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Wall Street cheers rate cut

first_imgThe Dow soared 335.97, or 2.51 percent, to 13,739.39. The last time it rose more than 300 points in one session was Oct. 15, 2002, when it gained 378 points, and Tuesday’s percent increase was the biggest since April2, 2003. The blue-chip index is now only about 1.9 percent below its record close of 14,000.41, reached in mid-July. The Standard & Poor’s 500 index rose 43.13, or 2.92 percent, to 1,519.78. The Nasdaq composite index gained 70.00, or 2.71 percent, to 2,651.66. The S&P and the Nasdaq had their largest point gains since July 29, 2002. Small-cap stocks, badly beaten during the market’s summer turmoil, shot higher. The Russell 2000 index surged 30.82, or 3.97 percent, to 806.63, the largest percentage gain since July 29, 2002. “People had been reducing their exposure to small-caps because they’re viewed as a potential riskier asset class,” said John Thornton, co-portfolio manager at Stephens Investment Management Group in Houston. Also, credit tightness had stirred investor concern about smaller companies’ ability to access cash. Shorter-term Treasury issues rose and longer-term bonds fell. The yield on the benchmark 10-year Treasury note finished at 4.47 percent, the same as late Monday. Wall Street’s reaction to the rate cut was clearly positive; the Dow’s gain was the biggest rise immediately following a Fed decision since April 18, 2001, when the central bank surprised the market with an unannounced rate cut. But some analysts said the Fed’s response to this summer’s market tumult may eventually lead investors to worry more about how bad the current credit climate is, and how vulnerable the U.S. economy might be to it. “The market’s initial response is `Thank you, Ben,”‘Webman said. “But we also know that when people stop and look at this, people might say, `Could this house of cards be shaky, more than even we thought it was?”‘ Meanwhile, the dollar tumbled to a new all-time low against the euro after the rate cut, because lower rates make a currency a less attractive investment. Crude oil futures catapulted further into record terrain, rising 94 cents to $81.51 a barrel, and gold prices rallied to a multidecade high. These factors could add up to trouble for the consumer. Though the Fed tends to measure inflation after stripping out volatile food and energy prices, high commodity costs trickle down to average Americans and can dampen their spending power. “If they were concerned about inflation before, they should be more concerned now,” said Alexander Paris, economist and market analyst for Chicago-based Barrington Research. He called the half-point rate slash “overkill.” However, the mood was cheery on Wall Street, especially since the central bank’s decision capped an already strong day that saw economic and corporate data come in better than expected. Lehman Brothers Holdings Inc., the nation’s fourth-largest investment bank, posted a smaller-than-anticipated 3 percent decline in its third-quarter profit compared with a year ago. Other investment banks are due to report later in the week on the most recent, tumultuous quarter. Earlier Tuesday, the Labor Department’s August producer price index was more favorable than the market predicted.160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set! Although some investors hoped for a rate cut of that magnitude, most were betting on a smaller, quarter-point cut in the federal funds rate. The Fed responded to the spilling of credit market problems into the rest of the economy by saying, “the tightening of credit conditions has the potential to intensify the housing (market) correction and to restrain economic growth more generally.” The Fed lowered the benchmark federal funds rate to 4.75 percent after keeping it unchanged for more than a year and not lowering the rate since 2003. It also reduced the discount rate – what it charges banks borrowing from its discount window – by a half percentage point to 5.25 percent. On Aug. 17, the central bank lowered the discount rate by a half-point to help keep cash moving in the U.S. banking system. The central bank’s decision and the wording of its accompanying economic assessment gratified a market that plunged during August amid fears that credit market tightness, spawned by a continuum of mortgage defaults and delinquencies, would send the economy toward recession. There was no direct signal in the Fed’s statement that it would make further rate cuts. It said “some inflation risks remain” and that it will keep monitoring inflation developments. Still, it did not call inflation its “predominant policy concern” as it did after holding rates steady in early August. “What it says to me is you had a major shift in the last couple of months from a Fed that was very concerned about inflation to one that is concerned about the health of the financial markets, the availability of liquidity,” said Jerry Webman, chief economist at Oppenheimer Funds Inc. MARKETS: Dow average scores its biggest single-day point gain in almost five years. By Madlen Read THE ASSOCIATED PRESS NEW YORK – A jubilant Wall Street barreled higher Tuesday after the Federal Reserve cut its benchmark interest rate by a larger-than-expected half percentage point. The Dow Jones industrial average surged nearly 336 points – its biggest one-day point jump in nearly five years. last_img

