Right now, even though I have great skill and strategy, I don't dare to say it out loud, everything can only be buried in my heart. I don't know how to get on in the world, that's why I made myself a nobody, no fame and profit, no power. I only know how to bury myself in work, but what will I really get? Only a few things because I don't have any opportunity to gain more things.
Victor Lei, be smart and flexible again! Be a person who has great skill and strategy again!!!
Víctor Lei
Cain Gives Giants 9-0 Win, 2-0 World Series Lead
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Matt Cain shut down the Texas Rangers with the type of suffocating pitching that put the San Francisco Giants in the World Series.
Two more games like this and they'll win the World Series.
Cain was sharp, the Rangers bullpen was not and San Francisco broke away for a 9-0 win Thursday night. The Giants headed to Texas with a 2-0 lead that looked to come way too easily.
Edgar Renteria reprised his October success with a go-ahead home run, and the Giants erupted with seven runs in the eighth, the biggest inning in their postseason history.
Four straight two-out walks by Texas relievers let the game out of control. At this rate, team president and part-owner Nolan Ryan probably wants to grab a ball himself and get on the mound.
Texas set a record for most runs allowed in a franchise's first two Series games.
"You take all the runs you can get," Giants manager Bruce Bochy said. "It's nice to have a cushion going into the ninth."
Cain drew frenzied ovations from a crowd waving Halloween-colored orange pompons, a day after the Giants won the opener 11-7.
San Francisco pushed across just 19 runs against Philadelphia in the six-game NL championship series but has outscored Texas 20-7 and outhit the Rangers .314 to .227.
"I think that more or less it has to do with the pitching we've been facing," Rangers manager Ron Washington said. "We had some opportunities early in the ballgame to put some runs on the board, and we had the right people up there, and he made his pitches."
C.J. Wilson allowed Renteria's fifth-inning homer, then left the mound accompanied by a trainer with a blister on the middle finger of his pitching hand following a leadoff walk in the seventh. Juan Uribe added a run-scoring single against reliever Darren Oliver.
"This blister is something he's been dealing with all year," Washington said. "He'll put some glue on it and do whatever he has to do to close it up."
San Francisco pulled away as Washington again made bullpen moves too late. Derek Holland relieved with a man on and forced in a run with three straight walks, the last to Aubrey Huff, and Mark Lowe forced in another run with a walk to Uribe.
Renteria, whose 11th-inning single won Game 7 of the 1997 Series for Florida against Cleveland, followed with a two-run single to left. Pinch-hitter Aaron Rowand hit a two-run triple against Michael Kirkman, and Andres Torres doubled in a run.
Cain allowed four hits in 7 2-3 innings, struck out two and walked two -- one intentional. With the Giants ahead 2-0, left-handed specialist Javier Lopez retired Josh Hamilton on a lazy flyout to strand a runner on second in the eighth.
As fans stood cheering, Guillermo Mota completed the four-hitter.
Forty of the previous 51 teams to take a 2-0 lead have gone on to win the title, including seven straight and 13 of the last 14. The last to overcome a 2-0 deficit was the 1996 New York Yankees against Atlanta. The Giants have won each time they took a 2-0 lead: in 1922, 1933 and 1954.
San Francisco improved to 11-0 against Texas at AT&T Park and got its third shutout in nine postseason wins. The Giants sent the high-octane Rangers offense to its first shutout since Sept. 23.
But after a day off, the Series resumes for the first time in Arlington, Texas. Colby Lewis starts Game 3 for the Rangers on Saturday night against Jonathan Sanchez.
"I don't think we caught any breaks yet," Washington said. "We certainly don't feel like we're defeated. We're heading home. They took care of us in their ballpark, now we're headed to ours."
© 2004-2010 LSN, Inc. All Rights Reserved.
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Former BART Officer Speaks In First Interview
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- view video -
KTVU EXCLUSIVE: Johannes Mehserle Gives First Interview Since Fatal New Year's Day Incident Rita Williams reports
Updated on: 2010-10-29 13:56:12
The video has been seen by millions of people, but the public has never heard from former BART police Officer Johannes Mehserle, until now.
Mehserle shot and killed Oscar Grant on a BART platform on January 1, 2009. Other than in court, he has not talked publicly about what happened that fateful day.
In an exclusive interview with KTVU Reporter Rita Williams, Mehserle gave his first-hand account of his fatal encounter with Grant for the first time.
Mehserle was convicted of involuntary manslaughter in early July and faces sentencing in Los Angeles on Friday Nov. 5.
KTVU reporter Rita Williams has pursued an interview with Mehserle since Grant lost his life at the Fruitvale BART Station early New Year's Day in 2009. And this week, Mehserle told Williams his story.
The former BART police officer and convicted felon has been an inmate in the Los Angeles County Jail for almost four months.
Mehserle said he agreed to the interview with KTVU in order to have an opportunity to give his side.
"Over the last couple of years, I haven't really had a chance to say anything," explained Mehserle. "I know for most people who don't know me, I've been portrayed differently than who I actually am. This is more for the public to see who I am. I'm not asking any sympathy at all."
No subject was off limits during the interview. Mehserle's attorney Mike Rains sat nearby but never interrupted.
When asked if he was a racist or a cold-blooded killer as some people see him, Mehserle quickly answered with a polite "No ma'am."
"I'm just peaceful by my own nature," said the former BART police officer.
But that's not the image millions of people have after viewing cell phone video from early New Year's Day last year, showing Mehserle firing a single shot into Oscar Grant's back as he lay face down on the station platform.
When asked how he lives with what happened, Mehserle maintains his version of the incident that he testified about during the trial.
"Well, I know it wasn't intentional," said Mehserle. "The decision I made was to Tase Mr. Grant. It wasn't to shoot him and I know that."
Back in July, 12 jurors agreed. Mehserle was found not guilty of murder, but guilty of involuntary manslaughter with added time for using a gun.
Deputies handcuffed him in court and he's been in jail ever since awaiting sentencing. As Mehserle tells it, he was surprised not only that he was led away in cuffs, but that he was convicted at all.
"I didn't expect to walk through those doors," said Mehserle. "I didn't think I'd be convicted at all."
When asked if he thought that the jury was wrong, Mehserle replied, "I think so, yes, ma'am."
