Sunday 31 March 2013

Following The Smart Money In Asia | Zero Hedge

Follow the money. It's a old saying in investing that's never made a lot of sense as it often means following the latest fad and ultimately buying high and?selling low.?So I'm going to?propose an amendment and urge you to?"follow the?smart?money".?By this?I mean that you should study what businessmen and investors with long, successful track records are doing with their money. And possibly invest alongside of them. Unlike most investors who feel they have to chase returns to get rich, these people are already wealthy and can pick and choose which asset classes to invest in. Given this freedom, they are often attracted to assets which offer value relative to other assets. It pays to know what these people are buying and selling.

Which brings me to an important development in Asia this year. It's become clear that many real estate investors in Hong Kong and Singapore are cashing out of property. These?investors are?among?Asia's wealthiest and they're starting to exit their favourite asset.?If this implies that?property in Hong Kong and Singapore is close to?peaking, as I suspect it does, then it has negative implications for the economies and stock markets?of both cities. On a longer time horizon though,?a?re-balancing away from property as the primary driver of wealth generation?could well prove beneficial.

Investors selling property assets

I've been hearing a lot of anecdotes about insiders selling out of real estate, especially in Hong Kong. So an article in The Wall Street Journal this week entitled "Big players cash out of Hong Kong property" naturally caught my eye.

The article points to a wave of property initial public offerings (IPOs) about to hit the market. The sellers include New World Development, a large conglomerate, which is hoping to raise US$1 billion in an offering of some of its hotels. Another big Hong Kong conglomerate, Hopewell Holdings, wants to raise up to US$800 million in an offering of some of its (unspecified) properties. Also, Great Eagle Holdings, owner of The Langham Hotel chain,?is hoping to?raise US$800 million from selling off hotels in Hong Kong.

It comes after Hong Kong residential property prices increased?120% over the past four years, while commercial property prices rose?90% during the same period. It also?follows the Hong Kong government introducing more draconian measures to limit property price rises. In February, the government increased stamp duty on residential property purchases by?2x to up to 8.5%.

Hong Kong isn't?alone in?witnessing an increasing number of real estate IPOs. Singapore has seen a similar pattern this year. There's more to come as Indonesian billionaires, the Riady family, is planning to raise US$800 million in an IPO of its Singapore hotels.

Similar to?Hong Kong, Singapore has struggled to bring property prices under control. Recently,?the government there introduced its seventh measure - including increased stamp duty and higher down payment requirements - in the past two years to curb price rises. Residential housing prices in Singapore have started to stabilise but they're still up 59% since bottoming in the second quarter of 2009.

Reasons for cashing out

It's not difficult to understand the motives behind the real estate investors who?are selling. The property bubbles in Hong Kong and Singapore have been fuelled by three factors:

  1. Money printed in the West has found a home in tangible growth assets in Asia. This has been particularly the case for Hong Kong, which pegs its currency to the U.S. dollar. This has resulted in Hong Kong money market rates closely tracking those of the U.S. even when domestic conditions diverge.?This has meant?significantly negative real rates (interest rates well below?inflation), often a?central driver to?property bubbles.
  2. Chinese growth has also aided the bubble. Chinese investors wanting to diversify their assets outside of?China have found their way to Hong Kong, Singapore and, of course, many other places.?
  3. Governments, principally in Hong Kong, have been timid in addressing the price rises. Increasing social tensions, brought on by asset bubbles primarily benefiting the rich,?have forced them to?act more decisively.

The savvy real estate investors now cashing out know that the tailwinds which have driven property prices to their recent highs could easily turn in future. It's clear that governments in Hong Kong and Singapore are becoming more concerned with property price rises and are willing to act to curb them. Also, quantitative easing (QE) won't last forever. When?QE goes,?a key driving factor behind Asia's property bubble will disappear.?Finally, Chinese economic growth of +8% can't be counted on from?here on. Regular readers will know my bearish views on China's economy in the near-term. The wealth investors exiting property may?share the same concerns.

More?importantly, these investors?most probably realise that better value can be found elsewhere.?All segments of property in Hong Kong and Singapore are undoubtedly expensive. The Economist?magazine suggests they are the world's second and third most expensive residential property markets on a price-to-rent basis, 69% and 57% overvalued versus long-term averages respectively.?

The economist house-price indicators

In?Hong Kong, the average residential property rental yield is close to 3%. Effectively, you're paying?a 33x price-to-earnings ratio for Hong Kong?property. That compares to the 11x that you'll pay?for the average Hong Kong stock.

Hong kong rental yields

The investors exiting local property would also be able to see the much better rental yields offered outside of Asia,?in the likes of the U.S.. There, they can get yields of?+6% in a less frothy market and?where debt is still very cheap.?

Where they'll put their money

The obvious question is: where will the real estate investors put their excess cash? The obvious answer is that they may switch from expensive property segments into less expensive ones in their home countries. Thus in Hong Kong, residential property appears among the more expensive. A switch into commercial property may make sense, particularly as upcoming supply is relatively limited. This switch is what property experts such as Colliers are betting on. This theory has some credibility. After all, property investors know property and switching between different segments would be within their comfort zones.

But I think any switch would be limited. As mentioned earlier, much of the selling by real estate insiders is in commercial property. They're clearly not bullish on this segment either. Moreover, they'd know that if property rolls over on the residential side, it would impact the economy. Particularly in Hong Kong, where property contributes about 18% to GDP. Commercial property is very sensitive to economic conditions and would suffer if this scenario took place.

Another potential place to park the cash raised by real estate sales is?in the stock market. Morgan Stanley strategist, Jonathan Garner, has taken a slightly different angle to raise the possibility of the Hang Seng Index (Hong Kong's main stock index) reaching 50,000 by 2015 (it's currently 22,300). Garner suggests that the Hang Seng Index has significantly lagged Hong Kong residential property prices, when historically they've been closely correlated (unsurprising?given the importance of property to Hong Kong's economy). He argues the stock market is due to play catch up.

HK property vs HSI

My problem with this argument is that stocks may not play catch up, but property prices could fall instead. This would, inturn,?heavily impact the stock market.

It depends on what you believe is more likely: a rise in stocks or a fall in property prices. My bet is on the latter and given the recent sales by real estate investors, they may well be in the same camp.

If not stocks or other property segments within their home countries, then where will the real estate investors put their money? I think overseas property markets are a fair bet.

My wife, who manages a portfolio?of hotel assets?for one of Australia's largest property developers, tells?me?that Singapore companies?have been large?investors in Australia of late.?Frasers Centrepoint is involved in building a massive US$2.1 billion mixed?use development near the main train station in Sydney's central business district. Recently, Ascendas?Group?bought a?US$572 million hotel fund?managed by Australia's Mirvac Group. Far East Orchard is forming JVs?to development its hotel business in Australia. And K-Reit has partnered with Mirvac in two office developments to date.

It's clear form this that the trend of?Asian?real estate investors looking overseas for better opportunities has already begun. Australia is attractive to some given the low cost of debt and decent yield on offer. I would expect the U.S. and other less bubbly markets than Australia to attract more attention from investors in future.

What if property's best days are behind it?

There's a larger question that probably hasn't been considered as much by the wealthy?Asian?property investors. And that is whether property in Hong Kong and Singapore may be close to?topping out not just for?a few years, but for a decade or more? Given the overvaluation of property in these markets, this possibility can't be ruled out.

The reason that I raise this is because it would have far-reaching consequences. Asians are known to have an abiding love for property. Many suggest that it's because property is tangible, unlike money that you put in the bank or into the stock market. I think that like the western world prior to 2008, property has realised incredible gains for investors in Hong Kong and Singapore over the past 40 years. And that's what they've fallen in love with.?