Men’s Golf Finishes Fall Season With Ninth-Place Finish at ODU/Outer Banks

first_img Final Results The Drake University men’s golf team finished ninth in the ODU/Outer Banks Intercollegiate to finish the 2019 Fall season. The event was won by North Dakota State, who finished four strokes ahead of the second-place team, Old Dominion.Drake finished with a 54-hole total of 857 (290-284-283), which is the second-lowest total for Drake since 2013-14 and the lowest total since recording an 856 in the same event two years ago. All five of Drake’s golfers fired 54-hole totals of 220 or lower, a feat that the Bulldogs had not pulled off since prior to the 2013-14 season.Drake was led by Tim Lim who finished the event tied for 16th with a 54-hole total of 211 (71-70-70). Lim played par fives a combined five-under-par for the event, which was tied for the seventh-lowest total among the field of 78 golfers. Three strokes behind Lim was Chase Wicklund, who finished with a total of 214 (76-69-69) to tie for 32nd. Wicklund played especially well on the par-five 12th hole, playing the hole four-under-par on the weekend.Freshman Nick Pittman finished with a 54-hole total of 217 (74-71-72) to finish the event tied for 42nd. Lucas Scherf fired a final-round 72 to finish tied for 50th with a total of 220 (74-74-72). Shayne Patel also finished with a 220 (71-75-74) to finish tied for 50th and round out the Bulldogs’ competitors.The Bulldogs will return to action in the Spring with the Earl Yestingsmeier Match Play event hosted by Ball State in Dade City, Fla. on Feb. 10-11.Drake Individual ResultsT16. Tim Lim, 71-70-70 – 211T32. Chase Wicklund, 76-69-69 – 214T42. Nick Pittman, 74-71-72 – 217T50. Lucas Scherf, 74-74-72 – 220T50. Shayne Patel, 71-75-74 – 220 Print Friendly Version Story Linkslast_img read more

Former 49ers general manager being treated for cancer

first_imgTerry Donahue, a Hall of Fame coach at UCLA who later succeeded Bill Walsh as 49ers general manager, was released from a Southern California hospital Tuesday after undergoing surgery for an undisclosed form of cancer.The UCLA athletics department released a statement that the 74-year-old Donahue will undergo chemotherapy once he recovers from surgery performed Friday at UC San Diego’s Jacobs Medical Center.No further details on Donahue’s condition were immediately known, and Donahue’s family …last_img read more