Mehserle said about all he knew when he arrived at the Fruitvale BART platform that morning was the initial call: a reported fight on a train. Then he heard the noise.
"It was pretty chaotic," remembered Mehserle. "It didn't sound good from the get-go."
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Stocks, U.S. Futures Rise on Earnings; Bonds Gain, Dollar Drops
Oct. 28 (Bloomberg) -- Stocks and U.S. index futures gained as Exxon Mobil Corp. and Dow Chemical Co. posted higher-than- estimated earnings while companies from Canon Inc. to Sanofi- Aventis SA raised profit forecasts. Treasuries rose, snapping six days of declines, and the dollar weakened.
The MSCI World Index climbed 0.7 percent at 8:33 a.m. in New York, and Standard & Poor's 500 Index futures rose 0.6 percent. Benchmark 10-year notes ended the longest stretch of losses in two years and pushed the yield down from almost a one- month high. The yield on the 10-year Irish bond increased nine basis points to 6.98 percent, driving the yield premium investors demand to hold the debt instead of German bunds to as much as 4.52 percentage points, within two basis points of a record. The Dollar Index fell for the first time in three days, while wheat advanced for a fifth day.
Initial jobless claims unexpectedly fell last week, the government said before tomorrow's report on third-quarter economic performance. About 73 percent of the companies in the MSCI World that reported earnings since Oct. 7 have topped analysts' predictions for per-share profit. Treasuries gained as the Federal Reserve asked bond dealers and investors for projections of central bank asset purchases over the next six months to gauge the possible impact of new efforts to spur growth.
"Corporate earnings are in good shape, while a moderate economic recovery is continuing," said Chu Moon Sung, a fund manager at Shinhan BNP Paribas Asset Management Co. in Seoul, which manages $28 billion.
Sanofi, Canon
The Stoxx Europe 600 Index gained 0.8 percent, rebounding from yesterday's 0.8 percent drop, while the MSCI Asia Pacific Index rose 0.5 percent. Sanofi-Aventis rose 1.4 percent after reporting third-quarter earnings increased 8.9 percent. Canon gained 3.7 percent after lifting its profit forecast by 2.1 percent.
Dassault Systemes SA surged 7.9 percent after raising its full-year revenue guidance. France Telecom SA rallied 2 percent after profit topped forecast. Australia & New Zealand Banking Group Ltd., Australia's third-largest lender, climbed 2.9 percent after profit surged 69 percent.
European confidence in the economic outlook improved more than forecast in October, led by a jump among manufacturers, according to the European Commission. An index of executive and consumer sentiment in the 16 euro nations rose to 104.1, compared with a median estimate of 103.5 in a Bloomberg survey.
The gain in U.S. futures indicated the S&P 500 may pare yesterday's 0.3 percent decline. About 85 percent of the companies in the benchmark gauge that have reported results since Oct. 7 have beaten estimates for per-share profit, according to data compiled by Bloomberg. Fifty-three companies the S&P 500 are scheduled to report today.
Exxon, Dow
Exxon's third-quarter net income rose to $1.44 a share from 98 cents a year earlier. Per-share profit was 5 cents more than the average of 14 analysts' estimates compiled by Bloomberg.
Dow, the largest U.S. chemical company, had third-quarter profit of 54 cents a share on an adjusted basis, compared with a 41-cent average estimate in a Bloomberg survey. Motorola Inc. reported earnings of profit of 16 cents a share on an adjusted basis. 3M Co., the maker of sanding belts and Scotch tape, had third-quarter adjusted earnings of $1.53 a share, more than the average $1.51 estimate in a Bloomberg survey.
The yield on 10-year Treasuries dropped three basis points to 2.69 percent, and the seven-year Treasury yield slipped four basis points to 1.99 percent, before the government auctions $29 billion of the securities, the last of four sales this week totaling $109 billion. The 10-year Treasury note's string of declines through yesterday was the longest run in two years.
Fed Meeting
Policy makers are scheduled to meet Nov. 2-3 to consider ways to boost the economy. A report tomorrow will probably show gross domestic product rose at a 2 percent annual pace in the third quarter, up from a 1.7 percent rate in the previous three months, according to the median estimate of 67 economists surveyed by Bloomberg.
The yield premium, or spread, between Portuguese 10-year bonds and equivalent-maturity German debt increased 15 basis points to 3.44 percentage points, after reaching 3.55 percentage points. Credit-default swaps insuring Irish debt jumped 22 basis points to 466, the highest level since Sept. 29, according to CMA, a data provider. Contracts on Portugal's bonds increased 9.5 basis points to 357.5, the highest level in almost two weeks, CMA data show.
A group of Anglo Irish Bank Corp.'s creditors will decline to participate in a debt swap proposed by the nationalized lender, said Houlihan Lokey, an investment bank representing the noteholders. The Portuguese government and the main opposition party broke off talks yesterday on budget cuts.
Peripherals
Speculation that Greece may default as the country struggles to rein in its budget gap has heightened concern that the so-called peripheral countries with Europe's biggest deficits will struggle to contain their debt burdens.
"We don't own any peripherals, and there's not a price really at which we would get involved in those markets at this point because their fundamentals are still so uncertain," said Peter Geike-Cobb, a portfolio manager at Thames River Capital U.K. Ltd., which has the equivalent $6.5 billion of assets under management. "Our strategy would be to stay well clear of these markets."
The dollar weakened against all of its most-traded counterparts, depreciating 0.4 percent to $1.3828 per euro and falling 0.5 percent against the yen to 81.35. New Zealand's dollar climbed against all 16 of its most actively traded peers after Reserve Bank Governor Alan Bollard said interest rates will probably need to increase in the future.
Easing Priced In
Another round of quantitative easing is mostly priced into currency markets and the U.S. dollar will weaken through the end of November before recovering, John Taylor, chairman and founder of FX Concepts Inc., said during a Bloomberg Television interview with Erik Schatzker.
The kiwi snapped a two-day drop versus the greenback, rising 0.7 percent to 75.04 U.S. cents, and advanced 0.2 percent to 61.03 yen. South Korea's won climbed 0.4 percent to 1123.70 per dollar after the government raised its 2010 growth forecast and the current-account surplus increased.
