Souvenirs From Paris

Comments Off

San Francisco

This city climaxed a four-month celebration of five onetime Bay Area residents who settled in Paris—brothers Michael and Leo Stein; their sister, Gertrude; Michael’s wife, Sarah; and Gertrude’s life partner, Alice B. Toklas—with four performances earlier this month of “Four Saints in Three Acts.” Gertrude Stein wrote the nonsensical if occasionally droll libretto in 1929; Virgil Thomson penned the score, and got it produced in 1934. In the 1950s, Thomson cut “Four Saints” down to 45 minutes, and for the recent production in the Yerba Buena Center theater, director Brian Staufenbiel added “a more structured narrative” and dressed everyone but the leads in white. Nicole Paiement, the conductor and artistic director of Ensemble Parallèle, did a good job of conducting her 23-piece orchestra.

Seeing Gertrude Stein: Five Stories

Contemporary Jewish Museum

Through Sept. 6, then travels to the National Portrait Gallery in Washington.

The Steins Collect

San Francisco Museum of Modern Art

Through Sept. 6, then travels to the Grand Palais in Paris and the Metropolitan Museum in New York.

This version is set, more or less, in St. Teresa’s death-bedroom, with various saints gathered around her lacy, tented rolling bed; in an operating room (same bed, same room), in which St. Ignatius-as-surgeon, dressed in a scarlet suit, saws apart a dummy St. Teresa as the “real” one watches from above. The other saints toss the severed limbs about; Dr. Ignatius stitches them back together. Two characters (policemen?) in black start arresting people, which leads to a courtroom scene. All this has nothing to do with the original—but then the original didn’t have much to do with anything, either. Time is still found for a famous tango interlude and St. Ignatius’s line “Pigeons in the grass, alas,” which is repeated (with variations) by the other saints a dozen or two times. In fact, many words and lines are repeated over and over again. Thomson’s thin, unchallenging score manages to play some amusing games with Stein’s repeated words: Eclectic and melodious, it is never aggressively modern. The program was filled out by an inconsequential new work by Luciano Chessa, using lines Thomson had cut from “Four Saints.”

ARS/Succession H. Matisse/SFMOMA

‘Woman With a Hat’ (1905) by Henri Matisse

To learn more about the woman who came up with this mad libretto (and a great deal of similar quirky prose), one should spend a couple of hours at Daniel Libeskind’s Contemporary Jewish Museum. Here curators Wanda Corn and Tirza Latimer have put together “Seeing Gertrude Stein: Five Stories.” It is doubtful anyone will ever really understand Stein, but in this extensive exhibition the curators have provided us with all the clues we could ask for: recordings of her reading and talking; film clips of her theater pieces; clothing, jewelry, furniture and wallpaper; more paintings and sculptures of her; many more photographs. “Gertrude Stein became one of the most painted, sculpted and photographed women of the twentieth century,” we are told. The judicious catalog—defensive, but not worshipful (it cannily avoids talking about her writing)—may be the most candid, thoughtful and extensive biography she will ever get.

Just around the corner from the Jewish Museum, at the San Francisco Museum of Modern Art, is the centerpiece of this summer’s Steinfest, “The Steins Collect: Matisse, Picasso, and the Parisian Avant-Garde,” curated by Janet Bishop and others.

For several years, almost the only places in Paris where one could go to see collections of works by Pablo Picasso and Henri Matisse were Gertrude and Leo’s (and later Alice’s) weekly Saturday-evening salons on rue de Fleurus, and Sarah and Michael’s the same evening on the rue Madame. Eventually, “everybody” came—writers, musicians, cafe society and the gay demimonde, foreign searchers after the new, and the artists the Steins collected.

The main attraction of the SFMOMA show are the 76 Matisses and 47 Picassos the Steins once owned (the works and numbers will differ slightly when the show travels to Paris and New York). In addition to an impressive number of masterpieces, the exhibition includes the minor works one should expect of a family of emigré Californians of comfortable but not unlimited means—as well as family snapshots, letters, documents, furniture, house plans and home movies. There are 204 works of art here, filling most of the museum’s fourth floor.