Three2Six, the passport to tomorrow for immigrant children

first_imgJohannesburg’s Sacred Heart College has a long history of opening its doors to the most vulnerable children. Under the apartheid regime it educated children of all colours. Today, as home to Three2Six, it offers refugee children the chance of an education they may otherwise be denied.Like their pupils, teachers at Three2Six were once refugees themselves. Their common history makes it easier to build trust and understanding between pupil and teacher. (Image: Three2Six)Sulaiman PhilipThe administrative office of Three2Six, a foundation school for refugee children, is up a steep flight of stairs. With its door wide open, you can hear the students of Sacred Heart College exuberantly head to waiting cars or to extra-murals.Esther Munonoka, co-ordinator of the school, is disturbed by a tentative knock and timid voice. The former teacher, and refugee from Rwanda, excuses herself and talks calmly and peacefully to the young girl, whose unease melts away. Munonoka speaks whisper soft but confidently as she explains the challenges and successes of the programme, which is now entering its tenth year.Named for the hours the school runs, Three2Six offers refugee children the opportunity to get an education. It is designed as a bridge for refugee children before they enter the South African education system. Students at Three2Six are tutored in three foundation courses – English, maths and life skills – up to Grade 6.Munonoka explains: “We want to prepare our children to enter government schools. We give them a grounding that allows them to integrate into schools in their own communities.”Classrooms buzz with languages from across Africa – smatterings of Shona, French and Swahili – until classes begin. Pupils who have been at the school longer encourage newer children to speak English only. The teachers, all of them refugees, are able to help pupils overcome language and cultural barriers.Munonoka describes her charges as friendly, responsible and hardworking. To casual observers other adjectives come to mind: resilient, wary and aware. For them South Africa, and Sacred Heart, represent something we take for granted. Normal and safe, a place where they are free to learn, released from the fear of roaming bands of armed men. It’s a place that allows them to be children again.Some of the students may be undocumented, but Munonoka will not say. Or care. Unless the students and their parents want them to know. When they are in the classroom, the teachers teach. However, Three2Six does offer help, where it can, to families to get their immigration status legalised.For many, Sacred Heart is a safe zone, but Three2Six staff are well aware of the fears that drive life outside its gate. Whenever there is violence directed at immigrant communities, Munonoka and her staff are upsettingly conscious of it. The classes are small, so when even one child stays away, it is painfully obvious.Violence, sadly, is nothing new to many of the children who attend Three2Six. “Speaking generally, our children and their parents are escaping war, genocide, and persecution. They are looking for something we take for granted, an opportunity to learn. Some have walked from the DRC or crossed from Zimbabwe. We take the trust they put in us, to look after their children, very seriously.”At Three2Six refugee children get the chance to be kids again. (Image: Three2Six)For immigrant children, Three2Six is the lodestar. They attend religiously and parents are involved despite their circumstances. Administrators lament that their success has made them a choice for South African parents eager for their children to benefit from the educational grounding.“We have had some scary experiences because we won’t take in South African citizens. Our argument is the government is required to provide for the citizens of this country. We see ourselves as a partner of the government to help with a problem – we have an overwhelming number of refugees – that has overwhelmed them.”Hunger is also commonplace among the 275 children that Three2Six educates, with 300 on their waiting list. As Munonoka points out: “You can’t learn if you’re hungry.” The school provides students with a meal a day and has, over the course of its existence, served more than 350,000 meals.Sacred Heart College supplies school uniforms to the children. Often the uniform is among the few items of clothing the child possesses. (Image: Three2Six)A history of caringGiving Three2Six a home fits in with Sacred Heart’s long history of social engagement. In 1976, in defiance of the apartheid government, the school opened its doors to all races. It has been a beacon whose identity is wrapped up in its social justice activism.Colin Northmore, head of Sacred Heart College, explains that Three2Six would not exist if not for the work done by Bishop Paul Verryn at Johannesburg’s Central Methodist Church in 2003. “He called me and asked for help with the children who had taken refuge in the church after the first wave of xenophobia. We tried to help, we tried to do some teacher training, we tried to help with some of their other initiatives but they all collapsed.”While he takes as gospel the morality of doing something, Northmore believes that the work of the Central Methodist Church failed because there was no long-term plan in place. “At the time one of our brothers (Sacred Heart is one of 403 Marist Brothers schools spanning the globe) from Brazil was passing through and spoke about a programme they were running. They had a fee-paying school in the morning and a fee-free school in the afternoon and an adult education programme in the evening.“One of the defining features of that school was they did not use the same staff. All of these ideas coalesced and led to us asking: where is the social injustice in Johannesburg. That’s where Three2Six was born.”Reaching outThe project helps documented and undocumented migrants who would otherwise struggle to gain access to education. Northmore stresses that the programme is not a school but a bridging programme. He believes South Africa’s future is best served by allowing migrants to integrate into society.“We are not best served if migrants lock themselves in their own enclaves, or if South Africans build walls around themselves. We do not benefit from one another if we lock ourselves away out of fear or a lack of understanding.”Building understandingIf there was criticism, Northmore explains, opinions were quickly changed as children began playing and talking to each other. Understanding grew as Three2Six children were made to feel welcome on the bucolic grounds of Sacred Heart. “Our afternoon children are encouraged to use the sports fields as well, to be normal kids, to laugh and play. To have a normal childhood.”Watch: Precieuse: a refugee’s story. An animated biographical story created by the children of the Three2Six school at Sacred Heart CollegeNorthmore believes the well-heeled students of Sacred Heart have benefitted as much as the refugee children they have welcomed into their world. Kindness and respect, he believes, triggers understanding and opens up the possibility of transformation on both sides.“My parents are very proud of this project. The mothers of my day school noticed that some of our students weren’t eating their meals; they were packing them up and taking them home. So they started a food parcel project that now feeds a hundred families every month.”Now in its tenth year, Three2Six has spread to two other campuses and has been nominated for a JFK Humanitarian Award. The programme, one of a handful across the globe, is being recognised for its work in solving a growing problem – migration and how to accommodate refugees in an urban setting.“It’s a significant intervention into this problem in the world. How do you accommodate people moving to cities? And Three2Six is one small part of the answer to that question.“You need to understand something about Sacred Heart. We are one of the most diverse communities you will find. We are trying to fulfil the dream of what South Africa could become. My children already engage with difference.”What Munonoka, Northmore and the children of Sacred Heart and Three2Six have created is a community committed to embracing and celebrating all that makes us different.last_img read more

