, 11-1327.

Brightbridge Wealth Management Headlines: Zurich Steps Closer to Entering Latin America Market

http://brightbridgewealthmanagement-facts.com/2011/07/brightbridge-wealth-management-headlines-zurich-steps-closer-to-entering-latin-america-market/

NU Online News Service, July 15, 1:54 p.m. EDT
Zurich Financial Services Group says it has signed a definitive agreement with Banco Santander SA to buy a majority interest in the bank’s Latin America insurance operations.
The Zurich, Switzerland-based insurer says the agreement is “materially unchanged from what was announced” on Feb. 22.
The carrier went on to say that it and Madrid, Spain-based Banco Santander expect the transaction to be completed before the end of this year.
Earlier this year, Zurich announced it signed a 25-year distribution agreement with Banco Santander where it would acquire 51 percent of the bank’s insurance business in Latin America and Santander would keep the remaining 49 percent.
Zurich will pay Santander $1.67 billion in a combination cash and financed deal for its book of business.
The insurer will have access to 5,600 bank branches and an additional 36 million customers in five South American countries.
Thirty percent of the business is general insurance, primarily homeowners insurance, and the bulk of the rest is in life products.
In 2010, Santander’s Latin American insurance operations delivered a net profit of $328 million.
Zurich says the deal would make the company the 6th largest non-life insurer in the region, increasing its market share in the region to 3 percent. Once complete, Zurich becomes the 3rdlargest life insurer in the region and the 4th largest insurer overall in Latin America.

Brightbridge Wealth Management Headlines: Zurich streets among Europe’s most congested

http://brightbridgewealthmanagement-facts.com/2011/07/brightbridge-wealth-management-headlines-zurich-streets-among-europe%E2%80%99s-most-congested/

A recent survey has revealed that more than a quarter of roads in Switzerland’s main business conglomeration are clogged, putting Zurich in 16th place in the list of most congested cities.

The survey by Dutch navigation system maker TomTom comes days after a critical report in the New York Times accusing Zurich of “working overtime in recent years to torment drivers”.
The article reports that traffic lights are programmed to favour trams while pedestrian crossings have been moved from underground passages to street level.
The TomTom analysis found that daytime traffic on 27.4 per cent of Zurich city’s streets was forced to travel less than 70 per cent as fast as during the night when roads are less busy. Brussels came out worst in the report with nearly 40 per cent of its streets congested.

Angry pedestrians

Pio Marzolini from Zurich’s civil engineering department told swissinfo.ch that the authorities had made a decision to share out the limited space in the city more equitably.
“Most cities put cars first, but in Zurich we give equal rights to pedestrians, cyclists and public transport,” he said. “We do not want to create traffic jams, but tram users and pedestrians also get angry when they get delayed.”
Marzolini added that inhabitants of Zurich city supported the policy – unlike commuters – and that good public transport links had encouraged more people to relinquish their cars. In the last decade, the percentage of households without a car in the city has increased from 40 to 45 per cent.
“It is no good just telling people to give up their cars, we have to provide them with a good alternative too,” he said.
The policy is bound to please environmentalists who three years ago launched a campaign to reduce vehicle congestion in five of Switzerland’s largest cities.

More bypasses needed

Zurich even toyed with the idea of introducing a congestion charge for vehicles driving in the city, but the city council shelved the project because it lacked enough political support.
However, motor vehicle associations are less than happy with the situation in Zurich. Reto Cavegn, director of the Touring Club of Switzerland’s (TCS) Zurich chapter, told swissinfo.ch that, unlike for pedestrians and trams, the city had no clear policy for vehicle transport.
He argued that road congestion is critical throughout the canton of Zurich and not just in the city. Cavegn laid the blame on a lack of construction projects that could take traffic away from the city and other built up areas.
The Uetliberg tunnel was opened in 2009 to improve traffic access to central Switzerland from the south of Zurich. But Cavegn believes that there should be more such outlets and that existing bypasses, such as the notoriously congested Gubrist tunnel, should be upgraded.
“Nothing is being done for car drivers,” he told swissinfo.ch. “As long as vehicles lack clear routes away from the city then we will have too much traffic there.”
TCS estimates that traffic jams cost the canton of Zurich’s economy SFr100 million ($118 million) a year as commuters are late for work or deliveries are delayed.