Wheat futures rose 0.8 percent in Chicago, bringing the gain to about 6 percent in five days on speculation of crop damage because of dry weather in the U.S. Cotton led gains in the S&P GSCI Index of 24 commodities, jumping 1.8 percent. Raw sugar advanced 1.4 percent and silver futures climbed 1.1 percent.
The MSCI Emerging Markets Index rose 0.4 percent, rebounding from yesterday's 1.6 percent retreat, the biggest drop in six weeks. India's Sensitive Index advanced 0.6 percent, while Russia's Micex stocks index added 0.7 percent. Turkey's ISE National 100 index slipped as much as 1.9 percent, following yesterday's 3.1 percent decline, after Citigroup Inc. downgraded the country's equity market to "neutral" from "overweight."
To contact the reporter on this story: Stephen Kirkland in London at skirkland@bloomberg.net
To contact the editor responsible for this story: Paul Sillitoe in London at psillitoe@bloomberg.net
Find out more about Bloomberg for iPhone: http://m.bloomberg.com/iphone/Sales of U.S. New Homes Increase for Second Month
Oct. 27 (Bloomberg) -- Sales of new homes rose in September for a second month to a pace that signals the industry is struggling to overcome the effects of a jobless rate hovering near 10 percent.
Purchases increased 6.6 percent to a 307,000 annual rate that exceeded the median forecast of economists surveyed by Bloomberg News, figures from the Commerce Department showed today in Washington. Demand is hovering near the record-low 282,000 reached in May.
A lack of jobs is preventing Americans from gaining the confidence needed to buy, overshadowing declines in borrowing costs and prices that are making houses more affordable. At the same time, foreclosure moratoria at some banks, including JPMorgan Chase & Co., signal the industry will redouble efforts to tighten lending rules, which may depress housing even more.
"These are still very low levels," said Jim O'Sullivan, global chief economist at MF Global Ltd. in New York. "Ultimately, a significant recovery in housing will depend on a clear pickup in employment."
Another Commerce Department report today showed orders for non-military capital equipment excluding airplanes dropped in September, indicating gains in business investment will cool.
Capital Goods Demand
Bookings for such goods, including computers and machinery meant to last at least three years, fell 0.6 percent after a 4.8 percent gain in August that was smaller than previously estimated. Total orders climbed 3.3 percent last month, led by a doubling in aircraft demand.
Stocks fell, snapping a five-day gain for the Standard & Poor's 500 Index, on the durable goods report and investor speculation that steps taken by the Federal Reserve to shore up the economy will be gradual. The S&P 500 fell 0.5 percent to 1,179.8 at 10:14 a.m. in New York.
Economists forecast new home sales would increase to a 300,000 annual pace from a 288,000 rate in August, according to the median of 73 survey projections. Estimates ranged from 270,000 to 330,000.
The median price increased 3.3 percent from September 2009 to $223,800.
Purchases rose in three of four regions, led by a 61 percent jump in the Midwest. Purchases dropped 9.9 percent in the West.
Less Supply
The supply of homes at the current sales rate fell to 8 months' worth, down from 8.6 months in August. There were 204,000 new houses on the market at the end of September, the fewest since July 1968.
Reports earlier this month showed the housing market is hovering at recession levels. Housing starts increased in September to an annual rate of 610,000, the highest since April, while building permits fell to the lowest level in more than a year, signaling construction will probably cool.
Sales of existing homes, which now make up more than 90 percent of the market, increased by 10 percent to a 4.53 million rate in September, the National Association of Realtors said yesterday. The pace was still the third-lowest on record going back a decade.
Home resales are tabulated when a contract is closed, while new-home sales are counted at the time an agreement is signed, making them a leading indicator of demand.
Moratoria's Influence
Economists are debating the likely effect on new-home sales from the foreclosure moratoria and regulators' probes into faulty paperwork. Most agree the moratoria pose a risk to housing sales as a whole.
Michelle Meyer, a senior economist at Bank of America Merrill Lynch Global Research in New York, is among those who say the moratoria, by limiting the supply of existing homes, may lift demand for newly built houses in coming months.
"There is a possibility there will be a shift in demand for new construction, at least in the short term," she said.
The U.S. central bank and other regulators are "intensively" examining financial firms' home-foreclosure practices and expect preliminary findings next month, Fed Chairman Ben S. Bernanke said this week at a housing conference in Arlington, Virginia.
Fed officials have signaled they may start another round of unconventional monetary easing at their next meeting Nov. 2-3 to try to spur the economic recovery.
Homebuilders say labor-market conditions will be the biggest factor in spurring or delaying a recovery.
"The U.S. economy needs to improve, and we've got to see some improvement in job creation," Larry Sorsby , chief financial officer at Hovnanian Enterprises Inc., the largest homebuilder in New Jersey, said during an Oct. 7 conference call.
To contact the reporter on this story: Bob Willis in Washington at bwillis@bloomberg.net
To contact the editor responsible for this story: Christopher Wellisz at cwellisz@bloomberg.net
Find out more about Bloomberg for iPhone: http://m.bloomberg.com/iphone/Orders for U.S. Capital Goods Fall as Spending Cools
Oct. 27 (Bloomberg) -- Orders for U.S. non-military capital equipment excluding airplanes dropped in September, indicating gains in business investment will cool.
Bookings for such goods, including computers and machinery meant to last at least three years, fell 0.6 percent after a 4.8 percent gain in August that was smaller than previously estimated, figures from Commerce Department showed today in Washington. Total orders climbed 3.3 percent last month, led by a doubling in aircraft demand.
The report raises the risk that business investment, which contributed to the rebound from the worst recession since the 1930s, will decelerate in coming months, underscoring Federal Reserve Chairman Ben S. Bernanke's concern that growth is too slow. Combined with a lack of jobs and less need to rebuild inventories, the data point to a slowdown in manufacturing.
"We're looking at weakness in capital spending for at least the next couple of quarters," said Tom Porcelli, senior economist at RBC Capital Markets Corp. in New York, who had predicted a drop in non-military capital goods orders excluding aircraft. "Companies are unwilling to deploy the enormous amount of cash they have as there's skepticism about the economic backdrop. We continue to exist in a slow-growth environment."
U.S. companies are holding almost $1 trillion of cash, an amount Moody's Investors Service says shows borrowers are still concerned about the recovery.
