Spain's Popular resists state aid with 2.5 billion euro share issue

MADRID (Reuters) - Spanish bank Popular said on Monday it aims for a 2.5 billion euro ($3.22 billion) share issue by mid-November and will scrap its October dividend to shore up capital and avoid taking funds from a euro zone bailout for the country's banks.

Popular, Spain's sixth biggest bank by assets, was flagged on Friday in an audit of the country's banking sector as needing an extra 3 billion euros in capital in case of a serious economic downturn.

Popular shares sank 9 percent after it said it would not take rescue funds, but other Spanish banking stocks rose on Monday after the publication of the audit removed uncertainty from the sector.

The stress test by consulting firm Oliver Wyman put the extra capital needs of 14 Spanish banks tested at 59.3 billion euros, below the 100 million euro credit line Spain agreed with the euro zone in July to clean up the banking sector.

Many Spanish banks became saddled with repossessed property after a building bubble burst in 2007 but there has also been a steep rise in bad loans from other sectors of the economy which is in a deep recession.

Spain has said it would need 40 billion euros of the euro zone aid since some banks could meet part of the extra capital needs themselves.

"We expect to launch the share increase in the next five weeks, probably by mid-November," Popular's Chief Financial Officer Jacobo Gonzalez-Robatto told a conference call with analysts on Monday after announcing the capital raising plan.

Popular needs to reduce its capital shortfall to around 2 billion euros by December if wants to avoid a public capital injection in the short term.

The Wyman report said Popular's estimated capital needs were based on an adverse scenario in which the economy contracts more sharply than economists currently forecast.

Popular, one of seven banks that failed the stress tests, is not planning to merge or acquire another bank in the near future, Gonzalez-Robatto said.

Of the seven banks that need capital, four of them have already been taken over by the state. Bankia , Spain's biggest failed bank, was seen needing almost 25 billion euros of capital in a stressed scenario.

Banco Mare Nostrum, which the audit showed needing 2 billion euros in capital, said on Friday it would sell assets to reduce needs by 1 billion euros. Banco Mare Nostrum and Popular had been in talks for a merger, but the government said on Friday it would not promote tie-ups between weaker banks.

Another bank with capital needs, a three way merger known as Liberbank-Ibercaja-Caja3, said it would put soured assets into a "bad bank" the government is setting up as part of the conditions for receiving European aid for the banks.

Popular said it would form its own asset management company to handle toxic assets left over from Spain's property market crash four years ago.

Popular said it would not pay its October dividend, but hoped to maintain plans for a 50 percent payout in 2013.

The bank's shares were suspended on Monday morning after the share issue announcement. When they began trading again they fell 9.11 percent to 1.547 euros per share. ($1=0.7773 euros)

(Writing by Sarah Morris; Editing by Fiona Ortiz and Anna Willard)

Source: http://news.yahoo.com/spains-popular-resists-state-aid-2-5-billion-103926248--finance.html

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Gameloft's New iOS Wireless Controller Is a Portable iCade [Gaming]

ThinkGeek's adorable iCade is genius. It turns your iPad into a little arcade! Asteroids forever! If it has a drawback, it's that, well, it kind of destroys the iPad's portability. Meet the Bluetooth Duo Gamer controller, which sheds the cabinet for a dock that'll fit in your backpack. More »


Source: http://feeds.gawker.com/~r/gizmodo/full/~3/MzNRyscDbpM/gamelofts-new-ios-wireless-controller-is-a-portable-icade

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Facebook CEO Mark Zuckerberg meets with Medvedev in Russia

Russia's communications minister tweeted that Prime Minister Dmitry Medvedev urged?Facebook CEO Mark Zuckerberg?to abandon plans to lure away Russian programmers and instead open a research center in Moscow. Zuckerberg?was visiting Russia on a world tour of programming contests to identify new talent.

By Associated Press / October 1, 2012

Russian Prime Minister Dmitry Medvedev shakes hands with Facebook CEO Mark Zuckerberg (l.) at the Gorki residence outside Moscow, Monday, Oct. 1.

Alexander Zemlianichenko/AP

Enlarge

Facebook head Mark Zuckerberg was in Moscow on Monday, where top officials were pressing him to expand the company's operations in Russia.

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Russia's communications minister tweeted that Prime Minister Dmitry Medvedev urged the social media giant's founder to abandon plans to lure away Russian programmers and instead open a research center in Moscow.