Consider that two-thirds of Hong Kong's 50 wealthiest people have made their money primarily in real estate. It's an extraordinary statistic.

No asset goes up forever though and property tends to move in very long cycles. What if we are close to the start of a major long-term downturn? (a downturn doesn't have to mean declining prices as even stable prices will result?large losses in inflation-adjusted terms). What if property isn't the key driver to wealth in the likes of Hong Kong anymore? And what if the two-thirds of Hong Kong's 50 wealthiest people from a real estate background, becomes one-third in ten year's time?

Many people in Hong Kong and Singapore could never imagine some of these things happening. But I'd suggest they're inevitable at some stage. It's a matter of when, not if.

Such an occurrence would have some significant silver linings though. There's little doubt that a declining or flat property market for a long period of time would have a significant impact on the economies of Hong Kong and Singapore. But I'd argue that it would be a healthy adjustment that may better balance their economies over time. Being over-reliant on one sector is never healthy.

Property's downfall may also prove beneficial to other asset classes, such?stocks and bonds. Knight Frank estimates that Asia's wealthiest have 31% of their net worth tied up in property, compared to 16% in Europe, for instance. And they only have 15% of their wealth in stocks. A long-term shift towards?stocks may make more sense, particularly when the economies of their home countries become less dependent on property asset appreciation.

Finally, less wealth coming from property would mean more wealth coming from other sectors. The wealthiest citizens may come more from manufacturing or other service industries. They're likely to be?less attracted to buying?property than the current batch of real estate investors. That could prove a boon for stocks and the still under-developed Asian bond markets.

This post was originally published at Asia Confidential: http://asiaconf.com

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Source: http://www.zerohedge.com/contributed/2013-03-29/following-smart-money-asia

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Friday 29 March 2013

RIM sells a million new BlackBerry 10 phones in 4Q

TORONTO (AP) ? Research In Motion Ltd. said Thursday that it sold about 1 million of its critically important new BlackBerry 10 devices and surprised Wall Street by returning to profitability in the most recent quarter.

The earnings provide a first glimpse of how RIM's new touch-screen Z10 is selling internationally and in Canada since its debut Jan. 31. The 1 million Z10 phones were above the 915,000 that analysts had been expecting. Details on the U.S. launch are not part of the fiscal fourth quarter's financial results because the Z10 just went on sale in the U.S. last week.

In the quarter that ended March 2, RIM earned $98 million, or 19 cents a share, compared with a loss of $125 million, or 24 cents a share, a year earlier. After adjusting for restructuring and other one-time items, RIM earned 22 cents a share. Analysts surveyed by FactSet had been expecting a loss of 31 cents.

Revenue fell 36 percent to $2.7 billion, from $4.2 billion. Analysts had expected $2.82 billion.

Despite the BlackBerry 10 sales, RIM lost about 3 million subscribers to end the quarter with 76 million.

Bill Kreyer, a tech analyst for Edward Jones, called the decline "pretty alarming."

"This is going to take a couple of quarters to really see how they are doing," Kreyer said.

In pre-market trading, RIM's stock rose briefly, but was down 7 cents at $14.50 at about 8:20 a.m.

The BlackBerry, pioneered in 1999, had been the dominant smartphone for on-the-go business people and other consumers before the iPhone debuted in 2007 and showed that phones can handle much more than email and phone calls.

The new BlackBerry Z10 has received favorable reviews since its release, but the launch in the critical U.S. market was delayed until late this month. A new keyboard BlackBerry, called the Q10, won't be released in the U.S. for two or three more months. The delay in selling the Q10 complicates RIM's efforts to hang on to customers tempted by the iPhone and a range of devices running Google Inc.'s Android operating system. Even as the BlackBerry has fallen behind rivals in recent years, many users have stayed loyal because they prefer a physical keyboard over the touch screen on the iPhone and most Android devices.

RIM, which is changing is formal name to BlackBerry, said it expects to break even in the current quarter despite increasing spending on marketing.

"To say it was a very challenging environment to deliver improved financial results could well be the understatement of the year," Chief Executive Thorsten Heins said during a conference call with analysts.

In a statement, Heins said he implemented numerous changes at the company over the past year and those changes have resulted in RIM returning to profitability.

"I thought they were dead. This is a huge turnaround," Jefferies analyst Peter Misek said from New York.

Misek said the Canadian company "demolished" the numbers, especially its gross margins. RIM reported gross margins of 40 percent, up from 34 percent a year earlier. The company credited higher average selling prices and higher margins for devices.

"This is a really, really good result," Misek said. "It's off to a good start."

The company also announced that co-founder Mike Lazaridis will retire as vice chairman and director.

Source: http://news.yahoo.com/rim-sells-million-blackberry-10-phones-4q-113439034--finance.html

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Monday 25 March 2013

Karl Rove feels 2016 GOP nominee could support same-sex marriage

Karl Christian Rove (born December 25, 1950) is an American political consultant and policy advisor. He was Senior Advisor and Deputy Chief of Staff during the George W. Bush administration until Rove's resignation on August 31, 2007. He has headed the Office of Political Affairs, the Office of Public Liaison, and the White House Office of Strategic Initiatives. Since leaving the White House, Rove has worked as a political analyst and contributor for Fox News, Newsweek and The Wall Street Journal.

Prior to his White House appointments, Rove was a Republican political consultant and strategist. He is credited with the 1994 and 1998 Texas gubernatorial victories of George W. Bush, as well as Bush's 2000 and 2004 successful presidential campaigns. In his 2004 victory speech Bush referred to Rove as "the Architect". Rove has also been credited for the successful campaigns of John Ashcroft (1994 U.S. Senate election), Bill Clements (1986 Texas gubernatorial election), Senator John Cornyn (2002 U.S. Senate election), Governor Rick Perry (1990 Texas Agriculture Commission election), and Phil Gramm (1982 U.S. House and 1984 U.S. Senate elections).

Early years

Family, upbringing, early education

Karl Rove was born in Denver, Colorado, the second of five children, and was later raised in Sparks, Nevada. His biological father left the family when Rove and his older brother were children. His mother, Reba Louise (n?e Wood), was a gift shop manager, and his mother's second husband, Louis Claude Rove, Jr. (1928?2004), who adopted him and whom Rove knew as his father, was a geologist of Norwegian ancestry.

In 1965, his family moved to Salt Lake City, where Rove entered high school, becoming a skilled debater. Rove described his high school years as "I was the complete nerd. I had the briefcase. I had the pocket protector. I wore Hush Puppies when they were not cool. I was the thin, scrawny little guy. I was definitely uncool." Encouraged by a teacher to run for class senate, Rove won the election. As part of his campaign strategy he rode in the back of a convertible inside the school gymnasium sitting between two attractive girls before his election speech. While at Olympus High School, he was elected student council president his junior and senior years. Rove was also a Teenage Republican and served as Chairman of the Utah Federation of Teenage Republicans.

Entry into politics

Rove began his involvement in American politics in 1968. In a 2002 Deseret News interview, Rove explained, "I was the Olympus High chairman for (former United States Senator) Wallace F. Bennett's re-election campaign, where he was opposed by the dynamic, young, aggressive political science professor at the University of Utah, J.D. Williams." Bennett was reelected to a third six-year term in November 1968. Through Rove's campaign involvement, Bennett's son, Bob Bennett?a future United States Senator from Utah?would become a friend. Williams would later become a mentor to Rove.