The experience of standing before Picasso’s small, dark-eyed “Self Portrait”; his hulking, immortalized image of Gertrude Stein (which she gave to the Met to help ensure her immortality); his ethereal “Boy Leading a Horse” (on loan from the Museum of Modern Art, and one of the greatest modern paintings); and Matisse’s dazzling “Woman With a Hat” (from SFMOMA’s permanent collection)—all in a row, all painted and purchased in 1905-06—makes passing through galleries of lesser works worthwhile.

SFMOMA/Succession H. Matisse/ARS

‘The Girl With Green Eyes’ (1908) by Henri Matisse

In Room I, an erotic Bonnard and a Renoir nude are joined by a small Manet and four Cézannes (two of them lithographs). Room III includes the great row of four mentioned above. Room IV has a corner of fine melancholy rose- and blue-period Picassos, as well as a long wall of 11 Matisses in all the wrong colors and his knobbly bronze “Serf.” In Room VI, feast on Matisse’s “The Girl With Green Eyes” of 1908, bought that year by Michael Stein for a friend who eventually gave it to SFMOMA. Next come Matisse’s jarring “Blue Nude” painting (now part of the Cone Collection in the Baltimore Museum of Art) and the bronze “Reclining Nude” that mimics her pose. There follows a compelling suite of five of Picasso’s sharp, orange watercolor sketches for a woman’s almond-shaped, huge-eyed head—plus a larger version in oil—which was to turn up later that year atop one of his Demoiselles d’Avignon.

There are more of Picasso’s early Cubist adventures in the next two rooms. Gertrude was willing to embrace these new works, while Leo was not—which (along with Alice’s growing role in the household) led to the siblings’, and the collection’s, split in 1914. Further along are Matisse’s handsome, stylized portraits of his good friends Michael and Sarah, donated to SFMOMA in 1955. Michael and Sarah returned to the Bay Area in 1935. Before they died—short of cash—they were able to sell many of their Matisses to good friends, who then gave the works to the San Francisco museum, where they form the core of its early-modern collection today.

Back in 1904, Leo and Gertrude, just settled in Paris, learned that they had a legacy of $8,000—perhaps $200,000 today. Almost immediately, Leo, the family art expert, went out and bought a Gauguin, a Cézanne and two Renoirs. In 1905 he bought their greatest Cézanne—”The Artist’s Wife With a Fan” (1878-88), now in the Buehrle Foundation in Zurich (which, alas, does not lend its works)—and a Delacroix, as well as their first important works by Matisse and Picasso, virtually wet from the canvas. In rapid succession came Bonnard, Daumier, Manguin, a fine Toulouse-Lautrec, Valladon, more and more and more Picassos and Matisses.

How did this family—along with very few other people—recognize the importance of so many defiantly rule-breaking paintings by artists still derided or ignored by the Salons, museums and major galleries and collectors? Who among us today could make such a brilliant gamble on the future of art with just $200,000 to spend? Such is the mystery of changing tastes and the enduring fascination of the Steins.

Mr. Littlejohn writes for the Journal on West Coast events.

© 2011 Wall Street Journal (www.wsj.com)
Posted on January 31st 2012 in Uncategorized

Planting push for jubilee woods

Comments Off

Organisers of a project to create a series of new woods to commemorate the Queen's Diamond Jubilee hope to plant one million trees during February.

Dame Judi Dench, the Oscar-winning actress, has lent her support to the Jubilee Woods project.

"Whenever a friend or relative dies, I make a point of planting a tree in my garden," she explained.

"As soon as I heard about the Jubilee Woods project, I felt I wanted to be a part of it," Dame Judi added.

"I support the Woodland Trust because I think too many forests are being destroyed and we should do all we can to conserve what we have and to plant more.

"The more trees I see, the happier I am."

Digging deep

Georgina McLeod, head of the Trust's Jubilee Woods project, said there were a number of ways that people could take part and become "one in a million".

"From helping to create 60 new Diamond Woods, planting new woodland with communities, donating funds to help plant trees, to planting trees in school grounds or a single tree in your garden or pot, it's easy to plant trees for the jubilee and help us reach a million trees in a month," she said.

She added that more details were available on a website that had created for people interested in participating.

As well as creating the flagship 460-acre (186ha) Diamond Wood, located in the National Forest in Leicestershire, the project also aims to create a further 59 diamond woods around the UK – each covering more than 60 acres (24ha).