Comparing Carpentry Tools to Surgical Tools

first_imgTwo hundred years ago, a ship’s carpenter had many duties. In addition to repairing the ship, a carpenter would be called on to perform emergency amputations. Why? He was the one who had the saws.Modern surgeons still require saws, as well as drills, chisels, scrapers, and grinders. As a lighthearted exercise that has almost nothing to do with green building, I recently got the idea to compare surgical tools with carpentry tools.Full disclosure: This blog is for fun. It is completely empty of any building science. Comparing prices I assumed that surgeons are paying five times as much as carpenters for their tools. In some cases, that’s true. But the price picture turned out to be a little more complicated than I assumed.Before I could make any conclusions about tool prices, I had to do some research. I discovered that American and European manufacturers of surgical tools are reluctant to publish their prices on the web, making this research difficult.However, Chinese manufacturers came to the rescue. Unlike their American and European counterparts, Chinese manufacturers seem eager to post prices.What did I learn? The “WalMart effect” applies to some, but not all, surgical tools. Many Chinese manufacturers offer great prices on surgical tools. Martin Holladay’s previous blog: “Fine Homebuilding Editors Interview Martin Holladay.” Click here to follow Martin Holladay on Twitter. Sign up for a free trial and get instant access to this article as well as GBA’s complete library of premium articles and construction details. This article is only available to GBA Prime Memberscenter_img Start Free Trial Already a member? Log inlast_img read more

There Are Exceptions to Every Rule

first_img Get the Free eBook! Want to master cold calling? Download my free eBook! Many would have you believe that cold calling is dead, but the successful have no fear of the phone; they use it to outproduce their competitors. Download Now In law school, I was taught that there are rules. You look at a fact pattern and apply the rule to that fact pattern. The rule is always right and you always follow the rule.Except when you don’t.For every rule, there is an exception. So you always follow the rule, except when there is an exception, in which case you follow a new rule based on that exception. Following this pattern always guarantees that you come to the right decision.Except when it doesn’t.There are exceptions to every exception. So the rule is always right, unless there is an exception to that rule, in which case you take the course of action prescribed by the exception, unless there is an exception to that exception, in which case, you follow the course of action prescribed by the exception to the exception.This is how the law works. You look at the fact patterns to discover the rules. Then you look for exceptions, things that would make it so the rule doesn’t apply and where some other rule might produce a better result.It is illegal to kill another human being, unless it is in self-defense, unless you had a duty to retreat . . . and on and on it goes.It’s easy to write about sales if there was a single set of rules that could be taught and universally applied. There isn’t a single set of rules that are universally applicable to every sales situation. Much like the countless legal issues we humans can create, there are countless sales situations. There are also some big broad principles, rules if you will, like “you diagnose before you prescribe,” or “you always start as high up in the organization as possible.”But each of these big broad principles is generally true. They’re worth knowing. But it’s also worth knowing that there are exceptions to the big broad rules, there are subtleties.It is always right to diagnose before you prescribe, unless your client doesn’t know how to help you understand their needs, unless they have already purchased what you sell enough to know what they need, unless they don’t enough to know that what they believe they need isn’t what’s going to get them the outcome they want . . . This isn’t say that you should always make sure understand your client’s needs before prescribing, but rather, sometimes you may have to help them by prescribing. We take our clients as we find them.If you want to improve your ability to sell well, then you need to study the big principles, the big rules. Then you have to understand where and when the rules don’t apply and what the most effective course of action is based on that exception (or the exception to that exception).Big principles first, exceptions and subtleties second.QuestionsWhat are some of the big rules, the big principles that apply to sales?How many of these rules are subject to an exception? What are those exceptions?Are there exceptions to those exceptions?Have you ever seen a salesperson mistake the exception for the rule?last_img read more