In December 1969, the man Rove had known as his father left the family, and divorced Rove's mother soon afterwards. After his parents' divorce, Rove learned from his aunt and uncle that the man who had raised him was not his biological father; both he and his older brother Eric were the children of another man. Rove has expressed great love and admiration for his adoptive father and for "how selfless" his love had been. On September 11, 1981, Rove's mother committed suicide in Reno, Nevada.

College and the Dixon campaign incident

In the fall of 1969, Rove entered the University of Utah, on a $1,000 scholarship, as a political science major and joined the Pi Kappa Alpha fraternity. Through the University's Hinckley Institute of Politics, he got an internship with the Utah Republican Party. That position, and contacts from the 1968 Bennett campaign, helped him land a job in 1970 on Ralph Tyler Smith's unsuccessful re-election campaign for Senate from Illinois against Democrat Adlai E. Stevenson III.

In the fall of 1970, Rove used a false identity to enter the campaign office of Democrat Alan J. Dixon, who was running for Treasurer of Illinois. He stole 1000 sheets of paper with campaign letterhead, printed fake campaign rally fliers promising "free beer, free food, girls and a good time for nothing", and distributed them at rock concerts and homeless shelters, with the effect of disrupting Dixon's rally. (Dixon eventually won the election). Rove's role would not become publicly known until August 1973. Rove told the Dallas Morning News in 1999, "It was a youthful prank at the age of 19 and I regret it." In his memoir, Rove wrote that when he was later nominated to the Board for International Broadcasting by President George H.W. Bush, Senator Dixon did not kill his nomination. In Rove's account, "Dixon displayed more grace than I had shown and kindly excused this youthful prank."

College Republicans, Watergate, and the Bushes

In June 1971, after the end of the semester, Rove dropped out of the University of Utah to take a paid position as the Executive Director of the College Republican National Committee. Joe Abate, who was National Chairman of the College Republicans at the time, became a mentor to Rove. He enrolled at the University of Maryland in College Park in the Fall of 1971, but withdrew from classes during the first half of the semester.

Rove traveled extensively, participating as an instructor at weekend seminars for campus conservatives across the country. He was an active participant in Richard Nixon's 1972 Presidential campaign. A CBS report on the organization of the Nixon campaign from June 1972 includes an interview with a young Rove working for the College Republican National Committee.

Rove held the position of executive director of the College Republicans until early 1973. He left the job to spend five months, without pay, campaigning full-time for the position of national chairman of the organization, for the 1973-1975 term in the same years he attended George Mason University. Lee Atwater, the group's Southern regional coordinator, who was two months younger than Rove, managed Rove's campaign. The two spent the spring of 1973 crisscrossing the country in a Ford Pinto, lining up the support of Republican state chairs.

The College Republicans summer 1973 convention at the Lake of the Ozarks resort in Missouri was quite contentious. Rove's opponent was Robert Edgeworth of Michigan. The other major candidate, Terry Dolan of California, dropped out, supporting Edgeworth. A number of states had sent two competing delegates, because Rove and his supporters had made credentials challenges at state and regional conventions. For example, after the Midwest regional convention, Rove forces had produced a version of the Midwestern College Republicans constitution which differed significantly from the constitution that the Edgeworth forces were using, in order to justify the unseating of the Edgeworth delegates on procedural grounds, including delegations, such as Ohio and Missouri, which had been certified earlier by Rove himself. In the end, there were two votes, conducted by two convention chairs, and two winners?Rove and Edgeworth, each of whom delivered an acceptance speech. After the convention, both Edgeworth and Rove appealed to Republican National Committee Chairman George H. W. Bush, each contending that he was the new College Republican chairman.

While resolution was pending, Dolan went (anonymously) to the Washington Post with recordings of several training seminars for young Republicans where a co-presenter of Rove's, Bernie Robinson, cautioned against doing the same thing he had done: rooting through opponents' garbage cans. The tape with this story on it, as well as Rove's admonition not to copy similar tricks as Rove's against Dixon, was secretly recorded and edited by Rich Evans, who had hoped to receive an appointment from Rove's competitor in the CRNC chairmanship race. On August 10, 1973, in the midst of the Watergate scandal, the Post broke the story in an article titled "GOP Party Probes Official as Teacher of Tricks".

In response, then RNC Chairman George H.W. Bush had an FBI agent question Rove. As part of the investigation, Atwater signed an affidavit, dated August 13, 1973, stating that he had heard a "20 minute anecdote similar to the one described in the Washington Post" in July 1972, but that "it was a funny story during a coffee break". Former Nixon White House Counsel John Dean, who was implicated in the Watergate break-in and became the star witness for the prosecution, has been quoted as saying "based on my review of the files, it appears the Watergate prosecutors were interested in Rove's activities in 1972, but because they had bigger fish to fry they did not aggressively investigate him."

On September 6, 1973, three weeks after announcing his intent to investigate the allegations against Rove, George H.W. Bush chose Rove to be chairman of the College Republicans. Bush then wrote Edgeworth a letter saying that he had concluded that Rove had fairly won the vote at the convention. Edgeworth wrote back, asking about the basis of that conclusion. Not long after that, Edgeworth stated "Bush sent me back the angriest letter I have ever received in my life. I had leaked to the Washington Post, and now I was out of the Party forever."

As National Chairman, Rove introduced Bush to Atwater, who had taken Rove's job as the College Republican's executive director, and who would become Bush's main campaign strategist in future years. Bush hired Rove as a special assistant in the Republican National Committee, a job Rove left in 1974 to become executive assistant to the co-chair of the RNC, Richard D. Obenshain.

As special assistant, Rove also performed small personal tasks for Bush. In November 1973, Bush asked Rove to take a set of car keys to his son George W. Bush, who was visiting home during a break from Harvard Business School. It was the first time the two met. "Huge amounts of charisma, swagger, cowboy boots, flight jacket, wonderful smile, just charisma - you know, wow", Rove recalled years later.

The Texas years and notable political campaigns

1977?1991

Rove's initial job in Texas was as a legislative aide for Fred Agnich, a Texas state representative, in Agnich's Dallas office. Later in 1977, Rove got a job as executive director of the Fund for Limited Government, a political action committee (PAC) in Houston headed by James Baker, a Houston lawyer (later President George H.W. Bush's Secretary of State). The PAC eventually became the genesis of the Bush-for-President campaign of 1979?1980.

His work for William Clements during the Texas gubernatorial election of 1978 helped Clements become the first Republican Governor of Texas in over 100 years. Clements was elected to a four-year term, succeeding Democrat Dolph Briscoe. Rove was deputy director of the Governor William P. Clements Junior Committee in 1979 and 1980, and deputy executive assistant to the governor of Texas (roughly, Deputy Chief of Staff) in 1980 and 1981.

In 1981, Rove founded a direct mail consulting firm, Karl Rove & Co., in Austin. The firm's first clients included Texas Governor Bill Clements and Democratic congressman Phil Gramm, who later became a Republican congressman and United States Senator. Rove operated his consulting business until 1999, when he sold the firm to take a full-time position in George W. Bush's presidential campaign.

Between 1981 and 1999, Rove worked on hundreds of races. Most were in a supporting role, doing direct mail fundraising. A November 2004 Atlantic Monthly article estimated that he was the primary strategist for 41 statewide, congressional, and national races, and Rove's candidates won 34 races.

Rove also did work during those years for non-political clients. From 1991 to 1996, Rove advised tobacco giant Philip Morris, and ultimately earned $3,000 a month via a consulting contract. In a deposition, Rove testified that he severed the tie in 1996 because he felt awkward "about balancing that responsibility with his role as Bush's top political advisor" while Bush was governor of Texas and Texas was suing the tobacco industry.