Intelligent traffic lights

Dirk Helbing, a professor of sociology at Zurich’s Federal Institute of Technology, claims to have the answer to all these problems. Together with colleagues at Dresden’s University of Technology, Helbing has developed an intelligent traffic light system that he claims could reduce traffic waiting time by up to 30 per cent.
Using sensors and wireless technology, this system monitors the amount of vehicles on the roads and better coordinates traffic flow by having traffic lights “talk” to one another before changing from green to red.
This system would adapt to changes in traffic flow rather than the present rigid method of programming lights to change at fixed times according to the time of day.
“This is a more flexible approach that responds to actual traffic flow and provides better performance,” Helbing told swissinfo.ch. “It would not be very expensive to install because the wireless technology can be adapted to existing systems and does not require roads to be torn up.”
The system would also recognise buses and trams and be able to give them priority, Helbing added. Pedestrians and cyclists would also benefit by breaking traffic into smaller blocks, giving more space to others using the road or wishing to cross over, he said.

Brightbridge Wealth Management Headlines: People’s Bank Still Owes an Accounting to Its Shareholders: View

http://brightbridgewealth-management.com/2011/06/brightbridge-wealth-management-headlines-people%E2%80%99s-bank-still-owes-an-accounting-to-its-shareholders-view/

Imagine that a friend with infinite resources gives you unlimited access to his bank account in exchange for a symbolic amount of interest, say 0.01 percent. Then imagine that you can do as you please with the money, including lend it back to your deep-pocketed friend at a much higher rate of interest and keep the difference as profit.
It sounds too good to be true, yet it happens to be a pretty good analogy for the method the U.S. Federal Reserve used to rescue the financial system from collapse in 2008. The biggest U.S. banks — and some foreign ones — were given access to Fed lending programs at negligible rates and then used the money to, among other things, buy 10-year Treasury securities with yields from 2.05 percent to 4.27 percent. Altogether, the central bank committed $3.5 trillion to bailing out banks and restoring the flow of credit to a paralyzed financial system.
Astoundingly, in combination with the $700 billion Troubled Asset Relief Program and various other bailouts by the Treasury Department and the Federal Deposit Insurance Corp., this approach mostly worked: Credit markets gradually thawed, the biggest U.S. banks were pulled back from the brink and the economy has posted seven quarters of consecutive — albeit modest — growth since June 2009.
So why does the Fed continue to keep Congress, and the rest of us, in the dark about the way taxpayer money was used? Last week, Bloomberg News’s Bob Ivry reported that in 2008 Credit Suisse Group AG (CS), Goldman Sachs Group Inc. (GS) and Royal Bank of Scotland Group Plc (RBS) each borrowed at least $30 billion from a Fed emergency-lending program whose details haven’t been disclosed to shareholders, members of Congress or the public.

28-Day Loans

It was no simple task to uncover this $80 billion Fed initiative known as single-tranche open-market operations (ST OMO), which from March through December 2008 made 28-day loans to units of 20 banks that paid interest rates as low as 0.01 percent. Information about the program was buried in just 27 pages of the more than 29,000 pages of data the Fed was forced to release under the Freedom of Information Act after a request for disclosure was contested all the way to the Supreme Court. Nor was the program mentioned in the reports on emergency lending the Fed was required to make to Congress last year under the Dodd-Frank law.
The Fed claims, with some justification, that it has been more open than ever before in its 97-year history, giving pride of place to Chairman Ben Bernanke’s big press conference on April 27. Openness is different from transparency, however. While it is true the central bank has released a trove of data concerning its lending facilities during the 2007-2009 crisis, it has never done so voluntarily.

Bank-Supervisory Memos

There is a lot more to be done. Specifically, the Fed should make public the bank-supervisory memos from the period that preceded the popping of the credit bubble. Determining which signs and portents were missed, ignored or misinterpreted will help regulators and Congress — and the Fed itself — avoid similar mistakes in the future.
Another urgent change is to require the Fed’s regional affiliates to be more transparent. The Federal Reserve Bank of New York, which administered the ST OMO program, has rebuffed requests for information about specific amounts the bank lent and to which firms. The New York Fed claims, unconvincingly, that it’s not subject to the disclosure laws that cover the rest of the executive branch because it’s a private entity.