The Trust is also providing thousands of free tree-planting pack in an effort to encourage people to help it achieve its goal of planting six million trees during the jubilee year.

Community groups can apply for packs contain 105 or 420 native species, with each pack containing a "royal oak" sapling, grown from acorns collected on Royal estates.

School packs contain 60 hedge/copse species as well as a royal oak sapling. The kits will be made available in time for planting during the autumn.

© 2011 BBC News (www.bbc.co.uk)
Posted on January 31st 2012 in Uncategorized

Audit Chief Faces China Risks

Comments Off

These are difficult times for auditors in China.

Recent months have seen a series of accounting scandals at Chinese companies including several that are listed overseas, some of them audited by the Big Four global firms—Deloitte, Ernst & Young, PricewaterhouseCoopers and KPMG. Meanwhile, regulators in the U.S. are asking tough questions about oversight of auditors’ work in China. And at the same time, some Chinese officials have called for a homegrown accounting firm to take on the Big Four.

KPMG China

‘It’s a definite Chinese strategy to make local firms bigger, stronger, so they can compete with the Big Four. A few large firms are getting close, but we’re still quite ahead,’ says KPMG’s Benny Liu.

Résumé


  • Qualifications: Graduated from the London School of Economics and Political Sciences with a BSc (Econ) degree. Qualified as a chartered accountant in 1988.

  • Career: Started at a small U.K. accounting firm, then joined KPMG in London. Moved to Hong Kong in 1991. Currently based in Beijing and Hong Kong

  • Extracurricular: Water sports such as SCUBA diving and wind surfing.

Benny Liu, who heads up the audit practice at KPMG China, says partners at the firm’s offices around the world have a better understanding of the potential—and the challenges—in China than ever before.

“You have to fight hard for business, not just with the Big Four but also local firms,” says Mr. Liu.

He spoke to The Wall Street Journal’s Duncan Mavin in Hong Kong. The following interview has been edited.

WSJ: There’s a perception at the moment that fraud and corruption and accounting scandals are rife in China. How do you deal with that?

Mr. Liu: We have rigorous risk-management procedures in terms of accepting clients. We evaluate them every year. We also classify our clients into different categories—for blue chips in Hong Kong that we’ve known for 30 years obviously the evaluation process will not be as rigorous as for a privately held business owned by a rich guy in China. In terms of the audit process, procedures will be more robust. Also, we come across new findings from not just our clients but we hear in the news about other companies gone wrong and we do a lot of training, put out case studies, make sure our staff are aware of the current environment and how to look for red flags. It’s challenging. That’s why our risk-management department is really huge now.

WSJ: Have the recent scandals and allegations against Chinese companies about accounting irregularities led to more questions from KPMG overseas about operations in China?

Mr. Liu: No, actually. Our global risk people are very interested. In terms of the other [executives], obviously they’re asking if all Chinese companies are bad. Obviously they’re concerned. From their perspective, they want to know how we’re going to manage the situation. A lot of these companies are in the U.S. market, and now all of a sudden because of some short-seller attack and allegations, a lot of companies have some problems. So our global risk people are interested in what sort of position we have to prevent something big happening to our company as a whole and our brand name.

WSJ: How do auditing standards stack up in China?

Mr. Liu: Auditing standards are very similar to international standards, however, in certain instances, there are more specific requirements to meet Chinese standards. For example, China’s standards require bank confirmations for all bank balances. While it is usually practiced, it is not a specific requirement in the case of international auditing standards. The regulator also interprets the standards differently. International firms for example, usually rely on testing controls so that your substantive testing is less. The Chinese regulator will expect a more substantive approach.

WSJ: What are the main challenges to growing the business in China?

Mr. Liu: Attracting people is key. Before the financial crisis, graduates seemed to think professional accountancy firms were a place they wanted to go, particularly the Big Four firms. The money is good, the career progression is good. But the financial crisis changed the scene—the Big Four firms and local firms tried to cut headcount and salary increases were not as good as before. Afterwards, salaries rose in China, and the professional accountancy firms didn’t seem as attractive as before. Our profession in China has long hours—a lot of young people can’t stand that. Retaining people is the same—qualified people with four or five years experience have a lot of options outside where salaries can be a lot better, in particular for those with financial services experience.

