Wednesday, June 19, 2013

Oil falls near $98 a barrel before Bernanke speaks

(AP) ? The price of oil fell Wednesday, before the conclusion of a U.S. Federal Reserve meeting.

Benchmark oil for July delivery fell 13 cents to $98.31 per barrel at midday Bangkok time in electronic trading on the New York Mercantile Exchange. The contract rose 67 cents to close at $98.44 a barrel on the Nymex on Tuesday.

To help support the U.S. economic recovery, the Fed has been buying $85 billion in bonds every month in an attempt to keep long-term interest rates low and encourage lending. The new money generated has flowed into the financial system, helping many assets, including oil, to climb from the lows witnessed during the global recession following the 2008-2009 financial crisis.

The Fed will follow the end of a two-day meeting Wednesday with a news conference by Fed chairman Ben Bernanke.

Investors want to hear if the Fed plans to gradually phase out its bond-buying program. Markets have been volatile over the past weeks as uncertainty about the Fed's intentions rattled investors. Recent data that shows the U.S. economy recovering in fits and starts has led few analysts to expect the Fed to wind down its program in the very near term.

"Our best guess is that the Fed will wait until the September meeting and even then the tapering will begin with a very modest reduction in the monthly purchases," to perhaps $65 billion per month, Capital Economics analysts said in a research note.

Oil traders will also be monitoring fresh information on U.S. stockpiles of crude and refined products from the U.S. Energy Department and the American Petroleum Institute.

Data for the week ending June 14 is expected to show a decline of 1 million barrels in crude oil stocks and an increase of 1.2 million barrels in gasoline stocks, according to a survey of analysts by Platts, the energy information arm of McGraw-Hill.

Brent crude, a benchmark for many international oil varieties, gained 2 cents to $106.04 a barrel on the ICE Futures exchange in London.

In other energy futures trading on the Nymex:

? Wholesale gasoline added 0.2 cents to $2.8725 a gallon.

? Heating oil rose 0.2 cent to $2.9656 per gallon.

? Natural gas gained 0.6 cent to $3.911 per 1,000 cubic feet.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/f70471f764144b2fab526d39972d37b3/Article_2013-06-19-Oil%20Prices/id-10bb68f565dd4d8db09ea514c0cafd00

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Baked Alaska: Unusual heat wave hits 49th state

Liz Gobeski soaks up the sun on the beach at Point Woronzof as a Polar Air Cargo jet comes in for a landing at Ted Stevens Anchorage International Airport as the temperature reached into the 80's in Anchorage, AK on Tuesday, June 18, 2013. (AP Photo/Anchorage Daily News, Bob Hallinen)

Liz Gobeski soaks up the sun on the beach at Point Woronzof as a Polar Air Cargo jet comes in for a landing at Ted Stevens Anchorage International Airport as the temperature reached into the 80's in Anchorage, AK on Tuesday, June 18, 2013. (AP Photo/Anchorage Daily News, Bob Hallinen)

This photo taken Monday, June 17, 2013, shows people sunning at Goose Lake in Anchorage, Alaska. Parts of Alaska are setting high temperature records as a heat wave continues across Alaska. Temperatures are nothing like what Phoenix or Las Vegas gets, but temperatures in the 80s and 90s are hot for Alaska, where few buildings have air conditioning. (AP Photo/Mark Thiessen)

In this photo taken Monday, June 17, 2013, people swim and sunbathe at Goose Lake in Anchorage, Alaska. Alaska's largest city and other parts of the state are experiencing a long stretch of higher than normal temperatures. (AP Photo/Rachel D'Oro)

This photo taken Tuesday, June 18, 2013, shows Anchorage True Value owner Tim Craig and the last fan he had available for sale at the store in south Anchorage, Alaska. He said he sold his entire stock of fans in 10 days as a heat wave gripped Alaska's largest city, where few buildings have air conditioning. (Photo/Mark Thiessen)

(AP) ? A heat wave hitting Alaska may not rival the blazing heat of Phoenix or Las Vegas, but to residents of the 49th state, the days of hot weather feel like a stifling oven ? or a tropical paradise.

With temperatures topping 80 degrees in Anchorage, and higher in other parts of the state, people have been sweltering in a place where few homes have air conditioning.

They're sunbathing and swimming at local lakes, hosing down their dogs and cleaning out supplies of fans in at least one local hardware store. Mid-June normally brings high temperatures in the 60s in Anchorage, and just a month ago, it was still snowing.

The weather feels like anywhere but Alaska to 18-year-old Jordan Rollison, who was sunbathing with three friends and several hundred others lolling at the beach of Anchorage's Goose Lake.