Quantitative Easing

Finally, the Fed’s emergency policy of funneling money into the banking system has been followed by a post-emergency policy of quantitative easing, which amounted to funneling even more money into that same banking system. This has increased the threat of inflation and weakened the dollar. More disclosure would force central bankers to tell us how they plan to address these unintended consequences.
More than two years after the official end of the recession, the Fed should understand that withholding information ultimately undermines its ability to preserve its independence, a fundamental requirement of fulfilling its mandate. Its opacity only serves to reinforce a misguided sense among some Americans that the central bank is an occult organization devoted to mysterious ends. This perception was visible in a Bloomberg National Poll published in December in which a majority of respondents said they favored either bringing the Fed under tighter political control or abolishing it outright.
Greater disclosure has the power to deepen public appreciation of an independent Fed’s beneficial role for all Americans. The central bank should trust the citizens it serves to understand the actions it takes in their name — and with their money.

Brightbridge Wealth Management Headlines: Don’t let a natural disaster become a financial disaster

http://brightbridgewealth-management.com/2011/06/brightbridge-wealth-management-headlines-dont-let-a-natural-disaster-become-a-financial-disaster/
HEADLINES routinely ring with news of natural disasters this spring. With wildfires in the west, earthquakes and tsunamis in Japan, and flooding and record tornadoes across the country, it’s a dose of reality that disaster can strike anytime and anywhere.If the unthinkable occurs, would your family be prepared? The following tips will help make sure you are ready to weather any devastation that may come your way.  
First things first
Take care of basic things first like installing smoke alarms and carbon monoxide detectors and knowing how to shut off utilities. Familiarize yourself with extreme weather conditions in your area and how to prepare for them. Advance preparation may ultimately save valuable time, money and resources during a crisis.
Disaster-proofing your home
Certain improvements may help disaster-proof your home. Before deciding to invest in home improvements, assess whether the changes will reduce your insurance premiums, increase the value of your home or offer you peace of mind if there is a disaster.

Brightbridge Wealth Management Headlines: Asia BoomChanging World economy says RBA

http://brightbridgewealth-management.com/2011/06/brightbridge-wealth-management-headlines-asia-boomchanging-world-economy-says-rba/

Reserve Bank of Australia governor Glenn Stevens said the rapid growth of China, India and other emerging economies was driving Australia’s terms of trade to levels about 85 per cent above their 20th-century average.
“The amount of additional income accruing to production in Australia from that is 15 per cent or more of annual GDP,” the bank chief said in a speech.
Stevens said the boost reflected a “large and persistent change in global relative prices”, warning that the “China story” went beyond cyclical forces of supply and demand to a deeper structural shift.
“Hundreds of millions of people in the emerging world have seen growth in their incomes and associated changes in their living standards, and they want to live much more like we have been living for decades,” he said.
“This means they are moving towards a more energy- and steel-intensive way of life and a more protein-rich diet. That fact is fundamentally changing the shape of the world economy.”
In Australia, that meant a “very large boost to national income” which would require “some degree of restraint”, he said, raising the prospect of a rate hike – the first since November when it was lifted to 4.75 pe recent.
The Australian dollar spiked to $US1.0707 from $US1.0671 prior to Stevens’ remarks.
The Reserve Bank of Australia held official rates steady this month for the sixth time since November, saying floods and cyclones over the summer had thrown the economy into reverse, while Europe remained under a debt cloud.

Brightbridge Wealth Management Headlines: Bitcoin ‘will recover’ from crash

http://brightbridgewealth-management.com/2011/06/brightbridge-wealth-management-headlines-bitcoin-will-recover-from-crash/