WSJ: How do you compete?

Mr. Liu: We don’t compete with banks any more. We start staff off on a reasonable salary, but as they progress it increases much higher. At banks or other big companies, the entry salary could be much higher but it’s harder to get a big increase. Some young people don’t think long-term. An offer of a few thousand renminbi difference could be big, in particular in big cities, where fewer students live with their family and the cost of living is not cheap.

Work-life balance is very important now. Before the financial crisis, they wanted money and career. Now, the same age group wants work-life balance, and career doesn’t seem to be the top priority.

WSJ: Are local Chinese firms a real challenge to the Big Four yet?

Mr. Liu: It’s a definite Chinese strategy to make local firms bigger, stronger, so they can compete with the Big Four. A few large firms are getting close, but we’re still quite ahead. There are a lot of audit tenders that these firms are participating in—they win some, because on pricing they can go lower than us. It’s a challenge because some potential clients don’t see the difference. If it’s a simple statutory audit, from some of the companies’ point of view, do they really need a Big Four firm? We’ve got an advantage on [international clients.] But it’s my understanding the Chinese audit firms have set up offices in places like Africa, or set up liaisons with local firms [in other countries]. Who knows, in 10 years there could be a lot of Chinese firms outside China.

© 2011 Wall Street Journal (www.wsj.com)
Posted on January 31st 2012 in Top Stories

U.S. Clean Water Act Settlement in Chicago to Reduce Sewage Overflows

Comments Off

Release Date: 12/14/2011Contact Information: Anne Rowan, 312-353-9391,rowan.anne@epa.gov
Phillippa Cannon, 312-353-6218, cannon.phillippa@epa.gov

Settlement with Metropolitan Water Reclamation District of Greater Chicago to reduce pollution from stormwater runoff and protect public health

CHICAGO (Dec. 14, 2011) – The U.S. Environmental Protection Agency (EPA), the Department of Justice (DOJ), and the State of Illinois announced a Clean Water Act (CWA) settlement with the Metropolitan Water Reclamation District of Greater Chicago (MWRD) to resolve claims that untreated sewer discharges were released into Chicago area waterways during flood and wet weather events. The settlement will safeguard water quality and protect people’s health by capturing stormwater and wastewater from the combined sewer system, which services the city of Chicago and 51 communities.

“This consent decree requires MWRD to invest in green roofs, rain gardens and other green infrastructure to prevent basement flooding in the neighborhoods that are most severely impacted by sewer overflows,” said EPA Region 5 Administrator Susan Hedman. “The enforceable schedule established by this consent decree will also ensure completion of the deep tunnel and reservoir system to control untreated sewage releases into Chicago area rivers and Lake Michigan.”

“These much needed upgrades to Chicago’s sewer infrastructure will reduce combined sewage overflows and the public’s exposure to harmful pathogens,” said Ignacia S. Moreno, assistant attorney general for the Environment and Natural Resources Division of the Department of Justice. “The use of innovative green infrastructure in the city’s urban core will reduce runoff and flooding, and improve the quality of the environment where people live.”‬

“This settlement mandates that MWRD make critical structural changes to improve the quality of Chicago’s waterways,” said Illinois Attorney General Lisa Madigan. “By requiring green infrastructure projects, the agreement will also help reduce runoff and flooding for Chicago area residents.”

Under the settlement, the Metropolitan Water Reclamation District (MWRD) will work to complete a tunnel and reservoir plan to increase its capacity to handle wet weather events and address combined sewer overflow discharges. The project will be completed in a series of stages in 2015, 2017 and 2029. The settlement also requires MWRD to control trash and debris in overflows using skimmer boats to remove debris from the water so it can be collected and properly managed, making waterways cleaner and healthier. MWRD is also required to implement a green infrastructure program that will reduce stormwater runoff in areas serviced by MWRD by distributing rain barrels and developing projects to build green roofs, rain gardens, or use pervious paving materials in urban neighborhoods. MWRD has also agreed to pay a civil penalty of $675,000.