"I love it, I love it," Rollison said. "I've never seen a summer like this, ever."

State health officials even took the unusual step of posting a Facebook message reminding people to slather on the sunscreen.

Some people aren't so thrilled, complaining that it's just too hot.

"It's almost unbearable to me," said Lorraine Roehl, who has lived in Anchorage for two years after moving here from the community of Sand Point in Alaska's Aleutian Islands. "I don't like being hot. I'm used to cool ocean breeze."

On Tuesday, the official afternoon high in Anchorage was 81 degrees, breaking the city's record of 80 set in 1926 for that date.

Other smaller communities throughout a wide swath of the state are seeing even higher temperatures.

All-time highs were recorded elsewhere, including 96 degrees on Monday 80 miles to the north in the small community of Talkeetna, purported to be the inspiration for the town in the TV series, "Northern Exposure" and the last stop for climbers heading to Mount McKinley, North America's tallest mountain. One unofficial reading taken at a lodge near Talkeetna even measured 98 degrees, which would tie the highest undisputed temperature recorded in Alaska.

That record was set in 1969, according to Jeff Masters, meteorology director of the online forecasting service Weather Underground.

"This is the hottest heat wave in Alaska since '69," he said. "You're way, way from normal."

It's also been really hot for a while. The city had six days over 70 degrees, then hit a high of 68 last Thursday, followed by five more days of 70-plus.

The city's record of consecutive days with temperatures of 70 or above was 13 days recorded in 1953, said Eddie Zingone, a meteorologist with the National Weather Service who has lived in the Anchorage area for 17 years.

The heat wave also comes after a few cooler summers ? the last time it officially hit the 80 mark in Anchorage was 2009. Plus, Tuesday marked exactly one month that the city's last snow of the season fell, said Zingone, who has lived in Anchorage for 18 years.

"Within a month you have that big of a change, it definitely seems very, very hot," he said. "It was a very quick warm-up."

With the heat comes an invasion of mosquitoes many are calling the worst they've ever seen. At the True Value Hardware store, people have grabbed up five times the usual amount of mosquito warfare supplies, said store owner Tim Craig. The store shelves also are bare of fans, which is unusual, he said.

"Those are two hot items, so to speak," he said.

Greg Wilkinson, a spokesman with the Alaska Department of Health and Social Services, said it's gotten up to 84 degrees at his home in the Anchorage suburb of Eagle River, where a tall glass front lets the sunlight filter through.

"And that's with all the windows open and a fan going," he said. "We're just not used to it. Our homes aren't built for it."

Love or hate the unusual heat, it'll all be over soon.

Weather forecasters say a high pressure system that has locked the region in clear skies and baking temperatures has shifted and Wednesday should be the start of a cooling trend, although slightly lower temperatures in the 70s are still expected to loiter into the weekend.

___

Follow Rachel D'Oro at https://twitter.com/rdoro

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/386c25518f464186bf7a2ac026580ce7/Article_2013-06-19-Hot%20Alaska/id-34e8b3df3cbc499989c6aa42a4adafd4

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Record-high margin debt signals potential stock-market crash

The Economic Collapse blog notes that similar spikes occurred in 1929 and 2000

What do 1929, 2000 and 2007 all have in common? Those were all years in which we saw a dramatic spike in margin debt. In all three instances, investors became highly leveraged in order to "take advantage" of a soaring stock market. But of course we all know what happened each time.?

The spike in margin debt was rapidly followed by a horrifying stock market crash. Well, guess what? It is happening again. In April (the last month we have a number for), margin debt rose to an all-time high of more than $384 billion. The previous high was $381 billion, which occurred back in July 2007. Margin debt is about 29 percent higher than it was a year ago, and the S&P 500 has risen by more than 20 percent since last fall. The stock market just continues to rise even though the underlying economic fundamentals continue to get worse. So should we be alarmed? Is the stock market bubble going to burst at some point? Well, if history is any indication, we are in big trouble. In the past, whenever margin debt has gone over 2.25% of GDP, the stock market has crashed. That certainly does not mean that the market is going to crash this week, but it is a major red flag.

Read Article

Source: http://feedproxy.google.com/~r/BlanchardInvestingNewsBlog/~3/YgxIvKBhOcc/econ.php

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Tuesday, June 18, 2013

That Insane New Falcons Stadium Is Really Going To Happen

That Insane New Falcons Stadium Is Really Going To Happen

From a pair of ideas floated in April, the Falcons have chosen the official conceptual design for their new stadium, set to begin construction next year. It features an eight-piece roof that will twist closed?essentially an iris diaphragm. We hereby nominate, for a nickname, "The Sphincter."