Stocks Decline
Stocks fell after the report, with the Standard & Poor's 500 Index declining 0.5 percent to 1,179.99 at 9:50 a.m. in New York. Treasury securities also dropped, sending the yield on the benchmark 10-year note up to 2.69 percent from 2.64 percent late yesterday.
Total orders were projected to rise 2 percent, according to the median forecast of 76 economists in the Bloomberg survey. Estimates ranged from no change to an increase of 8 percent.
Orders for non-defense capital goods excluding aircraft are considered a proxy for future business investment. Shipments of those items, used in calculating gross domestic product, increased 0.4 percent after rising 1.3 percent in August, less than the 1.7 percent gain estimated previously.
Over the past three months, shipments of capital goods climbed at a 9 percent annual pace, down from a 17 jump in the three months through June and indicating business investment cooled last quarter.
Risk to Growth
Orders for those products increased at a 5.5 percent pace last quarter compared with a 31 percent jump from April through June, pointing to further deceleration in coming months.
The figures may prompt economists to lower forecasts for third-quarter business investment. The world's largest economy grew at a 2 percent annual pace from July through September after expanding at a 1.7 percent pace in the second quarter, according to the median estimate of economists surveyed by Bloomberg. The figures are due in two days.
"Growth of business investment in equipment and software in the third quarter may have slowed by more than we previously thought," Paul Dales, a U.S. economist at Capital Economics Ltd. in Toronto, said in an e-mail to clients. "That suggests the risks to our third-quarter GDP forecast of 3 percent are now on the downside."
'Slow Recovery'
"Many of our U.S. markets remained weak as a result of the slow recovery in the U.S. economy," Thomas Linebarger, chief operating officer of Cummins Inc., said during a teleconference with analysts yesterday. He said the company doesn't "expect to see any meaningful improvement until 2011" in the U.S.
At the same time, Linebarger said business in emerging markets for the Columbus, Indiana-based maker of diesel truck engines "has come back much faster than we had forecast."
Demand for total durable goods was led by a 16 percent jump in the transportation category, which is often volatile, today's report showed. Civilian aircraft bookings surged 105 percent after dropping 30 percent in August.
Boeing Co., the world's largest aerospace company, said it received orders for 117 aircraft last month, up from 10 in August. Industry data may not correlate precisely with the government statistics on a month-to-month basis.
Chicago-based Boeing this month raised its full-year profit forecast on rising demand, and said it is considering boosting production. Honeywell International Inc., a maker of car turbochargers and aircraft parts, also lifted its annual earnings projection.
Excluding Transportation
Bookings excluding transportation equipment unexpectedly fell 0.8 percent, the second drop in three months. They were predicted to rise 0.5 percent, the survey median showed.
The drop in orders for non-defense capital equipment reflected a 19 percent decrease in orders for communications gear, the biggest decrease since January 2008.
Companies are raising cash, while limiting spending on equipment or stepping up hiring.
Cisco Systems Inc., Microsoft Corp. and Google Inc. account for the biggest portion of some $943 billion in cash companies are retaining, Moody's said yesterday in a report. That's up from $937 billion at the end of 2009 and $775 billion in the prior year.
Companies have a ratio of cash to capital expenditures of 1.64, possibly an all-time high, the New York-based ratings firm said, compared with 1.1 in December 2008.
To contact the reporter on this story: Shobhana Chandra in Washington schandra1@bloomberg.net
To contact the editor responsible for this story: Christopher Wellisz at cwellisz@bloomberg.net
Find out more about Bloomberg for iPhone: http://m.bloomberg.com/iphone/U.S. Stocks Fall After Durable Goods Report; Sprint Declines
Oct. 27 (Bloomberg) -- U.S. stocks fell, snapping a five- day gain for the Standard & Poor's 500 Index, as government data signaled business investment will cool and investors speculated Federal Reserve steps to shore up the economy will be gradual.
Sprint Nextel Corp. slumped 5 percent after posting a wider-than-estimated loss. Alcoa Inc. dropped 1 percent, following metal prices lower. ConocoPhillips fell 1.7 percent as crude oil halted a three-day advance. Broadcom Corp. jumped 7.2 percent as quarterly revenue beat analysts' predictions.
The S&P 500 dropped 0.5 percent to 1,179.88 at 9:44 a.m. in New York. Futures extended losses before the open of exchanges after the Commerce Department reported that orders for U.S. non- military capital equipment excluding airplanes dropped in September. The Dow Jones Industrial Average lost 66.94 points, or 0.6 percent, to 11,102.52.
"The economy is still showing weakness," said Tom Wirth, senior investment officer for Chemung Canal Trust Co., which manages $1.5 billion in Elmira, New York. "Modest economic growth is still not enough to get employment going. On top of that, the stock market looks tired after the big run-up we've had."
The S&P 500 rallied 13 percent since the end of August through yesterday as investors speculated that the Fed will pump more cash into the economy to safeguard the recovery. The Fed will probably announce a program to buy several hundred billion dollars of U.S. Treasury debt over the next few months, the Wall Street Journal reported, without saying where it obtained the information.
The central bank will acquire fewer assets through its new plan, expected to be announced at the conclusion of the Fed's Nov. 2-3 meeting, than the $2 trillion asset-purchase program that it embarked upon during the financial crisis, according to the report. Officials want flexibility in the new program to determine whether it works, the Journal said.
To contact the reporter on this story: Rita Nazareth in New York at rnazareth@bloomberg.net
To contact the editor responsible for this story: Nick Baker at nbaker7@bloomberg.net .
Find out more about Bloomberg for iPhone: http://m.bloomberg.com/iphone/Deutsche Bank Loss Is Smaller Than Estimated on Investment Bank
Oct. 27 (Bloomberg) -- Deutsche Bank AG, Germany's biggest bank, reported a third-quarter loss that was smaller than estimated as higher profit at the investment bank cushioned a writedown on its Deutsche Postbank AG stake.
The net loss of 1.21 billion euros ($1.66 billion) compares with a profit of 1.38 billion euros in the year-earlier period, the Frankfurt-based company said today. Analysts predicted a 1.52 billion-euro loss after Deutsche Bank said on Sept. 21 it would book a 2.3 billion-euro charge related to Postbank.