A Facebook spokeswoman, who refused to be named because she wasn't authorized to discuss the matter with the media, said the company has no immediate expansion plans for Russia.

Zuckerberg, who ditched his trademark hoodie and jeans for a suit and tie for his meeting with Medvedev, was visiting Russia on a world tour of programming contests to identify new talent.

Russian Web companies often command larger shares of the domestic market than their U.S. counterparts. Facebook has roughly 9 million users in Russia, while domestic clone VK has around 34 million.

Medvedev has cultivated a tech-friendly image since launching his modernization program while president of Russia from 2008 until this May, when Vladimir Putin returned for his third term as president.

Source: http://rss.csmonitor.com/~r/feeds/csm/~3/9CZ_fGgk9Vg/Facebook-CEO-Mark-Zuckerberg-meets-with-Medvedev-in-Russia

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Deep 7.1 quake rattles Colombia

BOGOTA, Colombia (AP) ? A powerful 7.1-magnitude earthquake centered nearly 100 miles underground rattled southwestern Colombia on Sunday but no damage or injuries were reported.

The quake struck at 11:31 a.m. local time 30 miles (48 kilometers) from the regional capital of Popayan and was felt in Bogota as well as 10 of Colombia's 32 states. The U.S. Geological Survey said its epicenter was 94 miles (150 kilometers) beneath the earth's surface.

The quake was the most powerful to hit Colombia since a 7.2-magnitude temblor shook the same region in 2004, said Patricia Pedraza of Colombia's geological service.

Security chief Edith Cabeza of Cauca state, of which Popayan is the capital, said the "white city" of 270,000 inhabitants suffered no damage.

Popayan's historical center was largely reconstructed after a March 1983 quake that killed at least 250 people.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/3d281c11a96b4ad082fe88aa0db04305/Article_2012-09-30-Colombia-Quake/id-7b78def81d4a4e2ba30d212989190761

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Survey shows weaker confidence in Japan's economy

FILE - In this Aug. 13, 2012 file photo, container ship, right, arrives at a container terminal in Tokyo. Major Japanese manufacturers are increasingly gloomy over an outlook darkened by weakening growth both at home and overseas, a quarterly survey by Japan's central bank showed Monday, Oct. 1. (AP Photo/Koji Sasahara, File)

FILE - In this Aug. 13, 2012 file photo, container ship, right, arrives at a container terminal in Tokyo. Major Japanese manufacturers are increasingly gloomy over an outlook darkened by weakening growth both at home and overseas, a quarterly survey by Japan's central bank showed Monday, Oct. 1. (AP Photo/Koji Sasahara, File)

FILE - In this Sept. 15, 2012, Chinese residents take photos of a smashed Japanese brand car during an anti-Japan protest in Xi'an in northwest China's Shaanxi province as protests against Japan for its control of disputed islands spread across more than a dozen cities in China and turned violent. Major Japanese manufacturers are increasingly gloomy over an outlook darkened by weakening growth both at home and overseas, a quarterly survey by Japan's central bank showed Monday, Oct. 1. Sinking exports due to feeble demand in crisis-stricken Europe and anti-Japanese protests in China have reinforced the gloom among leading companies. (AP Photo, File) CHINA OUT

(AP) ? Major Japanese manufacturers are increasingly gloomy due to weakening growth at home and overseas, a quarterly survey by Japan's central bank showed Monday.

The Bank of Japan's "tankan" index for the three months that ended in September was minus 3, a worsening from the previous quarter's minus 1.

Sinking exports due to feeble demand in crisis-stricken Europe and anti-Japanese protests in China have reinforced the gloom among leading companies. The index did not retreat as far as the March reading, however, which was at minus 4.

The central bank recently extended its monetary easing, moving to spur lending and forecasting that growth would remain flat in coming weeks.

The survey showed pessimism over the prospects for both domestic and global demand given weak growth in China, the U.S. and Europe.

Manufacturers anticipate that sentiment will remain negative in coming months, with the index forecast to stay at minus 3, the survey showed. Non-manufacturers likewise predicted a worsening in sentiment, to plus 5 from the current plus 8.

The Bank of Japan surveyed 10,722 companies and about 99 percent responded.