Read more...

    


Source: http://feeds.gawker.com/~r/gizmodo/full/~3/OEvkt-7sWH0/that-insane-new-falcons-stadium-is-really-going-to-happ-514105358

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The turbulent, high-energy sky is keeping NuSTAR busy

June 18, 2013 ? NuSTAR has been busy studying the most energetic phenomena in the universe. Recently, a few high-energy events have sprung up, akin to "things that go bump in the night." When one telescope catches a sudden outpouring of high-energy light in the sky, NuSTAR and a host of other telescopes stop what they were doing and take a better look.

For example, in early April, the blazar Markarian 421 had an episode of extreme activity, brightening by more than 50 times its typical level. Blazars are a special class of galaxies with accreting, or "feeding," supermassive black holes at their centers. As the black holes feed, they light up, often ejecting jets of material. When the jets are pointing toward Earth, they are called blazars. By using telescopes sensitive to a range of energies to study how blazars vary, astrophysicists gain insight into black hole feeding processes and the physical conditions near the black hole.

NuSTAR got lucky in the case of Markarian 421, because it was already observing the blazar at the time of its eruption, simultaneously with other telescopes, including NASA's Fermi and Swift satellites. The flare-up was the brightest ever observed for this object. In fact, it was so bright that NuSTAR and other telescopes changed their observing cadence to spend more time studying this galaxy. More on these findings will be available after the scientists have analyzed the data and published papers.

Just a few weeks after this event, towards the end of April, NASA's Swift satellite noticed the region around the center of our own Milky Way galaxy had suddenly lit up. Flares lasting from a few minutes to three hours are not uncommon for the black hole in the center of the Milky Way, known as Sagittarius A*. In fact, NuSTAR observed such a flare last July (http://www.nasa.gov/mission_pages/nustar/news/nustar20121023.html). However, this new event had lasted tens of hours and got the whole high-energy community excited. NuSTAR was one of the first "on the scene," observing the galactic center less than 50 hours after the initial Swift discovery. The NuSTAR findings revealed that the brightening was due to a type of neutron star called a magnetar, and not Sagittarius A* itself. The results were written up and accepted in the Astrophysical Journal Letters.

Yet another event popped up in the sky just a few days later, surprising astronomers. Swift found an extremely bright gamma-ray burst, brighter than any event it had previously identified during its nearly 10 years in orbit. A gamma-ray burst is a huge release of energy from a distant galaxy, thought to be triggered by the collapse of a massive star.

The astronomical community, including NuSTAR, quickly reacted to the blast. NuSTAR provided the first focused, high-quality observations of a gamma-ray burst in high-energy X-rays.

Beginning in April, the NuSTAR spacecraft gained use of the Kongsberg Satellite Services' Singapore tracking station for extra command uplinks and data downlinks. The spacecraft's primary tracking coverage is provided by the Italian Space Agency and uses antennas located in Malindi, Kenya, while data uplinks are provided by NASA's Tracking and Data Relay Satellite System (TDRSS) antennas. The back-up Singapore tracking station is helpful for periods when additional coverage is needed either due to high data-rate targets, such as bright objects, or when the Malindi antennas are unavailable. Additional coverage has also been provided by the Universal Space Network's Hawaii antenna.

NuSTAR is a Small Explorer mission led by the California Institute of Technology in Pasadena and managed by NASA's Jet Propulsion Laboratory, also in Pasadena, for NASA's Science Mission Directorate in Washington. The spacecraft was built by Orbital Sciences Corporation, Dulles, Va. Its instrument was built by a consortium including Caltech; JPL; the University of California, Berkeley; Columbia University, New York; NASA's Goddard Space Flight Center, Greenbelt, Md.; the Danish Technical University in Denmark; Lawrence Livermore National Laboratory, Livermore, Calif.; ATK Aerospace Systems, Goleta, Calif.; and with support from the Italian Space Agency Science Data Center.

NuSTAR's mission operations center is at UC Berkeley. The outreach program is based at Sonoma State University, Rohnert Park, Calif. NASA's Explorer Program is managed by Goddard. JPL is managed by Caltech for NASA.

For more information, visit http://www.nasa.gov/nustar and http://www.nustar.caltech.edu/ .

Source: http://feeds.sciencedaily.com/~r/sciencedaily/space_time/nasa/~3/shkI1VyP3WA/130618074422.htm

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These Teched-Out Catamarans Will Guard the Great Barrier Reef

These Teched-Out Catamarans Will Guard the Great Barrier Reef

Simply naming an area like Australia's Great Barrier Reef as a World Heritage Site isn't going to protect its delicate ecosystem. To prevent poachers, fisheries, and inconsiderate tourists from damaging the reefs and disturbing its residents, Australia is building a fleet of solar-powered shepherd ships.