Chief Executive Officer Josef Ackermann completed a record 10.2 billion-euro share sale this month to buy the rest of Bonn- based Postbank and meet stricter capital rules. Pretax profit at the investment bank, known as corporate banking and securities, rose 12 percent to 1.1 billion euros, beating the 888 million- euro estimate of analysts.
"Deutsche Bank's investment-banking unit performed much better than competitors," said Konrad Becker, a Munich-based analyst at Merck Finck & Co., who recommends buying the shares. "This helped cushion the overall loss on the Postbank charge."
UBS AG, Switzerland's biggest bank, reported a surprise third-quarter loss at its investment bank yesterday on a slump in trading. Credit Suisse Group AG, Switzerland's No. 2 bank, posted a 74 percent drop in third-quarter profit as lower client activity curbed trading revenue. Both firms are based in Zurich.
Postbank Offer
Deutsche Bank has fallen 8.7 percent in Frankfurt trading this year, valuing the company at 38.3 billion euros. The decline compares with a 3.4 percent drop in the Bloomberg Europe Banks and Financial Services Index.
"In a stable economic environment, we will work to achieve continued earnings growth," Ackermann, 62, said in a letter to the shareholders today. With Postbank, "we will significantly enhance our position in our home market and thus strengthen our second key source of revenues alongside our successful investment banking business."
Net income excluding the Postbank charge would have been 1.1 billion euros in the quarter, the bank said.
Ackermann is building up his consumer-banking and asset- management operations to counterbalance the investment bank, where earnings are more vulnerable to financial market swings. Since 2006, Deutsche Bank acquired Berliner Bank AG, Nuremberg- based Norisbank AG and private wealth manager Sal. Oppenheim Group, as well as a 30 percent stake in Bonn-based Postbank.
Investment Bank
Deutsche Bank offered 25 euros a share in cash last month to Postbank's outstanding shareholders. A takeover of Postbank, which may cost an estimated 6.4 billion euros if all shareholders accept the offer, would more than double Deutsche Bank's retail clients to 24 million and add about 1,100 branches.
Sales and trading at the investment bank, run by Anshu Jain, fell 4 percent in the quarter, less than at UBS and Credit Suisse. Revenue from debt and other products increased 5 percent to 2.24 billion euros while equity trading revenue slipped 25 percent to 650 million euros.
Earnings from the consumer-banking unit rose 64 percent to 245 million euros. That exceeded the analysts' estimate of 217 million euros. Asset and wealth management posted pretax profit of 78 million euros, down from 134 million euros in the year- earlier period. Pretax profit from transaction banking increased 6 percent to 214 million euros.
Capital Rules
Deutsche Bank reiterated today that it aims to double pretax profit at its operating businesses to 10 billion euros by 2011 from 2009 levels, helped by gains in investment banking, Asia and consumer lending.
Regulators from 27 nations last month more than doubled capital requirements for banks to avert future financial crises. Deutsche Bank expects to meet higher standards planned for 2019 as early as the beginning of 2013, Ackermann said today.
The bank's Tier 1 capital ratio, a measure of financial strength, totaled 11.5 percent at the end of September, compared with 11.3 percent at the end of the second quarter. The ratio doesn't include the share sale.
To contact the reporters on this story: Aaron Kirchfeld in Frankfurt at akirchfeld@bloomberg.net
To contact the editors responsible for this story: Frank Connelly at fconnelly@bloomberg.net Edward Evans at eevans3@bloomberg.net
Find out more about Bloomberg for iPhone: http://m.bloomberg.com/iphone/Asian Stocks Slump, Commodities Drop While Dollar Strengthens
Oct. 27 (Bloomberg) -- Asian shares slumped the most in two weeks and U.S. stock-index futures fell as commodities dropped and the dollar strengthened. Australia's currency weakened after the nation's inflation rate rose less than economists estimated.
The MSCI Asia Pacific Index fell 1.1 percent to 129.03 as of 3:17 p.m. in Tokyo. Futures for the Standard & Poor's 500 Index retreated 0.4 percent and those for the Euro Stoxx 50 Index slid 0.3 percent. The so-called Aussie traded at 97.43 U.S. cents and the yen weakened to 81.77 against the dollar. The won fell the most in two weeks after a Bank of Korea official said imposing capital controls to slow fund inflows "may be useful."
Oil dropped, snapping three days of gains, as investors sold futures contracts against a strengthening dollar and on speculation U.S. crude stockpiles climbed to the highest since June. BYD Co., the Chinese carmaker backed by Warren Buffett, plunged in Hong Kong trading after JPMorgan Chase & Co. cut its investment rating on the company, while Asciano Group sank the most in more than four months in Sydney after Australia's largest port operator said coal shipments missed its estimates.
"In the short term, expect Asian markets to see a correction," said Chris Leung, a Hong Kong-based portfolio manager at Taifook Asset Management Ltd., which oversees $400 million. "I'm a bit cautious at the moment."
More than twice as many stocks declined as advanced in the MSCI Asia index. Hong Kong's Hang Seng Index retreated 1.6 percent, South Korea's Kospi Index decreased 0.5 percent and Australia's S&P/ASX Index fell 0.9 percent. Most Asia-Pacific indexes reversed gains from this morning.
Asicano Tumbles
BYD decreased 8.6 percent after JPMorgan cut the carmaker to "underweight" from "neutral." It had the steepest drop in the MSCI index, followed by Mitsui Chemicals Inc., which sank 6.7 percent in Tokyo after Goldman Sachs Group Inc. reduced its share-price estimate. Asciano Group lost 4.3 percent in Sydney. BHP Billiton Ltd., the world's largest mining company and Australia's biggest oil producer, decreased 0.8 percent.
Crude oil futures for December delivery fell as much as 30 cents to $82.25 a barrel on the New York Mercantile Exchange. Gold declined for the first time in four days, retreating 0.2 percent to $1,338.10 an ounce. Zinc snapped a five-day winning streak to decline by the most in three weeks.
Palladium for immediate delivery climbed as much as 1.3 percent to $637.75 an ounce, the highest level since 2001, and traded at $632.75 an ounce. Silver gained as much as 1.4 percent to $24.22 an ounce and traded at $23.9738 an ounce.