Raw sewage contains pathogens that threaten public health, leading to beach closures and public advisories against fishing and swimming. This problem particularly affects older urban areas, where minority and low-income communities are often located. Keeping raw sewage and contaminated stormwater out of the waters of the United States is one of EPA’s National Enforcement Initiatives for 2011 to 2013. The initiative focuses on reducing discharges from sewer overflows by obtaining cities’ commitments to implement timely, affordable solutions to these problems, including the increased use of green infrastructure and other innovative approaches.

More information on settlement: http://www.epa.gov/compliance/resources/cases/civil/cwa/mwrd.html

More about EPA’s National Enforcement Initiatives: http://www.epa.gov/compliance/data/planning/initiatives/index.html
Receive our News Releases Automatically by Email

Search this collection of releases | or search all news releases

Get email when we issue news releases

View selected historical press releases from 1970 to 1998 in the EPA History website.

Published by: United States Environmental Protection Agence (EPA) (yosemite.epa.gov)
Posted on January 31st 2012 in Uncategorized

Lawmakers press Google on privacy policy changes

Comments Off


Fri Jan 27, 2012 10:05am EST

<span class="articleLocation”>(Reuters) – A leading lawmaker on privacy issues said on Thursday he would ask for a probe into whether recently announced changes in how Google handles consumer data violated an agreement it made with the U.S. Federal Trade Commission.

Representative Edward Markey was also one of eight U.S. lawmakers who sent a letter to Google expressing concern that a planned consolidation of user information may make it more difficult for consumers to protect their privacy.

In a separate statement, Markey went further: “I plan to ask the Federal Trade Commission whether Google’s planned changes to its privacy policy violate Google’s recent settlement with the agency.”

Following a messy rollout of Google’s now defunct social network Buzz, Google and the FTC reached a settlement in March last year that requires consent if Google collects information under one privacy policy but then changes that policy.

Google, whose offerings include its flagship search product, Gmail, YouTube and Google+ products, announced on Tuesday that it was unifying 60 of its privacy policies. The company said it would “mean a simpler, more intuitive Google experience.”

However, after the new policy comes into effect, user information from most Google products will be treated as a single trove of data, which the company could use for its targeted advertising dollars.

The lawmakers said the announcement raises questions about whether consumers will have enough power to opt-out of data sharing systems. They also asked what security steps are being taken to ensure the safety of customer data.

“While Google suggests that the purpose of this shift in policy is to make the consumer experience simpler, we want to make sure it does not make protecting consumer privacy more complicated,” the lawmakers said in a letter to Google Chief Executive Larry Page.

The letter was dated Thursday.

Republican signatories were representatives Cliff Stearns, Joe Barton and Marsha Blackburn.

Democratic signatories were representatives Markey, Henry Waxman, Dianne DeGette, G.K. Butterfield, and Jackie Speier, who has introduced privacy legislation.

All of the lawmakers except for Speier are members of the Energy and Commerce Committee.

Google, in a statement from policy manager Betsy Masiello, insisted on Thursday that users had “choice and control.”

“We’re not collecting more data about you. Our new policy simply makes it clear that we use data to refine and improve your experience on Google,” she wrote. “We’re making things simpler and we’re trying to be upfront about it. Period.”

Online privacy has come under scrutiny from Washington as a handful of web giants have been accused of compromising user privacy to attract advertisers.

Late last year, Facebook settled with the FTC agreeing to be regulated for a period of 20 years whenever it decides to change its privacy policy.

In 2010, the FTC settled charges with Twitter, after the agency alleged that the social networking service had failed to safeguard users’ personal information.

U.S. regulators are reportedly looking into whether Google manipulates its search results to favor its own products and have expanded the probe to include Google+.

(Reporting By Diane Bartz in Washington and Lisa Richwine in Los Angeles; Editing by Tim Dobbyn)

© 2011 REUTERS (www.reuters.com)
Posted on January 31st 2012 in Uncategorized

US says trade anxieties worsening

Comments Off

US trade representative, Ron Kirk, has warned the US public increasingly feels global trade costs jobs, making it hard to sell any new world deal.

He said that in such negotiations the "balance of forces" would lie with the major powers, such as the US, EU and China.

In addition, bilateral trade deals that set special standards – such as vehicle emissions – could fragment the global market, driving up the cost of trade and hurting the economy, he argued.

"At the end of the day, you will scatter the market place with bilateral regulatory regimes which business will not like because its dis-economies of scale, so this is where the problem lies."