Read more...

    


Source: http://feeds.gawker.com/~r/gizmodo/full/~3/pSvqXCoiNBI/these-teched-out-catamarans-will-guard-the-great-barrie-513433601

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Unions give lift to Turkish anti-gov't protests

ISTANBUL (AP) ? Labor groups fanned a wave of defiance against Prime Minister Recep Tayyip Erdogan's authority on Monday, leading rallies and a one-day strike to support activists whose two-week standoff with the government has shaken Turkey's secular democracy.

Riot police again deployed in Turkey's two main cities, and authorities kept up their unyielding stance against the street demonstrations. But Monday's police sweep was less forceful than in recent days ? with only scattered firing of tear gas and water cannon on pockets of protesters.

After activists were ousted from their sit-in in Istanbul's Gezi Park over the weekend, two labor confederations that represent some 330,000 workers picked up the slack Monday by calling a strike and demonstrations nationwide. Unionists turned up by the thousands in Ankara, Istanbul, coastal Izmir and elsewhere.

The turnout defied Turkey's interior minister, Muammer Guler, who warned that anyone taking part in unlawful demonstrations would "bear the legal consequences." But one analyst called the rallies a "legitimate and a lawful expression of constitutional rights."

"People are raising their voices against the excessive use of police force," said Koray Caliskan, a political science professor at Istanbul's Bosphorus University. Demonstrators, he said, were showing they were no longer cowed by authorities, and "the fear threshold has been broken."

In a sign that authorities were unbowed and increasingly impatient, Deputy Prime Minister Bulent Arinc floated the prospect that authorities could call in troops to quash the ongoing protests.

Erdogan's opponents have grown increasingly suspicious about what they call a gradual erosion of freedoms and secular values under his Islamic-rooted ruling party. It has passed new curbs on alcohol and tried, but later abandoned its plans, to limit women's access to abortion.

The government set off protests nationwide and drew criticism abroad over a police crackdown that began May 31 against environmentalists and other activists in Istanbul's Taksim Square who were protesting against plans to tear down trees and re-develop the adjacent Gezi Park. Thousands have flooded the streets nightly since then, many honking car horns and waving Turkish flags.

Erdogan, who has held power for 10 years and was re-elected in 2011, mobilized his supporters over the weekend in two huge rallies ? insisting his duty was to keep order, railing against media coverage of the protests, and lashing out at unspecified foreigners whom he said want to hurt Turkey.

TV images Monday showed crowds of government supporters in Istanbul facing down some protesters and chanting "the hands targeting the police should be broken." On Twitter, a trending topic urged protesters to stay home ? some expressing concern that pro-government mobs might attack them.

The labor rallies had a more structured feel than the counterculture-style sit-in at Gezi Park's colorful tent city, and the work stoppage involved many professionals who make up a liberal, urban class that mostly backs the anti-Erdogan protesters.

But labor strikes often have little visible impact on daily life in Turkey, a country of about 75 million, and Monday's rallies were no different in that regard.

Feride Aksu Tanik, of the Turkish Doctors Union, said it had called its work stoppage "to protest against the police force that attacks children, youngsters and everyone violently, and to the detentions of doctors who provide voluntary services to the injured."

Turkey's doctors association said Monday that four people, including a police officer, had died in violence linked to the crackdown, and an investigation was ongoing into the death of a fifth person who was exposed to tear gas. More than 7,800 people have been injured; six remained in critical condition and 11 people lost their eyesight.

In Ankara, thousands of demonstrators waved union flags, jumped and whistled near central Kizilay Square just 50 meters from riot police and a line of trucks. Turkey's NTV television reported that police issued warnings to disperse. After about three hours, the protesters left peacefully.

Pockets of unrest erupted in Istanbul, with police resorting to water cannon and tear gas at times.

The tough tactics used by the government to disperse protesters during the past two weeks have drawn international criticism.

Chancellor Angela Merkel of Germany ? home to some 3 million Turks ? told German broadcaster RTL she was "appalled" to see footage of police forces moving in to clear Istanbul's Gezi Park over the weekend. She criticized the crackdown by Turkish police as "much too strong."

___

Keaten reported from Ankara, Turkey. Ezgi Akin in Ankara, Burak Sayin in Istanbul and Juergen Baetz in Berlin contributed.

Source: http://news.yahoo.com/unions-lift-turkish-anti-govt-protests-204048638.html

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