Australia's dollar tumbled as government price data curbed expectations the central bank will need to increase interest rates to restrain inflation.
Australian Dollar, Inflation
The currency dropped 1.3 percent. It briefly reached parity on Oct. 15. The U.S. dollar reached as strong as $1.3810 per euro, the most since Oct. 20, before trading at $1.3813 from $1.3859 in New York yesterday.
Australian consumer prices rose 2.8 percent in the third quarter from a year earlier, after increasing at a 3.1 percent pace in the previous three months. The median estimate of 24 economists surveyed by Bloomberg News was for a 2.9 percent increase.
Swaps prices indicated a 16 percent chance that the Reserve Bank of Australia will boost borrowing costs next week from 47 percent yesterday, according to a Credit Suisse Group AG index.
"Any rate increase in Australia will be only gradual, even if the Reserve Bank of Australia were to resume the monetary tightening cycle next week," said Akira Maekawa, a senior economist at online currency trading company Global Futures & Forex Ltd. in Tokyo. "Given such a benign rate outlook, the Aussie will struggle in extending its gains far above parity."
'Tepid Recovery'
U.S. Treasuries snapped a five-day decline after Federal Reserve Bank of New York President William Dudley said momentum in the economy has slowed.
"The Great Recession has been followed by a tepid recovery," Dudley said yesterday in a speech in Rochester, New York. "Since 2009, economic activity has grown, but not robustly," he said. "The momentum has slowed."
Yields on benchmark 10-year notes fell two basis points to 2.63 percent in Tokyo, according to BGCantor Market Data. The yield may rise to between 3.10 percent and 3.20 percent by year's end as further monetary easing by the Federal Reserve increases expectations for faster inflation, Citigroup Inc. said.
Longer-term bond yields are poised to rise from recent troughs, analysts led by New York-based Tom Fitzpatrick said in a note to clients, citing technical patterns and historical parallels.
South Korea's won fell 1.3 percent to 1,130.94 per dollar and government bonds declined after the Bank of Korea reported slower-than-expected economic growth for the third quarter and said measures to mitigate capital flows can be "useful."
Large inflows can cause excessive currency moves and asset-price bubbles, destabilizing the economy, Governor Kim Choong Soo said today in Seoul. Capital controls will only be considered "as a last resort," Kim said. Record fund inflows are stoking appreciation in emerging-market currencies, hurting exporters and prompting countries from Brazil to Japan to China to try to limit gains.
To contact the reporters on this story: Nicolas Johnson in Tokyo at nicojohnson@bloomberg.net Hanny Wan in Hong Kong at hwan3@bloomberg.net .
To contact the editor responsible for this story: Patrick Chu in Tokyo at pachu@bloomberg.net .
Find out more about Bloomberg for iPhone: http://m.bloomberg.com/iphone/I'm feeling unsafe when riding Muni, they have to do something to prevent those fightings happen and make their passengers feel safe.
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http://www.youtube.com/watch?v=nx6FRSemW38&feature=youtube_gdata_player
Víctor Lei
Giants fans struck out on World Series tickets
- view video -
Elated Giants fans celebrate win over Phillies
Updated on: 2010-10-24 15:45:50
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Fans brave rain to greet returning SF Giants
Updated on: 2010-10-24 21:31:49
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Giants fans struck out on World Series tickets
Updated on: 2010-10-25 14:56:48
Tickets for the San Francisco Giants World Series games this week and next are sold out and on line tickets can go for ten times face value.
Fans lined up at AT&T Park on Monday morning to purchase tickets and see history in the making. Hundreds lined up to get their hands on the sought after tickets, but many struck out.
Jeremy Almendarez of Santa Clara got in line for tickets at the ballpark just like he did in 2002 when the Giants put World Series tickets up for sale.
"I'm here to try and get tickets to the World Series. Been here all night, been here since yesterday at around 4 p.m., hung around and saw the team bus pull in," he said.
Fans lined up to see Giants arrive in San Francisco on Sunday after they beat the Philadelphia Phillies on Saturday 3-2 and obtained that coveted NL pennant.
Jim Phohl withdrew $500 from the ATM so he could get buy tickets for himself and his two children.
"I rather not get standing room, I am too old for standing room only and the kids are not very tall, so standing room are not going to do them any good. But anything else, it'd be cool because they will love it," he said.
But with the line growing, the Giants sent out a representative with a dose of reality. Suddenly Giants fans felt like Philly fans must have felt Saturday night -- like the party was over.
Javier and little Jacob Septimo drove up from San Jose.
"I was going to spend at least $500 for four tickets. Guess I won't be able to get them now," he said.
It was also a big disappointment for Almendarez, but moments later just like the Giants, he began to rally.
"I will watch it at home and if the Giants win it's all good," he said.
The San Francisco Giants management never said they would be selling tickets at the ball park and that was just started out of rumor.
StubHub! still has tickets available for standing-room only for between $400-$500 and upper deck tickets are $500-$800.
Story posted 2010.10.25 at 05:16 PM PDT
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Napa State Hospital murder raises safety questions
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Story posted 2010.10.25 at 05:51 PM PDTWorkers at Napa State Hospital are devastated by the murder of a health care worker at their facility that is raising hard questions about safety at the prison hospital.
Psychiatric technician Donna Gross was killed Saturday on the grounds of the forensics unit. Patient Jess Massey, who has a long rap sheet which includes attempted homicide, was arrested for the murder.
ABC7: "When you go to work, do you fear you're going to be hurt?"
Female Nurse: "Absolutely. Every day."
One of the nurses that also works at Napa State Hospital's forensics unit, the section which houses the criminally insane and the most violent patients, agreed to speak to ABC7 on the condition of anonymity.
She and other staff ABC7 talked to echo the same thing -- that Napa State Hospital is a dangerous place.
ABC7: "Was this a murder waiting to happen?"
Female Nurse: "Yes."
Workers say assaults inside the hospital are common.
Another nurse said a patient attacked him within the last 72 hours.
"He punched me in the face, knocked me to the floor and then proceeded to try and smash my face with a chair," he said.
The attacks are not limited just to staff. Catherine Neitzel's son, who has been committed at Napa State Hospital, has also been attacked by fellow patients.
"My son has been hit twice with two pairs of broken glasses," Neitzel said.