1978 George W. Bush congressional campaign

Rove advised the younger Bush during his unsuccessful Texas congressional campaign in 1978.

1980 George H. W. Bush presidential campaign

In 1977, Rove was the first person hired by George H. W. Bush for his unsuccessful 1980 presidential campaign, which ended with Bush as the vice-presidential nominee.

1982 William Clements, Jr. gubernatorial campaign

In 1982, Bill Clements ran for reelection, but was defeated by Democrat Mark White.

1982 Phil Gramm congressional campaign

In 1982, Phil Gramm was elected to the U.S. House of Representatives as a conservative Texas Democrat.

1984 Phil Gramm senatorial campaign

In 1984, Rove helped Gramm, who had become a Republican in 1983, defeat Republican Ron Paul in the primary and Democrat Lloyd Doggett in the race for U.S. Senate.

1984 Ronald Reagan presidential campaign

Rove handled direct-mail for the Reagan-Bush campaign.

1986 William Clements, Jr. gubernatorial campaign

In 1986, Rove helped Clements become governor a second time. In a strategy memo Rove wrote for his client prior to the race, now among Clements's papers in the Texas A&M University library, Rove quoted Napoleon: "The whole art of war consists in a well-reasoned and extremely circumspect defensive, followed by rapid and audacious attack."

In 1986, just before a crucial debate in campaign, Rove claimed that his office had been bugged by Democrats. The police and FBI investigated and discovered that the bug's battery was so small that it needed to be changed every few hours, and the investigation was dropped. Critics, including other Republican operatives, suspected Rove had bugged his own office to garner sympathy votes in the close governor's race.

1988 Texas Supreme Court races

In 1988, Rove helped Thomas R. Phillips become the first Republican elected as Chief Justice of the Texas Supreme Court. Phillips had been appointed to the position in November 1987 by Clements. Phillips was re-elected in 1990, 1996 and 2002.

Phillips' election in 1988 was part of an aggressive grassroots campaign called "Clean Slate '88", a conservative effort that was successful in getting five of its six candidates elected. (Ordinarily there were three justices on the ballot each year, on a nine-justice court, but, because of resignations, there were six races for the Supreme Court on the ballot in November 1988.) By 1998, Republicans held all nine seats on the Court.

1990 Texas gubernatorial campaign

In 1989, Rove encouraged George W. Bush to run for Texas governor, brought in experts to tutor him on policy, and introduced him to local reporters. Eventually, Bush decided not to run, and Rove backed another Republican for governor who lost in the primary.

Other 1990 Texas statewide races

In 1990, two other Rove candidates won: Rick Perry, the future governor of the state, became agricultural commissioner, and Kay Bailey Hutchison became state treasurer.

One notable aspect of the 1990 election was the charge that Rove had asked the Federal Bureau of Investigation (FBI) to investigate major Democratic officeholders in Texas. In his autobiography, Rove called the whole thing a "myth", saying:

  • The FBI did investigate Texas officials during that span, but I had nothing to do with it. The investigation was called "Brilab" and was part of a broad anti-corruption probe that looked at officials in Louisiana, Oklahoma, Los Angeles, and Washington, D.C., as well as Texas. ... An official for the U.S. Department of Agriculture spotted expenses claimed by Hightower's shop that raised red flags ... enough to indict some of Hightower's top aides; they were later found guilty and sent to prison.
  • The myth that I had something to do both with spurring the investigation and with airing all of this has stuck around because it is convenient for some to blame me rather than those aides who ran afoul of the law.
  • 1991 Richard L. Thornburgh senatorial campaign and lawsuit

    In 1991, United States Attorney General Dick Thornburgh resigned to run for a Senate seat in Pennsylvania, one made vacant by John Heinz's death in a helicopter crash. Rove's company worked for the campaign, but it ended with an upset loss to Democrat Harris Wofford. Rove subsequently sued Thornburgh alleging non-payment for services rendered. The Republican National Committee, worried that the suit would make it hard to recruit good candidates, urged Rove to back off. When Rove refused, the RNC hired Kenneth Starr to write an amicus brief on Thornburgh's behalf. After a trial in Austin, Rove prevailed. Karl Rove & Co. v. Thornburgh was heard by U.S. Federal Judge Sam Sparks (who had been appointed by George H.W. Bush in 1991).

    1992 George H. W. Bush presidential campaign

    Rove was fired from the 1992 Bush presidential campaign after he planted a negative story with columnist Robert Novak about dissatisfaction with campaign fundraising chief Robert Mosbacher Jr. (Esquire Magazine, January 2003). Novak provided some evidence of motive in his column describing the firing of Mosbacher by former Senator Phil Gramm: "Also attending the session was political consultant Karl Rove, who had been shoved aside by Mosbacher." Novak and Rove deny that Rove was the leaker, but Mosbacher maintained that "Rove is the only one with a motive to leak this. We let him go. I still believe he did it." During testimony before the CIA leak grand jury, Rove apparently confirmed his prior involvement with Novak in the 1992 campaign leak, according to National Journal reporter Murray Waas.

    1993?2000

    1993 Kay Bailey Hutchison senatorial campaign Rove helped Hutchison win a special Senate election in June 1993. Hutchison defeated Democrat Bob Krueger to fill the last two years of Lloyd Bentsen's term. Bentsen resigned to become Secretary of the Treasury in the Clinton administration.

    1994 Alabama Supreme Court races In 1994, a group called the Business Council of Alabama hired Rove to help run a slate of Republican candidates for the state supreme court. No Republican had been elected to that court in more than a century. The campaign by the Republicans was unprecedented in the state, which had previously only seen low-key contests. After the election, a court battle over absentee and other ballots followed that lasted more than 11 months. It ended when a federal appeals court judge ruled that disputed absentee ballots could not be counted, and ordered the Alabama Secretary of State to certify the Republican candidate for Chief Justice, Perry Hooper, as the winner. An appeal to the Supreme Court by the Democratic candidate was turned down within a few days, making the ruling final. Hooper won by 262 votes.

    Another candidate, Harold See, ran against Mark Kennedy, an incumbent Democratic justice and the son-in-law of George Wallace. The race included charges that Kennedy was mingling campaign funds with those of a non-profit children's foundation he was involved with. A former Rove staffer reported that some within the See camp initiated a whisper campaign that Kennedy was a pedophile. Kennedy won by less than one percentage point.

    1994 John Ashcroft senatorial campaign In 1993, according to the New York Times, Karl Rove & Company was paid $300,000 in consulting fees by Ashcroft's successful 1994 Senate campaign. Ashcroft paid Rove's company more than $700,000 over the course of three campaigns.

    1994 George W. Bush gubernatorial campaign In 1993, Rove began advising George W. Bush in his successful campaign to become governor of Texas. Bush announced his candidacy in November 1993. By January 1994, Bush had spent more than $600,000 on the race against incumbent Democrat Ann Richards, with $340,000 of that paid to Rove's firm.

    Rove has been accused of using the push poll technique to call voters to ask such things as whether people would be "more or less likely to vote for Governor Richards if [they] knew her staff is dominated by lesbians". Rove has denied having been involved in circulating these rumors about Richards during the campaign, although many critics nonetheless identify this technique, particularly as utilized in this instance against Richards, as a hallmark of his career.

    1996 Harold See's campaign for Associate Justice, Alabama Supreme Court A former campaign worker charged that, at Rove's behest, he distributed flyers that anonymously attacked Harold See, their own client. This put the opponent's campaign in an awkward position; public denials of responsibility for the scurrilous flyers would be implausible. Rove's client was elected.