The virtual currency Bitcoin will “bounce back” after a hack attack caused its value to collapse, according to one of its senior developers.
Gavin Andresen said he hoped the crisis would lead to better security on sites where Bitcoins are bought and sold.
Prices on the main exchange, Mt.Gox, fell from $17.50 (£10.80) to almost zero when a large number of stolen Bitcoins were dumped on the market.
Trading was suspended and eventually rolled back to pre-crash rates.
Mt.Gox revealed details of the security breach on June 20 with an announcement on its website.
“It appears that someone who performs audits on our system and had read-only access to our database had their computer compromised. This allowed for someone to pull our database,” the statement read.
Around the same time, an unidentified person accessed one of the compromised accounts and sold all of its Bitcoins.
They then attempted to buy the coins again and withdraw them in US dollars.
The fraudster was partially foiled when they hit Mt.Gox’s $1000 daily limit.
The decision to reset the Bitcoin rate to a point just before the malicious trades were placed was criticised by some users who had taken the opportunity to buy low.
“Why should everyone who profited from the crash suffer your inability to secure the site?” wrote a user called Elments.
Questionable future
Although the problem was caused by security failings at Mt.Gox, it has raised wider questions about the viability of Bitcoin as a virtual currency.
Continue reading the main story 

Brightbridge Wealth Management Headlines: Hacker George Hotz joins Facebook as product developer

http://brightbridgewealth-management.com/2011/07/brightbrigde-wealth-management-headlines-netflix-raises-price-of-dvd-and-online-movies-package-by-60/
It has been reported that the change in Hotz’s job profile became a matter of speculation in the hacking community when he allegedly backed off a challenge with Joshua Hill for hacking iPad 2. The sudden transition of GeoHotz from the treacherous world of hacking to a regular job with one of the best-known Internet companies of the day has come across as a surprise. It was only in April that he settled an acrimonious battle with Sony, following his multiple hacks of the PlayStation 3. George Hotz had shot into fame as a teen hacking sensation when he cracked iPhone. He then unleashed his wizardry by breaking open the Sony PlayStation 3, and then forced Sony to move court to obtain restraining orders preventing him from releasing the latest jailbreak on PS3. Hotz’ first 15 minutes of fame came at the age of 17 when he cracked open the iPhone, a device which caught the imagination of the world. He immediately became a pin-up boy attracting rock star fan following. When he unlocked the iPhone bootloader in August 2008, Apple’s storied device could be used on any network, not just AT&T, its exclusive seller. Hotz’ achievement was basically a hardware coup; his modus operandi just involved some soldering and hardware modification. CertiCell, a cell phone modification company, hired him besides giving away a swanky Nissan 350Z sports car and 3 iPhones as the price of his unlocked iPhone. After hacking the iPhone, he unleashed a jailbreak named Blackra1n for all iPhones and iPod Touches. Hotz set up a website for limera1n, his jailbreak software, in March 2010. He announced on July 2010 that he was able to jailbreak an iPhone 4 running iOS 4.0 but in the same month he said he was retiring from the business of hacking ‘iDevices’. He said his hacking escapades were rather meant to be distractions and they were not being seen any longer as just fun. Hotz said in late 2009 that he was targeting PS3. He said in January 2010 he was able to hack the machine and gain read and write access and released the jailbreak for the public. He released his jailbreak to public in January 2010, enabling any one to hack into the system using the “OtherOS” function in the system. This forced Sony to withdraw the OtherOS function from the machine which was required for running the hacked code. Sony did this by releasing a PlayStation 3 firmware update which removes the OtherOS function. Sony has since then fortified PS3 with the addition of advanced custom firmware. Hotz said in July 2010 that he was abandoning his further attempts to hack the PS3, but resurfaced early this year showing demonstrations of running homebrew applications on PS3 firmware 3.55, raising alarm at Sony. In April, Sony and GeoHotz reached a settlement in their months-long legal battle. The settlement enjoined Hotz from reverse engineering any Sony product, or using any tools, hardware or software to get around the authentication systems. Nor was he allowed to distribute any information, tools or software that would allow anyone else to do the same thing. If he violates the order then he will be fined $10,000 for each violation. George Francis Hotz was born on October 2, 1989 and grew up in Glen Rock, New Jersey, where he attended the Bergen County Academies. The curly-haired child prodigy has said he wanted to get into neuroscience, and go ‘hacking the brain’.