Trade, especially with China, has emerged as an important issue in the early stages of the US presidential election.

The US has a massive trade deficit with China, importing goods worth four times as much as China buys from the US.

Republican presidential candidate Mitt Romney has said President Obama has not done enough to tackle China's theft of US patents and wants the country punished as a "currency manipulator".

It is argued that China holds down its exchange rate to make its goods cheaper, hurting US growth and jobs.

The White House has promised the establishment of a trade enforcement unit to tackle unfair practices.

The issue is also increasingly controversial in Europe.

European representative Karel De Gucht told the Davos meeting that the problem was that Europe was increasingly competing with countries such as Brazil, India and China on trade.

"If it were possible to negotiate an agreement between the major developed economies and the Brics, we would get to something, but at this moment in time it cannot be bridged," he said.

© 2011 BBC News (www.bbc.co.uk)
Posted on January 31st 2012 in Top Stories

Women’s Car-Shopping Tactics Steer Them Toward Better Deals

Comments Off

Story By: by Dana Farrington

A new survey from LeaseTrader finds that women ask more thorough questions than men when buying cars.

When it comes to buying cars, women do their homework — and it pays off. A recent report from LeaseTrader.com finds women generally get better deals than men when they buy cars.

John Sternal of LeaseTrader tells NPR’s Sonari Glinton on Morning Edition that women’s participation in car buying is changing.

“Our data specifically says that women not only have a larger interest in cars overall, but women today are taking a more active role in the negotiating process of a vehicle and in the car-shopping process in general,” Sternal says.

An emailed press release from LeaseTrader says female consumers “also ask different and more thorough questions than [male] buyers.”

Safety performance, incident history and vehicle functionality topped women’s list of concerns, while driving performance, engine performance and aesthetics were among men’s primary concerns.

Sternal says women do more research than men beforehand, particularly on the Internet, which helps them get better deals. Sonari reports that according to Kelley Blue Book, women are more likely to decide on a price before they go shopping for their next car, which also translates into savings.

Rebecca Lindland, a senior automotive analyst with IHS Automotive, tells Sonari she’s often ignored or talked down to while car shopping:

“We know that people expect us to fail, to some extent. That people think that we’re not going to know what we’re talking about. So we overprepare, we overcompensate. We don’t go into a dealership to browse. We go in, and we know exactly what we want.”

The Time Moneyland blog reports the survey “demonstrates that the assumption that women are clueless pushovers easily taken advantage of by car sellers couldn’t be more wrong.”

Another indication of the growing influence of women in the car market might be the first annual “2011 Heels & Wheels” event in California, a gathering of media and automotive professionals. The organization, according to its Facebook page, was founded in February 2011 to “honor women as a major force in the automotive purchase decision.”

A blog from Polk, an automotive research firm, mentioned Heels & Wheels in a recent post:

“Women have more to say when it comes to the design of future vehicles, and organizations like these will probably grow in popularity.”

Polk also points out Cars.com, which provides “Mother Proof” car reviews geared toward moms. For example, a Jan. 25 review begins:

“I can’t help but smile when I see a child-safety seat in a small car’s backseat. I like to think of these folks as rebels proclaiming to the world that having a family doesn’t relegate them to a life of minivans.”

As Sonari has reported for NPR in the past, women are still working on breaking through the car industry’s glass ceiling. Christine Park, 28, is one of a small number of women in the car design industry.

Sonari has also glimpsed into the world of female product specialists, who stand next to cars during auto shows. Often, one former specialist says, attendees assume they’re models without any knowledge of the cars:

“It’s pretty funny when a guy comes up and says, ‘Well, you don’t know much about this car,’ and then I rattle off the horsepower, the torque, what the camshafts and the pistons do and when they fire,’ she says. ‘I like to put people in their place.”

Posted on January 31st 2012 in Business

Lucro do Goldman Sachs cai no quarto trimestre, mas não desaponta

Comments Off

Getty Images

Lloyd Blankfein, presidente do Goldman Sachs

O resultado do Goldman Sachs Group Inc. superou as expectativas dos analistas, apesar da queda significativa na receita e no lucro em meio à crise nas bolsas mundiais e em outras atividades do mercado de capitais.