    1998 George W. Bush gubernatorial campaign Rove was an adviser for Bush's 1998 reelection campaign. From July through December 1998, Bush's reelection committee paid Rove & Co. nearly $2.5 million, and also paid the Rove-owned Praxis List Company $267,000 for use of mailing lists. Rove says his work for the Bush campaign included direct mail, voter contact, phone banks, computer services, and travel expenses. Of the $2.5 million, Rove said, "[a]bout 30 percent of that is postage". In all, Bush (primarily through Rove's efforts) raised $17.7 million, with $3.4 million unspent as of March 1999. During the course of this campaign Rove's much-reported feud with Rick Perry began, with Perry's strategists believing Rove gave Perry bad advice in order to help Bush get a larger share of the Hispanic vote.

    2000 Harold See campaign for Chief Justice For the race to succeed Perry Hooper, who was retiring as Alabama's chief justice, Rove lined up support for See from a majority of the state's important Republicans.

    2000 George W. Bush presidential campaign and the sale of Karl Rove & Co.

    In early 1999, Rove sold his 20-year-old direct-mail business, Karl Rove & Co., which provided campaign services to candidates, along with Praxis List Company (in whole or part) to Ted Delisi and Todd Olsen, two young political operatives who had worked on campaigns of some other Rove candidates. Rove helped finance the sale of the company, which had 11 employees. Selling Karl Rove & Co. was a condition that George W. Bush had insisted on before Rove took the job of chief strategist for Bush's presidential bid.

    George W. Bush Administration

    When George W. Bush was first inaugurated in January 2001, Rove accepted an appointment as Senior Advisor. He was later given the title Deputy Chief of Staff to the President after the successful 2004 Presidential election. In a November 2004 speech, Bush publicly thanked Rove, calling him "the architect" of his victory over John Kerry in the 2004 presidential election.

    In April 2006, Rove was reassigned from his policy development role to one focusing on strategic and tactical planning in anticipation of the November 2006 congressional elections.

    Rove resigned from his position effective August 31, 2007.

    Activities since leaving the White House

    Shortly after leaving the White House, Rove was hired to write about the 2008 Presidential Election for Newsweek. He was also later hired as a contributor for the Wall Street Journal and a political analyst for Fox News. Rove was an informal advisor to 2008 Republican Presidential candidate John McCain, and donated $2,300 to his campaign. His memoir, Courage and Consequence, was published in March 2010. One advance reviewer, Dana Milbank of The Washington Post, said of the book that Rove "revives claims discredited long ago". The controversial book has inspired a grassroots rock and roll compilation of a similar name Courage and Consequence that was released a week before the memoir.

    Rove has also spent significant time on the road giving speeches to schools and other groups. Rove was scheduled to give the commencement address at Choate Rosemary Hall, a New England boarding school, but canceled after protests from students and faculty. He instead made a private appearance at the school on February 11, 2008.

    On March 9, 2008, Rove appeared at the University of Iowa as a paid speaker to a crowd of approximately 1,000. He was met with hostility and two students were removed by police after attempting a citizen's arrest for alleged crimes committed during his time with the Bush administration. Near the end of the speech, a member of the audience asked, "Can we have our $40,000 back?" Rove replied, "No, you can't."

    On May 22, 2008, Rove was subpoenaed by House Judiciary Committee Chairman John Conyers to testify on the politicization of the Department of Justice. However, on July 10, Rove refused to acknowledge his congressional subpoena citing executive privilege as his reason.

    On June 24, 2008, Rove said of Democratic presidential nominee Barack Obama, "Even if you never met him, you know this guy. He's the guy at the country club with the beautiful date, holding a martini and a cigarette that stands against the wall and makes snide comments about everyone."

    Rove agreed to debate one-time presidential candidate and former Senator John Edwards on September 26, 2008, at the University at Buffalo. However, Edwards dropped out and was replaced with General Wesley Clark.

    Rove, who was hired by Fox News to provide analysis for the network's election coverage, defended his role on the news team to the Television Critics Association.

    On November 3, 2008, Rove spoke on the campus of Washington University in St. Louis on the eve of Election Day.

    On February 23, 2009, Rove was again required by Congressional subpoena to testify before the House Judiciary Committee concerning his knowledge of the U.S. Attorney firings and the alleged political prosecution of former Alabama Governor Don Siegelman but did not appear on this date. He and former White House Counsel Harriet Miers later agreed to testify under oath before Congress about these matters.

    On July 7 and July 30, 2009, Rove testified before the House Judiciary Committee regarding questions about the dismissal of seven U.S. Attorneys under the Bush Administration. Rove was also questioned regarding the federal prosecution of former Alabama Governor Don Siegleman, who was convicted of fraud. The Committee concluded that Rove had played a significant role in the attorney firings. No conclusions were made public regarding Siegleman's prosecution. Siegleman's supporters have claimed that Rove was behind Siegleman's prosecution, although Siegleman's defense made no such claim either at his original trial, or at his appeal before the 11th Circuit Court which upheld his conviction on the bribery and fraud counts, but dismissed two counts of mail fraud. The 11th Circuit handed down its decision March 6, 2009.

    In 2010, Rove became an advisor to American Crossroads, a Republican 527 organization raising money for the 2012 election effort.

    Rove made appearances at a number of campuses, including UC Merced on October 8 as conservatives students, in the College Republicans at UC Merced, sought to provide an alternative perspective since First Lady Michelle Obama and Former President Jimmy Carter spoke at the young campus.

    Rove was the guest host of The Rush Limbaugh Show on Monday, August 9, 2010., marking his first time hosting a radio talk show.

    In a profile which appeared in the December 15, 2011 issue of The New Republic, Rove, with his hands-on involvement with American Crossroads, is described as one of the shrewdest navigators of the political climate after the Supreme Court's Citizens United decision which exempted political broadcasts funded by corporations and unions from campaign finance limits. "Rove had no role in creating this new legal environment...but if Rove and his allies did not invent it, they certainly were adroit at exploiting it."

    Following Todd Akin's comments regarding "legitimate rape" and the notion that raped women are unlikely to become pregnant, Rove joked about murdering the Missouri Senate candidate, saying "We should sink Todd Akin. If he?s found mysteriously murdered, don?t look for my whereabouts!" After multiple news outlets picked up on the story, Rove apologized for the remark. Rove's Crossroads GPS organization had previously pulled its television advertising from Missouri in the wake of the comments.

    On November 7, 2012, Rove protested Fox News' call of the 2012 presidential election for Barack Obama, prompting host Megyn Kelly to ask him, "Is this just math that you do as a Republican to make yourself feel better? Or is this real?"

    In 2013 Rove and the PAC American Crossroads created the Conservative Victory Project for the purpose of supporting electable conservative candidates. These efforts have attracted criticism, and even personal attacks, from elements within the Tea Party movement.

    Personal life

    Rove married Houston socialite Valerie Mather Wainwright, on July 10, 1976. He moved to Texas in January 1977. His sister and father still remembered "the wedding [that] was so extravagant that [we] ... still recall it with awe". Rove and Wainwright were divorced in early 1980. He attended the University of Texas at Austin in 1977. In July 1999 he told The Washington Post that he did not have a degree because "I lack at this point one math class, which I can take by exam, and my foreign language requirement."

    In January 1986, Rove married Darby Tara Hickson, a breast cancer survivor, graphic designer, and former employee of Karl Rove & Company. Rove and Hickson have one son, Andrew Madison Rove, who attended Trinity University in San Antonio, Texas.