An ABC7 investigation of the hospital four years ago looked into security concerns voiced by doctors and nurses. The charges were the same -- not enough hospital police officers, slow response times and no officers stationed in the buildings, patrolling the wards.
"We need what we call a grounds presence; somebody out there consistently to walk through and look at the situation that's going on out there," psychiatric technician's union spokesperson Brad Leggs said.
"This is a correctional facility, basically, it's a façade, Napa State Hospital is a façade," the female nurse said.
Workers are not the only ones who have complained. Five years ago, the U.S. Department of Justice found what it called "widespread and systemic deficiencies" that put workers and patients' lives at risk.
Napa State Hospital is now in the final years of a consent decree with the Justice Department that requires periodic reviews, but staff say little has changed to improve security since the consent decree was signed.
ABC7: "You go in there knowing there's a chance you may be assaulted?"
Male Nurse: "Yes."
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Boy calls 911 to complain about his dad's cooking
Story posted 2010.10.25 at 12:20 PM PDTA father's dinner just wasn't good enough for one 10-year-old Illinois boy.
So, he called 911, but, hung up when he got too nervous to talk.
Police traced the call and when they arrived, they say they found the boy arguing with his father who was giving his son a lesson on respect.
All of this was over some noodle soup.
In the end, the officer told the boy he should follow his parent's rules and the boy learned his lesson.
Story posted 2010.10.25 at 12:20 PM PDT
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Asian Stocks Gain on Acquisition, Dollar Weakens on G-20 Pledge
Oct. 25 (Bloomberg) -- Asian stocks rose the most in a week, after Japanese exports climbed more than expected and Singapore Exchange Ltd. agreed to buy Australia's stock market operator. The dollar weakened and commodities advanced after Group of 20 finance leaders said they will limit currency intervention.
The MSCI Asia Pacific Index gained 1.2 percent to 131.49 as of 1:20 p.m. in Tokyo. Standard & Poor's 500 Index futures advanced 0.9 percent. The Dollar Index dropped 0.7 percent. Rice and copper led gains in commodities.
Investor confidence climbed as Singapore Exchange offered A$8.4 billion ($8.3 billion) to buy ASX Ltd. and Japan's exports rose 14.4 percent in September from a year earlier. The median estimate of 21 economists surveyed by Bloomberg News was for a 9.6 percent gain. Overseas sales increased even after the yen strengthened 10.9 percent this year. G-20 officials vowed to refrain from "competitive devaluation" and to let markets set foreign-exchange values as they sought to calm concerns that nations will use cheaper currencies to spur growth.
"Confidence in the global economy is strong, compared with a couple months ago when the market was more concerned about fiscal risks," said Hidehiro Tomioka, who helps manage $1.4 billion in Tokyo at MFC Global Investment Management (Japan) Ltd. "Merger activity is one trend that may continue, supported by good cash flow. If these companies were worried about a double- dip, they would be cautious in expanding their businesses."
ASX shares surged 20 percent after resuming trading in Sydney, driving the S&P/ASX 200 Index 1.5 percent higher. Singapore Exchange declined 4.9 percent.
KDDI Corp. rose 8.6 percent in Tokyo after Japan's second- largest mobile-phone operator announced a 100 billion yen ($1.2 billion) stock buyback.
U.S. Profits
Futures on the S&P 500 increased following Friday's 0.2 percent increase, a third straight week of gains for the U.S. benchmark. More than 85 percent of S&P 500 companies that have posted third-quarter results since Oct. 7 topped the average analyst profit projection.
The dollar fell toward a one-week low against the euro, dropping to $1.4034 per euro, near its weakest since Oct. 15, from $1.3954 on Oct. 22. It declined 0.4 percent to 81.05 yen, close to its 15-year low of 80.85 reached on Oct. 20. The euro gained to 1.3646 Swiss francs, the most since Aug. 11, before trading at 1.3658 from 1.3632 on Oct. 22.
The Australian dollar increased to within one U.S. cent of parity after a report showed producer prices rose faster than economists estimated, adding to prospects the central bank will raise interest rates next month. The Aussie touched 99.37 U.S. cents in Sydney, from 98.28 cents in New York on Oct. 22. It advanced to 80.54 yen from 79.97 yen.
Geithner, China
G-20 policy makers called for more sustainable current- account gaps without embracing a U.S. proposal for targets, as they ended talks in South Korea on Oct. 23. The G-20 Seoul Summit will be held on Nov. 11 and 12.
U.S. Treasury Secretary Timothy F. Geithner said he expects China will let the yuan to strengthen as officials there understand it's in the interest both of domestic growth and global economic stability. Yuan forwards recovered from their steepest slide in 22 months. The contracts climbed 0.4 percent to 6.4505 per dollar in Hong Kong, reflecting bets the currency will strengthen 3.2 percent from the spot rate of 6.6567, according to data compiled by Bloomberg.
Cotton jumped to a record on concern that global demand, especially from China, may exceed supply after a hailstorm last week damaged crops in Texas, the biggest U.S. exporter. Cotton for December delivery rose 4.2 percent to $1.2471 a pound, the highest level since the fiber started trading 140 years ago, on ICE Futures U.S. in New York. Rice futures climbed to a nine- month high in Chicago, gaining as much as 1.6 percent to $14.745 per 100 pounds, and traded at $14.725 in Asia.
Metals Rally
Copper advanced toward a 27-month high, while zinc and lead increased to their highest level since January, as industrial metals rallied on demand from investors seeking to protect their wealth against a decline in the dollar.
Copper for three-month delivery gained 1.9 percent to $8,490 a metric ton on the London Metal Exchange. The metal reached $8,492 a ton on Oct. 19, the highest since July 2008.
Zinc jumped 2.1 percent to $2,565 a ton and lead 1.8 percent to $2,575 a ton on the LME, the highest levels since January, after China's third-largest zinc producer shut its biggest zinc and lead smelter. Nickel advanced 2.5 percent to $23,800 a ton and tin climbed 1.5 percent to $26,800 a ton.
"Metals have moved beyond their fundamentals now and it's basically speculative demand linked to a weaker dollar that's supporting higher prices," said Sun Zhiyin, an analyst at Shanghai Continent Futures Co.