Brightbridge Wealth Management Headlines: Dollar May Increase Without Agreement on U.S. Debt Ceiling, Citigroup Says

http://brightbridgewealth-management.com/2011/07/brightbridge-wealth-management-headlines-dollar-may-increase-without-agreement-on-u-s-debt-ceiling-citigroup-says/
“When risk aversion picks up and uncertainty dominates market psychology, people look for the most liquid and deepest markets they can find, and that’s historically been U.S. Treasuries and U.S. dollars,” Andrew Cox, a currency strategist at Citigroup in New York, said in a telephone interview. The stalemate between the White House and congressional Republicans over increasing the $14.3 trillion debt ceiling and reducing the deficit has pushed stocks down and is likely to contribute to a move away from higher-risk assets, Citigroup said in a note to clients today. Standard & Poor’s reiterated July 21 it may cut the U.S. debt rating to AA+ from AAA if a deal is reached that doesn’t address the U.S.’s long-term debt burden. The New York-based ratings company said the chance of a downgrade during the next three months is 50 percent. It placed the rating on “CreditWatch” for a downgrade on July 14. House Speaker John Boehner of Ohio told fellow Republicans he was determined to force action on a two-step debt-limit extension that would provide a roughly $1 trillion, shorter-term increase than President Barack Obama has requested, defying a veto threat and the administration’s warnings of dire economic consequences. The Dollar Index, which tracks the greenback against the currencies of six major U.S. trading partners including the euro, yen and pound, declined 0.1 percent today to 74.105 in New York. The measure reached 73.889 on July 21, the lowest level since June 9. To contact the reporter on this story: Joe Ragazzo in New York atjragazzo@bloomberg.net

Brightbridge Wealth Management Headlines:D.B. Cooper hijacking mystery is revived with a ‘credible’ new tip

http://brightbridgewealth-management.com/2011/08/brightbridge-wealth-management-headlinesd-b-cooper-hijacking-mystery-is-revived-with-a-credible-new-tip/

A 1971 artist’s sketch released by the FBI shows the skyjacker known as “D.B. Cooper.” (FBI)
D.B. Cooper, the infamous hijacker who leaped to fame from a jetliner nearly 40 years ago, may, in fact, be a man who died of natural causes a decade ago, according to a “credible” tip under investigation by the FBI.
The Seattle Times reported Monday that FBI agents requested the personal effects of a possible suspect after receiving a tip from a retired law enforcement official. So far, efforts to connect the dead man to Cooper include attempting to match fingerprints found on the clip-on tie left behind on the aircraft, although nothing conclusive has been discovered, according to the newspaper.
Cooper vaulted into urban mythology by parachuting out of a jetliner over the Pacific Northwest with a $200,000 ransom on Nov. 24, 1971.
PHOTOS: Vanished into thin air
His case remains the only unsolved airline hijacking in U.S. history. Cooper jumped from a Boeing 727 into the skies between Portland, Ore., and Seattle. He disappeared with the ransom he extorted — 10,000 $20 bills.
The case has remained open, but the trail has been cold despite hundreds of tips, thousands of theories and dozens of breakthroughs in scientific investigation. Now the FBI, which has previously said that Cooper is likely dead, is looking at fresh evidence, according to weekend reports in the media in Seattle, the epicenter of the story that seemingly can never die. The FBI’s recent tip in the case was first reported by the Telegraph newspaper in London, a testament to the story’s international appeal.
“With any lead our first step is to assess how credible it is,” Sandalo Dietrich told the Seattle Post-Intelligencer on Saturday. “Having this come through another law enforcement [agency], having looked it over when we got it — it seems pretty interesting.”
Dietrich was on vacation Monday, according to a message on her FBI voicemail.
FBI agent Fred Gutt told the Seattle Times on Monday that the bureau’s tip came from a retired law enforcement source. He said the family of the dead man was cooperating with authorities.
It is not surprising that the Cooper story has spawned a dozen books and at least one movie. It combines elements of mystery (what happened to…), adventure (man jumps from plane into rugged terrain…), but above all, the romance of an unknown person getting away with something and vanishing to possibly enjoy the ill-gotten gains.
According to reports, a man calling himself Dan Cooper purchased a one-way ticket to Seattle the day before Thanksgiving, 1971, at the Portland airport counter of Northwest Orient Airlines. He was somewhere in his mid-40s, between 5-10 and 6-2. He wore a black raincoat, a dark suit, white shirt and black necktie. He could have passed for a funeral director or a banker with his mother-of-pearl tie pin.
He ordered a bourbon and water and lighted a cigarette (in those days one could smoke on an airplane). He called over a stewardess and handed her a note, printed in all capitals: “I have a bomb in my briefcase. I will use it if necessary. I want you to sit next to me. You are being hijacked.”
By late afternoon, the plane had landed in Seattle, had been refueled and passengers taken off. By evening, the ransom and parachutes were delivered and the plane took off for Reno. At 8:13 p.m, the aircraft’s tail section sustained a sudden upward movement.
When the craft landed at 10:15 p.m, authorities searched but Cooper was no longer on board.