The index is a percentage of the companies with a positive outlook versus those who see unfavorable conditions ahead, so a minus number means there are more pessimistic companies than optimistic ones.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/f70471f764144b2fab526d39972d37b3/Article_2012-10-01-Japan-Economy/id-5327cd4d51294519a071217d477c96c2

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Honda recalls 573,000 Accords to fix faulty hoses

The Detroit Bureau

Honda will have to repair nearly 600,000 Accords due to the latest fire-related recall.

By Paul A. Eisenstein, The Detroit Bureau

Honda appears to be well on its way to again leading the market in terms of the number of recalled vehicles.? The maker has confirmed more than 625,000 of its Accord and Acura TL sedans will be impacted by the latest service action due to a potential fire hazard.

The new development actually expands on an earlier recall involving 52,613 of the Acura models sold during the 2007 and 2008 model-years.? The maker has now added another 573,147 Accords equipped with V-6 engines marketed during the 2003 through 2007 model-years.

Volvo V40 Cross Country Is a Blend of Wagon and Crossover

According to the National Highway Traffic Safety Administration, the power steering hoses in those vehicles could deteriorate prematurely and lead to a leakage of fluid. If that comes into contact with hot engine parts, such as the catalytic converter, the fluid could catch fire.

So far, federal regulators say they have received one report of an actual vehicle fire ? which did not result in injuries.

The midsize Accord and the Acura TL share many common components ? a practice widespread in the auto industry and one that often leads to recalls involving numerous different nameplates.? The Accord itself is the second-best-selling passenger car nameplate in the U.S.? An all-new model was recently introduced for the 2013 model-year.

Honda Punches Up Performance of 2013 CR-Z

Honda intends to notify owners of the latest recall this month and will make repairs at no cost to consumers. However, the maker has cautioned that due to a need to produce replacement parts in such large volume the repairs might not be completed until sometime in early 2013.

Owners can find out more about the recall by contacting Honda at 800-999-1009 or NHTSA through its vehicle safety hotline at 888-327-4236.

Chevrolet Makes Trax in Paris

While Honda has built a significant reputation for quality over the years, the maker has experienced a spurt of safety-related recalls in recent years and led the list among all manufacturers in the U.S. market last year.? At the current pace it is on track to top that list again in 2012.

More money and business news:

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Source: http://bottomline.nbcnews.com/_news/2012/10/01/14170073-honda-recalls-573000-accords-to-fix-faulty-hoses?lite

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'Red Dawn' Clip: North Korea (Definitely Not China) Invades!

If you've seen the original 1984 "Red Dawn," you probably know it as an over-the-top, darker-than-you'd-think anti-Commie wonder. The remake starring Josh Peck, Chris Hemsworth, and Adrianne Palicki sticks pretty close to the original set-up, but adds a more modern, more Michael Bay-inspired action aesthetic. The first clip from "Red Dawn" demonstrates that perfectly, showing [...]

Source: http://moviesblog.mtv.com/2012/10/01/red-dawn-clip/

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SPIRITUAL CONVERSATIONS ON LOVE IN RELATIONSHIPS ...

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    The Movie Geeks speak with acclaimed actor Vincent D'Onofrio (Full Metal Jacket, Men in Black, Law & Order: Criminal Intent) about the highlights of his extraordinary career, and his new film Chained, which is now available on DVD and blu-ray.

  • Butz and Butz Sports Radio broadcast live from the bar at the One Crazy Fan Tailgate Truck at Lincoln Financial Field with former Eagles Pro Bowl linebacker William Thomas.

  • At only 20 years old, J. Anton Boykin is already affectionately known as the "Sax Sensation." Since the age of eight he has been mastering the craft of music. Come listen to him talk about what inspires him.

  • EGH Media presents Rowan Galagher who is The Mad Pride. A singer, songwriter and instrumentalist who doesn't read music and also successfully controls Tourette?s syndrome.

  • MGN Radio welcomes Author Ngozi Achebe to discuss her new book, Onaedo - The Blacksmith's Daughter on our show. Her debut novel has already been nominated for several literary awards.

  • The Gridiron Chefs with TP Tymless and James Greenwood break down the weeks games in the NFL, the pressing topics around the league and listener questions.

  • This week Tim and Jill will finish the discussion on LGBT and Marriage Equality, this is a hot topic that has been trending on social networks and is an important issue for voters as we near election time.