O lucro do quarto trimestre caiu 58%, para US$ 1,01 bilhão, ante US$ 2,4 bilhões no quatro trimestre de 2010. O lucro por ação de US$ 1,84 superou as expectativas, que eram de US$ 1,24, graças a cortes nas despesas e nos bônus de fim de ano pagos aos funcionários. Os analistas já tinham baixado várias vezes suas previsões para os resultados do Goldman diante do fraco movimento nas bolsas e na área de banco de investimentos.

O lucro anual caiu 47%, para US$ 4,4 bilhões, com declínio de 26% na receita, para US$ 28,8 bilhões. Depois do pagamento de US$ 1,9 bilhão em dividendos para quem detém ações preferenciais, o lucro líquido ficou em US$ 2,5 bilhões, 67% menor que o do ano anterior.

O número de funcionários da firma diminuiu 2.400, ou 7%, em relação ao fim de 2010. O Goldman planejava demitir 1.000 pessoas durante o ano e reduzir as despesas em US$ 1 bilhão. Também ocorreu uma onda de saídas, muitas delas no patamar de sócios da firma, nas últimas semanas.

A receita do quarto trimestre foi a segunda pior da firma desde a crise financeira de 2008. Os resultados fracos do poderoso banco de investimentos espelham os problemas enfrentadas por todas as firmas de Wall Street, já que o Goldman e seus concorrentes continuam sendo prejudicados pela demanda fraca por serviços de consultoria e subscrição, bem como pela turbulência nas bolsas.

A receita com banco de investimentos caiu 43% em relação ao quarto trimestre de 2010, para US$ 857 milhões. Na receita de operações na bolsa, de renda fixa, cambiais e com commodities, antes geradora confiável de lucros, houve queda de 17%, para US$ 1,36 bilhões, devido aos resultados piores com empréstimos habitacionais e produtos de crédito, informou a firma.

Em seu segmento de investimento e crédito, que causou prejuízo para a firma inteira no terceiro trimestre, os resultados do quarto trimestre contabilizaram um ganho de US$ 388 milhões do investimento que o Goldman fez no Banco Industrial & Comercial da China Ltd., entre outros itens.

© 2011 Wall Street Journal (www.wsj.com)
Posted on January 30th 2012 in Top Stories

Twitter to restrict user content in some countries

Comments Off


SAN FRANCISCO |
Fri Jan 27, 2012 5:24am EST

SAN FRANCISCO (Reuters) – Twitter announced Thursday that it would begin restricting Tweets in specific countries, renewing questions about how the social media platform will handle issues of free speech as it rapidly expands its global user base.

Until now, Twitter had to remove a Tweet from its global network if it received a takedown request from a government. But the company said in a blog post published Thursday that it now has the ability to selectively block a Tweet from appearing to users in one country.

“Starting today, we give ourselves the ability to reactively withhold content from users in a specific country while keeping it available in the rest of the world,” the Twitter blog said.

Twitter gave as examples of restrictions it might cooperate with, such as “pro-Nazi content” in France and Germany, where it is banned.

It said even with the possibility of such restrictions, Twitter would not be able to coexist with some countries. “Some differ so much from our ideas that we will not be able to exist there,” it said.

“As we continue to grow internationally, we will enter countries that have different ideas about the contours of freedom of expression,” Twitter wrote.

In the interest of transparency, Twitter said, it has built a mechanism to inform users in the event that a Tweet is being blocked.

A Twitter spokeswoman declined to elaborate on the blog.

Twitter’s acknowledgement that it will censor content represents a significant departure from its tone just one year ago, when anti-government protesters in Tunisia, Egypt and other Arab countries coordinated mass demonstrations on the social network and, in the process, thrust Twitter’s disruptive potential into the global spotlight.

As the revolutions brewed last January, Twitter signaled that it would take a hands-off approach to censoring content in a blog post entitled “The Tweets Must Flow.”

“We do not remove Tweets on the basis of their content,” the blog post read. “Our position on freedom of expression carries with it a mandate to protect our users’ right to speak freely and preserve their ability to contest having their private information revealed.”

And last year, Twitter General Counsel Alex Macgillivray declared that the company was “from the free speech wing of the free speech party.”