Bridgebridge Wealth Management Headlines: Sweet treat for foodies in Zurich

http://brightbridgewealth-management.com/2011/10/bridgebridge-wealth-management-headlines-sweet-treat-for-foodies-in-zurich/

GO SWITZERLAND : Already renowned for its chocolate, the Swiss city is fast building a reputation as a culinary capital, with a panoply of intercultural eating houses offering Thai, Indian, French, American and local cuisine, writes MARIE-CLAIRE DIGBY
FOR MOST PEOPLE, chocolate bars are primarily either milk, dark or white, but for Rudolf Zehnder, general manager of the Ambassador hotel in Zurich, there are seasonal variations. “I have an autumn chocolate, but it gets too hard when I go hiking in winter; in general I like a dark, crisp chocolate in summer and milk chocolate in winter,” he says.
They take their chocolate very seriously here in this most picture-perfect of Swiss cities, which lies on the river Limmat as it flows into Lake Zurich, with the majestic Uetliberg mountain as a backdrop.
The first ever 100 per cent Swiss chocolate was produced at Zurich Zoo last year, using beans grown in the zoo’s Madagascar rain forest exhibit. The plants took six years to bear fruit and the harvest was tiny.
Just 150 premier cru Madagascar pralines were made, and they sold for CHF200 (€165) each, with the profits supporting the preservation of the Indian Ocean island’s Masoala National Park.
On another scale altogether, the giant Lindt chocolate factory perfumes the air in a most delicious way from its lakeside location at Kilchberg, a few miles outside the city, while in town, you’re never more than a few paces from some superlative chocolate.
You can sip a molten hot chocolate while listening to classical favourites being played on the grand piano in the gloriously decadent red velvet salon of Conditorei Schober, the city’s oldest coffee house. Or treat yourself to a Luxemburgerli, Zurich’s answer to the French macaron, at Confiserie Café Sprüngli, on the city’s main shopping street, Bahnhofstrasse.
These tiny meringues, smaller than the French macaron, glow like jewels in the chocolate-scented boutique, and some – the champagne variety – are even painted with gold lustre. They got their name, according to local lore, because the modest, puritanical Zurichers couldn’t bring themselves to call them by the original name, “baiser de mousse” or foam kiss, so they asked instead for the cakes made by the Luxembourg confectioner. This was Camille Studer, who brought the recipe to Zurich when employed by Richard Sprüngli.
BUT EVEN ZURICHERS cannot live on chocolate alone, and it comes as quite a surprise to find that this most conservative Swiss city has a vast panoply of intercultural eating houses, from meat- and cream-rich traditional menus in the city’s ornate Guild houses, to Asian buffets and French brasseries, Spanish tapas and – bet you weren’t anticipating this one – a Chinese takeaway served in an ornate temple garden gifted to Zurich by its twin city of Kunming in south west China in thanks for technical assistance in setting up the city’s drinking water supply.
Chinagarten is one of 11 catering outlets run by Kramer Gastronomie that also includes Thai, Indian, French, American, and traditional Swiss restaurants. Which is why I’m not altogether surprised to find myself sipping delicious mango juice flavoured with cardamom and cooking Indian food early on a Sunday morning in Europe’s oldest vegetarian restaurant . . . and yes, I’m still in Zurich.
Hiltl is a Zurich institution, occupying a prime corner site just steps from the dizzying parade of luxury brand boutiques on the Hauptbahnhof. It has been open since 1898, and Rolf Hiltl is the fourth generation of his family to run the business, which includes a 440-seat restaurant, catering company, and coffee bar and lounge that morphs into a nightclub several nights a week, when the departing stragglers bump into chefs coming in for the early shift.
It’s all very hip and cool, with lots of concrete, wood, glass and steel, and the restaurant’s live Twitter feed is projected on one wall. The nerve centre is a giant buffet table groaning with all manner of dishes, so varied that you’re never tempted to ask, “Where’s the beef?” There’s a camera trained on the buffet, so kitchen staff can keep an eye on what needs replacing.
Once you’ve made your selection your plate is weighed and you’re charged for what you’ve taken. It’s a clever concept, and you can try it out a little nearer to home at the London outpost of Tibits, a spin-off of Hiltl, with branches across Switzerland as well as in Heddon Street, near Regent Street in W1.
But before we can sample Switzerland’s most celebrated vegetarian food, we must assemble in the company’s bright and airy Cooking Atelier, where chef Anna Schlatter demonstrates patience levels worthy of beatification as she takes us through a hands-on session during which we make samosas with ginger raita, karahi paneer with chapatis, and for dessert, a curd cheese, saffron and garam masala concoction called Shrikhand.
It is all incredibly tasty, and quick to put together. By the time we’re finishing lunch, we’re sharing the cooking studio with brunch guests, obediently arriving for their very Swiss-like reservation times. Table for four, 12.55pm, reads the sign on an adjacent table.
Hiltl cooking classes run on a regular basis, often in English, with dates and details available at hiltl.ch. Like most things in Switzerland, it’s not cheap; the next English language class, on October 30th, will be a four-hour one at which a six-course menu will be prepared and the cost is CHF 200 (€165), including the class, dinner, drinks, wine and service.
But, like most things in this most elegant and sophisticated city, you really do get what you pay for.