    In December 2009, Rove and Hickson were granted a divorce in Texas. Dana Perino, Rove's spokesperson, said, "Karl Rove and his wife, Darby, were granted a divorce last week. The couple came to the decision mutually and amicably, and they maintain a close relationship and a strong friendship. There will be no further comment and the family requests that its privacy be respected."

    In June 2012, Rove married lobbyist Karen Johnson in Austin, Texas. The wedding was attended by George W. Bush and Steve Wynn.

    Rove resides in the Georgetown section of Washington, D.C., and also keeps a house near Austin, Texas.

    References

    External links

  • Karl Rove -- The Architect, Frontline documentary on PBS
  • {{U.S. Cabinet Official box |office = Senior Advisor to the President |president = George W. Bush |before = New office |after = Barry Steven Jackson |years = 2001-2007}}

    Category:1950 births Category:Living people Category:Senior Advisors to the President Category:White House Deputy Chiefs of Staff Category:Texas Republicans Category:Fox News Channel people Category:Members of the Committee for the Re-Election of the President Category:American political consultants Category:American political pundits Category:American political writers Category:College Republican National Committee chairs Category:Dismissal of United States Attorneys controversy Category:George W. Bush Administration personnel Category:Leadership Institute alumni and associates Category:American adoptees Category:People from Denver, Colorado Category:People from Salt Lake City, Utah Category:People from Sparks, Nevada Category:University of Texas at Austin alumni Category:University of Utah alumni

    Source: http://article.wn.com/view/2013/03/24/Karl_Rove_feels_2016_GOP_nominee_could_support_samesex_marri/

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    Sunday 24 March 2013

    Bank of Italy warns political impasse dents economic recovery

    ROME (Reuters) - Italy's political stalemate and renewed financial market turbulence could undermine the country's recovery from its longest recession in two decades, a Bank of Italy official said on Saturday.

    Italian President Giorgio Napolitano on Friday asked center-left leader Pier Luigi Bersani to see whether he can win backing in parliament to form a government and end the deadlock left by elections in which no one won a working majority.

    Almost a full month has passed since the vote and Italy, the euro zone's third-largest economy, still could be facing weeks of uncertainty just as the bank crisis in Cyprus renews fears of another outbreak of market turmoil in the currency bloc.

    "In the past few weeks, uncertainty about the outlook for the Italian economy has been reawakened," deputy director general of the central bank, Fabio Panetta, said in the text of a speech he delivered at a conference in Perugia, Italy.

    "The very moderate recovery foreseen for the last part of the year is under threat by the unpredictable domestic political situation and the re-emergence of financial turbulence in the euro area."

    On Thursday, the caretaker government of Mario Monti slashed its growth forecast for this year to -1.3 percent from -0.2 previously, and raised its fiscal deficit target to 2.9 percent of gross domestic product from 1.8 percent previously.

    Italy has been mired in recession since the middle of 2011 and is not expected to show any growth until the second half of this year at the earliest.

    In the past five years, Italy has weathered two recessions, losing 600,000 jobs and 7 percentage points of GDP, Panetta said. Facing such a dire economic situation, Panetta urged banks to make sure their balance sheets were in order.

    Panetta said the Bank of Italy was checking the adequacy of write-downs made by a large number of big and mid-sized lenders and had asked for correction measures when necessary.

    "Keeping an adequate level of risk coverage allows banks to keep foreign investors' confidence and attract external funding at low cost," he said.

    He said the central bank had asked banks to slash costs, also by using new technologies, sell non-core assets and adopt coherent dividend policies to boost profitability, beef up their balance sheets and keep lending to the real economy.

    Italian banks have cut lending as the crisis has reduced the quality of loans, increased the cost of funding, and reduced their profitability.

    (Reporting by Steve Scherer in Rome and Danilo Masoni in Milan; editing by James Jukwey)

    Source: http://news.yahoo.com/bank-italy-warns-political-impasse-dents-economic-recovery-124001742--business.html

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    Apple ID accounts reportedly vulnerable to password reset hack, forgot password page taken offline for maintenance

    Apple ID accounts reportedly vulnerable to password reset hack, forgot password page taken offline for maintenance

    Gaping security holes are a pretty terrifying thing, especially when they involve something as sensitive as your Apple ID. Sadly it seems that immediately after making the paranoid happy by instituting two-step authentication a pretty massive flaw in Cupertino's system was discovered and first reported by The Verge. Turns out you can reset any Apple ID password with nothing more than a person's email address and date of birth -- two pieces of information that are pretty easy to come across. There's a little more to the hack, but it's simple enough that even your non-tech savvy aunt or uncle could do it. After entering the target email address in the password reset form you can then select to answer security questions to validate your identity. The first task will be to enter a date of birth. If you enter that correctly then paste a particular URL into the address bar (which we will not be publishing for obvious reasons), press enter, then -- voilà -- instant password reset! Or, at least that's the story. While we were attempting to verify these claims Apple took down the password reset page for "maintenance." Though we've received no official confirmation from Apple, it seems the company is moving swiftly to shut down this particularly troublesome workaround before word of it spreads too far.

    Filed under: ,

    Comments

    Source: The Verge

    Source: http://feeds.engadget.com/~r/weblogsinc/engadget/~3/lgVNHKINtZM/

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    Saturday 23 March 2013

    What Cancer Patients Should Know About Fertility

    March 21, 2013

    The incidence of advanced breast cancer is on the rise for women aged 25-39 according to a study recently published in the Journal of the American Medical Association. While overall the incidence is low, it raises a number of concerns about future fertility for these women of reproductive age. If you?re faced with a cancer diagnosis, a referral to a fertility doctor to discuss fertility preservation before the cancer diagnosis is made can be very empowering. The survival rate for most cancers is high, and focusing on life after cancer provides hope and a sense of control at a time when you feel most out of control.

    • ?First and foremost, women need to understand that they are born with their complete egg supply.? Dr. Jane Ruman, Director of Medical Affairs and Reproductive Health at Ferring Pharmaceuticals, explains that many women are concerned about whether or not their period will resume following cancer treatments, but that?s not the big issue. Even if your period resumes, you may have lost a large part or all of your permanent egg supply. Fertility is a lot more than your period, she emphasizes.
    • Fertility treatments can deplete your ovarian reserve. ?The risk is greater the older you are, because you?re starting with a lower egg supply. And once they?re depleted, they?re depleted,? Ruman says. But even if you?re not going to freeze your eggs, Ruman encourages women to see a fertility doctor and get a baseline of their ovarian reserve prior to treatment and again after treatment. ?It?s a lot of planning and a lot of dialogue with an expert,? she says. ?And that?s really the key to fertility preservation.?
    • It?s not just radiation on your reproductive organs that can lead to infertility. Radiation around the pituitary gland or the hypothalamus, for example, can destroy the hormones that control your menstrual cycles. Whole body, abdominal and pelvic radiation, can destroy egg precursor cells, and as a result, your fertility.
    • Surgery can leave you infertile. ?The second most common cancer we see presenting for fertility preservation is gynecological cancer. The risk there is surgical removal of your uterus, your tubes and ovaries,? Ruman explains.
    • Cervical cancer is most common gynecological cancer in reproductive aged women. In some instances the entire cervix and uterus may be removed, and in other instances the doctor may be able to leave a small piece of the cervix. In those women, pregnancy may be possible, but in all instances the woman will have a premature birth. These are complicated conversations a patient need to have with her fertility doctor and oncologist, Ruman says.
    • ?Often there is more than one way to treat cancer effectively,? Ruman says. Ask your doctor, ?Is there any alternative treatment that could be less toxic to my fertility?? Tell the oncologist, ?I?m interested in having children.?
    • Fertility clinics that offer fertility preservation for cancer patients will often see them within 24 hours of their diagnosis. And they can get usually complete a cycle of egg or embryo freezing 17 days maximum, but usually 12, Ruman says. Most centers offer it at a discounted rate, and there are many programs that offer free fertility drugs. ?It?s time and finances that seem to be the biggest barriers for patients to undergo fertility preservation,? Ruman says.