Still, some open Internet advocates said it appeared Twitter did the best it could to navigate the dueling responsibilities of complying with local law and upholding free speech.

Twitter would be banned outright in many countries if it did not agree to restrict Tweets, said Cynthia Wong of the Center for Technology & Democracy.

“The question is: What’s best for freedom of speech?” Wong said. “If Twitter was completely blocked from certain countries, is that really better? It looks like Twitter has done a good job in thinking through how to mitigate the human rights harm in complying with local law.”

Twitter’s move highlighted the frequent tensions over freedom of speech and privacy issues between foreign governments and Internet companies such as Google and Facebook as they expand rapidly overseas.

In 2010 Google relocated its Web search engine to Hong Kong, following a very public spat with the Chinese government over its refusal to bow to Beijing’s Web censorship requirements and a hacking episode that Google said it had traced to China.

Blog post link: here

(Reporting By Gerry Shih; Editing by Gary Hill)

© 2011 REUTERS (www.reuters.com)
Posted on January 30th 2012 in Uncategorized

Ford hit by commodity costs, international woes

Comments Off


Fri Jan 27, 2012 5:17pm EST

<span class="articleLocation”>(Reuters) – Ford Motor Co reported a lower-than-expected fourth-quarter profit on Friday as commodity costs shot up and results from operations outside North America fell short of expectations.

The No. 2 U.S. automaker’s losses in Europe nearly quadrupled during the quarter as the economy suffered amid the ongoing debt crisis. Flooding in Thailand led to a loss in Asia, and increased competition blunted profits in South America.

“We saw the external environment deteriorate, and that really affected most regions other than North America,” Chief Financial Officer Lewis Booth told reporters, “and then we saw slightly greater than we expected impact of commodities, currency and also the Thai floods.”

Shares of Ford, which derives the bulk of its revenue from North America, fell more than 5 percent in premarket trading.

Excluding one-time items, Ford’s operating profit fell to $1.1 billion, or 20 cents per share, from nearly $1.3 billion, or 30 cents per share, a year earlier.

On that basis, analysts on average were expecting 25 cents per share, according to Thomson Reuters I/B/E/S.

“It’s been a tough go for Ford,” said portfolio manager Gary Bradshaw of Hodges Capital Management of Dallas, which owns Ford shares. “It seems like the company continues to execute, but there are plenty of headwinds.”

Besides higher commodity costs, Ford also said it missed expectations because of unfavorable exchange rates.

Profit margins in Ford’s automotive business fell to 5.4 percent in 2011 from 6.1 percent in 2010. Commodity costs for the year came to $2.3 billion, up slightly from the company’s $2.2 billion forecast.

NOT IMMUNE TO EUROPE

Ford’s losses in Europe widened to $190 million in the fourth quarter from $51 million a year earlier. In South America, the company’s pretax operating profit fell to $108 million from $281 million.

Ford posted a quarterly loss of $83 million in Asia, compared with a year-earlier profit of $23 million. The company flagged the loss in Asia earlier this month.

Booth said he expected Ford to be “modestly profitable” in Asia in 2012, but he did not provide a forecast for Europe, where he said rivals have piled on incentives to sell vehicles. Ford expects European growth will be tempered by the debt crisis and austerity measures in 2012.

Compared with Detroit rival General Motors, Ford is less exposed to Europe, Jefferies analyst Peter Nesvold said.

“Ford won’t be immune to a downturn in Europe, but I think the product lineup is a little bit fresher and a little bit better, and it’s a smaller piece of the overall pie,” said Nesvold, who has a “buy” rating on Ford. “Europe is less of an anchor for Ford’s shares than it is potentially for GM’s shares.”

For the fourth quarter, Ford reported net income of $13.6 billion, or $3.40 per share, buoyed by a one-time tax-related gain of $12.4 billion. Net income was $190 million, or 5 cents per share, a year earlier.

The higher net income was the result of an accounting change that Ford said reflects confidence in its long-term profit outlook. The one-time gain resulted in full-year net income of $20.2 billion, the highest since 1998.

(Reporting by Deepa Seetharaman, Ben Klayman and Bernie Woodall; Editing by Derek Caney and Lisa Von Ahn)

© 2011 REUTERS (www.reuters.com)
Posted on January 30th 2012 in Business