Brightbridge Wealth Management Headlines: Zurich Steps Closer to Entering Latin America Market

http://brightbridgewealthmanagement-facts.com/2011/07/brightbridge-wealth-management-headlines-zurich-steps-closer-to-entering-latin-america-market/

NU Online News Service, July 15, 1:54 p.m. EDT
Zurich Financial Services Group says it has signed a definitive agreement with Banco Santander SA to buy a majority interest in the bank’s Latin America insurance operations.
The Zurich, Switzerland-based insurer says the agreement is “materially unchanged from what was announced” on Feb. 22.
The carrier went on to say that it and Madrid, Spain-based Banco Santander expect the transaction to be completed before the end of this year.
Earlier this year, Zurich announced it signed a 25-year distribution agreement with Banco Santander where it would acquire 51 percent of the bank’s insurance business in Latin America and Santander would keep the remaining 49 percent.
Zurich will pay Santander $1.67 billion in a combination cash and financed deal for its book of business.
The insurer will have access to 5,600 bank branches and an additional 36 million customers in five South American countries.
Thirty percent of the business is general insurance, primarily homeowners insurance, and the bulk of the rest is in life products.
In 2010, Santander’s Latin American insurance operations delivered a net profit of $328 million.
Zurich says the deal would make the company the 6th largest non-life insurer in the region, increasing its market share in the region to 3 percent. Once complete, Zurich becomes the 3rdlargest life insurer in the region and the 4th largest insurer overall in Latin America.

Tuesday, September 20, 2011

Brightbridge Wealth Management Headlines: New Patents From Google Shore up HTC’s Defenses

Brightbridge Wealth Management Headlines: New Patents From Google Shore up HTC’s Defenses

Brightbridge Wealth Management: Brightbridge Wealth Management Headlines: New Pate...

Brightbridge Wealth Management: Brightbridge Wealth Management Headlines: New Pate...: http://brightbridgewealth-management.com/ Armed with new patents transferred from Google, HTC has filed a new lawsuit against Apple and a...