BSF Jawan killed in Pak. sniper fire

first_imgA Border Security Force (BSF) jawan was killed on the International Border (IB) in Jammu on Wednesday in a fresh violation of ceasefire agreement by Pakistan, triggering a major exchange of fire.A BSF official said the jawan was killed in a sniper fire from across the border in Jammu’s Samba district around 4:30.p.m. “The jawan was posted at the Chak Dolma post when he came under fire,” he said.The BSF spokesperson identified the deceased jawan as head constable R. P. Hazra, a resident of Rampara Murshidabad, West Bengal. He was born on this day in 1967.The incident sparked a major skirmish between the troops of India and Pakistan. (With PTI inputs)last_img read more

25,000 evacuated in Kolhapur, Sangli

first_imgWhile the flood situation due to discharge of excess water from dams improved in Pune city, it remained extremely grim in urban and rural pockets of Kolhapur and Sangli districts in on Tuesday where continuing showers completely threw life and communications out of gear.Authorities said an estimated 25,000 people stranded in Sangli, Kolhapur and Satara were evacuated by locals and disaster management teams, including those of the National Disaster Response Force (NDRF).Milk supply to these districts will be hit as the Kolhapur District Milk Cooperative, known as Gokul, has decided to shut supply operations on Wednesday in view of the adverse rain and water-logging situation.People in low-lying areas were taken out in boats and shifted to schools run by the civic bodies of these districts even as water began flooding urban pockets of Kolhapur and Sangli. Schools and colleges in these districts remained shut on Tuesday and are likely to remain closed on Wednesday too.Power supply to more than 85,000 consumers in Kolhapur was temporarily suspended as a precautionary measure, said officials from the Maharashtra State Electricity Distribution Company (MSEDCL).Residents of Gaganbawda, Panhala and Karvir tehsils in Kolhapur were hit hard by the rains.More than 105 earthen dams and other water systems in Kolhapur, including canals, have been submerged by the rising river water levels, while more than 20 bridges in Sangli have gone under water. With the swollen Panchganaga river flowing well above the danger mark at 51 feet, residents and authorities in Kolhapur fear a repeat, or worse, of the 1989 and 2005 floods.Revenue Minister Chandrakant Patil in a statement said, “I appeal to the residents of Kolhapur not to panic and cooperate with the district administration in their rescue efforts… NDRF teams are trying to move people to safe zones. A Navy team and an Army column of 80 personnel with four boats are on their way.” He said the situation in Kolhapur was worse than in 1989.“In 2005, the Panchanganga touched 53.5 feet mark. Going by the present situation, it could well exceed that figure…with communications with other districts severed, Sangli and Kolhapur could face an acute milk and fuel crisis if this situation persists for the next 48 hours,” advocate Amit Shinde, a resident of Sangli district, told The Hindu.While water from dams paralysed traffic on national and state highways and internal roads, Kolhapur was completely cut-off from Pune, Bengaluru and the Konkan region.Inter-district trains like those connecting Sangli with Karad (in Satara) were suspended as rail tracks were flooded.Meanwhile, Satara district authorities said the discharge from Koyna dam was increased to 1,19,777 cusecs (cubic foot per second) late in the afternoon, leading to heavy flooding in several talukas.A team of around 25 NDRF jawans was involved in rescue operations alongwith district authorities, especially in the Patan and Karad talukas of Satara.In contrast, the situation seemed slightly better for residents in Pune city, as discharges from major dams were considerably reduced on Tuesday.P.B. Shelar, executive engineer of the Khadakwasla irrigation division, told The Hindu that discharge from the had been brought down to 18,491 cusecs by late afternoon from 45,000 cusecs.Discharge from the Mulshi and Pavana dams too were reduced, easing the flood-like situation in the city’s low-lying areas.On Monday, rising levels of the Mula River had led to some connecting bridges between Pune and the Pimpri-Chinchwad being temporarily shut. However, with the water levels going down today, traffic police opened up six bridges in the Aundh-Baner area.Meanwhile, Pune District Collector Naval Kishore Ram declared a holiday on Wednesday for schools and educational establishments in Bhor, Velhe, Maval and Mulshi talukas of Pune district.last_img read more