    If your oncologist doesn?t bring up the topic of fertility preservation, you should. And ask him or her for a referral to a fertility doctor. They will work as a team to coordinate your treatment.

    Source: http://www.fertilityauthority.com/articles/what-cancer-patients-should-know-about-fertility

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    Tuesday 19 March 2013

    NATO chief says Karzai accusation "absolutely ridiculous"

    By Adrian Croft

    BRUSSELS (Reuters) - The head of NATO said on Monday it was "absolutely ridiculous" for Afghan President Hamid Karzai to accuse the United States of colluding with the Taliban and said Kabul should recognize sacrifices made by other countries on Afghanistan's behalf.

    Karzai marred a debut visit to Afghanistan by the new U.S. defense secretary, Chuck Hagel, on March 10 by accusing Washington and the Taliban of colluding to convince Afghans that foreign forces were needed beyond 2014, when NATO is set to wrap up its combat mission and most foreign troops are to withdraw.

    NATO Secretary-General Anders Fogh Rasmussen said he was concerned about the increasingly harsh rhetoric between Karzai and the United States, which contributes the largest contingent to the NATO-led International Security Assistance Force (ISAF) in Afghanistan.

    "I reject the idea that was publicly launched by President Karzai that ... there is so-called collusion between NATO, ISAF, the U.S. and the Taliban. It is an absolutely ridiculous idea," Rasmussen told a news conference, using unusually strong language for the normally cautious NATO chief.

    "We fully respect the sovereignty of Afghanistan but we would also expect acknowledgement from the Afghan side that we have ... invested a lot in blood and treasure in helping President Karzai's country to move forward," he said.

    More than 3,000 foreign troops have been killed in Afghanistan since the U.S.-led military intervention began in 2001. Some estimates put the cost to the United States alone of the Afghan war in the hundreds of billions of dollars.

    "Troops from 50 ISAF nations have sacrificed in order to bring progress to Afghanistan," Rasmussen said.

    ASSERTIVE

    Karzai has been increasingly assertive towards the United States. Last month, he ordered U.S. special forces to leave Wardak province after residents complained that they, and Afghans working with them, were torturing and killing civilians, an allegation strongly denied by the Americans.

    Opposition politicians saw Karzai's order as a political move to bolster his party's support base ahead of a presidential election next year. Karzai is not allowed to stand again.

    Rasmussen also said that a change in U.S. missile defense plans would not reduce the European coverage of a planned U.S. missile shield and had "nothing to do" with Russia, a vocal critic of the European missile shield plan.

    Hagel announced plans on Friday to bolster U.S. missile defenses in response to "irresponsible and reckless provocations" by North Korea, which has threatened a pre-emptive nuclear strike against the United States.

    The Pentagon will add 14 new anti-missile interceptors in Alaska. To free up funds for that, U.S. officials said they were foregoing development of a new interceptor that would have been deployed in eastern Europe.

    The interceptor has been a focus of Russian concern that the U.S. anti-missile shield in Europe would weaken its nuclear deterrent.

    Some news reports suggested the Pentagon's move could help resolve a long-running dispute between Russia and the United States over the European anti-missile shield.

    Rasmussen said the U.S. decision had "nothing to do with Russia." He insisted that "the Europeans will see no difference in their missile defense and there will be exactly the same coverage of NATO Europe as in the original plan".

    NATO's invitation to Russia to cooperate on missile defense still stands, Rasmussen said, adding that dates were under consideration for him to make a possible visit to Moscow.

    (Editing by Mark Heinrich)

    Source: http://news.yahoo.com/nato-chief-says-karzai-accusation-absolutely-ridiculous-165606425.html

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    Zephyr Real Estate Creates In-house Neighborhood Photo Library ...

    San Francisco, CA ? March 18, 2013 ? (RealEstateRama) ? In its ongoing objective to provide a well-equipped repository for agents and their clients, Zephyr Real Estate has created a library of neighborhood photography that will ultimately cover the 89 neighborhoods of San Francisco. The photos are being developed to assist agents in promoting listings as well as to help buyers learn more about the amenities and lifestyle of the neighborhood in which a property is located.

    The library currently houses more than 1,300 photos and will continue to expand as more neighborhoods are completed. Thus far, 36 neighborhoods have been photographed, including Pacific Heights, Noe Valley, SOMA, South Beach, Inner Sunset, Eureka Valley, Bernal Heights, Russian Hill, Mission Dolores, and Potrero Hill to name but a few.

    The next round of neighborhoods scheduled for pictorial coverage are West Portal, Alamo Square, Nob Hill, Downtown, the Financial District, Buena Vista/Ashbury Heights, Cow Hollow and 18 others.

    Agents are already checking out the new library, finding this to be an invaluable resource to augment property listings, and potential buyers see this as an opportunity for a virtual walk through neighborhoods being considered in the home-buying search.

    ?When we realized that many agents were duplicating or repeating efforts in neighborhoods where listings occur frequently, the decision was easily made to create a complete photo library in an easily-accessible location for use by all agents, saving both time and money,? commented Melody Foster, Director of Marketing + Web Development for Zephyr.

    Zephyr has long been in the forefront of neighborhood information with its award-winning website, zephyrsf.com. The website offers a wealth of information above and beyond typical listings, including neighborhood-level market trends, a searchable public and private school database with detailed school profiles, and in-depth neighborhood profiles complete with descriptions, demographics, maps, and narrated videos.

    The website recently earned the Website Quality Certification (WQC) from Leading Real Estate Companies of the World?, after reaching high marks on a range of criteria, including usability, design and content, interactivity, responsiveness, search engine optimization and more. The website was also nominated for the Best Interactivity award. Winners will be announced at the LeadingRE annual conference in Las Vegas later this month.

    About Zephyr Real Estate

    Founded in 1978, Zephyr Real Estate is San Francisco?s largest independent real estate firm with $1.5 billion in annual gross sales in 2012 and a current roster of more than 200 full-time agents. In 2010, Zephyr launched its new website, which has earned two web design awards, including the prestigious Interactive Media Award. Zephyr Real Estate is a member of the international relocation network, Leading Real Estate Companies of the World; the luxury real estate network, Who?s Who in Luxury Real Estate; and the local luxury marketing association, the Luxury Marketing Council of San Francisco. Zephyr has six strategically located offices in San Francisco, a business center in Marin County, and serves a large customer base throughout the San Francisco Bay Area. For more information, visit www.zephyrsf.com.

    ?

    ?