Brightbridge Wealth Management Headlines: New Patents From Google Shore up HTC’s Defenses

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Armed with new patents transferred from Google, HTC has filed a new lawsuit against Apple and amended two previous legal complaints.
HTC filed the new lawsuit against Apple Wednesday in the U.S. District Court for the District of Delaware. HTC accuses Apple of infringing four patents in a range of products and services including Macintosh computers, iPhones, iPods, iPads, iTunes, MobileMe and iCloud.
The four patents were originally assigned to Motorola but were all transferred to Google either late last year or early this year. Then, last week, all four patents were transferred to HTC.
HTC did not respond to questions about whether it bought the patents from Google or if Google gave it the patents.
In addition, HTC on Wednesday amended its complaint against Apple with the U.S. International Trade Commission (ITC) to assert five former Google patents. Those patents originated with Palm and Openwave, were transferred to Google and last week were transferred to HTC.
HTC also amended another previous suit, filed in Delaware, to add the new patents to that complaint.
HTC’s new complaints are the latest in an ongoing battle with Apple, which has attacked several Android licensees in court. The disputes are an indication of just how competitive the mobile phone market has grown. Apple and Android have the largest market shares in the mobile market in the U.S.
In July, the ITC issued an initial determination that HTC infringed two Apple patents. The ITC has also agreed to investigate a separate complaint against HTC filed by Apple and is investigating an HTC complaint against Apple.
HTC has had a relatively weak patent portfolio compared to its competitors. Having access to the new patents from Google could help it shore up its defenses in its disputes with Apple.
In addition to the HTC lawsuit, Apple has filed suits against Samsung and Motorola. It has instigated the banning of Samsung tablets in Australia and Europe.
Nancy Gohring covers mobile phones and cloud computing for The IDG News Service. Follow Nancy on Twitter at @idgnancy. Nancy’s e-mail address is Nancy_Gohring@idg.com

Brightbridge Wealth Management Headlines: Weaker prices dent S. Korea’s IT exports in Aug.

Brightbridge Wealth Management Headlines: Weaker prices dent S. Korea’s IT exports in Aug.

Brightbridge Wealth Management: Brightbridge Wealth Management Headlines: Weaker p...

Brightbridge Wealth Management: Brightbridge Wealth Management Headlines: Weaker p...: http://headlines.brightbridgewealthmanagement-advice.com/ SEOUL, Sept. 7 (Yonhap) — South Korea’s exports of information technology (IT) ...

Brightbridge Wealth Management Headlines: Weaker prices dent S. Korea’s IT exports in Aug.

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SEOUL, Sept. 7 (Yonhap) — South Korea’s exports of information technology (IT) products shrank from a year earlier for the second straight month in August largely on lower global prices, the government said Wednesday.
The country exported US$13.06 billion worth of IT products last month, down 2.4 percent from $13.39 billion in the same month last year, according to the Ministry of Knowledge Economy.
The country’s trade surplus in the IT sector dwindled from slightly over $7 billion last year to $5.97 billion as its IT imports surged 11.2 percent on-year to $7.1 billion.
In the first eight months of the year, South Korea shipped $99.75 billion worth of IT products, up 34.7 percent from the same period last year.
“Overall exports dropped in August due to a drop in prices of some products, including computer memory chips and display panels, but exports of mobile phones jumped 10.2 percent to $2.07 billion amid improving competitiveness of smartphones by local manufacturers,” the ministry said in a press release.
South Korea became the world’s largest manufacturer and exporter of smartphones in the second quarter of the year with a 23.1 percent share of the global market, and also the world’s largest supplier of all mobile phones with a 24 percent global market share in terms of monetary value, it said.
The drop in IT exports was largely caused by lower-cost shipments of memory chips and display panels, whose combined shipments in terms of monetary value dropped 28.8 percent on-year to $4.26 billion.
Exports of all other IT products, excluding memory chips and display panels, surged 18.9 percent to $8.8 billion, according to the ministry.
The ministry earlier said the drop in exports of memory chips and display panels was largely due to a drop in their global prices. The average price of a dynamic random access memory chip (DRAM) fell to $0.80 in July from $2.60 a year earlier with the price of a display panel also falling 27.8 percent to $258 from $358.
The ministry had also noted the country’s IT sector will be hit hardest by the latest global financial turmoil sparked by a downgrade of the U.S. credit rating.
The country’s IT exports to the United States dropped 20.4 percent from a year earlier to $1.17 billion in August with its shipments to the European Union also dropping 31.3 percent to $1.17 billion, according to the ministry.
The government, however, said the country’s IT exports will likely reach a new annual high this year as prices of DRAM and other IT products are expected to recover in the second half of the year.
“IT exports are expected to reach a record high of $160 billion this year as exports will likely pick up in the second half when demands are usually the highest,” the ministry said.