Copa del Rey Roundup: Barcelona hammer Murcia to reach last 16, Formentera stun Bilbao

first_imgBarcelona reached the last 16 of the Copa del Rey with a comfortable 5-0 win over Murcia on Wednesday, but Basque Country teams Real Sociedad and Athletic Bilbao were eliminated by third-division clubs.Atletico Madrid advanced after a 3-0 win against Elche to overcome a first-leg draw.Barcelona striker Paco Alcacer scored in the first half and Gerard Pique, Aleix Vidal, Denis Suarez and Jose Arnaiz each added goals after halftime to give the hosts an 8-0 aggregate win against the third-tier club.”We played with great attitude,” Barcelona coach Ernesto Valverde said. “You don’t want to go through any scares in these games, and the best way to do that is to play with good rhythm and dynamism.”Barcelona played without most of its regular starters, including Lionel Messi and Luis Suarez.Valverde had also rested the team’s top players in the 3-0 first-leg win last month.Pique, who missed the Spanish league game against Valencia at the weekend, started the match at Camp Nou but was substituted right after scoring his 56th-minute goal.Barcelona is trying to become the first team to win four straight Copa del Rey titles since Athletic Bilbao in 1930-33.SOCIEDAD STUNNEDTeenager Bojan Radulovic scored an 87th-minute goal that allowed third-division club Lleida to eliminate top-flight club Real Sociedad on away goals.Lleida won 3-2 after trailing by two goals at halftime at Anoeta Stadium. It had lost the first leg 1-0 at home.”This hurts,” Sociedad coach Eusebio Sacristan said. “We have to ask for the fans’ forgiveness. We are very disappointed.”advertisementSociedad, seventh in the Spanish league, went ahead with goals by Diego Llorente and Juanmi, but the Catalan outsiders rallied with goals by Aitor Nunez and Manu Molina early in the second half. The 18-year-old Radulovic stunned Sociedad with a header near the end.”I’m speechless,” Radulovic said. “It’s my first goal with the first team, in a stadium like this, against a first-division club.”ATHLETIC OUSTEDAthletic Bilbao was eliminated by Formentera after conceding a goal in the sixth minute of stoppage time at its San Mames Stadium, losing the two-leg series 2-1.”We know that this is a huge loss and that the fans are disappointed,” Athletic coach Jose Angel Ziganda said. “This is probably the worst moment I’ve had to go through as a coach.”Substitute Alvaro Muniz netted the winner with a header off a corner kick cross to stun the home crowd in Bilbao.”Tomorrow it will sink in what it means to beat Athletic in its stadium,” Formentera coach Jose Angel Garcia Sanjuan said.ATLETICO STAYS ALIVEFernando Torres scored a goal in each half as Atletico easily defeated third-division club Elche at the Wanda Metropolitano Stadium, advancing 4-1 on aggregate.The goals ended Torres’ scoring drought after 13 matches this season.Jose Gimenez also scored for Atletico, which has won three straight in all competitions.SEVILLA ADVANCESWissam Ben Yedder scored twice in the first six minutes to lead Sevilla to a 4-0 win over third-division club Cartagena, securing a spot in the last 16 with a 7-0 win on aggregate.Paulo Henrique Ganso added to the lead just before halftime and Joaquin sealed the victory in the second half.It was Sevilla’s first match without coach Eduardo “Toto” Berizzo, who underwent surgery to treat prostate cancer on Tuesday.Assistant coach Ernesto Marcucci is in charge until Berizzo returns.LAS PALMAS GOES THROUGHLas Palmas advanced 6-4 on aggregate after a 3-2 home loss to Deportivo La Coruna, but it lost striker Vitolo just before halftime because of a left leg injury.last_img read more