  • Francy and Friends will be LIVE from The Days of Terror Convention, be sure to tune in as they will be meeting some of the biggest names in horror films. You never know who you might run into.

  • It's open-wheel racing and NASCAR on this episode, as Dustin Parks will be joined by guest co-host Glenn Locke. These two always bring great conversation, and this will be no different.

  • Grab your Saturday morning coffee and tune into "Those Diner and Motorcycle Guys" hosted by those eggs over easy riders Garrison Leykam and Scot Doane. "Those Diner and Motorcycle Guys"...talk radio was never like this!

  • BGE Radio welcomes Playboy Model Crissy Henderson to the show. Crissy is an actress, model and philanthropist. Tune in as she speaks about her life and upcoming work.

  • Source: http://www.blogtalkradio.com/drlanab/2012/09/29/spiritual-conversations-on-love-in-relationships--week-3-1

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    This 1964 Ford Mustang Ad Could Not Possibly Be More Boring

    This 1964 Ford Mustang Ad Could Not Possibly Be More Boring I've been effusive in my praise of the first-gen Mustang in previous posts. I think it fully deserves the credit. The original Mustang was one of the most important cars ever made, and its design still looks great today. The baby boomer generation must have seen it as sex on wheels compared to the hulking, staid sedans their parents drove.

    So how do you sell the Mustang to young people? Simple: you make the most boring commercial you possibly can. Wait, what?

    That's exactly the approach Ford took when they made this ad, and it is quite possibly the most boring ad for a sporty car that I have ever seen. We see a young-ish stylist slaving over blueprints, striving to give the car a look of "total performance." Then the narrator goes on and on about the padded instrument panel, the sculpted side panels, the round rear openings and BLAH BLAH BLAH.

    Get to the point, skip. I want to hear about engines and horsepower quotes. I want to see the car driving really fast. I want to see the driver actually having fun!

    Oh look, it's driving next to some horses. I think I just fell asleep in my cereal bowl.

    Luckily, Ford didn't need great ads for the Mustang to be a hit. The car started a revolution almost overnight, and for that, we're all better off. All I know is that Don Draper wouldn't have signed off on this ad. Way too boring.

    What do you think of this ad, and classic Mustangs in general?

    Update: As a few of you astute folks have pointed out in the comments, this may have been a dealer training film rather than a TV ad. Good eye! But it's still boring. Really, really boring.

    Source: http://jalopnik.com/5947180/this-1964-ford-mustang-ad-could-not-possibly-be-more-boring

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    President Obama's Weekly Address: Urging GOP Lawmakers to Help Homeowners

    Four years after the economic crisis threatened to destroy the American economy, the president is urging Republican lawmakers to help homeowners who were unfairly disadvantaged by the housing crisis at the heart of the recession.

    "We know the biggest cause of that crisis was reckless behavior in the housing market," the president said in his weekly address. "Millions of Americans who did the right and responsible thing - who shopped for a home, secured a mortgage they could afford, and made their payments on time - were badly hurt by the irresponsible actions of others."

    As his first term nears a close, the president boasted, "We're moving in the right direction."

    "Home sales and construction are up. Prices are beginning to rise. And more than a million families who began this year owing more on their mortgages than their homes are worth are now back above water," he said.

    In an election-year appeal to middle-class voters, the president touted his administration's efforts to revive the housing industry and help responsible homeowners.

    "Now, there are some who think that the only option for homeowners is to just stand by and hope that the market has hit bottom. I don't agree with that," he said in a not-so-subtle jab at GOP presidential nominee Mitt Romney.

    "But we can do even more if Congress is willing to do their part," Obama said.

    He urged lawmakers to act on his plan to help homeowners refinance at lower rates.

    "It's a plan that has the support of independent, nonpartisan economists and leaders across the housing industry," Obama said. "But Republicans in Congress worked to keep it from even getting to a vote. And here we are - seven months later - still waiting on Congress to act. ? This makes no sense. Last week, mortgage rates were at historic lows. But instead of helping more and more hardworking families take advantage of those rates, Congress was away on break. Instead of worrying about you, they'd already gone home to worry about their campaigns."

    The president admitted "it's going to take a while for our housing market to fully recover," but said it would take longer "if Congress keeps standing in the way."

    Also Read

    Source: http://news.yahoo.com/president-obamas-weekly-address-urging-gop-lawmakers-help-100122495--abc-news-politics.html

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