Hurricane Richard
Oil gained for a second day, rising 1 percent to $82.51 a barrel in New York, as the dollar weakened and Hurricane Richard approached the southern Gulf of Mexico.
"Richard could provide some support as it moves through Mexico's key oil-producing region," Mark Pervan, head of commodity research at Australia & New Zealand Banking Group Ltd. in Melbourne, wrote in a note today. "Computer forecasting models suggests the storm will not hit major oil installations in the U.S. Gulf."
The cost of protecting bonds from default in Japan and Australia fell to the lowest in almost two weeks.
The Markit iTraxx Japan index of credit-default swaps dropped 4.5 basis points to 102.5 basis points, Morgan Stanley prices show. The risk benchmark is headed for its lowest level since Oct. 14, according to CMA prices. The Markit iTraxx Australia index fell 2 basis points to 108 basis points, according to Nomura Holdings Inc. The index is on course for its lowest level since Oct. 15, CMA prices show.
To contact the reporters on this story: Kana Nishizawa in Tokyo at knishizawa5@bloomberg.net Clyde Russell in Singapore at crussell7@bloomberg.net
To contact the editor responsible for this story: Patrick Chu in Tokyo at pachu@bloomberg.net .
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SF Writers Corp receives prestigious award
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SF Writers Corp receives prestigious award
Updated on: 2010-10-23 01:42:09
A San Francisco writing program that has created opportunities for high school students has received national recognition. Writers Corp has received an award at the White House.
It doesn't get much bigger than an honor at the White House. First Lady Michelle Obama saluted San Francisco's Writers Corps as one of 15 winners of the National Arts and Humanity Youth Program Award.
"They were so down to earth. So that's what I really liked," said student Nicole Zatarain Rivera.
Writers Corp has been a story of academic success for 16 years. Young students are given an opportunity open up creatively and use their imaginations.
"We come in there and we provide them that safe space for them to express themselves, to tap into their creativity and their critical thinking skills in order to write," said Melissa Hung.
Teachers meet students in libraries or schools weekly and the program has become life changing.
"Like I can say what I want to say when I want to say it. The paper now is my best friend, like my Superman and it doesn't get mad at me when I wrinkle it up and throw it away and get mad," said Zatarain Rivera.
"All of a sudden they've got a voice to express, they're very creative and they're talented and it builds an amazing confidence," said Luis Herrera.
The library and the arts commission work together to keep it going.
"Everyone sort of pitches in and does it on a shoestring and so we continue. Hopefully something like this recognition will help," said P.J. Johnston.
This national recognition for the Writers Corps program means a new awareness and should lead to an increase in grants and contributions.
After all, how many youth arts programs in the country have this award that comes with a $10,000 check?
Story posted 2010.10.22 at 10:37 PM PDT
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Giants eliminate Phillies to win NL pennant
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Phillies coach talks about NLCS loss to Giants
Updated on: 2010-10-24 01:02:49
San Francisco's in for a treat. The Giants are heading to the World Series.
Juan Uribe hit a tiebreaking homer off Ryan Madson with two outs in the eighth inning and the Giants held off the Philadelphia Phillies 3-2 Saturday night in Game 6 of the NL championship series.
Surprise star Cody Ross and the pitching-rich Giants reached the World Series for the first time since 2002 and will host the Texas Rangers in Game 1 on Wednesday night. The Giants have never won the championship since moving to San Francisco in 1958.
Slumping Phillies slugger Ryan Howard looked at a called third strike with runners on first and second to end it. San Francisco closer Brian Wilson got the final five outs, finishing off the Phillies' bid to become the first NL team in 66 years to win three straight pennants.
"Right now it's heaven, but it was torture for that final strike," Giants first baseman Aubrey Huff said.
Giants ace Tim Lincecum struggled in the eighth inning, pitching in relief on one day of rest after losing Game 5. But Wilson took over and got Carlos Ruiz to lineout to Huff for an inning-ending double play in the eighth.
Benches cleared in the third inning after Giants starter Jonathan Sanchez hit Chase Utley with a pitch and then yelled at the All-Star second baseman for tossing the ball back toward the mound on his way to first base.
No punches were thrown and nobody was ejected, though Sanchez was pulled. San Francisco used six pitchers, including four lefties.
The Giants are seeking their first World Series title since 1954 when they were still in New York. Led by Barry Bonds, they came within six outs of winning it in Game 6 against the wild-card Angels in 2002 only to lose in the deciding seventh game.
It's been quite a wait for a franchise that moved West in 1958. Even with Hall of Famers Willie Mays, Orlando Cepeda, Willie McCovey, Juan Marichal and Gaylord Perry, the Giants couldn't bring a title to the Bay Area.
Now it's up to the Freak, Kung Fu Panda, Pat the Bat, an eccentric closer with a bushy beard that's dyed black, a journeyman outfielder who aspired to be a rodeo clown, and a rookie named Buster.
Those are nicknames that would make the Say Hey Kid, the Baby Bull and Stretch proud.
The Giants overcame a 2-0 first-inning deficit, tied it in the third and went ahead when Uribe hit an opposite-field drive that barely cleared the right-field wall.
Uribe hit a game-ending sacrifice fly off Roy Oswalt to give the Giants a 3-1 series lead in Game 4.
Roy Halladay outdueled Lincecum in Game 5 to send the series back to Philadelphia, where a frenetic, towel-waving crowd -- the 136th straight sellout at Citizens Bank Park -- wasn't ready for "Red October III" to end.
But the Phillies are going home early after leading the majors in wins for the first time in franchise history.
Wilson came in after Lincecum allowed consecutive, one-out singles. He got Ruiz on a liner to escape the inning.
Wilson had to bat in the ninth after Brad Lidge intentionally walked Buster Posey to load the bases. He took three pitches before bouncing out to first base.
Oswalt pitched six effective innings, masterfully working out of trouble throughout the game because he allowed nine hits and hit a batter. Oswalt gave up two runs -- one earned -- three days after losing Game 4 in relief. The three-time All-Star righty -- the 2005 NLCS MVP with Houston -- threw eight superb innings to earn the win in Game 2.
Sanchez lasted just two-plus innings, allowing two runs and three hits. Sanchez, the Game 2 loser, had dominated the Phillies before this series, not allowing more than four hits in his five previous starts against them.
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