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      San Francisco, CA - May 9, 2011 - (RealEstateRama) -- Zephyr Real Estate, with its award-winning website, continues to excel in the social media arena as well as in customer service and accessibility. One of the website?s powerful features is its collection of narrated videos highlighting many of San Francisco?s neighborhoods. To further augment those videos, Zephyr now has channels...
    • Zephyr Real Estate Earns LeadingRE Website Quality Certification
      San Francisco, CA - March 11, 2013 - (RealEstateRama) -- Zephyr Real Estate recently announced that it has again received the Website Quality Certification (WQC) from Leading Real Estate Companies of the World?, which presents the certification to member real estate firms that demonstrate best practices in website design and Internet communications...
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      San Francisco, CA - April 26, 2011 - (RealEstateRama) -- Zephyr Real Estate, a long-established market leader in San Francisco, has made the leap across the Golden Gate and opened a new location in Marin County. With a number of agents whose market expertise extends north, the new location in Corte Madera connects Marin County and San Francisco to better...
    • Zephyr Real Estate Implements Latest Google Technology for Its Agents
      San Francisco, CA - March 4, 2013 - (RealEstateRama) -- Zephyr Real Estate, San Francisco's largest independent real estate firm, continues to forge the way in technological leadership for its agents. By moving away from the old method of local servers, Zephyr has embraced the newer cloud-based Google system that more easily integrates with other online applications, thus gaining a...

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    Source: http://www.realestaterama.com/2013/03/18/zephyr-real-estate-creates-in-house-neighborhood-photo-library-ID019714.html

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    Monday 18 March 2013

    It's in the cards: Human evolution influences gamblers' decisions

    Mar. 18, 2013 ? New research from an international team of scientists suggests evolution, or basic survival techniques adapted by early humans, influences the decisions gamblers make when placing bets.

    The findings may help to explain why some treatment options for problem gamblers often don't work, the researchers say.

    For the study, recently published in Frontiers in Psychology, scientists from McMaster University, the University of Lethbridge and Liverpool John Moores University examined how gamblers made decision after they won or lost.

    They found that, like our ancestors, the gamblers relied on their past experiences to predict what might happen in the future. But in games of chance where the outcome is completely random, this strategy doesn't work.

    "If you are tossing a coin and it turns up heads five times in a row, we have this strong feeling that it will turn up tails on the sixth try," explains Jim Lyons, an associate professor of kinesiology at McMaster University and lead researcher on the project. "But the chances are still exactly 50-50."

    "The results of our work suggest, perhaps for the first time, that certain aspects of problem gambling behaviour may be related to hard-wired, basic neurobiological factors related to how we direct our attention," he says.

    Researchers conducted two experiments to test their theory.

    First, participants were asked to observe two targets being illuminated in random sequence. The researchers then gave them money to bet on which target would be illuminated.

    Participants maintained the amounts of their bets regardless of whether they won or lost. But in instances where they won, they were more likely to move their bets to the other target for their next wager.

    In a second experiment, participants undertook the same test with a partner. Like the first experiment, players maintained the amount of their bets regardless of whether they won or lost. If their partner correctly guessed a target, they were more likely to move on to the next target when their turn came.

    Dan Weeks, a psychology researcher at the University of Lethbridge, says humans have evolved to modify their behaviour based on what they experience in the context of their location.

    "Humans make rational decisions on a day-to-day basis based on experience. Think about someone picking apples in an orchard. Once the apples from the first tree are picked, it is a rational decision to move on to the next tree," he says.

    "These are also important findings because they suggest that, at least in some cases, these behaviours might be resistant to current behavioural intervention strategies," says co-author Digby Elliott, professor of motor control and behavioural neurosciences at Liverpool John Moores University and professor emeritus at McMaster.

    Next, the team plans to examine how this sort of behaviour may change as we age, since evidence suggests problem gambling can be particularly acute in the elderly.

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    Story Source:

    The above story is reprinted from materials provided by McMaster University.

    Note: Materials may be edited for content and length. For further information, please contact the source cited above.


    Journal Reference:

    1. James Lyons, Daniel J. Weeks, Digby Elliott. The Gambler?s Fallacy: A Basic Inhibitory Process? Frontiers in Psychology, 2013; 4 DOI: 10.3389/fpsyg.2013.00072

    Note: If no author is given, the source is cited instead.

    Disclaimer: This article is not intended to provide medical advice, diagnosis or treatment. Views expressed here do not necessarily reflect those of ScienceDaily or its staff.

    Source: http://feeds.sciencedaily.com/~r/sciencedaily/mind_brain/consumer_behavior/~3/2AnwurvFen8/130318104745.htm

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    Sunday 17 March 2013

    Let Dora or SpongeBob protect your Kindle Fire while the kiddies play

    I’ve seen lots of accessories designed to protect an iPad while children use it, but this is the first accessory I’ve seen for the Kindle Fire tablet. ?Amazon has two versions of the Inflatable Play Cube for Kindle Fire – Dora the Explorer or SpongeBob SquarePants. ?These cubes weigh about 2 pounds, and they inflate [...]

    Source: http://the-gadgeteer.com/2013/03/15/let-dora-or-spongebob-protect-your-kindle-fire-while-the-kiddies-play/

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    Saturday 16 March 2013

    Rail project finds 'Black Death' pit

    Footage shows osteologists lowered into the pit, and some of its finds

    Excavations for London's Crossrail project have unearthed bodies believed to date from the time of the Black Death.

    A burial ground was known to be in an area outside the City of London, but its exact location remained a mystery.

    Thirteen bodies have been found so far in the 5.5m-wide shaft at the edge of Charterhouse Square, alongside pottery dated to the mid-14th Century.

    Analysis will shed light on the plague and the Londoners of the day.

    DNA taken from the skeletons may also help chart the development and spread of the bacterium that caused the plague that became known as the Black Death.

    Charterhouse Square lies in an area that was once outside the walls of London, referred to at the time as "No-man's Land".

    The skeletons' arrangement in two neat rows suggests they date from the earliest era of the Black Death, before it fully developed into the pandemic that in later years saw bodies dumped haphazardly into mass graves.

    Archaeologists working for Crossrail and the Museum of London will continue to dig in a bid to discover further remains, or any finds from earlier eras.

    The ?14.8bn Crossrail project aims to establish a 118km-long (73-mile) high-speed rail link with 37 stations across London, and is due to open in 2018.

    Because of the project's underground scope, significant research was undertaken into the archaeology likely to be found during the course of the construction.

    Taken together, the project's 40 sites comprise one of the UK's largest archaeological ventures.

    Teams have already discovered skeletons near Liverpool Street, a Bronze-Age transport route, and an array of other finds, including the largest piece of amber ever found in the UK.

    "We've found archaeology from pretty much all periods - from the very ancient prehistoric right up to a 20th-Century industrial site, but this site is probably the most important medieval site we've got," said Jay Carver, project archaeologist for Crossrail.

    "This is one of the most significant discoveries - quite small in extent but highly significant because of its data and what is represented in the shaft," he told BBC News.

    The find is providing more than just a precise location for the long-lost burial ground, said Nick Elsden, project manager from the Museum of London Archaeology, which is working with Crossrail on its sites.

    "We've got a snapshot of the population from the 14th Century - we'll look for signs that they'd done a lot of heavy, hard work, which will show on the bones, and general things about their health and their physique," he added.

    "That tells us something about the population at the time - about them as individual people, as well as being victims of the Black Death."

    In addition, the bodies may contain DNA from the bacteria responsible for the plague - from an early stage in the pandemic - helping modern epidemiologists track the development and spread of differing strains of a pathogen that still exists today.

    "It's fantastic. Personally, as an archaeologist, finding good-quality archaeological data which is intact that hasn't been messed around by previous construction is always a great opportunity for new research information - that's why we do the job," said Mr Carver.

    "Every hole we're digging is contributing info to London archaeologists, who are constantly piecing together and synthesising the information we've got for London as a whole - it's providing information to slot into that study of London and its history."

    Source: http://www.bbc.co.uk/news/science-environment-21784141#sa-ns_mchannel=rss&ns_source=PublicRSS20-sa

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